嬌生 (JNJ) 2022 Q3 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's Third 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 年第三季度收益電話會議。 （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 will now turn the conference call over to Johnson & Johnson. You may begin.

我現在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 clients 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。這些客戶承認這些關係。

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

早上好。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。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 third quarter sales and P&L results for the corporation and highlights related to the 3 segments. Joe will then 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 approximately 60 minutes.

我現在將回顧公司第三季度的銷售和損益結果以及與這三個部門相關的亮點。然後，喬將在分享我們的現金狀況、資本分配優先事項和 2022 年更新指南之前提供額外的業務和財務評論。剩下的時間將用於回答您的問題。我們預計網絡直播將持續大約 60 分鐘。

Now let's move to the third quarter results. Worldwide sales were $23.8 billion for the third quarter of 2022, an increase of 1.9% versus the third quarter of 2021. Operational sales growth, which excludes the effect of translational currency, increased 8.1% as currency had a negative impact of 6.2 points.

現在讓我們來看第三季度的結果。 2022 年第三季度全球銷售額為 238 億美元，比 2021 年第三季度增長 1.9%。由於貨幣產生了 6.2 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 8.1%。

In the U.S., sales increased 4.1%. In regions outside the U.S., our reported sales declined 0.3%. Operational sales growth outside the U.S. was 12.3%, with currency negatively impacting our reported OUS results by 12.6 points. Excluding the net impact of acquisitions and divestitures, adjusted operational sales growth was 8.2% worldwide, 4.2% in the U.S. and 12.4% outside the U.S.

在美國，銷售額增長了 4.1%。在美國以外的地區，我們報告的銷售額下降了 0.3%。美國以外的營業銷售額增長 12.3%，匯率對我們報告的 OUS 結果產生了 12.6 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為 8.2%，美國為 4.2%，美國以外為 12.4%。

Turning now to earnings. For the quarter, net earnings were $4.5 billion, and diluted earnings per share was $1.68 versus diluted earnings per share of $1.37 1 year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $6.8 billion and adjusted diluted earnings per share was $2.55, representing decreases of 2.7% and 1.9%, respectively, compared to the third quarter of 2021. On an operational basis, adjusted diluted earnings per share increased 5.8%.

現在轉向收益。本季度的淨收益為 45 億美元，稀釋後的每股收益為 1.68 美元，而一年前的稀釋後的每股收益為 1.37 美元。剔除兩個期間的稅後無形資產攤銷費用和特殊項目，本季度調整後淨利潤為 68 億美元，調整後稀釋後每股收益為 2.55 美元，較 2019 年第三季度分別下降 2.7% 和 1.9% 2021. 在運營基礎上，調整後的攤薄每股收益增長 5.8%。

I will now comment on business segment sales performance highlights. Unless otherwise stated, percentages quoted represent the operational sales change in comparison to the third quarter of 2021 and, therefore, exclude the impact of currency translation. Continuing with the streamlined remarks shared in the prior 2 quarters, 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 年第三季度相比的運營銷售額變化，因此不包括貨幣換算的影響。繼續前兩個季度分享的精簡評論，我們計劃保持評論簡短，以留出更多時間進行問答。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 0.4%, with an increase of 2.1% in the U.S. and a decline of 2.3% outside the U.S. Excluding translational currency, worldwide operational sales growth increased 4.7%; and outside the U.S., operational sales growth increased 6.7%.

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 0.4%，其中美國增長 2.1%，美國以外地區下降 2.3%。不包括換算貨幣，全球運營銷售額增長 4.7%；在美國以外的地區，營業銷售額增長了 6.7%。

Excluding the impact of acquisitions and divestitures, worldwide growth was 4.8%. Results were primarily driven by strategic price increases; growth in OTC due to a strong cold, cough and flu season; and OUS growth in NEUTROGENA and AVEENO due to market growth and new product launches. This growth was partially offset by supply constraints in the U.S. and suspension of sales of personal care products in Russia.

剔除收購和資產剝離的影響，全球增長率為 4.8%。結果主要是由戰略性價格上漲推動的；由於強烈的感冒、咳嗽和流感季節，OTC 的增長；由於市場增長和新產品發布，露得清和 AVEENO 的 OUS 增長。這一增長被美國的供應限制和俄羅斯暫停個人護理產品的銷售部分抵消。

Moving on to our Pharmaceutical segment. Worldwide Pharmaceutical sales of $13.2 billion increased 2.6%, with growth of 3% in the U.S. and 2% outside of the U.S. Excluding translational currency, worldwide operational sales growth increased 9%; and outside the U.S., operational sales growth increased 16.7%. Excluding the impact of acquisitions and divestitures, worldwide growth was 9.2%. Excluding COVID-19 vaccine sales, worldwide operational sales growth increased 8.9%; U.S. operational sales growth increased 7%; and outside the U.S., operational sales growth increased 11.3%.

繼續我們的製藥部門。全球藥品銷售額為 132 億美元，增長 2.6%，其中美國增長 3%，美國以外增長 2%。不包括換算貨幣，全球運營銷售額增長 9%；在美國以外的地區，營業銷售額增長了 16.7%。排除收購和資產剝離的影響，全球增長率為 9.2%。不包括 COVID-19 疫苗銷售，全球運營銷售增長 8.9%；美國業務銷售額增長 7%；在美國以外的地區，營業銷售額增長了 11.3%。

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

強大的商業准入和執行力推動了醫藥增長，使我們能夠繼續實現高於市場的調整後運營銷售增長，其中包括 5 項具有兩位數增長的資產。增長由 DARZALEX 、 TREMFYA 、 STELARA 和 ERLEADA 以及我們的帕利哌酮長效產品組合推動，並被 REMICADE 的生物仿製藥競爭以及 IMBRUVICA 銷售額的下降部分抵消。

Within our Oncology business, DARZALEX and ERLEADA continued to drive strong sales growth with increases of 38.7% and 51.2%, respectively. IMBRUVICA sales declined 7.2% worldwide due to increased competitive pressures. In the U.S., the CLL market remains below pre-COVID levels, while in the EU, results were negatively impacted by government clawbacks. Overall, IMBRUVICA maintains its market leadership position worldwide.

在我們的腫瘤業務中，DARZALEX 和 ERLEADA 繼續推動強勁的銷售增長，分別增長 38.7% 和 51.2%。由於競爭壓力增加，IMBRUVICA 的全球銷售額下降了 7.2%。在美國，CLL 市場仍低於 COVID 之前的水平，而在歐盟，結果受到政府收回的負面影響。總體而言，IMBRUVICA 在全球保持其市場領先地位。

In our Immunology business, TREMFYA grew 41.9%, driven by share gains in psoriasis and psoriatic arthritis, with gains of 3.2 points and 1.7 points in the U.S., respectively, along with market growth. STELARA growth of 8% was driven by strong market growth and share gains in Crohn's disease and ulcerative colitis with gains of 5.2 points and 6.9 points in the U.S., respectively. Results in the quarter were partially offset by a net unfavorable prior period adjustment of approximately 600 basis points on worldwide growth. We remain confident in our ability to deliver our 11th consecutive year of above-market adjusted operational sales growth in 2022.

在我們的免疫學業務中，TREMFYA 增長了 41.9%，這得益於銀屑病和銀屑病關節炎的份額增長，隨著市場的增長，在美國分別增長了 3.2 個百分點和 1.7 個百分點。 STELARA 增長 8% 是由強勁的市場增長和克羅恩病和潰瘍性結腸炎的份額增長推動的，在美國分別增長了 5.2 個百分點和 6.9 個百分點。本季度的業績被前一期全球增長約 600 個基點的淨不利調整部分抵消。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 $6.8 billion increased by 2.1% with growth of 7.7% in the U.S. and a decline of 2.9% outside of the U.S. Excluding translational currency, worldwide operational sales growth increased 8.1%; and outside the U.S., operational sales growth increased 8.5%. Excluding the impact of acquisitions and divestitures, worldwide growth was 8.1%.

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 68 億美元，增長 2.1%，其中美國增長 7.7%，美國以外地區下降 2.9%。不包括換算貨幣，全球運營銷售額增長 8.1%；在美國以外的地區，營業銷售額增長了 8.5%。剔除收購和資產剝離的影響，全球增長率為 8.1%。

Drivers for growth across MedTech include procedure recovery as well as focused commercial strategies and differentiated new products such as ENSEAL X1 devices in energy; VELYS digital solutions across our orthopedic platforms; and additional solutions enhancing our industry-leading electrophysiology portfolio. Based on our most recent share data, we continue to enhance or sustain market share positions in the large majority of our 11 priority platforms. As a reminder, these 11 platforms each generate over $1 billion in annual sales.

整個 MedTech 增長的驅動力包括程序恢復以及重點商業戰略和差異化的新產品，例如能源領域的 ENSEAL X1 設備； VELYS 在我們的骨科平台上的數字解決方案；以及增強我們行業領先的電生理學產品組合的其他解決方案。根據我們最近的份額數據，我們繼續提高或維持我們 11 個優先平台中絕大多數的市場份額地位。提醒一下，這 11 個平台的年銷售額均超過 10 億美元。

Partially offsetting growth in the quarter is the impact of volume-based procurement in China and timing of international tenders primarily in orthopedics and supply challenges primarily in surgical vision. Aligned with our previously communicated expectations, MedTech operational sales grew sequentially versus the prior quarter. And for additional context, selling days had an immaterial impact on results in the quarter.

部分抵消了本季度增長的影響是中國基於數量的採購以及主要在骨科領域的國際招標時間以及主要在外科視力方面的供應挑戰。與我們之前傳達的預期一致，MedTech 運營銷售額與上一季度相比環比增長。此外，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 third 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 170 basis points, primarily driven by unfavorable currency impact in the Pharmaceutical business and commodity inflation, partially offset by supply chain efficiencies in the MedTech and the Consumer Health businesses.

現在轉向我們 2022 年第三季度的合併收益表。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 170 個基點，主要受製藥業務的不利貨幣影響和商品通脹的推動，部分被醫療技術和消費者健康業務的供應鏈效率所抵消。

We continue to invest strategically in research and development at competitive levels, investing 15.1% of sales this quarter. The $3.6 billion invested was a 5% increase versus the prior year, primarily due to portfolio progression in the Pharmaceutical business and increased investment across multiple franchises in the MedTech business.

