嬌生 (JNJ) 2022 Q2 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's Second 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 年第二季度收益電話會議。 （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。

Please note that today's meeting may include forward-looking statements relating to, among other things, the company's future financial performance, product development, market position and business strategy and the anticipated separation of the company's Consumer Health business. You're cautioned not to rely on these statements, which are based on current expectations of future events using the information available as of today's date and are subject to certain risks and uncertainties that may cause the company's actual results to differ materially from those projected.

請注意，今天的會議可能包括與公司未來財務業績、產品開發、市場地位和業務戰略以及公司消費者健康業務預期分離等相關的前瞻性陳述。請注意不要依賴這些陳述，這些陳述基於使用截至今天可用的信息對未來事件的當前預期，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致公司的實際結果與預期結果大不相同。

In particular, there is significant uncertainty about the duration and contemplated impact of the COVID-19 pandemic. A further description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2021 Form 10-K, which is available at investor.jnj.com and on the SEC's website.

特別是，COVID-19 大流行的持續時間和預期影響存在很大的不確定性。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 SEC 的文件，包括我們的 2021 年 10-K 表格，該表格可在investor.jnj.com 和 SEC 網站上獲取。

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

此外，今天討論的一些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。這些幻燈片承認這些關係。

Good morning, everyone. This is Joaquin Duato, Chief Executive Officer of Johnson & Johnson. Thanks for joining us today. I am accompanied by Joe Wolk and Jessica Moore, and we have the privilege to share our second quarter financial results and answer questions you have regarding Johnson & Johnson's business.

大家，早安。我是強生公司首席執行官華金·杜阿托。感謝您今天加入我們。我由喬沃爾克和傑西卡摩爾陪同，我們有幸分享我們第二季度的財務業績並回答您對強生公司業務的問題。

During my first 6 months as CEO, I have had the opportunity to reconnect in person with colleagues, customers and stakeholders around the world. These conversations have energized me about the future of Johnson & Johnson. They have also made clear the critical role our company plays as a leader in bringing innovative health care solutions to patients and customers, both today and long into the future. And they further validated that the 3 strategic priorities I outlined earlier this year will continue to guide us in 2022 as we deliver on our mission to transform the future of human health.

在我擔任 CEO 的頭 6 個月裡，我有機會親自與世界各地的同事、客戶和利益相關者重新建立聯繫。這些對話讓我對強生公司的未來充滿活力。他們還明確了我們公司作為領導者在為患者和客戶提供創新醫療保健解決方案方面所發揮的關鍵作用，無論是現在還是未來。他們進一步證實，我今年早些時候概述的 3 個戰略重點將在 2022 年繼續指導我們，因為我們履行了改變人類健康未來的使命。

Let me remind you of those priorities. First, we will continue to advance our industry-leading success in pharmaceuticals by delivering the innovative pipeline we highlighted at our Pharmaceutical Business Review last November. This includes our goal to grow this sector to $60 billion by 2025, with growth in every year, including years facing the STELARA loss of exclusivity and continuing to deliver above-market compounded annual growth of at least 5%.

讓我提醒你這些優先事項。首先，我們將通過提供我們在去年 11 月的《醫藥業務回顧》中強調的創新管道，繼續推進我們在醫藥行業領先的成功。這包括我們的目標是到 2025 年將該行業增長到 600 億美元，並且每年都在增長，包括面臨 STELARA 排他性損失的年份，並繼續實現至少 5% 的高於市場的複合年增長率。

In the second quarter, we saw evidence of this plan coming to fruition with the launch of CARVYKTI in April. And in May, we received conditional marketing authorization in Europe. In addition, talquetamab was granted FDA Breakthrough Therapy designation in June. I have great confidence in the strength of our current portfolio, which remains underappreciated, and in our robust pipeline to meet our long-term goals and to deliver transformational medicines that help improve and save lives.

在第二季度，隨著 4 月 CARVYKTI 的推出，我們看到了該計劃取得成果的證據。並且在 5 月，我們在歐洲獲得了有條件的營銷授權。此外， talquetamab 於 6 月獲得 FDA 突破性治療指定。我對我們目前仍被低估的產品組合的實力以及我們強大的管道充滿信心，以實現我們的長期目標並提供有助於改善和挽救生命的轉化藥物。

Our second priority, continue to strengthen our performance in MedTech. Over the past several years, this acceleration in performance has been driven by the delivery of differentiated solutions as well as improved commercial execution. We expect this improvement to continue, enabled by our innovative pipeline as well as the potential for expansion into higher-growth market segments.

我們的第二個優先事項是繼續加強我們在醫療技術領域的表現。在過去的幾年裡，這種性能的加速是由差異化解決方案的交付以及商業執行的改進推動的。我們預計這種改進將繼續，這得益於我們的創新管道以及擴展到更高增長細分市場的潛力。

Currently, 11 MedTech platforms each deliver over $1 billion in revenue annually. And based on the most recent results, we are gaining or holding share in nearly all of these. With the positive momentum in this business and our improvement in competitiveness, MedTech has delivered 6% adjusted operational growth in the first half of 2022. We believe MedTech will continue to be a significant source of value for our investors and our stakeholders.

目前，11 個 MedTech 平台每年帶來超過 10 億美元的收入。根據最近的結果，我們幾乎在所有這些領域都獲得或持有份額。憑藉該業務的積極勢頭和我們競爭力的提高，MedTech 在 2022 年上半年實現了 6% 的調整後運營增長。我們相信，MedTech 將繼續成為我們的投資者和利益相關者的重要價值來源。

Third, we are separating our Consumer Health business to create 2 market-leading stand-alone companies. This separation can be a significant opportunity for value creation. The 2 new global entities will be well positioned to thrive in their respective markets and drive greater strategic and financial success. We are making excellent progress and remain on track to complete the separation in 2023.

第三，我們正在分離我們的消費者健康業務，以創建兩家市場領先的獨立公司。這種分離可能是創造價值的重要機會。這兩個新的全球實體將有能力在各自的市場中蓬勃發展，並推動更大的戰略和財務成功。我們正在取得出色的進展，並有望在 2023 年完成分離。

In the second quarter, we announced the global leadership team for the new Consumer Health organization led by Thibaut Mongon as CEO designate and Paul Ruh as CFO designate. Having worked with both Thibaut and Paul for many years, I'm confident that we have selected the right leadership team to lead the new Consumer Health company in its next chapter.

在第二季度，我們宣布了新的消費者健康組織的全球領導團隊，由 Thibaut Mongon 擔任首席執行官，Paul Ruh 擔任首席財務官。與 Thibaut 和 Paul 共事多年，我相信我們已經選擇了合適的領導團隊來領導新的消費者健康公司的下一章。

The new Johnson & Johnson comprising our Pharmaceutical and MedTech businesses will remain the largest, most diversified healthcare products company in the world with over $80 billion in sales. With enhanced operational focus, the new Johnson & Johnson will be poised to bring integrated, comprehensive, disease-centric technology and innovative solutions to enhance patient care. Our balance sheet will remain strong, allowing us to pursue both organic and inorganic opportunities in higher growth markets across both segments, while maintaining our strong dividend distribution.

由我們的製藥和醫療技術業務組成的新強生公司仍將是全球最大、最多元化的醫療保健產品公司，銷售額超過 800 億美元。隨著運營重點的加強，新的強生公司將準備帶來綜合、全面、以疾病為中心的技術和創新解決方案，以加強患者護理。我們的資產負債表將保持強勁，使我們能夠在兩個領域的高增長市場中尋求有機和無機機會，同時保持強勁的股息分配。

With these clear priorities in place, we are confident in our ability to execute on both our short-term and long-term objectives. We are very pleased to have delivered solid sales and earnings growth through the first half of 2022, reporting adjusted operational sales and EPS growth of 8% and 8.5%, respectively.

有了這些明確的優先事項，我們對我們執行短期和長期目標的能力充滿信心。我們很高興在 2022 年上半年實現了穩健的銷售額和盈利增長，調整後的運營銷售額和每股收益分別增長 8% 和 8.5%。

Joe and Jess will share details reflecting above-market adjusted operational sales growth from Pharmaceuticals and continued resiliency in both MedTech and Consumer Health results that stand out given the current global macroeconomic challenges. We are well positioned across the globe to sustain our leadership position in healthcare. We aspire to accelerate growth while maintaining the diversification in our business and our discipline around capital allocation, which have been foundational to our success for over the past 135 years.

Joe 和 Jess 將分享詳細信息，這些細節反映了製藥公司調整後的運營銷售增長以及醫療技術和消費者健康結果的持續彈性，這些結果在當前全球宏觀經濟挑戰中脫穎而出。我們在全球範圍內處於有利地位，可以維持我們在醫療保健領域的領先地位。我們渴望加速增長，同時保持業務多元化和資本分配紀律，這是我們過去 135 年成功的基礎。

I look forward to addressing your questions soon. But for now, I will turn the call over to Jessica Moore to discuss those details. Jess?

我期待盡快解決您的問題。但現在，我將把電話轉給 Jessica Moore 來討論這些細節。傑斯？

Thank you, Joaquin. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. As a reminder, you can find additional material, including today's presentation and associated schedules, on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com.

謝謝你，華金。我是強生公司投資者關係副總裁傑西卡·摩爾。提醒一下，您可以在強生公司網站investor.jnj.com 的投資者關係部分找到其他材料，包括今天的演示文稿和相關時間表。

We continue to implement enhancements in order to assist you in evaluating our performance. In addition to today's presentation and associated schedules, we will be posting the transcript of today's call as well as an Excel version of key financial schedules.

我們將繼續實施增強功能，以幫助您評估我們的績效。除了今天的演示文稿和相關時間表外，我們還將發布今天的電話會議記錄以及關鍵財務時間表的 Excel 版本。

I will now review the second 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 updated guidance for 2022. The remaining time will be available for your questions. We anticipate the webcast will last up to 60 minutes.

我現在將回顧公司和三個部門的第二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概述、我們的資本分配優先事項和 2022 年更新的指導。剩餘時間將用於回答您的問題。我們預計網絡直播將持續長達 60 分鐘。

Now let's move to second quarter results. Worldwide sales were $24 billion for the second quarter of 2022, an increase of 3% versus the second quarter of 2021. Operational sales growth, which excludes the effect of translational currency, increased 8% as currency had a negative impact of 5 points. In the U.S., sales increased 2.3%.

