嬌生 (JNJ) 2025 Q4 法說會逐字稿

Good morning and welcome to Johnson & Johnson's fourth quarter 2025 earnings conference call. All participants will be in a listen-only mode until the question-and-answer session of the conference. This call is being recorded.

早安，歡迎參加強生公司2025年第四季財報電話會議。在會議的問答環節開始之前，所有與會者都將處於只聽模式。本次通話正在錄音。

If anyone has any objections and may disconnect at this time. (Operator Instructions) I will now turn the conference call over to Johnson & Johnson. You may begin.

如有任何異議，請此時斷開連接。（操作員指示）我現在將電話會議轉交給強生公司。你可以開始了。

Hello everyone, this is Darren Snellgrove, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of business results for the fourth quarter and full year 2025 and our financial outlook for 2026.

大家好，我是強生公司投資人關係副總裁達倫‧斯內爾格羅夫。歡迎閱讀我們公司對 2025 年第四季和全年業務業績的回顧以及我們對 2026 年的財務展望。

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. 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.

首先，一些後勤上的問題。提醒各位，今天的簡報及相關日程安排可在強生公司網站投資者關係頁面（investor.jnj.com）查閱。請注意，本次簡報包含有關公司未來營運和財務績效、市場地位和業務策略等方面的預測性陳述。

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，不要依賴這些前瞻性陳述，這些陳述是基於截至本錄音之日可獲得的資訊對未來事件的當前預期，並且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業績與預測的業績存在重大差異。有關這些風險、不確定性和其他因素的描述，請參閱我們向美國證券交易委員會提交的文件，包括我們的 2024 年 10-K 表格，該表格可在 investor.jnj.com 和美國證券交易委員會的網站上查閱。

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是與策略合作夥伴合作開發的，或是從其他公司獲得許可的。這張投影片闡明了這些關係。

Moving to today's agenda, Joaquin Duato, our Chairman and CEO, will discuss our business performance and growth drivers. I will then review the fourth quarter sales and P&L results, as well as full year 2025 results for the enterprise.

接下來進入今天的議程，我們的董事長兼執行長華金·杜阿托將討論我們的業務表現和成長動力。接下來，我將檢視第四季的銷售和損益結果，以及公司 2025 年全年業績。

Joe Wolk, our CFO, will then close by sharing an overview of our cash position, capital allocation priorities, and guidance for 2026, as well as key milestones and qualitative considerations for 2026.

最後，我們的財務長 Joe Wolk 將概述我們的現金狀況、資本配置重點和 2026 年的指導方針，以及 2026 年的關鍵里程碑和定性考慮因素。

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.

創新醫學執行副總裁兼全球主席詹妮弗·陶伯特、創新醫學研發執行副總裁約翰·里德以及醫療技術執行副總裁兼全球主席蒂姆·施密德將與我們一起進行問答環節。

To ensure we provide enough time to address your questions, we anticipate the webcast will last up to 75 minutes. With that, I will now turn the call over to Joaquin.

為確保我們有足夠的時間回答您的問題，我們預計網路直播將持續最多 75 分鐘。接下來，我將把電話交給華金。

Good morning everyone and thank you for joining us. I'm excited to discuss our very strong full year results. We said 2025 would be a catapult year for Johnson & Johnson, and that's exactly what it was. It was a year that launched us into a new era of accelerated growth.

各位早安，感謝各位的參與。我很高興與大家分享我們非常強勁的全年業績。我們曾說過 2025 年將是強生公司的起飛之年，而事實也的確如此。這一年開啟了我們加速成長的新時代。

Fueled by the strongest portfolio and pipeline in our history, Johnson & Johnson today has a leading and expanding position in each of our six key businesses Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision.

憑藉公司史上最強大的產品組合和研發管線，強生公司如今在腫瘤學、免疫學、神經科學、心血管、外科和視力這六大核心業務領域均處於領先地位並不斷擴張。

In each of these areas we have multiple differentiated assets to drive growth and a strong competitive advantage which you can see in the success of our recent launches.

在這些領域，我們擁有多項差異化資產來推動成長，並具備強大的競爭優勢，這一點可以從我們最近推出的產品的成功中看出。

In recent years we have increased our focus on areas of high growth and high unmet need, and we will continue this transformation with the planned separation of our Orthopaedics business. In 2025 we invested over $32 billion in R&D and M&A, including the acquisitions of Intra-Cellular Therapies and Halda Therapeutics.

近年來，我們更加關注高成長和高未滿足需求的領域，我們將繼續推動這項轉型，並計劃分拆我們的骨科業務。2025 年，我們在研發和併購方面投資超過 320 億美元，其中包括收購 Intra-Cellular Therapies 和 Halda Therapeutics。

We also initiated billions of dollars in new state of the art manufacturing facilities in the US which will accelerate delivery of our next wave of innovation. These moves fuel our confidence that growth in 2026 will be faster than in 2025. And we have line of sight to double-digit growth by the end of the decade, which is notable as Johnson & Johnson is the only healthcare company that will soon deliver more than $100 billion in annual revenue.

我們還在美國啟動了數十億美元的新一流製造工廠項目，這將加速我們下一波創新成果的交付。這些措施增強了我們對2026年成長速度將比2025年更快的信心。我們預計在本世紀末實現兩位數的成長，這一點值得注意，因為強生是唯一一家即將實現年收入超過 1000 億美元的醫療保健公司。

How is that possible? It's possible because we have tremendous strength and depth both in Innovative Medicine and in MedTech. We are different from other companies. We are not focused on one or two growth drivers.

這怎麼可能？這是有可能的，因為我們在創新醫學和醫療技術領域都擁有強大的實力和深厚的底蘊。我們與其他公司不同。我們並非只專注於一兩個成長動力。

In fact, we now have 28 platforms or products that generate at least $1 billion of revenue annually, and that makes our growth more sustainable. This, together with our strong balance sheet and free cash flow, creates the resilience and durability that will power our future.

事實上，我們現在有 28 個平台或產品每年至少產生 10 億美元的收入，這使我們的成長更具永續性。這一點，再加上我們強勁的資產負債表和自由現金流，造就了我們面向未來的韌性和持久性。

Turning to our results over the full year, we delivered 5.3% operational sales growth. The strength of our commercial execution and relentless focus on innovation drove strong momentum throughout the year, firmly placing the Stelara LOE in the rearview mirror.

從全年業績來看，我們的營運銷售額成長了 5.3%。我們強大的商業執行力和對創新的不懈追求，推動了全年的強勁發展勢頭，徹底將 Stelara LOE 拋在了腦後。

In Innovative Medicine, we reported operational sales growth for the year of 5.3%. Full year sales for our pharmaceutical business exceeded $60 billion for the first time with 13 brands growing double digits.

在創新醫藥領域，我們報告本年度營運銷售額成長了 5.3%。我們的製藥業務全年銷售額首次突破 600 億美元，其中 13 個品牌實現了兩位數成長。

The foundation for these results and for the acceleration we see ahead is our unrivaled portfolio and pipeline. In 2025 alone, we secured 51 approvals and filed 32 submissions across major markets. We delivered positive readouts from 17 key studies and initiated 11 new Phase 3 programs.

這些成果以及我們未來加速發展的基礎，是我們無與倫比的產品組合和研發管線。僅在 2025 年，我們就獲得了 51 項批准，並在主要市場提交了 32 份申請。我們從 17 項關鍵研究中獲得了積極的結果，並啟動了 11 個新的 3 期計畫。

These milestones are not just numbers, they are the seeds of our best-in-class medicines that are improving and extending lives.

這些里程碑不僅僅是數字，它們是我們一流藥物的種子，這些藥物正在改善和延長人們的生命。

Let me now talk about our key areas of focus. In Oncology, we are working to cure cancer, and our depth of expertise is unmatched. In 2025 we delivered 21% operational sales growth, and we expect to exceed $50 billion in annual sales by 2030. We are the number one company in multiple myeloma, where 80% of patients are treated with at least one of our four medicines over their treatment journey.

現在讓我來談談我們的重點關注領域。在腫瘤學領域，我們致力於治癒癌症，我們的專業深度無人能及。2025 年，我們的營運銷售額成長了 21%，預計到 2030 年，年銷售額將超過 500 億美元。在多發性骨髓瘤領域，我們是排名第一的公司，80% 的患者在治療過程中至少會接受我們四種藥物中的一種治療。

DARZALEX is the largest medicine by sales in our pharmaceutical portfolio and is considered the foundational gold standard treatment in multiple myeloma. With annual sales over 14 billion, DARZALEX grew an impressive 22% across the full year.

達雷妥尤單抗 (DARZALEX) 是我們藥品組合中銷售額最大的藥物，被認為是多發性骨髓瘤的基礎黃金標準治療藥物。DARZALEX 年銷售額超過 140 億美元，全年成長了令人矚目的 22%。

CARVYKTI is the leading CAR T-cell therapy in multiple myeloma, with more than 10,000 patients now treated across 14 markets, and we are not stopping there.

CARVYKTI 是多發性骨髓瘤領域領先的 CAR T 細胞療法，目前已在 14 個市場治療了超過 10,000 名患者，而且我們不會止步於此。

Last month we published unprecedented results for TECVAYLI plus DARZALEX that showed reduced risk of progression or death by 83% in relapsed refractory multiple myeloma as early as the second line.

上個月，我們公佈了 TECVAYLI 合併 DARZALEX 的空前療效，結果顯示，在復發難治性多發性骨髓瘤的二線治療中，疾病進展或死亡風險降低了 83%。

We also recently announced top-line findings from a second Phase 3 study MajesTEC-9, which showed TECVAYLI monotherapy reduced the risk of disease progression or death as early as first relapse in patients with multiple myeloma who are predominantly refractory to anti-CD38 and lenalidomide therapies.

我們最近也發表了第二項 3 期研究 MajesTEC-9 的主要結果，該研究表明，對於主要對 CD38 抗體和來那度胺療法無效的多發性骨髓瘤患者，TECVAYLI 單藥療法可降低疾病進展或死亡的風險，最早可降低首次復發的風險。

We're also seeing significant momentum in our solid tumor portfolio. In Q4, we received FDA approval for RYBREVANT FASPRO as the first subcutaneous therapy for EGFR mutated non-small cell lung cancer, reducing administration time from hours to minutes and improving patient experience.

我們在實體瘤產品組合方面也看到了顯著的成長動能。在第四季度，我們獲得了 FDA 對 RYBREVANT FASPRO 的批准，使其成為首個用於治療 EGFR 突變型非小細胞肺癌的皮下療法，將給藥時間從數小時縮短至數分鐘，改善了患者的體驗。

We are making strong progress in bladder cancer with the introduction of INLEXZO. Our novel drug-releasing system, which received its initial FDA approval in September. This is a revolutionary treatment that offers a life-changing alternative for patients who otherwise would have lost their bladders to radical surgery.

隨著INLEXZO的推出，我們在膀胱癌治療方面取得了重大進展。我們研發的新型藥物釋放系統於 9 月獲得了 FDA 的初步批准。這是一種革命性的治療方法，為那些原本會因根治性手術而失去膀胱的患者提供了改變人生的選擇。

Future approvals addressing larger patient populations are anticipated. And our Q4 acquisition of Halda Therapeutics added a promising clinical stage treatment for prostate cancer with potential across multiple tumor types.

預計未來將有更多針對更大規模患者群體的審批。我們在第四季度收購的 Halda Therapeutics 公司，為前列腺癌帶來了一種很有前景的臨床階段療法，該療法具有治療多種腫瘤類型的潛力。

In Immunology, we are focused on transforming the standard of care by increasing remission rates in immune-mediated disease. In 2025, TREMFYA became the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen for both ulcerative colitis and Crohn's disease. It is now the fastest growing IL-23 therapy in the US, delivering Q4 operational sales growth of 75% and 65% worldwide.

在免疫學領域，我們致力於透過提高免疫介導疾病的緩解率來改變治療標準。2025 年，TREMFYA 成為第一個也是唯一一個可完全皮下注射治療潰瘍性結腸炎和克隆氏症的 IL-23 抑制劑。目前，該療法是美國成長最快的 IL-23 療法，第四季營運銷售額成長 75%，全球銷售額成長 65%。

And with global full year sales of TREMFYA accelerating to more than $5 billion for the first time, we're increasingly confident that TREMFYA will exceed $10 billion in peak year sales.

隨著 TREMFYA 的全球全年銷售額首次加速突破 50 億美元，我們越來越有信心，TREMFYA 的峰值年銷售額將超過 100 億美元。

But in health care, leadership means continually raising the bar, which is why we are focused on what's next in Immunology.

但在醫療保健領域，領導力意味著不斷提高標準，這就是為什麼我們專注於免疫學的下一步發展。

In the coming months, we look forward to the anticipated US approval of Icotrokinra to be marketed as ICOTYDE, which will expand our Immunology innovation beyond injectable medicines. We believe ICOTYDE positions Johnson & Johnson to lead the next wave of treatment for psoriasis and inflammatory bowel disease.

在接下來的幾個月裡，我們期待 Icotrokinra 獲得美國批准，並以 ICOTYDE 的商品名上市，這將使我們的免疫學創新擴展到注射藥物之外。我們相信，ICOTYDE 將使強生公司在乾癬和發炎性腸道疾病治療領域引領下一波浪潮。

Turning to Neuroscience, where 2025 operational sales grew 10%. SPRAVATO continues its strong trajectory with 57% growth in the year, and more than 200,000 patients now treated worldwide. In November we solidified our leadership with the US launch of CAPLYTA for adjunctive major depressive disorder, further strengthening our confidence in its $5 billion peak year sales potential.

