嬌生 (JNJ) 2021 Q4 法說會逐字稿

Good morning. Welcome to Johnson & Johnson's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) This call is being recorded. If anyone has any objections, you may disconnect at this time. (Operator Instructions)

早上好。歡迎參加強生公司 2021 年第四季度收益電話會議。 （操作員說明）此通話正在錄音。如果有人有任何異議，您可以此時斷開連接。 （操作員說明）

I would now like to turn the conference call over to Johnson & Johnson. You may begin.

我現在想將電話會議轉交給強生公司。你可以開始了。

Good morning. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of business results for the fourth quarter and full year of 2021 and our financial outlook for 2022. Joining me on today's call are Joaquin Duato, Chief Executive Officer; and Joe Wolk, Executive Vice President, Chief Financial Officer.

早上好。我是強生公司投資者關係副總裁傑西卡·摩爾。歡迎來到我們公司對 2021 年第四季度和全年的業務業績以及我們對 2022 年的財務展望的審查。今天與我一起參加電話會議的還有首席執行官華金·杜阿托（Joaquin Duato）；和執行副總裁兼首席財務官 Joe Wolk。

A few logistics before we get into the details. This review is being made available via webcast accessible through the Investor Relations section of the Johnson & Johnson website at investor.jnj.com, where you can also find additional materials, including today's presentation and associated schedules.

在我們進入細節之前有一些物流。此評論通過網絡廣播提供，可通過強生網站investor.jnj.com 的投資者關係部分訪問，您還可以在其中找到其他材料，包括今天的演示文稿和相關時間表。

Please note that today's presentation includes forward-looking statements regarding, among other things, our future operating and financial performance and the anticipated separation of the company's Consumer Health business. We encourage you to review the cautionary statement included in today's presentation, which identifies certain risks and factors that may cause the company's actual results to differ materially from those projected. In particular, there is significant uncertainty about the duration and contemplated impact of the COVID-19 pandemic and other marketplace dynamics. This means that results could change at any time, and the contemplated impact of COVID-19 on the company's business results and outlook is a best estimate based on the information available as of today's date. A further description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2020 Form 10-K and subsequent Form 10-Qs, along with reconciliations of the non-GAAP financial measures utilized for today's discussion to the most comparable GAAP measures. These materials are also available at investor.jnj.com.

請注意，今天的演示文稿包括前瞻性陳述，其中包括我們未來的運營和財務業績以及公司消費者健康業務的預期分離。我們鼓勵您查看今天的演示文稿中包含的警告聲明，該聲明確定了可能導致公司實際結果與預期結果大不相同的某些風險和因素。特別是，COVID-19 大流行和其他市場動態的持續時間和預期影響存在很大的不確定性。這意味著結果可能隨時發生變化，COVID-19 對公司業務結果和前景的預期影響是基於截至今天可用信息的最佳估計。有關這些風險、不確定性和其他因素的進一步描述，請參見我們提交給美國證券交易委員會的文件，包括我們的 2020 年 10-K 表格和隨後的 10-Q 表格，以及用於今天討論的非公認會計原則財務指標的對賬。可比的公認會計原則措施。這些材料也可在investor.jnj.com 上獲得。

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.

今天討論的幾種產品和化合物正在與戰略合作夥伴合作開發或從其他公司獲得許可。這張幻燈片承認了這些關係。

Moving to today's agenda. I will review the fourth quarter sales and P&L results for the corporation and the 3 business segments and additionally full year 2021 results for the enterprise. Joe will provide some additional business commentary, insights about our cash position and capital allocation deployment and our guidance for 2022. Joaquin will close the call by sharing his perspective on the health care environment and his strategic priorities as the new CEO of Johnson & Johnson. The remaining time will be available for your questions. We anticipate the webcast will last up to 90 minutes.

轉到今天的議程。我將回顧公司和 3 個業務部門的第四季度銷售和損益結果，以及企業 2021 年全年的業績。 Joe 將提供一些額外的商業評論、關於我們的現金狀況和資本分配部署的見解以及我們對 2022 年的指導。華金將通過分享他對醫療保健環境的看法以及他作為強生公司新任首席執行官的戰略重點來結束電話會議。剩下的時間將用於您的問題。我們預計網絡直播將持續長達 90 分鐘。

Now to recap the fourth quarter. Worldwide sales were $24.8 billion for the fourth quarter of 2021, an increase of 10.4% versus the fourth quarter of 2020. Operational sales growth, which excludes the effect of translational currency, increased 11.6% as currency had a negative impact of 1.2 points. In the U.S., sales increased 3%. In regions outside the U.S., our reported sales growth was 18.5%. Operational sales growth outside the U.S. was 21.2%, with currency negatively impacting our reported OUS results by 2.7 points. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 12.3% worldwide, 3.1% in the U.S. and 22.4% outside the U.S.

現在回顧第四季度。 2021 年第四季度全球銷售額為 248 億美元，與 2020 年第四季度相比增長 10.4%。不包括換算貨幣影響的運營銷售額增長增長 11.6%，因為貨幣產生了 1.2 個百分點的負面影響。在美國，銷售額增長了 3%。在美國以外的地區，我們報告的銷售額增長了 18.5%。美國以外的營業銷售額增長 21.2%，匯率對我們報告的 OUS 結果產生了 2.7 個百分點的負面影響。剔除收購和資產剝離的淨影響，調整後的全球運營銷售額增長率為 12.3%，美國為 3.1%，美國以外為 22.4%。

I would like to remind everyone that our 2020 fiscal year included additional shipping days which negatively impacted 2021 fourth quarter growth by approximately 400 basis points and full year growth by about 100 basis points. These impacts can be roughly applied across all segments, but were more heavily skewed to the U.S.

我想提醒大家，我們的 2020 財年包括額外的運輸天數，這對 2021 年第四季度增長約 400 個基點和全年增長約 100 個基點產生了負面影響。這些影響可以粗略地應用於所有領域，但更多地偏向於美國。

Turning now to earnings. For the quarter, net earnings were $4.7 billion and diluted earnings per share were $1.77 versus diluted earnings per share of $0.65 a year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $5.7 billion and adjusted diluted earnings per share were $2.13, representing increases of 14.4% and 14.5%, respectively, compared to the fourth quarter of 2020. On an operational basis, adjusted diluted earnings per share increased 17.2%.

現在轉向收益。本季度的淨收益為 47 億美元，稀釋後的每股收益為 1.77 美元，而一年前的稀釋後每股收益為 0.65 美元。剔除兩個期間的稅後無形資產攤銷費用和特殊項目，本季度調整後淨收益為 57 億美元，調整後每股攤銷收益為 2.13 美元，較去年第四季度分別增長 14.4% 和 14.5% 2020. 在運營基礎上，調整後的稀釋每股收益增長了 17.2%。

For the full year 2021, consolidated sales were $93.8 billion, an increase of 13.6% compared to the full year of 2020. Operationally, full year sales grew 12.2% with currency having a positive impact of 1.4 points. Sales growth in the U.S. was 9.3%. In regions outside the U.S., our reported year-over-year sales growth was 18.2%. Operational sales outside the U.S. grew by 15.3%, with currency positively impacting our reported OUS results by 2.9 points. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 12.8% worldwide, 9.5% in the U.S. and 16.6% outside the U.S.

2021 年全年，綜合銷售額為 938 億美元，與 2020 年全年相比增長 13.6%。運營方面，全年銷售額增長 12.2%，匯率帶來 1.4 個百分點的積極影響。美國的銷售額增長了 9.3%。在美國以外的地區，我們報告的銷售額同比增長 18.2%。美國以外的運營銷售額增長了 15.3%，貨幣對我們報告的 OUS 業績產生了積極影響 2.9 個百分點。剔除收購和資產剝離的淨影響，調整後的全球運營銷售額增長率為 12.8%，美國為 9.5%，美國以外為 16.6%。

Net earnings for the full year 2021 were $20.9 billion, and diluted earnings per share were $7.81 versus diluted earnings per share of $5.51 a year ago. 2021 adjusted net earnings were $26.2 billion and adjusted diluted earnings per share was $9.80, representing increases of 22.2% and 22%, respectively, versus full year 2020. On an operational basis, adjusted diluted earnings per share increased by 20.2%.

2021 年全年的淨收益為 209 億美元，每股攤薄收益為 7.81 美元，而一年前的每股攤薄收益為 5.51 美元。與 2020 年全年相比，2021 年調整後的淨收益為 262 億美元，調整後的攤薄後每股收益為 9.80 美元，分別增長 22.2% 和 22%。在運營基礎上，調整後的攤薄後每股收益增長了 20.2%。

Beginning with Consumer Health, I will now comment on business segment sales performance for the fourth quarter, highlighting items that build upon the slides you have in front of you. Unless otherwise stated, percentages quoted represent the operational sales change in comparison to the fourth quarter of 2020 and therefore exclude the impact of currency translation. While not part of the prepared remarks for today's call, we have provided additional commentary on our website for the full year 2021 sales by segment to assist you in updating your models.

從消費者健康開始，我現在將評論第四季度業務部門的銷售業績，重點介紹基於您面前幻燈片的項目。除非另有說明，否則所引用的百分比代表與 2020 年第四季度相比的運營銷售額變化，因此不包括貨幣換算的影響。雖然不是今天電話會議準備好的評論的一部分，但我們在我們的網站上提供了按細分市場劃分的 2021 年全年銷售的額外評論，以幫助您更新您的模型。

Worldwide Consumer Health sales totaled $3.7 billion and grew 1.8%, with growth in the U.S. of 1.3% and 2.1% outside the U.S. Excluding the impact of acquisitions and divestitures, worldwide adjusted operational sales growth was 2.9%. Consumer Health was negatively impacted by the 2020 additional shipping days worth approximately 400 basis points, which can be roughly applied to all franchises; as well as industry-wide external supply constraints, primarily due to raw material availability and labor shortages largely reflected in our Skin Health and Beauty business worth approximately 360 basis points.

全球消費者健康銷售額總計 37 億美元，增長 1.8%，其中美國增長 1.3%，美國以外增長 2.1%。不計收購和資產剝離的影響，全球調整後運營銷售額增長 2.9%。消費者健康受到 2020 年額外運輸天數的負面影響，價值約 400 個基點，大致適用於所有特許經營權；以及整個行業的外部供應限制，主要是由於原材料供應和勞動力短缺，這在很大程度上反映在我們價值約 360 個基點的皮膚健康和美容業務中。

Adjusting for these items, solid results were primarily driven by above-market growth in OTC. E-commerce continues to have strong double-digit growth. Finally, when comparing to 2019, Consumer Health grew approximately 4% in the quarter. When adjusting for acquisitions and divestitures, sales growth was closer to 5%.

對這些項目進行調整後，穩健的業績主要是由 OTC 的高於市場的增長推動的。電子商務繼續保持強勁的兩位數增長。最後，與 2019 年相比，消費者健康在本季度增長了約 4%。調整收購和資產剝離後，銷售額增長接近 5%。

Over-the-counter medicines globally grew 15.8% due to increased incidence in U.S. adult and pediatric fever and worldwide category recovery in cough, cold and flu and digestive health. The U.S. also saw share gains primarily in TYLENOL and MOTRIN. Strength was seen across multiple areas in the portfolio, including analgesics, upper respiratory, digestive health, naturals and anti-smoking aids.

由於美國成人和兒童發燒的發病率增加以及全球範圍內咳嗽、感冒和流感以及消化系統健康的恢復，全球非處方藥增長了 15.8%。美國也看到主要在 TYLENOL 和 MOTRIN 的份額增長。產品組合的多個領域都表現強勁，包括鎮痛劑、上呼吸道、消化系統健康、天然食品和反吸煙輔助劑。

The Skin Health and Beauty franchise declined 7.1%, driven by external supply constraints, primarily in NEUTROGENA and OGX and divestitures worth approximately 230 basis points, primarily due to Sedona, the salon-based portion of Dr.Ci Labo in Asia Pacific. Declines were partially offset by market recovery and e-commerce strength.

皮膚健康和美容業務下降 7.1%，主要是由於外部供應限制，主要是 NEUTROGENA 和 OGX 以及價值約 230 個基點的資產剝離，主要是由於 Dr.Ci Labo 在亞太地區的沙龍部分 Sedona。下降被市場復甦和電子商務實力部分抵消。

Oral Care declined globally 6.5% as compared to strong double-digit growth in the prior year, driven by the floss divestiture worth approximately 170 basis points and category declines in EMEA. Declines were partially offset by successful brand building and promotional campaigns in Asia Pacific.

與上一年強勁的兩位數增長相比，全球口腔護理下降了 6.5%，這是由於價值約 170 個基點的牙線剝離和歐洲、中東和非洲地區的類別下降。亞太地區成功的品牌建設和促銷活動部分抵消了下降。

The Baby Care franchise declined 0.8%, with U.S. declines of 7.5% and growth of 1.3% outside the U.S. Declines were driven by prior year retailer stocking and external supply constraints in the U.S., partially offset by e-commerce growth of AVEENO Baby in Asia Pacific.

嬰兒護理業務下降 0.8%，其中美國下降 7.5%，美國以外地區增長 1.3% 下降的原因是去年零售商庫存和美國外部供應限制，部分被 AVEENO Baby 在亞洲的電子商務增長所抵消太平洋。

Wound Care declined 6.4%, primarily due to the divestiture of the professional tape business worth approximately 150 basis points, partially offset by strong performance of BAND-AID brand adhesive bandages in the U.S.

傷口護理下降 6.4%，主要是由於剝離了價值約 150 個基點的專業膠帶業務，部分被 BAND-AID 品牌創可貼在美國的強勁表現所抵消。

Women's Health grew 1.3%, driven by market recovery in Latin America.

在拉丁美洲市場復甦的推動下，女性健康增長了 1.3%。

Moving on to our Pharmaceutical segment. Worldwide Pharmaceutical sales of $14.3 billion grew 17.9%, enabled by strength in all regions, with U.S. sales increasing by 4.2% and OUS sales increasing by 36.9%. Worldwide sales included a $1.6 billion contribution from the COVID-19 vaccine. Excluding the net impact of acquisitions and divestitures, worldwide growth was 18.6%. Our strong portfolio of products and commercial capabilities has enabled us to deliver the tenth consecutive full year of worldwide above-market adjusted operational growth.