現在讓我們轉到第二季度的結果。 2022 年第二季度全球銷售額為 240 億美元，比 2021 年第二季度增長 3%。由於貨幣產生了 5 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 8%。在美國，銷售額增長了 2.3%。

In regions outside the U.S., our reported growth was 3.8%. Operational sales growth outside the U.S. was 13.9% with currency negatively impacting our reported OUS results by 10.1 points. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 8.1% worldwide, 2.4% in the U.S. and 14.2% outside the U.S.

在美國以外的地區，我們報告的增長率為 3.8%。美國以外的營業銷售額增長 13.9%，匯率對我們報告的 OUS 結果產生了 10.1 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 8.1%，美國為 2.4%，美國以外為 14.2%。

Turning now to earnings. For the quarter, net earnings were $4.8 billion and diluted earnings per share was $1.80 versus diluted earnings per share of $2.35 a year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $6.9 billion and adjusted diluted earnings per share was $2.59, representing increases of 4.3% and 4.4%, respectively, compared to the second quarter of 2021. On an operational basis, adjusted diluted earnings per share increased 10.9%.

現在轉向收益。本季度的淨收益為 48 億美元，稀釋後的每股收益為 1.80 美元，而一年前的稀釋後每股收益為 2.35 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 69 億美元，調整後攤薄每股收益為 2.59 美元，與 2018 年第二季度相比分別增長 4.3% 和 4.4% 2021. 在運營基礎上，調整後的攤薄每股收益增長了 10.9%。

I will now comment on business segment sales performance highlights. Unless otherwise stated, percentages quoted represent the operational sales change in comparison to the second quarter of 2021 and, therefore, exclude the impact of currency translation. As stated last quarter, we plan to keep our comments brief to leave more time for Q&A. Please refer to the slides for additional segment and franchise commentary.

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 年第二季度相比的運營銷售額變化，因此不包括貨幣換算的影響。如上個季度所述，我們計劃保持評論簡短，以便為問答留出更多時間。請參閱幻燈片以獲取更多細分和特許經營評論。

Beginning with Consumer Health. Worldwide Consumer Health sales of $3.8 billion decreased 1.3%, with a decline of 3.6% in the U.S. and growth of 0.6% outside the U.S. Operational sales growth, which excludes the effect of translational currency, increased 2.3% as currency had a negative impact of 3.6 points. Excluding the impact of acquisitions and divestitures, worldwide growth was 2.9%.

從消費者健康開始。全球消費者健康銷售額為 38 億美元，下降 1.3%，其中美國下降 3.6%，美國以外地區增長 0.6%。由於貨幣對3.6 分。剔除收購和資產剝離的影響，全球增長率為 2.9%。

Results were primarily driven by strategic price increases, growth in OTC outside the U.S. due to a strong cold, cough and flu season and digestive health category recovery. This growth was partially offset by a weaker allergy season and supply constraints in the U.S., although these have improved from prior quarters. Furthermore, the Consumer Health business was negatively impacted by regional COVID-19 mobility restrictions, mainly affecting the Skin Health/Beauty franchise.

結果主要受戰略性價格上漲、由於感冒、咳嗽和流感季節的影響導緻美國以外非處方藥的增長以及消化系統健康類別恢復的推動。這一增長被美國較弱的過敏季節和供應限制部分抵消，儘管這些情況比前幾個季度有所改善。此外，消費者健康業務受到區域 COVID-19 行動限制的負面影響，主要影響皮膚健康/美容專營權。

Moving on to our Pharmaceutical segment. Worldwide Pharmaceutical sale of $13.3 billion increased 6.7% with growth of 4.2% in the U.S. and 9.8% outside of the U.S. Operational sales growth, which excludes the effect of translational currency, increased 12.3% as currency had a negative impact of 5.6 points. Excluding the impact of acquisitions and divestitures, worldwide growth was 12.4%. Excluding COVID-19 vaccine sales, worldwide operational sales growth was 8.6%. Results in the quarter were impacted by unfavorable prior-period adjustments, offset by favorable discounts.

繼續我們的製藥部門。全球藥品銷售額為 133 億美元，增長 6.7%，其中美國增長 4.2%，美國以外增長 9.8%。由於貨幣產生了 5.6 個百分點的負面影響，運營銷售增長（不包括換算貨幣的影響）增長了 12.3%。剔除收購和資產剝離的影響，全球增長率為 12.4%。不包括 COVID-19 疫苗銷售，全球運營銷售增長 8.6%。本季度的業績受到不利的前期調整的影響，被有利的折扣所抵消。

Pharmaceutical growth was driven by our broad portfolio of products paired with strong commercial access and execution, enabling us to continue to deliver above-market adjusted operational sales growth, including 5 assets with double-digit growth in the quarter. Growth was due to strength from DARZALEX, STELARA, ERLEADA and TREMFYA, along with our paliperidone long-acting portfolio, which was partially offset by biosimilar competition for REMICADE, along with a decrease in IMBRUVICA sales.

醫藥增長得益於我們廣泛的產品組合以及強大的商業准入和執行力，使我們能夠繼續實現高於市場的調整後運營銷售增長，包括本季度實現兩位數增長的 5 項資產。增長是由於 DARZALEX 、 STELARA 、 ERLEADA 和 TREMFYA 的實力，以及我們的帕潘立酮長效產品組合，這部分被 REMICADE 的生物仿製藥競爭以及 IMBRUVICA 銷售額的下降所抵消。

DARZALEX and ERLEADA continued to drive strong operational sales growth with increases of 46.1% and 56.9%, respectively. STELARA growth of 18.6% was driven by strong market growth and meaningful share gains in Crohn's disease and ulcerative colitis. This represents 5.4 points and 7.4 points of share gain, respectively, in the U.S. Results in the quarter benefited from favorable discounts, partially offset by unfavorable prior-period adjustments for a net favorable impact of approximately 400 basis points.

DARZALEX 和 ERLEADA 繼續推動強勁的運營銷售增長，分別增長 46.1% 和 56.9%。 STELARA 增長 18.6% 是由強勁的市場增長和克羅恩病和潰瘍性結腸炎的顯著份額增長推動的。這在美國分別代表 5.4 點和 7.4 點的股票收益。本季度的業績受益於有利的折扣，部分被不利的前期調整所抵消，淨有利影響約為 400 個基點。

TREMFYA grew 29.7%, driven by market growth and share gains in psoriasis and psoriatic arthritis. This represents 2.3 points and 3.2 points of share gain, respectively, in the U.S. Results in the quarter were impacted by an unfavorable prior-period adjustment of approximately 750 basis points in unfavorable patient mix.

在銀屑病和銀屑病關節炎市場增長和份額增長的推動下，TREMFYA 增長了 29.7%。這在美國分別代表 2.3 個百分點和 3.2 個百分點的份額收益。本季度的業績受到不利的患者組合約 750 個基點的不利前期調整的影響。

IMBRUVICA operational sales declined 7.2% worldwide due to increased competition, particularly in the U.S. IMBRUVICA maintains its market leadership position worldwide and continues to drive operational growth outside of the U.S. despite ongoing competitive pressures. Given these results, we remain confident in our ability to deliver our 11th consecutive year of above-market adjusted operational sales growth in 2022.

由於競爭加劇，IMBRUVICA 全球運營銷售額下降了 7.2%，尤其是在美國。儘管競爭壓力持續存在，但 IMBRUVICA 仍保持其全球市場領導地位，並繼續推動美國以外的運營增長。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 $6.9 billion decreased 1.1% with growth of 1.6% in the U.S. and declines of 3.6% outside of the U.S. Operational sales growth, which excludes the effect of translational currency, increased 3.4% as currency had a negative impact of 4.5 points. Excluding the impact of acquisitions and divestitures, worldwide growth was 3.4%. Operational sales also grew sequentially versus the prior quarter despite headwinds related to regional COVID-19 mobility restrictions as well as labor and supply constraints.

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 69 億美元，下降 1.1%，其中美國增長 1.6%，美國以外的地區下降 3.6%。運營銷售額增長（不包括換算貨幣的影響）增長 3.4%，因為貨幣產生了 4.5 個百分點的負面影響.剔除收購和資產剝離的影響，全球增長率為 3.4%。儘管存在與地區 COVID-19 流動性限制以及勞動力和供應限制相關的不利因素，但與上一季度相比，運營銷售額也環比增長。

Drivers for growth across the MedTech business include procedure recovery, focused commercial strategies and differentiated new products driving enhanced or sustained market share positions in nearly all of our 11 priority platforms, each generating over $1 billion in annual sales. For additional context, all franchises were affected by regional COVID-19 mobility restrictions, and selling days had an immaterial impact on results in the quarter.

整個 MedTech 業務增長的驅動力包括程序恢復、重點商業戰略和差異化的新產品，這些產品在我們幾乎所有 11 個優先平台中推動了增強或持續的市場份額地位，每個平台的年銷售額均超過 10 億美元。在其他情況下，所有特許經營權都受到區域 COVID-19 流動性限制的影響，銷售天數對本季度的業績影響不大。

Now turning to our consolidated statement of earnings for the second quarter of 2022. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year. Cost of products sold deleveraged by 50 basis points, primarily driven by increased supply network-related cost with the COVID-19 vaccine and inflation, partially offset by favorable mix. We continued to invest strategically in research and development at competitive levels, investing 15.4% of sales this quarter. The $3.7 billion invested was a 9.1% increase versus the prior year, primarily due to portfolio progression in Pharmaceutical and MedTech.

現在轉向我們 2022 年第二季度的綜合收益表。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。產品銷售成本降低了 50 個基點，主要是由於與 COVID-19 疫苗和通貨膨脹相關的供應網絡相關成本增加，部分被有利的組合所抵消。我們繼續在具有競爭力的水平上對研發進行戰略投資，本季度投資了銷售額的 15.4%。投資 37 億美元，較上年增長 9.1%，主要是由於製藥和醫療技術的投資組合進展。

The other income and expense line was an expense of $273 million in the second quarter of 2022 compared to a net income of $488 million in the second quarter of 2021. This was primarily driven by litigation, higher unrealized losses on securities and Consumer Health separation costs in the current year, partially offset by favorable employee benefit plan-related items.

