嬌生 (JNJ) 2025 Q2 法說會逐字稿

Good morning and welcome to Johnson & Johnson's second-quarter 2025 earnings conference call. (Operator Instructions) The conference call is being recorded. (Operator Instructions) I will now turn the conference call over to Johnson & Johnson. You may begin.

早安，歡迎參加強生 2025 年第二季財報電話會議。（操作員指示）電話會議正在錄音。（操作員指示）我現在將電話會議轉給強生公司。你可以開始了。

Hello, everyone. This is Darren Snellgrove, Vice President of Investor Relations for Johnson & Johnson. I'm excited to be here today and to lead the Investor Relations team moving forward. Welcome to our 2025 second-quarter review of business results and updated financial outlook.

大家好。我是強生公司投資關係副總裁達倫‧斯內爾格羅夫 (Darren Snellgrove)。我很高興今天來到這裡並帶領投資者關係團隊繼續前進。歡迎閱讀我們 2025 年第二季業務業績回顧與最新財務展望。

First, a few logistics. As a reminder, today's presentation and associated schedules are available on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com.

首先，一些後勤問題。提醒一下，今天的簡報和相關時間表可在強生網站 investor.jnj.com 的投資者關係部分查閱。

Please note that this presentation contains forward-looking statements regarding, among other things, the company's future operating and financial performance, market position, and business strategy. You're cautioned not to rely on these forward-looking statements which are based on current expectations of future events using the information available as of the date of this recording and are subject to certain risks and uncertainties that may cause the company's actual results to differ materially from those projected. A description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2024 Form 10-K, which is available at investor.jnj.com and on the SEC's website.

請注意，本簡報包含前瞻性陳述，其中包括公司未來的營運和財務表現、市場地位和業務策略。請注意不要依賴這些前瞻性陳述，這些陳述是基於使用截至本記錄日期可用的資訊對未來事件的當前預期，並受某些風險和不確定性的影響，可能導致公司的實際結果與預測有重大差異。這些風險、不確定性和其他因素的描述可以在我們的 SEC 文件中找到，包括我們的 2024 年 10-K 表格，可在 investor.jnj.com 和 SEC 網站上找到。

Additionally, several of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

此外，今天討論的幾種產品和化合物正在與策略合作夥伴合作開發或從其他公司獲得許可。這張投影片承認了這些關係。

Moving to today's agenda. Joaquin Duato, our Chairman and CEO, will discuss our business performance and key catalysts. I will then review the second-quarter sales and P&L results. Joe Wolk, our CFO, will then close by sharing with an overview of our cash position and guidance update for 2025. Jennifer Taubert, Executive Vice President, Worldwide Chairman-Innovative Medicine; John Reed, Executive Vice President-Innovative Medicine, Research and Development; and Tim Schmid, Executive Vice President, Worldwide Chairman-MedTech, will be joining us for Q&A. To ensure we provide enough time to address your questions, we anticipate the webcast will last approximately 60 minutes.

轉到今天的議程。我們的董事長兼執行長 Joaquin Duato 將討論我們的業務表現和關鍵催化劑。然後我將回顧第二季的銷售和損益結果。我們的財務長喬·沃爾克 (Joe Wolk) 將在最後概述我們的現金狀況和 2025 年的指導更新。執行副總裁兼全球創新醫學主席 Jennifer Taubert、執行副總裁兼創新醫學研究與開發 John Reed 和執行副總裁兼全球醫療技術主席 Tim Schmid 將與我們一起進行問答。為了確保我們有足夠時間解答您的問題，我們預計網路直播將持續約 60 分鐘。

With that, I will now turn the call over to Joaquin. Thank you.

說完這些，我現在將電話轉給華金。謝謝。

Thank you, Darren, and hello, everyone. I'm excited to talk about our very strong second quarter. Today's results showcase the strength of our uniquely diversified business as the only major healthcare company, operating in both the medtech and Innovative Medicine sectors.

謝謝你，達倫，大家好。我很高興談論我們非常強勁的第二季。今天的業績展示了我們作為唯一一家同時在醫療科技和創新醫藥領域運營的大型醫療保健公司的獨特多元化業務的實力。

In the second quarter, we delivered operational sales growth of 4.6% across our business. In Innovative Medicine, we reported 3.8% operational sales growth, delivering more than $15 billion in quarterly sales for the first time. No other healthcare company has grown through the loss of exclusivity of a multibillion-dollar product in the first year. In our case, STELARA. And yet, that is exactly what we are doing and for the second quarter in a row. Our performance was driven by double-digit growth across 13 brands, including DARZALEX, CARVYKTI, TECVALYI and TALVEY, as well as RYBREVANT plus LAZCLUZE, Tremfya, CAPLYTA, and Spravato.

第二季度，我們整個業務的營運銷售額成長了 4.6%。在創新藥物領域，我們的營運銷售額成長了 3.8%，季度銷售額首次超過 150 億美元。沒有其他醫療保健公司能夠在第一年失去價值數十億美元的產品的獨家經營權後實現成長。在我們的案例中，是 STELARA。然而，這正是我們正在做的事情，而且這是連續第二個季度。我們的業績得益於 13 個品牌的兩位數成長，包括 DARZALEX、CARVYKTI、TECVALYI 和 TALVEY，以及 RYBREVANT 和 LAZCLUZE、Tremfya、CAPLYTA 和 Spravato。

And in MedTech, we delivered 6.1% operational sales growth with particularly strong momentum in cardiovascular, surgery, and vision. Based in our strong performance in the quarter, we are pleased to raise our full-year sales guidance by $2 billion and EPS guidance by $0.25 from $10.60 to $10.85. Results like these are the direct result of our deep and resilient portfolio. It's what makes Johnson & Johnson unique.

在醫療科技領域，我們的營運銷售額成長了 6.1%，其中心血管、外科和視力領域的勢頭尤為強勁。基於本季的強勁表現，我們欣然將全年銷售額預期上調20億美元，每股收益預期上調0.25美元，從10.60美元上調至10.85美元。這樣的業績是我們深厚且韌性十足的產品組合的直接成果。這正是強生公司的獨特之處。

Today, we'll focus on the remarkable ways we are driving innovation and creating value for patients and shareholders. I will highlight the depth of our portfolio and pipeline, focusing on six areas of unmet need and where we are delivering significant growth: Oncology, immunology, neuroscience, cardiovascular, surgery, and vision. These are the spaces where we are moving the conversation from treatment to cure and where we are extending and improving lives in meaningful ways.

今天，我們將重點介紹推動創新和為患者和股東創造價值的卓越方式。我將重點介紹我們的產品組合和產品線的深度，重點是六個未滿足需求的領域以及我們正在實現顯著增長的領域：腫瘤學、免疫學、神經科學、心血管、外科和視覺。在這些領域，我們將討論的重點從治療轉向治愈，並以有意義的方式延長和改善生活。

Let's start with Innovative Medicine and oncology where we have a bold vision to eliminate cancer. Our leading products for the treatment of blood cancers and solid tumors are built on cutting-edge scientific platforms that are transforming outcomes for patients with more than 10 products in market across 26 approved indications and over 25 treatments in late-stage development, we expect to become the number one oncology company by 2030 with sales of more than $50 billion. And when you look at our quarterly results in oncology with operational sales growth of 22.3%, you can see that we are well on our way to achieving that.

讓我們從創新醫學和腫瘤學開始，我們有一個消除癌症的大膽願景。我們用於治療血癌和實體瘤的領先產品建立在尖端科學平台之上，這些平台正在改變患者的治療結果。目前，市場上已有 10 多種產品，涵蓋 26 種核准適應症，另有 25 多種治療方法處於後期開發階段。我們預計，到 2030 年，我們將成為銷售額超過 500 億美元的頭號腫瘤學公司。當您查看我們腫瘤學季度業績（營運銷售額成長 22.3%）時，您會發現我們正在順利實現這一目標。

I draw your attention to three key areas of Q2 progress. First is multiple myeloma where we have developments in every line of therapy. Approximately 80% of myeloma patients today received a Johnson & Johnson may be seen at some point in their treatment journey. And in Q2, we presented several important sets of data. They include new five-year data, showing a single treatment of our CAR T therapy, CARVYKTI, has the potential to deliver long-term remission.

我提請大家關注第二季進展的三個關鍵領域。首先是多發性骨髓瘤，我們在各個治療領域都取得了進展。目前大約有 80% 的骨髓瘤患者接受了強生公司的治療，他們可能會在治療過程中的某個階段看到強生公司的治療。在第二季度，我們公佈了幾組重要的數據。其中包括新的五年數據，顯示我們的 CAR T 療法 CARVYKTI 的單一治療有可能實現長期緩解。

We also presented the first data from our investigational trispecific antibody which showed an unprecedented 100% overall response rate in heavily pre-treated patients. With results like this, we are closer than ever to our ambition of curing multiple myeloma.

我們還展示了我們正在研究的三特異性抗體的首批數據，該數據表明，在接受過大量預先治療的患者中，整體反應率達到了前所未有的 100%。有了這樣的結果，我們比以往任何時候都更接近治癒多發性骨髓瘤的目標。

Second is lung cancer where our chemotherapy-free combination of RYBREVANT plus LAZCLUZE has a projected overall survival of at least a year over the current standard of care in frontline non-small cell lung cancer with EGFR gene mutations. The intent to prescribe continues to grow among healthcare professionals which you can see in our strong quarterly sales. This is a life-changing advancement for patients, and one we are building on with a pipeline of novel therapies.

第二個是肺癌，我們的無化療組合 RYBREVANT 加 LAZCLUZE 預計總存活期將比目前 EGFR 基因突變的一線非小細胞肺癌治療標準延長至少一年。從我們強勁的季度銷售額中就可以看出，醫療保健專業人士的處方意願持續成長。這對患者來說是一次改變人生的進步，我們正在以此為基礎建構一系列新型療法。

And third is bladder cancer, where we are excited to share that we have received FDA priority review for TAR-200, a first-of-its-kind drug release in system. We anticipate launching TAR-200 for high-risk non-muscle invasive bladder cancer later this year, a transformational product that harnesses our unique expertise in both Innovative Medicine and MedTech. We expect [TARIS] (corrected by company after the call) to generate at least $5 billion in annual peak year sales.

第三是膀胱癌，我們很高興地告訴大家，我們已獲得 FDA 對 TAR-200 的優先審查，這是系統中首個此類藥物釋放。我們預計今年稍後推出用於治療高風險非肌肉層浸潤性膀胱癌的 TAR-200，這是一款利用我們在創新醫學和醫療技術方面的獨特專業知識的轉型產品。我們預計[TARIS]（電話會議後公司進行了更正）的年度高峰年銷售額將至少達到 50 億美元。

In immunology, we have a 25-year legacy of redefining the standard of care and we are just getting started. With six products in market across 14 approved indications and many treatments in late-stage development, we are expanding treatment options for patients and restoring health for millions of people around the world. From REMICADE and SIMPONI, to STELARA and TREMFYA, and now exploring targeted oral peptides and future combinations, the growth potential of our immunology portfolio and pipeline continues to be significant.

在免疫學領域，我們已經有 25 年重新定義護理標準的經驗，而這才剛開始。我們已在市場上推出了 6 種產品，涵蓋 14 種核准適應症，還有多種治療方法處於後期開發階段，我們正在為患者擴大治療選擇，並恢復全球數百萬人的健康。從 REMICADE 和 SIMPONI 到 STELARA 和 TREMFYA，以及目前正在探索的靶向口服勝肽和未來的組合，我們的免疫學產品組合和管道的成長潛力仍然巨大。

For immunology, I will draw your attention to two key areas of Q2 progress. First is TREMFYA which has recently expanded into inflammatory bowel disease. TREMFYA grew 30% in the quarter. With strong uptake in Crohn's disease and ulcerative colitis, we expect it to generate at least $10 billion annually in peak year sales.

