默克藥廠 (MRK) 2024 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

Welcome to the Merck & Co. Q3 sales and earnings conference call.

歡迎參加默克公司第三季銷售和收益電話會議。

(Operator Instructions) This call is being recorded.

（操作員說明）此通話正在錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以此時斷開連接。

I would now like to turn the call over to Mr. Peter Dannenbaum, Senior Vice President, Investor Relations.

我現在想將電話轉給投資者關係資深副總裁 Peter Dannenbaum 先生。

Sir, you may begin.

先生，您可以開始了。

Thank you, Shirley, and good morning, everyone.

謝謝你，雪莉，大家早安。

Welcome to Merck's third-quarter 2024 conference call.

歡迎參加默克 2024 年第三季電話會議。

Speaking on today's call will be Rob Davis, Chairman and Chief Executive Officer; Caroline Litchfield, Chief Financial Officer; and Dr. Dean Li, President of Merck Research Labs.

董事長兼執行長 Rob Davis 將在今天的電話會議上發表演說；卡洛琳‧利奇菲爾德，財務長；以及默克研究實驗室總裁 Dean Li 博士。

Before we get started, I'd like to point out that we have items in our GAAP results, such as acquisition-related charges, restructuring costs, and certain other items, and that we have excluded these from our non-GAAP results.

在開始之前，我想指出，我們的 GAAP 業績中有一些項目，例如收購相關費用、重組成本和某些其他項目，並且我們已將這些項目從非 GAAP 業績中排除。

There is a reconciliation in our press release.

我們的新聞稿中有一個和解。

I will also remind you that some of the statements that we make today may be considered forward-looking statements within the meaning of the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995.

我還要提醒您，我們今天發表的一些聲明可能被視為 1995 年美國私人證券訴訟改革法案安全港條款含義內的前瞻性聲明。

Such statements are made based on the current beliefs of Merck's management and are subject to significant risks and uncertainties.

此類聲明是基於默克管理層當前的信念而做出的，並受到重大風險和不確定性的影響。

If our underlying assumptions prove inaccurate or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

如果我們的基本假設被證明不準確或存在不確定性，實際結果可能與前瞻性陳述中提出的結果有重大差異。

Our SEC filings, including Item 1A in the 2023 10-K, identify certain risk factors and cautionary statements that could cause the company's actual results to differ materially from those projected in any of our forward-looking statements made this morning.

我們向SEC 提交的文件（包括2023 年10-K 中的第1A 項）確定了某些風險因素和警示性陳述，這些因素和警示性陳述可能導致公司的實際結果與我們今天上午做出的任何前瞻性聲明中的預測存在重大差異。

Merck undertakes no obligation to publicly update any forward-looking statements.

默克不承擔公開更新任何前瞻性聲明的義務。

During today's call, a slide presentation will accompany our speakers' prepared remarks.

在今天的電話會議中，我們的演講者準備好的演講將附有幻燈片演示。

These slides, along with the earnings release, today's prepared remarks, and our SEC filings, are all posted to the Investor Relations section of Merck's website.

這些幻燈片以及收益發布、今天準備好的評論以及我們向 SEC 提交的文件均發佈在默克網站的投資者關係部分。

With that, I'd like to turn the call over to Rob.

有了這個，我想把電話轉給羅布。

Thanks Peter.

謝謝彼得。

Good morning and thank you for joining today’s call.

早安，感謝您參加今天的電話會議。

At Merck, we’re confronting some of the world’s most challenging unmet medical needs with innovative science and differentiated solutions and we’re delivering on our key strategic priorities.

在默克，我們正在透過創新科學和差異化解決方案來應對世界上一些最具挑戰性的未滿足的醫療需求，並且我們正在實現我們的關鍵策略重點。

The strong progress we’re making across our business increases the confidence I have in our ability to achieve long-term success and create sustainable value for both patients and shareholders.

我們業務的強勁進展增強了我對我們實現長期成功並為患者和股東創造可持續價值的能力的信心。

We’re launching important new products that solve for unmet medical needs, and which have significant commercial potential.

我們正在推出重要的新產品，以解決未滿足的醫療需求，並具有巨大的商業潛力。

We’re advancing novel clinical programs across a pipeline of diversified therapeutic areas and modalities.

我們正在多元化的治療領域和模式中推進新穎的臨床計畫。

And we’re adding to our internal research and development efforts through value-creating business development transactions.

我們也透過創造價值的業務開發交易來加強我們的內部研發工作。

As a result, Merck is moving toward a future with a much more diversified portfolio.

因此，默克正在走向一個產品組合更加多元化的未來。

Our Phase 3 pipeline has nearly tripled over the past three-plus years to more than twenty unique assets.

在過去三年多的時間裡，我們的第三階段管道幾乎增加了兩倍，達到二十多個獨特資產。

This will fuel a substantial set of new medicine and vaccine launches over the next five years, in fact, approximately equal to what we launched over the past ten years, and we believe the majority have blockbuster-plus potential.

這將推動未來五年推出大量新藥和疫苗，事實上，大約相當於我們過去十年推出的藥物和疫苗，我們相信其中大多數都具有重磅炸彈的潛力。

We have improved long-term visibility and are intensely focused on ensuring strong clinical execution across our diversified set of pipeline opportunities and future growth drivers.

我們提高了長期可見性，並高度重視確保在我們多元化的管道機會和未來成長動力中強有力的臨床執行。

As always, we remain science-driven and patient-focused as we work to bring these medicines and vaccines to those who need them most.

一如既往，我們仍然以科學為導向，以患者為中心，努力將這些藥物和疫苗帶給最需要的人。

Turning to our third quarter results.

轉向我們第三季的業績。

Commercial execution is a top priority, and we’re highly focused on delivering in the near-term.

商業執行是重中之重，我們高度重視短期內的交付。

The strength of our overall portfolio puts us on track to achieve strong full-year growth.

我們整體投資組合的實力使我們有望全年強勁成長。

For the quarter, revenues increased 4%, or 7% on a constant currency basis.

本季營收成長 4%，以固定匯率計算成長 7%。

Our results benefitted from increased usage of KEYTRUDA globally, contributions from new launches, including WINREVAIR and CAPVAXIVE, and stronggrowth in our Animal Health business.

我們的業績得益於 KEYTRUDA 在全球範圍內使用量的增加、包括 WINREVAIR 和 CAPVAXIVE 在內的新產品的貢獻，以及我們動物保健業務的強勁增長。

I’m pleased with the launch performance of WINREVAIR, which is consistent with our high expectations, and remain confident in the long-term opportunity it represents for patients and for Merck.

我對 WINREVAIR 的上市表現感到滿意，這符合我們的高期望，並對它為患者和默克帶來的長期機會充滿信心。

As anticipated, results also reflect a decline in GARDASIL sales year over year.

正如預期的那樣，結果也反映出 GARDASIL 銷售額年減。

Notably, however, we achieved strong double-digit growth for GARDASIL in almost every major region outside of China.

但值得注意的是，我們的 GARDASIL 在中國以外的幾乎每個主要地區都實現了兩位數的強勁增長。

In China, consistent with the expectations we discussed on our prior earnings call, we shipped less to our commercialization partner, Zhifei, and we expect fourth quarter shipments will be at a similar level to the third quarter.

在中國，與我們在先前的財報電話會議上討論的預期一致，我們向商業化合作夥伴智飛的出貨量有所減少，我們預計第四季度的出貨量將與第三季度持平。

Overall channel inventories of GARDASIL have decreased, which is directionally encouraging, while inventory at Zhifei remains above historical levels.

GARDASIL的整體通路庫存有所下降，方向性令人鼓舞，而智飛的庫存仍高於歷史水準。

We are highly focused on this market and are making progress with Zhifei to increase promotional resources and patient education efforts.

我們高度關注這個市場，並正在與智飛一起進步，加強宣傳資源和病患教育力度。

We expect these efforts to translate to increased patient activation and demand, but as we’ve said, this will take time.

我們預計這些努力將轉化為患者積極性和需求的增加，但正如我們所說，這需要時間。

Taking a step back, we’re proud of the role that GARDASIL is playing in helping prevent certain HPV-related cancers.

退一步說，我們對 GARDASIL 在幫助預防某些 HPV 相關癌症方面所發揮的作用感到自豪。

There is a wide range of long-term growth opportunities around the world due to the tremendous remaining need to protect more individuals, with less than 10% of the global eligible population vaccinated and meaningful opportunities to improve vaccination completion rates, gender-neutral vaccination rates, mid-adult coverage and access in low- and middle-income markets.

由於仍需要保護更多個人，全球只有不到 10% 的合格人口接種了疫苗，因此世界各地存在廣泛的長期增長機會，並且存在提高疫苗接種完成率、不分性別疫苗接種率的有意義的機會、中成人覆蓋率和低收入和中等收入市場的准入。

This includes in China, where there is an attractive long-term opportunity given the significant number of females yet to be immunized, and the potential approval for males next year.

這包括在中國，鑑於仍有大量女性尚未接種疫苗，因此存在著有吸引力的長期機會，並且明年男性也可能獲得批准。

We’re highly focused on using our scale and strong capabilities to drive education and awareness of the benefits of HPV vaccination and to reach and protect more patients globally.

我們高度重視利用我們的規模和強大的能力來推動 HPV 疫苗接種益處的教育和認識，並涵蓋和保護全球更多患者。

As such, we remain confident in our goal of achieving greater than $11 billion of sales by 2030.

因此，我們對 2030 年實現銷售額超過 110 億美元的目標仍然充滿信心。

Turning to our research efforts, we achieved important clinical and business development milestones this quarter.

談到我們的研究工作，我們本季實現了重要的臨床和業務發展里程碑。

Starting with our clinical advancements, in vaccines, we presented positive Phase 2b/3 results for clesrovimab, our investigational monoclonal antibody for the prevention of RSV in infants.

從疫苗的臨床進展開始，我們展示了 clesrovimab 的 2b/3 期陽性結果，clesrovimab 是我們用於預防嬰兒 RSV 的研究性單株抗體。

Based on its differentiated profile and robust clinical data, we believe this opportunity is underappreciated.

基於其差異化的概況和強大的臨床數據，我們認為這個機會被低估了。

We’re moving swiftly to make this important prevention option available in the US during the 2025-26 RSV season.

