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)

早安.感謝您參加今天的 Catalent, Inc. 2022 財年第四季財報電話會議。我的名字是論壇，我將擔任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交給我們的東道主投資者關係副總裁保羅·蘇爾德斯 (Paul Surdez)。蘇德茲先生，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.

大家早安，感謝您今天與我們一起回顧康泰倫特第四季和 2022 財年的財務表現。今天與我一起參加電話會議的是總裁兼執行長 Alessandro Maselli；以及資深副總裁兼財務長 Tom Castellano。請參閱我們補充簡報投影片 2 上今天電話會議的議程，該簡報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.

在今天的電話會議中，管理階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階層的預期有所不同。我們建議您參閱投影片 3，以了解有關前瞻性陳述的更多詳細資訊。幻燈片 4 和幻燈片 5 討論了康泰倫特對非 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 指標的對帳。

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.

另請參閱今天將向 SEC 提交的康泰倫特 10-K 表格，以了解可能影響我們經營業績和財務狀況的風險和不確定性的更多資訊。

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

現在我想將電話轉給 Alessandro Maselli，他的開場白將從簡報的第 6 張幻燈片開始。

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 財年對康泰倫特來說又是不平凡的一年。這一年，我們在財務和營運方面取得了強勁的業績，同時也透過履行我們開發和提供幫助人們過上更好、更健康的產品的使命，對我們的全球社區產生了積極影響。

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，特別注重為市場的高需求領域提供服務；透過進入消費者喜愛的營養補充品軟糖劑型領域，為公司增添另一個成長引擎，我們將繼續積極拓展該業務；同意獲得新的能力，以提高我們處理有吸引力的高效化合物類別需求的能力；擴展和深化我們業內最暢銷的工具之一；加強我們對永續發展的長期承諾；儘管面臨嚴峻的通膨環境和持續的供應鏈挑戰，但仍加速我們的成長策略並實現創紀錄的財務表現。

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 財年淨收入為 48.3 億美元，以固定匯率計算，與上一財年相比有機成長 20%。這一增長主要是由於對我們的生物製品產品的廣泛需求推動的，包括對 COVID-19 相關計劃的需求、對我們的客戶處方產品的需求增加以及對我們的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，以固定匯率計算有機成長 28%。我們也將調整後的 EBITDA 利潤率提高至 26.6%，比 21 財年的 25.5% 提高了 110 個基點。 22 財年調整後淨利為 6.94 億美元，即稀釋後每股收益 3.84 美元，高於 21 財年稀釋後每股收益 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.

現在重點關注第四季度，我很高興地報告，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足以抵消通貨膨脹和不利的匯率換算帶來的阻力。如投影片 7 所示，我們第四季的營收為 13.1 億美元，與 21 財年第四季相比，按報告成長 10%，以固定匯率計算成長 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.

如果不包括收購和剝離，以固定匯率計算，有機成長率為 10%。這一增長主要是由我們的生物製品部門推動的，儘管本季度來自 COVID-19 項目的收入同比下降，但該部門仍實現了兩位數增長。

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.

我們在第四季度調整後的 EBITDA 為 3.84 億美元，與 2021 財年第四季相比，按報告成長 10%，以固定匯率計算成長 16%。如果不包括收購和剝離，以固定匯率計算，有機成長率為 15%。我們在第四季度調整後淨利潤為 2.15 億美元，即稀釋後每股收益 1.19 美元，高於去年同期稀釋後每股收益 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，我們制定了自 7 月 1 日（23 財年開始）起生效的組織結構，同一天我就過渡到目前擔任執行長的職位。隨著過去幾年業務的發展，我們的新結構將更好地管理業務，同時讓我們的客戶更輕鬆地獲得更廣泛的服務，從而創造價值。此次重組將我們的營運部門數量從 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.

每個部門約佔投影片 8 所示公司總收入的一半。我們還將在未來幾週內根據新結構發布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我們之前的 3 個部門的產品：軟膠囊和口腔技術；口頭和專業交付；和臨床供應服務，並且主要服務於小分子項目。製藥和消費者健康領域的著名產品包括我們在複雜口服固體、軟膠囊配方、Zydis 速溶片、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細分市場的長期淨收入成長預期為 6% 至 10%，比目前納入此新細分市場的前 3 個細分市場的綜合成長率高出 200 個基點。這是由於我們新的市場進入策略所釋放的商業協同效應，這些組織結構以及近期投資和收購帶來的對小分子市場高成長領域的更多接觸所實現。

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.

新的生物製劑部門與我們在 22 財政年度報告的生物製劑部門基本相同。透過一些內部組織調整，我們可以更好地為許多生物製藥客戶採用的新模式提供服務。我們預計生物製劑業務的長期成長—淨收入成長率仍維持在 10% 至 15%。這項重要的結構性變革有幾個好處。首先，簡化的報告結構使我們能夠更敏捷地滿足和預測客戶的需求和期望，並適應不斷變化的客戶和行業趨勢；其次，創建更整合的產品可以讓客戶更輕鬆地與康泰倫特開展業務，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，由於品質和營運監督加強了整個網路的問責制，它使我們能夠實現更大的卓越營運。重要的是，基於我們對持續投資和重組產生的協同作用對兩個部門預期的長期增長的信心，我們有能力將預計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 Tom 將在稍後的電話會議中回顧我們的指導細節，但我想對我們的收入前景發表一些高層評論。我在5 月的上一次財報電話會議上表示，儘管我們預計新冠疫情帶來的收入將大幅下降，但我們仍願意預計23 財年的有機增長，這與我們之前8% 至10% 的長期有機收入成長率一致。從那時起，考慮到我們預計這些項目的客戶訂購將具有更明顯的季節性，以及我們財政年度的階段性，我們在指導模型中進一步降低了與新冠病毒相關的收入水平的風險。

