嬌生 (JNJ) 2025 Q3 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's third quarter 2025 earnings conference call.

早安，歡迎參加強生 2025 年第三季財報電話會議。

(Operator Instructions) This call is being recorded. If anyone has any objections, you may disconnect at this time. (Operator Instructions)

（操作員指示）此通話正在錄音。如果有人有異議，此時可以斷開連接。（操作員指示）

I will now turn the call over to Johnson & Johnson. You may begin.

現在我將把電話轉給強生公司。你可以開始了。

Hello everyone. This is Darren Snellgrove, Vice President of Investor Relations for Johnson & Johnson. Welcome to our 2025 third quarter review of business results and updated financial outlook.

大家好。我是強生公司投資關係副總裁達倫‧斯內爾格羅夫 (Darren Snellgrove)。歡迎閱讀我們 2025 年第三季業務業績回顧與最新財務展望。

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

首先，一些物流問題。提醒一下，今天的簡報和相關時間表可在強生公司網站 investor.jnj.com 的投資者關係部分找到。

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

請注意，本簡報包含前瞻性陳述，其中包括公司未來的營運和財務表現、市場地位和業務策略。請注意不要依賴這些前瞻性陳述，這些陳述是基於使用截至本記錄之日可用的資訊對未來事件的當前預期，並且受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測有重大差異。這些風險、不確定性和其他因素的描述可以在我們向美國證券交易委員會提交的文件中找到，包括我們的 2024 年 10-K 表格，可在 investor.jnj.com 和美國證券交易委員會的網站上找到。

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

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

Moving to today's agenda, Joaquin Duato, our Chairman and CEO, will discuss our business performance and growth drivers. I will then review the third quarter sales and P&L results. Joe Wolk, our CFO, will then close by sharing an overview of our cash position and capital allocation priorities, followed by additional details on our intended separation of the Orthopaedics business. He will also provide an update on 2025 guidance, key milestones, and qualitative considerations for 2026.

進入今天的議程，我們的董事長兼執行長 Joaquin Duato 將討論我們的業務表現和成長動力。然後我將回顧第三季的銷售和損益結果。我們的財務長喬·沃爾克 (Joe Wolk) 將在最後概述我們的現金狀況和資本配置重點，然後提供有關我們打算分離骨科業務的更多細節。他還將提供有關 2025 年指導、關鍵里程碑和 2026 年定性考慮的最新資訊。

Jennifer Taubert, Executive Vice President, Worldwide Chairman, Innovative Medicine; John Reed, Executive Vice President, Innovative Medicine Research and Development; and Tim Schmid, Executive Vice President, Worldwide Chairman, MedTech, will be joining us for Q&A. To ensure we provide enough time to address your questions, we anticipate the webcast will last approximately 60 minutes.

創新醫學執行副總裁兼全球主席 Jennifer Taubert、創新醫學研發執行副總裁 John Reed 和 MedTech 執行副總裁兼全球主席 Tim Schmid 將與我們一起進行問答。為了確保我們有足夠時間解答您的問題，我們預計網路直播將持續約 60 分鐘。

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

說完這些，我現在將電話轉給華金。

Thank you, Darren, and hello, everyone. We are looking forward to sharing our very strong third quarter results with you. There are a clear sign Johnson & Johnson is in a powerful new era of growth. The success of our portfolio and pipeline is proof that our relentless focus on innovation is doing more than fueling progress. It is accelerating it.

謝謝你，達倫，大家好。我們期待與您分享我們非常強勁的第三季業績。有明顯跡象顯示強生公司正處於強勁成長的新時代。我們的產品組合和管道的成功證明，我們對創新的不懈關注不僅推動了進步。它正在加速這一進程。

In the third quarter, we delivered operational sales growth of 5.4% across our business. In Innovative Medicine, we reported 5.3% operational sales growth and a second consecutive quarter of sales of more than $15 billion.

第三季度，我們整個業務的營運銷售額成長了 5.4%。在創新藥物領域，我們報告營運銷售額成長了 5.3%，並且連續第二個季度銷售額超過 150 億美元。

Some were not convinced we could grow through the loss of exclusivity of STELARA, but we were confident, and we have now unequivocally answered that question. How did we accomplish that when other companies have failed?

有些人不相信我們能夠在失去 STELARA 獨家經營權後實現成長，但我們充滿信心，而且現在我們已經明確地回答了這個問題。當其他公司都失敗了的時候，我們是如何做到這一點的？

In Q3, we did it by delivering double-digit growth across 11 brands including DARZALEX, CARVYKTI, TALVEY, TECVAYLI, ERLEADA, RYBREVANT plus LAZCLUZE, CAPLYTA, SPRAVATO, SIMPONI, REMICADE, and remarkable growth of 40% in TREMFYA.

在第三季度，我們實現了 11 個品牌的兩位數成長，包括 DARZALEX、CARVYKTI、TALVEY、TECVAYLI、ERLEADA、RYBREVANT 以及 LAZCLUZE、CAPLYTA、SPRAVATO、SIMPONI、REMICADE，其中 TREMFYA 實現了 40% 的顯著成長。

In MedTech, operational sales growth was even stronger, accelerating to 5.6% with improvements across all businesses. And as you have seen from this morning's news, we have announced the planned separation of our Orthopaedics business. This decision further sharpens our focus as a healthcare innovation leader and accelerates the shift of our MedTech portfolio to areas of greatest unmet need and higher growth, which includes Cardiovascular and Robotic Surgery.

在醫療科技領域，營業銷售額成長更為強勁，加速至 5.6%，所有業務均有所改善。正如您從今天早上的新聞中看到的，我們已經宣布了骨科業務的分離計劃。這項決定進一步加強了我們作為醫療保健創新領導者的地位，並加速了我們的醫療技術產品組合向心血管和機器人手術等最大未滿足需求和更高成長領域的轉變。

I will touch more on this later, but one thing is clear: Johnson & Johnson's momentum is strong, and our achievements are multiplying.

我稍後會詳細談及這一點，但有一點是明確的：強生公司的發展勢頭強勁，我們的成就正在成倍增加。

I will now focus on the progress we are making across our six priority areas: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. These are areas where we have deep expertise and clear leadership positions.

我現在將重點介紹我們在六個優先領域的進展：腫瘤學、免疫學、神經科學、心血管、外科和視覺。在這些領域我們擁有深厚的專業知識和明確的領導地位。

First, Oncology, where Q3 operational sales grew nearly 20%. You have heard me say before that we are much more than a one-shot company, and our expertise in blood cancers and solid tumors in our Oncology portfolio is a great example. Take multiple myeloma, where our competitiveness is unrivaled. No other company has the expertise or success in multiple myeloma that we do.

首先是腫瘤學，第三季營運銷售額成長了近 20%。您之前曾聽我說過，我們不僅僅是一家單一公司，我們在腫瘤學產品組合中對血癌和實體瘤的專業知識就是一個很好的例子。以多發性骨髓瘤為例，我們的競爭力無與倫比。沒有其他公司在多發性骨髓瘤領域擁有像我們這樣的專業知識或成功經驗。

We have treatments in every line of therapy, and DARZALEX is the gold standard with more than 50% market share across all lines of therapy. Q3 operational sales of DARZALEX grew by 20%, and its potential continues to build with the approval this quarter in Europe as a treatment for high-risk smoldering multiple myeloma, as well as promising new studies of DARZALEX FASPRO in combination with TECVAYLI.

我們在各個治療領域都有治療方法，而 DARZALEX 是黃金標準，在所有治療領域佔有超過 50% 的市場份額。DARZALEX 第三季度的營運銷售額成長了 20%，並且隨著本季在歐洲獲得批准用於治療高風險冒煙型多發性骨髓瘤，以及 DARZALEX FASPRO 與 TECVAYLI 聯合使用的新研究取得進展，其潛力將繼續增強。

I also want to say a word about CARVYKTI, our CAR-T treatment for multiple myeloma. We have now treated more than 8,500 patients globally, making Carvykti the most successful CAR-T launch ever. With operational sales growing by more than 80% this quarter, we are increasingly confident in CARVYKTI's $5 billion peak year sales potential.

我還想談談我們用於治療多發性骨髓瘤的 CAR-T 療法 CARVYKTI。我們目前已在全球範圍內治療了超過 8,500 名患者，這使得 Carvykti 成為有史以來最成功的 CAR-T 療法。本季營業銷售額成長超過 80%，我們對 CARVYKTI 50 億美元的峰值年銷售潛力越來越有信心。

Turning to solid tumors, we were thrilled to receive FDA approval for our bladder cancer treatment, Inlexzo, last month. Inlexzo highlights what is unique about Johnson & Johnson. Building on our unmatched capabilities in both Innovative Medicine and MedTech, it is the first and only drug-releasing system to provide sustained local delivery of a cancer treatment directly into the bladder. It is transformative for patients, and it is transformative for doctors. It will also contribute significantly to future growth, with a targeted release platform projected to be another blockbuster treatment with at least $5 billion in annual peak year sales.

談到實體瘤，我們很高興上個月獲得了 FDA 對我們膀胱癌治療藥物 Inlexzo 的批准。Inlexzo 突顯了強生公司的獨特之處。基於我們在創新醫學和醫療技術方面無與倫比的能力，它是第一個也是唯一一個能夠將癌症治療藥物直接持續局部輸送到膀胱的藥物釋放系統。它對病人來說是變革性的，對醫生來說也是變革性的。它還將對未來的成長做出重大貢獻，其目標發行平台預計將成為另一款重磅藥物，年高峰銷售額至少達到 50 億美元。

Sourced through an early-stage deal, Inlexzo is also an example of our outstanding business development model. In fact, in the last 18 months alone, we have completed more than 60 deals of this kind.

Inlexzo 是透過早期交易獲得的，也是我們出色的業務發展模式的一個例子。事實上，光是在過去的 18 個月裡，我們就完成了 60 多筆此類交易。

And in lung cancer, we recently published results in the New England Journal of Medicine for RYBREVANT plus LAZCLUZE, showing a statistically significant reduction in the risk of death compared to osimertinib. We are now seeing the potential for patients to live significantly longer than anyone thought possible. The combination of RYBREVANT plus LAZCLUZE is another of our $5 billion peak year sales assets.

在肺癌方面，我們最近在《新英格蘭醫學雜誌》上發表了 RYBREVANT 合併 LAZCLUZE 治療的研究結果，結果顯示與奧希替尼相比，死亡風險顯著降低。我們現在看到患者的壽命有可能比任何人想像的都要長得多。RYBREVANT 和 LAZCLUZE 的組合是我們年銷售額達到 50 億美元的另一項資產。

Next, I want to talk about Immunology, where we have been leaders for 25 years. From REMICADE to SIMPONI and STELARA to TREMFYA, some of our biggest blockbusters have come from our Immunology portfolio. We have long talked about TREMFYA as the next big innovation to follow the success of Stelara.

接下來我想談談免疫學，我們在這個領域已經領先了25年。從 REMICADE 到 SIMPONI，從 STELARA 到 TREMFYA，我們的一些最暢銷產品都來自我們的免疫學產品組合。我們長期以來一直將 TREMFYA 視為繼 Stelara 成功之後的下一個重大創新。

Based on this quarter's performance, it looks like it could be both bigger and better, having delivered operational sales growth of 40%, driven by new indications in inflammatory bowel disease.

根據本季的表現，該公司的規模似乎更大、業績更好，在發炎性腸道疾病新適應症的推動下，其營業銷售額成長了 40%。

TREMFYA is the only IL-23 inhibitor to offer a fully subcutaneous regimen across ulcerative colitis and Crohn's disease. Even prior to the launch of our subcutaneous formulation, TREMFYA was capturing approximately half of all new patient starts for IL-23 ulcerative colitis treatments in the US, which we achieved within one year from launch.

TREMFYA 是唯一一種為潰瘍性結腸炎和克隆氏症提供完全皮下治療方案的 IL-23 抑制劑。甚至在我們推出皮下製劑之前，TREMFYA 就佔據了美國所有接受 IL-23 潰瘍性結腸炎治療的新患者的約一半，我們在推出藥物後一年內就實現了這一目標。

We are confident TREMFYA will become a more than $10 billion asset, and in typical J&J fashion, we are deep in development of our next Immunology innovation, Icotrokinra, initially for moderate to severe plaque psoriasis.

我們相信 TREMFYA 將成為價值超過 100 億美元的資產，並且按照強生公司的典型做法，我們正在深入開發下一個免疫學創新藥物 Icotrokinra，最初用於治療中度至重度斑塊狀銀屑病。

Historically, the most effective Immunology treatments have been injectables. As the first oral peptide to selectively block the IL-23 receptor, Icotrokinra has the potential to revolutionize the treatment of plaque psoriasis with a once-a-day pill. We submitted Icotrokinra for plaque psoriasis to the FDA in July, and this is just the beginning, as we have already presented data from our Phase II trials in ulcerative colitis.

從歷史上看，最有效的免疫學治療方法是注射。作為第一個選擇性阻斷 IL-23 受體的口服勝肽，Icotrokinra 有可能透過每日一次的藥丸徹底改變斑塊狀乾癬的治療方法。我們在 7 月向 FDA 提交了用於治療斑塊狀乾癬的 Icotrokinra，這只是一個開始，因為我們已經提交了潰瘍性結腸炎 II 期試驗的數據。

Let's now turn to neuroscience, with SPRAVATO operational sales growing an impressive 61% in Q3. SPRAVATO remains the only approved stand-alone therapy for treatment-resistant depression, a major depressive disorder with suicidal ideation. Through Q3, we have now treated more than 180,000 patients, and I could not be prouder of the impact this team is having.