我們繼續在具有競爭力的水平上對研發進行戰略性投資，本季度投資了銷售額的 15.1%。投資 36 億美元，較上年增長 5%，主要是由於製藥業務的投資組合進展以及對 MedTech 業務多個特許經營權的投資增加。

The other income and expense line was an expense of approximately $500 million in the third quarter of 2022 compared to an expense of $1.9 billion in the third quarter of 2021. This was primarily driven by lower litigation expense, partially offset by losses on securities, Consumer Health separation-related costs and COVID-19 vaccine-related costs in the current quarter.

另一個收入和支出項目是 2022 年第三季度的支出約為 5 億美元，而 2021 年第三季度的支出為 19 億美元。這主要是由於訴訟費用減少，部分被證券、消費者本季度與健康分離相關的成本和與 COVID-19 疫苗相關的成本。

Regarding taxes in the quarter, our effective tax rate was 23.4% versus 4.7% in the same period last year. This increase was primarily driven by 2022 tax costs incurred as part of the planned separation of the company's Consumer Health business due to the reorganization of certain international subsidiaries, a onetime special item in Q3 2021 that reduced taxable income in the quarter and unfavorable income mix. Excluding special items, the effective tax rate was 16% versus 13.5% in the same period last year. I encourage you to review our upcoming third 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 23.4%，而去年同期為 4.7%。這一增長主要是由於 2022 年由於某些國際子公司的重組而產生的作為公司消費者健康業務計劃分離的一部分而產生的稅收成本，這是 2021 年第三季度的一項一次性特殊項目，減少了該季度的應稅收入和不利的收入組合。剔除特殊項目，實際稅率為16%，而去年同期為13.5%。我鼓勵您查看我們即將提交的第三季度 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. Now let's look at adjusted income before tax by segment. In the third quarter of 2022, our adjusted income before tax for the enterprise as a percentage of sales decreased from 34.5% to 33.9%, primarily driven by unfavorable currency and commodity inflation impact on cost of products sold.

最後，我將請您注意幻燈片的方框部分，我們還提供了稅前收入、淨收益和調整後的每股收益，以排除無形攤銷費用和特殊項目的影響。現在讓我們按細分市場查看調整後的稅前收入。在 2022 年第三季度，我們調整後的企業稅前收入佔銷售額的百分比從 34.5% 下降到 33.9%，主要是由於不利的貨幣和商品通脹對銷售產品成本的影響。

Pharmaceutical margins declined from 43.8% to 41.9%, primarily driven by unfavorable currency and cost of products sold. MedTech margins remained flat at 25.5%. Commodity inflation and increased investment in research and development were offset by supply chain efficiencies in sales, marketing and administrative leveraging. Finally, Consumer Health margins improved from 24.2% to 24.3% despite inflationary pressures driven by price actions and investment prioritization.

醫藥利潤率從 43.8% 下降至 41.9%，主要受不利貨幣和銷售產品成本的推動。醫療技術利潤率保持在 25.5% 的水平。商品通脹和研發投資的增加被銷售、營銷和行政槓桿的供應鏈效率所抵消。最後，儘管價格走勢和投資優先級推動了通脹壓力，消費者健康的利潤率從 24.2% 提高到 24.3%。

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

強生公司第三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. Good morning, everyone. We appreciate you joining us today. As Jess just shared, we are pleased to report solid results across our business segments in the third quarter. We accelerated operational sales growth across all 3 segments, and we're able to meet earnings expectations despite significant inflationary impacts to input costs. This performance reflects the strength of our business and versatility of our operations despite persistent global macroeconomic challenges.

謝謝你，傑斯。大家，早安。感謝您今天加入我們。正如 Jess 剛剛分享的那樣，我們很高興在第三季度報告我們各個業務部門的穩健業績。我們加快了所有 3 個部門的運營銷售增長，儘管通脹對投入成本產生了重大影響，但我們仍能滿足盈利預期。儘管全球宏觀經濟面臨持續挑戰，但這一業績反映了我們業務的實力和業務的多功能性。

Given Johnson & Johnson's 136-year history, we are no stranger to periods of unfavorable macroeconomic conditions, but we have a proven track record of navigating through periods of challenge and volatility. With a diversified portfolio and strong balance sheet, we've repeatedly demonstrated our ability to deliver results in the short term while executing against our long-term strategy, focused on improving health outcomes and access to care.

鑑於強生公司 136 年的歷史，我們對不利的宏觀經濟條件時期並不陌生，但我們在應對挑戰和波動時期方面有著良好的記錄。憑藉多元化的投資組合和強大的資產負債表，我們一再證明我們有能力在短期內取得成果，同時執行我們的長期戰略，專注於改善健康結果和獲得護理。

Let me share a few enterprise highlights from the quarter. We continue to deploy effective strategies to provide the products, medicines and treatments that consumers and patients rely on in the face of supply chain pressures. Our teams have been working tirelessly to help mitigate the impact of these challenges by working with our partners to make sure we're meeting demand.

讓我分享本季度的一些企業亮點。面對供應鏈壓力，我們將繼續部署有效的戰略，以提供消費者和患者所依賴的產品、藥物和治療方法。我們的團隊一直在不知疲倦地工作，通過與我們的合作夥伴合作來幫助減輕這些挑戰的影響，以確保我們滿足需求。

We continue to invest for growth, driven by innovation, as demonstrated by the recent opening of our R&D campus in San Francisco, which will expand our R&D presence in the Bay Area. I had the pleasure of being at the opening for this campus. Seeing it in person only reinforces for me that the combination of science, technology and data analytics will be the future of medicine.

我們在創新的推動下繼續投資以實現增長，最近在舊金山開設的研發園區就是證明，這將擴大我們在灣區的研發影響力。我有幸參加了這個校園的開幕式。親眼看到它只會讓我更加堅信，科學、技術和數據分析的結合將是醫學的未來。

We also made further progress in the separation of Kenvue, the name of the planned new Consumer Health company. In addition to announcing the name, brand, visual identity and purpose, Larry Merlo was named as the Nonexecutive Chair Designate. Congratulations, Larry. Thibaut, Ashley and Jennifer will provide updates on notable events for their segments later in the call.

我們還在計劃中的新消費者健康公司名稱 Kenvue 的分離方面取得了進一步進展。除了宣布名稱、品牌、視覺識別和目的之外，拉里·梅洛還被任命為非執行主席。恭喜，拉里。 Thibaut、Ashley 和 Jennifer 將在稍後的電話會議中為他們的部分提供重要事件的更新。

Turning now to cash and capital allocation. Year-to-date, we generated free cash flow in excess of $13 billion. At the end of the third quarter, we had approximately $34 billion of cash and marketable securities and approximately $32 billion of debt for a net cash position of approximately $2 billion. Our capital allocation priorities remain unchanged, and our strong balance sheet affords us the flexibility to pursue multiple capital allocation priorities concurrently.

現在轉向現金和資本配置。年初至今，我們產生了超過 130 億美元的自由現金流。在第三季度末，我們擁有約 340 億美元的現金和有價證券以及約 320 億美元的債務，淨現金頭寸約為 20 億美元。我們的資本配置優先級保持不變，我們強大的資產負債表使我們能夠靈活地同時追求多個資本配置優先級。

Investing in innovation and R&D is our top priority. And through 3 quarters, we have increased our R&D investment by approximately 8% over the same period last year. In addition to investing in organic growth opportunities, our team continues to evaluate strategic acquisitions and other external collaborations that would enhance our current portfolio, build upon our capabilities and enable us to play in higher-growth markets while delivering strong financial returns.

投資於創新和研發是我們的首要任務。過去三個季度，我們的研發投入比去年同期增加了約 8%。除了投資有機增長機會外，我們的團隊還繼續評估戰略收購和其他外部合作，以增強我們當前的投資組合，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，同時提供強勁的財務回報。

In mid-September, our Board of Directors authorized a share repurchase of up to $5 billion of Johnson & Johnson common stock. This program underscores our confidence in the business and our pipeline while also delivering returns for our shareholders. This program, combined with our dividends, has yielded nearly $11 billion being returned to shareholders already in 2022.

9 月中旬，我們的董事會授權回購高達 50 億美元的強生普通股。該計劃強調了我們對業務和管道的信心，同時也為我們的股東帶來了回報。該計劃與我們的股息相結合，已產生近 110 億美元，已在 2022 年返還給股東。

Moving on to full year 2022 guidance. As evidenced by the third quarter operational sales growth across all 3 businesses, health care as well as our business continues to be rooted in strong fundamentals despite various macroeconomic pressures. We continue to see a strengthening U.S. dollar relative to other currencies. And as seen on this slide, inflation in the U.S. remains at levels not experienced in decades and not unique to the U.S.

繼續進行 2022 年全年指導。正如所有 3 項業務的第三季度運營銷售增長所證明的那樣，儘管存在各種宏觀經濟壓力，醫療保健以及我們的業務仍然植根於強勁的基本面。我們繼續看到美元相對於其他貨幣走強。正如這張幻燈片所示，美國的通貨膨脹率仍處於數十年來未曾經歷過的水平，而且並非美國獨有。

You saw some of this impact reflected in this quarter's gross margin, eroding in comparison to Q3 2021, attributable to both currency and higher input cost. Despite these pressures, we are reaffirming our operational sales and reported adjusted earnings per share midpoint and tightening the ranges.

您在本季度的毛利率中看到了部分影響，與 2021 年第三季度相比有所下降，這歸因於貨幣和較高的投入成本。儘管存在這些壓力，我們仍在重申我們的運營銷售額並報告調整後的每股收益中點並收緊範圍。

On sales, we are narrowing our base business operational sales range to $97.5 billion to $98 billion or a growth rate of 7% at the midpoint. While this full year operational sales guidance is an acceleration to our year-to-date growth, it does imply a slight deceleration when comparing to the third quarter growth, driven by the loss of exclusivity of ZYTIGA in EMEA during the month of September.

