IVD四巨头2018年财报出炉,罗氏稳居行业龙头
p 2018年度:br//pp strong集团总营收/strong:span style="color: rgb(0, 112, 192) "strong罗氏第一,雅培第二,丹纳赫第三/strong/span。/pp 雅培增长率达11.6%,排第一。/pp 西门子医疗因年初IPO上市,统计年度为2017年12月1日至2018年9月30日,暂不做排名。/pp strong诊断业务营收/strong:同样是strongspan style="color: rgb(0, 112, 192) "罗氏第一,雅培第二,丹纳赫第三/span/strong。/pp strong罗氏/strong:继续以绝对优势稳居行业龙头,诊断业务营收几乎是第二和第三的总和。/pp strong雅培/strong:收购Alere之后,跃居全球IVD“二把手”。并受此影响,诊断业务高达33.5%的增长率。/pp strong丹纳赫/strong:诊断业务已是第二大业务,达31%。但是持续的高增速在2018年有所下滑,2019年,现金充沛的丹纳赫的并购会押注在诊断还是独立的牙科?将是一个巨大悬念。/pp 西门子医疗IPO上市后,第一个财年就完成年度目标。尽管受不利汇率影响,调整后诊断业务营收增长1%。/ptable border="0" cellpadding="0" cellspacing="0"colgroupcol width="162" style=" width:163px"/col width="124" style=" width:124px"/col width="72" span="2" style="width:72px"/col width="84" style=" width:84px"//colgrouptbodytr height="18" style="height:18px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important" class="firstRow"td rowspan="2" height="37" width="163" style="border-bottom-width: 1px border-bottom-color: black max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"2018年/span/tdtd width="98" style="border-color: currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"罗氏/span/tdtd width="105" style="border-color: currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"雅培/span/tdtd width="109" style="border-color: currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"丹纳赫/span/tdtd width="106" style="border-color: currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"西门子医疗/span/td/trtr height="19" style="height:19px"td height="19" width="124"span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"(亿瑞郎)/span/tdtd width="103" style=""span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"(亿美元)/span/tdtd width="135" style=""span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"(亿美元)/span/tdtd width="49" style=""span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"(亿欧元)/span/td/trtr height="19" style="height:19px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"td height="19" width="163" style="border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"总营收/span/tdtd width="98" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"568/span/tdtd width="110" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"306/span/tdtd width="109" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"198.9/span/tdtd width="106" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"134/span/td/trtr height="19" style="height:19px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"td height="19" width="163" style="border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"增长率/span/tdtd width="98" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"7%/span/tdtd width="110" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"11.60%/span/tdtd width="109" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"8.50%/span/tdtd width="106" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"4%/span/td/trtr height="19" style="height:19px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"td height="19" width="163" style="border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"诊断业务排名变化/span/tdtd width="98" style="border-left-style: none border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"→/span/tdtd width="110" style="border-left-style: none border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"↑/span/tdtd width="109" style="border-left-style: none