Operator

接线员

Good morning, and thank you for standing by.

早上好，感谢大家的耐心等候。

Welcome to Abbott's Second Quarter 2024 Earnings Conference Call. All participants will be able to listen only until the question-and-answer portion of this call.

欢迎参加雅培 2024 年第二季度收益电话会议。所有参与者只能在提问环节之前收听。

[Operator Instructions] This call is being recorded by Abbott. With the exception of any participants' questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.

【接线员指示】本通话由雅培录音。除了提问环节中参与者提出的问题外，整个通话，包括提问环节，均为雅培的版权材料。未经雅培明确书面许可，不得录音或转播本通话。

I would now like to introduce Mr. Mike Comilla, Vice President, Investor Relations.

Michael Comilla

Vice President of Investor Relations at Abbott Laboratories

现在我想介绍迈克·科米拉先生，雅培实验室投资者关系副总裁。

迈克尔·科米拉

雅培实验室投资者关系副总裁

Good morning, and thank you for joining us.

早上好，感谢大家的参与。

With me today are Robert Ford, Chairman and Chief Executive Officer; and Phil Boudreau, Executive Vice President, Finance and Chief Financial Officer. Robert and Phil will provide opening remarks. Following their comments, we'll take your questions.

今天与我一起的有罗伯特·福特，董事长兼首席执行官；以及菲尔·布德罗，执行副总裁兼财务长。罗伯特和菲尔将发表开场讲话。在他们讲话后，我们将回答您的问题。

Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected financial results for 2024. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, Risk Factors, to our Annual Report on Form 10-K for the year ended December 31, 2023. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

在我们开始之前，今天发表的一些声明可能属于 1995 年《私人证券诉讼改革法案》，包括 2024 年预期财务结果。雅培提醒，这些前瞻性声明可能受到风险和不确定性的影响，可能导致实际结果与前瞻性声明中所示结果有实质性差异。可能影响雅培运营的经济、竞争、政府、技术和其他因素在我们2023年12月31日结束的年度 10-K 表格的第 1A 项 “风险因素” 中有所讨论。雅培无义务根据后续事件或发展释放任何修订的前瞻性声明，除非法律要求。

On today's conference call, as in the past, non-GAAP financial measures will be used to help investors understand Abbott's ongoing business performance. These non-GAAP financial measures are reconciled with comparable GAAP financial measures in our earnings news release and regulatory filings from today, which are available on our website at abbott.com. Note that Abbott has not provided the GAAP financial measure for organic sales growth on a forward-looking basis because the company is unable to predict future changes in foreign exchange rates, which could impact reported sales growth. Unless otherwise noted, our commentary on sales growth refers to organic sales growth, which is defined in the press release issued earlier today.

在今天的电话会议上，与过去一样，我们将使用非通用会计准则财务指标来帮助投资者了解雅培持续的业务表现。这些非通用会计准则财务指标已在我们今天的收益新闻发布和监管文件中与可比的通用会计准则财务指标进行了调和，这些文件可在我们的网站 abbott.com 上找到。请注意，雅培未提供有关有机销售增长的通用会计准则财务指标，因为公司无法预测未来外汇汇率变化，这可能影响报告的销售增长。除非另有说明，我们对销售增长的评论指的是有机销售增长，这在今天早些时候发布的新闻稿中有定义。

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

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

现在我将电话转给罗伯特。

罗伯特·B·福特

雅培实验室董事长兼首席执行官

Thanks, Mike. Good morning, everyone, and thank you for joining us.

谢谢，迈克。大家早上好，感谢您的参与。

Today, we reported organic sales growth of more than 9%, excluding COVID testing sales. We also reported adjusted earnings per share of $1.14, which exceeded analysts consensus estimates and represents a 16% sequential increase from the first quarter. Based on our performance in the quarter and confidence in our outlook for the remainder of the year, we raised our guidance and now forecast full year organic sales growth excluding COVID testing sales to be 9.5% to 10% and adjusted earnings per share in a range of $4.61 to $4.71.

今天，我们报告了除 COVID 测试销售外超过 9% 的有机销售增长。我们还报告了每股调整后盈利为 1.14 美元，超过分析师的共识预期，较第一季度增长了 16%。基于本季度的表现和对本年度余下时间的前景的信心，我们提高了指引，现在预测全年除 COVID 测试销售外的有机销售增长为 9.5% 至 10%，调整后的每股盈利范围为 4.61 至 4.71 美元。

Our performance continues to be driven by broad-based growth across the portfolio, with growth this quarter led by double-digit growth in Medical Devices and high single-digit growth in Established Pharmaceuticals and Nutrition. In addition to benefiting from outperforming expectations on the top line, we are also seeing positive contribution from gross margin expansion coming from continued execution from our supply chain teams, lower commodity costs and favorable sales mix.

我们的表现继续受到产品组合广泛增长的推动，本季度增长主要由医疗器械的两位数增长和成熟制药品和营养品的高个位数增长引领。除了在顶线表现上超出预期之外，我们还看到来自供应链团队持续执行、较低的大宗商品成本和有利的销售组合带来的毛利率扩张的积极贡献。

I'll now summarize our second quarter results in more detail before turning the call over to Phil. And I'll start with Nutrition, where sales increased 7.5% in the quarter. Strong growth in the quarter was led by double-digit growth in International Adult Nutrition and U.S. Pediatric Nutrition. International Adult Nutrition continues to perform at a very high level. The five-year compound annual growth rate of this business is more than 10%, which, in addition to our market-leading position and commercial execution reflects the impact from positive demographic trends that drive increasing demand for our Ensure and Glucerna brands. Through the investments we've made to expand capacity, we are well positioned to continue to capitalize on these secular demand trends.

我将更详细地总结我们第二季度的业绩，然后将电话转给菲尔。我将从营养品开始，该业务本季度销售额增长了 7.5%。本季度的强劲增长主要由国际成人营养品和美国儿童营养品的两位数增长引领。国际成人营养品继续保持非常高的水平。该业务的五年复合年增长率超过 10%，除了我们在市场上的领先地位和商业执行力外，还反映了推动对我们 Ensure 和 Glucerna 品牌需求增加的积极人口趋势的影响。通过我们扩大产能的投资，我们有望继续利用这些长期需求趋势。

On the topic of litigation regarding preterm infant formula and Human Milk Fortifier, Abbott stands by our products and the information provided to the neonatologist specialists who have used them for decades. Necrotizing enterocolitis or NEC is a terrible gastrointestinal disease that primarily affects premature infants, and it is devastating to families. However, plaintiff lawyers are advancing in a theory that is without merit or scientific support. These products, which are sold for hospital use, are incorporated into a feeding regimen along with human milk by experienced specialists and are an important part of the standard of care for the majority of preterm infants. Their use is supported by medical associations in the United States and other countries around the world.

关于早产儿配方奶粉和人乳补充剂的诉讼问题，雅培坚信我们的产品和向使用它们数十年的新生儿科专家提供的信息。坏死性肠炎（NEC）是一种主要影响早产儿的可怕肠道疾病，对家庭造成毁灭性影响。然而，原告律师提出的理论毫无根据或科学支持。这些产品是为医院使用而销售的，由经验丰富的专家与人乳一起纳入喂养方案，并且是大多数早产儿标准护理的重要组成部分。它们的使用得到了美国和世界其他国家的医学协会的支持。这些产品及其成分已经经过审查，被认为是安全的。我们也审查了它们的标签。NEC 的发病率没有增加，这意味着这些病例并非是对趋势或任何新信息的反应。然而，我们看到原告律师在误导性电视广告上投入了数百万美元，试图将医生的决定从医院转移到法庭。

The products and their ingredients have been reviewed and are deemed safe for use by regulators. We have also reviewed their labels. There has been no increase in the rates of NEC, meaning these cases have not emerged in response to a trend or any new information. Yet we're seeing plaintiffs lawyers investing millions of dollars in misleading TV advertising in an attempt to move physician decisions from the hospital to the courtroom.

Total revenues for these products are about $9 million annually and have remained at that level for the past several years. If these products were no longer available, physicians would be deprived of the vital food that is needed in the NICU. This would create a public health crisis affecting every state across this country. We believe it's important for all who have an interest in health of preterm infants to recognize the need for these products and to take action accordingly.

这些产品的总收入每年约为 900 万美元，并在过去几年保持在这个水平。如果这些产品不再可用，医生们将无法获得新生儿重症监护病房所需的重要食物。这将导致影响全国每个州的公共卫生危机。我们认为，所有对早产儿健康感兴趣的人都应该认识到对这些产品的需求，并相应采取行动。

Moving to Diagnostics, where sales increased 6%, excluded COVID testing sales. Growth in the quarter was driven by high single-digit growth in Core Laboratory Diagnostics and double-digit growth in Point of Care Diagnostics. In Core Lab Diagnostics, we continue to drive growth through increased adoption and utilization of our market-leading systems and global demand for our extensive testing menus across the areas of immunoassay, clinical chemistry, hematology and blood screening.

转向诊断领域，除 COVID 测试销售外，销售额增长了 6%。本季度增长主要由核心实验室诊断销售高个位数增长和点护诊断销售两位数增长推动。在核心实验室诊断领域，我们继续通过增加采用和利用我们市场领先的系统以及全球对我们广泛测试菜单的需求推动增长，涵盖免疫分析、临床化学、血液学和血液筛查等领域。

While our Alinity family of Diagnostic Systems first launched more than six years ago, given the long contract cycles common in the diagnostics industry, we continue to see a benefit in our contract renewal and competitive win rates, with several recent large account wins expected to increasingly contribute to growth in the second half of the year.

虽然我们的 Alinity 诊断系统系列首次推出已超过六年，但鉴于诊断行业普遍存在的长期合同周期，我们继续看到我们的合同续约和竞争获胜率带来的好处，最近几个大客户的赢得预计将在下半年开始逐渐为增长做出贡献。

Turning to EPD, where sales increased 8% in the quarter, EPD continues to deliver at a high level as this business executes its unique branded generic strategy in emerging markets, where growth is supported by favorable demographic trends, including increasing populations, growing middle classes and increasing focus on expanding access to health care.