對於免疫學，我將提請您注意 Q2 進展的兩個關鍵領域。首先是TREMFYA，其最近已擴展到發炎性腸道疾病。TREMFYA 本季成長了 30%。由於克隆氏症和潰瘍性結腸炎的治療需求強勁，我們預計其在高峰年銷售額將至少達到每年 100 億美元。

We also made important progress in our pipeline in Q2 and expect to file Icotrokinra with the FDA in the third quarter as the first targeted oral peptide to selectively block the IL-23 receptor with similar efficacy to a biologic. As a once-a-day pill, this molecule has the potential to set a new standard in the treatment of plaque psoriasis, and we look forward to sharing more in the coming months.

我們在第二季的產品管線中也取得了重要進展，預計將在第三季向 FDA 提交 Icotrokinra 的申請，作為第一個選擇性阻斷 IL-23 受體的靶向口服勝肽，其功效與生物製劑相似。作為每日一次的藥丸，這種分子有可能為斑塊性乾癬的治療樹立新的標準，我們期待在未來幾個月分享更多資訊。

In neuroscience, we are building on a 17-year legacy and expect to be the number one company by the end of the decade. We are pushing boundaries in diseases like schizophrenia, depression, and Alzheimer's, which together affect one in eight people worldwide. In Q2, SPRAVATO grew 53%, delivering sustained double-digit growth and demonstrating the power of this medicine for patients living with difficult-to-treat depression.

在神經科學領域，我們憑藉 17 年的經驗，預計在 2020 年成為全球第一大公司。我們正在突破精神分裂症、憂鬱症和阿茲海默症等疾病的界限，這些疾病影響著全世界八分之一的人口。第二季度，SPRAVATO 成長 53%，實現持續兩位數成長，並證明了該藥物對難治性憂鬱症患者的療效。

We also completed the acquisition of Intra-Cellular Therapies this quarter. Intra-Cellular's Caplyta is approved to treat adults with schizophrenia and bipolar depression, and we are excited about the anticipated major depressive disorder approval later this year. With the addition of Caplyta, we now have five neuroscience products in market across six approved indications and eight treatments in late-stage development. Caplyta adds to Johnson & Johnson's robust lineup of therapies with $5 billion-plus potential in peak year sales and further solidifies sales growth above analyst expectations through the rest of the decade.

本季我們也完成了對 Intra-Cellular Therapies 的收購。Intra-Cellular 的 Caplyta 已獲批准用於治療患有精神分裂症和雙相抑鬱症的成年人，我們對今年晚些時候預計獲得的重度憂鬱症批准感到興奮。隨著 Caplyta 的加入，我們現在在市場上擁有五種神經科學產品，涵蓋六種核准適應症和八種處於後期開發的治療方法。Caplyta 擴大了強生強大的治療陣容，其峰值年銷售額潛力超過 50 億美元，並進一步鞏固了其在未來十年內高於分析師預期的銷售成長。

Turning to MedTech, and in cardiovascular specifically, we are leaders in heart recovery, circulatory restoration and electrophysiology. Cardiovascular has some of the largest unmet needs in healthcare and is one of the fastest growing spaces in MedTech. In Q2, we delivered over 22% operational sales growth over the quarter driven by new product performance in Abiomed, Shockwave, and strength in mapping in electrophysiology. Today, we're a leader in four of the largest and highest growth medtech segments within cardiovascular intervention, impacting more than 1 million patients each year.

談到醫療技術，特別是在心血管領域，我們是心臟恢復、循環恢復和電生理學的領導者。心血管領域是醫療保健領域最大的未滿足需求之一，也是醫療技術領域成長最快的領域之一。在第二季度，由於 Abiomed、Shockwave 新產品的出色表現以及電生理學映射領域的強勁表現，我們的營運銷售額實現了超過 22% 的成長。如今，我們是心血管介入領域四個最大、成長最快的醫療技術領域的領導者，每年影響超過 100 萬名患者。

Now let me highlight three areas of important progress from Q2. First is electrophysiology, which delivered close to 10% operational sales growth over the quarter, driven by new product performance and strength in mapping. We have now completed more than 10,000 VARIPULSE cases globally with a reported neurovascular event rate of less than 0.5%, consistent with published rates across other PFA platforms.

現在，讓我重點介紹一下第二季的三個重要進展。首先是電生理學，受新產品性能和映射優勢的推動，該部門本季的營運銷售額增長了近 10%。目前，我們已在全球完成超過 10,000 例 VARIPULSE 病例，報告的神經血管事件發生率低於 0.5%，與其他 PFA 平台公佈的發生率一致。

Second, we continue to advance our suite of cardiovascular solutions to expand our market leadership, including our dual energy THERMOCOOL SMARTTOUCH SF Catheter where we performed our first cases in Europe this quarter. It also includes OMNYPULSE where we presented strong early data that will expand our portfolio of tools for safe and streamlined ablation procedures.

其次，我們繼續推進我們的心血管解決方案套件，以擴大我們的市場領導地位，包括我們的雙能量 THERMOCOOL SMARTTOUCH SF 導管，我們本季在歐洲進行了首例病例治療。它還包括 OMNYPULSE，我們在其中提供了強有力的早期數據，這將擴展我們用於安全和簡化消融程序的工具組合。

Third is Shockwave's unique intravascular lithotripsy technology or IVL, which has transformed the treatment of atherosclerotic cardiovascular disease and is driving significant growth. Shockwave is expected to be our 13th billion dollar MedTech platform by the end of the year, a position that is further strengthened by a compelling body of evidence on the benefits of this technology. This includes data showing an IVL first approach can achieve excellent outcomes in female patients with complex calcified coronary artery disease.

第三是 Shockwave 獨特的血管內碎石技術（IVL），改變了動脈粥狀硬化性心血管疾病的治療方法，並正在推動顯著增長。預計到今年年底，Shockwave 將成為我們第 13 個價值 10 億美元的醫療技術平台，而有關該技術優勢的大量有力證據進一步鞏固了這一地位。其中包括顯示 IVL 優先方法可為患有複雜鈣化冠狀動脈疾病的女性患者取得良好療效的數據。

In surgery, we have spent 140 years advancing the standard of care and today, our surgical technologies are used in most operating rooms around the world. Q2 highlights include the introduction of the Ethicon 4000 Surgical Stapler, the newest advancement in our surgical portfolio. Featuring advanced stapling technology and reloads, the ETHICON 4000 minimizes surgical leaks and bleeding, which are common and costly surgical complications for patients and hospitals. This advanced stapling technology will be harnessed for future use exclusively on the OTTAVA Robotic Surgery System.

在外科手術領域，我們花了 140 年的時間來提高護理標準，如今，我們的外科手術技術已在世界各地的大多數手術室中使用。第二季的亮點包括推出 Ethicon 4000 手術縫合器，這是我們手術產品組合中的最新進展。ETHICON 4000 採用先進的縫合技術和重新裝載技術，可最大限度地減少手術漏和出血，而這些對於患者和醫院來說都是常見且昂貴的手術併發症。這種先進的縫合技術未來將專門用於 OTTAVA 機器人手術系統。

And as mentioned on our earnings call in April, OTTAVA completed its first clinical cases - gastric bypass surgeries performed in Houston. In our conversations with surgeons who have spent time on OTTAVA, they tell us that they are eager for the system's sophisticated architecture design features like twin motion, the surgeon-entrusted ETHICON advanced instrumentation only available in OTTAVA, and the future connection to our open digital ecosystem, POLYPHONIC. We plan to submit for an FDA de novo approval next year.

正如我們四月的收益電話會議上提到的那樣，OTTAVA 完成了其首例臨床病例——在休士頓進行的胃繞道手術。在與使用 OTTAVA 的外科醫生的交談中，他們告訴我們，他們渴望該系統的複雜架構設計功能，例如雙重運動、外科醫生信賴的 ETHICON 先進儀器（僅在 OTTAVA 中提供），以及未來與我們開放的數位生態系統 POLYPHONIC 的連接。我們計劃明年提交 FDA 的 de novo 批准。

And finally, vision, where we have a deep legacy in developing transformational innovation. With quarterly growth of 4.6% across the business and 8.9% in surgical vision, the portfolio has a robust growth trajectory driven by our ACUVUE OASYS MAX One-Day Family of contact lenses and our TECNIS Odyssey and TECNIS PureSee intraocular lenses. And with the Q2 release of the first disposable multifocal lenses for people with astigmatism, we have high expectations.

最後，關於願景，我們在發展變革性創新方面有著深厚的傳統。整個業務的季度成長率為 4.6%，手術視力成長率為 8.9%，在我們的 ACUVUE OASYS MAX 一日系列隱形眼鏡以及我們的 TECNIS Odyssey 和 TECNIS PureSee 人工水晶體的推動下，該產品組合呈現強勁的成長軌跡。隨著第二季首款針對散光患者的一次性多焦點鏡片的發布，我們對此寄予厚望。

You know, a few other healthcare companies can talk about that impact across as many high-growth areas as Johnson & Johnson, and none spanning both Innovative Medicine and medtech. These six examples are only a cross-section of our cutting-edge portfolio. This depth and breadth is who we are at Johnson & Johnson. It's how we grow through a major loss of exclusivity, how we have reinvented ourselves time and time again, and how we will deliver strong financial performance through the end of the decade and beyond.

您知道，其他一些醫療保健公司可以像強生一樣談論在許多高成長領域的影響，但沒有一家公司同時涵蓋創新醫學和醫療技術。這六個例子只是我們尖端產品組合的一部分。這種深度和廣度正是強生公司的特色。這就是我們如何在失去獨家經營權後繼續成長，如何一次又一次地重塑自我，以及如何在未來十年甚至更長時間內實現強勁的財務業績。

The bottom line is this, Johnson & Johnson's relentless focus on innovation yields results quarter after quarter, year after year.

最重要的是，強生公司對創新的不懈關注使得公司每季、每年都取得了成果。

I will now turn the call back over to Darren.

我現在將電話轉回給達倫。

Thank you, Joaquin. Moving to our financial results. Unless otherwise stated, the percentages quoted represent operational results and therefore exclude the impact of currency translation. Starting with Q2 2025 sales results. Worldwide sales were $23.7 billion for the quarter. Sales increased 4.6% despite an approximate 710-basis-point headwind from STELARA. Growth in the US was 7.8% and 0.6% outside of the US. Worldwide growth was positively impacted by 160 basis points, primarily due to the Intra-Cellular and Shockwave acquisitions.

謝謝你，華金。轉向我們的財務表現。除非另有說明，而引用的百分比代表經營業績，因此不包括貨幣換算的影響。從 2025 年第二季的銷售業績開始。本季全球銷售額為 237 億美元。儘管受到 STELARA 約 710 個基點的不利影響，銷售額仍成長了 4.6%。美國國內成長率為 7.8%，美國以外地區成長率為 0.6%。全球成長受到 160 個基點的正面影響，主要得益於 Intra-Cellular 和 Shockwave 的收購。

Turning now to earnings. For the quarter, net earnings were $5.5 billion with diluted earnings per share of $2.29 versus diluted earnings per share of $1.93 a year ago. Adjusted net earnings for the quarter were $6.7 billion with adjusted diluted earnings per share of $2.77, representing a decrease of 2.1% and 1.8%, respectively, compared to the second quarter of 2024. The decrease is driven by interest associated with incremental debt from the Intra-Cellular acquisition and GP erosion from STELARA.