我們正在迅速採取行動，以便在 2025-26 RSV 季節期間在美國提供此重要的預防選項。

In pneumococcal, ACIP voted to expand vaccination recommendations for CAPVAXIVE to include adults ages 50 to 64.

在肺炎鏈球菌方面，ACIP 投票決定將 CAPVAXIVE 的疫苗接種建議範圍擴大到 50 至 64 歲的成年人。

We’re pleased to bring CAPVAXIVE’s effectiveness in protecting against invasive pneumococcal disease to this new cohort of patients, and this recommendation reinforces our confidence in its blockbuster commercial potential.

我們很高興將 CAPVAXIVE 在預防侵襲性肺炎球菌疾病方面的有效性帶給這群新的患者，這項建議增強了我們對其巨大商業潛力的信心。

In oncology, It’s been ten years since KEYTRUDA’s first US approval, and we remain highly focused on advancing standard of care and maintaining durable leadership in oncology.

在腫瘤學領域，自 KEYTRUDA 在美國首次獲得批准以來已有十年，我們仍然高度關注提高護理標準並保持腫瘤學領域的持久領導地位。

At ESMO, we presented overall survival and long term follow up data for KEYTRUDA, and data also were shared from our innovative ADCs, underscoring our commitment to building a broad and diverse oncology pipeline.

在 ESMO 上，我們展示了 KEYTRUDA 的整體存活率和長期追蹤數據，並且還分享了來自我們的創新 ADC 的數據，強調了我們對建立廣泛且多樣化的腫瘤學管道的承諾。

In infectious diseases, we shared Phase 2 data from our collaboration with Gilead for the combination of once-weekly oral islatravir and lenacapavir for HIV treatment in treatment experienced adults.

在傳染病方面，我們分享了與吉利德（Gilead）合作的第二階段數據，即每週一次口服 islatravir 和 lenacapavi 相結合，用於治療有治療經驗的成年人的 HIV 治療。

This data represents just a portion of our broad HIV development efforts to further advance the field.

這些數據僅代表我們為進一步推動該領域而進行的廣泛愛滋病毒開發努力的一部分。

In immunology, we shared positive Phase 2 maintenance data for our investigational TL1A candidate tulisokibart in ulcerative colitis and Crohn’s disease that adds to positive prior clinical results.

在免疫學方面，我們分享了我們的研究性 TL1A 候選藥物 tulisokibart 在潰瘍性結腸炎和克羅恩病中的積極 2 期維持數據，這增加了先前積極的臨床結果。

Both our HIV and immunology programs address patient populations with significant remaining unmet need despite available therapies.

我們的愛滋病毒和免疫學計畫都針對儘管有可用療法但仍有大量未滿足需求的患者群體。

Our investments in these therapeutic areas reflect our belief in the opportunity to deliver additional value to patients and fortify our sustainable innovation engine for the long-term.

我們在這些治療領域的投資反映了我們相信有機會為患者提供額外價值並加強我們長期的永續創新引擎。

Regarding business development, we continued to leverage our scientific expertise to identify promising therapeutic targets that can further broaden and fortify our pipeline.

在業務發展方面，我們繼續利用我們的科學專業知識來確定有前景的治療靶點，從而進一步拓寬和強化我們的產品線。

This quarter, we acquired a novel investigational bispecific T-cell engager from Curon with potential applications in both oncology and immunology, complementing our efforts in each of these areas of high unmet need and we closed the acquisitions of EyeBio and the Elanco aqua business.

本季度，我們從Curon 收購了一種新型研究性雙特異性T 細胞接合劑，該產品在腫瘤學和免疫學方面具有潛在的應用，並補充了我們在這些未滿足的需求較高的領域所做的努力，並且我們完成了對EyeBio 和Elanco aqua 業務的收購。

In summary, we remain highly focused on strong commercial and operational execution to enable access to our medicines and vaccines.

總之，我們仍然高度關注強大的商業和營運執行力，以便獲得我們的藥物和疫苗。

We’re also continuing to make strategic investments in our pipeline that we’re confident will lead to important innovations for patients and future growth drivers for our company.

我們也將繼續對我們的產品線進行策略性投資，我們相信這些投資將為患者帶來重要的創新，並為我們公司帶來未來的成長動力。

I want to again recognize the commitment and efforts of our team across the world.

我想再次認可我們全球團隊的承諾和努力。

Based on our continued progress, I'm more confident in our longer-term future today than I was a year ago, and I believe that Merck is even better positioned to deliver value to patients, shareholders and to all of our stakeholders long into the future.

基於我們不斷取得的進步，我對今天的長期未來比一年前更有信心，我相信默克能夠更好地為患者、股東和所有利益相關者提供長期價值。

With that, I’ll turn the call over to Caroline.

說完，我會把電話轉給卡洛琳。

Thank you, Rob.

謝謝你，羅布。

Good morning.

早安.

As Rob highlighted, we delivered another strong quarter.

正如羅布所強調的那樣，我們又實現了強勁的季度業績。

The fundamentals of our business remain healthy, fueled by robust global demand for our innovative portfolio.

在全球對我們創新產品組合的強勁需求的推動下，我們業務的基本面保持健康。

This strong performance reinforces the conviction we have in our science-led strategy and in our outlook for continued growth.

這一強勁表現增強了我們對科學主導策略和持續成長前景的信心。

We remain confident in our ability to consistently deliver strong results in the short-term, while we make disciplined investments in leading-edge science, which positions us to generate lasting value for patients, customers, and shareholders.

我們對在短期內持續交付強勁成果的能力仍然充滿信心，同時我們對尖端科學進行嚴格的投資，這使我們能夠為患者、客戶和股東創造持久的價值。

Now, turning to our third quarter results.

現在，轉向我們的第三季業績。

Total company revenues were $16.7 billion, an increase of 4%, or 7% excluding the impact of foreign exchange.

公司總營收為 167 億美元，成長 4%，排除外匯影響則成長 7%。

The following revenue comments will be on an ex-exchange basis.

以下收入評論將以換算為基礎。

Our Human Health business sustained its momentum with sales increasing 8% primarily driven by Oncology.

我們的人類健康業務保持了成長勢頭，銷售額成長了 8%，這主要是由腫瘤學推動的。

Our Animal Health business also delivered strong performance, with sales growth of 11%.

我們的動物保健業務也表現強勁，銷售額成長 11%。

Turning to the performance of our key brands.

轉向我們主要品牌的表現。

In Oncology, sales of KEYTRUDA grew 21% to $7.4 billion.

在腫瘤學領域，KEYTRUDA 的銷售額成長了 21%，達到 74 億美元。

Global growth was driven by increased uptake from earlier stage cancers and continued robust global demand from metastatic indications.

全球成長是由早期癌症的增加和轉移適應症的持續強勁的全球需求所推動的。

In the US, KEYTRUDA grew across a broad range of tumor types.

在美國，KEYTRUDA 在多種腫瘤類型中都有發展。

In the earlier-stage setting, the largest driver was increased use in resectable non-small cell lung cancer.

在早期階段，最大的驅動因素是可切除非小細胞肺癌的使用增加。

KEYTRUDA’s market leadership continues to grow as part of a treatment regimen in the perioperative setting, building on its existing leadership position as adjuvant therapy.

作為圍手術期治療方案的一部分，KEYTRUDA 的市場領導地位在其作為輔助治療的現有領導地位的基礎上繼續增長。

In metastatic disease, we saw increased uptake in first-line advanced urothelial cancer based on KEYNOTE-A39.

在轉移性疾病中，我們發現基於 KEYNOTE-A39 的第一線晚期尿路上皮癌的攝取增加。

KEYTRUDA plus Padcev continues its leadership in new patient starts, outpacing platinum chemotherapy-based regimens.

KEYTRUDA 合併 Padcev 在新患者啟動方面繼續保持領先地位，超過了基於鉑類化療的治療方案。

Outside the US, KEYTRUDA growth was driven by increased uptake in earlier stage cancers, including high risk, early-stage triple negative breast cancer, as well as continued demand from patients with metastatic disease.

在美國以外，KEYTRUDA 的成長是由早期癌症（包括高風險早期三陰性乳癌）的吸收增加以及轉移性疾病患者的持續需求所推動的。

Inflation related price increases consistent with market practice in Argentina also contributed to growth.

與阿根廷市場慣例一致的通貨膨脹相關價格上漲也促進了成長。

Lynparza alliance revenue grew 13% driven by increased global demand.

在全球需求成長的推動下，Lynparza 聯盟營收成長了 13%。

Lenvima alliance revenue declined 4% due to the timing of shipments last year.

由於去年發貨時間的原因，Lenvima 聯盟收入下降了 4%。

WELIREG sales more than doubled to $139 million driven by increased uptake in certain patients with previously treated advanced renal cell carcinoma in the US.

由於美國某些先前接受過治療的晚期腎細胞癌患者的使用量增加，WELIREG 的銷售額增長了一倍多，達到 1.39 億美元。

In Vaccines, GARDASIL sales were $2.3 billion, a decrease of 10%, driven by a decline in China.

在疫苗領域，受中國銷量下滑的影響，GARDASIL 銷售額為 23 億美元，下降 10%。

In the US, sales benefitted from CDC purchasing patterns, as well as price and demand.

在美國，銷售受益於 CDC 的採購模式以及價格和需求。

Outside the US, sales increased by double digits in almost every region driven by robust demand.

在美國以外的地區，在強勁需求的推動下，幾乎每個地區的銷售額均實現了兩位數成長。

In pneumococcal, VAXNEUVANCE sales increased 13% to $239 million, driven by ongoing launches in international markets.

在肺炎球菌領域，受國際市場持續上市的推動，VAXNEUVANCE 銷售額成長 13%，達到 2.39 億美元。

We are also excited by the recent launch of CAPVAXIVE, which is off to an encouraging start.

我們也對最近推出的 CAPVAXIVE 感到興奮，這是一個令人鼓舞的開始。

In Cardiovascular, the launch of WINREVAIR continues to gain momentum, with global sales of $149 million.

在心血管領域，WINREVAIR 的推出持續保持強勁勢頭，全球銷售額達 1.49 億美元。

In the US, we have seen steady progress in adding new patients.

在美國，我們在增加新患者方面取得了穩定進展。

During the quarter, approximately 1,700 new patients received a prescription, bringing the total number of new patient prescriptions to more than 3,700 since launch.