转向 EPD，本季度销售增长了 8%，EPD 在新兴市场以其独特的品牌仿制药策略保持高水平运营，这一增长得到有利的人口统计趋势支持，包括人口增长、中产阶级增长以及扩大医疗保健获取的关注。

As you recall, we identified biosimilars as a new strategic growth pillar for this business. With our extensive presence in emerging markets, we have a unique opportunity to scale a licensing model that is capital efficient and can bring access to these life changing medicines to millions of people in emerging markets. We began implementing the strategy last year when we announced an agreement to commercialize several biosimilars in the areas of oncology and women's health with the first of these expected to launch in 2025. We recently completed additional agreements that provide Abbott access to biosimilar versions of market-leading autoimmune disease, and GLP-1 medications. Biosimilars represents the highest growth segment in the branded generic pharmaceutical market, and we look forward to continue to build one of the most complete portfolios in the industry.

正如您所记得的，我们将生物仿制药确定为该业务的新战略增长支柱。在新兴市场拥有广泛的业务基础，我们有机会扩展一种资本高效的许可模式，将这些改变生命的药物带给数百万新兴市场的人们。去年，当我们宣布与几家生物仿制药公司合作商业化几种生物仿制药时，我们开始实施这一战略，这些生物仿制药涵盖了肿瘤学和妇科领域，首批产品预计将于 2025 年推出。我们最近达成了额外协议，使雅培获得生物仿制药市场领先的自身免疫疾病和 GLP-1 药物的许可。生物仿制药代表了品牌仿制药市场中增长最快的领域，我们期待继续打造行业中最完整的产品组合。

I'll wrap up with Medical Devices, where sales grew 12%. In Diabetes Care, FreeStyle Libre sales were $1.6 billion in the quarter and grew 20%. And we announced in June that we received FDA approval for two new over-the-counter continuous glucose monitoring systems called Lingo and Libre Rio, which are based on Libre's glucose technology that is now used by more than 6 million people around the world. While over-the-counter availability is a new option in the United States, we've been selling over-the-counter in international markets since Libre launched 10 years ago.

最后，让我们来看医疗器械领域，销售增长了 12%。在糖尿病护理方面，FreeStyle Libre 本季度销售额达 16 亿美元，增长了 20%。我们在 6 月宣布，我们获得了两款新的非处方连续葡萄糖监测系统 Lingo 和 Libre Rio 的 FDA 批准，这两款产品基于 Libre 的葡萄糖技术，目前已被全球超过 600 万人使用。虽然在美国推出非处方产品是一个新选择，但自 Libre 推出 10 年以来，我们一直在国际市场销售非处方产品。

Given our clear leadership position in these markets, we have demonstrated our ability to tailor solutions, approach and communication to the various types of users who compose the CGM customer base. Lingo is designed for consumers who are willing to improve their overall health and wellness. The Lingo wearable sensor and Apple track glucose provide personalized data, insights and coaching to help create and maintain healthy habits. Libre Rio is designed for adults with Type 2 diabetes who do not use insulin and typically manage their diabetes through lifestyle modifications.

鉴于我们在这些市场的明显领先地位，我们已经证明了我们能够为组成 CGM 客户群体的各种类型的用户量身定制解决方案、方法和沟通。Lingo 是为愿意改善整体健康和健康的消费者设计的。Lingo 可穿戴传感器和 Apple 追踪葡萄糖提供个性化数据、见解和指导，帮助创建和保持健康习惯。Libre Rio 是为不使用胰岛素的 2 型糖尿病成年人设计的，他们通常通过生活方式改变管理糖尿病。

In Electrophysiology, growth of 17% was driven by double-digit growth in all major geographic regions, including 17% growth in the U.S., which represents an acceleration compared to the growth in the first quarter. Growth was broad-based across the portfolio and included 20% growth in ablation catheters. In Structural Heart, growth of more than 15% reflects an acceleration in growth compared to the first quarter and was led by several recently launched products that are driving new adoption and share capture in attractive high-growth areas, including TAVR, LAA and tricuspid repair. This quarter, we launched our tricuspid repair device, TriClip, in the United States and continued our trend of capturing market share in the global TAVR market.

在心电生理学方面，17% 的增长是由所有主要地理区域的两位数增长推动的，包括美国的 17% 增长，这与第一季度的增长相比有所加速。增长在整个产品组合中广泛分布，包括消融导管的 20% 增长。在结构性心脏病领域，超过 15% 的增长反映了与第一季度相比增长加速，主要是由几款最近推出的产品带来的，这些产品正在推动新的采用和在有吸引力的高增长领域如 TAVR、LAA 和三尖瓣修复中占有份额。本季度，我们在美国推出了我们的三尖瓣修复设备 TriClip，并继续在全球 TAVR 市场中占有市场份额。

In Rhythm Management, growth of 6% was led by Aveir, our highly innovative leadless pacemaker. And in June, we announced that we received CE Mark in Europe for Aveir to be used in dual chamber pacing procedures, which is the largest segment of the pacing market. In heart failure, growth of 9% was driven by our market-leading portfolio of heart assist devices that offer treatment for both chronic and temporary conditions. In neuromodulation, growth of 8% was driven by strong demand in international markets for our Eterna rechargeable spinal cord stimulation device, which obtained CE Mark in Europe last year.

在心律管理方面，6% 的增长主要由我们高度创新的无导联起搏器 Aveir 带来。在 6 月，我们宣布获得欧洲 CE 标志，用于双腔起搏程序的 Aveir，这是起搏市场最大的细分市场。在心力衰竭方面，9% 的增长是由我们市场领先的心脏辅助设备组合推动的，这些设备为慢性和临时病况提供治疗。在神经调控方面，8% 的增长是由国际市场对我们 Eterna 可充电脊髓刺激设备的强劲需求推动的，该设备去年在欧洲获得 CE 标志。

In Vascular, we received FDA approval in late April for our Esprit dissolved stent, a breakthrough innovation for people who suffer from blocked arteries located below the knee. Esprit is designed to keep the arteries open, deliver a drug to support vessel healing prior to completely dissolving over time. New products like Esprit combined with the investments that we made in our Vascular business, both organically and inorganically, have expanded our presence in faster-growing areas and increased the future growth outlook for this business.

在血管领域，我们在 4 月下旬获得了 Esprit 溶解支架的 FDA 批准，这是一项为患有下肢动脉阻塞的人们带来突破性创新的技术。Esprit 旨在保持动脉开放，提供药物支持血管愈合，最终在一段时间内完全溶解。像 Esprit 这样的新产品，再加上我们在血管业务上的有机和非有机投资，已经扩大了我们在增长更快领域的存在，并提高了该业务的未来增长前景。

So in summary, we exceeded the expectations on both the top and bottom lines and as a result, we raised our financial outlook for the year. We continue to make good progress on our gross margin initiatives, and more importantly, our pipeline continues to be highly productive, and thus we're well positioned to deliver strong results for the remainder of the year.

总的来说，我们在营收和利润两方面均超出预期，因此，我们提高了今年的财务展望。我们在毛利率方面取得了良好进展，更重要的是，我们的产品线继续高效产出，因此我们有望在今年剩下的时间里取得强劲的业绩。

I'll now turn over the call to Phil.

Phil Boudreau

Executive Vice President, Finance and Chief Financial Officer at Abbott Laboratories

现在我将电话交给菲尔。

菲尔·布德罗

雅培实验室财务执行副总裁兼首席财务官

Thanks, Robert. As Mike mentioned earlier, please note that all references to sales growth rates, unless otherwise noted, are on an organic basis.

谢谢，罗伯特。正如迈克之前提到的，请注意，除非另有说明，否则所有关于销售增长率的参考均为有机基础上的。

Turning to our second quarter results, sales increased 7.4% on an organic basis and increased 9.3% when excluding COVID testing sales. Foreign exchange had an unfavorable year-over-year impact of 3.5% on second quarter sales. During the quarter, we saw the U.S. dollar strengthen versus several currencies, which resulted in more unfavorable impact on sales compared to exchange rates at the time of our earnings call in April. Regarding other aspects of the P&L, the adjusted gross margin ratio was 56% of sales. Adjusted R&D was 6.3% of sales and adjusted SG&A was 27.7% of sales in the second quarter. Lastly, our second quarter adjusted tax rate was 15%.

转向我们的第二季度业绩，销售额按照有机基础增长了 7.4%，在排除 COVID 测试销售后增长了 9.3%。外汇对第二季度销售额的同比影响为-3.5%。在本季度，我们看到美元对多种货币升值，导致销售额受到的不利影响比四月份财报电话会议时的汇率更大。关于损益表的其他方面，调整后的销售毛利率占销售额的 56%。调整后的研发费用占销售额的 6.3%，调整后的销售和管理费用占销售额的 27.7%。最后，我们第二季度的调整后税率为 15%。

Turning to our outlook for the full year, we now forecast full year adjusted earnings per share of $4.61 to $4.71, which represents an increase compared to the guidance range we provided in April. We also raised the midpoint of our guidance for organic sales growth. We now forecast organic sales growth, excluding COVID testing sales to be in the range of 9.5% to 10%.

关于我们全年展望，我们现在预测全年调整后每股收益为 4.61 至 4.71 美元，这相比我们四月份提供的指导范围有所增加。我们还提高了有机销售增长指导范围的中点。我们现在预测有机销售增长，不包括 COVID 测试销售，将在 9.5% 至 10% 的范围内。

Based on current rates, we expect exchange to have an unfavorable impact of more than 2.5% on full year reported sales, which includes an expected unfavorable impact of approximately 3% on third quarter reported sales. Lastly, for the third quarter, we forecast adjusted earnings per share of $1.18 to $1.22.