現在談談收益。本季淨收益為 55 億美元，每股攤薄收益為 2.29 美元，而去年每股攤薄收益為 1.93 美元。本季調整後淨收益為 67 億美元，調整後每股攤薄收益為 2.77 美元，與 2024 年第二季相比分別下降 2.1% 和 1.8%。下降的原因是因收購 Intra-Cellular 而產生的增量債務相關的利息以及 STELARA 的 GP 侵蝕。

I will now comment on business sales performance in the quarter with a focus on the six areas Joaquin discussed that will drive significant growth for the enterprise. Beginning with Innovative Medicine, where our results demonstrate the depth of our expertise in oncology, immunology and neuroscience. Worldwide sales of $15.2 billion increased 3.8%, despite an approximate 1,170-basis-point headwind from STELARA, demonstrating the strength of our key brands and new launches.

我現在將對本季度的業務銷售業績進行評論，重點關注 Joaquin 討論的將推動企業顯著增長的六個領域。從創新醫學開始，我們的研究成果證明了我們在腫瘤學、免疫學和神經科學方面的專業知識深度。儘管受到 STELARA 約 1,170 個基點的不利影響，全球銷售額仍成長 3.8%，達到 152 億美元，彰顯了我們主要品牌和新產品的實力。

Growth in the US was 7.6% and minus 1.6% outside the US. Growth outside of the US was negatively impacted by STELARA biosimilars and the COVID-19 vaccine. Acquisitions and divestitures had a net positive impact of 140 basis points on Worldwide growth due to the Intra-Cellular acquisition.

美國國內成長7.6%，美國以外地區成長-1.6%。STELARA 生物相似藥和 COVID-19 疫苗對美國以外地區的成長產生了負面影響。由於收購 Intra-Cellular，收購和資產剝離對全球成長產生了 140 個基點的淨正影響。

In oncology, starting with myeloma, DARZALEX growth was 21.5%, primarily driven by continued strong share gains of approximately 4.1 points across all lines of therapy, with close to 8 points in the frontline setting as well as market growth. CARVYKTI achieved sales of $439 million with growth of over 100%, driven by share gains and capacity expansion. This reflects continued strong sequential growth of 17.9% as we expand outside of the US. TECVALYI and TALVEY growth was 22.4% and 54.3%, respectively, bolstered by continued expansion into the community setting. Patient demand remains strong despite continued adoption of longer dosing intervals.

在腫瘤學領域，從骨髓瘤開始，DARZALEX 成長率為 21.5%，主要得益於所有治療線的持續強勁份額增長約 4.1 個百分點，其中一線治療份額增長近 8 個百分點以及市場增長。在市佔率成長和產能擴張的推動下，CARVYKTI 的銷售額達到 4.39 億美元，成長超過 100%。這反映出我們在美國以外地區擴張的過程中繼續保持 17.9% 的強勁成長。TECVALYI 和 TALVEY 的成長率分別為 22.4% 和 54.3%，這得益於其在社區環境中的持續擴張。儘管繼續採用更長的給藥間隔，但患者的需求仍然強勁。

In prostate cancer, ERLEADA delivered strong growth of 21% with continued share gains and market growth. In lung cancer, RYBREVANT plus LAZCLUZE delivered sales of $179 million and growth over 100%, with sequential growth of 26.5%, driven by continued strong launch uptake. We continue to see share gains in both first and second lines of therapy.

在前列腺癌領域，ERLEADA 實現了 21% 的強勁成長，市場份額和市場持續成長。在肺癌領域，RYBREVANT 和 LAZCLUZE 的銷售額達 1.79 億美元，成長超過 100%，季增 26.5%，這得益於持續強勁的上市需求。我們繼續看到一線和二線治療的份額增長。

Within immunology, TREMFYA delivered growth of 30.1%, primarily driven by share gains with continued strong uptake across recently launched IBD indications and overall market growth. STELARA declined 43.2%, driven by the impact of biosimilar competition and Part D redesign, which is in line with our expectations.

在免疫學領域，TREMFYA 實現了 30.1% 的成長，主要得益於近期推出的 IBD 適應症的持續強勁成長以及整體市場的成長。受生物相似藥競爭和 D 部分重新設計的影響，STELARA 下跌了 43.2%，符合我們的預期。

In neuroscience, SPRAVATO growth of 53% was driven by continued strong demand from physicians and patients. Long-acting injectables declined by 6.3% due to the impact of Part D redesign and unfavorable patient mix.

在神經科學領域，SPRAVATO 成長 53%，這得益於醫生和患者持續強勁的需求。由於 D 部分重新設計和不利的患者組合的影響，長效注射劑下降了 6.3%。

I'll now turn your attention to MedTech. Worldwide sales of $8.5 billion increased 6.1%, with growth of 8% in the US and 4.1% outside the US, driven by strong performance in three focus areas, cardiovascular, surgery, and vision. Acquisitions and divestitures had a net positive impact of 200 basis points on Worldwide growth, primarily due to Shockwave.

現在我將把您的注意力轉向 MedTech。全球銷售額達 85 億美元，成長 6.1%，其中美國成長 8%，美國以外成長 4.1%，這得益於心血管、外科和視力三個重點領域的強勁表現。收購和資產剝離對全球成長產生了 200 個基點的淨正向影響，這主要歸功於 Shockwave。

In cardiovascular, Electrophysiology delivered growth of 9.8% versus prior year, driven by strength in competitive mapping, new product performance, and procedure growth. Abiomed delivered growth of 16.9% with continued strong adoption of Impella technology. Shockwave delivered strong double-digit growth with the recent introduction of the Javelin and E8 catheters. As a reminder, the acquisition benefit of Shockwave was lapped at the end of May.

在心血管領域，電生理學較上年增長了 9.8%，這得益於競爭性映射、新產品性能和程序增長的強勁增長。Abiomed 繼續大力採用 Impella 技術，實現了 16.9% 的成長。Shockwave 最近推出了 Javelin 和 E8 導管，實現了強勁的兩位數成長。提醒一下，Shockwave 的收購收益已於 5 月底到期。

Surgery grew 1.8% despite divestitures negatively impacting results by approximately 60 basis points. Performance was primarily driven by technology penetration in wound closure and the strength of the portfolio of biosurgery. Growth was partially offset by competitive pressures in energy and the negative impact of China VBP across the portfolio.

儘管資產剝離對業績產生了約 60 個基點的負面影響，但手術收入仍增加了 1.8%。績效表現主要受傷口閉合技術滲透和生物外科產品組合實力的推動。能源領域的競爭壓力以及中國 VBP 對整個投資組合的負面影響部分抵消了成長。

In vision, contact lenses and other ocular products grew 2.9%, driven by strategic price actions and strong performance in the ACUVUE OASYS One-Day Family contact lenses, including the recent launch of OASYS MAX One-Day multifocal for astigmatism. Surgical vision growth of 8.9% continues to be driven by strong performance in TECNIS Odyssey, PureSee, and Eyhance.

在視力方面，隱形眼鏡和其他眼部產品成長了 2.9%，這得益於戰略價格行動和 ACUVUE OASYS One-Day Family 隱形眼鏡的強勁表現，包括最近推出的用於治療散光的 OASYS MAX One-Day 多焦點隱形眼鏡。手術視力成長 8.9%，這繼續受到 TECNIS Odyssey、PureSee 和 Eyhance 強勁表現的推動。

The orthopedics business declined by 1.6%, driven by competitive pressures, the transformation program, and China VBP.

受競爭壓力、轉型計劃和中國 VBP 的影響，骨科業務下降了 1.6%。

Now turning to our consolidated statement of earnings for the second quarter of 2025. I'd like to highlight a few noteworthy items that have changed compared to the same quarter a year ago. Cost of products sold deleveraged by 150 basis points, driven by product mix and amortization related to the Intra-Cellular acquisition in Innovative Medicine, as well as medtech macroeconomic factors and VBP in China.

現在來看看我們 2025 年第二季的合併損益表。我想強調一下與去年同期相比發生的一些值得注意的變化。銷售產品成本去槓桿化了 150 個基點，這主要得益於創新藥物領域收購 Intra-Cellular 相關的產品組合和攤銷，以及醫療技術宏觀經濟因素和中國的 VBP。

Selling, marketing and administrative expenses improved 50 basis points, driven by corporate expense rationalization, partially offset by increased investment in recent acquisitions. Research and development expenses leveraged by 50 basis points, primarily driven by portfolio rationalization and expense phasing in MedTech. We continued our strong investment in research and development with $3.5 billion or approximately 15% of sales in Q2.

銷售、行銷和管理費用改善了 50 個基點，這得益於企業費用合理化，但部分被近期收購的投資增加所抵消。研發費用增加了 50 個基點，主要由醫療科技領域的投資組合合理化和費用分階段所推動。我們持續大力投資研發，第二季的研發投入為 35 億美元，約佔銷售額的 15%。

Interest income and expense was a net expense of $48 million as compared to $125 million of income in the second quarter of 2024, primarily driven by lower rates of interest earned on cash balances and a higher average debt balance associated with the Intra-Cellular acquisition.

利息收入和支出的淨支出為 4,800 萬美元，而 2024 年第二季的收入為 1.25 億美元，這主要是由於現金餘額的利率較低以及與 Intra-Cellular 收購相關的平均債務餘額較高。

Other income and expense was a net expense of $0.1 billion compared to an expense of $0.7 billion in the prior year, primarily driven by lower talc litigation expense in 2025 and the $0.4 billion loss on the sale of the retained stake in Kenvue shares recorded in 2024.

其他收入和支出的淨支出為 1 億美元，而上一年的支出為 7 億美元，這主要由於 2025 年滑石粉訴訟費用降低以及 2024 年出售保留的 Kenvue 股份的損失為 4 億美元。

Regarding taxes in the quarter, our effective tax rate was 14.7% compared to 18.5% in the same period last year. I encourage you to review our upcoming 10-Q for details on the changes in taxes.

關於本季的稅收，我們的有效稅率為 14.7%，而去年同期為 18.5%。我鼓勵您查看我們即將發布的 10-Q 以了解有關稅收變化的詳細資訊。

Lastly, I'll direct your attention to the boxed section of the slide where we have also provided the company's income before tax, net earnings, and earnings per share adjusted to exclude the impact of intangible amortization expense and special items.

最後，請大家注意幻燈片中方框部分，我們還提供了公司的稅前收入、淨收益和每股收益，這些收益已調整以排除無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment for the quarter. In support of our efforts to increase financial transparency, you will again find GAAP to non-GAAP reconciliations by segment in the supplemental schedules of our press release.

現在讓我們來看看本季按部門劃分的調整後稅前收入。為了支持我們提高財務透明度的努力，您將在我們的新聞稿的補充附表中再次找到按部門劃分的 GAAP 與非 GAAP 的對帳。

Innovative Medicine margin declined from 44.6% to 42.7%, primarily driven by negative mix in cost of products sold related to STELARA. MedTech margin declined from 25.7% to 22.2% driven by macroeconomic factors of cost of products sold as well as other income.

創新藥物利潤率從 44.6% 下降至 42.7%，主要原因是與 STELARA 相關的銷售產品成本組合出現負面變化。受銷售產品成本和其他收入等宏觀經濟因素的影響，醫療科技利潤率從 25.7% 下降至 22.2%。

This concludes the sales and earnings portion of the call. And I will now turn the call over to Joe.

本次電話會議的銷售和收益部分到此結束。現在我將把電話轉給喬。

Thank you, Darren, and glad to see your first earnings call is off to a good start. I look forward to you leveraging your recent experience leading the Innovative Medicine finance team to benefit Johnson & Johnson's Investor Relations function.

謝謝你，達倫，很高興看到你的第一次收益電話會議有一個好的開始。我期待您能利用最近領導創新醫藥財務團隊的經驗，為強生公司的投資人關係職能帶來好處。

Hello, everyone. Thank you for joining us today. As already highlighted, we delivered a very strong second quarter, exceeding expectations on both the top and bottom lines. While our currently marketed products and platforms drove this quarter's performance, the progress across our pipeline in the first half of the year heightens our conviction to achieve, and I'd be willing to bet likely beat, the upper end of the growth targets we conveyed at our 2023 enterprise business review.