現在讓我們來看看神經科學，SPRAVATO 第三季的營運銷售額成長了驚人的 61%。SPRAVATO 仍然是唯一獲準的治療難治性憂鬱症（一種伴隨自殺意念的重度憂鬱症）的獨立療法。截至第三季度，我們已治療了超過 18 萬名患者，我為這個團隊所產生的影響感到無比自豪。

Our leadership in neuropsychiatry was also strengthened by this year's acquisition of Intra-Cellular Therapies, with FDA approval for CAPLYTA in major depressive disorder anticipated soon. CAPLYTA is already FDA approved for the treatment of schizophrenia, as well as depressive episodes associated with bipolar disorder I and II. We project CAPLYTA to reach $5 billion annually.

今年收購 Intra-Cellular Therapies 也加強了我們在神經精神病學領域的領導地位，預計 FDA 很快就會批准 CAPLYTA 用於治療重度憂鬱症。CAPLYTA 已獲得 FDA 批准用於治療精神分裂症以及與 I 型和 II 型雙相情感障礙相關的憂鬱症發作。我們預計 CAPLYTA 每年的銷售額將達到 50 億美元。

Now let's turn to MedTech, starting with our cardiovascular portfolio. In Q3, cardiovascular operational sales increased by approximately 12% as we fortify our leadership in the fastest-growing cardiovascular intervention segments.

現在讓我們轉向醫療科技，從我們的心血管產品組合開始。第三季度，心血管業務銷售額成長了約 12%，因為我們鞏固了在成長最快的心血管介入領域的領導地位。

With operational sales growth of over 20%, Shockwave’s unique intravascular lithotripsy technology is helping treat more atherosclerotic cardiovascular patients than ever before. In fact, in the last quarter, Shockwave supported their 1 millionth patient, and with the recent European approval of the Javelin Peripheral Intravascular Lithotripsy Catheter, we expect strong momentum moving forward. We anticipate Shockwave becoming our 13th billion dollar MedTech platform by year end.

Shockwave 獨特的血管內碎石技術營運銷售額成長超過 20%，幫助治療比以往更多的動脈粥狀硬化心血管患者。事實上，在上個季度，Shockwave 已經為第 100 萬名患者提供了支持，並且隨著 Javelin 外周血管內碎石導管最近獲得歐洲批准，我們預計未來將有強勁的發展勢頭。我們預計到今年年底，Shockwave 將成為我們第 13 個價值 10 億美元的醫療技術平台。

In electrophysiology, we are industry leaders, and with the strength of our mapping technology that continues. In Q3, we again delivered close to 10% operational sales growth, and our position will be further strengthened with real-world data showing VARIPULSE achieved 99.7% acute effectiveness in nearly 800 patients, with strong safety and no incidence of stroke.

在電生理學領域，我們是行業領導者，我們的映射技術實力將持續增強。在第三季度，我們的營運銷售額再次實現了近 10% 的成長，而我們的地位將進一步加強，因為真實世界的數據顯示，VARIPULSE 在近 800 名患者中實現了 99.7% 的急性有效率，具有很強的安全性，並且沒有中風。

Our Abiomed business also continues to perform strongly, with more than 15% operational sales growth in the quarter.

我們的 Abiomed 業務也持續表現強勁，本季營運銷售額成長超過 15%。

Our success reflects the impact that our Impella CP heart pump is having on the lives of patients, which you could see in the long-term survival data that was published in the New England Journal of Medicine this quarter. In the 10-year DanGer Shock study, routine use of Impella CP in patients who have had a heart attack with cardiogenic shock reduced mortality by 16.3% compared to the standard of care, with patients gaining an average of 600 additional days alive. It is a perfect example of what we mean when we say Johnson & Johnson is delivering groundbreaking innovation.

我們的成功反映了我們的 Impella CP 心臟幫浦對患者生活的影響，您可以從本季發表在《新英格蘭醫學雜誌》上的長期生存數據中看到這一點。在為期 10 年的 DanGer Shock 研究中，對於患有心因性休克的心臟病發作患者，常規使用 Impella CP 與標準治療相比，可使死亡率降低 16.3%，患者平均存活時間延長 600 天。這是一個完美的例子，充分體現了我們所謂的強生公司正在實現突破性創新。

In Surgery, we are making progress on multiple fronts. Our surgical technologies are used in most operating rooms globally, and in Q3, we delivered more than 9% growth in biosurgery and almost 7% in wound closure, driven by accelerating adoption of our latest innovations. We also continue to make positive progress with OTTAVA, as we anticipate FDA de novo submission in early 2026.

在外科手術方面，我們在多個方面取得了進展。我們的外科手術技術在全球大多數手術室中得到應用，在第三季度，由於我們最新創新技術的加速採用，我們的生物外科手術增長了 9% 以上，傷口閉合增長了近 7%。我們也將繼續在 OTTAVA 方面取得積極進展，因為我們預計將於 2026 年初向 FDA 提交 de novo 申請。

And now to Vision, where we grew more than 6% last quarter. Our Tecnis intraocular lenses are the fastest growing in the markets where we have launched, fueling our 13.8% operational sales growth in Surgical Vision. And after launching the world's first multifocal contact lens for people with astigmatism in the US last quarter, we brought this latest member of the ACUVUE OASYS Max 1-Day family to Europe and Korea in Q3, further strengthening our momentum.

現在談談 Vision，上個季度我們的成長超過了 6%。我們的 Tecnis 人工水晶體是我們所推出的市場中成長最快的產品，推動了我們外科視力業務 13.8% 的營運銷售額成長。繼上個季度在美國推出全球首款針對散光患者的多焦點隱形眼鏡後，我們於第三季將 ACUVUE OASYS Max 1-Day 系列的最新成員引入歐洲和韓國，進一步增強了我們的發展勢頭。

And finally, to this morning's Orthopaedics news. As you know, the healthcare industry continues to evolve rapidly, and we are constantly evaluating our overall business and portfolio to ensure Johnson & Johnson remains best positioned to truly lead where healthcare is going. We continue to invest at industry-leading levels in our pipeline and portfolio while making disciplined decisions to exit businesses that we believe will be better able to thrive outside of Johnson & Johnson.

最後，讓我們來看看今天早上的骨科新聞。眾所周知，醫療保健產業持續快速發展，我們不斷評估我們的整體業務和產品組合，以確保強生公司始終處於最佳位置，並真正引領醫療保健的發展方向。我們將繼續以行業領先的水平投資於我們的產品線和產品組合，同時做出嚴謹的決定，退出那些我們認為在強生公司之外能夠更好地發展的業務。

For our Orthopaedics business, the planned separation creates new opportunities. Operating as DePuy Synthes and led by Namal Nawana, it would be the largest, most comprehensive orthopaedics company, with leading market share positions across major categories and addressing a more than $50 billion and growing market opportunity.

對於我們的骨科業務而言，計劃中的分離創造了新的機會。該公司以 DePuy Synthes 的名義運營，由 Namal Nawana 領導，將成為最大、最全面的骨科公司，在主要類別中佔據領先的市場份額，並抓住價值超過 500 億美元且不斷增長的市場機會。

We expect DePuy Synthes to benefit from a more focused business model, with greater flexibility to extend its market leadership, invest in its commercial capabilities, and capitalize on profitable growth opportunities.

我們預計 DePuy Synthes 將受益於更專注的商業模式，擁有更大的靈活性來擴大其市場領導地位、投資其商業能力並利用有利可圖的成長機會。

Following the completion of the planned separation, Johnson & Johnson will retain a leadership position in our six core growth areas across Innovative Medicine and MedTech: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. And be able to place even greater focus in our investment towards higher growth ideas where we can meaningfully extend and improve lives.

在計劃中的分離完成後，強生公司將繼續在創新醫學和醫療科技的六個核心成長領域中保持領導地位：腫瘤學、免疫學、神經科學、心血管、外科和視覺。並且能夠將我們的投資重​​點放在更高成長的理念上，以便我們能夠有意義地延長和改善生活。

We are positioning each business to win and deliver for our stakeholders as we move forward in the separation process, we will provide additional information as appropriate, and Joe will share more details shortly.

隨著分離過程的推進，我們正在定位每個業務，以贏得利益並為我們的利益相關者提供服務，我們將根據需要提供更多信息，喬也將很快分享更多細節。

As I said at the start of the call, we are in a new era of accelerated growth at Johnson & Johnson. This is more than just another strong quarter. It is proof that our momentum is building and that our impact is accelerating.

正如我在電話會議開始時所說，強生公司正處於加速成長的新時代。這不僅僅是又一個強勁的季度。這證明我們的勢頭正在增強，我們的影響力正在加速擴大。

Thank you very much and I will now turn the call back over to Darren.

非常感謝，現在我將把電話轉回給 Darren。

Thank you, Joaquin. Moving to our financial results, unless otherwise stated, the percentages quoted represent operational results and therefore exclude the impact of currency translation.

謝謝你，華金。談到我們的財務結果，除非另有說明，引用的百分比代表經營業績，因此不包括貨幣換算的影響。

Starting with Q3 2025 sales results. Worldwide sales were $24 billion for the quarter. Sales increased 5.4%, despite an approximate 640 basis point headwind from STELARA. Growth in the US was 6.2% and 4.4% outside of the US.

從 2025 年第三季的銷售業績開始。本季全球銷售額為 240 億美元。儘管受到 STELARA 約 640 個基點的阻力，銷售額仍成長了 5.4%。美國國內成長率為 6.2%，美國以外地區成長率為 4.4%。

Acquisitions and divestitures had a net positive impact on worldwide growth of 100 basis points, primarily driven by the Intra-Cellular acquisition.

收購和資產剝離對全球成長產生了 100 個基點的淨正面影響，主要由 Intra-Cellular 收購推動。

Turning now to earnings, for the quarter, net earnings were $5.2 billion with diluted earnings per share of $2.12 versus diluted earnings per share of $1.11 a year ago. Adjusted net earnings for the quarter was $6.8 billion with adjusted diluted earnings per share of $2.80, both representing an increase of 15.7% compared to the third quarter of 2024.

現在談談收益，本季淨收益為 52 億美元，每股攤薄收益為 2.12 美元，而去年同期每股攤薄收益為 1.11 美元。本季調整後淨收益為 68 億美元，調整後每股攤薄收益為 2.80 美元，均較 2024 年第三季成長 15.7%。

As a reminder, results in the third quarter of 2024 were impacted by the acquired IPR&D expense of $1.25 billion associated with the NM26 bispecific antibody.

提醒一下，2024 年第三季的業績受到與 NM26 雙特異性抗體相關的 12.5 億美元收購 IPR&D 費用的影響。

I will now comment on business sales performance in the quarter, focusing on the six key areas where meaningful innovation is driving our performance and fueling long-term growth. Beginning with Innovative Medicine, where our results demonstrate the depth of our expertise across Oncology, Immunology, and Neuroscience.

我現在將對本季度的業務銷售業績進行評論，重點關注有意義的創新推動我們的業績並促進長期成長的六個關鍵領域。從創新醫學開始，我們的研究成果證明了我們在腫瘤學、免疫學和神經科學方面的專業知識深度。

Worldwide sales of $15.6 billion increased 5.3%, despite an approximate 1,070 basis point headwind from STELARA. Illustrating the continued strength of our key brands and new launches.

儘管受到 STELARA 約 1,070 個基點的阻力，全球銷售額仍成長 5.3%，達到 156 億美元。展現了我們主要品牌和新產品的持續實力。

Growth in the US was 6% and 4.3% outside of the US. Acquisitions and divestitures had a net positive impact of 160 basis points on worldwide growth due to the Intra-Cellular acquisition.

美國國內成長率為 6%，美國以外地區成長率為 4.3%。由於收購 Intra-Cellular，收購和資產剝離對全球成長產生了 160 個基點的淨正影響。

In Oncology, starting with multiple myeloma, DARZALEX growth was 19.9%, primarily driven by continued strong share gains of approximately 5.7 points across all lines of therapy, with nearly 9 points in the frontline setting, as well as market growth.

在腫瘤學領域，從多發性骨髓瘤開始，DARZALEX 成長率為 19.9%，主要得益於所有治療線的持續強勁份額增長約 5.7 個百分點，其中一線治療份額增長近 9 個百分點，以及市場增長。

CARVYKTI achieved sales of $524 million with growth of 81.4%, driven by share gains and site expansion. This reflects continued strong sequential growth of 18.5% as our expansion outside the US progresses.

由於市佔率成長和場地擴張，CARVYKTI 的銷售額達到 5.24 億美元，成長 81.4%。這反映出隨著我們在美國以外地區的擴張，我們繼續保持 18.5% 的強勁成長。

TECVAYLI and TALVEY growth was 29.9% and 59.1% respectively, bolstered by continued expansion into the community setting.

TECVAYLI 和 TALVEY 的成長分別為 29.9% 和 59.1%，這得益於其在社區環境中的持續擴張。

In prostate cancer, ERLEADA delivered strong growth of 15.3% due to market growth and continued share gains, partially offset by the impact of Part D redesign.

在前列腺癌領域，由於市場成長和份額持續成長，ERLEADA 實現了 15.3% 的強勁成長，但部分抵消了 D 部分重新設計的影響。

In lung cancer, RYBREVANT plus LAZCLUZE delivered sales of $198 million and growth over 100%, driven by continued strong launch uptake. We continue to see share gains in both first and second lines of therapy.

