Danaher Corp (DHR) 2021 Q4 法說會逐字稿

Hello. My name is Ashley, and I will be your conference facilitator this morning. At this time, I would like to welcome everyone to the Danaher Corporation's Fourth Quarter 2021 Earnings Results Conference Call. (Operator Instructions)

你好。我的名字是 Ashley，今天早上我將擔任您的會議主持人。在這個時候，我想歡迎大家參加丹納赫公司 2021 年第四季度收益結果電話會議。 （操作員說明）

I will now turn the call over to Mr. Matt Gugino, Vice President of Investor Relations. Mr. Gugino, you may begin your conference.

我現在將把電話轉給投資者關係副總裁 Matt Gugino 先生。 Gugino 先生，你可以開始你的會議了。

Thank you, Ashley. Good morning, everyone, and thanks for joining us on the call. With us today are Rainer Blair, our President and Chief Executive Officer; Matt McGrew, our Executive Vice President and Chief Financial Officer; and John Bedford, our Director of Investor Relations.

謝謝你，阿什利。大家早上好，感謝您加入我們的電話會議。今天和我們在一起的是我們的總裁兼首席執行官 Rainer Blair；我們的執行副總裁兼首席財務官 Matt McGrew；和我們的投資者關係總監 John Bedford。

I'd like to point out that our earnings release, the slide presentation supplementing today's call and the reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call are all available on the Investors section of our website, www.danaher.com, under the heading Quarterly Earnings.

我想指出，我們的收益發布、補充今天電話會議的幻燈片演示文稿以及 SEC 條例 G 要求的與電話會議期間提供的任何非 GAAP 財務措施相關的對賬和其他信息都可以在我們的投資者部分獲得網站 www.danaher.com，在“季度收益”標題下。

The audio portion of this call will be archived on the Investors section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until February 10, 2022.

本次電話會議的音頻部分將於今天晚些時候在我們網站的“投資者”部分存檔，標題為“活動和演示”，並將一直存檔，直到我們下一次季度電話會議。該電話的重播也將持續到 2022 年 2 月 10 日。

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. The supplemental materials describe additional factors that impacted year-over-year performance.

在演示過程中，我們將描述影響同比業績的某些更重要的因素。補充材料描述了影響同比業績的其他因素。

Unless otherwise noted, all references in these remarks and supplemental materials to company-specific financial metrics refer to results from continuing operations and relate to the fourth quarter of 2021, and all references to period-to-period increases or decreases in financial metrics are year-over-year. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals or are available only in certain markets.

除非另有說明，否則這些評論和補充材料中對公司特定財務指標的所有引用均指持續經營的結果，並與 2021 年第四季度相關，所有對財務指標逐期增加或減少的引用均為年度- 超過一年。我們還可能描述已提交申請並等待某些監管批准或僅在某些市場上可用的某些產品和設備。

During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and actual results might differ materially from any forward-looking statements that we make today.

在電話會議期間，我們將做出聯邦證券法含義內的前瞻性陳述，包括關於我們認為或預期將或可能在未來發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們提交給美國證券交易委員會的文件中所述的風險和不確定性，實際結果可能與我們今天做出的任何前瞻性陳述存在重大差異。

These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law. With that, I'd like to turn the call over to Rainer.

這些前瞻性陳述僅在作出之日起發表，除法律要求外，我們不承擔更新任何前瞻性陳述的任何義務。有了這個，我想把電話轉給 Rainer。

Well, thanks, Matt, and good morning, everyone. We appreciate you joining us on the call today. 2021 was a tremendous year for Danaher, capped off by a very strong finish to the fourth quarter. Our well-rounded performance throughout the year was highlighted by outstanding core revenue and earnings growth as well as strong free cash flow generation.

好吧，謝謝，馬特，大家早上好。感謝您今天加入我們的電話會議。 2021 年對丹納赫來說是豐收的一年，第四季度的表現非常強勁。突出的核心收入和盈利增長以及強勁的自由現金流產生突出了我們全年的全面表現。

We're particularly pleased with the strength of our base business across the portfolio, which was up low double digits for the year. And we believe our accelerated innovation and capacity expansion initiative has helped us capture market share at a number of our businesses.

