Charles River Laboratories International Inc (CRL) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Charles River Laboratories Second Quarter 2024 Earnings Conference Call. Just a reminder, this call is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Charles River Laboratories 2024 年第二季財報電話會議。提醒一下，本次通話正在錄音。（操作員指示）

I would now like to turn the conference over to our host, Mr. Todd Spencer, Vice President, Investor Relations. Mr. Spencer, please go ahead, sir.

現在，我想將會議交給我們的主持人、投資者關係副總裁托德·斯賓塞先生。史賓塞先生，請繼續。

Good morning, and welcome to Charles River Laboratories Second Quarter 2024 Earnings Conference Call and Webcast. This morning, I am joined by Jim Foster, Chair, President and Chief Executive Officer; and Flavia Pease, Executive Vice President and Chief Financial Officer. They will comment on our results for the second quarter of 2024. Following the presentation, they will respond to questions. There is a slide presentation associated with today's remarks, which will be posted on the Investor Relations section of our website at ir.criver.com.

早安，歡迎參加 Charles River Laboratories 2024 年第二季財報電話會議及網路廣播。今天上午，與我一起出席的還有董事長、總裁兼執行長 Jim Foster 和執行副總裁兼財務長 Flavia Pease。他們將對我們 2024 年第二季的業績發表評論。演講結束後，他們將回答問題。今天的演講附有幻燈片演示，將發佈在我們的網站 ir.criver.com 的投資者關係部分。

A webcast replay of this call will be available beginning approximately 2 hours after the call today and can also be accessed on the Investor Relations section of our website. The replay will be available through next quarter's conference call.

本次電話會議的網路重播將於今天電話會議結束後約 2 小時開始提供，也可在我們網站的投資者關係部分存取。重播將透過下個季度的電話會議提供。

I'd like to remind you of our safe harbor. All remarks that we make about future expectations, plans and prospects for the company constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated.

我想提醒你我們的安全港。我們對公司未來預期、計畫和前景所做的所有評論均構成 1995 年《私人證券訴訟改革法案》下的前瞻性陳述。實際結果可能與所示結果有重大差異。

During this call, we will primarily discuss non-GAAP financial measures, which we believe help investors gain a meaningful understanding of our core operating results and guidance. The non-GAAP financial measures are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP.

在本次電話會議中，我們將主要討論非公認會計準則財務指標，我們相信這有助於投資人深入了解我們的核心經營績效和指引。非公認會計準則財務指標並不意味著優於或取代依照公認會計準則編制的經營績效。

In accordance with Regulation G, you can find the comparable GAAP measures and reconciliations on the Investor Relations section of our website.

根據 G 規則，您可以在我們網站的投資者關係部分找到可比較的 GAAP 指標和對帳。

I will now turn the call over to Jim Foster.

現在我將電話轉給吉姆·福斯特。

Good morning. I will begin by providing highlights of our second quarter performance and revised guidance. We reported revenue of $1.03 billion in the second quarter of 2024, a 3.2% decline on both the reported and organic basis over last year. The top line performance was in line with our outlook as organic revenue growth in the Manufacturing segment was more than offset by DSA and RMS revenue declines.

早安.我將首先介紹我們第二季的業績和修訂後的指引。我們報告 2024 年第二季的營收為 10.3 億美元，與去年相比，報告收入和有機收入均下降 3.2%。由於製造部門的有機收入成長被 DSA 和 RMS 收入下降所抵消，因此營業收入表現與我們的預期一致。

By client segment, we continued to experience lower revenue from small and midsized biotech clients in the second quarter, while revenue from global biopharmaceutical clients increased modestly. I'll provide more details on the evolving trends within these 2 client segments shortly.

按客戶細分，第二季來自中小型生技客戶的收入持續下降，而來自全球生物製藥客戶的收入則小幅成長。我將很快提供有關這兩個客戶群發展趨勢的更多詳細資訊。

The operating margin was 21.3%, an increase of 90 basis points year-over-year. The increase was principally driven by lower performance-based bonus compensation accruals in the quarter reflecting the reduction in our financial outlook for the second half of the year.

營業利益率為21.3%，較去年同期成長90個基點。成長的主要原因是本季基於績效的獎金補償應計金額減少，反映了我們對下半年財務前景的下調。

On a segment basis, a higher operating margin in the Manufacturing segment and lower corporate costs were largely offset by lower margins in RMS and the DSA segments. These lower accruals were the largest contributor to the earnings outperformance in the second quarter.

從分部角度來看，製造部門的營業利潤率較高且企業成本較低，但在很大程度上被 RMS 和 DSA 部門的利潤率較低所抵銷。這些較低的應計費用是第二季獲利表現優異的最大貢獻者。

Earnings per share of $2.80 increased 4.1% year-over-year and exceeded the implied outlook in our prior guidance by approximately $0.40.

每股收益 2.80 美元，年增 4.1%，超過我們先前預測的預期約 0.40 美元。

We are significantly reducing our financial guidance for the year because forward-looking DSA trend data suggests that demand will not improve during the second half of the year as we had previously anticipated, and, in fact, will decline for global biopharmaceutical clients. As a result, we are reducing our revenue outlook to a 3% to 5% decline on an organic basis this year, and non-GAAP earnings per share is now expected to be in a range of $9.90 to $10.20.

我們大幅下調了今年的財務預期，因為前瞻性的 DSA 趨勢數據表明，下半年的需求不會像我們之前預期的那樣改善，事實上，全球生物製藥客戶的需求將會下降。因此，我們將今年的營收預期下調至有機下降 3% 至 5%，非 GAAP 每股盈餘預計在 9.90 美元至 10.20 美元之間。

We intend to partially offset the headwinds through aggressive actions to streamline our cost structure, optimize our global footprint and drive greater operating efficiency, which will enable us to limit the bottom line impact going forward. We believe taking these actions will also enable us to emerge from this period of softer demand as a stronger and leaner organization and better positioned to capture new business opportunities.

我們打算採取積極行動來精簡成本結構、優化全球佈局和提高營運效率，從而部分抵消不利因素，這將使我們能夠限制未來的底線影響。我們相信，採取這些行動也將使我們擺脫這一需求疲軟時期，成為一個更強大、更精簡的組織，並更好地抓住新的商業機會。

Before I discuss the second quarter business segment performance, I will provide more details on these end market demand trends as well as the actions we are taking to manage through the current environment. Our financial performance to date, including a low single-digit organic revenue decline in the first half, has been largely in line with our initial outlook.

在討論第二季業務部門業績之前，我將提供有關這些終端市場需求趨勢的更多詳細信息，以及我們為應對當前環境而採取的行動。我們迄今為止的財務業績，包括上半年低個位數的自然收入下降，基本上符合我們最初的預期。

However, the lack of a recovery in demand for our biotechnology clients as well as recently emerging and softening demand trends in our global biopharmaceutical client base have caused us to take a much more negative view of our growth prospects for the second half of the year.

然而，由於我們的生技客戶的需求沒有復甦，以及我們全球生物製藥客戶群中最近出現的需求趨勢減弱，導致我們對下半年的成長前景持更負面的看法。

Because of this, the second half revenue growth that we previously anticipated will not materialize. And in fact, Demand is expected to continue to soften for global biopharmaceutical clients in the near term. These trends for our broader biopharmaceutical client base are expected to lead to a low to mid-single-digit organic revenue decline in the second half of the year on a consolidated basis.

正因如此，我們先前預期的下半年營收成長將不會實現。事實上，預計短期內全球生物製藥客戶的需求將持續疲軟。對於我們更廣泛的生物製藥客戶群而言，這些趨勢預計將導致今年下半年合併後的有機收入出現低至中等個位數的下降。

As you are aware, most global biopharmaceutical companies have announced major restructuring programs likely precipitated by the IRA or pending patent expirations or both. And this has undoubtedly led to tighter budgets and additional pipeline reprioritization activities this year. Revenue for this client base continued to increase in the second quarter. However, proposal activity and bookings began to notably decline and diverge from biotech clients during the second quarter.

如您所知，大多數全球生物製藥公司都已宣布重大重組計劃，這可能是由 IRA 或即將到期的專利或兩者共同引發的。這無疑導致了今年預算收緊和管道重新排序活動的增加。該客戶群的營收在第二季持續成長。然而，第二季度，提案活動和預訂量開始明顯下降，並與生技客戶分歧。

We now expect demand for global biopharmaceutical clients to further deteriorate over the remainder of the year. We anticipate these trends are also likely to impact the DSA growth rate into 2025, so we are working now to reset our cost base to both withstand the pressures on our bottom line and to better position the company to when demand cycles back.

我們現在預計今年剩餘時間內全球生物製藥客戶的需求將進一步惡化。我們預計這些趨勢也可能影響 2025 年的 DSA 成長率，因此我們現在正在努力重置成本基礎，以承受底線壓力，並在需求回升時為公司做好更好的定位。

Large bio-pharmaceutical companies are currently focused on resetting their budgets to create leaner cost structures. We expect these actions and the resulting softening of our demand KPIs will continue to cause a period of slower spending by large pharma on their early-stage drug development activities, particularly because they are more focused on their clinical pipelines at this time.

大型生物製藥公司目前正致力於重新調整預算，以創建更精簡的成本結構。我們預計，這些行動以及由此導致的需求 KPI 的下降將繼續導致大型製藥公司在早期藥物開發活動上的支出放緩一段時間，特別是因為他們此時更加專注於臨床研發管線。

We believe that these clients continue to view strategic outsourcing as a compelling solution to improve their cost efficiency and speed to market, presenting a longer-term opportunity for us once they inevitably refocus on their preclinical pipelines.

我們相信，這些客戶會繼續將策略外包視為提高成本效率和上市速度的有效解決方案，一旦他們不可避免地重新關注其臨床前研發管線，這將為我們帶來更長期的機會。

In contrast to large pharma, demand KPIs for small and midsized biotech clients have stabilized and trended somewhat more favorably through the first half, reflecting the solid funding environment and favorable sentiment around interest rates. Biotech companies are our largest client base at approximately 40% of total revenue, and more than half of DSA revenue. And DSA proposals and net bookings have improved to this client base this year.

與大型製藥公司相比，中小型生技客戶的需求 KPI 在上半年已經趨於穩定且趨勢更為有利，這反映出穩健的融資環境和有利的利率情緒。生技公司是我們最大的客戶群，約佔總收入的 40%，佔 DSA 收入的一半以上。今年，針對該客戶群的 DSA 提案和淨預訂量有所改善。

We experienced an improvement in biotech booking activity in the second quarter as the higher proposal levels that we commented on last quarter have begun to translate into new business wins. While we are cautiously optimistic that these trends will lead to a future demand recovery in our biotech client base, they're also not sufficient to support the DSA revenue improvement in the second half of the year than we previously anticipated, and therefore, we do not expect revenue to biotech clients to improve from first half levels.

我們在第二季度經歷了生物技術預訂活動的改善，因為我們在上個季度評論的更高提案水平已開始轉化為新的業務勝利。雖然我們謹慎樂觀地認為這些趨勢將導致我們生物技術客戶群未來的需求復甦，但它們也不足以支持下半年 DSA 收入的增長超出我們之前的預期，因此，我們預計生物技術客戶的收入不會比上半年有所提高。

We are laser-focused on initiatives to generate more revenue, contain costs and protect shareholder value. As I discussed earlier this year, we have already begun to enhance our commercial efforts. We are focused on optimizing our sales force to accelerate revenue growth by adjusting go-to-market strategies and being a flexible partner for our clients, focusing on selling across the entire portfolio and leveraging technology to enhance sales insights and identify selling opportunities earlier.

我們專注於創造更多收入、控製成本和保護股東價值的措施。正如我今年早些時候所討論的，我們已經開始加強我們的商業努力。我們致力於優化銷售隊伍，透過調整市場進入策略、成為客戶的靈活合作夥伴來加速收入成長，專注於整個產品組合的銷售，並利用技術來增強銷售洞察力並更早地發現銷售機會。

Our digital strategy is also helping us to better connect with our clients including through our Apollo cloud-based platform to provide real-time access to scientific data and self-service tools for clients. To drive additional savings and preserve the bottom line, we will continue to aggressively manage our cost structure to ensure that capacity and head count are aligned with the current softer demand environment.

我們的數位策略也幫助我們更好地與客戶建立聯繫，包括透過我們的基於雲端的 Apollo 平台為客戶提供即時科學數據和自助服務工具。為了進一步節省開支並保持獲利，我們將繼續積極管理成本結構，以確保產能和員工數量與當前較弱的需求環境保持一致。

We have already consolidated several smaller sites and reduced staffing levels. These recent actions and additional actions that will be implemented by the end of the third quarter are expected to generate over $150 million of annualized cost savings, which will be fully realized in 2025.

我們已經合併了幾個較小的網站並減少了員工數量。這些近期的行動以及將在第三季末實施的其他行動預計將產生超過 1.5 億美元的年度成本節約，並將在 2025 年全面實現。

We are also finalizing our strategy, focusing on further optimizing our global footprint, driving greater operating efficiency and leveraging our digital platform and global business services to further streamline processes.