在肺癌領域，RYBREVANT 和 LAZCLUZE 的銷售額達到 1.98 億美元，成長率超過 100%，這得益於持續強勁的上市需求。我們繼續看到一線和二線治療的份額增長。

Within Immunology, TREMFYA delivered very strong growth of 40.1%. We continue to see share gains across all indications, with particularly robust momentum from our IBD launch.

在免疫學領域，TREMFYA 實現了 40.1% 的強勁成長。我們繼續看到所有適應症的份額都在增長，尤其是 IBD 的推出帶來了強勁的成長勢頭。

STELARA declined by 42%, driven by the impact of biosimilar competition and Part D redesign, which is in line with our expectations.

STELARA 下降了 42%，受生物相似藥競爭和 D 部分重新設計的影響，這符合我們的預期。

In Neuroscience, SPRAVATO grew an impressive 60.8%, driven by continued strong demand from physicians and patients. CAPLYTA, which was acquired in Q2 as part of the Intra-Cellular acquisition, delivered sales of $240 million and reflects healthy sequential growth of 13.4%.

在神經科學領域，受醫生和患者持續強勁需求的推動，SPRAVATO 的銷售額成長了 60.8%。CAPLYTA 是 Intra-Cellular 收購案的一部分，於第二季被收購，銷售額達 2.4 億美元，季增 13.4%。

Now moving to MedTech, worldwide sales of $8.4 billion increased 5.6%, with growth of 6.6% in the US and 4.5% outside the US, driven by strong performance in our three focus areas: Cardiovascular, Surgery, and Vision. Acquisitions and divestitures had a net negative impact of 10 basis points on worldwide growth.

現在轉向醫療科技，全球銷售額為 84 億美元，成長 5.6%，其中美國成長 6.6%，美國以外成長 4.5%，這得益於我們三個重點領域的強勁表現：心血管、外科和視力。收購和資產剝離對全球經濟成長產生了 10 個基點的淨負面影響。

In Cardiovascular, electrophysiology delivered growth of 9.7% versus prior year, driven by procedure growth, commercial execution, VARIPULSE, and other new products, and strength in competitive mapping. Abiomed delivered growth of 15.6% with continued strong adoption of Impella technology, and Shockwave increased 20.9%, driven by double-digit growth globally in both coronary and peripheral.

在心血管領域，電生理學較上年增長了 9.7%，這得益於程序增長、商業執行、VARIPULSE 和其他新產品以及競爭映射的優勢。Abiomed 憑藉 Impella 技術的持續強勁應用實現了 15.6% 的成長，而 Shockwave 則成長了 20.9%，這得益於全球冠狀動脈和周邊血管領域兩位數的成長。

Surgery grew 3.3%, despite divestitures negatively impacting results by approximately 50 basis points. Performance was primarily driven by technology penetration in wound closure, the strength of the portfolio, and commercial execution in biosurgery, as well as a one-time reserve adjustment in the quarter.

儘管資產剝離對業績產生了約 50 個基點的負面影響，但手術收入仍增加了 3.3%。業績主要受傷口閉合技術滲透、產品組合實力、生物外科商業執行以及本季一次性儲備調整的推動。

Growth was partially offset by competitive pressures in energy and the negative impact of China VBP across the portfolio.

能源領域的競爭壓力以及中國 VBP 對整個投資組合的負面影響部分抵消了成長。

In Vision, contact lenses and other products grew 3.5%, driven by market growth, strong performance in the ACUVUE OASYS 1-Day family of contact lenses. This includes the recent launches of OASYS MAX 1-Day Multifocal for astigmatism and Max 1-Day for astigmatism, as well as continued strategic price actions.

在視力方面，隱形眼鏡和其他產品成長了 3.5%，這得益於市場成長、ACUVUE OASYS 1-Day 系列隱形眼鏡的強勁表現。其中包括最近推出的用於治療散光的 OASYS MAX 1-Day Multifocal 和用於治療散光的 Max 1-Day，以及持續的戰略價格行動。

Surgical Vision had another strong quarter, with growth of 13.8%, driven by new product innovations such as TECNIS PureSee, Odyssey, and Eyhance, robust demand, and strong commercial execution. These results further solidify our leadership positions in Vision.

Surgical Vision 又迎來了一個強勁的季度，成長了 13.8%，這得益於 TECNIS PureSee、Odyssey 和 Eyhance 等新產品創新、強勁的需求以及強大的商業執行力。這些成果進一步鞏固了我們在願景方面的領導地位。

As Joaquin noted, we have today announced our intent to separate the Orthopaedic business. Orthopaedic growth this quarter is gaining momentum and increased to 2.4%. Importantly, hips and knees returned to growth this quarter, delivering 5.1% and 5.6% growth respectively.

正如 Joaquin 所說，我們今天宣布了分離骨科業務的意圖。本季骨科成長勢頭強勁，增幅達 2.4%。重要的是，臀部和膝蓋本季恢復成長，分別成長 5.1% 和 5.6%。

Now turning to our consolidated statement of earnings for the third quarter of 2025. I'd like to highlight a few noteworthy items that have changed compared to the same quarter a year ago. Cost of products sold leveraged by 60 basis points, driven by a reduction in amortization expense and favorable currency in the Innovative Medicine business. As well as the non-recurring fair value inventory step-up related to Shockwave in 2024. This was partially offset by unfavorable product mix in Innovative Medicine along with MedTech macroeconomic factors.

現在來看看我們 2025 年第三季的合併損益表。我想強調一下與去年同期相比發生的一些值得注意的變化。由於攤銷費用減少和創新醫藥業務的有利貨幣，銷售產品成本上漲了 60 個基點。以及 2024 年與 Shockwave 相關的非經常性公允價值庫存提升。這在一定程度上被創新醫學領域不利的產品組合以及醫療技術宏觀經濟因素所抵消。

Selling, marketing, and administrative expenses deleveraged by 40 basis points, driven by increased investment in the recent intracellular acquisition for CAPLYTA, and promotional spend across the innovative medicine business, partially offset by expense leveraging in MedTech.

銷售、行銷和管理費用去槓桿化了 40 個基點，這得益於近期對 CAPLYTA 細胞內收購的投資增加，以及創新醫藥業務的促銷支出，但醫療技術費用槓桿化部分抵消了這一影響。

Research and development expenses leveraged by 670 basis points, primarily driven by the expense of $1.25 billion to secure the global rights to the NM26 bispecific antibody recorded in 2024. We continued our strong investment in research and development with $3.7 billion, or approximately 15% of sales in Q3.

研發費用增加了 670 個基點，主要原因是 2024 年記錄了 12.5 億美元的費用，用於確保 NM26 雙特異性抗體的全球權利。我們持續大力投資研發，第三季的研發投入為 37 億美元，約佔銷售額的 15%。

Interest income and expense was a net expense of $18 million, as compared to $99 million of income in the third quarter of 2024, primarily driven by a higher average debt balance and a lower average cash balance.

利息收入和支出的淨支出為 1800 萬美元，而 2024 年第三季的收入為 9,900 萬美元，這主要是由於平均債務餘額較高和平均現金餘額較低所致。

Other income and expense was net income of $0.5 billion, compared to an expense of $1.8 billion in the prior year, primarily driven by a talc litigation charge in 2024 and higher gains on the sales of securities in 2025, partially offset by the monetization of royalty rights recorded in 2024.

其他收入和支出為淨收入 5 億美元，而前一年的支出為 18 億美元，主要原因是 2024 年的滑石粉訴訟費用和 2025 年證券銷售收益增加，但被 2024 年記錄的特許權使用費貨幣化部分抵消。

Regarding taxes in the quarter, our effective tax rate was 31.2%, compared to 19.3% in the same period last year. The increase is primarily driven by the one-time $1 billion remeasurement of deferred tax balances, which are required to reflect the changes in statutory tax rates associated with the enactment of the One Big Beautiful Bill Act in the third quarter. More information can be found in the company's Form 10-Q.

關於本季的稅收，我們的有效稅率為 31.2%，而去年同期為 19.3%。這一增長主要源於一次性 10 億美元遞延稅項餘額的重新計量，這是為了反映第三季頒布《一項大美麗法案》後法定稅率的變化。更多資訊請參閱該公司的 10-Q 表。

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

最後，請大家注意這張投影片的方框部分，我們也提供了公司的稅前收入、淨收益和每股盈餘，這些收益都經過調整，以排除無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment for the quarter. Innovative medicine margin improved from 37.9% to 44.3%, primarily driven by the one-time expense of $1.25 billion to secure the global rights of the NM26 bispecific antibody recorded in 2024, partially offset by increased investment in commercial spend in 2025 and the nonrecurring monetization of royalty rights in 2024.

現在讓我們來看看本季按部門劃分的調整後稅前收入。創新藥物利潤率從 37.9% 提高到 44.3%，主要由於 2024 年記錄的 12.5 億美元的一次性費用，用於確保 NM26 雙特異性抗體的全球權利，但部分被 2025 年商業支出的增加和 2024 年特許權使用費的非經常性貨幣化所抵消。

MedTech margin declined from 24.1% to 21%, driven by macroeconomic factors and cost of products sold, partially offset by expense leveraging in SM&A.

受宏觀經濟因素和銷售產品成本的影響，醫療科技利潤率從 24.1% 下降至 21%，但被 SM&A 的費用槓桿部分抵銷。

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

這次電話會議的銷售和收益部分到此結束，現在我將把電話轉給喬。

Thanks, Darren. Hello, everyone, and thank you for joining us today. In the third quarter, we sustained momentum across our in-market portfolio, delivering upon the heightened financial expectations we guided to last quarter.

謝謝，達倫。大家好，感謝大家今天加入我們。第三季度，我們的市場投資組合維持了強勁成長勢頭，實現了上個季度所預期的更高財務表現。

In Innovative Medicine, we continue to grow through the STELARA loss of exclusivity as we said we would. The progression of our pipeline, evidenced by significant regulatory milestones, adds further depth to our three focus areas of Oncology, Immunology and Neuroscience. We are well positioned for the balance of the decade.

在創新醫學領域，正如我們所說的那樣，我們透過 STELARA 獨佔權的喪失而繼續發展。我們的產品線不斷進步，這從重要的監管里程碑可以看出，進一步增強了我們腫瘤學、免疫學和神經科學這三個重點領域的深度。我們已經為未來十年的平衡做好了準備。

In MedTech, we improved adjusted operational sales across key areas of the business. As Joaquin mentioned, we are sharpening our focus on high-growth, high-margin markets where we can improve patient outcomes as this morning's announcement regarding the DePuy Synthes business indicates. In a moment, I will build upon Joaquin's comments regarding that announcement.

在醫療科技領域，我們提高了關鍵業務領域的調整後營運銷售額。正如 Joaquin 所提到的，我們正在更加關注高成長、高利潤的市場，在這些市場我們可以改善患者的治療效果，正如今天早上有關 DePuy Synthes 業務的公告所表明的那樣。稍後我將根據華金對該聲明的評論進行補充。

The foundation we have set, combined with the progression of our pipeline, strongly position the company for accelerated growth. It also reinforces our conviction to deliver on the upper end of our long-term growth targets. Let me provide a brief update on the Daubert motions pending in the talc litigation.

我們所奠定的基礎，加上產品線的進步，為公司的加速成長奠定了堅實的基礎。這也增強了我們實現長期成長目標上限的信心。請容許我簡要介紹一下滑石粉訴訟中未決的 Daubert 動議的最新情況。

As you are aware, this is the judicial process by which the court will reexamine the junk science that the mass tort plaintiffs bar concocts to fuel baseless claims against Johnson & Johnson as well as many American businesses. We look forward to and expect to secure favorable rulings on the Daubert motions, which should be rendered by the first quarter of 2026.

如您所知，這是一個司法程序，法院將重新審查大規模侵權原告律師炮製的垃圾科學，以支持針對強生公司以及許多美國企業的毫無根據的指控。我們期待並期望對 Daubert 動議做出有利的裁決，該裁決應在 2026 年第一季之前作出。

Now turning to cash and capital allocation. We generated $14 billion in free cash flow through the first nine months of the year. We ended the third quarter with approximately $19 billion in cash and marketable securities and $46 billion of debt for a net debt position of $27 billion versus the $32 billion of net debt reported in the second quarter. We continue to utilize our free cash flow generation and strong balance sheet to invest in innovation and return capital directly to shareholders.

現在轉向現金和資本配置。今年前九個月，我們產生了 140 億美元的自由現金流。截至第三季末，我們的現金和有價證券約為 190 億美元，債務為 460 億美元，淨債務為 270 億美元，而第二季報告的淨債務為 320 億美元。我們繼續利用我們的自由現金流和強勁的資產負債表來投資創新並將資本直接回饋給股東。

We are often asked about our appetite for acquisitions to meet financial targets. I can be very clear on this. We rely on a thoughtful long-term approach to growing through any loss of exclusivity and won't carelessly deploy capital on speculative transactions out of desperation. Our current portfolio and pipeline have momentum and with the STELARA loss of exclusivity increasingly in the rearview mirror, we do not need to rely on large transactions to drive our growth. We intend to remain disciplined, opportunistically pursuing strategic high-value opportunities that utilize our expertise and capabilities that deliver an appropriate return for the risk that we bear on behalf of shareholders.

