Catalent Inc (CTLT) 2022 Q4 法說會逐字稿

Good morning. Thank you for attending today's Catalent, Inc. Fourth Quarter Fiscal Year 2022 earnings call. My name is Forum, and I will be your moderator for today's call. (Operator Instructions)

早上好。感謝您參加今天的 Catalent, Inc. 2022 財年第四季度財報電話會議。我的名字是論壇，我將成為您今天電話會議的主持人。 （操作員說明）

It is now my pleasure to pass the conference over to our host, Paul Surdez, Vice President of Investor Relations. Mr. Surdez, please proceed.

現在我很高興將會議轉交給我們的東道主投資者關係副總裁 Paul Surdez。 Surdez 先生，請繼續。

Good morning, everyone, and thank you for joining us today to review Catalent's fourth quarter and full fiscal year 2022 financial results. Joining me on the call today are Alessandro Maselli, President and Chief Executive Officer; and Tom Castellano, Senior VP and Chief Financial Officer. Please see our agenda for today's call on Slide 2 of our supplemental presentation, which is available on our Investor Relations website at investor.catalent.com.

大家早上好，感謝您今天加入我們，審查 Catalent 第四季度和 2022 財年的完整財務業績。今天和我一起參加電話會議的是總裁兼首席執行官 Alessandro Maselli；以及高級副總裁兼首席財務官 Tom Castellano。請在我們的補充演示文稿的幻燈片 2 上查看我們今天的電話會議議程，該幻燈片可在我們的投資者關係網站investor.catalent.com 上找到。

During our call today, management will make forward-looking statements and refer to non-GAAP financial measures. It is possible that actual results could differ from management's expectations. We refer you to Slide 3 for more detail on forward-looking statements. Slides 4 and 5 discuss Catalent's use of non-GAAP financial measures and our just-issued earnings release provides reconciliations to the most directly comparable GAAP measures.

在我們今天的電話會議中，管理層將做出前瞻性陳述並參考非公認會計準則財務指標。實際結果可能與管理層的預期不同。我們請您參閱幻燈片 3，了解有關前瞻性陳述的更多詳細信息。幻燈片 4 和 5 討論了 Catalent 對非 GAAP 財務指標的使用，我們剛剛發布的收益報告提供了與最直接可比的 GAAP 指標的對賬。

Please also refer to Catalent's Form 10-K that will be filed with the SEC today for additional information on the risks and uncertainties that may bear on our operating results performance and financial condition.

另請參閱 Catalent 將於今天向 SEC 提交的 10-K 表格，以獲取有關可能對我們的經營業績和財務狀況產生影響的風險和不確定性的更多信息。

Now I would like to turn the call over to Alessandro Maselli, whose opening remarks will begin on Slide 6 of the presentation.

現在我想把電話轉給 Alessandro Maselli，他的開場白將從演示文稿的幻燈片 6 開始。

Thanks, Paul, and welcome, everyone, to the call. Fiscal '22 was another extraordinary year for Catalent. During the year, we achieved the strong results both financially and operationally, while also making a positive impact on our global community by delivering our mission to develop and deliver products that help people live better and healthier lives.

謝謝，保羅，歡迎大家來電。 '22 財年對 Catalent 來說是又一個不平凡的一年。在這一年裡，我們在財務和運營方面都取得了驕人的成績，同時也通過履行我們的使命，開發和提供幫助人們過上更美好、更健康的生活的產品，從而對我們的全球社區產生積極影響。

Some top highlights since July '21 include: significantly investing in capacity and infrastructure in both North America and Europe, particularly focused on servicing the high demand segments of the market; adding another growth engine to the company through our entry in consumer-preferred gummy dosage forms for nutritional supplements, which we continue to aggressively expand; agreeing to acquire a new capacity that will accelerate our ability to handle demand in the attractive category of highly potent compounds; expanding and deepening one of our best-selling tools in the industry; intensifying our long commitment to sustainability; accelerating our growth strategy and delivering record financial results despite a difficult inflationary environment and ongoing supply chain challenges.

自 21 年 7 月以來的一些重要亮點包括：在北美和歐洲大力投資產能和基礎設施，特別是專注於為市場的高需求部分提供服務；通過我們進入消費者首選的營養補充劑軟糖劑型為公司增加另一個增長引擎，我們將繼續積極擴展；同意獲得一種新的能力，以加快我們處理有吸引力的高效化合物類別需求的能力；擴展和深化我們在業內最暢銷的工具之一；加強我們對可持續發展的長期承諾；儘管存在艱難的通貨膨脹環境和持續的供應鏈挑戰，但我們仍加快了我們的增長戰略並實現了創紀錄的財務業績。

Fiscal '22 net revenue was $4.83 billion, which grew organically in constant currency at 20% compared to prior fiscal year. This growth was primarily driven by broad demand for our biologics offering, including the demand for COVID-19 related programs, increased demand of our customer prescription products and a rebound in demand for our consumer health products.

'22 財年的淨收入為 48.3 億美元，與上一財年相比，按固定匯率計算有機增長 20%。這一增長主要是由對我們的生物製劑產品的廣泛需求推動的，包括對 COVID-19相關項目的需求、對我們客戶處方產品的需求增加以及對我們消費者保健產品的需求反彈。

Adjusted EBITDA for the year was $1.29 billion, reflecting constant currency organic growth of 28% compared to fiscal '21. We also increased our adjusted EBITDA margin to 26.6%, up 110 basis points from 25.5% we recorded in fiscal '21. Fiscal '22 adjusted net income was $694 million or $3.84 per diluted share, up from $3.04 per diluted share in fiscal '21.

今年調整後的 EBITDA 為 12.9 億美元，與 21 財年相比，固定匯率有機增長了 28%。我們還將調整後的 EBITDA 利潤率提高到 26.6%，比我們在 21 財年記錄的 25.5% 提高了 110 個基點。 '22 財年調整後的淨收入為 6.94 億美元或每股攤薄收益 3.84 美元，高於 '21 財年每股攤薄收益 3.04 美元。

Now focusing on the fourth quarter, I'm pleased to report that we have closed out the year with strong results as our robust business momentum more than offset headwinds from inflation and unfavorable exchange translation. As shown on Slide 7, our fourth quarter revenue was $1.31 billion, increasing 10% as reported or 15% in constant currency compared to the fourth quarter of fiscal '21.

現在專注於第四季度，我很高興地報告說，我們以強勁的業績結束了這一年，因為我們強勁的業務勢頭抵消了通貨膨脹和不利的匯率換算帶來的逆風。如幻燈片 7 所示，我們第四季度的收入為 13.1 億美元，與 21 財年第四季度相比，報告的收入增長了 10%，或按固定匯率計算增長了 15%。

When excluding acquisition and divestiture, organic growth was 10% measured in constant currency. This growth was primarily driven by our Biologics segment, which grew double digits despite lower year-on-year revenue in the quarter from COVID-19 programs.

不包括收購和資產剝離，有機增長為 10%，以固定匯率計算。這一增長主要是由我們的生物製品部門推動的，儘管本季度 COVID-19項目的收入同比下降，但該部門仍實現了兩位數的增長。

Our fourth quarter adjusted EBITDA was $384 million, increased 10% as reported or 16% on a constant currency basis compared to the fourth quarter of fiscal '21. When excluding acquisition and divestiture, organic growth was 15% measured in constant currency. Our adjusted net income for the fourth quarter was $215 million or $1.19 per diluted share, up from $1.16 per diluted share in the corresponding prior year period.

與 21 財年第四季度相比，我們第四季度調整後的 EBITDA 為 3.84 億美元，按報告增長 10% 或按固定匯率計算增長 16%。不包括收購和資產剝離，有機增長為 15%，以固定匯率計算。我們第四季度的調整後淨收入為 2.15 億美元或稀釋後每股收益 1.19 美元，高於去年同期的每股稀釋後收益 1.16 美元。

As you know, we put in place the organizational structure effective July 1, the start of fiscal '23, which was also the same day transition to my current role as a CEO. Our new structure will have better manage the business as it has grown over the last few years, while also enabling the value creation by giving our customers easier access to a broader array of our services. The reorganization has reduced our number of operating segments from 4 to 2, with 1 focusing on Biologics and the other on Pharmaceuticals and Consumer Health.

如您所知，我們於 7 月 1 日（即 23 財年開始）實施了有效的組織結構，這也是我擔任 CEO 職務的同一天。隨著過去幾年的發展，我們的新結構將更好地管理業務，同時通過讓我們的客戶更容易獲得我們更廣泛的服務來創造價值。重組使我們的經營部門數量從 4 個減少到 2 個，其中 1 個專注於生物製品，另一個專注於製藥和消費者健康。

Each segment represents roughly half of the total company revenues illustrated on Slide 8. We will begin reporting our results under this new structure, starting with our first quarter earnings call in early November. We'll also issue a restatement of recent historical data under the new structure in the coming weeks.

每個部分約佔幻燈片 8 所示公司總收入的一半。我們將在這種新結構下開始報告我們的業績，從 11 月初的第一季度財報電話會議開始。我們還將在未來幾週內發布新結構下近期歷史數據的重述。

The new Pharma and Consumer Health segment includes the offering of 3 of our prior segments, Softgel and Oral Technology; Oral and Specialty Delivery; and Clinical Supply services and overwhelmingly serves small molecule programs. Notable offerings in Pharma and Consumer Health segment include our market-leading capabilities for complex oral solid, Softgel formulation, Zydis fast-dissolve tablets, gummies and soft chews and clinical development and trial supply services. We have established dedicated teams focused individually on pharmaceutical, consumer health and Clinical Development and supply offerings.

新的製藥和消費者健康部門包括提供我們之前的 3 個部門，即軟膠囊和口服技術；口頭和專業交付；和臨床供應服務，絕大多數服務於小分子項目。製藥和消費者健康領域的知名產品包括我們在復雜口服固體、軟膠囊製劑、Zydis 速溶片劑、軟糖和軟咀嚼片以及臨床開發和試驗供應服務方面的市場領先能力。我們建立了專門的團隊，分別專注於製藥、消費者健康以及臨床開發和供應產品。

Our long-term net revenue growth expectation for the Pharma and Consumer Health segment is 6% to 10%, which is 200 basis points higher at the upper end than combined growth rates of the 3 previous segments now included within this new segment. This is due to the commercial synergies unlocked by our new go-to-market strategy, enabled by these organizational structure and greater exposure to higher growth sectors of small molecule market as a result of recent investment and acquisitions.

我們對製藥和消費者健康部門的長期淨收入增長預期為 6% 至 10%，這比現在包含在這個新部門中的前 3 個部門的總增長率高出 200 個基點。這是由於我們新的上市戰略所釋放的商業協同效應，這些組織結構和由於最近的投資和收購而對小分子市場更高增長領域的更大曝光。

The new Biologics segment is essentially the same as the Biologics segment we reported in fiscal '22. With some internal organization adjustments, we could better service the newer modalities employed by many of our biopharma customers. Our expected long-term growth -- net revenue growth rate for the Biologics segment remains at 10% to 15%. There are several benefits to this important structural change. First, the simplified reporting structure enable us to be more agile in meeting and anticipating customer needs and expectations as well as adapting to evolving customer and industry trends; second, creating a more integrated offering makes it easier to count for customers to do business with Catalent, leading to an enhanced customer experience and minimized barrier for existing and potential customers to access multiple services, thereby enabling the commercial synergies.

新的生物製品部分與我們在 22 財年報告的生物製品部分基本相同。通過一些內部組織調整，我們可以更好地為我們的許多生物製藥客戶採用的新模式提供服務。我們預期的長期增長——生物製品部門的淨收入增長率保持在 10% 至 15% 之間。這種重要的結構變化有幾個好處。首先，簡化的報告結構使我們能夠更加靈活地滿足和預測客戶的需求和期望，以及適應不斷變化的客戶和行業趨勢；其次，創建更集成的產品可以更輕鬆地計算客戶與 Catalent 開展業務的次數，從而增強客戶體驗並最大限度地減少現有和潛在客戶訪問多種服務的障礙，從而實現商業協同效應。

Finally, it allows us for even greater operational excellence as a result of quality and operations oversight bolsters accountability across the network. Importantly, based on our confidence in the long-term growth expected across both segments to our continued investment and synergy resulting from our reorganization, we are in a comfortable position to raise the top end of our projected-consolidated long-term growth rate to 12% compared to the previous 10% as shown in Slide 8.

最後，由於質量和運營監督加強了整個網絡的問責制，它使我們能夠實現更大的運營卓越。重要的是，基於我們對這兩個部門預期的長期增長的信心，以及我們的重組帶來的持續投資和協同效應，我們可以將我們預計的綜合長期增長率的上限提高到 12 % 與之前的 10% 相比，如幻燈片 8 所示。

Looking to fiscal '23, while Tom will review the details of our guidance later in the call, I would like to make some high-level remarks on our revenue outlook. I indicated on our last earnings call in May that we were comfortable projecting a fiscal '23 organic growth, in line with our previous long-term organic revenue growth rate of 8% to 10% despite our forecast for a considerable decline in revenue from COVID-19 related programs. Since then, given the more pronounced seasonality we're projecting customer ordering for these programs, as well as the phasing of our fiscal year, we have further derisked the level of COVID-related revenue in our guidance model.