border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"↓/span/tdtd width="106" style="border-left-style: none border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"→/span/td/trtr height="19" style="height:19px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"td height="19" width="163" style="border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"诊断业务营收/span/tdtd width="98" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"129/span/tdtd width="110" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"74.95/span/tdtd width="109" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"62.6/span/tdtd width="106" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"39.62/span/td/trtr height="19" style="height:19px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"td height="19" width="163" style="border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"诊断业务增长率/span/tdtd width="98" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"7%/span/tdtd width="110" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"33.50%/span/tdtd width="109" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"7%/span/tdtd width="106" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"1%/span/td/trtr height="19" style="height:19px max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"td height="19" width="163" style="border-color: currentcolor windowtext windowtext max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"诊断业务占比/span/tdtd width="98" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important" 23%/span/tdtd width="110" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"25%/span/tdtd width="109" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important overflow-wrap: break-word !important"31%/span/tdtd width="106" style="border-color: currentcolor windowtext windowtext currentcolor max-width: 100% word-wrap: break-word !important box-sizing: border-box !important overflow-wrap: break-word !important "span style="max-width: 100% box-sizing: border-box !important word-wrap: break-word !important"29.50%/span/td/tr/tbody/tablep style="text-align: center "span style="color: rgb(127, 127, 127) "IVD四巨头2018财年数据总览/span/pp span style="font-size: 14px "注:①西门子医疗诊断业务增长率一栏,1%为可比增长率。罗氏年报中,所有增长率均为固定汇率(CER:2017年平均值)。/span/ppspan style="font-size: 14px " ②按照实时汇率,1瑞士法郎=1.0065美元,罗氏的总营收约572亿美元,诊断业务营收约130亿美元。/span/ppspan style="font-size: 14px " ③按照实时汇率,1欧元=1.1487美元,西门子医疗的总营收约154亿美元,诊断业务营收约46亿美元。/span/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/b5667963-1ff7-4d0a-8ded-5ae581adf73a.jpg" title="1.jpg" alt="1.jpg"//pp style="text-align: center "span style="color: rgb(192, 0, 0) "strongROCHE/strong/span/pp strong整体营收/strong/pp span style="color: rgb(0, 112, 192) "strong集团总营收568亿瑞士法郎,增长7%/strong/span。核心营业利润增长9%,反映了强劲的基础业务表现。/pp 核心每股收益增长19%,在国际财务报告准则上,净利润增长24%,其中包括美国税制改革和更高的财务净收入带来的好处。/pp strong诊断业务营收/strong/pp 两大部门中,制药部门营收444亿瑞士法郎,增长7%。诊断部门营收129亿瑞士法郎,增长7%。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/5dcd23c6-e0c3-47b6-96bf-ebac204e5f1c.jpg" title="02.jpg" alt="02.jpg" width="600" height="400" border="0" vspace="0" style="width: 600px height: 400px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "两大部门营收占比/span/pp strong诊断各部门营收/strong/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/07480469-f18c-4ea6-aa17-7e5e107e0dd3.jpg" title="3.jpg" alt="3.jpg"//pp style="text-align: center "span style="color: rgb(127, 127, 127) "罗氏诊断四大业务/span/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/59206560-408e-4620-a347-971519f640cf.jpg" title="4.jpg" alt="4.jpg" width="600" height="400" border="0" vspace="0" style="width: 600px height: 400px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "四大业务2018年营收数据/span/pp strong中心实验室和POC诊断事业部/strong:营收77.7亿瑞郎,是诊断业务营收的主要贡献者,占比60.3%,同比+8%。