繼續我們的製藥部門。全球藥品銷售額為 143 億美元，增長 17.9%，這得益於所有地區的實力，其中美國銷售額增長 4.2%，OUS 銷售額增長 36.9%。全球銷售額包括來自 COVID-19 疫苗的 16 億美元貢獻。剔除收購和資產剝離的淨影響，全球增長率為 18.6%。我們強大的產品組合和商業能力使我們能夠連續第十個全年實現全球高於市場的調整後運營增長。

Our immunology therapeutic area delivered global sales growth of 7.1%, driven by strong performance of TREMFYA and STELARA, offset by declines in REMICADE due to biosimilar competition. TREMFYA was up 82.8% worldwide, with continued share growth and additional penetration into the psoriatic arthritis indication. U.S. share increased nearly 3 points in both the psoriasis and psoriatic arthritis indications.

在 TREMFYA 和 STELARA 的強勁表現推動下，我們的免疫治療領域實現了 7.1% 的全球銷售額增長，但被生物仿製藥競爭導致的 REMICADE 下降所抵消。 TREMFYA 在全球範圍內增長了 82.8%，份額持續增長，並進一步滲透到銀屑病關節炎適應症。美國在銀屑病和銀屑病關節炎適應症方面的份額增加了近 3 個百分點。

STELARA grew 5.1% worldwide, driven by strong share gains in Crohn's disease and ulcerative colitis, with increases of roughly 4 points and roughly 6 points, respectively, in the U.S. Current quarter growth was impacted by a negative prior period rebate adjustment and reserve adjustment recorded in Q4 2021 in the U.S. worth approximately 700 basis points on worldwide growth for the quarter versus the prior year.

受克羅恩病和潰瘍性結腸炎市場份額強勁增長的推動，STELARA 在全球增長了 5.1%，在美國分別增長了大約 4 個百分點和大約 6 個百分點2021 年第四季度在美國，該季度的全球增長比上年同期高出約 700 個基點。

Our oncology portfolio delivered another robust quarter with worldwide growth of 12.3%. DARZALEX continued its double-digit performance with 33.4% growth in the quarter, driven by share gains, increased penetration of the subcutaneous formulation in the U.S. and EU and continued launches globally.

我們的腫瘤學產品組合實現了又一個強勁的季度，全球增長 12.3%。 DARZALEX 在本季度繼續保持兩位數的業績，增長 33.4%，這得益於份額增長、皮下製劑在美國和歐盟的滲透率增加以及繼續在全球推出。

DARZALEX grew share across all lines of therapy with nearly 8 points of share growth in the U.S. this quarter. ERLEADA grew 61.3% worldwide, driven by strong share uptake, increased market penetration in the U.S. and new launches outside of the U.S. IMBRUVICA maintained its market leadership position, however, declined 3.1% worldwide due to competitive pressures from novel oral agents. U.S. decline was partially offset by growth in all regions outside of the U.S.

DARZALEX 本季度在美國的所有治療領域的份額均增長了近 8 個百分點。 ERLEADA 在全球範圍內增長了 61.3%，這得益於強勁的份額吸收、美國市場滲透率的提高以及美國以外新推出的 IMBRUVICA 保持其市場領先地位，但由於新型口服藥物的競爭壓力，其在全球範圍內下降了 3.1%。美國以外所有地區的增長部分抵消了美國的下滑。

Neuroscience grew 7.1% worldwide driven by the paliperidone long-acting portfolio posting market and share growth due to increased new patient starts, strong persistency globally and the launch of INVEGA HAFYERA in the quarter.

全球神經科學增長了 7.1%，這得益於帕潘立酮長效產品組合發布市場和份額增長，原因是新患者開始增加、全球強持久性以及本季度推出的 INVEGA HAFYERA。

The Cardiovascular, Metabolism and other business declined 13.8% worldwide due to competitive pressures in INVOKANA and biosimilar competition for PROCRIT. Our pulmonary hypertension portfolio was roughly flat, driven by COVID-19 market constraints and generic entrants in other pulmonary hypertension, offset by U.S. share uptake in both OPSUMIT and UPTRAVI.

由於 INVOKANA 的競爭壓力和 PROCRIT 的生物仿製藥競爭，心血管、代謝和其他業務在全球範圍內下降了 13.8%。我們的肺動脈高壓產品組合大致持平，受 COVID-19 市場限制和其他肺動脈高壓的通用進入者的推動，但被美國在 OPSUMIT 和 UPTRAVI 的份額吸收所抵消。

I'll now turn your attention to the Medical Devices segment. Worldwide Medical Devices sales were $6.9 billion, growing 5.3%. Excluding the net impact of acquisitions and divestitures, primarily the divestiture of ASP, adjusted operational sales grew 5.6% worldwide. The medical devices market continued to be impacted by COVID-19, with the Omicron variant contributing to a softening of recovery trends in medical and surgical procedures, especially late in the quarter. Consistent with prior COVID-19 surges, impacts were more acute in areas deemed to be more deferrable in nature, including spine and knees.

我現在將您的注意力轉向醫療設備部分。全球醫療器械銷售額為 69 億美元，增長 5.3%。剔除收購和資產剝離的淨影響，主要是剝離 ASP，調整後的全球運營銷售額增長了 5.6%。醫療器械市場繼續受到 COVID-19 的影響，Omicron 變體導致醫療和外科手術的複蘇趨勢減弱，尤其是在本季度末。與之前的 COVID-19 激增一致，在被認為本質上更可延緩的區域（包括脊柱和膝蓋）的影響更為嚴重。

Comparing to 2019, Medical Devices grew about 4% on an adjusted operational basis. On a full year basis, Medical Devices growth versus 2019 was just over 4.5%, building on the pre-COVID growth momentum.

與 2019 年相比，醫療器械在調整後的運營基礎上增長了約 4%。與 2019 年相比，醫療器械全年增長略高於 4.5%，建立在 COVID 之前的增長勢頭之上。

Interventional Solutions continued to demonstrate strong performance, delivering another quarter of double-digit worldwide growth at 15.3% driven by market recovery, successful penetration of new products and commercial execution across both electrophysiology and CERENOVUS.

介入解決方案繼續表現出強勁的表現，在市場復甦、新產品的成功滲透以及電生理學和 CERENOVUS 的商業執行的推動下，在全球範圍內又實現了 15.3% 的兩位數增長。

Advanced Surgery grew 7.6% worldwide, driven by market recovery; expansion into Tier 2 and 3 hospitals in China; and performance of newer products, such as ENSEAL X1 in energy, ECHELON+ in endocutters and SURGICEL powder in biosurgery.

在市場復甦的推動下，高級外科手術在全球增長了 7.6%；擴展到中國的二級和三級醫院；和新產品的性能，例如能源領域的 ENSEAL X1、內切刀領域的 ECHELON+ 和生物外科領域的 SURGICEL 粉末。

MONARCH system orders in the fourth quarter marked the highest number of orders in any quarter since launch. And more importantly, as a positive indicator of MONARCH technology adoption in patient treatment regimens, we continue to see strong growth in the number of MONARCH-enabled bronchoscopy procedures with total procedures since launch exceeding 12,000. In fact, 2021 MONARCH procedures more than doubled those performed in the prior year.

MONARCH 系統第四季度的訂單是自推出以來任何季度的最高訂單。更重要的是，作為 MONARCH 技術在患者治療方案中採用的積極指標，我們繼續看到支持 MONARCH 的支氣管鏡檢查程序的數量強勁增長，自推出以來的總程序超過 12,000。事實上，2021 年 MONARCH 程序是前一年執行的程序的兩倍多。

General Surgery grew 1.7% worldwide, led by wound closure, primarily due to market recovery, coupled with innovation penetration. Inventory dynamics in the prior year negatively impacted wound closure U.S. results by about 350 basis points and positively impacted results outside the U.S. by about 250 basis points.

普外科在全球範圍內增長了 1.7%，主要是由於市場復甦以及創新滲透，傷口閉合率居首位。上一年的庫存動態對美國傷口閉合結果產生了約 350 個基點的負面影響，對美國以外的結果產生了約 250 個基點的積極影響。

Worldwide orthopedics declined 0.7% versus prior year, reflecting the continued impact of COVID-19 on procedures.

全球骨科與去年相比下降了 0.7%，反映出 COVID-19 對手術的持續影響。

Worldwide trauma delivered growth of 2.0%, driven by continued market stabilization and the success of recently launched products, partially offset by competitive pressures in China. The positive impact on growth from prior year inventory contractions in China was primarily offset by the additional shipping days in 2020.

受市場持續穩定和最近推出的產品的成功推動，全球創傷帶來了 2.0% 的增長，但部分被中國的競爭壓力所抵消。中國去年庫存收縮對增長的積極影響主要被 2020 年增加的運輸天數所抵消。

Worldwide hips grew 2.7%, driven by continued strength from our portfolio, including the ACTIS stem and technologies such as VELYS Hip Navigation, sustaining our leadership in the anterior approach. Growth in the outpatient surgery channel in the U.S. and market recovery outside the U.S. were additional contributors to growth.

全球髖關節增長 2.7%，這得益於我們產品組合的持續實力，包括 ACTIS 莖和 VELYS 髖關節導航等技術，保持了我們在前路方法的領導地位。美國門診手術渠道的增長和美國以外市場的複蘇是增長的額外貢獻者。

Worldwide knees was relatively flat with a decline of 4.2% in the U.S. and growth of 6.5% outside the U.S. The U.S. market was negatively impacted by COVID-19 and health care resource constraints on procedures. These impacts were partially offset by strong growth in the outpatient channel and positive momentum from recently launched products, including the VELYS Robotic-Assisted Solution and our ATTUNE portfolio. Growth outside the U.S. was driven by market recovery and success of products such as ATTUNE Revision.

全球膝蓋相對持平，美國下降 4.2%，美國以外地區增長 6.5%。美國市場受到 COVID-19 和醫療保健資源對程序的限制的負面影響。這些影響被門診渠道的強勁增長和最近推出的產品的積極勢頭部分抵消，包括 VELYS 機器人輔助解決方案和我們的 ATTUNE 產品組合。美國以外的增長是由市場復甦和 ATTUNE Revision 等產品的成功推動的。

Lastly in Orthopaedics, worldwide spine declined 9.4%, primarily driven by a deceleration in procedure volumes related to COVID-19 and health system resource constraints. Partially offsetting this decline are the positive impacts from the continued success of new products, such as X-Pac, CONDUIT and SYMPHONY; and prior year inventory reductions in China contributing approximately 360 basis points to worldwide growth.

最後，在骨科領域，全球脊柱下降了 9.4%，主要是由於與 COVID-19 相關的手術量減少和衛生系統資源限制。 X-Pac、CONDUIT 和 SYMPHONY 等新產品的持續成功帶來的積極影響部分抵消了這一下降；中國去年的庫存減少為全球增長貢獻了大約 360 個基點。

Worldwide Vision grew 11%. Contact lens and other grew 7.1% worldwide. U.S. growth of 9.4% was driven by successful commercial campaigns and adoption of recently launched ACUVUE OASYS MULTIFOCAL for presbyopia. U.S. growth was impacted by inventory fluctuations in both the current and prior year worth about 550 basis points. Growth outside the U.S. of 5.8% was driven by market recovery, coupled with strength of new product launches such as ACUVUE DEFINE FRESH.

全球願景增長了 11%。隱形眼鏡和其他產品在全球範圍內增長了 7.1%。美國增長 9.4% 是由成功的商業活動和最近推出的 ACUVUE OASYS MULTIFOCAL 用於老花眼的推動。美國增長受到本年度和上一年庫存波動的影響，價值約為 550 個基點。美國以外地區增長 5.8% 的原因是市場復甦，以及 ACUVUE DEFINE FRESH 等新產品推出的強勁勢頭。

Surgical vision grew 22.1% globally, with both the U.S. and OUS businesses growing double digits. These positive results were driven by market recovery and share gains from recent differentiated product launches across all surgical vision product lines, including TECNIS Eyhance and TECNIS Synergy intraocular lenses used in cataract surgery.

全球外科視力增長 22.1%，美國和 OUS 業務均實現兩位數增長。這些積極的結果是由市場復甦和近期所有外科視覺產品線的差異化產品發布所推動的，包括用於白內障手術的 TECNIS Eyhance 和 TECNIS Synergy 人工晶狀體。

Now regarding our consolidated statement of earnings for the fourth quarter of 2021, I'd like to now highlight a few noteworthy items that have changed on the statement of earnings compared to the same quarter last year.

現在關於我們 2021 年第四季度的合併收益表，我現在想強調一些值得注意的項目，這些項目與去年同期相比在收益表上發生了變化。

As reported earlier, our adjusted earnings per share of $2.13 reflects a reported increase of 14.5% and an operational increase of 17.2%. Cost of products sold leveraged by 270 basis points, primarily driven by favorable mix within the Pharmaceutical business; a reduction in prior year COVID-19-related costs in the Medical Devices business; and favorable mix within the enterprise, with a larger portion of sales from the Pharmaceutical business.

如前所述，我們調整後的每股收益為 2.13 美元，反映了報告的增長 14.5% 和運營增長 17.2%。產品銷售成本槓桿率上升 270 個基點，主要受製藥業務有利組合的推動；減少醫療器械業務上一年與 COVID-19 相關的成本；企業內部的良好組合，醫藥業務的銷售額佔比較大。

Selling, marketing and administrative margins remained relatively flat, driven by increased brand marketing expense in the Consumer Health business, mostly offset by expense leveraging in the Pharmaceutical business. We continue to invest in research and development at competitive levels, investing 19% of sales this quarter. This was higher than the fourth quarter of 2020 by 110 basis points, driven by portfolio progression in the Pharmaceutical business and higher investment in the Medical Devices business.

由於消費者健康業務的品牌營銷費用增加，銷售、營銷和管理利潤率保持相對平穩，大部分被製藥業務的費用槓桿所抵消。我們繼續在具有競爭力的水平上投資於研發，本季度投資了 19% 的銷售額。這比 2020 年第四季度高出 110 個基點，這得益於製藥業務的投資組合進展和醫療器械業務的投資增加。

The other income and expense line is a net expense of $9 million in the fourth quarter of 2021 compared to net expense of $2.4 billion last year. This was driven by lower litigation expenses.

