嬌生 (JNJ) 2022 Q1 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's First Quarter 2022 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 2022 年第一季度收益電話會議。 （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 Joe Wolk, Executive Vice President and Chief Financial Officer of Johnson & Johnson. Thank you for joining us today to discuss our company's first quarter 2022 financial results and full year 2022 outlook.

早上好。我是強生公司執行副總裁兼首席財務官喬·沃爾克。感謝您今天加入我們，討論我們公司 2022 年第一季度的財務業績和 2022 年全年展望。

While many things have changed in the world since our last call, much has stayed the same for Johnson & Johnson. We continued to deliver reliable growth and generate meaningful free cash flow, enabling us to invest and advance our pipeline, increase our dividend for the 60th consecutive year and continued to make a positive impact across the landscape of health care. It is, however, important to take a few moments to recognize the current events that are impacting the world we're living in.

雖然自上次電話會議以來世界上發生了許多變化，但強生公司的很多事情都保持不變。我們繼續實現可靠增長並產生有意義的自由現金流，使我們能夠投資和推進我們的管道，連續第 60 年增加股息，並繼續對醫療保健領域產生積極影響。然而，重要的是花一點時間來認識正在影響我們生活的世界的當前事件。

Today, while we're all still managing through the global pandemic, as evidenced by the current surge of cases in China, we also acknowledge the increasing hardship brought on by the war in Ukraine. We remain focused on the safety of our employees and their families. Guided by our credo and grounded in our purpose, our hearts are with all those affected by these crises and hope for a rapid resolution to both.

今天，雖然我們都還在應對全球大流行，正如中國目前病例激增所證明的那樣，我們也承認烏克蘭戰爭帶來的困難越來越大。我們仍然專注於員工及其家人的安全。以我們的信條為指導，以我們的目標為基礎，我們的心與所有受這些危機影響的人同在，並希望迅速解決這兩個問題。

Now I'd like to turn the program over to Jessica Moore, Vice President, Investor Relations, to take you through our Q1 results.

現在，我想將該計劃交給投資者關係副總裁 Jessica Moore，帶您了解我們的第一季度業績。

Thank you, Joe. 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.

謝謝你，喬。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.

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。

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.

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。

A further description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2021 Form 10-K, 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.

這些風險、不確定性和其他因素的進一步描述可以在我們的 SEC 文件中找到，包括我們的 2021 年表格 10-K，以及用於今天討論的非 GAAP 財務指標與最具可比性的 GAAP 指標的對賬。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 first quarter sales and P&L results for the corporation and the 3 segments. Following, Joe will provide additional business and financial commentary before sharing an overview of our cash position, our capital allocation priorities and the updated guidance for 2022. The remaining time will be available for your questions.

轉到今天的議程。我將回顧公司和三個部門的第一季度銷售和損益結果。接下來，Joe 將提供額外的業務和財務評論，然後分享我們的現金狀況、資本分配優先事項和 2022 年更新指南的概述。剩餘時間將用於回答您的問題。

During the Q&A portion of the call, Joe will be joined by: Ashley McEvoy, Executive Vice President and Worldwide Chair, Medtech; Thibaut Mongon, Executive Vice President and Worldwide Chair, Consumer Health; and Jennifer Taubert, Executive Vice President and Worldwide Chair, Pharmaceutical.

在電話問答環節，Joe 將加入：Medtech 執行副總裁兼全球主席 Ashley McEvoy； Thibaut Mongon，消費者健康執行副總裁兼全球主席；以及製藥公司執行副總裁兼全球主席 Jennifer Taubert。

We have heard your feedback and are implementing a few enhancements this quarter. First, we are now providing select earlier phase clinical trial information on our pharmaceutical pipeline to streamline your data collection efforts from clinicaltrials.gov. Second, rather than sharing detailed business performance commentary on each part of the business, I will summarize the significant business drivers, leaving more time for Q&A. You can find additional detailed segment commentary in our earnings presentation. We anticipate the webcast will last up to 60 minutes. Now let's move to the first quarter results.

我們聽取了您的反饋，並在本季度實施了一些增強功能。首先，我們現在提供有關我們藥物管道的精選早期臨床試驗信息，以簡化您從臨床試驗.gov 收集數據的工作。其次，我不會分享對業務各個部分的詳細業務績效評論，而是總結重要的業務驅動因素，留出更多時間進行問答。您可以在我們的收益報告中找到更多詳細的細分市場評論。我們預計網絡直播將持續長達 60 分鐘。現在讓我們轉到第一季度的結果。

Worldwide sales were $23.4 billion for the first quarter of 2022, an increase of 5% versus the first quarter of 2021. Operational sales growth, which excludes the effect of translational currency, increased 7.7% as currency had a negative impact of 2.7 points.

2022 年第一季度全球銷售額為 234 億美元，比 2021 年第一季度增長 5%。由於貨幣產生了 2.7 個百分點的負面影響，營業銷售額增長（不包括換算貨幣的影響）增長了 7.7%。

In the U.S., sales increased 2.7%. In regions outside the U.S., our reported growth was 7.2%. Operational sales growth outside the U.S. was 12.6% with currency negatively impacting our reported OUS results by 5.4 points. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 7.9% worldwide, 2.8% in the U.S. and 12.9% outside the U.S.

在美國，銷售額增長了 2.7%。在美國以外的地區，我們報告的增長率為 7.2%。美國以外的運營銷售額增長 12.6%，匯率對我們報告的 OUS 結果產生了 5.4 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 7.9%，美國為 2.8%，美國以外為 12.9%。

Turning now to earnings. For the quarter, net earnings were $5.1 billion and diluted earnings per share was $1.93 versus diluted earnings per share of $2.32 a year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $7.1 billion and adjusted diluted earnings per share was $2.67, representing increases of 3% and 3.1%, respectively, compared to the first quarter of 2021. On an operational basis, adjusted diluted earnings per share increased 6.2%.

現在轉向收益。本季度的淨收益為 51 億美元，每股攤薄收益為 1.93 美元，而一年前的每股攤薄收益為 2.32 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 71 億美元，調整後稀釋每股收益為 2.67 美元，分別比 2019 年第一季度增長 3% 和 3.1% 2021. 在運營基礎上，調整後的攤薄每股收益增長了 6.2%。

I will now comment on business segment sales performance highlights. Unless otherwise stated, percentages quoted represent the operational sales change in comparison to the first quarter of 2021 and therefore exclude the impact of currency translation.

我現在將評論業務部門的銷售業績亮點。除非另有說明，否則所引用的百分比代表與 2021 年第一季度相比的運營銷售額變化，因此不包括貨幣換算的影響。

Beginning in 2022, certain over-the-counter products previously reported under the Pharmaceutical segment have been reclassed to Consumer Health. These products represent roughly $100 million of sales per quarter. Please refer to the supplemental sales schedules for prior year restatements. Also, as stated in our 2021 10-K, effective January, our Medical Devices segment is now referred to as MedTech.

從 2022 年開始，之前在醫藥板塊下報告的某些非處方產品已重新歸類為消費者健康。這些產品每季度的銷售額約為 1 億美元。請參閱上一年度重述的補充銷售時間表。此外，正如我們在 2021 年 10-K 中所述，自 1 月起生效，我們的醫療器械部門現在被稱為 MedTech。

Beginning with Consumer Health. Worldwide Consumer Health sales of $3.6 billion increased 0.8% with a decline of 3.4% in the U.S. and growth of 4.1% outside the U.S. Excluding the impact of acquisitions and divestitures, Worldwide growth was 1.6%. Consumer Health was negatively impacted by industry-wide external supply constraints, primarily due to ingredients and packaging availability as well as labor shortages largely reflected in our Skin Health and Beauty business, worth approximately 280 basis points worldwide and 500 basis points in the U.S. Adjusting for these constraints, Consumer Health delivered solid results, primarily due to above-market growth in OTC driven by increased TYLENOL, MOTRIN and upper respiratory product sales.

從消費者健康開始。全球消費者健康銷售額為 36 億美元，增長 0.8%，其中美國下降 3.4%，美國以外地區增長 4.1%。不計收購和資產剝離的影響，全球增長 1.6%。消費者健康受到全行業外部供應限制的負面影響，主要是由於成分和包裝的供應以及勞動力短缺，這主要反映在我們的皮膚健康和美容業務中，全球價值約 280 個基點，美國為 500 個基點。在這些限制條件下，Consumer Health 取得了可觀的業績，這主要是由於 TYLENOL、MOTRIN 和上呼吸道產品銷售的增長推動了 OTC 的高於市場的增長。

Moving on to our Pharmaceutical segment. Worldwide Pharmaceutical sales of $12.9 billion increased 9.3% with growth of 2.9% in the U.S. and 16.7% outside of the U.S. Base Pharmaceutical growth was driven by our broad portfolio of products paired with strong commercial execution, enabling us to deliver above-market adjusted operational sales growth, including 6 assets with double-digit growth in the quarter. Base business growth was due to strength from DARZALEX, TREMFYA STELARA, ERLEADA and our paliperidone long-acting portfolio. Growth was partially offset by LOE pressures from both REMICADE and ZYTIGA, along with decrease in IMBRUVICA and XARELTO sales. DARZALEX continues to drive very strong operational growth with sales increases of 40.3%, driven by subcutaneous formulation penetration and meaningful share gains across all lines of therapy and in all regions.

繼續我們的製藥部門。全球醫藥銷售額為 129 億美元，增長 9.3%，其中美國增長 2.9%，美國以外增長 16.7%。醫藥增長得益於我們廣泛的產品組合和強大的商業執行力，使我們能夠提供高於市場調整後的運營銷售額增長，包括本季度實現兩位數增長的 6 項資產。基礎業務增長得益於 DARZALEX 、 TREMFYA STELARA 、 ERLEADA 和我們的帕利哌酮長效產品組合的實力。 REMICADE 和 ZYTIGA 的 LOE 壓力以及 IMBRUVICA 和 XARELTO 銷售額的下降部分抵消了增長。 DARZALEX 繼續推動非常強勁的運營增長，銷售額增長 40.3%，這得益於皮下製劑滲透和所有治療線和所有地區的有意義的份額增長。

IMBRUVICA sales declined 3.9% worldwide due to increased competition from novel oral agents, particularly in the U.S. IMBRUVICA maintains its market leadership position worldwide and continues to drive growth outside of the U.S. despite ongoing competitive pressures.

由於來自新型口服藥物的競爭加劇，尤其是在美國，IMBRUVICA 的全球銷售額下降了 3.9%。儘管競爭壓力持續存在，但 IMBRUVICA 仍保持其全球市場領先地位，並繼續推動美國以外的增長。

XARELTO sales declined 13.8% in the U.S. driven largely by a net unfavorable prior period price adjustment and increased cost for patient access, partially offset by continued demand and market growth.