所有业务领域的营收都有所增长,strong免疫诊断(+11%)和临床化学(+7%)业务是主要增长动力。/strong/pp strong分子诊断业务/strong:营收20.2亿瑞郎,占比15.7%,同比+5%。由于艾滋病毒监测方面增长强劲,病毒学营收增长4%。对cobas Liat测试的需求持续旺盛。/pp strong糖尿病管理业务/strong:营收19.8亿瑞郎,占比15.4%。新增Accu-Chek指南和Accu-Chek即时血糖监测系统,带动该业务增长2%。/pp strong组织诊断业务/strong:营收11.1亿瑞郎,占比8.6%,同比+10%。其中,高级染色业务持续强劲增长(+10%) 对主要染色组合的需求很高(+13%)。/pp span style="color: rgb(0, 112, 192) "strong区域方面/strong/span/pp strong欧洲、中东、非洲/strong:营收50亿瑞郎,贡献了38.7%的营收,同比+3%。/pp strong亚太地区/strong:营收33亿瑞郎,同比+13%。罗氏诊断的增长主要由亚太地区驱动。/pp strong北美市场/strong:营收32亿瑞郎,同比+7%。/pp strong拉丁美洲/strong:同比+9%/pp strong日本/strong:同比+6%/pp span style="color: rgb(0, 0, 0) "strong推进个性化医疗/strong/span/pp 2018年罗氏完成了几笔交易,以进一步推进其个性化医疗战略。其中包括:Foundation Medicine公司,其全面的基因组分析可以识别患者癌症的分子变化,并将其与相关的靶向治疗,免疫疗法和临床试验相匹配 Flatiron Health公司,在癌症研究现实证据的策划和开发方面的市场领导者。/pp 2018年初,罗氏诊断与通用电气医疗宣布达成战略合作协议,将罗氏的体外诊断技术与通用电气医疗的体内诊断技术相结合。其目标是共同开发和共同市场决策支持软件解决方案,以一个共享的数字平台为基础,该平台还允许第三方潜在地放置与产品和公司无关的应用程序。最初的重点是肿瘤学和急性护理。/pp span style="color: rgb(0, 0, 0) "strong2019财年展望/strong/span/pp 罗氏CEO Severin Schwan称:“2018年,罗氏制药和诊断两大业务都取得非常好的增长。此外,罗氏在推动数字化、利用真实医疗数据和分析技术支持产品开发和推进个性化医疗方面也取得了重大进展。基于成功的上市和我们强大的产品线,strongspan style="color: rgb(0, 112, 192) "罗氏处于继续增长的有利位置/span/strong。/pp 预计2019年集团营收将以不变汇率在个位数上下区间增长。span style="color: rgb(0, 112, 192) "strong在固定汇率下,每股核心收益的增长目标与营收大致一致。罗氏预计将进一步提高瑞士法郎股息/strong/span。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/7ae339f6-b7ab-4733-9ab6-07a81f6c9ac3.jpg" title="5.jpg" alt="5.jpg"//pp style="text-align: center "strongspan style="color: rgb(192, 0, 0) "DANAHER/span/strong/pp strong整体营收/strong/pp 2018全年,strongspan style="color: rgb(0, 112, 192) "丹纳赫营收198.9亿美元,相比2017年的183.3亿美元增长8.5%/span/strong。其中净利润为26.5亿美元。稀释后每股收益为3.74美元,同比增长7.0%。研发支出上升9%,至12.3亿美元。从下图可以看出,strongspan style="color: rgb(0, 112, 192) "诊断的核心业务的增长在丹纳赫集团所有业务中,18年度的增长是有所下滑,仅次于牙科./span/strong/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/b0d8d6c8-b8dd-49f9-8bbd-b56a96a91d5d.jpg" title="6.jpg" alt="6.jpg" width="600" height="400" border="0" vspace="0" style="width: 600px height: 400px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "丹纳赫近三年核心收入增长/span/pp strongspan style="color: rgb(0, 112, 192) "四大业务营收/span/strong/pp 丹纳赫在2018年剥离了旗下的牙科业务,拆分成独立的上市公司strongspan style="color: rgb(0, 112, 192) "DentalCo/span/strong。 /pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/023a0372-4c0b-4309-b5eb-3155a61f9756.jpg" title="7.png" alt="7.png" width="600" height="203" border="0" vspace="0" style="width: 600px height: 203px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "调整前业务框架/span/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/0e08d711-cf2f-4525-a838-45c4886bd15c.jpg" title="8.jpg" alt="8.jpg" width="600" height="162" border="0" vspace="0" style="width: 600px height: 162px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "调整后业务框架/span/pp strong生命科学/strong:增长13%,达64.7亿美元/pp strong诊断/strong:增长7%,至62.6亿美元/pp strong环境与应用解决方案/strong:增长9%,共43.2亿美元/pp strong牙科/strong:Dental全年营收增长1%,至28.4亿美元。