在銷售方面，我們將基礎業務運營銷售範圍縮小至 975 億美元至 980 億美元，或中點增長率為 7%。儘管這一全年運營銷售指導加速了我們年初至今的增長，但與第三季度的增長相比確實意味著略有減速，這是由於 9 月份 ZYTIGA 在歐洲、中東和非洲失去了獨家經營權。

We don't speculate on currency impacts. However, using the euro spot rate relative to the U.S. dollar as of last week at 0.97, there is an estimated negative impact of foreign currency translation of approximately 490 basis points, resulting in an estimated reported sales growth between 1.8% to 2.3% compared to 2021 or $93 billion to $93.5 billion.

我們不推測貨幣影響。然而，使用截至上週的歐元兌美元匯率為 0.97，估計外幣折算的負面影響約為 490 個基點，導致預計報告的銷售額增長 1.8% 至 2.3% 2021 年或 930 億美元至 935 億美元。

Regarding other lines on the P&L. While we were able to absorb some of the inflationary pressures this year, we are lowering our full year operating margin projection due to the impacts of inflation across most spend categories to a decline of approximately 50 basis points. Given year-to-date trends on favorable employee benefit-related items, we are increasing our other income estimates to a range of $1.7 billion to $1.8 billion.

關於損益表上的其他行。雖然今年我們能夠吸收部分通脹壓力，但由於大多數支出類別的通脹影響，我們將全年營業利潤率預測下調至約 50 個基點。鑑於有利的員工福利相關項目的年初至今趨勢，我們將其他收入估計提高到 17 億至 18 億美元的範圍。

Regarding interest income and expense, again, based on our year-to-date experience whereby we have a higher cash balance earning at rates higher than previously anticipated, we are increasing the range of our estimate to $175 million to $200 million of income. And finally, we are maintaining our effective tax rate estimate, which is reflective of current law, to a range of 15.0% to 15.5%.

關於利息收入和支出，再次，根據我們年初至今的經驗，我們的現金餘額收入高於先前預期，我們正在將我們的估計範圍擴大到 1.75 億美元至 2 億美元的收入。最後，我們將反映現行法律的有效稅率估計維持在 15.0% 至 15.5% 的範圍內。

Considering these revised estimates, we are increasing our adjusted earnings per share on a constant currency basis of $0.03 at the midpoint. The updated range is $10.70 to $10.75 or a midpoint of $10.73, reflecting a growth rate over 2021 of 9.5%. While not predicting currency movements, but to provide some insights on the potential impact on EPS, our reported adjusted EPS is expected to be negatively impacted by approximately $0.68 per share. As a result and by tightening the range, our reported adjusted earnings per share is $10.02 to $10.07, which maintains the previous midpoint of $10.05.

考慮到這些修訂後的估計，我們將在中點 0.03 美元的固定貨幣基礎上增加調整後的每股收益。更新後的範圍為 10.70 美元至 10.75 美元或 10.73 美元的中點，反映了 2021 年 9.5% 的增長率。雖然不預測貨幣走勢，但為了對每股收益的潛在影響提供一些見解，我們報告的調整後每股收益預計將受到每股約 0.68 美元的負面影響。因此，通過收緊範圍，我們報告的調整後每股收益為 10.02 美元至 10.07 美元，維持之前的中點 10.05 美元。

I appreciate that many of you are turning some of your attention to 2023. We are actively finalizing our plans for next year, but allow me to provide some preliminary qualitative perspectives to consider as you develop your models. We remain confident that we'll continue to grow our Pharmaceutical business every year towards our goal of $60 billion in Pharmaceutical sales by 2025 despite the STELARA LOE, which is anticipated to occur in the second half of 2023 in the U.S.

我很感激你們中的許多人將注意力轉移到 2023 年。我們正在積極敲定明年的計劃，但請允許我提供一些初步的定性觀點，供你們在開發模型時考慮。儘管 STELARA LOE 預計將在 2023 年下半年在美國發生，但我們仍然有信心，我們將繼續每年增長我們的製藥業務，以實現到 2025 年實現 600 億美元藥品銷售額的目標。

For MedTech, we expect our investments in innovation and commercial capabilities to continue to enhance our competitiveness. At this time, we anticipate positive procedure trends with the caveats that COVID-19 continues to be a dynamic situation regionally, lingering headwinds from hospital staffing and some impact from volume-based pricing in China.

對於 MedTech，我們預計我們對創新和商業能力的投資將繼續增強我們的競爭力。目前，我們預計會有積極的程序趨勢，但需要注意的是，COVID-19 在區域內仍然是一個動態的情況，醫院人員配備的阻力揮之不去，以及中國基於數量的定價的一些影響。

For Consumer Health, we are seeing the benefits of our strategic price increases and a reduction in supply chain disruptions, although some challenges are expected to continue into 2023. We expect inflationary pressures and higher input costs to persist, and we are continuing to take actions to offset these challenges. While some inflationary pressures are improving, keep in mind that certain products we manufacture in 2022 will be sold and flow through our P&L in 2023.

對於消費者健康，我們看到了我們的戰略性價格上漲和供應鏈中斷減少的好處，儘管一些挑戰預計將持續到 2023 年。我們預計通脹壓力和更高的投入成本將持續存在，我們將繼續採取行動來抵消這些挑戰。雖然一些通脹壓力正在改善，但請記住，我們在 2022 年生產的某些產品將在 2023 年出售並通過我們的損益表流動。

As far as standing up Kenvue as an independent company, we expect to announce further details on the type of separation as well as stand-up cost estimates and how we are addressing stranded costs later this year or early in 2023. We remain on track to complete the separation in mid to late 2023, as indicated in the initial announcement we made in November of 2021.

至於將 Kenvue 定位為一家獨立公司，我們預計將在今年晚些時候或 2023 年初公佈有關分離類型以及獨立成本估算以及我們如何解決擱淺成本的更多細節。我們仍有望實現如我們在 2021 年 11 月發布的初步公告中所示，在 2023 年中後期完成分離。

Finally, as previously mentioned, we don't speculate on currency movement, but utilizing the euro spot rate of last week, we estimate an unfavorable currency impact on 2023's adjusted earnings per share of approximately $0.40 to $0.45 or $0.10 more than the $0.30 to $0.35 impact I referenced in July's call.

最後，如前所述，我們不推測貨幣走勢，但利用上週的歐元即期匯率，我們估計貨幣對 2023 年調整後每股收益的不利影響約為 0.40 美元至 0.45 美元，或比 0.30 美元至 0.35 美元高 0.10 美元我在 7 月的電話會議中提到的影響。

2022 has proven to be an active and unpredictable year, yet Johnson & Johnson continues to reliably meet the needs of patients while navigating the volatile global economic and operating environment. The executive committee could not be prouder of our team members across the globe for their commitment to excellence. We are continuously inspired by their dedication and unwavering focus on delivering growth for our stakeholders while staying true to our credo.

事實證明，2022 年是活躍且不可預測的一年，但強生公司在應對動蕩的全球經濟和運營環境的同時，繼續可靠地滿足患者的需求。執行委員會為我們遍布全球的團隊成員對卓越的承諾感到無比自豪。我們不斷受到他們的奉獻精神和堅定不移地專注於為我們的利益相關者實現增長同時忠於我們的信條所鼓舞。

I am now pleased to welcome our worldwide chairs, starting with Thibaut for Consumer Health, soon to be officially Kenvue.

我現在很高興地歡迎我們的全球主席，從 Thibaut for Consumer Health 開始，很快將正式成為 Kenvue。

Thank you, Joe, and good morning to all of you. We are indeed very proud of the achievements we have completed so far in 2022. As we shared with you throughout the year, we told you that Consumer Health would deliver improved performance starting in the second half of the year, and that is exactly what you saw with our good performance in the third quarter.

謝謝你，喬，大家早上好。我們確實為我們在 2022 年迄今為止所取得的成就感到非常自豪。正如我們全年與您分享的那樣，我們告訴您，Consumer Health 將從下半年開始提供更好的表現，而這正是您的看到我們在第三季度的良好表現。

Our strategy is working. Our pricing actions were realized, supply chain constraints eased, and we are also against easier prior year comparables. Our third quarter results reflect those dynamics and really demonstrate our ability to achieve results despite the macroeconomic environment that Joe referenced and that continues to be volatile. And all of this thanks to the strength of our brands and the quality of our teams.

我們的策略正在奏效。我們的定價行動已經實現，供應鏈限制得到緩解，我們也反對更容易的上一年可比項目。我們第三季度的業績反映了這些動態，並真正證明了儘管喬提到的宏觀經濟環境仍然不穩定，但我們仍有能力取得成果。而這一切都要歸功於我們品牌的實力和我們團隊的素質。

So looking towards 2023 and in line with our results to date, we do anticipate that the strength and resilience of our well-balanced portfolio, together with the consumer loyalty to our brands, will continue to position our business to perform competitively with the market.

因此，展望 2023 年，根據我們迄今為止的業績，我們確實預計，我們均衡的投資組合的實力和彈性，以及消費者對我們品牌的忠誠度，將繼續使我們的業務在市場上具有競爭力。

Now regarding our future, as you just heard from Joe, we are making great strides towards the planned separation of the Consumer Health business, including our recent announcement of our new name, Kenvue. So as you can imagine, a lot of thought and care was taken to ensure that the name was memorable, distinctive, easy to pronounce in multiple languages. We then applied our expert brand-building skills to create a brand identity that reflects our new name, but also leave space for iconic brands that touch the lives of more than 1 billion people around the world every day. Every element was chosen to truly represent us as a future stand-alone company with the core attributes demonstrating an association with trust, care, science and positioning Kenvue as a modern digital-first company.

現在關於我們的未來，正如您剛剛從 Joe 那裡聽到的那樣，我們正在朝著計劃中的消費者健康業務分離邁進，包括我們最近宣布的新名稱 Kenvue。正如你可以想像的那樣，為了確保這個名字令人難忘、與眾不同、易於在多種語言中發音，我們進行了大量的思考和關注。然後，我們運用我們專業的品牌建設技能來創建一個反映我們新名稱的品牌標識，同時也為每天觸及全球超過 10 億人生活的標誌性品牌留出空間。選擇每個元素以真正代表我們作為未來的獨立公司，其核心屬性展示了與信任、關懷、科學的關聯，並將 Kenvue 定位為現代數字優先公司。

We also unveiled our purpose this quarter, which is Realize the Extraordinary Power of Everyday Care. And in these 7 words, we reflect our heritage of caring, but also play back what the world expects of us and the role we need to fulfill in society. We indeed believe that daily self-care rituals add up over time and have a profound cumulative impact on well-being. And our work at Kenvue will be to put that power into the hands of consumers around the world.