大家好。感謝您今天加入我們。正如已經強調的那樣，我們第二季度的表現非常強勁，營收和利潤均超出預期。雖然我們目前銷售的產品和平台推動了本季度的業績，但我們上半年在產品線中取得的進展增強了我們實現的信心，我敢打賭，我們很可能會超過我們在 2023 年企業業務回顧中提出的增長目標的上限。

As previously mentioned by Joaquin and Darren, the Innovative Medicine business continues to grow through STELARA's loss of exclusivity driven by our in market portfolio. We continue to advance our pipeline, attaining significant clinical and regulatory milestones that will help drive sustained and accelerating growth through the back half of the decade.

正如 Joaquin 和 Darren 之前提到的，由於我們的市場組合推動 STELARA 失去獨家經營權，因此創新醫藥業務將繼續成長。我們將繼續推進我們的產品線，實現重要的臨床和監管里程碑，這將有助於推動未來五年持續和加速的成長。

In MedTech, while we still have work to do, we saw improvement over first quarter results driven by strong performance in the cardiovascular portfolio, surgical vision, and wound closure in surgery. We remain focused on higher growth markets, enhancing competitiveness to gain market share and executing against our transformation initiatives to improve margins.

在醫療技術領域，雖然我們仍有工作要做，但我們看到第一季的業績有所改善，這得益於心血管產品組合、外科視覺和外科傷口閉合方面的強勁表現。我們將繼續專注於高成長市場，增強競爭力以獲得市場份額，並實施轉型計劃以提高利潤率。

Let's get into some of the financial commentary, starting with our cash position. Free cash flow to the first half of 2025 exceeded $6 billion, which accounts for elevated tax payments related to the final annual TCJA toll tax payment when compared to the first half of 2024. We ended the second quarter with $19 billion of cash and marketable securities and $51 billion of debt for a net debt position of $32 billion. These figures include the debt raised for the $14.5 billion Intra-Cellular acquisition which closed on April 2.

讓我們來了解一些財務評論，從我們的現金狀況開始。2025 年上半年的自由現金流超過 60 億美元，與 2024 年上半年相比，這說明與最終年度 TCJA 通行稅支付相關的稅款有所增加。截至第二季末，我們擁有 190 億美元現金和有價證券以及 510 億美元債務，淨債務總額為 320 億美元。這些數字包括 4 月 2 日完成的 145 億美元 Intra-Cellular 收購案所籌集的債務。

Regarding talc litigation, we expect the Daubert hearing to commence this fall and look forward to the court reexamining the junk science the mass tort plaintiffs' bar has funded to promote baseless talc claims against Johnson & Johnson.

關於滑石粉訴訟，我們預計 Daubert 聽證會將於今年秋季開始，並期待法院重新審查大規模侵權原告律師協會資助的垃圾科學，以推動針對強生公司的毫無根據的滑石粉索賠。

Turning to our full-year guidance for 2025. Driven by the strength of our first half performance, we are increasing our operational sales guidance for the full year by approximately $900 million. We are now expecting operational sales growth for the full year to be in the range of 4.5% to 5% with a midpoint of $92.9 billion or 4.8%, representing a full point better when compared to prior guidance.

談到我們對 2025 年全年的指導。受上半年強勁業績的推動，我們將全年營運銷售額預期上調約 9 億美元。我們現在預計全年營業銷售額成長率將在 4.5% 至 5% 之間，中間值為 929 億美元或 4.8%，比先前的預期高出整整一個點。

Excluding the impact from acquisitions and divestitures, our adjusted operational sales growth is now expected to be in the range of 3.2% to 3.7% compared to 2024. As you know, we don't speculate on future currency movements, and last quarter, we utilized the euro spot rate relative to the US dollar of $1.11. The US dollar has weakened across all major currencies since April. Last week, the euro spot rate relative to the US dollar was $1.17. We estimate an incremental positive foreign currency impact of $1.1 billion versus previous guidance. As such, we now expect reported sales growth between 5.1% to 5.6% with a midpoint of $93.4 billion or 5.4%.

排除收購和資產剝離的影響，我們預計調整後的營運銷售額成長率將在 2024 年的 3.2% 至 3.7% 之間。如您所知，我們不對未來匯率走勢進行投機。上個季度，我們利用了歐元兌美元1.11的即期匯率。自4月以來，美元兌所有主要貨幣都出現走弱。上週，歐元兌美元即期匯率為1.17美元。我們估計，與先前的預期相比，外匯交易將帶來11億美元的增量正向影響。因此，我們現在預計報告的銷售額成長率將在 5.1% 至 5.6% 之間，中間值為 934 億美元或 5.4%。

Currently, our guidance does not include the impact of the most favored nation concept. With respect to MFN, we share the administration's goal that American patients should pay less by addressing the real drivers of higher US costs, including middlemen driving up prices and foreign markets not paying their fair share.

目前，我們的指導不包括最惠國概念的影響。關於最惠國待遇，我們贊同政府的目標，即透過解決導緻美國成本上漲的真正因素（包括中間商抬高價格以及外國市場不支付其公平份額），減少美國患者支付的費用。

Turning to other notable items on the P&L. At the beginning of the year, we guided to an approximate 300 basis points improvement in operating margin. Despite what you may have calculated on a year-to-date basis, we remain confident and reiterate our operating margin guide for the full year. This is due to efficiency programs designed for margin improvement as well as non-recurring one-time IPR&D charges that occurred in the second half of 2024. This expected improvement also takes into consideration the dilution from the Intra-Cellular transaction as well as what we know today about the impact of tariffs on our business.

轉向損益表中的其他值得注意的項目。年初，我們預期營業利潤率將提高約 300 個基點。無論您根據年初至今的情況如何計算，我們仍然充滿信心，並重申全年營業利潤率指南。這是由於旨在提高利潤率的效率計劃以及 2024 年下半年發生的非經常性一次性智慧財產權與開發費用。這項預期改善也考慮了蜂窩內交易的稀釋以及我們今天所了解的關稅對我們業務的影響。

During our first quarter conference call, we anticipated an impact from tariffs in 2025 to be approximately $400 million. Based on the current tariff landscape, we now anticipate the impact to be approximately $200 million, exclusively related to our MedTech business. We will look to reinvest the differential to continue to accelerate our pipeline and further power the launch of our new products. Those on the market with new indications and those with near-term anticipated approvals. We continue to monitor what the future years’ impact could be from tariffs on our business.

在第一季的電話會議上，我們預計 2025 年關稅的影響約為 4 億美元。根據目前的關稅情勢，我們預期影響約為 2 億美元，僅與我們的醫療技術業務有關。我們將尋求重新投資差異，以繼續加速我們的產品線並進一步推動我們新產品的推出。那些已上市且有新適應症的藥物和那些預計近期將獲得批准的藥物。我們將繼續監測未來幾年關稅對我們業務可能產生的影響。

For net interest expense, we now project between zero and $100 million, an improvement from the previous guidance, primarily driven by higher interest earned on cash balances. Our effective tax rate is now expected to be in the range of 17% to 17.5% for the full year with the increase largely due to an adjustment to the company's global tax reserves. We are pleased that the One Big Beautiful Bill Act provides certainty for our previously announced $55 billion commitment to invest here in the United States. This includes provisions such as permanent expensing for domestic R&D spend, permanent bonus depreciation, and 100% expensing of qualified production property, including our newly planned facility in North Carolina.

對於淨利息支出，我們現在預計在零至 1 億美元之間，比先前的預測有所改善，主要原因是現金餘額產生的利息增加。我們目前預計全年有效稅率將在 17% 至 17.5% 之間，這一增長主要是由於公司對全球稅收儲備的調整。我們很高興看到《一個美麗的大法案》為我們先前宣布的在美國投資 550 億美元的承諾提供了確定性。這包括國內研發支出的永久費用化、永久獎金折舊以及合格生產財產的 100% 費用化等規定，其中包括我們在北卡羅來納州新規劃的工廠。

We also welcome the improvements that were made to the international tax system. For your modeling, it is worth noting that the tax rate on foreign earnings known as GILTI is increasing by approximately 2% from a statutory rate of 10.5% to 12.6%. This will result in an approximate 1% increase to our global effective tax rate in 2026.

我們也歡迎國際稅收體系所做的改進。對於您的建模，值得注意的是，被稱為 GILTI 的海外收入稅率將從法定稅率 10.5% 增加約 2% 至 12.6%。這將導致我們 2026 年的全球有效稅率增加約 1%。

Turning to earnings per share, we are pleased to increase our reported adjusted earnings per share estimate by $0.25 to $10.85 or 8.7% at the midpoint, for a range of $10.80 to $10.90, which is a combination of operational improvement and the favorable foreign currency dynamics I referenced earlier. Embedded in that is $0.08 of adjusted operational earnings per share, increasing our guidance to $10.68 or 7% at the midpoint.

談到每股收益，我們很高興將報告的調整後每股收益預期上調 0.25 美元至 10.85 美元，即中點增幅 8.7%，範圍為 10.80 美元至 10.90 美元，這是我之前提到的營運改善和有利的外匯動態的結合。其中包括每股 0.08 美元的調整後營業收益，將我們的預期中位數提高至 10.68 美元或 7%。

I'll now provide some qualitative considerations on phasing for your models. We continue to expect both Innovative Medicine and MedTech operational sales growth to be higher in the second half of the year versus the first half.

我現在將對您的模型的分階段提供一些定性考慮。我們仍預期下半年創新醫藥和醫療科技的營運銷售成長將高於上半年。

Regarding Innovative Medicine, we maintain the assumption that STELARA’s biosimilar competition will accelerate throughout the year with erosion similar to HUMIRA's in year two, which is still our proxy, with the additive unfavorable impact of Part D redesign.

關於創新藥物，我們堅持這樣的假設：STELARA 的生物相似藥競爭將在全年加速，其侵蝕程度將與第二年的 HUMIRA 類似，這仍然是我們的代理，加上 D 部分重新設計的不利影響。

Turning to MedTech, we anticipate an acceleration in growth to be driven by the increased adoption of newly launched products in cardiovascular, surgery, and vision. We continue to expect normalized procedure volumes and typical seasonality patterns throughout the remainder of the year.

談到醫療科技，我們預期心血管、外科和視力領域新推出產品的採用率增加將推動成長加速。我們預計今年剩餘時間內的手術量和季節性模式將繼續正常化。

Beyond our financial commitments and what Joaquin has already referenced, we are excited for the expected pipeline progress in the remainder of 2025. In Innovative Medicine, this includes expected approvals in TAR-200 in non-muscle invasive bladder cancer, subcutaneous RYBREVANT for non-small cell lung cancer in the US, TREMFYA subcutaneous induction for ulcerative colitis, and CAPLYTA for adjunctive major depressive disorder. Anticipated filings for approval include Icotrokinra in psoriasis and TREMFYA in psoriatic arthritis. As far as data readouts, we are planning for RYBREVANT in head and neck cancer and Icotrokinra in ulcerative colitis as well as head-to-head data versus Sotyktu in psoriasis.

除了我們的財務承諾和 Joaquin 已經提到的內容之外，我們對 2025 年剩餘時間的預期管道進展感到興奮。在創新藥物領域，這包括預期批准用於治療非肌肉層浸潤性膀胱癌的 TAR-200、用於治療美國非小細胞肺癌的皮下 RYBREVANT、用於治療潰瘍性結腸炎的 TREMFYA 皮下誘導以及用於治療輔助性重度憂鬱症的 CAPLYTA。預計提交批准的藥物包括用於治療銀屑病的 Icotrokinra 和用於治療銀屑病關節炎的 TREMFYA。就數據讀數而言，我們計劃對 RYBREVANT 治療頭頸癌和 Icotrokinra 治療潰瘍性結腸炎進行研究，並與 Sotyktu 治療牛皮癬進行頭對頭數據比較。

In MedTech, we continue to make progress with our clinical trials for our OTTAVA Robotic Surgical System. In our cardiovascular portfolio, we are planning regulatory submission for Dual Energy THERMOCOOL SMARTTOUCH SF Catheter for cardiac arrhythmia in the US; an Impella ECP submission in heart rate recovery, as well as Javelin and Shockwave E8 launches in circulatory restoration outside of the US.