展望 23 財年，雖然湯姆將在電話會議的晚些時候審查我們的指導細節，但我想對我們的收入前景發表一些高層評論。我在 5 月份的最後一次財報電話會議上表示，儘管我們預測 COVID 收入將大幅下降，但我們對 23 財年的有機增長感到滿意，這與我們之前 8% 至 10% 的長期有機收入增長率一致-19 個相關程序。從那時起，鑑於我們預計客戶訂購這些項目的季節性更為明顯，以及我們財政年度的分階段，我們在我們的指導模型中進一步降低了與 COVID 相關的收入水平。

The new model used for the guidance we are sharing today takes into account the updated timing of the switch to single-dose formats and forecast a roughly 2/3 increase in COVID vaccine-related volumes in fiscal '23 compared to fiscal '22. After accounting for these additional derisking of COVID revenue, we still expect the fiscal '23 organic growth at the midpoint to be around the low end of our long-term range on a constant currency basis.

我們今天分享的指導所使用的新模型考慮了轉換為單劑形式的更新時間，並預測與 22 財年相比，23 財年與 COVID 疫苗相關的數量大約增加 2/3。在考慮到 COVID 收入的這些額外風險之後，我們仍然預計 23 財年中點的有機增長將在我們長期範圍的低端附近（按固定匯率計算）。

Our projection of fiscal '23 revenue growth is driven by our non-COVID business which is expected to grow organically by more than 25% at constant currency due to several factors, including: growth expansions of existing assets that came online in the past year, such as our new drug substance lines in medicine and drug product lines in Bloomington and Europe; maximizing efficiencies in other areas of our global network, including those that manufacture our gummy format and previously announced build-outs of our cell therapy and plasmid offerings in Europe and U.S.; adding a new capacity in the next 2 quarters, including the opening of 8 previously announced gene therapy suites in BWI; and additional drug substance capacity in Bloomington.

我們對 23 財年收入增長的預測是由我們的非 COVID 業務推動的，由於多種因素，該業務預計將有機增長超過 25%，包括：過去一年上線的現有資產的增長擴張，比如我們在布盧明頓和歐洲的藥品新原料藥生產線和藥品生產線；最大限度地提高我們全球網絡其他領域的效率，包括製造我們的軟糖形式以及之前宣佈在歐洲和美國擴展我們的細胞療法和質粒產品的領域；在接下來的兩個季度增加新的產能，包括在 BWI 開設 8 個先前宣布的基因治療套件；以及布盧明頓的額外原料藥容量。

The large commercial tech transfer programs in our drug product assets we discussed on our last earnings call and later in fiscal '23 our 2 new facility currently completing construction, our commercial cell therapy facility in Princeton and our drug substance facility in Oxford will start to generate the meaningful revenue. Additional growth not reflected in the fiscal '23 guidance we are issuing today is anticipated following the closing of our recently announced agreement to acquire Metrics Contract Services, a food service specialty CDMO with a 330,000 square foot facility in Greenville, North Carolina for $475 million from Mayne Pharma as summarized on Slide 9.

我們在上次財報電話會議上討論過的藥品資產中的大型商業技術轉讓計劃，後來在 23 財年我們的兩個新設施目前正在建設中，我們在普林斯頓的商業細胞治療設施和我們在牛津的原料藥設施將開始產生有意義的收入。在我們最近宣布的以 4.75 億美元收購位於北卡羅來納州格林維爾的 330,000 平方英尺設施的食品服務專業 CDMO 的協議結束後，預計我們今天發布的 23 財年指南中未反映的額外增長幻燈片 9 中總結的 Mayne Pharma。

The acquisition of this business and facility, which has enjoyed well over $100 million in capital improvements in the last 5 years, will enable Catalent to accelerate existing plans to meet the increasing demand for fit for scale, high potent drug manufacturing. Of course, the acquisition remains subject to customary closing conditions, including antitrust clearance. We expect to close the acquisition before December 31.

收購該業務和設施，在過去 5 年中獲得了超過 1 億美元的資本改進，這將使 Catalent 能夠加快現有計劃，以滿足對適合規模、高效藥物製造的日益增長的需求。當然，此次收購仍需遵守慣例成交條件，包括反壟斷許可。我們預計將在 12 月 31 日之前完成收購。

One reason for our enthusiasm about the Metrics business is the growth in the number of potent compounds in the oral solids market, driven by strong growth in the oral oncology pipeline, where more than 80% of programs require potent handling as well as the industry shift to the discovery which often yields more potent and less soluble molecules. In the last several years, Catalent has seen numerous opportunities to work with the highly potent compounds, which we can now service after we complete the acquisition of Metrics.

我們對 Metrics 業務充滿熱情的原因之一是口服固體藥物市場中強效化合物數量的增長，這是由口腔腫瘤管道的強勁增長推動的，其中超過 80% 的項目需要有效的處理以及行業轉變發現通常會產生更有效和更不易溶解的分子。在過去幾年中，Catalent 看到了許多使用高效化合物的機會，我們現在可以在完成對 Metrics 的收購後提供服務。

Metrics Greenville facility generated revenue of more than $90 million during our fiscal '22 from services from third-party customers, including large pharma and emerging biotech customers as well as manufacturing services for several main pharma on products. I note, that our deal with the Mayne Pharma includes a long-term supply agreement to manufacture certain of its product at the Greenville facility after closing. Once acquired, the Metrics business will become part of our Pharma and Consumer Health segment and is expected to deliver revenue growth comparable to the segments projected overall long-term growth of 6% to 10%.

Metrics Greenville 工廠在我們的 22 財年從第三方客戶的服務中產生了超過 9000 萬美元的收入，這些客戶包括大型製藥公司和新興生物技術客戶，以及為幾家主要製藥公司提供的產品製造服務。我注意到，我們與 Mayne Pharma 的交易包括一項長期供應協議，在關閉後在格林維爾工廠生產其某些產品。一旦被收購，Metrics 業務將成為我們製藥和消費者健康部門的一部分，預計收入增長與預計總體長期增長 6% 至 10% 的部門相當。

Metrics EBITDA margin is accretive to the PCH margin, and we intended to drive this margin above 30% over time by increasing utilization. Adding the potent handling capabilities in fit-for-scale capacity through Metrics continuation of our strategy to maintain a balanced portfolio of offerings that closely matches the overall industry pipeline, which includes a growing number of innovative small molecules that are complex to formulate or require specialized handling.

指標 EBITDA 利潤率增加了 PCH 利潤率，我們打算通過提高利用率將這一利潤率提高到 30% 以上。通過 Metrics 延續我們的戰略，在適合規模的產能中增加強大的處理能力，以保持與整個行業管道密切匹配的平衡產品組合，其中包括越來越多的難以配製或需要專門的創新小分子處理。

While innovation in the Biologics market is more frequently mentioned in the headlines. Oral delivery is still the foundation of the prescription drug pipeline with almost 6,000 oral compounds currently in development, up approximately 10% from last year and has been the focus of recent substantial Pharma M&A. The combination of our strategic acquisitions like Metrics and our organic investment has positioned our overall portfolio for long-term success, including being in a strong position to meet our long-term targets.

雖然頭條新聞更頻繁地提到生物製劑市場的創新。口服給藥仍然是處方藥管道的基礎，目前正在開發近 6,000 種口服化合物，比去年增長約 10%，並且一直是近期大量製藥併購的重點。我們的戰略收購（如 Metrics）和我們的有機投資相結合，使我們的整體投資組合能夠取得長期成功，包括在實現我們的長期目標方面處於有利地位。

As a part of remarks this morning, let me add that the goals and objective for fiscal '23 set by me and the rest of the executive team laid the foundation for executing on our long-term strategy and also help to position us to deliver another strong fiscal year as we navigated the obstacle facing our industry today, which includes the continuing supply chain challenges, inflationary pressures, energy supply issues in Europe, the uncertainty in the biotech funding, a lower and more seasonable demand for vaccine as we exit the pandemic.

作為今天上午講話的一部分，讓我補充一下，我和其他執行團隊為 23 財年設定的目標和目標為執行我們的長期戰略奠定了基礎，也有助於我們定位於交付另一個強勁的財政年度，因為我們克服了當今行業面臨的障礙，其中包括持續的供應鏈挑戰、通貨膨脹壓力、歐洲的能源供應問題、生物技術資金的不確定性、隨著我們退出大流行，對疫苗的需求降低和更季節性.

I am energized by our strategic growth ambitions. The road map we have in place and the Catalent team working together to deliver for patients who rely on us. We continue to be in a strong position to succeed in the attractive markets we serve.

我對我們的戰略增長抱負充滿活力。我們制定的路線圖和 Catalent 團隊共同努力為依賴我們的患者提供服務。我們將繼續處於有利地位，以在我們所服務的有吸引力的市場中取得成功。

Finally, I would like to congratulate Karen Flynn, who was elected by our Board of Directors last week to become the Board's newest member effective September 15. Karen recently retired after a long distinguished career in the pharma service industry with her most recent role at Catalent, Senior Vice President and Chief Commercial Officer, and we are delighted to be able to continue Karen's involvement with the company.

最後，我要祝賀 Karen Flynn，她上週被我們的董事會選舉為董事會的最新成員，自 9 月 15 日起生效。Karen 在製藥服務行業長期傑出的職業生涯後最近退休，她最近在 Catalent 擔任職務，高級副總裁兼首席商務官，我們很高興能夠繼續凱倫與公司的合作。

Now I would like to turn the call over to Tom.

現在我想把電話轉給湯姆。

Thanks, Alessandro. I'll begin this morning with a discussion on segment performance, where commentary around segment growth will be in constant currency. I'll start on Slide 10 with the Biologics segment.

謝謝，亞歷山德羅。我將在今天早上開始討論細分市場的表現，圍繞細分市場增長的評論將以不變的貨幣進行。我將從幻燈片 10 的生物製品部分開始。

Biologics net revenue in Q4 of $667 million increased 14% compared to the fourth quarter of 2021. This strong net revenue growth was driven organically by increased demand in our cell and gene therapy, drug product and drug substance offerings, which more than offset lower year-over-year revenue from our COVID-19-related programs.

與 2021 年第四季度相比，第四季度生物製劑淨收入為 6.67 億美元，增長 14%。這一強勁的淨收入增長是由我們的細胞和基因治療、藥物產品和原料藥產品的需求增加有機推動的，這遠遠抵消了較低的年度- 我們與 COVID-19 相關計劃的年收入。

Our fiscal 2022 third quarter marked peak in our COVID-related revenue, with Q4 down both sequentially and year-over-year.

我們的 2022 財年第三季度標誌著我們與 COVID 相關的收入達到頂峰，第四季度環比和同比均下降。

When looking at the bar graph on Slide 10, you will see that Biologics commercial revenue declined year-on-year. The driver of the year-over-year decline is the conclusion of the COVID-19 program that was classified as a commercial product for revenue recognition purposes. This program is not expected to generate future revenue.

查看幻燈片 10 的條形圖時，您會看到 Biologics 的商業收入同比下降。同比下降的驅動因素是 COVID-19 計劃的結束，該計劃被歸類為用於收入確認目的的商業產品。該計劃預計不會產生未來的收入。

The segment's EBITDA margin of 32.8% was up more than 210 basis points year-over-year from the 30.9% recorded in the fourth quarter of fiscal 2021 and up 170 basis points sequentially over the third quarter. Year-over-year margin expansion was fueled by strong operational efficiencies, which more than offset the impact of remediation activity in Brussels.

該部門的 EBITDA 利潤率為 32.8%，比 2021 財年第四季度的 30.9% 同比增長超過 210 個基點，比第三季度環比增長 170 個基點。強勁的運營效率推動了利潤率的同比增長，這大大抵消了布魯塞爾整治活動的影響。

Note that remediation-related costs were lower in Q4 than in Q3, and remediation activity continues at the site in fiscal 2023. In addition, margin was aided by a mix shift away from lower-margin component sourcing revenue, which as mentioned on past calls, represents approximately 25% of total COVID vaccine revenue. As COVID-19 revenue continues to decline, so will the related diluted margins from component sourcing that we have recently experienced.

請注意，第 4 季度與補救相關的成本低於第 3 季度，並且 2023 財年該站點的補救活動仍在繼續。此外，利潤率得益於從低利潤率組件採購收入的轉變，如過去電話會議所述，約佔 COVID 疫苗總收入的 25%。隨著 COVID-19 收入的持續下降，我們最近經歷的來自組件採購的相關稀釋利潤率也將下降。

As shown on Slide 11, Softgel and Oral Technologies net revenue of $350 million increased 22% compared to the fourth quarter of fiscal 2021, with segment EBITDA increasing 9% over the same period last fiscal year. The October 1, 2021 acquisition of Bettera contributed 18 percentage points to SOT's net revenue growth and 13 percentage points to the segment's EBITDA growth during the quarter. The operational performance of the acquired Bettera business continues to exceed our expectations and remains an important driver for continued margin expansion for the company.

如幻燈片 11 所示，Softgel 和 Oral Technologies 的淨收入為 3.5 億美元，與 2021 財年第四季度相比增長了 22%，部分 EBITDA 比上一財年同期增長了 9%。 2021 年 10 月 1 日收購 Bettera 為 SOT 的淨收入增長貢獻了 18 個百分點，為本季度該部門的 EBITDA 增長貢獻了 13 個百分點。被收購的 Bettera 業務的運營業績繼續超出我們的預期，並且仍然是公司持續擴大利潤率的重要驅動力。

SOT organic net revenue increased 4% and was driven by continued growth in development revenue as well as demand for both prescription products and consumer health products. However, supply chain challenges, inflationary pressures and unfavorable mix weighed on overall organic results, muting the impact of increased product demand.