轉向神經科學領域，2025 年營運銷售額成長了 10%。SPRAVATO 持續保持強勁的成長勢頭，年增長率達 57%，目前全球已有超過 20 萬名患者接受了治療。11 月，我們在美國推出了用於輔助治療重度憂鬱症的 CAPLYTA，鞏固了我們的領先地位，進一步增強了我們對該藥物 50 億美元年銷售峰值潛力的信心。

Now turning to Medtech, where operational sales for the year grew 5.4%. In 2025 we delivered nearly $34 billion in sales with strong performance in Cardiovascular and accelerating momentum across Surgery and Vision.

現在來看醫療科技產業，該產業今年的營運銷售額成長了 5.4%。2025 年，我們實現了近 340 億美元的銷售額，其中心血管領域表現強勁，外科和視力領域的成長勢頭也日益強勁。

Our success over the last year was supported by 15 major launches and more than 40 regulatory approvals in major markets, and with more than 60 active clinical trials, we have significant momentum going into 2026.

過去一年，我們在主要市場推出了 15 款重大產品，並獲得了 40 多項監管批准，並取得了巨大成功。目前，我們正在進行 60 多項臨床試驗，這為我們進入 2026 年奠定了堅實的基礎。

Johnson & Johnson today is a leader in three Cardiovascular segments with the portfolio delivering 15% operational sales growth in the year. Abiomed and Shockwave performed particularly well, delivering operational growth of approximately 18% and 23% in the quarter.

強生公司目前在三大心血管領域處於領先地位，其產品組合在今年實現了 15% 的營運銷售額成長。Abiomed 和 Shockwave 的表現尤其出色，本季分別實現了約 18% 和 23% 的營運成長。

We remain the market leader in Electrophysiology, and we plan to expand our position in pulsed field ablation. VARIPULSE has now been used to treat nearly 40,000 atrial fibrillation patients globally, and we look forward to submitting our Dual Energy THERMOCOOL SMARTTOUCH SF Catheter for use in the US market in 2026.

我們在電生理領域仍處於市場領先地位，並計劃擴大我們在脈衝場消融領域的地位。VARIPULSE 目前已在全球範圍內用於治療近 40,000 名房顫患者，我們期待在 2026 年將我們的雙能 THERMOCOOL SMARTTOUCH SF 導管提交給美國市場使用。

We are also seeing positive data for our OMNYPULSE Catheter, which has the potential to further redefine pulsed field ablation. In fact, we anticipate launching a new Catheter every year through the end of the decade as we build an industry-leading portfolio in PFA complemented by at least two CARTO updates each year.

我們也看到了 OMNYPULSE 導管的積極數據，它有可能進一步重新定義脈衝場消融術。事實上，我們預計到本十年末，每年都會推出一款新的導管，以建立業界領先的 PFA 產品組合，並每年至少推出兩款 CARTO 更新產品。

In Surgery, we are reinventing procedures through robotics and digital. This year we will launch a first of its kind robotics platform for urology with MONARCH. The technology was first to market in bronchoscopy, helping diagnose and treat lung cancer.

在外科手術領域，我們正在透過機器人和數位化技術革新手術流程。今年我們將推出首個泌尿外科機器人平台 MONARCH。這項技術率先應用於支氣管鏡檢查，有助於診斷和治療肺癌。

And this year we'll create another first with MONARCH, becoming the only robotic endoluminal and percutaneous platform for the treatment of kidney stones and other renal conditions.

今年，我們將憑藉 MONARCH 創造另一個第一，成為唯一用於治療腎結石和其他腎臟疾病的機器人腔內和經皮平台。

We also recently announced the FDA de novo submission of our OTTAVA robotic surgery system, and with continued innovation in surgical instrumentation, including our recent launch of the ETHICON 4000 Stapler, we anticipate continued growth as we reduce complications and elevate the surgical experience across specialties.

我們最近也宣布向 FDA 提交了 OTTAVA 機器人手術系統的全新申請，隨著手術器械的不斷創新，包括我們最近推出的 ETHICON 4000 縫合器，我們預計隨著我們減少併發症並提高各專科的手術體驗，業務將繼續增長。

And finally, Vision, which delivered robust annual operational sales growth of 5.3% with particularly strong momentum in Surgical Vision. In 2025 we launched ACUVUE OASYS MAX disposable lenses for astigmatism and presbyopia and completed the full market release of TECNIS Odyssey, which is the fastest growing intraocular lens in the US.

最後是視覺業務，該業務實現了強勁的年度營運銷售額成長 5.3%，其中外科視覺業務的成長勢頭尤為強勁。2025 年，我們推出了用於治療散光和老花眼的 ACUVUE OASYS MAX 一次性隱形眼鏡，並完成了 TECNIS Odyssey 的全面上市，該產品是美國增長最快的眼內晶體。

Looking ahead, we're planning to launch TECNIS PureSee in the US later this year.

展望未來，我們計劃於今年稍後在美國推出 TECNIS PureSee。

As you can tell, we are starting the year from a position of strength. You have heard me talk about the unmatched depth and strength of our business. In 2026, that will translate into accelerated growth and impact with game changing innovation, reaching more patients more quickly than ever before.

如你所見，我們以強勁的勢頭開啟了新的一年。你們都聽我說過我們公司無與倫比的深度和實力。到 2026 年，這將轉化為加速成長和影響力，透過顛覆性創新，比以往任何時候都更快地惠及更多患者。

I will now turn the call back over to Darren.

現在我將把通話轉回給達倫。

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. Starting with Q4 2025 sales results, worldwide sales were $24.6 billion for the quarter. Sales increased 7.1% despite an approximate 650 basis points headwind from STELARA.

謝謝你，華金。接下來談談我們的財務業績，除非另有說明，所列百分比均為營運業績，因此不包括匯率折算的影響。從 2025 年第四季的銷售業績來看，該季度全球銷售額為 246 億美元。儘管受到 STELARA 約 650 個基點的不利影響，銷售額仍成長了 7.1%。

Growth in the US was 7.5% and 6.6% outside of the US. Acquisitions and divestitures had a net positive impact on worldwide growth of 100 basis points, primarily driven by the Intra-Cellular acquisition.

美國國內成長率為 7.5%，美國以外地區成長率為 6.6%。收購和剝離對全球經濟成長產生了 100 個基點的淨正面影響，主要得益於 Intra-Cellular 的收購。

Turning now to earnings, for the quarter, net earnings were $5.1 billion and diluted earnings per share was $2.10 versus $1.41 a year ago. Adjusted net earnings for the quarter was $6 billion and adjusted diluted earnings per share of $2.46 representing an increase of 21.5% and 20.6% respectively, compared to the fourth quarter of 2024.

現在來看收益情況，本季淨利為 51 億美元，稀釋後每股收益為 2.10 美元，去年同期為 1.41 美元。本季調整後淨利潤為 60 億美元，調整後稀釋每股收益為 2.46 美元，與 2024 年第四季相比分別成長了 21.5% 和 20.6%。

Items of note include a $0.22 IPR&D charge associated with the V-wave acquisition in 2024 and $0.10 of dilution due to the acquisition of Halda Therapeutics in 2025.

值得注意的是，2024 年收購 V-wave 將產生 0.22 美元的智慧財產權開發費用，2025 年收購 Halda Therapeutics 會產生 0.10 美元的股權稀釋。

For the full year 2025, worldwide sales were $94.2 billion. Sales increased 5.3% despite an approximate 620 basis points headwind from STELARA.

2025 年全年，全球銷售額為 942 億美元。儘管受到 STELARA 約 620 個基點的不利影響，銷售額仍成長了 5.3%。

And if you do the math, Johnson & Johnson grew double digits for the full year, excluding STELARA. Growth in the US was 6.9% and 3.4% outside the US. Acquisitions and divestitures had a net positive impact on worldwide growth of 110 basis points, primarily driven by the Intra-Cellular and Shockwave acquisitions.

如果算一下，強生公司全年（不包括 STELARA）的業績都實現了兩位數成長。美國經濟成長率為 6.9%，美國以外地區經濟成長率為 3.4%。收購和剝離對全球經濟成長產生了 110 個基點的淨正面影響，主要得益於 Intra-Cellular 和 Shockwave 的收購。

Turning now to earnings, net earnings for full year 2025 were $26.8 billion and diluted earnings per share was $11.03 including the $7 billion talc reserve reversal from Q1. This compares to diluted earnings per share of $5.79 a year ago, which included $0.67 of dilution due to acquired IPR&D charges on various transactions.

現在來看收益，2025 年全年淨收益為 268 億美元，稀釋後每股收益為 11.03 美元，其中包括第一季沖回的 70 億美元滑石粉儲備。相比之下，一年前的稀釋後每股收益為 5.79 美元，其中包括因收購智慧財產權和研發費用而產生的 0.67 美元稀釋。

All year 2025, adjusted net earnings were $26.2 billion and adjusted diluted earnings per share was $10.79 both representing an increase of 8.1% compared to full year 2024.

2025 年全年，調整後淨利潤為 262 億美元，調整後稀釋每股收益為 10.79 美元，兩者均比 2024 年全年增長 8.1%。

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 our long-term growth.

接下來，我將對本季的業務銷售業績進行評論，重點放在六個關鍵領域，在這些領域中，有意義的創新正在推動我們的業績並促進我們的長期成長。

Beginning with innovative medicine, worldwide sales of $15.8 billion increased 7.9%, despite an approximate 1,110 basis points headwind from STELARA, illustrating the continued strength of our key brands and new launches. Growth both in the US and outside of the US was 7.9%.

從創新藥物開始，儘管受到 STELARA 約 1110 個基點的不利影響，全球銷售額仍增長 7.9%，達到 158 億美元，這表明我們的主要品牌和新產品的持續強勁勢頭。美國境內外經濟成長率為 7.9%。

Acquisition and divestitures had a net positive impact of 170 basis points on worldwide growth, primarily due to the Intra-Cellular acquisition. In Oncology, starting with multiple myeloma, DARZALEX growth was 24.1%, primarily driven by strong share gains of 6.5 points across all lines of therapy, and nearly 12 points in the frontline setting, as well as inventory dynamics and market growth.

收購和剝離對全球經濟成長產生了 170 個基點的淨正向影響，這主要歸功於對 Intra-Cellular 的收購。在腫瘤領域，從多發性骨髓瘤開始，DARZALEX 的增長率為 24.1%，主要得益於所有治療線市場份額的強勁增長（增長 6.5 個百分點），以及一線治療市場份額的近 12 個百分點，此外還有庫存動態和市場增長。

CARVYKTI achieved sales of $555 million with growth of 63.2%, driven by share gains and site expansion. TECVAYLI and TALVEY growth was 18.9% and 73.1% respectively, driven by continued expansion in the community setting.

CARVYKTI 實現銷售額 5.55 億美元，成長 63.2%，主要得益於市場份額的提升和場地擴張。TECVAYLI 和 TALVEY 分別成長了 18.9% 和 73.1%，這主要得益於社區環境的持續擴張。

In prostate cancer, ERLEADA delivered strong growth of 18% due to market growth and continued share gains, partially offset by the impact of Part D redesign. In lung cancer, RYBREVANT plus LAZCLUZE delivered sales of $216 million and growth of 76.5%, driven by continued launch uptake in all regions. We continue to see share gains in both first and second lines of therapy.

在前列腺癌領域，ERLEADA 實現了 18% 的強勁成長，這得益於市場成長和持續的市場份額提升，但部分被 D 部分重新設計的影響所抵消。在肺癌領域，RYBREVANT 加 LAZCLUZE 的銷售額達到 2.16 億美元，成長 76.5%，這得益於所有地區持續的上市推廣。我們看到一線和二線療法的市場份額都在持續增長。

Within Immunology, TREMFYA delivered remarkable growth of 65.4%. We continue to see share gains across all indications, with particularly strong momentum from our IBD launch, as well as market growth. STELARA declined 48.6% driven by share loss due to biosimilar competition and Part D redesign.

在免疫學領域，TREMFYA 實現了 65.4% 的顯著成長。我們持續看到所有適應症的市場份額成長，其中 IBD 的上市以及市場成長勢頭尤為強勁。受生物相似藥競爭和D部分重新設計導致的市場份額損失的影響，STELARA下跌了48.6%。

In Neuroscience, SPRAVATO grew an impressive 67.8%, 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 $249 million for the quarter.

在神經科學領域，SPRAVATO 實現了令人矚目的 67.8% 的成長，這得益於醫生和患者持續強勁的需求。CAPLYTA 是在第二季度作為 Intra-Cellular 收購的一部分而被收購的，該季度銷售額為 2.49 億美元。

Since aMDD approval in the US, CAPLYTA has had its highest ever new patient start volumes across all indications.

自美國核准用於治療 aMDD 以來，CAPLYTA 在所有適應症的新患者起始量均創歷史新高。

Now moving to Medtech. Worldwide sales of $8.8 billion increased 5.8%, with growth of 6.6% in the US and 4.9% outside of 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.