我們對整個投資組合的基礎業務的實力感到特別滿意，這一年該業務增長了兩位數的低位。我們相信，我們的加速創新和產能擴張計劃幫助我們在許多業務中獲得了市場份額。

Now these results are a testament to our team of 80,000 associates and their outstanding execution in what has been a challenging operating environment. Despite the uncertainty that has come to characterize life for all of us throughout the pandemic, our associates are showing up big every day, working longer shifts, launching breakthrough products in record time and going above and beyond to support our customers, and they remain committed as ever to executing with the Danaher Business System. Really, their dedication to serving our customers and the global community is as humbling as it is inspiring, and we're grateful for their invaluable contribution.

現在，這些結果證明了我們由 80,000 名員工組成的團隊以及他們在充滿挑戰的運營環境中的出色執行力。儘管在整個大流行期間我們所有人的生活都充滿了不確定性，但我們的員工每天都表現出色，輪班時間更長，在創紀錄的時間內推出突破性產品，並超越並超越以支持我們的客戶，他們仍然致力於一如既往地使用丹納赫業務系統執行。確實，他們為我們的客戶和全球社區服務的奉獻精神是令人鼓舞的，也是令人鼓舞的，我們感謝他們的寶貴貢獻。

The circumstances of the last several years have also shined a light on the high-quality, market-leading franchises and technologies that now comprise Danaher. We're seeing the results of our purpose-driven portfolio transformation in action today through higher growth in margins, stronger cash flow and a higher percentage of recurring revenue. We're exceptionally well positioned to continue this trajectory going forward, and we see a very bright future ahead, indeed.

過去幾年的情況也揭示了現在構成丹納赫的高質量、市場領先的特許經營權和技術。通過更高的利潤率增長、更強的現金流和更高的經常性收入百分比，我們看到了我們以目標為導向的投資組合轉型的成果。我們非常有能力繼續這一發展軌跡，我們確實看到了一個非常光明的未來。

So with that, let's take a closer look at our full year 2021 financial results. We delivered 25% core revenue growth, 560 basis points of core operating margin expansion, nearly 60% adjusted earnings per share growth and over $7 billion of free cash flow. We deployed $11 billion of capital towards acquisitions, closing 14 deals across all 4 of our platforms.

因此，讓我們仔細看看我們 2021 年的全年財務業績。我們實現了 25% 的核心收入增長、560 個基點的核心營業利潤率擴張、近 60% 的調整後每股收益增長和超過 70 億美元的自由現金流。我們將 110 億美元的資金用於收購，在我們的所有 4 個平台上完成了 14 筆交易。

The largest acquisition, Aldevron, joined our Life Sciences segment in August, providing a fantastic beachhead for us in the important frontier of genomic medicine. It's just a great example of how we're using strategic M&A to enhance our capability and bring greater value to our customers.

最大的收購項目 Aldevron 於 8 月加入了我們的生命科學部門，為我們在基因組醫學的重要前沿領域提供了一個絕佳的灘頭陣地。這只是我們如何利用戰略併購來增強我們的能力並為我們的客戶帶來更大價值的一個很好的例子。

Now throughout the year, we also made significant organic investments to accelerate innovation across our businesses. Our R&D spend was up approximately 30% year-over-year and is now more than $1.7 billion annually. New products, such as the SCIEX ZenoTOF 7600 and the Triple Quad 7500 and Leica Biosystems Aperio GT 450 digital pathology slide scanner, are driving share gains in their respective markets through proprietary innovation while further enhancing our growth trajectory.

現在全年，我們還進行了大量的有機投資，以加速我們業務的創新。我們的研發支出同比增長約 30%，現在每年超過 17 億美元。新產品，例如 SCIEX ZenoTOF 7600 和 Triple Quad 7500 以及 Leica Biosystems Aperio GT 450 數字病理切片掃描儀，正在通過專有創新推動各自市場的份額增長，同時進一步增強我們的增長軌跡。

Now total capital expenditures were $1.3 billion for the year, which reflects substantial investments to expand production capacity across our businesses, particularly at Cepheid, Pall and Cytiva. In bioprocessing, I'm really happy to report that our new single-use technology plants in South Carolina and Beijing and our cell culture media expansion in Utah all came online in the fourth quarter. And at Cepheid, we more than doubled our production capacity for respiratory tests in 2021.