另一個收入和支出項目是 2021 年第四季度的淨支出為 900 萬美元，而去年的淨支出為 24 億美元。這是由較低的訴訟費用推動的。

Regarding taxes in the quarter. Our effective tax rate increased to 2.1% compared to a benefit of 5.5% in the fourth quarter of 2020. This increase was primarily driven by the prior year tax benefit associated with litigation expenses, partially offset by onetime tax benefits in the fourth quarter of 2021. Excluding special items, the effective tax rate was 10.4% versus 11.4% in the same period last year. I encourage you to review our upcoming 2021 10-K for additional details on specific tax matters.

關於本季度的稅收。我們的有效稅率從 2020 年第四季度的 5.5% 提高到 2.1%。這一增長主要是由於上一年與訴訟費用相關的稅收優惠，部分被 2021 年第四季度的一次性稅收優惠所抵消. 剔除特殊項目，實際稅率為10.4%，而去年同期為11.4%。我鼓勵您查看我們即將發布的 2021 年 10-K，以了解有關特定稅務事項的更多詳細信息。

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

最後，我將把您的注意力引向幻燈片的方框部分，我們還提供了稅前收入、淨收益和調整後的每股收益，以排除無形攤銷費用和特殊項目的影響。現在讓我們按細分市場查看調整後的稅前收入。

In the fourth quarter of 2021, our adjusted income before tax for the enterprise as a percentage of sales increased from 24.9% to 25.6%, primarily driven by the COVID-19 recovery. The following are the main drivers of adjusted income before tax by segment: Medical Devices improved by 160 basis points, driven by recovery of prior year COVID-19 production-related slowdowns and related inventory impacts; Consumer Health margins declined by 460 basis points, primarily driven by increased brand marketing expenses and inflationary pressure, partially offset by supply chain efficiencies. The improvement in Pharmaceutical margins of 110 basis points was primarily driven by favorable product mix and selling, marketing and administration leverage.

在 2021 年第四季度，我們調整後的企業稅前收入佔銷售額的百分比從 24.9% 增加到 25.6%，這主要受 COVID-19 復甦的推動。以下是按部門劃分的調整後稅前收入的主要驅動因素： 醫療器械提高了 160 個基點，這是由於上一年 COVID-19 生產相關放緩和相關庫存影響的恢復；消費者健康毛利率下降 460 個基點，主要受品牌營銷費用增加和通脹壓力的推動，部分被供應鏈效率抵消。醫藥利潤率提高 110 個基點主要是由於有利的產品組合以及銷售、營銷和管理槓桿。

This slide provides our full year consolidated statement of earnings. As reported today, our full year 2021 adjusted earnings per share of $9.80 reflects a reported increase of 22% and an operational increase of 20.2%. The growth is primarily related to COVID-19 recovery realized predominantly in our Medical Devices business.

這張幻燈片提供了我們全年的綜合收益表。正如今天報導的那樣，我們 2021 年全年調整後每股收益為 9.80 美元，反映了報告的增長 22% 和運營增長 20.2%。增長主要與主要在我們的醫療器械業務中實現的 COVID-19 復甦有關。

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

最後，我請您注意幻燈片的方框部分，我們還提供了稅前收入、淨收益和調整後的每股收益，以排除無形攤銷費用和特殊項目的影響。

Moving to the next slide. Our full year 2021 adjusted income before tax for the enterprise improved by 170 basis points versus 2020. Looking at the adjusted pretax income by segment, Medical Devices improved by 870 basis points to 25.7%, primarily driven by recovery of prior year COVID-19 production-related slowdowns and related inventory impacts. Pharmaceutical margins declined by 150 basis points to 40.5%, primarily driven by R&D portfolio progression. Consumer Health margins were flat at 23.8%, driven by increased brand marketing expense and inflationary pressure, partially offset by supply chain efficiencies.

轉到下一張幻燈片。與 2020 年相比，我們 2021 年全年調整後的企業稅前收入提高了 170 個基點。從分部調整後的稅前收入來看，醫療器械增長了 870 個基點，達到 25.7%，這主要是由於上一年 COVID-19 生產的恢復- 相關的放緩和相關的庫存影響。醫藥利潤率下降 150 個基點至 40.5%，主要受研發組合進展的推動。受品牌營銷費用增加和通脹壓力的推動，消費者健康業務利潤率持平於 23.8%，部分被供應鏈效率所抵消。

We continue to advance our strong pipeline of innovative medicines and products. This progress is supported by our commitment to investment in R&D that have increased $2.6 billion or 21% on a full year basis.

我們繼續推進我們強大的創新藥物和產品管道。這一進展得到了我們對研發投資的承諾的支持，全年增加了 26 億美元或 21%。

In the quarter, we received approval by the European Commission for the long-acting injectable antipsychotic therapy, BYANNLI, for the maintenance treatment of schizophrenia in adult patients. This approval makes BYANNLI the first twice-yearly treatment for adults living with schizophrenia, providing the longest available dosing interval for an antipsychotic medication to be approved in Europe.

在本季度，我們獲得了歐盟委員會對長效注射用抗精神病藥物 BYANNLI 的批准，用於成年患者精神分裂症的維持治療。這一批准使 BYANNLI 成為第一個每年兩次治療精神分裂症成人的藥物，為歐洲批准的抗精神病藥物提供最長的可用給藥間隔。

Additionally, RYBREVANT received conditional marketing authorization in EMEA. RYBREVANT, a bispecific therapy targeting both EGFR and cMET, is the first treatment approved for patients with non-small cell lung cancer with EGFR Exon 20 insertion mutations after failure of platinum-based therapy.

此外， RYBREVANT 在 EMEA 獲得了有條件的營銷授權。 RYBREVANT 是一種針對 EGFR 和 cMET 的雙特異性療法，是第一個獲批用於鉑類治療失敗後具有 EGFR 外顯子 20 插入突變的非小細胞肺癌患者的治療方法。

Finally, we submitted a biologics license application to the U.S. FDA seeking approval of teclistamab for the treatment of patients with relapsed or refractory multiple myeloma as aligned with our strategy to expand treatment options for multiple myeloma patients. Teclistamab is an investigational off-the-shelf T cell-redirecting bispecific antibody targeting both BCMA and CD3.

最後，我們向美國 FDA 提交了一份生物製劑許可申請，尋求批准 teclistamab 用於治療復發或難治性多發性骨髓瘤患者，這與我們擴大多發性骨髓瘤患者治療選擇的策略相一致。 Teclistamab 是一種針對 BCMA 和 CD3 的研究性現成 T 細胞重定向雙特異性抗體。

Consistent with our disciplined approach to portfolio prioritization, we are discontinuing the SELECT Phase III study assessing the efficacy and safety of selexipag as an add-on to the standard of care therapy in patients with inoperable CTEPH as the study did not meet its primary endpoint.

與我們嚴格的投資組合優先級方法一致，我們將停止 SELECT III 期研究，因為該研究未達到其主要終點，因此該研究評估了 selexipag 作為無法手術 CTEPH 患者護理治療標準的附加物的有效性和安全性。

Medical Devices announced a strategic collaboration with Microsoft to further develop a secure and compliant digital ecosystem with the goal of connecting devices across the entire portfolio. This collaboration will help enhance the use of artificial intelligence and machine learning in order to generate insights leading to smarter, less invasive and more personalized solutions across the entire patient care continuum.

Medical Devices 宣布與 Microsoft 進行戰略合作，以進一步開發安全且合規的數字生態系統，目標是連接整個產品組合中的設備。這種合作將有助於加強人工智能和機器學習的使用，以產生洞察力，從而在整個患者護理連續體中提供更智能、侵入性更小和更個性化的解決方案。

This concludes the sales and P&L highlights for Johnson & Johnson's fourth quarter and full year 2021. I am now pleased to turn the call over to Joe Wolk.

強生公司 2021 年第四季度和全年的銷售和損益亮點到此結束。我現在很高興將電話轉給喬·沃爾克。

Thank you, Jess, and thanks to everyone for joining us to discuss our fourth quarter and full year 2021 results and our outlook for 2022. We continue to manage the implications of COVID-19 globally, but it is encouraging to see the resilience of our business, driven by the dedication of countless health care professionals and the 136,000 Johnson & Johnson colleagues around the world. Their collective commitment and focus on providing health care solutions enabled us to deliver another year of strong financial performance.

謝謝你，傑西，也感謝大家加入我們，討論我們 2021 年第四季度和全年的業績以及我們對 2022 年的展望。我們將繼續在全球範圍內管理 COVID-19 的影響，但看到我們的韌性令人鼓舞無數醫療保健專業人士和全球 136,000 名強生同事的奉獻精神推動了業務的發展。他們的集體承諾和對提供醫療保健解決方案的關注使我們能夠實現又一年的強勁財務業績。

Our Pharmaceuticals segment delivered a tenth consecutive year of above-market adjusted operational sales growth. Medical Devices continued to manage through the ongoing impact of COVID-19 to experience a partial recovery. And Consumer Health grew competitively while navigating industry-wide supply constraints. All of this culminated in Johnson & Johnson posting adjusted operational sales growth of 12.8% and adjusted earnings per share growth of 22% for the year while also investing in our business for the future. We are well positioned as we head into 2022.

我們的製藥部門連續第十年實現高於市場的調整後經營銷售增長。醫療器械繼續通過 COVID-19 的持續影響進行管理，以實現部分恢復。消費者健康在應對全行業供應限制的同時實現了競爭性增長。所有這一切最終導致強生公司公佈調整後的運營銷售額增長 12.8%，調整後的每股收益增長 22%，同時也投資於我們的未來業務。進入 2022 年，我們處於有利位置。

Before we recap our year-end cash position and guidance for 2022, I'd like to touch on the announcement we made in the fourth quarter regarding our intent to separate our Consumer Health business to create 2 market-leading companies. As independent companies, the new Johnson & Johnson and the new Consumer Health company will each be better positioned to exercise more focused strategic and capital decisions. We intend for each company to possess compelling financial profiles that reflect the strengths and opportunities of each business, enabling each company to be in a position to enhance the strong results that you've come to expect.

在我們回顧我們的 2022 年年終現金狀況和指導之前，我想談談我們在第四季度發布的關於我們打算將我們的消費者健康業務分離以創建兩家市場領先公司的公告。作為獨立公司，新的強生公司和新的消費者健康公司將各自處於更好的位置，以執行更集中的戰略和資本決策。我們打算讓每家公司都擁有引人注目的財務狀況，以反映每家企業的優勢和機會，使每家公司都能夠提高您所期望的強勁業績。

As far as where we stand in the process, we have established a very strong, largely separate team focused on advancing the separation, and the financial and operational workstreams are well underway. As conveyed in November, the Board of Directors' intent is for the planned separation to occur through the capital markets, and there are multiple capital market separation pathways being considered. Depending on the pathway, there are different SEC requirements that must be adhered to. In order to preserve optionality on the various separation pathways, we cannot, at this time, disclose specific Consumer Health financial information not previously disclosed or that which is associated with the separation. As such, you can expect that Consumer Health as well as the rest of our business will be reported as it has been reported previously for the entirety of 2022.

就我們在這個過程中的立場而言，我們已經建立了一個非常強大的、基本上獨立的團隊，專注於推進分離，財務和運營工作流正在順利進行。正如 11 月所傳達的，董事會的意圖是通過資本市場實現計劃中的分離，並且正在考慮多種資本市場分離途徑。根據途徑，必須遵守不同的 SEC 要求。為了保留各種分離途徑的選擇性，我們目前無法披露先前未披露的特定消費者健康財務信息或與分離相關的信息。因此，您可以預期消費者健康以及我們的其他業務將像之前報告的 2022 年全年一樣進行報告。

We can, however, provide a high-level time line for some nonfinancial items which may be of interest. In the first half of 2022, we anticipate announcing key executive leadership appointments for the new Consumer Health company, with plans to provide the new company name and headquarters location around the middle of this year. In the second half of 2022, we plan to provide the updated path forward and applicable financial information, such as refined standup cost estimates and potential short-term dis-synergies. Finally, consistent with our previous communications, we expect to execute the separation in 2023. You have our ongoing commitment, working within the regulatory framework to provide transparent updates for material decisions on a timely basis.

然而，我們可以為一些可能感興趣的非金融項目提供一個高級的時間表。在 2022 年上半年，我們預計將宣布新的消費者健康公司的主要行政領導任命，併計劃在今年年中左右提供新的公司名稱和總部地址。在 2022 年下半年，我們計劃提供最新的前進路徑和適用的財務信息，例如改進的站立成本估算和潛在的短期非協同效應。最後，與我們之前的溝通一致，我們預計將在 2023 年執行分離。您有我們的持續承諾，在監管框架內工作，及時為重大決策提供透明的更新。

Let's now discuss our 2021 year-end cash position and future capital allocation priorities. We generated free cash flow for the year of nearly $20 billion. At the end of 2021, we had approximately $32 billion of cash and marketable securities and approximately $34 billion of debt for a net debt position of $2 billion. We are pleased that 2021 was another record year in terms of R&D investment at $14.7 billion, a 21% increase over our previous all-time high recorded in 2020.

現在讓我們討論一下我們 2021 年年底的現金狀況和未來的資本配置優先事項。我們在這一年產生了近 200 億美元的自由現金流。截至 2021 年底，我們擁有約 320 億美元的現金和有價證券以及約 340 億美元的債務，淨債務頭寸為 20 億美元。我們很高興 2021 年是研發投資再創紀錄的一年，達到 147 億美元，比我們在 2020 年創下的歷史新高增長了 21%。

We recognize that investment in innovation is critical to our future growth profile and remains a top priority from a capital allocation standpoint. Given that we are at our lowest levels of net debt in almost 5 years, progressing towards a net cash position, we anticipate leaning in on some of our other capital allocation priorities beyond internal R&D. This includes building upon the 59 consecutive years of annual dividend increases. It also includes, as Joaquin has mentioned in recent forums, utilizing our cash to complement the current portfolio with acquisitions that build upon our capabilities, address portfolio gaps and play in higher-growth markets while yielding solid financial returns.

我們認識到，對創新的投資對我們未來的增長至關重要，並且從資本配置的角度來看仍然是重中之重。鑑於我們的淨債務處於近 5 年來的最低水平，正朝著淨現金狀況邁進，我們預計除了內部研發之外，我們還將關注我們的其他一些資本配置優先事項。這包括建立在連續 59 年的年度股息增長的基礎上。正如華金在最近的論壇中提到的那樣，它還包括利用我們的現金通過收購來補充當前的投資組合，這些收購以我們的能力為基礎，解決投資組合差距並在高增長市場中發揮作用，同時產生可觀的財務回報。

We will assess opportunities of all sizes. However, our preferred option is tuck-in deals, which typically offer greater value creation. It is also important to note that should we find the right opportunities, the Consumer Health separation workstream will not prevent us from forging ahead.