根据当前汇率，我们预计汇率将对全年报告销售额产生超过 2.5% 的不利影响，其中包括预计第三季度报告销售额将受到约 3% 的不利影响。最后，对于第三季度，我们预测调整后每股收益为 1.18 至 1.22 美元。

With that, we'll now open the call for questions.

Operator

现在我们将开放提问环节。

操作员

Thank you. At this time, we will conduct a question and answer session. [Operator instructions] Our first question will come from Larry Biegelsen from Wells Fargo. Your line is now open.

Larry Biegelsen

Analyst at Wells Fargo & Company

谢谢。此时，我们将进行问答环节。[操作员指示] 我们的第一个问题将来自韦尔斯·法戈的拉里·比格尔森。您现在可以发言。

拉里·比格尔森

韦尔斯·法戈公司分析师

Good morning. Thanks for taking the question, and Robert, congratulations on a nice quarter. And thanks for your comments on the NEC litigation. I'm wondering if you have anything to add on that, Robert, and then I have one follow-up question.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

早上好。感谢您提问，罗伯特，恭喜您取得了一个不错的季度。感谢您对 NEC 诉讼的评论。我想知道您是否有任何补充，罗伯特，然后我有一个后续问题。

罗伯特·B·福特

雅培实验室主席兼首席执行官

No Larry, I think I said everything I said during my prepared comments. I guess the only add here is I think this is way overblown in terms of its impact, and we are -- we're working to obviously defend our position and -- you know, working with all the different stakeholders, so that they are aware of the situation, the gravity of the situation as it progresses. But I've said all I had to say right now in my prepared comments, and if there's a need to kind of give further updates, we will.

Larry Biegelsen

Analyst at Wells Fargo & Company

没有，拉里，我想我在我的准备好的评论中已经说了我要说的一切。我想补充的是，我认为这在影响方面被夸大了，我们正在努力捍卫我们的立场，并与所有不同的利益相关者合作，以便他们了解情况的严重性随着事态的发展。但我在我的准备好的评论中已经说了我要说的一切，如果有必要提供进一步的更新，我们会的。

拉里·比格尔森

韦尔斯·法戈公司分析师

All right, thanks. And separately, Robert, your EP business grew nicely in the second quarter, 17% in both the U.S. and international. What drove that, what are you seeing with PFA in the different geographies, and how are you thinking about the sustainability of that growth before Volt launches? Thank you.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

好的。另外，罗伯特，您的 EP 业务在第二季度表现不错，美国和国际市场均增长了 17%。是什么推动了这一增长，您在不同地区的 PFA 方面有何看法，以及在 Volt 推出之前您对这种增长的可持续性有何看法？谢谢。

罗伯特·B·福特

雅培实验室主席兼首席执行官

Sure. Well, I'm seeing what I thought I was going to see. It might be a little different from what some of you thought you were going to see. But what we've been seeing is obviously an increase in the market. So right now, the market has accelerated, seems to be growing above 20%. So when you look at our 17%, it's lower than the market, but it's actually growing faster than what it was growing pre-pandemic or just after we had done the acquisition. So we'll see if the -- we'll -- I mean, that growth is obviously in value. We'll see if the growth in procedures actually translates.

当然。我看到了我预期会看到的情况。可能与一些人预期的情况有所不同。但我们目前看到的是市场增长加速，似乎增长超过 20%。因此，当您看到我们的 17% 时，它低于市场，但实际上比疫情前或我们收购后的增长速度更快。我们将看到这种增长是否会转化为实际的程序。

We are actually in more procedures than what we were in the past, given our mapping and our teams. But I think it's a little bit too early to say if the actual number of procedures is going to significantly increase. So the market has accelerated. But it's predominantly, I think, price right now with the introduction of this new product. It's predominantly being used in de novo procedures, atrial procedures, right? And we think that's about a third of all ablation procedures, Larry. The other two-thirds, we continue to see, whether it's redos, VT, SVT, ablations, in that case, we continue to see RAP really being viewed as the better option for those procedures. We'll see how that's going to translate over time. But OUS, the penetration is around 10%, 15%, and it's been pretty stable.

我们实际上在更多程序中，比过去更多，考虑到我们的映射和团队。但我认为现在说实际程序数量是否会显著增加还为时过早。因此，市场增长加速。但目前主要是价格，随着这种新产品的推出，主要用于 de novo 程序、心房程序，对吧？我们认为这约占所有消融程序的三分之一，拉里。其他两个三分之二，无论是重做、VT、SVT、消融，在这种情况下，我们继续看到 RAP 实际上被视为这些程序的更好选择。我们将看看这将如何随着时间的推移转化。但在海外，渗透率约为 10%，15%，并且一直相当稳定。

From the point of view of mapping, I think we haven't seen a real big change of what we saw during those first couple of months of launch in the last call. So over 90% of cases here in the U.S. are still being used as mapping. We've got a 50 share of those mapping cases. I don't try and look at different types of denominators to get to that market share. So I make sure my team just basically has the best access and from what we're seeing, it's about 50%. RF catheters, similar to what we saw in the last call, still being used in about 20% of the PFA cases. So we continue to see that.

从映射的角度来看，我认为我们在上次通话中看到的情况在上市的头几个月内并没有发生真正大的变化。因此，美国这里超过 90% 的案例仍在使用映射。我们在这些映射案例中占有 50% 的份额。我不会试图查看不同类型的分母来获得市场份额。因此，我确保我的团队基本上拥有最好的接触，并从我们所看到的情况来看，大约为 50%。RF 导管，与我们在上次通话中看到的情况类似，仍在约 20% 的 PFA 案例中使用。因此，我们继续看到这一点。

So I think the net effect of all of this is the market is growing. It's accelerating. We've got a strong position, everything that we've talked about in the past about our opportunity with the mapping and all the other consumables is there. RF still plays a role, is still an important role. And our business is actually growing faster than what it was growing before. If you look at '19, we're about 12%. '18 was about 14%. So we're actually doing better now. So I think that this is positive for the market, which is why we've invested heavily in our PFA portfolio, which will -- you'll start to see hit the market in the -- I'd say, next year. I'm not going to try and kind of time the quarter here, but definitely next year. So I think this is good and the teams have done an incredible job at executing the strategy that we laid out. So kudos to them.

Larry Biegelsen

Analyst at Wells Fargo & Company

我认为所有这些的净效应是市场正在增长。它正在加速。我们在过去谈论过的关于我们在地图和所有其他消费品领域的机会的一切都在那里。射频仍然发挥着作用，仍然起着重要作用。而且我们的业务实际上比以前增长得更快。如果你看 2019 年，增长约为 12%。2018 年约为 14%。所以我们现在实际上做得更好了。所以我认为这对市场是积极的，这就是为什么我们在我们的 PFA 组合中投资巨大，你将开始看到它在市场上推出，我会说，明年。我不会试图在这里确定季度时间，但明年肯定会有。所以我认为这是好事，团队们在执行我们制定的战略方面做得非常出色。所以向他们致敬。

Larry Biegelsen

富国银行分析师

Thanks so much. Thanks for the comprehensive answer.

Operator

非常感谢。感谢您的全面回答。

运营商

Thank you. Our next question will come from Travis Steed from BofA Securities. Your line is open.

Travis Sneed

Analyst at Bank of America

谢谢。我们的下一个问题将来自美国银行证券的特拉维斯·斯蒂德。您可以发言了。

特拉维斯·斯尼德

美国银行分析师

Hey, congrats on the good quarter. I wanted to ask about Structural Heart really stood out this quarter accelerated from last quarter. Just curious how much of that's on MitraClip recovery? You got TriClip approved early, how much you're seeing from the TriClip side? And how much is coming in from some of the other newer products like Amulet and Navitor?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

嘿，恭喜你们取得了一个好季度。我想问一下，结构性心脏在这个季度表现突出，加速了上个季度。只是好奇这有多少是由 MitraClip 的复苏所致？你们早就获得了 TriClip 的批准，你们从 TriClip 这边看到了多少？还有一些其他新产品，比如 Amulet 和 Navitor，有多少收入？

罗伯特·B·福特

雅培公司董事长兼首席执行官

Sure. Obviously, TriClip was -- was an important launch and helped accelerate the growth rate, Travis. But I think it's pretty broad-based here. I mean if you look at TriClip, we were ready to go because we had certain built-in advantages in this area, right. We had the scale. We had the sales force, the manufacturing capacity. So we were ready to go. I think from our estimates here, even though we launched a quarter after our competitor with their system, I think repair device is already in twice as many accounts as the replacement system. So we had a natural kind of built-in advantage here as we went to the market and the cases are doing very well.

当然，TriClip 是一个重要的推出产品，有助于加速增长率，特拉维斯。但我认为这在很大程度上是广泛的。我是说，如果你看 TriClip，我们已经准备就绪，因为在这个领域我们有一些内在优势，对吧。我们有规模。我们有销售团队，制造能力。所以我们已经准备就绪。我认为根据我们的估计，尽管我们比我们的竞争对手晚一个季度推出他们的系统，但我认为修复设备已经进入的账户是替换系统的两倍。所以当我们进入市场时，我们有一种天然的内在优势，案例进展非常顺利。

The feedback has been very positive. But I think it's really broad-based here. Navitor has done very well, both in international markets and in the U.S. And the value proposition is starting to gain more traction, great clinical profile, excellent hemodynamics, and that's -- that's driving a lot of opportunity for us in international and U.S. markets. We shared some data from our registry, from our Japan registry and great safety also. So that's doing very well. Amulet, we saw really nice growth in the U.S., for Amulet, this quarter was about 45%. So that product is doing very well, and we're focusing here on continued what I would call, penetration in same-store sales. So we're about close to 20% in the accounts that we're in. We're in about half of the market here in the U.S. So our opportunity here is to continue to expand the salesforce and go to newer accounts. So that's done very well, too.

