Operator

接線員

Good morning, and thank you for standing by.

早上好，感謝大家的耐心等候。

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.

歡迎參加雅培 2024 年第二季度收益電話會議。所有參與者只能在提問環節之前收聽。

[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.

【接線員指示】本通話由雅培錄音。除了提問環節中參與者提出的問題外，整個通話，包括提問環節，均為雅培的版權材料。未經雅培明確書面許可，不得錄音或轉播本通話。

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

Michael Comilla

Vice President of Investor Relations at Abbott Laboratories

現在我想介紹邁克·科米拉先生，雅培實驗室投資者關係副總裁。

邁克爾·科米拉

雅培實驗室投資者關係副總裁

Good morning, and thank you for joining us.

早上好，感謝大家的參與。

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.

今天與我一起的有羅伯特·福特，董事長兼首席執行官；以及菲爾·佈德羅，執行副總裁兼財務長。羅伯特和菲爾將發表開場講話。在他們講話後，我們將回答您的問題。

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.

在我們開始之前，今天發表的一些聲明可能屬於 1995 年《私人證券訴訟改革法案》，包括 2024 年預期財務結果。雅培提醒，這些前瞻性聲明可能受到風險和不確定性的影響，可能導致實際結果與前瞻性聲明中所示結果有實質性差異。可能影響雅培運營的經濟、競爭、政府、技術和其他因素在我們2023年12月31日結束的年度 10-K 表格的第 1A 項 “風險因素” 中有所討論。雅培無義務根據後續事件或發展釋放任何修訂的前瞻性聲明，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.

在今天的電話會議上，與過去一樣，我們將使用非通用會計準則財務指標來幫助投資者瞭解雅培持續的業務表現。這些非通用會計準則財務指標已在我們今天的收益新聞發佈和監管文件中與可比的通用會計準則財務指標進行了調和，這些文件可在我們的網站 abbott.com 上找到。請注意，雅培未提供有關有機銷售增長的通用會計準則財務指標，因為公司無法預測未來外匯匯率變化，這可能影響報告的銷售增長。除非另有説明，我們對銷售增長的評論指的是有機銷售增長，這在今天早些時候發佈的新聞稿中有定義。

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

Robert B. Ford

Chairman and Chief Executive Officer at Abbott Laboratories

現在我將電話轉給羅伯特。

羅伯特·B·福特

雅培實驗室董事長兼首席執行官

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

謝謝，邁克。大家早上好，感謝您的參與。

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，我們報告了除 COVID 測試銷售外超過 9% 的有機銷售增長。我們還報告了每股調整後盈利為 1.14 美元，超過分析師的共識預期，較第一季度增長了 16%。基於本季度的表現和對本年度餘下時間的前景的信心，我們提高了指引，現在預測全年除 COVID 測試銷售外的有機銷售增長為 9.5% 至 10%，調整後的每股盈利範圍為 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.

我們的表現繼續受到產品組合廣泛增長的推動，本季度增長主要由醫療器械的兩位數增長和成熟製藥品和營養品的高個位數增長引領。除了在頂線表現上超出預期之外，我們還看到來自供應鏈團隊持續執行、較低的大宗商品成本和有利的銷售組合帶來的毛利率擴張的積極貢獻。

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.

我將更詳細地總結我們第二季度的業績，然後將電話轉給菲爾。我將從營養品開始，該業務本季度銷售額增長了 7.5%。本季度的強勁增長主要由國際成人營養品和美國兒童營養品的兩位數增長引領。國際成人營養品繼續保持非常高的水平。該業務的五年複合年增長率超過 10%，除了我們在市場上的領先地位和商業執行力外，還反映了推動對我們 Ensure 和 Glucerna 品牌需求增加的積極人口趨勢的影響。通過我們擴大產能的投資，我們有望繼續利用這些長期需求趨勢。

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.

關於早產兒配方奶粉和人乳補充劑的訴訟問題，雅培堅信我們的產品和向使用它們數十年的新生兒科專家提供的信息。壞死性腸炎（NEC）是一種主要影響早產兒的可怕腸道疾病，對家庭造成毀滅性影響。然而，原告律師提出的理論毫無根據或科學支持。這些產品是為醫院使用而銷售的，由經驗豐富的專家與人乳一起納入餵養方案，並且是大多數早產兒標準護理的重要組成部分。它們的使用得到了美國和世界其他國家的醫學協會的支持。這些產品及其成分已經經過審查，被認為是安全的。我們也審查了它們的標籤。NEC 的發病率沒有增加，這意味着這些病例並非是對趨勢或任何新信息的反應。然而，我們看到原告律師在誤導性電視廣告上投入了數百萬美元，試圖將醫生的決定從醫院轉移到法庭。

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.

這些產品的總收入每年約為 900 萬美元，並在過去幾年保持在這個水平。如果這些產品不再可用，醫生們將無法獲得新生兒重症監護病房所需的重要食物。這將導致影響全國每個州的公共衞生危機。我們認為，所有對早產兒健康感興趣的人都應該認識到對這些產品的需求，並相應採取行動。

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.

轉向診斷領域，除 COVID 測試銷售外，銷售額增長了 6%。本季度增長主要由核心實驗室診斷銷售高個位數增長和點護診斷銷售兩位數增長推動。在核心實驗室診斷領域，我們繼續通過增加採用和利用我們市場領先的系統以及全球對我們廣泛測試菜單的需求推動增長，涵蓋免疫分析、臨牀化學、血液學和血液篩查等領域。

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.