現在轉到醫療科技領域。全球銷售額達 88 億美元，成長 5.8%，其中美國成長 6.6%，美國以外地區成長 4.9%，主要得益於我們在心血管、外科和視力這三大重點領域的強勁表現。收購和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 6.5%, driven by procedure growth within our comprehensive portfolio, commercial execution, as well as VARIPULSE and other new products, partially offset by competitive pressures in PFA.

在心血管領域，電生理業務實現了 6.5% 的成長，這主要得益於我們全面產品組合中的手術量成長、商業執行以及 VARIPULSE 和其他新產品，但部分被 PFA 領域的競爭壓力所抵消。

Abiomed delivered growth of 18.3% with continued strong adoption of Impella technology. Shockwave delivered strong double-digit growth of 22.9%, driven by continued adoption of coronary and peripheral products, becoming our 13th billion dollar MedTech platform.

Abiomed 憑藉 Impella 技術的持續強勁應用，實現了 18.3% 的成長。Shockwave 實現了 22.9% 的強勁兩位數成長，這得益於冠狀動脈和周邊產品的持續普及，使其成為我們第 13 個價值 10 億美元的醫療技術平台。

Surgery grew 3.7% despite divestitures negatively impacting results by approximately 60 basis points. Growth was driven by accelerated launches of new products in biosurgery, technology penetration in wound closure, and strong commercial execution, partially offset by competitive pressures in energy and endocutters, as well as VBP in China across the portfolio.

儘管資產剝離對業績產生了約 60 個基點的負面影響，但手術量仍增加了 3.7%。成長主要得益於生物外科新產品的加速上市、傷口閉合技術的滲透以及強勁的商業執行，但部分被能源和內視鏡切割器領域的競爭壓力以及中國市場對整個產品組合的VBP所抵消。

In Vision, contact lenses, and other products grew 5.3%, driven by category growth, strong performance in the ACUVUE OASYS 1-Day family of products, and continued strategic price actions, further solidifying our leadership position. Surgical Vision grew 10.8%, driven by new product innovations, robust demand for premium IOLs, and strong commercial execution.

在視力保健領域，隱形眼鏡和其他產品成長了 5.3%，這主要得益於品類成長、ACUVUE OASYS 1-Day 系列產品的強勁表現以及持續的戰略性價格舉措，進一步鞏固了我們的領先地位。手術視覺業務成長了 10.8%，這得益於新產品創新、對高端人工水晶體的強勁需求以及強大的商業執行力。

Orthopaedics growth this quarter continued to gain momentum and increased to 3.5%, primarily driven by new product launches and strong commercial execution, partially offset by the Orthopaedics transformation and VBP in China.

本季骨科業務成長動能持續增強，增至 3.5%，主要得益於新產品上市和強勁的商業執行，但部分被中國骨科業務轉型和價值導向支付模式所抵銷。

Now turning to our consolidated statement of earnings for the fourth quarter of 2025. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year.

現在來看看我們2025年第四季的合併損益表。我想重點介紹一些與去年同期相比發生顯著變化的項目。

Cost of goods sold deleveraged by 80 basis points, driven by unfavorable product mix and Innovative Medicine and the impact of tariffs in MedTech. This was partially offset by the onetime prior year fair value inventory step up associated with the Shockwave acquisition.

受不利的產品組合和創新藥物以及醫療技術領域關稅的影響，銷售成本下降了 80 個基點。但這部分被與收購 Shockwave 相關的上一年度一次性存貨公允價值增值所抵銷。

Selling, marketing, and administrative expense leveraged by 110 basis points driven by lower administrative expense across the enterprise.

銷售、行銷和管理費用槓桿率提高了 110 個基點，這主要得益於企業整體管理費用的降低。

Research and development leveraged by 620 basis points, primarily driven by prior year acquired IPR&D expense from the V-wave acquisition in MedTech, as well as pipeline investment timing and Innovative Medicine.

研發槓桿率提高了 620 個基點，主要得益於前一年收購醫療技術領域的 V-wave 帶來的智慧財產權和研發支出，以及管線投資時機和創新藥物。

Interest, income and expense was a net income of $23 million as compared to $144 million of income in the fourth quarter of 2024. The decrease in income was primarily driven by a higher average debt balance.

利息、收入和支出淨收入為 2,300 萬美元，而 2024 年第四季收入為 1.44 億美元。收入下降的主要原因是平均債務餘額增加。

Other income and expense was a net expense of $483 million as compared to $161 million of income in the fourth quarter of 2024. This increase in net expense was driven by higher litigation costs of $0.9 billion primarily related to the Auris shareholder resolution and a $0.2 billion non-recurring charge related to Halda employee equity awards.

其他收入和支出淨支出為 4.83 億美元，而 2024 年第四季營收為 1.61 億美元。淨支出增加的原因是訴訟費用增加 9 億美元（主要與 Auris 股東決議有關）以及與 Halda 員工股權獎勵相關的 2 億美元非經常性支出。

This was partially offset by a $0.3 billion contingent value right reduction associated with the Abiomed acquisition.

但這部分被與收購 Abiomed 相關的 0.3 億美元或有價值權減少所抵銷。

Tax rate on a GAAP basis in the fourth quarter of 2025 was a benefit of 3% compared to an 11.7% cost in the fourth quarter of 2024. The decrease in the effective tax rate is primarily driven by a non-recurring tax benefit related to a loss on certain international subsidiaries. More information can be found in the company's forthcoming Form 10-K.

2025 年第四季以 GAAP 計算的稅率為 3% 的收益，而 2024 年第四季則為 11.7% 的成本。實際稅率的下降主要是由於與某些國際子公司虧損相關的非經常性稅收優惠。更多資訊請參閱公司即將發布的 10-K 表格。

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

最後，請大家注意幻燈片的方框部分，其中我們也提供了稅前收入、淨收益和每股收益，這些收益已根據無形資產攤銷費用和特殊項目進行了調整，以排除其影響。

Now let's look at adjusted income before tax by segment for the quarter. Innovative Medicine margin improved from 32.5% to 36.3%, primarily driven by administrative expense leveraging and phasing of R&D expense, partially offset by unfavorable mix in the cost of products sold.

現在我們來看看本季各業務部門的調整後稅前收入。創新藥物利潤率從 32.5% 提高到 36.3%，主要得益於管理費用槓桿化和研發費用分階段實施，但部分被銷售產品成本構成不利因素所抵銷。

MedTech margin improved from 10.8% to 17.4%, primarily driven by prior year acquired IPR&D expense from the V-Wave acquisition. Partially offset by the impact of tariffs and cost of products sold.

醫療技術利潤率從 10.8% 提高到 17.4%，主要得益於上一年收購 V-Wave 帶來的智慧財產權和研發支出。部分被關稅和產品銷售成本的影響所抵銷。

As a result, adjusted income before tax for the enterprise as a percentage of sales increased from 24.1% to 28.7%. This concludes the sales and earnings portion of the call, and I will now turn the call over to Joe.

因此，該企業稅前調整後收入佔銷售額的百分比從 24.1% 增加到 28.7%。銷售和收益部分到此結束，現在我將把電話會議交給喬。

Thanks, Darren. Hello everyone. We appreciate you joining us today. As you've heard from Joaquin and Darren, the employees of Johnson & Johnson delivered impressive results in 2025, driven by strong execution, important new launches, and significant pipeline progress that launched a new era of accelerated growth.

謝謝你，達倫。大家好。感謝您今天蒞臨。正如你從 Joaquin 和 Darren 那裡聽到的，強生公司的員工在 2025 年取得了令人矚目的成績，這得益於強有力的執行、重要的新產品發布以及重要的研發管線進展，從而開啟了加速增長的新時代。

Our performance demonstrates the depth and strength of Johnson & Johnson's business, centered on six core areas Oncology, Immunology, and Neuroscience in Innovative Medicine and Cardiovascular, Surgery, and Vision in MedTech.

我們的表現展現了強生公司業務的深度和實力，其核心領域涵蓋六大領域：創新醫學領域的腫瘤學、免疫學和神經科學，以及醫療技術領域的心血管、外科和視覺。

This has enabled us to exceed financial expectations that existed at the beginning of 2025 on both the top and bottom line. We enter 2026 with powerful momentum and anticipate another solid year ahead.

這使得我們在 2025 年初的營收和利潤方面都超出了預期。我們帶著強勁的發展勢頭進入2026年，並期待未來又一個穩健的年份。

Let me briefly address yesterday's Daubert rulings in the Talc MDL. The Special Master correctly decided to exclude the opinions of certain plaintiffs' experts who pre-pondered junk science. In other parts of the ruling, the court did not uphold its proper gatekeeping duty with respect to the reliability of plaintiffs' experts' opinions, and we will appeal.

讓我簡要談談昨天滑石粉 MDL 案件中的 Daubert 裁決。特別主審官正確地決定排除某些原告專家的意見，因為他們過度強調偽科學。在判決的其他部分，法院沒有履行其對原告專家意見可靠性的適當把關職責，我們將提起上訴。

The decision only serves to bolster our overall litigation strategy. We will continue to defend against these meritless claims at trial and through the appeals courts where we have largely prevailed.

這項決定只會加強我們的整體訴訟策略。我們將繼續在審判和上訴法院中對這些毫無根據的指控進行辯護，我們在上訴法院大多取得了勝利。

Before we move into 2026 guidance, let's address cash and capital allocation. We ended 2025 with approximately $20 billion of cash and marketable securities and $48 billion of debt for a net debt position of approximately $28 billion.

在展望 2026 年業績之前，讓我們先來談談現金和資本配置。截至 2025 年底，我們擁有約 200 億美元的現金和有價證券，以及 480 億美元的債務，淨債務約 280 億美元。

The company generated $19.7 billion of free cash flow during 2025, on par with 2024, despite increased capital investment in the US and the impact of tariffs.

儘管在美國增加了資本投資並受到關稅的影響，但該公司在 2025 年仍產生了 197 億美元的自由現金流，與 2024 年持平。

Our financial strength is a competitive advantage that allows us to both invest in our future and return value to our shareholders. As we move forward in 2026, we expect to elevate free cash flow generation to approximately $21 billion.

我們的財務實力是一項競爭優勢，使我們能夠投資未來並為股東創造價值。展望 2026 年，我們預期自由現金流將提升至約 210 億美元。

As it relates to the separation of our Orthopaedics business, we are making good progress towards a mid-2027 separation and look forward to providing updates later this year.

關於骨科業務的分拆，我們正朝著 2027 年年中分拆的目標穩步推進，並期待在今年稍後提供最新進展。

Turning now to guidance for the full year 2026, we anticipate operational sales growth in the range of 5.7% to 6.7% with a midpoint of $100 billion or 6.2%. Acquisitions and divestitures are expected to favorably impact operational growth by approximately 30 basis points, resulting in an adjusted operational sales growth midpoint of 5.9%.

現在來看看 2026 年全年的業績指引，我們預期營運銷售額將成長 5.7% 至 6.7%，中位數為 1,000 億美元，即 6.2%。預計收購和剝離將對營運成長產生約 30 個基點的有利影響，從而導致調整後的營運銷售成長中位數為 5.9%。

We do benefit in 2026 as our financial calendar includes a 53 week, which is worth approximately 100 basis points.

2026 年我們將受益，因為我們的財務日曆包含 53 週，這大約相當於 100 個基點。

As you know, we do not speculate on future currency movements, and last quarter we utilized the Euro spot rate relative to the US dollar of 1.17. As of last week, the US dollar has stayed relatively flat to the EUR spot rate, and as a result, we expect reported sales growth between 6.2% to 7.2%, with a midpoint of $100.5 billion or 6.7%.

如您所知，我們不對未來的匯率走勢進行推測，上個季度我們採用了歐元兌美元1.17的即期匯率。截至上週，美元兌歐元即期匯率基本上保持穩定，因此，我們預期報告的銷售額成長將在6.2%至7.2%之間，中間值為1005億美元，即6.7%。

2026 sales growth across our Innovative Medicine business will be driven by TREMFYA, DARZALEX, CARVYKTI, ERLEADA, and SPRAVATO, as well as new launches of RYBREVANT plus LAZCLUZE in lung cancer and CAPLYTA as adjunctive therapy for major depressive disorder.

2026 年，我們創新藥物業務的銷售成長將主要由 TREMFYA、DARZALEX、CARVYKTI、ERLEADA 和 SPRAVATO 推動，同時也將推出用於治療肺癌的 RYBREVANT 加 LAZCLUZE 以及作為重度憂鬱症輔助療法的 CAPLYTA。

In MedTech, we expect growth to be driven by continued uptake and market expansion of new product launches across our Cardiovascular, Surgery, and Vision portfolios, including VARIPULSE and Electrophysiology. ETHICON 4000 in Surgery and the OASYS MAX family in Vision.

在醫療技術領域，我們預計成長將由心血管、外科和視覺產品組合（包括 VARIPULSE 和電生理學）的新產品持續推廣和市場擴張所驅動。ETHICON 4000 用於外科手術，OASYS MAX 系列用於視覺系統。

Turning next to other items on the P&L in 2026, we expect to drive continued operating efficiencies, the majority of which we plan to invest in our business to power our new product launches and pipeline with heavier investment at the outset of the year.