我們將評估各種規模的機會。但是，我們首選的選項是折扣交易，這通常會提供更大的價值創造。同樣重要的是要注意，如果我們找到合適的機會，消費者健康分離工作流不會阻止我們前進。

And finally with respect to capital allocation, modest share repurchases may be evaluated as part of our capital deployment actions.

最後，在資本配置方面，適度的股票回購可以作為我們資本配置行動的一部分進行評估。

Let me provide a few comments regarding our guidance for full year 2022, which encompasses expectations for our 3 business segments. In our Pharmaceuticals business, we will continue to drive innovation and market-leading sales growth with continued expansion of existing brands, such as DARZALEX, TREMFYA, STELARA, ERLEADA and the recently launched RYBREVANT for lung cancer. We are particularly excited about the anticipated FDA approval for CARVYKTI, our BCMA CAR-T therapy for patients with relapsed/refractory multiple myeloma. We believe this medicine is best-in-class, showing unprecedented results in clinical trials.

讓我就我們對 2022 年全年的指導發表一些評論，其中包括對我們 3 個業務部門的預期。在我們的製藥業務中，我們將繼續推動創新和市場領先的銷售增長，持續擴展現有品牌，如 DARZALEX、TREMFYA、STELARA、ERLEADA 和最近推出的肺癌治療藥物 RYBREVANT。我們對預期 FDA 批准 CARVYKTI 感到特別興奮，CARVYKTI 是我們用於復發/難治性多發性骨髓瘤患者的 BCMA CAR-T 療法。我們相信這種藥物是一流的，在臨床試驗中顯示出前所未有的結果。

In our Medical Devices business, we expect COVID-19 and hospital staffing to continue to be a dynamic variable, likely more impactful in the first half of 2022 as we cycle through Omicron. Our 2022 guidance assumes continued medical devices market recovery, but it also assumes, as you have heard us say previously, enhanced competitiveness. Almost all of our priority platforms are holding or gaining share based on third quarter 2021 year-to-date information, illustrating the positive business momentum versus 2019, when only about 50% of our platforms were holding or gaining share. This improved market performance enables us to maximize the value of recently launched products.

在我們的醫療器械業務中，我們預計 COVID-19 和醫院人員配置將繼續是一個動態變量，在我們循環使用 Omicron 時，可能在 2022 年上半年產生更大的影響。我們的 2022 年指導假設醫療器械市場持續復甦，但正如您之前聽到我們所說，它還假設競爭力增強。根據 2021 年第三季度年初至今的信息，我們幾乎所有的優先平台都持有或獲得份額，這說明了與 2019 年相比的積極業務勢頭，當時我們只有約 50% 的平台持有或獲得份額。這種改進的市場表現使我們能夠最大限度地提高最近推出的產品的價值。

In Consumer Health, we are confident that our well-balanced portfolio positions us well. Consistent with current global macroeconomic trends, we are experiencing the impact of inflationary pressures, including higher input costs across our business and more significantly with respect to Consumer Health. These external challenges include availability and cost of certain commodities, labor and transportation. Similar to competitors, we are instituting price increases across our Consumer Health portfolio in 2022, enabling us to remain competitive as we continue to deliver the products that consumers love and trust. So with that backdrop, let's get into the details for the full year 2022 guidance for you to consider in updating your models.

在消費者健康方面，我們相信我們均衡的投資組合能夠為我們提供良好的定位。與當前的全球宏觀經濟趨勢一致，我們正在經歷通貨膨脹壓力的影響，包括我們業務的更高投入成本，以及在消費者健康方面更為顯著的影響。這些外部挑戰包括某些商品、勞動力和運輸的可用性和成本。與競爭對手類似，我們將在 2022 年對我們的消費者健康產品組合進行提價，使我們能夠在繼續提供消費者喜愛和信任的產品時保持競爭力。因此，在這種背景下，讓我們詳細了解 2022 年全年指南，供您在更新模型時考慮。

Starting with sales. We expect operational sales growth for the full year 2022 between 7.0% and 8.5%. This guidance is provided on a constant currency basis, reflecting how we manage our business performance. We estimate the negative impact from net acquisitions and divestitures to be negligible, and thus, are comfortable with your models reflecting the same range as adjusted operational sales growth in the range of 7.0% to 8.5% or $100.3 billion to $101.8 billion.

從銷售開始。我們預計 2022 年全年的運營銷售增長將在 7.0% 至 8.5% 之間。本指南以固定貨幣為基礎提供，反映了我們如何管理我們的業務績效。我們估計淨收購和剝離的負面影響可以忽略不計，因此，您的模型反映了與調整後的運營銷售額增長在 7.0% 至 8.5% 或 1003 億美元至 1018 億美元的範圍內相同的範圍，對此我們感到滿意。

Our 2022 sales guidance includes approximately $3 billion from our COVID-19 vaccine. The majority of this volume is outside of the U.S. for low and middle-income countries corresponding to previously signed advanced purchase agreements. As you know, we do not predict currency movement. But for context, utilizing the euro spot rate relative to the U.S. dollar as of last week at 1.14, there is an estimated negative impact of foreign currency translation of approximately 150 basis points, resulting in an estimated reported sales growth of between 5.5% and 7.0% or 6.2% at the midpoint compared to 2021, representing a range of $98.9 billion to $100.4 billion for 2022.

我們的 2022 年銷售指導包括來自我們的 COVID-19 疫苗的約 30 億美元。對於與先前簽署的預購協議相對應的低收入和中等收入國家，這一數量的大部分在美國之外。如您所知，我們不預測貨幣走勢。但就上下文而言，使用截至上週的歐元兌美元匯率為 1.14，外幣換算的負面影響估計約為 150 個基點，導致報告的銷售額增長估計在 5.5% 至 7.0 之間與 2021 年相比，中點增長 % 或 6.2%，相當於 2022 年的 989 億美元至 1004 億美元。

As done in the past, I will provide a few qualitative comments related to quarterly phasing, starting with Consumer Health. The supply constraints that were mentioned as part of Jess' commentary for the quarter will continue into 2022. We estimate that the majority of that impact will be experienced in the first half of the year, primarily in the first quarter and primarily in Skin Health/Beauty. We therefore expect second half performance to outperform the first half.

與過去一樣，我將提供一些與季度分階段相關的定性評論，從消費者健康開始。 Jess 在本季度的評論中提到的供應限制將持續到 2022 年。我們估計，大部分影響將在今年上半年經歷，主要是在第一季度，主要是在皮膚健康/美麗。因此，我們預計下半年的表現將優於上半年。

In Medical Devices, we expect some COVID-19 headwinds and hospital staffing shortages to continue into 2022, but anticipate market recovery as global health systems treat new patients and work through procedure backlogs. Given this, we expect market recovery to improve as the year progresses and greater contribution from the new products launched in 2021 for an overall better second half.

在醫療器械方面，我們預計 COVID-19 的一些不利因素和醫院人員短缺將持續到 2022 年，但隨著全球衛生系統治療新患者並處理積壓的程序，預計市場將復蘇。有鑑於此，我們預計隨著時間的推移，市場復甦將有所改善，2021 年推出的新產品對下半年整體情況的貢獻將更大。

Finally, in Pharmaceuticals, we anticipate our market-leading performance will be fairly stable throughout the year, with perhaps some modest adjustments for timing of events associated with alliance revenue or tenders. We are monitoring reports surfaced by large insurers that recent office visits are slightly down in both primary care and specialists.

最後，在製藥方面，我們預計我們的市場領先表現將在全年保持相當穩定，可能會對與聯盟收入或招標相關的事件時間進行一些適度調整。我們正在監測大型保險公司公佈的報告，即近期初級保健和專家的辦公室訪問量均略有下降。

I'll continue to go through the items on our P&L, starting with operating margin. We expect 2022 adjusted pretax operating margin to improve by approximately 50 basis points, driven by operating expense leverage, partially offset by continued inflationary pressures in cost of goods sold.

我將繼續查看損益表中的項目，從營業利潤率開始。在運營費用槓桿的推動下，我們預計 2022 年調整後的稅前營業利潤率將提高約 50 個基點，但部分被銷售成本的持續通脹壓力所抵消。

Regarding other income and expense, the line on the P&L where we record royalty income, the return on assets and actuarial costs associated with certain employee benefit programs, as well as gains and losses related to the items such as investments by Johnson & Johnson Development Corp., litigation and write-offs. We expect this to be between $1.2 billion and $1.4 billion for 2022, consistent with 2021 levels.

關於其他收入和費用，我們記錄特許權使用費收入的損益表行、與某些員工福利計劃相關的資產回報和精算成本，以及與強生髮展公司投資等項目相關的損益., 訴訟和註銷。我們預計 2022 年這一數字將在 12 億美元至 14 億美元之間，與 2021 年的水平一致。

Finally, we are comfortable with you modeling net interest expense of between $0 million and $100 million.

最後，我們對您在 000 萬美元到 1 億美元之間建模淨利息費用感到滿意。

We are also projecting a higher effective tax rate for 2022 in the range of 15.5% to 16.5% based on current assumptions for geographic mix and certain international tax legislation changes for research and development expenses in 2022.

根據目前對地域組合的假設以及 2022 年研發費用的某些國際稅收立法變化，我們還預計 2022 年的有效稅率將在 15.5% 至 16.5% 之間。

Considering all these factors, we are guiding adjusted earnings per share in the range of $10.60 to $10.80 per share on a constant currency basis, reflecting operational or constant currency growth of approximately 8.2% to 10.2% or 9.2% at the midpoint.

考慮到所有這些因素，我們將調整後的每股收益按固定匯率計算在 10.60 美元至 10.80 美元之間，反映了運營或固定匯率增長約 8.2% 至 10.2% 或 9.2% 的中間值。

While not predicting the impact of currency movements, assuming recent exchange rates previously referenced, our reported adjusted operational earnings per share for the year would be negatively impacted by approximately $0.20 per share, resulting in adjusted reported earnings per share in a range of $10.40 to $10.60 or $10.50 at the midpoint, reflecting growth of 7.1% versus the prior year. We expect the company's COVID-19 vaccine to contribute approximately an incremental $0.20 to earnings per share in 2022.

雖然沒有預測貨幣變動的影響，但假設之前參考的最近匯率，我們報告的年度調整後每股運營收益將受到約 0.20 美元的負面影響，導致調整後的報告每股收益在 10.40 美元至 10.60 美元之間或中點 10.50 美元，反映比上年增長 7.1%。我們預計該公司的 COVID-19 疫苗將在 2022 年為每股收益貢獻約 0.20 美元的增量。

That concludes my prepared remarks. I'm now thrilled to welcome Joaquin Duato to his first earnings call as the CEO of Johnson & Johnson. Joaquin, as a colleague who has worked alongside you for the past several years, it's clear that health care and providing good health for everyone, everywhere is not just your business, but a passion. I am excited to welcome you in your new capacity and look forward to continuing to partner with you, the Executive Committee and our colleagues across the globe in our mission to change the trajectory of health for humanity.

我準備好的發言到此結束。我現在很高興地歡迎 Joaquin Duato 參加他作為強生公司首席執行官的第一次財報電話會議。華金，作為過去幾年與您並肩工作的同事，很明顯，醫療保健和為每個地方的每個人提供良好的健康不僅僅是您的業務，而是您的熱情所在。我很高興以新的身份歡迎您，並期待繼續與您、執行委員會和我們在全球的同事合作，共同完成改變人類健康軌蹟的使命。

Over to you, Joaquin.

交給你了，華金。

Thank you, Joe, and good morning, everyone. It is a pleasure to join you all for my first earnings announcement as CEO of Johnson & Johnson. We appreciate everyone tuning in today, and thank you for your interest in our company.

謝謝你，喬，大家早上好。很高興與大家一起參加我作為強生公司首席執行官的第一次收益公告。感謝大家今天收聽，感謝您對我們公司的關注。

Despite continued and evolving impact from COVID-19 globally, Johnson & Johnson delivered another strong year of sales and earnings growth. Full year Johnson & Johnson adjusted operational sales growth of 12.8% reflects the tenth consecutive year of adjusted operational above-market growth from Pharmaceuticals, the ongoing positive growth momentum from Medical Devices and continued competitive growth in Consumer Health. These strong results contribute to my confidence in our ability to achieve 2022 operational sales and earnings per share growth in the high single digits, with EPS growth that is higher than sales despite macroeconomic factors such as inflation. This, coupled with our differentiated portfolio of pipeline innovation, further strengthens my confidence in our long-term growth potential.

儘管 COVID-19 在全球範圍內產生了持續且不斷變化的影響，但強生公司仍實現了又一個強勁的銷售和盈利增長年。全年強生調整後的運營銷售額增長 12.8%，這反映了製藥業務調整後的運營業務連續第十年高於市場增長、醫療器械業務持續保持正增長勢頭以及消費者健康業務持續具有競爭力的增長。這些強勁的業績增強了我對我們實現 2022 年營業銷售額和每股收益高個位數增長的能力的信心，儘管存在通貨膨脹等宏觀經濟因素，每股收益增長仍高於銷售額。再加上我們差異化的管道創新組合，進一步增強了我對我們長期增長潛力的信心。

In recent months, I have been busy meeting and listening to our customers, partners and members of the Johnson & Johnson family around the world. As part of these conversations, I have thought about the underlying constant of our business, the secret ingredient to our success: It is our people, their dedication and their eagerness to ask the toughest questions and seek the boldest and bravest answers. I'm deeply optimistic about our future, and I feel energized about the potential for our business.

最近幾個月，我一直在忙於會見和傾聽我們在世界各地的客戶、合作夥伴和強生家族成員的意見。作為這些對話的一部分，我思考了我們業務的基本不變因素，即我們成功的秘訣：這是我們的員工，他們的奉獻精神以及他們渴望提出最棘手的問題並尋求最大膽和最勇敢的答案。我對我們的未來深感樂觀，我對我們的業務潛力充滿活力。

In the last 2 years, COVID-19 has changed global perceptions and attitudes towards health care. It has shown us that there is significant opportunity for change and improvement in order to better serve patients, customers and communities around the world. The global response to the pandemic has also created a renewed sense of optimism about the power of science. Around the world, people are focused on personal and societal health in new and urgent ways. And importantly, people are demanding that companies deliver on their promises and act with purpose. Johnson & Johnson will continue to answer that call.