其他收入和支出項目是 2022 年第二季度的支出 2.73 億美元，而 2021 年第二季度的淨收入為 4.88 億美元。這主要是由於訴訟、證券未實現損失和消費者健康分離成本增加本年度，部分被有利的職工福利計劃相關項目抵銷。

Regarding taxes in the quarter, our effective tax rate was 17.6% versus 5.8% in the same period last year. This was primarily driven by a 2021 onetime tax benefit from an internal reorganization of certain international subsidiaries. Excluding special items, the effective tax rate was 15.4% versus 14.8% in the same period last year. I encourage you to review our upcoming second quarter 10-Q filing for additional details on specific tax matters.

關於本季度的稅收，我們的有效稅率為 17.6%，而去年同期為 5.8%。這主要是由於某些國際子公司的內部重組帶來的 2021 年一次性稅收優惠。剔除特殊項目，實際稅率為15.4%，而去年同期為14.8%。我鼓勵您查看我們即將提交的第二季度 10-Q 文件，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 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。

Now let's look at adjusted income before tax by segment. In the second quarter of 2022, our adjusted income before tax for the enterprise as a percentage of sales increased from 33.4% to 34%, primarily driven by favorable product and segment mix, partially offset by inflation and portfolio progression in R&D.

現在讓我們按細分市場查看調整後的稅前收入。在 2022 年第二季度，我們調整後的企業稅前收入佔銷售額的百分比從 33.4% 上升至 34%，這主要是由於有利的產品和細分市場組合，部分被通貨膨脹和研發投資組合的進展所抵消。

Pharmaceutical margin improved from 39.4% to 42%, primarily driven by favorable product mix and brand marketing expense leverage. MedTech margins declined from 28.6% to 26.5%, driven by inflation, unfavorable product mix and increased investments to support new product launches and research and development. Finally, Consumer Health margins declined from 28.6% to 25.9% due to commodity inflation, partially offset by supply chain efficiencies and onetime favorable items in 2021.

醫藥利潤率從 39.4% 提高至 42%，主要受有利的產品組合和品牌營銷費用槓桿的推動。受通貨膨脹、不利的產品組合以及支持新產品發布和研發的投資增加的推動，醫療技術利潤率從 28.6% 下降至 26.5%。最後，由於商品通脹，消費者健康的利潤率從 28.6% 下降至 25.9%，部分被供應鏈效率和 2021 年一度有利的項目所抵消。

This concludes the sales and earnings portion of the Johnson & Johnson second quarter results. I'm now pleased to turn the call over to Joe Wolk. Joe?

強生公司第二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給 Joe Wolk。喬？

Thank you, Jess. As Joaquin and Jess commented, our results remained solid across our 3 segments in the second quarter and through the first half of 2022, particularly in light of macroeconomic headwinds, such as inflation, select countries experiencing continuing impact from COVID-19 and geopolitical matters. Our sustainable, resilient business continues to deliver on the robust operational guidance that we set forth at the beginning of the year, while advancing breakthrough innovation and fostering patient access to make a positive impact across many areas of health care.

謝謝你，傑斯。正如 Joaquin 和 Jess 評論的那樣，我們在第二季度和 2022 年上半年的三個部門的業績保持穩健，特別是考慮到宏觀經濟逆風，如通貨膨脹、部分國家持續受到 COVID-19 的影響以及地緣政治問題。我們可持續、有彈性的業務繼續提供我們在年初制定的強有力的運營指導，同時推進突破性創新並促進患者獲得，從而在醫療保健的許多領域產生積極影響。

As previously discussed, we did build-in a healthy assumption to account for inflation in our January guidance, planning for increased costs in labor, energy and transportation. We noted in April, and are doing so again today, that these pressures will continue to impact margins in the third and fourth quarters and into 2023. As such, we continue to pursue mitigation efforts, including cost-improvement initiatives, strategic price increases and contract negotiations with external supply partners.

如前所述，我們確實在 1 月份的指引中建立了一個健康的假設來解釋通貨膨脹，併計劃增加勞動力、能源和運輸成本。我們在 4 月指出，並且今天再次這樣做，這些壓力將繼續影響第三和第四季度以及 2023 年的利潤率。因此，我們將繼續採取緩解措施，包括成本改善舉措、戰略性價格上漲和與外部供應夥伴的合同談判。

As for segment performance and key events in the quarter, in MedTech, you may recall that performance in Q2 2021 was the strongest of the year for most of the MedTech peer set, including Johnson & Johnson, making this second quarter our toughest comp. On a sequential operational basis and in line with our expectations, we did see an acceleration in sales, even considering the regional COVID-19-related mobility restrictions this quarter.

至於本季度的細分市場表現和關鍵事件，在 MedTech 中，您可能還記得，對於包括強生在內的大多數 MedTech 同行來說，2021 年第二季度的表現是一年中最強勁的，這使得第二季度成為我們最艱難的競爭。在連續運營的基礎上並符合我們的預期，我們確實看到了銷售的加速，即使考慮到本季度與 COVID-19 相關的區域性移動限制。

As Joaquin noted, we are focused on continuing the strong cadence of innovation in this business, which includes launches such as the next-generation ECHELON 3000 Stapler, a digitally enabled device demonstrating improved patient outcomes based on clinical evidence. It also includes the EMBOGUARD Balloon Guide Catheter, designed to optimize the removal of blood clots and reduce procedure time in the treatment of ischemic stroke.

正如 Joaquin 所指出的，我們專注於在這項業務中繼續保持強勁的創新節奏，其中包括推出下一代 ECHELON 3000 訂書機等數字設備，該設備基於臨床證據證明了患者治療效果的改善。它還包括 EMBOGUARD 氣球引導導管，旨在優化血栓的清除並減少缺血性中風治療的手術時間。

In Pharmaceuticals, we continued to advance our pipeline and delivered operational sales growth of 8.6%, excluding the COVID-19 vaccine in the second quarter, notably above what we delivered in the first quarter of this year. We continue to outpace the market. During the second quarter, we recorded our first sales in the U.S. of CARVYKTI, a CAR-T therapy for the treatment of multiple myeloma developed together with Legend Biotech and received the European Commission approval in May.

在製藥方面，我們繼續推進我們的管道並實現了 8.6% 的運營銷售增長，不包括第二季度的 COVID-19 疫苗，明顯高於我們今年第一季度的交付量。我們繼續跑贏市場。在第二季度，我們記錄了我們在美國的首次銷售 CARVYKTI，這是一種與 Legend Biotech 共同開發的用於治療多發性骨髓瘤的 CAR-T 療法，並於 5 月獲得了歐盟委員會的批准。

We also presented new data across our broad oncology portfolio at the American Society of Clinical Oncology and the European Hematology Association in June. If you haven't done so already, I encourage you to listen to the fireside chat with Peter Lebowitz, our Global R&D Head of Oncology about this promising new data, which can be found on our website.

我們還於 6 月在美國臨床腫瘤學會和歐洲血液學協會展示了我們廣泛的腫瘤學組合的新數據。如果您還沒有這樣做，我鼓勵您聽聽我們的全球腫瘤學研發主管 Peter Lebowitz 關於這一有希望的新數據的爐邊談話，這些數據可以在我們的網站上找到。

A quick update on our COVID-19 vaccine for which we suspended sales guidance last quarter. Recognizing the global progress on vaccine development and distribution against COVID-19 and the amount of existing global supply, we are modifying our COVID-19 vaccine research programs and manufacturing capacity to levels that meet all customer contractual commitments. This will result in incremental costs for the year, which will be reflected as a special item. We are proud of the role our vaccine continues to play in the fight against COVID-19.

我們在上個季度暫停了銷售指導的 COVID-19 疫苗的快速更新。認識到針對 COVID-19 的疫苗開發和分發的全球進展以及現有的全球供應量，我們正在修改我們的 COVID-19 疫苗研究計劃和製造能力，使其達到滿足所有客戶合同承諾的水平。這將導致該年度的增量成本，這將作為一個特殊項目反映出來。我們為我們的疫苗在抗擊 COVID-19 中繼續發揮的作用感到自豪。

In our Consumer Health business, similar to MedTech, Q2 of 2021 was last year's strongest quarter with 10% adjusted operational sales growth. We remain focused on our 2022 performance objectives of delivering above-market growth in our over-the-counter medicines business, while overcoming industry-wide supply constraints and inflationary pressures that are primarily impacting our Skin Health business.

在我們的消費者健康業務中，與 MedTech 類似，2021 年第二季度是去年最強勁的季度，調整後的運營銷售額增長了 10%。我們仍然專注於我們的 2022 年業績目標，即在我們的非處方藥業務中實現高於市場的增長，同時克服主要影響我們皮膚健康業務的全行業供應限制和通貨膨脹壓力。

We continue to be excited about the creation of the new Consumer Health company. Great work is being done by our teams to effect this complex transaction. We look forward to sharing the new Consumer Health company's name and branding as well as the headquarters' location in the months ahead. Similarly, we look forward to sharing transaction options and further financial details, adhering to regulatory policies later in 2022.

我們繼續對創建新的消費者健康公司感到興奮。我們的團隊正在做大量的工作來完成這項複雜的交易。我們期待在未來幾個月內分享新的消費者健康公司的名稱和品牌以及總部的位置。同樣，我們期待在 2022 年晚些時候遵守監管政策，分享交易選擇和進一步的財務細節。

Finally, I would like to offer my congratulations to Thibaut, Paul and the rest of the leadership team regarding their recent appointments.

最後，我要對 Thibaut、Paul 和領導團隊的其他成員最近的任命表示祝賀。

Turning now to cash and capital allocation. We generated free cash flow of approximately $8 billion in the first half of the year. As of the end of the second quarter, we have approximately $32.6 billion of cash and marketable securities and approximately $32.6 billion of debt for a net neutral cash position. Our capital allocation priorities remain unchanged. Investing in innovation that delivers meaningful products to address unmet needs continues to be our top priority.

現在轉向現金和資本配置。今年上半年，我們產生了約 80 億美元的自由現金流。截至第二季度末，我們擁有約 326 億美元的現金和有價證券以及約 326 億美元的淨中性現金頭寸債務。我們的資本配置重點保持不變。投資於提供有意義的產品以滿足未滿足需求的創新仍然是我們的首要任務。

In the first half of the year, we increased R&D investment by approximately 9% compared to the first half of 2021. The dividend priority Joaquin referenced translated to us distributing $6 billion to shareholders so far this year. We also continue to vigorously evaluate acquisition opportunities that would enhance the current portfolio, build upon our capabilities and enable us to play in higher-growth markets while yielding solid financial returns.