雖然我們的 Alinity 診斷系統系列首次推出已超過六年，但鑑於診斷行業普遍存在的長期合同週期，我們繼續看到我們的合同續約和競爭獲勝率帶來的好處，最近幾個大客户的贏得預計將在下半年開始逐漸為增長做出貢獻。

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.

轉向 EPD，本季度銷售增長了 8%，EPD 在新興市場以其獨特的品牌仿製藥策略保持高水平運營，這一增長得到有利的人口統計趨勢支持，包括人口增長、中產階級增長以及擴大醫療保健獲取的關注。

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.

正如您所記得的，我們將生物仿製藥確定為該業務的新戰略增長支柱。在新興市場擁有廣泛的業務基礎，我們有機會擴展一種資本高效的許可模式，將這些改變生命的藥物帶給數百萬新興市場的人們。去年，當我們宣佈與幾家生物仿製藥公司合作商業化幾種生物仿製藥時，我們開始實施這一戰略，這些生物仿製藥涵蓋了腫瘤學和婦科領域，首批產品預計將於 2025 年推出。我們最近達成了額外協議，使雅培獲得生物仿製藥市場領先的自身免疫疾病和 GLP-1 藥物的許可。生物仿製藥代表了品牌仿製藥市場中增長最快的領域，我們期待繼續打造行業中最完整的產品組合。

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.

最後，讓我們來看醫療器械領域，銷售增長了 12%。在糖尿病護理方面，FreeStyle Libre 本季度銷售額達 16 億美元，增長了 20%。我們在 6 月宣佈，我們獲得了兩款新的非處方連續葡萄糖監測系統 Lingo 和 Libre Rio 的 FDA 批准，這兩款產品基於 Libre 的葡萄糖技術，目前已被全球超過 600 萬人使用。雖然在美國推出非處方產品是一個新選擇，但自 Libre 推出 10 年以來，我們一直在國際市場銷售非處方產品。

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.

鑑於我們在這些市場的明顯領先地位，我們已經證明了我們能夠為組成 CGM 客户羣體的各種類型的用户量身定製解決方案、方法和溝通。Lingo 是為願意改善整體健康和健康的消費者設計的。Lingo 可穿戴傳感器和 Apple 追蹤葡萄糖提供個性化數據、見解和指導，幫助創建和保持健康習慣。Libre Rio 是為不使用胰島素的 2 型糖尿病成年人設計的，他們通常通過生活方式改變管理糖尿病。

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.

在心電生理學方面，17% 的增長是由所有主要地理區域的兩位數增長推動的，包括美國的 17% 增長，這與第一季度的增長相比有所加速。增長在整個產品組合中廣泛分佈，包括消融導管的 20% 增長。在結構性心臟病領域，超過 15% 的增長反映了與第一季度相比增長加速，主要是由幾款最近推出的產品帶來的，這些產品正在推動新的採用和在有吸引力的高增長領域如 TAVR、LAA 和三尖瓣修復中佔有份額。本季度，我們在美國推出了我們的三尖瓣修復設備 TriClip，並繼續在全球 TAVR 市場中佔有市場份額。

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% 的增長主要由我們高度創新的無導聯起搏器 Aveir 帶來。在 6 月，我們宣佈獲得歐洲 CE 標誌，用於雙腔起搏程序的 Aveir，這是起搏市場最大的細分市場。在心力衰竭方面，9% 的增長是由我們市場領先的心臟輔助設備組合推動的，這些設備為慢性和臨時病況提供治療。在神經調控方面，8% 的增長是由國際市場對我們 Eterna 可充電脊髓刺激設備的強勁需求推動的，該設備去年在歐洲獲得 CE 標誌。

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.

在血管領域，我們在 4 月下旬獲得了 Esprit 溶解支架的 FDA 批准，這是一項為患有下肢動脈阻塞的人們帶來突破性創新的技術。Esprit 旨在保持動脈開放，提供藥物支持血管癒合，最終在一段時間內完全溶解。像 Esprit 這樣的新產品，再加上我們在血管業務上的有機和非有機投資，已經擴大了我們在增長更快領域的存在，並提高了該業務的未來增長前景。

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.

總的來説，我們在營收和利潤兩方面均超出預期，因此，我們提高了今年的財務展望。我們在毛利率方面取得了良好進展，更重要的是，我們的產品線繼續高效產出，因此我們有望在今年剩下的時間裏取得強勁的業績。

I'll now turn over the call to Phil.

Phil Boudreau

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

現在我將電話交給菲爾。

菲爾·佈德羅

雅培實驗室財務執行副總裁兼首席財務官

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

謝謝，羅伯特。正如邁克之前提到的，請注意，除非另有説明，否則所有關於銷售增長率的參考均為有機基礎上的。

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%.

轉向我們的第二季度業績，銷售額按照有機基礎增長了 7.4%，在排除 COVID 測試銷售後增長了 9.3%。外匯對第二季度銷售額的同比影響為-3.5%。在本季度，我們看到美元對多種貨幣升值，導致銷售額受到的不利影響比四月份財報電話會議時的匯率更大。關於損益表的其他方面，調整後的銷售毛利率佔銷售額的 56%。調整後的研發費用佔銷售額的 6.3%，調整後的銷售和管理費用佔銷售額的 27.7%。最後，我們第二季度的調整後税率為 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%.