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/d40113ba-55cf-4063-8e07-6cb284cb13f2.jpg" title="9.jpg" alt="9.jpg" width="300" height="1001" border="0" vspace="0" style="width: 300px height: 1001px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "各业务2018财年数据(单位:百万美元)/span/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/987a7659-91f4-4e58-bf8c-4311d9f2043e.jpg" title="10.jpg" alt="10.jpg" width="600" height="400" border="0" vspace="0" style="width: 600px height: 400px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "营收占比/span/pp strong诊断业务各子公司营收/strong/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/410917de-978d-4e98-a0a9-c2f505d1fc43.jpg" title="11.jpg" alt="11.jpg" width="600" height="404" border="0" vspace="0" style="width: 600px height: 404px "//pp strongBeckman Coulter Diagnostics/strong:核心收入以中等个位数增长,以中国为首,北美业绩改善。第四季度免疫测定的增长尤为强劲,而在2018年,strongspan style="color: rgb(0, 112, 192) "免疫业务首次超过了临床化学业务/span/strong。血液学方面,DxH 900、DxH 520两款分析仪的市场反馈可喜。/pp strongRadiometer/strong:在北美、西欧和中国的强劲表现推动了高单位数核心收入增长。丹纳赫总裁兼CEO Joyce指出:“血气和AQT产品线产生了出色效果,我们相信Radiometer将继续在急症护理市场占有一席之地。”/pp strong徕卡(Leica)生物系统/strong:核心收入增长中位数,在大多数主要地区和产品线上具有广泛的实力,其中高级染色的增长率达到两位数。/pp strong Cepheid/strong:在2018年第四季度取得重要里程碑——全球安装的仪器达到2万台,进一步扩大该品牌领先的市场。另外,通过推出CE-IVD标记Xpert HBV Viral Load测试,Cepheid提供了一个完整的病毒学测试菜单,适用于任何实验室环境,使更多的临床医生和患者能够进行高质量的测试和疾病监测。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/d84626f3-7d93-41d5-9435-22415971fdc4.jpg" title="12.jpg" alt="12.jpg" width="600" height="400" border="0" vspace="0" style="width: 600px height: 400px "//pp strong2019财年展望/strong/pp 丹纳赫总裁兼CEO Thomas P. Joyce, Jr. 表示:“这一年,丹纳赫实现了强劲的收入增长和营业利润率增长,经调整后的每股收益达到两位数,自由现金流也出现增长。在新产品创新和强化商业执行的共同推动下,我们在许多业务中获得了份额。此外,还strongspan style="color: rgb(0, 112, 192) "完成了20多亿美元的战略收购。/span/strong/pp 我们相信,丹纳赫已经做好准备,在有吸引力的终端市场进行大规模的资本配置。”/pp 预计2019年,丹纳赫全年稀释后每股净收益将在3.85美元~3.95美元之间。另,有消息称,其span style="color: rgb(0, 112, 192) "strong正在部署150亿美元的收购/strong/span。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/e880104a-1d89-4b63-8c9f-dffa8112bb44.jpg" title="13.jpg" alt="13.jpg"//pp style="text-align: center "strongspan style="color: rgb(192, 0, 0) "ABBOTT/span/strong/pp strong整体营收/strong/pp 2018年雅培全球营收306亿美元,同比增长11.6%,有机增长7.3%。全年持续经营业务的调整后稀释每股收益为2.88 美元(不包括特定项目),较上年增长15.2%。/pp 2018年,雅培产生了强劲的运营现金流,偿还了逾80亿美元的债务。同时,以股息的形式向股东返还了20亿美元,并在去年12月宣布将季度普通股股息增加14.3%。/pp strong四大业务营收/strong/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/3c64b8a2-6e7d-4923-b87b-b16def4895f3.jpg" title="14.jpg" alt="14.jpg" width="600" height="330" border="0" vspace="0" style="width: 600px height: 330px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "雅培业务框架/span/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/9db42982-77e4-478e-a910-a7450e22d15b.jpg" title="15.png" alt="15.png" width="600" height="220" border="0" vspace="0" style="width: 600px height: 220px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "雅培四大业务2018财年数据(单位:百万美元)/span/pp 在雅培四大业务板块中,医疗器械和诊断业务表现可圈可点:/pp strong诊断业务/strong:营收74.95亿美元,同比增长33.5%/pp strong医疗器械业务/strong:营收113.7亿美元,同比增长10.1%/pp 这两大板块增长势头如此强劲,与雅培2017年完成的两桩并购(圣犹达医疗和Alere公司)密切相关。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/e22c0d7b-2c72-4e73-a10e-cfaa450cc058.jpg" title="16.jpg" alt="16.jpg" width="580" height="300" border="0" vspace="0" style="width: 580px height: 300px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "2018财年雅培各业务部门营收数据(单位:亿美元)/span/pp strong诊断各部门营收/strong/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/e9beb4a0-6e64-4aae-babc-55df0c5783a2.jpg" title="17.jpg" alt="17.jpg" width="600" height="228" border="0" vspace="0" style="width: 600px height: 228px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "雅培诊断2018年营收数据(单位:百万美元)/span/pp strong传统诊断/strong:营收43.86亿美元,在诊断业务中占比58.5%。