在過去 2 年中，COVID-19 改變了全球對醫療保健的看法和態度。它向我們表明，為了更好地服務於世界各地的患者、客戶和社區，存在重大的變革和改進機會。全球對這一流行病的反應也使人們對科學的力量重新產生了樂觀情緒。在世界各地，人們以新的和緊迫的方式關注個人和社會健康。重要的是，人們要求公司兌現承諾並有目的地行動。強生公司將繼續響應這一號召。

We strongly believe the future ahead of us looks brighter and healthier for every patient and consumer. We are determined to achieve this future, grounded by the same mission and credo that always guided us.

我們堅信，對於每一位患者和消費者來說，我們面前的未來看起來更加光明和健康。我們決心實現這個未來，以始終指導我們的相同使命和信條為基礎。

In 2022, we will run our business as we always have, with these segments maximizing opportunities for each individually. And I would like to share a bit about our near-term priorities as we focus on successfully creating a new independent Consumer Health company as well as continuing to build on our individual global leadership in Pharmaceuticals and Medical Devices while enhancing synergies which uniquely position us to accelerate growth and bring differentiated therapies that span both segments.

2022 年，我們將一如既往地經營我們的業務，這些細分市場為每個細分市場提供最大的機會。我想分享一下我們近期的優先事項，因為我們專注於成功創建一家新的獨立消費者健康公司，並繼續鞏固我們在製藥和醫療器械領域的個人全球領導地位，同時增強協同效應，使我們在加速增長並帶來跨越這兩個領域的差異化療法。

At the end of last year, I laid out my top 3 priorities for a new era for Johnson & Johnson, and those priorities remain unchanged. These priorities are equally important for our success and include driving Medical Devices to become a best-in-class performer. We continue to focus on improved execution as evidenced by market share momentum as well as our improved cadence of innovation and organic and inorganic expansion into higher-growth markets and market segments.

去年年底，我列出了強生新時代的三大優先事項，這些優先事項保持不變。這些優先事項對我們的成功同樣重要，包括推動醫療器械成為一流的表現者。我們繼續專注於提高執行力，市場份額勢頭以及我們改進的創新節奏以及向高增長市場和細分市場的有機和無機擴張都證明了這一點。

We have 11 platforms in Medical Devices which are over $1 billion. And as we have shared previously, we are gaining or holding share in almost all of this. This includes building upon our global market-leading positions in areas like electrophysiology, biosurgery and contact lenses; and gaining market share in areas where we have been more challenged like surgical vision. The team has also launched over 20 new products during 2021, including the VELYS Robotic-Assisted Solution in Orthopaedics and 2 new intraocular lenses in Surgical Vision.

我們有 11 個醫療器械平台，價值超過 10 億美元。正如我們之前分享的那樣，我們幾乎在所有這些中獲得或持有份額。這包括鞏固我們在電生理學、生物外科和隱形眼鏡等領域的全球市場領先地位；並在我們面臨更大挑戰的領域（如外科視力）獲得市場份額。該團隊還在 2021 年推出了 20 多種新產品，包括用於骨科的 VELYS 機器人輔助解決方案和用於外科視覺的 2 款新人工晶狀體。

Next, delivering on our Pharmaceutical business commitments and long-term growth goals. We are continuing to build upon our promising Pharmaceutical pipeline, which we expect to continue to deliver above-market growth rates and are focused on our previously announced long-term goal of growing to a $60 billion segment by 2025.

接下來，兌現我們的製藥業務承諾和長期增長目標。我們將繼續建設我們有前途的製藥管道，我們預計該管道將繼續提供高於市場的增長率，並專注於我們先前宣布的長期目標，即到 2025 年增長到 600 億美元的細分市場。

We are continuing to maximize the value of our existing medicines with 13 marketed medicines across 6 therapeutic areas, each to exceed $1 billion in revenue by 2025. We expect to file 36 significant line expansions for these 13 products through 2025. Here, it is important to note that these expansions are largely derisked because the products are in the market today, so there is good insight into their overall profiles.

我們將繼續通過 6 個治療領域的 13 種上市藥物來最大化現有藥物的價值，到 2025 年，每種藥物的收入都將超過 10 億美元。我們預計到 2025 年將為這 13 種產品提交 36 項重大的產品線擴展。在這裡，重要的是需要注意的是，這些擴展在很大程度上被取消了風險，因為這些產品現在已經投放市場，因此可以很好地了解它們的整體概況。

In addition, we expect 14 novel therapy filings through 2025, each with the potential to exceed $1 billion in revenue and 5 of this with the ability to exceed $5 billion. We remain confident in our ability to manage through the potential patent expiries as we have done in the past and continue to grow at above-market rates.

此外，我們預計到 2025 年將有 14 份新的治療申請，每份都有可能超過 10 億美元的收入，其中 5 份有可能超過 50 億美元。我們仍然有信心像過去一樣管理潛在的專利到期，並繼續以高於市場的速度增長。

And finally, ensuring the successful creation of the new Consumer Health company. In the coming year, we will take the steps necessary to be in a position to separate our Consumer Health business from our Pharmaceuticals and Medical Device businesses during 2023. This will advance more targeted business strategies, accelerate growth and deliver improved outcomes for both patients and consumers, which ultimately will deliver greater value to shareholders.

最後，確保成功創建新的消費者健康公司。在來年，我們將採取必要措施，在 2023 年將我們的消費者健康業務與藥品和醫療器械業務分開。這將推進更有針對性的業務戰略，加速增長並為患者和患者帶來更好的結果消費者，最終將為股東帶來更大的價值。

Our Consumer Health business is competitive in terms of growth, and over the past few years, has made significant progress improving the margin profile. And as we advance towards a successful new stand-alone Consumer Health company, we will continue to drive this business with the same focus we always have. Our best-in-class team is delivering science-backed innovation across OTC, Skin Health and our Specialty business with a focus on digital, consumer-centric solutions and seamless end-to-end customer experience.

我們的消費者健康業務在增長方面具有競爭力，並且在過去幾年中，我們在提高利潤率方面取得了重大進展。隨著我們邁向成功的新的獨立消費者健康公司，我們將繼續以我們一貫的專注力推動這項業務。我們一流的團隊正在為非處方藥、皮膚健康和我們的專業業務提供科學支持的創新，重點是數字化、以消費者為中心的解決方案和無縫的端到端客戶體驗。

As Joe noted, we continue to believe that a fit-for-purpose corporate structure and a dedicated capital allocation strategy will provide the Consumer Health business with the agility and flexibility to continue to grow its iconic portfolio of brands and innovate new products in the fast-paced consumer market.

正如喬所指出的，我們仍然相信，適合用途的公司結構和專門的資本分配策略將為消費者健康業務提供敏捷性和靈活性，以繼續發展其標誌性品牌組合併快速創新新產品-節奏的消費市場。

And we expect this new and independent company, with nearly $15 billion in 2021 sales, will continue to be a global leader in the Consumer Health industry. And the new Johnson & Johnson, at nearly $80 billion in sales in 2021, will continue to be the largest, most diversified health care company in the world and will retain the benefits of scale. We'll enhance our ability to be more focused with our operations, making the new Johnson & Johnson poised to bring integrated and comprehensive care to patients through the use of new technology and innovative science.

我們預計，這家新的獨立公司在 2021 年的銷售額接近 150 億美元，將繼續成為消費者健康行業的全球領導者。而新的強生公司，到 2021 年的銷售額將接近 800 億美元，將繼續成為世界上最大、最多元化的醫療保健公司，並將保持規模優勢。我們將提高我們的能力，更加專注於我們的運營，使新的強生公司準備好通過使用新技術和創新科學為患者帶來綜合和全面的護理。

As we continue to focus on our 3 sectors today, we have no intention of sitting on the sidelines. Our strong financial position, along with the clear priorities we have for our business, position us well to deliver near-term financial expectations and invest for the long-term value creation. We'll have the flexibility to continue to invest in innovation and maintain our track record of growing our dividend while aspiring to be bolder with strategic value-creating acquisitions that will enhance the new Johnson & Johnson in higher-growth markets.

由於我們今天繼續關注我們的 3 個板塊，我們無意觀望。我們強大的財務狀況以及我們對業務的明確優先事項，使我們能夠很好地實現短期財務預期並為長期價值創造進行投資。我們將靈活地繼續投資於創新並保持我們增加股息的記錄，同時渴望更大膽地進行戰略性價值創造收購，以增強新強生在高增長市場中的地位。

At this critical time for health care and our global society, we understand the significant role we play, and we accept the responsibility and challenges of the future. I hope you will all join us as we step forward into this new era.

在這個醫療保健和我們的全球社會的關鍵時刻，我們了解我們所扮演的重要角色，我們接受未來的責任和挑戰。我希望你們都加入我們，共同邁入這個新時代。

Thank you. And with that, let me turn it back to Jess to open the Q&A.

謝謝你。有了這個，讓我把它轉回給 Jess 打開問答。

Thank you, Joaquin. We will now move to the Q&A portion of the webcast. Rob, can you please provide instructions for those on the line wishing to ask a question?

謝謝你，華金。我們現在將轉到網絡廣播的問答部分。 Rob，您能否為在線上希望提問的人提供說明？

(Operator Instructions) Your first question comes from Louise Chen with Cantor.

（操作員說明）您的第一個問題來自 Cantor 的 Louise Chen。

So I wanted to ask you about M&A. Do you think certain M&A targets look more interesting to you given the significant pullback in biotech valuations? Or do you still think some of these good assets are overvalued?

所以我想問你關於併購的問題。鑑於生物技術估值大幅回落，您認為某些併購目標對您來說更有趣嗎？還是您仍然認為其中一些優質資產被高估了？

And do you think companies and boards of mid-cap biotechs have capitulated to valuation resets? Or will that take more time?

你認為中型生物技術公司和董事會是否已經屈服於估值重置？還是需要更多時間？

Thank you. Thank you for the question. As we commented, our strong financial performance in 2021 is enveloped in a very strong financial profile, giving us the latitude to manage both for the long term while meeting the short-term expectations of the financial community.

謝謝你。感謝你的提問。正如我們評論的那樣，我們在 2021 年的強勁財務表現包含在非常強勁的財務狀況中，使我們能夠在滿足金融界的短期期望的同時進行長期管理。

As Joe commented, too, we are about to turn from a net debt to a net cash position for the first time in over 4 years. So we'll have to -- we'll have the flexibility to continue to grow our dividend, be bolder in strategic acquisitions and enhance the new J&J position in higher-growth markets. And if warranted, we also would consider share repurchase programs. I believe that these priorities position us well for the future.

正如喬所評論的那樣，我們即將從淨債務轉向淨現金頭寸，這是 4 年來的第一次。所以我們必須——我們將擁有繼續增加股息的靈活性，在戰略收購中更加大膽，並在高增長市場中提升強生的新地位。如果有必要，我們也會考慮股票回購計劃。我相信這些優先事項為我們的未來奠定了良好的基礎。

And I think it's important to consider that when we get into 2022, we'll continue to manage the business as a 3-sector one. The separation and the creation of the new consumer company, it's not going to slow us down off any priorities. So we continue to think about how we are going to opportunistically deploy cash for both organic and inorganic initiatives. And in other words, I wanted to make clear that if the right opportunities are there, both in med tech and in pharmaceuticals, the work stream of the separation won't held us back from forging ahead.

而且我認為重要的是要考慮到當我們進入 2022 年時，我們將繼續將業務作為一個 3 部門來管理。新消費者公司的分離和創建不會讓我們放慢任何優先事項。因此，我們繼續考慮如何為有機和無機計劃投機取巧地部署現金。換句話說，我想明確表示，如果在醫療技術和製藥領域都有合適的機會，分離的工作流程不會阻礙我們前進。

When it comes to Pharmaceuticals, as you mentioned, we presented our outlook for the business in our November R&D review. And we explained to you that we were anticipating -- we are anticipating above-market growth rates, reaching $60 billion by 2025, growing every single year there. So when we think about those results, it's important to remember that we do not factor there any future acquisitions or collaborations and that we are confident to reach those goals without inorganic activity.

談到製藥，正如您所提到的，我們在 11 月的研發審查中介紹了我們的業務前景。我們向您解釋說，我們正在預期——我們正在預期高於市場的增長率，到 2025 年達到 600 億美元，並且每年都在增長。因此，當我們考慮這些結果時，重要的是要記住，我們不考慮任何未來的收購或合作，並且我們有信心在沒有無機活動的情況下實現這些目標。

That said, one of the pillars of our success has been our agnostic view related to innovation and our desire to lean in, for the new Johnson & Johnson, for opportunities to build our current portfolio and our current portfolio, both in pharma and med tech, remains there. And we need to look for that to enhance our growth profile. In fact, over the past 5 years, our investments in organic R&D and externally sourced innovation have been about equal.

也就是說，我們成功的支柱之一是我們與創新相關的不可知論觀點，以及我們渴望為新的強生公司提供機會，以建立我們當前的投資組合和我們當前的投資組合，包括製藥和醫療技術, 留在那裡。我們需要尋找這一點來提高我們的增長狀況。事實上，在過去的 5 年中，我們在有機研發和外部創新方面的投資基本持平。

We continue to look to opportunities to be able to enhance our pharmaceutical portfolio, and we have been very proficient in identifying opportunities that have a high probability of success very early on as we have done, for example, with Legend. And also, we have been good looking at the post proof-of-concept opportunities like we did with Momenta.

我們將繼續尋找能夠增強我們的醫藥產品組合的機會，並且我們非常擅長在很早的時候就發現很有可能成功的機會，例如與 Legend 一樣。而且，我們一直在很好地尋找概念驗證後的機會，就像我們對 Momenta 所做的那樣。

In the future, we'll continue to look for all types of opportunities early on, post proof-of-concept. And we also will look at other opportunities of largening size, that we'll have to fulfill a higher bar from a financial perspective, given the higher operational complications that these opportunities may take.

未來，我們將繼續在早期、概念驗證後尋找所有類型的機會。我們還將考慮其他擴大規模的機會，鑑於這些機會可能帶來更高的運營複雜性，我們必須從財務角度實現更高的標準。

But yes, we are constantly looking at M&A as a key source of growth for our business. Our position in cash today makes us a bit more aggressive in that area. And we'll continue with our focus on tuck-in acquisitions, but not excluding, if the situation is granted, to look at medium-sized also opportunities.