今年上半年，與 2021 年上半年相比，我們將研發投資增加了約 9%。華金提到的股息優先權轉化為我們今年迄今為止向股東分配了 60 億美元。我們還將繼續積極評估收購機會，這些機會將增強當前的投資組合，增強我們的能力，使我們能夠在更高增長的市場中發揮作用，同時產生可觀的財務回報。

Moving to full year 2022 guidance and key considerations. The major takeaway is we are maintaining the midpoints of our guidance for adjusted operational sales growth of 7% at $97.8 billion and adjusted operational earnings per share of $10.70 or 9.2% growth for the full year. Given our confidence in delivering full year guidance, based on what we know today, we are tightening the adjusted earnings per share range from $10.65 to $10.75 on a constant currency basis.

轉向 2022 年全年指導和關鍵考慮因素。主要的收穫是，我們維持調整後運營銷售額增長 7% 至 978 億美元和調整後每股運營收益 10.70 美元或全年增長 9.2% 的指導中點。鑑於我們對提供全年指導的信心，根據我們今天所知道的，我們正在將調整後的每股收益範圍從 10.65 美元收緊至 10.75 美元（按固定匯率計算）。

Regarding the remainder of the P&L, there are a few updates. Due to the prolonged impact of inflationary pressures, we are updating our operating margins to be flat versus 2021. Regarding interest expense, based on our year-to-date experience, we have reduced the expense to a neutral position. Again, given year-to-date trends, we are increasing and tightening our other income estimate to be a range of $1.4 billion to $1.5 billion to reflect the favorable impact of employee benefit-related items.

關於損益表的其餘部分，有一些更新。由於通脹壓力的長期影響，我們將營業利潤率更新為與 2021 年持平。關於利息費用，根據我們年初至今的經驗，我們已將費用降至中性位置。同樣，鑑於年初至今的趨勢，我們正在增加並收緊我們的其他收入估計，將其估計在 14 億至 15 億美元之間，以反映與員工福利相關項目的有利影響。

That may appear light given the current run rate, but we have some onetime items such as real estate sales and Johnson & Johnson Development Corp. gains, which we don't expect to repeat in the second half of this year. Finally, we are lowering our effective tax rate estimate, which is reflective of current law, to a range of 15.0% to 15.5% based on our year-to-date progression.

鑑於目前的運行速度，這可能看起來很輕，但我們有一些一次性項目，例如房地產銷售和強生髮展公司的收益，我們預計今年下半年不會重複。最後，根據我們年初至今的進展，我們將反映現行法律的有效稅率估計值降低至 15.0% 至 15.5% 的範圍。

As we always do, let me give you a sense of the impact currency may have on potential full year reported results, specifically the strengthening U.S. dollar. Utilizing the euro spot rate relative to the U.S. dollar as of last week at 1.0, there is an incremental unfavorable currency impact of $1.5 billion on reported sales and an unfavorable $0.20 impact for the estimated reported adjusted earnings per share versus the projection utilized in April's guidance.

像往常一樣，讓我讓您了解一下貨幣可能對潛在的全年報告結果產生的影響，特別是美元走強。使用截至上週的歐元兌美元匯率為 1.0，對報告的銷售額產生 15 億美元的不利貨幣影響，對 4 月份指引中使用的預測報告的調整後每股估計收益產生不利的 0.20 美元影響.

The full year unfavorable impact is now projected to be $4 billion on reported sales and $0.65 on reported adjusted earnings per share. As this chart illustrates, it's not just that the euro and U.S. dollar have reached parity, something we haven't seen in nearly 2 decades, it's also the rapid pace at which the fluctuations are occurring. A dynamic only experienced a few times over that same period.

現在預計全年的不利影響對報告的銷售額為 40 億美元，對報告的調整後每股收益為 0.65 美元。正如這張圖表所示，不僅歐元和美元已經達到平價，這是我們近 20 年來從未見過的，而且波動發生的速度也很快。在同一時期內只經歷過幾次動態。

In addition, while it's much too early to comment on 2023, we do think it is helpful to point out what the currency impact may be if current assumptions for our estimate holds. Of the current $0.65 unfavorable impact I just referenced, about $0.30 to $0.35 will carry over into 2023's EPS. Certainly, there's a long way to go before we finalize next year's outlook, but wanted to give you a sense of how to think about the foreign currency impact.

此外，雖然現在就 2023 年發表評論還為時過早，但我們確實認為，如果我們目前的估計假設成立，那麼指出貨幣影響可能是有幫助的。在我剛才提到的當前 0.65 美元的不利影響中，大約 0.30 美元至 0.35 美元將延續到 2023 年的每股收益中。當然，在我們最終確定明年的展望之前還有很長的路要走，但希望讓您了解如何考慮外匯影響。

Back to the current year. In terms of 2022 quarterly phasing considerations for your models, we continue to estimate that the back half will improve over the first half with a slight bias for higher growth in Q4 over Q3. In Consumer Health, we have seen quarter-over-quarter reduction in supply disruptions that we anticipate will continue. We also expect to see the benefit of recent strategic price increases in the back half of the year. Finally, the fourth quarter of 2021 had lower growth than the third quarter, resulting in an easier comparison.

回到當年。就您的模型的 2022 年季度分階段考慮而言，我們繼續估計後半部分將比上半年有所改善，略微偏向於第四季度的增長高於第三季度。在消費者健康方面，我們看到供應中斷的季度環比減少，我們預計這種情況將持續下去。我們還期望在今年下半年看到近期戰略性價格上漲的好處。最後，2021 年第四季度的增長低於第三季度，因此比較容易比較。

For MedTech, we expect the second half to be stronger than the first half, driven by market recovery from continued enhancement of our competitive position through commercial execution and uptake from our recently launched products. We expect the fourth quarter 2022 to be slightly stronger than the third quarter. COVID-19 continues to be a dynamic situation regionally, and we continue to monitor any related impacts.

對於 MedTech，我們預計下半年將比上半年更強勁，這得益於市場復甦，我們通過商業執行和我們最近推出的產品的採用不斷增強我們的競爭地位。我們預計 2022 年第四季度將略強於第三季度。 COVID-19 在區域內仍然是一個動態的情況，我們將繼續監測任何相關影響。

For Pharmaceuticals, we anticipate delivering another year of above-market adjusted operational sales growth in our base business, with sales modestly accelerating through the end of the year.

對於製藥，我們預計我們的基礎業務將再實現一年高於市場的調整後運營銷售增長，到年底銷售將適度加速。

To close out the prepared remarks, Johnson & Johnson has continued to post solid results as our teams navigate a challenging external environment. Our financial performance reinforces our confidence in our ability to grow and deliver near- and long-term value. That is only possible because of our employees around the world, who we'd like to thank for remaining focused on delivering our innovative health care solutions and results for all of our Credo stakeholders.

為了結束準備好的評論，強生公司在我們的團隊應對充滿挑戰的外部環境時繼續發布可靠的結果。我們的財務表現增強了我們對增長和提供近期和長期價值的能力的信心。這一切之所以成為可能，是因為我們在世界各地的員工，我們要感謝他們一直專注於為我們所有的 Credo 利益相關者提供我們創新的醫療保健解決方案和成果。

Joaquin, Jess and I will now turn the discussion to the Q&A portion of the call. Kevin, can you please provide instructions for those participants on the call wishing to ask a question?

Joaquin、Jess 和我現在將討論轉到電話的問答部分。凱文，您能否為那些希望提出問題的電話參與者提供說明？

Certainly. (Operator Instructions) Our first question is coming from Terence Flynn from Morgan Stanley.

當然。 （操作員說明）我們的第一個問題來自摩根士丹利的 Terence Flynn。

Maybe a two-part on the myeloma franchise. Obviously, another very strong quarter for DARZALEX. Just wondering where conversion of subcu stands in the U.S. and Europe? And then the second part relates to, if you can share any metrics on the early CARVYKTI launch. Joe, I know you called that out, but just any insight there and then progress on increasing the supply of that product.

也許是骨髓瘤專營權的兩部分。顯然，DARZALEX 又一個非常強勁的季度。只是想知道 subcu 的轉換在美國和歐洲處於什麼位置？然後第二部分涉及，如果您可以分享早期 CARVYKTI 發布的任何指標。喬，我知道你說出來了，但只是那裡的任何見解，然後在增加該產品的供應方面取得進展。

So thank you for the question. And let me start giving you a perspective on our myeloma franchise, which is one of the areas of strength for our Pharmaceutical business. On one hand, we continue to have a great progression with DARZALEX with 47% growth in this quarter. And Jess will update you on the exact numbers of the conversion from subcu to -- from IV to subcu. What are the exact numbers?

所以謝謝你的問題。讓我開始向您介紹我們的骨髓瘤專營權，這是我們製藥業務的優勢領域之一。一方面，我們繼續與 DARZALEX 取得巨大進展，本季度增長 47%。 Jess 將向您更新從 subcu 到 - 從 IV 到 subcu 轉換的確切數字。確切的數字是多少？

Yes. In the U.S., we're about 85%. In Europe, we're around 80%.

是的。在美國，我們大約是 85%。在歐洲，我們大約佔 80%。

Okay. So it continues to move in the right direction, given the enhanced convenience and ease of use for the patient that our subcu formulation offers. So DARZALEX is doing very well, and we feel very confident about the continuous progression of DARZALEX.

好的。因此，鑑於我們的 subcu 配方為患者提供了增強的便利性和易用性，它繼續朝著正確的方向發展。所以 DARZALEX 做得很好，我們對 DARZALEX 的不斷進步感到非常有信心。

On the other hand, we are also proud of the commercial launch of CARVYKTI in the U.S. following FDA approval and also the recent approval of CARVYKTI in EMEA. And together with that to complement the strength of our myeloma franchise, we have received recently 2 Breakthrough Designations on our CD3 redirectors, 1 for teclistamab and another 1 for talquetamab. So we are proud to have a very comprehensive myeloma franchise that due to its breadth will enable us to ward to try to convert myeloma into -- from an uncurable disease to a chronic disease and potentially when they occur by sequencing and combining this treatment.