我們還公佈了本季度的目標，即實現日常護理的非凡力量。在這 7 個詞中，我們反映了我們的關懷傳統，但也體現了世界對我們的期望以及我們需要在社會中扮演的角色。我們確實相信，日常的自我保健儀式會隨著時間的推移而累積，並對幸福感產生深遠的累積影響。而我們在 Kenvue 的工作就是將這種權力交到世界各地的消費者手中。

So we're excited for the journey ahead now with Larry Merlo named as our Designate Nonexecutive Chair, and our teams are all focused on continuing to deliver results while progressing towards realizing the full potential of Kenvue.

因此，我們對即將到來的旅程感到興奮，Larry Merlo 被任命為我們的指定非執行主席，我們的團隊都專注於繼續交付成果，同時朝著實現 Kenvue 的全部潛力前進。

And now let me hand over to Ashley.

現在讓我交給阿什利。

Thank you, Thibaut. Well, good morning. So last year was clearly a banner year of our new product innovation, and we are continuing that momentum in 2022 with 4 new products launched, first-in-kind new products launched just in third quarter alone. And clearly, these launches are really contributing to our enhanced competitiveness.

謝謝你，蒂博。嗯，早上好。因此，去年顯然是我們新產品創新的標誌性年份，我們將在 2022 年繼續保持這一勢頭，推出 4 款新產品，僅在第三季度就推出了首創的新產品。顯然，這些發布確實有助於我們增強競爭力。

So in quarter 3, we launched our next-generation TECNIS Symfony OptiBlue, it's our latest presbyopia-correcting intraocular lens; our ACUVUE OASYS MAX contact lens; the HELIOSTAR balloon ablation catheter; and the OCTARAY mapping catheter. So to just have a quick refresh on ACUVUE OASYS 1-Day MAX, all of us know, we live digitally intense lives, and this lens was custom designed to really meet those digitally intensive lifestyles. It builds upon our industry-leading portfolio. OASYS is ranked #1. It's the largest brand in the category, and it's unbeaten in comfort across 31 clinical trials.

所以在第三季度，我們推出了下一代 TECNIS Symfony OptiBlue，這是我們最新的老花眼矯正人工晶狀體；我們的 ACUVUE OASYS MAX 隱形眼鏡； HELIOSTAR 球囊消融導管；和 OCTARAY 標測導管。因此，為了快速刷新 ACUVUE OASYS 1-Day MAX，我們都知道，我們過著數字密集型的生活，而這款鏡頭的定制設計是為了真正滿足那些數字密集型的生活方式。它建立在我們行業領先的產品組合之上。 OASYS 排名第一。它是該類別中最大的品牌，並且在 31 項臨床試驗中保持不敗。

Moving over to our Biosense Webster business. We have a launch of our HELIOSTAR balloon ablation catheter. This catheter is unique. It's a one-shop balloon technology, and it enables PV isolation in 12 seconds with customized energy delivery and our one integrated 3D mapping solution. So we are already seeing the impact. HELIOSTAR has resulted in an 86% freedom from documented atrial arrhythmia at 12 months. So this is our entry into the single-shot ablation.

轉到我們的 Biosense Webster 業務。我們推出了 HELIOSTAR 球囊消融導管。這種導管是獨一無二的。這是一種一站式氣球技術，可在 12 秒內實現光伏隔離，並提供定制的能量輸送和我們的一個集成 3D 映射解決方案。所以我們已經看到了影響。 HELIOSTAR 在 12 個月時已使 86% 的人免於記錄的房性心律失常。所以這是我們進入單次消融的入口。

Really just a couple of the ways that our team is delivering differentiated solutions really through a focus on breakthrough science and a consistent focus on doctors' critical needs. So I'm very encouraged by the strong innovation to date and even more excited about the potential of our pipeline to come.

實際上，這只是我們團隊通過專注於突破性科學和始終如一地關注醫生的關鍵需求來提供差異化解決方案的幾種方式。因此，我對迄今為止強大的創新感到非常鼓舞，對我們未來管道的潛力更加興奮。

And when I start to think about 2023, we are very focused on our mission to make the future of health care smarter, less invasive and more personalized. You've heard me consistently say this is how we can show up in health care. We will continue, particularly in today's times, a little bit of uncertain times, to prioritize programs that are strengthening our core, that are really getting us on the forefront of shaping the new frontiers in medical intervention and a consistent drumbeat of always improving our competitiveness.

當我開始考慮 2023 年時，我們非常專注於我們的使命，即讓醫療保健的未來更智能、侵入性更小、更個性化。你一直聽我說這就是我們在醫療保健領域的表現。我們將繼續，特別是在今天這個充滿不確定性的時代，優先考慮那些加強我們核心的項目，這些項目真正讓我們站在塑造醫療干預新領域的最前沿，並始終如一地提高我們的競爭力.

We know that health care has an unbelievable amount of humility, but also amazing purpose. And as Joe has mentioned, we are -- it's very clearly in a dynamic time. We're going to continue to manage through the macroeconomic factors like hospital staffing, like inflation, like supply constraints and some of the overhang of the pandemic.

我們知道醫療保健具有令人難以置信的謙遜，但也有驚人的目的。正如喬所提到的，我們是——這很明顯是在一個動態的時代。我們將繼續管理宏觀經濟因素，如醫院人員配備、通貨膨脹、供應限制和大流行的一些影響。

But we are encouraged with procedural volumes in many parts of the world. They're recovering quite nicely. Some parts of the world are still a little bit below pre-COVID levels, but we are confident in the resiliency and agility of the medtech industry and our anticipated continued recovery across the world.

但我們對世界許多地方的程序量感到鼓舞。他們恢復得很好。世界某些地區仍略低於 COVID 之前的水平，但我們對醫療技術行業的彈性和敏捷性以及我們預期的全球持續復甦充滿信心。

So thank you, and I'm pleased to turn it over to Jennifer.

所以謝謝你，我很高興把它交給詹妮弗。

Great. Thank you, Ashley, and hello, everyone. Good morning. I'd really like to start off by thanking my Pharmaceutical colleagues for another strong quarter with operational growth of 9%. That was broadly based across our portfolio and our regions. As Jess noted, we continued to maximize the value of our diverse leading portfolio, delivering above-market growth with a number of key drivers: DARZALEX, TREMFYA, STELARA, ERLEADA, also UPTRAVI, XARELTO and our long-acting paliperidone portfolio. So really great performance across the portfolio and throughout the globe.

偉大的。謝謝你，阿什利，大家好。早上好。我真的很想首先感謝我的製藥同事在另一個強勁的季度實現了 9% 的運營增長。這廣泛基於我們的投資組合和我們的地區。正如 Jess 指出的那樣，我們繼續最大化我們多元化領先產品組合的價值，通過許多關鍵驅動因素實現高於市場的增長：DARZALEX、TREMFYA、STELARA、ERLEADA、UPTRAVI、XARELTO 和我們的長效帕利哌酮產品組合。所以在整個投資組合和全球範圍內都有非常出色的表現。

In addition to our strong performance, the Pharmaceutical business achieved some important milestones during the quarter, both in terms of approvals and new data readouts. So first, we're really pleased to announce our first approval globally for TECVAYLI. This is our first-in-class, off-the-shelf bispecific antibody for patients with relapsed and refractory multiple myeloma, and this approval was from the European Commission. And we are on track to receive approval from the U.S. FDA before year-end. TECVAYLI is a really important addition to our multiple myeloma portfolio, particularly for this difficult-to-treat patient population.

除了我們的強勁表現外，製藥業務在本季度取得了一些重要的里程碑，無論是在批准方面還是在新數據讀出方面。因此，首先，我們非常高興地宣布我們首次在全球範圍內批准 TECVAYLI。這是我們針對複發和難治性多發性骨髓瘤患者的一流、現成的雙特異性抗體，該批准來自歐盟委員會。我們有望在年底前獲得美國 FDA 的批准。 TECVAYLI 是我們多發性骨髓瘤產品組合的一個非常重要的補充，特別是對於這一難以治療的患者群體。

Also in multiple myeloma, the final analysis from our Phase II GRIFFIN Study of a DARZALEX-based investigational quadruplet regimen was presented, really highlighting the potential benefit of adding DARZALEX to this frontline treatment regimen in multiple myeloma in newly diagnosed transplant-eligible patients.

同樣在多發性骨髓瘤中，我們對基於 DARZALEX 的研究性四聯方案的 II 期 GRIFFIN 研究進行了最終分析，真正強調了在新診斷的符合移植條件的多發性骨髓瘤的一線治療方案中添加 DARZALEX 的潛在益處。

Separately, we received 2 approvals for IMBRUVICA. So European Commission approved an all-oral, fixed-duration treatment combination with venetoclax in frontline CLL. And the U.S. FDA granted approval for pediatric patients with chronic graft-versus-host disease, marking the first pediatric approval for IMBRUVICA and making IMBRUVICA the only BTKi with 12 FDA approvals across 7 indications.

另外，我們收到了 IMBRUVICA 的 2 個批准。因此，歐盟委員會批准了一種全口服、固定時間的聯合維奈托克治療一線 CLL。美國 FDA 批准了患有慢性移植物抗宿主病的兒科患者，這標誌著 IMBRUVICA 首次獲得兒科批准，並使 IMBRUVICA 成為唯一在 7 個適應症中獲得 12 個 FDA 批准的 BTKi 。

If we turn to solid tumors, data from our early-stage trials from our combination of amivantamab plus lazertinib were presented at WCLC. Importantly, these data demonstrated a benefit in frontline treatment of EGFR mutant non-small cell lung cancer, and we look forward to data from our Phase III MARIPOSA Study in the future.

如果我們轉向實體瘤，我們在 WCLC 上展示了來自我們的阿米萬他單抗和拉澤替尼組合的早期試驗數據。重要的是，這些數據證明了對 EGFR 突變非小細胞肺癌一線治療的益處，我們期待著未來我們的 III 期 MARIPOSA 研究的數據。

And last, in Immunology, we presented new data for TREMFYA from the Phase IIIb GUIDE Study, which demonstrated even higher rates of complete skin clearance in adult patients with moderate to severe plaque psoriasis who were started earlier in the course of their disease. So it bodes well for earlier treatment for TREMFYA and continued growth.

