“We are increasing the pace of innovation and are on track to nearly triple the number of new products introduced this year versus 3 years ago, and launch more than 1 thousand products by 2027.”

In context

“selling and improved customer retention, and a faster pace of innovation. Overall, our first half performance positions us well for continued momentum in the second half of the year. Innovation has always been 1 of 3M's greatest competitive advantages and Slide 5 highlights the significant inflection in launches and new product sales beginning about 2 years ago. Our goal is to restore that advantage at an even higher level by combining our unmatched material science capabilities with greater speed and better execution. Over the past couple of years, we have taken deliberate actions to increase rigor, accountability, and focus within our R&D organization. What we have been calling our R&D factory. As a result, we are beginning to see meaningful improvements across the innovation pipeline. We are increasing the pace of innovation and are on track to nearly triple the number of new products introduced this year versus 3 years ago, and launch more than 1 thousand products by 2027. While reducing development cycle time by about 20%. We expect performance to continue accelerating as we leverage AI to move more quickly from idea generation to development and production. These efforts are translating into commercial results with 5 year new product sales reaching about $4 billion this year and new product vitality index climbing to the mid teens this year, and 20% next year. The right side of the slide highlights several next generation innovations and showcases the breadth of our portfolio, and ability to address emerging customer needs. From developing new products for new markets, like EBO for data centers, to adapting existing technologies to new applications like Nextel high performance fibers for fuel cells and light reflective films for space satellites. These pr”