但是，是的，我們一直將併購視為我們業務增長的關鍵來源。我們今天的現金頭寸使我們在該領域更具侵略性。我們將繼續專注於收購，但不排除，如果情況允許，也可以尋找中型機會。

Yes, Louise, thanks for the question. This is Joe. I would just say, maybe to further elaborate on Joaquin's points with respect to your question on valuations. It's really hard to say whether there's been a capitulation or a recognition that values have come down. I think we probably need to see a little bit longer period of that.

是的，路易絲，謝謝你的提問。這是喬。我只想說，也許是為了進一步闡述華金關於你關於估值的問題的觀點。真的很難說是否存在投降或承認價值觀已經下降。我認為我們可能需要看到更長的時間。

I don't think things are out there necessarily on sale, but I will say that it really just takes 2 parties to agree on a valuation that makes sense. And a lot of times, the valuation is driven by the capabilities, the skills, the scientific expertise that we have that maybe that potential partner or acquired asset does not have at that time. So that's the kind of the way we look at it.

我不認為那裡的東西一定要出售，但我會說真的只需要 2 方就有意義的估值達成一致。很多時候，估值是由我們擁有的能力、技能和科學專業知識驅動的，而這些潛在的合作夥伴或收購的資產當時可能並不具備。這就是我們看待它的方式。

Again, I don't think there's a capitulation. But we are seeking to use some of the cash on the balance sheet in a very disciplined, responsible way, that compensates shareholders for the risk that we're bearing on their behalf, where we can create great value.

再說一次，我不認為有投降。但我們正在尋求以非常有紀律、負責任的方式使用資產負債表上的一些現金，以補償股東因我們代表他們承擔的風險，從而創造巨大價值。

Your next question is from Larry Biegelsen with Wells Fargo.

您的下一個問題來自富國銀行的 Larry Biegelsen。

Joe or Joaquin, can you help us think about device growth in Q1? How has January '22 trended relative to January 2021? And how are you thinking about med tech market growth in 2022? Previously, I think you expected about 4% to 5% growth. Is that still the case with Omicron? And J&J's growth relative to that, how are you thinking about that?

Joe 或 Joaquin，你能幫我們想想第一季度的設備增長嗎？與 2021 年 1 月相比，22 年 1 月的趨勢如何？您如何看待 2022 年醫療技術市場的增長？以前，我認為您預計增長約 4% 至 5%。 Omicron 的情況仍然如此嗎？強生的增長與此相關，您對此有何看法？

Yes, Larry, thanks for the question and your interest. I would say it's somewhat a tale of 2 cities. If you look at surgical procedure volume in the fourth quarter, it eroded over the months of October, November, December. I would say it was roughly flat in the early part of the quarter relative to 2019, which we think is a more appropriate comparison, to down about 5%. The most pronounced area was clearly Orthopaedics, which is the most elective segment of our portfolio.

是的，拉里，謝謝你的問題和你的興趣。我會說這有點像2個城市的故事。如果你看一下第四季度的外科手術量，它會在 10 月、11 月和 12 月的幾個月中受到侵蝕。我想說的是，與 2019 年相比，本季度初期大致持平，我們認為這是一個更合適的比較，下降了約 5%。最明顯的領域顯然是骨科，這是我們產品組合中選修課最多的部分。

However, there's probably some reason for optimism if you look at diagnostic volumes in the fourth quarter. So that averaged roughly, let's call it 7%. It was a little bit stronger in October than it was in December, but still very positive relative to levels that were experienced in 2019. So we think there is a backlog that is potentially building of diagnosed cases that have yet to be scheduled.

但是，如果您查看第四季度的診斷量，可能有一些樂觀的理由。所以這大致平均，讓我們稱之為7％。 10 月份的情況比 12 月份要強一些，但相對於 2019 年的水平仍然非常積極。因此，我們認為積壓的病例可能會增加尚未排定的確診病例。

That being said, as you've heard from a number of outlets at this point, it really is about the hospital staffing and being able to accommodate surgeries from that perspective. We are seeing reduced cases with respect to Omicron, and we think that will play favorably. The first couple of weeks in January, and probably limiting this to a week, maybe 2, saw a little bit of a bleed-over from what we experienced in December around surgical procedures. But I do think that's going to improve with each passing month and with each passing quarter as the year goes on.

話雖如此，正如您此時從許多網點聽到的那樣，這確實是關於醫院人員配備和從這個角度能夠容納手術的問題。我們看到有關 Omicron 的案例有所減少，我們認為這將發揮積極作用。 1 月份的前幾週，可能會限制在一周，也許是 2 週，與我們在 12 月份經歷的外科手術相比，有一點點流血。但我確實認為隨著時間的推移，每個月和每個季度都會有所改善。

And then as you heard from Joaquin as well as Jess, we are favorably positioned to capitalize on a much more stable market, given our improved competitiveness from where we were just a few years ago, in addition to the enhanced pipeline. Last year, we introduced over 20 products, same expectation for this year as well.

然後，正如您從 Joaquin 和 Jess 那裡聽到的那樣，鑑於我們幾年前的競爭力得到了提高，而且管道得到了增強，我們處於有利地位，可以利用一個更加穩定的市場。去年，我們推出了20多款產品，今年也有同樣的預期。

So once the market gets to be a little bit more stable, hopefully no more future variants, and hospital administrators, who have done a great job through the pandemic, continue to modify their plans to ensure appropriate staffing, we think we will be in a very good position to not only approach market growth but hopefully exceed it.

因此，一旦市場變得更加穩定，希望未來不再有變種，並且在大流行中表現出色的醫院管理人員繼續修改他們的計劃以確保適當的人員配備，我們認為我們將處於非常好的位置，不僅可以接近市場增長，而且有望超越它。

Yes, I would continue building up on Joe's comment, that as the Omicron surge resolves, we anticipate that the markets will continue to improve as the year progresses. It is very difficult to predict when Omicron is going to peak, but we are beginning already to see cases decreasing in areas where the surge began, like for example in the U.K., and some regions in the U.S. already nearing peaks. So while COVID-19 may temporarily delay necessary medical and surgical interventions, the vast majority of these procedures cannot be ignored completely.

是的，我會繼續建立 Joe 的評論，即隨著 Omicron 飆升的消退，我們預計隨著時間的推移，市場將繼續改善。很難預測 Omicron 何時會達到峰值，但我們已經開始看到在激增開始的地區（例如在英國）病例減少，而美國的一些地區已經接近峰值。因此，儘管 COVID-19 可能會暫時延遲必要的醫療和外科手術干預，但這些程序中的絕大多數不能完全被忽視。

And at the same time, hospitals, as Joe was referring, are getting better at dealing with these situations. So while the path is not going to be linear, we expect an improvement as the year starts to go on. And the fundamentals of the med tech market remain intact with disease prevalence and the need for surgery unchanged.

與此同時，正如喬所指的那樣，醫院在處理這些情況方面做得越來越好。因此，雖然路徑不會是線性的，但我們預計隨著時間的推移會有所改善。醫療技術市場的基本面保持不變，疾病流行和手術需求沒有改變。

So we believe we are optimistic of the value of the market in the long term, and we are optimistic about our med tech business and its ongoing recovery and improvement in the overall competitive position. So when we are facing 2022 on the med tech side, both from a market perspective and also from a Johnson & Johnson perspective, we look at it optimistically. And we think that the situation will clearly improve as Omicron surge resolves and the year progresses.

因此，我們相信我們對市場的長期價值持樂觀態度，我們對我們的醫療技術業務及其持續復甦和整體競爭地位的改善持樂觀態度。因此，當我們在醫療技術方面面臨 2022 年時，無論是從市場角度還是從強生公司的角度來看，我們都會樂觀地看待它。我們認為，隨著 Omicron 激增的消退和時間的推移，情況將明顯改善。

Your next question is from Josh Jennings with Cowen.

您的下一個問題來自 Josh Jennings 和 Cowen。

Joaquin, some of your recent public commentary implies that you -- or not implies, but you relayed that you'll have a focus on Medical Device unit success. I wondered if you could just kind of bracket, I guess, your goals. Is it to sustain mid-single-digit organic revenue growth trajectory for the unit? Or potentially accelerate towards 6% or even north of 6%? What would you consider success as we look out on a multiyear horizon?

華金，你最近的一些公開評論暗示你——或不暗示，但你轉述說你將專注於醫療設備部門的成功。我想知道你是否可以對你的目標進行括號括起來。是否能夠維持該部門中個位數的有機收入增長軌跡？或者可能加速到 6% 甚至 6% 以上？當我們展望多年的視野時，您認為成功是什麼？

And then just in terms of your priorities for investment, or your team along with Ashley's for the Medical Device unit, are you going to prioritize investments in areas where there's a higher weighted average market growth rate? Or would you be balanced in thinking about a unit like spine, that's been an anchor unit? I mean, would you -- are you going to balance your investments both internally and externally to a lower performer to enhance the competitiveness despite kind of a low single-digit market growth rate? Or will the focus be on adding assets and investing in businesses that have that higher growth rate?

然後就您的投資優先級，或者您的團隊以及 Ashley 的醫療器械部門而言，您是否會優先考慮在加權平均市場增長率較高的領域進行投資？或者你會在考慮像脊椎這樣的單元時保持平衡，那是一個錨單元？我的意思是，儘管市場增長率較低，您是否會平衡內部和外部投資以提高競爭力？還是將重點放在增加資產和投資於具有較高增長率的業務上？

Thank you, Josh. So overall, as I have commented in our Pharmaceutical Analyst Day and also in the different conferences that I have participated, med tech, it's going to be a key priority for me in my tenure. I see med tech and pharmaceuticals being the core of the new Johnson & Johnson that, as Joe commented, will remain the largest and more diversified health care company. So clearly, med tech, it's going to be a key area of focus for us in every aspect.

謝謝你，喬希。所以總的來說，正如我在我們的藥物分析師日以及我參加的不同會議中所評論的那樣，醫療技術，這將是我任職期間的一個關鍵優先事項。我認為醫療技術和製藥是新強生的核心，正如喬所言，強生仍將是最大、更多元化的醫療保健公司。很明顯，醫療技術在各個方面都將成為我們關注的關鍵領域。

When it comes to med tech and its market performance, I have to highlight that we have seen a very clear ongoing recovery in our med tech performance. We went from 1.5% growth in 2017 to nearly 4% in 2019, and we are ending the year at 4.6%. [We are in about 5%, too] (corrected by company after the call). So we are clearly improving our performance in the med tech space, driven by some market segments which are really delivering in a very strong way.

談到醫療技術及其市場表現，我必須強調，我們已經看到我們的醫療技術表現非常明顯地持續復甦。我們從 2017 年的 1.5% 增長到 2019 年的近 4%，今年年底的增長率為 4.6%。 [我們也在 5% 左右]（在電話會議後由公司更正）。因此，在一些真正以非常強勁的方式交付的細分市場的推動下，我們顯然正在改善我們在醫療技術領域的表現。

For example, in interventional, our growth ending the year was 15.3%. Our in vision, our growth in the year was 11%. So we have clearly outstanding performance there. And in most of the platforms that we participate, we are gaining share or maintaining share, improving our position.

例如，在干預方面，我們年底的增長率為 15.3%。我們的願景是，我們今年的增長率為 11%。所以我們在那裡顯然有出色的表現。在我們參與的大多數平台中，我們都在獲得份額或保持份額，從而提高我們的地位。

It's difficult for me to bracket exactly what the growth is going to be and when it's going to happen. But our goal clearly is to make our med tech sector a best-in-class performer. So that's going to be a defining element of my tenure, and we are going to be working towards that. We are going to be improving our commercial execution as we are doing today. We'll continue to invest in our organic pipeline that is delivering. We have had the highest level of innovation in our med tech business in 2021 ever, and our pipeline today has the highest value as measured by net present value that we have ever had. And also, we recognize that we need to do and we need to continue to be active in external innovation in order to be able to participate in markets where growth is occurring that we are not participating today or to build upon adjacencies our existing businesses that are going to further our growth.

我很難準確地描述增長將是什麼以及何時發生。但我們的目標顯然是讓我們的醫療技術部門成為一流的表現者。所以這將成為我任期內的一個決定性因素，我們將朝著這個方向努力。我們將像今天一樣改進我們的商業執行。我們將繼續投資於我們正在交付的有機管道。 2021 年，我們的醫療技術業務實現了有史以來最高水平的創新，而我們今天的管道具有最高的價值，以我們曾經擁有的淨現值衡量。而且，我們認識到我們需要做，我們需要繼續積極參與外部創新，以便能夠參與我們今天沒有參與的正在發生增長的市場，或者在我們現有業務的鄰接基礎上發展將進一步推動我們的成長。

So as in any business, when it comes to their business allocation, we'll continue to drive our winners, and we'll try to efficiently manage the areas in which we are more challenged. And we'll continue to look for opportunities externally that will complement our portfolio and will enable us to enter into higher-growth markets.

因此，在任何業務中，當涉及到他們的業務分配時，我們將繼續推動我們的贏家，我們將努力有效地管理我們面臨更大挑戰的領域。我們將繼續在外部尋找機會，以補充我們的產品組合，並使我們能夠進入更高增長的市場。

Overall, our past acquisitions suggest that we have been good in managing smaller deals and tuck-in deals, and that is our base case. But at the same time, we don't have an artificial ceiling in our deal size. We are always looking for any opportunity that exist in the marketplace. But as I said before, when I was commenting about pharmaceuticals, we do know that larger deals are much harder to make work, both financially and operationally, and they will always have a higher bar. So very important for us and for the new Johnson & Johnson, the focus in our med tech business and how much we are going to prioritize this area of our business.

總體而言，我們過去的收購表明我們在管理小型交易和臨時交易方面表現出色，這是我們的基本情況。但與此同時，我們的交易規模並沒有人為的上限。我們一直在尋找市場上存在的任何機會。但正如我之前所說，當我評論藥品時，我們確實知道，無論是在財務上還是在運營上，更大的交易都更難實現，而且它們總是會有更高的標準。對我們和新的強生公司來說非常重要，重點關注我們的醫療技術業務，以及我們將在多大程度上優先考慮這一業務領域。

Your next question comes from Chris Schott with JPMorgan.