最後，在免疫學中，我們提供了來自 IIIb 期 GUIDE 研究的 TREMFYA 的新數據，該數據表明，在疾病過程中較早開始的中度至重度斑塊型銀屑病成人患者的皮膚完全清除率甚至更高。因此，這對於 TREMFYA 的早期治療和持續增長來說是個好兆頭。

As I said, I'm really proud of our Pharmaceuticals team and what we accomplished in the third quarter, and I look forward to finishing the year strong. As we look ahead, with our focus on transformational medical innovation, our pipeline of current medicines, our robust pipeline of new medicines and world-class capabilities, we remain really confident in our growth expectations, the ones that we outlined in our Pharmaceutical business review last November, including the fact that we expect to be a $60 billion pharmaceutical company by 2025.

正如我所說，我為我們的製藥團隊以及我們在第三季度取得的成就感到非常自豪，我期待著以強勁的勢頭結束這一年。展望未來，我們專注於轉型醫療創新、我們現有的藥物管道、我們強大的新藥管道和世界一流的能力，我們仍然對我們的增長預期充滿信心，我們在製藥業務審查中概述的那些去年 11 月，包括我們預計到 2025 年將成為一家價值 600 億美元的製藥公司這一事實。

So thank you very much. And Jess, I'll turn it back over to you.

所以非常感謝。還有傑西，我會把它還給你的。

Thanks, Jennifer, Thibaut and Ashley. This concludes the prepared remarks portion of our earnings call. Kevin, could you please provide instructions and open the line for Q&A?

謝謝，詹妮弗、蒂博和阿什利。我們的財報電話會議準備好的評論部分到此結束。凱文，您能否提供說明並打開問答線路？

(Operator Instructions) Our first question is coming from Chris Schott from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Chris Schott。

Just a couple of -- just a 2-parter for Joe. Can you just elaborate a little bit more on 2023 operating margin dynamics? It seems like you're seeing some modest operating margin erosion this year due to inflation. Should we be thinking about a similar step down in 2023? Or is there a better ability to manage some of these inflation pressures as, I guess, some of these start to ease as you go through the year?

只是幾個 - 對喬來說只是一個 2-parter。您能否詳細說明 2023 年的營業利潤率動態？由於通貨膨脹，您今年似乎看到了一些適度的營業利潤率下降。我們是否應該考慮在 2023 年採取類似措施？或者是否有更好的能力來管理其中一些通脹壓力，我猜，隨著一年的過去，其中一些開始緩解？

And maybe a second question, just as we think about '23, just tying some of the segment comments together and as we think about top line, is there any reason to assume a meaningful deviation from the operational growth trends that you're seeing in 2022 as we look out to 2023? And I guess maybe specifically in that, is the STELARA LOE a large enough of a headwind next year that we need to start to think about that impacting growth? Or is that more like a 2024 and beyond issue?

也許還有第二個問題，就像我們考慮 23 年一樣，只是將一些細分評論聯繫在一起，當我們考慮頂線時，是否有任何理由假設與您所看到的運營增長趨勢存在有意義的偏差2022 年，我們展望 2023 年？我想也許特別是在這方面，明年的 STELARA LOE 是否足夠大，我們需要開始考慮影響增長的因素？還是更像是 2024 年及以後的問題？

Yes. Chris, thanks for your questions. What I'll do is I'll give you some insights around 2023 op margin. And then maybe I think it might be productive to turn it over to each of the segment heads to talk about what their outlook is for 2023 in a qualitative way at this point.

是的。克里斯，謝謝你的提問。我要做的是給你一些關於 2023 年營業利潤率的見解。然後，也許我認為將其交給每個部門負責人以定性方式討論他們對 2023 年的展望可能會很有成效。

So for 2023 op margins, I think you have a couple of dynamics that we're facing. Clearly, the macroeconomic pressures that all industries and all companies are facing is something that we have to address as well. While health care is a very, very good business and more resilient than most, it's not as if we're immune to some of those dynamics. So as we finalize our plans for 2023, we will be looking at prioritizing our resource deployment to those initiatives, those projects, those services that deliver the most value for patients, which in turn is then healthy for our business.

因此，對於 2023 年的運營利潤率，我認為您面臨著一些動態。顯然，所有行業和所有公司都面臨的宏觀經濟壓力也是我們必須解決的問題。雖然醫療保健是一項非常非常好的業務，並且比大多數業務更具彈性，但我們並非對其中一些動態免疫。因此，當我們最終確定 2023 年的計劃時，我們將考慮將資源部署優先用於那些為患者帶來最大價值的舉措、項目和服務，這反過來又對我們的業務有益。

The other dynamic that's at play, Chris, and maybe why I'm a little bit hesitant to give you specific guidance at this point in time, is the separation of the Consumer Health business. So we're going through some of our plans now. We have the opportunity, as we said on prior calls, to rightsize our infrastructure for a 2-segment company versus a 3-segment company that we've had historically. And so we're looking at opportunities there as well.

克里斯，另一個正在發揮作用的動態，也許是為什麼我在此時給你具體指導有點猶豫，是消費者健康業務的分離。所以我們現在正在執行我們的一些計劃。正如我們在之前的電話會議中所說，我們有機會為一家 2 部門公司與我們歷史上擁有的 3 部門公司調整我們的基礎架構。所以我們也在尋找機會。

I think given the pressures from both of those fronts, we take it as our responsibility here at Johnson & Johnson's management to ensure that we mitigate those, we prioritize every dollar that we have that goes to securing our long-term future, specifically in innovation and R&D. And that's where we'll continue to focus. We know that, that has a proven track record of success when we do that, specifically when we focus on those precious few projects that matter the most. And that's what we'll continue to do in 2023. So more to come on op margins, but we will -- we're not oblivious, obviously, to the world around us, and we're going to manage those very, very effectively.

我認為鑑於這兩個方面的壓力，我們在強生管理層有責任確保我們減輕這些壓力，我們優先考慮我們擁有的每一美元，以確保我們的長期未來，特別是在創新方面和研發。這就是我們將繼續關注的地方。我們知道，當我們這樣做時，這已經證明了成功的記錄，特別是當我們專注於那些最重要的寶貴項目時。這就是我們將在 2023 年繼續做的事情。因此，在運營利潤方面還會有更多，但我們會——顯然，我們不會忘記我們周圍的世界，我們將非常、非常地管理這些有效。

Why don't I turn it over to Jennifer to maybe give an outlook on Pharmaceuticals and specifically address the impact for STELARA next year.

為什麼我不把它交給詹妮弗，也許可以對製藥業進行展望，並專門討論明年對 STELARA 的影響。

So for 2023, we anticipate another year of above-market growth for the Pharmaceuticals group. These results, we anticipate to be driven by continued growth of our key brands like DARZALEX, TREMFYA, ERLEADA, INVEGA SUSTENNA and UPTRAVI. And this really coming from a combination of increased penetration as well as continued market share gains.

因此，對於 2023 年，我們預計製藥集團將再有一年高於市場的增長。我們預計這些結果將受到 DARZALEX、TREMFYA、ERLEADA、INVEGA SUSTENNA 和 UPTRAVI 等主要品牌的持續增長的推動。這實際上來自於滲透率的提高以及市場份額的持續增長。

And then we also continue -- or expect continued uptake of our new launches, so products like CARVYKTI, TECVAYLI that I just mentioned, products like SPRAVATO, et cetera. And so while we do anticipate STELARA LOE really in that late September time frame or towards the end of the year, we believe that we've got a lot of tailwinds with our existing portfolio and our new launches to continue to have another year of above-market growth in 2023.

然後我們也繼續 - 或期待我們的新產品繼續採用，所以我剛才提到的 CARVYKTI、TECVAYLI 等產品，以及 SPRAVATO 等產品。因此，雖然我們確實預計 STELARA LOE 真的會在 9 月下旬或接近年底的時候出現，但我們相信我們現有的產品組合和新推出的產品組合有很多順風順水，將繼續超過一年- 2023 年的市場增長。

Thibaut, you might want to say a few words on Consumer's outlook?

Thibaut，您可能想對消費者的前景說幾句話？

Yes, absolutely. 2023, we expect that the world will continue to be extremely volatile, inflationary pressure, supply chain disruption, geopolitical environment and continued impact from COVID pandemic in certain parts of the world. So we -- with that in mind, we are certainly prepared to navigate this environment, thanks to the quality of our brands, the strengthening of our execution capabilities around the world. And as you referenced, Joe, innovation will continue to play a big part in our results. Moving forward, we see that the innovation we bring to market this year are extremely well received by consumers around the world, and we expect this to continue in 2023.

是的，一點沒錯。 2023 年，我們預計世界將繼續極度動盪、通脹壓力、供應鏈中斷、地緣政治環境以及 COVID 大流行對世界某些地區的持續影響。所以我們——考慮到這一點，我們當然準備好駕馭這種環境，這要歸功於我們的品牌質量，以及我們在全球範圍內執行能力的加強。正如你所提到的，Joe，創新將繼續在我們的結果中發揮重要作用。展望未來，我們看到我們今年推向市場的創新深受全球消費者的歡迎，我們預計這種情況將在 2023 年繼續。

Ashley?

阿什利？

I would just say consistent, really building on the momentum in 2022. So for the first 3 quarters of the year, we're looking at near-7% growth. And so our eye is around keeping that momentum from a demand generation on revenue next year and having a revenue number that beats the market. Clearly, in today's environment, the cost of doing business has gone up.

我只想說始終如一，真正建立在 2022 年的勢頭之上。因此，在今年前三個季度，我們的增長率接近 7%。因此，我們的重點是保持明年對收入的需求產生的勢頭，並擁有一個超過市場的收入數字。顯然，在今天的環境下，做生意的成本已經上升。

And so we are doing everything we can to manage and mitigate that to remain competitive from -- typically, we have 1 or 2 points of price erosion. We've actually been commanding price/mix realization in today's environment through supply chain efficiencies, admin efficiencies and some price/mix realization. We do see some of the downsides in China from VBP that we're weathering through those and earning some of those tenders going forward. But we'd like to very much keep the investment going in R&D because, as you can see in the past couple of years, it's really benefited from accelerating our growth curve.