XARELTO 在美國的銷售額下降了 13.8%，主要是由於前期淨不利的價格調整和患者獲得成本增加，部分被持續的需求和市場增長所抵消。

The COVID-19 vaccine also contributed approximately $500 million to sales in the quarter. Given these results, we remain confident in our ability to deliver our 11th consecutive year of above-market adjusted operational sales growth in 2022.

COVID-19 疫苗還為本季度的銷售額貢獻了約 5 億美元。鑑於這些結果，我們仍然有信心在 2022 年實現連續第 11 年高於市場的調整後運營銷售增長。

I'll now turn your attention to the MedTech segment. Worldwide MedTech sales of $7 billion increased 8.5%, with growth of 5.6% in the U.S. and growth of 11.1% outside the U.S. Excluding the impact of acquisitions and divestitures, worldwide growth was 8.6%. We see strong performance in Q1 driven by market recovery, focused commercial strategies and differentiated new products driving enhanced or sustained market share across most of the 11 priority platforms. We continue to monitor potential impacts on elective procedures driven by COVID-19 resurgences across various markets.

我現在將您的注意力轉向醫療技術領域。全球醫療技術銷售額為 70 億美元，增長 8.5%，其中美國增長 5.6%，美國以外增長 11.1%。不計收購和資產剝離的影響，全球增長為 8.6%。我們看到，在市場復甦、重點商業戰略和差異化新產品的推動下，第一季度的強勁表現推動了 11 個優先平台中大多數平台的市場份額增加或持續。我們將繼續監測 COVID-19 在各個市場的死灰復燃對選舉程序的潛在影響。

Before highlighting the financial performance for the segment, I'd like to share a few notable first quarter MedTech events that demonstrate our stated aspirations of entering higher-growth market segments and continuing to build upon digital technologies across the portfolio.

在強調該部門的財務業績之前，我想分享一些值得注意的第一季度 MedTech 事件，這些事件表明了我們的既定願望，即進入更高增長的細分市場並繼續在整個投資組合中建立數字技術。

Two acquisitions were closed in the quarter, CrossRoads Extremity, with a differentiated portfolio of bunion and hammertoe solutions in the fast-growing elective foot and ankle market; and CUPTIMIZE, which will be a new addition to the VELYS digital surgery platform of connected technologies. The CUPTIMIZE solution is designed to give surgeons an easy-to-use tool to better understand and address the impact of abnormal motion between the spine and pelvis in some patients who require total hip arthroplasty and may help reduce the risk of dislocation related to pelvic tilt.

本季度完成了兩項收購，CrossRoads Extremity，在快速增長的選擇性足踝市場中擁有差異化的拇囊炎和槌狀趾解決方案組合；和 CUPTIMIZE，這將是 VELYS 互聯技術數字手術平台的新成員。 CUPTIMIZE 解決方案旨在為外科醫生提供一個易於使用的工具，以更好地了解和解決一些需要全髖關節置換術的患者的脊柱和骨盆之間異常運動的影響，並可能有助於降低與骨盆傾斜相關的脫位風險.

I am also pleased to share that Fast Company selected Johnson & Johnson MedTech as one 1 its top 10 World's Most Innovative Health Companies of 2022, recognizing MedTech's success and commitment to delivering breakthrough scientific innovation and reimagining health in an increasingly digital world. The Interventional Solutions franchise delivered another quarter of worldwide double-digit growth at 17.4%, with double-digit growth in both the U.S. and OUS regions, driven primarily by success of new products in electrophysiology, commercial execution and continued market recovery.

我也很高興地分享，Fast Company 將強生醫療科技公司選為 2022 年全球十大最具創新性的健康公司之一，這是對醫療科技公司在日益數字化的世界中實現突破性科學創新和重新構想健康的成功和承諾的認可。介入解決方案特許經營權在全球實現了又一個季度的兩位數增長，達到 17.4%，在美國和 OUS 地區均實現了兩位數的增長，這主要得益於新產品在電生理學、商業執行和持續市場復甦方面的成功。

Worldwide surgery grew 5%, driven by strong performance in wound closure and biosurgery where we continue to gain market share. MONARCH-enabled procedures now exceed 14,000 since launch, providing continued evidence of the adoption of MONARCH technology in patient treatment regimens.

全球外科手術增長了 5%，這得益於我們繼續獲得市場份額的傷口閉合和生物外科領域的強勁表現。自推出以來，啟用 MONARCH 的程序現已超過 14,000 個，為患者治療方案中採用 MONARCH 技術提供了持續的證據。

The worldwide Orthopaedics franchise grew 5.6%, reflecting COVID-19 recovery, continued penetration in the U.S. ambulatory surgery center channel or ASCs; and penetration of new product launches, such as enhancements to VELYS Hip Navigation, VELYS Robotic-Assisted Solution and ATTUNE Cementless Knee system. Partially offsetting this growth was softness in spine procedures in the U.S.

全球骨科專營權增長 5.6%，反映了 COVID-19 的恢復、美國門診手術中心渠道或 ASC 的持續滲透；並滲透新產品發布，例如增強 VELYS 髖關節導航、VELYS 機器人輔助解決方案和 ATTUNE Cementless Knee 系統。部分抵消了這種增長的是美國脊柱手術的柔軟度。

The worldwide Vision franchise continued its double-digit growth, growing 13.9% this quarter. Contact lenses global growth of 10.6% reflects continued positive momentum for our market-leading ACUVUE portfolio, success of commercial initiatives and recently launched products such as ACUVUE OASYS MULTIFOCAL and ACUVUE DEFINE FRESH.

全球 Vision 特許經營權繼續保持兩位數增長，本季度增長 13.9%。隱形眼鏡全球增長 10.6% 反映了我們市場領先的 ACUVUE 產品組合的持續積極勢頭、商業計劃的成功以及最近推出的 ACUVUE OASYS MULTIFOCAL 和 ACUVUE DEFINE FRESH 等產品。

Surgical Vision delivered global growth of 23.8%, with both the U.S. and OUS posting growth above 20%, fueled by market recovery and share momentum due to the success of recently launched products, including TECNIS Eyhance and TECNIS Synergy. As a reminder, additional sales commentary for all of our segments can be found on the slides.

Surgical Vision 的全球增長率為 23.8%，美國和 OUS 的增長率均超過 20%，這得益於近期推出的產品（包括 TECNIS Eyhance 和 TECNIS Synergy）的成功，市場復甦和份額增長勢頭強勁。提醒一下，我們所有細分市場的其他銷售評論都可以在幻燈片上找到。

Now turning to our consolidated statement of earnings for the first quarter of 2022. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year.

現在轉向我們 2022 年第一季度的綜合收益表。我想強調一些與去年同期相比發生變化的值得注意的項目。

Cost of products sold deleveraged by 70 basis points, driven by unfavorable mix in the MedTech business and commodity inflation in the Consumer Health business. Sales, marketing and administrative deleveraged by 110 basis points, driven by higher brand marketing expenses in Consumer Health and timing of brand marketing expenses in the Pharmaceutical segment.

由於醫療技術業務的不利組合和消費者健康業務的商品通脹，產品銷售成本降低了 70 個基點。銷售、營銷和行政去槓桿化 110 個基點，原因是消費者健康品牌營銷費用增加以及製藥部門品牌營銷費用的時間安排。

We continue to invest strategically in research and development at competitive levels, investing 14.8% of sales this quarter. The $3.5 billion investment was an 8.9% increase versus the prior year, primarily due to portfolio progression in Pharmaceutical and MedTech.

我們繼續在具有競爭力的水平上對研發進行戰略性投資，本季度投資佔銷售額的 14.8%。 35 億美元的投資較上年增長 8.9%，主要是由於製藥和醫療技術的投資組合進展。

In-process research and development reflects an impairment expense of $610 million for certain indications associated with bermekimab, the investigational compound acquired from XBiotech Inc. as disclosed in our previous SEC filings. This impairment was driven by the termination of development of bermekimab for atopic dermatitis based on efficacy data.

進行中的研究和開發反映了與 bermekimab 相關的某些適應症的減值費用為 6.1 億美元，bermekimab 是從 XBiotech Inc. 收購的研究化合物，如我們之前向 SEC 提交的文件中所披露。這種損害是由於根據療效數據終止了用於特應性皮炎的 bermekimab 的開發。

The other income and expense line was net income of $102 million in the first quarter of 2022 compared to net income of $882 million in the first quarter of 2021. This decrease was the result of lapping prior year gains on the divestiture of DOXIL, CAELYX and Evra in 2021, higher unrealized losses on securities and Consumer Health separation costs. This was partially offset by favorable returns associated with our employee benefit plans.

另一個收入和支出項目是 2022 年第一季度的淨收入為 1.02 億美元，而 2021 年第一季度的淨收入為 8.82 億美元。這一下降是由於剝離 DOXIL、CAELYX 和Evra 在 2021 年，證券和消費者健康分離成本的未實現損失增加。這部分被與我們的員工福利計劃相關的有利回報所抵消。

Regarding taxes in the quarter, our effective tax rate was 12.2% versus 16.6% in the same period last year. The decreased tax rate was primarily driven by lower U.S. income due to higher unrealized losses on securities and the impairment of bermekimab IP R&D compared to prior year divestiture gains.

關於本季度的稅收，我們的有效稅率為 12.2%，而去年同期為 16.6%。稅率下降的主要原因是美國收入下降，原因是證券未實現損失增加，以及與上一年剝離收益相比，bermekimab IP 研發的減值。

Excluding special items, the effective tax rate was 13.3% versus 16.5% in the same period last year. I encourage you to review our upcoming first quarter 10-Q filing for additional details on specific tax matters.

剔除特殊項目，實際稅率為13.3%，而去年同期為16.5%。我鼓勵您查看我們即將提交的第一季度 10-Q 文件，以獲取有關特定稅務事項的更多詳細信息。

Lastly, I'll direct your attention to the box 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、淨收益和每股收益，調整後排除了無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment. In the first quarter of 2022, our adjusted income before tax for the enterprise as a percentage of sales decreased from 37.1% to 35.1% due to product mix, commodity inflation, increased brand marketing expense, portfolio progression in R&D and comparisons to gains from prior year divestitures. Pharmaceutical margin declined from 45.5% to 44.1%, primarily driven by timing of brand marketing expenses and general portfolio progression in R&D. MedTech margins declined from 30.6% to 27%, driven by unfavorable product mix. Finally, Consumer Health margins declined from 26.8% to 22.1% due to commodity inflation and higher brand marketing expenses.