接下來，我們來看看 2026 年損益表上的其他項目，我們預計將持續提高營運效率，其中大部分資金計劃投資於我們的業務，以推動新產品的推出和產品線的建設，並在年初加大投資力度。

Despite that increased investment, we are planning for our 2026 adjusted pre-tax operating margin to improve by at least 50 basis points. Our pre-tax operating margin guidance takes into account the costs from the 53rd week of operations and full year MedTech tariffs of approximately $500 million which is significantly above the 2025 amount. It also includes the impact of the recently announced voluntary agreement with the US government to improve access to medicines and lower costs to US patients.

儘管投資增加，但我們預計 2026 年調整後的稅前營業利潤率將提高至少 50 個基點。我們的稅前營業利潤率預期考慮了營運第 53 週的成本以及全年約 5 億美元的醫療技術關稅，這遠高於 2025 年的數額。報告還分析了最近宣布的與美國政府達成的自願協議的影響，該協議旨在改善美國患者獲得藥物的機會並降低藥物成本。

We expect net interest expense between $300 million and $400 million. We anticipate net other income to be $1 billion to $1.2 billion for 2026, relatively flat to last year. Finally, we are projecting an effective tax rate in the range of 17.5% to 18.5%, with the increase largely due to a mixed change with income in higher tax jurisdictions.

我們預期淨利息支出在 3 億美元至 4 億美元之間。我們預計 2026 年其他淨收入為 10 億美元至 12 億美元，與去年基本持平。最後，我們預計實際稅率將在 17.5% 至 18.5% 之間，成長主要是由於高稅收管轄區的收入變化不一所致。

Turning to adjusted operational earnings per share, we expect growth of 5.5% at the midpoint for a range of $11.28 to $11.48.

就調整後的每股營運收益而言，我們預計將成長 5.5%，區間為 11.28 美元至 11.48 美元。

By utilizing the exchange rate we mentioned earlier for our reported adjusted earnings per share for the year, we estimate a positive impact of $0.15. As such, we expect reported adjusted earnings per share of $11.53 at the midpoint.

利用我們之前提到的匯率，我們預期對年度調整後每股盈餘的影響為0.15美元。因此，我們預期調整後每股盈餘的中位數為11.53美元。

Regarding our share count, due to the rapid share price appreciation in the second half of 2025 into early 2026, our diluted share count is increasing to approximately 2.44 billion shares based on US GAAP accounting rules for the diluted share calculation, in line with how the fourth quarter of 2025 landed. The incremental diluted shares for next year are worth slightly more than $0.05 headwind versus 2025.

關於我們的股份數量，由於 2025 年下半年到 2026 年初股價快速上漲，根據美國通用會計準則 (US GAAP) 的稀釋股份計算規則，我們的稀釋股份數量將增加到約 24.4 億股，這與 2025 年第四季的實際情況相符。明年新增的稀釋股份價值略高於 2025 年的 0.05 美元。

Relative to current analyst expectations, our EPS and margin outlooks absorb the previously referenced incremental tariffs, the impact of the voluntary US government agreement, and a higher share count.

與目前分析師的預期相比，我們的每股盈餘和利潤率展望已考慮了先前提到的增量關稅、美國政府自願協議的影響以及更高的流通股數量。

We will now shift to some 2026 phasing considerations to help inform your modeling. We are well positioned to build upon our accomplishments in 2025, continuing to make advancements across our Innovative Medicine and MedTech portfolio and pipeline.

接下來，我們將討論一些 2026 年的分階段實施考慮因素，以幫助您進行建模。我們已做好充分準備，在 2025 年鞏固已取得的成就，並繼續在創新醫學和醫療技術產品組合及研發管線方面取得進展。

We anticipate fairly consistent operational sales growth throughout the year with a higher fourth quarter due to the benefit from the 53rd week referenced earlier.

我們預計全年營運銷售額將保持較為穩定的成長，第四季將因前面提到的第 53 週的利好而成長更快。

Regarding Innovative Medicine, we expect a more pronounced impact from newly launched products throughout the year. We anticipate STELARA to continue to follow the Humira erosion curve, which accelerated as we moved through the second half of 2025 compared to the start.

在創新藥物方面，我們預計全年新上市的產品將產生更顯著的影響。我們預計 STELARA 將繼續遵循 Humira 的侵蝕曲線，與 2025 年上半年相比，該曲線在下半年加速下降。

While not nearly as impactful as STELARA, we do anticipate generic impact for both SIMPONI and OPSUMIT to begin in 2026, both of which are contemplated in our full year guidance.

雖然其影響遠不及 STELARA，但我們預計 SIMPONI 和 OPSUMIT 的普遍影響將於 2026 年開始顯現，這兩款藥物都已納入我們的全年業績預期。

In MedTech, we will continue to accelerate our newly launched products and expect normalized seasonality. The Surgery transformation progress will accelerate throughout the year, and we anticipate some additional rounds of volume-based procurement in China, all of which has been incorporated into our 2026 guidance.

在醫療技術領域，我們將繼續加快新推出產品的步伐，並期待季節性因素恢復正常。今年，手術轉型進程將加快，我們預計在中國還將進行幾輪基於數量的採購，所有這些都已納入我們的 2026 年指導方針中。

Regarding the P&L, it is important to consider one-time items that impacted our EPS results in 2025. Specifically, in Q1 2025, the impact from STELARA biosimilars was less pronounced, given that the erosion accelerated starting in Q2.

關於損益表，需要考慮影響我們 2025 年每股盈餘結果的一次性項目。具體來說，在 2025 年第一季度，STELARA 生物相似藥的影響不太明顯，因為侵蝕從第二季度開始加速。

The Intra-Cellular acquisition anniversaries in Q2. And tariffs will be relatively linear in 2026, unlike last year, where the P&L cost was largely recorded in Q4 2025. Given these factors, we expect higher earnings per share growth in the second half of the year versus the first half.

第二季 Intra-Cellular 收購週年紀念。與去年不同，2026 年關稅將相對線性成長，去年損益成本主要計入 2025 年第四季。有鑑於這些因素，我們預計下半年每股盈餘成長將高於上半年。

We are excited about how our pipeline is anticipated to advance in 2026. For example, in Innovative Medicine, we expect regulatory approvals for icotrokinra in psoriasis, TECVAYLI in combination with DARZALEX in relapsed refractory multiple myeloma as early as second line, and TREMFYA for the innovation of structural joint damage for patients with psoriatic arthritis.

我們對公司產品線在 2026 年的預期進展感到非常興奮。例如，在創新醫學領域，我們預計 icotrokinra 將在乾癬治療中獲得監管批准，TECVAYLI 與 DARZALEX 聯合用於復發難治性多發性骨髓瘤的二線治療，以及 TREMFYA 將用於治療銀屑病關節炎患者的結構性關節損傷。

As this chart indicates, we also have many important regulatory submissions and data presentations across Oncology, Immunology, and Neuroscience.

正如這張圖表所示，我們在腫瘤學、免疫學和神經科學領域也有許多重要的監管申報和數據展示。

In MedTech, we anticipate the following approvals and regulatory submissions OTTAVA Robotic Surgical System. ETHIZIA in biosurgery and the Dual Energy THERMOCOOL SMARTTOUCH SF Catheter in the US. Here too, we are also excited for new launches and continued expansion of new products as seen in the chart.

在醫療技術領域，我們預計 OTTAVA 機器人手術系統將獲得以下批准和監管申報。ETHIZIA 在生物外科領域以及美國雙能 THERMOCOOL SMARTTOUCH SF 導管。同樣，我們也對新產品的推出和持續擴張感到興奮，正如圖表所示。

To close the prepared remarks, I hope it's evident that Johnson & Johnson is entering 2026 with significant momentum. We are positioned to lead where healthcare is going to tackle areas of critical unmet need.

最後，我想說，希望大家能夠清楚地看到，強生公司正以強勁的發展勢頭邁入 2026 年。我們已做好準備，引領醫療保健的未來發展方向，解決亟待滿足的關鍵需求領域。

Our strong financial position enables us to invest in our business and the next generation of scientific breakthroughs that will help improve patient outcomes while simultaneously delivering value for our shareholders.

我們雄厚的財務實力使我們能夠投資於我們的業務和下一代科學突破，這將有助於改善患者的治療效果，同時為我們的股東創造價值。

None of this would be possible without the hard work and dedication of our incredible colleagues worldwide who always keep patients at the center of everything we do.

如果沒有我們遍布全球的傑出同事們的辛勤工作和奉獻精神，這一切都不可能實現，他們始終將患者放在我們一切工作的中心。

With that, we are happy to take your questions, so I will now turn it to Kevin to provide instructions for those seeking to participate in the Q&A.

接下來，我們很樂意回答大家的問題，現在我將把發言權交給凱文，由他來為想要參與問答環節的人們提供指導。

(Operator Instructions) Asad Haider, Goldman Sachs.

（操作說明）阿薩德·海德爾，高盛。

Great, congrats on the quarter and thanks for taking the question. Joaquin, maybe just a big picture question for you. You're entering this year in a clear position of strength, following what's been one of the best performance years for the stock in about 20 years.

太好了，恭喜你本季取得好成績，謝謝你回答這個問題。Joaquin，或許你可以問我一個比較宏觀的問題。今年伊始，貴公司處於明顯的強勢地位，因為今年是貴公司股票近 20 年來表現最好的一年之一。

You've had momentum in both business segments. You're generating tremendous free cash flow and you're that you're saying is going to continue to elevate, and you've now started to talk more about double-digit revenue growth by the latter part of the decade, although street consensus is currently modeling something in the 6% range.

你們在兩個業務領域都取得了發展勢頭。你們正在創造巨大的自由現金流，而且你們也表示自由現金流將繼續增長，現在你們開始更多地談論到本十年後半段實現兩位數的收入增長，儘管華爾街目前的普遍預期是 6% 左右。

So if you could just maybe double click a little bit more on what the key levers are to bridge that double-digit growth profile from where we sit today, particularly in the context of the current revenue base that's now approaching $100 billion and remains sizable through the end of the decade, even with the ortho spin.

所以，如果您能再詳細闡述一下，從我們目前的狀況來看，實現兩位數增長的關鍵槓桿是什麼，尤其是在當前收入基礎已接近 1000 億美元，並且即使加上骨科業務的剝離，到本十年末仍將保持相當可觀的規模的情況下，那就太好了。

And I guess what we're really trying to understand is how much of that acceleration comes from the organic pipeline versus acquisitions versus portfolio pruning and I guess related what innings are we in of this strategic repositioning away from lower growth segments like you're doing with Ortho towards higher growth segments.

我想我們真正想了解的是，這種加速成長有多少來自有機成長，有多少來自收購，又有多少來自產品組合精簡；我想，與之相關的是，我們目前處於策略調整的哪個階段，即從低成長領域（例如骨科）轉向高成長領域。

Thank you.

謝謝。

Thank you, great question, and sure, I mean, we come out of a really successful 2025, leaving the STELARA biosimilars in the rearview mirror and initiating a cycle of accelerated growth for Johnson & Johnson. And you have seen that we have provided guidance for 2026 which is strong and ahead of expectations.

謝謝，問得好。當然，我的意思是，我們度過了非常成功的 2025 年，將 STELARA 生物類似藥拋在了身後，開啟了強生公司加速增長的新一輪週期。你們也看到了，我們對 2026 年的業績給出了強勁的預期，超出了預期。

And as I said before, we have line of sight to double-digit growth in the later part of the decade, which is especially remarkable for a company that according to our guidance, would be $100 billion in sales in 2026. So what are the reasons to believe?

正如我之前所說，我們預計在本十年後期實現兩位數的成長，這對於一家根據我們的預測，到 2026 年銷售額將達到 1000 億美元的公司來說，尤其令人矚目。那麼，我們有什麼理由相信呢？

The reasons to believe are focused on the strength of our portfolio and pipeline. Let me now take you through the six areas of focus that we are investing into the future. Let me start with Oncology. Our ambition with Oncology is to become the number one Oncology company, reaching $50 billion by the end of the decade, sustained by our success in multiple myeloma and also in solid tumors with lung cancer, prostate cancer, and bladder cancer.

我們有理由相信，我們的產品組合和研發管線實力雄厚。現在讓我帶您了解我們未來重點投資的六個領域。讓我先從腫瘤學說起。我們在腫瘤領域的目標是成為排名第一的腫瘤公司，到本世紀末實現 500 億美元的營收，這得益於我們在多發性骨髓瘤以及肺癌、前列腺癌和膀胱癌等實體瘤領域的成功。

We are very confident on our progress there in our pipeline, and I'm sure we will have some time to discuss that later in the call.

我們對目前產品線的進度非常有信心，我相信稍後我們會在電話會議中抽出時間來討論這個問題。

In our second area in Innovative Medicine, which is Immunology, we are focusing on three major blockbusters. One is TREMFYA, which has been very successful in IBD. You have seen the growth in the fourth quarter, really spectacular, 65%. TREMFYA and IBD launch is doing really well and as a reminder in the case of STELARA, IBD was 75% of the sales, so there's significant growth for TREMFYA ahead of us. We see TREMFYA, more than a $10 billion asset.

在創新醫學的第二個領域—免疫學領域，我們將重點放在三大重磅藥物。其中之一是 TREMFYA，它在 IBD 治療中取得了巨大的成功。你們已經看到了第四季的成長，非常驚人，達到了 65%。TREMFYA 和 IBD 的上市情況非常好，需要提醒的是，以 STELARA 為例，IBD 佔銷售額的 75%，因此 TREMFYA 未來還有很大的成長空間。我們看到 TREMFYA 的資產超過 100 億美元。

The second one is ICOTYDE. ICOTYDE is the trademark of Icotrokinra, our oral IL-23 blocker. We see the oral IL-23 blocker expanding the market, becoming a new blockbuster for us. We expect to have the launch of ICOTYDE in 2026, initially in psoriasis. This is going to be a transformational change for the treatment of these diseases, and we plan to continue to develop ICOTYDE in IBD, in inflammatory bowel disease.