我們也正在最終確定我們的策略，重點是進一步優化我們的全球影響力，提高營運效率，並利用我們的數位平台和全球業務服務進一步簡化流程。

We expect to implement the initial phases of this plan before the end of this year, and we'll provide a more comprehensive update in November, including the incremental savings that these initiatives will deliver.

我們預計將在今年年底前實施該計劃的初始​​階段，並將在 11 月提供更全面的最新情況，包括這些舉措將帶來的增量節省。

As referenced in this morning's earnings release, we will also reinstate a stock repurchase program, and our Board recently approved a new stock repurchase authorization totaling $1 billion. We intend to reinstate stock repurchase activity before the end of the third quarter. Flavia will provide more details on this topic as well as an update on our capital priorities.

正如今天早上的收益報告中所提到的，我們還將恢復股票回購計劃，我們的董事會最近批准了總額為 10 億美元的新股票回購授權。我們打算在第三季結束前恢復股票回購活動。弗拉維亞將提供有關該主題的更多詳細資訊以及我們的資本優先事項的最新資訊。

I'd now like to provide you with additional details on our second quarter segment performance, beginning with the DSA segment's results. DSA revenue in the second quarter was $627.4 million, a decrease of 5% on an organic basis, driven by lower revenue in both the Discovery Services and Safety Assessment businesses.

現在，我想向您提供有關我們第二季度分部業績的更多詳細信息，首先是 DSA 分部的業績。第二季 DSA 收入為 6.274 億美元，有機下降 5%，原因是發現服務和安全評估業務收入下降。

In the Safety Assessment business, lower steady volume was partially offset by a small benefit from price increases. The overall business trends were relatively consistent with those that we have discussed in recent quarters with the exception of diverging demand trends between our global biopharmaceutical client base and small and mid-tier biotechs.

在安全評估業務中，較低的穩定銷售量被價格上漲帶來的小幅收益部分抵銷。除了我們的全球生物製藥客戶群和中小型生物技術公司之間的需求趨勢有所不同之外，整體業務趨勢與我們最近幾季討論的趨勢相對一致。

As mentioned earlier, we are beginning to see improvements in proposals and booking activity for biotech clients, but is meaningfully slowing for global biopharma clients. The combined effect has resulted in a net book-to-bill ratio that was similar to the last 5 quarters, but below 1 times in the second quarter. Gross bookings also remained above 1 times in the second quarter. And the cancellation rate was consistent with first quarter levels, which was below its peak, but still not back to targeted levels.

如前所述，我們開始看到生技客戶的提案和預訂活動的改善，但全球生物製藥客戶的提案和預訂活動的改善卻明顯放緩。綜合效應導致淨訂單出貨比與過去 5 個季度相似，但第二季低於 1 倍。第二季的總預訂量也維持在1倍以上。取消率與第一季水準一致，低於峰值，但仍未恢復到目標水準。

As a result of these trends, the DSA backlog decreased on a sequential basis to $2.16 billion at the end of the second quarter from $2.35 billion at the end of the first quarter.

由於這些趨勢，DSA 積壓訂單從第一季末的 23.5 億美元環比下降至第二季末的 21.6 億美元。

Since we do not expect these trends to improve during the second half of the year, as previously anticipated, and because we will likely be impacted by incremental spending pressures from our global biopharmaceutical client base, we have reduced our DSA revenue outlook to a high single-digit organic decline for the full year.

由於我們預計這些趨勢不會像之前預期的那樣在下半年得到改善，並且我們可能會受到來自全球生物製藥客戶群的增量支出壓力的影響，因此我們將全年的 DSA 收入預期下調至高個位數有機下降。

In the near term, we will ensure that our capacity both space and staffing are aligned with this lower expected level of demand.

在短期內，我們將確保我們的空間和人員配置能力與預期的較低需求水準保持一致。

Looking beyond that, we will continue to speak with our clients and closely monitor for indications that clients are beginning to return their focus to their IND-enabling programs versus their recent focus on post-IND studies and for demand trends to stabilize or begin to improve across both the global and mid-tier client bases.

除此之外，我們將繼續與客戶溝通，密切監測客戶是否開始將注意力重新轉向 IND 支援計劃，而不是最近對 IND 後研究的關注，以及全球和中端客戶群的需求趨勢是否穩定或開始改善。

The DSA operating margin was 27.1% in the second quarter, a 50 basis point decrease from the second quarter of 2023. The year-over-year decline reflected the impact of lower sales volume and moderated pricing, particularly in the Discovery Services business.

第二季 DSA 營業利益率為 27.1%，較 2023 年第二季下降 50 個基點。年比下降反映了銷售下降和定價放緩的影響，尤其是在發現服務業務方面。

The operating margin improved from the first quarter level, which was commensurate with sales volume, lower bonus accruals and additional cost savings generated by our restructuring efforts.

營業利潤率較第一季有所提高，這與銷售量、較低的獎金應計額以及重組工作產生的額外成本節約相稱。

RMS revenue was $206.4 million, a decrease of 3.9% on an organic basis over the second quarter of 2023. The RMS revenue decline was primarily driven by lower NHP revenue. As we mentioned last quarter, we expected the timing of NHP shipments to be a meaningful headwind to the second quarter RMS growth rate. Excluding the NHP impact, RMS revenue was essentially flat year-over-year as higher sales of small research models were offset by slightly lower revenue for research model services.

RMS 營收為 2.064 億美元，與 2023 年第二季相比自然下降 3.9%。RMS 收入下降主要是由於 NHP 收入下降。正如我們在上個季度所提到的，我們預期 NHP 出貨量的時間將對第二季 RMS 成長率產生重大阻力。排除 NHP 的影響，RMS 收入與去年同期基本持平，因為小型研究模型銷售額的增加被研究模型服務收入的略微下降所抵消。

For the full year, we believe the market environment will remain stable overall. So we are reaffirming our RMS organic revenue growth outlook of flat to low single-digit growth.

就全年而言，我們認為市場環境整體保持穩定。因此，我們重申 RMS 有機收入成長前景，即持平至低個位數成長。

Revenue for small models continued to increase in all geographies, particularly in China and Europe. The resilience of the Research Models business reflects the fact that small models are essential low-cost tools for research, which also enhances our ability to continue to realize price increases globally.

小型車型的收入在所有地區均持續增長，尤其是在中國和歐洲。研究模型業務的韌性反映出小型模型是研究必不可少的低成本工具，這也增強了我們在全球範圍內繼續實現價格上漲的能力。

Our China business has been resilient despite the macroeconomic pressures in the country as the growth rate for small research models have strengthened driven primarily by share gains associated with our geographic expansions within China.

儘管中國面臨宏觀經濟壓力，但我們的中國業務依然保持韌性，因為小型研究模型的成長率有所增強，這主要得益於我們在中國境內地理擴張帶來的份額成長。

Research Model Services experienced a slight revenue decline in the second quarter in both GEMS and Insourcing Solutions. These trends largely reflect the overall biopharma demand environment. However, the benefits generated by clients that utilize our GEMS and IS solutions can help them overcome their budgetary pressures by driving efficiency.

研究模型服務在第二季的 GEMS 和內部採購解決方案收入均略有下降。這些趨勢在很大程度上反映了整體生物製藥的需求環境。然而，利用我們的 GEMS 和 IS 解決方案的客戶所獲得的利益可以幫助他們透過提高效率來克服預算壓力。

CRADL business model, while not unaffected by the demand environment, continues to resonate with clients who are looking for cost-effective solutions for their vivarium space requirements. There are pockets of softer demand, particularly in South San Francisco that have led to the consolidation of our CRADL capacity there. However, other biohubs continue to perform well.

CRADL 商業模式雖然受到需求環境的影響，但仍受到那些尋求經濟高效的動物飼養空間解決方案的客戶的青睞。一些地區的需求較弱，尤其是在南舊金山，這導致我們在那裡整合了 CRADL 產能。然而，其他生物中心繼續表現良好。

In the second quarter, the RMS operating margin decreased by 330 basis points to 23.1%. The decline was primarily a result of the lower NHP revenue. The timing of NHP shipments from both Noveprim and in China can lead to quarterly revenue fluctuations.

第二季度，RMS營業利益率下降330個基點至23.1%。下降的主要原因是 NHP 收入下降。Noveprim 和中國 NHP 的出貨時間可能會導致季度收入波動。

And since the sales of these large models are quite profitable, the timing of shipments can have a meaningful impact on the RMS margins on a quarterly basis. However, our view for the year hasn't changed and both the RMS and Manufacturing segments are expected to deliver operating margin expansion in 2024.

由於這些大型機型的銷售利潤頗豐，因此出貨時間可能會對季度 RMS 利潤率產生重大影響。不過，我們對今年的看法並沒有改變，預計 RMS 和製造部門都將在 2024 年實現營業利潤率擴大。

Revenue for the Manufacturing Solutions segment was $192.3 million, an increase of 3.7% on an organic basis compared to the second quarter of last year. Each of the segment's businesses contributed to the revenue growth. As anticipated, the Manufacturing growth rate was lower than the first quarter level because of a more challenging prior year comparison for the CDMO business. You may recall that we anniversaried the recovery of the CDMO business in the second quarter of last year. We expect the CDMO growth rate to reaccelerate in the second half of the year based on the current pipeline of new projects, particularly for cell therapy.

製造解決方案部門的營收為 1.923 億美元，與去年第二季相比有機成長 3.7%。該部門的每個業務都為收入成長做出了貢獻。正如預期的那樣，由於 CDMO 業務與去年同期相比更具挑戰性，製造業成長率低於第一季水準。您可能還記得，我們​​在去年第二季慶祝了 CDMO 業務的復甦。根據目前的新項目儲備，特別是細胞療法項目，我們預計 CDMO 成長率將在下半年再次加速。

As a result, we expect Manufacturing organic revenue growth will be in the mid- to high single-digit range, a slight increase from our prior outlook. The competitive landscape is also undergoing a transition in certain manufacturing market sectors due to M&A or proposed geopolitical regulation, both of which should offer new opportunities to demonstrate the synergies of our comprehensive testing portfolio and win new business.

因此，我們預計製造業有機收入成長將處於中高個位數範圍，略高於我們先前的預測。由於併購或擬議的地緣政治監管，某些製造市場領域的競爭格局也在轉變，這兩者都應提供新的機會來展示我們全面的測試產品組合的協同效應並贏得新業務。

The CDMO business continues to perform well and client interest remains strong. The third client who utilizes our viral vector center of excellence in Maryland received commercial approval last month, and we are also regularly adding new projects across the various phases of clinical development.

CDMO業務持續表現良好，客戶興趣依然濃厚。利用我們位於馬裡蘭州的病毒載體卓越中心的第三位客戶上個月獲得了商業批准，並且我們還在臨床開發的各個階段定期添加新項目。

Booking activity continues to improve, and the CDMO business remains on track to deliver solid double-digit growth this year.

預訂活動持續改善，CDMO 業務今年仍有望穩健的兩位數成長。

Revenue in our manufacturing Quality Control Testing business, Biologics Testing and Microbial Solutions also continued to grow, rebounding from the more challenging market environment last year. Biologics Testing's performance was driven by its core testing activities, including cell banking and viral clearance. For Microbial Solutions, the primary driver of revenue growth was demand for our Endosafe testing cartridges. Clients have resumed their purchases of reagents and consumables as destocking activity have subsided.

我們的製造品質控制測試業務、生物製劑測試和微生物解決方案的收入也持續成長，從去年更具挑戰性的市場環境中反彈。生物製劑測試的表現由其核心測試活動推動，包括細胞庫和病毒清除。對於微生物解決方案而言，收入成長的主要驅動力是對我們的 Endosafe 測試墨盒的需求。隨著去庫存活動的消退，客戶已恢復購買試劑和消耗品。

The Manufacturing segment second quarter operating margin was 26.6%, demonstrated continued improvement with increases of 370 basis points year-over-year to 130 basis points sequentially. The improvement is largely a result of leverage from higher sales volume across each of the segment's businesses. We expect this trend will continue as the segment rebounds from 2023 and also due to the ongoing increase in the scale of our CDMO business.

製造部門第二季營業利潤率為 26.6%，持續改善，較去年同期成長 370 個基點，較上季成長 130 個基點。這項改善很大程度上得益於該部門各業務部門銷售量增加所帶來的槓桿作用。我們預計，隨著該領域從 2023 年開始反彈，以及我們的 CDMO 業務規模的持續成長，這一趨勢將持續下去。

To conclude, it is clear that our clients are in the midst of reassessing their budgets, reprioritizing their pipelines and managing their cost structures. However, our clients will continue to seek life-saving treatments for rare diseases and other unmet medical needs. In order to do so, they will, by necessity, reinvigorate investment in their early-stage R&D programs over time.