我們常被問到是否願意透過收購來實現財務目標。我可以非常清楚地說明這一點。我們依靠深思熟慮的長期方法來度過任何排他性損失，並且不會出於絕望而草率地將資本投入投機交易。我們目前的產品組合和通路發展勢頭強勁，隨著 STELARA 獨家經營權的逐漸喪失，我們不再需要依賴大額交易來推動成長。我們打算保持紀律，抓住機會尋求策略性的高價值機會，利用我們的專業知識和能力，為我們代表股東所承擔的風險帶來適當的回報。

Regarding the planned separation of our Orthopaedics business, as Joaquin noted, the separation is expected to enhance the strategic and operational focus of each company and drive value for our shareholders and other stakeholders. Given that we are early in the process, there are limited details available, but we are committed to providing you with information on a timely basis. While we will, of course, communicate material developments, we don't expect to have anything newsworthy to convey until mid-next year.

關於我們骨科業務的計畫分離，正如 Joaquin 所指出的，此次分離預計將增強每家公司的策略和營運重點，並為我們的股東和其他利害關係人創造價值。鑑於我們處於流程的早期階段，可用的細節有限，但我們致力於及時為您提供資訊。當然，我們也會傳達重大進展，但我們預計直到明年年中才會有任何值得報導的消息。

But what can we say at this moment? First, the separation will further strengthen our overall MedTech business and increase Johnson & Johnson's top line growth and margins. To give that some directional context, if we just look at normalized year-to-date 2025 results, MedTech's top line revenue growth and operating margin would both improve by at least 75 basis points.

但此時此刻我們能說什麼呢？首先，分離將進一步加強我們的整體醫療科技業務，並提高強生公司的營收成長和利潤率。為了給出一些方向性的背景，如果我們只看 2025 年年初至今的正常化結果，MedTech 的營業收入成長和營業利潤率都將提高至少 75 個基點。

Next, we are targeting completion of the separation within 18 to 24 months, subject to the satisfaction of certain conditions. Given it is the most resource-intensive and likely longest duration, we are prioritizing and have begun the separation, assuming a spin-off with the intention for that to qualify as a tax-free separation for US federal income tax purposes. However, we will consider other avenues that optimize shareholder value. We do not expect any change to the Johnson & Johnson dividend and are mindful of any impact from stranded costs that are typically present in these types of transactions.

接下來，我們計劃在滿足某些條件的情況下，在 18 到 24 個月內完成分離。鑑於這是最耗費資源且持續時間最長的分離，我們正在優先考慮並已開始分離，假設分拆的目的是為了符合美國聯邦所得稅的免稅分離條件。然而，我們會考慮其他能夠優化股東價值的途徑。我們預計強生公司的股息不會發生任何變化，並注意到此類交易中通常存在的擱淺成本的影響。

Finally, following the separation, we would expect DePuy Synthes to have a strong capital structure that would allow the Orthopaedics business to build on its long history of innovation and extend leadership positions through enhanced organic investment and strategic growth accretive M&A. As we pursue this separation, the Orthopaedics unit will operate in alignment with the business's current strategy, continuing to make investments in growth, margin improvement and innovation.

最後，分離之後，我們預計 DePuy Synthes 將擁有強大的資本結構，使骨科業務能夠利用其悠久的創新歷史，並透過加強有機投資和策略性成長增值型併購來擴大領導地位。在我們進行這項分離的過程中，骨科部門將按照業務的當前策略運作，繼續在成長、利潤率提高和創新方面進行投資。

Turning now to full year guidance for 2025. We are increasing operational sales guidance for the full year by approximately $300 million, resulting in operational sales growth for the full year in the range of 4.8% to 5.3%, with a midpoint of $93.2 billion or 5.1%. Excluding the impact from acquisitions and divestitures, our adjusted operational sales growth is now expected to be in the range of 3.5% to 4.0% compared to 2024. As a reminder, we started the year guiding to a midpoint for 2.5% for adjusted operational sales.

現在來看看 2025 年全年指引。我們將全年營運銷售額預期上調約 3 億美元，使全年營運銷售額成長率達到 4.8% 至 5.3%，中間值為 932 億美元，即 5.1%。排除收購和資產剝離的影響，我們調整後的營運銷售額成長率預計在 2024 年的 3.5% 至 4.0% 之間。提醒一下，我們年初對調整後營運銷售額的中點指引為 2.5%。

As you know, we don't speculate on future currency movements. And last quarter, we utilized the euro spot rate relative to the US dollar of 1.17. The US dollar has stayed relatively flat to the euro spot rate.

如您所知，我們不對未來的貨幣走勢進行推測。上個季度，我們採用的歐元兌美元即期匯率為1.17。美元兌歐元即期匯率維持相對穩定。

And as a result, we now expect reported sales growth between 5.4% to 5.9% with a midpoint of $93.7 billion or 5.7%.

因此，我們現在預計報告的銷售額成長率將在 5.4% 至 5.9% 之間，中間值為 937 億美元，即 5.7%。

Turning to other notable items on the P&L. We are reiterating our operating margin guide of an approximate 300 basis point improvement for the full year, assuming what we know today as it relates to tariffs. For net interest expense, we are now projecting between $0 million and $50 million, an improvement from the previous guidance, primarily driven by higher cash balances. We are expecting a higher effective tax rate to be in the range of 17.5% to 18% for the full year, with the increase largely due to the recently enacted One Big Beautiful Bill Act.

轉向損益表中的其他值得注意的項目。我們重申全年營業利潤率指導，假設我們今天所了解的與關稅有關的情況，全年營業利潤率將提高約 300 個基點。對於淨利息支出，我們目前預計在 0 百萬美元至 5,000 萬美元之間，比先前的預測有所改善，主要原因是現金餘額增加。我們預計全年有效稅率將在 17.5% 至 18% 之間，這一增長主要歸因於最近頒布的「一項偉大的美麗法案」。

We feel strongly that US tax policy has enabled Johnson & Johnson to increase our manufacturing footprint in the US. We have more manufacturing facilities in the United States than in any other country, and we remain committed to investing $55 billion in US-based innovation and manufacturing over the next 4 years.

我們強烈感覺到，美國的稅收政策使得強生公司能夠擴大在美國的生產足跡。我們在美國擁有的製造工廠比其他國家都多，我們仍致力於在未來四年內向美國的創新和製造投資 550 億美元。

In March, we broke ground at our Wilson, North Carolina facility. And in August, we announced a $2 billion commitment to further increase our presence in North Carolina with a more than 160,000 square foot dedicated manufacturing facility at FUJIFILM's new biopharmaceutical manufacturing site in Holly Springs. Our overall US investment plans also include three additional new advanced manufacturing facilities as well as the expansion of several existing sites.

三月份，我們在北卡羅來納州威爾遜的工廠破土動工。8 月份，我們宣布投資 20 億美元，進一步擴大我們在北卡羅來納州的業務，在富士膠片位於霍利斯普林斯的新生物製藥製造基地建立一個超過 160,000 平方英尺的專用製造工廠。我們在美國的整體投資計畫還包括新建三個先進的製造工廠以及擴建幾個現有的工廠。

Turning to earnings per share. You may recall, we started the year guiding to adjusted EPS of $10.60. Today, we stand much higher even after including dilution of $0.25 from the Intra-Cellular acquisition. Today, we are reaffirming our elevated July earnings per share outlook, which also absorbs a higher annual effective tax rate and fourth quarter investments that will further position the business for long-term success. As such, our expected adjusted earnings per share guidance remains $10.85 or 8.7% at the midpoint with a range of $10.80 to $10.90. Our adjusted operational earnings per share guidance is $10.68 or 7% at the midpoint.

轉向每股收益。您可能還記得，年初我們預計調整後每股收益為10.60美元。如今，即使計入了收購Intra-Cellular帶來的0.25美元攤薄收益，我們的業績仍然高得多。今天，我們重申我們對 7 月每股收益的預期上調，這也吸收了更高的年度有效稅率和第四季度的投資，這將進一步為企業的長期成功奠定基礎。因此，我們預期調整後每股盈餘指引仍為10.85美元，即8.7%的中位數，區間為10.80美元至10.90美元。我們預期調整後每股營運收益指引為10.68美元，即7%的中位數。

Looking beyond our financial commitments for the year, we are on track to add to the already impressive number of milestones that we achieved across our pipeline in 2025. In Innovative Medicine, we anticipate U.S. FDA approval for subcutaneous RYBREVANT for non-small cell lung cancer as well as for CAPLYTA in adjunctive major depressive disorder. We recently filed for a label expansion on TREMFYA in psoriatic arthritis and plan to present data for RYBREVANT in head and neck cancer at ESMO in the coming week.

除了今年的財務承諾之外，我們還有望在 2025 年繼續創造令人印象深刻的里程碑。在創新藥物領域，我們預期美國 FDA 將核准皮下注射 RYBREVANT 用於治療非小細胞肺癌，以及核准 CAPLYTA 用於治療輔助性重度憂鬱症。我們最近申請了 TREMFYA 在治療乾癬性關節炎的標籤擴展，並計劃在下週的 ESMO 上展示 RYBREVANT 在治療頭頸癌方面的數據。

In MedTech, we continue to make progress with our clinical trial for our OTTAVA robotic surgical system. In our cardiovascular portfolio, we are planning regulatory submissions for the dual-energy THERMOCOOL SMARTTOUCH SF Catheter for cardiac arrhythmia in the US and in Vision, we will continue to roll out ACUVUE OASYS MAX for astigmatism.

在醫療技術領域，我們的 OTTAVA 機器人手術系統的臨床試驗持續取得進展。在我們的心血管產品組合中，我們正計劃在美國提交用於治療心律不整的雙能 THERMOCOOL SMARTTOUCH SF 導管的監管申請，而在 Vision 方面，我們將繼續推出用於治療散光的 ACUVUE OASYS MAX。

As we are close to year-end and with a strong caveat that we are still finalizing plans for next year and macro factors can change quickly, let me provide some preliminary thoughts to inform your modeling for 2026.

由於我們已接近年底，需要強烈警告的是，我們仍在敲定明年的計劃，宏觀因素可能會迅速發生變化，因此，請允許我提供一些初步想法，為 2026 年的建模提供資訊。

For Innovative Medicine, we remain very confident in our ability to deliver accelerated growth despite STELARA loss of exclusivity. This will be driven by our in-market brands and continued progress from our recently launched products, including TREMFYA in inflammatory bowel disease, RYBREVANT plus LAZCLUZE in non-small cell lung cancer and INLEXZO in bladder cancer. We currently anticipate a 2026 approval for icotrokinra in psoriasis.

對於創新藥物，儘管 STELARA 失去獨佔權，我們仍然對實現加速成長的能力充滿信心。這將由我們的市場品牌和我們最近推出的產品的持續進展推動，包括炎症性腸道疾病的 TREMFYA、非小細胞肺癌的 RYBREVANT 加 LAZCLUZE 和膀胱癌的 INLEXZO。我們目前預計 2026 年伊曲金拉 (icotrokinra) 將獲準用於治療牛皮癬。

In MedTech, we continue to expect accelerated growth off this year's levels driven by focus on higher-growth markets as well as the continued adoption of newer products across all MedTech platforms. We also anticipate the launch of Shockwave C2 Aero Coronary IVL Catheter, the TECNIS PureSee intraocular lens in the U.S. as well as regulatory submission for the OTTAVA robotic surgical system.

在醫療科技領域，我們繼續預計將在今年的水平上加速成長，這得益於對高成長市場的關注以及所有醫療科技平台繼續採用新產品。我們也預計將在美國推出 Shockwave C2 Aero Coronary IVL 導管、TECNIS PureSee 人工水晶體以及 OTTAVA 機器人手術系統的監管提交。

Again, while early, I like the way 2026 is shaping up. In fact, based on my last look at your 2026 models, it appears the current revenue consensus of 4.6% growth in your models for 2026 is lower than we project, which we believe in total will exceed 5%. Similarly, with the expectation that adjusted earnings per share is commensurate with sales growth, there appears to be some upside to the current adjusted earnings per share consensus of $11.39, perhaps as much as $0.05. This commentary considers investments we will be making behind many of the new product launches I just highlighted, but you can also expect some margin improvement.

再說一次，雖然還為時過早，但我喜歡 2026 年的發展方式。事實上，根據我對你們 2026 年模型的最新觀察，目前對你們 2026 年模型收入增長率 4.6% 的預期低於我們的預期，我們認為總體增長率將超過 5%。同樣，由於預期調整後每股盈餘與銷售額成長相稱，目前11.39美元的調整後每股盈餘預期似乎還有上漲空間，可能高達0.05美元。本文考慮了我們為我剛才強調的許多新產品發布所做的投資，但您也可以預期利潤率會有所提升。

It also reflects our understanding of the present legislative landscape, tariffs, foreign exchange rates and procedural volumes. We look forward to sharing further details regarding our official guide for 2026 during our Q4 earnings call in January.

它也反映了我們對當前立法狀況、關稅、外匯匯率和程序量的理解。我們期待在 1 月第四季財報電話會議上分享有關 2026 年官方指南的更多詳細資訊。

In summary, the strength of our business model with a focus on where we can have the greatest impact for patients will enable Johnson & Johnson to deliver against our strategic objectives and financial commitments. We are as confident as we have been in recent memory about the future.

總而言之，我們專注於為患者帶來最大影響的商業模式的優勢將使強生公司能夠實現我們的策略目標和財務承諾。我們對未來充滿信心，正如我們最近記憶中。

I'd like to end my remarks by thanking our colleagues around the world for their continued hard work and steadfast dedication that serve our patients and who make these financial results possible and sustainable.