在醫療技術領域，我們的 OTTAVA 機器人手術系統的臨床試驗不斷取得進展。在我們的心血管產品組合中，我們計劃在美國提交用於治療心律不整的雙能 THERMOCOOL SMARTTOUCH SF 導管的監管申請；提交用於心率恢復的 Impella ECP 申請，以及在美國以外地區推出用於循環恢復的 Javelin 和 Shockwave E8。

In orthopedics, we will be launching ATTUNE Revision Hinge and a new plating system called VOLT in the US. We will also be launching the ETHICON 4000 Stapler with 3D reloads in surgery and the ACUVUE OASYS MAX in vision for astigmatism.

在骨科領域，我們將在美國推出 ATTUNE Revision Hinge 和名為 VOLT 的新型鋼板系統。我們還將推出用於手術的具有 3D 重新加載功能的 ETHICON 4000 訂書機和用於散光視力治療的 ACUVUE OASYS MAX。

In summary, I trust you agree the results delivered in the first half are evidence that our portfolio has the breadth and depth that enables us to attain growth even in the face of a major LOE where very few, if any, other company could. The clinical advancements provide a robust base for accelerated top line growth, not just for the remainder of this year but for the back half of the decade.

總而言之，我相信您同意上半年取得的成果證明我們的投資組合具有廣度和深度，即使在面臨重大 LOE 的情況下，我們也能夠實現成長，而很少有其他公司能夠做到這一點。臨床進展為加速營收成長提供了堅實的基礎，不僅適用於今年剩餘時間，也適用於未來五年。

We're confident that the strength of our business model enables Johnson & Johnson to navigate a dynamic external environment while delivering on our financial commitments. This is directly attributable to the hard work and dedication of our 138,000 colleagues who focus daily on advancing our pipeline, increasing market share, and progressing breakthrough treatments to patients that create long-term value for our shareholders. Thank you.

我們相信，我們強大的商業模式將使強生公司能夠在履行財務承諾的同時應對不斷變化的外部環境。這直接歸功於我們 138,000 名同事的辛勤工作和奉獻，他們每天專注於推進我們的產品線、增加市場份額以及為患者提供突破性治療，為我們的股東創造長期價值。謝謝。

And with that, we are happy to take your questions. Kevin, will you please provide instructions for those seeking to participate in the Q&A?

我們非常樂意回答您的問題。凱文，您能為那些想要參加問答的人提供指導嗎？

(Operator Instructions)

（操作員指示）

Christopher Schott, J.P. Morgan.

摩根大通的克里斯多福·肖特。

Great. Thanks very much for the question. J&J also reported a very strong top line beat despite the STELARA LOE. Any color you might have in terms of the drivers of upside to the guidance for the year as we think about how much is the Innovative [Medicine] (added by company after the call) business versus MedTech? And any particular franchise in those businesses that's driving that growth? Thank you.

偉大的。非常感謝您的提問。儘管遭遇 STELARA LOE，強生公司仍報告了非常強勁的營收成長。當我們考慮創新[醫藥]（電話會議後公司添加）業務與醫療科技業務相比佔比有多大時，您對今年指引的上行驅動因素有何看法？這些業務中有哪些特定的特許經營權推動了這種成長？謝謝。

Good morning, Chris, and thank you very much for the question. I would say both are contributing in terms of the strong performance. And in fact, I would say this is a great opportunity for Jennifer And Tim, to address some of the strength that we saw in our second quarter results, as you saw, and credit to Jennifer and her team achieving the first $15 billion quarter despite $1.2 billion of year-on-year erosion in the quarter from STELARA. I don't think any other company can do that.

早安，克里斯，非常感謝你的提問。我想說，兩者都為強勁的表現做出了貢獻。事實上，我想說，對於珍妮佛和提姆來說，這是一個很好的機會，來強調我們在第二季度業績中看到的一些優勢，正如您所看到的，珍妮佛和她的團隊取得了第一個 150 億美元的季度業績，儘管 STELARA 本季的銷售額同比下降了 12 億美元。我認為沒有其他公司能夠做到這一點。

And then Tim a notable improvement from what we reported in Q1. That gives us a lot of enthusiasm for the balance of this year. As you heard in my earlier comments, we expect both businesses to actually continue that momentum and growth better in the second half than the first half. But why don't I turn it over to Jennifer and Tim to give you some insights from their perspective.

然後蒂姆與我們在第一季報告的情況相比有了顯著的改善。這讓我們對今年的平衡工作充滿熱情。正如您在我之前的評論中聽到的那樣，我們預計這兩家公司下半年的勢頭和成長速度將比上半年更好。但是我為什麼不把它交給珍妮佛和提姆，讓他們從他們的角度給你一些見解呢？

Thanks so much, Joe, and good morning, everybody. And Joe, you stole my thunder on the over $15 billion and our first $15 billion quarter. Importantly, if you take a look at the 90% of our business that is not STELARA, we actually had extraordinarily robust growth of 15.5% growth, really demonstrating the strength across our portfolio. We had 13 brands that were growing double digits. And as we take a look at those, the vast majority of those are not only our growth drivers for today and tomorrow. But are also key growth drivers out through the end of the decade.

非常感謝，喬，大家早安。喬，你搶走了我的風頭，談到了超過 150 億美元以及我們第一個 150 億美元季度的業績。重要的是，如果你看看我們 90% 的非 STELARA 業務，我們實際上實現了 15.5% 的異常強勁增長，真正展示了我們整個投資組合的實力。我們有 13 個品牌實現了兩位數的成長。當我們審視這些因素時，我們會發現其中絕大多數不僅是我們今天和明天的成長動力。但也是本世紀末的主要成長動力。

So still have the notable drivers there. So first in oncology, DARZALEX continues to perform very well. CARVYKTI performed well, ERLEADA. And we're really pleased with the launch uptakes thus far on RYBREVANT plus LAZCLUZE in non-small cell lung cancer. In immunology, TREMFYA is off to a great start in ulcerative colitis and also Crohn's disease and across neuroscience on both SPRAVATO and CAPLYTA, both had really, really strong performance for the quarter.

所以那裡仍然有著名的車手。首先在腫瘤學領域，DARZALEX 繼續表現非常出色。CARVYKTI 表現良好，ERLEADA。到目前為止，我們對 RYBREVANT 和 LAZCLUZE 在非小細胞肺癌治療中的應用感到非常滿意。在免疫學領域，TREMFYA 在潰瘍性結腸炎和克隆氏症方面取得了良好的開端，而在神經科學領域，SPRAVATO 和 CAPLYTA 均在本季度表現非常強勁。

So as I mentioned, 13 brands with double-digit growth. I won't go into all of those, but really, really strong across the base of our business and we're really excited and throughout the rest of this year because we've got a number of them additional catalysts that are coming through with additional approvals and such. Tim?

正如我所提到的，有 13 個品牌實現了兩位數成長。我不會詳述所有這些，但我們的業務基礎確實非常強勁，我們對今年剩餘時間的表現感到非常興奮，因為我們獲得了許多額外的催化劑，這些催化劑將通過額外的批准等方式實現。提姆？

Thank you, Jennifer. And Chris, to your question. I mean for MedTech, we were happy with our Q2 operational growth of 6.1%. This is a 4.4% sequential improvement over the first quarter. I think you note the primary contributors. Certainly, cardiovascular 22% growth. We are by far and away now one of the largest and certainly the fastest growing medtech company in cardiovascular, not only on the back of the success of the Abiomed and Shockwave acquisitions, but also the tremendous improvements you saw in our Electrophysiology business which, by the way, has $5 billion base. And so tremendous performance is there.

謝謝你，詹妮弗。克里斯，回答你的問題。我的意思是，對於 MedTech 而言，我們對第二季 6.1% 的營運成長感到滿意。這比第一季環比增長了 4.4%。我認為您已經注意到了主要貢獻者。當然，心血管疾病增加了22%。目前，我們是心血管領域規模最大、發展最快的醫療技術公司之一，這不僅得益於 Abiomed 和 Shockwave 收購的成功，還得益於我們的電生理學業務的巨大進步，順便說一下，我們的業務基礎為 50 億美元。其表現十分出色。

We also saw great results in vision primarily driven both by contact lenses as well as almost double-digit growth in surgical vision and then continued solid growth in surgery, especially on the back of our performance in wound closure and biosurgery, both of those businesses, multibillion-dollar businesses, by the way, growing close to 7%.

我們在視力方面也取得了巨大的成果，這主要得益於隱形眼鏡以及手術視力幾乎兩位數的增長，然後在手術方面也繼續保持穩健的增長，特別是在傷口閉合和生物外科手術方面的表現的支持下，這兩項業務都是價值數十億美元的業務，增長了近7％。

And as we look to the back half, what gives us confidence in continued acceleration is a couple of things. Firstly, it's important to remember that Q1 and Q2 had difficult prior-year comparators. But more importantly, what gives us confidence that the further acceleration as we continue to shift our portfolio into higher growth markets and really bring truly differentiated innovation to market. In cardiovascular that will continue with Abiomed which continues to add to our portfolio.

當我們展望後半段時，有幾件事讓我們對持續加速充滿信心。首先，重要的是要記住，第一季和第二季與去年同期相比比較困難。但更重要的是，隨著我們繼續將投資組合轉向更高成長的市場並真正為市場帶來真正差異化的創新，我們相信我們將進一步加速發展。在心血管領域，我們將繼續與 Abiomed 合作，這將進一步豐富我們的產品組合。

But more importantly, the evidence based around the benefits of Impella continues to impress, both with the DanGER shock study and the recent ACC and AHA guidelines supporting Impella use in patients with cardiogenic shock.

但更重要的是，圍繞 Impella 益處的證據繼續令人印象深刻，無論是 DanGER 休克研究還是最近的 ACC 和 AHA 指南都支持在心因性休克患者中使用 Impella。

Shockwave, two new products launch, E8 as well as Javelin, which will further drive outperformance specifically in the peripheral space. And then with EP, you're going to see continued performance of VARIPULSE, and we'll add to that with the addition of the Dual Energy ST SF catheter in the European Union. In Vision, this is a true turnaround story. We're seeing tremendous results, especially with our TECNIS and PureSee IOLs.

Shockwave 推出了兩款新產品 E8 和 Javelin，這將進一步推動外圍領域的卓越表現。然後透過 EP，您將看到 VARIPULSE 的持續性能，並且我們將在歐盟增加 Dual Energy ST SF 導管。在《願景》中，這是一個真正的扭轉乾坤的故事。我們看到了顯著的成果，尤其是我們的 TECNIS 和 PureSee IOL。

And just to put that in context, in the US, we had our second consecutive quarter of double-digit growth, growing 13%. And then in the back half of the year, you'll also see the launch of the ACUVUE OASYS MAX 1-DAY multifocal for astigmatism. There's a lot there.

具體來說，在美國，我們連續第二季實現兩位數成長，成長了 13%。然後在下半年，您還會看到 ACUVUE OASYS MAX 1-DAY 多焦點散光眼鏡的推出。那裡有很多東西。

Well, this is the world's first and only daily disposable lens for people with both astigmatism and presbyopia. Surgery, we continue to see performance -- we expect continued performance on the back of SURGIFLO, ETHIZIA, and STRATAFIX.