另一方面，我們也為 CARVYKTI 在美國獲得 FDA 批准以及最近在 EMEA 批准 CARVYKTI 感到自豪。除此之外，為了補充我們的骨髓瘤專營權的實力，我們最近收到了 2 項關於我們的 CD3 重定向器的突破性指定，1 項用於 teclistamab，另外 1 項用於 talquetamab。因此，我們為擁有一個非常全面的骨髓瘤特許經營權而感到自豪，由於它的廣度，這將使我們能夠嘗試將骨髓瘤從一種無法治癒的疾病轉變為一種慢性疾病，並可能在它們發生時通過測序和組合這種治療。

So great area of strength for the Pharmaceutical business of Johnson & Johnson, and it's an area that connects on how we are executing in our pipeline and progressing and what we discussed in our November R&D Day, where we portray our Pharmaceutical pipeline as one of the important drivers of us being able to achieve a $60 billion number in 2025. So it's a good sign of how we are progressing in our pipeline and in our existing portfolio with DARZALEX.

強生製藥業務的優勢領域如此之大，這是一個連接我們如何在管道中執行和進展以及我們在 11 月研發日中討論的內容的領域，我們將我們的製藥管道描述為其中之一我們能夠在 2025 年實現 600 億美元的重要驅動力。因此，這是我們在管道和 DARZALEX 現有產品組合中取得進展的一個好兆頭。

Our next question is coming from Larry Biegelsen from Wells Fargo.

我們的下一個問題來自富國銀行的拉里·比格爾森。

Just I'll ask a high-level macro question. So Joaquin and Joe, at a high level, what are your assumptions for the macro headwinds in the second half? Joe, what's getting better, what's not? I'm sure people would love to hear about input costs and inflation; COVID trends around the world, especially China; and lastly, hospital labor shortages.

只是我會問一個高級宏觀問題。所以華金和喬，在高層次上，你對下半年的宏觀逆風有什麼假設？喬，什麼好轉，什麼不好？我敢肯定，人們很想知道投入成本和通貨膨脹；全球尤其是中國的 COVID 趨勢；最後，醫院勞動力短缺。

Sure. Thanks for the question, Larry. And again, another nice job with the currency reporting. The macro headwinds, I would say, I would classify it as kind of 2 categories. The first is really around supply constraints, some of what we commented to at the end of last year that kind of persisted into the first part of this year. I would say that was primarily in our Consumer franchise, where product supply and availability inputs, if you will, were somewhat constrained.

當然。謝謝你的問題，拉里。再一次，貨幣報告的另一項出色工作。宏觀逆風，我會說，我會將其歸類為 2 類。首先是關於供應限制，我們在去年年底評論過的一些內容一直持續到今年上半年。我想說這主要是在我們的消費者特許經營中，如果你願意的話，產品供應和可用性輸入受到了一些限制。

We are seeing, I would say, an alleviation of some of those constraints, and that's why we anticipate, specifically our Skin Health and Beauty business to be much stronger in the second half. We know that point-of-sale demand continues to be strong for products like AVEENO and NEUTROGENA, and we just didn't have enough on the shelf in the first half. We do anticipate that we'll have more availability on the shelf in the second half of this year.

我想說，我們看到其中一些限制有所緩解，這就是為什麼我們預計，特別是我們的皮膚健康和美容業務將在下半年變得更加強大。我們知道 AVEENO 和 NEUTROGENA 等產品的銷售點需求持續強勁，而上半年我們的貨架上還不夠。我們確實預計今年下半年我們將在貨架上提供更多的可用性。

And then there's the input cost themselves. As you probably noticed, we did have higher cost of goods in the quarter relative to last year of about 50 basis points. That's really across the board. So some of the raw materials that go into our product, they're certainly at a higher cost due to limited availability. There is some higher wage pressures, as you've noted. I would say that's less within the world of Johnson & Johnson and our manufacturing entities and more around the third-party manufacturers that we contract with.

然後是投入成本本身。您可能已經註意到，本季度的商品成本確實比去年高了約 50 個基點。這真的是全面的。因此，我們產品中的一些原材料，由於供應有限，它們的成本肯定更高。正如您所指出的，存在一些更高的工資壓力。我想說的是，在強生和我們的製造實體的世界範圍內，這種情況較少，而在我們與之簽約的第三方製造商的範圍內。

But I would say, those have stabilized. We did have a healthy assumption around inflation coming into the year. We think that it has increased as we've progressed through these first 6 months by about 40%. So some of that will play into next year's thinking as well. As you know, the accounting is such where what we're building today, some of that gets released to the P&L early next year.

但我會說，那些已經穩定下來。我們確實對今年即將到來的通貨膨脹做出了健康的假設。我們認為，隨著我們在前 6 個月的進展，它已經增加了大約 40%。因此，其中一些也將影響明年的思考。如您所知，會計就是我們今天正在構建的內容，其中一些將在明年年初發佈到損益表中。

But we think we were able to manage it, as you saw in our results, able to slightly beat. And we're being much more selective in terms of our resource deployment. We've raised the bar on our selectivity of where we invest, but we're very proud of the fact that we were able to increase what we believe our future depends upon, and that's innovation by a 9% increase in R&D.

但我們認為我們能夠管理它，正如你在我們的結果中看到的那樣，能夠略微擊敗。而且我們在資源部署方面更具選擇性。我們提高了投資地點的選擇性標準，但我們為能夠增加我們認為未來所依賴的東西而感到非常自豪，這就是研發增加了 9% 的創新。

Our next question is coming from Chris Schott from JPMorgan.

我們的下一個問題來自摩根大通的 Chris Schott。

Can I just get latest thoughts on business development for both Pharma and MedTech? I guess specifically, are you're seeing additional opportunities in the Pharma business with biotech valuations now having been depressed for, I guess, 3 or 4 quarters? And then on the MedTech business, I know this is a priority, Joaquin. Can you just talk about the landscape you're seeing as the company continues to engage on essential opportunities there?

我能否獲得有關 Pharma 和 MedTech 業務發展的最新想法？我想具體來說，您是否看到了製藥業務的更多機會，而生物技術估值現在已經低迷了 3 或 4 個季度？然後在醫療技術業務上，我知道這是一個優先事項，華金。您能否談談您所看到的情況，因為公司繼續在那裡抓住重要機會？

And then just a final one, just maybe following up on the last comment. For operating margins, I know they're flat this year due to inflation. Can we think about the company resuming operating margin expansion in 2023? Or does some of these inflationary pressures you're seeing still need to annualize, and it's not as clear of what the directional trend for '23 will be at this point?

然後只是最後一個，也許只是跟進最後的評論。對於營業利潤率，我知道由於通貨膨脹，它們今年持平。我們可以考慮公司在 2023 年恢復營業利潤率擴張嗎？或者你看到的這些通脹壓力中的一些是否仍然需要年化，而且目前還不清楚 23 年的方向趨勢是什麼？

Thank you, Chris. And let me start with the M&A question first, and then Joe will address the operating margin question. So M&A has always been an important component of Johnson & Johnson innovation. As I was talking in the past 5 years, we executed about 40 acquisitions, some major licensing agreements, investing over $16 billion. And specifically in our Pharmaceutical business, about half of our innovation, it's coming sourced externally.

謝謝你，克里斯。讓我先從併購問題開始，然後喬將解決營業利潤率問題。所以併購一直是強生創新的重要組成部分。正如我所說，在過去的 5 年中，我們執行了大約 40 項收購，包括一些主要的許可協議，投資超過 160 億美元。特別是在我們的製藥業務中，我們大約一半的創新來自外部。

So when we look at M&A, we took -- we take a strategic approach. The first thing we try to look at is what is the improvement in the standard of care that we are looking in that particular opportunity and to what extent it enables us to get into higher-growth markets. And we are agnostic about which sector. So we try to look at those opportunities in the context of the improvement in standard of care, entering to higher-growth markets and delivering a fair financial return.

因此，當我們查看併購時，我們採取了戰略方法。我們首先要考慮的是，我們正在尋找的特定機會中的護理標準有哪些改進，以及它在多大程度上使我們能夠進入更高增長的市場。我們不知道哪個部門。因此，我們試圖在提高護理標準、進入高增長市場和提供公平的財務回報的背景下看待這些機會。

So as we look at the opportunities today in the market, we are not opportunistic about it, and we are still looking always at the fundamentals of these companies. And obviously, there are different opportunities in the market that are interesting and can complement our existing franchises or built into adjacencies.

因此，當我們審視當今市場上的機會時，我們並不投機取巧，我們仍然始終關注這些公司的基本面。顯然，市場上有不同的機會很有趣，可以補充我們現有的特許經營權或建立在鄰接關係中。

When it comes to MedTech, the focus continues to be strengthening our current strongholds and also accessing some high-growth market segments to accelerate growth. And the target areas are the ones that we are operating today: eye health, orthopedics, cardiology, surgery. Historically, it's been a predictor of our success to the extent we were closer to the areas that we have capabilities.

在醫療技術方面，重點仍然是加強我們目前的據點，並進入一些高增長的細分市場以加速增長。目標領域是我們今天運營的領域：眼部健康、骨科、心髒病學、外科。從歷史上看，它一直是我們成功的預測指標，因為我們更接近我們擁有能力的領域。

When it comes to pharmaceuticals, we are looking at our key therapeutic areas: immunology, oncology, neuroscience, pulmonary hypertension and also cardiovascular and metabolics. So we are agnostic, as you know, at the source of innovation, and we use multiple modalities to onboard innovation from acquisitions to equity investments to strategic collaborations.

在藥物方面，我們正在關注我們的關鍵治療領域：免疫學、腫瘤學、神經科學、肺動脈高壓以及心血管和代謝。因此，如您所知，我們在創新的源頭上是不可知的，我們使用多種方式來進行創新，從收購到股權投資再到戰略合作。

So down the road, we continue to see M&A as an important source of building our pipeline and also fortifying our current portfolio, and we are now in a position that, for the first time, right, Joe, in the last 5 years, we're in a cash-neutral position. And we continue to look at the opportunities that are out there, and we'll continue to do it.

因此，在今後的道路上，我們繼續將併購視為建立我們的管道並加強我們當前的投資組合的重要來源，我們現在處於這樣的位置，對，喬，在過去的 5 年中，我們第一次'處於現金中性位置。我們將繼續尋找存在的機會，我們將繼續這樣做。

Yes. Well said. Chris, thanks for the question regarding operating margins. I don't want to get too far out in front of my skis with respect to projecting next year at this point. But maybe some considerations that you should have in mind. We always look to streamline our business where possible, look for inefficiencies and either let that fall to the bottom line or preferably put that into R&D.