總而言之，很明顯我們的客戶正在重新評估他們的預算、重新確定他們的管道優先順序並管理他們的成本結構。然而，我們的客戶將繼續尋求針對罕見疾病和其他未滿足的醫療需求的救命治療方法。為了實現這一目標，他們必然會逐漸重新加大對早期研發項目的投資。

To emerge as an even stronger partner for our clients, we are working to actively manage our costs, initiate new and innovative ways to transform our business, protect shareholder value and enhance our clients' commercial experience to gain additional share.

為了成為客戶更強大的合作夥伴，我們正在積極管理成本，開闢新的創新方式來轉變業務，保護股東價值並增強客戶的商業體驗以獲取更多份額。

To conclude, I'd like to thank our employees for their exceptional work and commitment and our clients and shareholders for their continued support.

最後，我要感謝我們的員工的出色工作和奉獻，以及我們的客戶和股東的持續支持。

Now Flavia will provide additional details on our second quarter financial performance and 2024 guidance.

現在，Flavia 將提供有關我們第二季財務業績和 2024 年指引的更多詳細資訊。

Thank you, Jim, and good morning. Before I begin, may I remind you that I'll be speaking primarily to non-GAAP results, which exclude amortization and other acquisition-related adjustments, costs related primarily to restructuring actions, gains or losses from certain venture capital and other strategic investments and certain other items.

謝謝你，吉姆，早安。在我開始之前，我想提醒大家，我將主要談論非公認會計準則的結果，其中不包括攤銷和其他與收購相關的調整、主要與重組行動相關的成本、某些風險資本和其他策略投資的收益或損失以及某些其他項目。

Many of my comments will also refer to organic revenue growth, which excludes the impact of acquisitions, divestitures and foreign currency translation.

我的許多評論還將涉及有機收入成長，其中不包括收購、資產剝離和外幣折算的影響。

Second quarter 2024 organic revenue decreased at a 3.2% rate, in line with our outlook for the quarter of a low to mid-single-digit decline. However, we delivered non-GAAP earnings per share of $2.80, which exceeded our prior outlook of mid-single-digit sequential earnings growth by approximately $0.40.

2024 年第二季有機收入下降 3.2%，與我們對本季低至中等個位數下降的預測一致。然而，我們實現的非公認會計準則每股收益為 2.80 美元，比我們先前預期的中位數連續收益成長高出約 0.40 美元。

The majority of the earnings outperformance was driven by lower performance-based compensation expense. Continued growth in operating margin expansion in the Manufacturing segment also contributed.

獲利表現優異的主要原因是績效薪酬費用降低。製造部門營業利潤率的持續成長也做出了貢獻。

The lower performance-based compensation expense was primarily related to adjustments to our bonus accruals and in light of the reduced outlook for the year.

績效薪酬費用的降低主要與我們對獎金應計項目的調整以及今年前景的下降有關。

As Jim discussed in detail, we have significantly lowered our guidance for the full year and now expect a revenue decline of 2.5% to 4.5% on a reported basis and 3% to 5% on an organic basis, driven primarily by a softer demand outlook in the second half of the year than previously anticipated for both small and midsized biotechnology and global pharmaceutical clients.

正如 Jim 詳細討論的那樣，我們已大幅下調了全年業績預期，目前預計報告收入將下降 2.5% 至 4.5%，有機收入將下降 3% 至 5%，這主要是由於下半年對中小型生物技術和全球製藥客戶的需求前景比之前預期的要弱。

We expect DSA revenue to decline by approximately 10% organically in the second half compared to 6.9% year-over-year decline in the first half. DSA pricing is expected to turn slightly negative by the end of the year, but the largest driver of this change will be the softer demand.

我們預計下半年 DSA 收入將有機下降約 10%，而上半年則是年減 6.9%。預計到今年年底，DSA 定價將略微轉為負值，但這項變更的最大驅動因素將是需求疲軟。

We will not have time to offset all of the revenue shortfall with additional cost savings at this point in the year. Therefore, non-GAAP earnings per share guidance is now in a range of $9.90 to $10.20 However, we are implementing additional restructuring initiatives to deliver further cost savings to partially offset the lower revenue and help preserve the bottom line, which will have a more meaningful impact in 2025 and beyond.

今年這個時候，我們沒有時間透過額外的成本節省來彌補所有的收入缺口。因此，非公認會計準則每股收益指引目前介於 9.90 美元至 10.20 美元之間。然而，我們正在實施額外的重組舉措，以進一步節省成本，部分抵消收入下降並幫助維持利潤，這將在 2025 年及以後產生更有意義的影響。

As Jim referenced, we are implementing additional initiatives to drive incremental cost savings to ensure that our cost structure aligns with the current demand environment. Restructuring initiatives are expected to generate over $150 million in annualized cost savings, representing nearly 5% of our operating costs, which is an increase from our prior target of approximately $70 million.

正如吉姆所提到的，我們正在實施額外的措施來推動增量成本節約，以確保我們的成本結構與當前的需求環境保持一致。重組措施預計將產生超過 1.5 億美元的年度成本節約，占我們營運成本的近 5%，比我們先前約 7,000 萬美元的目標有所增加。

This updated target includes actions that were initiated last year through those already planned for the third quarter of this year.

這項更新後的目標涵蓋了去年啟動的行動以及今年第三季已計劃的行動。

We expect approximately $100 million of the savings to be realized in 2024.

我們預計到 2024 年將節省約 1 億美元。

We are also finalizing a multiyear strategy to optimize our global footprint and drive greater operating efficiency, which we believe will further our ability to protect operating margins and manage the business through this challenging environment.

我們也正在製定一項多年期策略，以優化我們的全球佈局並提高營運效率，我們相信這將進一步增強我們保護營業利潤率和在充滿挑戰的環境中管理業務的能力。

Furthermore, our Board recently approved a new stock repurchase authorization of $1 billion, which will add another option to allow us to strategically manage our capital allocation. We intend to commence stock repurchases under the new authorization before the end of the quarter. Our initial goal will be to offset annual share count dilution from equity awards, but we will regularly reevaluate the best uses of our capital.

此外，我們的董事會最近批准了一項價值 10 億美元的新股票回購授權，這將增加另一個選擇，使我們能夠策略性地管理我們的資本配置。我們打算在本季結束前根據新的授權開始回購股票。我們的最初目標是抵消股權獎勵帶來的年度股份數量稀釋，但我們會定期重新評估資本的最佳用途。

As M&A activity has slowed, leverage has remained low at just above 2 times and the capital intensity of our business has moderated in the current demand environment. These dynamics have enabled us to reassess our capital priorities.

隨著併購活動放緩，槓桿率保持在略高於2倍的低位，在當前需求環境下，我們業務的資本密集度有所緩和。這些動態使我們能夠重新評估我們的資本優先事項。

We will also continue to repay debt and evaluate strategic acquisitions to enhance our service offerings as we believe a balanced approach to capital deployment will help maintain an optimal capital structure and maximize shareholder value.

我們也將繼續償還債務並評估策略性收購以增強我們的服務產品，因為我們相信平衡的資本配置方法將有助於維持最佳的資本結構並最大化股東價值。

I'll now provide details on our segment outlook and some nonoperating items. By segment, we now expect DSA revenue to decline at a high single-digit rate on an organic basis, largely due to the softer demand environment than previously anticipated.

我現在將提供有關我們部門前景和一些非經營項目的詳細資訊。按部門劃分，我們現在預計 DSA 收入將以較高的個位數自然下降，這主要是由於需求環境比之前預期的要弱。

The outlook for the RMS and Manufacturing segments are essentially unchanged with RMS expected to report flat to low single-digit organic revenue growth and the Manufacturing segment expected to generate mid- to high single-digit organic revenue growth, a slight increase from the outlook in May.

RMS 和製造部門的前景基本上保持不變，RMS 預計將實現持平至低個位數的有機收入成長，而製造部門預計將實現中至高個位數的有機收入成長，較 5 月的展望略有增加。

From an operating margin perspective, we expect that this year's consolidated operating margin to be slightly below last year's level as the lower performance-based bonus expense and additional cost savings will nearly offset the revenue shortfall at the margin level in 2024.

從營業利潤率的角度來看，我們預計今年的綜合營業利潤率將略低於去年的水平，因為較低的績效獎金支出和額外的成本節約將幾乎抵消 2024 年利潤率水平的收入缺口。

On a segment basis, pressure in the DSA segment will offset expected margin expansion in both Manufacturing and RMS segments.

從細分市場來看，DSA 細分市場的壓力將抵消製造和 RMS 細分市場預期的利潤率擴張。

Unallocated corporate costs totaled $50.5 million or 4.9% of revenue in the second quarter compared to 6.1% of revenue last year. This improvement was driven primarily by lower performance-based compensation accruals. For the full year, we expect unallocated corporate costs will be in the mid-5% range as a percent of revenue.

第二季未分配企業成本總計 5,050 萬美元，佔營收的 4.9%，而去年同期比例為 6.1%。這項改善主要得益於績效薪酬應計額的降低。我們預計全年未分配的企業成本佔收入的比例將在 5% 左右。

The second quarter tax rate was 21.1%, a decrease of 220 basis points year-over-year. The decrease was primarily due to a favorable geographic earnings mix and higher R&D tax credits. As a result of this favorability, we now expect our tax rate will be approximately 22% for the full year.

第二季稅率為21.1%，年減220個基點。下降的主要原因是有利的地域收益組合和更高的研發稅收抵免。由於這種有利因素，我們現在預計全年稅率將約為 22%。

In the second quarter, net interest expense was $29.8 million, which represented both a sequential and year-over-year decline. For the full year, we also expect total net interest expense will be lower than our prior outlook in the range of $118 million to $122 million. These reductions are primarily the result of shifting debt to lower interest rate geographies and continued debt repayment.

第二季度，淨利息支出為 2,980 萬美元，環比和年比均有所下降。我們也預期全年淨利息支出總額將低於我們先前的預測，介於 1.18 億美元至 1.22 億美元之間。這些減少主要是由於將債務轉移到低利率地區並繼續償還債務。

As a reminder, over 80% of our $2.4 billion debt at the end of the second quarter was at a fixed rate, including $500 million that is fixed until November via an interest rate swap.

提醒一下，我們第二季末的 24 億美元債務中有 80% 以上是固定利率，其中包括透過利率互換固定到 11 月的 5 億美元。

In addition to lowering our interest expense, continued debt repayment resulted in gross and net leverage ratios of 2.2 times at the end of the second quarter.

除了降低利息支出外，持續償還債務還導致第二季末的總槓桿率和淨槓桿率達到 2.2 倍。

Free cash flow remained strong with $154.1 million generated in the second quarter compared to $80.7 million last year. This improvement was driven by lower CapEx and working capital management.

自由現金流保持強勁，第二季產生 1.541 億美元，而去年同期為 8,070 萬美元。這一改善是由較低的資本支出和營運資本管理所推動的。

Capital expenditures were $39.5 million in the second quarter compared to $67.4 million last year, which reflected the ongoing moderation of our spend in the current demand environment and a disciplined focus on our capital investments. For the year, CapEx is expected to decline to approximately $250 million and our free cash flow will be in the range of $380 million to $400 million.

第二季的資本支出為 3,950 萬美元，而去年同期為 6,740 萬美元，這反映了我們在當前需求環境下持續減少支出，並嚴格關注資本投資。今年，資本支出預計將下降至約 2.5 億美元，而我們的自由現金流將在 3.8 億至 4 億美元之間。

A summary of our 2024 financial guidance can be found on slide 36.

我們的 2024 年財務指導摘要可在第 36 張投影片上找到。

Looking ahead to the third quarter, we expect both reported and organic revenue will decline at a mid-single-digit rate year-over-year. Non-GAAP earnings per share is expected to decline in the low double digits year-over-year as the impact of lower DSA demand will only be partially offset by the benefit of restructuring initiatives.

展望第三季度，我們預期報告收入和有機收入都將年比以中等個位數的速度下降。由於 DSA 需求下降的影響只能被重組措施帶來的好處部分抵消，因此非 GAAP 每股盈餘預計將年減兩位數。

The year-over-year revenue growth rates in the RMS and Manufacturing segments are expected to rebound from the difficult comparisons in the second quarter, which were affected by the timing of NHP shipments in the RMS segment and the strong prior year comparison in the Manufacturing segment.

RMS 和製造部門的年比收入成長率預計將從第二季度的艱難對比中反彈，這受到 RMS 部門 NHP 出貨時間以及製造部門去年同期強勁表現的影響。

In conclusion, our critical focus at this time is continuing to execute our strategy, to rightsize the business and to turn around the financial performance. We believe that accomplishing these actions will position the company to gain market share and emerge from this period of softer demand as a leaner, more efficient scientific partner for our clients. Thank you.

總之，我們目前的重點是繼續執行我們的策略，調整業務規模並扭轉財務表現。我們相信，完成這些行動將使公司獲得市場份額，並在需求疲軟的時期脫穎而出，成為客戶更精簡、更有效率的科學合作夥伴。謝謝。

That concludes our comments. We will now take your questions.

我們的評論到此結束。我們現在將回答大家的提問。

(Operator Instructions)

（操作員指示）

Matt Sykes of Goldman Sachs.