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向單劑量形式的更新時間，並預測與 22 財年相比，23 財年與新冠疫苗相關的數量將增加約 2/3。在考慮到新冠疫情收入的這些額外去風險因素後，我們仍然預計 23 財年有機增長的中點將在我們按固定匯率計算的長期範圍的低端附近。

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 財年營收成長的預測是由我們的非新冠疫情業務推動的，由於多種因素，預計該業務按固定匯率計算將有機增長25% 以上，其中包括：過去一年上線的現有資產的成長擴張，例如我們在布魯明頓和歐洲的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路其他領域的效率，包括那些生產我們的軟糖的領域以及先前宣佈在歐洲和美國擴大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；以及布魯明頓的額外原料藥產能。

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了我們藥品資產中的大型商業技術轉移計劃，並在23 財年晚些時候，我們目前完成建設的2 個新設施，我們位於普林斯頓的商業細胞治療設施和我們位於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Metrics Contract Services 的協議結束後，預計我們今天發布的23 財年指引中未反映出來的額外增長。維爾擁有330,000 平方英尺的設施。

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 億美元的資本改善，將使康泰倫特能夠加快現有計劃，以滿足規模化、強效藥物生產日益增長的需求。當然，此次收購仍需滿足慣例成交條件，包括反壟斷許可。我們預計在 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腔固體市場中強效化合物數量的增長，這是由口腔腫瘤產品線的強勁增長推動的，其中超過 80% 的項目需要強效處理以及行業轉變發現往往會產生更有效且溶解度更低的分子。在過去的幾年中，Catalent 看到了許多與高效能化合物合作的機會，在完成對 Metrics 的收購後，我們現在可以為這些化合物提供服務。

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 格林維爾工廠在我們的 22 財年透過第三方客戶的服務創造了超過 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，我們與梅恩製藥公司的協議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 業務將成為我們的製藥和消費者健康部門的一部分，預計將實現與該部門預計的 6% 至 10% 的整體長期成長相當的收入成長。

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.

Metrics EBITDA 利潤率會增加 PCH 利潤率，我們打算透過提高利用率，將這一利潤率逐步提高到 30% 以上。透過Metrics 延續我們的策略，在適合規模的產能中增加強大的處理能力，以維持與整個行業管道緊密匹配的平衡產品組合，其中包括越來越多的創新小分子，這些小分子的配方複雜或需要專門的技術處理。

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.

而生物製劑市場的創新更常出現在頭條新聞中。口服給藥仍然是處方藥產品線的基礎，目前正在開發近 6,000 種口服化合物，比去年增長約 10%，並且一直是近期大規模製藥併購的焦點。 Metrics 等策略性收購與有機投資的結合使我們的整體投資組合取得了長期成功，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.

作為今天早上發言的一部分，我要補充一點，我和執行團隊其他成員制定的 23 財年目標為執行我們的長期戰略奠定了基礎，也有助於我們實現另一個目標強勁的財年，我們克服了當今產業面臨的障礙，包括持續的供應鏈挑戰、通膨壓力、歐洲的能源供應問題、生技資金的不確定性、隨著我們擺脫大流行，對疫苗的需求更低且更及時。

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.

我們的策略成長雄心讓我充滿活力。我們制定的路線圖和康泰倫特團隊共同努力，為依賴我們的患者提供服務。我們繼續處於有利地位，能夠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最新成員，將於9 月15 日生效。職務，現已退休。

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。今天早上我將首先討論細分市場的業績，其中有關細分市場成長的評論將採用不變的貨幣。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.

第四季生物製品淨收入為6.67 億美元，較2021 年第四季成長14%。遠遠抵消了去年同期的下降-來自我們的 COVID-19 相關計劃的同比收入。

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 財年第三季與新冠病毒相關的營收達到峰值，第四季環比和年比均有所下降。

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.

當查看投影片 10 上的長條圖時，您會發現生物製品商業收入比去年同期下降。同比下降的驅動因素是 COVID-19 計劃的結束，該計劃出於收入確認目的被歸類為商業產品。該計劃預計不會產生未來收入。

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 財年第四季的 30.9% 年成長超過 210 個基點，比第三季連續成長 170 個基點。強勁的營運效率推動了利潤率年增，遠遠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，第四季度與修復相關的成本低於第三季度，修復活動將在2023 財年繼續在現場進行。這一點在過去的電話會議中提到過，約佔新冠疫苗總收入的 25%。隨著 COVID-19 收入持續下降，與我們最近經歷的零件採購相關的利潤攤薄也會下降。

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.

如投影片 11 所示，Softgel 和 Oral Technologies 的淨收入為 3.5 億美元，較 2021 財年第四季成長 22%，其中 EBITDA 較上財年同期成長 9%。 2021 年 10 月 1 日收購 Bettera 為本季 SOT 的淨收入成長貢獻了 18 個百分點，為該部門的 EBITDA 成長貢獻了 13 個百分點。所收購的Bettera業務的營運表現持續超越我們的預期，仍是公司利潤率持續擴張的重要驅動力。

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 有機淨收入成長了 4%，這得益於開發收入的持續成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、通膨壓力和不利的組合影響了整體有機業績，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.

投影片 12 顯示了口頭和專業交付部分的結果。淨收入成長 11%，部門 EBITDA 比去年第四季成長 27%。對我們 Zydis 產品的整體需求達到了創紀錄的水平，推動了顯著的成長。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 利潤率的主要推動力。

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.