關於我們全年展望，我們現在預測全年調整後每股收益為 4.61 至 4.71 美元，這相比我們四月份提供的指導範圍有所增加。我們還提高了有機銷售增長指導範圍的中點。我們現在預測有機銷售增長，不包括 COVID 測試銷售，將在 9.5% 至 10% 的範圍內。

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.

根據當前匯率，我們預計匯率將對全年報告銷售額產生超過 2.5% 的不利影響，其中包括預計第三季度報告銷售額將受到約 3% 的不利影響。最後，對於第三季度，我們預測調整後每股收益為 1.18 至 1.22 美元。

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

Operator

現在我們將開放提問環節。

操作員

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

謝謝。此時，我們將進行問答環節。[操作員指示] 我們的第一個問題將來自韋爾斯·法戈的拉里·比格爾森。您現在可以發言。

拉里·比格爾森

韋爾斯·法戈公司分析師

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。感謝您提問，羅伯特，恭喜您取得了一個不錯的季度。感謝您對 NEC 訴訟的評論。我想知道您是否有任何補充，羅伯特，然後我有一個後續問題。

羅伯特·B·福特

雅培實驗室主席兼首席執行官

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

沒有，拉里，我想我在我的準備好的評論中已經説了我要説的一切。我想補充的是，我認為這在影響方面被誇大了，我們正在努力捍衞我們的立場，並與所有不同的利益相關者合作，以便他們瞭解情況的嚴重性隨着事態的發展。但我在我的準備好的評論中已經説了我要説的一切，如果有必要提供進一步的更新，我們會的。

拉里·比格爾森

韋爾斯·法戈公司分析師

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，羅伯特，您的 EP 業務在第二季度表現不錯，美國和國際市場均增長了 17%。是什麼推動了這一增長，您在不同地區的 PFA 方面有何看法，以及在 Volt 推出之前您對這種增長的可持續性有何看法？謝謝。

羅伯特·B·福特

雅培實驗室主席兼首席執行官

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.

當然。我看到了我預期會看到的情況。可能與一些人預期的情況有所不同。但我們目前看到的是市場增長加速，似乎增長超過 20%。因此，當您看到我們的 17% 時，它低於市場，但實際上比疫情前或我們收購後的增長速度更快。我們將看到這種增長是否會轉化為實際的程序。

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.

我們實際上在更多程序中，比過去更多，考慮到我們的映射和團隊。但我認為現在説實際程序數量是否會顯著增加還為時過早。因此，市場增長加速。但目前主要是價格，隨着這種新產品的推出，主要用於 de novo 程序、心房程序，對吧？我們認為這約佔所有消融程序的三分之一，拉里。其他兩個三分之二，無論是重做、VT、SVT、消融，在這種情況下，我們繼續看到 RAP 實際上被視為這些程序的更好選擇。我們將看看這將如何隨着時間的推移轉化。但在海外，滲透率約為 10%，15%，並且一直相當穩定。

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.

從映射的角度來看，我認為我們在上次通話中看到的情況在上市的頭幾個月內並沒有發生真正大的變化。因此，美國這裏超過 90% 的案例仍在使用映射。我們在這些映射案例中佔有 50% 的份額。我不會試圖查看不同類型的分母來獲得市場份額。因此，我確保我的團隊基本上擁有最好的接觸，並從我們所看到的情況來看，大約為 50%。RF 導管，與我們在上次通話中看到的情況類似，仍在約 20% 的 PFA 案例中使用。因此，我們繼續看到這一點。

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

我認為所有這些的淨效應是市場正在增長。它正在加速。我們在過去談論過的關於我們在地圖和所有其他消費品領域的機會的一切都在那裏。射頻仍然發揮着作用，仍然起着重要作用。而且我們的業務實際上比以前增長得更快。如果你看 2019 年，增長約為 12%。2018 年約為 14%。所以我們現在實際上做得更好了。所以我認為這對市場是積極的，這就是為什麼我們在我們的 PFA 組合中投資巨大，你將開始看到它在市場上推出，我會説，明年。我不會試圖在這裏確定季度時間，但明年肯定會有。所以我認為這是好事，團隊們在執行我們制定的戰略方面做得非常出色。所以向他們致敬。

Larry Biegelsen

富國銀行分析師

Thanks so much. Thanks for the comprehensive answer.

Operator

非常感謝。感謝您的全面回答。

運營商

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

Travis Sneed

Analyst at Bank of America

謝謝。我們的下一個問題將來自美國銀行證券的特拉維斯·斯蒂德。您可以發言了。

特拉維斯·斯尼德

美國銀行分析師

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，恭喜你們取得了一個好季度。我想問一下，結構性心臟在這個季度表現突出，加速了上個季度。只是好奇這有多少是由 MitraClip 的復甦所致？你們早就獲得了 TriClip 的批准，你們從 TriClip 這邊看到了多少？還有一些其他新產品，比如 Amulet 和 Navitor，有多少收入？

羅伯特·B·福特

雅培公司董事長兼首席執行官

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.

當然，TriClip 是一個重要的推出產品，有助於加速增長率，特拉維斯。但我認為這在很大程度上是廣泛的。我是説，如果你看 TriClip，我們已經準備就緒，因為在這個領域我們有一些內在優勢，對吧。我們有規模。我們有銷售團隊，製造能力。所以我們已經準備就緒。我認為根據我們的估計，儘管我們比我們的競爭對手晚一個季度推出他們的系統，但我認為修復設備已經進入的賬户是替換系統的兩倍。所以當我們進入市場時，我們有一種天然的內在優勢，案例進展非常順利。

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.