本季度，大約 1,700 名新患者收到了處方，使自推出以來新患者處方總數超過 3,700 份。

Based on our experience to date, approximately 80% of those patients will receive commercial product.

根據我們迄今為止的經驗，大約 80% 的患者將接受商業產品。

Given this, and the approximate one-month timeframe to complete the steps to commence therapy, more than 2,600 new commercial patients have started treatment since launch.

有鑑於此，以及完成開始治療步驟的大約一個月時間，自啟動以來已有 2,600 多名新商業患者開始接受治療。

We are seeing physicians prescribe WINREVAIR to more of their patients and new physicians prescribe the product.

我們看到醫生向更多患者開出 WINREVAIR 處方，新醫生也開出了產品。

Through the end of September, nearly 800 physicians have written at least one prescription, with most prescribers coming from either large academic centers or larger private practices.

截至 9 月底，近 800 名醫生至少開出了一份處方，其中大多數處方者來自大型學術中心或大型私人診所。

Physicians are continuing to prioritize the sickest patients, who have already been receiving multiple PAH therapies.

醫生們繼續優先考慮病情最嚴重的患者，他們已經接受了多種肺動脈高壓治療。

We are also making important progress in enabling access.

我們在實現准入方面也取得了重要進展。

We have achieved coverage for approximately 60% of lives, nearly doubling the amount from last quarter.

我們已經實現了約 60% 人口的覆蓋，幾乎是上個季度的兩倍。

Many payors have established coverage policies consistent with the label or STELLAR study criteria.

許多付款人已經制定了符合標籤或 STELLAR 研究標準的承保政策。

Outside the US, initial feedback from scientific leaders has been positive following the recent EU approval.

在美國以外，在歐盟最近批准後，科學界領袖的初步回饋是正面的。

We are pleased that the first patients in Germany have received a prescription for WINREVAIR.

我們很高興德國第一批患者收到了 WINREVAIR 的處方。

We look forward to securing reimbursement in other European countries, which typically takes twelve months, as well as launching in other international markets.

我們期待在其他歐洲國家獲得報銷（這通常需要十二個月），並在其他國際市場推出。

In summary, we are excited with the continued progress of the launch and look forward to positively impacting more patients with pulmonary arterial hypertension.

總之，我們對上市的持續進展感到興奮，並期待對更多肺動脈高壓患者產生正面影響。

Our Animal Health business delivered strong growth, with sales increasing 11%.

我們的動物保健業務實現強勁成長，銷售額成長 11%。

Companion animal sales grew 17%, driven by uptake from new product launches, including the long-acting BRAVECTO injectable in certain international markets, as well as price.

伴侶動物銷售額成長了 17%，這主要得益於新產品的推出（包括某些國際市場上的長效 BRAVECTO 注射）以及價格的推動。

Livestock sales grew 7%, reflecting higher demand for poultry and swine products, the inclusion of sales from the recently acquired aqua portfolio from Elanco, which closed in mid-July, and price.

牲畜銷售額成長了 7%，反映出對家禽和豬產品的需求增加，其中包括最近從 Elanco 收購的水產產品組合（該產品於 7 月中旬關閉）的銷售額以及價格。

I will now walk you through the remainder of our P&L, and my comments will be on a non-GAAP basis.

現在我將向您介紹我們損益表的其餘部分，我的評論將基於非公認會計原則。

Gross margin was 80.5%, an increase of 3.5 percentage points driven by reduced royalty rates for KEYTRUDA and GARDASIL as well as favorable product mix.

毛利率為 80.5%，成長了 3.5 個百分點，這得益於 KEYTRUDA 和 GARDASIL 特許權使用費的降低以及有利的產品組合。

Operating expenses increased to $8.5 billion, including $2.2 billion of charges related to the acquisition of EyeBio and a promising candidate from Curon.

營運支出增加至 85 億美元，其中包括與收購 EyeBio 和 Curon 的一個有前途的候選人相關的 22 億美元費用。

Excluding these charges, operating expenses grew 9%, reflecting strategic investments in support of our innovative early- and late-phase pipeline and key growth drivers.

排除這些費用，營運費用成長了 9%，反映出支持我們創新的早期和後期產品線以及關鍵成長動力的策略投資。

Other income was $193 million, which includes a payment of $170 million from Daiichi Sankyo related to the collaboration for our T-cell engager.

其他收入為 1.93 億美元，其中包括第一三共支付的 1.7 億美元，與我們的 T 細胞接合器的合作有關。

Our tax rate of 21.9% includes an unfavorable impact from the EyeBio and Curon transactions.

我們 21.9% 的稅率包括 EyeBio 和 Curon 交易的不利影響。

Taken together, earnings per share were $1.57.

合計每股收益為 1.57 美元。

Now turning to our 2024 non-GAAP guidance.

現在轉向我們的 2024 年非 GAAP 指引。

The continued operational strength of our business has enabled us to narrow our full-year revenue guidance.

我們業務的持續營運實力使我們能夠縮小全年收入指引範圍。

We now expect revenue to be between $63.6 and $64.1 billion.

我們現在預計收入將在 6360 至 641 億美元之間。

This guidance range represents strong year over year growth of 6% to 7%, including an approximate 3 percentage point negative impact from foreign exchange using mid-October rates.

這項指導範圍代表了 6% 至 7% 的強勁同比增長，其中包括使用 10 月中旬匯率計算的外匯帶來的約 3 個百分點的負面影響。

Our gross margin assumption remains approximately 81%.

我們的毛利率假設仍約為 81%。

We expect operating expenses to be between $27.8 and $28.3 billion, which now includes the $750 million one-time charge related to the asset acquisition from Curon.

我們預計營運費用將在 27.8 至 283 億美元之間，其中目前包括與 Curon 資產收購相關的 7.5 億美元一次性費用。

As a reminder, our guidance does not assume additional significant potential business development transactions.

提醒一下，我們的指導意見並未假設額外的重大潛在業務發展交易。

Other expense is now expected to be approximately $100 million, including the benefit of the $170 million payment from Daiichi.

目前預計其他費用約為 1 億美元，其中包括 Daiichi 支付的 1.7 億美元的收益。

Our full-year tax rate is expected to be between 16.0% and 17.0%, which includes an unfavorable impact related to the Curon transaction.

我們的全年稅率預計在16.0%至17.0%之間，其中包括與Curon交易相關的不利影響。

We assume approximately 2.54 billion shares outstanding.

我們假設流通股約為 25.4 億股。

Taken together, we expect EPS of $7.72 to $7.77. This range includes a negative impact from foreign exchange of approximately [$0.30], using mid-October rates.

綜合來看，我們預計每股收益為 7.72 美元至 7.77 美元。使用 10 月中旬匯率計算，該範圍包括約 [0.30 美元] 的外匯負面影響。

Recall our prior guidance range was $7.94 to $8.04. Including the one-time charge of $750 million, or $0.29 per share, related to the asset acquisition from Curon and the $170 million, or $0.05 per share, benefit from the payment from Daiichi, our prior guidance range would have been $7.70 to $7.80, with a midpoint of $7.75. Therefore, our current guidance midpoint is unchanged.

回想一下，我們之前的指導範圍是 7.94 美元至 8.04 美元。包括與 Curon 資產收購相關的一次性費用 7.5 億美元，即每股 0.29 美元，以及來自 Daiichi 付款的 1.7 億美元，即每股 0.05 美元，我們之前的指導範圍為 7.70 美元至 7.80 美元，中點為7.75 美元。因此，我們目前的指導中點不變。

Now turning to capital allocation, where our strategy remains the same.

現在轉向資本配置，我們的策略保持不變。

We will prioritize investments in our business to drive near- and long-term growth.

我們將優先投資於我們的業務，以推動近期和長期成長。

We will continue to invest in our key growth drivers and expansive pipeline of novel candidates, each of which has significant potential to address important unmet medical needs.

我們將繼續投資於我們的主要成長動力和廣泛的新候選藥物管道，每一個都具有解決重要的未滿足的醫療需求的巨大潛力。

We remain committed to our dividend, with the goal of continuing to increase it over time.

我們仍然致力於派息，目標是隨著時間的推移繼續增加派息。

Adding compelling science through business development remains a priority and we are well positioned to pursue additional value-enhancing transactions.

透過業務發展增加令人信服的科學仍然是我們的首要任務，我們有能力追求額外的增值交易。

We will continue to execute a modest level of share repurchase.

我們將繼續進行適度的股票回購。

To conclude, as we finish the year, we are confident in the momentum of our business, underpinned by robust global demand for our innovative medicines and vaccines.

總而言之，在今年結束之際，我們對我們的業務勢頭充滿信心，這得益於全球對我們的創新藥物和疫苗的強勁需求。

Our unwavering dedication to leverage compelling science to save and improve the lives of the patients we serve has put us in a position of financial and operational strength.

我們堅定不移地致力於利用令人信服的科學來拯救和改善我們所服務的患者的生活，這使我們處於財務和營運實力的地位。

Our commitment to bring forward important innovation will enable us to deliver value to patients, customers and shareholders well into the future.

我們致力於推動重要創新，這將使我們能夠在未來為患者、客戶和股東創造價值。

With that, I’d now like to turn the call over to Dean.

有了這個，我現在想把電話轉給迪恩。

Thank you, Caroline.

謝謝你，卡洛琳。

We have continued to execute on our strategy of diversifying in oncology and expanding into new therapeutic areas, while also investing in novel modalities and technologies.

我們繼續執行腫瘤學多元化和擴展到新治療領域的策略，同時也投資新的模式和技術。

The third quarter was marked by several important clinical and regulatory milestones.

第三季出現了幾個重要的臨床和監管里程碑。

I will first cover infectious diseases on the broader portfolio.

我將首先介紹更廣泛的傳染病。

As Rob noted, last week ACIP voted to update the adult age-based pneumococcal vaccination guidelines and recommend the use of CAPVAXIVE, our 21 valent pneumococcal conjugate vaccine, for individuals 50 years and older.

正如 Rob 指出的那樣，上週 ACIP 投票更新了基於年齡的成人肺炎球菌疫苗接種指南，並建議 50 歲及以上的個人使用我們的 21 價肺炎球菌結合疫苗 CAPVAXIVE。

CAPVAXIVE is specifically designed to cover serotypes responsible for the majority of invasive pneumococcal disease and includes serotypes responsible for approximately 84% of cases of IPD in adults 50 and older, based on national level CDC data from 2018 to 2022.