您的下一個問題來自摩根大通的 Chris Schott。

Just 2 quick ones here. First, on operating margin leverage, you're talking about 50 basis points in '22. But as I think about longer term, I think about J&J, they got a broad pipeline of assets to invest in. Can we think about the company continuing to leverage its P&L over the next few years, I guess, particularly as you head into the STELARA LOE? Or should we think about a window of time, longer term, where some of the top line growth is maybe reinvested back in the business and margin expansion kind of is a bit more muted for a few years?

這裡只有 2 個快速的。首先，關於營業利潤率槓桿，您說的是 22 年的 50 個基點。但是當我考慮長期時，我想到強生，他們有廣泛的資產可供投資。我想，我們能否考慮一下該公司在未來幾年繼續利用其損益，特別是當你進入史黛拉·洛伊？或者我們是否應該考慮一個時間窗口，從長遠來看，一些收入增長可能會重新投資於業務，而利潤率擴張在幾年內會更加緩慢？

And then, Joaquin, just following up on the M&A in Medical Devices, I just want to make sure I'm clear. As we think about business development and the role it's going to play within that division, should we be thinking about something very different than in the past? Or is this more about a tweak in the approach and the strategy from what you've been seeing recently? So is this a lot more deals? If they're smaller or something bigger? Or again, is it just kind of accelerating maybe a bit from what you've been doing in the last few years?

然後，華金，只是跟進醫療器械的併購，我只是想確保我清楚。當我們考慮業務發展以及它將在該部門中扮演的角色時，我們是否應該考慮與過去截然不同的事情？或者這更多是關於您最近看到的方法和策略的調整？那麼這是更多的交易嗎？如果它們更小或更大？或者再一次，它只是比你過去幾年所做的有點加速嗎？

Yes. Thanks for the question, Chris. With respect to operating margins, I think the 50 basis points is probably something that is reasonable to expect this year given some of the inflationary pressures that we've outlined likely to be experienced in the first half of this year.

是的。謝謝你的問題，克里斯。關於營業利潤率，鑑於我們概述的一些通脹壓力可能在今年上半年出現，我認為今年 50 個基點的預期可能是合理的。

That being said, given the size of our company, we do think we can always improve kind of the infrastructure, our operating model, to find some leverage in the P&L. I won't commit to any -- to say it's each and every year. I think that's going to be very much dependent upon the opportunities that are presented to us in any given year. And if we've got an opportunity to invest disproportionately in R&D, on a particular asset, we will do that, and we just have to size up that opportunity. But I do think, as a general rule, given the size of our company, that we should find some opportunity to operate where we can leverage.

話雖如此，考慮到我們公司的規模，我們確實認為我們總是可以改進基礎設施，我們的運營模式，以在損益表中找到一些影響力。我不會承諾任何 - 說它是每年。我認為這將在很大程度上取決於在任何給定年份呈現給我們的機會。如果我們有機會在特定資產上不成比例地投資於研發，我們就會這樣做，我們只需要評估這個機會。但我確實認為，作為一般規則，鑑於我們公司的規模，我們應該找到一些機會在我們可以利用的地方開展業務。

I would like to see us, as we separate the company, maybe be relabeled as more of a growth company, and therefore, we may reposition that, taking that top line growth and putting that back into the business. But as you can see, even in recent years, we've had, I would say, significant operating margin improvement, but we have not starved investment. R&D was up over last year's record-setting year by $2.6 billion or 20%, as Jess mentioned. So we feel that we're finding that right balance, and we'll continue to do so moving forward.

我希望看到我們，當我們分離公司時，可能會被重新貼上更多成長型公司的標籤，因此，我們可能會重新定位，將收入增長重新投入到業務中。但正如你所看到的，即使在最近幾年，我們的營業利潤率也有了顯著提高，但我們並沒有缺乏投資。正如 Jess 所說，研發比去年創紀錄的一年增加了 26 億美元或 20%。所以我們覺得我們正在找到正確的平衡，我們將繼續這樣做。

Thank you. And when it comes to your question, Chris, about M&A in the med tech business. Our aspiration in med tech is to be the first or the second in the markets that we participate. And if we are in markets that -- if we are not in markets that are growing, also have a path to get there, right?

謝謝你。當談到你的問題時，克里斯，關於醫療技術業務的併購。我們在醫療技術領域的願望是成為我們參與的市場中的第一或第二。如果我們所在的市場——如果我們不在正在增長的市場中，也有通往那裡的道路，對吧？

Recently, we have divested some of the businesses, like diagnostics, and diabetes, where we came to the conclusion that it was difficult to get into this #1, #2 position, and that was better to sell that business in order to create value. So given the recent divestment activity, what I want to emphasize, and I have alluded at the outset, is that my priority now is to be more on the acquisitive side and to be more aggressive on the acquisition side, identifying products that complement our portfolio but play in higher-growth markets or market segments that we are today. So that's the change in outlook that you are noticing.

最近，我們剝離了一些業務，如診斷和糖尿病，我們得出的結論是，很難進入第一、第二的位置，最好出售該業務以創造價值.因此，鑑於最近的撤資活動，我想強調並且我一開始就提到過的是，我現在的首要任務是在收購方面更加積極，在收購方面更加積極，確定能夠補充我們投資組合的產品但要在我們今天的高增長市場或細分市場中發揮作用。這就是你注意到的前景變化。

And Chris, my job will be to keep him disciplined, right? But he's going to conduct that anyway.

克里斯，我的工作是讓他保持自律，對吧？但無論如何，他都會這樣做。

Next question is from Joanne Wuensch with Citibank.

下一個問題來自花旗銀行的 Joanne Wuensch。

There are a lot of factors that go into -- I'm thinking about 2022. Obviously, COVID, staffing shortages, foreign exchange, freight, inflation and in certain areas external supply. When you put together your guidance, how did you weight all these? And is there a lower-end, higher-end range? How do we think about all of these different factors as we think about the start of the year?

有很多因素影響——我正在考慮 2022 年。顯然，COVID、人員短缺、外匯、貨運、通貨膨脹以及某些領域的外部供應。當你把你的指導放在一起時，你是如何衡量所有這些的？有低端、高端的範圍嗎？在考慮年初時，我們如何考慮所有這些不同的因素？

It's a great question, Joanne, and thank you for it. It's -- and it certainly has been a moving target as we had certain thoughts as '22 would shape up in the beginning of December to where we are actually ending up today. We've tried to address all the risks that are appropriate based on the information that we have as of January 26. And so we've taken into account, I think, a favorable outlook and an improving trend in Medical Devices, but also the fact that it's going to be a slower start to the year for some of the factors that we mentioned. The same type of position was taken with consumer and some of the supply constraints from some of our suppliers. So I think it's the right balance for where we stand today. We know from the last 2 years that things will likely change, and we'll adjust accordingly.

這是一個很好的問題，喬安妮，謝謝你。這是 - 它肯定是一個移動的目標，因為我們有某些想法，因為 '22 將在 12 月初形成到我們今天實際結束的位置。我們已嘗試根據截至 1 月 26 日的信息解決所有適當的風險。因此，我認為，我們考慮到了醫療器械的良好前景和改善趨勢，但也考慮到了事實上，由於我們提到的一些因素，今年的開局將較慢。消費者和我們的一些供應商的一些供應限制也採取了同樣的立場。所以我認為這是我們今天所處位置的正確平衡。我們從過去 2 年知道情況可能會發生變化，我們會做出相應的調整。

In Pharmaceuticals, there's really not much of a change there. We expect that to be pretty stable. We enjoyed our tenth consecutive year of above-market growth, and we're planning for an 11th year in 2022. We did take note of some of the larger insurers who commented last week during their earnings calls about reduced office visits, so we'll continue to monitor that. But given the portfolio in Pharmaceuticals and various severe diseases that we address with our products, we don't see much change there.

在製藥領域，那裡確實沒有太大變化。我們預計這將非常穩定。我們享受了連續第十年高於市場增長的情況，我們計劃在 2022 年實現第 11 年。我們確實注意到了一些大型保險公司，他們上週在財報電話會議上發表了關於減少辦公室訪問量的評論，所以我們將繼續監控。但鑑於我們用我們的產品解決的藥品和各種嚴重疾病的組合，我們看不到那裡有太大的變化。

I would add to that, that just we take into consideration some of the headwinds related to the pandemic and also macroeconomic headwinds like inflation, and that's something that we take into consideration when we build our guidance. At the same time, we remain very optimistic in multiple fronts. We remain optimistic on the fact that -- as I commented before when I was talking about med tech, the strong underlying demand for health care is there. And there's still lots to do in multiple diseases in order to address suffering and death there. So there's a strong underlying demand for medical care.

我還要補充一點，只是我們考慮到與大流行相關的一些不利因素以及通貨膨脹等宏觀經濟不利因素，這是我們在製定指導時考慮的因素。同時，我們在多個方面仍然非常樂觀。我們仍然對以下事實保持樂觀——正如我之前在談論醫療技術時所評論的那樣，存在對醫療保健的強大潛在需求。為了解決那裡的痛苦和死亡，在多種疾病方面還有很多工作要做。因此，對醫療保健的潛在需求很大。

And at the same time, both in med tech and in biopharmaceuticals, you see significant opportunity for science progress in terms of new treatment modalities that will give us the opportunity to enrich our pipelines and get to more patients. So we are optimistic about the underlying fundamentals of the new Johnson & Johnson. If you combine that with our scale and diversification, that gives us more confidence on being able to provide a consistent, solid volume-based revenue growth in 2022, as we have described, and at the same, time, being able to have EPS growth which exceeds our revenue growth.

同時，無論是在醫療技術領域還是在生物製藥領域，您都看到了在新治療方式方面科學進步的重大機遇，這將使我們有機會豐富我們的管道並接觸更多患者。因此，我們對新強生的基本面持樂觀態度。如果您將其與我們的規模和多元化相結合，這將使我們更有信心在 2022 年提供基於銷量的持續穩定的收入增長，正如我們所描述的那樣，同時能夠實現每股收益增長這超過了我們的收入增長。

All that is underpinned by a strong investment in R&D. It's important to underline what Joe commented before, we had that record year of investment in R&D in 2021 with close to 21% increase. This is not going to be every year like that, but we are really betting on the future and on the underlying fundamentals when we are thinking about 2022 and beyond.

所有這一切都得益於對研發的大力投資。重要的是要強調 Joe 之前的評論，我們在 2021 年的研發投資創下了創紀錄的一年，增長了近 21%。這不會是每年都這樣，但當我們考慮 2022 年及以後的時間時，我們真的在押注未來和基本面。

Next question is from Matt Miksic with Credit Suisse.

下一個問題來自瑞士信貸的 Matt Miksic。

So I have one follow-up on just the topic you were touching on, Joaquin around R&D investment, and then a follow-up for Joe, if I could, on inflationary pressure.

所以我有一個關於你剛剛談到的話題的後續行動，華金圍繞研發投資，然後如果我可以的話，還有一個關於通脹壓力的後續行動。

So you mentioned a couple of times the investments in R&D and in particular in med devices. I'm wondering if you could talk a little bit about which one of your -- ones of your programs you're sort of seeing the most investment? And then also in particular, either through R&D investment or M&A, how you see sort of digital playing a role in your sort of organic and strategic investments this year.

因此，您多次提到研發投資，特別是醫療設備方面的投資。我想知道你是否可以談談你的哪一個 - 你的項目中你看到的投資最多？然後特別是通過研發投資或併購，您如何看待數字化在您今年的有機和戰略投資中發揮作用。

And the follow-up for Joe is just on inflation. It's a topic that I think everyone is struggling with how to understand, the ways that this is impacting margins and businesses. Joe, you mentioned a couple of things about the way that you're offsetting some of these pressures in consumer, perhaps labor and supply costs. I was wondering if you could maybe just touch on the different ways it's affecting your different businesses and how you're managing through that. I'd appreciate that.

喬的後續行動只是關於通貨膨脹。這是一個我認為每個人都在努力理解如何理解它影響利潤和業務的方式的話題。喬，你提到了一些關於你抵消消費者壓力的方式，也許是勞動力和供應成本。我想知道您是否可以僅談談它影響您不同業務的不同方式以及您如何管理它。我會很感激的。

Yes. So Matt, let me start with some of the inflationary pressures that we're seeing and how we're offsetting those. So in consumer, there's, I would say, select products within the portfolio, think Skin Health and Beauty, as mentioned in the prepared remarks, where lubricants and things of that nature are in shorter supply. There are some, I'd say, probably increased labor costs with respect to third-party manufacturers, and we're obviously seeing heightened transportation costs.

是的。所以馬特，讓我從我們看到的一些通脹壓力以及我們如何抵消這些壓力開始。所以在消費者方面，我想說的是，在產品組合中選擇產品，想想皮膚健康和美容，正如準備好的評論中提到的那樣，潤滑劑和這種性質的東西供應不足。我想說，相對於第三方製造商來說，有些可能會增加勞動力成本，而且我們顯然看到了運輸成本的增加。

We are, like the competitors in the consumer space, offsetting some of those costs with select price increases in our portfolio, where we can still provide those trusted brands and products to people without really impacting the elasticity or the demand of those products overall. We think we can strike that right balance as others have.

與消費領域的競爭對手一樣，我們通過在我們的產品組合中選擇提價來抵消其中的一些成本，我們仍然可以向人們提供那些值得信賴的品牌和產品，而不會真正影響這些產品的彈性或整體需求。我們認為我們可以像其他人一樣取得正確的平衡。

In Medical Devices, I would say it's around the labor input costs and some of the staffing related to COVID-19, I would say in the sense of overstaffing to some degree. But those are costs that are clearly managed. Their, much like Pharmaceuticals, are not prices that we can increase. And then, in fact, the stellar performance that you saw in Pharmaceuticals was the sixth consecutive year where we actually had negative price. So the growth that you see is more than 100% of volume due to the innovation and the ability to address unmet medical needs. And then with Medical Devices, most of those, specifically in the U.S., are contractual by nature, so there's limited opportunity there as well.

在醫療器械方面，我會說這是圍繞勞動力投入成本和與 COVID-19 相關的一些人員配備，我會說在某種程度上人員過剩。但這些都是明確管理的成本。它們就像藥品一樣，不是我們可以提高的價格。然後，事實上，你在製藥業看到的出色表現是我們連續第六年出現負價格。因此，由於創新和解決未滿足的醫療需求的能力，您看到的增長超過了銷量的 100%。然後是醫療器械，其中大多數，特別是在美國，本質上是合同性質的，所以那裡的機會也很有限。

So where we can, specifically in consumer, we're looking to pass some of those cost increases on. In other spots, we continue to have supply chain initiatives, manufacturing initiatives that have been in place really for a number of years as part of our overall cost management program.