現在讓我們按細分市場查看調整後的稅前收入。 2022 年第一季度，由於產品組合、商品通脹、品牌營銷費用增加、研發投資組合進展以及與之前收益的比較，我們調整後的企業稅前收入佔銷售額的百分比從 37.1% 下降至 35.1%年剝離。醫藥利潤率從 45.5% 下降至 44.1%，主要受品牌營銷費用的時間安排和研發的總體投資組合進展的推動。由於不利的產品組合，醫療技術利潤率從 30.6% 下降至 27%。最後，由於商品通脹和更高的品牌營銷費用，消費者健康的利潤率從 26.8% 下降至 22.1%。

This concludes the sales and earnings portion of the Johnson & Johnson first quarter results. I am now pleased to turn the call back over to Joe Wolk.

強生公司第一季度業績的銷售和收益部分到此結束。我現在很高興將電話轉回給 Joe Wolk。

As Jess just mentioned, Johnson & Johnson posted solid performance for the quarter, continuing to invest in the business for the long-term success while overcoming multiple macroeconomic headwinds, including inflationary pressures and higher input costs. These external challenges include limited availability and rising prices of certain commodities; as well as increased costs for labor, energy and transportation. These impacts are pervasive across the enterprise, but most notable in Consumer Health.

正如 Jess 剛剛提到的，強生公司本季度業績穩健，繼續投資該業務以取得長期成功，同時克服多種宏觀經濟逆風，包括通脹壓力和更高的投入成本。這些外部挑戰包括某些商品的供應有限和價格上漲；以及勞動力、能源和運輸成本的增加。這些影響在整個企業中普遍存在，但在消費者健康領域最為顯著。

We expect these pressures will continue to some degree throughout the remainder of 2022. However, mitigation efforts are underway, including cost improvement initiatives, strategic price increases and contract negotiations with external supply partners. We are committed to sustaining supply of the products, medicines and treatments that consumers and patients want and need.

我們預計這些壓力將在 2022 年剩餘時間內在一定程度上持續存在。然而，緩解措施正在進行中，包括成本改進舉措、戰略性價格上漲以及與外部供應夥伴的合同談判。我們致力於維持消費者和患者想要和需要的產品、藥物和治療的供應。

Turning to our segments and notable events in the quarter. MedTech led our enterprise performance with nearly 9% adjusted operational sales growth. We continue to drive this business forward and are increasing the value of our pipeline through innovation, internally and externally.

轉向我們的細分市場和本季度的重大事件。 MedTech 以近 9% 的調整後運營銷售額增長引領我們的企業業績。我們繼續推動這項業務向前發展，並通過內部和外部的創新來增加我們管道的價值。

We were pleased to see a steady uptick in surgical procedures this quarter with the easing of COVID restrictions in many parts of the world, but we recognize that the situation is fluid, which requires monitoring.

我們很高興看到本季度的外科手術穩步上升，隨著世界許多地區對 COVID 限制的放鬆，但我們認識到情況是不穩定的，需要監測。

Building on more than 20 major new product launches in 2021, MedTech announced the addition of 2 new innovations to our ATTUNE Knee portfolio, the ATTUNE Cementless Fixed Bearing Knee with AFFIXIUM 3DP Technology and the ATTUNE Medial Stabilized Knee System.

在 2021 年推出 20 多種主要新產品的基礎上，MedTech 宣佈在我們的 ATTUNE 膝關節產品組合中增加 2 項新創新，即採用 AFFIXIUM 3DP 技術的 ATTUNE 無水泥固定軸承膝關節和 ATTUNE 內側穩定膝關節系統。

In our Pharmaceutical business, we continued to deliver above-market growth driven by volume as evidenced by our recently published 2021 Janssen U.S. Transparency Report, which reflects our fifth consecutive year of price decreases across the portfolio despite inflationary pressures.

在我們的製藥業務中，我們繼續在銷量推動下實現高於市場的增長，我們最近發布的 2021 年楊森美國透明度報告證明了這一點，該報告反映了儘管存在通脹壓力，但我們在整個投資組合中的價格連續第五年下跌。

We also continued to advance our Pharmaceutical pipeline. This quarter, we received FDA approval for CARVYKTI, a CAR-T therapy for the treatment of multiple myeloma, developed together with our partner, Legend Biotech. We are partnering with clinics utilizing a phased approach to begin patient dosing, and the feedback to date has been positive.

我們還繼續推進我們的製藥管道。本季度，我們與合作夥伴 Legend Biotech 共同開發了一種用於治療多發性骨髓瘤的 CAR-T 療法 CARVYKTI，獲得了 FDA 的批准。我們正在與診所合作，採用分階段的方法開始患者給藥，迄今為止的反饋是積極的。

We also filed teclistamab, our BCMA CD3 bispecific antibody seeking EMA approval, and we also received priority review from the FDA, potentially expanding our multiple myeloma portfolio further.

我們還提交了 teclistamab，我們的 BCMA CD3 雙特異性抗體尋求 EMA 批准，我們還獲得了 FDA 的優先審查，有可能進一步擴大我們的多發性骨髓瘤產品組合。

In our Consumer Health business, we remain focused on delivering on our 2022 performance objectives, continuing to achieve above-market growth in our over-the-counter medicines business, while navigating industry-wide supply constraints that have primarily impacted our Skin Health/Beauty business.

在我們的消費者健康業務中，我們仍然專注於實現我們的 2022 年業績目標，繼續在我們的非處方藥業務中實現高於市場的增長，同時應對主要影響我們皮膚健康/美容的全行業供應限制商業。

We continue to be excited about the activity related to the announcement we made in November on the creation of two new industry-leading companies: the new Johnson & Johnson and the new Consumer Health company. For the new Johnson & Johnson, the portfolio will remain well diversified with 25 brands delivering over $1 billion in sales annually, holding market-leading positions across key therapeutic areas and franchises.

我們繼續對與我們在 11 月宣布成立兩家新的行業領先公司相關的活動感到興奮：新的強生公司和新的消費者健康公司。對於新的強生公司，其產品組合將保持多元化，25 個品牌每年的銷售額超過 10 億美元，在關鍵治療領域和特許經營權中保持市場領先地位。

The financial hallmarks of Johnson & Johnson will remain the same, including a well-defined capital allocation strategy, a disciplined approach to inorganic growth and a strong balance sheet while also creating opportunities to sharpen focus on execution and clinically differentiated innovation.

強生的財務特徵將保持不變，包括明確的資本配置策略、規範的無機增長方法和強大的資產負債表，同時也創造機會加強對執行和臨床差異化創新的關注。

The new Consumer Health company will also have a strong financial profile and be better positioned to drive incremental growth, realizing increased potential in new markets through a more agile operating model. The company will continue to deliver science-backed innovation and enhanced digital consumer-centric solutions.

新的消費者健康公司還將擁有強大的財務狀況，並能夠更好地推動增量增長，通過更靈活的運營模式在新市場實現更大的潛力。該公司將繼續提供以科學為基礎的創新和增強的以消費者為中心的數字解決方案。

The Consumer Health separation team is making substantial progress related to our efforts in establishing the new independent company. As previously mentioned, we cannot disclose new financial information specific to Consumer Health in order to preserve optionality on the various separation pathways.

消費者健康分離團隊在我們建立新的獨立公司的努力方面取得了實質性進展。如前所述，我們不能披露特定於消費者健康的新財務信息，以保留各種分離途徑的選擇性。

Our time lines remain unchanged. We anticipate announcing key executive leadership appointments for the new Consumer Health company in the coming months with plans to provide the new company name and headquarters location around the middle of this year.

我們的時間線保持不變。我們預計將在未來幾個月內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。

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 dissynergies.

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不協同效應。

Finally, consistent with previous communications, we expect to execute the separation in 2023. You have our ongoing commitment adhering to the regulatory framework to provide transparent updates for material decisions on a timely basis.

最後，與之前的溝通一致，我們預計將在 2023 年執行分離。您有我們的持續承諾，遵守監管框架，及時為重大決策提供透明的更新。

Turning now to cash and capital allocation. We generated free cash flow for the quarter of nearly $3.4 billion. At the end of the first quarter, we had approximately $30 billion of cash and marketable securities and approximately $33 billion of debt for a net debt position of approximately $3 billion.

現在轉向現金和資本配置。我們在本季度產生了近 34 億美元的自由現金流。在第一季度末，我們擁有約 300 億美元的現金和有價證券以及約 330 億美元的債務，淨債務頭寸約為 30 億美元。

Our capital allocation priorities remain unchanged. Internal innovation remains critical to our future growth and a top priority. In the first quarter, we increased R&D investment by approximately 9% compared to the first quarter of 2021. We also continue to evaluate opportunities to complement the current portfolio with acquisitions that build upon our capabilities, address portfolio gaps or play in higher-growth markets while yielding solid financial returns.

我們的資本配置重點保持不變。內部創新對於我們未來的發展仍然至關重要，也是重中之重。第一季度，與 2021 年第一季度相比，我們將研發投資增加了約 9%。我們還將繼續評估機會，通過基於我們的能力、解決投資組合差距或在高增長市場中發揮作用的收購來補充當前的投資組合同時產生可觀的財務回報。

As I mentioned earlier, we were pleased to announce today that our Board of Directors approved an increase in our quarterly dividend for the 60th consecutive year from $1.06 per share to $1.13 per share, an increase of 6.6%.

正如我之前提到的，我們今天很高興地宣布，我們的董事會連續第 60 年批准將我們的季度股息從每股 1.06 美元增加到每股 1.13 美元，增幅為 6.6%。

Moving to full year 2022 guidance and key considerations. I'll start with comments on our COVID-19 vaccine and foreign exchange impacts, essentially the only items with updates from our January guidance. As market demand for all COVID-19 vaccines is currently challenged by global supply surplus and vaccine hesitancy in developing markets, we have made the decision to suspend guidance for sales of our COVID-19 vaccine. This will enable investors to focus on the performance of our core businesses, which drive the current and future value for investors.

轉向 2022 年全年指導和關鍵考慮因素。我將從對我們的 COVID-19 疫苗和外匯影響的評論開始，基本上是我們 1 月份指南中唯一更新的項目。由於目前對所有 COVID-19 疫苗的市場需求受到全球供應過剩和發展中市場疫苗猶豫不決的挑戰，我們已決定暫停指導我們的 COVID-19 疫苗的銷售。這將使投資者能夠專注於我們核心業務的表現，從而為投資者帶來當前和未來的價值。

We are maintaining the total adjusted operational earnings per share guidance we provided in January, absorbing, if need be, the modest income impact from the COVID-19 vaccine.