根據 2018 年至 2022 年國家級 CDC 數據，CAPVAXIVE 專門設計用於覆蓋導致大多數侵襲性肺炎球菌疾病的血清型，並包括導致 50 歲及以上成年人約 84% IPD 病例的血清型。

Building on our company’s proud legacy in infectious diseases, detailed findings from a pivotal Phase 2b/3 clinical trial evaluating clesrovimab, our investigational respiratory syncytial virus preventative monoclonal antibody for the protection of infants entering their first RSV season, were presented at IDWeek.

基於我們公司在傳染病方面令人自豪的傳統，一項評估clesrovimab 的關鍵2b/3 期臨床試驗的詳細結果已在IDWeek 上公佈，clesrovimab 是我們的研究性呼吸道合胞病毒預防性單株抗體，用於保護進入第一個RSV 季節的嬰兒。

Clesrovimab, administered as a single-dose immunization to healthy pre-term and full-term infants, regardless of weight, met all trial endpoints, with consistent results through both five-month and six-month time points.

Clesrovimab 作為單劑量免疫接種給健康的早產兒和足月兒，無論體重如何，均達到了所有試驗終點，在五個月和六個月的時間點上均獲得一致的結果。

The incidence of adverse events and serious AEs were comparable between treatment and placebo groups, with no treatment or RSV-related deaths.

治療組和安慰劑組的不良事件和嚴重 AE 發生率相當，沒有出現治療或 RSV 相關死亡。

As shown in the summary tables in the data press release, clesrovimab immunization is being studied across mild, moderate, and severe RSV disease endpoints.

如數據新聞稿中的總結表所示，正在針對輕度、中度和重度 RSV 疾病終點對 clesrovimab 免疫進行研究。

Importantly, clesrovimab significantly reduced the incidence of RSV, the primary endpoint, and hospitalizations associated with RSV infection through five months by more than 84%, the secondary endpoint.

重要的是，clesrovimab 顯著降低了 RSV 的發生率（主要終點），並將 5 個月內與 RSV 感染相關的住院率（次要終點）降低了 84% 以上。

It was also observed that clesrovimab reduced RSV lower respiratory infections by more than 90%, through five months, the tertiary endpoint.

也觀察到，在五個月內，clesrovimab 將 RSV 下呼吸道感染減少了 90% 以上，這是第三個終點。

Positive results were also presented from an interim analysis in a separate Phase 3 study, evaluating the safety and efficacy of clesrovimab versus palivizumab in infants and children at increased risk for severe RSV disease.

另一項 3 期研究的中期分析也得出了積極的結果，該研究評估了 clesrovimab 與 palivizumab 對於嚴重 RSV 疾病風險增加的嬰兒和兒童的安全性和有效性。

If approved, clesrovimab would be the first and only immunization designed to provide infants with direct, rapid and durable protection for the full six-month RSV season with the convenience of one dose, regardless of weight or month of birth.

如果獲得批准，clesrovimab 將是第一個也是唯一一個旨在為嬰兒在整個六個月RSV 季節提供直接、快速和持久保護的免疫接種，並且無論體重或出生月份如何，只需一劑即可方便。

Also, at IDWeek, positive data were presented from the Phase 2 study of the combination of islatravir and lenacapavir, Gilead’s HIV-1 capsid inhibitor, as a once-weekly oral treatment option for people living with HIV.

此外，在 IDWeek 上，也發表了 islatravir 和吉利德 HIV-1 衣殼抑制劑 lenacapavir 組合作為 HIV 感染者每週一次的口服治療選擇的 2 期研究的積極數據。

The 48-Week results build on the positive 24-Week data previously presented.

48 週結果建立在先前提供的 24 週正向數據的基礎上。

These findings reinforce the strength of our HIV pipeline as we evaluate multiple, promising candidates in preventative and treatment settings.

當我們在預防和治療環境中評估多個有前途的候選人時，這些發現增強了我們的愛滋病毒管道的實力。

Next to oncology.

僅次於腫瘤學。

KEYTRUDA continues to raise the bar in treating earlier stages of disease.

KEYTRUDA 持續提高治療早期疾病的標準。

In the earlier stage setting, KEYTRUDA is the only PD-1 or PD-L1 to date to receive FDA approvals for nine indications and is the only one to demonstrate a significant overall survival benefit in four earlier stage settings: non-small cell lung cancer, renal cell carcinoma, cervical cancer, and triple negative breast cancer.

在早期階段，KEYTRUDA 是迄今為止唯一獲得FDA 批准的九種適應症的PD-1 或​​ PD-L1，並且是唯一在四種早期階段顯示出顯著的總體生存獲益的藥物：非小細胞肺癌、腎細胞癌、子宮頸癌和三陰性乳癌。

And as Caroline spoke to, we continue to see strong patient impact.

正如卡羅琳所說，我們繼續看到對患者的巨大影響。

KEYTRUDA based regimens have demonstrated positive results across thirteen pivotal trials in eight tumor types.

基於 KEYTRUDA 的治療方案已在針對 8 種腫瘤類型的 13 項關鍵試驗中顯示出積極的結果。

We look forward to building on the data in the earlier stage setting.

我們期待以早期階段的數據為基礎。

We recently announced positive topline results for the KEYNOTE-689 trial, evaluating KEYTRUDA as a perioperative treatment for patients newly diagnosed with stage III or IVA, resected, locally advanced head and neck squamous cell carcinoma.

我們最近宣布了 KEYNOTE-689 試驗的積極頂線結果，評估 KEYTRUDA 作為新診斷為 III 期或 IVA 期、已切除的局部晚期頭頸鱗狀細胞癌患者的圍手術期治療。

The trial met its primary endpoint of event-free survival and demonstrated an improvement in major pathological response, a key secondary endpoint.

該試驗達到了無事件存活的主要終點，並證明了主要病理反應（關鍵的次要終點）的改善。

This is the first positive trial to show a statistically significant benefit of neoadjuvant plus adjuvant anti-PD-1 treatment for newly diagnosed patients with resected locally advanced head and neck squamous cell carcinoma in twenty years.

這是二十年來第一個積極的試驗，顯示新輔助加輔助抗 PD-1 治療對新診斷的局部晚期頭頸鱗狀細胞癌切除患者俱有統計學上顯著的益處。

Results will be submitted to regulatory authorities and, if approved, would mark the tenth indication of a KEYTRUDA based regimen for the treatment of earlier stage cancer.

結果將提交給監管機構，如果獲得批准，這將標誌著基於 KEYTRUDA 的療法用於治療早期癌症的第十個適應症。

On the regulatory front, we received FDA approval for KEYTRUDA in combination with pemetrexed and platinum chemotherapy, for the first-line treatment of adult patients with unresectable advanced or metastatic malignant pleural mesothelioma based on results from the KEYNOTE-483 study.

在監管方面，根據 KEYNOTE-483 研究的結果，我們獲得 FDA 批准 KEYTRUDA 聯合培美曲塞和鉑類化療用於一線治療不可切除的晚期或轉移性惡性胸膜間皮瘤成人患者。

This brings the number of distinct FDA approved indications for KEYTRUDA to 41.

這使得 FDA 批准的 KEYTRUDA 不同適應症數量達到 41 個。

The European Commission approved three KEYTRUDA based regimens which include: in combination with Pfizer’s Padcev, a nectin 4-targeting antibody drug conjugate, for the first-line treatment of adult patients with unresesectable or metastatic urothelial carcinoma based on the KEYNOTE-A39 study; in combination with carboplatin and paclitaxel, for the first-line treatment of primary advanced or recurrent endometrial carcinoma and; in combination with chemoradiotherapy, for the treatment of FIGO 2014 Stage III-IVA locally advanced cervical cancer in adults who have not received prior definitive therapy based on KEYNOTE-868.

歐盟委員會批准了三種基於KEYTRUDA 的治療方案，其中包括： 與輝瑞的Padcev（一種nectin 4 靶向抗體藥物偶聯物）聯合用於基於KEYNOTE-A39 的不可切除或轉移性尿路上皮癌成年患者的一線治療學習;與卡鉑和紫杉醇合併用於原發性晚期或復發性子宮內膜癌的第一線治療；與放化療合併治療未接受過基於 KEYNOTE-868 的既往確定性治療的成人的FIGO 2014 III-IVA 期局部晚期子宮頸癌。

KEYTRUDA was also approved by the Japanese Ministry of Health for three indications: in combination with Pfizer’s Padcev, a nectin 4-targeting antibody drug conjugate, for the first-line treatment of adult patients with radically unresesectable urothelial carcinoma based on the KEYNOTE-A39 study; for patients with radically unresectable urothelial carcinoma who are not eligible for any platinum-containing chemotherapy based on KEYNOTE-052; as well as in combination with chemotherapy as neoadjuvant treatment, then continued as monotherapy as an adjuvant therapy, for patients with non-small cell lung cancer based on findings from KEYNOTE-671.

KEYTRUDA 也獲得日本衛生部批准用於三個適應症：與輝瑞的Padcev（一種nectin 4 標靶抗體藥物偶聯物）聯合用於根治性不可切除尿路上皮癌成年患者的一線治療（基於KEYNOTE ） -A39研究；對於患有根治性不可切除的尿路上皮癌且不適合接受任何基於 KEYNOTE-052 的含鉑化療的患者；根據 KEYNOTE-671 的研究結果，對於非小細胞肺癌患者，聯合化療作為新輔助治療，然後繼續作為單一療法作為輔助治療。

At the European Society for Medical Oncology Congress, three presentations for KEYTRUDA were showcased during Presidential Symposium sessions.

在歐洲腫瘤內科學會大會上，主席研討會期間展示了 KEYTRUDA 的三場演講。

These include: overall survival data from the KEYNOTE-522 trial in high-risk early-stage triple-negative breast cancer; overall survival data from the KEYNOTE-A18 trial in patients with newly diagnosed, high-risk, locally advanced cervical cancer, and 10-year follow-up overall survival data from the KEYNOTE-006 trial showing the long-term benefit over ipilimumab in patients with advanced melanoma.