最後，我想感謝我們在世界各地的同事，感謝他們持續的辛勤工作和堅定的奉獻精神，為我們的患者服務，並使這些財務業績成為可能並可持續。

With that, we are happy to take your questions. Kevin, will you please open the call for Q&A?

我們很樂意回答您的問題。凱文，您能打開問答環節嗎？

(Operator Instructions) Alex Hammond, Wolfe Research.

（操作員指示）Alex Hammond，Wolfe Research。

On the Orthopaedics spinout, I'd be interested to understand the why now? And also, could we expect similar separations for other divisions in the future? And as a quick follow-up, how should we think about the long-term guidance in light of the separation? Could we expect J&J to revisit these forecasts in the near term?

關於骨科分拆，我現在很想知道原因是什麼？此外，我們是否可以預期未來其他部門也會有類似的分離？作為一個快速的後續問題，我們應該如何根據分離來考慮長期指導？我們是否可以預期強生公司在短期內重新檢視這些預測？

Thank you, Alex. And let me take the first question. Why now, why the Orthopaedic separation. It's been a hallmark of Johnson & Johnson to be a good steward of our capital and to make decisions in our portfolio to prioritize where we think breakthrough innovation can come through. And that's exactly what we are doing.

謝謝你，亞歷克斯。讓我回答第一個問題。為什麼是現在，為什麼要進行骨科分離。強生公司的一個特點就是善於管理我們的資本，並在我們的投資組合中做出決策，優先考慮我們認為可以實現突破性創新的領域。這正是我們正在做的事情。

We're moving Johnson & Johnson into high-growth markets with significant unmet medical need. And at the same time, we have the foresight to recognize when a stand-alone company could be better and could be in a better position to drive growth innovation and better margins.

我們正在將強生帶入具有大量未滿足醫療需求的高成長市場。同時，我們具有遠見卓識，能夠體認到獨立公司何時能夠表現得更好，能夠更好地推動成長創新和提高利潤率。

That's exactly what we are doing with our Orthopedics separation. We are fueling the innovation within Johnson & Johnson, focus on our 6 priority areas, continue to invest as we are doing in cardiovascular with the acquisitions of Abiomed, Shockwave and also in pharmaceuticals with the acquisition of Intra-Cellular and creating a stand-alone company that is going to be a champion within the context of the Orthopaedics sector.

這正是我們在骨科分離方面所做的事情。我們正在推動強生公司的創新，專注於我們的 6 個優先領域，繼續投資，就像我們在心血管領域收購 Abiomed 和 Shockwave 一樣，我們在製藥領域收購了 Intra-Cellular，並創建了一家獨立的公司，該公司將成為骨科領域的佼佼者。

Orthopaedics is a growing market. $50 billion market. It's fueled by the aging of the population, and we have commanding market shares in the most important segments of the Orthopaedics business. The company is going to be called DePuy Synthes. It's going to be led by Namal Nawana, who is an industry veteran.

骨科是一個不斷成長的市場，價值 500 億美元。這是由人口老化所推動的，我們在骨科業務最重要的領域佔據著主導的市場份額。該公司將命名為 DePuy Synthes。該團隊將由行業資深人士納馬爾·納瓦納 (Namal Nawana) 領導。

And I have no doubt that they are going to be better positioned to succeed, to drive innovation, to drive growth and to become what they are, the largest Orthopaedics company in the world.

我堅信，他們將更有能力取得成功，推動創新，推動成長，成為世界上最大的骨科公司。

Overall, this is a clear move to be able to manage our portfolio, to position Johnson & Johnson to be able to deliver breakthrough innovation. And the results that you are seeing so far with a very, very strong quarter. I want to underline, this is not only a very strong quarter. It's also an indication, a signal that Johnson & Johnson is in an accelerated cycle of growth, which we expect is going to last the balance of the decade. So moving in the right direction.

總體而言，這顯然是為了管理我們的產品組合，使強生能夠實現突破性創新。到目前為止，您看到的這個季度的業績非常非常強勁。我想強調的是，這不僅是一個非常強勁的季度。這也顯示強生公司正處於加速成長週期，我們預計這種成長將持續十年。因此正朝著正確的方向前進。

I'm sure investors are going to be happy to see that Johnson & Johnson is an active portfolio manager.

我相信投資人會很高興看到強生公司是積極的投資組合經理人。

Yeah. Alex, maybe just to build on Joaquin's comments. Thanks for the question. So there was two other parts that I thought I heard from you. This is not a precursor to anything else.

是的。亞歷克斯，也許只是為了鞏固華金的評論。謝謝你的提問。我認為我從您那裡聽到了另外兩個部分。這並不是其他任何事情的前兆。

We look at what we have now and the clarity of our portfolio, three strongholds in innovative medicine, serving unmet needs with transformational innovation that elevates the standard of care in Oncology, Neuroscience, and Immunology. And likewise, now in MedTech, where we have market-leading positions, cutting-edge technology that is improving care for patients in surgery, eye health and cardiovascular. So we're going to be real pleased with the portfolio, and we think Orthopedics is set up for success going forward based on their profile and their ability to compete against other singularly focused Orthopaedics companies.

我們著眼於現有資源和清晰的產品組合，即創新醫學的三大支柱，透過變革性創新滿足尚未滿足的需求，從而提高腫瘤學、神經科學和免疫學的護理標準。同樣，現在我們在醫療技術領域佔據市場領先地位，擁有尖端技術，可以改善外科、眼科和心血管疾病患者的照護。因此，我們對該投資組合感到非常滿意，我們認為，基於其形像以及與其他專注於骨科業務的公司競爭的能力，骨科公司將在未來取得成功。

With respect to guidance revisions, so as we mentioned in the scripted commentary, this will take 18 to 24 months. So anything we say about 2026 will likely include the Orthopaedics business in our outlooks. We would expect maybe some material developments in middle of next year, but we commit to keeping this audience particularly advised on a timely basis should anything material unfold.

關於指導修訂，正如我們在腳本評論中提到的，這將需要 18 到 24 個月。因此，我們對 2026 年的任何預測都可能將骨科業務納入我們的展望中。我們預計明年年中可能會有一些實質進展，但我們承諾，如果有任何實質進展，我們會及時向觀眾特別通報。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Just a question on, Joe, your commentary around potential margins post the Ortho spin. 75 bps, I don't want to get too greedy, but that feels a little light to me. So just curious about why given the mix of the business, it's high-growth cardio, surgical, which I think should be relatively high margin and vision, feels like maybe it could be a little bit more than that. So I just want to make sure I understand the puts and takes to that 75 bps number, appreciating that's just a very early target.

喬，我只想問一個問題，你對 Ortho 旋轉後的潛在利潤率的評論是 75 個基點，我不想太貪心，但我覺得這有點輕了。所以我只是好奇為什麼考慮到業務組合，它是高成長的心臟、外科手術，我認為應該具有相對較高的利潤率和視力，感覺可能會比這多一點。因此，我只是想確保我理解 75 個基點數字的看跌期權和看漲期權，並意識到這只是一個非常早期的目標。

Yeah. Thanks, Danielle. That's an insightful question. And I think it really depends on the time period by which you're measuring. If we were just to take 2025, you're absolutely right.

是的。謝謝，丹妮爾。這是一個很有見地的問題。我認為這實際上取決於你測量的時間段。如果我們只考慮 2025 年，那麼你完全正確。

It would be probably closer to 100 bps, both on top and bottom or margin improvement. What I would say is we looked out a couple of years, given this will take a couple of years to go through the process. And as Abiomed, Shockwave and the other businesses have higher growth profiles, margin improvements initiatives that are already underway under Tim's leadership, it will have a more muted impact as it goes forward.

無論是頂部還是底部，或利潤率的提高，都可能接近 100 個基點。我想說的是，我們已經考慮了幾年，因為這個過程需要幾年的時間。由於 Abiomed、Shockwave 和其他業務具有更高的成長前景，並且在 Tim 的領導下已在實施利潤率改進計劃，因此未來的影響將更加溫和。

So I think on today's math, you're probably closer to being right. It's okay. I don't consider it greedy. Tim might, but I don't. And -- but I think as you look out a little bit further with some of the stronger profile businesses from a financial perspective, it will have more of a muted impact.

所以我認為根據今天的數學計算，你的結論可能更接近正確。沒關係。我不認為這是貪婪。提姆可能會，但我不會。但我認為，如果你從財務角度進一步觀察一些實力較強的企業，它的影響會比較小。

Yeah, and Danielle, maybe just building on Joe's comments as I'm sure there'll be a lot of questions on this topic, and we'd like to try and get them out of the way so we can focus on the broader business. But I wanted to highlight why this makes sense for Johnson & Johnson MedTech. And as you've heard from Joaquin and Joe, this is all about our commitment to continuous portfolio optimization and value creation.

是的，丹妮爾，也許只是基於喬的評論，因為我相信關於這個主題會有很多問題，我們想嘗試解決這些問題，以便我們可以專注於更廣泛的業務。但我想強調為什麼這對強生醫療科技公司來說是有意義的。正如您從 Joaquin 和 Joe 那裡聽到的，這一切都反映了我們對持續投資組合優化和價值創造的承諾。

And as you know, we've been on a journey over the last couple of several years to really aggressively move our portfolio into higher-growth markets and adding attractive assets such as Abiomed and Shockwave in high-growth markets like cardiovascular are good examples of the bold moves we already made.

如您所知，過去幾年來，我們一直在積極地將我們的投資組合轉移到高成長市場，並在心血管等高成長市場中增加 Abiomed 和 Shockwave 等有吸引力的資產，這就是我們已經採取的大膽舉措的很好的例子。

This decision to separate Ortho is the next major step in that direction. Ortho is a great business, but frankly, one that participates, as you know, in lower growth markets. This is all about shrinking to grow faster for MedTech. And last time I looked, you're not rewarding size, but really rather best-in-class performance, and that's the path that we're on. As you already have heard, we expect the separation would increase our top line growth and margins following the completion.

分離 Ortho 的決定是朝著這個方向邁出的下一個重要步驟。Ortho 是一家很棒的企業，但坦白說，正如你所知，它參與的是低成長市場。這一切都是為了透過縮小規模來加快醫療技術的成長速度。上次我看的時候，你獎勵的不是規模，而是一流的表現，這就是我們所走的路。正如您已經聽到的，我們預計分離完成後將提高我們的營業收入成長和利潤率。

And this allows us in MedTech to really to focus on the businesses that will remain, which is our priorities of Cardiovascular, Surgery, and Vision.

這使得我們醫療科技部門能夠真正專注於保留的業務，即心血管、外科和視覺等重點業務。

Thank you. And I -- look, I want to reiterate, as I told you day 1 when I became CEO, that I am fully focused, determined to make our MedTech sector the best-in-class MedTech group in the industry. That's a total priority for me. It's a priority for Johnson & Johnson, and we are fully committed to deliver on that, and we are on track to become the best Med Tech sector in the industry.

謝謝。而且我——聽著，我想重申一下，正如我擔任執行長的第一天告訴你們的那樣，我全心全意，決心讓我們的醫療技術部門成為業內一流的醫療技術集團。這對我來說是絕對的優先事項。這是強生公司的首要任務，我們全力致力於實現這一目標，並有望成為業界最好的醫療科技部門。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

Maybe just a question for Joaquin. There seems like there might be a framework for MFN agreements with the administration that's emerging across the space focused on new launches in Medicaid. Can you just talk about how you're thinking about MFN, tariffs, et cetera, and J&J's approach to some of these kind of policy dynamics that are floating around out there?

也許這只是華金的一個問題。似乎可能存在一個與政府達成的最惠國協議框架，該框架正在整個領域出現，重點關注醫療補助的新推出。您能否談談您對最惠國待遇、關稅等的看法，以及強生公司對這些政策動態的處理方式？

Thank you for the question. We've been talking with this administration with an open dialogue since day 1, even before day 1. And we are always looking as we have done at Johnson & Johnson for common ground to build on the administration priorities that are similar to ours. Priorities like making sure that American patients have access to innovation in an affordable and timely way, priorities like making sure that foreign entities do not free ride on American innovation, making sure that we are able to maintain the overall leadership that this country has in life sciences. And finally, making sure that we continue to invest in manufacturing in this country to build good middle-class jobs.

謝謝你的提問。從第一天起，甚至在第一天之前，我們就一直與本屆政府進行公開對話。正如我們在強生公司所做的那樣，我們一直在尋求共同點，以建立與我們類似的管理優先事項。優先事項包括確保美國患者能夠以可承受的方式及時獲得創新成果，優先事項包括確保外國實體不會搭美國創新的便車，確保我們能夠保持美國在生命科學領域的全面領導地位。最後，確保我們繼續投資這個國家的製造業，以創造良好的中產階級就業機會。

So we are delivering on that. We announced our plan to invest $55 billion in the US in the next four years, which essentially is going to make it so that all our advanced medicines that are used in the US are going to be manufactured in the US. As far as the discussions, those are ongoing.

所以我們正在實現這一目標。我們宣布了未來四年在美國投資 550 億美元的計劃，這實際上是為了確保所有在美國使用的先進藥物都在美國生產。就討論而言，這些仍在進行中。

I don't have anything to share today, but I am optimistic that we are going to land in a place which is going to create common ground between the administration and ourselves.