高盛的馬特·賽克斯。

Maybe just on a higher level, just thinking about your commentary about global biopharma it seems that demand really took a bit of a hit post the -- in Q2 and post that. And as you think about that client base and you think about sort of the cost cuts that have been going on, they've been going on for some time now, what kind of rationale can you give for the increased deceleration of that demand?

也許只是在更高的層面上，只要想想您對全球生物製藥的評論，似乎需求在第二季度之後確實受到了一些打擊。當您考慮客戶群並考慮已經發生的成本削減時，這些削減已經持續了一段時間，您能給出什麼樣的理由來解釋這種需求的減速呢？

And just given the size and scope of these organizations, do you think it's going to take lot longer for that to come back, just given that it's going to be difficult for them to pivot so quickly?

考慮到這些組織的規模和範圍，您是否認為恢復這種情況還需要更長的時間，因為它們很難如此迅速地轉變？

It's certainly difficult for us to call the timing. This is a pretty unexpected and rapid deterioration of the large pharma companies business. The good news is we have a disproportionately large share of big pharmaceutical companies' work, particularly in the Safety Assessment business. So that's great on the one hand. On the other hand, of course, as they begin to ratchet down their cost structures, that causes them to reduce their overall demand.

對我們來說，確定時機確實很困難。這是大型製藥公司業務相當出乎意料且迅速的惡化。好消息是，我們承擔了大型製藥公司的大量業務，特別是在安全評估業務方面。一方面，這很棒。另一方面，當然，隨著他們開始降低成本結構，這會導致他們的整體需求減少。

The pharma companies have go through multiple processes every few years to try to lean out their infrastructures. They do sometimes an adequate job, sometimes they don't. I think the IRA legislation, coupled with the impending patent cliff has made it essential, maybe with the exception of the 2 prominent companies that have GLP-1 drug.

製藥公司每隔幾年就要經歷多個流程來精簡其基礎設施。他們有時能很好地完成工作，有時卻不能。我認為 IRA 立法加上即將到來的專利懸崖已經讓它變得必不可少，也許除了擁有 GLP-1 藥物的兩家知名公司之外。

So rapid deceleration and cutbacks, disproportionate impact on us, reprioritization of pipelines, some of the companies seem to be through it. Some are probably in the midst of it, may take longer for others. It's tough to get a very good line of sight. We have very high-level contacts in all of the drug companies. We're dealing sometimes with the head of R&D and sort of minimally with the number two or three person in R&D.

因此，快速減速和削減，對我們造成不成比例的影響，管道重新排序，一些公司似乎已經度過了難關。有些人可能正在經歷這個過程，而其他人可能需要更長的時間。獲得良好的視線非常困難。我們與所有製藥公司的高層都有聯繫。我們有時會與研發主管打交道，至少也會與研發部門的二號或三號人物打交道。

And it's clear that so many of these decisions have been made and are still being made sort of at the C-suite level or the board level and there are profound cuts at big pharma, which some of the people that we're working with don't necessarily have a line of sight or certainly not an early line of sight, so they could warn us and work with us.

顯然，許多此類決定已經做出，並且仍在由高管層或董事會做出，大型製藥公司正在大幅削減開支，而我們合作的一些人並不一定了解情況，或者肯定沒有提前了解情況，因此他們可以警告我們並與我們合作。

So we're their partners. We respect and appreciate the opportunity to be so. It doesn't mean that we have early indications of what these folks would do. So it's a little bit impossible to call.

所以我們是他們的合作夥伴。我們尊重並珍惜這樣的機會。這並不意味著我們早就知道這些人會做什麼。因此打電話有點不可能。

But what we said in our prepared remarks, and I'll just repeat is we've seen a slower recovery in biotech, although it's been recovering, and we've seen this very soft demand and cutbacks in pharma. It feels like that's likely to persist into 2025.

但我們在準備好的發言中說過，我只想重複一遍，我們看到生物技術領域的復甦速度較慢，儘管它一直在復蘇，而且我們看到製藥領域的需求非常疲軟和削減。感覺這種情況可能會持續到 2025 年。

There's sort of no logical reason to believe that, that somehow gets curtailed subject to my comments that it's very, very, very difficult for us to call pharma in the aggregate. But it's clear that their emphasis is on the clinic, to get drugs into the clinic, to do -- to pay for their clinical trials and obviously to get drugs into the market. And it would seem, I don't know, seem logical that they would continue that for some period of time.

沒有任何邏輯理由可以相信這一點，但不知何故，我的評論卻限制了這一點，即我們很難將製藥業總體上稱為一個整體。但很明顯，他們的重點是臨床，將藥物送入臨床，支付臨床試驗費用，顯然也將藥物推向市場。我不知道，這看起來似乎合乎邏輯，他們會繼續這樣做一段時間。

Got it. And then just on DSA and given -- and noting the comments you made on the commercial restructuring and shift in go-to-market, is there a market share issue going on here? Or would you still chuck this up to overall macro pressures?

知道了。然後僅就 DSA 而言 - 並注意到您對商業重組和市場進入轉變所發表的評論，這裡是否存在市場份額問題？還是您仍會將此歸咎於整體宏觀壓力？

Yes. We think that we're obviously biased, but we think we have a fabulous portfolio that's quite unique. We have a much larger geographic footprint, particularly in Safety and Discovery. We have exquisite and deep science. And we have had to, in appropriate cases, be aggressive with our prices.

是的。我們認為我們明顯有偏見，但我們認為我們擁有非常獨特的出色投資組合。我們的地理覆蓋範圍更廣，特別是在安全和發現領域。我們擁有精湛深厚的科學。在適當的情況下，我們必須積極定價。

I think we'll -- through the back half of this year, we'll have to do more -- we'll have to do more of that. So we certainly don't think that we're losing share. As we continue to refine our sales organization and structure, its use of IT, its use of Apollo, which is one of our early digitization platforms to allow the clients to get data faster and easier, some pricing and some aggressive time lines and also utilizing the whole portfolio, which I do think we've talked about a lot, which -- and can do better. In other words, our greatest competitive advantage is that we can work with the clients across this very large nonclinical portfolio, which virtually none of our competitors can.

我認為，在今年下半年，我們必須做更多的事情——我們必須做更多這樣的事情。所以我們當然不認為我們正在失去市場份額。隨著我們不斷完善我們的銷售組織和結構，它對 IT 的使用，對 Apollo 的使用，這是我們早期的數位化平台之一，它允許客戶更快、更輕鬆地獲取數據，一些定價和一些積極的時間表，以及利用整個產品組合，我確實認為我們已經討論了很多，並且可以做得更好。換句話說，我們最大的競爭優勢在於我們可以與這個非常龐大的非臨床產品組合中的客戶合作，而我們的競爭對手幾乎沒有人能做到這一點。

So we think this is a market shift very. It's sudden with pharma, kind of gradual with biotech, although getting better. And we certainly don't want to do anything to impair the quality of our science. But as we said earlier, we're going to work hard to lean out our infrastructure, both in terms of staff and facilities and certainly G&A so that we can respond to whatever the market demand is going forward in an effort to do the best job we can to have the most positive operating margins possible in the midst of a slowdown in demand.

因此我們認為這是一個市場轉變。製藥業的發展很突然，生物技術的發展則比較緩慢，儘管正在好轉。我們當然不想做任何有損我們科學品質的事情。但正如我們之前所說，我們將努力精簡我們的基礎設施，包括員工、設施以及一般行政費用，以便我們能夠應對未來的任何市場需求，努力做到最好，在需求放緩的情況下獲得盡可能高的營業利潤率。

Eric Coldwell at Baird.

貝爾德的 Eric Coldwell。

I was hoping to get a quantification of the impact of the bonus accruals. I know you said it was the majority or a big chunk of the earnings upside versus implied guidance, but could you quantify that amount?

我希望能夠量化獎金累積的影響。我知道您說過，與隱含指引相比，這是獲利上漲的大部分或很大一部分，但您能量化這個數字嗎？

And then tell us how much might be left in the second half to help protect earnings in the second half? Or did you take care of all of this with the second quarter?

然後告訴我們下半年可能剩下多少錢來幫助保護下半年的收益？或者你已經在第二季度解決了所有這些問題？

It's Flavia, I'll take that one. It was approximately $20 million in the second quarter or about $0.30. And the second quarter was a true-up for the first half of the year.

是弗拉維亞，我會選擇這個。第二季約2000萬美元，約每股0.30美元。第二季度的營收與上半年相比有所成長。

2Q was a true-up for the first half. So what happens in the second half?

第二季度是上半年的真實情況。那麼下半場會發生什麼事呢？

You can expect also additional favorability that would come through the second half as we updated guidance for the full year. So we will probably have additional favorability following through.

隨著我們更新全年指引，您還可以期待下半年將出現更多有利因素。因此，我們可能會獲得更多的支持。

And was this -- how much of this was in DSA as opposed to perhaps Research Models? I think you kept guidance there basically. So I'm assuming this is pretty much all DSA, is that fair? Or also at the corporate level?

這是——其中有多少是在 DSA 中而不是在研究模型中？我認為你基本上在那裡保持了指導。所以我認為這幾乎都是 DSA，這公平嗎？或也包括公司層面？

You're correct. It's mostly DSA and at the corporate level. The other 2 segments, as you pointed out, are performing well and in line with the plan. So the majority of the impact is at corporate and DSA.

你是對的。它主要是 DSA 並且處於公司層面。正如您所指出的，其他兩個部門表現良好，符合計劃。因此，主要影響集中在企業和 DSA 上。

Okay. And I know first half was, I think you said, minus 7%, I'm toggling in a lot of numbers here. But second half, minus 10% organic in DSA. So would we be assuming a maybe a ballpark 50% more accrual reductions in the second half than you did for the first half year in the second quarter? Is it $30 million in the second half?

好的。我知道上半年是，我想您說過，負 7%，我在這裡輸入了很多數字。但下半年，DSA 的自然成長減少了 10%。那麼，我們是否可以假設下半年的應計減少量比上半年第二季的應計減少量大約高出 50%？下半年是3000萬美元嗎？

Yes. I we're not going to get to that level of specificity. I think, as I said, there will be additional favorability in the second half just because the true-up that we did so far was only for the first half.

是的。我認為我們不會達到那種具體程度。我認為，正如我所說的，下半年將會有更多的有利因素，因為我們迄今為止所做的調整僅針對上半年。

Okay. And then the minus 10% organic in 2H, I think you've kind of talked around this with the last question. But do you think that is a proxy for the overall Discovery and Safety market, both in-house and outsourced? You think you're doing a little better or a little worse than the overall market here in the second half? What's your read on that? And what I'm ultimately trying to get to is I know RMS historically was much steadier, sturdier during soft patches here in toxicology and Discovery.

好的。然後是第二小時的負 10% 有機物，我想您在最後一個問題中已經討論過這個問題了。但是您是否認為這可以代表整個發現和安全市場（包括內部和外包）？您認為下半年您的表現會比整體市場好一點還是差一點？您對此有何看法？我最終想要表達的是，我知道 RMS 在毒理學和發現領域的低迷時期表現得更穩定、更堅固。

You historically have outperformed in RMS. But you have to think that this kind of a reduction in overall demand has to have some knock-on effects to models and it sounds like you're already seeing some knock-on impact in services. So I'm just trying to get a better sense of what the read is on Research Models and Services growth going into 2025. The safety and tox demand is down in the zip code of 10%.

從歷史上看，您在 RMS 方面的表現非常出色。但你必須考慮到，這種整體需求的減少必然會對模型產生一些連鎖反應，聽起來你已經看到了服務業的一些連鎖影響。所以我只是想更了解 2025 年研究模型和服務成長的情況。郵遞區號的安全和毒性需求下降了 10%。

We feel like we're holding our own, certainly, from a competitive point of view, I would say, across the entire portfolio. Certainly in RMS, both from a product and services point of view. And like for a relatively long time, we've had modest volume declines with meaningful pricing declines across the world. So that will persist. China is quite strong, notwithstanding some of the political issues there. Europe is quite strong. And services have been strong now for -- I don't know how long, Eric, maybe a decade. The GEMS business is a little softer than we would like just because of the slowdown in both client bases, pharma and biotech.

我們感覺我們在整個投資組合中都保持著自己的地位，當然，從競爭的角度來看，我想說。當然，在 RMS 中，無論從產品和服務的角度來看都是如此。並且，在相對較長的時間內，我們的銷售量略有下降，而全球價格則大幅下降。所以這種情況將會持續下去。儘管中國存在一些政治問題，但它仍然相當強大。歐洲相當強大。而且服務業現在已經很強勁了——我不知道有多久了，艾瑞克，也許有十年了。由於製藥和生物技術兩個客戶群的成長放緩，GEMS 業務比我們預期的要弱一些。

But we think that's a critical element in doing basic research. And our CRADL initiative is definitely in times of economic stress, which I think a lot of our clients are in, that's a really good solution for them.