其中包括：來自 KEYNOTE-522 試驗的高風險早期三陰性乳癌的總體存活數據；來自 KEYNOTE-A18 試驗的新診斷高風險局部晚期子宮頸癌患者的總生存數據，以及來自 KEYNOTE-006 試驗的 10 年隨訪總生存數據，顯示患者相對於伊匹單抗的長期獲益患有晚期黑色素瘤。

And finally in oncology, we continue to advance our increasingly diverse pipeline including our efforts to evaluate the potential of new combination regimens to improve patient outcomes.

最後，在腫瘤學領域，我們持續推動日益多樣化的產品線，包括評估新組合方案改善患者治療效果的潛力。

Earlier this month, we announced a clinical development collaboration with Exelixis for their investigational tyrosine kinase inhibitor, zanzalintinib which will be evaluated in combination with: KEYTRUDA, for the treatment of patients with head and neck squamous cell carcinoma, and with WELIREG, for the treatment of patients with renal cell carcinoma.

本月早些時候，我們宣布與Exelixis 就其在研酪氨酸激酶抑製劑zanzalintinib 進行臨床開發合作，該抑製劑將與以下藥物聯合進行評估： KEYTRUDA（用於治療頭頸鱗狀細胞癌患者）和WELIREG（用於治療）腎細胞癌患者。

In collaboration with Daiichi Sankyo, we initiated IDeate-Lung02, a Phase 3 trial, evaluating ifinatamab deruxtecan, a B7-H3 directed antibody drug conjugate, for the treatment of patients with relapsed small cell lung cancer.

我們與第一三共公司合作啟動了 IDeate-Lung02，這是一項 3 期試驗，評估 ifinatamab deruxtecan（一種 B7-H3 定向抗體藥物綴合物）用於治療復發性小細胞肺癌患者。

We also expanded our agreement to evaluate the combination of I-DXd with MK-6070, an investigational delta-like ligand 3 targeting T-cell engager.

我們還擴大了我們的協議，以評估 I-DXd 與 MK-6070 的組合，MK-6070 是一種研究性 Delta 樣配體 3 靶向 T 細胞接合劑。

Evidence from clinical studies for each candidate provides strong rationale for evaluating this combination regimen.

每個候選藥物的臨床研究證據為評估此聯合方案提供了強有力的理由。

Next to our broader portfolio.

接下來是我們更廣泛的產品組合。

As Caroline mentioned, we were pleased to receive approval from the European Commission for WINREVAIR, expanding the reach of this treatment option, which we believe has the potential to transform the treatment journey for patients suffering from pulmonary arterial hypertension.

正如 Caroline 所提到的，我們很高興獲得歐盟委員會對 WINREVAIR 的批准，擴大了這種治療選擇的範圍，我們相信這有可能改變肺動脈高壓患者的治療歷程。

In immunology, 50-week efficacy and safety data for tulisokibart, our investigational humanized monoclonal antibody directed to tumor necrosis factor-like cytokine 1A, from the Phase 2 ARTEMIS-UC and APOLLO-CD studies in ulcerative colitis and Crohn’s disease were presented at the United European Gastroenterology Week Congress.

在免疫學方面，tulisokibart（我們針對腫瘤壞死因子樣細胞因子1A 的研究性人源化單株抗體）的50 週療效和安全性數據來自潰瘍性結腸炎和克隆氏症的2 期ARTEMIS- UC 和APOLLO-CD 研究發表在歐洲聯合胃腸病學週大會。

The results reinforce the potential of tulisokibart to help patients achieve long-term clinical remission.

這些結果增強了 tulisokibart 幫助患者實現長期臨床緩解的潛力。

The Phase 3 trials continue to actively enroll patients.

三期試驗繼續積極招募患者。

Finally, in ophthalmology, soon after completing our acquisition of EyeBio, we initiated the Phase 2b/3 BRUNELLO trial for MK-3000, an investigational tetravalent, tri-specific antibody that acts as an agonist of the Wingless-related integration site signaling pathway, being evaluated for the treatment of diabetic macular edema.

最後，在眼科領域，在完成EyeBio 的收購後不久，我們啟動了MK-3000 的2b/3 期BRUNELLO 試驗，MK-3000 是一種研究性四價三特異性抗體，充當Wingless 相關整合位點訊號通路的激動劑，正在評估其治療糖尿病性黃斑水腫的效果。

We are executing on our ONE PIPELINE approach, augmenting and complementing our internal programs through business development.

我們正在執行「一條管道」方法，透過業務發展增強和補充我們的內部計劃。

Recently, we completed the acquisition of CN201 a novel CD3xCD19 T-cell engager now known as MK-1045, from Curon Biopharmaceutical.

最近，我們完成了從 Curon Biopharmaceutical 收購 CN201，一種新型 CD3xCD19 T 細胞接合劑，現稱為 MK-1045。

MK-1045 has shown to significantly deplete B cell levels with potential applications in B-cell malignancies and autoimmune diseases.

MK-1045 已被證明可以顯著降低 B 細胞水平，在 B 細胞惡性腫瘤和自體免疫疾病中具有潛在的應用前景。

As with our previous acquisitions, we plan to seamlessly advance clinical development with rigor and speed.

與我們之前的收購一樣，我們計劃嚴格、快速地無縫推進臨床開發。

In closing, during the quarter we saw a regular cadence of late-phase pipeline advancements including regulatory milestones and data readouts.

最後，在本季度，我們看到了後期管道進展的定期節奏，包括監管里程碑和數據讀數。

We continue to make progress across therapeutic areas, and I look forward to providing further updates on our programs in 2025.

我們繼續在治療領域取得進展，我期待在 2025 年提供有關我們計畫的進一步更新。

And now, I turn the call back to Peter.

現在，我把電話轉回給彼得。

Shirley, we're now ready for Q&A.

雪莉，我們現在準備好要進行問答了。

(Event Instructions)

（活動須知）

(Operator Instructions) Trung Huynh, UBS.

（操作員指令）Trung Huynh，UBS。

Just on GARDASIL, given the inventory levels remain elevated, you've noted this declining demand.

就 GARDASIL 而言，鑑於庫存水平仍然較高，您已經注意到需求下降。

How should we think about dynamics as we head into 2025, given that increase in promotional activity, but that's balanced by the inventory work down?

進入 2025 年，考慮到促銷活動有所增加，但庫存工作下降所抵消，我們應該如何考慮動態？

Will you take time?

你會花時間嗎？

Or do you have any color on when we'll see an inflection to that returning growth?

或者您對我們何時會看到經濟成長出現轉折點有什麼看法嗎？

Thank you.

謝謝。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

Obviously, we're very focused on GARDASIL in China.

顯然，我們非常關注中國的 GARDASIL。

But maybe just to step back for a second, we continue to be very proud of the contribution that GARDASIL is making for patients and people around the world to really address and hopefully eliminate long-term cervical cancer as well as other HPV-related cancers.

但也許退一步來說，我們仍然對 GARDASIL 為世界各地的患者和人們做出的貢獻感到非常自豪，這些貢獻真正解決並有望消除長期子宮頸癌以及其他 HPV 相關癌症。

So that important work will continue.

因此這項重要的工作將持續下去。

And importantly, as we commented in our prepared remarks, while China did decline, and I'll speak to China in a second, overall, we saw strong double-digit growth in really nearly every other region around the world, which is showing the progress we're making, and which is why we continue to have such confidence in the long-term potential for this.

重要的是，正如我們在準備好的發言中所評論的那樣，雖然中國確實出現了下降，我稍後會談到中國，但總體而言，我們幾乎在世界上幾乎所有其他地區都看到了強勁的兩位數成長，這表明我們正在取得的進展，這就是為什麼我們繼續對其長期潛力充滿信心。

But as it relates to China specifically, and as we think about 2025, I don't want to give specific guidance because obviously, we're still working through our 2025 plan.

但由於它與中國具體相關，並且當我們考慮 2025 年時，我不想給出具體指導，因為顯然，我們仍在製定 2025 年計劃。

But what I would say is we do expect to continue to see a decline in shipments into China into 2025.

但我想說的是，我們確實預計到 2025 年中國的出貨量將繼續下降。

And as we had highlighted before, this is happening a little bit earlier than we originally expected.

正如我們之前強調的那樣，這種情況發生的時間比我們最初預期的要早一些。

But we had always expected that over time, as we work through the bolus, we would see the female opportunity decline and then hopefully seeing growth come with bringing the male opportunity, which we would expect to see with approval, assuming it comes next year.

但我們一直預計，隨著時間的推移，當我們進行補充時，我們會看到女性機會減少，然後希望看到成長伴隨著男性機會的到來，我們希望看到這一點得到批准，假設明年會出現。

So that's how we see it progressing.

這就是我們所看到的進展。

So as we think about 2025, we see China really in the $2 billion to $3 billion range as far as an opportunity for 2025 and for the next several years with the opportunity in males really being the growth driver.

因此，當我們考慮 2025 年時，我們認為中國的 2025 年和未來幾年的機會確實在 20 億至 30 億美元之間，其中男性的機會確實是成長動力。

And at that level, we would expect for overall Merck that you're going to continue to see, based on the portfolio we have, solid growth.

在這個水準上，根據我們現有的投資組合，我們預期默克公司的整體業績將繼續實現穩健成長。

So I think that's just important to kind of frame where we're seeing things but understanding we're focused on this, we're bringing our efforts to drive demand and we're going to make progress.

因此，我認為這對於我們看到事物但了解我們專注於此的框架非常重要，我們正在努力推動需求並且我們將取得進展。

We are making progress, but it's going to take some time.

我們正在取得進展，但這需要一些時間。

Vamil Divan, Guggenheim Securities.

瓦米爾·迪萬，古根漢證券公司。

This is Edouard on for Vamil from Guggenheim.

我是古根漢的愛德華 (Edouard) 替瓦米爾 (Vamil) 發言。

Just on WINREVIR, what are you seeing in terms of safety since it's been rolled out commercially?

就WINREVIR而言，自從其商業化推出以來，您在安全性方面有何看法？

Any sense of how many patients are on the low dose versus the high dose?

知道有多少患者接受低劑量治療和多少患者接受高劑量治療嗎？

And any estimate of what percent of patients need to have their dose reduced or stopped due to the safety issues?

由於安全問題，有多少百分比的患者需要減少或停止劑量？

Thank you.

謝謝。

Yes.

是的。

I'll maybe let Dean start and then I can jump in.

我也許會讓迪恩先開始，然後我就可以介入了。

From the safety issue, we haven't had any profound or important signals at all in relationship to the patients that we've been serving.