反馈非常积极。但我认为这在很大程度上是广泛的。Navitor 在国际市场和美国市场都表现非常出色。价值主张开始获得更多的关注，具有出色的临床概况，出色的血液动力学，这推动了我们在国际和美国市场的很多机会。我们分享了一些来自我们的注册表，来自我们的日本注册表的数据，也有很好的安全性。所以这做得非常好。Amulet，在美国，Amulet 这个季度增长了约 45%。所以这个产品表现非常出色，我们在继续专注于所谓的持续渗透率。在我们所在的账户中，我们在美国市场的大约 20%。我们在美国市场的一半。所以我们的机会在于继续扩大销售团队并进入新的账户。所以这也做得非常好。

MitraClip, I think we continue to see some continued growth internationally. In the U.S. with competitive activity, that's kind of slowed down a little bit of the growth. But I think with TriClip now coming into the market and gaining traction, we'll be able to provide a value proposition across both repair systems and drive there. So structural heart, the growth rate has accelerated from Q1, doing very well. And I'd say it's really across a full portfolio approach versus just really trying to single out one product or one technology. There's work we have to do in MitraClip. That's clear. in the U.S. Internationally, it's done very well. But all the other products that I've talked about are doing very well in gaining market share and gaining adoption. So that's why you saw Structural Heart's growth rate actually accelerate, and I continue to see that, that's going to be definitely for the rest of this year and going into next year.

Travis Sneed

Analyst at Bank of America

MitraClip，我认为我们在国际上继续看到一些持续增长。在美国，由于竞争活动，增长有些放缓。但我认为随着 TriClip 现在进入市场并获得动力，我们将能够为修复系统提供价值主张并推动增长。所以结构性心脏，增长率从第一季度开始加速，表现非常出色。我想说这实际上是一个全面的组合方法，而不仅仅是试图单独选择一个产品或一项技术。我们在 MitraClip 方面还有一些工作要做。这是明显的。在美国，它表现得非常出色。但我谈到的所有其他产品在市场份额和采用率方面都表现得非常出色。这就是为什么你看到结构性心脏的增长率实际上加速了，我认为这将继续下去，肯定会持续到今年年底并延续到明年。

特拉维斯·斯尼德

美国银行分析师

That's super helpful. And then on your sensor business, how are you thinking about segmenting the market with Lingo versus Rio and how do you think those markets are going to kind of develop over time? And when you look at your core Libre business, just anything to call out, any changes in kind of U.S. versus international market dynamics?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

这非常有帮助。然后关于你们的传感器业务，你们如何考虑用 Lingo 和 Rio 来细分市场，你们认为这些市场随着时间的推移会如何发展？当你们看待你们的核心 Libre 业务时，有什么需要强调的地方，美国与国际市场动态有什么变化吗？

罗伯特·B·福特

雅培公司董事长兼首席执行官

Well, you're trying to cover a lot of ground there with that question. You could probably spend a whole call going through all of that. I think as highest level, Libre continues to do very well. There's still a lot of growth opportunity. Obviously, the basal opportunity is the biggest one, and we're doing -- having great progress over there. But even in the MDI segment, there's still a lot of penetration to occur in the MDI segment. I think in the U.S., there's still about a third of multiple daily injectors that aren't using CGM and international developed markets it's around 50%. So there's plenty of growth in Libre. Our strategy here with Lingo and Libre Rio is just really to like have a full portfolio and look at this as a platform where we can expand the use of the sensor technology across different types of diabetes populations, but also what is probably the larger market, which is people that don't have diabetes, right?

嗯，你在那个问题中试图涵盖很多内容。你可能需要花很长时间来讨论所有这些。我认为在最高层次上，Libre 仍然表现非常出色。仍然有很多增长机会。显然，基础机会是最大的，我们在那里取得了很大进展。但即使在 MDI 领域，MDI 领域仍然有很多渗透空间。我认为在美国，大约有三分之一的多次日常注射者没有使用 CGM，在国际发达市场这个比例约为 50%。所以 Libre 还有很多增长空间。我们在这里与 Lingo 和 Libre Rio 的策略实际上是为了拥有一个完整的组合，并将这看作是一个平台，我们可以扩大传感器技术在不同类型的糖尿病人群中的使用，但也可能更大的市场，即没有糖尿病的人群。

And I think if you -- even if you take -- right now, I would say, we're going to launch it here in the U.S., and we're going to start expanding globally, and we'll see how it looks like and what it takes to win there. But what I do know, based on the UK experience is that it takes some time to educate and communicate with a patient population that while excited about having new tools to drive healthier habits, they do need some time to understand its use. But I think it's a pretty big opportunity for us and one that we've disproportionately invested to be able to get into this position. I think if you take Lingo and you look at U.S. and Western Europe, the adult population there, you got about 400 million people in those markets.

我认为，即使你现在考虑，我会说，我们将在美国推出这项产品，并开始全球扩张，我们将看看情况如何，以及赢得市场需要付出什么努力。但根据英国的经验，我知道需要一些时间来教育和沟通患者群体，尽管他们对拥有新工具来促进健康习惯感到兴奋，但他们确实需要一些时间来理解如何使用。但我认为这对我们来说是一个相当大的机会，我们已经过度投资以便能够达到这个位置。如果你看看美国和西欧的成年人口，那里大约有 4 亿人。

If you take a single-digit penetration rate, a few sensors a year in it, you're looking at a multibillion opportunity there. And we're not -- we're not there yet. I think once we've got better understanding of how this is going to work, we'll be better at forecasting it. But just at a high level and looking at it from a total adult population and relatively I'd say, modest penetration rate, that's a pretty big opportunity. So -- and like I said in my comments, we've done this for a while since we've launched internationally. And we've learned a lot, and we're going to bring that learning experience here in the U.S. So it's an exciting opportunity for us.

Travis Sneed

Analyst at Bank of America

如果你考虑到单位数字的渗透率，每年几个传感器，你将看到一个数十亿的机会。我们还没有达到那个水平。我认为一旦我们更好地了解这将如何运作，我们将更擅长预测。但从总体成年人口的角度来看，相对而言，我会说，适度的渗透率，这是一个相当大的机会。正如我在评论中所说的，自我们国际推出以来，我们已经做了一段时间，我们学到了很多东西，我们将把这种学习经验带到美国。所以对我们来说，这是一个令人兴奋的机会。

Great. Thanks Robert.

Operator

好的。谢谢罗伯特。

操作员

Thank you. Our next question will come from Robbie Marcus from JP Morgan. Your line is open.

Robbie Marcus

Analyst at JP Morgan Cazenove

谢谢。下一个问题将由摩根大通的罗比·马库斯提出。请发言。

罗比·马库斯

摩根大通卡森诺夫分析师

Oh great, thanks. I'll add my congratulations on a good quarter. Two for me. Two product questions. Maybe just to follow up on the diabetes Libre question. Robert, how are you thinking about sort of a holistic drive of advertising and word of mouth for these new products, especially as we move into the OTC versus generating data and how much will be necessary? Because I just -- I think that five years ago and where we are today was probably not in most people's forecast and with the amount of data we have showing in nondiabetics how beneficial CGM is. So how are you thinking about data versus not data insurance coverage versus non insurance coverage? And how do the markets look one way or the other?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

哦，太好了，谢谢。我有两个问题。两个产品问题。也许只是跟进一下关于糖尿病 Libre 的问题。罗伯特，您如何考虑对这些新产品进行全面的广告推广和口碑营销，特别是在我们转向 OTC 时与生成数据有多少必要性？因为我认为，五年前和今天的情况可能不在大多数人的预测之内，而我们拥有的大量数据显示出非糖尿病患者使用 CGM 有多么有益。那么您如何考虑数据与非数据、保险覆盖与非保险覆盖？市场看起来是这样还是那样？

Yeah I don't think -- so from an insurance coverage perspective, I mean, if you're referring to Lingo specifically for non-diabetes, I think it's going to be -- I don't think that, that's going to be something that we're building a forecast, assuming reimbursement coverage over it. Even though I agree with you, there's nice data that shows that people that don't have diabetes can benefit from this, Robbie, and it helps sustain behavior modification, right? I mean, ultimately, that this is what it is, right? It's using data to be able to kind of help people that want to stay healthy, give them more information and ensure that they can refine their habits or change habits.

是的，我认为从保险覆盖的角度来看，如果您指的是非糖尿病的 Lingo，我认为这不会是我们建立预测的一部分，假设它会得到报销。尽管我同意，有很好的数据显示出没有糖尿病的人也可以从中受益，罗比，它有助于维持行为改变，对吧？最终，这就是它的意义，对吧？这是使用数据来帮助那些想保持健康的人，为他们提供更多信息，并确保他们可以完善他们的习惯或改变习惯。

So I think that, that is at the core there, it's really communicating directly with consumers. If you think about the diabetes space and how CGM uptake, you needed both a communication with a patient, and you needed, obviously, the communication with the physician. I think that, that's still important for the non-diabetics. I think that some people will want to have some sort of recognition from the health care professional that this might be a good investment to do in, right? And the key thing here is just the utilization, right? I don't think you're going to see people that don't have diabetes use this a sensor 365 days a year. But like I said, if they're using it a couple of times a year, there's still a benefit, and we'll be generating data on this over time.

因此，我认为，这实际上是与消费者直接沟通。如果您考虑糖尿病领域以及 CGM 的接受程度，您需要与患者进行沟通，当然，您还需要与医生进行沟通。我认为对于非糖尿病患者来说，这仍然很重要。我认为有些人会希望从医疗保健专业人士那里得到某种认可，认为这可能是一个不错的投资，对吧？关键在于利用率，对吧？我认为你不会看到没有糖尿病的人一年 365 天都使用这个传感器。但正如我所说的，如果他们一年使用几次，仍然会有好处，并且随着时间的推移，我们将会生成数据。

I think that's going to be important to generate data even if it's not to communicate the payers to get reimbursement, but even if it's to communicate to the physicians, the primary care and the direct consumers that there's a value here of doing that. I think the key thing here is personalization and how do you personalize the information and the data and the coaching. So the strategy here is, yes, you're going to have to use TV to be able to communicate. But I don't think it's -- I don't think, given our experience here that you can just go on TV and blast TV advertising, and you'll get this big uptake. And you're going to have to do some on the ground kind of gorilla marketing, let's call it like that, together with TV advertising to really be able to open up the market and then sustain it, right, and sustain its use.