第二個是 ICOTYDE。ICOTYDE 是 Icotrokinra 的商標，Icotrokinra 是我們的口服 IL-23 阻斷劑。我們看到口服IL-23阻斷劑正在擴大市場，成為我們的一款新的重磅藥物。我們預計將於 2026 年推出 ICOTYDE，最初用於治療銀屑病。這將徹底改變這些疾病的治療方式，我們計劃繼續開發 ICOTYDE 用於治療發炎性腸道疾病 (IBD)。

And finally, the third blockbuster in which we will see data this year is our co-antibody therapeutic for patients that are refractory to biologics. I think that's a great solution for these patients. Many of them relapse.

最後，今年我們將看到數據的第三款重磅藥物是我們的聯合抗體療法，用於治療對生物製劑無效的患者。我認為這對這些患者來說是一個很好的解決方案。他們中許多人復發了。

So three major blockbusters in Immunology which are largely de-risked. Some of them are approved file, or you're going to see data very soon. To end in Innovative Medicine, we are very encouraged by the progress of SPRAVATO, more than 60% growth, and also the very successful launch of CAPLYTA in adjunctive treatment of major depressive disorder.

因此，免疫學領域的三大重磅研究計畫風險已基本降低。其中一些文件已經獲得批准，或者您很快就能看到資料。最後，在創新醫學方面，我們對 SPRAVATO 的進展感到非常鼓舞，其成長率超過 60%，同時 CAPLYTA 在重度憂鬱症輔助治療方面也取得了非常成功的上市。

We're seeing the first data coming in very encouraging. We see CAPLYTA, as we discussed, as additive to our growth, more than a $5 billion business. So all positives in our Innovative Medicine group, clearly driving this line of sight to double-digit growth by the end of the decade.

我們看到的第一批數據非常令人鼓舞。正如我們之前討論過的，我們認為 CAPLYTA 對我們的成長是有益的，它不僅僅是一家價值 50 億美元的企業。因此，我們創新醫學團隊的所有積極因素都表明，到本十年末，我們將實現兩位數的成長。

If I move to our MedTech business, our Cardiovascular sector very strong growth in 2025. Double-digit growth is reaching $9 billion. It's one of the largest Cardiovascular franchises in the industry. We are in three major markets which are specialty markets with high growth, cardiac ablation where we are the leaders, and we plan to expand our leadership in PFA with the launch of a new catheter every year and new Carto versions, and Tim will explain later.

如果我轉到我們的醫療技術業務，我們的心血管領域在 2025 年將實現非常強勁的成長。兩位數成長已達90億美元。它是業內最大的心血管特許經營品牌之一。我們目前在三大主要市場——高成長的專業市場——處於領先地位，在心臟消融領域，我們計劃透過每年推出新的導管和新的 Carto 版本來擴大我們在 PFA 領域的領先地位，Tim 稍後會對此進行解釋。

Our strong position both in Abiomed and Shockwave in heart recovery and in calcified arterial disease. So that's going to be a growth driver for us into the rest of the decade.

我們在 Abiomed 和 Shockwave 領域，尤其是在心臟復健和鈣化動脈疾病方面，都擁有強大的實力。因此，這將成為我們未來十年成長的驅動力。

In Surgery we have had strong results both in wound closure and in biosurgery which are high single digit in both areas. We just filed for OTTAVA, which is going to make us a relevant player in the surgical robotics market, which is an area in which have all the right to compete.

在外科手術方面，我們在傷口縫合和生物外科手術方面都取得了顯著的成果，這兩個領域的成功率都達到了個位數。我們剛剛提交了OTTAVA申請，這將使我們成為外科手術機器人市場的重要參與者，而我們完全有權在這個領域競爭。

Let me remind all of you that we are in all hospitals in the world and we already participate in nearly all surgeries, and we plan to be a relevant player in robotic surgery with OTTAVA and also with the launch of MONARCH in urology in which we are going to have a unique position.

讓我提醒大家，我們的設備遍布全球各大醫院，我們已經參與了幾乎所有的手術，我們計劃憑藉 OTTAVA 成為機器人手術領域的重要參與者，同時，隨著 MONARCH 在泌尿外科領域的推出，我們將佔據獨特的地位。

Then finally, in Vision, you see our results in Vision it is a market with growth. We're gaining share and it's an area of innovation in which we plan to invest.

最後，在 Vision 領域，您可以看到我們的成果，這是一個不斷成長的市場。我們正在擴大市場份額，這是我們計劃投資的創新領域。

So you know we have about a dozen new product launches for the company. Some of them are already approved, most of them submitted. So I would say that in that sense it's essentially what I would call de-risked and some of you have called our story of growth in the second half of the decade as one of the cleanest stories of growth for the healthcare sector-- for the health care entire sector overall.

你知道，我們公司大約有十幾款新產品即將推出。其中一些已經獲得批准，大部分已經提交。所以我認為，從這個意義上講，它基本上就是我所說的去風險化，你們中的一些人稱我們在本世紀後半葉的成長故事是醫療保健行業——乃至整個醫療保健行業——最清晰的成長故事之一。

So we feel very confident about our outlook. It's reflected in our guidance for 2026, and I can assure you that everybody here at Johnson & Johnson is focused on doing exactly what we do best, which is looking for innovation in medicines and medical technologies to improve the standard of care of the millions of patients that we serve, and we are convinced that that will translate in strong business results.

因此，我們對前景非常有信心。這體現在我們 2026 年的業績指引中，我可以向你們保證，強生公司的每個人都專注於做好我們最擅長的事情，那就是在藥品和醫療技術領域尋求創新，以提高我們所服務的數百萬患者的護理標準，我們相信這將轉化為強勁的業務成果。

Larry Biegelson, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning. Thanks for taking the question and I'll echo my congratulations on a nice end to the year here. So Tim, there's some dynamics in the MedTech market, that you called out in the slides as well as the loss of coverage in the US, from the enhanced subsidies expiring.

早安.感謝您回答這個問題，我也要祝賀您圓滿結束了這一年。提姆，醫療科技市場存在一些動態變化，你在投影片中也提到了這一點，還有美國健保覆蓋範圍的縮小，因為增強型補貼到期了。

How are you thinking about the MedTech market in 2026 relative to 2025? And how are you thinking about J&J's adjusted operational growth in '26 versus '25? Do you expect an acceleration, and it would be helpful if you could touch upon the outlook for your EP business which is growing below market. Thank you.

您認為2026年醫療科技市場與2025年相比有何變化？您如何看待強生 2026 年與 2025 年相比的調整後營運成長？您預計成長會加速嗎？如果您能談談貴公司EP業務的前景，那就太好了，因為該業務的成長低於市場平均水平。謝謝。

Larry, thank you for the question. Let me touch quickly on the first question around ACA subsidies and put that one to bed. Firstly, based on what we know today, we do not expect the loss of ACA subsidies or any potential policy changes under the one big, beautiful bill to have a material impact on our MedTech performance.

拉里，謝謝你的提問。讓我快速回答一下關於《平價醫療法案》補貼的第一個問題，並就此結束。首先，根據我們目前所了解的情況，我們預計 ACA 補貼的損失或這項龐大而美好的法案下的任何潛在政策變化都不會對我們的醫療技術業績產生實質影響。

And while we'll continue to monitor how coverage dynamics evolve at this stage, we see no indication of an impact on our growth trajectory. The primary constraint, as Larry, in our business is really more about clinical capacity, not coverage levels, and procedure demands remained very robust across our portfolio, which I think really speaks to the resilience of the businesses that we've decided to participate in.

雖然我們將繼續關注現階段的覆蓋範圍動態變化，但我們目前沒有看到任何跡象表明這會對我們的成長軌跡產生影響。正如 Larry 所說，我們業務的主要限制因素實際上是臨床能力，而不是覆蓋水平，而且我們投資組合中的手術需求仍然非常強勁，我認為這真正體現了我們決定參與的業務的韌性。

Turning to your question about the year, we do expect to see accelerate. We expect the year to be better in 2026 than it was in '25, and I think it's important to maybe hedge this question on really our strategy, and I think, for the last couple of years we've been very clear in articulating our strategy focused on shifting our portfolio into higher innovation, higher growth, and higher margin markets.

關於您提出的今年的情況，我們預計會看到加速成長。我們預計 2026 年的情況會比 2025 年好，我認為有必要對我們的策略進行一些權衡，我認為，在過去幾年裡，我們已經非常明確地闡述了我們的策略，即專注於將我們的投資組合轉向創新性更高、成長更快、利潤率更高的市場。

And as you just heard from Joaquin, we have deliberately chosen to focus on our three focus areas of CV, Surgery, and Vision. And I think our results, Larry, speak for themselves. Our strategy is working. We said we would accelerate our performance in the back half of '25, and we did exactly that, beating consensus for the third consecutive quarter.

正如你剛才從華金那裡聽到的，我們特意選擇專注於心血管、外科和視覺這三個重點領域。拉里，我認為我們的結果已經說明了一切。我們的策略奏效了。我們說過我們會在 2025 年下半年加快業績成長，我們也確實做到了，連續第三個季度超出了預期。

And what we're most proud of, Larry, is that we saw acceleration across the board, as you heard from Joaquin, Cardiovascular, now one of our largest businesses at $9 billion grew 15.2% operationally in 2025 driven by success of Abiomed and Shockwave, both double-digit growers and increasing performance in EP, which I'll touch on a little later.

拉里，我們最引以為傲的是，我們看到了各個領域的加速發展。正如你從華金那裡聽到的，心血管業務現在是我們最大的業務之一，年營業額達 90 億美元，在 Abiomed 和 Shockwave 的成功推動下，2025 年運營增長了 15.2%，這兩家公司都實現了兩位數的增長，並且在電生理領域也取得了越來越好的表現，我稍後會詳細介紹。

Vision strong mid to high single-digit performer, double-digit growth in Surgical Vision, and of course we couldn't be more excited by the growth opportunities that will come with OTTAVA as we look to commercialize that first in the US hopefully this year.

Vision 業務表現強勁，實現了中高個位數成長，Surgical Vision 業務實現了兩位數成長，當然，我們對 OTTAVA 帶來的成長機會感到無比興奮，希望今年能在美國率先實現其商業化。

We've also seen continued improvement of Ortho. You would have expected maybe some distraction as a result of the announcement we made. We've seen exactly the opposite with sequential growth through the quarter and 3.5% in Q4.

我們也看到了骨科的持續進步。你可能會預料到，我們發布的公告可能會造成一些幹擾。我們看到的情況恰恰相反，本季環比成長，第四季成長了 3.5%。

And so I'll finally reinforce, Larry, that our portfolio transformation is working. If you look at the $34 billion business today, we have roughly half of our assets participating in higher growth markets, growing north of 5%. That's compared to about 20% in 2018.

最後，拉里，我要再次強調，我們的投資組合轉型正在發揮作用。如果縱觀我們如今340億美元的業務，我們大約有一半的資產參與了成長速度更快的市場，成長率超過5%。相較之下，2018 年這一比例約為 20%。

And this will catapult to north of 70% following the ortho separation. So as a result, we believe, frankly that our best days are ahead, and we remain very confident in our ability to drive accelerated operational growth as we further push into higher areas of innovation, growth, and margins.

正射影像分離後，這一比例將飆升至 70% 以上。因此，坦白說，我們相信最好的日子還在後頭，我們仍然非常有信心，隨著我們進一步向更高層次的創新、成長和利潤率領域邁進，我們將能夠推動營運的加速成長。

Let me touch quickly on EP because I think that was another part of your question. The results speak for themselves, and they're speaking loud and clear. We're seeing continued acceleration in the markets that matter most, especially here in the US and in Europe. You will have seen that in the fourth quarter our growth accelerated to 9.5%.

我簡單談談EP，因為我覺得這跟你問題的另一個部分有關。結果不言自明，而且結果非常明確。我們看到最重要的市場，尤其是美國和歐洲市場，正在持續加速成長。你們已經看到，第四季我們的成長率加速至 9.5%。

We're on the cusp of once again double-digit growth here in the United States, which is by far and away the most important market. Seeing this driven by the success of VARIPULSE in more than 40,000 cases today, Larry, with a benchmark safety profile, as you heard from Joaquin, we've made a commitment to an additional catheter each year for the foreseeable future, starting with Dual Energy STSF, followed by OMNYPULSE, which is a large tip focal catheter, and we're also doubling down on our leadership position in mapping.

我們即將再次在美國實現兩位數成長，而美國無疑是最重要的市場。鑑於 VARIPULSE 目前已在超過 40,000 例病例中取得成功，Larry，並且正如你從 Joaquin 那裡聽到的，它具有標桿級的安全性能，我們承諾在可預見的未來每年都會推出一款新的導管，首先是 Dual Energy STSF，然後是 OMNYPULSE，這是一款大聚焦軸，我們也將鞏固我們在聚焦在定位。

And we now see really customers shifting back to CARTO based on the integration we have across our portfolio. And just to put a point on this, Larry, for example our CARTO 3 system is widely recognized as the industry benchmark in mapping.