SOT 有機淨收入增長 4%，主要得益於開發收入的持續增長以及對處方產品和消費者保健產品的需求。然而，供應鏈挑戰、通脹壓力和不利的組合拖累了整體有機業績，削弱了產品需求增加的影響。

Slide 12 shows the results of the Oral and Specialty Delivery segment. Net revenue grew 11%, and segment EBITDA was up 27% over the fourth quarter of last year. Overall demand for our Zydis offerings reached a record level, fueling significant growth. This strong demand was further supplemented by revenue from a royalty agreement related to our Zydis platform, which was a primary driver of the segment's strong EBITDA margin.

幻燈片 12 顯示了口服和專業遞送部分的結果。淨收入增長 11%，分部 EBITDA 比去年第四季度增長 27%。對我們 Zydis 產品的總體需求達到了創紀錄的水平，推動了顯著增長。與我們的 Zydis 平台相關的特許權使用費協議的收入進一步補充了這種強勁的需求，這是該部門強勁的 EBITDA 利潤率的主要驅動力。

As shown on Slide 13, our Clinical Supply Services segment posted net revenue of $104 million, representing 4% growth over the fourth quarter of fiscal 2021, driven by growth in our storage and distribution services. Segment EBITDA declined 2%, driven by unfavorable mix.

如幻燈片 13 所示，我們的臨床供應服務部門公佈的淨收入為 1.04 億美元，比 2021 財年第四季度增長 4%，這得益於我們的存儲和配送服務的增長。由於不利的組合，分部 EBITDA 下降了 2%。

As of June 30, 2022, backlog for the segment was $540 million, up from $529 million at the end of last quarter and up 10% from June 30, 2021. The segment recorded net new business wins of $132 million during the fourth quarter compared to $119 million in the fourth quarter of the prior year. The segment's trailing 12-month book-to-bill ratio is 1.1x.

截至 2022 年 6 月 30 日，該部門的積壓訂單為 5.4 億美元，高於上一季度末的 5.29 億美元，比 2021 年 6 月 30 日增長 10%。與 2021 年 6 月 30 日相比，該部門的新業務淨贏額為 1.32 億美元去年第四季度增至 1.19 億美元。該部門過去 12 個月的訂單出貨比為 1.1 倍。

Moving to our consolidated adjusted EBITDA on Slide 14. Our fourth quarter adjusted EBITDA increased 10% to $384 million or 29.2% of net revenue, which was roughly in line with the fourth quarter of fiscal 2021. On a constant currency basis, our fourth quarter adjusted EBITDA increased 16% compared to the fourth quarter of the prior year.

在幻燈片 14 上轉到我們的合併調整後 EBITDA。我們第四季度調整後 EBITDA 增長 10% 至 3.84 億美元，占淨收入的 29.2%，與 2021 財年第四季度大致持平。按固定匯率計算，我們的第四季度與去年第四季度相比，調整後的 EBITDA 增長了 16%。

For the full year, adjusted EBITDA increased 26% to $1.29 billion over fiscal '21 and 28% on a constant currency basis. Adjusted EBITDA margin increased 110 basis points to 26.6% in fiscal '22 from 25.5% in fiscal '21.

全年調整後的 EBITDA 比 21 財年增長 26% 至 12.9 億美元，按固定匯率計算增長 28%。調整後的 EBITDA 利潤率從 21 財年的 25.5% 增長 110 個基點至 22 財年的 26.6%。

As shown on Slide 15, fourth quarter adjusted net income was $215 million or $1.19 per diluted share compared to adjusted net income of $209 million or $1.16 per diluted share in the fourth quarter a year ago. For the full fiscal year, adjusted net income was $694 million or $3.84 per diluted share compared to adjusted net income of $549 million or $3.04 per diluted share in fiscal '21.

如幻燈片 15 所示，第四季度調整後淨收入為 2.15 億美元或稀釋後每股收益 1.19 美元，而去年第四季度調整後淨收入為 2.09 億美元或稀釋後每股收益 1.16 美元。整個財年，調整後的淨收入為 6.94 億美元或稀釋後每股收益 3.84 美元，而 21 財年的調整後淨收入為 5.49 億美元或稀釋後每股收益 3.04 美元。

Slide 16 shows our debt-related ratios and our capital allocation priorities. Catalent's net leverage ratio as of June 30, 2022, was 2.9x, slightly below our long-term target of 3.0x. This compares to net leverage of 2.6x on March 31, 2022, and 2.2x on June 30, 2021.

幻燈片 16 顯示了我們的債務相關比率和我們的資本配置優先事項。截至 2022 年 6 月 30 日，康泰倫特的淨槓桿率為 2.9 倍，略低於我們 3.0 倍的長期目標。相比之下，2022 年 3 月 31 日的淨槓桿為 2.6 倍，2021 年 6 月 30 日為 2.2 倍。

Our combination, our combined balance of cash, cash equivalents and marketable securities as of June 30, 2022, was $538 million compared to $880 million as of March 31, 2022. Note that our free cash flow has been negatively impacted the last 2 years by our strategic decision at the onset of the pandemic to increase inventory levels, which continue to allow us to have the inputs we need to meet our supply obligations to our customers and their patients in a timely manner.

截至 2022 年 6 月 30 日，我們的現金、現金等價物和有價證券的合併餘額為 5.38 億美元，而截至 2022 年 3 月 31 日為 8.8 億美元。請注意，我們的自由現金流在過去 2 年受到了負面影響我們在大流行開始時做出提高庫存水平的戰略決策，這繼續使我們能夠獲得及時履行對客戶及其患者的供應義務所需的投入。

When we feel the time is appropriate, and are more comfortable with the stabilization of our supply chain, we will begin to reverse course, which will have a future positive effect on free cash flow. Similarly, the realization of contract assets will also drive a favorable impact on future free cash flow after negatively impacting our fiscal 2022 results.

當我們覺得時機合適，並且對我們供應鏈的穩定感到更加滿意時，我們將開始扭轉方向，這將對未來的自由現金流產生積極影響。同樣，在對我們的 2022 財年業績產生負面影響後，合同資產的變現也將對未來的自由現金流產生有利影響。

As of June 30, 2022, our contract asset balance was $441 million, an increase of $260 million compared to June 30, 2021. The overwhelming majority of this increase is related to some notably large development programs, such as for some of the COVID vaccines, where revenue is recorded based on a percentage of completion versus entirely on batch release as it is for commercial programs. This difference in approach affects when we are able to invoice customers, thereby delaying cash realization and negatively affecting free cash flow.

截至 2022 年 6 月 30 日，我們的合同資產餘額為 4.41 億美元，與 2021 年 6 月 30 日相比增加了 2.6 億美元。這一增長的絕大部分與一些特別大的開發計劃有關，例如一些 COVID 疫苗，其中收入是根據完成的百分比記錄的，而不是完全按批量發布的，因為它是商業計劃的。這種方法上的差異會影響我們何時能夠為客戶開具發票，從而延遲現金變現並對自由現金流產生負面影響。

Moving on to capital expenditures. We added a new slide in the appendix that illustrate our annual CapEx spend. In fiscal '22, CapEx as a percentage of revenue was 14% compared to 17% in fiscal '21. CapEx as a percent of revenue was a bit lower than we initially expected for fiscal '22, driven by higher-than-expected revenue growth as well as some supply chain-related delays and longer lead times than initially anticipated for some of our capital projects. For fiscal '23, we expect CapEx to be in a similar range as fiscal '22, or approximately 13% to 15% of net revenue.

繼續進行資本支出。我們在附錄中添加了一張新幻燈片，說明了我們的年度資本支出。在 22 財年，資本支出佔收入的百分比為 14%，而 21 財年為 17%。資本支出佔收入的百分比略低於我們最初對 22 財年的預期，原因是收入增長高於預期，以及一些與供應鏈相關的延遲和比我們一些資本項目最初預期的交貨時間更長.對於 '23 財年，我們預計資本支出將與 '22 財年相似，約占淨收入的 13% 至 15%。

Now we turn to our financial outlook for fiscal 2023 as outlined on Slide 17. The midpoints reflected in our outlook assume the challenging macro environment remains stable. We expect full year net revenue in the range of $4.975 billion to $5.225 billion, representing growth of 3% to 8% on an as-reported basis compared to fiscal 2022. Current FX rates, which we use in this forecast, are forecasted to have a negative impact of approximately 3 to 4 percentage points on our revenue and adjusted EBITDA growth.

現在我們轉向幻燈片 17 中概述的 2023 財年財務展望。我們展望中反映的中點假設具有挑戰性的宏觀環境保持穩定。我們預計全年淨收入在 49.75 億美元至 52.25 億美元之間，與 2022 財年相比，報告的基礎上增長 3% 至 8%。我們在本預測中使用的當前匯率預計將有對我們的收入和調整後的 EBITDA 增長約 3 至 4 個百分點的負面影響。

We project that inorganic revenue, which basically reflects one remaining quarter of the Bettera acquisition until the first anniversary of that acquisition on October 1, will positively impact our annual growth rate by less than 1 percentage point. So after taking into account these 2 considerations, our expected organic constant currency net revenue growth rate in fiscal '23 is approximately 8% at the midpoint of our guidance range. The acquisition of Metrics will be factored into updated guidance we will share during the first earnings call following the close of the transaction.

我們預計，在 10 月 1 日收購一周年之前，基本反映了對 Bettera 收購的剩餘四分之一的無機收入，將對我們的年增長率產生不到 1 個百分點的積極影響。因此，考慮到這兩個因素後，我們預期的 23 財年有機固定貨幣淨收入增長率約為 8%，處於我們指導範圍的中點。對 Metrics 的收購將納入我們將在交易結束後的第一次財報電話會議上分享的更新指南中。

For full year adjusted EBITDA, we expect a range of $1.31 billion to $1.39 billion, representing growth of 2% to 8% at reported rates compared to fiscal 2022. I would like to remind you of the seasonal name of our business, where revenue and EBITDA generation is historically more weighted to the back half of the year with roughly 60% of fiscal 2023 adjusted EBITDA expected to be generated in the second half of the year.

對於全年調整後的 EBITDA，我們預計範圍為 13.1 億美元至 13.9 億美元，與 2022 財年相比，按報告的速度增長 2% 至 8%。我想提醒您我們業務的季節性名稱，其中收入和從歷史上看，EBITDA 的產生在下半年的比重更大，預計 2023 財年調整後的 EBITDA 的大約 60% 將在下半年產生。

Now we expect limited EBITDA margin this year on a constant currency basis. While we're still on track to achieve our fiscal 2026 EBITDA margin target of 30%, there are a number of factors impacting margin expansion in fiscal '23, including headwinds from COVID-related volume declines that we have been anticipating, inflationary and supply chain pressures, start-up costs related to our acquisitions of Princeton and Oxford, which we are absorbing in our organic assumptions because neither asset generated substantial revenue prior to its acquisition and foreign exchange translations as our margin profile is higher outside of the U.S., while the majority of our corporate costs are domestic. Note that swings in the euro have a greater impact on FX translation than the pound.

現在，我們預計在固定貨幣基礎上，今年的 EBITDA 利潤率有限。雖然我們仍有望實現 2026 財年 30% 的 EBITDA 利潤率目標，但有許多因素會影響 23 財年的利潤率擴張，包括我們一直預期的與 COVID 相關的銷量下降帶來的不利因素、通貨膨脹和供應連鎖壓力，與我們收購普林斯頓大學和牛津大學相關的啟動成本，我們正在我們的有機假設中吸收這些，因為這兩種資產在收購和外匯轉換之前都沒有產生可觀的收入，因為我們在美國以外的利潤率更高，而我們公司的大部分成本都在國內。請注意，歐元波動對外匯換算的影響大於英鎊。

Moving to adjusted net income. We expect full year ANI of $660 million to $730 million, representing a range from a decline of 5% to an increase of 5% compared to fiscal 2022. However, ANI is negatively impacted by FX translation of more than 4 percentage points. In addition, ANI growth in fiscal '23 is being impacted by all of the items affecting adjusted EBITDA as well as the following items: First, an expected higher effective tax rate in the 24% to 25% range compared to 23.4% in fiscal 2022, given the year-on-year increase in the weighting of earnings in higher tax jurisdictions.

轉向調整後的淨收入。我們預計全年 ANI 為 6.6 億美元至 7.3 億美元，與 2022 財年相比，下降 5% 至增長 5%。但是，ANI 受到超過 4 個百分點的外匯轉換的負面影響。此外，23 財年的 ANI 增長受到影響調整後 EBITDA 的所有項目以及以下項目的影響：首先，與 2022 財年的 23.4% 相比，預計有效稅率在 24% 至 25% 之間，鑑於較高稅收管轄區的收益權重同比增加。

Second, an increase in interest expense due to servicing the full year of new debt we raised in part to fund the Bettera acquisition as well as other interest-related increases in the current rising interest rate environment. And finally, increased depreciation expense due to our significantly larger asset base, which is also more heavily weighted in the U.S.

其次，由於償還全年我們為收購 Bettera 而籌集的新債務以及當前利率上升環境下其他與利息相關的增長，利息費用增加。最後，由於我們的資產基礎顯著增加，折舊費用增加，這在美國的權重也更大。

The last piece of our guidance is the fully diluted share count. As in the past years, we offered guidance on share counts on a diluted weighted average basis, which is the number needed to compute our adjusted net income per share or adjusted EPS. For fiscal '23, we expect our share count to be in the range of 181 million to 183 million shares.