如投影片 13 所示，在儲存和分銷服務成長的推動下，我們的臨床供應服務部門淨收入為 1.04 億美元，較 2021 財年第四季成長 4%。由於不利的組合，該部門 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，高於上季末的5.29 億美元，較2021 年6 月30 日成長10%。 1.32 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.

轉到投影片14 上的綜合調整後EBITDA。 ，我們在第四季度調整後 EBITDA 較去年第四季成長 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 EBITDA 比 21 財年成長 26%，達到 12.9 億美元，以固定匯率計算成長 28%。調整後的 EBITDA 利潤率從 21 財年的 25.5% 成長了 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.

如投影片 15 所示，第四季調整後淨利為 2.15 億美元，即稀釋後每股 1.19 美元，而去年第四季調整後淨利為 2.09 億美元，即稀釋後每股 1.16 美元。整個財年，調整後淨利為 6.94 億美元，即稀釋後每股收益 3.84 美元，而 21 財年調整後淨利為 5.49 億美元，即稀釋後每股收益 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.

投影片 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。相較之下，2022 年 3 月 31 日的淨槓桿率為 2.6 倍，2021 年 6 月 30 日的淨槓桿率為 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。年受到以下因素的負面影響：我們在疫情開始時做出的策略決定是增加庫存水平，這使我們能夠繼續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.

當我們覺得時機成熟並且對供應鏈的穩定性更加滿意時，我們將開始扭轉方向，這將對未來的自由現金流產生正面影響。同樣，合約資產的變現也將對我們 2022 財年業績產生負面影響後，對未來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，我們的合約資產餘額為4.41 億美元，比2021 年6 月30 日增加了2.6 億美元。疫苗的開發項目，其中收入是根據完成百分比記錄的，而不是像商業項目那樣完全根據批次發布來記錄。這種方法上的差異會影響我們向客戶開立發票的時間，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.

轉向資本支出。我們在附錄中新增了一張新投影片來說明我們的年度資本支出。 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對 22 財年的最初預期，這是由於收入增長高於預期以及一些與供應鏈相關的延遲以及某些資本項目的交付時間比最初預期更長的推動。對於 23 財年，我們預計資本支出將與 22 財年的範圍相似，即約佔淨收入的 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.

現在我們轉向投影片 17 中概述的 2023 財年財務展望。我們預計全年淨收入將在 49.75 億美元至 52.25 億美元之間，與 2022 財年相比，按報告計算增長 3% 至 8%。和調整後EBITDA 成長產生約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，無機收入（基本上反映了 Bettera 收購的剩餘季度，直到 10 月 1 日收購一周年為止）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，我們預計 23 財年的有機固定貨幣淨收入成長率約為 8%，處於我們指導範圍的中點。對 Metrics 的收購將被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導中。

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，按照報告的增長率計算將增長2% 至8%。 ，其中收入和從歷史上看， EBITDA 的產生更多地集中在下半年，預計 2023 財年調整後 EBITDA 的約 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，我們預計今年以固定匯率計算的 EBITDA 利潤率有限。雖然我們仍有望實現2026 財年EBITDA 利潤率30% 的目標，但影響23 財年利潤率擴張的因素有很多，包括我們一直預期的與新冠疫情相關的銷量下降帶來的不利因素、通貨膨脹和供應鏈壓力、與我們收購普林斯頓大學和牛津大學相關的啟動成本，我們正在將其吸收到我們的有機假設中，因為這兩種資產在收購之前都沒有產生大量收入，而且由於我們在美國以外的利潤率較高，因此外匯換算也沒有產生大量收入，而我們的企業成本大多來自國內。請注意，歐元波動對外匯換算的影響比英鎊更大。

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.

轉向調整後的淨利。我們預計全年 ANI 為 6.6 億至 7.3 億美元，與 2022 財年相比，下降 5% 至成長 5%。此外，23 財年的 ANI 成長受到影響調整後 EBITDA 的所有項目以及以下項目的影響：首先，預計有效稅率將在 24% 至 25% 範圍內，而 2022 財年為 23.4% ，考慮到高稅收管轄區的收入權重較去年同期增加。

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，由於我們籌集的部分資金是為收購 Bettera 籌集的全年新債務以及當前利率上升環境下的其他與利息相關的增加，導致利息支出增加。最後，由於我們的資產基礎顯著擴大，折舊費用增加，而美國的資產基礎也更重。

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.

我們指導的最後一部分是完全稀釋的股份數量。與過去幾年一樣，我們在稀釋加權平均基礎上提供了有關股數的指導，這是計算調整後每股淨利潤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，現在我們開始提問。

(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 線。

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.

湯姆，也許只是跟進你關於利潤逆風的言論。除此之外，外匯匯率上漲 300 至 400 個基點，同時影響了營收和 EBITDA。您能否分享一些有關設施修復、新設施坡道和新冠疫情貢獻正常化的進展？我認為您也提到了一些通膨動態。因此，如果您能分享一些關於如何從 22 財年完成的位置到明年 EBITDA 利潤率指南中值的橋樑，那將會很有幫助。

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，Tejas，謝謝你的提問。是的，所以就外匯而言，你的數字是準確的。我們確實討論了外匯對收入和 EBITDA 影響 3 到 4 個百分點。我們確實看到外匯對利潤的影響比對利潤的影響要大一些，我想說的是，考慮到那裡的收益組合的地理分佈。因此，我想說，EBITDA 對外匯的影響更接近該範圍的頂部，而對收入的影響，我想說，更接近該範圍的低點到中點。因此，收入與 EBITDA 之間的差異在 0.5 個基點之間。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，進入我們的 23 財年，這顯然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.