嗯，這是世界上第一個也是唯一一個針對散光和老花眼患者的日拋型隱形眼鏡。手術方面，我們繼續看到表現——我們預計在 SURGIFLO、ETHIZIA 和 STRATAFIX 的支持下將繼續保持良好的表現。

And then I will call out that while our ortho performance was softer than we would like, we have strong reasons to believe in continued acceleration through the remainder of the year, with roughly 18 510(k) approvals last year, close to 40 outside of the US. And so big launches coming our way, especially in the areas where we face the most competition.

然後我要指出的是，雖然我們的矯正表現不如我們所希望的那麼好，但我們有充分的理由相信，在今年剩餘時間內，我們的矯正表現將繼續加速，去年大約有 18 個 510(k) 獲得批准，其中近 40 個在美國以外。因此，我們將迎來重大的發布，特別是在我們面臨最激烈競爭的領域。

In hips and knees, we have the VELYS UniKnee, ATTUNE Revision Hinge as well as KINCISE 2.0. And then also in spine, we're seeing the rollout of our Spine VELYS robot well as TriALTIS, which we are confident that will continue to bolster our growth and competitiveness.

在髖關節和膝關節領域，我們擁有VELYS UniKnee、ATTUNE Revision Hinge以及KINCISE 2.0。在脊椎領域，我們即將推出Spine VELYS機器人和TriALTIS，我們相信這些產品將繼續增強我們的成長和競爭力。

And so I think in summary, due to easier comps as well as significant new products, we're confident in continued acceleration in the back half.

所以我認為總而言之，由於更容易的比較以及重要的新產品，我們有信心在下半年繼續加速。

So Chris, as you can see, it's hard to pick one particular product that gives us reason for our enthusiasm in the back half. But if I had to point and maybe pick a couple of favorite children, I would say TREMFYA.

所以克里斯，正如你所看到的，很難挑選出一款特定的產品來讓我們對後半部分充滿熱情。但如果我必須指出並挑選幾個我最喜歡的孩子，我會說是 TREMFYA。

We're just getting started with our inflammatory bowel disease, and we grew 30% in the quarter. Those indications will provide further growth. As a reminder, STELARA's had 70% of their prescriptions within IBD. Looking forward to getting the subcutaneous administration approval for lung cancer with RYBREVANT/LAZCLUZE.

我們剛開始研究發炎性腸道疾病，本季成長了 30%。這些跡象將推動進一步的成長。提醒一下，STELARA 的 70% 處方都是針對 IBD 的。期待RYBREVANT/LAZCLUZE獲得肺癌皮下給藥批准。

And then on the medtech side, I think the really shining star, while maybe not the highest number, is the EP energy that we have going forward, either maintaining or recapturing that market leadership position; as well as expected improvement in our contact lens business. You saw about 3% growth this quarter with the launch of 1-day ACUVUE OASYS MAX that treats presbyopia and astigmatism. We think there's even higher growth ahead on the horizon.

然後在醫療技術方面，我認為真正閃耀的明星，雖然可能不是最高的數字，是我們未來的 EP 能量，無論是保持還是重新奪回市場領導地位；以及我們的隱形眼鏡業務的預期改善。隨著治療老花眼和散光的 1 天 ACUVUE OASYS MAX 的推出，本季實現了約 3% 的成長。我們認為未來還會有更高的成長。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

You mentioned oncology target of $50 billion by end of the decade. It looks like that's well above consensus. Just wondering if you could point us to the largest deltas that you see there. I know you've talked about TAR-200 in the past, but maybe any other areas.

您提到了到本世紀末腫瘤學的目標銷售額將達到 500 億美元。看起來這遠遠超出了共識。只是想知道您是否可以告訴我們您在那裡看到的最大三角洲。我知道您以前談論過 TAR-200，但也許還談論過其他領域。

Then on Rybrevant subcu, can you just confirm that you've responded to the CRL and what the target review date would be for that approval.

那麼在 Rybrevant subcu 上，您能否確認您已經回覆了 CRL 以及該核准的目標審核日期是什麼。

Thanks. It's Jennifer again. We feel really confident in that $50 billion target for our oncology business. It's really based on the strength across the base of our business. You can take a look at multiple myeloma with DARZALEX and a lot of continued growth opportunity. CARVYKTI also a $5 billion-plus brand.

謝謝。又是詹妮弗。我們對腫瘤學業務 500 億美元的目標充滿信心。這實際上是基於我們業務基礎的實力。您可以使用 DARZALEX 來研究多發性骨髓瘤以及許多持續的成長機會。CARVYKTI 也是一個價值超過 50 億美元的品牌。

We've got TECVAYLI and TALVEY. We may come to it later a trispecific that we've started outlining and presenting data on -- so multiple myeloma, we anticipate to continue to be a stronghold.

我們有 TECVAYLI 和 TALVEY。我們稍後可能會討論我們已經開始概述和提供數據的三特異性 - 因此，我們預計多發性骨髓瘤將繼續成為一個強勢領域。

We've got a really nice franchise in prostate cancer right now with ERLEADA that is growing very well. You mentioned TAR-200. That is probably the asset that has the biggest disconnect between our internal forecasts and what the Street expects.

目前，我們在前列腺癌領域擁有非常好的特許經營權，ERLEADA 發展得非常好。您提到了 TAR-200。這可能是我們的內部預測與華爾街預期之間差距最大的資產。

We're really excited for this product and to be launching it in the second half of the year. with the ability to truly transform the treatment for non-muscle invasive bladder cancer. There has not been much innovation there in a very, very, very long time, and we think we're going to bring new hope.

我們對這款產品感到非常興奮，並將在今年下半年推出它。它能夠真正改變非肌肉層浸潤性膀胱癌的治療方法。那裡已經很久很久沒有出現太多創新了，而我們認為我們將會帶來新的希望。

The data that we've presented there looks fabulous. We've really designed this product by urologists for urologists to seamlessly fit into routine clinical practice, and we really think that we've got a winner there.

我們在那裡展示的數據看起來非常棒。我們確實由泌尿科醫生為泌尿科醫生設計了這款產品，以便無縫融入日常臨床實踐，我們真的認為我們在這方面取得了成功。

And if you just take a look, I think, boy, we see -- if you take a look at 2028 consensus, we actually see our numbers at least three times higher. So that's a big disconnect. And then again, this is oncology, there's a lot to talk about last on RYBREVANT/LAZCLUZE so a quick update.

如果你看一下，我想，我們會看到——如果你看一下 2028 年的共識，我們實際上會看到我們的數字至少高出三倍。所以這是一個很大的脫節。再說一次，這是腫瘤學，在 RYBREVANT/LAZCLUZE 上有很多內容要討論，所以讓我們來快速更新。

The launch is going very well. As a reminder, RYBREVANT/LAZCLUZE is the first and only regimen that provides really clinically meaningful overall survival to patients greater than probably 12 months versus osimertinib.

發射進展順利。提醒一下，RYBREVANT/LAZCLUZE 是第一個也是唯一一個與奧希替尼相比，能夠為患者提供真正具有臨床意義的超過 12 個月的總生存期的方案。

If you think about new patients, newly diagnosed patients, they want to live longer, and they do not want to be using chemo in a first-line setting. And so we think we've really got the winning combination and are poised to become the new standard of care in that frontline lung cancer EGFR mutated lung cancer.

如果你考慮新病人，新診斷的病人，他們希望活得更長，並且他們不想在第一線使用化療。因此，我們認為我們確實獲得了成功的組合，並有望成為第一線肺癌 EGFR 突變肺癌治療的新標準。

And so this is another one of our $5 billion plus assets. In terms of the launch, while we're still early in it, as Joaquin had noted, the intent to prescribe has grown consistently and we're now the number one regimen that providers are claiming that they intend to prescribe for those frontline patients.

這是我們價值 50 多億美元的資產中的另一項。就產品發布而言，雖然我們還處於早期階段，但正如 Joaquin 所指出的，處方意向一直在持續增長，現在我們已成為醫療服務提供者聲稱打算為一線患者開出的首選方案。

We've done a great job of penetrating. We're already in nearly 100% of our high-priority accounts. And if we take a look really across lines of therapy, one out of every four patients across those lines of therapies now being initiated on a RYBREVANT/LAZCLUZE combination. So making really nice progress here.

我們在滲透方面做得很好。我們已經涵蓋了幾乎 100% 的高優先帳戶。如果我們真正觀察各個療法，就會發現接受各個療法的每四名患者中就有一名開始使用 RYBREVANT/LAZCLUZE 組合療法。所以這裡取得了非常好的進展。

So key to that continued growth is the subcu dosage. And so we have responded to the agency. This was not anything where the agency required any further clinical studies or clinical data this was a manufacturing-related question or two. So we've responded, and we're looking forward to the second half and hopefully getting approval on that.

因此，持續成長的關鍵是皮下劑量。因此我們向該機構做出了回應。這並不是該機構要求任何進一步臨床研究或臨床數據的問題，而是一個或兩個與製造相關的問題。所以我們做出了回應，我們期待下半年的發展，並希望獲得批准。

Hey, John Reed here, if I could build just a little bit on Jennifer. We've had really great momentum in the oncology pipeline. In the last 18 months, last 1.5 years, I think we've had eight what we would call proof-of-concept readouts that gave us the confidence to now move into late-stage pivotal studies across the portfolio.

嘿，我是約翰·里德，我可以稍微介紹一下詹妮弗嗎？我們在腫瘤學研發領域取得了巨大的進展。在過去的 18 個月，也就是過去的 1.5 年裡，我想我們已經有了 8 個所謂的概念驗證讀數，這讓我們有信心現在進入整個投資組合的後期關鍵研究。

Since you asked about RYBREVANT, I would also remind you that we're in advanced studies now for colorectal cancer, which will be a huge opportunity for patients and for our portfolio. We're now moving into head and neck squamous cell carcinoma with really exciting data there in our early development program.

既然您問到 RYBREVANT，我還要提醒您，我們目前正在進行結直腸癌的高級研究，這對患者和我們的產品組合來說都是一個巨大的機會。我們現在正在進入頭頸部鱗狀細胞癌領域，我們的早期開發計劃已經獲得了非常令人興奮的數據。

On the bladder cancer side, of course, TAR-200 is the star of the portfolio now, but right on its heels is TAR-210 with a targeted therapy where we've seen complete responses north of 90%. So that is an entire platform for us, and we'll be putting other payloads in those devices in the future. And then in myeloma, we've got a trispecific now coming Ramantamig .

當然，在膀胱癌方面，TAR-200 目前是產品組合中的明星，但緊隨其後的是 TAR-210，其標靶治療已看到 90% 以上的完全緩解率。所以這對我們來說是一個完整的平台，將來我們會將其他有效載荷放入這些設備中。在骨髓瘤方面，我們現在有三個特異性的 Ramantamig。

We're never satisfied with the status quo, building on tec and tal in that if the recommended Phase 2 dose, for patients who had never seen a BCMA or GPRC5D 100% overall response rate. So we really see a great opportunity there to continue to elevate the standard care of myeloma.

我們從不滿足於現狀，在技術和品質的基礎上，如果採用建議的 2 期劑量，對於從未見過 BCMA 或 GPRC5D 100% 總體反應率的患者。因此，我們確實看到了一個繼續提高骨髓瘤標準治療的絕佳機會。

And then finally, in prostate cancer. We have great momentum across our pipeline, most recently reporting, for example, an exciting bispecific T-cell engager, pasritamig that we think has enormous potential to really transform the practice of medicine in prostate. So the momentum across oncology is very robust.

最後是前列腺癌。我們的整個產品線發展勢頭強勁，例如最近報導的令人興奮的雙特異性 T 細胞接合劑 pasritamig，我們認為它具有真正改變前列腺醫療實踐的巨大潛力。因此，腫瘤學的發展勢頭非常強勁。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

So Joe, the guidance implies an acceleration in the top line growth in the second half of this year. Do you see the 3.5% adjusted operational growth this year is something you could accelerate from next year and do you see room to improve the operating margin next year beyond the implied, I think, 32.8% in the 2025 guidance.