現在，今年的總資本支出為 13 億美元，這反映了我們為擴大我們業務的產能而進行的大量投資，特別是在 Cepheid、Pall 和 Cytiva。在生物工藝方面，我很高興地報告我們在南卡羅來納州和北京的新一次性技術工廠以及我們在猶他州的細胞培養基擴建項目都在第四季度上線。在 Cepheid，我們在 2021 年將呼吸測試的生產能力提高了一倍以上。

So near term, we believe these investments have been critical to support customer demand, and have helped us achieve meaningful market share gains. And they're equally important in the long term to support the significant growth opportunities we see ahead in these very attractive end markets.

因此，在短期內，我們相信這些投資對於支持客戶需求至關重要，並幫助我們實現了有意義的市場份額增長。從長遠來看，它們對於支持我們在這些極具吸引力的終端市場中看到的重大增長機會同樣重要。

So now let's spend some time on the fourth quarter result. Our sales were $8.1 billion, and we delivered 19.5% core revenue growth with strong contributions from all 3 segments. We saw broad-based strength across our base business, which was up approximately 10% in the quarter.

所以現在讓我們花一些時間在第四季度的結果上。我們的銷售額為 81 億美元，我們實現了 19.5% 的核心收入增長，來自所有 3 個部門的強勁貢獻。我們在基礎業務中看到了廣泛的實力，本季度增長了約 10%。

Now geographically, both the developed and high-growth markets were up approximately 20%, led by nearly 25% growth in North America and high teens growth in China. Gross profit margin was 60.7%, and our operating profit margin of 26.4% was up 270 basis points, including 240 basis points of core margin expansion. Adjusted diluted net earnings per share of $2.69 were up approximately 30%.

現在，從地域上看，發達市場和高增長市場均增長了約 20%，其中北美增長近 25%，中國青少年增長高。毛利率為 60.7%，我們的營業利潤率為 26.4%，上升了 270 個基點，其中核心利潤率擴大了 240 個基點。調整後的稀釋後每股淨收益為 2.69 美元，增長了約 30%。

And now for the full year, we generated more than $7 billion of free cash flow, up 30% year-over-year. In fact, our free cash flow to net income conversion was 112% for the full year, and it marks the 30th consecutive year this figure has exceeded 100% for Danaher.

現在全年，我們產生了超過 70 億美元的自由現金流，同比增長 30%。事實上，我們全年自由現金流與淨收入的轉換率為 112%，這標誌著丹納赫連續第 30 年超過 100%。

So now let's go into more detail on our quarterly results across the segments. Life Sciences reported revenue increased 20.5% with core revenue up 17%. Now these strong results were broad-based with most major operating companies achieving low double-digit or better core growth. In fact, Aldevron delivered over 30% revenue growth in the quarter and finished the year with approximately $400 million in total revenue. That business is off to a great start as part of Danaher, and we couldn't be more pleased with the team's performance out of the gate.

因此，現在讓我們更詳細地了解各個細分市場的季度業績。生命科學報告收入增長 20.5%，核心收入增長 17%。現在，這些強勁的業績基礎廣泛，大多數主要運營公司實現了低兩位數或更好的核心增長。事實上，Aldevron 在本季度實現了超過 30% 的收入增長，全年總收入約為 4 億美元。作為丹納赫的一部分，這項業務有了一個良好的開端，我們對團隊一開始的表現感到非常滿意。

Now core revenue growth in our bioprocessing businesses continued to outpace segment-level results, with Cytiva and Pall Biotech both up more than 25%. Non-COVID-related bioprocessing trends remained strong with our businesses growing low double digits again this quarter. We continue to support significant customer activity across the development and production of COVID vaccines and therapeutics, which drove $2 billion of revenue in 2021.

現在，我們生物加工業務的核心收入增長繼續超過部門級業績，Cytiva 和 Pall Biotech 均增長超過 25%。非 COVID 相關的生物加工趨勢依然強勁，本季度我們的業務再次以兩位數的低位增長。我們繼續支持在 COVID 疫苗和治療劑的開發和生產方面的重要客戶活動，這些活動在 2021 年推動了 20 億美元的收入。

Moving to Diagnostics. Reported revenue was up 29.5% and core revenue grew 29%, led by greater than 75% core growth at Cepheid. Non-COVID clinical diagnostic activity across all our operating companies, including Beckman Coulter Diagnostics, Radiometer and Leica Biosystems, collectively drove high single-digit core growth as patient and testing volumes largely remained at or near pre-pandemic levels. And we also saw an acceleration in demand across Cepheid's nonrespiratory test menu, led by sexual health, hospital-acquired infections and virology testing.