因此，我們正在盡一切努力管理和緩解這種情況，以保持競爭力——通常，我們有 1 或 2 個價格侵蝕點。在當今的環境中，我們實際上一直在通過供應鏈效率、管理效率和一些價格/組合實現來控制價格/組合實現。我們確實看到了 VBP 在中國的一些不利因素，我們正在經歷這些不利因素並在未來贏得一些招標。但我們非常希望繼續對研發進行投資，因為正如您在過去幾年中看到的那樣，它確實受益於我們的增長曲線加速。

So Chris, hopefully, that answers your question. But I think what you should take away is, clearly, the breadth of our portfolio, the reach of our geographic presence positions us very, very well. While STELARA is certainly a big product, I think it's Johnson & Johnson's largest product ever, we're not dependent on one product alone. And so the breadth of the portfolio that exists today as well as that, which is on the come, I think, bodes extremely well for continued growth that investors have come to expect.

所以克里斯，希望能回答你的問題。但我認為你應該帶走的是，很明顯，我們投資組合的廣度，我們的地理覆蓋範圍使我們非常非常好。雖然 STELARA 無疑是一個大產品，但我認為它是強生公司有史以來最大的產品，我們不僅僅依賴於一種產品。因此，我認為，今天存在的以及即將到來的投資組合的廣度對於投資者所期望的持續增長來說是非常好的兆頭。

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

我們今天的下一個問題來自富國銀行的拉里·比格爾森。

Congratulations on a nice quarter here. I have one for Ashley, one for Joe. Just Ashley, I'd love to hear your thoughts just on the macro trends impacting MedTech, a little bit more color on what you're seeing in China, some of the supply constraints and staffing shortages and how you see those playing out in Q4 and 2023.

祝賀這裡有一個不錯的季度。我有一份給阿什利，一份給喬。只是 Ashley，我很想听聽您對影響 MedTech 的宏觀趨勢的看法，對您在中國看到的情況、一些供應限制和人員短缺以及您如何看待第四季度的情況進行更多的了解和 2023 年。

And Joe, you've been talking about taking bolder steps in M&A. Why haven't we seen more M&A from J&J so far in 2022? And has anything changed with regard to your priorities?

喬，你一直在談論在併購中採取更大膽的步驟。為什麼到目前為止，我們在 2022 年還沒有看到強生的更多併購？你的優先事項有什麼變化嗎？

Sure. Thank you, Larry. I have to, first, by giving a shout-out to the MedTech team, it was a really strong quarter of 8% and 7% year-to-date. And they just have really a maniacal focus is what I would say on competitiveness and customer centricity.

當然。謝謝你，拉里。首先，我必須向 MedTech 團隊大喊一聲，這是一個非常強勁的季度，今年以來分別增長了 8% 和 7%。他們只是瘋狂地關注競爭力和以客戶為中心。

When we -- and Joe alluded to this, Larry, if you look at -- I'll go around the world a little bit. We are seeing procedures recovering. I think we're benefiting in that, posting very strong September but also a quarter end of 8%. In the United States, we started to see surgical procedures tick up predominantly at the latter part of the quarter. We do see diagnostic procedures more in the mid-single digits, so colonoscopies as an example, in quarter 3. So we're expecting that to continue. Now you'll recall that we're anniversary-ing Omicron hitting kind of in the Thanksgiving time frame in December, so that should be a healthy comp, but we also expect in a very focused micro surges in the winter surge.

當我們——喬提到這一點，拉里，如果你看一下——我會環遊世界一點。我們看到程序正在恢復。我認為我們從中受益，發布了非常強勁的 9 月，但也有 8% 的季度末。在美國，我們開始看到外科手術主要在本季度後期增加。我們確實在中個位數中看到了更多的診斷程序，因此以結腸鏡檢查為例，在第 3 季度。所以我們預計這種情況會繼續下去。現在你會記得我們在 12 月的感恩節時間框架內紀念 Omicron，所以這應該是一個健康的組合，但我們也期望在冬季激增中非常集中的微浪湧。

Europe is recovering nicely. August was a little bit of a slowdown given the holiday season, but really September picked up. Asia is in fast recovery, I would say, in India and Japan. And China is still -- quarter 3 recovered nicely versus quarter 2, but they're still below pre-COVID levels. So we expect that bolus to continue. We are moving forward. We have a strong position in China. We have a very diversified position in China. We are moving through some of the VBP actions. That's why you saw in our Joints business, we were actually up 10% in our knees and our hips in the United States, but we had negative growth in the quarter really due to the volume-based procurement wins on pricing actions that we'll come through that for next year. So thank you for the question, Larry.

歐洲正在恢復良好。考慮到假日季節，8 月略有放緩，但實際上 9 月有所回升。亞洲正在快速復蘇，我想說的是，印度和日本。中國仍然——第三季度與第二季度相比恢復得很好，但仍低於疫情前的水平。因此，我們預計這種推注將繼續下去。我們正在前進。我們在中國擁有強大的地位。我們在中國的地位非常多元化。我們正在執行一些 VBP 操作。這就是為什麼你在我們的關節業務中看到，我們在美國的膝蓋和臀部實際上增長了 10%，但我們在本季度的負增長實際上是由於我們將在定價行動中基於數量的採購獲勝明年通過它。所以謝謝你的問題，拉里。

Yes, Larry, regarding M&A -- well, first off, let me start with just reiterating the strong free cash flow that we have year-to-date, over $13 billion. Also very proud of the fact that we've been able to distribute nearly $11 billion to shareholders through the form of our dividend program as well as the repurchase program that was announced just mid last month. So we feel really good on that front.

是的，拉里，關於併購——嗯，首先，讓我首先重申一下我們今年迄今為止擁有的超過 130 億美元的強勁自由現金流。同樣非常自豪的是，我們能夠通過我們的股息計劃以及上個月中旬剛剛宣布的回購計劃向股東分配了近 110 億美元。所以我們在這方面感覺非常好。

But as you likely noticed in today's comments, we still hold $34 billion of cash, which positions us extremely well to continue exercising that lever of capital allocation around acquisitions or significant collaborations going forward. So our priorities have not changed. In fact, maybe we're even a little bit more bullish and eager to do something.

但正如您在今天的評論中可能注意到的那樣，我們仍持有 340 億美元的現金，這使我們非常有能力繼續圍繞收購或重大合作繼續行使資本配置槓桿。所以我們的優先事項沒有改變。事實上，也許我們更看好一點，渴望做點什麼。

But as folks come to know us, we're not going to do anything haphazardly. We're not -- the aspect of this company that is really enjoyable as being the CFO is we don't have to do anything out of desperation. We're going to find those assets that have a great strategic fit and then make sense from a financial perspective with respect to returning to shareholders something that compensates them for the risk that we're bearing on their behalf.

但隨著人們開始了解我們，我們不會隨意做任何事情。我們不是——這家公司作為首席財務官真正令人愉快的方面是我們不必出於絕望而做任何事情。我們將找到那些具有良好戰略契合度的資產，然後從財務角度來看，在向股東返還某些東西以補償他們為我們代表他們承擔的風險時，這些資產是有意義的。

The market is a little bit funny. The volatility actually doesn't help for a conducive M&A environment right now because you have sellers, potential sellers holding on to 52-week highs or all-time highs, which, quite frankly, aren't too distant in the rearview mirror. We're going to approach it with a very fundamental discounted cash flow analysis to make sure we're bringing value forward. But the short answer to your question is our priorities have not changed. We're looking to complement the already strong portfolio you heard in the first round of responses.

市場有點搞笑。波動實際上無助於目前有利的併購環境，因為您有賣家、潛在賣家持有 52 周高點或歷史高點，坦率地說，這在後視鏡中並不算太遙遠。我們將通過一個非常基本的貼現現金流分析來處理它，以確保我們帶來價值。但對您的問題的簡短回答是我們的優先事項沒有改變。我們正在尋求補充您在第一輪迴復中聽到的已經很強大的產品組合。

Next question is coming from Louise Chen from Cantor Fitzgerald.

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

Congratulations on the quarter. So I wanted to ask you if you have any updated thoughts on getting to that $60 billion of pharma sales by 2025? And is this all organic growth? And if it's not, where could sales go with M&A? And what areas are you seeing the best opportunities in M&A?

祝賀本季度。所以我想問你，對於到 2025 年達到 600 億美元的藥品銷售額，你有什麼最新的想法嗎？這都是有機增長嗎？如果不是這樣，併購能帶來哪些銷售？您認為併購的最佳機會在哪些領域？

Louise, thanks so much for the question. So the projections that we gave you about the $60 billion in revenue by 2025 really is all based on our current portfolio and our current pipeline, so that doesn't have anything factored in right now in terms of M&A. Anything that we did there, we would look at to be additive.

路易絲，非常感謝你的問題。因此，我們對到 2025 年收入 600 億美元的預測實際上都是基於我們目前的投資組合和我們目前的管道，因此目前在併購方面沒有任何因素。我們在那裡所做的任何事情，我們都會認為是附加的。

When we take a look at how we're going to get there, we really believe we're going to have a compound annual growth rate of at least 5% with growth in every year, and that includes through the STELARA LOE. We think we've got 8 key brands that will be able to post double-digit growth through 2025. And as we take a look through our pipeline and portfolio between now and then, 14 novel therapies filed with potential to exceed $1 billion, and we've got 5 of which we think actually have potential to exceed $5 billion.

當我們看看我們將如何到達那裡時，我們真的相信我們將擁有至少 5% 的複合年增長率，並且每年都在增長，這包括通過 STELARA LOE。我們認為，我們有 8 個關鍵品牌將能夠在 2025 年之前實現兩位數的增長。當我們審視我們從現在到那時的管道和產品組合時，提交了 14 種可能超過 10 億美元的新療法，以及我們有 5 個我們認為實際上有可能超過 50 億美元。

So that's products like milvexian, which is in our partnership with Bristol-Myers Squibb; amivantamab and lazertinib combination, which I mentioned for non-small cell lung cancer that we've got good data coming through; nipocalimab, which is progressing really nicely through the various stages of clinical development, that's the auto antibody asset that we brought in from the Momenta acquisition; we have our TARIS platform that is progressing nicely for bladder cancer; and we have CARVYKTI. While we're still in the early stages of launching and ramping that asset, based on the strength of the data and the clinical trials, we remain really bullish on what CARVYKTI is going to mean for patients with multiple myeloma around the world.