我們指導的最後一點是完全稀釋的股票數量。與過去幾年一樣，我們在稀釋加權平均基礎上提供了關於股票數量的指導，這是計算我們調整後的每股淨收入或調整後每股收益所需的數字。對於 23 財年，我們預計我們的股票數量將在 1.81 億股至 1.83 億股之間。

Operator, this concludes our prepared remarks, and we would now like to open the call for questions.

接線員，我們準備好的發言到此結束，我們現在想開始提問。

(Operator Instructions) Our first question comes from the line of Tejas Savant with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Tejas Savant。

So maybe just following up there, Tom, on your remarks on the margin headwinds. Outside of that 300 to 400 bps FX hit on both the top line as well as EBITDA. Can you share some color on the moving pieces here in terms of the facility remediation, the new facility ramps and COVID contributions normalizing? And I think you also called out some inflation dynamics. So if you can just share some color on how build the bridge from where you finished fiscal '22 and the midpoint of the guide next year on EBITDA margin, that would be helpful.

所以也許只是跟進，湯姆，關於你對邊緣逆風的評論。除了 300 到 400 bps 的外匯對收入和 EBITDA 的影響之外。您能否在設施修復、新設施坡道和 COVID 貢獻正常化方面分享一些關於移動部件的顏色？而且我認為您還提到了一些通貨膨脹動態。因此，如果您可以分享一些關於如何從您完成 '22 財年的地方以及明年 EBITDA 利潤率指南的中點建立橋樑的顏色，那將很有幫助。

Yes, sure, Tejas, thanks for the question. Yes, so your numbers are spot on in terms of FX. We did talk about FX impact of 3 to 4 points on revenue and EBITDA. We do see a little bit more of an impact to the bottom line from FX than we do on the top line, just given the geographic, I would say, mix of earnings there. So the -- I would say the EBITDA impact to FX is more towards the top of that range where the revenue impact, I would say, is more towards the low to the midpoint of that range. So figure somewhere between 0.5 basis point difference between revenue and EBITDA there. Other items, I did mention in my comments that we do have remediation efforts continuing in Brussels here into our fiscal '23 that obviously is reflected into our guidance for sure.

是的，當然，光輝，謝謝你的問題。是的，所以你的數字在外匯方面是正確的。我們確實談到了 3 到 4 個點對收入和 EBITDA 的外匯影響。我們確實看到外匯對底線的影響比我們對頂線的影響要大一些，只是考慮到地理上的影響，我想說的是那裡的收益組合。所以 - 我會說 EBITDA 對外彙的影響更接近該範圍的頂部，我會說收入影響更接近該範圍的低點到中點。因此，請計算收入與 EBITDA 之間的 0.5 個基點差異。其他項目，我在評論中確實提到，我們確實在布魯塞爾繼續進行補救工作，直到我們的 23 財年，這顯然肯定反映在我們的指導中。

From a COVID standpoint, we mentioned in our prepared remarks that we have taking a 2/3 haircut to the volumes we saw in fiscal '22 and our fiscal '23 guidance that's further derisking from what was assumed as part of our May comments on our third quarter call here. And just given that decrease in volume and the absorption impact related to running at high levels of utilization on COVID dedicated lines. There is a relatively impact -- a relative impact to our overall margin profile as a result of that. The supply chain and inflationary pressures, I would say, continue to be a challenge.

從 COVID 的角度來看，我們在準備好的評論中提到，我們在 22 財年和我們的 23 財年指導中看到的數量減少了 2/3，這進一步降低了我們 5 月對我們的評論的一部分假設的風險。第三季度在這裡打電話。並且只是考慮到與在 COVID 專線上以高利用率運行相關的容量減少和吸收影響。有一個相對的影響——因此對我們的整體利潤率狀況產生了相對影響。我想說，供應鍊和通脹壓力仍然是一個挑戰。

And in some cases, even, I would say, more of a challenge now than they were in terms of how we've talked about this in the past. We've seen more supply chain impacts to our SOT segment, specifically more recently around our ability to get our hands on active ingredients and other key inputs related to consumer health volumes. So that will play a role into the -- a little bit of the margin story here. And then just from an inflationary standpoint, I mean, look, just given the environment we're in, we're looking at impact related to wages that are probably about 2x what we would have seen in a normal year, and that doesn't take into account what we're seeing on just the material side of things as well.

在某些情況下，我什至會說，就我們過去討論這個問題的方式而言，現在比他們更具挑戰。我們已經看到對我們的 SOT 部門的供應鏈影響更多，特別是最近圍繞我們獲得活性成分和其他與消費者健康量相關的關鍵投入的能力。因此，這將在此處的一些邊際故事中發揮作用。然後從通貨膨脹的角度來看，我的意思是，看，考慮到我們所處的環境，我們正在研究與工資相關的影響，這可能是我們在正常年份看到的大約 2 倍，而這並沒有不考慮我們在物質方面看到的東西。

Now obviously, we were able to pass those off to customers. We're doing that. We're going at the price where we can as well to help offset some of these pressures. But given all of these moving pieces here, to be sitting in a position on a constant currency basis, where we are seeing modest margin improvement, it's a pretty good position to be in and what I would consider the most challenging macroeconomic environment I've seen in my career.

現在很明顯，我們能夠將這些傳遞給客戶。我們正在這樣做。我們將竭盡所能幫助抵消其中的一些壓力。但考慮到這裡所有這些變動因素，以固定貨幣為基礎，我們看到利潤率略有改善，這是一個相當不錯的位置，我認為這是我所面臨的最具挑戰性的宏觀經濟環境在我的職業生涯中看到。

Lastly, I would just say we continue to be on track from a long-term margin target here, Tejas, although we're not going to see the margin expansion of 100-plus basis points like we've seen over the last several years, we remain committed to our 28% EBITDA margin by -- I'm sorry, by our 30% EBITDA margin by fiscal 2026.

最後，我只想說，Tejas 的長期利潤率目標繼續步入正軌，儘管我們不會像過去幾年那樣看到利潤率擴大 100 多個基點，我們仍然致力於實現 28% 的 EBITDA 利潤率——對不起，到 2026 財年我們的 EBITDA 利潤率為 30%。

Got it. That's super helpful, Tom. And then one for Alessandro. Just in terms of the impact of the new operating structure from a customer standpoint, what changed versus before? Any color there on the commercial synergies that you alluded to? And as you think about the segment growth rates that you had pointed to embedded in your prior long-term target, where do you expect to see the biggest uplift?

知道了。這非常有幫助，湯姆。然後是給亞歷山德羅的。從客戶的角度來看，新運營結構的影響與以前相比有何變化？你提到的商業協同效應有什麼顏色嗎？當您考慮您在之前的長期目標中所指出的細分市場增長率時，您預計在哪裡會看到最大的提升？

Sure, sure. Look, this is very simple in many ways, although not easy as it required a little bit of our organizational adjustment. Look, when you look at the percentage of our customers which are buying more than one service from Catalent, it is still a relatively low percentage. And when you look at where the customer base is going with more and more customers, which are more on the small side, biotech type of customers, clearly, they have the need of way more than just one service out of Catalent. And there is an opportunity there to significantly increase the share of existing customers, which -- and the new customer, which will enjoy more than one service out of Catalent offering.

一定一定。看，這在很多方面都非常簡單，雖然並不容易，因為它需要我們進行一些組織調整。看，當您查看從 Catalent 購買不止一項服務的客戶的百分比時，它仍然是一個相對較低的百分比。當你看到越來越多的客戶群的去向時，這些客戶更多的是小型生物技術類型的客戶，很明顯，他們需要的不僅僅是 Catalent 提供的一項服務。並且有機會顯著增加現有客戶的份額，新客戶將享受 Catalent 提供的不止一項服務。

In the past, our previous organization was creating some internal barriers from that to happen both from a go-to-market strategy from an execution standpoint. And by combining all of these together, clearly, those barriers have been removed. There are incentive plans allowing people to benefit from a cross-offering wins. And we are already seeing since the onset of this new organization, some very good trends in these regards.

過去，我們以前的組織從執行的角度來看，從進入市場戰略的角度來看，都會為此設置一些內部障礙。通過將所有這些結合在一起，顯然，這些障礙已被消除。有激勵計劃允許人們從交叉提供的勝利中受益。自從這個新組織成立以來，我們已經看到了這些方面的一些非常好的趨勢。

So with regards of the increased guidance for this segment, look, we have made already investments in the gummy business. We already said that this gummy business is growing significantly above the average of this segment. We also have expanding and resolved some bottleneck we have in the capacity on the complex of solid business in North America, which we're constraining in the past a little bit our growth was self-constrained. We did have demand, we see demand and we couldn't really enjoy the whole demand that we were seeing there. And lastly, the fact that we are now both organically and inorganically opening up our offering to high potent, which is the fastest-growing subsegment of oral solid, primarily driven by the oncology pipeline. All of that combined really has an impact on the expected growth rate of this segment. So in many ways, these are -- these were things in the making over the last 2 years unlocked by this new organization.

因此，關於增加對該細分市場的指導，看，我們已經對軟糖業務進行了投資。我們已經說過，這種粘性業務的增長顯著高於該細分市場的平均水平。我們還擴大並解決了我們在北美實體業務綜合體中的一些產能瓶頸，我們在過去有點限制我們的增長是自我約束的。我們確實有需求，我們看到了需求，我們無法真正享受我們在那裡看到的全部需求。最後，我們現在有機地和無機地向高效藥開放我們的產品，這是口服固體藥物增長最快的子部分，主要由腫瘤學管道推動。所有這些結合起來確實對該細分市場的預期增長率產生了影響。所以在很多方面，這些都是 - 這些是過去兩年裡這個新組織解鎖的東西。

Our next question comes from the line of Luke Sergott with Barclays.

我們的下一個問題來自巴克萊銀行的 Luke Sergott。

To jump in real quick here on the guide. Can you help frame us what your -- the range of COVID is down based on the guidance for '23? So if the midpoint is down 2/3 on the volumes, what the worst-case scenario would be and best case for you guys?

在指南上快速跳轉。您能否幫助我們構建您的 - 根據 23 年的指導，COVID 的範圍下降了？因此，如果中點在交易量上下降 2/3，對你們來說最壞的情況和最好的情況是什麼？

So Luke, I would maybe just start here by saying I don't know that there's a significant variation around COVID volume to the low end here. I would say the levels that we've taken COVID volume down is reflective of contractual obligations that we have with key customers and decreasing at 2/3 from where we were in fiscal '21 puts it down to a relatively much smaller level that it has been contributing in the past. I would say that's not an assumption that I would say is really the variability here in terms of the guidance range.

所以盧克，我可能會從這裡開始說我不知道 COVID 數量與這裡的低端之間存在顯著差異。我想說，我們降低 COVID 數量的水平反映了我們與主要客戶的合同義務，並且從 21 財年的水平下降了 2/3，使其下降到相對較小的水平過去一直在貢獻。我會說這不是一個假設，我會說這實際上是指導範圍的可變性。

Now there's obviously, if we see any significant increases here related to COVID demand, that can factor into the high end or outside on the high end of the range. But I wouldn't say that there's a material swing in the assumption around COVID throughout the range of guidance. I would say the real variability here in terms of our range, it's just a lot of the supply chain-related challenges that we saw and now we're going to have any difficulty in getting our hands on materials there, as I mentioned. The midpoint of the range assumes that the macroeconomic environment we're in today remains steady. If that were to get worse, that would be more of potential impact to the -- to getting us towards the lower end of that range versus any further movement on the COVID side, which, as I said, we feel pretty good around and is pretty much a firm outlook here based on contractual obligations.

現在很明顯，如果我們在這裡看到與 COVID 需求相關的任何顯著增長，這可能會影響高端或高端範圍之外的因素。但我不會說在整個指導範圍內圍繞 COVID 的假設存在重大波動。我想說的是，就我們的範圍而言，這裡的真正可變性是我們看到的許多與供應鏈相關的挑戰，正如我所提到的，現在我們在獲得材料方面將遇到任何困難。該範圍的中點假設我們今天所處的宏觀經濟環境保持穩定。如果情況變得更糟，那將對我們產生更大的潛在影響 - 使我們接近該範圍的低端，而不是在 COVID 方面的任何進一步運動，正如我所說，我們感覺很好，並且是基於合同義務，這裡的前景幾乎是堅定的。

Yes. The other piece I would add, Luke, here is during the spring, we have said many times that there was still a number of variables, significant -- significantly impacting the potential outlook on COVID vaccine demand. And those variables were primarily related to what is our second half of our fiscal year, meaning the first half of next calendar year. So some of those variables have settled now and are clearer.

是的。我要補充的另一部分，盧克，這裡是在春季，我們多次說過，仍然存在許多變量，顯著 - 顯著影響 COVID 疫苗需求的潛在前景。這些變量主要與我們財政年度的下半年有關，即下一日曆年的上半年。因此，其中一些變量現在已經解決並且更加清晰。

Primarily with the regards of how the vaccine are going to behave from a seasonal standpoint, we made the reference and has pivoted now we have a pretty good outlook around the seasonality of the vaccines and so forth. And so we are in a better position to forecast in the second half of our fiscal year, which is the first 6 months of next year. So I believe that this is a solid outlook we are providing today.

主要是關於疫苗從季節性的角度來看將如何表現，我們做了參考，現在我們已經對疫苗的季節性等有了很好的展望。因此，我們可以更好地預測我們財政年度的下半年，也就是明年的前 6 個月。因此，我相信這是我們今天提供的可靠前景。

All right. Great. And then just a quick follow-up on that. So I mean you guys are talking about the offsets coming from all the capacity expansions that we've done in Bloomington and Indianapolis and then the suites coming on in Princeton and elsewhere. Can you just help us think about when there's these supply chains, is there a particular indication that it's hitting hardest? Or is it just broad-based? And then can you give us a sense of how you're thinking about these easing?

