嬌生 (JNJ) 2026 Q2 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's second-quarter 2026 earnings conference call. (Operator Instructions) This call is being recorded. (Operator Instructions)

早安，歡迎參加強生公司 2026 年第二季財報電話會議。(接線員指示) 本通話將被錄音。(接線員指示)

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

現在我將把電話會議交給強生公司。您可以開始。

Hello, everyone. This is Ryan Koors, Vice President of Investor Relations for Johnson & Johnson. I'm excited to be here today and to lead the Investor Relations team moving forward. Welcome to our company's review of business results for the second quarter of 2026 and our financial outlook for the full year.

各位好。我是 Ryan Koors，強生公司投資人關係副總裁。我很高興今天能在此，並在未來帶領投資人關係團隊。歡迎參加我們對 2026 年第二季營運成果的回顧，以及對全年財務展望的說明。

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，先說明幾項會議安排。提醒各位，今天的簡報及相關附表可於強生公司網站投資人關係專區 investor.jnj.com 取得。請注意，本簡報包含前瞻性陳述，內容涉及（但不限於）公司未來營運與財務表現、市場地位及業務策略。

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. They are subject to certain risks and uncertainties that may cause the company's actual results to differ materially from those projected.

請勿過度依賴這些前瞻性陳述；其係基於截至本次錄音日期可取得資訊，並以對未來事件之目前預期為基礎。這些陳述受若干風險與不確定性影響，可能導致公司實際結果與預測存在重大差異。

The description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2025 Form 10-K, which is available at investor.jnj.com and on the SEC's website. 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.

上述風險、不確定性及其他因素之說明可見於我們向美國證券交易委員會（SEC）提交的文件，包括 2025 年 Form 10-K；相關文件可於 investor.jnj.com 及 SEC 網站查閱。此外，今日討論的若干產品與化合物係與策略夥伴合作開發，或自其他公司取得授權。本投影片對上述關係予以致謝與揭露。

Moving to today's agenda. Joaquin Duato, our Chairman and CEO, will discuss our business performance and growth drivers. I will then review the second quarter sales and P&L results. Joe Wolk, our CFO, will then close by sharing an overview of our capital allocation priorities and updated guidance for 2026.

接著說明今日議程。我們的董事長兼執行長 Joaquin Duato 將討論業務表現與成長動能。之後我將回顧第二季銷售與損益表（P&L）結果。接著我們的財務長 Joe Wolk 將以資本配置優先事項概覽及 2026 年更新指引作結。

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.

Jennifer Taubert（執行副總裁、全球創新醫藥事業主席）、John Reed（執行副總裁、創新醫藥研發）以及 Tim Schmid（執行副總裁、全球 MedTech 事業主席）將加入問答環節。為確保有足夠時間回覆各位提問，我們預期本次網路直播約為 60 分鐘。

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

接下來，我把電話交給 Joaquin。

Thank you, Ryan, and welcome to your new role. I'm pleased to share the topline results from our strong second quarter. We said 2026 would be a year of accelerated growth and impact for Johnson & Johnson and with our Q2 beat on the top and bottom line and raised guidance we are delivering. Across Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision, the strength of our business is built on our unique combination of scientific expertise, scale and disciplined execution.

謝謝你，Ryan，也恭喜你擔任新職務。我很高興分享我們強勁第二季的營收概況。我們曾表示 2026 年將是強生加速成長並擴大影響力的一年；隨著第二季營收與獲利雙雙優於預期並上調指引，我們正在兌現承諾。在腫瘤、免疫、神經科學、心血管、外科與視力等領域，我們業務的實力建立在科學專業、規模優勢與嚴謹執行的獨特組合之上。

We have the strongest portfolio and pipeline in our 140-year history with 28 products and platforms that each deliver more than $1 billion in annual sales. In Q2, we reported operational sales growth of 5.6%. Excluding STELARA, we grew double digits in the quarter. With sales in the quarter of more than $25 billion, we are on track to meet our 2026 target of more than $100 billion in annual revenue for the first time in our company's 140-year history.

我們擁有 140 年歷史以來最強的產品組合與研發管線，共有 28 項產品與平台各自年銷售額超過 10 億美元。第二季我們的營運銷售成長為 5.6%。若排除 STELARA，本季成長達雙位數。本季銷售額超過 250 億美元，我們正朝著 2026 年首次達成全年營收超過 1,000 億美元的目標邁進，這將是公司 140 年歷史上的第一次。

We are pleased with the progress of our new launches including ICOTYDE, INLEXZO and RYBREVANT instilling confidence that momentum will accelerate into 2027 and beyond with line of sight to double-digit growth by the end of the decade. ICOTYDE, in particular, has significant early launch momentum with uptake accelerating and performance outpacing competitors at comparable points in their launches.

我們對新產品上市的進展感到滿意，包括 ICOTYDE、INLEXZO 與 RYBREVANT，這讓我們更有信心動能將在 2027 年及之後加速，並可望在本十年末達到雙位數成長。其中 ICOTYDE 尤其展現顯著的早期上市動能，採用率加速提升，且在上市相同階段的表現優於競品。

Since launch, more than 10,000 patients have initiated therapy on ICOTYDE, underscoring the unmet need for patients seeking first-line systemic treatment with a unique combination of efficacy, safety and the simplicity of a once-daily pill. In Innovative Medicine, we delivered operational sales growth of 6.8% in the quarter, with 8 brands growing double digits. In Oncology, our commitment to transform patient outcomes has never been stronger. We are on track to be the number one Oncology company by 2030, with sales projected to exceed $50 billion. Leading the way in Q2 is DARZALEX, the foundational treatment for multiple myeloma, which continues to be our largest product. Once again, DARZALEX delivered sales of more than $4 billion, growing close to 18%.

自上市以來，已有超過 10,000 名病患開始使用 ICOTYDE 治療，凸顯尋求第一線全身性治療的病患仍存在未被滿足的需求；ICOTYDE 兼具療效、安全性，以及每日一次口服藥的便利性。在創新醫藥事業方面，我們本季營運銷售成長 6.8%，其中有 8 個品牌達成雙位數成長。在腫瘤領域，我們致力於改變病患治療結果的承諾前所未有地堅定。我們正朝著 2030 年成為腫瘤領域第一大公司的目標前進，預計銷售額將超過 500 億美元。第二季的領先產品是 DARZALEX，作為多發性骨髓瘤的基礎治療，仍是我們最大的產品。DARZALEX 再次繳出超過 40 億美元的銷售額，成長接近 18%。

When we talk about the depth of our portfolio, nowhere is that more evident than in multiple myeloma. We have treatments in every line of therapy with 80% of patients receiving one or more of our medicines during the treatment journey. CARVYKTI, TECVAYLI and TALVEY continue to deliver high double-digit growth. And we are not standing still with the new data this quarter showing the combination of TALVEY and DARZALEX delivered deep and durable responses with more than 80% of patients progression-free at 2 years, and overall survival up to 89%.

談到我們產品組合的深度，多發性骨髓瘤最能體現這一點。我們在各治療線別皆有療法，且在治療歷程中有 80% 的病患會使用到我們的一種或多種藥物。CARVYKTI、TECVAYLI 與 TALVEY 持續繳出高雙位數成長。我們也未停下腳步；本季新數據顯示，TALVEY 與 DARZALEX 的合併治療帶來深度且持久的反應，2 年時超過 80% 病患無疾病進展，整體存活率最高達 89%。

In solid tumors, we continue to see strong performance from ERLEADA and RYBREVANT, and we shared important new data for both at ASCO that could change clinical practice. For ERLEADA, we opened the ASCO plenary with our Phase III PROTEUS study showing that treatment before and after surgery significantly reduces the risk of metastasis or death in high-risk localized prostate cancer.

在實體腫瘤方面，ERLEADA 與 RYBREVANT 持續表現強勁；我們也在 ASCO 分享了兩者的重要新數據，可能改變臨床實務。就 ERLEADA 而言，我們在 ASCO 全體大會（plenary）發表第三期 PROTEUS 研究，顯示在手術前後進行治療可顯著降低高風險局部前列腺癌的轉移或死亡風險。

And with RYBREVANT, we demonstrated durable responses in head and neck cancer, an area with limited options and have submitted a filing to the FDA to build on existing lung cancer indications. While we are not yet reporting quarterly sales for INLEXZO in bladder cancer, we are encouraged by the early momentum. During the second quarter, nearly one in three eligible patients started on an INLEXZO regimen, and new patient insertions grew approximately 75% versus prior quarter.

而在 RYBREVANT 方面，我們在頭頸癌（治療選項有限的領域）證實其具持久反應，並已向 FDA 提交申請，以在既有肺癌適應症基礎上進一步擴展。雖然我們尚未揭露 INLEXZO 於膀胱癌的季度銷售額，但我們對其早期動能感到鼓舞。第二季期間，近三分之一符合條件的病患開始使用 INLEXZO 治療方案，新病患導入量較前一季成長約 75%。

And building on our recent acquisition of Halda Therapeutics, we also announced plans to acquire Firefly Bio, adding a novel antibody platform that strengthens our leadership in next-generation oncology innovation. We expect the transaction to close during the third quarter.

此外，在近期收購 Halda Therapeutics 的基礎上，我們也宣布計畫收購 Firefly Bio，新增一個新穎的抗體平台，強化我們在下一代腫瘤創新領域的領導地位。我們預期該交易將於第三季完成交割。

In Immunology, we have built one of the deepest and most differentiated portfolios in the industry. TREMFYA remains the fastest-growing advanced therapy in both Crohn's disease and ulcerative colitis, delivering exceptional overall sales growth of 71% in the quarter.

在免疫領域，我們已建立業界最深且差異化程度最高的產品組合之一。TREMFYA 仍是克隆氏症與潰瘍性結腸炎中成長最快的進階療法，本季整體銷售成長高達 71%。

With the dual powerhouse of TREMFYA and ICOTYDE in psoriasis, we now have a complementary portfolio of both first-line biologic and first-line systemic treatments. We continue to see strong uptake of IMAAVY in generalized myasthenia gravis and recently received FDA Priority Review status in warm autoimmune hemolytic anemia.

憑藉 TREMFYA 與 ICOTYDE 這對在乾癬領域的雙引擎，我們如今擁有互補的產品組合，涵蓋第一線生物製劑與第一線全身性治療。我們持續看到 IMAAVY 在全身型重症肌無力的採用率強勁提升，並且近期在溫抗體自體免疫性溶血性貧血獲得 FDA 優先審查資格。

In Neuroscience, we are developing treatments to transform care for complex brain and nervous system disorders. SPRAVATO and CAPLYTA both performed strongly in the quarter. CAPLYTA new patient starts were up 122% versus prior year, significantly outpacing the market leader and with FDA approval for the prevention of relapse in schizophrenia, we anticipate continued momentum.

在神經科學領域，我們正開發可改變複雜腦部與神經系統疾病照護的治療方案。SPRAVATO 與 CAPLYTA 在本季皆表現強勁。CAPLYTA 的新病患起始用藥人數較去年同期成長 122%，顯著超越市場領導者；且隨著 FDA 核准用於思覺失調症復發預防，我們預期動能將持續。

Now let's turn to MedTech, where we delivered Q2 operational sales growth of 3.6%. In Cardiovascular, we are the global leaders in electrophysiology, circulatory restoration and heart recovery. VARIPULSE, our pulsed field ablation platform for atrial fibrillation continues to build momentum with more than 85,000 AFib patients now treated worldwide. In Q2, our position was further strengthened with the debut of CARTOSOUND SONATA bringing new AI-powered imaging and mapping capabilities to electrophysiology.