我們將維持我們在 1 月份提供的調整後的每股總運營收益指引，如果需要，可以吸收 COVID-19 疫苗對收入的適度影響。

Regarding foreign exchange, as you know, we don't offer guidance or predictions on currency movements. But to give you a sense of the impact currency may have on potential full year reported results, utilizing the euro spot rate relative to the U.S. dollar as of last week at $1.08, there is an incremental unfavorable currency impact of $1.1 billion on reported sales and an unfavorable $0.25 for reported adjusted earnings per share versus the calculation related to January's guidance. The full year unfavorable impact is now projected to be $2.5 billion on reported sales and $0.45 on reported adjusted earnings per share. All other line items for which we provide guidance remain the same as communicated in January. To reiterate, we are maintaining our adjusted operational earnings per share guidance.

如您所知，關於外匯，我們不對貨幣走勢提供指導或預測。但為了讓您了解貨幣可能對潛在的全年報告結果的影響，使用截至上週的歐元兌美元匯率為 1.08 美元，報告的銷售額和貨幣對匯率的不利影響增加了 11 億美元與 1 月份指引相關的計算相比，報告的調整後每股收益為 0.25 美元。現在預計全年的不利影響對報告的銷售額為 25 億美元，對報告的調整後每股收益為 0.45 美元。我們提供指導的所有其他行項目與 1 月份所傳達的相同。重申一下，我們維持調整後的每股運營收益指引。

We don't provide quarterly guidance but do understand that you find value in us providing some qualitative considerations as you update your models. In Consumer Health, we expect supply constraints to continue throughout the year but not to the same extent in the second half. As a result, we anticipate that the back half performance will improve over the first half.

我們不提供季度指導，但理解您發現我們在更新模型時提供一些定性考慮的價值。在消費者健康方面，我們預計供應限制將在全年持續，但在下半年不會達到同樣的程度。因此，我們預計後半部分的表現將比上半年有所改善。

For MedTech, while the first quarter demonstrated faster recovery than we anticipated, our full year expectations remain fairly intact. We anticipate continued market recovery and uptake from recently launched products and are monitoring the ever-changing COVID dynamics, particularly the surging cases in China.

對於 MedTech，雖然第一季度的複蘇速度快於我們的預期，但我們的全年預期仍然相當完整。我們預計近期推出的產品將繼續市場復甦和吸收，並正在監測不斷變化的 COVID 動態，特別是中國激增的病例。

Similar to Consumer Health, we expect the second half to be stronger than the first half. As a reminder, with respect to growth rates, the second quarter was the strongest quarter for MedTech in 2021.

與消費者健康類似，我們預計下半年將強於上半年。提醒一下，就增長率而言，第二季度是 2021 年 MedTech 最強勁的季度。

The expectations for the Pharmaceutical base business remain the same. We anticipate delivering another year of above-market adjusted operational sales growth with relatively consistent growth throughout the remainder of the year.

對醫藥基礎業務的預期保持不變。我們預計將在今年剩餘時間裡實現另一年高於市場的調整後運營銷售增長，並保持相對穩定的增長。

In summary, Johnson & Johnson had a solid start to the year despite managing macroeconomic headwinds, and we remain confident in our business. I would like to recognize the continued efforts of our 144,000 global colleagues focused on delivering our innovative health care solutions to our Credo stakeholders. Their unwavering dedication and support continue to inspire, and on behalf of the executive team, I'd like to extend our gratitude.

總而言之，儘管應對宏觀經濟逆風，強生公司今年開局良好，我們對我們的業務仍然充滿信心。我要感謝我們 144,000 名全球同事的持續努力，他們專注於為我們的 Credo 利益相關者提供創新的醫療保健解決方案。他們堅定不移的奉獻精神和支持繼續鼓舞人心，我謹代表執行團隊表示感謝。

I am now pleased to welcome to the call, Ashley McEvoy, Thibaut Mongon and Jennifer Calvert, our Worldwide Chairs, to address your questions. Kevin, can you please provide instructions and open the line for Q&A?

我現在很高興地歡迎我們的全球主席 Ashley McEvoy、Thibaut Mongon 和 Jennifer Calvert 來電話解答您的問題。凱文，你能提供說明並打開問答線路嗎？

(Operator Instructions) Our first question today is coming from Larry Biegelsen from Wells Fargo.

（操作員說明）我們今天的第一個問題來自富國銀行的拉里·比格爾森。

So many different places to go. But Joe, I'll start with M&A, your comments on the tape stating that you're eager to deploy cash to M&A, especially for Devices. So maybe for you or Ashley, can you add more color to your thinking there and the types of opportunities to consider? You've talked about reaching the top of the peer set in Devices. That would seem to require a relatively large deal or a series of small- to medium-sized deals to move the needle. Is that a fair way to think about it?

這麼多不同的地方可以去。但是喬，我將從併購開始，您在錄音中的評論表明您渴望將現金用於併購，尤其是在設備方面。所以也許對你或阿什利來說，你能否為你的想法和要考慮的機會類型增加更多色彩？您已經談到在設備中達到對等組的頂部。這似乎需要一筆相對較大的交易或一系列中小型交易來推動市場的發展。這是一個公平的思考方式嗎？

Yes. So Larry, I'll start, and then I'll turn it over to Ashley for some thoughts specific on Medical Devices.

是的。所以拉里，我會開始，然後我會把它交給阿什利，以獲得一些關於醫療設備的具體想法。

But before I answer, Larry, I do want to compliment you and your team for the foreign exchange report that you guys issued back I think it was on April 13. That was just -- it's a tough topic to really grasp. And you guys did a fantastic job in assessing what it meant for the medical device industry. It was really a fantastic report. So well done.

但在我回答之前，拉里，我確實想讚揚你和你的團隊，因為你們發布的外匯報告我認為是在 4 月 13 日。那隻是 - 這是一個很難真正掌握的話題。你們在評估這對醫療器械行業的意義方面做得非常出色。這真是一份了不起的報告。做得很好。

With respect to cash, as you heard us in January, we are reaching our lowest levels of net debt. And we remain very active. You could talk to Thibaut, Jennifer and Ashley with respect to ideas that they are bringing forth. We continue to have the same principles that we've had historically. We want to make sure there's a strategic fit. And by that, I simply mean we've got capabilities. We've got scientific expertise. Perhaps it's just our scale that adds more value to that asset than where it currently resides. And then we want to make sure that we compensate risk -- compensate shareholders for the risk that we're bearing on their behalf when we do so.

關於現金，正如您在一月份聽到的那樣，我們的淨債務達到了最低水平。我們仍然非常活躍。您可以與 Thibaut、Jennifer 和 Ashley 談談他們提出的想法。我們繼續採用與歷史相同的原則。我們要確保有一個戰略契合。我只是說我們有能力。我們擁有科學專業知識。也許正是我們的規模為該資產增加了比其當前所在位置更多的價值。然後我們要確保我們補償風險——補償股東我們在這樣做時代表他們承擔的風險。

I would not get overly locked into size. Johnson & Johnson, quite frankly, have been built through a number of smaller acquisitions, and really the outliers are these larger acquisitions. But we look at really the strategic merit and then the financial value creation and don't get locked in to saying something is too small or too big with respect to adding to our already dynamic internal portfolio and pipeline.

我不會被過度鎖定大小。坦率地說，強生公司是通過一些較小的收購建立起來的，而真正的異常值是這些較大的收購。但我們真正關注的是戰略價值，然後是財務價值創造，不要拘泥於說某事太小或太大，以增加我們已經動態的內部投資組合和管道。

Ashley, I don't know if you want to comment...

阿什利，我不知道你是否想發表評論...

Yes. No, Larry, maybe before I get to M&A, just kind of some macro thoughts on MedTech in the quarter. I'm pleased with the results of the quarter. We saw positive signs of the market recovery. Clearly, while COVID has not disappeared, health systems around the world are becoming increasingly more resistant with each passing wave. And as we know, the world is a lot more equipped to manage the pandemic, and quite frankly, so is Johnson & Johnson. So encouraged to see in quarter 1 that we continue to maintain our path to above-market performance.

是的。不，拉里，也許在我開始併購之前，只是對本季度醫療技術的一些宏觀想法。我對本季度的結果感到滿意。我們看到了市場復甦的積極跡象。顯然，雖然 COVID 並沒有消失，但隨著每一波浪潮的過去，世界各地的衛生系統正變得越來越有抵抗力。正如我們所知，世界更有能力應對這一流行病，坦率地說，強生公司也是如此。在第一季度看到我們繼續保持高於市場表現的道路令人鼓舞。

We referenced that this is kind of a growth at scale, if you will, 11 $1 billion platforms, really most of them growing or maintaining share. And we saw robust sales growth across all 4 of our franchises and all 4 of our regions.

我們提到這是一種規模增長，如果你願意的話，11 個 10 億美元的平台，實際上其中大多數都在增長或保持份額。我們在所有 4 個特許經營店和所有 4 個地區看到了強勁的銷售增長。

Some standouts, encouraging to see both Vision Surgery and Vision Care, both double-digit performance and growing market share, really fueled by innovation in ACUVUE and TECNIS. We are the world leader in electrophysiology, still a category that has significant under penetration. We've had 11 consecutive years of double-digit performance and really significantly enhanced our share gain. We're the world leader in biosurgery. The business was up almost 10%, really driven by a clinically differentiated portfolio. And then finally, and enthusiastically, I say we had strong performance in joints really by penetrating some new sites of care like ASCs, both with hips and knees.

ACUVUE 和 TECNIS 的創新真正推動了視覺手術和視覺護理的兩位數業績和不斷增長的市場份額，一些傑出人士令人鼓舞。我們是電生理學領域的世界領先者，仍然是一個具有重大滲透率的類別。我們已經連續 11 年保持兩位數的業績，並且確實顯著提高了我們的份額收益。我們是生物外科領域的世界領先者。該業務增長了近 10%，真正受到臨床差異化投資組合的推動。最後，熱情洋溢地，我說我們通過穿透一些新的護理部位，如髖關節和膝關節，在關節方面取得了強大的表現。

So when I look forward, I'm encouraged by the organic agenda that we see in innovation, like with the likes of the FDA approval on ACUVUE Theravision, the first drug-eluting contact lens. As Joe mentioned earlier, around really shoring up high-growth segments in knees with ATTUNE Fixed Bearing, and then really with CERENOVUS, the launch of EMBOGUARD, the balloon catheter. So continue to advance robotics and digital surgery. You'll hear us talk about MONARCH, 14,000 cases with a big pipeline of new indications, and then VELYS completing over 2,000 cases.