是的。說得好。克里斯，感謝有關營業利潤率的問題。在這一點上，我不想在我的滑雪板前走得太遠。但也許您應該牢記一些注意事項。我們總是希望在可能的情況下精簡我們的業務，尋找效率低下的地方，要么讓其落入底線，要么最好將其投入研發。

So as we close out the second half of the year, I'd like to see how our pipeline is progressing. If some of that's accelerated, that's going to be reason for additional investment. I do think these inflationary pressures will be here to stay. I don't see a lot of decreases on the near-term horizon.

因此，當我們在下半年結束時，我想看看我們的管道進展如何。如果其中一些加速，那將是額外投資的原因。我確實認為這些通脹壓力將持續存在。我認為短期內不會出現很多下跌。

I'd also ask you not to lose sight of the fact that we are separating out our Consumer Health business, and we are taking that opportunity to look at, I would say, how we support our business, the infrastructure that's involved with a 2-segment company versus the historical 3-segment company we have. I'd like to see a little bit more of the separation timeline play out before we commit to any of those efficiencies that may be gained there and exactly when the timing of those may be incurred, whether that's the first half or second half of 2023.

我還請您不要忽視我們正在分離我們的消費者健康業務這一事實，我們正在藉此機會研究，我想說，我們如何支持我們的業務，涉及到的基礎設施 2 -segment 公司與我們擁有的歷史 3-segment 公司。在我們承諾在那裡可能獲得的任何效率以及可能發生這些效率的確切時間之前，我希望看到更多的分離時間表發揮作用，無論是 2023 年上半年還是下半年.

Our next question today is coming from Joanne Wuensch from Citi.

我們今天的下一個問題來自花旗的 Joanne Wuensch。

Two parts. The first part, I want to just spend some time on hospital volumes, what you're seeing in terms of elective surgeries throughout the summer and then into the back half of the year? And then I'll toss the second question on now to you. You talked about targeted price increases. How do you think about "the target"? And how well are they being accepted? And I'm thinking not just in -- across the board, but almost specifically in MedTech.

兩部分。第一部分，我想花一些時間在醫院的數量上，你在整個夏天和下半年的擇期手術方面看到了什麼？然後我現在把第二個問題拋給你。你談到了有針對性的價格上漲。你如何看待“目標”？他們被接受的程度如何？而且我不僅在考慮全面，而且幾乎特別是在醫療技術領域。

Joe, do you want to start with the targeted price increases and I go then to the hospital volumes.

喬，你想從有針對性的價格上漲開始，然後我去醫院量。

Sure. Yes. So the targeted price increases we referred to, Joanne, and thanks for the question. In Consumer, that's kind of keeping consistent with the peer set to offset the inflationary pressures. We do know that while folks are looking to more generally cut back spending, that's been in entertainment, dining out, when it comes health care, better health, looking better, products like AVEENO, NEUTROGENA, Tylenol, Listerine, they seem to do really well, and consumers will prioritize those.

當然。是的。所以我們提到的目標價格上漲，喬安妮，謝謝你的問題。在消費者領域，這與同行保持一致，以抵消通脹壓力。我們確實知道，雖然人們希望更普遍地削減開支，但在娛樂、外出就餐、醫療保健、更好的健康、更好看的產品方面，如 AVEENO、露得清、泰諾、李施德林，他們似乎確實做到了好吧，消費者會優先考慮這些。

With specifically to MedTech, as you probably appreciate, a lot of our portfolio is really governed by contracts that are already in place with hospital systems. So it's difficult, unless there is certain inflationary clauses within those contracts. That's what we mean when we say targeted. It's very selective, and I would say it's probably not the majority of the hospital volumes or hospital contracting that you may see. Joaquin, you want to talk about volumes?

特別是對於 MedTech，您可能會欣賞，我們的許多產品組合實際上都受到醫院系統已經存在的合同的約束。所以這很困難，除非這些合同中有某些通貨膨脹條款。這就是我們所說的有針對性的意思。這是非常有選擇性的，我想說這可能不是您可能看到的大部分醫院數量或醫院合同。華金，你想談談卷嗎？

When it comes to hospital volumes and the trajectory of MedTech in general, right? Overall, our MedTech business delivered 6% competitive growth in the first half of 2022 and delivered just over 1% sequential operational growth Q2 versus Q1. So that is in the middle of the market headwinds due to mobility restrictions, inflation and supply challenges. So a very resilient performance of our J&J MedTech business.

當談到醫院數量和醫療技術的總體發展軌跡時，對嗎？總體而言，我們的醫療技術業務在 2022 年上半年實現了 6% 的競爭性增長，第二季度與第一季度相比實現了略高於 1% 的環比運營增長。因此，由於流動性限制、通貨膨脹和供應挑戰，這正處於市場逆風之中。因此，我們強生醫療技術業務的表現非常有彈性。

The fundamentals of our business remain strong and competitive, and we continue to see market share positive trajectory in nearly all of our 11 priority platforms in which we are maintaining or gaining share in the most recent period of Q1 2022. And we see also good progression in our pipeline and new products launched. Overall, for the market, when we are talking about the market specifically, we saw improvements in procedure volume in North America, in EMEA and in LatAm. That remained above pre-COVID levels through the quarter. So that was the positive side.

我們業務的基本面依然強勁且具有競爭力，我們在 2022 年第一季度的最後一個時期保持或獲得份額的幾乎所有 11 個優先平台中的市場份額繼續保持正增長。我們也看到了良好的進展在我們的管道和新產品推出。總體而言，對於市場，當我們具體談論市場時，我們看到北美、歐洲、中東和非洲和拉丁美洲的手術量有所改善。在整個季度中，這仍然高於 COVID 之前的水平。所以這是積極的一面。

On the other hand, we saw the impact of regional mobility restrictions in Asia Pacific. Moving forward, we estimate that we will have continuous improvement in the second half of the year due to continued market recovery and also our own competitive momentum while, at the same time, we're going to continue to monitor the COVID-19 dynamics and the mobility restrictions in Asia Pacific.

另一方面，我們看到了亞太地區區域流動限制的影響。展望未來，我們估計由於市場持續復甦以及我們自身的競爭勢頭，我們將在下半年持續改善，同時，我們將繼續監測 COVID-19 的動態和亞太地區的流動性限制。

Our next question is coming from Louise Chen from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Louise Chen。

So I wanted to ask you about milvexian and Factor XIa inhibitors and what you see the market opportunity to be. Also, what data will you be presenting at ESC this year? And then can you give any color on indications you'll be pursuing in your Phase III studies?

所以我想問你關於 milvexian 和 Factor XIa 抑製劑的問題，以及你認為市場機會是什麼。另外，今年您將在 ESC 上展示哪些數據？然後，您能否對您將在 III 期研究中追求的適應症給出任何顏色？

Thank you for the question. And milvexian, it's an important component of our pipeline. As a matter of fact, when we met with you in November, milvexian was one of the 5 medicines that we estimated we're going to continue peak sales of about $5 billion. That was together with CARVYKTI, milvexian, nipocalimab, amivantamab plus lazertinib were TARIS platform. So those were the 5 medicines that were going to contributing -- to contribute more than $5 billion. And clearly, milvexian, it's an important one in that context.

感謝你的提問。 milvexian，它是我們管道的重要組成部分。事實上，當我們在 11 月與您會面時，milvexian 是我們估計我們將繼續保持約 50 億美元峰值銷售額的 5 種藥物之一。與CARVYKTI、milvexian、nipocalimab、amivantamab加拉澤替尼一起成為TARIS平台。因此，這 5 種藥物將做出貢獻——貢獻超過 50 億美元。顯然，milvexian，在這種情況下，這是一個重要的問題。

We are developing milvexian, as you know, in collaboration with BMS, and we see this as an important opportunity to improve the standard of care in the current indications for oral anticoagulants, which are very large. And they are easily to be estimated because you know where they are used today, but also the potential to expand into areas in which today, oral anticoagulants are not used to bleeding concerns. So we see a very significant market opportunity for milvexian as an improvement of this category versus the Factor Xa.

如您所知，我們正在與 BMS 合作開發 milvexian，我們認為這是一個重要的機會，可以提高目前口服抗凝劑適應症的護理標準，這些適應症非常大。而且它們很容易估計，因為您知道它們今天在哪裡使用，而且有可能擴展到今天口服抗凝劑不用於出血問題的領域。因此，我們認為 milvexian 有一個非常重要的市場機會，因為該類別相對於 Xa 因子有所改進。

So there are 2 Phase II studies that are assessing the potential of milvexian to reduce the risk of cardiovascular events. One is the one of total knee replacement. Data on that one was presented earlier in 2021. And the second one, which I guess is the one you are referring to, is the one in secondary stroke prevention, which we want to determine whether the addition of milvexian to aspirin and clopidogrel is more effective than standard antiplatelet therapy in secondary stroke prevention.

因此，有 2 項 II 期研究正在評估 milvexian 降低心血管事件風險的潛力。一種是全膝關節置換術。那個數據是在2021年初公佈的。第二個，我猜就是你說的那個，是中風二級預防中的那個，我們想確定在阿司匹林和氯吡格雷中加入milvexian是否更在卒中二級預防中比標準抗血小板治療有效。

The data, as you know, is already in-house, and we expect to present it in a medical meeting in 2022. Specifically, I think it's at the end of August in a European cardiology meeting. And at that point, we shall see. But for us, if the data pans out, obviously, milvexian could have a very significant market opportunity that goes beyond the existing Factor Xa plus.

如您所知，這些數據已經在內部，我們預計將在 2022 年的醫學會議上展示。具體來說，我認為是在 8 月底的歐洲心髒病學會議上。到那時，我們將拭目以待。但對我們來說，如果數據得到證實，顯然，milvexian 可能擁有一個非常重要的市場機會，超越現有的 Factor Xa plus。

Next question is coming from Josh Jennings from Cowen.

下一個問題來自 Cowen 的 Josh Jennings。

I had just 2 on the Medical Devices franchise. And the first is, it's just on the volume recovery. I think as we listen to hospital executives and insurers talk about the volume recovery, we consistently hear about this not getting back to pre-pandemic levels even as we sit in the first half of 2022. I just wanted to kind of sanity check and, Joe and Joaquin, if there's any kind of metrics you can give us in terms of where J&J's volumes sit relative to 2019 levels?