接著談到醫療科技（MedTech），我們第二季實現 3.6% 的營運銷售成長。在心血管領域，我們是電生理、循環修復與心臟復原的全球領導者。VARIPULSE——我們用於心房顫動的脈衝場消融平台——持續累積動能，目前全球已有超過 85,000 名 AFib 病患接受治療。在第二季，隨著 CARTOSOUND SONATA 首次亮相，為電生理帶來新的 AI 驅動影像與定位建圖能力，我們的地位進一步鞏固。

We also received FDA authorization for our dual energy THERMOCOOL SMARTTOUCH SF platform which integrates pulsed field and radio frequency energy in a single system to give physicians greater flexibility in tailoring ablation treatments for patients. In circulatory restoration, the Q2 global launch of Shockwave C2 AERO expanded our ability to treat more complex coronary disease and broadens the reach of our intravascular lithotripsy platform.

我們也獲得 FDA 對雙能量 THERMOCOOL SMARTTOUCH SF 平台的核准授權；該平台在單一系統中整合脈衝場與射頻能量，使醫師能更彈性地為病患量身打造消融治療。在循環修復方面，Shockwave C2 AERO 於第二季全球上市，擴大我們治療更複雜冠狀動脈疾病的能力，並拓展我們血管內碎石術平台的觸及範圍。

And in heart recovery, while Abiomed growth slowed in Q2 as a result of increased decision selectivity weighing on procedural volumes, we are working to strengthen the confidence in our extensive clinical evidence and real-world experience.

在心臟復原方面，由於決策更為審慎的選擇性提高而影響手術量，Abiomed 在第二季的成長放緩；我們正致力於強化外界對我們大量臨床證據與真實世界經驗的信心。

In Surgery, we are unlocking a new era powered by robotics and digital innovation. We are progressing towards potential FDA authorization of OTTAVA, the world's first table integrated robotic surgical system. This is one of the most significant MedTech innovations we will bring to market this decade. OTTAVA's unique architecture, automated features and next-generation robotic instruments help address surgeons' unmet needs, while integration with our POLYPHONIC open digital ecosystem provides data-driven insights and analytics to better support surgical teams.

在外科領域，我們正以機器人與數位創新為動力，開啟新時代。我們正推進 OTTAVA 取得潛在 FDA 核准授權；OTTAVA 是全球首款與手術台整合的機器人手術系統。這是我們在本十年將推向市場的最重要醫療科技創新之一。OTTAVA 的獨特架構、自動化功能與次世代機器人器械，有助於滿足外科醫師尚未被滿足的需求；同時與我們的 POLYPHONIC 開放式數位生態系整合，提供以數據驅動的洞察與分析，以更好地支援手術團隊。

This quarter, we also received CE Mark approval for the ETHICON 4000 STAPLER, the latest advancement in our line of surgical technologies. In Vision, we have a bold ambition to make vision possible for more than 40 million people each year.

本季我們也取得 ETHICON 4000 STAPLER 的 CE Mark 核准，這是我們外科技術產品線的最新進展。在視力保健（Vision）方面，我們有一項大膽的願景：每年讓超過 4,000 萬人得以重獲清晰視力。

In Q2, we announced the expanded US availability of TECNIS PureSee as we accelerate the rollout of this extended depth of focus intraocular lens. Our ACUVUE portfolio delivered strong quarterly growth across all regions.

在第二季，我們宣布擴大 TECNIS PureSee 在美國的供應範圍，加速推廣這款延伸景深人工水晶體。我們的 ACUVUE 產品組合在所有地區皆實現強勁的季度成長。

And as a part of our $55 billion US commitment, we recently announced an investment of more than $1 billion to scale our US vision manufacturing, packaging, and distribution capabilities as we expand capacity to meet growing demand for these products.

此外，作為我們 550 億美元美國承諾的一部分，我們近期宣布投資逾 10 億美元，以擴大我們在美國的視力產品製造、包裝與配送能力，並在擴充產能之際滿足這些產品日益成長的需求。

Our progress in Q2 reflects what makes Johnson & Johnson unique, a company innovating across the full spectrum of health care delivering strong performance today while building a pipeline that will transform care for patients tomorrow.

我們第二季的進展反映了嬌生（Johnson & Johnson）的獨特之處：在醫療照護全光譜持續創新，今日交出強勁表現，同時打造將在明日改變病患照護的產品管線。

As we look ahead, our confidence is rooted in the breadth of our innovation from transformational medicines to next-generation medical technologies. That combination of science, scale and disciplined execution is what uniquely positions Johnson & Johnson to lead the next wave of health care innovation.

展望未來，我們的信心來自於創新的廣度——從具變革性的藥物到次世代醫療科技。科學、規模與紀律執行的結合，使嬌生得以在下一波醫療照護創新浪潮中居於領導地位。

I will now turn the call back over to Ryan.

我現在把電話交回給 Ryan。

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，Joaquin。接下來談我們的財務結果。除非另有說明，所引用的百分比均為營運結果，因此不包含匯率換算的影響。

Starting with Q2 2026 sales results. Worldwide sales were $25.3 billion for the quarter. Sales increased 5.6% despite an approximate 460 basis point headwind from STELARA. Excluding STELARA, Johnson & Johnson grew double digits for the quarter. Growth in the US was 7.3% and 3.4% outside of the US. Acquisitions and divestitures had a net negative impact on worldwide growth of 10 basis points.

先從 2026 年第二季銷售結果開始。本季全球銷售額為 253 億美元。儘管受到 STELARA 約 460 個基點的不利影響，銷售仍成長 5.6%。若排除 STELARA，嬌生本季成長達雙位數。美國成長 7.3%，美國以外成長 3.4%。併購與資產剝離對全球成長的淨影響為負 10 個基點。

Now turning to earnings. For the quarter, net earnings were $5.5 billion and diluted earnings per share were $2.27 versus $2.29 a year ago. Adjusted net earnings for the quarter were $7.1 billion, adjusted diluted earnings per share were $2.90, representing an increase of 5.7% and 4.7%, respectively, compared to the second quarter of 2025.

接著看獲利。本季淨利為 55 億美元，稀釋後每股盈餘為 2.27 美元，去年同期為 2.29 美元。本季調整後淨利為 71 億美元，調整後稀釋每股盈餘為 2.90 美元；相較 2025 年第二季，分別成長 5.7% 與 4.7%。

I will now comment on business sales results in the quarter, focusing on the six key areas where meaningful innovation and strong commercial execution are driving our performance and fueling long-term growth. Beginning with Innovative Medicine, where our financial results reflect the depth of our expertise and innovation in areas of high unmet need across Oncology, Immunology and Neuroscience.

我接下來將評論本季各業務的銷售表現，聚焦於六個關鍵領域；在這些領域中，具意義的創新與強勁的商業執行正推動我們的表現並驅動長期成長。先從創新醫藥（Innovative Medicine）開始；我們的財務結果反映了我們在腫瘤、免疫與神經科學等高度未被滿足需求領域的深厚專業與創新能力。

Worldwide sales of $16.4 billion increased 6.8% despite an approximate 760 basis point headwind from STELARA, which underscores the continued strength of our key brands and new launches. Growth in the US was 8.9% and 3.6% outside of the US. Divestitures had a negative impact of 10 basis points on worldwide growth.

全球銷售額 164 億美元成長 6.8%，儘管受到 STELARA 約 760 個基點的不利影響，仍凸顯我們關鍵品牌與新上市產品的持續強勁。美國成長 8.9%，美國以外成長 3.6%。資產剝離對全球成長造成負 10 個基點的影響。

In Oncology, starting with multiple myeloma. DARZALEX growth was 17.6%, primarily driven by strong share gains of 5 points across all lines of therapy with nearly 11 points in the front-line setting as well as continued market growth. CARVYKTI achieved growth of 47.7% driven by share gains and continued site expansion.

在腫瘤領域，先從多發性骨髓瘤談起。DARZALEX 成長 17.6%，主要受惠於在所有治療線別市占提升 5 個百分點（其中第一線治療情境接近 11 個百分點）以及市場持續成長。CARVYKTI 成長 47.7%，由市占提升與持續擴增治療據點所帶動。

TECVAYLI growth was 56.1% with worldwide sequential growth of 29.2% and an impressive US sequential growth of 46.2% driven by launch uptake and share gains across earlier lines of therapy following last quarter's approval in the US for TECVAYLI plus DARZALEX FASPRO and from expansion in the community setting.

TECVAYLI 成長 56.1%，全球季比成長 29.2%，美國季比成長更達 46.2%，主要由上市後採用加速、在較早治療線別的市占提升所驅動；這也受惠於上季在美國核准 TECVAYLI 加 DARZALEX FASPRO，以及在社區醫療場域的擴展。

TALVEY growth was 62.6%, driven by share gains due to increased depth of prescribing in the community setting. In lung cancer, RYBREVANT plus LAZCLUZE delivered growth of 61.6%, driven by continued launch uptake in all regions, share gains in the first and second lines with rapid uptake in RYBREVANT FASPRO.

TALVEY 成長 62.6%，主要由於在社區醫療場域處方深度提升所帶來的市占成長。在肺癌方面，RYBREVANT 加 LAZCLUZE 成長 61.6%，受惠於各地區持續的上市採用、第一線與第二線的市占提升，以及 RYBREVANT FASPRO 的快速採用。

In prostate cancer, ERLEADA delivered growth of 7.6%, with continued share gains and market growth, partially offset by unfavorable patient mix and inventory dynamics. Within immunology, TREMFYA delivered impressive growth of 71% as the IBD launch is driving significant momentum and we continue to see share gains across all indications as well as continued market growth.

在前列腺癌方面，ERLEADA 成長 7.6%，市占與市場持續成長，但部分被不利的病患組合與庫存動態所抵銷。在免疫領域，TREMFYA 成長亮眼達 71%；IBD 上市正帶來顯著動能，我們也持續看到在所有適應症的市占提升以及市場持續成長。

STELARA declined 55.7%, driven by share loss due to biosimilar competition, increasing adoption of novel classes and unfavorable patient mix. Growth in other immunology is driven by US new product launches, IMAAVY and ICOTYDE.

STELARA 下滑 55.7%，主要由於生物相似藥競爭導致市占流失、新型藥物類別採用增加，以及不利的病患組合。其他免疫產品的成長則由美國新產品上市 IMAAVY 與 ICOTYDE 所帶動。

In Neuroscience, SPRAVATO grew 40%, driven by continued strong demand from physicians and patients and strong sequential growth of 24.8%. CAPLYTA showed significant growth of 70.9%, driven by strong continued launch momentum in adjunctive major depressive disorder.

在神經科學領域，SPRAVATO 成長 40%，主要受醫師與患者持續強勁需求，以及 24.8% 的強勁連續季成長所帶動。CAPLYTA 顯著成長 70.9%，主要受其在重度憂鬱症（MDD）輔助治療適應症的上市動能持續強勁所帶動。

Now moving to MedTech, where we delivered growth across each of our key focus areas, Cardiovascular, Surgery, and Vision. Worldwide sales of $8.9 billion increased 3.6% with growth of 3.9% in the US and 3.2% outside the US.

接著談到醫療科技（MedTech），我們在各個關鍵聚焦領域——心血管、外科與視力——皆實現成長。全球銷售額 89 億美元，成長 3.6%，其中美國成長 3.9%，美國以外地區成長 3.2%。

Acquisitions and divestitures had a net negative impact of 10 basis points on worldwide growth. Overall, Cardiovascular grew 3.1%, which is lower than our recent trend primarily due to headwinds in Electrophysiology and Abiomed.