我认为即使不是为了与支付者沟通以获得报销，也要生成数据，即使是为了向医生、初级保健和直接消费者传达这里存在价值。我认为关键在于个性化以及如何个性化信息、数据和辅导。因此，策略在这里是，是的，您将不得不使用电视来进行沟通。但我认为，鉴于我们的经验，你不能只是在电视上大肆宣传广告，然后就会有大量的接受。您将不得不进行一些现场的类似大猩猩营销的活动，让我们这样称呼它，再加上电视广告，才能真正打开市场，然后维持市场的使用。

So that's how we're thinking about it. And that's why we have a separate team completely removed from the Libre and the diabetes team that they're focusing on how to execute this strategy. I think it's more of a kind of S-curve growth versus kind of an out of the gates. I know that everybody is focused on what the sales are in the second half and whether it's me or the competitor. I think the bigger picture here is like, hey, there's a really big opportunity here. And if we do it right, it's an opportunity that will be more than a flash in the fine prime. It will just -- it will sustain itself and it could become standard, so.

Robbie Marcus

Analyst at JP Morgan Cazenove

这就是我们的思考方式。这就是为什么我们有一个完全独立于 Libre 和糖尿病团队的团队，他们专注于如何执行这一策略。我认为这更像是一种 S 形曲线的增长，而不是一开始就大幅增长。我知道每个人都关注下半年的销售情况，无论是我还是竞争对手。我认为这里更重要的是，嘿，这里有一个真正的大机会。如果我们做对了，这将是一个不会很快消失的机会。它将持续下去，并且可能成为标准。

Great color. One more for me. Aveir and the Leadless pacing particularly the dual chamber now with coverage, I think is an underappreciated opportunity. Maybe, if you don't mind, spend a minute there, how you see this market evolving? And what's the early feedback on the launch so far? Thanks.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

很好的解释。我还有一个问题。Aveir 和无导线起搏，特别是双腔现在有了覆盖，我认为这是一个被低估的机会。也许，如果您不介意，花一分钟时间，您如何看待这个市场的发展？到目前为止，对于这次推出的初步反馈如何？谢谢。

Yeah I mean ultimately, I think this whole Leadless is going to change the growth trajectory of our CRM business, right? If you look at CRM, it grew 7%. Last year, it's grown 7% in the first half of this year, it's previously a flat business, right? And we've been doing that I would say, with good success on dual, but I wouldn't say that it's at full cycle yet because one of the things that we're working on is ensuring that we're doing the training, and we're getting physicians comfortable with the procedure, right? It's a completely different procedure versus what the entire industry has been accustomed to. We're using mapping. We're going into the groin versus doing pockets above the chest. So it is a little different, and we're focusing on that.

最终，我认为这整个无导线技术将改变我们 CRM 业务的增长轨迹，对吧？如果你看 CRM，它增长了 7%。去年，今年上半年增长了 7%，之前是一个平稳的业务，对吧？我们一直在做这个，我会说，取得了良好的双重成功，但我不会说它已经完全成熟，因为我们正在努力确保我们进行培训，并让医生熟悉这个程序，对吧？这是一个完全不同于整个行业习惯的程序。我们正在使用映射技术。我们进入腹股沟而不是在胸部上方做袋子。所以有点不同，我们正在专注于这一点。

But that being said, we've been able to accelerate the growth rate just with a single chamber. I think right now, after two years, we probably capture about 50 share. But to your point, the bigger opportunity is in dual and the procedure is going great. And once physicians get several under their -- experience with several of them, they're talking about, okay, how do we accelerate this and opportunity to drive more patients into it. But we want to make sure we've got a pretty large base of well-trained, great outcomes, physicians across the United States.

但话虽如此，我们已经能够加快增长速度，仅用一个腔室。我认为现在，两年后，我们可能占据了大约 50% 的市场份额。但正如你所说，更大的机会在于双腔室，手术进展顺利。一旦医生们积累了一些经验，他们开始讨论，好的，我们如何加速这个过程，增加更多患者。但我们要确保我们有一个相当庞大的受过良好培训、结果优秀的医生团队遍布美国。

Listen, this is a $3 billion global segment, and there really hasn't been much innovation in it. And here, you have something that's truly unique and differentiated. And I'd say once we feel that we've gotten to a point where we feel good about the capabilities and the training and the amount of physician coverage that exists, this is definitely a product that I can see going a little bit more mainstream, having a more direct-to-consumer communications because of the value proposition, and it affords them. So I think this is a great opportunity for us. It might be underappreciated with the market, but it is definitely appreciated amongst me and the device team and the CRM team, and we're working hard to get to that point where we can really let it -- let it go strong, so.

Robbie Marcus

Analyst at JP Morgan Cazenove

听着，这是一个价值 30 亿美元的全球市场，而在这个领域真的没有太多创新。而在这里，你拥有一些真正独特和有差异化的东西。我想说，一旦我们觉得我们已经达到了一个我们对能力、培训和医生覆盖范围感到满意的程度，这绝对是一个我可以看到会变得更加主流的产品，因为它所提供的价值主张，以及它所带来的机会。所以我认为这对我们来说是一个巨大的机会。市场可能没有充分意识到它的价值，但在我和设备团队以及 CRM 团队中，它绝对受到赞赏，我们正在努力达到一个让它真正强劲起来的地步。

Great, thank you very much.

Operator

好的，非常感谢。

运营商

Thank you. Our next question will come from Josh Jennings from TD Cowen. Your line is now open.

Josh Jennings

Analyst at TD Cowen

谢谢。下一个问题将由来自 TD Cowen 的 Josh Jennings 提出。请发言。

Josh Jennings

TD Cowen 的分析师

Hi, good morning, thanks for taking the questions. Robert, I wanted to just start asking about just kind of this multiyear trajectory for Abbott. You've been delivering top tier organic revenue growth performances over the last two years and potentially have a two-year double-digit stack comp next year. But I think the team has been publicly stating that potentially the business could outpace pre-pandemic levels, which is in that 7% to 8% range. I think during this call, you've put forward a lot that supports that type of trajectory, but maybe just reiterate your confidence level there? And is this kind of outpacing the pre-pandemic levels over the medium term depending on M&A? Or is this the core business with internal development programs that's really going to drive this top tier growth out over the next couple of years?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

嗨，早上好，感谢您回答问题。Robert，我想先问一下关于雅培的这个多年轨迹。在过去两年里，您已经实现了顶尖的有机收入增长表现，明年有可能实现两年的两位数增长。但我认为团队一直在公开表示，公司有可能超过疫情前的水平，即 7% 至 8% 的范围。在这次电话会议中，您提出了很多支持这种轨迹的内容，但也许可以重申一下您对此的信心水平？这种超越疫情前水平的中期轨迹是依赖于并购吗？还是核心业务和内部发展项目真的将在未来几年推动这种顶尖增长？

Robert B. Ford

雅培公司董事长兼首席执行官

Was that the attempt to get to the 2025 kind of question? I'd say, listen, we've been saying that we made investments during COVID to accelerate the company, make it stronger, build our portfolio so we could accelerate the growth, right? If you look at the last six quarters, we've been delivering top-tier high single digit, double-digit growth, and this is on a company that's doing $40 billion plus of revenue. So I think that's pretty impressive. If you look at our medtech portfolio, it was the fastest-growing medtech portfolio, last year, the fastest growing in the first quarter of this year. We'll see what happens this second quarter. But we've positioned the company to be able to deliver this. And do I think that we can continue to deliver this top-tier performance throughout this year and into next year? Yeah, I absolutely do because of, one, what we've built and then just the evidence and the proof points that we've been able to reliably and sustainably deliver that.

这是试图达到 2025 年的问题吗？我想说，听着，我们在疫情期间进行了投资，加速了公司发展，使其更加强大，构建了我们的产品组合，以便加速增长，对吧？如果你看过去的六个季度，我们一直在交付顶尖的高个位数、两位数增长，而这是在一个年收入超过 400 亿美元的公司上实现的。所以我认为这相当令人印象深刻。如果你看看我们的医疗技术产品组合，去年是增长最快的医疗技术产品组合，今年第一季度也是增长最快的。我们将看看这第二季度会发生什么。但我们已经使公司能够交付这一点。我是否认为我们可以在今年和明年持续交付这种顶尖表现？是的，我绝对认为，因为我们所建立的东西，以及我们已经能够可靠和持续地交付的证据和实例。

So yeah, we feel good about our ability. The markets that we're participating in are attractive, so there are markets that we lead. And when those markets grow, like our leadership benefits, there are markets that are attractive that we're entering, and there's plenty of opportunity for market share gain, and there are markets that are attractive that we're building. And there's no real clinical opportunity -- or there's a clinical opportunity for our products that we're developing to come in there. So as we build those markets, they become attractive and our position gets solidified. And I think that framework applies to all of -- all four of our business units have opportunities across that -- those three frameworks. On the M&A front, yeah, if we're able to find an asset that makes sense strategically to us, makes sense financially that could add even further to that growth then, and we've got the balance sheet to be able to do that. So -- but it's not dependent, as I told you, it's really focused on the organic side to be able to deliver this top tier growth.