因此喬，該指引暗示今年下半年營收成長將加速。您是否認為今年 3.5% 的調整後營運成長率可以從明年開始加速？您是否認為明年的營運利潤率還有提升空間，超越 2025 年指引中隱含的 32.8%？

Larry, thanks for the question. In terms of overall sales guidance, we're obviously not going to provide that today. But I think when you look at these quarterly results and the momentum that we have with our in-line brands, receiving new indications, that certainly -- And then you complement that with what Jennifer, John, and Tim have outlined in terms of new product introductions, we certainly see '26 being better than '25 in terms of the growth rate based on what we know today. In terms of margin accretion, I'll reserve and keep the powder dry until we get a little bit further into this year. We still have some of the effects of Part D redesign that is impacting margins this year.

拉里，謝謝你的提問。就整體銷售指導而言，我們今天顯然不會提供該指導。但我認為，當你看到這些季度業績以及我們旗下品牌的發展勢頭，看到它們獲得新的跡象時，你就會明白——再加上詹妮弗、約翰和蒂姆在新產品推出方面所概述的內容，根據我們今天所了解的情況，我們肯定會看到 2026 年的增長率會比 2025 年更好。在利潤成長方面，我會保留並保持火藥乾燥，直到我們進入今年稍晚。我們仍然受到 D 部分重新設計的影響，這對今年的利潤率產生了影響。

We'll have to see how tariffs play out. The raise of $0.25 per share in the outlook incorporates $200 million of costs for this year. There's an accounting function, and I don't want to get too wonky here in that some of that gets hung up on the balance sheet.

我們將必須觀察關稅如何發揮作用。預期每股 0.25 美元的上調包含今年 2 億美元的成本。有一個會計功能，我不想在這裡弄得太複雜，因為其中一些功能會被掛在資產負債表上。

So I'd like to see a little bit more things come into view before we really comment on margins. But we certainly appreciate and live by the principle that you have come to know us for and that's growing our bottom line consistent, if not better, than our top line.

因此，在我們真正評論利潤率之前，我希望看到更多的事情。但我們當然欣賞並遵循您所了解的原則，那就是讓我們的底線業務與頂線業務保持一致（如果不是更好的話）的成長。

Asad Haider, Goldman Sachs.

高盛的阿薩德·海德爾 (Asad Haider)。

Congrats on very solid performance in the quarter. Maybe just going back to the external environment, double-click a little bit more on your comments on pharma tariffs specifically, given this announcement last night from the President that we're going to see something by the end of the month, that's going to start off with a low tariff rate and give companies a year to build.

恭喜您本季的出色表現。也許只是回到外部環境，特別強調您對藥品關稅的評論，鑑於總統昨晚宣布我們將在本月底看到一些舉措，即從低關稅稅率開始，並給企業一年的時間來建設。

So what do you make of this announcement? And do you have sufficient capacity today to manufacture for the US market in the US. And how flexible is your manufacturing supply chain in the US as it relates to adjusting for any tariff impact in 2026.

那麼您如何看待這個聲明？目前您是否有足夠的產能在美國為美國市場生產？在適應 2026 年關稅影響方面，您在美國製造供應鏈的彈性如何？

Thank you for the question. This is Joaquin. It's hard to know what is going to happen ultimately with tariffs. But what we do know for sure is that the tax policies that just passed are already creating American jobs and driving innovation.

謝謝你的提問。這是華金。很難知道關稅最終會產生什麼結果。但我們確實知道的是，剛剛通過的稅收政策已經為美國創造了就業機會並推動了創新。

These very policies that just pass are the ones that have enabled our commitment to invest $55 billion in the US in the next four years. And our goal is to be able to manufacture in the US, all the medicines that are consumed in the US at the completion of that plan and we are on our way of being able to do that.

正是這些剛通過的政策使得我們能夠承諾在未來四年內向美國投資 550 億美元。我們的目標是在該計劃完成後能夠在美國生產在美國消費的所有藥品，我們正在努力實現這一目標。

Shagun Singh, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Shagun Singh。

So just two product questions on the medtech side. On OTTAVA, it looks like you pushed out the submission time line to 2026. Can you just elaborate on what's going on there? And then on your EP strategy, you did talk about low euro rates, but I was just wondering if you could share some feedback that you're getting from doctors around appetite for adoption of VARIPULSE. Just what are you hearing?

因此，關於醫療技術方面只有兩個產品問題。在 OTTAVA 上，您似乎將提交時間推遲到了 2026 年。能詳細說明一下那裡發生了什麼事嗎？然後，關於您的 EP 策略，您確實談到了低歐元利率，但我只是想知道您是否可以分享一些您從醫生那裡得到的關於採用 VARIPULSE 的興趣的反饋。你到底聽到了什麼？

Well, thank you, Shagun. And just to clarify, we haven't pushed out our time lines at all. In fact, we've met all of the milestones that we've communicated to the market, both in terms of submission late last year, approval late last year, starting the clinical trials and patients in the first quarter of this year and our expectation that we will file for de novo submission in the first quarter of next year.

好吧，謝謝你，Shagun。需要澄清的是，我們根本沒有推遲我們的時間表。事實上，我們已經實現了向市場傳達的所有里程碑，包括去年年底提交、去年年底批准、今年第一季開始臨床試驗和患者，以及我們預計將在明年第一季提交 de novo 申請。

And so feel very confident about the progress that we're making on OTTAVA. I think you know clearly why we feel that we have strong differentiation in that program, both on the robot as well as our digital environment.

因此，我們對 OTTAVA 所取得的進展非常有信心。我想您清楚地知道為什麼我們覺得我們在該計劃中具有強大的差異化，無論是在機器人方面還是在我們的數位環境方面。

And we'll continue to provide updates as that comes to fruition. I would like to touch a little on EP, and I appreciate you asking that question because when we look at our performance in the second quarter, clearly, that was a major contributor. And it wasn't just the EP.

隨著研究的進展，我們將繼續提供更新資訊。我想稍微談談 EP，我很感謝您提出這個問題，因為當我們回顧第二季度的表現時，顯然，這是一個主要貢獻者。這不僅僅是 EP。

It was the 22% that we enjoyed across the cardiovascular portfolio, which is a combination of the performance the way, double-digit growth in both Abiomed and Shockwave ahead of our deal model expectations -- and improved performance in electrophysiology.

我們的心血管產品組合取得了 22% 的增幅，這是由於 Abiomed 和 Shockwave 的業績均實現了兩位數增長，超出了我們的交易模型預期，而且電生理學的業績也有所提升。

And I have to say Shagun given that we created the EP category for us, this one is very personal. And while I know that several analysts were quick to write us off earlier this year, we continue to remain very confident in our ability to retain our global market leadership position over the long term. And that growth you saw in the second quarter 10% that's of a $5 billion [annual] (added by company after the call) base, and that represented a sequential growth of over 9% versus Q1 and acceleration within the quarter.

我必須說，Shagun，鑑於我們為自己創建了 EP 類別，這個類別非常個性化。儘管我知道今年早些時候一些分析師很快就對我們失去了信心，但我們仍然對長期保持全球市場領導地位的能力充滿信心。您在第二季度看到的增長是 10%，這是在 50 億美元（年度）基礎上（電話會議後公司增加的）的增長，與第一季相比，這意味著連續增長超過 9%，並且本季度有所加速。

And to your question, what drove this? It really was the continued adoption of VARIPULSE as we expanded in all commercial regions. We also started first cases in new markets like China, which is a major market for us and Australia. And the feedback from physicians has been phenomenal.

對於您的問題，是什麼導致了這種情況？隨著我們在所有商業區域的擴張，我們確實持續採用了 VARIPULSE。我們也在中國等新市場啟動了首批案例，中國對我們和澳洲來說都是一個主要市場。醫生們的回饋也非常好。

We've now surpassed 10,000 cases globally with a reported neurovascular event rate of below 0.5. This is well below what we observed in the ADMIRE IDE trial and consistent with published rates across other competitive PFA platforms.

目前，我們全球已累計超過10,000例病例，報告的神經血管事件發生率低於0.5。這遠低於我們在ADMIRE IDE試驗中觀察到的水平，並且與其他競爭性PFA平台公佈的發生率一致。

We're also further optimizing the catheter based on real-world evidence and partnership with clinicians. In fact, we recently received FDA approval for an IFU update to incorporate an optimized flow rate, which further advances the product's performance.

我們也根據真實世界的證據和與臨床醫生的合作進一步優化導管。事實上，我們最近獲得了 FDA 批准，對 IFU 進行更新以納入優化的流速，從而進一步提高產品的性能。

We are also evaluating new ways for VARIPULSE to maximize ablation efficiencies and potentially widen its therapeutic window. I will say I'll say it very bluntly, we are confident that we have a highly competitive catheter in VARIPULSE, it provides excellent safety and precision.

我們也正在評估 VARIPULSE 的新方法，以最大限度提高消融效率並可能拓寬其治療窗口。我可以非常直白地說，我們相信 VARIPULSE 具有極強的競爭力，它能夠提供極佳的安全性和精確度。

It's efficient with only four ablations per vein and a smooth learning curve even for first-time users it's also important to mention that VARIPULSE accommodates competitive advantages like the only approved zero fluoro solution and deep sedation workflows, which we know are a major benefit to hospitals and patients.

它非常高效，每條靜脈只需進行四次消融，即使對於初次使用者來說，學習曲線也很平滑，值得一提的是，VARIPULSE 具有競爭優勢，例如唯一獲得批准的零氟解決方案和深度鎮靜工作流程，我們知道這對醫院和患者來說都是一大益處。

And as we look beyond VARIPULSE, we are bringing to market a comprehensive portfolio of next-generation PFA catheters to address a broad range of workflows and patient needs. I think you know already that we received EU approval for our dual energy STSF catheter, the first catheter to offer both PFA and RF technology.

除了 VARIPULSE 之外，我們還向市場推出了全面的下一代 PFA 導管產品組合，以滿足廣泛的工作流程和患者需求。我想您已經知道，我們的雙能量 STSF 導管已獲得歐盟批准，這是第一款同時提供 PFA 和 RF 技術的導管。

And we're also working on an Omnipulse large tip focal catheter and announced positive trials in the month of April. I do think it's also worth reinforcing that our strength, as we said from the very beginning, is not just down to ablation catheters, but rather the breadth of our portfolio and the end-to-end solutions we provide to our electrophysiology customers.

我們也正在研究 Omnipulse 大型尖端聚焦導管，並在 4 月宣布了積極的試驗結果。我確實認為值得強調的是，正如我們從一開始就說的那樣，我們的優勢不僅在於消融導管，還在於我們產品組合的廣度以及我們為電生理客戶提供的端到端解決方案。

It's our entrenched footprint and installed base of 5,000 Carto systems, which is widely recognized as the benchmark in mapping software broad network of highly trained mappers which we continue to expand. And just to highlight this point, the strategic differentiation of Carto and our mappers has in light of the competition we face here in the US enabled us to retain our leadership in mapping US PFA cases.

這是我們根深蒂固的足跡和 5,000 個 Carto 系統的安裝基礎，被廣泛認為是地圖軟體的基準，我們將繼續擴展訓練有素的地圖繪製人員的廣泛網絡。為了強調這一點，鑑於我們在美國面臨的競爭，Carto 和我們的測繪人員的策略差異化使我們能夠在美國 PFA 案件測繪方面保持領先地位。

And finally, it's our market-leading navigation and ultrasound catheters further strengthened with the recent launch of the Sound Star Crystal ultrasound catheter earlier this year. EP is currently, I think it's fair to say probably the most exciting category in med tech.

最後，隨著今年稍早推出的 Sound Star Crystal 超音波導管，我們市場領先的導航和超音波導管得到了進一步加強。我認為，目前 EP 可能是醫療科技領域最令人興奮的類別。

And let me be clear, we are not rolling over. We are, in fact, increasingly confident that our 30 years of experience and our full portfolio of offerings positions us well to continue to retain our global leadership position over the long term.