併購與資產剝離對全球成長的淨影響為負 10 個基點。整體而言，心血管業務成長 3.1%，低於我們近期趨勢，主要因電生理與 Abiomed 面臨逆風。

In Electrophysiology, growth of 3.1% was driven by procedure growth, commercial execution, and new product performance, partially offset by competitive PFA pressures. There was also a negative impact from China inventory, which we estimate to be 400 basis points. Abiomed saw a decline of 2% due to pressures on US procedures driven by usage patterns. The downturn came as physicians evaluated the results of a recent external clinical trial, which increased selectivity within the quarter, particularly in the US.

在電生理方面，3.1% 的成長主要由手術量成長、商業執行力與新產品表現所帶動，但部分被競爭性 PFA 壓力所抵銷。此外，中國庫存亦帶來負面影響，我們估計約為 400 個基點。Abiomed 因美國手術量受使用模式影響而承壓，營收下滑 2%。下滑發生於醫師評估近期一項外部臨床試驗結果之際，導致本季選擇性提高，尤其在美國更為明顯。

The decline was partially offset by continued OUS growth, including sustained adoption of Impella 5.5. Shockwave grew double digits at 14.7%, driven by continued adoption of coronary and peripheral products as well as new product launches.

該下滑部分被美國以外地區（OUS）持續成長所抵銷，包括 Impella 5.5 的持續採用。Shockwave 以 14.7% 的雙位數成長，主要受冠狀動脈與周邊產品持續採用以及新產品上市所帶動。

Surgery grew 2.3%, including a negative impact of approximately 40 basis points from divestitures. Growth was driven by strength of the portfolio and commercial execution in biosurgery and wound closure, partially offset by VBP in China and surgery transformation across the portfolio as well as competitive pressures in energy and endocutters. In Vision, growth was 5.6%, driven by premium innovation, strong execution and global reach.

外科業務成長 2.3%，其中包含資產剝離約 40 個基點的負面影響。成長主要由生物外科與傷口縫合領域的產品組合優勢與商業執行力所帶動，但部分被中國 VBP（帶量採購）、全產品組合的外科轉型，以及能量器械與內切割吻合器（endocutters）的競爭壓力所抵銷。在視力業務方面，成長 5.6%，主要受高端創新、強勁執行力與全球覆蓋所帶動。

Contact Lenses and Other products had a strong quarter with 6% growth, driven by strong performance in the ACUVUE OASYS 1-Day family of products, further solidifying our leadership position. Surgical Vision grew 4.7%, driven by new product innovations, robust demand for premium IOLs, and strong commercial execution, partially offset by competitive pressures in the US.

隱形眼鏡及其他產品本季表現強勁，成長 6%，主要受 ACUVUE OASYS 1-Day 產品家族的強勁表現所帶動，進一步鞏固我們的領導地位。手術視力業務成長 4.7%，主要受新產品創新、高端人工水晶體（IOL）的強勁需求與優異商業執行力所帶動，但部分被美國的競爭壓力所抵銷。

Orthopaedics growth for the quarter was 4.2%, primarily driven by new product launches such as VOLT in Trauma and strong commercial execution across the portfolio.

骨科本季成長 4.2%，主要由創傷領域 VOLT 等新產品上市，以及全產品組合的強勁商業執行力所帶動。

Now turning to our consolidated statement of earnings for the second quarter of 2026. I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year. Cost of goods sold leveraged by 30 basis points, driven by favorable operational drivers and currency, partially offset by unfavorable product mix in the Innovative Medicine business as well as the impact of tariffs in the MedTech business.

接著看我們 2026 年第二季的合併損益表。我想重點說明幾項相較去年同期有所變動的值得注意事項。銷貨成本槓桿改善 30 個基點，主要受有利的營運因素與匯率帶動，但部分被創新醫藥業務不利的產品組合，以及醫療科技業務關稅影響所抵銷。

Selling, marketing and administrative expenses deleveraged by 60 basis points, driven by increased investments in our new product launches. Research and development leveraged by 40 basis points, primarily driven by expense phasing in the Innovative Medicine business, partially offset by increased investment in MedTech.

銷售、行銷及管理費用槓桿惡化 60 個基點，主要因我們加大對新產品上市的投資。研發費用槓桿改善 40 個基點，主要由創新醫藥業務費用時點安排所帶動，但部分被醫療科技投資增加所抵銷。

Interest income and expense was a net expense of $62 million as compared to $48 million of expense in the second quarter of 2025. Other income and expense was a net expense of $331 million as compared to $107 million of expense in the second quarter of 2025 with the change primarily driven by higher litigation expense, restructuring related asset impairments and Orthopaedic separation-related costs partially offset by higher gains on securities.

利息收入與費用淨額為費用 6,200 萬美元，相較 2025 年第二季費用 4,800 萬美元。其他收入與費用淨額為費用 3.31 億美元，相較 2025 年第二季費用 1.07 億美元；變動主要由訴訟費用增加、重整相關資產減損及骨科分拆相關成本上升所致，但部分被證券處分收益增加所抵銷。

For taxes, on a GAAP basis, the effective rate in the second quarter of 2026 was 18% compared to 14.7% in the second quarter of 2025. More information can be found in our upcoming 10-Q for changes in taxes.

在稅務方面，以 GAAP 基礎計算，2026 年第二季有效稅率為 18%，相較 2025 年第二季為 14.7%。關於稅務變動的更多資訊，請參閱我們即將發布的 10-Q。

Lastly, I'll direct your attention to the box section of the slide where we also have 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，請注意投影片的方框區塊，我們亦提供了剔除無形資產攤銷費用與特殊項目影響後調整的稅前利益、淨利與每股盈餘。

Now let's look at adjusted income before tax by segment for the quarter. Innovative Medicine margin declined from 42.7% to 42.5%, primarily driven by unfavorable mix and heavier investments in new product launches, partially offset by expense phasing in research and development.

接著我們來看本季按事業部別的調整後稅前利益。創新醫藥的利潤率由 42.7% 降至 42.5%，主要因不利的產品組合與對新產品上市的投資加重所致，但部分被研發費用時點安排所抵銷。

MedTech margin declined from 22.2% to 22.0%, primarily driven by commercial investments, increased research and development and the increased impact of tariffs, partially offset by favorable operational drivers and currency in cost of products sold. As a result, adjusted income before tax for the enterprise as a percentage of sales decreased from 34.5% to 34.2%.

醫療科技利潤率由 22.2% 降至 22.0%，主要因商業投資、研發增加以及關稅影響加大所致，但部分被銷貨成本中有利的營運因素與匯率所抵銷。因此，企業層級調整後稅前利益占銷售額比重由 34.5% 降至 34.2%。

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

以上為本次電話會議的銷售與獲利部分，接下來我將把電話交給 Joe。

Thank you, Ryan, and congratulations on your first earnings call. Your experience across all parts of Johnson & Johnson's business will be a real asset to our company as well as the investment community. We're glad you're in the role. Hello, everyone, and thank you for joining us today.

謝謝你，Ryan，也恭喜你首次參與財報電話會議。你在嬌生（Johnson & Johnson）各業務領域的經驗，將成為公司以及投資社群的重要資產。我們很高興你擔任這個職務。各位好，感謝今天加入我們。

As Joaquin highlighted earlier, we delivered a solid quarter, supported by the depth of our in-market portfolio and strong execution across our new product launches with particularly good growth in Innovative Medicine.

如 Joaquin 先前所強調，我們交出穩健的一季表現，受惠於在市產品組合的深度，以及在新產品上市上的強勁執行力，尤其是創新醫藥的成長表現特別亮眼。

In MedTech, results were not to our standards in Cardiovascular, primarily heart recovery. However, we remain confident in our long-term projections for the MedTech business. A quarter like this, I believe, underscores the strength of Johnson & Johnson. Even with a notable headwind, we still delivered performance that exceeded your expectations and enabled us to confidently raise our full year 2026 financial outlook. We are not dependent on one or two products.

在醫療科技方面，心血管（主要是心臟復原）業務的結果未達我們的標準。然而，我們對醫療科技業務的長期預測仍然充滿信心。我認為像這樣的一季更凸顯嬌生的實力。即使面臨顯著逆風，我們仍交出超出各位預期的表現，並使我們能夠有信心地上調 2026 全年財務展望。我們並不依賴一兩項產品。

We have a broad durable portfolio that has 28 platforms, each generating more than $1 billion in annual revenue that we are intent on adding to in the coming years. It is that foundation that gives us clear line of sight to double-digit growth by the end of the decade.

我們擁有廣泛且具韌性的產品組合，涵蓋 28 個平台，每個平台年營收皆超過 10 億美元；未來幾年我們也將致力於持續擴增。正是這樣的基礎，讓我們能清楚掌握在本十年末實現雙位數成長的可見度。

Turning to results with our cash position. We ended the second quarter with approximately $21 billion of cash and marketable securities and approximately $49 billion of debt for a net debt position of approximately $28 billion. You may recall in Q1 that free cash flow is light, but as expected, we had significant improvement in the second quarter with year-to-date totaling approximately $8.7 billion and are on track for our full year free cash flow outlook approaching $21 billion.

接著談我們的現金部位。第二季末，我們持有約 210 億美元的現金及有價證券，並有約 490 億美元的負債，淨負債部位約 280 億美元。各位或許記得第一季自由現金流較少，但如預期，第二季顯著改善，年初至今合計約 87 億美元，並正朝向全年自由現金流展望接近 210 億美元的目標前進。

Our capital allocation priorities remain unchanged. We continue to prioritize investments with a focus on supporting our commercial launches and advancing future innovation. As stated previously, acquisitions are an enabler of growth, but they are not a requirement to deliver on our near- and long-term objectives.

我們的資本配置優先順序維持不變。我們持續優先投入資金，聚焦於支持商業化上市並推進未來創新。如先前所述，併購是成長的助力，但並非達成我們短期與長期目標的必要條件。

Our financial strength allows us to continue investing in R&D while pursuing opportunities where our scientific and commercial capabilities can accelerate innovation and create differentiated value. A good example of that is the recently announced agreement to acquire Firefly Bio. The planned acquisition expected to close in the third quarter of 2026 will add a proprietary platform designed to target KRAS-driven solid tumors, which are typically more difficult to treat and further diversifies our Oncology pipeline. We also remain committed to returning capital directly to shareholders primarily through our dividend.

我們雄厚的財務實力使我們得以在持續投資研發的同時，追求那些能讓我們的科學與商業能力加速創新並創造差異化價值的機會。近期宣布的收購 Firefly Bio 協議就是一個很好的例子。這項預計於 2026 年第三季完成的收購，將新增一個專有平台，旨在鎖定由 KRAS 驅動的實體腫瘤；這類腫瘤通常更難治療，並將進一步多元化我們的腫瘤學產品線。我們也仍致力於主要透過股利將資本直接回饋給股東。

Turning to full year guidance for 2026. As always, our outlook reflects what we know today regarding foreign exchange rates, tariffs, the broader macroeconomic environment and other external factors. Driven by second quarter performance and uptake of new product launches we are increasing operational sales growth by $400 million, now expecting operational sales growth for the full year to be in the range of 6.5% to 7.1%, with a midpoint of $100.6 billion. As a reminder, our financial calendar in 2026 includes a 53rd week, which provides a benefit of approximately 100 basis points in 2026. We do not speculate on future currency movements.

接著談 2026 年全年指引。一如既往，我們的展望反映了我們目前所掌握的資訊，包括外匯匯率、關稅、更廣泛的總體經濟環境及其他外部因素。受第二季表現及新產品上市帶動的採用率提升所驅動，我們將營運銷售成長上調 4 億美元；目前預期全年營運銷售成長區間為 6.5% 至 7.1%，中位數為 1,006 億美元。提醒一下，我們 2026 年的財務年度包含第 53 週，預計在 2026 年帶來約 100 個基點的助益。我們不對未來匯率走勢進行臆測。

Last quarter, we utilized a Euro spot rate to the US dollar of $1.17. As of last week, the Euro spot rate to the US dollar was $1.14. Based on all major currency movements, we estimate a negative total foreign currency impact of $100 million versus prior guidance.