好的。偉大的。然後只是對此進行快速跟進。所以我的意思是你們談論的是我們在布盧明頓和印第安納波利斯所做的所有產能擴張以及普林斯頓和其他地方的套房所帶來的抵消。你能幫我們想想什麼時候有這些供應鏈，有沒有特別的跡象表明它受到的打擊最大？還是只是基礎廣泛？然後你能告訴我們你是如何考慮這些寬鬆的嗎？

Look, when it comes to these new assets -- these new assets where it's a combination of several assets, which were meant to meet demand in a number of therapeutic areas, which we have seen over the last 3 years potentially in high demand. One of these is diabetes, which combined now with some obesity as well, neurological disorders and so the oncology, the new approved cell therapies for the oncology pipeline are pretty remarkable, and this is an area where we see opportunities. So all these assets were primarily built to meet this demand coming from these indications and therapeutic areas.

看，當談到這些新資產時——這些新資產是幾種資產的組合，旨在滿足許多治療領域的需求，我們在過去 3 年中看到這些領域的需求可能很高。其中之一是糖尿病，它現在還與一些肥胖症、神經系統疾病等腫瘤學相結合，新批准的用於腫瘤學管道的細胞療法非常顯著，這是我們看到機會的領域。因此，所有這些資產主要是為了滿足來自這些適應症和治療領域的需求。

Yes. And I would just add to that, Luke, as I highlighted earlier in my comments to Tejas. A lot of the supply chain challenges that we've been seeing more recently have been impacting our SOT business and particularly on the Consumer Health side. So not geared towards those large molecule biologic assets that you're referencing.

是的。我只想補充一點，Luke，正如我之前在對 Tejas 的評論中強調的那樣。我們最近看到的許多供應鏈挑戰一直在影響我們的 SOT 業務，尤其是在消費者健康方面。因此，不適合您所引用的那些大分子生物資產。

Our next question comes from the line of Julia Qin with JP Morgan.

我們的下一個問題來自摩根大通的 Julia Qin。

So just a couple to clear the guidance. For us regarding fiscal '23, I heard you on kind of attributing the guidance to derisk over revenue and FX. How about the outlook for the other non-vaccine businesses? Has there been any changes? And in light of the inflationary pressures you said as earlier, how much pricing contribution are you embedding in the guidance?

所以只是一對夫婦來清除指導。對於我們來說，關於 '23 財年，我聽說你將指導歸因於收入和外匯風險。其他非疫苗業務的前景如何？有什麼變化嗎？鑑於您之前所說的通脹壓力，您在指導中嵌入了多少定價貢獻？

Sure. So look, I would say with the derisking here from a guidance standpoint, you broke up a little bit during the second part of your question, Julia, so I'll do my best here to answer. But in terms of the first part, we did mention that we are seeing the base business here growing in excess of 25% in the fiscal year. That's going to be a significant offset to the 2/3 reduction in COVID-related volume that we have in our fiscal '23 guidance. And that does contemplate growth across all of our technology offerings. I would say from a biologics standpoint, we are seeing ex growth -- ex-COVID growth on the drug product side. But obviously, cell and gene therapy is a significant contributor to the fiscal '23 growth story. That was a business that was not significantly impacted by COVID-related demand.

當然。所以看，從指導的角度來看，我想說的是，你在問題的第二部分中分手了一點，朱莉婭，所以我會盡力回答。但就第一部分而言，我們確實提到我們看到這裡的基礎業務在本財年增長超過 25%。這將大大抵消我們在 23 財年指導中與 COVID 相關的數量減少 2/3。這確實考慮了我們所有技術產品的增長。我想說，從生物製劑的角度來看，我們正在看到前增長——藥物產品方面的前 COVID 增長。但顯然，細胞和基因療法是 23 財年增長故事的重要貢獻者。這是一項沒有受到 COVID 相關需求顯著影響的業務。

Our drug substance business out of both Madison and Bloomington as well as capacity that we'll be bringing online in Europe as a result of the Oxford facility. That was another business that is obviously not significantly impacted by COVID-related demand that we will be seeing growth from -- in fiscal '23. I think there may have been a part of your question around COVID therapeutics in here. I would say COVID therapeutics are not a significant growth driver as we've talked about. The bulk of our COVID-related revenue has been from more vaccine-related revenue.

我們在麥迪遜和布盧明頓的原料藥業務，以及由於牛津工廠的緣故，我們將在歐洲上線的產能。這是另一項顯然不受與 COVID 相關需求影響的業務，我們將在 23 財年看到增長。我認為這裡可能有一部分關於 COVID 治療的問題。我想說，COVID 療法並不是我們所說的重要的增長動力。我們與 COVID 相關的大部分收入來自更多與疫苗相關的收入。

And in terms of -- I think the second part of your question was related to supply chain challenges and what the impact there is. And I think we've talked about that already, mostly impacting the consumer health side of the business. In terms of inflationary pressures, we are seeing wages up 2x to what they would be in a normal year as well as seeing increases from many suppliers on the vendor side, and we're looking to be active in terms of being able to recoup that through our customers, where our contracts give us the ability to as well as, I would say, driving off-cycle price increases where we're able to from customers to ease that impact. But again, despite all of those challenges, we are looking at modest margin expansion at the midpoint of our fiscal '23 guidance on a constant currency basis.

就--我認為你問題的第二部分與供應鏈挑戰及其影響有關。我認為我們已經討論過這個問題，主要影響業務的消費者健康方面。就通脹壓力而言，我們看到工資是正常年份的 2 倍，而且供應商方面的許多供應商也出現了增長，我們希望能夠積極應對，以彌補這一損失通過我們的客戶，我們的合同使我們有能力，並且，我想說，推動非週期價格上漲，我們能夠從客戶那裡減輕這種影響。但同樣，儘管存在所有這些挑戰，我們仍在考慮在 23 財年指引的中點以固定貨幣為基礎的適度利潤率擴張。

Great. And on the long-term guidance, you're raising the high end of that. Under the PCH incremental revenue synergy, can you talk about how long do you think it will take for you to achieve the full potential and push towards the high end of that 6% to 10% growth? And then on the biologics side, has there been any improved outlook on that side, given what's happening on the new modalities and around biosimilars? Or are we still maintaining kind of the midpoint of that 10% to 15%?

偉大的。在長期指導下，你正在提高它的高端。在 PCH 增量收入協同效應下，您認為您需要多長時間才能充分發揮潛力並推動 6% 至 10% 增長的高端？然後在生物製劑方面，考慮到新模式和生物仿製藥發生了什麼，這方面的前景是否有所改善？還是我們仍然保持 10% 到 15% 的中點？

Sure. Look, clearly we don't give very short-term indications of guidance by single segment. But in terms of answering broadly to your question, we are already seeing the transition of that segment accelerating towards the new growth that we have projected. As I said, that is driven -- if you look at the factors that I did mention, which are behind that acceleration, some of them were already in play in the last couple of years, right?

當然。看，顯然我們並沒有給出非常短期的單一細分市場指導指示。但就廣泛回答您的問題而言，我們已經看到該細分市場正在加速向我們預測的新增長方向過渡。正如我所說，這是有驅動力的——如果你看看我提到的加速背後的因素，其中一些因素在過去幾年已經發揮了作用，對吧？

So the addition of the gummy business will be completely organic this year. There is only one quarter where it's going to be inorganic. So not only now we have full ownership of the asset, but we are very much accelerating or expanding capacity to meet the high demand in that area. Our expansions and acceleration on complex oral solid in North America as well has been quite executed well by the team and is coming available for executing on programs, which we have secured over the last few years.

因此，今年增加軟糖業務將是完全有機的。只有四分之一是無機的。因此，不僅現在我們擁有資產的全部所有權，而且我們正在加速或擴大產能以滿足該領域的高需求。我們在北美的複雜口腔固體藥物的擴展和加速也得到了團隊的良好執行，並且可以用於執行我們在過去幾年中獲得的項目。

And I would say, in general, there is a continued rebound of our consumer products with specific cough and cold categories. And so on pain relief, which is another area where we are seeing significant demand, if anything there, we're trying to overcome some supply challenges. So you look at all of these dynamics, which I did mention, these are dynamics that have been in play already in the last few quarters and coming to fruition. On top of that, we are confident that the accelerated commercial synergies we are going to enable with the new organization will allow to further accelerate this growth.

我想說，總的來說，我們的特定咳嗽和感冒類別的消費品持續反彈。等等緩解疼痛，這是我們看到大量需求的另一個領域，如果有的話，我們正在努力克服一些供應挑戰。所以你看看我確實提到的所有這些動態，這些動態已經在過去幾個季度中發揮作用並且正在取得成果。最重要的是，我們相信，我們將與新組織實現的加速商業協同效應將進一步加速這一增長。

Our next question to on the line of Jacob Johnson with Stephens.

我們的下一個問題是關於雅各布約翰遜和斯蒂芬斯的問題。

Maybe starting off with just a higher-level question. $2.5 billion, I think, of biologics revenue in FY '22. You've got the BWI expansion, master cell, Princeton, Oxford, a number of kind of -- and Bloomington, a number of capacity additions there. I know capacity is hard to define or quantify. But can you just talk about the amount of capacity you've got to your Biologics segment over the last couple of years and what that could mean for growth as we look out the next several years?

也許從一個更高層次的問題開始。我認為 22 財年的生物製劑收入為 25 億美元。你有 BWI 的擴張、master cell、普林斯頓大學、牛津大學等等——還有布盧明頓，那裡增加了一些產能。我知道容量很難定義或量化。但是，您能否談談您在過去幾年中生物製品部門的產能，以及在我們展望未來幾年的情況下，這對增長意味著什麼？

Yes, sure. Look, it's -- as you pointed out, it's quite remarkable the capacity that we have added. And with the remaining execution that we're going to do, what I can tell you is that by continuing on that execution and the plans we have in the next 18 months -- 18 to 24 months, we are very well positioned to deliver our fiscal '26 targets, if you like. So in many ways, we have already created a significant amount of the capacity that, once getting utilized, will deliver the fiscal '26 target. So probably this is giving you a little bit of quantitative measure of the capacity being created. But another way to look at that, look, when it comes to our product, we've been primarily focused on complementing the offering with the syringes on top of vials.

是的，當然。看，它 - 正如你所指出的，我們增加的容量非常了不起。對於我們將要做的剩餘執行工作，我可以告訴你的是，通過繼續執行該執行以及我們在未來 18 個月 - 18 到 24 個月內的計劃，我們已經準備好交付我們的'26 財年的目標，如果你願意的話。因此，在許多方面，我們已經創造了大量的能力，一旦得到利用，將實現 '26 財年的目標。因此，這可能讓您對正在創建的容量進行一些定量測量。但換一種方式來看，看，當談到我們的產品時，我們主要專注於用小瓶頂部的注射器來補充產品。

And when it comes to drugs absence, we've been just doing an extension, identifying our production schedule. And when it comes to gene therapies, we'd be essentially going from 10 suites to 18 suites in BWI. So this, again, gives you a little bit of a measure of what is the potential of this capacity going forward.

當談到藥物缺席時，我們只是在做一個擴展，確定我們的生產計劃。在基因療法方面，我們基本上會在 BWI 中從 10 間套房增加到 18 間套房。因此，這再次讓您對這種能力未來的潛力有一點衡量。

Got it. And then just one on the COVID kind of roll off. Can you just talk about how quickly you can transition that the drug product assets to new kind of non-COVID applications? Is there any lag period or downtime associated with switching those lines over it? And maybe how should we think about the timing of that transition throughout 2023? Is that -- is there something where maybe there could be a little softness early in the year as you're transitioning or not so much?

知道了。然後只有一個關於 COVID 的滾動。您能否談談您可以多快將藥品資產轉換為新型非 COVID 應用程序？切換這些線路是否有任何滯後期或停機時間？也許我們應該如何考慮整個 2023 年的過渡時間？是不是——在你過渡的時候，今年年初可能會有一些軟弱的地方嗎？

Look, the transition is mostly seamless, meaning that is happening in parallel. One thing that is happening is that mostly the lines in which we are transferring new products, we've been transferring and onboarding new programs are lines which were built in parallel of the COVID line. We always wanted to have the possibility to serve new customers and new programs while still leaving enough capacity to satisfy the COVID vaccine demand, which in many ways is still not totally predictable, although we're now getting to a much better visibility on it. So I would tell you that the transition has been pretty seamless. You don't have to think about this like stopping vaccine and starting something new, but it is mostly things that are happening on different formats and on different production lines.

看，過渡大部分是無縫的，這意味著這是並行發生的。正在發生的一件事是，我們轉移新產品的主要生產線，我們一直在轉移和加入新程序的生產線是與 COVID 生產線平行建造的生產線。我們一直希望有可能為新客戶和新項目提供服務，同時仍留有足夠的能力來滿足 COVID 疫苗需求，儘管我們現在對它有了更好的了解，但在許多方面仍不能完全預測。所以我會告訴你，過渡非常無縫。您不必像停止疫苗接種和開始新事物那樣考慮這一點，但主要是發生在不同格式和不同生產線上的事情。

With regards of some of the ones that are, in fact, are going to be served out of the -- like of current COVID vaccine lines, which are going to remember -- the entirety of the current vaccine supply is made in vials. For some of these programs, to a large extent, we can onboard them and but it did them on the line while still making the vaccine. So it's a kind of phase-in, phase-out type of dynamic as opposed to having a gap in between.