現在我們看到，由於我們產品組合的整合性，客戶確實正在重新轉向 CARTO。拉里，我舉個例子來說明這一點：我們的 CARTO 3 系統被廣泛認為是地圖繪製產業的標竿。

In fact, in a recent study, it found that patients treated with PFA devices, whether that be ours or the competitions using CARTO were 61%. Once again 61% less likely to experience AFib related readmissions, which I think further reinforces the competitive advantage we have in this portfolio.

事實上，最近的一項研究發現，使用 PFA 設備（無論是我們的還是競爭對手的 CARTO 設備）治療的患者中，有 61% 的人接受了治療。心房顫動相關再入院的可能性再次降低了 61%，我認為這進一步鞏固了我們在該產品組合中的競爭優勢。

And so I've said this before, Larry, and I'll end by saying that we are not rolling over. J&J's strength lies in our comprehensive portfolio of integrated EP solutions, mapping, ablation, and cardiac imaging technologies combined with our best-in-class mappers, and we remain resolute and confident that our deep EP expertise earned over 30 years and our robust pipeline position us well to continue to drive global leadership in this important space. Thanks.

拉里，我之前說過，最後我再說一遍，我們絕對不會屈服。強生的優勢在於我們全面的整合電生理解決方案、標測、消融和心臟影像技術組合，以及我們一流的標測儀。我們仍然堅定地相信，我們30多年來積累的深厚電生理專業知識和強大的研發管線使我們能夠繼續在這個重要領域保持全球領先地位。謝謝。

Chris Schott, JP Morgan Chase and Company.

克里斯‧肖特，摩根大通公司。

Great. Thanks so much and congrats on the results. Joe, can you just elaborate a little bit more on how to think about margin progression over time at J&J? You-- you've obviously highlighted the potential for accelerating top-line growth over the next several years.

偉大的。非常感謝，也恭喜你取得好成績。Joe，你能否再詳細解釋如何看待強生公司利潤率隨時間推移的變化？您—您顯然強調了未來幾年營收成長加速的潛力。

Should we think about that higher level of top-line growth being associated with greater margin expansion, or is this kind of 50 basis points year type improvement that you're seeing this year, a reasonable proxy to think about marginal expansion for J&J over time?

我們是否應該認為更高的營收成長與更大的利潤率擴張有關，或者說，今年這種每年 50 個基點的改善，是否可以作為衡量強生公司長期邊際擴張的合理指標？

Thank you.

謝謝。

Yeah, good morning, Chris. Thanks for the question. Yeah, it's-- it's a great question. As we look at the margin expansion, the idea would be to continue to improve, our infrastructure. What gives me confidence with respect to 2026 outlook of at least 50 basis points is, as with the Orthopaedic separation, much like we did with the consumer health separation, we're going to take this opportunity to look and see where there's areas of opportunity efficiency to eliminate stranded costs.

早上好，克里斯。謝謝你的提問。是的，這是一個很好的問題。當我們著眼於利潤率擴張時，我們的想法是繼續改善我們的基礎設施。讓我對 2026 年的前景至少有 50 個基點信心的原因是，就像我們之前進行骨科業務拆分一樣，就像我們之前進行消費者健康業務拆分一樣，我們將藉此機會尋找提高效率的機會領域，以消除閒置成本。

While that will probably need to be in place for 2027, we're going to get a jump start on that in 2026. There's also, as you know from recent calls, efforts underway to improve our operating margins, our gross margins specifically in our manufacturing footprint, largely in the MedTech space.

雖然這可能需要到 2027 年才能實現，但我們將在 2026 年提前啟動這項工作。正如您從最近的電話會議中了解到的，我們正在努力提高我們的營運利潤率，特別是我們在製造領域的毛利率，主要集中在醫療技術領域。

And then lastly, while we will have continued STELARA erosion, it'll be off a smaller base so that will have less of an impact going forward. And so I wouldn't want to give you a longer-term outlook. What I can say is I'll harken back to our last Investor Day where we said that earnings would be commensurate with sales growth.

最後，雖然 STELARA 侵蝕仍會持續，但由於基數較小，因此對未來的影響會較小。所以我不想給你更長遠的展望。我可以說的是，我會回顧我們上次投資者日上的內容，當時我們說過，獲利將與銷售成長成正比。

So you can expect that the margin profile will improve in conjunction with the sales growth profile as we move out to the next couple of years and the back half of this decade.

因此，隨著未來幾年以及本十年後半段的到來，我們可以預期利潤率將隨著銷售成長而提高。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

Good morning. Thank you for taking the question and I'll add my congrats on the good quarter. I just want to spend a minute or two talking about Vision Care. You highlighted that as one of the three growth areas in medical technology.

早安.感謝您回答這個問題，也恭喜您本季業績優異。我只想花一兩分鐘談談視力保健。你將其列為醫療技術領域的三大成長領域之一。

It looks like in your surgical business, it was a little bit slower during the quarter in the United States versus what we saw outside the United States. If you could tease that apart a little bit and your views on the health of the contact lens market would be really welcome. Thanks again.

看起來，與美國以外地區相比，你們的外科手術業務在本季在美國的成長速度略有放緩。如果您能稍微分析一下這個問題，並分享您對隱形眼鏡市場健康狀況的看法，我們將非常歡迎。再次感謝。

Joanne, thank you for your note, and once again we have doubled down and really focusing on Vision as one of our three priority areas within MedTech, and, as you highlighted, a strong fourth quarter at growth of just under 7%.

Joanne，謝謝你的來信。我們再次加倍投入，將視覺作為我們在醫療科技領域的三大優先領域之一，正如你所強調的，第四季成長強勁，接近 7%。

Strong underlying performance within our contact lens category. Well, we did see a little softness, Joanne, in Asia Pacific. Underlying demand is robust and we saw tremendous growth at roughly 5.3% with share gains driven by the continued rollout of our ACUVUE OASYS 1-Day family.

我們在隱形眼鏡類別中表現出強勁的基礎表現。喬安妮，我們確實在亞太地區看到了一些疲軟的跡象。潛在需求強勁，我們看到了約 5.3% 的巨大成長，市場佔有率的成長主要得益於 ACUVUE OASYS 1-Day 系列產品的持續推出。

Which I think you probably know that we've added to with the addition of a product focused on multifocal astigmatism, the only product or only daily disposable available for patients suffering with both presbyopia and astigmatism. And so we believe that's going to be a nice growth driver for the future.

我想您可能也知道，我們新增了一款專注於多焦點散光的產品，這是目前唯一一款適用於同時患有老花眼和散光的患者的日拋型產品。因此，我們相信這將是未來一個良好的成長動力。

Turning to Surgical Vision, growth of close to 11% in the quarter, and that's all driven by our doubling down of our focus on premium intraocular lenses, both with TECNIS Odyssey launch here in the US last year and PureSee more broadly globally.

再來看手術視力業務，本季成長近 11%，這完全得益於我們加倍專注於高端人工晶體，包括去年在美國推出的 TECNIS Odyssey 以及在全球範圍內更廣泛地推出的 PureSee。

As you look to 2026, we're going to be further enhancing that performance by building out the portfolio specifically with the launch of PureSee here in the United States. You touched on our fourth quarter performance, underlying performance of our premium IOLs here in the US was outstanding. We did see that offset somewhat by some ongoing market declines in some of the legacy categories which we're working to address. But we're confident that our Surgical Vision business can continue to be a strong double-digit grower for the foreseeable future.

展望 2026 年，我們將透過在美國推出 PureSee 來進一步完善產品組合，從而提升業績。您提到了我們第四季度的業績，我們在美國高端人工晶體的基礎業績非常出色。我們看到，一些傳統品類的持續市場下滑在一定程度上抵消了上述成長，我們正在努力解決這些問題。但我們有信心，在可預見的未來，我們的外科視力業務將繼續保持兩位數的強勁成長。

A couple other areas I'll focus on here is that we are expanding global market share both in Contact Lenses and Surgical Vision, not just winning here in the United States, but more important globally. We're focusing very much on portfolio optimization, and I do think the ortho separation enables greater capital allocation to Vision, supporting both R&D, commercial execution, and digital transformation. And so we're thrilled with the continued improvement in Surgical Vision and have great confidence in that continuing. Thank you.

我還要重點談談另外幾個方面，那就是我們在隱形眼鏡和手術視力領域的全球市場份額正在不斷擴大，不僅在美國取得了成功，更重要的是在全球範圍內也取得了成功。我們非常注重投資組合優化，我認為正交業務的分離能夠為 Vision 分配更多資金，從而支持研發、商業執行和數位轉型。因此，我們對手術視覺技術的持續改進感到非常興奮，並且對這種改進的持續性充滿信心。謝謝。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利。

Great, thanks for taking the question. Appreciate it. Congrats on the quarter. Obviously multiple myeloma is another one of your key growth drivers here. I was wondering post a lot of the earlier stage data, earlier line data we've seen for TECVAYLI.

太好了，謝謝你回答這個問題。謝謝。恭喜你本季取得佳績。顯然，多發性骨髓瘤是你們這裡另一個重要的成長驅動因素。我想發布一些我們之前看到的 TECVAYLI 早期階段的數據和早期生產線數據。

If you could speak to how you're thinking about positioning here of that franchise relative to CARVYKTI, and then the related question is I know FDA published some final guidance, regarding MRD negativity and CR's end points. So just thinking about how you might implement that across your development portfolio and what that could mean for timelines.

如果您能談談您如何考慮將該特許經營權相對於 CARVYKTI 進行定位，那麼相關的問題是，我知道 FDA 發布了一些關於 MRD 陰性和 CR 終點的最終指南。所以，想想你如何在你的開發組合中實現這一點，以及這對時間安排意味著什麼。

Thank you.

謝謝。

Thanks for the question, Terence, and good morning, everyone. Yeah, for multiple myeloma, we were absolutely thrilled with the data that we saw for TECVAYLI plus DARZALEX in the second line plus setting, as well as most recently the TECVAYLI data in patients who were refractory to anti-CD38 and lenalidomide therapy.

謝謝你的提問，特倫斯，大家早安。是的，對於多發性骨髓瘤，我們對 TECVAYLI 聯合 DARZALEX 在二線及以上治療中的數據感到非常興奮，最近 TECVAYLI 在對 CD38 抗體和來那度胺治療無效的患者中的數據也讓我們非常滿意。

And maybe if I take a step back, over the past 20 years, J&J therapies have dramatically improved survival for people with multiple myeloma, from three to five-year survival rates to 10 to 15 years now or more. Yet despite these advances, multiple myeloma is still, it's a complex disease, a heterogeneous disease, and about 40% of patients are currently in the second line and third line settings.

或許，如果我回顧過去 20 年，強生的療法已經顯著提高了多發性骨髓瘤患者的生存率，從 3 到 5 年的生存期提高到現在的 10 到 15 年甚至更長。儘管取得了這些進展，多發性骨髓瘤仍然是一種複雜的疾病，一種異質性疾病，目前約有 40% 的患者處於二線和三線治療階段。

So how do all of these agents fit and why do we see that this is such an extraordinary opportunity? Well, first, if we start off with the TEC/DARA information plus TEC-9 and CARVYKTI. Together, they really provide highly effective agents that allow treatment that's tailored to the treatment goals, the patient setting, access, the patient status, and the prior therapy. So there's a number of things that get taken into account.

那麼，所有這些經紀人是如何符合的呢？為什麼我們認為這是一個如此難得的機會？首先，如果我們從 TEC/DARA 資訊加上 TEC-9 和 CARVYKTI 開始。它們共同提供了高效的藥物，可以根據治療目標、患者環境、就醫途徑、患者狀況和先前的治療情況來制定治療方案。所以有很多因素要考慮。

So we start off with TEC plus DARA. This is really community ready therapy that's proven an unprecedented efficacy rate in the second line plus setting. The hazard ratio was 0.17. And so this is for patients who are CD38 naive or are CD38 experienced, and this is about 70% of the population in that second line in a third line setting.

所以我們先從TEC加上DARA開始。這是一種真正適合社區使用的療法，在二線及以上治療中已證明具有前所未有的療效。風險比為 0.17。因此，這適用於 CD38 初治患者或 CD38 治療經驗豐富的患者，約佔二線或第三線治療人群的 70%。

If you take a look at TEC/DARA, the data again, extraordinarily impressive, 71% reduction in the risk of disease progression, 40% reduction in overall survival, and this is for patients who are refractory to anti-CD38 therapy and lenalidomide therapies.

如果你看一下 TEC/DARA，數據再次令人印象深刻，疾病進展風險降低了 71%，總生存期降低了 40%，而且這是針對對 CD38 抗藥性療法和來那度胺療法無效的患者而言的。

And so you can see the 70%, TEC/DARA and then the 30% for the TEC-9 Data. And then when you bring CARVYKTI in, CARVYKTI is really is the most successful CAR-T therapy. We just announced we're over 10,000 patients who've been infused with this.

因此，您可以看到 70% 的 TEC/DARA 數據，以及 30% 的 TEC-9 數據。然後，當引入 CARVYKTI 時，CARVYKTI 確實是目前最成功的 CAR-T 療法。我們剛剛宣布，已有超過 10,000 名患者接受了這種輸液治療。

And this is a single dose therapy with really a tremendous shot at what we would count as cure, and we're the only CAR-T therapy that's got that superior overall survival versus the standard of care. And so really when you take a look at what the goals are for that patient, what their prior lines of therapy would be, and what the practice setting is, J&J now has an option for really every one of those patients in that second line, third line setting.