上季我們採用歐元兌美元即期匯率 1.17 美元。上週歐元兌美元即期匯率為 1.14 美元。綜合主要貨幣變動，我們估計相較先前指引，外幣總影響為負 1 億美元。

As a result, we now expect reported sales growth of 7.0% to 7.6%, with a midpoint of $101.1 billion or 7.3%. As we look at the remainder of the year, based on year-to-date performance and updated guidance, we anticipate operational sales growth to improve in the second half of the year. As a reminder, fourth quarter growth should be higher due to the benefit from the 53rd week.

因此，我們目前預期報告口徑的銷售成長為 7.0% 至 7.6%，中位數為 1,011 億美元或 7.3%。展望今年剩餘期間，基於年初至今的表現與更新後的指引，我們預期下半年營運銷售成長將有所改善。提醒一下，第四季成長應會更高，因為第 53 週帶來的助益。

Turning to other notable items on the P&L. At the beginning of the year, we guided to more than a 50 basis point improvement in adjusted pretax operating margin. We now expect approximately a 75 basis point improvement supported by continuing operating efficiencies and anticipated reduction and recoupment of certain tariff rated costs based on the latest rulings.

接著談損益表上的其他重點項目。年初我們指引調整後稅前營運利潤率將改善超過 50 個基點。目前我們預期改善約 75 個基點，主要受持續的營運效率提升，以及依最新裁定對部分關稅相關成本的預期降低與回收所支持。

This pretax operating margin improvement also considers the expected cost from the 53rd week of operations and the previously announced agreement with the US government to improve access to medicines and lower costs to the US patients.

這項稅前營運利潤率的改善也納入了第 53 週營運所帶來的預期成本，以及先前宣布與美國政府達成的協議，以改善藥品可近性並降低美國病患的成本。

For net interest expense, we now project $250 million to $350 million, slightly lower than previous guidance. Our effective tax rate is now expected to be lower in a range of 17.0% to 18.0% for the full year based on year-to-date results.

就淨利息費用而言，我們目前預估為 2.5 億至 3.5 億美元，較先前指引略低。基於年初至今的結果，我們目前預期全年有效稅率將較低，落在 17.0% 至 18.0% 的區間。

Turning to earnings per share. We are pleased to increase our adjusted operational earnings per share range to $11.50 to $11.65, which equates to an increase of $0.18 at the midpoint. This represents a year-on-year adjusted operational EPS growth of 7.3%. Reported earnings per share is projected to be $11.60 to $11.75 or $11.68 at the midpoint, which represents an 8.2% increase over the prior year. The updated earnings per share guidance range includes a $0.05 reduction of favorable currency when compared to prior guidance.

接著談每股盈餘。我們很高興將調整後營運每股盈餘區間上調至 11.50 至 11.65 美元，中位數上調 0.18 美元。這代表調整後營運 EPS 年增 7.3%。報告口徑每股盈餘預估為 11.60 至 11.75 美元，中位數為 11.68 美元，較前一年增加 8.2%。更新後的每股盈餘指引區間，包含相較先前指引因有利匯率減少而下調 0.05 美元。

Our current outlook does not include the impact of any pending acquisitions such as Firefly Bio. We have several meaningful pipeline catalysts in the second half of the year. We anticipate FDA regulatory approval for IMAAVY as the first-ever treatment for patients with warm autoimmune hemolytic anemia, a rare and serious auto antibody disease.

我們目前的展望未包含任何待完成收購（例如 Firefly Bio）的影響。我們在下半年有數項重要的產品線催化劑。我們預期 FDA 將核准 IMAAVY，作為首個用於治療溫抗體自體免疫性溶血性貧血患者的療法；這是一種罕見且嚴重的自體抗體疾病。

We also have important data readouts across our innovative medicine pipeline, including TECVAYLI in combination with TALVEY for patients with relapsed/refractory multiple myeloma who have received one to four prior lines of therapy. Pasritamig, a first-in-class bispecific antibody in patients with advanced prostate cancer who have progressed after multiple lines of therapy and JNJ-6143, an investigational first-in-class once-daily oral therapy for metastatic castration-resistant prostate cancer.

我們也將在創新藥物產品線上迎來重要數據讀出，包括：TECVAYLI 與 TALVEY 聯合用於復發／難治性多發性骨髓瘤患者（先前接受過 1 至 4 線治療）；Pasritamig（同類首創的雙特異性抗體）用於多線治療後仍進展的晚期前列腺癌患者；以及 JNJ-6143（研究中、同類首創、每日一次口服療法）用於轉移性去勢抗性前列腺癌。

This will be the first clinical readout from an ongoing study from our recent Halda acquisition. We are also expecting data readouts for INLEXZO in high-risk non-muscle invasive bladder cancer, ICOTYDE in psoriatic arthritis and CAPLYTA in bipolar mania.

這將是我們近期收購 Halda 後，正在進行的研究首次臨床數據讀出。我們也預期將取得 INLEXZO（高風險非肌肉侵襲性膀胱癌）、ICOTYDE（乾癬性關節炎）以及 CAPLYTA（雙相情感障礙躁期）的數據讀出。

Turning to MedTech. There are several important catalysts that we expect to generate momentum. In Cardiovascular, we expect launches for the dual energy THERMOCOOL SMARTTOUCH SF platform as well as the Shockwave C2 AERO and Aero Fly IVL catheters. In Electrophysiology, we expect continued adoption of CARTOSOUND SONATA cardio mapping in the US and VARIPULSE Pro in EMEA with anticipated approval of VARIPULSE Pro in the US later this year.

接著談 MedTech。我們預期有數項重要催化劑將帶動動能。在心血管領域，我們預期推出雙能量 THERMOCOOL SMARTTOUCH SF 平台，以及 Shockwave C2 AERO 與 Aero Fly IVL 導管。在電生理領域，我們預期 CARTOSOUND SONATA 心臟建圖在美國持續被採用，VARIPULSE Pro 在 EMEA 持續推廣，並預期 VARIPULSE Pro 於今年稍晚在美國獲准。

In Surgery, we anticipate FDA approval for the OTTAVA robotic surgical system and the EMEA launch of ETHICON 4000 and in Vision, we continue to expand availability of TECNIS PureSee intraocular lens for cataract and presbyopia while driving adoption of ACUVUE OASYS MAX lenses.

在外科領域，我們預期 OTTAVA 機器人手術系統獲得 FDA 核准，以及 ETHICON 4000 在 EMEA 上市；在視力領域，我們持續擴大 TECNIS PureSee 人工水晶體於白內障與老花的可用性，同時推動 ACUVUE OASYS MAX 鏡片的採用。

Finally, the Orthopaedics business under Namal Nawana's leadership had another quarter of improvement. We continue to evaluate all separation options that create shareholder value and set the DePuy Synthes business up for success long term. We are pleased with the progress made are on track for a mid-2027 separation and look forward to sharing updates later this year.

最後，在 Namal Nawana 的領導下，骨科業務本季再度改善。我們持續評估所有能創造股東價值的分拆選項，並讓 DePuy Synthes 業務在長期具備成功條件。我們對目前取得的進展感到滿意，正按計畫朝 2027 年年中分拆邁進，並期待在今年稍晚分享最新進度。

So to wrap up before we take your questions, our first half performance illustrates the strength and resilience of our portfolio. The momentum we are building behind our new products and the steady progress we are making across our pipeline.

在進入提問之前做個總結，我們上半年表現展現了我們產品組合的實力與韌性。我們在新產品上的動能，以及在產品線各項進展上的穩健推進。

Strategic focus, scale and financial flexibility to invest in opportunities we believe will create the greatest value for patients should translate into meaningful value for shareholders. We look forward to sharing more on strategy, growth catalysts and a longer-term outlook at our Enterprise business review on December 8.

我們的策略聚焦、規模與財務彈性，使我們得以投資於我們相信能為病患創造最大價值的機會，這應能轉化為對股東具意義的價值。我們期待在 12 月 8 日的企業業務回顧（Enterprise business review）中，分享更多策略、成長催化劑與更長期的展望。

To our colleagues around the world, thank you. Your dedication and disciplined execution are what make our performance possible, and you continue to deliver meaningful innovation to more patients, improve outcomes and raise the standard of care.

致全球各地的同仁，謝謝你們。你們的投入與嚴謹的執行讓我們得以達成這樣的表現；你們也持續將具意義的創新帶給更多病患、改善治療結果並提升照護標準。

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

接下來，我們很高興開始回答各位的問題。Kevin，請你開放電話會議進入問答環節，好嗎？

(Operator Instructions)

（接線員指示）

Chris Schott, JPMorgan.

Chris Schott，摩根大通。

Great. Thanks so much for the question and congrats on all the progress. Maybe just, Joe, if you could dive a little bit more into the $400 million increase in operational sales guidance. I was just interested for a little bit more color of the balance of pharma versus the MedTech components to this. I guess just bigger picture, is it fair to think about pharma moving higher here, maybe partially offset by a bit lower MedTech growth assumptions? Or just any directional color there would be helpful. Thank you.

很好。非常感謝讓我提問，也恭喜你們取得各項進展。Joe，也許你可以再更深入說明一下營運銷售指引上調 4 億美元的部分。我想更了解其中製藥與 MedTech 兩個部分的組成與比重。從更宏觀的角度來看，是否可以理解為製藥端上修較多，部分被 MedTech 成長假設略為下調所抵銷？或任何方向性的補充都會很有幫助。謝謝。

Yes, good morning, Chris and thank you for the question. I would say that's probably a fair characterization. As you know, we always had a little bit better revenue growth projected in the second half of the year, irrespective of the extra week of sales that will occur in the fourth quarter when you think about products that are really in their infancy with respect to ICOTYDE, INLEXZO and just the emergence of TREMFYA continuing to do well with the IBD indications that were received over the last 18 months. It was always that projection.

是的，早安，Chris，謝謝你的提問。我會說這大概是相當公允的描述。如你所知，不論第四季因多出一週銷售所帶來的影響，我們一直預期下半年營收成長會略優一些；尤其當你想到像 ICOTYDE、INLEXZO 這些仍處於相對早期階段的產品，以及 TREMFYA 在過去 18 個月取得 IBD 適應症後持續表現良好、並逐步展現成長動能。這一直都是我們的預測。

I think really maybe to the heart of your question is we do expect MedTech to grow better in the second half than the first half as well. We have tempered expectations around the Abiomed business with respect to that. So we see that recovery happening, but probably as we leave this year into next year. So not declines, but more modest growth until our PROTECT IV data comes out, which I'm sure Tim will have an answer to in a future question to expand upon.

我想你問題的核心可能是：我們也確實預期 MedTech 下半年的成長會優於上半年。就此而言，我們已下調對 Abiomed 業務的預期。因此我們確實看到復甦正在發生，但可能會是在今年結束、進入明年時更為明顯。所以不是下滑，而是在 PROTECT IV 數據出爐之前，成長會較為溫和；我相信 Tim 之後在相關問題上會進一步說明。

Hopefully, that helps, Chris.

希望這能對你有所幫助，Chris。

Asad Haider, Goldman Sachs.

Asad Haider，高盛。

Great. Thanks for taking the question. Maybe for Jennifer, John on ICOTYDE, just the launch seems to be progressing well. You noted 10,000 patients have now initiated therapy. Just wondering if you can provide any update on prescriber counts relative to the last update of 4,500 prescribers that you called out in June. What can you tell us about sampling and free drug that you're providing and where you are with formulary negotiations? And when can we expect to see you break out sales?