因此，當我展望未來時，我對我們在創新中看到的有機議程感到鼓舞，例如 FDA 批准 ACUVUE Theravision 之類的，這是第一款藥物洗脫隱形眼鏡。正如 Joe 之前提到的，圍繞著用 ATTUNE 固定軸承真正支撐膝蓋的高增長部分，然後真的用 CERENOVUS，推出了 EMBOGUARD，球囊導管。因此，繼續推進機器人技術和數字手術。您會聽到我們談論 MONARCH，14,000 例具有大量新適應症的病例，然後 VELYS 完成了 2,000 多例。

So when I think about the future of M&A, Larry, we're going to continue to do tuck-ins and to really digitize the patient experience. You heard us talk about CUPTIMIZE as an example around really adding a precise delivery to Hip Navigation to improve outcomes. You're going to see us continue to penetrate fast-growing segments like what we have in neurovascular, as an example, 90% of our capital deployment has been to $1 billion or more, but we do intend to make sure that we are well positioned to be in the highest growth end state markets.

因此，當我考慮併購的未來時，拉里，我們將繼續進行整合，並將患者體驗真正數字化。您聽說我們以 CUPTIMIZE 為例談論真正向 Hip Navigation 添加精確交付以改善結果。您將看到我們繼續滲透快速增長的領域，例如我們在神經血管領域的領域，例如，我們 90% 的資本部署已達到 10 億美元或更多，但我們確實打算確保我們狀況良好定位於增長最快的終端國家市場。

Our next question today is coming from Chris Schott from JPMorgan.

我們今天的下一個問題來自摩根大通的 Chris Schott。

Maybe Ashley, just following up on some of your MedTech comments. Can you specifically comment on China in terms of the impact you're currently seeing to the business and your outlook for that market specifically, given some of the lockdowns that we're seeing there?

也許 Ashley，只是跟進您的一些 MedTech 評論。鑑於我們在中國看到的一些封鎖，您能否就您目前對業務的影響以及您對該市場的前景具體評論中國？

And then my kind of core question was just on IMBRUVICA. It seems like prescriptions here are really starting to see some erosion. I'm trying to understand the dynamics you're expecting going forward. So is this -- especially maybe in the U.S. market, are you expecting that this erosion continues? Or do you see dynamics in place that we could start to see some of those prescription trends start to stabilize a bit?

然後我的核心問題只是關於 IMBRUVICA。似乎這裡的處方真的開始出現一些侵蝕。我正在嘗試了解您所期待的動態。那麼這是 - 特別是在美國市場上，您是否預計這種侵蝕會繼續？或者您是否看到了一些動態，我們可以開始看到其中一些處方趨勢開始穩定下來？

Yes, sure, Chris. So first, we have, I would say, a very strong and healthy business in China. We're the world -- we are #1 in MedTech in China. We have a very diversified portfolio from Surgery to Orthopaedics to Interventional as well as Vision. We did experience an impact probably in the March time frame due to the recent surge of the viruses happening and the lockdowns, particularly in Shanghai and now other regions. We do anticipate that to continue in April and through the month of May. But like we've seen, I think China might come down a bit faster, but it comes back faster, too. We have very strong leadership there, and there are a lot of patients that need care.

是的，當然，克里斯。首先，我想說，我們在中國擁有非常強大和健康的業務。我們是世界——我們在中國的醫療技術領域排名第一。我們擁有非常多元化的產品組合，從外科到骨科到介入和視覺。由於最近發生的病毒激增和封鎖，尤其是在上海和現在其他地區，我們確實可能在 3 月的時間範圍內受到了影響。我們確實預計這種情況將在 4 月持續到 5 月。但就像我們已經看到的那樣，我認為中國可能會下降得更快，但它也會更快地回來。我們在那裡有非常強大的領導，並且有很多患者需要護理。

I'll turn it to Jennifer maybe to talk about your second question.

我會把它轉給 Jennifer 來談談你的第二個問題。

Great. Thanks a lot. Hi, Chris, and hello, everybody. A few comments on the Pharmaceutical business, and then I'll get to the question on IMBRUVICA.

偉大的。非常感謝。嗨，克里斯，大家好。關於製藥業務的一些評論，然後我將談到關於 IMBRUVICA 的問題。

First, for our Pharm business, I was really proud that we delivered $12.9 billion in worldwide sales. We're definitely above-market adjusted operational growth of 9.3%. And this is our sixth quarter where we achieved worldwide sales exceeding $12 billion. And as I look across the globe, the growth was really broadly based across our portfolio in the regions with particularly strong growth in EMEA, Asia Pac and Latin America.

首先，對於我們的醫藥業務，我為我們實現了 129 億美元的全球銷售額感到非常自豪。我們絕對高於市場調整後的運營增長 9.3%。這是我們第六季度實現全球銷售額超過 120 億美元。當我放眼全球時，增長確實廣泛地基於我們在地區的投資組合，尤其是在歐洲、中東和非洲、亞太地區和拉丁美洲的強勁增長。

During the course of the quarter, we really continued to maximize the value of our key brands. So strong double-digit growth across 6 of them, including DARZALEX, ERLEADA, TREMFYA INVEGA SUSTENNA, SPRAVATO and EDURANT.

在本季度中，我們確實繼續最大化我們的主要品牌的價值。其中 6 家公司實現了兩位數的強勁增長，包括 DARZALEX、ERLEADA、TREMFYA INVEGA SUSTENNA、SPRAVATO 和 EDURANT。

And we also had a number of important milestones, the first being the FDA approval of CARVYKTI, which is our first cell therapy for patients with relapsed or refractory myeloma. The teclistamab filing in the EU was mentioned. The FDA approved expanded label indications for CABENUVA to be administered every 2 months for the treatment of HIV in virologically suppressed adults and adolescents. And we presented great new data on TREMFYA in our approved indications of psoriasis and psoriatic arthritis as well as from our Phase II studies, where we're evaluating the product in Crohn's Disease and also in UC.

我們還有許多重要的里程碑，第一個是 FDA 批准 CARVYKTI，這是我們針對複發或難治性骨髓瘤患者的第一個細胞療法。提到了在歐盟提交的 teclistamab 申請。 FDA 批准了 CABENUVA 的擴展標籤適應症，每 2 個月給藥一次，用於治療病毒學抑制的成人和青少年的 HIV。我們在我們批准的銀屑病和銀屑病關節炎適應症以及我們的 II 期研究中提供了關於 TREMFYA 的重要新數據，我們正在評估克羅恩病和 UC 中的產品。

So if we take a look at IMBRUVICA more specifically, IMBRUVICA sales did decline for the quarter, 3.9%, and this really was a U.S. story. Outside the U.S., our sales actually grew 4.5%. In the U.S., performance was impacted by both competitive factors with a number of new competitors in the market as well as market softness. We haven't seen that market fully rebound to the pre-COVID levels yet.

因此，如果我們更具體地看一下 IMBRUVICA，本季度 IMBRUVICA 的銷售額確實下降了 3.9%，這確實是美國的故事。在美國以外，我們的銷售額實際上增長了 4.5%。在美國，業績受到市場上許多新競爭對手的競爭因素以及市場疲軟的影響。我們還沒有看到市場完全反彈到 COVID 之前的水平。

And as we take a look at IMBRUVICA, IMBRUVICA has really changed the standard of care for adults with CLL and other B-cell malignancies. And it is the only BTKI that demonstrated overall survival and a high rate of progression-free survival at 5 years with up to 8 years of safety follow-up. So we remain really confident in the efficacy and safety profile of the product. It's the market share leader and continues to be the most comprehensively studied and prescribed BTKI with over 250,000 patients worldwide.

當我們看看 IMBRUVICA 時，IMBRUVICA 確實改變了患有 CLL 和其他 B 細胞惡性腫瘤的成年人的護理標準。它是唯一一個在 5 年時顯示出總體生存率和高無進展生存率以及長達 8 年的安全性隨訪的 BTKI。因此，我們對產品的功效和安全性仍然充滿信心。它是市場份額的領導者，並且仍然是最全面研究和處方的 BTKI，在全球擁有超過 250,000 名患者。

So we continue to work to develop the asset. We do see further growth opportunities through the introduction of new indications and new combination therapies as we take a look at IMBRUVICA plus venetoclax that we're working to develop and we filed in the EU. We're also taking a look at [first-line] MCL and really trying to bring that forward. So I think you can anticipate there will continue to be strong competition in that market. We continue to believe in and invest in IMBRUVICA.

因此，我們繼續努力開發資產。我們通過引入新的適應症和新的聯合療法確實看到了進一步的增長機會，因為我們正在研究我們正在努力開發並在歐盟提交的 IMBRUVICA 和 venetoclax。我們還在研究 [一線] MCL 並真正嘗試將其向前推進。因此，我認為您可以預期該市場將繼續存在激烈的競爭。我們繼續相信並投資於 IMBRUVICA。

Our next question is coming from Joanne Wuensch from Citi.

我們的下一個問題來自花旗的 Joanne Wuensch。

I'd like to spend a little bit of time talking about the middle of the income statement with all of the multiple headwinds on those factors. How do you think about managing it? What are the levers to pull? And how do you think about raising prices in this environment for each of your key divisions?

我想花一點時間談論損益表的中間部分，以及這些因素的所有多重不利因素。您如何看待管理它？拉動的槓桿是什麼？您如何看待在這種環境下為您的每個關鍵部門提高價格？

Joanne, thanks for the question. With respect to operating margins overall, which is really, I think, at the heart of your question, in the front -- the first quarter, I should say, we do tend to adopt a little bit more of an aggressive approach to advertising and promotion in hopes of getting the full year benefit of that promotion to the top line lift throughout the year. And I would say on R&D, it's also a little bit front-end loaded this year simply from the standpoint of the progression of our Pharmaceutical pipeline as well as digital robotic surgery. So in pharmaceuticals, think about nipocalimab, our RSV vaccine, those had very nice progression. Teclistamab moving a little bit faster than we anticipated, as well as being able to launch CARVYKTI.