但我們認為這是進行基礎研究的關鍵要素。我認為，在經濟困難時期，我們的 CRADL 計畫對他們來說確實是一個好的解決方案，我認為我們的許多客戶都處於這樣的困難時期。

So we have a little bit of facility overlap, maybe a little bit too much capacity in some locales, opportunities to have more capacity in other locales. So that business should hold up well. Manufacturing business definitely should hold up well. Definitely, principal amount of pressure is in DSA. But if you just look at the SA portion of that, a lot of drugs were parked or have been parked or will be parked by our clients before INDs were filed.

因此，我們的設施有一點重疊，某些地區的容量可能有點太多，而其他地區則有機會擁有更多的容量。因此該業務應該會保持良好狀態。製造業肯定會保持良好勢頭。毫無疑問，主要壓力在DSA。但如果你只看其中的 SA 部分，你會發現很多藥物在 IND 提交之前就已被或將被我們的客戶擱置。

So they have a drug that they like, they have a certain amount of cash to spend and they prioritize, they will get back to those next. And so we're seeing a lot of emphasis on post-IND work that will shift to classic IND work. And then at some point, when they feel that the coffers are stable, will get back to more significant spending in core discovery.

因此，他們有自己喜歡的藥物，有一定數量的現金可供支出，並且會確定優先順序，然後繼續購買這些藥物。因此，我們看到人們對 IND 後工作的重視程度將轉向經典 IND 工作。然後，在某個時候，當他們覺得資金穩定時，就會重新在核心發現上投入更多資金。

But of course, as we all know, there is no future. There is no preclinical. There is no clinical without discovery, so that business should improve as well. Time frame, obviously, is a little bit difficult to call. And we think that will be the last thing. that recovers.

但當然，眾所周知，沒有未來。沒有臨床前。沒有發現就沒有臨床，因此業務也應該要改善。顯然，時間框架有點難以確定。我們認為這將是最後一次恢復。

Elizabeth Anderson with Evercore ISI.

伊麗莎白·安德森 (Elizabeth Anderson) 和 Evercore ISI 合作。

If we think about how you're flowing this through, particularly in DSA, and sort of a mid-single-digit organic revenue decline in the third quarter, what have you seen in sort of the July time frame? Is that sort of stable to how you saw 2Q generally? Would you say things are still getting a little bit worse? I'm just trying to understand how you thought about the sort of flow-through relative to how the quarter progressed?

如果我們考慮一下您是如何應對這種情況的，特別是在 DSA 中，以及第三季度中等個位數的有機收入下降，那麼您在 7 月份的時間範圍內看到了什麼？這與您對第二季整體的預期相比是否比較穩定？您認為情況還會變得更糟嗎？我只是想了解您如何看待相對於本季進展的流通方式？

I think I call on that is that the biotech companies continue to improve slowly, more slowly than we had anticipated or that we liked. But just in terms of proposal volume and bookings, definitely better. We spent a fair amount of time over the last few months really studying the trend because I just want to remind everybody on this call that do several things. Number one, as I just said earlier, we have the preponderance of work, particularly safety work for big pharma. Number two, big pharma was fabulously strong for us last year, unusually strong because so much of our growth has been driven by biotech. We saw a very strong pharma growth last year and solid pharma growth for the first half of this year.

我認為，生技公司的發展仍在緩慢地進行，比我們預期或希望的要慢。但僅從提案數量和預訂量來看，肯定更好。在過去的幾個月裡，我們花了相當多的時間來認真研究這一趨勢，因為我只是想在這次電話會議上提醒大家做幾件事。首先，正如我剛才所說，我們的工作量很大，尤其是大型製藥公司的安全工作。第二，去年大型製藥公司為我們帶來的業績非常強勁，這種強勁是不同尋常的，因為我們的成長很大一部分是由生物技術推動的。去年，我們看到製藥業成長非常強勁，今年上半年製藥業成長穩健。

And then we see this sort of rapid decline. And so it's taken us a while to study. It's tied to clients to really understand what was behind it. We're certainly seeing it persist into July. As I said a few moments ago, while this is absolutely -- if you look at the big pharma companies, an industry phenomenon of cutting back funds and infrastructure and, of course, a pipeline, they are in different phases of it, although it does seem that most of them are doing it in the same time.

然後我們就看到了這種快速的下降。因此我們花了一段時間來研究。它與客戶緊密相關，以便真正了解背後的原因。我們確實看到這種情況持續到七月。正如我剛才所說，如果你看看大型製藥公司，你會發現這是一個削減資金和基礎設施以及產品線的行業現象，他們處於不同的階段，儘管看起來大多數公司都是同時這樣做的。

At some point, they'll find C level there and they'll put the spending into those drugs, which are post-IND and in the clinic. And we hope that future progresses that they will find more of our IND work. The IND work is obviously extremely important. And as a percentage of the cost of developing a drug, quite trivial. So we do think that they'll have the money to do that at some point, and that's important for the future.

在某個時候，他們會在那裡找到 C 級，並將支出投入那些 IND 後和臨床中的藥物。我們希望，在未來的進展中，他們會發現更多我們的 IND 工作。IND 工作顯然極為重要。而作為藥物開發成本的一部分，這相當微不足道。所以我們確實認為他們最終會有資金來實現這一目標，這對未來來說很重要。

Following that with any specificity at the moment is just a bit murky, given the suddenness and the unexpected nature and the meaningful nature of this pullback.

鑑於此次回調的突然性、意外性和意義深遠性，目前任何具體措施都有些模糊。

Got it. And Flavia, maybe one clarification question just for you. I know you talked about potentially doing some share repurchase agreement. Is there any share repo built into the new guidance range? Or we should consider that to be separate?

知道了。弗拉維亞，也許我想向您問一個澄清問題。我知道您談到了可能達成一些股票回購協議。新的指導範圍是否包含任何股票回購？或者我們應該認為這是分開的？

I would consider that to be separate at this point, Elizabeth. As I said in the prepared remarks, we'll be looking to start executing on it in Q3, but the impact is going to be de minimis in this year still.

伊莉莎白，我認為現在這是分開的。正如我在準備好的發言中所說，我們將在第三季開始執行該政策，但今年的影響仍然很小。

So it's not in the numbers.

所以它不存在於數字中。

Correct.

正確的。

Dave Windley at Jefferies.

傑富瑞 (Jefferies) 的戴夫溫德利 (Dave Windley)。

Jim, I'm wondering, in the restructuring actions that you're taking, sounds like you're ramping those up. I'm wondering how much optionality are you thinking about relative to range of outcomes? And I guess I'm thinking range of outcomes on a couple of vectors. One, you're talking about large pharma's rapid decline in a short period of time, and hard to see how that plays out from this distance into late this year and next year.

吉姆，我想知道，在你採取的重組行動中，聽起來你正在加強這些行動。我想知道相對於結果範圍，您考慮了多少可選性？我想我正在考慮幾個向量上的一系列結果。首先，您談到了大型製藥公司在短時間內的迅速衰落，從目前的情況來看，很難看出這種情況會在今年年底和明年產生怎樣的影響。

And then while small biotech funding has improved year-over-year, it kind of peaked at the beginning of the year and has been fading through the year in a way that given economy, politics, et cetera, may not continue to improve. And if that were to be soft and kind of truncate the recovery of biotech, how might you be able to react to that as well?

儘管小型生物技術融資逐年增加，但它在年初達到頂峰，並且全年呈下降趨勢，考慮到經濟、政治等因素，可能不會繼續改善。如果這種情況變得溫和，並在一定程度上阻礙了生物技術的復甦，您又將如何應對？

Let me take a shot at that and then Flavia can jump in as well. As you said, biotech funding has been strong. It was particularly strong in the first quarter. Second quarter was okay. July wasn't great. So I don't think any of us know, Dave, but you may be right that it's cooling off a bit.

讓我嘗試一下，然後弗拉維亞也可以加入。正如您所說，生物技術資金一直很強勁。第一季表現尤為強勁。第二季還不錯。七月不太好。所以我認為我們中沒有人知道，戴夫，但你說得對，情況正在逐漸冷卻下來。

Having said that, we've had a proliferation of proposals and some improvement in bookings as well. So much of it is psychology, though. So I think our client base is nervous about the consistency of the availability of cash. Obviously, they're going to continue to be conservative. And I think pharma has a lot of work to do in terms of trying to get their infrastructure where they want it to be, given the impending patent cliff.

話雖如此，我們收到的提案數量有所增加，預訂量也有所改善。但其中很大一部分與心理學有關。所以我認為我們的客戶群對現金可用性的一致性感到緊張。顯然，他們將繼續保持保守。我認為，考慮到即將到來的專利懸崖，製藥公司在努力使其基礎設施達到其期望水平方面還有很多工作要做。

So look, all we can say -- and even though it's a long time, this isn't always, always for us and I think we do this well. We have to get our capacity. And by that, I mean, human capacity and physical capacity, in line with our expectations for growth and demand. We always have to call it, I don't know, 12 to 24 months in advance.

所以，看，我們所能說的——儘管時間很長，但這對我們來說並不總是如此，我認為我們做得很好。我們必須發揮我們的能力。我的意思是，人力和物質能力符合我們對成長和需求的預期。我們總是要提前 12 到 24 個月打電話，我不知道。

So our CapEx investments in growth in a bunch of areas, obviously, will slow down dramatically, has slowed down dramatically and will continue to. Half of our costs -- at least half of our cost is staff. So we've already made some cutbacks and we'll look to do more starting at the end of this year through next year. And we've had some small facility consolidations, and we'll look at perhaps larger ones to see whether those are appropriate.

因此，我們在許多領域的成長資本支出顯然將大幅放緩，已經大幅放緩，並且還將繼續放緩。我們的成本有一半——至少有一半是員工成本。因此，我們已經做出了一些削減，並計劃從今年年底到明年做出更多削減。我們已經進行了一些小型設施整合，我們將會研究更大型的設施整合是否合適。

We've done a really good job over the last decade of having capacity really well utilized across all of our businesses. And indeed, as you know, been able to add space without impairing our operating margins.

過去十年來，我們在所有業務中都充分發揮了產能，做得非常好。事實上，如您所知，我們能夠在不損害營業利潤率的情況下增加空間。

So we, I think, are in the midst of and will continue to scale back both of them commensurate with what the demand is. '25, a little bit tough to call, but as I said a few moments ago, it's hard to believe that the pharma pullbacks won't continue and persist to some portion of next year. If you are right that we're beginning to see a cooling off of biotech, which we try to be careful with calling trends, Dave, because it was actually a pretty good first half of the year. So I don't know what the election will do. I don't know what the wars will do. I don't know what any of those things will do.

因此，我認為，我們正處於並將繼續根據需求縮減這兩項開支的過程中。 25，這有點難以預測，但正如我剛才所說，很難相信製藥業的回檔不會持續到明年的某個時候。如果您說得對，我們開始看到生物技術行業開始降溫，那麼我們會謹慎地稱之為趨勢，戴夫，因為今年上半年的表現實際上相當不錯。所以我不知道選舉會產生什麼結果。我不知道戰爭會帶來什麼後果。我不知道這些東西會產生什麼作用。

But assuming that it's stable and doesn't get worse, I do think that biotech work and volume could continue to improve for us just because there's still hundreds of new companies minted every year that don't have any internal capacity and we work with a lot of the VCs and a lot of those portfolio companies.

但假設情況穩定且不會惡化，我確實認為生物技術工作和數量可能會繼續改善，因為每年仍有數百家沒有任何內部能力的新公司出現，而且我們與許多風險投資公司和許多投資組合公司合作。

So we need to watch it very carefully. Obviously, we need to call it today. We've called a lot of the savings, $150 million, $100 million of which will hit in this year. We've already called that and have implemented a bunch of it and we'll continue to. And then we will, for sure, do more next year.

所以我們需要非常仔細地觀察。顯然，我們今天需要打電話。我們已經節省了大量資金，1.5 億美元，其中 1 億美元將在今年到達。我們已經這樣做了，並且已經實施了許多措施，我們將繼續這樣做。明年我們肯定會做更多。

And jim, I don't have anything else to add. I think you covered it comprehensively.

吉姆，我沒有什麼要補充的了。我認為你已經全面地介紹了這一點。

Great. So then my follow-up around pricing, I believe your commentary is talking about modest positive price impact in 2Q, but expect that to flip negatively.

偉大的。那麼關於定價的後續問題，我相信您的評論談論的是第二季度適度的正面價格影響，但預計會出現負面影響。

I know Eric kind of got at this -- but I'm wondering -- we've certainly heard and you and I have talked about some fairly aggressive price discounting by your peers. And I'm wondering kind of the balance as you think about where you feel like you have to chase that down versus maybe some of your softness in bookings is just refusing to chase that down. And maybe you could help us to understand the balance there and how you think that plays out and to what extent you've included price pressure in your margin assumptions for DSA in the back half of the year.