很好。謝謝讓我提問。也許想請教 Jennifer、John 關於 ICOTYDE：目前上市推進看起來進展順利。你提到現在已有 10,000 名病患開始治療。想請問相較於你們在 6 月提到的 4,500 位處方醫師，能否更新目前的處方醫師數量？另外，關於你們提供的試用（sampling）與免費用藥（free drug）情況，以及處方集（formulary）談判進度，你們能分享些什麼？以及我們何時能看到你們單獨揭露銷售額？

And then maybe just a second part on that. How are you positioning TREMFYA and ICOTYDE together to the dermatologist community and psoriasis? Are there any synergies or advantages that you're seeing emerge from having both options? Thank you.

然後也許再追問第二部分。你們如何向皮膚科社群與乾癬領域，同時定位 TREMFYA 與 ICOTYDE？同時擁有兩種選項，是否看到任何協同效應或優勢正在浮現？謝謝。

Great. Well, thanks, Asad. This is Jennifer, and good morning, everybody. And I really want to start with a big thank you to all of our Innovative Medicine colleagues around the world for an outstanding quarter of delivering for patients. So over $16 billion in sales, our first $16 billion quarter, 6.8% operational growth, and it's also worth noting STELARA was only 4% of our Innovative Medicine business in the second quarter.

很好。謝謝你，Asad。我是 Jennifer，各位早安。我想先向我們全球的 Innovative Medicine 同仁致上衷心的感謝，感謝大家在本季為病患帶來卓越的成果。本季銷售額超過 160 億美元，是我們 Innovative Medicine 首次單季突破 160 億美元；營運成長 6.8%。另外也值得一提的是，第二季 STELARA 只占我們 Innovative Medicine 業務的 4%。

And if you exclude that, the 96% of our business, 96% actually grew over 14%. And this is really based on the strong growth across our main key brands as well as our must-win launches, and the team has really done an outstanding job around the world on that. So glad to have the opportunity to talk about ICOTYDE because we are really thrilled with the launch and how it's progressing.

若排除它，我們其餘 96% 的業務實際上成長超過 14%。這主要來自我們核心關鍵品牌的強勁成長，以及我們「必勝」上市產品（must-win launches）的推進；團隊在全球的執行確實非常出色。因此很高興有機會談 ICOTYDE，因為我們對其上市表現與推進進度感到非常振奮。

I think as we noted last time, we feel really good about the differentiated label that we got. ICOTYDE is the first and only targeted oral peptide that precisely blocks the IL-23 inhibitor. If we talk about the US launch and get into some details that you asked, it's really off to a strong start. As a reminder, we were ready day one. And in fact, the first patient prescribed received ICOTYDE on that launch day and early physician and patient enthusiasm has been really great.

我想如同上次所提，我們對取得的差異化標籤（label）感到非常滿意。ICOTYDE 是第一個也是唯一一個可精準阻斷 IL-23 抑制作用的標靶口服胜肽。若談到美國上市並回應你問的細節，目前確實有個強勁的開局。提醒一下，我們在上市第一天就已準備就緒。事實上，第一位被開立處方的病患就在上市當天拿到了 ICOTYDE，而早期醫師與病患的熱度與接受度都非常高。

If we get into numbers on it, to date, over 18,000 prescriptions have been written for a total of now 11,000 patients. So that's an update from the 10 just shortly. There are 6,000 unique prescribers. And if you take a look at those, over 50% are actually derm advanced practice providers, about 40% are dermatologists and the rest are primary care physicians and others. And so that tells us that there's really good confidence in the product in both the efficacy and safety profile as well as the simplicity of the simple once daily pill.

若看數據，截至目前已開立超過 18,000 張處方，合計目前約 11,000 名病患。這是相較於稍早提到的 10,000 的更新。目前有 6,000 位不重複的處方醫師。在這些處方者中，超過 50% 實際上是皮膚科的進階執業提供者（advanced practice providers），約 40% 是皮膚科醫師，其餘則是基層照護醫師與其他科別。這讓我們看到，市場對產品的療效與安全性，以及每日一次、服用簡便的口服錠劑形式，都具有相當高的信心。

We're already seeing a number of writers who are repeat. We're seeing patients getting repeat prescriptions. As we take a look at the payer coverage, within 90 days, we already have over 50% of commercial coverage. And we think that's great.

我們已經看到不少處方者有重複開立。也看到病患取得續方。就支付方（payer）給付覆蓋來看，在 90 天內，我們已取得超過 50% 的商業保險覆蓋。我們認為這非常好。

That's actually a little bit ahead of our projections. So team is making really great progress on the payer coverage there. And so in total, we think the launch is going very well. You asked about ICOTYDE and TREMFYA. And I think really, really important to note, we've got this great uptick in ICOTYDE.

這其實略優於我們的預期。因此團隊在支付方覆蓋方面取得了非常好的進展。總體而言，我們認為這次上市進展非常順利。你也問到 ICOTYDE 與 TREMFYA。我認為非常、非常重要的一點是：我們看到 ICOTYDE 有很好的上升動能。

This has not slowed down TREMFYA in psoriatic disease at all. So TREMFYA in psoriatic disease, psoriasis and PsA, that growth and market share gains has actually continued well above the market. And notable in the second quarter that we got approval for inhibition of structural damage for TREMFYA in PsA.

但這完全沒有拖慢 TREMFYA 在乾癬性疾病上的表現。TREMFYA 在乾癬性疾病（乾癬與 PsA）方面的成長與市占提升，仍持續明顯高於整體市場。而且值得注意的是，第二季 TREMFYA 在 PsA 取得了「抑制結構性損傷」的核准。

And then in terms of really co-positioning, ICOTYDE is the first choice systemic treatment. All of those patients who've been cycling on topicals who really need to have advanced therapy, we think ICOTYDE sits right in that sweet spot as that first choice systemic. For TREMFYA, we think it's the first choice biologic, particularly for patients that have potential for or have any psoriatic arthritis involvement and many, many patients, a significant percentage with psoriasis actually progress to psoriatic arthritis as well.

至於共同定位（co-positioning），ICOTYDE 是全身性治療（systemic treatment）的第一選擇。對於那些一直在外用藥之間反覆嘗試、但其實需要進階治療的病患，我們認為 ICOTYDE 正好落在那個甜蜜點，作為首選的全身性治療。至於 TREMFYA，我們認為它是首選的生物製劑（biologic），特別適用於可能有、或已經有乾癬性關節炎受累的病患；而且許多乾癬病患中有相當比例也會進展為乾癬性關節炎。

So we think really distinct and unique positions for both and well reflected in the results that we saw in the quarter with both products doing really well. Additionally, we are investing to win on ICOTYDE. This is one of our must-win launches and so in addition to what you've seen, we actually also started our direct-to-consumer advertising yesterday. Those of you who are watching the World Cup or baseball had a chance to see that. And so we think this is even going to further bring more patients in to talk to their providers about new options for psoriasis.

因此我們認為兩者各自有非常清楚且獨特的定位，並且也反映在本季結果上：兩個產品都表現得非常好。此外，我們正在加大投資以在 ICOTYDE 上取得勝利。這是我們的必勝上市之一；因此除了你們已看到的推進之外，我們其實也在昨天開始了直接面向消費者（direct-to-consumer）的廣告投放。有在看世界盃或棒球的各位，應該有機會看到。我們認為這將進一步帶動更多病患與其醫療提供者討論乾癬的新治療選項。

Maybe one quick addition, John Reed here. We do expect to have pivotal data later this year for ICOTYDE in psoriatic arthritis. And as Jennifer pointed out, there's overlap in the psoriasis and psoriatic arthritis populations psoriasis, the skin manifestations are often a co-morbidity for patients with psoriatic arthritis. And our Phase III studies in ulcerative colitis and Crohn's are in full steam now. So we're moving ICOTYDE forward as a possible frontline therapy there as well.

我再補充一句，我是 John Reed。我們預期今年稍晚會取得 ICOTYDE 在乾癬性關節炎的關鍵性（pivotal）數據。如 Jennifer 所指出，乾癬與乾癬性關節炎族群之間存在重疊；乾癬的皮膚表現常是乾癬性關節炎病患的共病。而我們在潰瘍性結腸炎與克隆氏症的第三期研究目前也正全速推進。因此我們也正推動 ICOTYDE，作為在該領域可能的第一線治療選項。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

Good morning. Thanks for taking the question. Tim, I'm sure you know there continue to be concerns about procedure growth in the US. What did you see in Q2? And how are you thinking about procedure growth the rest of the year? And regarding J&J, I heard Joe say the second half, J&J MedTech growth would be better than the first half, which was 4.2%, I believe. Do you still expect MedTech to grow faster in '26, excluding the extra week? Thank you.

早安。感謝讓我提問。Tim，我相信你也知道，市場對美國手術量成長仍持續有疑慮。你們在第二季看到了什麼？以及你們如何看待今年剩餘時間的手術量成長？另外關於嬌生（J&J），我聽 Joe 說下半年 J&J MedTech 的成長會優於上半年（我記得是 4.2%）。你們是否仍預期在排除多一週的影響後，MedTech 在 2026 年的成長會更快？謝謝。

Larry, thank you so much for the question, and let me before I get into procedure volume. And certainly, given the news that we've heard from hospital providers this week. I know it's a hot topic, but I'd like to put really our second quarter performance in context for you and for others. When we step back and we look across the full portfolio, the underlying picture remains solid. Procedure volumes continue to be stable, and we're not seeing evidence of a broad-based slowdown in demand.

Larry，非常感謝你的提問。在我談手術量之前，先說明一下。當然，鑑於我們本週從醫院服務提供者那邊聽到的消息。我知道這是個熱門話題，但我想先把我們第二季的表現放在脈絡中，提供你以及其他人參考。當我們退一步、檢視整體產品組合時，基本面仍然穩健。手術量持續保持穩定，我們沒有看到需求出現全面性放緩的跡象。

And to be clear, Larry, three of our four businesses, Surgery, Vision and Orthopaedics all accelerated in the quarter and performed above expectations. Surgery growth was driven by continued strong performance in wound closure and almost double-digit growth in Biosurgery. Vision you would have noticed delivered meaningful acceleration in contact lens and continued momentum in IOLs.

而且要說清楚，Larry，我們四大業務中的三個——外科、視力保健與骨科——在本季都加速成長，且表現優於預期。外科的成長來自傷口縫合的持續強勁表現，以及生物外科接近雙位數的成長。視力保健方面，你應該注意到隱形眼鏡出現顯著加速，且人工水晶體（IOL）持續保持動能。

And in Orthopaedics, as you've heard already from Joe, we continue to see that business go from strength to strength reflecting stronger execution and the impact of multiple new products. I would like to turn quickly to CV.

在骨科方面，如同你先前已從 Joe 那裡聽到的，我們持續看到該業務愈來愈強，反映出更佳的執行力以及多項新產品帶來的影響。我想快速轉到心血管（CV）。

And let me first acknowledge that our Q2 growth is not where you wanted it. And frankly, it's not where we wanted it. That said, we know what happened and we know exactly what we're doing about it. In full transparency, CV growth was more muted this quarter in both EP and heart recovery partially offset by continued double-digit growth in Shockwave.

我先承認，我們第二季的成長並不是你所期待的水準。坦白說，也不是我們所期待的水準。但我們知道發生了什麼事，也非常清楚我們正在採取哪些措施。完全透明地說，本季心血管業務在電生理（EP）與心臟復原（heart recovery）兩個領域的成長較為溫和，部分被 Shockwave 持續的雙位數成長所抵銷。

In EP, as you already heard, we continue to see strong underlying demand. However, we did have an inventory dynamic in China, which impacted our growth by about 400 basis points that would have taken global growth up to north of 7%. And then heart recovery due to a recent neutral clinical trial in the UK, Impella usage has slowed.