我今天沒有什麼可以分享的，但我樂觀地認為，我們將會找到一個能夠在政府和我們之間建立共同點的地方。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Joe, you talked about the accelerating sales growth in both Innovative Medicine and MedTech next year. Is the 5% plus, I heard you say earlier on a reported or adjusted operational basis? I think FX is a tailwind. How are you thinking about the extra week next year? I guess I'm trying to understand if growth will accelerate next year on an adjusted operational basis, excluding the extra week? And the same for EPS, is that on a reported or operational basis?

喬，您談到了明年創新醫藥和醫療科技的銷售成長將加速。我之前聽您說過，5% 以上的成長是基於報告還是調整後的營運基礎？我認為 FX 是一道順風。您覺得明年增加一週的時間怎麼樣？我想了解的是，在調整後的營運基礎上，不包括額外的一周，明年的成長是否會加速？對 EPS 來說也是一樣，是基於報告還是營運基礎？

Yeah, Larry, very simply, since consensus is based on reported for both top line as well as EPS, that was the comparator I used. So there is a slight tailwind, as you mentioned, for FX, but I assume -- and I know, Larry, you and your team are very astute at capturing the FX impact. I would assume that's already baked into the 4.6% top line growth that I saw consensus have for 2026, similarly with the earnings. So it is a lift, I would say, across the board, but on a basis by which the analysts yourself included, look at it.

是的，拉里，很簡單，因為共識是基於報告的頂線和每股收益，所以這是我使用的比較器。因此，正如您所說，FX 存在輕微的順風，但我認為——而且我知道，拉里，您和您的團隊非常敏銳地捕捉到了 FX 的影響。我認為這已經融入我對 2026 年 4.6% 營收成長的共識中，收益也是如此。因此，我想說，這對所有人來說都是一個提升，但這取決於分析師本人的看法。

Asad Haider, Goldman Sachs.

高盛的阿薩德·海德爾。

Just a big picture question. You'll be exiting this year in a clear position of strength where a number of headwinds from the STELARA LOE are fading into the background. The base business is strong and you've got new product cycle momentum accelerating through the Innovative Medicines portfolio. And you're also seeing a second half improvement in MedTech.

這只是個宏觀問題。今年，您將以明顯的優勢退出，來自 STELARA LOE 的許多不利因素將逐漸消失。基礎業務強勁，透過創新藥物組合，新產品週期勢頭正在加速。而且您還會看到醫療技術在下半年出現改善。

So in that context, and with the announcement of this morning to spin off DePuy, can you just maybe double-click a little bit more on how you're going to be balancing capital allocation priorities to sustain acceleration in Innovative Meds and push MedTech sustainably towards the 5% to 7% EBR targets? And then related, in the Innovative Medicines business, the sales growth acceleration in 2026, like you said, Joe, that's not getting modeled by consensus. So what are the biggest disconnects there that you're able to highlight today specifically for next year?

因此，在這種背景下，隨著今天早上宣布剝離 DePuy，您能否再詳細談談如何平衡資本配置優先級，以維持創新藥物的加速發展，並推動 MedTech 持續實現 5% 至 7% 的 EBR 目標？然後相關的是，在創新藥物業務中，2026 年的銷售成長加速，就像你說的，喬，這不是由共識建模的。那麼，您今天能具體談談明年最大的脫節是什麼嗎？

So first, look, we are in a favorable position as far as capital allocation means. We have a number of important opportunities to invest within our pipeline and portfolio. So that is our number one priority now as far as capital allocation. We're in the middle of the launch, and Tim and Jennifer will discuss about that of major, major blockbuster products.

首先，就資本配置而言，我們處於有利地位。我們的管道和投資組合中有許多重要的投資機會。因此，就資本配置而言，這是我們目前的首要任務。我們正處於發布會中，蒂姆和詹妮弗將討論重大重磅產品的發布會。

On the Innovative Medicine side, we are launching TREMFYA in inflammatory bowel disease, RYBREVANT plus LAZCLUZE in lung cancer, INLEXZO in localized bladder cancer. We continue with the growth of CARVYKTI and SPRAVATO. And we just filed for icotrokinra in plaque psoriasis. So we have a wealth of opportunities to drive significant growth in our pharmaceutical business that Jennifer will describe.

在創新藥物方面，我們正在推出用於治療發炎性腸道疾病的 TREMFYA、用於治療肺癌的 RYBREVANT 加 LAZCLUZE 以及用於治療局部膀胱癌的 INLEXZO。我們將繼續推動 CARVYKTI 和 SPRAVATO 的發展。我們剛申請了伊曲金滯素用於治療斑塊狀乾癬。因此，我們擁有大量機會來推動製藥業務的顯著成長，詹妮弗將會對此進行描述。

Just to give you an idea of the strength of our Pharmaceutical business. Excluding STELARA, our Pharmaceutical business in the third quarter grew a whopping 16%. So that's a very big business, more than $50 billion business growing at 16%. So we have multiple opportunities to drive capital allocation in the Pharmaceutical business as well as in our pipeline there. I mean, we're working on bispecific for prostate cancer, trispecific for multiple myeloma, a wealth of opportunities to drive capital allocation.

只是為了讓您了解我們製藥業務的實力。除 STELARA 外，我們第三季的製藥業務成長了 16%。這是一項非常大的生意，價值超過 500 億美元的生意，成長率為 16%。因此，我們有多個機會推動製藥業務及其產品線的資本配置。我的意思是，我們正在研究針對前列腺癌的雙特異性藥物和針對多發性骨髓瘤的三特異性藥物，這為推動資本配置提供了大量機會。

On the MedTech side, I mean, we're in the middle of major things in the MedTech side. On one hand, we are committed to remain leaders in the electrophysiology segment with the launch of VARIPULSE, our dual energy catheter. We continue to work in improvements in our CARTO System, and we are determined to invest there to remain the leaders as we have been.

在醫療技術方面，我的意思是，我們正處於醫療技術的重大事件之中。一方面，我們致力於透過推出雙能導管 VARIPULSE 來維持在電生理學領域的領先地位。我們將繼續致力於改進我們的 CARTO 系統，並決心在該領域進行投資，以保持我們一直以來的領先地位。

We are working to expand our heart pumps. You guys all know about the New England Journal of Medicine published publication showing the DanGer Shock study in patients with acute myocardinal infarction that had cardiogenic shock that show a 600 days improvement over a 10-year period, impressive breakthrough innovation there.

我們正在努力擴大我們的心臟泵。你們都知道《新英格蘭醫學雜誌》發表的一篇文章，其中顯示了對患有心因性休克的急性心肌梗塞患者的 DanGer Shock 研究，該研究表明，在 10 年的時間裡，患者的病情有 600 天的改善，這是令人印象深刻的突破性創新。

We have a lot of opportunities in Shockwave with the Javelin Peripheral Catheter and the Aero system in coronary that we are launching.

我們在 Shockwave 中有很多機會，包括我們正在推出的 Javelin 外周導管和冠狀動脈 Aero 系統。

And if I move into the second priority, which is our robotic surgery expansion, we are about to file with the FDA in the first half of the year our OTTAVA soft robotic -- soft tissue robotic system. We are also determined to be a major player in robotics I'm always telling you we are determined to be a major player in robotics. So we continue to have opportunities for capital allocation in both businesses. And our priority now is to be able to fuel the growth in our portfolio and our pipeline.

如果我轉到第二個優先事項，即我們的機器人手術擴展，我們將在今年上半年向 FDA 提交我們的 OTTAVA 軟機器人 - 軟組織機器人系統。我們也決心成為機器人領域的主要參與者。我一直告訴你，我們決心成為機器人領域的主要參與者。因此，我們在兩個業務中仍然有資本配置的機會。我們現在的首要任務是推動我們的產品組合和產品線的成長。

We -- as Joe mentioned before, we are in a position, just to be clear, that we do not need large M&A to deliver in the high end of our growth targets. Let me repeat that. We do not need large M&A to deliver in the high end of our growth targets. We are going to be looking at opportunities as we always do, but we are in a position in which our number one capital priority, it's going to be fuel our pipeline and our portfolio.

正如喬之前提到的，我們需要明確的是，我們不需要大規模的併購來實現我們的高端成長目標。讓我重複一遍。我們不需要大規模的併購來實現我們的高端成長目標。我們將一如既往地尋找機會，但我們的首要資本優先事項是為我們的管道和投資組合提供動力。

Yeah. I think, Asad, the only thing I would add to that is just the number of smaller deals we do that don't make headlines on the day of the transaction. I think more than 60 over the last 2 years. And those lead to products like INLEXZO, which we acquired in 2019 for a couple of hundred million dollars and through really passion for their craft as well as passion for meeting patients' unmet needs. Dr.

是的。阿薩德，我認為我唯一想補充的是，我們進行的小額交易的數量在交易當天並沒有成為頭條新聞。我認為過去兩年內有超過 60 起。這些產品催生了 INLEXZO 等產品，我們於 2019 年以幾億美元收購了該公司，這源於我們對該公司工藝的熱情以及對滿足患者未滿足需求的熱情。博士

Chris Cutie, Dr. Charles Drake were able to find -- and their teams were able to find a bladder cancer treatment that is revolutionary. Nothing has been new in the last few decades with respect to not only ease for the patient, but also ease for the administrating physician. It's deals like that.

克里斯·庫蒂 (Chris Cutie) 和查爾斯·德雷克 (Charles Drake) 博士以及他們的團隊找到了一種革命性的膀胱癌治療方法。在過去的幾十年裡，不僅為患者帶來了方便，也為主治醫生帶來了方便，這並不是什麼新鮮事。就是這樣的交易。

We look at next year's product for icotrokinra, where we're expecting, again, a couple of hundred million dollar investment will turn out to be a $1 billion platform for us because that's where our competitive advantage lies is the scientific expertise that we're able to recognize early on, bringing forth a label that is most expansive, most complete and in record time.

我們著眼於明年的 icotrokinra 產品，我們預計，數億美元的投資將為我們帶來 10 億美元的平台，因為這就是我們的競爭優勢所在，我們能夠及早識別科學專業知識，從而在創紀錄的時間內推出最廣泛、最完整和最全面的標籤。

Thanks, and good morning, everybody. So I'd love to double down on the fact that it really was a great quarter in 3Q and those numbers that for 90% of our business, we actually grew 16%. And that's really driven by 11 key brands that grew double digits, brands like DARZALEX, ERLEADA, SPRAVATO, CARVYKTI and so on as well as the strength that we're seeing in our new launches. And most notable there is TREMFYA in Crohn's disease and ulcerative colitis with 40% growth, that is 4-0. And so we've got a lot of strength in the business right now.

謝謝，大家早安。因此，我想強調的是，第三季度確實是一個出色的季度，我們 90% 的業務實際上成長了 16%。這實際上是由 11 個實現兩位數成長的關鍵品牌推動的，例如 DARZALEX、ERLEADA、SPRAVATO、CARVYKTI 等品牌，以及我們在新產品中看到的實力。最值得注意的是克隆氏症和潰瘍性結腸炎的TREMFYA，成長率為40%，即4-0。因此，我們現在在業務上擁有很大的實力。

Those growth drivers that are growing double digits are not only now and just this year, these really are our growth drivers throughout the rest of the decade as well as the pipeline assets that are coming in and the great growth that we're seeing and most notably TREMFYA.

這些以兩位數成長的成長動力不僅僅是現在和今年，它們確實是我們未來十年的成長動力，以及正在湧入的管道資產和我們看到的巨大成長，其中最引人注目的是 TREMFYA。

If we take a look versus your models in the areas where we have even -- where we're even more bullish, a few areas to note. So first is TREMFYA. And we think that there's a lot of strength with TREMFYA already. We're seeing in ulcerative colitis about 50% share of the IL-23s, and this was actually before we got the subcutaneous induction dose, which we just got approval for. We're seeing really, really strong uptake there. And I think things bode real well for TREMFYA.

如果我們看一下你們的模型，看看我們更看好哪些領域，有幾個領域需要注意。首先是 TREMFYA。我們認為 TREMFYA 已經具備了很大的優勢。我們發現潰瘍性結腸炎中 IL-23 的比例約為 50%，這實際上是在我們獲得皮下誘導劑量之前，而我們剛剛獲得批准。我們看到那裡的吸收率確實非常高。我認為，對於 TREMFYA 來說，情況將會非常好。

As a reminder, for STELARA, about 75% of STELARA sales were in Crohn's and ulcerative colitis, so in IBD. We think that, that's entirely likely or may even be stronger for TREMFYA. So we think that there's a lot of growth opportunity there. We believe SPRAVATO there is a bit of a disconnect. We are more bullish there as well as we continue to expand into new treatment centers as we continue to expand globally, that product is offering so much value for patients with treatment-resistant depression.

提醒一下，對於 STELARA 而言，大約 75% 的 STELARA 銷售額來自克羅恩病和潰瘍性結腸炎，因此是 IBD。我們認為，對於 TREMFYA 來說，這完全有可能，甚至可能更強。因此我們認為那裡有很多成長機會。我們認為 SPRAVATO 存在一些脫節。我們對此更加樂觀，隨著我們繼續在全球擴張，我們將繼續擴展到新的治療中心，該產品為難治性憂鬱症患者提供了巨大的價值。

I'll throw in RYBREVANT LAZCLUZE for non-small cell lung cancer. We're anxiously anticipating our launch of the subcutaneous dosage form. We think that there is a lot of runway there as a $5 billion-plus asset. We're also anticipating new data coming out in head and neck cancer and also colorectal cancer. So great growth.