從安全問題來看，我們還沒有收到任何與我們所服務的患者相關的深刻或重要的訊號。

So that has not been an issue to date in the patients that have gotten WINREVAIR.

因此，迄今為止，對於接受 WINREVAIR 的患者來說，這還不是問題。

But more broadly?

但更廣泛地說呢？

Yeah.

是的。

So just to give you a sense of what we're seeing in the marketplace.

只是為了讓您了解我們在市場上看到的情況。

As we said in the prepared comments, we are seeing the sickest patients being predominantly about 80% of the patients we have today.

正如我們在準備好的評論中所說，我們看到病情最嚴重的患者佔今天患者的 80% 左右。

So those would be people on triple therapy.

所以這些人就是接受三重療法的人。

And as we're looking at the kits being used, we're still predominantly seeing use of single vials, not double vials.

當我們查看正在使用的套件時，我們仍然主要看到使用單瓶，而不是雙瓶。

As we're still bringing a lot of people on to therapy, remember that when a patient starts therapy, they start on a single vial and then they would transition either to maintaining on single or going to double depending on their weight over time.

由於我們仍在讓許多人接受治療，請記住，當患者開始治療時，他們開始服用一瓶，然後根據他們的體重隨著時間的推移，他們會過渡到維持單瓶或加倍。

So we expect to see, as we saw with STELLAR, that you would end up with about two-thirds of patients would be on the single vial and about one-third of patients on the double vial.

因此，正如我們在 STELLAR 中看到的那樣，我們預計最終將有約三分之二的患者使用單瓶，約三分之一的患者使用雙瓶。

Right now, that's a little bit more skewed towards single, but we expect it still to get there over time.

目前，這有點偏向單一，但我們預計隨著時間的推移它仍然會實現這一目標。

And importantly, on your broader question, Dean gave one sense about where we see safety.

重要的是，關於你更廣泛的問題，迪恩給了一種關於我們在哪裡看到安全的感覺。

I think the best real-world statement around safety, we're seeing very strong adherence and really seeing less discontinuations than we expected.

我認為關於安全性的最好的現實世界聲明是，我們看到了非常強烈的遵守，並且真正看到的中斷比我們預期的要少。

So the anecdotal information we're getting from the marketplace as far as the real-world experience, I would say as said, that safety is not an issue.

因此，就我們從市場獲得的軼事資訊以及現實世界的體驗而言，我想說的是，安全不是問題。

Louise Chen, Cantor.

路易絲·陳，康托爾。

I wanted to ask you about your outlook for 2025, what are the major puts and takes are?

我想問您對 2025 年的展望，主要的看跌期權和看跌期權是什麼？

And when do you plan to give that guidance?

您計劃何時提供該指導？

Yes.

是的。

I'll turn it over to Caroline for that.

我會把它交給卡洛琳。

So Louise, we plan to give our guidance with the fourth quarter earnings, as we ordinarily do.

路易絲，我們計劃像往常一樣對第四季度的收益進行指導。

But if I give you a sense of the overall pushes and pulls, if I start with 2024, it's been a really strong year for our company.

但如果我讓您了解整體的推動力和拉力，如果我從 2024 年開始，這對我們公司來說是非常強勁的一年。

As we've noted, we expect to deliver 6% to 7% growth, while we're investing in and really driving our pipeline and have delivered strong underlying operating margin improvement.

正如我們所指出的，我們預計將實現 6% 至 7% 的成長，同時我們正在投資並真正推動我們的管道，並實現了強勁的基礎營業利潤率改善。

As we look to 2025, we expect solid growth for our business.

展望 2025 年，我們預期我們的業務將穩健成長。

And the key opportunities that we have is the continued impact for KEYTRUDA, especially in earlier-stage cancers, but the tumor types we would call out would be early-stage non-small cell lung cancer.

我們擁有的關鍵機會是 KEYTRUDA 的持續影響，特別是在早期癌症中，但我們指出的腫瘤類型將是早期非小細胞肺癌。

We've got great opportunity in women's cancers, including early-stage triple-negative breast, but also endometrial and cervical cancer.

我們在女性癌症方面有很大的機會，包括早期三陰性乳癌，還有子宮內膜癌和子宮頸癌。

And of course, bladder cancer is a real opportunity for growth.

當然，膀胱癌是一個真正的生長機會。

We are confident where we are with WELIREG and the opportunities there to continue to see strong performance and impact for patients.

我們對 WELIREG 的現狀以及繼續為患者帶來強勁表現和影響的機會充滿信心。

And of course, we have the recent and upcoming launches that includes WINREVAIR, where we have high expectations for growth; it includes CAPVAXIVE, where we expect to get a majority share over time; and it also includes the opportunity for the launch of clesrovimab in RSV ahead of the '25-'26 season.

當然，我們最近和即將推出的產品包括 WINREVAIR，我們對其成長抱有很高的期望；其中包括 CAPVAXIVE，我們預計隨著時間的推移將獲得大部分份額；它還包括在 25-26 賽季之前在 RSV 中推出 clesrovimab 的機會。

And as we noted, Animal Health is a strong contributor to growth, and we expect that to continue into next year.

正如我們所指出的，動物保健是成長的強大貢獻者，我們預計這種情況將持續到明年。

We have a few headwinds.

我們面臨一些阻力。

One is the expiration of our agreement with J&J for the immunology products, REMICADE and SIMPONI.

一是我們與強生公司關於免疫學產品 REMICADE 和 SIMPONI 的協議到期。

And as Rob noted, we do expect sales of GARDASIL in China to decline in 2025 compared with 2024.

正如 Rob 指出的那樣，我們確實預計 2025 年 GARDASIL 在中國的銷售額將比 2024 年有所下降。

However, all of that said, we're very confident in the opportunity to drive solid growth for our business in '25, while we invest fully behind our expansive pipeline, invest in the commercial activities to ensure excellence in the marketplace and expect to deliver operating margin expansion.

然而，儘管如此，我們對在 25 年推動業務穩健成長的機會非常有信心，同時我們全力投資於我們廣泛的產品線，投資於商業活動，以確保在市場上表現卓越，並期望實現營業利潤率擴張。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

The capital allocation opportunity is something that you have been very consistent about providing us updates.

您一直非常一致地向我們提供資本配置機會的最新資訊。

Given some of the push/pulls in the business, in particular vulnerability with GARDASIL, I think you have capacity and you have also mentioned interest in certain areas, I would note, with obesity.

考慮到業務中的一些推/拉，特別是 GARDASIL 的脆弱性，我認為您有能力，並且您也提到了對某些領域的興趣，我要指出的是，與肥胖有關。

Can you update us on where you are with your appetite, scale, therapeutic area?

您能否向我們介紹一下您的胃口、體重、治療領域的最新情況？

Anything that would give us insight into your ability to use that as a lever to help perhaps offset some of this uncertainty tied to GARDASIL.

任何能讓我們深入了解您使用此作為槓桿的能力，或許可以幫助抵消與 GARDASIL 相關的一些不確定性。

Yeah.

是的。

No, Chris, thanks for the question.

不，克里斯，謝謝你的提問。

Obviously, I feel very good about the business development we've done, including some of the transactions that Dean just highlighted in the prepared remarks, and we're going to continue to look to do more.

顯然，我對我們所做的業務發展感到非常滿意，包括迪恩剛剛在準備好的演講中強調的一些交易，我們將繼續尋求做更多的事情。

So while we feel good about where we are and actually, as I made a comment in the prepared remarks, we have more Phase III assets now than we had -- we've more than tripled it from where we were three years ago with more than 20.

因此，雖然我們對自己的現狀感到滿意，但實際上，正如我在準備好的發言中發表的評論一樣，我們現在擁有的第三階段資產比我們擁有的更多——我們比三年前的資產增加了兩倍多，更多超過 20。

So we have a lot there, but we need to add more.

所以我們有很多東西，但我們需要添加更多。

And we're looking across all therapeutic areas.

我們正在尋找所有治療領域。

Our approach remains where it's always been, which is we start with the science and where we see a scientific opportunity that addresses an unmet need and where we think Merck can strategically play.

我們的方法仍然保持不變，那就是我們從科學開始，我們看到了解決未滿足需求的科學機會，我們認為默克可以在策略上發揮作用。

If we see that aligned with value, we will act.

如果我們看到這與價值一致，我們就會採取行動。

As it relates to obesity, our goal and strategy there continues to be focusing on the second- and third-generation opportunities in that space.

由於它與肥胖有關，我們的目標和策略繼續關注該領域的第二代和第三代機會。

We've talked in the past, thinking more of a focus on oral opportunities and those that can be in combination focused on outcomes that go beyond just obesity but to actually medical outcomes.

我們過去曾討論過，認為更關注口腔機會和那些可以結合的機會，重點關注的結果不僅僅是肥胖，而是實際的醫療結果。

So we continue to look but we're going to be disciplined.

所以我們會繼續尋找，但我們會遵守紀律。

And if we don't see something where we think it makes sense from a value perspective and a strategy, we won't move.

如果我們沒有看到我們認為從價值角度和策略上有意義的東西，我們就不會採取行動。

Beyond that, I would say, you should continue to see us look in areas of oncology, immunology and broader cardiometabolic.

除此之外，我想說，你應該繼續看到我們在腫瘤學、免疫學和更廣泛的心臟代謝領域進行研究。

All the places where we're playing today are areas where we continue to look for opportunities down the road.

我們今天比賽的所有地方都是我們未來繼續尋找機會的地方。

From a capacity perspective, just to be clear, we continue to think we have capacity, frankly, to do pretty much anything of any size.

從能力的角度來看，坦白說，我們仍然認為我們有能力做幾乎任何規模的任何事情。

But our focus area continues to be mainly in that $1 billion to $15 billion range.

但我們的重點領域仍主要集中在 10 億至 150 億美元範圍內。

Daina Graybosch, Leerink Partners.

戴娜‧格雷博斯 (Daina Graybosch)，Leerink 合夥人。

Yeah.

是的。

Can you talk a little bit more about the pneumococcal opportunity?

能多談談肺炎球菌的機會嗎？

What do you think is the incremental market size from the expansion down to age 50?

您認為從擴張到 50 歲的增量市場規模是多少？

And is there anything you're looking for in the MMWR language when they publish that recommendation that would drive more or less share to CAPVAXIVE versus the competitor?