反饋非常積極。但我認為這在很大程度上是廣泛的。Navitor 在國際市場和美國市場都表現非常出色。價值主張開始獲得更多的關注，具有出色的臨牀概況，出色的血液動力學，這推動了我們在國際和美國市場的很多機會。我們分享了一些來自我們的註冊表，來自我們的日本註冊表的數據，也有很好的安全性。所以這做得非常好。Amulet，在美國，Amulet 這個季度增長了約 45%。所以這個產品表現非常出色，我們在繼續專注於所謂的持續滲透率。在我們所在的賬户中，我們在美國市場的大約 20%。我們在美國市場的一半。所以我們的機會在於繼續擴大銷售團隊並進入新的賬户。所以這也做得非常好。

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，我認為我們在國際上繼續看到一些持續增長。在美國，由於競爭活動，增長有些放緩。但我認為隨着 TriClip 現在進入市場並獲得動力，我們將能夠為修復系統提供價值主張並推動增長。所以結構性心臟，增長率從第一季度開始加速，表現非常出色。我想説這實際上是一個全面的組合方法，而不僅僅是試圖單獨選擇一個產品或一項技術。我們在 MitraClip 方面還有一些工作要做。這是明顯的。在美國，它表現得非常出色。但我談到的所有其他產品在市場份額和採用率方面都表現得非常出色。這就是為什麼你看到結構性心臟的增長率實際上加速了，我認為這將繼續下去，肯定會持續到今年年底並延續到明年。

特拉維斯·斯尼德

美國銀行分析師

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

這非常有幫助。然後關於你們的傳感器業務，你們如何考慮用 Lingo 和 Rio 來細分市場，你們認為這些市場隨着時間的推移會如何發展？當你們看待你們的核心 Libre 業務時，有什麼需要強調的地方，美國與國際市場動態有什麼變化嗎？

羅伯特·B·福特

雅培公司董事長兼首席執行官

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，你在那個問題中試圖涵蓋很多內容。你可能需要花很長時間來討論所有這些。我認為在最高層次上，Libre 仍然表現非常出色。仍然有很多增長機會。顯然，基礎機會是最大的，我們在那裏取得了很大進展。但即使在 MDI 領域，MDI 領域仍然有很多滲透空間。我認為在美國，大約有三分之一的多次日常注射者沒有使用 CGM，在國際發達市場這個比例約為 50%。所以 Libre 還有很多增長空間。我們在這裏與 Lingo 和 Libre Rio 的策略實際上是為了擁有一個完整的組合，並將這看作是一個平台，我們可以擴大傳感器技術在不同類型的糖尿病人羣中的使用，但也可能更大的市場，即沒有糖尿病的人羣。

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.

我認為，即使你現在考慮，我會説，我們將在美國推出這項產品，並開始全球擴張，我們將看看情況如何，以及贏得市場需要付出什麼努力。但根據英國的經驗，我知道需要一些時間來教育和溝通患者羣體，儘管他們對擁有新工具來促進健康習慣感到興奮，但他們確實需要一些時間來理解如何使用。但我認為這對我們來説是一個相當大的機會，我們已經過度投資以便能夠達到這個位置。如果你看看美國和西歐的成年人口，那裏大約有 4 億人。

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

如果你考慮到單位數字的滲透率，每年幾個傳感器，你將看到一個數十億的機會。我們還沒有達到那個水平。我認為一旦我們更好地瞭解這將如何運作，我們將更擅長預測。但從總體成年人口的角度來看，相對而言，我會説，適度的滲透率，這是一個相當大的機會。正如我在評論中所説的，自我們國際推出以來，我們已經做了一段時間，我們學到了很多東西，我們將把這種學習經驗帶到美國。所以對我們來説，這是一個令人興奮的機會。

Great. Thanks Robert.

Operator

好的。謝謝羅伯特。

操作員

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

Robbie Marcus

Analyst at JP Morgan Cazenove

謝謝。下一個問題將由摩根大通的羅比·馬庫斯提出。請發言。

羅比·馬庫斯

摩根大通卡森諾夫分析師

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，謝謝。我有兩個問題。兩個產品問題。也許只是跟進一下關於糖尿病 Libre 的問題。羅伯特，您如何考慮對這些新產品進行全面的廣告推廣和口碑營銷，特別是在我們轉向 OTC 時與生成數據有多少必要性？因為我認為，五年前和今天的情況可能不在大多數人的預測之內，而我們擁有的大量數據顯示出非糖尿病患者使用 CGM 有多麼有益。那麼您如何考慮數據與非數據、保險覆蓋與非保險覆蓋？市場看起來是這樣還是那樣？

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，我認為從保險覆蓋的角度來看，如果您指的是非糖尿病的 Lingo，我認為這不會是我們建立預測的一部分，假設它會得到報銷。儘管我同意，有很好的數據顯示出沒有糖尿病的人也可以從中受益，羅比，它有助於維持行為改變，對吧？最終，這就是它的意義，對吧？這是使用數據來幫助那些想保持健康的人，為他們提供更多信息，並確保他們可以完善他們的習慣或改變習慣。

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，我認為，這實際上是與消費者直接溝通。如果您考慮糖尿病領域以及 CGM 的接受程度，您需要與患者進行溝通，當然，您還需要與醫生進行溝通。我認為對於非糖尿病患者來説，這仍然很重要。我認為有些人會希望從醫療保健專業人士那裏得到某種認可，認為這可能是一個不錯的投資，對吧？關鍵在於利用率，對吧？我認為你不會看到沒有糖尿病的人一年 365 天都使用這個傳感器。但正如我所説的，如果他們一年使用幾次，仍然會有好處，並且隨着時間的推移，我們將會生成數據。

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.