Josh Jennings

Analyst at TD Cowen

所以是的，我们对我们的能力感到满意。我们参与的市场是有吸引力的，所以我们领先的市场受益于这些市场的增长。有一些我们正在进入的有吸引力的市场，有很多机会可以增加市场份额，还有一些我们正在建设的有吸引力的市场。我们正在开发的产品在那里有真正的临床机会。所以当我们开拓这些市场时，它们变得有吸引力，我们的地位得到巩固。我认为这个框架适用于我们所有的四个业务部门，在这三个框架下都有机会。在并购方面，是的，如果我们能够找到对我们战略上有意义、在财务上有意义的资产，可以进一步增加增长，那么我们有资产负债表来做到这一点。但正如我告诉过你的，这并不取决于，我们真的专注于有机方面来实现这种顶尖增长。

Josh Jennings

TD Cowen 的分析师

Understood, and thanks for that answer. And another kind of high-level question you probably received regularly, but just wanted -- it's our understanding as well that your team and the Board every year, at least once a year, maybe multiple times a year, just considering the strategic fit of the four major business units for Abbott. And maybe just to get an update on your thoughts on the business combinations and then the potential for spins down the line. Thanks a lot.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

我明白了，谢谢你的回答。还有一个高层次的问题，你可能经常收到，但我想问一下，我们也了解到，您的团队和董事会每年至少一次，甚至可能多次，都在考虑雅培的四个主要业务部门的战略契合度。也许可以更新一下您对业务组合以及未来可能进行拆分的看法。非常感谢。

Robert B. Ford

雅培公司董事长兼首席执行官

Well, we look at our portfolio on an ongoing basis. I don't think there's like this one moment in the year that we do it. We're doing it on an ongoing basis. And the company has a history of ensuring that the portfolio that is assembled is not only delivering value to patients and governments and health care systems, but it's also delivering value to our shareholders. And we historically haven't shied away from asking ourselves the questions and answering those questions. And if there's an opportunity to create value through addition or through subtraction then the company has shown that it's ready to do that. I think the two fundamental questions about that is, is there an opportunity to create value for shareholders? And is there somebody that could do better with our businesses?

我们会持续审视我们的投资组合。我认为并没有一年中的某个特定时刻我们会这样做。我们会持续审视。公司有着确保投资组合不仅为患者、政府和医疗系统创造价值的历史，同时也为股东创造价值。我们历史上从不回避提出问题并回答这些问题。如果通过增加或减少可以创造价值的机会，公司已经表明愿意这样做。我认为关于这一点的两个基本问题是，是否有机会为股东创造价值？是否有人能更好地经营我们的业务？

And right now, you look at what we're doing with our businesses. We're performing at the highest level across all of the four segments. We'll see what happens during this earnings season here, but I feel very good about the team and -- and what they're doing. Obviously, there are areas that we can always do better, and we focus on that. But at the highest level, all four of our sectors have been delivering outstanding growth, market-leading growth and, quite frankly, innovating and fulfilling our purpose and our mission, which is to help people live healthier lives. So I like the diversity. The diversity provides both defense and offense capabilities. And as long as you're managing them within each one of their segments, allocating capital that is proportionate to their growth and their industry, and we spend a lot of time managing all four segments, then I think we're doing a good job at running them. So yeah.

Josh Jennings

Analyst at TD Cowen

现在，看看我们正在做的业务。我们在所有四个领域都表现出色。我们将在本季度财报中看到发生了什么，但我对团队和他们的工作感到非常满意。显然，我们总是有可以做得更好的地方，我们会专注于这一点。但总体而言，我们的四个部门都取得了出色的增长，市场领先的增长，坦率地说，创新并实现我们的使命，即帮助人们过上更健康的生活。所以我喜欢这种多样性。多样性既提供了防御性，也提供了进攻性。只要你在各自的领域内进行管理，根据它们的增长和行业分配资本，并且我们花费大量时间管理所有四个部门，那么我认为我们在管理它们方面做得不错。所以是的。

Great, thanks a lot.

Operator

好的，非常感谢。

Thank you. And our next question will come from David Roman from Goldman Sachs. Your line is open.

David Roman

Analyst at The Goldman Sachs Group

谢谢。下一个问题来自高盛的 David Roman。请发言。

Thank you and good morning everybody. I was hoping to ask one question on the P&L side and one on the capital allocation side. Maybe I'll start with the P&L here. I kind of look at the guidance here for the back half of the year. Our math implies it's something like 100 basis points plus of year-over-year operating margin expansion and about 9% EPS growth at the midpoint of the range. Can you maybe talk through some of the drivers that underpin that margin expansion on a year-over-year basis? Obviously, we saw a turn here in Q2 versus what we saw in Q1. But maybe walk us through some of the drivers that get to that improved margin and earnings growth performance in the back half of the year.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

谢谢，大家早上好。我希望在利润和损失方面提出一个问题，以及在资本配置方面提出一个问题。也许我会从利润和损失方面开始。我看了一下今年下半年的指引。我们的计算表明，年度运营利润率扩张大约是 100 个基点以上，而在范围中点处，每股收益增长约为 9%。您能否谈谈支撑这种年度利润率扩张的驱动因素？显然，我们在 Q2 看到了与 Q1 不同的转变。但也许您可以为我们解释一下在今年下半年实现改善的利润率和盈利增长表现的一些驱动因素。

Sure, I'll let Phil take that.

Phil Boudreau

Executive Vice President, Finance and Chief Financial Officer at Abbott Laboratories

我让 Phil 来回答这个问题。

Yeah, good morning, David. Robert touched a little bit -- opening comments here on some of that expansion already this year. And we're in a pretty unique position relative to some of our peers in terms of our op margin profile that we're already back to pre-pandemic levels. And we did that strategically through managing spend through the ups and downs of COVID testing. And as we talked earlier this year, Q1 was really the last big comp on sort of COVID testing impacts on sales and profiles. With respect to margin expansion and gross margin, in particular, the guidance for the year is around 75 basis points as you highlight some progress here and more to go, but the trajectory is there. We're focused on the things that we can control and execute on and in particular, some of this great portfolio contribution from our sales top line performance, particularly in accretive businesses is a contributor here and one that we anticipate will continue to expand here throughout the year.

是的，早上好，David。Robert 在开场白中已经提到了今年一些扩张的情况。相对于一些同行，我们在运营利润率概况方面处于一个非常独特的位置，我们已经恢复到疫情前的水平。我们通过在 COVID 测试的起起伏伏中战略性地管理支出实现了这一点。正如我们今年早些时候所讨论的，Q1 实际上是 COVID 测试对销售和概况影响的最后一个重要比较基数。关于利润率扩张和特别是毛利率，今年的指引大约是 75 个基点，正如您所强调的，取得了一些进展，但还有更多的空间，但轨迹已经确定。我们专注于我们可以控制和执行的事项，特别是一些来自我们销售收入顶线表现的出色投资组合贡献，特别是增值业务的贡献是一个因素，我们预计这一因素将在今年继续扩大。

We have dedicated teams in each one of our businesses, focused solely on gross margin improvement, productivity, yield improvements, cost reductions innovation that brings accretion to the portfolio. All of those elements are contributors here quarter in and quarter out and continue to contribute through the rest of the year. And then we also have elements. We've talked about some of the cycles that we go through, be it in commodities markets and the like, some of the inflation in the last few years that are starting to sort of stabilize and normalize. We're seeing freight and distribution profiles normalize and start to be more of tailwinds as opposed to headwinds, and we've also seen in commodity markets as well, things not only stabilizing but coming down and also contributing to tailwinds to gross margin and anticipate that to persist here as well. And so the combination of all of those contribute to the confidence here and continuing to drive the top-tier sales performance but also expand margins throughout the year.

David Roman

Analyst at The Goldman Sachs Group

我们在每一个业务中都有专门致力于毛利率改善、生产力、产量提高、成本降低和为投资组合带来增值的创新的团队。所有这些因素每个季度都是贡献者，并将继续在今年的其余时间内做出贡献。此外，我们还有一些因素。我们已经谈论过我们经历的一些周期，无论是在大宗商品市场等方面，过去几年的一些通货膨胀开始稳定和正常化。我们看到货运和分销概况开始稳定并开始成为更多的顺风，我们还看到在大宗商品市场中，事物不仅在稳定，而且在下降，也对毛利率产生贡献，并预计这种情况将继续存在。因此，所有这些因素的结合为我们带来了信心，继续推动顶级销售表现，同时在全年内扩大利润率。

All right. Super helpful, thank you. And then maybe just on the capital allocation side, maybe thinking about the other side of Josh's question, if you think across the sector here, we've seen M&A pick up a little bit in the second quarter. I think there were $2 billion plus transactions announced sort of transaction multiple starting to trend toward the lower end of historical levels. But can you maybe give us your latest perspective on the M&A environment and how you're thinking about capital allocation as your cash balance continues to build nicely here?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

好的，非常有帮助，谢谢。也许在资本配置方面，也考虑一下 Josh 的问题的另一方面，如果您看看这个行业，我们看到第二季度的并购活动有所增加。我认为有宣布了 20 亿美元以上的交易，交易倍数开始朝着历史水平的较低端趋势发展。但您能否就最新的并购环境以及随着您的现金余额继续良好增长而如何考虑资本配置给我们提供您的最新观点？

Well, on the capital allocation more broadly, listen, I've been pretty clear every call about -- we have a balanced approach, right? I know you cover -- you guys cover a lot of companies that have different approaches. Our approach is balanced. And we believe that that balanced approach benefits the long-term shareholder, right? One of the metrics that I believe, David, is a good measure of evaluating capital deployment effectiveness is ROIC. And if you look at ROIC over the last three years, our -- we've averaged around high teens and that's on the higher end of kind of the medtech peers that we often get compared to. So we believe that ROIC is a good measure of how effectively we're deploying the capital and we look at a balanced approach, right?