事實上，有些疫苗將由現有的 COVID 疫苗生產線提供服務，這些疫苗將被記住，目前的全部疫苗供應都是在小瓶中生產的。對於其中一些項目，在很大程度上，我們可以加入它們，但它在生產疫苗的同時在線完成了它們。因此，這是一種逐步進入、逐步淘汰的動態，而不是在兩者之間存在差距。

Our next question comes from the line of Derik De Bruin with Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

So I've got a few which I'm just going to shoot off here. One, what's the embedded organic revenue growth guide by segment for the Biologics and PCH? That's the first one. The second one is going to be -- when you talk about 2/3 volume reduction for your COVID vaccines, are you also implying the 2/3 revenue, I assume that you have some take-or-pay contracts?

所以我有一些我將在這裡拍攝。一，生物製劑和 PCH 的嵌入式有機收入增長指南是什麼？那是第一個。第二個是——當你談到你的 COVID 疫苗產量減少 2/3 時，你是否也暗示了 2/3 的收入，我假設你有一些照付不議的合同？

And then the third one is, you talked about a 28% adjusted EBITDA margin for 2024. Is that still something there? I mean, I realize you're backing your 30% number by 2026. Just wondering if that 28% number is that's how we should sort of think about the rebound for next year?

然後第三個問題是，您談到 2024 年調整後的 EBITDA 利潤率為 28%。這仍然存在嗎？我的意思是，我意識到你支持到 2026 年 30% 的數字。只是想知道 28% 的數字是否就是我們應該如何看待明年的反彈？

So I'll start here, Alessandro, feel free to jump in. So I'll start with your last question first, Derik. Look, we're not in a position at this point to give guidance around fiscal '24. And I think there's still a lot to understand in terms of what the macro environment looks like today and what that -- where that heads over the next year. What I have said is we're absolutely on track and continue to be confident about our ability to deliver on the 30% EBITDA margin target for fiscal 2026.

所以我從這裡開始，Alessandro，請隨意加入。所以我先從你的最後一個問題開始，Derik。看，我們目前無法就 24 財年提供指導。而且我認為，就今天的宏觀環境以及明年的發展方向而言，還有很多事情需要了解。我所說的是，我們絕對走上正軌，並繼續對我們實現 2026 財年 30% EBITDA 利潤率目標的能力充滿信心。

In terms of the organic revenue growth on a segment-by-segment basis, I would say that's not something we've talked about here. Specifically, we did made comments in our prepared remarks that we're seeing a 25% business -- a 25% growth across our business. Excluding COVID demand, I think you can do some math and come based on the disclosures we've made here as well as based on customer concentration-related disclosure that will be in our 10-K and be able to estimate in a pretty tight band what the COVID-related impact is here.

就逐個部門的有機收入增長而言，我想說這不是我們在這裡討論的內容。具體來說，我們確實在我們準備好的評論中發表評論說，我們看到了 25% 的業務——整個業務增長了 25%。排除 COVID 需求，我認為您可以根據我們在此處所做的披露以及與客戶集中度相關的披露進行一些數學計算，這些披露將在我們的 10-K 中，並且能夠在相當小的範圍內進行估計與 COVID 相關的影響在這裡。

And I would say -- as you take that into consideration, it's very difficult to have 2/3 related volume headwind on COVID and be able to see growth within biologics, including that in the 10% to 15% range. So I think you can maybe take from that where we are there.

我想說——考慮到這一點，很難在 COVID 上遇到 2/3 的相關銷量逆風，並且能夠看到生物製劑的增長，包括 10% 到 15% 的增長。所以我認為你可以從我們那裡得到。

And from a SOT/OSD basis, we'll obviously be reporting those out as a Pharma and Consumer Health segments starting in next quarter, and that is a business that's growing outside of here in '23 guidance that 6% to 10% long-term outlook here, obviously, considering we're seeing 25% growth across the business on an ex-COVID basis.

從 SOT/OSD 的基礎上看，我們顯然會在下個季度開始將它們報告為製藥和消費者健康領域，這是一項在 23 年指導中增長 6% 至 10% 的業務。顯然，考慮到我們看到整個業務在前 COVID 基礎上增長 25%，這裡的長期前景。

Yes. So look, with regards to your question around the take-or-pay has been a kind of a routine question over the last few months. I'm going to reiterate what I have already shared. While we feel strong about our take-or-pay commitments and so on, we're also very mindful of being partners with our great clients and making sure that we listen to the needs, and we try to find a win-win solution on landscape that is very hard to read for everyone.

是的。所以看，關於你關於照付不議的問題，在過去幾個月裡一直是一個例行問題。我將重申我已經分享的內容。雖然我們對照付不議的承諾等感到強烈，但我們也非常注意與我們的優秀客戶成為合作夥伴，並確保我們傾聽需求，並試圖找到一個雙贏的解決方案每個人都很難閱讀的風景。

So in many ways, the breadth of the offering that gives us optionality in sometimes to trade some of the -- what is -- due to volumes in these contracts with something else. I believe that part of the success we're having in non-COVID business, which is growing at more than 25% is also due to this approach, which have been very, very successful in securing long-term, good outlook on non-COVID business as leveraging those relationship and our partnership approach. So we feel pretty good about our approach so far. We believe that's created a momentum in non-COVID business and is part of our -- is partly behind our confidence in the long-term prospects of the company.

因此，在許多方面，產品的廣度使我們有時可以選擇交易一些 - 什麼 - 由於這些合約的交易量與其他東西。我相信，我們在非 COVID 業務中取得的成功（增長率超過 25%）也歸功於這種方法，這種方法在確保非 COVID 業務的長期、良好前景方面非常非常成功。 COVID 業務作為利用這些關係和我們的合作夥伴關係的方法。所以到目前為止，我們對我們的方法感覺很好。我們相信，這為非 COVID 業務創造了動力，並且是我們的一部分——部分支持我們對公司長期前景的信心。

Our next question comes from the line of Jack Meehan with Nephron Research.

我們的下一個問題來自於 Nephron Research 的 Jack Meehan。

I wanted to kind of continue along that line of questioning. As it pertains to the guide, is there any help you can provide around seasonality? You talked about some of the seasonality in the business this year, just to help with pacing in terms of maybe expectations, especially anything for the first quarter would be helpful?

我想繼續沿著這條提問線。由於它與指南有關，您可以提供有關季節性的任何幫助嗎？您談到了今年業務中的一些季節性因素，只是為了幫助調整可能的預期，尤其是第一季度的任何事情都會有幫助嗎？

Yes. Look, Jack, we're going to fall short of giving specific quarterly guidance here, but let me just give you some directional commentary. I would say as we -- we did make a point here to reference seasonality that we see in this business. And I would say what we're seeing in fiscal '22 probably feels a little bit more like what we've seen in fiscal '20 and prior to that, given that fiscal -- I'm sorry, I'm referring to fiscal '23 now, feeling more like fiscal '21 and fiscal '20 from a seasonality perspective more so than what we saw in fiscal '22, which was obviously a year that was significantly skewed by COVID-related increases through sequential quarters until we got to our fourth quarter where the volume declined here.

是的。看，傑克，我們不會在這裡給出具體的季度指導，但讓我給你一些方向性的評論。我想說的是，我們確實在這裡提到了我們在這項業務中看到的季節性。我想說的是，我們在 22 財年看到的可能感覺更像是我們在 20 財年和之前看到的，考慮到那個財政——對不起，我指的是財政'23 現在，從季節性的角度來看，感覺更像是 '21 財年和 '20 財年，而不是我們在 '22 財年中看到的那樣，這顯然是被 COVID 相關的連續季度增長嚴重扭曲的一年，直到我們得到我們第四季度的交易量在這裡下降。

We did mention about 60% of our absolute dollar EBITDA being generated in the second half of the fiscal year to bring 40% of that for the first half of the fiscal year. And I would say in terms of the quarterly phasing, again, going back to what Q1, Q2 splits looked like in that '19, '20, '21 time period is probably a close proxy to how you can see the year play out from a quarterly phasing standpoint in '23.

我們確實提到了本財年下半年產生的絕對美元 EBITDA 的約 60%，為本財年上半年帶來了 40%。我想說的是，就季度階段而言，再次回到 '19、'20、'21 時期的第一季度、第二季度拆分情況，這可能是你如何看待這一年的一個密切代表。 '23 的季度階段性觀點。

Right. That's helpful. And then on metrics. So you disclosed the over $90 million of trailing sales. With the supply agreement what's the annualized revenue contribution we should expect upon close?

正確的。這很有幫助。然後是指標。所以你披露了超過 9000 萬美元的追踪銷售額。有了供應協議，我們在交易結束時應該期望的年化收入貢獻是多少？

So we'll give more specifics around the guidance here of metrics when we do close the transaction, which we're hoping to do by the end of the calendar year here. We did talk about growth rates that we expect to see from that business being very closely aligned to that of what the new Pharma and Consumer Health business of 6% to 10% would look like. And you can use that $90 million as a base, knowing that, obviously, this will only be a partial year contribution that we would see in fiscal '23. And again, that exactly how much will depend on the timing of the close of the transaction. So we'll give some more specifics around the revenue and EBITDA contribution for fiscal '23 once that deal closes in the first call post close.

因此，當我們完成交易時，我們將在此處提供有關指標指南的更多細節，我們希望在日曆年年底前完成。我們確實談到了我們期望從該業務中看到的增長率與 6% 到 10% 的新製藥和消費者健康業務的增長率非常接近。你可以使用這 9000 萬美元作為基礎，很明顯，這只是我們在 23 財年看到的部分年度貢獻。再一次，這到底有多少將取決於交易結束的時間。因此，一旦交易在第一次電話會議結束後完成，我們將提供有關 23 財年收入和 EBITDA 貢獻的更多細節。

I would just add the one comment more general. One reason why we do like the space of prescription around solid is that you normally have a pretty visibility on the revenues for a fairly good horizon given the prescription nature of the business and the strength of the pipeline.

我只想添加一條更籠統的評論。我們確實喜歡圍繞實體的處方空間的一個原因是，鑑於業務的處方性質和管道的實力，您通常對收入有相當大的了解，以獲得相當好的視野。

Our next question comes from the line of Paul Knight with KeyBanc.

我們的下一個問題來自 Paul Knight 與 KeyBanc 的對話。

Where are you in the go-to-market strategy? Are you halfway there in the productivity you expect? Could you give us some metrics around where we are today with this strategy?

您在進入市場的策略中處於什麼位置？您期望的生產力是否達到了一半？你能給我們一些關於我們今天在這個戰略中所處的位置的指標嗎？

Sure. That's a great question. I believe we are in a pretty good place. I believe, look, we've been always very happy about our sales machine, which has been producing consistent organic growth over the last 4, 5 years, I would say. Here is more in terms of making sure that when one of our sales rep engages with the customer and we do have a relations with the customer, we've taken the full advantage of the relationship and try to offer more than just one service.

當然。這是一個很好的問題。我相信我們在一個很好的地方。我相信，看，我們一直對我們的銷售機器感到非常高興，我想說，在過去的 4、5 年裡，它一直在產生持續的有機增長。這裡更多的是確保當我們的一位銷售代表與客戶接觸並且我們確實與客戶建立關係時，我們充分利用了這種關係並嘗試提供不止一種服務。

So I would say that, look, the -- I cannot point to a specific percentage of completion of the plan, but we are pretty advanced in what we are trying to implement here. Our basics and foundation of our sales machine remain very, very strong and what they drove really success in the last few years. And this is -- the way you need to see is not a revolution but an enhancement of the go-to-market strategy so that we can unlock value where the value was blocked by our internal barriers.

所以我想說的是，看，我無法指出計劃完成的具體百分比，但我們在這裡嘗試實施的內容相當先進。我們的銷售機器的基礎和基礎仍然非常非常強大，並且它們在過去幾年中取得了真正的成功。這就是——你需要看到的方式不是一場革命，而是對進入市場戰略的增強，這樣我們就可以在價值被我們內部障礙阻礙的地方釋放價值。

And you raised your long-term growth guidance by 200 basis points. Is that due to your increased optimism around single-dose fill/finish outlook? Or is it that plus cell therapy? What are the components of that 200 basis point increase or the big drivers, I think, is the best way to ask that?

您將長期增長指導提高了 200 個基點。這是因為您對單劑量填充/完成前景更加樂觀嗎？還是那加細胞療法？我認為，這 200 個基點上漲的組成部分或主要驅動因素是什麼？

Yes, sure. Look, I believe that on the biologics side, our outlook remains pretty much the same that was before. That's really not what is driving this increase. We remain very bullish on the biologic story at 10% to 15%. What is driving the overall increase in the growth expectation from the company is, if you like, the assets, which were a little bit behind in the growth story of the company dragging down the overall growth rate expected for the company, which were more in the small molecule side. And the refashioning of the small molecule footprint, we were able to implement through the pandemic, which went a little bit under the radar.

是的，當然。看，我相信在生物製劑方面，我們的前景與以前幾乎相同。這真的不是推動這種增長的原因。我們仍然非常看好 10% 至 15% 的生物故事。推動公司整體增長預期上升的因素是資產，這些資產在公司的增長故事中略微落後，拖累了公司的整體增長率預期，這些資產更多地處於小分子側。而小分子足蹟的重塑，我們能夠在大流行中實施，這有點不為人知。

I understand that during the pandemic, everything was making the news was related to biologics, vaccines and so on. But we were working very, very hard in the background in addressing some of the gaps we had in the small molecule portfolio to enable faster growth there. And I will point out again, primarily in the Consumer Health, getting on top of this in high demand the dosage form of gummies and soft chews which is, again, is a significant contributor to that acceleration.