當 MMWR 發佈建議時，您是否希望在 MMWR 語言中找到任何可以推動 CAPVAXIVE 相對於競爭對手獲得更多或更少份額的內容？

Yeah.

是的。

Maybe Dean, do you want to start and we can jump in?

也許Dean，你想開始嗎？

Yes.

是的。

I mean I think it was interesting to watch the ACIP.

我的意思是，我認為觀看 ACIP 很有趣。

They're balancing how to make the best recommendations.

他們正在權衡如何提出最佳建議。

And we should just remember, we have a 21-valent vaccine that gives 85% adult protection.

我們應該記住，我們有一種 21 價疫苗，可為成人提供 85% 的保護。

That was very clear.

這非常清楚。

And there is a competitor who has a 20-valent that has a 54% adult protection.

還有一個競爭對手的 20 價疫苗具有 54% 的成人保護。

And I think that was very clear at the ACIP.

我認為 ACIP 上的這一點非常明確。

And I would just remind myself that previously, when they thought about doing the 50 to 64 just with the 20-valent, there was a decision not to proceed.

我只想提醒自己，以前，當他們考慮僅用 20 價進行 50 至 64 時，就決定不繼續進行。

And I really do think the health economic data and the data that we show for the 21-valent, given it's 85% versus 54% is what drove them to finally move and address a really important need, which is the health equity issues in relationship to a pneumococcal vaccination by lowering it to 50 to 64 and lowering it for everyone.

我確實認為健康經濟數據和我們顯示的 21 價數據（考慮到 85% 與 54%）促使他們最終採取行動並解決一個真正重要的需求，即關係中的健康公平問題將肺炎球菌疫苗接種率降低至50 至64，並降低每個人的疫苗接種率。

But in terms of the dynamics in the market.

但從市場動態來看。

So in terms of the commercial opportunity we have, given the strength of the data that Dean has just shared, we feel very confident in our opportunity.

因此，就我們擁有的商業機會而言，鑑於迪恩剛剛分享的數據的強度，我們對我們的機會非常有信心。

And to remind in terms of the number of patients in the United States, there's around 120 million people over the age of 50.

就美國的患者數量而言，50 歲以上的人大約有 1.2 億。

60 million of those are in the 50 to 64 age group, which now given the ACIP recommendation, provides a tremendous opportunity for us to activate that patient cohort to go and get this vaccine as well as the group that sit above the age of 65 given the strength of our data.

其中 6000 萬人屬於 50 至 64 歲年齡組，現在得到了 ACIP 的建議，這為我們提供了一個巨大的機會，可以激活該患者群體以及 65 歲以上的群體去接種這種疫苗。 。

So we are ready.

所以我們準備好了。

We have supply, and we're looking forward to ensuring that we can protect as many people as possible.

我們有供應，我們期待確保能夠保護盡可能多的人。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

Just another one on GARDASIL.

這只是加達西 (GARDASIL) 上的另一項。

Rob, I believe you said kind of $2 billion to $3 billion per year opportunity for China over the next few years.

Rob，我相信你說過未來幾年中國每年會獲得 20 億至 30 億美元的機會。

Just a couple of quick ones there.

那裡只有幾個快速的。

First, what does that compare to where China is going to shake out for Merck this year?

首先，這與今年默克中國將面臨的挑戰相比如何？

And is that $2 billion to $3 billion number what was reflected in the $11 billion longer-term target?

110 億美元的長期目標是否反映了 20 億至 30 億美元的數字？

Yeah.

是的。

So to give you just a sense of where we are, and we don't normally give product-level guidance or specifics on a quarterly basis.

因此，為了讓您了解我們的情況，我們通常不會按季度提供產品層級的指導或具體資訊。

But given the importance and focus on GARDASIL, just to give you a sense of where we were with China GARDASIL in the third quarter, it's about approximately $500 million in the third quarter.

但考慮到 GARDASIL 的重要性和重點，為了讓您了解我們第三季中國 GARDASIL 的情況，第三季的銷售額約為 5 億美元。

And as we said, we would expect to ship about the same amount in the fourth quarter.

正如我們所說，我們預計第四季的出貨量大致相同。

So you should expect that the fourth quarter itself would also be in that $500 million range.

因此，您應該預期第四季本身也將在 5 億美元的範圍內。

And so that kind of gives you a sense of where we are.

這樣你就可以了解我們所處的位置。

So as you look forward to 2025, obviously, as we think in 2025 and over the next several years, if you're running in that $2 billion to $3 billion range, that's why we made the comment that with that and given the other opportunities we see around the world, we remain confident in our ability to get to the $11 billion by 2030.

因此，當你展望2025 年時，顯然，正如我們在2025 年和未來幾年中所認為的那樣，如果你的資金規模在20 億美元到30 億美元之間，這就是為什麼我們對此發表評論，並考慮到其他機會放眼全球，我們對 2030 年達到 110 億美元的目標仍然充滿信心。

So we are contemplating that $2 billion to $3 billion over the next several years in China as the contribution that it would make to get us to where we need.

因此，我們正在考慮未來幾年向中國提供 20 億至 30 億美元，作為幫助我們到達所需目標的貢獻。

Understanding also that long term, we do expect to be able to have the potential for growth driven by the male opportunity in China and then, obviously, continuing to drive more broadly around the rest of the world.

從長遠來看，我們確實希望能夠在中國的男性機會的推動下實現成長潛力，然後，顯然，繼續在世界其他地區更廣泛地推動成長。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Great.

偉大的。

Maybe just one question and one clarification.

也許只是一個問題和一個澄清。

Just on the GARDASIL side, Rob, that's the $2 billion to $3 billion includes the males or it does not include the males?

Rob，就 GARDASIL 而言，20 億至 30 億美元包括男性還是不包括男性？

Sorry, I was a little unclear based on the last response.

抱歉，根據上次的回复，我有點不清楚。

And then obviously, next-gen IO remains a big focus for both Merck and the industry.

顯然，下一代 IO 仍然是默克和整個產業的一大焦點。

I know, Dean, you talked a lot about some of the efforts Merck has made on this front.

我知道，Dean，您談到了默克公司在這方面所做的一些努力。

Would just be curious to get your perspective on the PD-1, PD-L1 VEGF bispecifics.

只是想了解您對 PD-1、PD-L1 VEGF 雙特異性藥物的看法。

Obviously, there's some data emerging out of China there.

顯然，有一些數據來自中國。

Just any thoughts on that data and where that might fit from a competitive landscape perspective or if that's a target Merck has considered at all?

對這些數據有什麼想法嗎？

Yeah.

是的。

So I'll take the first part of that question, Terence.

所以我將回答這個問題的第一部分，特倫斯。

So the answer is yes. the $2 billion to $3 billion over the next several years does include male, but we have the opportunity as you look longer term to drive growth with that opportunity.

所以答案是肯定的。未來幾年的 20 億至 30 億美元確實包括男性，但從長遠來看，我們有機會利用這個機會推動成長。

That was really the point we were trying to make.

這確實是我們想要表達的觀點。

In relation to your question in relationship to the vascular endothelial growth factor pathway, it is an important axis.

關於您與血管內皮生長因子途徑相關的問題，它是一個重要的軸。

I just -- there's been a lot of data in that.

我只是──裡面有很多數據。

It's not just the most recent data.

這不僅僅是最新的數據。

Merck has made a substantial investment in that pathway.

默克公司在這條道路上進行了大量投資。

Our collaborations with Eisai and Exelixis is along that pathway.

我們與衛材和 Exelixis 的合作就是沿著這條道路進行的。

It's PD-1 in this case with the VEGF RTK inhibitors.

在這種情況下，它是 PD-1 與 VEGF RTK 抑制劑。

Other companies have taken their PD-L1 and added to, for example, Avastin.

其他公司也將他們的 PD-L1 添加到阿瓦斯丁等藥物中。

And I would just emphasize, our interest in HIF-2 alpha is also related to vascular endothelial growth factor.

我想強調的是，我們對 HIF-2 α 的興趣也與血管內皮生長因子有關。

In relationship to the specific question about Summit, that deep expertise that has developed in that VEGF, I think it's really important for all of us to watch carefully, and we are watching carefully the ability to turn PFS into OS.

關於 Summit 的具體問題，即 VEGF 中發展起來的深厚專業知識，我認為我們所有人都必須仔細觀察，我們正在仔細觀察將 PFS 轉變為 OS 的能力。

The other issue is that in China, the health system is a little bit different as to how they treat individuals, but also the patients here are also different in terms of their responsiveness to VEGF.

另一個問題是，在中國，醫療系統對待個人的方式略有不同，而且這裡的患者對 VEGF 的反應也有所不同。

I would also emphasize that the experiment that was done in China is an experiment that we would be unable to do, for example, in the United States.

我還要強調的是，在中國做的實驗是我們在美國做不到的實驗。

We would not be able to compare a new combo against KEYTRUDA monotherapy in the PD-L1 1% through 49% PD-L1.

我們無法將 PD-L1 1% 至 49% PD-L1 的新組合與 KEYTRUDA 單藥療法進行比較。

That's something we would not be able to do because in that situation, the comparator is not monotherapy, but it's 189, KEYNOTE-189.

這是我們無法做到的，因為在這種情況下，比較器不是單一療法，而是 189，KEYNOTE-189。

But broadly speaking, combos will be important, combos to deepen it, to go earlier stage will be important.

但總的來說，連擊很重要，加深連擊、進入早期階段的連擊也很重要。

I think vascular endothelial growth factor pathways are important, INT will be import, RAS will be import, ADCs will be important.

我認為血管內皮生長因子途徑很重要，INT將很重要，RAS將會很重要，ADC將會很重要。

And all of those readouts will come, some before 2028, some around 2028 and some will happen after 2028.

所有這些讀數都將發布，有些在 2028 年之前，有些在 2028 年左右，有些將在 2028 年之後發布。

Carter Gould, Barclays.

卡特·古爾德，巴克萊銀行。

Appreciate all the GARDASIL color.

欣賞所有 GARDASIL 顏色。

Maybe on WINREVAIR, can you comment on the impact of stocking in the quarter?

也許在WINREVAIR上，您能評論一下本季備貨的影響嗎？

And I'm trying to also kind of square, Rob, some of your comments around sort of the efforts to work through those sickest patients.

