A：The main drivers of growth for the current portfolio include underlying momentum in medtech, established pharmaceuticals, and a large portion of the diagnostic business, as well as high growth products. New product launches are also a significant driver, with a lot of new product launches expected to add to sales and sales growth throughout the coming year. Additionally, the company expects to see the easing of significant headwinds from this year, which included over a billion dollars in headwind due to VBP pricing dynamics in China and the decline in COVID-19 testing.

A：The company plans to continue investing in the pipeline and driving organic growth. They expect to have close to 200 clinical trials across various businesses and geographies, including pivotal trials for significant future contributors like the mitral valve replacement and others. These investments are expected to deliver high single-digit top line growth and double-digit EPS growth while maintaining unwavering commitment to investing in the pipeline.

A：The company is performing well with plans to maintain top and bottom line growth. They have been successful in expanding gross margins and operating margins and expect to continue that trend. Investments are being made in the portfolio, with around 200 clinical trials being conducted, and there is confidence in being able to drive the top and bottom line growth in the coming years.

A：In the US, the outlook for diabetes is positive with growth expected to continue, driven by the new dual analyte sensor and the potential for CMS coverage of non-intensive type 2. The US is experiencing strong demand and remains on track with the original full-year growth assumption of over Ed. Internationally, there is significant room for penetration, especially in the basal segment, which is underpinned by the dual analyte sensor. There is also potential for CMS to cover type 2 non-insulin, which could lead to substantial growth opportunities if it materializes in the coming years.

A：The EP portfolio is showing an acceleration in growth rate, with the second half of the year expected to perform better than the first. New product launches such as Volt are anticipated to further boost sales, with early feedback in Europe being positive. The integration of PFA technology into competitive systems is proving advantageous and is expected to continue expanding the capital footprint. The new PFA catheter is doing well in the market and is expected to offer competitive differentiation due to its efficacy, efficiency, and safety profile. The procedure it enables, with conscious sedation, is a significant benefit for health care systems. The timing for Volt is considered appropriate, with an expectation of targeting earlier approval if possible.

A：The speaker indicates that Abbott is on track and has the full portfolio needed for EP products in Europe, expecting better performance in 2026 than in 2025 despite challenges faced this year.

A：The diagnostics business has faced discrete headwinds such as VVP in China, changes in the DRG model, and COVID-19 testing dynamics. However, the expectation is that these headwinds will moderate in 2026, with an anticipated acceleration in the business.

A：The speaker highlights that the underlying drivers of the diagnostics business are similar to previous discussions, focusing on managing VVP challenges in China. The team is credited with effectively navigating these challenges, and there are signs of improving volume, especially in the fourth quarter.

A：While the situation in China is not fully back to pre-headwind levels, there are positive signs of a volume recovery. Outside of China, the business is accelerating, with the US recording 10% growth, European regions up 6-7%, and Latin America growing mid-teens, contributing to a shift towards mid to high single-digit growth in the diagnostics business next year.

A：New products and new management teams have been brought in to improve the diagnostics business, and the speaker feels positive about the team's performance based on the recent visit to China, indicating that these changes are having a positive impact.

A：The P&L performance is influenced by various operational factors including plant operational maintenance shutdowns, tariffs, and foreign exchange movements. The gross margin is a key focus area, with the team working on mitigation strategies for tariffs and continuing to make progress towards maintaining a 57% gross margin outlook.

A：The double-digit ablation catheter growth is driven by international markets, good mapping growth in the US, and the continued leadership position in PFA cases mapped. The company has also launched new products like the 13 French Angel Sheik. For 2026, the expectation is for continued growth, with PFA ablation catheters reaching higher penetration rates, potentially mimicking the US dynamic internationally.

A：China's contribution to Abbott's overall revenue has been growing diagnostics and biotechnology businesses. While China used to account for about 9-10% of total Abbott revenue around 10 years ago, it currently contributes less than 6%, which is a decrease. However, this does not deter Abbott from continuing to invest and grow its presence in China.