得益于诊断解决方案Alinity系统的优异表现,该板块业绩尤为抢眼,实现了8.0%的增长。/pp strong分子诊断业务/strong:在传染病检测业务的推动下,营收增长4.7%。美国市场继续下滑(-4.8%,2017年为-12.8%),主要靠国际市场9.7%的增长驱动。/pp strong床旁诊断业务/strong:相比去年7.3%的增长率,由于美国市场-2%的下滑,仅增长0.4%。/pp strong快速诊断业务/strong:strongspan style="color: rgb(0, 112, 192) "收购Alere后,营收20.72亿美元,成为诊断业务营收的第二大贡献者/span/strong,占比27.6%。/pp strong2019财年展望/strong/pp 雅培董事长兼CEO白千里(Miles D. White)说:“2018是雅培表现出色的又一年。我们完成并超越了年初制定的销售目标,在多个业务板块取得了长足进步,同时极大地提升了公司的财务状况和战略灵活性,为2019年的发展奠定了良好的基础。”/pp 业绩表现稳健,雅培对2019年的发展前景表示乐观。预测2019年,公司全年营收增长有望达6.5%~7.5%。全年调整后稀释每股收益预计在3.15~3.25美元之间,其中位数较去年有望实现两位数增长。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/793bdaa3-f959-4641-8054-79a51eca0d55.jpg" title="18.jpg" alt="18.jpg" width="600" height="200" border="0" vspace="0" style="width: 600px height: 200px "//pp style="text-align: center "strongspan style="color: rgb(192, 0, 0) "SIEMENS/span/strong/pp 以下报告所述年度为一个较短的会计年度,即2017年12月1日至2018年9月30日。/pp strong整体营收/strong/pp 2018财年,西门子医疗业务的总营收为134亿欧元,调整后的利润额为23亿欧元。/pp strongspan style="color: rgb(0, 112, 192) "完成全年目标/span/strong/pp span style="color: rgb(0, 112, 192) "strong同比营收增长4%/strong/span/pp 尽管受不利汇率的影响,调整后strongspan style="color: rgb(0, 112, 192) "利润率为17.2%/span/strong/pp 西门子医疗拟strongspan style="color: rgb(0, 112, 192) "每股配送0.7欧元红利/span/strong/pp strong三大业务营收/strong/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/76de58dd-2f92-4ebb-8580-162d84d5b78e.jpg" title="19.jpg" alt="19.jpg" width="600" height="314" border="0" vspace="0" style="width: 600px height: 314px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "西门子医疗业务框架/span/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/c6cc13f9-2627-4355-8b62-ddbcffbffb9b.jpg" title="20.jpg" alt="20.jpg"//pp style="text-align: center "span style="color: rgb(127, 127, 127) "2018财年,三大业务营收数据(单位:百万欧元)/span/pp strong区域营收/strong/pp 在可比的基础上,所有区域都有适度增长。美国和中国为主要贡献者。/pp style="text-align: center"img src="https://img1.17img.cn/17img/images/201902/uepic/0250c3e2-19e2-4880-9505-0dde4383d925.jpg" title="21.jpg" alt="21.jpg" width="600" height="400" border="0" vspace="0" style="width: 600px height: 400px "//pp style="text-align: center "span style="color: rgb(127, 127, 127) "2018财年,各地区营收数据(单位:百万欧元)/span/pp strong诊断业务营收/strong/pp 诊断业务营收为39.62亿欧元,相比2017财年的41.64亿欧元,下降了2.01亿欧元(-5%)。这一下降是由不利汇率造成的,在可比的基础上,诊断业务总营收增长1%。/pp 诊断业务利润为4.55亿欧元,相比2017财年的5.61亿欧元,下降了1.06亿欧元(-19%)。排除2500万欧元的遣散费和IPO成本,调整后的利润率为12.1%,低于2017财年的14.0%。减少的主要原因是过渡到Atellica解决方案的成本。/pp strong2019财年展望/strong/pp 西门子医疗全球CEO孟天齐博士说:“我们完成了营收增长和利润率目标。2018财年,公司成功IPO,也是上市后第一个成功财年,巩固了西门子的市场竞争地位。鉴于在所有业务板块中拥有强劲的产品组合以及Atellica解决方案发货量的提升,我们对已经开始的2019财年充满信心。”/pp 展望2018年10月1日开始的2019财年,西门子医疗预期全年营收与2018财年相比,增长幅度为4%~5%,调整后的利润率为17.5%~18.5%。每股收益预期为20%~30%,高于2018财年。/pp style="text-indent: 2em "span style="color: rgb(192, 0, 0) "strong小结/strong/span/pp 相比2017年巨头们对于IVD第二的你争我夺,2018年诊断四巨头的营收差距开始拉开。/pp 值得注意的是,2019年各家布局的下一代免疫重磅产品将在全球全面展开竞争,包括重要的中国市场 /pp strongspan style="color: rgb(0, 112, 192) "罗氏诊断/span/strong:全新cobas 8000 e 801全自动化学发光免疫分析仪。/pp span style="color: rgb(0, 112, 192) "strong雅培/strong/span:新一代诊断产品Alinity ci也正式登陆中国。/pp span style="color: rgb(0, 112, 192) "strong西门子医疗/strong/span:下一代免疫和生化解决方案Atellica。/pp 2019年的业绩是否依靠这些重磅产品上市的超级收割机,号角已经吹响!/pp 随着雅培对于Alere的整合,雅培还将在罗氏背后步步紧追。未来竞争还会更加激烈。/p