0001628280-26-050134
SEC filingQ2 营收增 13% 至 $12.6B，但净利因 Exact Sciences 收购费用大降 48%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Sales | $12,593M | $11,142M | +13.0% |
| Gross Profit | $6,610M | $5,868M | +12.6% |
| Gross Margin | 52.5% | 52.7% | -20bps |
| Operating Income | $1,693M | $2,052M | -17.5% |
| Operating Margin | 13.4% | 18.4% | -500bps |
| Net Income | $928M | $1,779M | -47.8% |
| Diluted EPS | $0.53 | $1.01 | -47.5% |
| Operating Cash Flow (H1) | $3,803M | $3,464M | +9.8% |
| Free Cash Flow (H1) | $2,907M | $2,478M | +17.3% |
Q2 营收增长 13.0%（剔除汇率 +12.2%），主要由 Exact Sciences 并表（贡献 $919M Cancer Diagnostics）和 Medical Devices 高个位数增长驱动。但盈利端大幅下滑：Operating Income 降 17.5%，Net Income 降 47.8%，主要因收购相关费用（含股权结算 $321M）、无形资产摊销增加（$658M vs $420M）以及利息费用上升（$351M vs $121M）。
Gross Margin 微降 20bps 至 52.5%，反映 Exact Sciences 摊销和成本上升，但被 favorable business mix 部分抵消。Operating Margin 大幅下降 500bps，主要受 SG&A 费用率上升（+30.3%）和 R&D 投入增加（+22.9%）影响，均与收购整合相关。
盈利质量方面，H1 经营现金流 $3,803M 同比增长 $339M，但净利下降 35%，主要因收购相关非现金费用和一次性支出。剔除 Exact Sciences 相关费用后，run-rate 盈利能力仍受摊销和利息费用结构性拖累。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Established Pharmaceutical Products | $1,499M | +8.4% | $382M | 25.5% | Key Emerging Markets 增 10.1% |
| Nutritional Products | $2,144M | -3.1% | $368M | 17.2% | U.S. Pediatric 销量下滑 |
| Diagnostic Products | $3,092M | +42.3% | $499M | 16.1% | Exact Sciences 并表 |
| Medical Devices | $5,853M | +9.0% | $1,969M | 33.6% | Electrophysiology 增 13.0% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $5,603M | $8,939M (Dec 2025) |
| Total Debt | $32,608M | $12,929M (Dec 2025) |
| Net Debt | $27,005M | $4,000M (Dec 2025) |
| Inventory | $7,315M | $6,488M (Dec 2025) |
| Operating Cash Flow (H1) | $3,803M | $3,464M |
| Capex (H1) | $896M | $986M |
| Free Cash Flow (H1) | $2,907M | $2,478M |
| FCF 转化率 (H1) | 145% | 80% |
Net Debt/EBITDA 未披露，但债务大幅增加主要因 Exact Sciences 收购发行 $20.0B 债务。