從新冠肺炎疫情的角度來看，我們在準備好的發言中提到，我們已將22 財年和23 財年指引中的銷量削減了2/3，這進一步降低了我們5 月份關於我們的業務的評論中所假設的風險。考慮到流量的減少以及與新冠專線高利用率運行相關的吸收影響。由此產生了相對影響——對我們整體利潤狀況的相對影響。我想說，供應鏈和通膨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，我想說，就我們過去如何談論這個問題而言，現在甚至比他們更具挑戰性。我們看到供應鏈對我們的 SOT 部門產生了更多影響，特別是最近我們獲得活性成分和與消費者健康量相關的其他關鍵投入的能力。因此，這將在此處的一些保證金故事中發揮作用。然後，從通貨膨脹的角度來看，我的意思是，考慮到我們所處的環境，我們正在考慮與工資相關的影響，這可能是正常年份的兩倍，而這並沒有」不要只考慮我們所看到的事物的物質面。

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.

現在顯然，我們能夠將這些傳遞給客戶。我們正在這樣做。我們將在力所能及的範圍內定價，以幫助抵消其中一些壓力。但考慮到所有這些變化，以固定匯率為基礎，我們看到利潤率略有改善，這是一個非常好的位置，我認為這是我所經歷過的最具挑戰性的宏觀經濟環境。的職業生涯中看過。

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，我們繼續朝著長期利潤率目標邁進，儘管我們不會看到像過去幾年那樣利潤率擴張超過 100 個基點，我們仍然致力於在2026 財年實現28% 的EBITDA 利潤率－抱歉，我們的EBITDA 利潤率達到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。然後是亞歷山德羅的一張。就新營運架構的影響而言，從客戶的角度來看，與之前相比有何變化？您提到的商業綜效有什麼色彩嗎？當您考慮先前長期目標中所指出的細分市場成長率時，您預期哪裡會出現最大的提升？

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.

當然，當然。看，這在很多方面都很簡單，但並不容易，因為它需要我們進行一些組織調整。看，當您查看從康泰倫特購買一項以上服務的客戶百分比時，您會發現它仍然是一個相對較低的百分比。當您觀察越來越多的客戶（更多是小型生物技術類型客戶）的客戶群走向時，顯然，他們需要的不僅僅是康泰倫特的一項服務。並且有機會大幅增加現有客戶的份額，而新客戶將享受康泰倫特提供的不只一項服務。

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，從進入市場策略的角度來看，都在造成一些內部障礙。透過將所有這些結合在一起，顯然這些障礙已經被消除。有一些激勵計劃可以讓人們從交叉產品的勝利中受益。自從這個新組織成立以來，我們已經看到這些方面出現了一些非常好的趨勢。

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，關於增加該細分市場的指導，我們已經對軟糖業務進行了投資。我們已經說過，這種軟糖業務的成長速度明顯高於該細分市場的平均值。我們也擴大並解決了北美實體業務綜合體的能力瓶頸，我們過去限制了這一點，但我們的成長是自我約束的。我們確實有需求，我們看到了需求，但我們無法真正享受我們在那裡看到的全部需求。最後，我們現在正在有機和無機地向高效能產品開放，這是口服固體中成長最快的細分市場，主要由腫瘤學管道推動。所有這些加起來確實對該細分市場的預期成長率產生了影響。因此，從很多方面來說，這些都是這個新組織在過去兩年中正在發展的東西。

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盧克·瑟戈特。

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?

快速進入指南。您能否幫助我們了解一下，根據 23 年的指導方針，新冠病毒 (COVID-19) 的範圍有所下降？那麼，如果銷售中點下降 2/3，對你們來說最壞的情況和最好的情況分別是什麼？

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.

盧克，我可能首先要說的是，我不知道這裡的新冠病毒數量與低端有顯著差異。我想說的是，我們降低了新冠病毒數量的水平反映了我們與主要客戶的合約義務，並且比 21 財年的水平下降了 2/3，使其降至相對較小的水平。貢獻。我想說，這並不是一個假設，我想說的是，這裡的指導範圍其實是可變性的。

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.

現在顯然，如果我們看到與新冠病毒需求相關的任何顯著增長，這可能會影響到該範圍的高端或高端。但我不會說在整個指導範圍內圍繞新冠病毒的假設存在重大波動。我想說的是，就我們的產品範圍而言，真正的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，那麼對我們的潛在影響將會更大——與新冠疫情方面的任何進一步行動相比，我們會朝著這個範圍的下限前進，正如我所說，我們感覺很好，而且在這裡幾乎是基於合約義務的堅定前景。

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。我要補充的另一件事是，盧克，在春季，我們已經說過很多次，仍然存在許多重要的變量，極大地影響著新冠疫苗需求的潛在前景。這些變數主要與我們財政年度的下半年（即下一個日曆年的上半年）有關。因此，其中一些變數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.

主要是從季節性角度來看疫苗的表現，我們做出了參考並進行了調整，現在我們對疫苗的季節性等有了很好的前景。因此，我們可以更好地預測本財政年度下半年（即明年的前 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。然後對此進行快速跟進。所以我的意思是，你們正在談論我們在布魯明頓和印第安納波利斯進行的所有產能擴張以及普林斯頓和其他地方的套房的抵消。您能否幫助我們思考一下，當存在這些供應鏈時，是否有特定跡象表明它受到的打擊最嚴重？或只是基礎廣泛？那麼您能否讓我們了解一下您對這些寬鬆政策的看法？

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——這些新資產是多種資產的組合，旨在滿足許多治療領域的需求，我們在過去三年中看到這些領域的需求可能很高。其中之一是糖尿病，它現在也與一些肥胖症、神經系統疾病等腫瘤學相結合，新批准的腫瘤學細胞療法非常引人注目，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而建立的。

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。盧克，我想補充一點，正如我之前在對光輝的評論中所強調的那樣。我們最近看到的許多供應鏈挑戰都影響著我們的 SOT 業務，特別是消費者健康方面。因此，不適合您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朱莉婭·秦與摩根大通的對話。

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?