我要明確指出的是，我們不會屈服。事實上，我們越來越有信心，我們 30 年的經驗和完整的產品組合使我們能夠長期保持全球領導地位。

Alex Hammond, Wolfe Research.

沃爾夫研究公司的亞歷克斯·哈蒙德。

For TAR 200, can you walk us through J&J's launch strategy? Are there sales force training, supply chain, patient access, and neurologist education programs in place? And as a follow-up, how are you thinking about the ultimate patient penetration here?

對於 TAR 200，您能向我們介紹強生公司的發布策略嗎？是否有銷售人員培訓、供應鏈、患者訪問和神經病學家教育計劃？作為後續問題，您如何看待最終的患者滲透率？

So first of all, we think that there is an extraordinary opportunity here. There's 600,000 new patients that are diagnosed each year and another 400,000 that are recurrent. So we really see the opportunity as quite large.

首先，我們認為這是一個非凡的機會。每年有 60 萬名新患者被診斷出罹患癌症，另有 40 萬名復發患者。所以我們確實認為這個機會相當大。

We'll be entering in the first indication in patients that are experienced or have failed BCG. But shortly then after, we'll be expanding into that broad non-muscle invasive space. And so we do think that there's a lot of patients that are eligible for treatment.

我們將首先針對已接受過 BCG 治療或 BCG 治療失敗的患者進行研究。但不久之後，我們將擴展到廣闊的非肌肉侵入領域。因此我們確實認為有很多患者有資格接受治療。

I think this product really represents the best of what J&J can bring forward. And we have capitalized not only on the strength of innovative medicine in developing this, but also the strength of medtech with everything from the engineers to catheter development to the J&J Institute, the training that they have run -- really, really best-in-class, best in industry -- so that we can bring forward a product that will very, very quickly be able to work with urologists, with their practices and to help get this product out to patients.

我認為這款產品真正代表了強生公司所能提供的最佳產品。我們在開發該產品時不僅利用了創新醫學的力量，還利用了醫療技術的力量，從工程師到導管開發，再到強生研究所，他們開展的培訓——確實是業內一流，一流——因此我們可以推出一款產品，能夠非常非常快地與泌尿科醫生合作，通過他們的實踐，幫助將該產品送到患者手中。

So the launch -- I'm not going to go into the details around the launch planning, but suffice to say that the planning is very, very well underway and the team is very excited for what we're optimistically think is going to be a very successful launch for patients here.

因此，我不會詳細介紹發布計劃，但可以說，計劃正在非常順利地進行中，團隊對此感到非常興奮，我們樂觀地認為這將是對這裡的患者非常成功的一次發布。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Congrats on a really good quarter. Darren, what a great quarter to start. Just a question on medtech. I mean, you guys are already growing closer or in line with the broader market. You do have some underperformers still in medtech and surgery and orthopedics.

恭喜本季取得如此好的業績。達倫，這是多麼好的開始。這只是關於醫療技術的一個問題。我的意思是，你們已經越來越接近或與更廣泛的市場保持一致。在醫療技術、外科和骨科領域確實仍有一些表現不佳的員工。

But you've highlighted a few avenues from a new product launch perspective and improving execution to getting those back in line with market growth. You're weathering EP headwinds. So if we look ahead to 2026, '27, is it fair to think of the medtech business as a closer to high single-digit growth business?

但是您從新產品發布的角度強調了一些途徑，並改進了執行情況，使其與市場成長保持一致。你正在經歷 EP 的逆風。因此，如果我們展望 2026 年、2027 年，是否可以公平地認為醫療科技業務接近高個位數成長？

I mean, how do we think about the impact of these new product launches and some of the underperformers, the potential for them to reaccelerate, and what that means, given that you're already back to 5%-plus growth in medtech, even with them continuing to underperform? I hope that question makes sense.

我的意思是，我們如何看待這些新產品的發布和一些表現不佳的產品的影響，它們重新加速的潛力，以及這意味著什麼，因為你們已經回到了醫療技術領域 5% 以上的增長，即使它們繼續表現不佳？我希望這個問題有意義。

No, it does, Danielle. There's firstly a couple of drivers that we're very confident will continue to perform extremely well and accelerate as we look to few years. Certainly, our performance in cardiovascular -- as I mentioned, the 22% growth in the second quarter, we believe that's going to be a constant growth driver.

不，確實如此，丹妮爾。首先，我們非常有信心，未來幾年內，有幾位車手將繼續表現出色，並且加速發展。當然，正如我所提到的，我們在心血管領域的表現在第二季度成長了 22%，我們相信這將成為持續的成長動力。

Surgery, while you pointed out, has been, I'd say, underperforming relative to some of our new entrants in that space. We are very confident that we're going to build on our leadership position, both in open and laparoscopic surgery with the launch of OTTAVA, which you know is on the horizon.

正如您所指出的，我認為外科手術的表現相對於該領域的一些新進入者來說一直不佳。我們非常有信心，隨著即將推出的 OTTAVA，我們將鞏固我們在開放性手術和腹腔鏡手術領域的領導地位。

I'd say the two biggest growth drivers for medtech going forward will be cardiovascular and our surgery business, especially as we enter the robotic space. We believe that our vision business will continue to be a mid-single-digit to high-single-digit performer.

我認為未來醫療技術的兩個最大成長動力將是心血管業務和外科手術業務，特別是當我們進入機器人領域時。我們相信，我們的視覺業務將繼續保持中等個位數至高個位數的成長。

And then we continue, as I mentioned earlier, to look at how we continue to improve our performance in our orthopedics and getting that to in-market performance. You know that in late ['23] (corrected by company after the call), we mentioned as part of the EBR, we would grow in that roughly 5% to 7% range at the upper range through '22 to '27 on an operational basis.

然後，正如我之前提到的，我們繼續研究如何繼續提高我們在骨科領域的表現，並將其提升到市場表現。您知道，在 ['23] 年底（電話會議後公司進行了更正），我們提到作為 EBR 的一部分，從 '22 年到 '27 年，我們的營運成長率將在 5% 到 7% 左右。

And we're very confident in our ability to deliver that. I wouldn't want to speculate beyond at this point in time. Thanks, Danielle.

我們對自己實現這目標的能力非常有信心。目前我還不想進一步的猜測。謝謝，丹妮爾。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

Again, congrats on the quarter and the performance. I just had one pipeline question on the Innovative Medicine side on your co-antibody therapy 4804. I thought we might see some of the psoriatic arthritis data already this year, we didn't see that as we were hoping to see the IBD data this year.

再次恭喜本季取得的成績和取得的業績。我剛剛在創新醫學方面對您的聯合抗體療法 4804 有一個問題。我以為我們今年可能已經可以看到一些銀屑病關節炎的數據，但我們並沒有看到，因為我們希望今年能夠看到 IBD 的數據。

So I'm just wondering if you could maybe give us an update on when we should expect to see those two readouts? And then just your general level of enthusiasm, I assume really some of those get in-house, had attempt to see how the competitive dynamics are playing out in the immunology space. So I'd love to just get an update sense of your perspective on 4804’s potential?

所以我只是想知道您是否可以告訴我們何時可以看到這兩個讀數？然後，就您的整體熱情水平而言，我認為其中一些人確實進入了內部，試圖了解免疫學領域的競爭動態如何發揮作用。所以我很想了解您對 4804 潛力的最新看法？

Yes, John Reed here. Maybe I'll start and then others can supplement. But the 4804 studies, these are Phase 2bs, one in Crohn's disease and other colitis will be reading out sometime middle of this year. So it's nearing the time when the data may become available and then based on that, we'll make decisions about next steps.

是的，我是約翰·里德。也許我會開始，然後其他人可以補充。但這 4804 項研究，這些是第 2b 階段研究，其中一項針對克羅恩病和其他結腸炎，將在今年年中某個時候公佈結果。因此，數據即將可用，我們將根據這些數據決定下一步的行動。

As you know, in the earlier Phase 2a study, we saw really compelling data there that it looked like this combination of an IL-23 inhibitor together with a TNF inhibitor two products that have been in our pipeline but coming together could break through the traditional efficacy ceilings in patients with difficult-to-treat inflammatory bowel disease and give perhaps more than half of those patients the chance at sustainable complete remission.

如您所知，在早期的 2a 期研究中，我們看到了非常令人信服的數據，表明 IL-23 抑制劑與 TNF 抑制劑的組合似乎可以突破難治性發炎性腸道疾病患者的傳統療效上限，並為超過一半的患者提供可持續完全緩解的機會。

So we're excited about this co-antibody therapeutic. It will be the first of many such approaches to trying to address these difficult-to-treat patients down the line. And so we're excited to be in a leadership role there, the first company to really begin this foray of looking at going beyond monotherapies to dual therapies to address this really complex patients.

因此我們對這種聯合抗體療法感到非常興奮。這將是未來嘗試解決這些難治性患者問題的眾多方法中的第一種方法。因此，我們很高興能夠在那裡擔任領導角色，我們是第一家真正開始嘗試超越單一療法、採用雙重療法來解決真正複雜患者的公司的公司。

I would say while I'm on that, though, I'm super excited about our icotrokinra, the oral targeted peptide inhibitor of the IL-23 receptor, which did achieve a compelling proof of concept in ulcerative colitis. We'll be showing those data later this year at a medical meeting.

不過，我想說的是，當我在研究這個藥物時，我對我們的伊科曲金滯素感到非常興奮，伊科曲金滯素是一種口服靶向 IL-23 受體肽抑製劑，它確實在潰瘍性結腸炎中獲得了令人信服的概念證明。我們將在今年稍後的醫學會議上展示這些數據。

We have begun gearing up now to do a broad Phase 3 campaign in both UC and Crohn's disease based on those compelling data. And we think we're on the cusp of being able to offer the convenience of a once-a-day pill together with efficacy on par with the best of the biologics and with a pristine safety profile lot of momentum in immunology across multiple indications, but IBD in particular.

基於這些令人信服的數據，我們現在已經開始準備針對潰瘍性結腸炎和克隆氏症進行廣泛的第三階段活動。我們認為，我們即將能夠提供每日一次的藥丸的便利性，同時具有與最佳生物製劑相當的功效和完美的安全性，在多種適應症的免疫學方面，特別是 IBD 方面具有很大的發展勢頭。

Thanks, Vamil, and thanks to everyone for your questions and your interest in J&J. I will now turn the call over to Joaquin for some closing remarks.

謝謝，Vamil，也謝謝大家的提問和對強生公司的關注。現在我將把電話交給 Joaquin 來做一些結束語。

Thank you for joining the call today. Our Q2 results reflect the depth and strength of our uniquely diversified business. And as you heard, we expect elevated growth in the second half of the year. We have a lot to look forward over the next six months with game-changing approvals and submissions anticipated in areas like lung and bladder cancer, major depressive disorder, psoriasis, surgery and cardiovascular.

感謝您今天參加電話會議。我們第二季的業績反映了我們獨特多元化業務的深度和實力。正如您所聽到的，我們預計今年下半年經濟將加速成長。未來六個月我們有很多值得期待的事情，預計肺癌和膀胱癌、重度憂鬱症、牛皮癬、外科手術和心血管等領域將出現改變遊戲規則的批准和提交。

These milestones will extend and improve lives in transformative ways and deliver significant value to patients and shareholders. Thank you for your continued interest in Johnson & Johnson and enjoy the rest of the day.

這些里程碑將以變革的方式延長和改善生活，並為患者和股東帶來巨大的價值。感謝您對強生公司的持續關注，祝您今天過得愉快。

Thank you. This concludes today's conference and Johnson & Johnson Second Quarter 2025 Earnings Conference Call. You may now disconnect.

謝謝。今天的會議和強生 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。