因此，在我們可以的地方，特別是在消費者方面，我們希望將部分成本增加轉嫁給消費者。在其他地方，作為我們整體成本管理計劃的一部分，我們繼續實施多年的供應鏈計劃和製造計劃。

Thank you. So going into med tech, R&D and med tech innovation, let me start by the fact that during 2021, we launched over 20 significant products across each segment of the Medical Device business. Some examples of that. For example in electrophysiology, we had a limited launch of our QDOT MICRO in Europe. QDOT is a first-in-kind smart micro-catheter which is designed to deliver about 2 to 3x the amount of energy, and at the same time, reduce the total patient exposure and provided exposure to fluoro and reduced total procedure time. And that's helping us in driving our position in electrophysiology.

謝謝你。因此，進入醫療技術、研發和醫療技術創新，讓我從一個事實開始，即在 2021 年，我們在醫療器械業務的各個領域推出了 20 多種重要產品。一些例子。例如，在電生理學領域，我們在歐洲推出了有限的 QDOT MICRO。 QDOT 是首創的智能微導管，旨在提供大約 2 到 3 倍的能量，同時減少患者的總暴露量並提供氟暴露並減少總手術時間。這有助於我們推動我們在電生理學領域的地位。

In Orthopaedics, we continue our enhancements in orthopedic knees, both with the differentiated next-generation VELYS Robotic-Assisted system. And at the same time, we had the introduction in December of the ATTUNE Cementless fixed bearing base. So these introductions are making us more competitive in the knee space, in the knee arena.

在骨科領域，我們通過差異化的下一代 VELYS 機器人輔助系統繼續改進骨科膝關節。同時，我們在 12 月推出了 ATTUNE Cementless 固定軸承座。因此，這些介紹使我們在膝蓋領域，在膝蓋領域更具競爭力。

In advanced surgery, we have some augmentations to energy -- to our energy portfolio with our ENSEAL X1 Curved Jaw Tissue Sealer. And in Vision, we introduced our ACUVUE OASYS MULTIFOCAL contact lenses. And in Surgical Vision, our intraocular lenses, TECNIS Eyhance and TECNIS Synergy. So great innovation which is driving our better performance in market performance.

在高級手術中，我們通過 ENSEAL X1 Curved Jaw Tissue Sealer 對能量組合進行了一些增強。在 Vision 中，我們推出了我們的 ACUVUE OASYS 多焦點隱形眼鏡。在外科視覺領域，我們的人工晶狀體 TECNIS Eyhance 和 TECNIS Synergy。如此偉大的創新正在推動我們在市場表現方面取得更好的表現。

When it comes to our pipeline, there are a number of exciting things coming up. For example, our next-generation diagnostic catheter in electrophysiology and also a potential solution in pulsed field ablation. So all these areas make us believe that we're going to remain extremely competitive in electrophysiology. We continue to prioritize the expansion of our VELYS digital surgery potentially into the hip space and also foot and ankle solutions in Orthopaedics.

當談到我們的管道時，會出現許多令人興奮的事情。例如，我們的下一代電生理診斷導管，也是脈衝場消融的潛在解決方案。因此，所有這些領域都讓我們相信，我們將在電生理學領域保持極具競爭力。我們繼續優先考慮將我們的 VELYS 數字手術擴展到髖關節空間以及骨科的足踝解決方案。

And specifically, to your question on digital surgery, That's a very important area for us. We have a bold ambition there, and we are already making progress. The first launch was our MONARCH robotic system. Our MONARCH robotic system, it's enabling in endoluminal bronchoscopies. And we have already launched it in the U.S., and it's progressing really well. And we are also studying our MONARCH robotic system to deliver energy and also a payload of pharmaceuticals for being able to do local treatment of early lung cancer lesions.

具體來說，對於您關於數字手術的問題，這對我們來說是一個非常重要的領域。我們在這方面有一個大膽的抱負，而且我們已經取得了進展。首次推出的是我們的 MONARCH 機器人系統。我們的 MONARCH 機器人系統可用於腔內支氣管鏡檢查。我們已經在美國推出了它，而且進展非常順利。我們還在研究我們的 MONARCH 機器人系統，以提供能量和有效載荷的藥物，以便能夠對早期肺癌病變進行局部治療。

At the same time, we have also submitted a 510(k) expansion of MONARCH for a potential treatment in kidney stones that will give us an expanded market in this area. I commented on our successful launch of our robotic system with VELYS, and we recognize that we will have to continue to be committed to developing Ottava and entering into the general surgery market with a highly competitive offering. And we are working through that as soon as possible and we will provide updates as we progress.

同時，我們還提交了 MONARCH 的 510(k) 擴展，用於腎結石的潛在治療，這將使我們在該領域擴大市場。我評論了我們與 VELYS 成功推出的機器人系統，我們認識到我們將必須繼續致力於開發 Ottava 並以極具競爭力的產品進入普通外科市場。我們正在盡快解決這個問題，我們將隨著我們的進展提供更新。

The next question is from Danielle Antalffy with SVB Leerink.

下一個問題來自 SVB Leerink 的 Danielle Antalffy。

Joaquin, welcome to your new position. Good to hear you on the call.

華金，歡迎來到你的新職位。很高興聽到你的電話。

Just a question on M&A. I mean, that seems to be a hot topic, seems to be a more aggressive stance there. And specifically, in Medical Devices, just thinking about the commentary around preference on tuck-ins. But you have some larger players with a broader presence in areas where you guys actually have pretty significant gap. And these players do have the 1 or 2 position in most of these markets, albeit it's a mix of some higher-growth versus some lower-growth markets, but certainly gives you the scale that seems like is the direction that the market might be moving in.

只是一個關於併購的問題。我的意思是，這似乎是一個熱門話題，似乎是一個更具侵略性的立場。具體來說，在醫療器械中，只需考慮關於折疊式偏好的評論。但是你們有一些更大的玩家，在你們實際上有相當大差距的領域有更廣泛的存在。這些參與者確實在這些市場中的大多數中佔據 1 或 2 的位置，儘管它是一些高增長市場和一些低增長市場的混合體，但肯定會給你提供市場可能發展方向的規模在。

Just curious if you can comment on sort of how you're balancing the approach to building out further a competitive Medical Device portfolio versus sort of getting it with scale or doing a bunch of tuck-ins that ultimately get you there maybe 5, 10 years down the line. Just wanted to see if you guys could comment on how you're thinking about that.

只是想知道您是否可以評論一下您如何平衡建立進一步具有競爭力的醫療設備產品組合的方法與某種規模化或做一堆最終讓您可能在 5 年或 10 年內實現目標的方法下線。只是想看看你們是否可以評論一下你們對此的看法。

Thank you. As I have commented in the past occasion, Danielle, our preference is clearly, both in med tech and in pharma, to look for earlier-stage deals or smaller tuck-in deals in which we can deploy our own capabilities in development, manufacturing and commercialization in order to create value. And that's where we have been successful, and we are always trying to look for opportunities in that context in market segments that are going to enable us to enter into higher-growth areas or to complement through adjacencies our existing portfolio. So that is the way we have been creating value in a very significant way, both in pharma and in med tech.

謝謝你。正如我在過去的場合所評論的，丹妮爾，我們的偏好顯然是，無論是在醫療技術還是製藥行業，尋找早期階段的交易或較小的整合交易，我們可以在這些交易中部署我們自己的開發、製造和商業化以創造價值。這就是我們成功的地方，我們一直在努力在這種情況下在細分市場中尋找機會，這些機會將使我們能夠進入更高增長的領域或通過鄰接來補充我們現有的產品組合。這就是我們在製藥和醫療技術領域以非常重要的方式創造價值的方式。

While our past history always suggests smaller deals, as I said before, we don't have an artificial ceiling as far as deal size. It has to be something that has to be workable financially and in terms of value-creating for shareholders. And typically larger deals are harder to make work both financial and operationally. So that's where we make it more of an emphasis in areas where we have a higher chance of creating value.

正如我之前所說，雖然我們過去的歷史總是暗示交易規模較小，但就交易規模而言，我們並沒有人為的上限。它必須在財務上和為股東創造價值方面是可行的。通常，較大的交易更難在財務和運營方面發揮作用。所以這就是我們在創造價值的機會更高的領域更加重視的地方。

We are open to midsized and larger deals, and we have demonstrated that we have done that in the past, like we did, for example, with Actelion. But we tend to prefer this small new molecule, new device that we can, as I said before, apply a lot of our scientific technology, regulatory expertise and ultimately create this $1 billion platforms that we have, both in med tech and in Pharmaceuticals.

我們對中型和大型交易持開放態度，並且我們已經證明我們過去已經這樣做了，就像我們對 Actelion 所做的那樣。但我們傾向於更喜歡這種小的新分子、新設備，正如我之前所說，我們可以應用我們的許多科學技術、監管專業知識，並最終創建我們在醫療技術和製藥領域擁有的價值 10 億美元的平台。

So that's our preference. That's our strategy, but we always remain open to investigate any opportunity or possibility that may be out there. It just has a higher bar from a financial and operational perspective.

所以這是我們的偏好。這是我們的策略，但我們始終保持開放態度，以調查可能存在的任何機會或可能性。從財務和運營的角度來看，它只是有更高的標準。

thank you, Danielle. We have time for one last question. Rob, last question, please.

謝謝你，丹妮爾。我們有時間回答最後一個問題。 Rob，最後一個問題，請。

That question is from the line of Chris Shibutani with Goldman Sachs.

這個問題來自高盛的 Chris Shibutani。

Joaquin, welcome. A question on STELARA, the loss of exclusivity obviously coming up in September of 2023. Can you update us on your thinking about what the erosion curve could look like? I think that there's some underpinnings in terms of different indications that have been growing. A major competitor with a similarly yeared major blockbuster product in the I&I category has that. And they said that they could update the thinking perhaps towards midyear. Is there a similar update that you might be able to provide? How can we learn more about what the STELARA biosimilar erosion could look like?

華金，歡迎。關於 STELARA 的一個問題，排他性的喪失顯然會在 2023 年 9 月出現。你能告訴我們你對侵蝕曲線可能是什麼樣子的看法嗎？我認為在不同的跡象方面有一些基礎，這些跡像一直在增長。在 I&I 類別中擁有類似年份的主要重磅產品的主要競爭對手就是這樣。他們說他們可能會在年中更新想法。您是否可以提供類似的更新？我們如何才能更多地了解 STELARA 生物仿製藥侵蝕的情況？

Chris, and let me take this opportunity also to express how optimistic we are about the future of Pharmaceuticals, and we express in our Pharmaceutical R&D Day that we are very confident of being able to continue to deliver above-market growth through the STELARA patent expiration in the U.S.

克里斯，讓我也藉此機會表達我們對藥品未來的樂觀態度，我們在藥品研發日表示，我們非常有信心能夠通過 STELARA 專利到期繼續實現高於市場的增長在美國

And we are also very confident on the strength that we are showing also in immunology, for example, with TREMFYA growing [83%] (corrected by company after the call) and really exceeding expectations. We are very confident on the potential of TREMFYA, which has exceeded already $2 billion in sales and has gained share both in psoriasis and psoriatic arthritis. So very, very positive about the future of our Pharmaceutical portfolio and also about the strength of STELARA in the immunology market.

而且我們也對我們在免疫學方面表現出的實力非常有信心，例如，隨著 TREMFYA 的增長 [83%]（在電話會議後由公司更正）並且確實超出了預期。我們對 TREMFYA 的潛力非常有信心，它的銷售額已經超過 20 億美元，並且在銀屑病和銀屑病關節炎方面都獲得了份額。對我們製藥產品組合的未來以及 STELARA 在免疫學市場的實力非常非常樂觀。

Regarding the erosion of STELARA, we are going to provide you updates as time goes by. We'll see how things play out with the competitor that is going to go off-patent. We'll also learn from our experience with REMICADE, which will be a very good proxy for us. And have no doubt, as we approach 2023, we'll be able to provide you a more accurate guidance of what we expect. We -- as I said, we remain optimistic that we'll be able to deliver growth during the STELARA patent expiration every single year.

關於 STELARA 的侵蝕，我們將隨著時間的推移為您提供更新。我們將看看與即將過期的競爭對手的情況如何。我們還將從 REMICADE 的經驗中學習，這對我們來說將是一個很好的代理。毫無疑問，隨著我們臨近 2023 年，我們將能夠為您提供更準確的預期指導。我們 - 正如我所說，我們仍然樂觀地認為我們將能夠在每年的 STELARA 專利到期期間實現增長。

Thank you, Chris. And thanks to everyone for your questions and your continued interest in our company. We apologize to those we couldn't get to because of time, but don't hesitate to reach out to the Investor Relations team as needed. I will now turn the call back to Joaquin for some closing remarks.

謝謝你，克里斯。感謝大家提出的問題和對我們公司的持續關注。我們向那些由於時間原因無法聯繫到的人道歉，但請隨時根據需要與投資者關係團隊聯繫。我現在將把電話轉回華金，做一些結束語。

Thank you, everyone, and thank you for your comments and questions today in this, my first call as CEO of Johnson & Johnson.

謝謝大家，感謝你們今天在我作為強生公司首席執行官的第一次電話中提出的意見和問題。

Every day, as I get into this job, I am reminded of the importance of our mission to continue to work in changing the trajectory of health for humanity. And it's a purpose that energizes everyone at Johnson & Johnson, the 140,000 employees of Johnson & Johnson. We are proud of our performance in 2021 and believe we are extremely well positioned for 2022. We look forward to keep you informed throughout the year. And until then, please be well. Thank you very much.

每天，當我進入這份工作時，我都會想起我們繼續努力改變人類健康軌蹟的使命的重要性。這是一個激勵強生公司每個人的目標，強生公司的 140,000 名員工。我們為我們在 2021 年的表現感到自豪，並相信我們在 2022 年處於非常有利的位置。我們期待全年為您提供最新信息。在那之前，請好好的。非常感謝。

Thank you. This concludes today's Johnson & Johnson's Fourth Quarter 2021 Earnings Conference Call. You may now disconnect.

謝謝你。今天的強生公司 2021 年第四季度收益電話會議到此結束。您現在可以斷開連接。