所以只需幾個即可明確指導。對我們來說，關於 23 財年，我聽說您將指導歸因於降低收入和外匯風險。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膨壓力，您在指導中納入了多少定價貢獻？

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，我想說的是，從指導的角度來看，你在問題的第二部分中有點分手了，朱莉婭，所以我會在這裡盡力回答。但就第一部分而言，我們確實提到我們看到本財年的基礎業務成長超過 25%。這將大大抵消我們在 23 財年指導中與新冠病毒相關的數量減少 2/3 的影響。這確實考慮了我們所有技術產品的成長。我想說，從生物製品的角度來看，我們看到了藥品方面的前增長——前新冠疫情後的增長。但顯然，細胞和基因療法是 23 財年成長故事的重要貢獻者。該業務並未受到新冠相關需求的重大影響。

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.

我們在麥迪遜和布魯明頓的原料藥業務以及我們將透過牛津工廠在歐洲上線的產能。這是另一項顯然沒有受到新冠相關需求顯著影響的業務，我們將在 23 財年看到成長。我認為您的問題可能有一部分是關於新冠病毒治療的。我想說，新冠療法並不是我們所說的重要的成長動力。我們與新冠病毒相關的收入大部分來自與疫苗相關的收入。

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.

就我而言，我認為你問題的第二部分與供應鏈挑戰及其影響有關。我想我們已經討論過這個問題，主要影響的是消費者健康方面的業務。就通膨壓力而言，我們看到工資比正常年份上漲了兩倍，而且供應商方面的許多供應商的工資也有所增加，我們希望能夠積極採取行動來彌補這一損失通過我們的客戶，我們的合約使我們有能力，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，儘管面臨所有這些挑戰，我們仍預計在固定匯率基礎上，我們的 23 財年指導中點的利潤率會適度擴張。

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。在長期指導方面，你正在提高其上限。在PCH增量收入協同作用下，您認為需要多長時間才能充分發揮潛力並推動6%至10%成長的高端？然後在生物製劑方面，考慮到新模式和生物相似藥周圍發生的情況，這方面的前景是否有任何改善？或者我們仍然維持在 10% 到 15% 的中間點嗎？

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，顯然我們不會給出單一細分市場的非常短期的指導指示。但就廣泛回答你的問題而言，我們已經看到該細分市場正在加速向我們預期的新成長方向轉變。正如我所說，這是驅動因素 - 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中已經在發揮作用，對嗎？

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，今年軟糖業務的增加將是完全有機的。只有四分之一是無機的。因此，現在我們不僅擁有該資產的完全所有權，而且我們正在大力加速或擴大產能，以滿足該領域的高需求。我們在北美的複雜口服固體製劑的擴張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專案。

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.

我想說的是，總的來說，我們的特定咳嗽和感冒類別的消費品持續反彈。止痛也是我們看到巨大需求的另一個領域，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過的所有這些動態，這些動態在過去幾季中已經發揮作用並正在取得成果。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成長。

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·約翰遜和史蒂芬斯的。

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?

也許只是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。 BWI 擴建、主單元、普林斯頓、牛津和布魯明頓都增加了一些容量。我知道能力很難定義或量化。但是，您能否談談過去幾年您的生物製劑部門的產能規模，以及這對我們展望未來幾年的成長意味著什麼？

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，正如您所指出的，我們增加的容量非常驚人。對於我們要做的剩餘執行工作，我可以告訴您的是，透過繼續執行該執行工作以及我們在未來 18 個月（18 到 24 個月）內製定的計劃，我們完全有能力實現我們的目標' 26 財年目標，如果您願意的話。因此，在許多方面，我們已經創造了大量的產能，一旦利用，將實現 26 財年的目標。因此，這可能為您提供了對正在創建的容量的一些定量測量。但換個角度來看，當談到我們的產品時，我們主要專注於透過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.

當涉及到藥物缺失時，我們只是在進行擴展，確定我們的生產計劃。當談到基因療法時，我們基本上會將 BWI 的 10 間套房增加到 18 間。因此，這再次讓您可以衡量這種能力未來的潛力。

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。然後就只有一個關於新冠病毒的事情發生了。您能否談談將藥品資產轉移到新型非新冠應用的速度有多快？切換這些線路是否有任何延遲期或停機時間？也許我們應該如何考慮 2023 年過渡的時間安排？是不是——在今年年初，當你正在轉型的時候，有沒有什麼事情可能會有些軟化，或者不會那麼軟化？

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，過渡基本上是無縫的，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、轉移和啟動新項目的大部分生產線都是與新冠生產線並行建造的。我們一直希望能夠為新客戶和新項目提供服務，同時仍然留有足夠的產能來滿足新冠疫苗的需求，儘管我們現在對此有了更好的了解，但在許多方面仍然無法完全預測。所以我想告訴你，過渡非常順利。你不必像停止疫苗和開始新的東西一樣考慮這個問題，但這主要是在不同的格式和不同的生產線上發生的事情。

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，對於一些將要使用的疫苗——例如當前的新冠疫苗系列，它們將被記住——當前的疫苗供應全部是小瓶生產的。對於其中一些項目，在很大程度上，我們可以加入它們，但它是在生產疫苗的同時在線上完成的。因此，這是一種逐步引入、逐步淘汰的動態類型，而不是之間存在著間隙。

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?