我認為即使不是為了與支付者溝通以獲得報銷，也要生成數據，即使是為了向醫生、初級保健和直接消費者傳達這裏存在價值。我認為關鍵在於個性化以及如何個性化信息、數據和輔導。因此，策略在這裏是，是的，您將不得不使用電視來進行溝通。但我認為，鑑於我們的經驗，你不能只是在電視上大肆宣傳廣告，然後就會有大量的接受。您將不得不進行一些現場的類似大猩猩營銷的活動，讓我們這樣稱呼它，再加上電視廣告，才能真正打開市場，然後維持市場的使用。

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

這就是我們的思考方式。這就是為什麼我們有一個完全獨立於 Libre 和糖尿病團隊的團隊，他們專注於如何執行這一策略。我認為這更像是一種 S 形曲線的增長，而不是一開始就大幅增長。我知道每個人都關注下半年的銷售情況，無論是我還是競爭對手。我認為這裏更重要的是，嘿，這裏有一個真正的大機會。如果我們做對了，這將是一個不會很快消失的機會。它將持續下去，並且可能成為標準。

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

很好的解釋。我還有一個問題。Aveir 和無導線起搏，特別是雙腔現在有了覆蓋，我認為這是一個被低估的機會。也許，如果您不介意，花一分鐘時間，您如何看待這個市場的發展？到目前為止，對於這次推出的初步反饋如何？謝謝。

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.

最終，我認為這整個無導線技術將改變我們 CRM 業務的增長軌跡，對吧？如果你看 CRM，它增長了 7%。去年，今年上半年增長了 7%，之前是一個平穩的業務，對吧？我們一直在做這個，我會説，取得了良好的雙重成功，但我不會説它已經完全成熟，因為我們正在努力確保我們進行培訓，並讓醫生熟悉這個程序，對吧？這是一個完全不同於整個行業習慣的程序。我們正在使用映射技術。我們進入腹股溝而不是在胸部上方做袋子。所以有點不同，我們正在專注於這一點。

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.

但話雖如此，我們已經能夠加快增長速度，僅用一個腔室。我認為現在，兩年後，我們可能佔據了大約 50% 的市場份額。但正如你所説，更大的機會在於雙腔室，手術進展順利。一旦醫生們積累了一些經驗，他們開始討論，好的，我們如何加速這個過程，增加更多患者。但我們要確保我們有一個相當龐大的受過良好培訓、結果優秀的醫生團隊遍佈美國。

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

聽着，這是一個價值 30 億美元的全球市場，而在這個領域真的沒有太多創新。而在這裏，你擁有一些真正獨特和有差異化的東西。我想説，一旦我們覺得我們已經達到了一個我們對能力、培訓和醫生覆蓋範圍感到滿意的程度，這絕對是一個我可以看到會變得更加主流的產品，因為它所提供的價值主張，以及它所帶來的機會。所以我認為這對我們來説是一個巨大的機會。市場可能沒有充分意識到它的價值，但在我和設備團隊以及 CRM 團隊中，它絕對受到讚賞，我們正在努力達到一個讓它真正強勁起來的地步。

Great, thank you very much.

Operator

好的，非常感謝。

運營商

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

Josh Jennings

Analyst at TD Cowen

謝謝。下一個問題將由來自 TD Cowen 的 Josh Jennings 提出。請發言。

Josh Jennings

TD Cowen 的分析師

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，感謝您回答問題。Robert，我想先問一下關於雅培的這個多年軌跡。在過去兩年裏，您已經實現了頂尖的有機收入增長表現，明年有可能實現兩年的兩位數增長。但我認為團隊一直在公開表示，公司有可能超過疫情前的水平，即 7% 至 8% 的範圍。在這次電話會議中，您提出了很多支持這種軌跡的內容，但也許可以重申一下您對此的信心水平？這種超越疫情前水平的中期軌跡是依賴於併購嗎？還是核心業務和內部發展項目真的將在未來幾年推動這種頂尖增長？

Robert B. Ford

雅培公司董事長兼首席執行官

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.