我知道在大流行期間，所有的新聞都與生物製劑、疫苗等有關。但我們在後台非常非常努力地解決我們在小分子產品組合中存在的一些差距，以實現更快的增長。我將再次指出，主要是在消費者健康領域，在高需求的情況下，口香糖和軟咀嚼劑的劑型再次成為加速增長的重要因素。

The fact that we've been investing organically in our Kentucky facility and in our Florida facility, which are serving the complex oral solid market in the United States, which is very, very healthy at this point in time as well as leveraging some of the dynamics in the consumer health after an initial period of, if you like, a crisis at the beginning of the pandemic came back pretty, pretty strong. So it's more on the PCH side that you need to see the increase. We have increased 200 basis points the top end on the PCH side compared to the past. And this is really what is driving our most -- more comfortable outlook about the company and really putting us in a comfortable position to raise our long-term guidance for the organization.

事實上，我們一直在對我們的肯塔基工廠和佛羅里達工廠進行有機投資，這些工廠為美國複雜的口服固體市場提供服務，目前該市場非常非常健康，並利用了一些在大流行初期的一場危機（如果你願意的話）之後，消費者健康的動態非常非常強勁地捲土重來。因此，您需要看到更多的是 PCH 方面的增長。與過去相比，我們在 PCH 方面的上限增加了 200 個基點。這確實是推動我們最 - 對公司的更舒適的看法，並真正讓我們處於舒適的位置來提高我們對組織的長期指導。

Our next question comes from the line of Dave Windley with Jefferies.

我們的下一個問題來自傑富瑞的戴夫溫德利。

I have a couple of clarifications and then a more strategic question. So am I right calculating that the Zydis related royalty in the quarter would be about maybe $10 million, is that a fair estimate?

我有一些澄清，然後是一個更具戰略意義的問題。所以我計算出本季度與 Zydis 相關的版稅可能約為 1000 萬美元，這是一個合理的估計嗎？

David, we haven't disclosed exactly what's the contribution over there. We did point to the fact that it was a significant driver of the margin profile. So I think if you were able to do that math and triangulate something in that range, I think that's directional.

大衛，我們還沒有確切披露那裡的貢獻是什麼。我們確實指出了這樣一個事實，即它是利潤率的重要推動力。因此，我認為如果您能夠進行數學運算並在該範圍內進行三角測量，我認為這是有方向的。

Yes. Okay. And secondly, on -- Tom, you talked about lower component sourcing with COVID. But then on the other hand, kind of lower absorption from lower COVID volumes. I guess I'm wondering if kind of the bottom line margin impact from the lower COVID assumptions in '23, is margin dilutive or margin accretive taking those 2 impacts together?

是的。好的。其次，關於 - 湯姆，您談到了與 COVID 一起採購較低的組件。但另一方面，較低的 COVID 量會導致吸收率降低。我想我想知道 23 年較低的 COVID 假設對底線利潤率的影響，將這兩種影響結合在一起是稀釋利潤還是增加利潤？

Yes. Look, I think it's -- I think you're right. We did mention both here. We mentioned that with the declining COVID-related revenue that we will see the component sourcing dynamics start to normalize here in the year. And then obviously, I'm talking about some of the margin pressure opportunities here. We talked about the -- we've talked about the absorption-related items driven volumes.

是的。聽著，我認為是——我認為你是對的。我們確實在這裡提到了兩者。我們提到，隨著與 COVID 相關的收入下降，我們將看到組件採購動態在今年開始正常化。然後很明顯，我在這裡談論的是一些利潤壓力機會。我們談到了 - 我們談到了與吸收相關的項目驅動的交易量。

I would say the point of referencing the component sourcing piece is really more material for the Biologics segment than I would say it is for the company overall. Meanwhile, the absorption piece does have a more meaningful impact on the company overall here that, Dave, just given the fact that we're talking about dedicated capacity that was running at very high levels of utilization and being replaced, whether on the same asset or in other assets that we've brought online during that period here.

我想說的是，引用組件採購部分對於生物製品部門來說確實比我說的對於整個公司來說更重要。同時，吸收部分確實對整個公司產生了更有意義的影響，戴夫，只是考慮到我們談論的是在非常高的利用率下運行並被替換的專用容量，無論是在同一資產上或在此期間我們在此處上線的其他資產。

I'm not quantifying each of those for you. But I would say they essentially offset each other, but there's probably a little bit more impact to the bottom line here from an absorption standpoint just as we start to ramp up other assets that we brought online during the COVID pandemic that are, I would say, slow on the uptake here, right? You don't plug in a new syringe line and be operating at 85%, 90% utilization and start to see that full absorption, right? There's a ramp-up period here that we see that takes into consideration.

我不會為你量化每一個。但我想說它們基本上是相互抵消的，但從吸收的角度來看，這可能會對底線產生更多影響，就像我們開始增加在 COVID 大流行期間上線的其他資產一樣，我想說，這裡的吸收速度很慢，對吧？您不會插入新的注射器生產線並以 85%、90% 的利用率運行並開始看到完全吸收，對嗎？我們看到這裡有一個加速期，考慮到了這一點。

But I would say the fact that we're, again, in a position where we are seeing modest margin expansion despite a lot of these moving pieces and challenging macroeconomic environment is something we're pleased with. And we're obviously going to look to maximize the margin expansion opportunity that we have here in fiscal '23 on our path towards the 30% by fiscal '26.

但我要說的是，儘管有很多這些變動因素和充滿挑戰的宏觀經濟環境，但我們再次處於利潤率適度增長的位置，這是我們感到高興的。我們顯然將尋求最大限度地擴大我們在 23 財年的利潤率擴張機會，並在 26 財年實現 30% 的目標。

And as a follow-up comments on these, I would tell you, clearly, as the vaccines for COVID the transition from pandemic to endemic use, they will resemble a little bit more of the path that move the other vaccines, which means that you're going to produce a significant amount of volumes in a shorter time frame. And the rest of the year, you're essentially in a much lower production mode.

作為對這些的後續評論，我會明確地告訴你，隨著 COVID 疫苗從大流行到地方性使用的過渡，它們將更像是移動其他疫苗的路徑，這意味著你'將在更短的時間內產生大量的交易量。而在今年剩下的時間裡，你基本上處於低得多的生產模式。

So that is a little bit more challenging to manage from an absorption and profitability standpoint. It's something that takes some time to organize yourselves for. And that's why I believe we have a very good plan, and we are discussing this also with our partners, but it's a dynamic that needs to be taken into account as you move from the pandemic, where you are essentially running flat out through the 12 months, you move into a more traditional vaccine manufacturing, which has a debt challenge always had -- that will always have.

因此，從吸收和盈利的角度來看，管理起來更具挑戰性。這是需要一些時間來組織自己的事情。這就是為什麼我相信我們有一個非常好的計劃，我們也在與我們的合作夥伴討論這個問題，但這是一個需要考慮的動態，當你從大流行中走出來時，你基本上在 12幾個月，你進入了一個更傳統的疫苗製造領域，它總是面臨債務挑戰——這將永遠存在。

So the last question I wanted to ask is around your long-term growth when raised guidance there. So '23 will start up -- I don't know if we want to think about a 4-year period since you do have '26 targets in the public maybe a 4-year period is a reasonable period to think about. You're starting that 4-year period a couple of points lower than the long-term guide. Should we think about this as a kind of a midpoint 10% CAGR target where at some point over that horizon, you'll grow faster than the 10%? Or do you think of it as getting to 10% after fiscal '23?

所以我想問的最後一個問題是關於你在那裡提出指導時的長期增長。所以'23 將開始——我不知道我們是否要考慮一個 4 年期，因為你確實有 '26 個目標在公眾中，也許 4 年期是一個合理的考慮期。您開始的 4 年期比長期指南低幾個點。我們是否應該將其視為一種 10% 的 CAGR 中點目標，在這個範圍內的某個時間點，您的增長速度會超過 10%？還是您認為在 23 財年之後達到 10%？

So look, clearly, we see the fiscal year '23 a little bit as a transition year from a strategic standpoint, it's notable the fact that we are reducing 2/3 our expectations from COVID vaccines. And at the same time, we are in line with expectations. And that will point you towards what we shared around the non-COVID business and the stance there, right?

因此，顯然，從戰略角度來看，我們將 23 財年視為過渡年，值得注意的是，我們對 COVID 疫苗的期望降低了 2/3。同時，我們也符合預期。這將使您了解我們圍繞非 COVID 業務分享的內容以及那裡的立場，對嗎？

So we have highlighted that, that is above 25%. I believe you guys can make some math and be a little bit more accurate on that. We provided all the relevant information to be -- to do so. But that is telling us that all the moves we've don refashioning -- retooling our portfolio on the remaining business put us in a very strong position as we transition outside the pandemic.

因此，我們強調了這一點，高於 25%。我相信你們可以做一些數學運算，並在這方面更準確一些。我們提供了所有相關信息 - 這樣做。但這告訴我們，我們已經採取的所有重塑舉措——在剩餘業務上重組我們的投資組合，使我們在擺脫大流行病的過程中處於非常有利的地位。

(Operator Instructions) Our next question comes from the line of Christine Raines with William Blair.

（操作員說明）我們的下一個問題來自 Christine Raines 和 William Blair 的台詞。

Just one for me. So we've noted a slowdown in FDA approvals in the first half of the year over last year. Any insight into the dynamics playing out here? And do you see this as having any near-term impact on Catalent's business?

只給我一個。因此，我們注意到今年上半年 FDA 批准的速度較去年有所放緩。對這裡的動態有任何見解嗎？您是否認為這會對 Catalent 的業務產生任何近期影響？

Well, look, from our perspective, we've been pretty pleased with the approvals that have been impacting our pipeline. And we see further opportunities going forward. So look, it's a little bit -- not necessarily the macro dynamic of the approvals that happens out there significantly impacts Catalent. It depends -- it's very discrete, right and very much focused on some products. But I cannot tell you, we've been seeing some good success of the products in our pipeline in the last few quarters.

好吧，從我們的角度來看，我們對影響我們管道的批准感到非常滿意。我們看到了進一步的機會。所以看，這有點——不一定是那裡發生的批准的宏觀動態會對 Catalent 產生重大影響。這取決於 - 它非常離散，正確並且非常專注於某些產品。但我不能告訴你，在過去幾個季度中，我們已經看到我們管道中的產品取得了一些成功。

Our next question comes from the line of John Sourbeer with UBS. It looks like we've lost connection with John. Our next question comes from the line of Justin Bowers with Deutsche Bank.

我們的下一個問題來自瑞銀的 John Sourbeer。看來我們和約翰失去了聯繫。我們的下一個問題來自德意志銀行的賈斯汀鮑爾斯。

I'll keep it Jiffy with the call run long. But just in terms of the new capacity, specifically U.K. and Princeton, when does that really start coming online in the fiscal year? And then by year-end, what percentage of the capacity will be built out with respect to the footprint of those facilities?

我會在通話時間長的情況下保持快速。但就新產能而言，特別是英國和普林斯頓，該財政年度何時真正開始上線？然後到年底，相對於這些設施的佔地面積，將建造多少百分比的產能？

Sure. So very different answers for the 2 facilities. So with regards to Princeton, commercial cell therapy, capacity is mostly already online. And in fact, there is already one product which is at late stage running there. We've seen very, very strong interest out of the gate after we announced that. And it's more related due to the time for how to onboard these programs than the capacity.

當然。這兩個設施的答案非常不同。所以關於普林斯頓，商業細胞療法，產能大多已經在線。事實上，已經有一種產品處於後期運行狀態。在我們宣布之後，我們已經看到了非常非常強烈的興趣。由於如何加入這些程序的時間比容量更相關。

So the constraining factor in Princeton is really around our ability to close these deals and onboard these tech transfers and these activities into facility, which, again, I remember everybody, is skewed more towards the late stage. So we are talking about mature cell therapy programs, which are trying to find home for their commercial Phase IIIs less commercial needs. So that's Princeton. Cell therapy serving mostly oncology therapies.

因此，普林斯頓的限制因素實際上是圍繞我們完成這些交易以及將這些技術轉讓和這些活動納入設施的能力，我再次記得每個人，這更傾向於後期階段。因此，我們談論的是成熟的細胞治療項目，它們正試圖為他們的商業 III 期較少的商業需求找到家。這就是普林斯頓。細胞療法主要服務於腫瘤療法。

With regards to Oxford, it's a little bit of a different story. The build-out is proceeding at pace. I believe that we are very close to open our PD side of the house, where we're going to start working on, if you like, of the scale-up of the cell lines. So this facility will be mostly serving messenger RNA and proteins to a large extent. And then the larger scale of bioreactor will come a little bit later in the year. We expect that these assets to such and revenues, as we said in the last part of the fiscal year, we believe that Princeton is going to be a little bit faster in that.

關於牛津，情況有點不同。擴建工作正按部就班地進行。我相信我們非常接近於開放我們的 PD 方面，如果你願意，我們將在那裡開始擴大細胞系的規模。所以這個設施在很大程度上將主要服務於信使 RNA 和蛋白質。然後更大規模的生物反應器將在今年晚些時候出現。正如我們在本財年最後一部分所說的那樣，我們預計這些資產和收入會增加，我們相信普林斯頓在這方面會快一點。

Yes. And I'll just add, Justin, to that, related to Oxford specifically, this was a pivot for us here in terms of building out capacity for European drug substance originally in our Nordic facility, and then we were able to accelerate that with the acquisition of Oxford. So our original drug substance plans didn't have revenue contribution until probably midway through our fiscal '24 year, if not later. And as Alessandro said, as a result of this, acceleration through what we acquired as well as the capacity we're deploying in that site, we would be in a position to be able to see revenue contributions late in fiscal '23.