這就是我們與 Bristol-Myers Squibb 合作的 milvexian 之類的產品； amivantamab 和 lazertinib 的組合，我提到過用於治療非小細胞肺癌，我們已經獲得了很好的數據； nipocalimab，在臨床開發的各個階段進展非常順利，這是我們從 Momenta 收購中引入的汽車抗體資產；我們的 TARIS 平台在治療膀胱癌方面進展順利；我們有 CARVYKTI。雖然我們仍處於啟動和擴大該資產的早期階段，但基於數據和臨床試驗的實力，我們仍然非常看好 CARVYKTI 對全球多發性骨髓瘤患者的意義。

And so I think based on our existing assets and the continued growth, I mean, if you take a look at DARZALEX and the results that we just posted for the quarter, 39% growth, consistent with what we've been seeing as well as growth in assets like TREMFYA, ERLEADA, et cetera, you take a look at the strength of the existing portfolio, you layer in on top of that what's coming through with the pipeline, and that's what gives us the confidence to hit that $60 billion organically.

因此，我認為基於我們現有的資產和持續增長，我的意思是，如果你看看 DARZALEX 和我們剛剛發布的本季度業績，增長 39%，與我們所看到的以及TREMFYA、ERLEADA 等資產的增長，您可以查看現有投資組合的實力，並在此基礎上了解管道正在發生的事情，這就是讓我們有信心有機地達到 600 億美元的原因.

That being said, in line with Joe, we're constantly looking for ways that we can continue to augment and further build our pipeline and to do so out of a position of strength. And so predominantly, we keep our innovation engine going, bringing in things in the earlier stages, which is usually our sweet spot because we can put our R&D machinery against it as well as our terrific regulatory and commercial and market access capabilities to really build things out. But that doesn't rule out later-stage acquisitions or in-market acquisitions as well.

話雖如此，與喬一致，我們一直在尋找可以繼續擴大和進一步建立我們的管道的方法，並在實力雄厚的情況下這樣做。因此，最主要的是，我們保持我們的創新引擎運轉，在早期階段引入東西，這通常是我們的最佳選擇，因為我們可以利用我們的研發機制以及我們極好的監管、商業和市場准入能力來真正構建東西出去。但這也不排除後期收購或市場內收購。

Our next question today is coming from Joshua Jennings from Cowen.

我們今天的下一個問題來自 Cowen 的 Joshua Jennings。

Wanted to just ask Ashley and maybe Joe as well, just to comment on your thoughts on the resiliency of the medical device industry during a recession and, in particularly, Johnson & Johnson's Medical Device business and maybe parse out which device franchises could be more resilient, which could be less.

只想問阿什利，也許還有喬，只是想評論一下你對經濟衰退期間醫療器械行業彈性的看法，特別是強生的醫療器械業務，並可能分析出哪些設備特許經營權可能更具彈性，可能會更少。

And then a quick follow-up, just partly related with cardiology procedures thought to be more resilient during recession being -- most of them being life saving. Any updated thoughts just on strategic rationale to build out your cardiology franchise and add to the Biosense Webster division?

然後是一個快速的跟進，部分與被認為在經濟衰退期間更有彈性的心髒病學程序有關——其中大多數是挽救生命的。關於建立您的心髒病學專營權並添加到 Biosense Webster 部門的戰略理由是否有任何更新的想法？

Yes. Thank you, Josh. I mean I think -- let me start with the macro. I think the health of the end-state markets in MedTech are quite vibrant. As we've talked, there's been bumpiness because of COVID that we're still having some of that. But there is patient demand that is still yet to be met, and that's really what we're experiencing in quarter 3, and we still think that will continue into 2023. And you're seeing procedures that are more insulated, like the cath lab is more protected in a hospital environment. Volumes have been going quite nicely. I have to give a huge shout-out to the BWI team in the U.S., grew near-24% growth in quarter 3.

是的。謝謝你，喬希。我的意思是我認為——讓我從宏開始。我認為 MedTech 終端市場的健康狀況非常活躍。正如我們所說，由於 COVID 的原因，我們仍然遇到了一些坎坷。但仍有待滿足的患者需求，這正是我們在第三季度所經歷的，我們仍然認為這種情況將持續到 2023 年。你會看到更加絕緣的程序，比如導管實驗室在醫院環境中受到更多保護。銷量一直很好。我不得不對美國的 BWI 團隊大加讚揚，它在第三季度增長了近 24%。

So -- and we're continuing to invest, to your point, in cardiology. We have a very active program in pulsed-field ablation, and we have a clinical trial in Europe that just completed in quarter 2. We're looking at a 12-month readout of that on safety and efficacy and to file this year. And we're also in clinical trial in the United States for our pulsed-field ablation we enrolled in May 2022. And we actually think the combos are going to be quite complementary, radio frequency coupled with pulsed-field ablation. But -- so that's a bit about the cath lab.

所以 - 就您的觀點而言，我們將繼續投資心髒病學。我們在脈衝場消融方面有一個非常活躍的項目，我們在歐洲進行了一項臨床試驗，該試驗剛剛在第二季度完成。我們正在研究關於安全性和有效性的 12 個月讀數，並在今年提交。我們還在美國進行了我們於 2022 年 5 月註冊的脈衝場消融的臨床試驗。我們實際上認為這些組合將是相當互補的，射頻與脈衝場消融相結合。但是 - 所以這有點關於導管實驗室。

We're seeing bariatric procedures, which are more elective in nature, really clearing through the backlog. The ones that tend to be laggards are things like spine. And we're seeing cataract surgery at a certain point becomes less elective. And the pacesetters, if you will, are areas like stroke, like trauma that are much more less elective in nature.

我們正在看到減肥程序，這些程序本質上更具選擇性，真正清除了積壓。往往落後的是脊椎之類的東西。而且我們看到白內障手術在某個時候變得不那麼選擇性了。如果你願意的話，標兵是像中風這樣的領域，比如創傷，這些領域的選擇性要少得多。

And then I would just say from a creating patient demand, there's been a huge initiative on behalf of Johnson & Johnson and the industry to kind of move to sites of care that patients are really preferring. And those areas like ambulatory surgery centers in the United States, our team predominantly in joints as well as sports, they've grown market share 20% over the past 2 years in those emerging channels. In areas like Tier 2 and Tier 3 cities in China with a population of 1.4 billion patients, continue to grow and expand.

然後我只想說，從創造患者的需求來看，強生公司和整個行業已經採取了一項巨大的舉措，以轉移到患者真正喜歡的護理場所。在美國的門診手術中心等領域，我們的團隊主要從事關節和運動，在過去兩年中，他們在這些新興渠道中的市場份額增長了 20%。在中國 2 線和 3 線城市等擁有 14 億患者人口的地區，繼續發展壯大。

So we're going to see some of those shifts that happened during the pandemic really start to, I think, pick up where patients can get a sense of comfort. And hopefully, we can kind of diffuse some of that, the scarcity of label into the right sites of care.

因此，我們將看到大流行期間發生的一些轉變真正開始，我認為，在患者可以獲得舒適感的地方開始。希望我們可以將其中一些標籤的稀缺性分散到正確的護理場所。

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。

Nice quarter. Quickly to follow up on your comments on electrophysiology, those numbers were particularly strong. Could we pull that growth apart and discuss maybe how much of this is market growth, market share stocking maybe or possibly price? And then my big-picture question has to do with Ashley's comments of dealing with -- I want to get the right words here. Usually, you have 1 to 2 points of mix erosion, and you're now commanding price. I want to make sure I heard that right and then understand it a bit better.

漂亮的季度。快速跟進您對電生理學的評論，這些數字特別強勁。我們能否將這種增長分開並討論其中有多少是市場增長，市場份額庫存可能或可能價格？然後我的全局問題與 Ashley 的處理意見有關——我想在這裡得到正確的措辭。通常，您有 1 到 2 個混合侵蝕點，您現在可以控制價格。我想確保我沒聽錯，然後更好地理解它。

Yes, no, thank you, Joanne. We always talk about BWI because it is a market leader, and yet the category still has very low penetration. Less than 12% of eligible patients are actually getting cardiac ablation. And we love this example because we think when we think of health care, we love to kind of intercept disease before it sets in. And if you can go manage cardiac arrhythmia through cardiac ablation, you can really prevent a stroke. So just a huge acknowledgment of how close that team is to customers really around the world. How -- the innovation cadence, they really have many first in kind. And if it's not first in kind, their second generation will ultimately become the standard of care is what they've shown and just a true sense of competitiveness.

是的，不，謝謝你，喬安妮。我們總是談論 BWI，因為它是市場領導者，但該類別的滲透率仍然很低。不到 12% 的符合條件的患者實際上正在接受心臟消融術。我們喜歡這個例子，因為我們認為當我們想到醫療保健時，我們喜歡在疾病發作之前將其攔截。如果你可以通過心臟消融來控制心律失常，你就可以真正預防中風。因此，這只是對這個團隊與世界各地客戶的接近程度的巨大認可。怎麼樣——創新的節奏，他們真的有很多首創。如果不是第一代，他們的第二代最終將成為他們所表現出的關懷標準和真正的競爭力。

So in quarter 3, BWI was up about 19%, Joanne, and as I mentioned, about 24% in the U.S., but 13% OUS, and a very healthy growth in Europe, a very healthy growth in Asia. That is a category that, like joints, is going to go through a bit of a VBP impact in some quarters to come, but we have very differentiated innovation, and we're building kind of local on-the-ground capability to endure through those.

所以在第三季度，BWI 增長了約 19%，喬安妮，正如我所提到的，美國增長了約 24%，但 OUS 增長了 13%，歐洲的增長非常健康，亞洲的增長非常健康。這是一個類別，就像關節一樣，在未來的某些方面會受到一點 VBP 影響，但我們有非常差異化的創新，我們正在建立一種當地的實地能力來承受那些。

And when I think about the state of innovation, it's just making sure that we can, from an industry penetration, take that from 12% penetration and double that. And that really is the single-minded focus of all of the innovation is to locate better lesions, deliver better lesion, make it a safer, less fluoro in the procedure, make it safer for electrophysiologists and, quite frankly, scale it. There's a shortage of electrophysiologists, so we invest a lot of money on market creation. Thank you, Joanne.