這是試圖達到 2025 年的問題嗎？我想説，聽着，我們在疫情期間進行了投資，加速了公司發展，使其更加強大，構建了我們的產品組合，以便加速增長，對吧？如果你看過去的六個季度，我們一直在交付頂尖的高個位數、兩位數增長，而這是在一個年收入超過 400 億美元的公司上實現的。所以我認為這相當令人印象深刻。如果你看看我們的醫療技術產品組合，去年是增長最快的醫療技術產品組合，今年第一季度也是增長最快的。我們將看看這第二季度會發生什麼。但我們已經使公司能夠交付這一點。我是否認為我們可以在今年和明年持續交付這種頂尖表現？是的，我絕對認為，因為我們所建立的東西，以及我們已經能夠可靠和持續地交付的證據和實例。

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，我們對我們的能力感到滿意。我們參與的市場是有吸引力的，所以我們領先的市場受益於這些市場的增長。有一些我們正在進入的有吸引力的市場，有很多機會可以增加市場份額，還有一些我們正在建設的有吸引力的市場。我們正在開發的產品在那裏有真正的臨牀機會。所以當我們開拓這些市場時，它們變得有吸引力，我們的地位得到鞏固。我認為這個框架適用於我們所有的四個業務部門，在這三個框架下都有機會。在併購方面，是的，如果我們能夠找到對我們戰略上有意義、在財務上有意義的資產，可以進一步增加增長，那麼我們有資產負債表來做到這一點。但正如我告訴過你的，這並不取決於，我們真的專注於有機方面來實現這種頂尖增長。

Josh Jennings

TD Cowen 的分析師

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，謝謝你的回答。還有一個高層次的問題，你可能經常收到，但我想問一下，我們也瞭解到，您的團隊和董事會每年至少一次，甚至可能多次，都在考慮雅培的四個主要業務部門的戰略契合度。也許可以更新一下您對業務組合以及未來可能進行拆分的看法。非常感謝。

Robert B. Ford

雅培公司董事長兼首席執行官

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?

我們會持續審視我們的投資組合。我認為並沒有一年中的某個特定時刻我們會這樣做。我們會持續審視。公司有着確保投資組合不僅為患者、政府和醫療系統創造價值的歷史，同時也為股東創造價值。我們歷史上從不迴避提出問題並回答這些問題。如果通過增加或減少可以創造價值的機會，公司已經表明願意這樣做。我認為關於這一點的兩個基本問題是，是否有機會為股東創造價值？是否有人能更好地經營我們的業務？

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

現在，看看我們正在做的業務。我們在所有四個領域都表現出色。我們將在本季度財報中看到發生了什麼，但我對團隊和他們的工作感到非常滿意。顯然，我們總是有可以做得更好的地方，我們會專注於這一點。但總體而言，我們的四個部門都取得了出色的增長，市場領先的增長，坦率地説，創新並實現我們的使命，即幫助人們過上更健康的生活。所以我喜歡這種多樣性。多樣性既提供了防禦性，也提供了進攻性。只要你在各自的領域內進行管理，根據它們的增長和行業分配資本，並且我們花費大量時間管理所有四個部門，那麼我認為我們在管理它們方面做得不錯。所以是的。

Great, thanks a lot.

Operator

好的，非常感謝。

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

謝謝。下一個問題來自高盛的 David Roman。請發言。

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

謝謝，大家早上好。我希望在利潤和損失方面提出一個問題，以及在資本配置方面提出一個問題。也許我會從利潤和損失方面開始。我看了一下今年下半年的指引。我們的計算表明，年度運營利潤率擴張大約是 100 個基點以上，而在範圍中點處，每股收益增長約為 9%。您能否談談支撐這種年度利潤率擴張的驅動因素？顯然，我們在 Q2 看到了與 Q1 不同的轉變。但也許您可以為我們解釋一下在今年下半年實現改善的利潤率和盈利增長表現的一些驅動因素。

Sure, I'll let Phil take that.

Phil Boudreau

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

我讓 Phil 來回答這個問題。

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 在開場白中已經提到了今年一些擴張的情況。相對於一些同行，我們在運營利潤率概況方面處於一個非常獨特的位置，我們已經恢復到疫情前的水平。我們通過在 COVID 測試的起起伏伏中戰略性地管理支出實現了這一點。正如我們今年早些時候所討論的，Q1 實際上是 COVID 測試對銷售和概況影響的最後一個重要比較基數。關於利潤率擴張和特別是毛利率，今年的指引大約是 75 個基點，正如您所強調的，取得了一些進展，但還有更多的空間，但軌跡已經確定。我們專注於我們可以控制和執行的事項，特別是一些來自我們銷售收入頂線表現的出色投資組合貢獻，特別是增值業務的貢獻是一個因素，我們預計這一因素將在今年繼續擴大。

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

我們在每一個業務中都有專門致力於毛利率改善、生產力、產量提高、成本降低和為投資組合帶來增值的創新的團隊。所有這些因素每個季度都是貢獻者，並將繼續在今年的其餘時間內做出貢獻。此外，我們還有一些因素。我們已經談論過我們經歷的一些週期，無論是在大宗商品市場等方面，過去幾年的一些通貨膨脹開始穩定和正常化。我們看到貨運和分銷概況開始穩定並開始成為更多的順風，我們還看到在大宗商品市場中，事物不僅在穩定，而且在下降，也對毛利率產生貢獻，並預計這種情況將繼續存在。因此，所有這些因素的結合為我們帶來了信心，繼續推動頂級銷售表現，同時在全年內擴大利潤率。

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，非常有幫助，謝謝。也許在資本配置方面，也考慮一下 Josh 的問題的另一方面，如果您看看這個行業，我們看到第二季度的併購活動有所增加。我認為有宣佈了 20 億美元以上的交易，交易倍數開始朝着歷史水平的較低端趨勢發展。但您能否就最新的併購環境以及隨着您的現金餘額繼續良好增長而如何考慮資本配置給我們提供您的最新觀點？

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?