我在醫療器械專營權上只有 2 個。第一個是，它只是在容量恢復上。我認為，當我們聽到醫院高管和保險公司談論容量恢復時，我們一直聽說這不會回到大流行前的水平，即使我們坐在 2022 年上半年。我只是想進行理智檢查，並且，喬和華金，如果有任何指標可以告訴我們強生的銷量相對於 2019 年的水平如何？

I know it's not the most appropriate comp here as we're a couple of years out from 2019, but wanted to just get your views on where the disconnect is in terms of the revenue growth that we're seeing from your businesses off of 2019 versus volume growth. And why we're hearing some of this -- the commentary that we're not back to pre-pandemic volumes yet?

我知道這不是最合適的組合，因為我們距離 2019 年還有幾年的時間，但我想就我們在 2019 年從您的業務中看到的收入增長而言，想了解您的看法相對於銷量增長。為什麼我們會聽到一些這樣的評論——我們還沒有回到大流行前的數量？

And then the second question, I guess, is for Joaquin, and just thinking about your strategy and to accelerate momentum in the MedTech business had a nice start to 2022. But wanted to kind of get a better understanding of, I guess, the plan and the road map in terms of the number of quarters, years that you envision assessing success and hitting your internal targets? Is this a 2- to 3-year plan? Or could you see acute strategic -- new strategies implemented if you're not seeing the momentum that you expect to see over the next 6 months, 12 months, 18 months?

然後第二個問題，我想，是給華金的，想想你的戰略並加速醫療技術業務的發展勢頭，到 2022 年有了一個良好的開端。但我想更好地了解這個計劃以及您設想評估成功和實現內部目標的季度數、年數的路線圖？這是一個2到3年的計劃嗎？或者，如果您沒有看到您期望在未來 6 個月、12 個月、18 個月內看到的勢頭，您是否會看到實施了敏銳的戰略 - 新戰略？

Josh, this is Joe. Let me try to answer the first part of that question, and then I'll turn it over to Joaquin for the second part, the first part being around volume recovery. To your point, and it's something that we struggle with internally, it's really still clunky when it comes to comparative analysis versus prior periods. So we do look back at 2019, I can tell you our operational sales growth for MedTech over the first 6 months is about 10% overall.

喬希，這是喬。讓我試著回答這個問題的第一部分，然後我將把它交給華金來回答第二部分，第一部分是關於音量恢復的。就您而言，這是我們在內部努力解決的問題，在與之前的時期進行比較分析時，它仍然很笨拙。所以我們回顧一下 2019 年，我可以告訴你，我們在前 6 個月內 MedTech 的運營銷售增長總體約為 10%。

I would say half of that is -- maybe 2/3 is really attributable to just a great job that Ashley and her team have been doing with launching new products and better execution. So our cadence of innovation has improved. We've got a lot of new offerings across really all 4 of those major franchises, and we're picking up market share because of that. And then I would say, probably the rest is procedure volume.

我想說其中的一半——也許 2/3 真的歸功於 Ashley 和她的團隊在推出新產品和更好的執行方面所做的出色工作。因此，我們的創新節奏有所提高。我們在所有這 4 個主要特許經營權中都有很多新產品，因此我們正在增加市場份額。然後我會說，剩下的可能就是程序量。

Again, it gets really difficult to really draw comparisons around procedure volume because we still are dealing with the impact of COVID in the second quarter alone in China. That impacted growth and procedures were down roughly 25% with a little bit improvement towards the last month from what we saw in April and May.

同樣，要真正圍繞手術量進行比較真的很困難，因為我們仍在中國僅在第二季度處理 COVID 的影響。這影響了增長，程序下降了大約 25%，與我們在 4 月和 5 月看到的相比，上個月略有改善。

So we continue to look at that as well. But I would say the improvement in MedTech has really come from the stated goals that you heard a couple of years ago from Ashley and team, and that's a better cadence of innovation. I think we're going to -- we had 10 new products launched in the first half of this year. Roughly the same amount is relied upon in the second half. And then again, attracting market share with better effectiveness through our sales force and commercial efforts.

因此，我們也會繼續關注這一點。但我想說，醫療技術的進步確實來自於幾年前你從 Ashley 和團隊聽到的既定目標，這是一種更好的創新節奏。我想我們會——我們在今年上半年推出了 10 款新產品。下半年依賴的金額大致相同。再一次，通過我們的銷售隊伍和商業努力，以更有效的方式吸引市場份額。

Yes. Thank you, Josh, and thank you for the question on MedTech because it gives me an opportunity to talk more about the performance of our MedTech business. And a couple of aspects there. One is the current performance and then how we are improving our market share and commercial execution and also our new product introduction and our pipeline progression.

是的。謝謝你，喬希，謝謝你提出關於 MedTech 的問題，因為它讓我有機會更多地談論我們 MedTech 業務的表現。還有幾個方面。一是當前的表現，然後是我們如何提高我們的市場份額和商業執行，以及我們的新產品推出和我們的管道進展。

So in the first half of the year, I just commented that our group had competitive growth of 6%. It's also underlying by our growth in the first quarter of 8.6%. We'll see how the rest of the sector performs in this quarter, but our growth in the first half of the year was a competitive growth with 6%. So in that sense, my view is that we are already getting competitive growth rates in MedTech with 6% in the first half of the year.

所以上半年，我只是評論說我們集團有6%的競爭性增長。這也是我們第一季度增長 8.6% 的基礎。我們將看到該行業其他部門在本季度的表現如何，但我們上半年的增長是 6% 的競爭性增長。所以從這個意義上說，我的觀點是，我們已經在今年上半年以 6% 的速度在醫療技術領域獲得了具有競爭力的增長率。

The growth rate in the second quarter has to be also put into perspective in the fact that the comparison with the second quarter of 2021 is a difficult one. MedTech grew 59% in the second quarter of 2021. And also there was some impact of the mobility restrictions in Asia Pacific. So we are improving our commercial execution and improving our pipeline.

第二季度的增長率也必須考慮到，因為與 2021 年第二季度的比較是一個困難的事實。 MedTech 在 2021 年第二季度增長了 59%。而且亞太地區的流動性限制也產生了一些影響。因此，我們正在改進我們的商業執行並改進我們的管道。

In the commercial execution, the data that we have from the first quarter shows that we are maintaining or gaining share in 10 of our 11 largest platforms. So that's a good indication that the recovery is in play. And on the new product pipeline, there's many exciting new developments that we are getting to market, starting with the fact that our MONARCH robotic platform has received 510 clearance for urology indications, which are going to open a new market for us in kidney stones.

在商業執行方面，我們從第一季度獲得的數據顯示，我們在 11 個最大平台中的 10 個中保持或獲得了份額。所以這是一個很好的跡象，表明復蘇正在發揮作用。在新產品線上，我們正在進入市場，有許多令人興奮的新發展，首先是我們的 MONARCH 機器人平台已獲得 510 個泌尿科適應症許可，這將為我們在腎結石領域打開一個新市場。

We have now enrolled the first patient in our electrophysiology pulsed-field ablation study, which is going to give us another innovation in our very successful electrophysiology business. We just launched our new Stapler ECHELON 3000, which is a digitally enabled device that comes also with significant evidence on how it improves patient outcomes in the cerebrovascular franchise. We just launched EMBOGUARD Balloon Guide Catheter, which is designed to optimize the removal of blood clots in ischemic stroke and reducing time.

我們現在已經在我們的電生理脈衝場消融研究中招募了第一位患者，這將為我們非常成功的電生理業務帶來另一項創新。我們剛剛推出了新的 Stapler ECHELON 3000，這是一種數字化設備，它還提供了關於它如何改善腦血管特許經營中的患者預後的重要證據。我們剛剛推出了 EMBOGUARD Balloon Guide Catheter，旨在優化缺血性中風中血栓的清除並縮短時間。

So there's a number of very positive developments that are enhancing our ability to launch new products there. So we feel optimistic about the combination of executing on our commercial priorities and, at the same time, continue the good cadence of new product innovation that is going to take us to competitive growth as demonstrated by our 6% growth in the first half of the year.

因此，有許多非常積極的發展正在增強我們在那裡推出新產品的能力。因此，我們對執行我們的商業優先事項的組合感到樂觀，同時，繼續保持新產品創新的良好節奏，這將使我們實現競爭性增長，正如我們上半年 6% 的增長所證明的那樣年。

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

我們的下一個問題來自高盛的 Chris Shibutani。

A two-part question on the U.S. immunology market in general, and TREMFYA specifically. Across the category, what's your view on the outlook for how the balance of the year will progress in the immunology category based upon what you're seeing in terms of patient volume trends year-to-date? And then specifically on TREMFYA, the performance and outlook there, you highlighted some share gains in both psoriasis and psoriatic arthritis. Where are these gains coming from? Can you help us understand competitive dynamics versus other biologics?

關於美國免疫學市場的一個由兩部分組成的問題，特別是 TREMFYA。在整個類別中，根據您從今年迄今為止的患者數量趨勢方面看到的情況，您對今年餘下免疫學類別的進展有何看法？然後特別是關於 TREMFYA，那裡的表現和前景，你強調了銀屑病和銀屑病關節炎的一些份額增長。這些收益從何而來？您能幫助我們了解與其他生物製劑相比的競爭動態嗎？

Thank you. Thank you. Great question, Chris. Overall, we see a recovery in the immunology market with new patient levels already exceeding pre-COVID levels. So we are optimistic about the recovery, specifically utilizing the metric of new patients. So that's progressing well for the immunology market.

謝謝你。謝謝你。好問題，克里斯。總體而言，我們看到免疫學市場正在復蘇，新患者水平已經超過 COVID 之前的水平。因此，我們對複蘇持樂觀態度，特別是利用新患者的指標。因此，免疫學市場進展順利。

When it comes to TREMFYA, it continues to deliver strong growth worldwide, with net trade sales growing in the quarter about 30%, despite of headwind of a prior-period adjustment that has reduced about 750 basis points. So a strong performance of TREMFYA.

就 TREMFYA 而言，它繼續在全球範圍內實現強勁增長，本季度淨貿易銷售額增長約 30%，儘管前期調整的不利因素已減少約 750 個基點。所以TREMFYA表現強勁。

When it comes to share, I think it was commented that we capture about 2.5 points incremental in psoriasis and about a larger amount in psoriatic arthritis, where we're already the market share leader. It was 3 points in psoriatic arthritis.