羅布，我也試著回應你關於治療那些病情最嚴重的病人的努力的一些評論。

Kind of maybe help frame for us kind of how far you're along sort of that initial bolus of patients, those later-line patients within the STELLAR label.

這可能有助於我們了解最初一群患者（即 STELLAR 標籤內的後期患者）的進展。

So Carter, in the quarter, over 80% of the revenue is to support demand.

所以卡特說，在這個季度，超過80%的收入都是為了支持需求。

And so a very small level of inventory build, and we'd expect inventory dollars to build over time given the growth that we expect in the product.

因此，庫存的增加量非常小，而且考慮到我們預期的產品成長，我們預期庫存會隨著時間的推移而增加。

In terms of the patients that are being prescribed the product, as Rob noted, a large portion, it's actually about 80% of the patients are on background triple therapy or in combination with the prostacyclin.

正如 Rob 指出的那樣，就正在服用該產品的患者而言，很大一部分實際上大約 80% 的患者正在接受背景三聯療法或與前列環素聯合治療。

So we're making really good progress in that segment.

因此，我們在該領域取得了非常好的進展。

At the same time, a large number of the physicians have prescribed WINREVAIR now to patients that are not on a prostacyclin background therapy, which gives us confidence for the ability to move to the patients who are more dual therapy over time.

同時，大量醫生現在已向未接受前列環素背景治療的患者開出 WINREVAIR 處方，這讓我們有信心隨著時間的推移轉向接受更多雙重治療的患者。

And we remain confident in the opportunity in line with our high expectations here to benefit patients and to drive significant commercial benefit for our company.

我們對這個機會充滿信心，符合我們的高期望，使患者受益並為我們公司帶來巨大的商業利益。

Umer Raffat, Evercore ISI.

烏默·拉法特，Evercore ISI。

I have -- I wanted to focus on GARDASIL just a little more.

我想多關註一點 GARDASIL。

That was very helpful commentary, Rob.

這是非常有幫助的評論，羅布。

You mentioned $500 million in sales in 3Q and 4Q to China, which obviously is $2 billion run rate.

您提到第三季和第四季對中國的銷售額為 5 億美元，這顯然是 20 億美元的運行率。

My question is, was that shipping to demand?

我的問題是，這是依需求出貨嗎？

Because if so, what that means is inventory sitting at your bay is still something that would need to be worked down in 2025 as well as possible 9-valent generic entry -- sorry, 9-valent local competition entry in 2025 as well.

因為如果是這樣，這意味著您的庫存仍然需要在 2025 年減少，並且可能需要減少 9 價通用產品——抱歉，2025 年也需要減少 9 價本地競爭產品。

How do you factor those 2 dynamics into thinking about the 2025 number of $2 billion to $3 billion in China?

您如何將這兩個因素納入考慮 2025 年中國 20 億至 30 億美元的數字？

Yeah.

是的。

So if you look at what's happening in the overall marketplace and just to give you a sense, from an inventory perspective, maybe starting there.

因此，如果你看看整個市場正在發生的事情，只是為了讓你從庫存的角度有所了解，也許可以從那裡開始。

If you look at overall inventory levels in China, they did come down.

如果你看看中國的整體庫存水平，你會發現它們確實下降了。

And that's taking into account, and this is for GARDASIL.

考慮到這一點，這是針對 GARDASIL 的。

GARDASIL at Zhifei, which frankly remains high and grew slightly, but that was more than offset by reductions in the CDCs and the points of vaccination.

智飛的加達西（GARDASIL），坦率地說仍然很高，並且略有增長，但這被疾控中心和疫苗接種點的減少所抵消。

So that's a good sign that we're seeing overall inventories coming down, which also would point to the fact that as we're looking at demand, which we're seeing stabilize, we think we're at a position now whereas we're starting to talk about what we're shipping.

因此，這是一個好跡象，表明我們看到總體庫存下降，這也表明，當我們關注需求時，我們看到需求趨於穩定，我們認為我們現在處於一個位置，而我們開始談論我們想要運送的東西。

Our expectation is we are shipping below demand.

我們的預期是我們的出貨量低於需求。

So we have been working very constructively with Zhifei to think about this, both as what we're doing in this year is, frankly, as well as we're continuing to have constructive dialogue around 2025.

因此，我們一直在與智飛進行非常建設性的合作來思考這個問題，坦白說，我們今年正在做的事情，以及我們將在 2025 年左右繼續進行建設性對話。

Our intention would be to balance the need to get product into the marketplace to meet the demand at the same time, allowing for Zhifei to bring down their inventories over time.

我們的目的是平衡產品進入市場的需求，同時滿足需求，讓智飛能夠隨著時間的推移減少庫存。

So we're very thoughtful on how we're thinking about it, and we've done that, taking into account our expectations of both the female competitive launch that could come next year, but also the opportunity that a male approval early next year could allow us to have.

因此，我們對如何考慮這個問題非常深思熟慮，我們已經這樣做了，考慮到我們對明年可能推出的女性競爭產品的期望，也考慮到明年初男性批准的機會可以讓我們擁有。

So all of those factors are in as we think about that $2 billion to $3 billion number.

因此，當我們考慮 20 億至 30 億美元的數字時，所有這些因素都在其中。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉，TD·考恩。

I mean all things considered, is it still possible to see global GARDASIL growth in 2025?

我的意思是，考慮到所有因素，2025 年全球 GARDASIL 是否仍有可能成長？

And Rob, you noted at the start that recovery in China will take time, but it sounds like you have good visibility now because you're giving this $2 billion to $3 billion guidance for GARDASIL in China.

Rob，您一開始就指出，中國的復甦需要時間，但聽起來您現在有很好的知名度，因為您為 GARDASIL 在中國提供了 20 億至 30 億美元的指導。

So I'm unclear what it is that we're waiting for.

所以我不清楚我們在等待什麼。

Well, what we're talking about taking time is basically to work down the inventory and to then build demand over time so that we can continue to drive that market.

好吧，我們所說的花時間基本上是減少庫存，然後隨著時間的推移建立需求，以便我們可以繼續推動市場。

What we're giving you is kind of what we see as the baseline of China.

我們給你的就是我們所看到的中國的基線。

Our hope is that we'll do better.

我們的希望是我們會做得更好。

And we're going to put the work in to do better and to continue to drive long term.

我們將努力做得更好，並繼續推動長期發展。

I think that what I'm trying to make sure everyone hears is this isn't going to be solved next quarter.

我認為我試圖確保每個人都聽到的是這個問題不會在下個季度得到解決。

It's going to take us through probably 2025, but we're thoughtful on how we're doing it.

它可能會帶我們度過 2025 年，但我們對如何做這件事深思熟慮。

We're working with Zhifei in a constructive manner to do it.

我們正在以建設性的方式與智飛合作來實現這一目標。

So those are the elements are going to take time because we need to build the demand.

這些要素需要時間，因為我們需要建立需求。

We know the opportunity is there with 120 million females still out there to go after and with potentially 200 million males with the male opportunity.

我們知道機會就在那裡，有 1.2 億女性仍在追逐，而潛在的 2 億男性也有機會。

We have to activate that demand to make sure we can drive that business.

我們必須激活這一需求，以確保我們能夠推動該業務。

So that's really what we're focusing on.

這才是我們真正關注的重點。

As far as it relates to GARDASIL for 2025, I don't think we really want to get into giving product line guidance right now.

就 2025 年 GARDASIL 而言，我認為我們現在不想真正提供產品線指導。

We were very specific to China because of the concerns that were there.

由於存在擔憂，我們對中國非常具體。

And I wanted to make sure you know that we see solid overall growth for Merck because that's important to have context.

我想確保您知道我們看到默克公司整體穩健成長，因為了解背景非常重要。

But beyond that, we normally wouldn't be giving guidance at this point in time.

但除此之外，我們通常不會在此時提供指導。

Mohit Bansal, Wells Fargo.

莫希特·班薩爾，富國銀行。

Great.

偉大的。

My question is regarding V90 -- V940 in lung cancer.

我的問題是關於肺癌中的 V90 - V940。

I see that you have started Phase III trial.

我看到你們已經開始三期試驗了。

Could you please help us understand what kind of data you have seen in earlier stages, which makes you move into Phase III?

您能否幫助我們了解您在早期階段看到了哪些數據，這使得您進入了第三階段？

I don't think we have seen a lot of data from our side here.

我認為我們沒有看到很多來自我們這邊的數據。

Yeah.

是的。

So this is Dean.

這就是迪恩。

I would just emphasize, and I was trying to sort of lay the foundation during the prepared remarks.

我只是強調一下，我試著在準備好的發言中奠定基礎。

I would just recognize that in earlier stage, we have nine approvals and four with OS.

我只想認識到，在早期階段，我們有九個批准，其中四個與作業系統有關。

That basis allows us to drive curative setting combos in a way that is advantageous for the patient and also often uniquely ability for us.

這一基礎使我們能夠以對患者有利且通常對我們來說獨特的能力的方式驅動治療設置組合。

The specific study that you're, I think, referring to is the announcement with our partners, Moderna, of going in lung cancer.

我認為您所指的具體研究是與我們的合作夥伴 Moderna 宣布的針對肺癌的研究。

.

。

Specifically, that one is built around KEYNOTE-671, which has an OS benefit and is approved.

具體來說，該版本是圍繞 KEYNOTE-671 構建的，它具有作業系統優勢並已獲得批准。

But the interesting thing is in the sort of neoadjuvant or perioperative followed by surgery, there becomes a situation where we can discern who has a pathological complete response and who doesn't have a pathological complete response.

但有趣的是，在新輔助治療或圍手術期手術後，我們可以辨別誰有病理性完全反應，誰沒有病理性完全反應。

And that patient population that does not have a pathological complete response, there is the need and our ability to provide other combinations in that space, and that is where we're driving the INT in that situation in lung cancer.

對於沒有病理學完全反應的患者群體，我們有必要也有能力在該領域提供其他組合，這就是我們在肺癌這種情況下推動 INT 的地方。

Great.

偉大的。

Thanks, Mohit, and thank you all for your good questions today.

謝謝莫希特，也謝謝大家今天提出的好問題。

And as always, we're available for follow-ups.

像往常一樣，我們可以進行後續跟進。

Please reach out when you want.

當您需要時請聯絡我們。

Take care.

小心。

Thank you very much.

非常感謝。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your line at this time.

此時您可以斷開線路。