在電生理方面，如你已聽到的，我們仍看到強勁的基本需求。不過，我們在中國出現庫存方面的動態，對成長造成約 400 個基點的影響；若排除此因素，全球成長將可提升至 7% 以上。另外，心臟復原方面，由於英國近期一項中性（neutral）的臨床試驗結果，Impella 的使用量已放緩。

We see this as a near-term dynamic, and we're actively engaging physicians and their teams to reinforce appropriate patient selection, leveraging significant depth of our clinical evidence base. So again, to put it all in context, three out of our four businesses performed well, and we're confidently addressing the fourth and nothing we see changes our conviction in the long-term growth thesis for both our CV business as well as J&J MedTech at large.

我們認為這是短期動態，我們正積極與醫師及其團隊互動，運用我們深厚的臨床證據基礎，強化適當的病患選擇。因此，再次把整體放回脈絡來看：我們四大業務中有三個表現良好；我們也正有信心地處理第四個業務。我們目前看到的情況，並未改變我們對心血管業務以及整體 J&J MedTech 長期成長論點的信念。

To your question about procedure volumes. From our perspective, when we look across the breadth of our portfolio, we see that volumes are generally in line with market trends, and we're not currently seeing any evidence of a broad-based slowdown in activity. Demand remains consistent with what we would expect given the fundamentals of these markets, which, as you know, continue to be driven by themes such as aging populations increasing disease prevalence and ongoing innovation that is expanding our access more patients.

回到你關於手術量的問題。從我們的角度來看，當我們檢視整體產品組合的廣度時，我們看到手術量大致與市場趨勢一致，目前並未看到活動出現全面性放緩的任何跡象。需求仍符合我們基於這些市場基本面所預期的情況；如你所知，這些市場仍由人口老化、疾病盛行率上升，以及持續創新（擴大我們觸及更多病患）等主題所驅動。

We are acutely aware of the recent data that has been provided by a number of large US hospital operators highlighting pressure on certain procedure volumes, particularly in more elective areas of care. And while we're monitoring these trends very closely, they are not reflected in what we're seeing across our portfolio today.

我們非常留意近期多家大型美國醫院營運商所提供的數據，指出某些手術量承受壓力，特別是在較偏選擇性（elective）的照護領域。雖然我們正非常密切地監測這些趨勢，但目前在我們的整體產品組合中，尚未反映出同樣的情況。

As you know, our business is diversified across a broad range of categories, many of which are less dependent on discretionary elective procedures and from our perspective, overall procedure trends remain consistent in the quarter with our expectations. I will also point to, there has been a bunch of chatter about the potential impact of the ACA subsidy removals based on what we're seeing.

如你所知，我們的業務分散於廣泛的類別，其中許多類別對可自由裁量的選擇性手術依賴度較低；從我們的角度來看，本季整體手術趨勢仍與我們的預期一致。我也想指出，市場上對於 ACA 補貼取消可能帶來的影響有不少討論，而就我們所觀察到的情況而言。

We're not -- we haven't observed any meaningful impact on procedure volumes across our portfolio related to the ACA. And while we expect that the expiration of the Affordable Care Act subsidies may create some affordability pressures for a small cohort of patients, we do not expect this to translate into a material impact on demand for MedTech and procedures.

我們並未——我們尚未觀察到 ACA 對我們整體產品組合的手術量帶來任何顯著影響。雖然我們預期《平價醫療法案》（Affordable Care Act）補貼到期，可能會對一小部分病患造成一些可負擔性壓力，但我們不預期這會轉化為對 MedTech 與手術需求的重大影響。

And so to be clear, we would not attribute our MedTech performance in Q2 to a systemic slowdown in procedures. As already mentioned, we do expect an acceleration of our performance in the second half driven by continued performance of our businesses in Vision, in Orthopaedics and in Surgery and certainly improvement on the back of our efforts to drive greater performance within Cardiovascular.

因此要說清楚，我們不會將第二季 MedTech 的表現歸因於手術量出現系統性放緩。如前所述，我們確實預期下半年表現將加速，動能來自視力保健、骨科與外科業務的持續表現，並且在我們推動心血管業務提升表現的努力帶動下出現改善。

Thank you, Larry and looking forward to see you next week at SRS.

謝謝你，Larry，也期待下週在 SRS 見到你。

Terence Flynn, Morgan Stanley.

Terence Flynn，摩根士丹利。

Great. Thanks so much for taking the question. Congrats on the quarter. I was just wondering, Jennifer, if you could expand on what you're seeing with TECVAYLI. Obviously, important new data that's been added to the label recently. So just wondering how that's impacting the growth dynamics. And then maybe you could expand on what you're seeing in terms of academic versus community use. Thank you.

很好。非常感謝讓我提問。恭喜本季表現。我想請教 Jennifer，你是否可以更詳細說明你們在 TECVAYLI 方面看到的情況。顯然，最近有重要的新數據被納入標籤（label）。因此想了解這對成長動能有何影響。另外，也請你談談你們觀察到的學術醫學中心（academic）與社區（community）使用情況的差異。謝謝。

Good morning, Terence. We had a great quarter for TECVAYLI with sales of $260 million, 56% versus prior year. And really, that was driven by significant launch uptake and share gains across the earlier lines of therapy based on the approval that we got in the US for TECVAYLI plus DARZALEX and also continued expansion in the community setting.

早安，Terence。TECVAYLI 本季表現非常好，銷售額達 2.60 億美元，較去年同期成長 56%。這主要是由於在更早期治療線別的上市快速導入與市占提升所帶動，原因包括我們在美國取得 TECVAYLI 加上 DARZALEX 的核准，以及在社區端持續擴張。

So we're real excited about the approval of the combination regimen there. It's the first and only steroid-free, readily available immediate immunotherapy option that really has that best-in-class efficacy and the potential for cure for patients in that second-line setting.

因此我們對該組合療法的核准感到非常振奮。這是第一個也是唯一一個無類固醇、可即時取得的免疫治療選項，具備同級最佳（best-in-class）的療效，並在第二線治療情境中具備讓病患達到治癒的潛力。

As a reminder on that data because we think it's truly extraordinary. It's three years, 83% of patients remained alive and progression free. And so this is really resonating with physicians. In terms of US uptake, we're seeing really strong early US demand following the rapid approval that we have for TECVAYLI plus DARZALEX.

提醒一下該數據，因為我們認為它確實非常卓越。追蹤三年後，仍有 83% 的病患存活且未出現疾病進展。因此這確實在醫師之間引起強烈共鳴。就美國的導入而言，在 TECVAYLI 加 DARZALEX 快速獲批後，我們看到非常強勁的早期需求。

And so if you take a look quarter-to-quarter like first quarter to second quarter, we saw a 29% increase in sequential growth there. And that's in terms of patients that were initiated in TECVAYLI, and this is really due to new account adoption and increasing depth of prescribing.

因此，如果你以季度對季度來看，例如第一季到第二季，我們看到連續成長增加了 29%。這是以啟用 TECVAYLI 治療的病患數來衡量，而這主要來自新客戶（帳戶）採用，以及處方深度的提升。

So, furthermore, the vast majority of patients now with TEC-DARA are starting in the second to third line setting. And we continue to see increases in community site really set up an expansion in the US, they had a 25% quarter-over-quarter increase in community sites expansion there. And so we're feeling really good about what we're seeing in terms of TECVAYLI and TECVAYLI growth along with DARZALEX in that second and third line setting.

所以，此外，目前使用 TEC-DARA 的絕大多數患者，都是在第二到第三線治療情境下開始使用。而且我們持續看到社區端據點的增加，確實帶動了美國市場的擴張；他們在社區據點擴張方面，季度環比成長了 25%。因此，就我們所看到的 TECVAYLI，以及在第二、第三線治療情境下 TECVAYLI 的成長並結合 DARZALEX 的表現而言，我們感到非常振奮。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

Good morning and thank you for taking the question. You have a fairly robust robotics portfolio that should be rolling out over the next couple of quarters and you did mention SRS. Could you please sort of give us an update on the lay of the land and what we might expect next week? Thank you.

早安，謝謝讓我提問。你們有相當強健的機器人產品組合，預計在接下來幾個季度陸續推出，你們也提到了 SRS。能否請你們更新一下目前的整體態勢，以及我們下週可能會看到什麼？謝謝。

Joanne, thank you for the question and certainly your interest in robotics program. As you know, we have been worldwide leaders in open and laparoscopic surgery. And certainly, we are excited and very much committed to being a major player in the area of surgical robotics. I think you know that we are eagerly awaiting approval of OTTAVA which we submitted late last year.

Joanne，謝謝你的提問，也謝謝你對機器人計畫的關注。如你所知，我們在開放式與腹腔鏡手術領域一直是全球領導者。當然，我們對於成為手術機器人領域的重要參與者感到興奮，並且高度投入。我想你也知道，我們正熱切等待 OTTAVA 的核准，我們是在去年年底提交申請的。

We are actively working on our second clinical trial, specifically focused on inguinal hernia, and we will provide much more detail around our exciting launch plans once approvals have been secured. That said, we are committed to the launch of two, assuming, approvals come our way, which we're very confident about.

我們正積極推進第二項臨床試驗，特別聚焦於腹股溝疝氣；一旦取得核准，我們將就令人振奮的上市計畫提供更多細節。話雖如此，我們承諾將推出兩項產品——前提是核准如期到來，而我們對此非常有信心。

We are committed to two large robotic launches this year, both the launch of OTTAVA we believe is truly differentiated against the existing incumbent and of course, the launch of MONARCH for urology, which will be a first-of-kind opportunity in that particular area. And so we will provide more information about those two launches at some more information next week.

我們承諾今年將進行兩項大型機器人產品上市：其一是 OTTAVA 的上市，我們相信它相較於現有的既有領導者具有真正的差異化；其二當然是用於泌尿科的 MONARCH 上市，這將是在該領域首創的機會。因此，我們將在下週就這兩項上市提供更多資訊。

We'll also provide some update certainly on the FORTE trial which was our clinical trial, which was actually presented at the ASMBS conference about 1.5 months ago, and I actually had the opportunity to attend a meeting out in California with about 70 world -- actually world renowned robotic surgeons and got to see firsthand our surgeons not only listen to the specialists about the trial, but also to actually drive the robot and frankly, just seeing the looks on their faces, the feedback we received gives me even more confidence that we have a device that will absolutely compete against the current incumbent and so more to come on that. Thank you again, Joanne.

我們也會就 FORTE 試驗提供一些更新；那是我們的臨床試驗，約在 1.5 個月前於 ASMBS 會議上發表。我也有機會在加州參加一場會議，與大約 70 位世界——也就是全球知名的機器人外科醫師交流，並親眼看到外科醫師們不僅聆聽專家對試驗的解讀，也實際操作機器人。坦白說，看到他們臉上的表情，以及我們收到的回饋，讓我更有信心：我們的裝置絕對能與目前的既有領導者競爭；後續還會有更多消息。再次謝謝你，Joanne。

To be clear, Joanne, this is Joaquin. We see our robotics platform both OTTAVA and MONARCH being a meaningful contributor to MedTech growth by the end of the decade.

為了釐清，Joanne，我是 Joaquin。我們認為我們的機器人平台——包括 OTTAVA 與 MONARCH——在本十年末將對 MedTech 的成長做出具體且重要的貢獻。

Vamil Divan, Guggenheim Securities.

Vamil Divan，Guggenheim Securities。

Great. Thanks for taking my question. Maybe following up on similar to the question on ICOTYDE. I was hoping to get a little more color on INLEXZO and the progress you're making there? I know you said sort of one in three eligible patients now receiving it in insertions up. I think said 75%.