這是一種單劑量療法，極有可能達到我們所說的治癒效果，而且我們是唯一 CAR-T 療法，其整體存活率優於標準療法。因此，當你仔細觀察患者的目標、他們先前的治療方案以及治療環境時，你會發現強生公司現在為二線、三線治療的每一位患者都提供了一種選擇。

So we see a lot of growth potential ahead for these agents as well as DARZALEX in the frontline setting.

因此，我們看到這些代理商以及 DARZALEX 在第一線領域都擁有巨大的成長潛力。

Yeah, maybe to get into your MRD, but, first, just to supplement a little bit, I'd also note that, the TECVAYLI regimens, whether it's monotherapy in anti-CD38 refractory patients or the combo with DARZALEX in patients who are CD38 naive or have been exposed but still remain sensitive.

是的，也許是為了達到 MRD 水平，但是，首先，補充一點，我還想指出，TECVAYLI 方案，無論是用於抗 CD38 抗藥性患者的單藥治療，還是與 DARZALEX 聯合用於 CD38 初治患者或已接觸過但仍敏感的患者。

These are dexamethasone free regimens, which means the patients aren't on high dose steroids, which really, is an improvement on quality of life.

這些方案不含地塞米松，這意味著患者無需服用高劑量類固醇，這確實改善了他們的生活品質。

The other thing I wanted to note is that the FDA in fact was so impressed with our MajesTEC-3 data that unsolicited they contacted us and offered a priority review voucher to accelerate bringing this new regimen to patients.

我想指出的另一點是，FDA 對我們的 MajesTEC-3 數據印象深刻，他們主動聯繫我們，並提供了一張優先審查券，以加速將這種新療法帶給患者。

So really excited with that recent interaction with the FDA. Indeed, on MRD, that is exciting for us last year there was an ODAC that endorsed that concept of using this biomarker, if you will approach to finding those rare residual malignant cells. Much of the evidence behind that, frankly, was pioneered by J&J over the years, so we're excited that that is an option.

最近與FDA的互動讓我非常興奮。的確，關於 MRD，這讓我們感到興奮。去年，ODAC 認可了使用這種生物標記的概念，如果你願意的話，可以將其視為尋找那些罕見殘留惡性細胞的方法。坦白說，這方面的許多證據都是強生公司多年來率先提出的，所以我們很高興這是一個可行的選擇。

We are mindful, however, that it's only an option in the United States. So we-- at this point we'll still have to deliver progression free and overall survival data for other territories. So I suspect that will continue to be an element of our protocols, but indeed we will be speaking with the agents if we have opportunities to accelerate some of our development.

但是，我們也意識到，這僅在美國是一種選擇。所以，目前我們仍然需要提供其他地區的無惡化存活期和整體存活期數據。因此，我懷疑這仍將是我們協議中的一個要素，但如果我們有機會加快某些方面的發展，我們確實會與代理商溝通。

And in that regard, I think, a place where this could be particularly apropos is with our new tri-specific antibody for myeloma, ramantamig, which brings the features of both TEC and TAL into a single molecule with unprecedented efficacy, improved tolerability as well.

在這方面，我認為，我們用於治療骨髓瘤的新型三特異性抗體 ramantamig 就特別適合應用此技術，它將 TEC 和 TAL 的特性結合到一個分子中，具有前所未有的療效和更高的耐受性。

Fewer, for example, of the taste effects that you might see with TALVEY, less weight loss, etc. Really, improved tolerability and then a great convenience that makes it, apropos for the community setting with only one step up dose and Q4 week dosing for monthly dosing.

例如，與 TALVEY 相比，它的味覺副作用更少，體重減輕也更少等等。實際上，它的耐受性更好，而且非常方便，只需一次劑量遞增，每 4 週給藥一次，即可每月給藥一次，非常適合社區環境。

Really excited about the pilot data we're seeing in newly diagnosed myeloma in combination with Dara with that Tri-specific, and that could be a really apropos place to discuss with the FDA using MRD negativity.

我們對初診多發性骨髓瘤患者中觀察到的達拉非尼聯合三特異性治療的試驗數據感到非常興奮，這可能是與 FDA 討論 MRD 陰性結果的一個非常合適的切入點。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Hey, good morning, guys. Thanks so much for taking the question. I'll echo everyone, strong end to the year, and happy New Year. Just a question on this move to higher growth and markets. Appreciate that you've done a lot of and are doing a lot of portfolio pruning now. You mentioned the 70%, in a few years here. I mean, ultimately I guess it's too soon, but do you see that 70% moving higher, or do you think that's like sort of the aspirational peak? That's the first part.

嘿，各位早安。非常感謝您回答這個問題。我同意大家的看法，祝福今年圓滿結束，新年快樂。關於向更高成長和更高市場轉型，我有個問題。感謝您過去和現在所做的大量的投資組合精簡工作。你提到過幾年後會達到70%。我的意思是，最終看來現在下結論還為時過早，但你認為70%這個數字還會繼續上升嗎？還是你認為這已經是人們期望達到的高峰了？這是第一部分。

And the second part is what are some other growth markets whether it's in Innovative Medicine or MedTech where you guys aren't participating today that you see in to participate over that time frame, whether it's via organic or inorganic, moves. Thanks so much for taking the question.

第二部分是，在創新醫學或醫療技術領域，還有哪些其他成長市場是你們目前尚未涉足的，但你們認為在未來一段時間內，無論是透過有機成長還是無機成長的方式，你們應該涉足這些市場。非常感謝您回答這個問題。

Danielle, thank you. I mean our aspiration is not to put a limit on the high growth markets in which we participate, and I think we can conservatively say that once we separate ortho, we'll be at least at 70%, and there is tremendous opportunity even just focused within the three business units we've decided to focus on within MedTech, both in Cardiovascular, in Surgery, and in Vision.

丹妮爾，謝謝你。我的意思是，我們的目標不是限制我們參與的高成長市場，我認為我們可以保守地說，一旦我們剝離骨科業務，我們的市場份額至少會達到 70%，即使只專注於我們決定在醫療技術領域重點發展的三個業務部門——心血管、外科和視覺——也存在巨大的機會。

I think we've built your confidence around Cardiovascular continuing to be a strong double-digit grower. Surgery, one of our profitable businesses where we maintain leadership positions both in Contact Lens and Surgical Vision. We believe it's going to be a strong middle to high single-digit grower.

我認為我們已經增強了大家對心血管領域持續保持兩位數強勁成長的信心。外科手術是我們獲利業務之一，我們在隱形眼鏡和外科視力領域均保持領先地位。我們認為它將成為一款強勁的中高個位數成長股。

And then Surgery is the major opportunity to really to catapult our growth, and that comes down to our belief in OTTAVA, as you heard from Joaquin. We are absolutely resolute in our commitment to play a bigger role beyond open and laparoscopic surgery in robotics with OTTAVA.

然後，手術是真正推動我們發展的關鍵機會，而這歸根結底取決於我們對 OTTAVA 的信念，正如你從 Joaquin 那裡聽到的那樣。我們堅定不移地致力於在機器人領域，利用 OTTAVA 在開放式和腹腔鏡手術之外發揮更大的作用。

And what we are most confident about is that we have something that is unique and different and something that surgeons and health system CEOs tell us every day that they need. And so while we're excited about the recent milestone and the submission for approval, we're just getting started.

我們最有信心的是，我們擁有獨特且與眾不同的產品，外科醫生和醫療系統執行長每天都告訴我們，他們需要這樣的產品。因此，雖然我們對最近的里程碑式成就和提交審批感到興奮，但這只是個開始。

And what really highlights the fact that this is different is you'll recall that this is a very different regulatory pathway we chose. This is a de novo pathway, and the reason we chose that pathway is that there is no predicate device, nothing that can be compared against.

真正凸顯其不同之處的是，您應該還記得，我們​​選擇的是一條截然不同的監管途徑。這是一條全新的路徑，我們選擇這條路徑的原因是它沒有謂詞裝置，也沒有可以比較的東西。

And so this is a novel platform where there's no reference or predicate device, and so, you know that coupled with the fact that we're going after the US should further reinforce our confidence in the fact that we believe we have something that is really different now.

因此，這是一個全新的平台，沒有參考物或謂詞，而且，你知道，再加上我們正在瞄準美國市場，這應該會進一步增強我們的信心，我們相信我們現在擁有一些真正不同的東西。

We're not stopping just in the US we're building our submissions in a parallel path fashion outside of the US with a focus on Japan and some select US markets. And you will have recalled from the announcement we made two weeks ago we're also already expanding into our next IDE clinical study in the lower abdomen.

我們不僅止步於美國，我們還將以平行的方式在美國以外地區開展業務，並專注於日本和一些特定的美國市場。您可能還記得，我們​​兩週前宣布，我們正在將下一項IDE臨床研究擴展到下腹部。

And so make no mistake that we believe that we can and will be a formidable player in surgical robotics. We don't take the current incumbent for granted by any means, but we do think that presence we have in open laparoscopic and soon to be robotic surgery give us a right to play and a tremendous opportunity to drive to those high levels of growth that we've committed in the back half of the decade.

因此，毋庸置疑，我們相信我們能夠也必將成為外科手術機器人領域的強大力量。我們絕不會輕視現任者，但我們確實認為，我們在開放式腹腔鏡手術和即將開展的機器人手術領域的地位，賦予了我們參與競爭的權利，並為我們實現過去十年後半段所承諾的高增長水平提供了巨大的機會。

And then in Innovative Medicine we are looking to expand in a number of really exciting areas right now where we've got clinical work already underway. And so to give maybe a few examples, RYBREVANT in head and neck cancer and colorectal cancer, of which there's clinical trials underway.

在創新醫學領域，我們目前正尋求在一些非常令人興奮的領域進行擴張，我們已經在這些領域開展了臨床工作。舉幾個例子來說，RYBREVANT 用於治療頭頸癌和大腸癌，目前正在進行臨床試驗。

IMAAVI which we haven't spoken about yet today, but areas such as Sjogren's disease and SLE, lupus, areas of really high unmet medical need, atopic dermatitis, of which we made a number of key acquisitions and licensing at the end of 2024 that give us a stable of assets there that we're working towards B cell malignancies with our bi-car that's in development.

我們今天還沒有談到IMAAVI，但像是乾燥症、系統性紅斑狼瘡、狼瘡等領域，以及異位性皮膚炎等，都是醫療需求未被充分滿足的領域。我們在2024年底對這些領域進行了一些重要的收購和許可，使我們擁有了一系列穩定的資產。我們正在利用正在開發的bi-car藥物，致力於治療B細胞惡性腫瘤。

And even Milvexian that we're developing in partnership with Bristol Myers Squibb and that we're very excited about for atrial fibrillation and secondary stroke prevention. So a number of additional really key diseases that could be growth drivers for us in the future.

還有我們正在與百時美施貴寶公司合作開發的 Milvexian，我們非常期待它能用於治療心房顫動和預防二次中風。因此，還有一些其他非常關鍵的疾病，它們可能會在未來成為我們成長的驅動力。

Vamil Divan, Guggenheim Security.

瓦米爾·迪萬，古根漢保全。

Great, thank you so much for taking the question. So I just want to ask on INLEXZO, it's a couple of questions here. We just want any sort of initial feedback you can share with us in terms of the initial launch and kind of what doctors and patients are saying.

太好了，非常感謝您回答這個問題。所以我想在INLEXZO上問幾個問題。我們只想了解您能否就產品上市初期的一些回饋意見，以及醫師和病患的評價。

If there's any update on when you expect to get a permanent J-code. And then finally, just, I see you listed SunRISe-5 data and potential submission on your events list for 2026, so that's good to see you. I'm curious if you can just talk about how that data and that, how that might impact the addressable population for the product and then tied to that SunRISe-3 I thought might come this year. You didn't include that one on the list. I'm just curious if any update on time you go on we might see data from SunRISe-3. Thanks.

如果您能告知預計何時獲得永久 J 代碼的最新消息。最後，我看到您在 2026 年的活動清單中列出了 SunRISe-5 資料和潛在的提交，很高興看到您。我很好奇您能否談談這些數據以及它們將如何影響產品的目標人群，以及它們與我原以為今年會推出的 SunRISe-3 之間的聯繫。你沒把那個列入清單。我只是好奇，如果你們那邊有任何最新消息，我們什麼時候能看到 SunRISe-3 的數據。謝謝。

Great, thanks so much for the question on INLEXZO. So we are really pleased with the launch and what we're seeing in terms of interest and receptivity by both urologists as well as the patients who've had application of the device.

太好了，非常感謝您提出關於INLEXZO的問題。因此，我們對此次發布以及泌尿科醫生和使用該設備的患者所表現出的興趣和接受度感到非常滿意。

As you recall, we've really launched into the BCG unresponsive population and as you noted we're actually looking to further expand that through SunRISe-5, the BCG experienced, and then SunRISe-3 population, the BCG naive population.