是的。我只想補充一點，賈斯汀，特別是與牛津有關，這是我們在這裡建立最初在我們北歐工廠的歐洲藥物能力方面的一個支點，然後我們能夠通過收購牛津。因此，我們的原始原料藥計劃可能要到我們 24 財年的中途才會產生收入貢獻，如果不是更晚的話。正如亞歷山德羅所說，由於這一點，通過我們獲得的東西以及我們在該站點部署的容量的加速，我們將能夠在 23 財年後期看到收入貢獻。

Our next question comes from the line of John Sourbeer with UBS.

我們的下一個問題來自瑞銀的 John Sourbeer。

Can you guys hear me now?

你們現在能聽到我的聲音嗎？

Yes.

是的。

Just one for me. Could you just talk a little bit more on the M&A outlook? I guess how are you seeing the evaluations tracking? And then after the Metric transaction, do you see potential for additional activity in 2023 and any areas within the biologic portfolio that could present inorganic opportunities?

只給我一個。你能多談談併購前景嗎？我猜您如何看待評估跟踪？然後在 Metric 交易之後，您是否認為 2023 年有額外活動的潛力以及生物產品組合中可能帶來無機機會的任何領域？

So look, I believe that the first -- before the summer, we didn't see significant moves in the evaluations and so forth. As the space was still waiting to factor in the new reality of multiples into the assets. I believe we are still -- we are starting to see some early signs of more catching up with the current environment, especially when it comes to cost of capital, and macroeconomic uncertainty over the next couple of years as well as direct funding.

所以看，我相信第一個 - 在夏天之前，我們沒有看到評估等方面的重大變化。由於該空間仍在等待將倍數的新現實納入資產。我相信我們仍然——我們開始看到一些早期跡象表明我們正在追趕當前環境，尤其是在資本成本、未來幾年宏觀經濟的不確定性以及直接融資方面。

So I believe that as we move in the next few quarters, I do expect some correction there. I will add, though, that the premium assets in our space are still kind of expensive because they have a pretty good strategic prospect in front of them. So I believe it's a little bit of a mixed bag. I would tell you that, of course, multiple can constitute a dollar but for Catalent is probably never only an evaluation of multiple and primarily our financial valuation is more of a strategic evaluation. And how we're going to make sure that when we add an asset to Catalent, we can accelerate growth and generate the synergies out of these and not only enable more growth out of Catalent, but we can also accelerate the growth into the asset.

所以我相信，隨著我們在接下來的幾個季度中前進，我確實預計會有一些修正。不過，我要補充一點，我們領域的優質資產仍然有點貴，因為它們在它們面前具有相當好的戰略前景。所以我相信這有點複雜。我會告訴你，當然，倍數可以構成一美元，但對於康泰倫特來說，可能永遠不僅僅是對倍數的評估，而且我們的財務估值主要是一種戰略評估。以及我們將如何確保當我們向 Catalent 添加資產時，我們可以加速增長並從中產生協同效應，不僅使 Catalent 實現更多增長，而且我們還可以加速資產的增長。

This is what we believe for Metrics. We believe that by inserting this premium asset in our much larger commercial engine will accelerate the pipeline creation and tech transfers. On the other hand, we expect that this offering -- completing this offering in downstream, high-potent capacity will create additional opportunities for some of our assets, which are more early stage, which we didn't have necessarily a downstream capacity prior. So Metrics is squarely in the definition of that in terms of M&A. Catalent is always having a pretty healthy portfolio of M&A opportunities as we explore market. And whenever we see an opportunity to accelerate growth and expand margin through what I just described, we definitely are interested in exploring that opportunity.

這就是我們對 Metrics 的信念。我們相信，通過將這種優質資產插入我們更大的商業引擎中，將加速管道創建和技術轉讓。另一方面，我們預計本次發行——在下游高效產能中完成本次發行將為我們的一些資產創造額外的機會，這些資產處於早期階段，我們之前不一定擁有下游產能。因此，Metrics 完全符合併購方面的定義。在我們探索市場的過程中，Catalent 始終擁有相當健康的併購機會組合。每當我們看到通過我剛才描述的方式加速增長和擴大利潤的機會時，我們肯定有興趣探索這個機會。

Our next question comes from the line of Sean Dodge with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Sean Dodge。

Yes. Well, on the organizational changes, Alessandro you mentioned the revenue synergies from that, how should we think about the cost impact? It does realigning the commercial organization? Is this something you need to invest or add head count to do? Or do you think there's some cost efficiencies that you think can drive longer term along with those? I guess the revenue growth enhancing, are they also intended to be margin percentage enhancing?

是的。好吧，關於組織變革，亞歷山德羅你提到了收入協同效應，我們應該如何考慮成本影響？它會重新調整商業組織嗎？這是您需要投資或增加人數的事情嗎？或者你認為有一些成本效率可以推動長期的發展嗎？我猜收入增長提高了，他們是否也打算提高利潤率？

Sure. Look, as I said, on the commercial side, most of the foundations were already there. We needed to tweak a little bit our incentive plans and so forth to make sure that we drive the right behaviors to remove some artificial P&L internal barriers, which were not really enhancing our opportunities to sell across our portfolio offerings to our customers, which, by the way, will buy them anyway, either from us or from others. So whether they buy all of them from us.

當然。看，正如我所說，在商業方面，大多數基金會已經在那裡。我們需要稍微調整一下我們的激勵計劃等等，以確保我們推動正確的行為，以消除一些人為的損益內部障礙，這並沒有真正增加我們向客戶銷售我們的產品組合的機會，通過順便說一句，無論如何都會從我們或其他人那裡購買它們。所以他們是否都從我們這裡購買。

So on that side, I don't believe that there will be any cost impact on the commercial side of house. We did point towards that this organization is a little bit leaner in terms of management and surely enables us to drive operational excellence across the board more effectively that we used to do before, sharing some best practices and surely avoiding some duplication. When you think about, for instance, managing a program, which is both giving the customer formulation development, clinical material and at the same time, distributing the clinical trials for their own trials, there is some synergy there in the way you manage this project across while before you have to manage different PTC slices, when in fact, you had the different slices, which, as I said, was not as common as it could have been.

因此，在這方面，我認為不會對房屋的商業方面產生任何成本影響。我們確實指出，這個組織在管理方面稍微精簡了一點，並且肯定使我們能夠比以前更有效地推動全面的卓越運營，分享一些最佳實踐，並肯定避免一些重複。例如，當您考慮管理一個項目時，該項目既為客戶提供配方開發、臨床材料，同時為他們自己的試驗分發臨床試驗，您管理該項目的方式有一些協同作用在您必須管理不同的 PTC 切片之前，實際上，您擁有不同的切片，正如我所說，這並不像以前那樣普遍。

So clearly, in that regards, we see an opportunity here to continue to drive operational excellence and efficiency and leaner approach. So bottom line is that, yes, we do expect that this is not only to drive accelerated top line growth, but also provide us a little bit of productivity and efficiency.

很明顯，在這方面，我們在這裡看到了繼續推動卓越運營和效率以及更精簡方法的機會。所以底線是，是的，我們確實希望這不僅能推動收入加速增長，還能為我們提供一點生產力和效率。

Yes. And I would just add, Sean, this gives us even more confidence than we already had around being able to achieve our fiscal '26 long-term EBITDA margin of a target of 30%.

是的。我只想補充一點，肖恩，這給了我們比我們已經擁有的更多信心，能夠實現我們的 26 財年長期 EBITDA 利潤率 30% 的目標。

Our final question comes from the line of Evan Stover with Baird.

我們的最後一個問題來自 Evan Stover 和 Baird。

Just one for me, obviously. I wanted to relate the long-range CapEx outlook to your updated long-range kind of revenue growth plan today. We're at the point where we've doubled the revenue growth goal since the IPO. Can you talk about how that would relate to CapEx after we get past kind of the bolus of projects that's elevating the number higher here? What that equates to a longer run percent of your revenue spent on CapEx? Because you're kind of getting to the point on your long-range revenue plan where it feels like some of this higher CapEx is structural rather than transitory. So anything you can provide on a longer-range settling of that number would be helpful.

很明顯，只給我一個。我想將長期資本支出前景與您今天更新的長期收入增長計劃聯繫起來。自首次公開募股以來，我們的收入增長目標已經翻了一番。你能談談這與資本支出有什麼關係嗎？這相當於您在資本支出上花費的收入的長期百分比？因為你有點接近你的長期收入計劃，感覺一些更高的資本支出是結構性的，而不是暫時的。因此，您可以為該數字的長期結算提供的任何東西都會有所幫助。

So I will let Thomas to provide some more color around how you should think about it. What I can tell you is that the fact that now this overall organic growth expectation is accelerated by the PCA segment as opposed to the Biologics segment. It's good news in that regard because our PCA segment is significantly lower in terms of capital intensity towards Biologics. And again, that was very, very intentional from us. We recognize that our Biologics segment is very capital intense, specifically when it comes to assets like protein, drug product, gene therapies and so forth.

因此，我將讓 Thomas 提供更多關於您應該如何考慮它的顏色。我可以告訴你的是，現在這種整體有機增長預期被 PCA 部門加速，而不是生物製劑部門。在這方面這是個好消息，因為我們的 PCA 部門對生物製品的資本密集度要低得多。再說一次，這是我們非常非常故意的。我們認識到，我們的生物製品部門的資本非常密集，特別是在蛋白質、藥物產品、基因療法等資產方面。

But when you look at complex sort of solid, when you look at the gummies, when you look at the Softgel when you look at early stage formulation development assets and so forth, these are assets which come with a lower capital intensity as a percentage of revenues. So as we accelerated that growth and that part continues to have a significant share of the portfolio of Catalent, overall, this is good news in terms of capital intensity of the organization. With specific of Biologics, I will let Thomas to respond.

但是，當您查看複雜類型的固體時，當您查看軟糖時，當您查看軟膠囊時，當您查看早期配方開發資產等等時，這些資產的資本密集度較低收入。因此，隨著我們加速增長並且該部分繼續在 Catalent 的投資組合中佔有重要份額，總體而言，就組織的資本密集度而言，這是一個好消息。具體到 Biologics，我會讓 Thomas 做出回應。

Yes. I think it's a great point, Evan. And I think, we historically have been spending capital at the clip of somewhere between 8% to 10%. And we were, at that time, somewhere between a 4% and 6% grower, maybe 4% and 8% tops. And with the capital that we've deployed over the last couple of years into Biologics, I think it's been pointed out to me that many of our peers that are more heavily Biologics weighted than we are spending something like 20%, 25% of revenue.

是的。我認為這是一個很好的觀點，埃文。而且我認為，從歷史上看，我們一直在 8% 到 10% 之間花費資本。那時，我們的種植者在 4% 到 6% 之間，最高可能是 4% 到 8%。憑藉我們在過去幾年中向 Biologics 投入的資金，我認為有人向我指出，我們的許多同行對 Biologics 的權重比我們花費了大約 20%、25% 的收入.

Look, I think Alessandro's points here around what we're seeing on the Pharma and Consumer Health side of the business being less capital intensive but yet seeing the growth is accurate. This year, we've talked about spending something in that 13% to 15% of range. I don't think that a normal year for us, I think the 10% any longer, given the mix shift of assets we now have in the portfolio. It feels like the normal for us now, just given how much maintenance we have across 50-plus rooftops feels more like about 10%. So we do need to get back down to that 10%.

看，我認為亞歷山德羅的觀點圍繞著我們在製藥和消費者健康方面看到的資本密集度較低但看到增長是準確的。今年，我們談到了在 13% 到 15% 的範圍內花費一些東西。鑑於我們現在在投資組合中的資產組合轉移，我認為這對我們來說不再是正常的一年，我認為 10% 不再是。現在對我們來說感覺很正常，只是考慮到我們在 50 多個屋頂上進行了多少維護，感覺更像是 10% 左右。所以我們確實需要回到那10%。

I don't know that we get there exactly next year, but we'll obviously get some more specifics around how this phases out. But I would expect 13% to 15% this year probably a step down from that level next year, probably not quite to the 10% normal run rate. But then thereafter, we're getting close to, if not at that 10% and that being the new sort of base CapEx level of deployment to expect.

我不知道我們明年會不會到達那裡，但我們顯然會得到一些關於如何逐步淘汰的更多細節。但我預計今年 13% 到 15% 可能會比明年的水平下降，可能不會完全達到 10% 的正常運行率。但此後，我們正在接近，如果不是那 10% 的話，那將是預期的新的基本資本支出水平部署。

This concludes our Q&A session for today's call. I will now pass the call back to Alessandro Maselli, for any closing remarks. Thank you.

今天電話會議的問答環節到此結束。我現在將把電話轉回給 Alessandro Maselli，以作結束語。謝謝你。

Thank you, everyone, for taking the time to join our call and your continued support of Catalent. We were pleased to deliver record results in fiscal '22, and we are fully committed to deliver another strong year in fiscal '23 and beyond. Thank you.

感謝大家抽出寶貴時間加入我們的電話會議並感謝您對 Catalent 的持續支持。我們很高興在 22 財年取得創紀錄的業績，我們完全致力於在 23 財年及以後再創佳績。謝謝你。

This concludes today's conference call. Thank you for participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。