我知道埃里克對此有所了解 - 但我想知道 - 我們當然聽說過，並且您和我都討論過您的同行的一些相當激進的價格折扣。我很好奇，當您思考需要追趕這一目標時，與您在預訂方面的一些軟弱態度可能只是拒絕追趕這一目標時，您認為兩者之間的平衡點在哪裡。也許您可以幫助我們了解那裡的平衡，以及您認為它如何發揮作用，以及您在下半年 DSA 的利潤率假設中將價格壓力納入了多大程度。

Yes. I'll take especially the latter part of the question. So Dave, the pricing -- the dynamics of pricing that we've experienced so far through the first half as well as what we anticipate the trends to be in the second half, and as I said, exiting the year with slight price decline in DSA have been considered in the margin.

是的。我將特別回答問題的後半部。所以戴夫，定價——我們在上半年迄今為止經歷的定價動態以及我們對下半年趨勢的預測，正如我所說，今年年底 DSA 價格略有下降已被考慮在內。

I'll add some comments on the pricing dynamics and welcome additional color by Jim. But as we said it in the first earnings call, we are being selective. And where it makes sense, we are providing some discounts depending on the nature of work, depending on the start of the work. There's pockets of the work that we do where not a lot of competitors have those capabilities. And in those spaces, we don't feel like we need to provide additional price incentives.

我會對定價動態發表一些評論，並歡迎 Jim 提供更多詳細資訊。但正如我們在第一次收益電話會議上所說的那樣，我們是有所選擇的。在合理的情況下，我們會根據工作性質和工作開始時間提供一些折扣。在我們所做的一些工作中，許多競爭對手並不具備這樣的能力。在這些領域，我們認為不需要提供額外的價格誘因。

There are other pockets that we are being selective and are ensuring that, as appropriate, we do not lose certain volume and certain business.

我們正在對其他領域進行選擇性，並確保在適當的情況下不會損失一定的數量和業務。

So it's -- I think from a macro trend with the last couple of years, particularly in 2021 and 2022, pricing was extremely positive, higher than historical levels and it started to modulate last year coming into this year, as we said, it was still slightly up in Q2. But we are seeing a shift in trend and plan to exit the year with slight price decline in DSA.

所以 — — 我認為從過去幾年的宏觀趨勢來看，特別是 2021 年和 2022 年，定價非常積極，高於歷史水平，並且從去年到今年開始有所調整，正如我們所說，第二季度仍略有上漲。但我們看到了趨勢的轉變，並計劃在今年年底前實現 DSA 價格的小幅下降。

Jim, I don't know if you want to add anything else?

吉姆，我不知道您是否還想補充一些內容？

There's no question, Dave, that our competitors principally use price as the lever. And so we don't like to chase it. We try not to. As we said sort of in the first half of the year, we reduced price pretty sparingly to certainly preserve share and to gain share. I just think it feels like it's going to be more pronounced in the back half of the year given the sort of pretty sudden pullback by big pharma and maybe some concern by our biotech clients about access to capital.

毫無疑問，戴夫，我們的競爭對手主要利用價格作為槓桿。所以我們不喜歡追逐它。我們盡量不這樣做。正如我們在上半年所說的那樣，我們適度降價是為了保住份額並獲得份額。我只是覺得，考慮到大型製藥公司突然撤資，以及我們的生技客戶對獲得資金的擔憂，這種現像在下半年會更加明顯。

So price, which for years became less of an issue and maybe for the last year or so, it's become more of an issue. As Flavia said, should become more pronounced in the back half of the year. We're anticipating that, that's embedded in our guidance.

因此，價格多年來一直不是什麼大問題，但也許在過去一年左右，它卻成了一個大問題。正如弗拉維亞所說，今年下半年這種情況會變得更加明顯。我們預料到了這一點，這已融入我們的指導中。

Patrick Donnelly of Citi.

花旗銀行的派崔克唐納利。

Jim, I guess maybe one for you. Just as you think about some of these headwinds, it sounds like you're suggesting a few of them will linger into '25. I know you kind of said pharma pullbacks, it would be hard to believe that those don't linger into '25.

吉姆，我想也許有一個適合你。正如您所思考的一些不利因素一樣，聽起來您認為其中一些因素將持續到 2025 年。我知道您說過製藥業的回調，很難相信這種回調不會持續到 25 年。

So I guess, when you kind of think high level, which of these headwinds persist for several quarters and where you have visibility into things may be improving, I guess, just when you look at the backlog, cancellation rates, what are the areas of real concern as we head into '25 that you don't expect to improve at least at the start of the year? And where are you feeling maybe okay to start next year?

所以我想，當你從高層次思考時，這些不利因素中的哪些會持續幾個季度，以及你對情況的可見性可能正在改善，我想，當你查看積壓訂單和取消率時，我們真正擔心的領域是什麼？進入 25 年，你預計至少在年初不會有所改善？您覺得明年從哪裡開始比較適合？

Again, we're going to continue to have this tale of 2 cities. We definitely dialed into biotech and they have no internal capacity. So if they're in a preclinical phase or moving into it, we have a very high probability to get meaningful amount of that work. And as we've said to you for some period of time, they historically have been a little less price sensitive than big pharma.

再次，我們將繼續講述這兩個城市的故事。我們確實撥通了生物技術領域的電話，但他們沒有內部能力。因此，如果他們處於臨床前階段或即將進入臨床前階段，我們很有可能獲得有意義的工作量。正如我們一段時間以來所說的那樣，從歷史上看，它們對價格的敏感度比大型製藥公司要低一些。

I know that's a surprising comment, but it's true. So I think we're very much in touch with that marketplace. As I said earlier, it's very much about the psychology of access to capital. So we just have to see how the capital markets unfold.

我知道這是一個令人驚訝的評論，但這是事實。所以我認為我們與該市場保持密切聯繫。正如我之前所說，這很大程度上與獲取資本的心理學有關。因此我們只需觀察資本市場如何發展。

I mean, a little bit rocky right now. The summer is also a very difficult time to call it. There's maybe a dozen pharma companies left. We're very close to all of them. We have a very high-level relationships. I'd say the majority of them don't do the work internally. So they're also quite dependent on us. They adjust, and with a lot of them, we have long-term pricing arrangements.

我的意思是，現在有點困難。夏天也是一個非常難以稱呼的季節。可能還剩下十幾家製藥公司。我們和他們所有人都很親近。我們的關係非常高層。我想說他們中的大多數人並不在內部做這項工作。所以他們也相當依賴我們。他們會進行調整，我們與許多公司都有長期的定價安排。

So that's -- while there will be some pressure on price, it's just going to be more about volume as they cut back and try to preserve their cost structure. So as we said, we're going to see that persist. I would imagine biotech becomes more positive, faster than big pharma who I think has some major restructure -- major structural improvements to make it because there's no way they can make them overnight. They're going to look to us to help them make them. So CRADL will be important. I do think Safety will continue to be important. And definitely, all of our Manufacturing segment will be increasingly more important to them.

因此，儘管價格會面臨一些壓力，但隨著他們削減成本並試圖維持成本結構，更多的是產量壓力。正如我們所說，我們將看到這種情況持續下去。我可以想像生物技術會比大型製藥公司變得更加積極、更快，我認為大型製藥公司需要進行一些重大重組——重大的結構改進，因為他們不可能在一夜之間實現這些目標。他們將尋求我們的幫助來製造它們。因此 CRADL 非常重要。我確實認為安全仍然很重要。毫無疑問，我們所有的製造部門對他們來說都將變得越來越重要。

So for us, it's again, we have a very strong portfolio. We think it's scientifically superior to all of the competitors, both individually and in the aggregate. We just have to lean out the infrastructure dramatically, so that we're a little bit not as tied to the time frame, assuming that it's softer for longer than we think. But we just don't see any reason why this would change for us for 2025, given that we're not gored.

所以對我們來說，我們再次擁有非常強大的產品組合。我們認為，從科學角度來說，它比所有競爭對手都更勝一籌，無論是個體還是整體而言。我們只需要大幅精簡基礎設施，這樣我們就不會那麼受時間框架的束縛，假設它比我們想像的更長更柔軟。但我們看不出有什麼理由在 2025 年改變這種狀況，因為我們還沒有受傷。

That's helpful. And maybe following up on a few of your points there. I mean, in terms of the softness on the pharma side, are you seeing it -- it sounds like it's more broad-based versus concentrated on just a few customers.

這很有幫助。或許可以跟進一下你提出的一些觀點。我的意思是，就製藥業的疲軟而言，您是否看到了這一點——聽起來它的影響範圍更廣泛，而不是僅僅集中在少數客戶身上。

And then also in your conversations with customers, are you seeing it more on where you play in the discovery preclinical? Or in your view, is it this broad-based softening kind of across pharma spend?

另外，在您與客戶的交談中，您是否更了解您在臨床前發現中所扮演的角色？或者您認為，這是否是整個製藥業支出普遍出現的疲軟現象？

So it's definitely broad-based. We're seeing it with every client, and as I said before, we have very large market shares and huge for us, very -- increasingly large dollar volumes. across all of big pharma. And with the exception of the 2 companies that are making GLP-1s, virtually all of them are going through substantial cutbacks of staff, facilities and portfolio at the same time.

所以它肯定具有廣泛的基礎。我們從每個客戶身上都看到了這一點，正如我之前所說，我們在所有大型製藥公司中都擁有非常大的市場份額和巨大的交易額，而且交易額越來越大。除了生產 GLP-1 的兩家公司外，幾乎所有公司都在同時大幅削減員工、設施和投資組合。

Having said that, there's no question that it disproportionately adversely impacts, I don't know, some of the tools companies probably, definitely folks that are playing in discovery and safety to the benefit of clinical work. So it's all a big portion.

話雖如此，毫無疑問，它會對一些工具公司產生不成比例的不利影響，這些公司可能，肯定是那些在發現和安全方面為臨床工作帶來利益的人。所以這都是很大一部分。

By the way, that's where most of the money is spent anyway, but it's all a push to get drugs into the clinic and to try to get as many drugs into the market. It's possible that so far for new drugs that have been approved is meaningfully behind the prior year. So I think that's also another problem with them.

順便說一句，大部分資金都花在那裡，但這都是為了推動藥物進入臨床，並試圖讓盡可能多的藥物進入市場。到目前為止，已獲批准的新藥數量可能明顯落後於前一年。所以我認為這也是他們的另一個問題。

So they see a patent cliff. They're sort of working really hard to get more drugs into the clinic and into the market. That's not easy to do. They've got the IRA legislation to make that a bit more complex, a lot of competition around similar targets, similar types of molecules and they definitely just have too much to fight off right now.

因此他們看到了專利懸崖。他們正在非常努力地將更多的藥物引入診所和市場。這並不容易做到。他們有了 IRA 立法，這使得情況變得更加複雜，圍繞類似目標、類似分子類型的競爭非常激烈，他們現在要對抗的對手實在太多了。

So again, it's difficult to know, I won't say even predict, to know how long there will be a disproportionate focus on the clinic. But we know it can't be forever or there is no pharmaceutical industry. We know that they have to use, hopefully, drugs that successfully get to market to fund more work on the IND phase, and then ultimately, more discovery to start.

所以，再說一次，很難知道，我甚至不敢說預測，人們對於診所的過度關注還會持續多久。但我們知道這不可能永遠持續下去，否則就不存在製藥業。我們知道，他們必須使用成功進入市場的藥物來資助 IND 階段的更多工作，並最終開始更多的發現。

So we've seen this before. I typically personally don't think there are cycles in this business. But in times of economic stress, sort of -- I don't think the situation is as bad, but we saw in 2009, '10, '11, '12, we had a similar period where our client base pretty much on a broad gauge basis is watching and spending carefully and all we can do -- look, we're merely reflections. We are merely a reflection of the aggregate amount of work of big pharma and biotech data. Obviously, that's what we do, right? We don't have any of our own molecules.

我們以前就見過這種情況。我個人通常認為這個行業沒有週期。但在經濟壓力時期，某種程度上——我不認為情況那麼糟糕，但我們在 2009 年、2010 年、2011 年、2012 年也看到過類似的時期，我們的客戶群基本上都在廣泛關注並謹慎消費，而我們所能做的就是——你看，我們只是在反映情況。我們只是大型製藥公司和生技公司數據工作總量的反映。顯然，這就是我們所做的，對吧？我們沒有任何自己的分子。

And while we have an increasing amount of services in and around the clinic, so that's good. Our Manufacturing business should continue to do well as we said in our guidance because that's in and around the clinic. The preponderance of our work is in discovery and preclinical, which is less emphasized right now, certainly by the big drug companies.

同時，我們在診所內外提供的服務越來越多，這是件好事。正如我們在指導中所說，我們的製造業務應該會繼續表現良好，因為它是在診所內外進行的。我們的主要工作是進行藥物發現和臨床前研究，目前大型製藥公司對這兩個領域的重視程度較低。

Tejas Savant at Morgan Stanley.

摩根士丹利的 Tejas Savant。

Jim, sorry to [ comb ] that same sort of theme. There's a couple of I guess, remarks you made that I just want to unpack a little bit, right? I mean, generally, in the past, when we've had patent cliff concerns, pharma companies have almost wanted to double down on R&D so that those pipelines or the revenue hole gets filled. It seems to be sort of different this time. So any sort of color on that?