所以我有一些我要在這裡拍攝的東西。第一，生物製劑和 PCH 各細分市場的嵌入式有機收入成長指南是什麼？這是第一個。第二個問題是——當你談到新冠疫苗產量減少 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約？

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?

第三個問題是，您談到 2024 年調整後的 EBITDA 利潤率為 28%。我的意思是，我意識到您支持在 2026 年實現 30% 的數字。

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.

所以我將從這裡開始，亞歷山德羅，請隨意插話。 所以我將首先從你的最後一個問題開始，德里克。看，我們目前無法就 24 財年提供指導。我認為，就目前的宏觀環境以及明年的方向而言，還有很多東西要理解。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.

就逐一細分市場的有機收入成長而言，我想說這不是我們在這裡討論的內容。具體來說，我們在準備好的發言中確實發表了評論，我們看到業務成長了 25%——整個業務成長了 25%。排除新冠疫情的需求，我認為你可以做一些數學計算，並根據我們在這裡所做的披露以及基於我們10-K 中與客戶集中度相關的披露來進行計算，並且能夠在相當窄的範圍內進行估計與新冠病毒相關的影響在這裡。

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.

我想說的是，當你考慮到這一點時，很難在新冠疫情方面出現 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。所以我認為你也許可以從我們現在的情況中學習。

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 的角度來看，我們顯然會從下個季度開始將這些業務作為製藥和消費者健康細分市場進行報告，這是一項在23 年指導中超出此處增長的業務，增長率為6% 至10%——顯然，考慮到我們的業務在除新冠疫情的基礎上增長了 25%，我們的長期前景顯然是這樣的。

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過的內容。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大客戶成為合作夥伴，並確保我們傾聽需求，並努力尋找雙贏的解決方案對每個人來說都很難閱讀的風景。

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，在很多方面，由於這些合約中的交易量與其他東西不同，產品的廣度使我們有時可以選擇交易某些東西。我相信，我們在非新冠業務領域取得的成功（成長超過 25%）也歸功於這種方法，這種方法在確保非新冠業務的長期良好前景方面非常非常成功。我們的合作關係。所以到目前為止我們對我們的方法感覺很好。我們相信，這為非新冠疫情業務創造了動力，也是我們對公司長期前景充滿信心的部分原因。

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

我們的下一個問題來自 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?

我想繼續沿著這條線提問。就指南而言，您可以在季節性方面提供任何幫助嗎？您談到了今年業務的一些季節性因素，只是為了幫助調整預期的節奏，特別是第一季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。聽著，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，我們確實在這裡指出了我們在這項業務中看到的季節性。我想說的是，我們在 22 財年看到的情況可能有點像我們在 20 財年及之前看到的情況，考慮到財政——對不起，我指的是財政現在，從季節性角度來看，“23 財年”感覺更像是“21 財年”和“20 財年”，而不是我們在“22 財年”看到的情況，而“22 財年”顯然是連續幾個季度因與新冠病毒相關的成長而嚴重扭曲的一年，直到我們在第四季度的銷售量下降。

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，我們的絕對美元 EBITDA 的約 60% 是在本財年下半年產生的，而本財年上半年的 40% 是產生的。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、第二季度的情況，這可能是您如何看待這一年的一個密切代表。

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。因此，您揭露了超過 9000 萬美元的追蹤銷售額。根據供應協議，我們預期成交後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，我們將提供有關指標指導的更多細節，我們希望在日曆年年底之前完成交易。我們確實談到了我們預計該業務的成長率與新的製藥和消費者健康業務 6% 至 10% 的成長率非常接近。您可以使用這 9000 萬美元作為基礎，因為顯然這只是我們在 23 財年看到的部分年度捐款。再說一次，具體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。我們確實喜歡固體處方空間的原因之一是，考慮到業務的處方性質和管道的強度，您通常可以在相當好的範圍內對收入有相當的了解。

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 的關係。

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?

您在進入市場策略中處於什麼位置？您的生產力是否達到您預期的一半？您能為我們提供一些衡量該策略目前進展的指標嗎？

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。我相信我們處於一個非常好的位置。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，在過去的四到五年裡，它一直在產生持續的有機成長。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了關係時，我們充分利用了這種關係並嘗試提供不僅僅是一種服務。

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，看，我無法指出該計劃完成的具體百分比，但我們在我們試圖在這裡實施的方面相當先進。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真正取得了成功。這就是──你需要看到的不是一場革命，而是進入市場策略的增強，這樣我們就可以在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?

您將長期成長指引上調了 200 個基點。這是因為您對單劑量填充/完成前景更加樂觀嗎？還是加上細胞療法？我認為最好的提問方式是 200 個基點成長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，我相信在生物製品方面，我們的前景與以前幾乎相同。這確實不是推動這一成長的原因。我們仍然非常看好生物製劑的前景，成長率為 10% 至 15%。如果你願意的話，推動公司成長預期整體上升的因素是資產，這些資產在公司的成長故事中有點落後，拖累了公司的整體預期成長率，而這些資產更多的是在公司的成長預期中。小分子一側。我們能夠在疫情期間實施小分子足跡的重塑，這有點不為人所知。

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.