在分享方面，我認為有人評論說，我們在銀屑病方面增加了約 2.5 個百分點，在銀屑病關節炎方面獲得了更多，我們已經是市場份額的領導者。銀屑病關節炎為 3 分。

It's difficult to tell you where this is coming from. I mean, we are assuming that this is going to be coming from older therapies that are there in the market, and that's where it's coming from. But clearly, TREMFYA is doing really well, both in psoriasis and in psoriatic arthritis. And in psoriatic arthritis it's the market-leading in new-to-brand share.

很難告訴你這是從哪裡來的。我的意思是，我們假設這將來自市場上的舊療法，這就是它的來源。但很明顯，TREMFYA 在銀屑病和銀屑病關節炎方面都做得很好。在銀屑病關節炎中，它在新品牌份額方面處於市場領先地位。

We are also pleased with the fact that we have published recently first and best-in-class 5-year durability data, and also that we have been able to be the only IL-23 therapy to demonstrate inhibition of structural damage in PsA. So we are very positive about the trajectory of TREMFYA, which is a reflection of the strength of our immunology franchise.

我們也很高興我們最近發布了第一個和同類最佳的 5 年耐用性數據，並且我們能夠成為唯一的 IL-23 療法來證明 PsA 結構損傷的抑製作用。因此，我們對 TREMFYA 的發展軌跡非常樂觀，這反映了我們免疫學專營權的實力。

Continuing with the future of TREMFYA, which I think it's important for you to consider, we are now fully enrolled in our trial in ulcerative colitis, and we are nearing fully enrollment completion in our trial in Crohn's disease. So that predicates well for the growth of TREMFYA moving forward.

繼續 TREMFYA 的未來，我認為您需要考慮這一點，我們現在已完全參與我們的潰瘍性結腸炎試驗，並且我們即將完成克羅恩病試驗的全部招募。因此，這很好地預示了 TREMFYA 的發展。

Addition that -- in addition to that, we presented very encouraging and interesting data in IBD in combination of TREMFYA with SYMPHONY, so guselkumab with golimumab that show best-in-class results and best-in-class data, and we are very pleased with that. And also, if you look at our pipeline, we are also continuing to progress into Phase II with our own oral IL-23. So very strong future of TREMFYA, one of the key products in our growth moving forward, a very strong future for our franchise in immunology.

此外——除此之外，我們在 IBD 中結合 TREMFYA 和 SYMPHONY 提供了非常令人鼓舞和有趣的數據，所以 guselkumab 和 golimumab 顯示出一流的結果和一流的數據，我們非常高興接著就，隨即。此外，如果您查看我們的管道，我們還將繼續使用我們自己的口服 IL-23 進入第二階段。 TREMFYA 的未來非常強勁，這是我們向前發展的關鍵產品之一，也是我們在免疫學領域的一個非常強大的未來。

Thank you, Chris. Kevin, we have time for one last question.

謝謝你，克里斯。凱文，我們有時間回答最後一個問題。

Our final question today is coming from David Risinger from SVB Securities.

我們今天的最後一個問題來自 SVB 證券的 David Risinger。

So congrats on the results and the updates. My question is about proposed drug pricing legislation, which is concerning given its potential impact on innovation and the state of New Jersey where you're headquartered. So could you please comment on how the legislation would negatively impact incentives to pursue transformational new medicines for seniors? And what J&J is doing to educate senators in New Jersey and beyond?

所以祝賀結果和更新。我的問題是關於擬議的藥品定價立法，考慮到它對創新和您總部所在的新澤西州的潛在影響，這是令人擔憂的。那麼，您能否評論一下該立法將如何對老年人尋求轉型新藥的激勵產生負面影響？強生正在做些什麼來教育新澤西州及其他地區的參議員？

Thank you for the question and a great question. First, it's difficult for us to comment on the content of the legislation or the feasibility of that legislation passing. There's been a lot of ups and downs there. While we are very closely following the dynamics, the situation is still fluid. So it's difficult for us to comment on the actual legislation or in the feasibility.

謝謝你的問題和一個很好的問題。首先，我們很難評論立法的內容或立法通過的可行性。那裡有很多起起落落。雖然我們非常密切關注動態，但情況仍然不穩定。因此，我們很難對實際立法或可行性發表評論。

Now if we believe that the legislation is going to be based on the language that we know from the Senate Finance Committee, as you pointed out, that will have a significant detrimental effect on the ability of the industry, of companies to be able to invest in R&D and to develop new medicines.

現在，如果我們相信立法將基於我們從參議院財政委員會了解到的語言，正如你所指出的，這將對行業的能力、公司的投資能力產生重大不利影響在研發和開發新藥。

Just for perspective, the biopharmaceutical industry invested about $120 billion in R&D in 2020. Johnson & Johnson, ourselves, in our Pharmaceutical business, we invested $12 billion in R&D in 2021. So as a company that invests heavily in R&D, we can tell you that the type of legislation that was proposed by the Senate Finance Committee with Medicare price setting will have a chilling effect in innovation that will be translated in less new medicines for patients.

只是為了透視，生物製藥行業在 2020 年的研發投入約為 1200 億美元。強生，我們自己，在我們的製藥業務中，我們在 2021 年投入了 120 億美元的研發。所以作為一家在研發上投入巨資的公司，我們可以告訴你參議院財政委員會提出的醫療保險定價立法類型將對創新產生寒蟬效應，這將轉化為更少的新藥用於患者。

Again, for perspective, since 2000, the pharmaceutical industry has introduced about 1,000 new medicines. The impact that this will have may affect the advances that we have in multiple areas that are still needed to be able to advance patient care. So it's a very serious situation that will affect innovation, will affect our ability to invest in R&D and to develop new medicines.

同樣，從角度來看，自 2000 年以來，製藥行業已經推出了大約 1,000 種新藥。這將產生的影響可能會影響我們在仍然需要能夠推進患者護理的多個領域取得的進展。所以這是一個非常嚴重的情況，會影響創新，會影響我們投資研發和開發新藥的能力。

Now we are also engaging with different stakeholders in trying to educate them about the impact of this type of legislation and innovation. But at the same time, we also want to sit at the table and participate in discussions to address what we believe is the major issue, which is patient affordability and patient access, specifically in Part D. So we think that, that's something that the industry has to address with the relevant stakeholders, and we are very willing to sit at the table and shoulder the consequences of being able to address the patient affordability issue.

現在，我們還與不同的利益相關者合作，試圖讓他們了解這類立法和創新的影響。但同時，我們也想坐在桌旁參與討論，以解決我們認為的主要問題，即患者的負擔能力和患者的可及性，特別是在 D 部分。所以我們認為，這是行業必須與相關利益相關者一起解決問題，我們非常願意坐下來承擔能夠解決患者負擔能力問題的後果。

Now I always have -- I always need to remember (sic) remind to you that in a price-constrained environment, Johnson & Johnson performs relatively better than most of our peers and competitors based on a number of factors. First, our diversification. Second, we have about half of our sales that come outside of the U.S. And third, specifically in the Pharmaceutical business, we have been able to deliver above-market growth in the face of mid-single-digit niche price decreases.

現在我總是 - 我總是需要記住（原文如此）提醒您，在價格受限的環境中，強生公司的表現相對優於我們的大多數同行和競爭對手，基於許多因素。首先，我們的多元化。其次，我們約有一半的銷售額來自美國以外。第三，特別是在製藥業務中，面對中個位數的利基價格下跌，我們已經能夠實現高於市場的增長。

So we know how to grow in a difficult pricing environment. As a matter of fact, all of our growth comes from volume. So if you're thinking about where to be in these circumstances, Johnson & Johnson really, it's a good place based on its diversification and our ability to drive growth through volume.

所以我們知道如何在艱難的定價環境中成長。事實上，我們所有的增長都來自銷量。因此，如果您正在考慮在這種情況下所處的位置，強生公司確實是一個好地方，因為它的多元化和我們通過數量推動增長的能力。

Wonderful. Thank you, David, and thanks to everyone for your questions and your continued interest in our company. We apologize to those that we couldn't get to because of time, but don't hesitate to reach out to the Investor Relations team with any remaining questions that you may have. I will now turn the call back to Joaquin for some brief closing remarks.

精彩的。謝謝你，大衛，感謝大家提出的問題和對我們公司的持續關注。對於因時間原因無法聯繫到的人，我們深表歉意，但如有任何剩餘問題，請隨時與投資者關係團隊聯繫。我現在將把電話轉回華金，做一些簡短的閉幕詞。

Thank you, everybody, for participating in the call. Again, very pleased with the solid results achieved by our teams year-to-date. It shows the quality and the market leadership of our franchises and the great execution of our company in the middle of these challenges. We are also making good progress in the 3 strategic priorities that I outlined at the outset of this call regarding the consumer separation and the creation of the new Johnson & Johnson, our ability to continue to grow in our Pharmaceutical business through the STELARA patent expiration and our continued recovery and competitive growth and MedTech.

謝謝大家參加電話會議。再次，對我們團隊今年迄今取得的堅實成果感到非常滿意。它展示了我們特許經營權的質量和市場領導地位，以及我們公司在這些挑戰中的出色執行力。我們還在我在本次電話會議開始時概述的三個戰略重點方面取得了良好進展，這些重點涉及消費者分離和新強生公司的創建，我們通過 STELARA 專利到期繼續在製藥業務中增長的能力以及我們的持續復甦和競爭性增長以及醫療技術。

As we conclude today, also a quick reminder on our recent ESG investor update, which highlighted progress against our 2025 Health for Humanity goals. I encourage all of you to listen to the webcast replay on our website if you didn't have a chance to do it already. We look forward to connecting with all of you again and keeping you updated on our continuous progress on future earnings calls. Thank you very much.

正如我們今天總結的那樣，我們還快速提醒我們最近的 ESG 投資者更新，其中強調了我們在實現 2025 年人類健康目標方面取得的進展。如果您還沒有機會這樣做，我鼓勵大家在我們的網站上收聽網絡廣播重播。我們期待再次與大家聯繫，並讓您了解我們在未來收益電話會議上的持續進展。非常感謝。

Thank you. That does conclude our webcast and teleconference today. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.

謝謝你。我們今天的網絡廣播和電話會議到此結束。你可以在這個時候斷開你的線路，度過美好的一天。我們感謝您今天的參與。