吉姆，很抱歉再次提起同樣的主題。我想您剛才說了幾點，我只是想稍微解釋一下，對吧？我的意思是，一般來說，在過去，當我們有專利懸崖的擔憂時，製藥公司幾乎都想加倍投入研發，以便填補這些管道或收入缺口。這次似乎有些不同。那麼，這上面有什麼顏色嗎？

And then on the IRA, what has changed in the last couple of months here. >Pharma companies, were they actually sort of like optimistic of reversing this entirely in court? Is it a view on election outcomes making them nervous? Because most larger drug companies who went through that drug negotiation process seems to have come out of it feeling reasonably okay with the fallout from the outcome. So maybe you can just elaborate on those 2 aspects. And then I have a follow-up.

然後關於愛爾蘭共和軍，過去幾個月發生了什麼變化。>製藥公司是否真的對在法庭上徹底推翻這項判決持樂觀態度？是不是對選舉結果的看法讓他們感到緊張？因為大多數經歷過藥品談判過程的大型製藥公司似乎都對談判結果感到相當滿意。所以也許您可以詳細說明這兩個方面。然後我有一個後續問題。

I mean this is unusual activity for our pharma clients who obviously we've been servicing forever, and that was our principal source of revenue and there's obviously a meaningful source of revenue right now.

我的意思是，對於我們一直服務的製藥客戶來說，這是一個不尋常的活動，這是我們的主要收入來源，而且現在顯然是一個有意義的收入來源。

I think your comments on IRA are accurate except we're surprised that we're hearing more about it lately. So I don't know what sort of restarted that. But almost all the clients have mentioned that. They're mentioning the patent lifts even more.

我認為您對 IRA 的評論是準確的，但我們對最近聽到更多有關它的消息感到驚訝。所以我不知道那是怎樣的重啟。但幾乎​​所有客戶都提到了這一點。他們甚至更提到了專利的解除。

So the notion that they would double down on our R&D to try to offset that, which actually at least on the -- or an early depart makes a lot of sense. Strategically and structurally and organizationally, we just don't see them doing it right now. It's just, as you know, it takes longer to get drugs into the clinic. It takes longer for them to get to market and it costs a lot more. So they just have to work on a smaller number of drugs to offset the impending impact from so many of them, some many of the patents coming off.

因此，他們會加倍投入我們的研發以試圖抵消這一影響，這實際上至少在一定程度上——或者提前離開是非常有意義的。從策略、結構和組織角度來看，我們現在還沒有看到他們這樣做。只是，如你所知，將藥物送入診所需要更長的時間。它們需要更長的時間才能進入市場，而且成本要高得多。因此，他們只需研發少量藥物，就能抵消大量藥物即將帶來的影響，其中一些藥物的專利即將失效。

So feels like unusual activity. It also feels unusually profound and sudden. And as we said, we used the word unexpected because we're really close to these folks and we deal with them every day and we're their service provider, and in many ways, an extension of their own internal facilities. And yet it's not like they said to watch a year ago. I just want to tell you we're going to be -- we're going to emphasize clinical work to the detriment of preclinical so you need to prepare for that, we'll be doing less work with you. So we didn't get that sort of warning or dialogue.

所以感覺像是不尋常的活動。它也給人一種異常深刻和突然的感覺。正如我們所說，我們使用了「意外」這個詞，因為我們與這些人非常親近，我們每天都與他們打交道，我們是他們的服務提供者，並且在許多方面，我們是他們內部設施的延伸。但這並不像他們一年前所說的。我只是想告訴你，我們將——我們將強調臨床工作而忽視臨床前工作，所以你需要為此做好準備，我們將減少與你的合作。所以我們沒有收到那種警告或對話。

Think we're increasingly closer to our clients. We feel that we're sitting on the same side of the table with them. I think a lot of these decisions have been taken relatively recently and probably more to come and haven't been taken yet.

我認為我們與客戶的距離越來越近了。我們感覺我們和他們坐在同一張桌子的一邊。我認為很多決定都是最近才做出的，而且可能還有更多決定尚未做出。

Got it. Helpful. And then one on sort of the potential for benefit from the BIOSECURE ACT. I think you alluded to it in the context of the CDMO business.

知道了。很有幫助。然後是關於《生物安全法案》可能帶來的利益。我認為您在 CDMO 業務的背景下提到了這一點。

But as you think about sort of potential sort of share gains even within Discovery Services or biologics testing solutions, any color on just dimensioning the potential upside there?

但是，當您考慮在發現服務或生物製劑測試解決方案中潛在的份額增長時，您能否估算其中的潛在上升空間？

And then a quick cleanup on net interest expense for Flavia. So just given that your debt is essentially 80% fixed, you won't benefit from the interest rate cuts, but the interest income might actually go down as well, right? So how are you thinking about that dynamic into the fourth quarter and sort of potentially into 2025?

然後快速清理 Flavia 的淨利息支出。因此，鑑於您的債務基本上有 80% 是固定的，您不會從降息中受益，但利息收入實際上也可能會下降，對嗎？那麼您如何看待第四季以及 2025 年的動態？

I think it's hard to believe that the BIOSECURE ACT won't have a positive benefit to the demand curve for us across lots of what we do, right, biologics, CDMO for sure, some safety, some discovery. I mean it's pretty profound, and there's a lot of Chinese competitors in that space who compete with us principally on price, but have very good scale and our clients have been quite happy with them.

我認為很難相信《生物安全法案》不會對我們所做的很多事情的需求曲線產生積極的影響，對吧，生物製劑、CDMO、一些安全性、一些發現。我的意思是，這非常深刻，而且該領域有很多中國競爭對手，他們主要在價格上與我們競爭，但他們的規模非常好，我們的客戶對他們非常滿意。

And while it's quite clear to us that, that should have a positive benefit, as we said, I think, on our last call or some of the interim conversations we've had at the investor conferences, there's been a very small amount of both conversation and interest and a tiny amount of work that has come with us. So we don't -- we want to be careful not to overstate the potential, although we think there is a potential over time.

雖然我們很清楚這應該會帶來積極的好處，但正如我們在上次電話會議或投資者會議上的一些臨時談話中所說的那樣，我們得到的談話和興趣都非常少，而且我們所做的工作也非常少。所以我們不會——我們要小心，不要誇大潛力，儘管我們認為隨著時間的推移，潛力是存在的。

So we just have to watch and see how it rolls out, see what the ultimate language is, see what the severity is and see whether clients follow. We did say, I think it was on our last call, that we had meetings with a couple of very big venture capital firms with whom we work who said they had, "Instructed their portfolio of companies not to do work in China." And we thought that was an unusually strong inter -- sort of interference with what these portfolio companies do. They didn't say we would prefer you don't use China. They said, we don't want you to.

所以我們只需要觀察它如何展開，看看最終的措辭是什麼，看看嚴重程度是什麼，看看客戶是否會遵循。我們確實說過，我想那是在我們最後一次通話中，我們與幾家與我們合作的非常大的風險投資公司舉行了會議，他們說他們「指示他們投資組合中的公司不要在中國開展業務」。我們認為這是對這些投資組合公司業務的一種異常強烈的干擾。他們並沒有說我們不希望你們使用中國。他們說，我們不想讓你這麼做。

So that gave us an indication that, that might be something that expands. These are VCs that are creating new companies from scratch and the fact that they don't even want to start with China, quite interesting.

所以這給了我們一個跡象，那就是這可能會擴大。這些創投家白手起家創立新公司，而他們甚至不想從中國開始，這很有趣。

So it feels like it should have a greater head of steam, doesn't seem to have much right now. A lot of talk about it. So obviously, it's not built into anything that we're saying for this year, and we'll see whether there's any changes post-election on this. And I'll let Flavia take the interest expense question.

因此感覺它應該有更大的蒸汽量，但現在似乎沒有太多。關於它有很多討論。因此，很明顯，這並沒有被納入我們今年所說的任何內容中，我們將看看選舉後這方面是否會發生任何變化。我讓弗拉維亞來回答利息支出問題。

Sure. And Tejas, given that the -- any change in interest rates by the Fed will likely be at the end -- the tail end of the year, the timing of these reductions will not really have any meaningful impact on our outlook. Not to mention also 80% of our debt is fixed until November when we have the swap on the $500 million expire.

當然。Tejas，考慮到聯準會的任何利率調整都可能在年底，降息時機實際上不會對我們的前景產生任何有意義的影響。更不用說我們的 80% 的債務在 11 月之前都是固定的，屆時我們將對 5 億美元的債務進行掉期。

I know you talked also about could that put pressure on your interest income. But we try to keep very little cash, obviously, given that our objective is to pay down debt. So that would be de minimis as well.

我知道您也談到了這是否會對您的利息收入造成壓力。但顯然，我們會盡量少保留現金，因為我們的目標是償還債務。所以這也是最低限度的。

And in terms of outlook for next year, anything that the Fed does in terms of bringing interest rates down will obviously be positive for us because we will have a little bit less that fix given the swap will expire. And so the amount of floating of our debt will increase. And if interest rates come down, that would actually be positive for us.

就明年的前景而言，聯準會在降低利率方面所做的任何舉措顯然對我們來說都是有利的，因為考慮到掉期到期，我們的固定利率將會略有下降。因此我們的浮動債務數量將會增加。如果利率下降，這對我們來說實際上是有利的。

Casey Woodring , JPMorgan.

凱西‧伍德林，摩根大通。

I guess first quick one. What's your assumption on NHP pricing in the context of the comments you made today on DSA pricing pressure in the back half of the year? And I just have one quick follow-up.

我想先快速地做一個。結合您今天對下半年 DSA 定價壓力的評論，您對 NHP 定價有何假設？我還有一個簡短的後續問題。

I can take that one, Casey. So -- and I'll separate it a little bit because I'm assuming that your question is more focused on NHP pricing in the DSA business, but I'll also provide some commentary on NHP pricing when we sell it to third parties, which is reflected in the RMS business.

我可以接受這個，凱西。所以 - 我會稍微分開一下，因為我假設您的問題更多地集中在 DSA 業務中的 NHP 定價上，但當我們將 NHP 出售給第三方時，我也會提供一些關於 NHP 定價的評論，這反映在 RMS 業務中。

So for DSA, NHP pricing was still slightly positive in the second quarter as we, I think, indicated. And it's off from the peak levels of last year, but still positive. It will probably follow the same pattern as overall pricing for the DSA business, so probably modulate to slightly decline in the tail end of this year.

因此，對於 DSA 而言，我認為，第二季度 NHP 定價仍然略有積極，正如我們所指出的那樣。雖然與去年的峰值水平相比有所下降，但仍保持正增長。它可能會遵循與 DSA 業務整體定價相同的模式，因此可能會在今年年底略有下降。

Shifting now to the NHP pricing within RMS. Obviously, we have 2 parts of that business, I think, as we have commented since we acquired Noveprim. We have the NHP sales in China for China. And then we have now NHP sales through the Noveprim acquisition.

現在轉向 RMS 內的 NHP 定價。顯然，我認為我們的業務分為兩個部分，正如我們收購 Noveprim 以來所說的那樣。我們在中國有 NHP 銷售。現在我們透過收購 Noveprim 實現了 NHP 銷售。

So in China, prices have come down and they have been reflected in our results so far this year, and we'll continue to expect them to be at the levels that we're experiencing them today.

因此，在中國，價格已經下降，並且已經反映在我們今年迄今為止的業績中，我們將繼續預計價格將保持在我們今天所經歷的水平。

And then in the case of Noveprim, prices are stable. They -- these agreements are long-term relationships and we haven't experienced price pressure there this year and do not expect it to happen in the second half of the year.

就 Noveprim 而言，價格穩定。這些協議是長期關係，今年我們還沒有經歷過價格壓力，而且預計下半年也不會發生這種情況。

Got it. That's helpful. And then you mentioned cancellations are still not back to target levels and net book-to-bill was below 1 again this quarter.

知道了。這很有幫助。然後您提到取消訂單量仍未恢復到目標水平，並且本季度淨訂單出貨比再次低於 1。

Just curious how much of that cancellation number in the quarter was from large pharma versus biotech? The impression in the past have been a lot of the cancellations have been from biotechs that couldn't pay for the work that they had booked too far in advance. But now with the large pharma restructuring you called out here, just wondering if that's really driving the heightened cancellations here? And what's the expectation for cancellations is moving through the rest of the year?

只是好奇本季取消的數量中有多少來自大型製藥公司，有多少來自生技公司？過去的印像是，許多取消訂單的情況都是因為生技公司無法支付他們提前預訂的工作的費用。但現在，隨著您所呼籲的大型製藥公司重組，只是想知道這是否真的導致了這裡取消次數的增加？那麼今年剩餘時間取消航班的情況預計會如何呢？

No problem. I'll take that one as well, Jim. And you're correct, Casey, the cancellations for sort of biotech, small and mid-tier companies, actually was a slight sequential improvement from Q1. So less cancellations. And global has actually picked up between Q1 and Q2. So sequentially, it was a deterioration, more cancellations for global in Q2 and an improvement for mid-tiers as you had guessed.