在更广泛的资本配置方面，听着，我在每次通话中都非常清楚地表明了我们采取的是一种平衡的方法，对吧？我知道你们关注的很多公司都有不同的方法。我们的方法是平衡的。我们相信这种平衡的方法有利于长期股东，对吧？我认为评估资本配置效率的一个很好的指标是投入资本回报率（ROIC）。如果你看过去三年的 ROIC，我们的平均水平在高十几个百分点左右，这在我们经常被比较的医疗科技同行中处于较高水平。因此，我们认为 ROIC 是衡量我们资本配置效率的一个很好的指标，我们采取了一种平衡的方法，对吧？

So the internal capital investments that future growth. And we've been talking about all these great opportunities we have, and we're funding them and they're great returns. Debt pay down, we don't have much this year, but we took care of some towers last year because we didn't want -- we obviously didn't want to refinance them. Dividend and buybacks are -- the dividend sampling core to our investment identity and we intend to continue to grow our dividends. So that is a balanced approach. And even with all of that, we also, as you probably see, we have opportunity from a balance sheet perspective to deploy that from an M&A perspective. And we've been spending time talking about our strong top line and the pipeline that we've developed. And that allows us to be a little more selective.

所以内部资本投资是未来增长的动力。我们一直在谈论我们拥有的所有这些巨大机会，我们正在为它们提供资金支持，它们有很好的回报。债务偿还，今年我们没有太多，但去年我们处理了一些债务，因为我们显然不想再融资。股息和股票回购是我们投资身份的核心，我们打算继续增加我们的股息。所以这是一种平衡的方法。即使在这一切之后，你可能也看到，从资产负债表的角度来看，我们有机会从并购的角度来部署资金。我们一直在花时间谈论我们强劲的营收和我们开发的业务管道。这使我们能够更加慎重地选择。

You look at other transactions that happened and you have to ask, okay, what's the strategy behind that? And a lot of the times, you can see you're having to sustain your growth rates, right? If you're in the business of driving top line through acquisitions, then you got to -- that's part of your model, you're going to have to keep doing that, whether the valuations are right or wrong or not right. But we look at these strategic fit. Can they generate an attractive return? Can we make the business better that we're acquiring? We don't want to be just a holding. And I think that we've shown that when we do, do our acquisitions, that's the framework. It fits in strategically generate some nice return, and we tend to operate them or add value to them than when they were stand-alone, so.

David Roman

Analyst at The Goldman Sachs Group

你看其他发生的交易，你不得不问，好的，背后的战略是什么？很多时候，你会发现你需要维持你的增长率，对吧？如果你是通过收购来推动营收增长，那么你必须 - 这是你的模式的一部分，你必须继续这样做，无论估值是正确还是错误。但我们看重战略契合度。它们能否产生有吸引力的回报？我们能否使我们正在收购的业务变得更好？我们不想只是一个持有者。我认为当我们进行收购时，我们已经表明了这一框架。它在战略上契合，产生了一些不错的回报，我们倾向于在运营中增加价值，而不是让它们保持独立。

Appreciate all the perspective, and thanks for taking the question.

Operator

感谢所有的观点，感谢您回答问题。

Thank you. Our next question will come from Danielle Antalffy from UBS. Your line is open.

Danielle Antalffy

Analyst at UBS Group

谢谢。下一个问题将由来自瑞银的丹尼尔·安塔尔菲提出。请发言。

Hey, good morning guys, thanks so much for taking the question. Congrats on a really good quarter here. Robert, one of the things that struck me when we spoke, I have two product questions -- product-specific questions. When we last spoke is, how you're looking at the sustainability of historically slower growing businesses and areas exposed to historically slower growing markets. So obviously, I'm thinking CRM. Can you talk a little bit about the strategy there? Obviously, there is a big part of that and just legal spacing in general. And how sustainable, I mean, it's like been multiple quarters now of organic growth in the mid-plus single-digit range? And then just one follow-up, another product question.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

嘿，早上好，谢谢你们回答问题。恭喜你们这个季度表现非常出色。罗伯特，我们上次交谈时，有两个与产品相关的问题 - 具体产品的问题。当我们上次交谈时，让我印象深刻的一点是，你们如何看待历史上增长较慢的业务以及暴露于历史上增长较慢市场的领域的可持续性。所以显然，我在考虑 CRM。你能谈谈这方面的战略吗？显然，这是其中的一个重要部分，还有法律空间等等。这种可持续性如何，我是说，现在已经连续多个季度实现了中高个位数的有机增长？然后只有一个后续问题。

Yeah that was part of our strategy. As we look at our med tech portfolio, you've obviously got high growth drivers there with EP, Structural Heart, Diabetes Care, Neuro, Heart Failure, and we looked at CRM and vascular, those are more flat businesses. So the combination of that is you add a med tech portfolio that was growing 7%, 8%, maybe 9% a quarter. And to get to double digits, we needed those two businesses to get at least to mid-single digits, right? And I'd say on the CRM side, our strategy there is to really focus on Aveir leadless pacemaking -- leadless pacemakers. And there's a pipeline of products there. I don't want to -- I don't want to tilt my hand here, but we didn't do Aveir DR and stop there. The teams gotten R&D programs to continue to advance those and even to look at the ICD market also and one of the opportunities that we can do to innovate. There is space to innovate in that market. And that's -- that for me is important is the diabetes market, 15 years ago, people would say, well, geez, that's a slow growth market. Well, now look at it, right? So if you focus on the innovation, on meeting needs, unmet needs, you can turn a market around.

是的，这是我们战略的一部分。当我们看着我们的医疗科技组合时，显然你们有高增长的驱动因素，如 EP、结构性心脏、糖尿病护理、神经、心力衰竭，我们看了 CRM 和血管，这些是相对平稳的业务。因此，将这两者结合起来，你就会得到一个每季度增长 7%、8%、甚至 9% 的医疗科技组合。要实现两位数增长，我们需要让这两个业务至少达到中个位数，对吧？至于 CRM 方面，我们的战略是真正专注于 Aveir 无导联起搏器。那里有一系列产品的管道。我不想 - 我不想在这里透露太多，但我们并没有只做了 Aveir DR 就止步不前。团队已经有了继续推进这些项目的研发计划，甚至看看 ICD 市场，我们可以在那个市场进行创新的机会。在那个市场进行创新是很重要的，就像 15 年前人们会说糖尿病市场增长缓慢一样。现在看看，对吧？所以如果你专注于创新，满足未满足的需求，你可以改变一个市场。

From a vascular perspective, as I said in my comments, we're trying to -- we've been repositioning the portfolio to more higher growth areas, peripheral areas, endovascular areas. But we started that a little bit -- a little bit later than what we did in CRM. So I expect to start to see our vascular business start to also contribute to a higher growth rate, the same way that CRM is. And that just kind of bolsters our entire medtech portfolio and gets us into that 12%, 13% kind of percent growth rate, at least that's our target.

Danielle Antalffy

Analyst at UBS Group

从血管的角度来看，正如我在评论中所说的，我们正在重新定位组合，转向更高增长领域，周围领域，内膜领域。但我们在这方面的开始比 CRM 稍晚一些。因此，我期望我们的血管业务也开始对更高的增长率做出贡献，就像 CRM 一样。这将进一步增强我们整个医疗科技组合，并使我们达到 12%、13% 左右的增长率，至少这是我们的目标。

Okay. That's helpful. And then the follow-up question is on the structural heart side of things. And I know Amulet has been on the market for a little bit here, but my impression is that now it's kind of like Abbott's no longer fighting with one hand tied behind their back. Can you talk a little bit about that and your 45% growth, I think you said in the quarter, where to from here for Amulet? And thanks so much for taking the question.

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

好的。这很有帮助。然后后续问题是关于结构性心脏方面的。我知道 Amulet 已经在市场上有一段时间了，但我的印象是现在 Abbott 不再是单手作战了。你能谈谈这个问题吗，你在季度中说的 45% 增长，Amulet 未来的发展方向是什么？非常感谢你回答问题。

Yeah. So it was a great quarter. I think the team is kind of hitting its stride right now. As I said, our focus here was really to kind of drive adoption in the centers that we were at versus expansion. The competitor has expanded the market. There's probably about 800 centers that are doing these implants, and we're probably in about half of it. Now that's good, right? That provides a market expansion dynamic here in the U.S. But -- so I think -- I mean I'm really encouraged by some of the data that I'm seeing, and I think it starts with the data, right? We had a patient registry data come out where it showed that 95% of closure rates were achieved post implant and sustained after 45 days, 90% of closure success rate using Amulet for patients that actually fail to achieve proper closure rate with a competitive product. So I think that there's an opportunity here for our value proposition and then we've got to continue to invest.

是的。所以这是一个很棒的季度。我认为团队目前正处于巅峰状态。正如我所说，我们的重点真的是在推动我们所在的中心的采用，而不是扩张。竞争对手已经扩大了市场。目前大约有大约 800 个中心在进行这些植入手术，而我们大概在其中的一半。现在这很好，对吧？这在美国提供了市场扩张的动力。但是，我认为，我看到的一些数据让我感到非常鼓舞，我认为这是从数据开始的，对吧？我们有一个患者登记数据出来，显示 95% 的植入后闭合率在 45 天后实现，使用 Amulet 的患者闭合成功率达到 90%，这些患者在使用竞争产品未能达到适当闭合率。所以我认为我们的价值主张在这里有机会，我们必须继续投资。

We are already investing on our next-generation Amulet focusing on ease of use, focusing -- and we'll maintain our superiority here that we believe we have regarding the ceiling of the LAA. We're investing in clinical trials. Obviously, we've been public about CATALYST, which is a trial that will compare Amulet to NOAC, anti-regulation treatment. So this is an exciting market for us, and we're going to continue to invest in it. And ultimately, it comes down to really looking at surrounding the electrophysiologist with the most comprehensive portfolio, whether it's on pacemakers and ICDs, structural heart interventions with stroke preventions and then obviously, ablations and AF treatment. So at its highest level, that's the important side here is, is Amulet fits an important role, even though we reported a structural heart, it's really playing a role here to surround the physician, the EP with the tools that they need to advance care.