喬安妮，謝謝你的問題。關於整體營業利潤率，我認為這確實是你問題的核心，在前面 - 我應該說，第一季度，我們確實傾向於採用更激進的廣告方式，促銷活動，以期從該促銷活動中獲得全年收益，從而提升全年的收入。我想說的是，從我們的製藥管道和數字機器人手術的進展的角度來看，今年它也有點前端加載。因此，在製藥領域，想想我們的 RSV 疫苗 nipocalimab，它們取得了非常好的進展。 Teclistamab 的發展速度比我們預期的要快一些，並且能夠推出 CARVYKTI。

There was a healthy amount of inflation built into our P&L in the January guidance. What I think our teams have seen in the -- let's say, the first 4 months of this year is an uptick in that inflationary impact of about 10% or 15%. So still very manageable. Again, as you heard in some of the prepared remarks, we anticipate that, that inflationary pressure as well as commodity scarcity will subside a little bit in the second quarter and then hopefully more pronounced in the second half of this year. If it doesn't, it's certainly something that will keep our attention. And we have the resources to adjust accordingly to make sure that we not only meet the needs of long-term value creation, but also meet short-term performance expectations.

在 1 月份的指引中，我們的損益表中包含了健康的通脹水平。我認為我們的團隊在今年前 4 個月看到的通脹影響上升了大約 10% 或 15%。所以還是很容易駕馭的。同樣，正如您在一些準備好的評論中所聽到的那樣，我們預計，通脹壓力和商品稀缺性將在第二季度略微消退，然後有望在今年下半年更加明顯。如果沒有，那肯定會引起我們的注意。我們有相應的資源進行調整，以確保我們不僅滿足長期價值創造的需求，而且滿足短期業績預期。

So we all think it's very manageable at this point in time, but it's something that we're not taking for granted. We're being very active with cost initiative programs. As we look to separate the two companies, we are looking at ways to streamline technology, processes, things that will lead to leverage on the P&L.

所以我們都認為在這個時間點上它是非常易於管理的，但我們並不認為這是理所當然的。我們對成本倡議計劃非常積極。當我們希望將兩家公司分開時，我們正在尋找方法來簡化技術、流程，以及將導致利用損益表的事情。

Our next question today is coming from Chris Shibutani from Goldman Sachs.

我們今天的下一個問題來自高盛的 Chris Shibutani。

Perhaps directed at the Pharmaceutical segment, for Jennifer. Two products I'd like to focus on, one being STELARA and the other on XARELTO. With STELARA, could you perhaps elaborate a little bit more in terms of some of the underlying dynamics across the various indications, i.e., the derm versus perhaps the IBD in terms of what the growth trends and outlook you're seeing and you expect there? And then for XARELTO, part of your commentary in the prepared segment discussed and mentioned about patient access. Could you just elaborate a little bit further on how that was an impact on the commercial dynamics?

可能是針對 Jennifer 的製藥部門。我想重點介紹兩種產品，一種是 STELARA，另一種是 XARELTO。對於 STELARA，您能否就各種跡象的一些潛在動態進行更多詳細說明，即皮膚與可能是 IBD 在您所看到的增長趨勢和前景方面以及您對那裡的期望？然後對於 XARELTO，您在準備好的部分中的部分評論討論並提到了患者訪問。您能否進一步詳細說明這對商業動態有何影響？

Sure. Thanks for the question. So let me start off with STELARA. So STELARA sales were $2.29 billion in the first quarter, and that was 9% growth. And we continue to see a lot of strength in STELARA. Ex U.S., the product had nearly 18% growth. In the U.S., what we saw was growth around 3.6%. And what this really was due to, we saw an impact in the U.S. due to the Omicron variant and the impact that it actually had on staffing resources that particularly impacted a number of areas where you had more resource-intensive delivery of care, and GI offices was definitely one.

當然。謝謝你的問題。那麼讓我從 STELARA 開始吧。因此，STELARA 第一季度的銷售額為 22.9 億美元，增長了 9%。我們繼續看到 STELARA 的強大實力。除美國外，該產品增長了近 18%。在美國，我們看到的是 3.6% 左右的增長。這究竟是因為什麼，我們看到了由於 Omicron 變體在美國產生的影響，以及它對人力資源的實際影響，特別是影響了許多資源密集型護理提供領域和 GI辦公室絕對是其中之一。

As we take a look at Crohn's disease and ulcerative colitis, our share positions remain strong and with very strong positive momentum. We actually gained over 5 share points in CD and 6 share points in ulcerative colitis. So really strong growth and momentum.

當我們看一下克羅恩病和潰瘍性結腸炎時，我們的股票頭寸保持強勁並具有非常強勁的積極勢頭。實際上，我們在 CD 中獲得了超過 5 分，在潰瘍性結腸炎中獲得了 6 分以上。如此強勁的增長和勢頭。

And with -- in psoriasis, as anticipated, with TREMFYA and a very strong growth there in psoriasis and psoriatic arthritis, we expected the STELARA sales there to start tailing off, and that's in line with our expectations. So we continue to have a very strong, very positive outlook for STELARA going through the rest of the year in CD and in Crohn's -- excuse me, Crohn's and ulcerative colitis, where we've really been realizing the growth. And likewise, when you take a look at TREMFYA, we saw 44.5% growth in psoriasis and psoriatic arthritis in the quarter. So together, really, really nice performance there.

正如預期的那樣，在銀屑病中，隨著 TREMFYA 和銀屑病和銀屑病關節炎的強勁增長，我們預計那裡的 STELARA 銷售將開始減少，這符合我們的預期。因此，我們繼續對 STELARA 在今年餘下時間在 CD 和克羅恩病中的表現保持非常強烈、非常積極的前景——對不起，克羅恩病和潰瘍性結腸炎，我們確實已經意識到了增長。同樣，當您查看 TREMFYA 時，我們看到本季度銀屑病和銀屑病關節炎增長了 44.5%。所以在一起，真的，真的很好的表演。

Question on XARELTO. So XARELTO in the U.S., we did see sales decline. That was largely driven by a net unfavorable prior period adjustment. And most of this had actually been a positive adjustment that took place in 2021. So when you do the comparables, it was negative. And so that was really due to the vast majority of that.

關於拜瑞妥的問題。所以 XARELTO 在美國，我們確實看到銷售額下降。這主要是由於前期淨不利調整所致。其中大部分實際上是 2021 年發生的積極調整。所以當你做可比性時，結果是消極的。所以這實際上是由於絕大多數原因。

With XARELTO, we continue to see nice share gains and growth at a prescription level across the indications, whether we're talking about CAD and PAD, really the newest indication set, but also across AFib and VTE. And so it really was around the net unfavorable PPA and a little bit of channel mix as well with some of the mix shifting into 340B and Medicaid and some of the lower-priced channels.

借助 XARELTO，我們繼續在適應症的處方水平上看到可觀的份額增長和增長，無論我們是在談論 CAD 和 PAD，實際上是最新的適應症集，而且還包括 AFib 和 VTE。所以它確實是圍繞淨不利的 PPA 和一些渠道組合以及一些組合轉移到 340B 和 Medicaid 以及一些價格較低的渠道。

Your next question today is coming from Louise Chen from Cantor Fitzgerald.

您今天的下一個問題來自 Cantor Fitzgerald 的 Louise Chen。

So I wanted to ask you about CARVYKTI. And what gives you confidence in your ability to meet some of the manufacturing complexity associated with CARVYKTI? And how much capacity do you think you'll be able to bring online this year, both in the U.S. and potentially globally as well?

所以我想問你關於 CARVYKTI 的事。是什麼讓您有信心滿足與 CARVYKTI 相關的一些製造複雜性？您認為今年可以在美國和全球範圍內帶來多少容量？

Thanks for the question. So we're real proud about our approval and our launch to date on CARVYKTI. What I can say is that it is going well and it is on track with our expectations. We're real pleased. As you know, this is a customized therapy where the supply chain is literally built around each patient. We've got about a 4- to 5-week period that goes from the collection of the cells, the processing and manufacturing and the return shipment of the final product and then ultimately the infusion back into the patient at the treatment center.

謝謝你的問題。因此，我們對我們的批准以及迄今為止在 CARVYKTI 上的發布感到非常自豪。我能說的是進展順利，符合我們的預期。我們真的很高興。如您所知，這是一種定制療法，供應鏈實際上是圍繞每位患者建立的。我們有大約 4 到 5 週的時間，從收集細胞、加工和製造到最終產品的退貨，然後最終在治療中心輸回患者體內。

As we've mentioned before, we really are taking a thoughtful and a phased approach to scaling this launch to ensure a predictable and a reliable experience for the patients and for the treatment centers. We really tried to learn from the other launches in the market in this area. And so far, we're off to a really good start there and have been very pleased with the feedback that we're getting back from our customers.

正如我們之前提到的，我們確實正在採取深思熟慮和分階段的方法來擴大此次發布，以確保為患者和治療中心提供可預測和可靠的體驗。我們真的試圖從該領域市場上的其他產品中學習。到目前為止，我們的開端非常好，並且對我們從客戶那裡得到的反饋感到非常滿意。

So we have activated our initial round of treatment centers. And we did this based on folks who were very well experienced from our clinical trials and also very broadly dispersed throughout the U.S. and help ensure patient access. We're working through all of the orders and the slots that we have and actually have product now that's been shipped back -- has been manufactured and shipped back to the patients for infusion into the patients.

所以我們已經啟動了第一輪治療中心。我們是根據在我們的臨床試驗中非常有經驗的人來做這件事的，他們也非常廣泛地分散在美國各地，並幫助確保患者獲得治療。我們正在處理我們擁有的所有訂單和插槽，並且實際上有產品現在已經運回 - 已經製造並運回給患者輸液給患者。

So we're going to continue in a planned and thoughtful, responsible approach to this scaling, both in the United States as well as we do -- as we scale outside the U.S. and throughout the world as well.

因此，我們將繼續以有計劃、深思熟慮、負責任的方式進行這種擴展，無論是在美國還是我們所做的——正如我們在美國以外和世界各地進行擴展一樣。

Now we discussed before around lentivirus. Because there is an industry-wide shortage of lentivirus, that is something that we are also working and investing in to scale all of our internal capabilities to be able to meet the demand, both now in our initial launches in the relapsed/refractory setting as well as our ultimate goal to be able to move into first-line setting here. And so we would have an internal control on that as well. So hope this answers your question.

現在我們之前討論過慢病毒。因為整個行業都缺乏慢病毒，我們也在努力和投資，以擴展我們所有的內部能力以滿足需求，現在我們在復發/難治環境中的首次發布以及我們的最終目標是能夠進入這裡的一線環境。因此，我們也會對此進行內部控制。所以希望這能回答你的問題。

Your next question is coming from Josh Jennings from Cowen.

您的下一個問題來自 Cowen 的 Josh Jennings。

Joe, since Joaquin made some public commentary on his commitment to support Ash and her team to drive revenue growth acceleration in the Medical Devices unit, your focus has been on M&A opportunities. But how should we think about the level of internal investment to fuel growth of the Devices franchise? You don't break out the percentage of R&D spend allocated to Devices. But one data point we do have is from the '19 Pharma Day when you related $8.4 billion of the $11 billion in R&D expense from '18 went to pharma initiatives, so that's north of 75%. But just -- I mean, has that stepped up just the level of investment in the Devices business over the last couple of years? And will that step up even further? And just to be clear, Ashley did not plant this question with our team.