我會使用 RYBREVANT LAZCLUZE 來治療非小細胞肺癌。我們熱切地期待著皮下劑型的推出。我們認為，作為一項價值 50 多億美元的資產，它還有很長的路要走。我們也期待頭頸癌和大腸癌的新數據。增長如此巨大。

Joaquin and Joe mentioned INLEXZO, formerly known as TARIS. And we just got approval and are in the process of launching for bladder cancer. This is one of our next $5 billion-plus assets. And last but not least, icotrokinra, which we have filed and are also in the midst of showing new data, both in psoriasis as well as in ulcerative colitis. And so when we take a look at the business, both now as well as these future growth drivers, we've got a lot of bullishness there. And so those are really the major areas for disconnection.

Joaquin 和 Joe 提到了 INLEXZO，原名 TARIS。我們剛剛獲得批准，正在啟動針對膀胱癌的治療。這是我們接下來的50多億美元資產之一。最後但同樣重要的是，我們已經提交了 icotrokinra 申請，並且正在展示其在治療牛皮癬和潰瘍性結腸炎方面的新數據。因此，當我們審視當前的業務以及未來的成長動力時，我們對此非常樂觀。因此，這些確實是斷開連接的主要區域。

Asad, maybe just building on Jennifer and Joaquin's comments for MedTech, a couple of things that I'd really highlight. Joaquin mentioned our continued confidence and commitment to winning over the long term in electrophysiology. We had a standout quarter and what really marked it was our continued improvement, especially here in the US, which will continue to be the largest and most attractive market. We saw a doubling of our growth rate in this quarter, and we continue to build momentum.

阿薩德，也許只是基於珍妮佛和華金對 MedTech 的評論，我真正要強調的幾件事。華金提到了我們對在電生理學領域取得長期勝利的持續信心和承諾。我們度過了一個出色的季度，真正引人注目的是我們的持續進步，尤其是在美國，美國將繼續成為最大、最具吸引力的市場。本季我們的成長率翻了一番，並且我們將繼續保持成長勢頭。

Vision, which we haven't touched on also, which had a standout quarter, 6.1% growth, 14% growth in the IOL category with significant share gains against our major competitors there. And then surgery, our largest business, around 3.3% growth, but really bolstered by strong performance in wound closure at 7% and biosurgery. And once again, that submission of OTTAVA next year is going to really bolster our performance there.

我們尚未涉及的視覺業務在本季度表現突出，增長了 6.1%，IOL 類別增長了 14%，與我們在該領域的主要競爭對手相比，市場份額獲得了顯著增長。然後是外科手術，我們最大的業務，成長了約 3.3％，但真正推動這一增長的是傷口閉合和生物外科手術的強勁表現（增長了 7％）。再次強調，明年提交 OTTAVA 將真正增強我們在那裡的表現。

And then I think also what made us more proud and excited about this quarter versus last is that we had performance across the board. Ortho, back to growth with significant improvements in spine, knees, trauma and broader.

我認為，與上一季相比，本季讓我們更加自豪和興奮的原因是我們的全面表現。正畸，恢復生長，脊椎、膝蓋、創傷和更廣泛的方面有顯著改善。

Thanks, Tim. And just before we take the next question, we will actually run a little bit longer than the 60 minutes we planned, just given the announcement that we had leading to longer script remarks.

謝謝，蒂姆。在我們回答下一個問題之前，我們的演講時間實際上會比我們計劃的 60 分鐘稍微長一點，因為我們剛剛宣布了更長的台詞時間。

Shagun Singh, RBC.

沙根·辛格，RBC。

Joaquin and Joe, congratulations on all the operational progress at J&J. I think a key message that I'm hearing is the acceleration in sales growth. And in your prepared comments, you did indicate the higher end of the 5% to 7%. I guess my question is -- and a lot of your businesses are growing very impressively in the double digits. So what gets you to exceed those levels?

華金和喬，祝賀強生公司在營運方面取得的所有進展。我認為我聽到的一個關鍵訊息是銷售成長的加速。在您準備好的評論中，您確實指出了 5% 到 7% 的上限。我想我的問題是——你們的許多企業都以兩位數的速度實現了令人印象深刻的成長。那麼什麼能讓你超越這些層次呢？

And as we think about 2026, why is 5% a good number given that you have easy comps? Could you do better? And what would drive that?

當我們考慮 2026 年時，既然有容易的可比較數據，為什麼 5% 是一個好數字？你能做得更好嗎？是什麼推動了這項進程？

Yeah. Shagun, thanks for the recognition. It's a great job by the entire Johnson & Johnson team across the globe. I think towards the 5% to 7%, obviously, we made that commitment back in 2023. We've seen significant progress with our portfolio. We've added some acquisitions that fortify that number.

是的。Shagun，感謝您的認可。這是強生公司全球團隊的偉大成就。我認為，對於 5% 到 7% 的目標，顯然我們在 2023 年就做出了這項承諾。我們的投資組合取得了顯著進展。我們又進行了一些收購來鞏固這個數字。

We are striving for something better than that. Don't misconstrue our ambitions here. What I would say for next year, specifically, we are still going to face significant erosion with respect to STELARA. There will be additional discounting in the Innovative Medicine portfolio. And we will still have the Orthopaedics business, and we will continue to make progress with electrophysiology going back to market leadership with the PFA platform.

我們正在努力追求更好的結果。請不要誤解我們的抱負。具體來說，對於明年，我想說的是，我們仍然會面臨 STELARA 的嚴重侵蝕。創新藥物組合將有額外折扣。我們仍將擁有骨科業務，並將繼續在電生理學領域取得進展，利用 PFA 平台重新奪回市場領導地位。

So there's things that we will obviously look to improve upon those numbers. But when I glimpsed at your models for '26, I did see a clear disconnect, and I'll provide more details when it comes to January. But we feel very confident in not just how we're going to conclude 2025, not just the backdrop for 2026, but really the balance of the decade, as Joaquin has said, both on media interviews as well on today's call, this is a new era of growth, accelerated growth for Johnson & Johnson. And we feel very good about not just our in-market portfolio, but all the new products within our pipeline that will come to launch over the next one to two years.

因此，我們顯然會尋求改進這些數字的方法。但當我瞥了一眼你們 26 年的模型時，我確實看到了明顯的脫節，我將在 1 月提供更多詳細資訊。但我們不僅對 2025 年的結局、2026 年的背景充滿信心，而且對未來十年的平衡也充滿信心，正如 Joaquin 在媒體採訪和今天的電話會議上所說的那樣，這是一個新的增長時代，強生公司的加速增長時代。我們不僅對我們在市場上的產品組合感到非常滿意，而且對我們未來一到兩年內將推出的所有新產品也感到非常滿意。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

Great. Congrats on all the progress. This one is for John. I know at our health care conference, you talked about some upcoming data you're going to have for your anti-tau antibody, which is in Phase II. Just I was wondering if you could help frame that data for us, what you're hoping to see there?

偉大的。祝賀你取得的所有進展。這是給約翰的。我知道在我們的醫療保健會議上，您談到了即將獲得的有關抗 tau 抗體的一些數據，該抗體目前處於第二階段。我只是想知道您是否可以幫助我們建立這些數據，您希望在那裡看到什麼？

And could that trial actually be used to support an accelerated approval? Or will you need a Phase III?

該試驗實際上可以用來支持加速批准嗎？或是您需要第三階段嗎？

Thanks, Terence. We expect to have the data on the Phase II study in-house within this year and would then be in a position to share those at a medical congress sometime first half of next year. The endpoints in that study include, first and foremost, cognitive endpoints that are traditionally used for regulatory approvals for medicines in terms of looking for effects and efficacy in Alzheimer's. But in addition, we'll also have important neuroimaging data looking at tau spread using PET imaging. So that will be an important piece of the data as well.

謝謝，特倫斯。我們預計今年內將獲得第二階段研究的內部數據，然後能夠在明年上半年的醫學會議上分享這些數據。研究中的終點首先包括認知終點，傳統上用於藥物監管批准，以尋找阿茲海默症的效果和功效。但除此之外，我們還將獲得使用 PET 成像觀察 tau 擴散的重要神經影像數據。所以這也將是重要的數據。

And based on the quality of those data, that will be a decision-making point for us in terms of go/no-go. We have designed our antibody to attack a specific epitope in tau that's differentiated from what some others have exploited and feel confident in the ability to prevent the spread of tau based on the preclinical data. But of course, the data will be the data as we say, when we get the clinical results. So we'll be eagerly awaiting those results and look forward to communicating in the fullness of time.

根據這些數據的質量，這將成為我們決定是否繼續下去的決策點。我們設計的抗體可以攻擊 tau 中的特定抗原決定位，這與其他一些抗體所利用的抗原表位不同，根據臨床前數據，我們有信心防止 tau 的擴散。但當然，當我們獲得臨床結果時，數據就是我們所說的數據。因此，我們將熱切期待這些結果，並期待在適當的時候進行溝通。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Congrats on the progress. Maybe just a quick one for Joe or Tim. Just trying to gauge the underlying growth in MedTech. It looks like there was a reserve adjustment that helped MedTech growth, perhaps offset by this go-to-market change in energy. Is there a way to quantify the net impact of these adjustments as it relates to the, what, 5.7% adjusted operational growth in MedTech?

恭喜你取得進展。對喬或提姆來說也許只是一個快速的嘗試。只是想衡量醫療科技的潛在成長。看起來，儲備調整有助於醫療技術的成長，但可能被能源市場的這種變化所抵消。有沒有辦法量化這些調整的淨影響，因為它與醫療科技產業 5.7% 的調整後營運成長有關？

Yeah. I'm happy to take one. We do not believe that the one you're referring to has any significant materiality and shouldn't impact, we would say, modest, certainly not material from an overall performance perspective.

是的。我很樂意拿一個。我們認為，您所提到的問題並不具有重大實質性，也不會產生影響，但我們認為，影響不大，從整體績效角度來看肯定不具實質性。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

If I could on INLEXZO, really a two-part question. So one is sort of the near-term uptake. Just curious if you can comment on sort of what initial feedback is from doctors and it is this buy-and-bill model. Just curious if you're seeing doctors already sort of step in and purchase the product or are they waiting for the permanent J-code?

如果我可以在 INLEXZO 上，這實際上是一個由兩個部分組成的問題。因此，一個是近期的吸收。我只是好奇您是否可以評論一下醫生的初步反饋以及這種購買和支付模式。只是好奇您是否看到醫生已經介入併購買產品，或者他們正在等待永久的 J 代碼？

And then second is more of a longer-term question on this is just what should we expect in terms of updates, both clinical data-wise or regulatory-wise in the next, say, 12 to 18 months to just expand the addressable population here to other patients with bladder cancer and also outside the US. I think we were getting excited about the outlook for this product. But just I know before you mentioned that there's a big disconnect between your internal expectations and where consensus is. And I think that suggests you guys think this will be a sort of $2 billion-plus product by 2028. So just trying to get a sense of how you expect to build from the initial launch to that level.

其次，這是一個更長期的問題，即在未來 12 到 18 個月內，我們應該對臨床數據或監管方面的更新抱有怎樣的期待，以便將可解決的人群擴大到其他膀胱癌患者以及美國以外的患者。我想我們對這款產品的前景感到興奮。但在您提到之前我就知道，您的內部期望和共識之間存在著很大差距。我認為這表明你們認為到 2028 年這將成為一種價值 20 億美元以上的產品。所以只是想了解您期望如何從最初的發布發展到那個水平。

Sure. Thanks so much for the question. So yes, we did just get approval for INLEXZO, and the teams are out in full launch mode. And we have a lot of confidence that this is one of our $5 billion-plus assets for Johnson & Johnson. The receptivity has been very strong.

當然。非常感謝您的提問。是的，我們確實剛剛獲得了 INLEXZO 的批准，團隊已經全面啟動。我們非常有信心，這是我們為強生投資的 50 多億美元資產之一。接受度非常強。

We like to say that this product was really designed by urologists for urologists and really is addressing a high unmet need. There hasn't been much advances in the way of bladder cancer for a very, very long time.

我們想說的是，這款產品確實是由泌尿科醫生為泌尿科醫生設計的，並且確實滿足了尚未滿足的巨大需求。很長一段時間以來，膀胱癌的治療一直沒有太大進展。

And so in the initial launch, it's in BCG unresponsive, high-risk non-muscle invasive bladder cancer, and we've been able to demonstrate the highest complete response rates without a need for reinduction. And over half of responders are still cancer-free at one year. And so really, really transformational results. The product was designed to seamlessly fit into urology practice and be relatively speaking, easy on the patient compared to other therapies and like I said, seamlessly work into practice.

因此，在首次推出時，它針對的是 BCG 無反應、高風險的非肌肉層侵襲性膀胱癌，我們能夠證明最高的完全緩解率，而無需重新誘導。超過一半的應答者在一年後仍然沒有癌症。因此，這確實是一個變革性的結果。該產品旨在無縫融入泌尿外科實踐，相對而言，與其他療法相比，對患者來說更容易，而且就像我說的，可以無縫地融入實踐。

And so, so far, the response from clinicians has been very positive for our executive committee. We actually had one of our top investigators come and spend time with us last week and show us on models, their demonstration and talk about why he's so excited about it, both as a clinician as well as for his patients. So we've already had a number of insertions based on the high level of unmet need. But as you note, we're also anticipating the J-code for reimbursement come April of next year. So we think that, that will be an important catalyst for uptake as is normal and common in routine buy-and-bill type products.