在更廣泛的資本配置方面，聽着，我在每次通話中都非常清楚地表明瞭我們採取的是一種平衡的方法，對吧？我知道你們關注的很多公司都有不同的方法。我們的方法是平衡的。我們相信這種平衡的方法有利於長期股東，對吧？我認為評估資本配置效率的一個很好的指標是投入資本回報率（ROIC）。如果你看過去三年的 ROIC，我們的平均水平在高十幾個百分點左右，這在我們經常被比較的醫療科技同行中處於較高水平。因此，我們認為 ROIC 是衡量我們資本配置效率的一個很好的指標，我們採取了一種平衡的方法，對吧？

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.

所以內部資本投資是未來增長的動力。我們一直在談論我們擁有的所有這些巨大機會，我們正在為它們提供資金支持，它們有很好的回報。債務償還，今年我們沒有太多，但去年我們處理了一些債務，因為我們顯然不想再融資。股息和股票回購是我們投資身份的核心，我們打算繼續增加我們的股息。所以這是一種平衡的方法。即使在這一切之後，你可能也看到，從資產負債表的角度來看，我們有機會從併購的角度來部署資金。我們一直在花時間談論我們強勁的營收和我們開發的業務管道。這使我們能夠更加慎重地選擇。

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

你看其他發生的交易，你不得不問，好的，背後的戰略是什麼？很多時候，你會發現你需要維持你的增長率，對吧？如果你是通過收購來推動營收增長，那麼你必須 - 這是你的模式的一部分，你必須繼續這樣做，無論估值是正確還是錯誤。但我們看重戰略契合度。它們能否產生有吸引力的回報？我們能否使我們正在收購的業務變得更好？我們不想只是一個持有者。我認為當我們進行收購時，我們已經表明了這一框架。它在戰略上契合，產生了一些不錯的回報，我們傾向於在運營中增加價值，而不是讓它們保持獨立。

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

Operator

感謝所有的觀點，感謝您回答問題。

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

Danielle Antalffy

Analyst at UBS Group

謝謝。下一個問題將由來自瑞銀的丹尼爾·安塔爾菲提出。請發言。

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，謝謝你們回答問題。恭喜你們這個季度表現非常出色。羅伯特，我們上次交談時，有兩個與產品相關的問題 - 具體產品的問題。當我們上次交談時，讓我印象深刻的一點是，你們如何看待歷史上增長較慢的業務以及暴露於歷史上增長較慢市場的領域的可持續性。所以顯然，我在考慮 CRM。你能談談這方面的戰略嗎？顯然，這是其中的一個重要部分，還有法律空間等等。這種可持續性如何，我是説，現在已經連續多個季度實現了中高個位數的有機增長？然後只有一個後續問題。

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，這是我們戰略的一部分。當我們看着我們的醫療科技組合時，顯然你們有高增長的驅動因素，如 EP、結構性心臟、糖尿病護理、神經、心力衰竭，我們看了 CRM 和血管，這些是相對平穩的業務。因此，將這兩者結合起來，你就會得到一個每季度增長 7%、8%、甚至 9% 的醫療科技組合。要實現兩位數增長，我們需要讓這兩個業務至少達到中個位數，對吧？至於 CRM 方面，我們的戰略是真正專注於 Aveir 無導聯起搏器。那裏有一系列產品的管道。我不想 - 我不想在這裏透露太多，但我們並沒有只做了 Aveir DR 就止步不前。團隊已經有了繼續推進這些項目的研發計劃，甚至看看 ICD 市場，我們可以在那個市場進行創新的機會。在那個市場進行創新是很重要的，就像 15 年前人們會説糖尿病市場增長緩慢一樣。現在看看，對吧？所以如果你專注於創新，滿足未滿足的需求，你可以改變一個市場。

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

從血管的角度來看，正如我在評論中所説的，我們正在重新定位組合，轉向更高增長領域，周圍領域，內膜領域。但我們在這方面的開始比 CRM 稍晚一些。因此，我期望我們的血管業務也開始對更高的增長率做出貢獻，就像 CRM 一樣。這將進一步增強我們整個醫療科技組合，並使我們達到 12%、13% 左右的增長率，至少這是我們的目標。

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。這很有幫助。然後後續問題是關於結構性心臟方面的。我知道 Amulet 已經在市場上有一段時間了，但我的印象是現在 Abbott 不再是單手作戰了。你能談談這個問題嗎，你在季度中説的 45% 增長，Amulet 未來的發展方向是什麼？非常感謝你回答問題。

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。所以這是一個很棒的季度。我認為團隊目前正處於巔峯狀態。正如我所説，我們的重點真的是在推動我們所在的中心的採用，而不是擴張。競爭對手已經擴大了市場。目前大約有大約 800 箇中心在進行這些植入手術，而我們大概在其中的一半。現在這很好，對吧？這在美國提供了市場擴張的動力。但是，我認為，我看到的一些數據讓我感到非常鼓舞，我認為這是從數據開始的，對吧？我們有一個患者登記數據出來，顯示 95% 的植入後閉合率在 45 天后實現，使用 Amulet 的患者閉合成功率達到 90%，這些患者在使用競爭產品未能達到適當閉合率。所以我認為我們的價值主張在這裏有機會，我們必須繼續投資。

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

我們已經在投資我們的下一代 Amulet，專注於易用性，我們將保持我們認為在左心耳封堵方面的優勢。我們正在進行臨牀試驗的投資。顯然，我們已經公開了 CATALYST，這是一項將比較 Amulet 和 NOAC 抗凝治療的試驗。對我們來説，這是一個令人興奮的市場，我們將繼續投資。最終，關鍵是真正看待如何為心臟電生理學家提供最全面的產品組合，無論是起搏器和 ICD，結構性心臟干預與預防中風，還是消融和房顫治療。所以在最高層面上，這裏的重要一面是，即使我們報告了結構性心臟，Amulet 實際上在這裏扮演着一個重要角色，為醫生、心臟電生理學家提供他們需要推進護理的工具。

Thank you.