如您所記得，我們​​已經真正開始研究 BCG 無反應人群，正如您所指出的，我們實際上正在尋求透過 SunRISe-5（BCG 治療過人群）和 SunRISe-3（BCG 初治人群）進一步擴大研究範圍。

So far the interest and enthusiasm on this has been really robust. We are anticipating the permanent J-code at the beginning of the second quarter, sort of in that April time frame, which we think is going to be a really nice catalyst for utilization. And so we do continue to believe strongly that this is one of our $5 billion plus assets and really look forward to getting that permanent J-code in the second quarter. John, do you want to talk about, yeah.

目前為止，大家對此事的興趣和熱情都非常高漲。我們預計永久性 J 代碼將在第二季初推出，大約在四月份左右，我們認為這將是提高利用率的一個很好的催化劑。因此，我們仍然堅信這是我們價值超過 50 億美元的資產之一，並非常期待在第二季度獲得永久 J 代碼。約翰，你想談談嗎？嗯。

Yeah, just, we're making great progress with this lead product INLEXZO, but I would also remind that we see a whole series of innovative products where we use these devices in the bladder to deliver different payloads. The next one on deck is, containing erdafitinib.

是的，我們目前在主要產品 INLEXZO 方面取得了巨大進展，但我也想提醒大家，我們正在開發一系列創新產品，利用這些裝置在膀胱中輸送不同的有效載荷。下一個即將上市的藥物含有厄達替尼。

That's the same targeted therapy that is currently marketed, as Balversa for metastatic bladder cancer, but here delivered through a unique device, a customized device. It's not the same one as INLEXZO, but works in much the same way. To deliver that targeted therapy. There we are focusing on the so-called intermediate risk population, whereas INLEXZO is targeted for the high-risk population. So this broadens our coverage of patients with bladder cancer.

這與目前市場上銷售的用於治療轉移性膀胱癌的藥物 Balversa 所採用的標靶療法相同，但這裡是透過一種獨特的、客製化的設備進行輸送的。它和 INLEXZO 不是同一個產品，但工作原理大致相同。以便進行標靶治療。我們主要關注所謂的中度風險族群，而 INLEXZO 則針對高風險族群。這樣一來，我們就擴大了膀胱癌患者的覆蓋範圍。

And just to remind people that localized bladder cancer represents about 600,000 new cases per year and another 400,000 cases annually of patients who've relapsed and are looking for a solution that would allow them to save their bladder.

提醒大家，每年約有 60 萬例局部膀胱癌新病例，另有 40 萬例復發病例，這些患者正在尋求能夠保住膀胱的解決方案。

So it's about a million patients a year between INLEXZO and now TAR-210, the erdafitinib carrying device, we'll be able to really address a very large percentage of these patients with these bladders sparing technologies. With TAR-210, the success rate we've been seeing with complete responses has been north of 90%.

因此，從 INLEXZO 到現在的 TAR-210（厄達替尼載體），每年約有 100 萬名患者，我們將能夠利用這些膀胱保留技術真正解決很大一部分患者的問題。使用 TAR-210，我們看到的完全回應成功率已超過 90%。

And so we're super excited about that and there'll be other devices with different payloads to come over time. So we see this is a platform that will address this incredible unmet need and that will be a big growth driver for J&J.

因此我們對此感到非常興奮，而且隨著時間的推移，還會有其他搭載不同有效載荷的設備問世。因此，我們看到這是一個能夠滿足這一巨大未滿足需求的平台，這將成為強生公司巨大的成長動力。

I would finally close by just, giving a shout out to our colleagues in MedTech because this is just a wonderful example of how Innovative Medicine and MedTech can come together, bringing devices and drugs together in an unprecedented way and we're looking for more ways to do that in the future.

最後，我要特別感謝我們在醫療技術領域的同事們，因為這正是創新醫學和醫療技術如何結合的絕佳例證，以前所未有的方式將設備和藥物結合起來，我們正在尋找未來實現這一目標的更多方法。

Shagun Singh, RBC Capital Markets.

Shagun Singh，加拿大皇家銀行資本市場。

Great, thank you so much. Joaquin and Joe, could you spend some time and elaborate on your next step with respect to the talc litigation, implications of the initial Daubert decision? I know you indicated it'll be appealed, if the reserves need to be stepped up.

太好了，非常感謝。Joaquin 和 Joe，你們能否抽出一些時間，詳細說明一下你們在滑石粉訴訟方面的下一步計劃，以及 Daubert 最初判決的影響？我知道你曾表示，如果需要增加儲備金，將會提起上訴。

And then most importantly, what are your plans for an eventual resolution and risk mitigation here? I think this may be contributing to the modest stock down today, even though, you reported strong results and you have a very strong outlook to the end of the decade. Thank you for taking the question.

那麼，最重要的是，你們對最終的解決方案和風險緩解有什麼計劃？我認為這可能是導致今天股價小幅下跌的原因之一，儘管你們公佈了強勁的業績，並且對未來十年的發展前景非常樂觀。感謝您回答這個問題。

Yeah, I'll start Shagun, and then Joaquin, I'll turn it over to you. So thank you very much for the question, and I want to thank you for acknowledging just the strong results and outlook of the business, which is really what is at the heart of Johnson & Johnson.

好的，我先開始唱《Shagun》，然後Joaquin，就交給你了。非常感謝您的提問，我也要感謝您認可公司強勁的業績和前景，這正是強生公司的核心所在。

So last night the Special Master reviewing the Daubert motions in the Talc MDL issued what is known as a report and recommendation. So that really has no legal import until the judge actually accepts this recommendation.

昨晚，負責審查滑石粉 MDL 案件中 Daubert 動議的特別主審官發布了一份報告和建議。所以，在法官正式接受這項建議之前，它其實沒有任何法律效力。

The recommendation itself excluded certain aspects of the plaintiff's expert witnesses and their opinions, and simultaneously the recommendation also endorsed virtually all of our opinions of our experts.

該建議本身排除了原告專家證人及其意見的某些方面，同時該建議也幾乎認可了我們專家的所有意見。

However, there were other parts of the recommendation where the Special Master clearly failed to apply the new federal rules of evidence known as Rule 702, which really reinforced starting in December of 2023 the gatekeeping responsibilities that the Special Master should have had.

然而，在建議的其他部分，特別主事官顯然沒有應用被稱為第 702 條的新聯邦證據規則，該規則從 2023 年 12 月起真正加強了特別主事官應該承擔的把關責任。

We will certainly appeal those erroneous parts of the recommendation to the district court. Again, this recommendation from the Special Master has no legal consequence until the appeal is resolved. The bottom line is this is not going to change our strategy. We will continue to aggressively fight in the court system each and every one of these meritless claims.

我們一定會就該建議中的錯誤部分向地方法院提起上訴。再次強調，特別主審官的這項建議在申訴解決前不具有法律效力。總之，這不會改變我們的策略。我們將繼續在法庭上積極反駁每一項毫無根據的指控。

We will do so whether it's at original trial or through appeal, and we will continue to really bring to light the actions of the plaintiff’s bar, the tactics that they use, the third-party litigation financing, all which is really undermining US business and US competitiveness overall.

無論是在初審或上訴階段，我們都會這樣做，我們將繼續揭露原告律師的行為、他們使用的策略、第三方訴訟融資，所有這些都在嚴重損害美國商業和美國的整體競爭力。

Joaquin?

華金？

Thank you, Joe. Shagun, I would tell you and I would tell investors we have been navigating this issue already for a decade, and we have been able to continue to deliver excellent results, invest in our business, and continue to return value to shareholders.

謝謝你，喬。沙貢，我想告訴你，我也會告訴投資者，我們已經應對這個問題十年了，而且我們一直能夠取得優異的業績，投資於我們的業務，並繼續為股東創造價值。

So let's focus on the real story here. The real story is our successful 2025, the strong guidance for 2026, and what you said before, our line of sight for double-digit growth in the later part of the decade. This is a clean story for us, one of the cleanest stories in the entire healthcare sector.

所以，讓我們把注意力集中在真正的問題上。真正的重點是我們2025年的成功，2026年的強勁成長預期，以及您之前所說的，我們預計在本十年後半段將實現兩位數的成長。對我們來說，這是一個乾淨俐落的故事，也是整個醫療保健產業最乾淨俐落的故事之一。

And we are in a position of strength today and as Joe said, we are going to continue to fight these meritless claims, and we're going to continue with our strategy of litigating every single one. What I can assure you and all investors is that every single employee of Johnson & Johnson does not get distracted.

如今我們處於優勢地位，正如喬所說，我們將繼續反擊這些毫無根據的指控，並將繼續採取訴訟策略，逐一駁回每項指控。我可以向各位投資人保證，強生公司的每位員工都不會分心。

They wake up every day with the intent to bring new medicines and medical technologies that improve the standard of care of the millions of patients that we serve every day, and that's really our goal. Let's focus on what really matters. Let's don't get distracted.

他們每天醒來都懷著這樣的目標：帶來新的藥物和醫療技術，以提高我們每天服務的數百萬患者的護理標準，而這正是我們的真正目標。讓我們把注意力集中在真正重要的事情上。我們不要分心。

Thanks again, and I think we probably have time for one more question.

再次感謝，我想我們可能還有時間再回答一個問題。

Alexandria Hammond, Wolfe Research.

亞歷山德里亞·哈蒙德，沃爾夫研究公司。

Thanks for taking the question. On Milvexian, can you talk a little bit about your confidence in this asset? What do you think you'll need to show to be competitive in what's already a pretty crowded space with another potential next generation Factor 11 from Bayer? And I guess as a quick follow-up, how can you leverage your past experiences commercializing Xarelto to make another multi-billion-dollar opportunity for J&J?

感謝您回答這個問題。關於Milvexian，您能否談談您對該資產的信心？你認為你需要展現哪些特質才能在競爭激烈的市場中脫穎而出，尤其是在拜耳公司也推出了另一款潛在的下一代 Factor 11 的情況下？我想快速追問一下，您如何利用過去將 Xarelto 商業化的經驗，為強生創造另一個數十億美元的機會？

Yeah, so on Milvexian, we're expecting data readouts later this year for both secondary stroke as well as atrial fibrillation. We often get asked about atrial fibrillation because the competitor molecule had failed in that indication, and we cite a couple of things.

是的，關於Milvexian，我們預計今年稍後將獲得有關繼發性中風和心房顫動的數據讀數。我們常被問到心房顫動問題，因為競爭對手的分子在該適應症上失敗了，對此我們列舉了一些原因。

One is that Milvexian, at least in vitro, is about 10 times more potent than the other molecule that is being developed by another company. And we know from monitoring the aPTT biomarker, the thromboplastin time that we have very effective reductions in clotting at the dose that we have selected for atrial fibrillation, which is 100 mg twice a day.

一是 Milvexian 至少在體外試驗中，其效力比另一家公司正在開發的另一種分子高出約 10 倍。我們透過監測 aPTT 生物標記（凝血活酶時間）得知，我們為心房顫動患者選擇的劑量（每天兩次，每次 100 毫克）可以非常有效地減少凝血。

So we feel that we've got the right dose and the right study design, so we'll be looking forward to those data later this year.

因此，我們認為我們已經找到了合適的劑量和正確的研究設計，所以我們期待今年稍後能獲得這些數據。

We're really excited about the opportunity with Milvexian, and what we're really looking to show there is clear superiority in terms of safety and bleeding risk. We know from all of our experience in the market with Xarelto that there are a lot of patients that are not treated or are undertreated.

我們對與 Milvexian 的合作機會感到非常興奮，我們真正想要證明的是，在安全性和出血風險方面具有明顯的優勢。根據我們多年來在 Xarelto 市場上的經驗，我們知道有很多患者沒有得到治療或治療不足。

Because of fear of safety risk, and so we think there's extraordinary need for a highly efficacious and highly safe with low bleeding risk product in the market. Both for atrial fibrillation and then we're very excited about the possibilities in secondary stroke as well.

由於擔心安全風險，我們認為市場上非常需要一種高效率、安全且出血風險低的產品。對於心房顫動，我們非常興奮，而且對於繼發性中風，我們也感到非常激動。

So we're looking forward to this product that we're developing in collaboration with Bristol Myers Squibb. It is absolutely one of our $5 billion plus assets on our list.

因此，我們非常期待與百時美施貴寶公司合作開發的這款產品。它絕對是我們名單上價值超過50億美元的資產之一。

Hey, thanks, Alex, and thanks to everyone for your questions and your continued interest in our company. I will now turn the call over to Joaquin for some brief closing remarks.

嘿，謝謝Alex，也感謝大家的提問以及對我們公司持續的關注。現在我將把電話交給華金，請他做簡短的總結發言。

Thank you to all of you for joining the call today. As we have commented in the call, we are starting the year from a position of strength. We have the strongest portfolio and pipeline in our history, and we have a leading and expanding position in our six key business areas of focus.

感謝各位今天參加電話會議。正如我們在電話會議中提到的，我們以強大的實力開啟了新的一年。我們擁有公司歷史上最強大的產品組合和研發管線，並且在我們重點關注的六個關鍵業務領域中處於領先地位並不斷擴大。

2026 will be a year of accelerated growth and expanded impact, and I look forward to sharing our progress with you in the remaining of the year. Thank you very much, and this finalizes the call.

2026 年將是加速成長和擴大影響的一年，我期待在今年餘下的時間與大家分享我們的進展。非常感謝，通話到此結束。

Thank you. This concludes today's Johnson & Johnson's fourth quarter 2025 earnings conference call. You may now disconnect.

謝謝。強生公司2025年第四季財報電話會議到此結束。您現在可以斷開連線了。