沒問題。我也會接受這個，吉姆。凱西，你說得對，對於生物技術、小型和中型公司來說，取消訂單的情況實際上比第一季略有改善。因此取消的次數會減少。全球經濟在第一季和第二季之間實際上已經回升。因此，正如您所猜測的，第二季度全球航班取消數量有所下降，而中端航班取消數量有所改善。

Luke Sergott at Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

So I just wanted to talk about the -- I know you guys are taking out costs and aligning the costs with the demand.

所以我只想談談——我知道你們正在削減成本並使成本與需求保持一致。

But as the as that demand starts coming back in DSA, how quickly can you spin up those resources again? And just trying to think about the timing, is it like a quarter ahead given the visibility that you guys have? Or is it kind of it will happen -- have to happen in real time?

但隨著 DSA 中的需求開始回升，您能多快再次啟動這些資源？試著思考一下時間，考慮到你們的可見性，它是否提前了一個季度？或者它會發生——必須實時發生？

We have to hire even direct labor probably a quarter ahead, that's a good time frame. It's kind of 3 to 4 months to train people that have no background in this work. So not a long period of time, but the people really can't start to contribute the next day.

我們必須提前一個季度僱用直接勞動力，這是一個很好的時間範圍。訓練那些沒有這方面工作背景的人員大約需要 3 到 4 個月的時間。因此時間雖然不長，但人們確實無法在第二天就開始做出貢獻。

So we try and I think have been successful in staying ahead of that curve. Can't take on new work with without sufficient staff. So think it should be relatively straightforward to get those -- to hire those people or hire them back or hire people. Obviously, senior scientific people and [indiscernible] directors and things like that, it's much more complicated we were going to hold on to those people as we continue to refine our infrastructure.

因此，我們進行了嘗試，我認為我們已經成功地保持領先地位。沒有足夠的員工，就無法承擔新的工作。因此，我認為獲得這些人才——僱用這些人或重新僱用他們或僱用其他人——應該是相對簡單的。顯然，對於高級科學家和[音頻不清晰]主任之類的人來說，隨著我們繼續完善基礎設施，留住這些人變得更加複雜。

All right. Great. And then this goes on, I guess, on tail end of Matt Sykes was asking about the prioritization. I mean, this market has been kind of -- this part of the business has been soft for a while with pharma continuing to rationalize this discovery work and keep those budgets tight.

好的。偉大的。然後我想，這在 Matt Sykes 詢問優先事項時繼續進行。我的意思是，這個市場有點——這部分業務已經疲軟了一段時間，因為製藥公司繼續合理化這項發現工作並保持預算緊張。

Like how long do you think that they can maintain this tight budgetary environment or continue to cut there without it starting to impact the later-phase work?

您認為他們能夠維持這種緊張的預算環境多久，或繼續削減預算，而不會影響後期工作？

It's a good question. I mean pharma is 50% to 70% of the drugs are externally accessed. So you're going to see pharma continue to do a lot of M&A of small, medium and large biotech companies. So I don't think there's going to be much M&A between pharma companies. So that's positive for them.

這是個好問題。我的意思是製藥業有 50% 到 70% 的藥物是透過外部取得的。因此，你會看到製藥公司繼續對大量小型、中型和大型生技公司進行併購。因此我認為製藥公司之間不會發生太多的併購。所以這對他們來說是積極的。

Much of the work that they're doing, particularly in the areas that we work, are currently being outsourced. As they buy the startup or growth biotech companies, they are obviously going to continue to work, but they would buy those companies. So we should benefit from that as well, particularly if that biotech company is a client of ours or the pharma company buys as well.

他們所做的大部分工作，特別是在我們工作的領域，目前都外包了。當他們收購新創或成長型生技公司時，他們顯然會繼續工作，但他們會收購這些公司。因此，我們也應該從中受益，特別是如果該生技公司是我們的客戶，或者製藥公司也購買我們的產品。

We haven't seen this level of pullback this severe in a long time, but we saw it years ago when there was another patent cliff. So that's just the fact that they can't deny, and they have to fill that hole as quickly as possible. Hence, the emphasis on the clinic.

我們很久沒有見過如此嚴重的回調了，但是幾年前當出現另一次專利懸崖時我們就見過這種情況。所以這是他們無法否認的事實，他們必須盡快填補這個空缺。因此，我們非常重視臨床。

As we said a few times today, it's a bit of an imponderable to try to figure out when they'll reinvigorate pure discovery spending or IND spending. But the IND spending would come sooner than discovery. And it's all essential in terms of continuing to fuel the strength of their pipeline.

正如我們今天多次提到的那樣，試圖弄清楚他們何時會重新刺激純粹發現支出或 IND 支出是有點難以估量的。但 IND 的支出將比發現來得更快。這對於繼續增強其管道實力至關重要。

So at some level, they have to do it all. They have to look at their own infrastructure from facilities, they have to look at it on G&A. They had to look at -- some of them are cutting back therapeutic areas. They have to really refine their infrastructure, which is not something, I think, the pharmaceutical industry has historically done on that well, but they're at the point now where it's really a necessity.

所以從某種程度上來說，他們必須做到這一切。他們必須從設施角度審視自己的基礎設施，必須從 G&A 角度審視它。他們必須考慮——其中一些人正在削減治療領域。他們必須真正完善他們的基礎設施，我認為，製藥業在歷史上並沒有做得很好，但現在他們已經到了真正需要改進的階段。

So that should -- when the smoke clears, whenever that is, be a significant benefit to us since we do so much of this work -- can do so much this work for them with deeper science, with closer proximity, lower cost, et cetera, et cetera, like we have been for years. So we have to hang in there, get lean, watch our cost structure and try to be as responsive as possible from a sales point of view so that we minimally hold on to share and maximally take share of new work.

因此，當煙霧散去時，無論何時，這對我們來說都是一個重大的好處，因為我們做瞭如此多的工作——我們可以用更深入的科學、更緊密的距離、更低的成本等等為他們做很多工作，就像我們多年來所做的那樣。因此，我們必須堅持下去，精簡開支，專注於我們的成本結構，並嘗試從銷售的角度盡可能地做出回應，以便我們能夠最低限度地保留份額，並最大限度地獲得新工作的份額。

Michael Ryskin at Bank of America.

美國銀行的麥可‧里斯金 (Michael Ryskin)。

Great. Given the time, I'm on just going to keep it to one question. I hear your commentary and everything that's changing your view on DSA and yet you're maintaining the guide for RMS. I realize different businesses there, slightly different exposures. But I'm a little bit surprised you're not worried about at least some bleed-through if the pharma pullback is this significant and potentially this protracted that you wouldn't see at least some impact in RMS as the year went on and possibly next year as well.

偉大的。考慮到時間，我只想問一個問題。我聽到了您的評論以及所有改變您對 DSA 看法的事情，但您仍在維護 RMS 的指南。我意識到那裡有不同的業務，曝光度略有不同。但我有點驚訝，如果製藥業的回調如此顯著，並且可能持續如此之久，以至於在今年甚至明年你都不會看到 RMS 受到至少一些影響，那麼您並不擔心至少會出現一些滲透效應。

So just curious what gives you confidence in that segment?

所以我很好奇是什麼讓您對這部分充滿信心？

I think we're probably already seeing a little bit of a bleed-through, just to use your language, in North America, which has been a bit slower, and of course, that's where all most of biotech resides.

我認為我們可能已經看到了一點滲透現象，用你的話來說，在北美，這個現象發展得有點慢，當然，大多數生物技術都集中在那裡。

Conversely, Europe, which has less biotech and ironically lots of pharma, has been solid. China is still growing really nicely. That's a function of capital going into life sciences. Just the scale of the country and the scale of our operation because we built some new facilities.

相反，歐洲的生物技術產業較少，但諷刺的是，製藥業卻很多，因此歐洲的生物技術產業一直很穩健。中國仍在快速發展。這是資本進入生命科學的作用。由於我們建造了一些新設施，因此國家規模和我們的營運規模都擴大了。

So we feel pretty good -- we feel pretty good about our guidance there. We've always gotten price in RMS forever. None of our clients produce their own animals and the competition is relatively small. And while the service parts of RMS are a bit slow at the moment, it's still quite substantial. They've got good operating margins. And they are part of the solution for the clients watching the cost structure.

所以我們感覺很好——我們對我們的指導感覺很好。我們始終以 RMS 為單位取得價格。我們的客戶都不自己生產動物，競爭相對較小。儘管目前 RMS 的服務部分有點慢，但仍然相當可觀。他們的營業利益率很高。它們是針對關注成本結構的客戶的解決方案的一部分。

So we would imagine that, that work will stabilize as well. So I think as we said, RMS will continue to do its thing. Our guidance is only 0 to low single digits. So we certainly feel quite confident about our ability to deliver that for the 3 or 4 reasons I just gave you.

因此我們可以想像，這項工作也會穩定下來。所以我認為正如我們所說的，RMS 將繼續做它的事情。我們的指導僅為 0 到低個位數。因此，我們對於實現這一目標的能力充滿信心，理由就是我剛才給出的 3 或 4 個理由。

Max Smock of William Blair.

威廉·布萊爾的馬克斯·斯莫克。

I'll keep it to one question as well. I just wanted to follow up on some of the prior questions around market share, given your commentary is a bit out of line with what we heard from one of your competitors last week.

我也會只問一個問題。我只是想跟進一些有關市場份額的先前問題，因為您的評論與我們上週從您的一位競爭對手那裡聽到的有點不一致。

I was just hoping you could give some detail around how your win rate in DSA has trended so far in 2024 and whether you've seen that hold up for new proposals more recently or if there's any sort of drop off to call out here?

我只是希望您能詳細說明 DSA 在 2024 年迄今為止的勝率趨勢，以及您是否發現最近新提案的勝率有所上升，或者是否存在任何下降趨勢？

Our win rate in Safety has been quite high and pretty consistent over a long period of time. So when we go head-to-head given our overall portfolio, given the geography, given the depth of our science, we'll almost always win until there's a serious conversation about price with a client that's just worried about running out of cash. And then they are more open, I think, to compromise on the quality.

我們在安全方面的勝率一直很高，而且長期以來相當穩定。因此，當我們根據我們的整體投資組合、地理位置和科學深度進行正面交鋒時，我們幾乎總是會贏，直到與擔心現金耗盡的客戶就價格進行嚴肅的對話。我認為，他們更願意在品質上做出妥協。

I don't think that's a big issue when -- and often we don't even bid on that work. There's some very small competitors who really compete entirely on price.

我認為這不是什麼大問題——而且我們通常甚至不會對這項工作進行投標。有一些非常小的競爭對手，他們完全在價格上競爭。

So our market share is still quite substantial. It has been growing our win rates have been good. The proposal volume has been quite significant. And the bookings have begun to improve, as we said in our prepared remarks, just not at the rate that we would need them to improve to really invigorate the back half of the year. So we think that's going to be less positive than we thought and exacerbated by pharma pulling back at the same time.

所以我們的市佔率還是比較大的。我們的勝率一直在成長，一直都很好。提案數量相當可觀。正如我們在準備好的發言中所說的那樣，預訂量已經開始改善，但改善的速度還沒有達到我們真正需要的、能夠為下半年註入活力的速度。因此，我們認為情況不會像我們想像的那麼積極，製藥公司的撤退還會加劇這種情況。

But I think we continue to hold our own, do really well from a market share point of view with the entire client base, but certainly particularly biotech.

但我認為，從市場份額的角度來看，我們將繼續保持自己的地位，並且在整個客戶群中，尤其是在生物技術領域，表現非常出色。

And Max, if I can just add, I think you alluded to one of our competitors that reported last week, if I saw it correctly, and it's a smaller piece of their business, but the piece that we compete more directly, I think their performance in the quarter was worse than ours.

馬克斯，如果我可以補充一點的話，我認為你提到了我們上週報告的其中一家競爭對手，如果我沒有看錯的話，這是他們業務中較小的一部分，但我們更直接競爭的部分，我認為他們在本季度的表現比我們更差。

And so I think to Jim's point, we believe this is more of a market dynamic as opposed to a competitive dynamic driving the more negative outlook that we are forecasting.

因此，我認為對於吉姆的觀點，我們認為這更多的是一種市場動態，而不是競爭動態，這導致了我們預測的更負面的前景。

I was going to just say, I apologize if we didn't get to some of the questions. It was running long. I will follow up, and thank you, everyone, for joining the conference call this morning. We look forward to seeing you at some of the investor conferences in September, and this concludes the call. Thank you.

我只是想說，如果我們沒有回答某些問題，我深感抱歉。它運行了很長時間。我會跟進，感謝大家參加今天上午的電話會議。我們期待在九月的一些投資者會議上見到您，本次電話會議到此結束。謝謝。

Thank you, Mr. Spencer. Ladies and gentlemen, again, that does conclude today's Charles River Laboratories second quarter 2024 Earnings Call. Again, thanks for your participation. You may now disconnect.

謝謝你，史賓賽先生。女士們，先生們，今天的 Charles River Laboratories 2024 年第二季財報電話會議到此結束。再次感謝您的參與。您現在可以斷開連線。