據我了解，疫情期間，所有新聞都與生物製劑、疫苗等有關。但我們在後台非常非常努力地解決小分子產品組合中的一些差距，以實現更快的成長。我要再次指出，主要是在消費者健康方面，在高需求的基礎上，軟糖和軟咀嚼物的劑型再次成為加速這一增長的重要因素。

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，我們一直在肯塔基州工廠和佛羅裡達州工廠進行有機投資，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開始時的危機初期（如果你願意的話）之後，消費者健康的動態恢復得非常非常強勁。因此，您更需要看到 PCH 方面的成長。與過去相比，我們將 PCH 方面的上限提高了 200 個基點。這確實是推動我們對公司更加樂觀的看法，並真正讓我們處於一個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戴夫·溫德利和傑弗里斯的對話。

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，然後是一個更具策略性的問題。那麼我計算得對嗎？

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，我們還沒有具體透露那邊的貢獻是什麼。我們確實指出了這樣一個事實，即它是利潤率的重要驅動因素。所以我認為如果你能夠進行數學計算並在這個範圍內對某些東西進行三角測量，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，湯姆，您談到了新冠疫情期間的低組件採購。但另一方面，新冠病毒數量減少導致吸收率降低。我想我想知道 23 年較低的 COVID 假設對底線利潤率的影響是否是利潤率稀釋或利潤增值，將這兩種影響結合在一起？

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──我認為你是對的。我們確實在這裡提到了兩者。我們提到，隨著與新冠病毒相關的收入下降，我們將看到今年零件採購動態開始正常化。顯然，我在這裡談論的是一些利潤壓力機會。我們討論了與吸收相關的項目驅動的銷量。

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所說的對公司整體來說更重要。同時，吸收部分確實對公司整體產生了更有意義的影響，戴夫，考慮到我們正在談論以非常高的利用率運行並被替換的專用容量，無論是在同一資產上或我們在此期間上線的其他資產。

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，它們本質上是相互抵消的，但從吸收的角度來看，這可能會對底線產生更大的影響，就像我們開始增加在新冠大流行期間上線的其他資產一樣，我想說的是，這裡的吸收速度很慢，對嗎？您不會插入新的注射器管線並以 85%、90% 的利用率運作並開始看到完全吸收，對嗎？我們認為這裡有一個上升期，需要考慮。

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.

但我想說的是，儘管有許多變化和充滿挑戰的宏觀經濟環境，但我們再次看到利潤率小幅擴張，這一事實是我們感到高興的。顯然，我們將尋求最大限度地利用 23 財年的利潤擴張機會，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，我想明確地告訴你，隨著新冠疫苗從大流行過渡到地方性使用，它們將更像其他疫苗的發展路徑，這意味著你將在更短的時間內生產大量的產品。今年剩下的時間裡，生產模式基本上處於低得多的狀態。

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，從吸收和獲利的角度來看，管理起來更具挑戰性。這需要一些時間來組織自己。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，但當你擺脫大流行時，需要考慮到這一動態，在這場大流行中，你基本上正在全力以赴地度過12 年。

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?

因此，我想問的最後一個問題是關於您在那裡提出指導時的長期成長。因此，「23」將會啟動——我不知道我們是否要考慮一個 4 年期，因為你確實有「26」的公開目標，也許 4 年期是一個合理的考慮期。您的 4 年期起始值比長期指南低幾個點。我們是否應該將其視為 10% 複合年增長率中點目標，在該目標的某個時刻，您的成長速度將超過 10%？或者您認為 23 財年後會達到 10% 嗎？

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，我們將 COVID 疫苗的預期降低了 2/3。同時，我們也符合預期。這將使您了解我們圍繞非新冠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.

所以我們強調了這一點，高於 25%。我相信你們可以做一些數學計算並且更加準確。我們為此提供了所有相關資訊。但這告訴我們，我們所採取的所有重塑舉措——對剩餘業務的投資組合進行重組，使我們在擺脫大流行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 的線路。

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 的審批速度比去年放緩。對這裡發生的動態有什麼見解嗎？您認為這對康泰倫特的業務有任何短期影響嗎？

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。我們看到未來還有更多機會。所以看，這只是一點點——不一定是批准的宏觀動態對康泰倫特產生重大影響。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，在過去的幾個季度中，我們已經看到我們的產品線取得了一些良好的成功。

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集團 (UBS) 的約翰·索爾比爾 (John Sourbeer)。看起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 (Justin Bowers)。

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?

我會保持快速通話，長時間通話。但就新產能而言，特別是英國和普林斯頓，什麼時候才能在本財年真正開始上線？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容量？

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。這兩個設施的答案截然不同。因此，就普林斯頓大學而言，商業細胞療法的產能大部分已經上線。事實上，已經有一款產品正在那裡運行，處於後期階段。在我們宣布這一消息後，我們看到了非常非常強烈的興趣。由於如何加入這些計劃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其實是我們完成這些交易、將這些技術轉移和這些活動納入設施的能力，我再次記得大家，這些都更傾向於後期階段。因此，我們談論的是成熟的細胞治療項目，這些項目正在努力為其商業 III 期而非商業需求找到歸宿。這就是普林斯頓。細胞療法主要用於腫瘤治療。

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.

至於牛津，情況則略有不同。擴建工作正在有條不紊地進行中。我相信我們已經非常接近開放我們的 PD 一側，如果您願意的話，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稍後出現。我們預計這些資產和收入，正如我們在本財年最後一部分所說的那樣，我們相信普林斯頓大學在這方面會更快一些。

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。賈斯汀，我要補充一點，特別是與牛津相關的，這對我們來說是一個支點，最初是在我們的北歐工廠建設歐洲原料藥的能力，然後我們能夠通過收購牛津。因此，我們最初的原料藥計畫可能要到我們 24 財年的中期（甚至更晚）才會產生收入貢獻。正如 Alessandro 所說，因此，透過我們所獲得的資源以及我們在該網站部署的容量來加速，我們將能夠在 23 財年末看到收入貢獻。

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

我們的下一個問題來自瑞銀集團 (UBS) 的約翰·索爾比爾 (John Sourbeer)。

Can you guys hear me now?