A：Abbott's growth outlook for China, when the diagnostics segment is excluded, is around 5 to 7%. The company has faced challenges with the diagnostics business, which was one of their larger businesses before the VDP, but despite this, the mentioned growth rate is considered a good target for the coming years.

A：Abbott's dual chamber, needle-free pacemaker is experiencing significant growth, as part of their broader CRM business which is now generating double-digit growth. The company has been investing to change the standard of care, and the results have positively affected the business growth trajectory.

A：The uptake of Abbott's single chamber pacemaker is expected to continue with about 50% penetration, indicating room for growth. Furthermore, the company has so far implanted about half of its devices as dual chamber, and penetration in this area is sub-10%, suggesting there is also potential for growth in dual chamber pacemaker sales.

A：Abbott aims to convert a significant portion of the low voltage pacing market, which they estimate to be around 4 billion, into their international markets, particularly in Europe and Japan. The goal is to become the market leader in this segment. The company is confident in their position due to pipeline innovations, clinical work, and investment in this area.

A：Abbott recognizes the importance of the structural heart market and aims to improve its share, particularly in left atrial appendage closure. They are focusing on leveraging their portfolio and the new generation AMOLED device which has received positive feedback from physicians. Abbott is conducting trials for the next generation product and a readout against NOAC is expected in 2027. They are also looking at improving their share with concomitant procedures.

A：Abbott's next generation AMOLED device has completed enrollment in a trial and is expected to be filed in the first half of the following year. The exact launch timeline is pending, but the device is anticipated to be a significant differentiator for Abbott, enhancing their portfolio with competitive tools.

A：The adoption of Continuous Glucose Monitoring (CGM) in the U.S. has been slower compared to other countries, with a large universe of primary care doctors yet to be fully onboard. Despite some areas already having a high level of understanding, pockets of the country still lack experience with CGM. Integration efforts, such as with Epic integration, are aimed at addressing these issues and improving the accessibility and understanding of CGM for primary care physicians.

A：The company remains committed to defending the product and the use of it moving forward. Some federal cases have already been through summary judgment and the company stands behind its products, label, and their importance in the healthcare system. More cases are expected to progress this year and into next year.

A：The 'pockets of softness' in the nutrition segment were attributed to competitive impacts, with the company giving back some market share that had been captured the previous year due to a competitor's supply disruption. Additionally, a significant WIC contract was lost to a competitor in the quarter which affected the segment's performance.

A：The company expects some of the recent share losses in the US pediatrics market to impact growth for the next couple of quarters. However, the team is confident in regaining its share, as they have faced similar challenges in the past and successfully regained their market position after a few quarters.

A：The company believes the growth in the device business is sustainable due to the investments in high-growth markets, strong portfolios, significant investment in product development and clinical trials, and strategic use of the balance sheet. They expect to sustain and even accelerate the double-digit growth through various catalysts such as label expansions, guideline changes, and new product launches.

A：The strategies for future growth of the device business include focusing on growth areas such as diabetes, EP, and structural heart, while also addressing historically slower growth segments to move them from flat growth to mid-single-digit growth. This repositioning is already showing impact, with the vascular business achieving consistent mid-single-digit growth.

A：The company is actively managing its balance sheet by paying down debt, using it for dividend growth, share buybacks, and general corporate purposes. They have also made investments in manufacturing and digital solutions. The company is strategic about acquisitions and continues to look for opportunities that can generate an attractive return.

A：The structural heart segment, particularly for the mitral and tricuspid valves, offers significant opportunities. However, challenges include the need to continue investing in data generation and strengthening referral pathways. The segment's real big drivers are expected to be clinical evidence and continued investment in research. The company has a strong portfolio and market position in structural heart, with several catalysts to sustain and accelerate the double-digit growth.