因此，到目前為止，臨床醫生對我們的執行委員會的反應非常積極。事實上，上週我們邀請了一位頂尖研究人員來與我們共度時光，向我們展示模型和演示，並談論為什麼他作為臨床醫生以及他的患者對此如此興奮。因此，我們已經根據大量未滿足的需求進行了大量的插入。但正如您所說，我們也預計明年 4 月將推出 J 代碼報銷。因此我們認為，這將成為吸收的重要催化劑，就像常規的買入和付帳型產品中正常且常見的那樣。

So we're excited about that. John, maybe you want to talk a little bit particularly about SunRISe-3 and what's coming as well as TAR-210.

所以我們對此感到很興奮。約翰，也許你想特別談談 SunRISe-3 及其即將發生的事情以及 TAR-210。

Yeah. Thank you so much for the question. We have a broad development program underway with several Phase III studies to address the non-muscle invasive bladder cancer population, high risk. That's about half of all the non-muscle invasive bladder cancer patients. And our studies include both the patients who are BCG experienced in the first approval that was for BCG nonresponsive.

是的。非常感謝您的提問。我們正在進行一項廣泛的開發計劃，其中包括幾項 III 期研究，以解決非肌肉層浸潤性膀胱癌族群的高風險問題。這大約佔所有非肌肉層浸潤性膀胱癌患者的一半。我們的研究包括首次批准 BCG 治療但對 BCG 無反應的患者。

We also have studies in BCG relapsed. And then we also have head-to-head frontline studies against BCG. So really covering a broad landscape there.

我們也對 BCG 復發進行了研究。然後我們也針對 BCG 進行了正面交鋒的一線研究。因此確實覆蓋了那裡的廣闊景觀。

And just to remember that there are about 600,000 patients every year who are newly diagnosed with bladder cancer. 75% of those have the non-muscle invasive localized and then another 20% have localized, but it is muscle invasive. There, too, we're also doing studies. And in fact, at the ESMO conference in a couple of days, we'll present data where in the neoadjuvant context, we've used INLEXZO in combination with our PD-1 antibody, cetrelimab, and we'll report the data there showing that we're able to render a much higher percentage of patients completely free of any evidence of disease that you can find histologically or by other methods, what's called pathological complete response and therefore, boding for better outcomes for these patients who already have muscle-invasive disease and are having surgery to remove their bladder as a result of that risk.

請記住，每年約有 60 萬名患者被新診斷為膀胱癌。其中 75％ 為非肌肉浸潤性局限性膀胱癌，另外 20％ 為局限性但肌肉浸潤性膀胱癌。我們也在那裡進行研究。事實上，在幾天後的 ESMO 會議上，我們將展示在新輔助治療背景下的數據，我們將使用 INLEXZO 與我們的 PD-1 抗體 cetrelimab 聯合使用，我們將在那裡報告數據，表明我們能夠使更高比例的患者完全擺脫任何可以通過組織學或其他方法發現的疾病，即患有這種手術的病理完全緩解，因此所謂的病理結果，對於那些已經接受手術的風險，由於膀胱手術結果，這意味著所謂的病理完全緩解。

So really see a broad opportunity for INLEXZO, particularly in the non-muscle invasive across all lines of therapy. In that high-risk non-muscle invasive, which is about half of all of those patients as well as in sub populations of patients with the muscle invasive as well.

因此，我們確實看到了 INLEXZO 的廣泛機遇，特別是在所有療法的非肌肉侵入領域。在高風險非肌肉侵入性患者中，約有一半的患者以及肌肉侵入性患者的亞群。

And then I would just give a shout out that, that's not going to be a one-trick pony for us. We have TAR-210 coming rapidly on the heels. This is a next-generation device that releases instead of a chemotherapy, a targeted therapy or erdafitinib drug that inhibits a receptor tyrosine kinase that is commonly mutated in bladder cancers. It's actually the most common genetic mutation that occurs in bladder cancers. And there, we've seen response rates, complete response rates north of 90%.

然後我要大聲說出來，這對我們來說不會是一招鮮。TAR-210 緊隨其後。這是一種下一代設備，它取代化療、標靶治療或厄達替尼藥物來抑制膀胱癌中常見的受體酪胺酸激酶突變。這其實是膀胱癌中最常見的基因突變。並且，我們看到了回應率，完全回應率超過了 90%。

And our next-generation device for that releases the medicine at a steady rate, not just for three weeks like INLEXZO, but for three months.

我們的下一代設備可以以穩定的速度釋放藥物，不僅像 INLEXZO 那樣持續三週，而且可以持續三個月。

So more to come. Really excited about this platform for addressing the great unmet need of bladder cancer.

未來還會有更多。真的很高興這個平台能夠解決膀胱癌這項尚未滿足的巨大需求。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

So just a couple of follow-ups. One on just the sequential strength in the quarter, a little bit unusual for a summer quarter. So how much of that do you feel like is the -- I'm speaking of MedTech mostly here, even though pharma was pretty strong also. But just the sequential improvements from -- do you think the market feels stronger? Or was this predominantly you sort of leaning back into competition in some of your core med tech markets?

這只是一些後續問題。僅就本季的連續強勁表現而言，這對於夏季季度來說有點不尋常。那麼您覺得其中有多少是——我在這裡主要談論的是醫療技術，儘管製藥業也相當強大。但僅僅是連續的改善——您認為市場感覺更強勁嗎？或者這主要是因為你們在某些核心醫療技術市場中重新傾向於競爭？

And then just a follow-up on all the discussion about the spin, just if we should think of holding on to MedTech, concentrating on the key businesses that you mentioned, also open the door to sort of, I guess, loosen up the capital structure and balance sheet in such a way to start adding to some of those areas as you get closer to or through the spin?

然後，關於分拆的所有討論，我們是否應該考慮保留 MedTech，專注於您提到的關鍵業務，同時，我想，是否也可以放鬆資本結構和資產負債表，以便在接近或完成分拆時開始增加某些領域的業務？

Matt, thank you for the question. Let me take the first one. What was really attractive about this quarter and built on the tremendous performance in the second quarter was the solid performances across all businesses. And so where you saw that sequential improvement, if you'll recall, our ortho business struggled in the first and second quarter. We saw a nice improvement in Q2.

馬特，謝謝你的提問。讓我拿第一個。本季真正吸引人的是所有業務的穩健表現，這得益於第二季的出色表現。因此，如果您還記得的話，您會看到連續的改善，我們的矯正業務在第一季和第二季陷入困境。我們在第二季度看到了良好的改善。

Q3, we returned that business to growth with tremendous performances in categories like hips with 5.1%, knees 5.6%, strong performance in trauma and actually returning to growth in spine.

第三季度，我們的業務恢復成長，髖關節產品類別成長 5.1%，膝關節產品成長 5.6%，創傷產品類別表現強勁，脊椎產品類別也恢復成長。

And so Ortho was a major competitor or a major contributor to that performance. And then, of course, we had continued tremendous performances in our fastest-growing category in cardiovascular, solid performances in surgery and acceleration within vision, as I mentioned earlier, driven by our performance primarily in the intraocular space.

因此，Ortho 是該表現的主要競爭對手或主要貢獻者。當然，正如我之前提到的，我們在心血管領域成長最快的領域持續表現出色，在外科手術領域表現穩健，在視覺領域加速發展，這主要得益於我們在眼內空間領域的表現。

Thank you. And overall, as we discussed at the beginning of this call, our focus and priority within MedTech is around our three areas, which are Vision, Cardiovascular, in which we already have acquired a number of companies and also robotic surgery, where we are focusing on being able to submit our OTTAVA soft tissue robotic system to the FDA in the first half of 2026. We'll continue to look for opportunities there in order to enhance our portfolio and be able to make our MedTech group the best MedTech group in the industry, which is a clear goal for me and for Johnson & Johnson.

謝謝。總體而言，正如我們在本次電話會議開始時所討論的那樣，我們在醫療技術領域的重點和優先事項集中在三個領域，即視覺、心血管（我們已經收購了其中的多家公司）以及機器人手術，我們專注於在 2026 年上半年向 FDA 提交我們的 OTTAVA 軟組織機器人系統。我們將繼續尋找機會，以增強我們的投資組合，並使我們的醫療技術集團成為業內最好的醫療技術集團，這對我和強生公司來說都是一個明確的目標。

We have time for one last question.

我們還有時間回答最後一個問題。

David Risinger, Leerink.

David Risinger，Leerink。

Congrats on the performance. So my question is on icotrokinra. I'm curious about how you plan to position it relative to TREMFYA given the similar indications for the two therapies.

祝賀你的表演。我的問題是關於 icotrokinra 的。我很好奇，鑑於這兩種療法的適應症相似，您打算如何將其與 TREMFYA 進行比較。

Great. Thanks. And we are really excited about the opportunity for icotrokinra and see this as one of our next big $5 billion-plus brands. And so why are we excited about it? So we believe it's really going to set the new standard of care in the treatment of plaque psoriasis, and that will be the first indication, unprecedented combination of complete skin clearance and a favorable safety profile with the simplicity of an oral pill.

偉大的。謝謝。我們對 icotrokinra 的機會感到非常興奮，並將其視為我們下一個價值超過 50 億美元的大品牌之一。那我們為什麼對此感到興奮呢？因此，我們相信它將真正為斑塊狀乾癬的治療樹立新的標準，這將是第一個適應症，前所未有的將完全皮膚清除和良好的安全性與簡單的口服藥丸相結合。

We're really, really confident in what we've seen. And so not only are we studying it versus other orals, we're actually studying it head-to-head versus STELARA. And no oral agents have been able to really compete with that combination of both biologic-like efficacy and that known safety profile. And so we're really bullish.

我們對所見所聞非常有信心。因此，我們不僅將它與其他口語進行比較研究，實際上我們還將它與 STELARA 進行比較研究。沒有任何口服藥物能夠真正與生物製劑的功效和已知的安全性結合。所以我們非常樂觀。

If you take a look at the market, despite today's treatments, there's still less than 30% of eligible patients who have moderate to severe psoriasis who are receiving advanced treatments. And so we think there is a significant market expansion opportunity to be able to bring patients into advanced therapies into that frontline setting.

如果你看市場，儘管現在有治療方法，但仍有不到 30% 的中度至重度牛皮癬患者能夠接受先進的治療。因此，我們認為，將先進的治療方法引入前線環境，具有巨大的市場擴展機會。

So we think there's a big opportunity there. We think as we move closer to the launches with the way the profiles are differentiating, there will be a unique and distinct position for icotrokinra and also a distinct and unique position for TREMFYA that will allow us to have both really continued significant growth on both assets, particularly given the high level of unmet need in the market.

因此我們認為這裡面有很大的機會。我們認為，隨著產品上市的臨近，以及產品特徵的差異化，icotrokinra 和 TREMFYA 都將擁有獨特而顯著的地位，這將使我們能夠在兩種資產上都實現持續顯著增長，特別是考慮到市場上未滿足的需求水平很高。

So more to come on that. I'm not going to give away everything on the positioning, but we think that there are really distinct places that they're going to play. Ico is going to be a really significant asset for us, and you can see how well TREMFYA is doing with the 40% growth that we achieved this quarter.

關於這一點，我們還會做更多。我不會透露有關定位的所有信息，但我們認為他們將要去的地方確實非常不同。Ico 對我們來說將是一項非常重要的資產，您可以看到 TREMFYA 的表現有多麼出色，本季度我們實現了 40% 的成長。

David, keep your eyes open. We have more publications coming out on our icotrokinra data, two back-to-back papers in press at the New England Journal of Medicine, describing the placebo-controlled studies and then a paper in press at the Lancet showing our head-to-head against the leading TYK2 inhibitor in psoriasis. So exciting times for that really novel targeted oral peptide for the autoimmune diseases where the IL-23 class plays.

大衛，睜大你的眼睛。我們有更多關於 icotrokinra 數據的出版物即將出版，《新英格蘭醫學雜誌》上連續出版了兩篇論文，描述了安慰劑對照研究，然後《柳葉刀》上又出版了一篇論文，展示了我們與牛皮癬領域領先的 TYK2 抑製劑的正面交鋒。對於 IL-23 類用於治療自體免疫疾病的真正新穎的標靶口服勝肽來說，這是一個令人興奮的時刻。

Thanks, David, and thanks to everyone for your questions and interest in J&J. Please reach out to the Investor Relations team with any remaining questions you have. I will now turn the call over to Joaquin for some brief closing remarks.

謝謝，大衛，也謝謝大家的提問和對強生公司的關注。如果您還有任何問題，請聯絡投資者關係團隊。現在我將把電話交給華金，請他發表一些簡短的結束語。

Thank you all of you for joining the call today. As you heard, we have had a very strong third quarter. We have sharpened focus around our six priority areas of Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision, and we are in a period of accelerated growth with innovation and pioneering treatments that are going to transform lives.

感謝大家今天參加電話會議。正如您所聽到的，我們的第三季表現非常強勁。我們重點關注腫瘤學、免疫學、神經科學、心血管、外科和視覺這六個重點領域，我們正處於加速成長時期，創新和開創性的治療方法將改變人們的生活。

Thank you for your interest in Johnson & Johnson, and enjoy the rest of your day.

感謝您對強生公司的關注，祝您有個愉快的一天。

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

謝謝。強生公司 2025 年第三季財報電話會議今日結束。您現在可以斷開連線。