你們現在聽得到我說話嗎？

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。能多談談併購前景嗎？我想您如何看待評估追蹤？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，首先——在夏天之前，我們沒有看到評估等方面發生重大變化。由於該領域仍在等待將倍數的新現實納入資產中。我相信我們仍然 - 我們開始看到一些更多趕上當前環境的早期跡象，特別是在資本成本、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.

因此，我相信，隨著我們在未來幾季的發展，我確實預計會出現一些調整。不過，我要補充一點，我們領域的優質資產仍然有點昂貴，因為它們面前有相當好的戰略前景。所以我相信這是一個魚龍混雜的情況。我想告訴你，當然，倍數可以構成一美元，但對康泰倫特來說，可能不只是對倍數的評估，主要是我們的財務估值更多的是策略評估。我們如何確保當我們為康泰倫特添加資產時，我們可以加速成長並從中產生協同效應，不僅可以使康泰倫特實現更多成長，而且還可以加速資產的成長。

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，透過將這項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移。另一方面，我們預計這項服務——在下游、高效產能中完成這項服務將為我們的一些資產創造更多的機會，這些資產處於更早期的階段，我們之前不一定有下游產能。因此，指標完全符合併購的定義。當我們探索市場時，康泰倫特始終擁有相當健康的併購機會組合。每當我們看到透過我剛剛描述的加速成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加拿大皇家銀行資本市場的 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由此產生的收入綜效，我們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員才能做的事情嗎？或者您認為有一些成本效率可以推動長期發展嗎？我想收入成長的提高，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，大部分基礎已經存在。我們需要稍微調整我們的激勵計劃等，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，這些障礙並沒有真正增加我們向客戶銷售我們的投資組合產品的機會，透過無論如何，都會從我們或其他人那裡購買它們。那麼他們是否全部從我們這裡購買。

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，從這方面來說，我不認為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更加精簡，肯定使我們能夠比以前更有效地全面推動卓越運營，分享一些最佳實踐，並肯定避免一些重複。例如，當您考慮管理一個專案時，該專案既為客戶提供配方開發、臨床材料，同時又為他們自己的試驗分配臨床試驗，您管理該專案的方式存在一些協同作用在您必須管理不同的PTC在切片之前，實際上，您擁有不同的切片，正如我所說，這並不像它應有的那麼常見。

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.

顯然，在這方面，我們看到了繼續推動卓越營運、效率和更精簡方法的機會。所以底線是，是的，我們確實期望這不僅能推動收入加速成長，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。我想補充一點，肖恩，這給了我們比我們已經有的信心，讓我們更有信心能夠實現 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埃文·斯托弗和貝爾德的對話。

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.

顯然，這只是我的一個。我想將長期資本支出前景與您今天更新的長期收入成長計畫連結起來。自首次公開募股以來，我們已經將營收成長目標翻了一番。您能否談談在我們完成了一系列使數字更高的項目之後，這與資本支出有何關係？這相當於您在資本支出上花費的收入的長期百分比是多少？因為你已經達到了長期收入計畫的重點，感覺部分較高的資本支出是結構性的，而不是暫時的。因此，您可以提供的任何有關該數字的長期穩定的信息都會有所幫助。

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，我將讓托馬斯就你應該如何思考它提供更多的色彩。我可以告訴您的是，事實上，現在 PCA 部門（而不是生物製品部門）加速了整體有機成長預期。在這方面這是個好消息，因為我們的 PCA 部門在生物製劑的資本密集度方面明顯較低。再說一遍，這是我們非常非常有意義的。我們認識到，我們的生物製劑部門的資本非常密集，特別是在蛋白質、藥品、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，當您查看複雜的固體、軟糖、軟膠囊、早期配方開發資產等時，您會發現這些資產的資本密集度較低，佔收入。因此，隨著我們加速成長，並且該部分繼續在康泰倫特的投資組合中佔據重要份額，總體而言，就該組織的資本密集度而言，這是個好消息。至於生物製劑的具體情況，我會讓湯瑪斯來回應。

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。我認為，從歷史上看，我們的資本支出一直在 8% 到 10% 之間。當時，我們的種植面積介於 4% 到 6% 之間，也許是 4% 到 8% 之間。憑藉過去幾年我們在生物製劑方面投入的資金，我認為有人向我指出，我們的許多同行在生物製劑方面的權重比我們高，但他們的支出佔收入的 20%、25% 。

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%.

聽著，我認為亞歷山德羅的觀點圍繞著我們所看到的製藥和消費者健康業務方面的資本密集程度較低，但增長是準確的。今年，我們討論了 13% 到 15% 範圍內的支出。考慮到我們現在投資組合中資產的混合變化，我認為這對我們來說不是正常的一年，我認為 10% 不再是這樣。現在對我們來說這感覺很正常，考慮到我們對 50 多個屋頂的維護工作量感覺更像是 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.

我不知道明年我們是否能準確地實現這一目標，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% 至 15% 可能會比明年的水平下降，可能還沒有達到 10% 的正常運行率。但此後，我們將接近（即使不是 10%），這也是預期部署的新的基本資本支出水準。

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。現在我將把電話轉給亞歷山德羅·馬塞利，請其發表結束語。謝謝。

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參加我們的電話會議，感謝大家對康泰倫特的持續支持。我們很高興在 22 財年取得創紀錄的業績，並且我們完全致力於在 23 財年及以後再創強勁業績。謝謝。

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。現在您可以斷開線路。