Danielle Antalffy

Analyst at UBS Group

我们已经在投资我们的下一代 Amulet，专注于易用性，我们将保持我们认为在左心耳封堵方面的优势。我们正在进行临床试验的投资。显然，我们已经公开了 CATALYST，这是一项将比较 Amulet 和 NOAC 抗凝治疗的试验。对我们来说，这是一个令人兴奋的市场，我们将继续投资。最终，关键是真正看待如何为心脏电生理学家提供最全面的产品组合，无论是起搏器和 ICD，结构性心脏干预与预防中风，还是消融和房颤治疗。所以在最高层面上，这里的重要一面是，即使我们报告了结构性心脏，Amulet 实际上在这里扮演着一个重要角色，为医生、心脏电生理学家提供他们需要推进护理的工具。

Thank you.

Michael Comilla

Vice President of Investor Relations at Abbott Laboratories

谢谢。

Operator, we'll take one more question, please.

Operator

操作员，请再接一个问题。

Thank you. Our final question will come from Vijay Kumar from Evercore ISI. Your line is open.

Vijay Kumar

Analyst at Evercore ISI

谢谢。我们的最后一个问题将来自 Evercore ISI 的 Vijay Kumar。请发言。

Hi Robert. Thanks for taking my question, and congrats on a nice sprint here. I wanted to touch on biosimilars. You brought this up on the call, is -- can you elaborate on your strategy there? Are you planning to manufacture these products, is Abbott going to be a CDMO in that space? Or do you plan to launch your own biosimilars? Or is this more of a Abbott being a distributor in taking advantage of your brand presence in emerging markets? What does Abbott's role in that place? And how do you size that market opportunity for Abbott, when should that start contributing to Abbott?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

嗨，罗伯特。感谢您回答我的问题，并祝贺您在这里取得了不错的进展。我想谈一下生物类似物。您在通话中提到了这一点，您能详细说明一下您在这方面的战略吗？您是否计划生产这些产品，Abbott 是否将成为该领域的 CDMO？或者您计划推出自己的生物类似物？或者这更多地是 Abbott 作为分销商利用您在新兴市场的品牌影响力？Abbott 在这方面扮演什么角色？以及您如何评估 Abbott 在该市场机会？这个市场何时开始为 Abbott 做出贡献？

Sure. This is one where I'd say, there's a couple of phases to the strategy. The core premise of this, Vijay, is if you look at the emerging markets and the disease prevalence that exists, in these emerging markets, they're no different than the disease prevalence in the US or Europe. I mean you could look at some of the more higher, etc. But in general, there's an opportunity to bring these biologics into the emerging markets. And for a variety of reasons, those markets have not been a priority for the originators. Their main focus has obviously been in the international developed markets, U.S., Western Europe, Spain, Canada, Australia, etc.

当然。在这一点上，我想说，这个战略有几个阶段。这个核心前提，Vijay，是，如果您看看新兴市场和存在的疾病患病率，在这些新兴市场，它们与美国或欧洲的疾病患病率没有什么不同。我是说您可以看一些更高的，等等。但总的来说，有机会将这些生物类似物引入新兴市场。出于各种原因，这些市场一直不是原始制造商的重点。他们的主要重点显然是在国际发达市场，美国、西欧、西班牙、加拿大、澳大利亚等。

So this provides just a patient need opportunity that we want to size up. And what we've seen through some of our -- we have done some more regional biosimilar deals that we've launched. And what we've seen is that the growth of the molecule grow significantly once a biosimilar enters in terms of penetration into a patient population. It's a different dynamic in developed markets as we know. But in emerging markets, the category really expands. So what we wanted to do is to say, okay, before we start to think about manufacturing, before we start to think about that, we want to be able to understand what is the uptake of these products once you go ahead and put a concerted effort to developing these types of products in emerging markets, right? And it fits right into our wheelhouse, where we've got relationships with governments, we have relationships with physicians and we've got relationships with the distribution area. And the question is, how can you do it? And how can you execute that strategy with that's capital efficient and it doesn't erode kind of gross margin of that business?

所以这提供了一个我们想要评估的患者需求机会。通过我们已经做过的一些更多的区域性生物类似物交易，我们看到了一旦生物类似物进入患者群体，分子的增长显著增加。正如我们所知，在发达市场中，这是一个不同的动态。但在新兴市场，该类别真正扩大。所以我们想做的是说，好的，在我们开始考虑制造之前，在我们开始考虑之前，我们想要了解一旦您开始着手开发这些类型的产品进入新兴市场，这些产品的接受程度如何？这符合我们的核心业务，我们与政府、医生和分销领域有关系。问题是，您如何做到？您如何执行这样的策略，既资本高效又不侵蚀该业务的毛利率？

And I give a lot of kudos to the team because they've really been able to position our presence in these markets as an advantage to these players that really aren't focusing on emerging markets, they're focusing more on the opportunity that exist in developed markets. And now they can partner with one single company, reputable company to be able to use that capacity in other markets. So I'd say we're in the phase right now of, okay, is there sustainability to this? So the deals that we've done give us access, our gross margin is not dilutive, and we're going to see how it goes. As you think about the ramp-up of what we've got at the pipeline, we'll start launching in 2025, but you look at some of the big molecules that will come up for us, '26, '27, that's what I think when some of these very large, like oncology opportunities that we have that will play a huge role for us and accelerate the growth there.

Vijay Kumar

Analyst at Evercore ISI

我要非常赞扬团队，因为他们真的能够将我们在这些市场的存在位置定位为这些并不关注新兴市场的参与者的优势，他们更关注发达市场存在的机会。现在他们可以与一个单一的公司合作，一个有声誉的公司，以利用那些市场的能力。所以我想说，我们现在处于这个阶段，好的，这是否可持续？我们所做的交易给了我们进入的机会，我们的毛利率没有被稀释，我们将看看情况如何。当您考虑我们在管道中拥有的增长时，我们将从 2025 年开始推出，但您可以看到一些将在我们身上发生的重要分子，'26 年，'27 年，我认为那时一些我们拥有的非常大的，像肿瘤学机会将为我们发挥巨大作用，并加速增长。

That's helpful. And maybe one last one on capital deployment. I know it's been asked. I'm curious on share repurchases. You guys have done phenomenal growth. Street doesn't seem to be giving credit. Why not -- didn't see any share repurchase in the first half? Why is Abbott being conservative on share repurchases?

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

这很有帮助。最后一个关于资本配置的问题。我知道已经有人问过了。我对股票回购感到好奇。您们取得了惊人的增长。市场似乎并没有给予足够的认可。为什么在上半年没有看到任何股票回购？Abbott 为什么在股票回购上保守？

Yeah well, we've done a lot of share repurchases in -- over the last couple of years, say, catching up a little bit to maybe not doing as much repurchasing after the two acquisitions we did in 2017 and 2018. If you look at our repurchases and dividends, it's been about $20 billion that we've returned over the last four years, Vijay, $20 billion in dividends and buybacks. And that accounts for a good amount of our free cash flow over the last couple of years to our shareholders. So we're not -- the year is not over. And again, we'll see opportunities. We've got plenty of opportunities to be able to do that. So I'd say, I think we've done a pretty good job here at returning cash back to our shareholders over the last couple of years and that commitment will maintain.

嗯，好吧，过去几年我们进行了大量股份回购，弥补了在 2017 年和 2018 年进行两次收购后可能没有进行太多回购的情况。如果你看看我们的回购和股息，过去四年我们已经返还了大约 200 亿美元，维杰，200 亿美元的股息和回购。这占据了我们过去几年向股东返还的大部分自由现金流。所以我们还没有结束这一年。再次强调，我们会看到机会。我们有很多机会能够做到这一点。所以我想说，我认为我们在过去几年里在向股东返还现金方面做得相当不错，这种承诺将会继续。

So I'll just close here. This was a great quarter for us, and quite frankly, a great quarter in connection with five quarters before that, where we delivered above-market growth. I'm really pleased with our continued strong performance. We've raised our sales outlook, our EPS ranges for the second time this year. The toughest COVID test comps are now behind us. So I look forward to not having to -- we'll obviously report our COVID testing sales, but you'll start to see those comps start to dwindle away now, which means then that our EPS is back to growth. And I think one of the questions there about showing our EPS exiting the year in high single digits, double-digit kind of range and getting back to our formula, that's what we're interested in. And we've got a lot of positive momentum here heading into the second half of the year.

所以我就在这里结束了。对我们来说，这是一个很棒的季度，坦率地说，这是在之前的五个季度中表现出色，我们实现了高于市场增长。我对我们持续强劲的表现感到非常满意。我们提高了销售前景，今年第二次调高了每股收益范围。最艰难的 COVID 测试对比现在已经过去。所以我期待着不必再去...我们显然会报告我们的 COVID 测试销售情况，但你会看到这些对比开始逐渐消失，这意味着我们的每股收益又开始增长了。我认为有一个关于我们的每股收益在年底高个位数、两位数范围内的问题，我们希望回到我们的模式，这是我们感兴趣的。我们在进入下半年时有很多积极的动力。

So with that, we'll wrap up, and thank you for joining us.

Michael Comilla

Vice President of Investor Relations at Abbott Laboratories

因此，我们就此结束，感谢您的参与。

迈克尔·科米拉

雅培实验室投资者关系副总裁

Thank you, operator, and thank you all for your questions. This now concludes Abbott's conference call. A webcast replay of this call will be available after 11 a.m. Central Time today on Abbott's Investor Relations website at abbottinvestor.com. Thank you for joining us today.

Operator

谢谢，接线员，也感谢大家的提问。这就结束了雅培的电话会议。本次通话的网络重播将于今天中部时间上午 11 点后在雅培投资者关系网站 abbottinvestor.com 上提供。感谢您今天的参与。

接线员

[Operator Closing Remarks]

[接线员结束语]

雅培实验室 2024 年第二季度财报电话会议记录