喬，自從華金就他支持 Ash 和她的團隊推動醫療器械部門收入增長加速的承諾發表了一些公開評論後，您的重點一直是併購機會。但是，我們應該如何考慮推動 Devices 特許經營權增長的內部投資水平呢？您沒有分解分配給設備的研發支出百分比。但我們確實有一個數據點來自 19 年製藥日，當時您將 18 年 110 億美元的研發費用中的 84 億美元用於製藥計劃，所以這超過了 75%。但只是——我的意思是，在過去幾年中，這是否提高了對設備業務的投資水平？這會進一步加強嗎？需要明確的是，Ashley 並沒有向我們的團隊提出這個問題。

I'm going to check the transcript on that, Josh, just to be sure. But listen, I think what you would hear if Joaquin was sitting here is that he supports all the businesses with respect to innovation. We realize that our calling card is innovation, and we're going to have growth across all of our franchises when we have products that matter, that are differentiated, that are beyond the current standard of care and meeting consumer needs as well.

喬希，我要檢查一下成績單，以確保確定。但是聽著，如果華金坐在這裡，我想你會聽到他支持所有與創新相關的企業。我們意識到我們的名片是創新，當我們擁有重要的、差異化的、超出當前護理標準並滿足消費者需求的產品時，我們將在所有特許經營權中實現增長。

I actually want to credit Ashley and her team for the way they've managed their P&L. They've been conscious about moving more of their investment into R&D. You saw a record number of 20-plus new product launches last year that are considered meaningful. We're going to be very close to probably a very similar number this year. And so that portfolio has taken very much the same approach that I would say Pharmaceuticals did almost a decade ago when the focus is very well understood and where we want to play because we've got a strategic or competitive advantage will be capitalized upon.

實際上，我想感謝 Ashley 和她的團隊管理損益的方式。他們一直意識到將更多的投資用於研發。去年，您看到了創紀錄的 20 多種被認為有意義的新產品發布。今年我們將非常接近可能非常相似的數字。因此，該投資組合採取了與我所說的製藥公司在近十年前所採取的方法非常相似的方法，當時我們非常了解重點，並且我們想在哪裡發揮作用，因為我們擁有戰略或競爭優勢將被利用。

I don't know, Ashley, if you want to add anything more, but I think that certainly, there is continued support, but a lot of the credit goes to Ashley and her team in terms of managing their levels of investment throughout the P&L.

我不知道，Ashley，如果你想添加更多內容，但我認為肯定會有持續的支持，但很多功勞歸功於 Ashley 和她的團隊在整個損益表中管理他們的投資水平.

Thanks, Joe. I mean, Josh, I would say that we are investing at a competitive level, and I'm really pleased with the state of execution. We are -- we have, in our pipeline right now, 27, $100 million-plus eNPV projects, that number 3 years ago was 6. So they continue to focus the pipeline on medium to higher growth segments and really execute and we're off to a good start in 2022.

謝謝，喬。我的意思是，喬希，我會說我們正在以具有競爭力的水平進行投資，我對執行狀態感到非常滿意。我們 - 我們現在有 27 個超過 1 億美元的 eNPV 項目正在籌備中，而 3 年前這個數字是 6 個。因此，他們繼續將管道重點放在中高增長領域並真正執行，我們正在2022年有個好的開始。

I would maybe underscore too is that gives us the confidence to go out and add in inorganic opportunities when the opportunity presents itself using the criteria of strategic fit as well as financial value creation. So a stronger internal pipeline that gets hopefully success out in the acquisition markets.

我也可能要強調的是，當機會出現時，我們有信心走出去並利用戰略契合度和財務價值創造標準來增加無機機會。因此，更強大的內部管道有望在收購市場取得成功。

Just to reference our 10-K, we do provide the breakout of R&D by segment on an annual basis for reference.

只是為了參考我們的 10-K，我們確實提供了每年按細分市場劃分的研發突破以供參考。

Our next question today is coming from Terence Flynn from Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的特倫斯弗林。

Jennifer, I was just wondering if you could elaborate a little bit more on the COVID recovery in the Pharma segment. I know you touched on staffing issues on the gas strip...

詹妮弗，我只是想知道您是否可以詳細說明一下製藥領域的 COVID 恢復情況。我知道你談到了加油站的人員配備問題...

Yes. So I understand Terry's comment really was around the U.S. and what we're seeing in terms of COVID. So as we exited last year, really in the December time frame and entered this year into really January and February, we did see the Omicron variant impact the U.S. business. And what we saw there really, as already mentioned before, we did see staffing shortages because so many people got sick. People weren't able to go into work. And so in the higher, more intensive resource settings in some of the markets, we did see slowdown in terms of delayed visits and new patient starts.

是的。所以我理解特里的評論確實是在美國各地以及我們在 COVID 方面所看到的。因此，當我們去年退出時，實際上是在 12 月的時間框架內，並在今年進入真正的 1 月和 2 月，我們確實看到了 Omicron 變體對美國業務的影響。正如之前已經提到的，我們確實在那裡看到了人員短缺，因為很多人生病了。人們無法上班。因此，在一些市場中更高、更密集的資源環境中，我們確實看到了就診延遲和新患者開始的放緩。

What we are seeing now is we're looking towards the end of March and in early April, we're seeing nice recovery there. And so this really hopefully was something really just at the end of last year and the beginning of this year, and it does look to be more specific to the U.S. than to any of the other markets.

我們現在看到的是，我們正在展望 3 月底和 4 月初，我們在那裡看到了良好的複蘇。所以這真的很希望是去年年底和今年年初的事情，而且它看起來確實比其他任何市場都更具體到美國。

Thanks, Jennifer. Thibaut, maybe give some insight, too, on the consumer segment and how COVID is impacting. Obviously, it was much more tumultuous I'd say, in 2020 and 2021. But what are you seeing relative to the early start of this year?

謝謝，詹妮弗。 Thibaut 或許也可以就消費者細分市場以及 COVID 的影響提供一些見解。顯然，我想說的是，在 2020 年和 2021 年，情況要動盪得多。但是相對於今年年初，你看到了什麼？

Look, clearly, we continue to see the impact of COVID on the life of our consumers. And that has an impact -- the differentiated impact by category. We are looking at China very specifically right now to see how the situation evolves there. But I would say that COVID has really shifted consumer behavior to digital space and digital solutions. And so -- and we see it in the continued growth of our e-commerce channel representing more and more of our business. So that's what makes our world more resilient is the ability to count on multiple channels is something that is showing us well in the COVID environment. Having said that, we need to continue to monitor how the situation evolves around the world.

看，很明顯，我們繼續看到 COVID 對消費者生活的影響。這會產生影響——按類別劃分的差異化影響。我們現在正在非常具體地關注中國，以了解那裡的情況如何發展。但我想說的是，COVID 確實將消費者行為轉向了數字空間和數字解決方案。所以——我們在電子商務渠道的持續增長中看到了這一點，這代表了我們越來越多的業務。所以這就是讓我們的世界更有彈性的原因是依靠多個渠道的能力在 COVID 環境中向我們展示了這一點。話雖如此，我們仍需要繼續關注全球局勢的演變。

Our next question today is coming from Matt Miksic from Credit Suisse.

我們今天的下一個問題來自瑞士信貸的 Matt Miksic。

So maybe for Ashley. I was hoping you could provide a little bit more color on Med Devices in Q1 and the trajectory exiting March. You had pretty impressive growth across the board. So congrats on that. But investors are often trying to think to just figure out the difference between inpatient segments like Orthopaedics or Cardio or Advanced Surgery and how those are recovering potentially at different rates in the U.S. and what you might be seeing there? As well as any color you could provide on how, say, Europe and Japan, overseas developed markets compared with the recovery trends we've seen in the U.S.

所以也許對阿什利來說。我希望你能在第一季度的 Med Devices 和退出 3 月的軌跡上提供更多的色彩。你的全面增長令人印象深刻。恭喜你。但投資者經常試圖弄清楚骨科、心臟或高級外科等住院部門之間的區別，以及這些部門在美國可能以不同的速度恢復的情況，以及你在那裡可能看到的情況？以及您可以提供的任何顏色，例如歐洲和日本，海外發達市場與我們在美國看到的複蘇趨勢相比。

Thanks, Matt, for the question. And it's April 2022, we're still talking about this, so just huge acknowledgment for our health care workers who are still battling through this. But I would tell you, EMEA really bounced back nicely in quarter 1. It was pretty broad-based within EMEA. I would say, Asia with the exception of China recently also bounced back. And then U.S. really gained momentum.

謝謝，馬特，這個問題。現在是 2022 年 4 月，我們仍在談論這個問題，因此，我們要向仍在與此作鬥爭的醫護人員致以崇高的敬意。但我會告訴你，歐洲、中東和非洲地區在第一季度確實反彈得很好。它在歐洲、中東和非洲地區的基礎相當廣泛。我想說的是，除中國外的亞洲最近也出現了反彈。然後美國真的獲得了動力。

I always look at 2 data points in the U.S. As an example, I look at like how were diagnostic procedures performing in the U.S. and then how are surgical procedures performing. And probably at our trough when Omicron was hitting in the U.S. in January, we had about flat diagnostic procedures, and we were looking at surgical procedures down near double digit, down 10%. Encouragingly, as we exited March, we started to see diagnostic procedures tick up to high single digit and start to see a flattening of surgical procedures. I expect in the month of April in the U.S. to see it go north of 2019 levels, really driven by cardio cardiac ablation, bariatrics and colorectal surgery.

我總是查看美國的 2 個數據點。例如，我查看了美國的診斷程序如何執行，然後是外科程序的執行情況如何。可能在 1 月份 Omicron 進入美國時處於低谷時，我們的診斷程序基本持平，我們看到的手術程序下降了接近兩位數，下降了 10%。令人鼓舞的是，當我們離開 3 月份時，我們開始看到診斷程序上升到高個位數，並開始看到手術程序趨於平緩。我預計在 4 月份美國會看到它超過 2019 年的水平，這實際上是由心臟消融、減肥和結直腸手術推動的。

Your next question today is coming from Geoff Meacham from Bank of America.

您今天的下一個問題來自美國銀行的 Geoff Meacham。

I just had a couple. Jennifer, in the myeloma market, we'll see REVLIMID generic soon. And I realize that combinations with DARZALEX are standard of care, but what are your expectations for broader market disruption going forward, either from a pricing or share perspective?