好的。謝謝讓我提問。也許延續先前關於 ICOTYDE 的類似問題。我想更深入了解一下 INLEXZO，以及你們在這方面的進展？我知道你們提到現在約每三位符合資格的患者就有一位正在接受治療，且置入量在上升。我想你們提到是 75%。

Maybe you can give a little more color on sort of where you're seeing utilization to differentiate between the communities setting academics and what sorts of patients are getting the product in the we can share anything around patient numbers or prescriber numbers? And then the other part was just around you gave the SunRISe-5 data coming out, you said a little later this year, maybe you can just sort of set an expectation on what you're hoping to see from that data. Thank you.

也許你們可以再多補充一些：你們看到的使用情況，社區端與學術醫療中心之間有何差異？哪些類型的患者在使用該產品？若能分享任何患者數或開立處方醫師數也很好。另外一部分是關於你們提到 SunRISe-5 的數據將在今年稍晚公布；你們能否就你們希望從該數據看到什麼，先設定一下預期？謝謝。

Great. Good morning. Thanks for the question on INLEXZO. As a reminder, bladder cancer is the sixth most common type of cancer. There's over 600,000 new patients that are diagnosed globally each year and another 400,000 that are recurrent, so for a total of 1 million patients. And so this really helps us have great confidence, this is an extraordinary opportunity for us with INLEXZO, and then ultimately with our erdafitinib device as well.

好的。早安。謝謝你對 INLEXZO 的提問。提醒一下，膀胱癌是第六常見的癌症類型。全球每年新診斷患者超過 60 萬人，另有 40 萬人復發，合計約 100 萬名患者。因此，這讓我們對 INLEXZO 充滿信心，認為這對我們而言是極為難得的機會，而最終也包括我們的 erdafitinib 裝置。

So the launch of INLEXZO is going really well in the US. We have got the J code now. And so I think that's probably what you're interested in hearing how it's going post J code. In the US, INLEXZO is outperforming all of the recent competitive launches. And as you noted, one in three eligible patients are now starting on an INLEXZO regimen. And this is an uptick versus first quarter where it was one in four last quarter. It's now one in three, and it's leading all of the novel agents in terms of new patient share.

因此，INLEXZO 在美國的上市進展非常順利。我們現在已取得 J code。所以我想你最想聽的是，在取得 J code 之後的表現如何。在美國，INLEXZO 的表現優於近期所有競品的新上市產品。如你所提到的，目前每三位符合資格的患者中，就有一位開始使用 INLEXZO 治療方案。相較第一季（上季）每四位才有一位，這是明顯上升。現在是每三位一位，且在新患者市占方面領先所有新型藥物。

In terms of new patients and new patient insertions, those grew 75% quarter-over-quarter, and this was post the permanent J-code, so giving a lot of confidence to providers in terms of that reimbursement. Importantly, INLEXZO is included in the NCCN guidelines, with a category 2A designation and they've been updated to expand the opportunity to include the papillary population, which represents about 80% of the BCG unresponsive patients.

就新患者與新患者置入量而言，季度環比成長 75%，而這是在永久性 J-code 之後，這在給付報銷方面大幅提升了醫療提供者的信心。重要的是，INLEXZO 已納入 NCCN 指引，並獲得 2A 類別的推薦；指引也已更新，將機會擴大至乳頭狀（papillary）族群，該族群約占 BCG 無反應患者的 80%。

While we don't report sales on this yet, please know that we confidently beat consensus for the quarter, and we more than doubled sales in second quarter versus first quarter. So we believe that we're really on a very, very good track.

雖然我們目前尚未單獨揭露其銷售額，但請了解，我們本季的表現有信心優於市場共識預期，且第二季銷售額相較第一季增加逾一倍。因此我們認為目前的進展非常、非常順利。

With this, you mentioned, I'll turn it to John in a second. We do have our SunRISe program right now and INLEXZO is based on the SunRISe-1 population and BCG unresponsive patients that's about 3,000 patients in the US. SunRISe-5 is the BCG experienced patients, largely high-risk papillary, that's about 10,000 to 15,000 patients. And then the big opportunity is the SunRISe-3 population, that's the BCG naive. That's about 40,000 to 50,000 patients in the US. So that's our program, and that's before we even get to the erdafitinib piece. So John?

另外，你提到的部分，我等一下會交給 John 補充。我們目前有 SunRISe 計畫；INLEXZO 是基於 SunRISe-1 族群，也就是 BCG 無反應患者，在美國約 3,000 名患者。SunRISe-5 是 BCG 曾治療（experienced）患者，主要是高風險乳頭狀，約 10,000 到 15,000 名患者。而最大的機會是 SunRISe-3 族群，也就是 BCG 未治療（naive）。在美國約 40,000 到 50,000 名患者。這就是我們的計畫，而且這還沒把 erdafitinib 的部分算進去。所以 John？

Yes. And I think Jennifer covered the SunRISe program well recognized that the approval in this so-called CIS or Carcinoma in situ population that's only about 5% of the eligible population. So we really see a lot of growth potential ahead as we round out to the papillary cancers and then move from the second line BCG experienced into the front line with our ambitious head-to-head program.

是的。我想 Jennifer 已經把 SunRISe 計畫說得很清楚；也請注意，目前在所謂 CIS（原位癌，Carcinoma in situ）族群的核准，僅約占符合資格族群的 5%。因此，隨著我們將適應症擴展到乳頭狀癌，並且從第二線的 BCG 曾治療族群，透過我們積極的頭對頭計畫推進到第一線，我們確實看到前方仍有很大的成長潛力。

I would just remind again that INLEXZO delivered the highest complete response rates that had ever been seen in this population, the second line BCG nonresponsive population with high-risk non-muscle invasive bladder cancer. So really a lot of excitement around it.

我再提醒一次，INLEXZO 在這一族群中交出了前所未見的最高完全反應率，也就是第二線 BCG 無反應、具高風險的非肌肉侵襲性膀胱癌族群。所以大家對它真的非常振奮。

And right on the heels of that is coming our erdafitinib targeted therapy in a novel device that offers not three weeks like INLEXZO but three months of sustained delivery of the medicine that's being positioned for the intermediate risk non-muscle invasive bladder cancer, which is a very large population and is targeted at the FGF receptor mutant cancers, which is the most common genetic lesion in bladder cancer.

緊接著，我們的 erdafitinib 標靶治療也將以一種新型裝置推出，提供的不是像 INLEXZO 那樣三週，而是三個月的藥物持續釋放；其定位是用於中度風險的非肌肉侵襲性膀胱癌，這是一個非常龐大的族群，並且針對 FGF 受體突變的癌症——這是膀胱癌中最常見的基因病灶。

So really excited about where the portfolio is going in the near term. And then beyond that, we expect to have other payloads and other devices that we'll continue to elevate the standard care for patients struggling with bladder cancer to keep their bladder. So very excited for that 1 million patients a year that are diagnosed with non-muscle invasive bladder cancer.

所以我們對產品組合在短期內的發展方向感到非常興奮。而在那之後，我們預期還會有其他載荷與其他裝置，持續提升膀胱癌患者的照護標準，幫助他們保留膀胱。因此，對於每年約有 100 萬名被診斷為非肌肉侵襲性膀胱癌的患者，我們也非常期待。

Alex Hammond, Wolfe Research.

Alex Hammond，Wolfe Research。

Thanks for taking my question. A few on Milvexian. So can you remind us of your confidence level in AFib. I guess given the size and breadth of the LIBREXIA program, it seems like there's potentially a wide set of outcomes between a clean win and miss. And is the trial still on track for later this year? I do not see it on the slide deck. Thank you.

謝謝讓我提問。我有幾個關於 Milvexian 的問題。能否提醒我們你們對 AFib（心房顫動）適應症的信心程度？我想，考量 LIBREXIA 計畫的規模與廣度，看起來從「乾淨的勝利」到「未達標」之間可能有很寬的結果範圍。另外，試驗是否仍按計畫在今年稍晚讀出？我在簡報投影片中沒有看到。謝謝。

Yes. Okay. Sorry, I misunderstood part of the question, but on Milvexian, this is -- these are event-driven studies. They're fully recruited. So we really can't give you very much insight into when they might read out. It could be towards the end of this year, beginning of next year, but because they're event-driven, we'll just have to wait for the events we remain confident that for the atrial fibrillation indication which is the largest of those opportunities that we have the right dosing schedule based on the careful work done in Phase II based on the biomarker we're following, the TPP that gives us confidence that we've achieved a healthy level of anticoagulation.

是的。好的。抱歉，我剛剛誤解了問題的一部分；但就 Milvexian 而言，這些是以事件驅動的研究。受試者已全數招募完成。因此我們其實無法就何時讀出提供太多資訊。可能在今年底、或明年初，但因為是事件驅動，我們只能等待事件累積。我們仍對心房顫動這個適應症（也是我們機會中最大的一個）保持信心：基於第二期在我們追蹤的生物標記、以及 TPP（目標產品特性）所做的審慎工作，我們相信已找到合適的給藥時程，並有信心達到良好的抗凝程度。

Our data monitoring committee continues to look at the data, they keep saying, go full steam ahead. So we're cautiously optimistic, but are waiting for the endpoints to the events to occur so that we can read out the full study results.

我們的資料監測委員會持續檢視數據，他們一直表示可以全速前進。所以我們審慎樂觀，但仍在等待終點事件發生，才能讀出完整的研究結果。

Alex, we're really excited about the Milvexian opportunity. We think there is significant opportunity in the market for a product that's got the better bleeding profile than the current anticoagulants that are out there today. So maybe as a reminder, about 40% of AFib patients who are eligible are currently not receiving oral anticoagulants as they should or at the right level because there's concerns about potential bleeding.

Alex，我們對 Milvexian 的機會感到非常興奮。我們認為市場上對於一款相較於目前抗凝血藥物具有更佳出血風險特徵的產品，存在顯著機會。提醒一下，目前約有 40% 符合資格的 AFib 患者，並未如應有地接受口服抗凝血藥物，或未以適當強度使用，原因是擔心潛在出血風險。

And so we think that a product that represents the potential of the Milvexian profile, what we're hoping to demonstrate really could be a game changer for patients and significant opportunity in the market. So we're really excited to see the results of the study when they come. And as John noted, it's event-driven study. So we're going to have to wait and see what they are. But once we know, you guys will know too, right, the right time, you'll know.

因此我們認為，如果能展現 Milvexian 特徵所代表的潛力——也就是我們希望證明的——確實可能為患者帶來顛覆性的改變，並在市場上帶來重大機會。所以我們非常期待研究結果出爐。如 John 所說，這是事件驅動的研究。因此我們只能等待結果。但一旦我們知道了，你們也會知道——在適當的時間，你們就會知道。

Yes, maybe feeling quickly on that. It's estimated that there are 8 million people in this country alone who are taking an oral anticoagulant, but it's thought that there may be as many as 18 who should be taking -- 18 million who should be taking one but because of the bleeding risk of the current agents are enabled. So we're really excited about the possibility to offer this, both the efficacy, along with the safety profile that Milvexian promises.

是的，也許我快速補充一下。據估計，僅在這個國家就有 800 萬人正在服用口服抗凝血藥物，但也有人認為，應該服用的人數可能多達 1,800 萬——只是因為現有藥物的出血風險而未能使用。所以我們對於有機會提供這項治療感到非常興奮，兼具療效以及 Milvexian 所承諾的安全性特徵。

Jayson Bedford, Raymond James.