轉向診斷。報告的收入增長了 29.5%，核心收入增長了 29%，其中 Cepheid 的核心增長超過 75%。我們所有運營公司（包括 Beckman Coulter Diagnostics、Radiometer 和 Leica Biosystems）的非 COVID 臨床診斷活動共同推動了高個位數的核心增長，因為患者和測試量基本上保持在或接近大流行前的水平。我們還看到，在性健康、醫院獲得性感染和病毒學檢測的帶動下，Cepheid 的非呼吸系統檢測菜單的需求也在加速增長。

Cepheid produced and shipped approximately $19 million (sic - 19 million) of respiratory test cartridges during the quarter. This dropped the total number of respiratory tests shipped in 2021 to approximately 60 million cartridges, more than 10x the number of tests produced and shipped in 2019 prior to the start of the pandemic. In fact, our 4-in-1 combination test for COVID-19, Flu A, Flu B and RSV represented approximately 50% of Q4 respiratory test shipments while our COVID-only test accounted for the remainder.

Cepheid 在本季度生產並運送了大約 1900 萬美元（原文如此 - 1900 萬美元）的呼吸測試盒。這使 2021 年發運的呼吸系統檢測試劑盒總數降至約 6000 萬個，是大流行開始前 2019 年生產和發運的檢測試劑盒數量的 10 倍多。事實上，我們針對 COVID-19、流感 A、流感 B 和 RSV 的 4 合 1 組合測試約佔第四季度呼吸測試出貨量的 50%，而我們的僅 COVID 測試佔其餘部分。

Now let's move on to our Environmental & Applied Solutions segment. Reported revenue was up 4% with 7.5% core revenue growth. Our water quality and product identification platforms both delivered high single-digit core growth for the quarter.

現在讓我們繼續我們的環境和應用解決方案部分。報告收入增長 4%，核心收入增長 7.5%。我們的水質和產品識別平台在本季度均實現了高個位數的核心增長。

Now across our Water Quality businesses, strength was broad-based globally across industrial and municipal end markets. Customer activity accelerated with the support of a strong funding environment, and many projects that were put on hold during the pandemic have now resumed.

現在，在我們的水質業務中，實力遍及全球工業和市政終端市場。在強大的資金環境支持下，客戶活動加速，許多在大流行期間被擱置的項目現在已經恢復。

ChemTreat delivered low double-digit core revenue growth in the quarter to close out its 53rd consecutive year of growth. This is a tremendous accomplishment and a testament to the team's best-in-class commercial execution and commitment to continuous improvement. It's truly a differentiating combination which has driven consistent market outperformance.

ChemTreat 在本季度實現了兩位數的低核心收入增長，結束了其連續第 53 年的增長。這是一項巨大的成就，也證明了團隊一流的商業執行能力和對持續改進的承諾。這是一個真正的差異化組合，推動了市場表現的一致。

In Product Identification, our packaging and color management businesses were up mid-single digits and marking and coding was up approximately 10%. Videojet had its third consecutive quarter of double-digit core growth, led by strong demand in industrial and food and beverage end markets.

在產品標識方面，我們的包裝和色彩管理業務增長了中個位數，標記和編碼增長了約 10%。偉迪捷連續第三個季度實現兩位數的核心增長，這得益於工業和食品飲料終端市場的強勁需求。

So with that as a backdrop for what we saw in the quarter, let me highlight the trends we're seeing, both geographically and in our end markets. So a return to pre-pandemic levels of activity is driving healthy customer demand across most major geographies. This is reflected in the strong results we've seen throughout both the developed and high-growth markets and our strong order book growth, which continues to trend above revenue growth. While certain regions have implemented targeted lockdowns to address recent COVID-19 outbreaks, we're not seeing any widespread declines in our customer activity.