Michael Comilla

Vice President of Investor Relations at Abbott Laboratories

謝謝。

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

Operator

操作員，請再接一個問題。

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

Vijay Kumar

Analyst at Evercore ISI

謝謝。我們的最後一個問題將來自 Evercore ISI 的 Vijay Kumar。請發言。

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，羅伯特。感謝您回答我的問題，並祝賀您在這裏取得了不錯的進展。我想談一下生物類似物。您在通話中提到了這一點，您能詳細説明一下您在這方面的戰略嗎？您是否計劃生產這些產品，Abbott 是否將成為該領域的 CDMO？或者您計劃推出自己的生物類似物？或者這更多地是 Abbott 作為分銷商利用您在新興市場的品牌影響力？Abbott 在這方面扮演什麼角色？以及您如何評估 Abbott 在該市場機會？這個市場何時開始為 Abbott 做出貢獻？

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.

當然。在這一點上，我想説，這個戰略有幾個階段。這個核心前提，Vijay，是，如果您看看新興市場和存在的疾病患病率，在這些新興市場，它們與美國或歐洲的疾病患病率沒有什麼不同。我是説您可以看一些更高的，等等。但總的來説，有機會將這些生物類似物引入新興市場。出於各種原因，這些市場一直不是原始製造商的重點。他們的主要重點顯然是在國際發達市場，美國、西歐、西班牙、加拿大、澳大利亞等。

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?

所以這提供了一個我們想要評估的患者需求機會。通過我們已經做過的一些更多的區域性生物類似物交易，我們看到了一旦生物類似物進入患者羣體，分子的增長顯著增加。正如我們所知，在發達市場中，這是一個不同的動態。但在新興市場，該類別真正擴大。所以我們想做的是説，好的，在我們開始考慮製造之前，在我們開始考慮之前，我們想要了解一旦您開始着手開發這些類型的產品進入新興市場，這些產品的接受程度如何？這符合我們的核心業務，我們與政府、醫生和分銷領域有關係。問題是，您如何做到？您如何執行這樣的策略，既資本高效又不侵蝕該業務的毛利率？

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

我要非常讚揚團隊，因為他們真的能夠將我們在這些市場的存在位置定位為這些並不關注新興市場的參與者的優勢，他們更關注發達市場存在的機會。現在他們可以與一個單一的公司合作，一個有聲譽的公司，以利用那些市場的能力。所以我想説，我們現在處於這個階段，好的，這是否可持續？我們所做的交易給了我們進入的機會，我們的毛利率沒有被稀釋，我們將看看情況如何。當您考慮我們在管道中擁有的增長時，我們將從 2025 年開始推出，但您可以看到一些將在我們身上發生的重要分子，'26 年，'27 年，我認為那時一些我們擁有的非常大的，像腫瘤學機會將為我們發揮巨大作用，並加速增長。

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

這很有幫助。最後一個關於資本配置的問題。我知道已經有人問過了。我對股票回購感到好奇。您們取得了驚人的增長。市場似乎並沒有給予足夠的認可。為什麼在上半年沒有看到任何股票回購？Abbott 為什麼在股票回購上保守？

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，過去幾年我們進行了大量股份回購，彌補了在 2017 年和 2018 年進行兩次收購後可能沒有進行太多回購的情況。如果你看看我們的回購和股息，過去四年我們已經返還了大約 200 億美元，維傑，200 億美元的股息和回購。這佔據了我們過去幾年向股東返還的大部分自由現金流。所以我們還沒有結束這一年。再次強調，我們會看到機會。我們有很多機會能夠做到這一點。所以我想説，我認為我們在過去幾年裏在向股東返還現金方面做得相當不錯，這種承諾將會繼續。

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.

所以我就在這裏結束了。對我們來説，這是一個很棒的季度，坦率地説，這是在之前的五個季度中表現出色，我們實現了高於市場增長。我對我們持續強勁的表現感到非常滿意。我們提高了銷售前景，今年第二次調高了每股收益範圍。最艱難的 COVID 測試對比現在已經過去。所以我期待着不必再去...我們顯然會報告我們的 COVID 測試銷售情況，但你會看到這些對比開始逐漸消失，這意味着我們的每股收益又開始增長了。我認為有一個關於我們的每股收益在年底高個位數、兩位數範圍內的問題，我們希望回到我們的模式，這是我們感興趣的。我們在進入下半年時有很多積極的動力。

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，我們就此結束，感謝您的參與。

邁克爾·科米拉

雅培實驗室投資者關係副總裁

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

謝謝，接線員，也感謝大家的提問。這就結束了雅培的電話會議。本次通話的網絡重播將於今天中部時間上午 11 點後在雅培投資者關係網站 abbottinvestor.com 上提供。感謝您今天的參與。

接線員

[Operator Closing Remarks]

[接線員結束語]

雅培實驗室 2024 年第二季度財報電話會議記錄