Jayson Bedford，Raymond James。

Good morning and thanks for taking the question. Maybe, just for Tim, on the Abiomed business, sounds like the softness was in reaction to the data presented at ACC, I'm still just a little unclear as to what you're doing to reverse the 2Q softness outside of just waiting for PROTECT IV. And I think prior view was this was a mid-teens grower. What is the new growth expectation for the Abiomed business? Thanks.

早安，謝謝讓我提問。也許給 Tim 一個問題，關於 Abiomed 業務：聽起來疲弱是對 ACC 上公布數據的反應；但我仍不太清楚，除了等待 PROTECT IV 之外，你們正在做什麼來扭轉第二季的疲弱？而且先前的看法是這會是中十位數成長的業務。那麼 Abiomed 業務新的成長預期是什麼？謝謝。

Jayson, thank you. And you're right, we believe that the slowdown is in relation to specifically a neutral study published out of the UK focused on the area of high-risk PCI. And I think it's important, firstly, to really reinforces that the impact is behavioral. It's really driven by physician caution as they really interpret this new data rather than anything structural. And there's no change in the underlying need, access or reimbursement. These are the sickest patients, many of whom have very few choices.

Jayson，謝謝你。你說得沒錯，我們認為放緩主要與英國發表的一項「中性」研究有關，該研究聚焦於高風險 PCI 的領域。我認為首先重要的是要強調，這個影響是行為面的。它主要是由醫師在解讀新數據時的謹慎所驅動，而不是任何結構性的因素。而且在根本需求、可近性或給付方面都沒有改變。這些是病情最嚴重的患者，其中許多人幾乎沒有其他選擇。

And so we clearly see this as a near-term dynamic. We've seen this before. And we are actively engaging with physicians and their teams to really reinforces appropriate patient selection, leveraging both our capabilities, but most importantly, the depth of our clinical evidence base.

因此我們清楚地認為這是短期的動態。我們以前也見過這種情況。我們正積極與醫師及其團隊互動，強化適當的病人選擇，運用我們的能力，但更重要的是，運用我們深厚的臨床證據基礎。

And I think it's important to put this in context and recognize that area of heart pumps is a category that Abiomed pioneered. And we are the only player today, and it remains a relatively evolving area of medicine. And with any emerging field, you know that scientific perspectives will continue to evolve and that's exactly why we remain committed to really investing in robust clinical research, including the study you just referenced, which is PROTECT IV, which is a highly powered study, almost 1,300 patients focused specifically on high-risk PCI, which we expect to read out in 2027.

我也認為把它放在脈絡中很重要：心臟幫浦這個領域是 Abiomed 開創的類別。而我們目前仍是唯一的業者，且這仍是一個相對持續演進的醫療領域。在任何新興領域中，科學觀點都會持續演變；這也正是為什麼我們仍致力於投入扎實的臨床研究，包括你剛提到的 PROTECT IV——這是一項高統計力研究，約 1,300 名患者，專注於高風險 PCI，我們預期在 2027 年讀出結果。

I do think it's also worth mentioning that Impella has supported more than 400,000 patients and appears in almost 2,600 peer review publications and also, I think specific to the study in the UK, which covered only 300 patients, we have studied more than 40,000 high-risk PCI patients and that evidence base with our two decades of clinical experience continue to support the role of Impella in appropriately selected patients.

我也認為值得一提的是，Impella 已支援超過 40 萬名患者，並出現在近 2,600 篇同儕審查出版物中；另外，特別就英國那項僅涵蓋 300 名患者的研究而言，我們已研究超過 40,000 名高風險 PCI 患者，而這套證據基礎加上我們二十年的臨床經驗，仍持續支持 Impella 在適當選擇的患者中的角色。

So we remain very confident in the long-term potential role of Impella supported by the significant runway for growth, no current commercialized competitors, which is a key point, opportunities for further geographic expansion and the large and growing global burden of heart disease.

因此，我們對 Impella 的長期潛在角色仍非常有信心；其成長跑道可觀、目前沒有已商業化的競爭對手（這點很關鍵）、仍有進一步的地理擴張機會，以及全球心臟疾病負擔龐大且持續增加。

To your question around recovery, as already mentioned by Joe, we do expect this to take some time, but we absolutely expect that our performance in the back half will be stronger than the first. And we see gradual improvements in performance back to double-digit growth over the coming quarters.

至於你問到復甦，如 Joe 先前提到的，我們確實預期這需要一些時間，但我們也絕對預期下半年表現會比上半年更強。我們看到未來幾季的表現將逐步改善，回到雙位數成長。

Thank you, team. It's also important to put this into context, heart recovery is 1 of 28 platforms of more than $1 billion that we have within Johnson & Johnson. And while we see this situation that Tim described as temporary and fully addressable, I have to be clear. It does not affect in any shape or fashion our growth trajectory, as we have described. So as I said at the beginning, we see the second half of the year stronger that momentum carry into 2027, and we see -- we continue to see double-digit growth by the end of the decade.

謝謝，各位團隊成員。同時，把這件事放在脈絡中也很重要：在嬌生（Johnson & Johnson）內部，我們擁有 28 個年營收超過 10 億美元的平台，而心臟復原（heart recovery）只是其中之一。雖然我們認為 Tim 所描述的情況是暫時性的，且完全可以處理，但我必須說清楚。它不會以任何形式或方式影響我們所描述的成長軌跡。因此，如同我在一開始所說，我們預期今年下半年會更強勁，這股動能將延續至 2027 年，而且我們仍然預期在本十年末實現兩位數成長。

Thank you, Jayson. We have time for one last question.

謝謝你，Jayson。我們還有時間再問最後一題。

Mike Nedelcovych, TD Cowen.

TD Cowen 的 Mike Nedelcovych。

Hi, thank you so much for the question. My question is on TREMFYA. In GI, TREMFYA seems to have an edge over SKYRIZI yet SKYRIZI is holding its own. So my question is to what do you attribute SKYRIZI's ability to hold share? Thank you.

嗨，非常感謝讓我提問。我的問題是關於 TREMFYA。在腸胃道（GI）領域，TREMFYA 似乎比 SKYRIZI 更具優勢，但 SKYRIZI 仍能守住其表現。所以我的問題是：您認為 SKYRIZI 能夠維持市占的原因是什麼？謝謝。

Good morning. Thanks so much for the question. I'm thrilled to have the opportunity to talk about TREMFYA. So TREMFYA sales for the quarter were $2 billion, our first $2 billion quarter and over 70% growth which we're really proud of. I mentioned before that we continue to see growth and share gains in psoriatic disease. But I've got to tell you, the major driver here is really our performance in ulcerative colitis and in Crohn's disease.

早安。非常感謝你的提問。我很高興有機會談談 TREMFYA。因此，TREMFYA 本季銷售額為 20 億美元，這是我們首次單季達到 20 億美元，且成長超過 70%，我們對此非常自豪。我先前提到，我們在乾癬性疾病方面持續看到成長與市占提升。但我必須說，這裡的主要驅動因素其實是我們在潰瘍性結腸炎與克隆氏症方面的表現。

And so if you take a look at new patient starts or induction share in both ulcerative colitis and Crohn's disease, we currently are the share leader in both. So for example, in ulcerative colitis, 58% share of induction share for the IL-23s, that includes the other competitive IL-23s.

因此，如果你看潰瘍性結腸炎與克隆氏症兩者的新病人起始治療（new patient starts）或誘導治療市占（induction share），我們目前在兩者都是市占領先者。例如，在潰瘍性結腸炎方面，IL-23 類別的誘導治療市占為 58%，其中包含其他具競爭性的 IL-23 藥物。

For Crohn's disease, we've got over 50% share of those inductions. So again, market leadership. So physicians are really seeing the profile as differentiated for TREMFYA versus the other competitive set. I'll say that is even further scored by the new data that we just released our FUZION data that was presented at DDW, which is the first positive study in over 20 years in adults with active perianal fistulizing Crohn's. This is one of the most severe and underserved forms of IBD.

在克隆氏症方面，我們的誘導治療市占超過 50%。所以同樣是市場領先。因此，醫師確實認為 TREMFYA 相較於其他競品具有差異化的特性。我也要說，這點又被我們剛發布的新數據進一步強化：我們的 FUZION 數據在 DDW 上發表，這是 20 多年來首個在成人活動性肛周瘻管型克隆氏症（perianal fistulizing Crohn's）中呈現正向結果的研究。這是 IBD 中最嚴重且最未被滿足的型態之一。

And TREMFYA is the only IL-23 to demonstrate efficacy in this setting, and that affects about one-fourth of patients and so really underscores very, very strong effectiveness in this agent as the only dual-acting IL-23 inhibitor.

而 TREMFYA 是唯一在此情境中證實具療效的 IL-23，這種情況約影響四分之一的病人，因此更凸顯此藥物作為唯一具雙重作用（dual-acting）的 IL-23 抑制劑，具有非常、非常強的有效性。

So we're seeing very, very strong physician receptivity and uptake. We're seeing leadership in new patient starts and believe that we have got an awful lot of growth ahead for TREMFYA in IBD. And as a reminder, back when we had really STELARA here over 75% of STELARA sales were actually in IBD. There is absolutely no reason why TREMFYA can't do that or even more.

因此，我們看到醫師的接受度與採用率非常、非常強勁。我們在新病人起始治療方面看到領先地位，並相信 TREMFYA 在 IBD 領域仍有非常大的成長空間。也提醒大家，過去在 STELARA 的時候，STELARA 銷售額中其實有超過 75% 來自 IBD。TREMFYA 完全沒有理由做不到，甚至可以做得更多。

We're also hearing more and more about how the subcu induction that we can offer is really a great traction for the patients and for the health care providers. They don't have to get two different prior authorizations, for example, and our subcu presentation is a simple at-home auto-injector a pen, so very convenient for the patients to get started.

我們也越來越常聽到，我們能提供的皮下（subcu）誘導治療對病人與醫療照護提供者而言確實很有吸引力、帶來很好的推動力。例如，他們不需要申請兩種不同的事前授權（prior authorizations），而且我們的皮下劑型是簡單的居家自動注射器（auto-injector）筆型裝置，讓病人開始治療非常方便。

Thank you, Mike, and thanks to everyone for your questions and continued interest in our company.

謝謝你，Mike，也謝謝大家的提問以及對我們公司的持續關注。

I will now turn the call over to Joaquin for some brief closing remarks.

接下來我將把電話會議交給 Joaquin，請他做一些簡短的結語。

Thank you for joining us. Johnson & Johnson today is a medical innovation powerhouse uniquely positioned to translate breakthrough science into consistent long-term growth. When I look at our top line growth, the momentum that we are going to carry into the second half of the year into 2027, our ambition to have double-digit growth by the end of the decade, the operating leverage that sustained top line growth is going to create.

感謝各位加入我們。今日的嬌生（Johnson & Johnson）是一個醫療創新強權，具備獨特優勢，能將突破性科學轉化為一致且長期的成長。當我看我們的營收（top line）成長、我們將在今年下半年延續至 2027 年的動能、我們希望在本十年末達成兩位數成長的企圖心，以及持續的營收成長將帶來的營運槓桿（operating leverage）。

I see Johnson & Johnson when I consider those factors as one of the most compelling and transparent growth stories in health care today. You will hear more about that in our enterprise business review later in the year.

綜合這些因素，我認為嬌生（Johnson & Johnson）是當今醫療保健領域最具吸引力且最透明的成長故事之一。今年稍晚在我們的企業業務回顧（enterprise business review）中，你們將會聽到更多相關內容。

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

感謝各位持續關注嬌生（Johnson & Johnson），祝各位今天剩下的時間愉快。

Thank you. This concludes today's Johnson & Johnson second-quarter 2026 earnings conference call. You may now disconnect.

謝謝。以上為今日嬌生（Johnson & Johnson）2026 年第二季財報電話會議的全部內容。您現在可以掛線。