我剛有一對。詹妮弗，在骨髓瘤市場，我們很快就會看到 REVLIMID 仿製藥。而且我意識到與 DARZALEX 的組合是護理標準，但是從定價或份額的角度來看，您對未來更廣泛的市場顛覆有何期望？

And then a quick follow-up on the M&A front for Joe. When you're thinking about the P&L or cash flow impact from the consumer separation, to what degree does this inform or impact plans for a larger scale BD or M&A for either a MedTech or Pharma?

然後是喬在併購方面的快速跟進。當您考慮消費者分離對損益或現金流的影響時，這在多大程度上影響或影響了醫療技術或製藥公司更大規模的 BD 或併購計劃？

So thanks for the opportunity to talk about our multiple myeloma portfolio in response to your question. So as we take a look at the myeloma market, despite the advances to date in therapies, there is still so much unmet need there, given the underlying heterogeneity of the disease. And so it's really important that there are treatment choices. And what we're really trying to do is to have a strong portfolio of highly effective treatments and actually ultimately shoot for a cure.

因此，感謝您有機會在回答您的問題時討論我們的多發性骨髓瘤產品組合。因此，當我們看一看骨髓瘤市場時，儘管迄今為止在治療方面取得了進展，但鑑於該疾病的潛在異質性，那裡仍有許多未滿足的需求。因此，有治療選擇非常重要。而我們真正想做的是擁有強大的高效治療組合，並最終為治愈而努力。

And so as we take a look at the market with DARZALEX -- in DARZALEX FASPRO right now, we're really seeing this as a foundational therapy for multiple myeloma. And so irrespective of ethers and LOE and those types of things, as you noted, it's a lot of combination therapy and things like that. That does not fundamentally change opportunity for DARZALEX and FASPRO.

因此，當我們看一下 DARZALEX 的市場時——現在在 DARZALEX FASPRO 中，我們確實將其視為多發性骨髓瘤的基礎療法。所以不管乙醚和LOE以及那些類型的東西，正如你所提到的，它是很多聯合治療之類的東西。這不會從根本上改變 DARZALEX 和 FASPRO 的機會。

What I'm also really excited about is then you add in CARVYKTI that was recently approved, as we mentioned, for triple refractory multiple myeloma. And we really think that this will ultimately become a preferred treatment for patients with relapsed/refractory multiple myeloma.

我也非常興奮的是，您添加了最近批准的CARVYKTI，正如我們所提到的，用於治療三重難治性多發性骨髓瘤。我們真的認為這最終將成為複發/難治性多發性骨髓瘤患者的首選治療方法。

We also mentioned teclistamab and the filing of teclistumab. And this really is the first-ever BCMA CD3 bispecific. And we think that this is going to be a great off-the-shelf option and for patients who really are triple-class exposed and who are really not eligible for CARVYKTI or don't have access.

我們還提到了 teclistamab 和 teclistumab 的備案。這確實是有史以來第一個 BCMA CD3 雙特異性。我們認為這將是一個很好的現成選擇，適用於真正處於三級暴露且真正不符合 CARVYKTI 或無法使用的患者。

And then in the future, we're not stopping there. We're also working on talquetumab, and this would be the first and potentially best-in-class GPRC5D bispecific that we think could be potentially sequenced and combined to help transform outcomes.

然後在未來，我們不會止步於此。我們還在研究 talquetumab，這將是第一個可能是同類最佳的 GPRC5D 雙特異性，我們認為它可能被測序和組合以幫助改變結果。

And so as we take a look at our portfolio, we really think that these assets are additive and complementary versus something where they would be cannibalizing each other. And we really think that these are the important advances that are going to really help transform multiple myeloma in the future and going forward versus any of the older therapies.

因此，當我們查看我們的投資組合時，我們真的認為這些資產是相輔相成的，而不是它們會相互蠶食的東西。我們真的認為這些重要進展將真正有助於在未來改變多發性骨髓瘤，並與任何舊療法相比。

And Geoff, with respect to cash flow and M&A, I think I'll answer that in two parts. I think short term, we certainly have the credit rating to warrant more firepower should we need it. As you have observed, our cash flow generation over the last couple of years has ticked up to new levels, north of $20 billion or around $20 billion from when we were just maybe $17 billion a few years ago.

傑夫，關於現金流和併購，我想我會分兩部分回答這個問題。我認為短期內，如果我們需要，我們當然有足夠的信用評級來保證更多的火力。正如您所觀察到的，我們在過去幾年中產生的現金流量已經上升到了新的水平，從幾年前的 170 億美元增加到 200 億美元或大約 200 億美元。

As the Consumer company separates, I think that's going to be actually liberating for both sides. We still have opportunities to improve our cash flow with inventory management and receivables. But as we move to a higher growth segment, we think we'll be able to generate similar cash flow with a higher level of sales growth, managing the P&L appropriately. So I've got every confidence that we'll be able to do small, medium and large scale acquisitions should the right opportunity present itself.

隨著消費者公司的分離，我認為這實際上對雙方來說都是一種解放。我們仍有機會通過庫存管理和應收賬款來改善我們的現金流。但隨著我們轉向更高增長的細分市場，我們認為我們將能夠產生類似的現金流和更高水平的銷售增長，並適當地管理損益。因此，我完全有信心，如果合適的機會出現，我們將能夠進行小規模、中規模和大規模的收購。

I also think it's liberating for the Consumer Health segment because they'll be able to focus their cash flow generation to value-creating opportunities through their particular lens being fit for purpose in a digitized environment that Thibaut spoke to.

我還認為這對消費者健康部門來說是一種解放，因為他們將能夠通過他們特定的鏡頭在 Thibaut 談到的數字化環境中適合目標，將他們的現金流產生集中在創造價值的機會上。

So whether it's near term or long term, I think we're in a very good position to utilize today's cash and hopefully that which should we generate tomorrow.

因此，無論是短期還是長期，我認為我們都處於一個非常好的位置來利用今天的現金，並希望我們明天應該產生這些現金。

Kevin, maybe we've got time for one more question?

凱文，也許我們還有時間再問一個問題？

Certainly. Our final question today is coming from Danielle Antalffy from SVB Leerink.

當然。我們今天的最後一個問題來自 SVB Leerink 的 Danielle Antalffy。

This is a question for Ashley and it's the commentary around the ASC penetration. And I'm just curious, Ashley, as that site of care becomes increasingly important, where you guys think you are relative to the market from a penetration perspective? And where you think you can grow -- how meaningful growth of a driver will your recent success in the ASC be over the next few years?

這是阿什利的一個問題，它是關於 ASC 滲透的評論。我只是好奇，阿什利，隨著那個護理站點變得越來越重要，你們認為從滲透的角度來看，你們相對於市場在哪裡？你認為你可以在哪裡成長——在接下來的幾年裡，你最近在 ASC 中取得的成功會有多有意義的增長？

Well, thank you, Danielle. Appreciate the question and hope you are well.

好吧，謝謝你，丹妮爾。欣賞這個問題，希望你一切都好。

We -- in U.S., in the ASCs, I think, are -- it's still relatively low penetration, I would tell, from a macro U.S., less than 20%, but I think it's the fastest growing as we know. In a COVID environment, we've seen the model evolve to create a safe, more patient-friendly experience that addresses a patient sentiment of not wanting to go into a hospital setting.

我們——在美國，我認為在 ASC 中——它的滲透率仍然相對較低，我會說，從宏觀美國來看，不到 20%，但我認為這是我們所知道的增長最快的。在 COVID 環境中，我們已經看到該模型演變為創造一種安全、對患者更友好的體驗，以解決患者不想進入醫院環境的情緒。

Certain procedures have gone there early sooner than later. I'd say hips are migrating there and knees, less spine per se, less complicated. Obviously, trauma cases still happening in the hospital setting. We've done a lot of work recently to modify our business model to make it a capital-efficient flow, if you will, in inventory management, on the personalization of care using digital assets to kind of your pre-op and your post-op experience less full of friction. And we're taking a lot of that experience in the U.S. ASCs to really what we're doing in China in the Tier 2 and the Tier 3 cities as well as we deliver care. So I'm optimistic that this channel will continue to evolve. I do think that we think we start competitiveness there, and we're making sure that we really have a sustainable business model going forward. Thank you.

某些程序遲早會出現。我會說臀部和膝蓋在那裡遷移，脊柱本身減少了，不那麼複雜了。顯然，創傷病例仍在醫院環境中發生。我們最近做了很多工作來修改我們的業務模式，使其成為一種資本效率高的流程，如果您願意的話，在庫存管理中，使用數字資產對您的術前和術後進行個性化護理op經驗少，充滿摩擦。我們正在將美國 ASC 的大量經驗用於我們在中國在 2 線和 3 線城市所做的事情以及我們提供的醫療服務。所以我很樂觀，這個渠道將繼續發展。我確實認為我們認為我們從那裡開始競爭，並且我們正在確保我們真正擁有一個可持續發展的商業模式。謝謝你。

Thank you, Danielle, and thanks to everyone for your questions and your continued interest in our company. We apologize to those who we couldn't get to because of time, but don't hesitate to reach out to the Investor Relations team as needed.

謝謝 Danielle，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。

I will now turn the call back to Joe for some brief closing remarks.

我現在將把電話轉回給喬，做一些簡短的閉幕詞。

Great. Thanks, Jess. And as Jess alluded to, we certainly do appreciate your questions and the chance to interact with you.

偉大的。謝謝，傑斯。正如 Jess 所暗示的，我們當然非常感謝您提出的問題以及與您互動的機會。

I'd like to remind everybody as we close that we do have the opportunity to engage with shareholders at next week's annual meeting on April 28. Also be on the lookout for an update on our commitments to ESG. On June 8, we will be issuing our Health for Humanity Report, which is an in-depth review on the progress we are making on our 2025 goals.

我想在我們關閉時提醒大家，我們確實有機會在 4 月 28 日下週的年度會議上與股東進行交流。另外，請留意我們對 ESG 承諾的最新信息。 6 月 8 日，我們將發布《人類健康報告》，這是對我們在 2025 年目標方面取得的進展的深入回顧。

Thank you for your time and your interest in Johnson & Johnson. Have a great day.

感謝您抽出寶貴的時間和對強生公司的興趣。祝你有美好的一天。

Thank you. This concludes today's Johnson & Johnson's First Quarter 2022 Earnings Conference Call. You may now disconnect.

謝謝你。今天的強生公司 2022 年第一季度收益電話會議到此結束。您現在可以斷開連接。