當我考慮創新的狀態時，它只是確保我們可以從行業滲透率中獲得 12% 的滲透率並將其翻倍。這確實是所有創新的一心一意的焦點，即定位更好的病灶，提供更好的病灶，使其更安全，手術中的氟更少，使電生理學家更安全，並且坦率地說，擴大規模。電生理學家短缺，所以我們在市場創造上投入了大量資金。謝謝你，喬安妮。

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

我們今天的下一個問題來自美國銀行的 Geoff Meacham。

Just had a few pharma ones. On the I&I market, I know you guys obviously have the STELARA LOE next year. But would you expect there to be a lot of market disruption from the flood of Humira biosimilars launching before? I'm just trying to think of the indirect impact on your business.

剛吃了幾瓶藥。在 I&I 市場上，我知道你們明年顯然有 STELARA LOE。但是，您是否預計之前推出的 Humira 生物仿製藥氾濫會對市場造成很大影響？我只是想考慮對您的業務的間接影響。

And then the second question is on your cell therapy portfolio. You guys called out CARVYKTI. Any qualitative comments you have on the commercial rollout, 1 more quarter in? And is there an update on the CARTITUDE-4 timing that you could provide for us?

然後第二個問題是關於您的細胞療法產品組合。你們喊出了CARVYKTI。您對商業推廣有任何定性評論，還有 1 個季度？您是否可以為我們提供有關 CARTITUDE-4 時間安排的最新信息？

Got it. Thanks so much for the question, Geoff. So if we start off with immunology, yes, I mean the market will be experiencing a significant event, at least in the U.S., with some competitive biosimilars coming in against other assets. We do anticipate that, that will cause a bit of disruption. But when we take a look at our business and TREMFYA, so focusing on TREMFYA for psoriasis and psoriatic arthritis, I think based on what this is as really the first IL-23 is delivering and delivering for patients, we can anticipate that there will still be strong continued growth for that asset. We're very, very confident in our access positions there and being able to retain that even in the face of biosimilars to other products that are launching.

知道了。非常感謝你的問題，傑夫。因此，如果我們從免疫學開始，是的，我的意思是市場將經歷一場重大事件，至少在美國是這樣，一些具有競爭力的生物仿製藥將與其他資產競爭。我們確實預計，這將造成一些干擾。但是，當我們審視我們的業務和 TREMFYA 時，專注於 TREMFYA 治療銀屑病和銀屑病關節炎，我認為基於這是第一個 IL-23 正在為患者提供和提供的真正原因，我們可以預期仍然會有該資產的強勁持續增長。我們對我們在那裡的准入位置非常非常有信心，即使面對正在推出的其他產品的生物仿製藥，我們也能夠保持這種信心。

I'll also put in a plug while we're at it, when I'm talking about TREMFYA, that we also feel really good about how our product TREMFYA is working through the Phase III clinical trials for Crohn's disease and ulcerative colitis and look forward to hopefully getting that data in through the regulatory process and launching to bring even more benefit to patients with that. So we do anticipate continued growth there.

當我談到 TREMFYA 時，我也會插上一句，我們也對我們的產品 TREMFYA 在克羅恩病和潰瘍性結腸炎的 III 期臨床試驗中的表現感到非常滿意，並且看起來希望通過監管過程獲得這些數據，並啟動為患者帶來更多好處。因此，我們確實預計那裡會繼續增長。

And then on CARVYKTI, we're really pleased with how the product is performing for patients and the data that we're continuing to see. Maybe if I start off on CARTITUDE-4 and then I'll come back on the launch, we do anticipate CARTITUDE-4 hopefully reporting by year-end. It's an event-driven trial. So we have to wait until we have all of the events. But that's currently what we're planning for now so that everyone knows CARTITUDE-4 is our study that takes a look at CARVYKTI in 1 to 3 prior lines of therapy. We're really interested and looking forward to seeing those results.

然後在 CARVYKTI 上，我們對該產品對患者的表現以及我們繼續看到的數據感到非常滿意。也許如果我從 CARTITUDE-4 開始，然後我會在發佈時回來，我們確實預計 CARTITUDE-4 有望在年底前報告。這是一個事件驅動的試驗。所以我們必須等到我們完成所有的事件。但這就是我們目前正在計劃的，以便每個人都知道 CARTITUDE-4 是我們的研究，它在 1 到 3 個先前的治療線中觀察 CARVYKTI。我們真的很感興趣並期待看到這些結果。

So if we take a look at the early launch for CARVYKTI, we've always talked about this being a really planned and thoughtful approach to scaling it. And so we're in the process right now. We've really been working closely with the centers where we had done the clinical trials to work through the initial phases. I know everyone knows about the worldwide lentivirus shortage. We've made really good progress on that and have good line of sight to that not being something that we're dependent -- that not being a rate limiting factor in the future.

因此，如果我們看一下 CARVYKTI 的早期發布，我們一直在談論這是一種真正有計劃且經過深思熟慮的擴展它的方法。所以我們現在就在這個過程中。我們確實一直在與我們進行臨床試驗的中心密切合作，以完成初始階段。我知道每個人都知道全球慢病毒短缺。我們在這方面取得了非常好的進展，並且很好地看待這不是我們所依賴的東西——這不是未來的速率限制因素。

We're also working towards really being able to scale this at a broad level to be able to accommodate what we're seeing as both great demand for the product right now, but also what we anticipate with CARTITUDE-4 as well as hopefully with CARTITUDE-5, which would be in frontline therapy. So we reconfirm this as really a big asset with a lot of growth potential and one of our potentially $5 billion-plus brands.

我們也在努力真正能夠在廣泛的層面上擴展它，以適應我們現在看到的對該產品的巨大需求，以及我們對 CARTITUDE-4 的預期以及希望與CARTITUDE-5，將用於一線治療。因此，我們再次確認這確實是一項具有巨大增長潛力的大資產，也是我們潛在價值超過 50 億美元的品牌之一。

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

謝謝你，傑夫。凱文，我們有時間回答最後一個問題。

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

我們今天的最後一個問題來自摩根士丹利的特倫斯弗林。

Maybe a couple of pharma ones for me as well. I was just wondering, as you think about the combined franchise for STELARA and TREMFYA next year, can that grow versus this year? And then based on clinicaltrials.gov, it looks like the nipocalimab Phase II RA trial recently completed. So just wondering if you can provide any color if you're going to advance that into a Phase III trial for RA.

也許對我來說也有幾個製藥公司。我只是想知道，當您考慮明年 STELARA 和 TREMFYA 的合併特許經營權時，與今年相比會增長嗎？然後根據clinicaltrials.gov，看起來尼泊卡利單抗II期RA試驗最近完成了。所以只是想知道如果你打算將它推進到 RA 的 III 期試驗中，你是否可以提供任何顏色。

Thanks, Terry. So first question, so STELARA and TREMFYA, we're not -- we don't provide sort of guidance by product or combinations of that. What I can say is that we do anticipate continued robust growth for TREMFYA. Next year, as I indicated, TREMFYA in psoriasis and psoriatic arthritis is really showing very strong market share gains and penetration in that market. STELARA really competes, and its strong growth has been in Crohn's disease and ulcerative colitis. And so when you take a look at those 2 markets, we do anticipate both of those continuing to show really good growth, at least through the first 3 quarters of next year with STELARA, then post September being impacted by biosimilars.

謝謝，特里。所以第一個問題，STELARA 和 TREMFYA，我們不是——我們不提供按產品或組合提供的指導。我能說的是，我們確實預計 TREMFYA 將繼續強勁增長。正如我所指出的，明年，銀屑病和銀屑病關節炎中的 TREMFYA 確實顯示出非常強勁的市場份額增長和在該市場的滲透。 STELARA 確實有競爭力，它的強勁增長一直在克羅恩病和潰瘍性結腸炎中。因此，當您查看這兩個市場時，我們確實預計這兩個市場將繼續顯示出非常好的增長，至少在明年前 3 個季度與 STELARA 一起，然後在 9 月之後受到生物仿製藥的影響。

And then on nipocalimab, so I don't have really anything to share there yet for nipocalimab. Consistent with all of our processes when we finish our studies, we go ahead and submit them to major medical meetings and get them published. I remain really confident in nipocalimab as an asset, and we've really taken a look at, at building that out across 10 or 11 different indications, including the potential for RA, which we think could be a big one. So definitely more to come on that as we can share it.

然後是關於 nipocalimab，所以我還沒有關於 nipocalimab 的任何東西可以分享。與我們完成研究後的所有流程一致，我們繼續將它們提交給主要的醫學會議並發表。我對 nipocalimab 作為一種資產仍然非常有信心，我們已經真正研究過，在 10 或 11 種不同的適應症中構建它，包括 RA 的潛力，我們認為這可能是一個很大的適應症。所以肯定會有更多的事情發生，因為我們可以分享它。

Thank you, Terence, 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 you may have.

謝謝你，特倫斯，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。

I would now like to hand it over to Joe for some closing remarks.

我現在想把它交給喬做一些結束語。

Great. Thanks, Jess. Thank you, Thibaut, Ashley, Jennifer and Jess, for participating in today's call. And as Jess said, thanks to all of you for your time today.

偉大的。謝謝，傑斯。感謝 Thibaut、Ashley、Jennifer 和 Jess 參加今天的電話會議。正如 Jess 所說，感謝大家今天的寶貴時間。

Hopefully, you saw with our third quarter performance the strength of Johnson & Johnson across all of our segments and our collective ability to manage macroeconomic headwinds as well as the unfavorable impact from a stronger U.S. dollar. We certainly take seriously our responsibility to be a reliable, strong investment in many ways for shareholders even though uncertainty may be high.

希望您能從我們第三季度的業績中看到強生在我們所有領域的實力，以及我們應對宏觀經濟逆風的集體能力以及美元走強的不利影響。我們當然會認真對待我們的責任，即在許多方面為股東提供可靠、強大的投資，即使不確定性可能很高。

Have a great day, and we look forward to our next conversation.

祝您有美好的一天，我們期待著我們的下一次對話。

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

謝謝你。今天的強生公司 2022 年第三季度收益電話會議到此結束。您現在可以斷開連接。