因此，以此作為我們在本季度所看到的背景，讓我強調我們在地理和終端市場上看到的趨勢。因此，恢復到大流行前的活動水平正在推動大多數主要地區的健康客戶需求。這反映在我們在發達市場和高增長市場中看到的強勁業績，以及我們強勁的訂單增長，繼續高於收入增長。儘管某些地區已實施有針對性的封鎖以應對最近的 COVID-19 爆發，但我們並未看到客戶活動出現任何普遍下降。

Now given the size and scope of our business, we're certainly not immune to ongoing supply chain constraints and inflationary pressures, but we're proactively addressing these challenges across Danaher, leveraging the Danaher Business System and tools, such as daily management, and working closely with our customers and suppliers to mitigate the impact. We're also using DBS to accelerate price actions and manage cost pressures. In fact, we've achieved nearly 150 basis points of price each of the last 3 quarters, which is approximately double our historical price realization.

現在，鑑於我們業務的規模和範圍，我們當然不能倖免於持續的供應鏈限制和通貨膨脹壓力，但我們正在積極應對丹納赫的這些挑戰，利用丹納赫業務系統和工具，例如日常管理，以及與我們的客戶和供應商密切合作以減輕影響。我們還使用星展銀行加速價格行動和管理成本壓力。事實上，我們在過去 3 個季度中每個季度都實現了近 150 個基點的價格，這大約是我們實現歷史價格的兩倍。

Now in Life Sciences we're seeing robust demand across all major end markets. Lab and customer site access is holding at pre-pandemic levels, evidenced by more normalized customer productivity, equipment installations and project initiation, supported by a strong funding environment.

現在，在生命科學領域，我們看到所有主要終端市場的需求強勁。實驗室和客戶站點的訪問保持在大流行前的水平，在強大的資金環境的支持下，客戶生產力、設備安裝和項目啟動更加正常化就證明了這一點。

Biopharma continues to be our strongest-performing end market within the Life Sciences. The shifts in treatment towards biologics as the standard of care and the accelerating focus on genomic therapies are driving significant investments in research, development and production capacity across the sector. And we believe we're well positioned to support this work across our $7.5 billion bioprocessing franchise.

生物製藥仍然是我們在生命科學領域表現最強勁的終端市場。治療向生物製劑作為護理標準的轉變以及對基因組療法的加速關注正在推動對該行業的研究、開發和生產能力的重大投資。我們相信我們有能力在我們價值 75 億美元的生物加工專營權中支持這項工作。

Now in addition, we continue see significant demand related to development and production of COVID-19 vaccines and therapeutics. And we expect this activity to persist longer term. Our customers are planning for ongoing production with the assumption that there will be an enduring need for effective treatment and prevention as the world transitions to approaching COVID-19 as an endemic virus. And more broadly, our customers increasingly view the potential applications of new mRNA modalities, including vaccines and other therapeutics, as an important area for future investment.

此外，現在我們繼續看到與 COVID-19 疫苗和療法的開發和生產相關的巨大需求。我們預計這項活動將持續更長時間。我們的客戶正在計劃持續生產，假設隨著世界過渡到將 COVID-19 視為地方性病毒，將長期需要有效的治療和預防。更廣泛地說，我們的客戶越來越多地將包括疫苗和其他療法在內的新 mRNA 模式的潛在應用視為未來投資的重要領域。

In the clinical diagnostics market, patient volumes remain at or near pre-pandemic levels. Our customers have largely adapted their protocols and procedures to manage through recurring outbreaks, allowing them to continue wellness checks, routine screenings and other diagnostic procedures. While selective lockdowns are causing modest disruptions in certain regions, like pockets of China and Europe, we're not experiencing any material widespread negative impact from these measures.

在臨床診斷市場，患者數量保持在或接近大流行前的水平。我們的客戶在很大程度上調整了他們的協議和程序，以管理反复爆發的疫情，使他們能夠繼續進行健康檢查、常規篩查和其他診斷程序。儘管選擇性封鎖在某些地區（例如中國和歐洲的部分地區）造成了適度的破壞，但這些措施並未對我們造成任何實質性的廣泛負面影響。

In molecular diagnostics, global demand persists for Cepheid's point-of-care PCR respiratory test, further heightened as a result of the recent global surge of the Omicron variant. Additionally, we're seeing a more active respiratory season in the Northern Hemisphere, driving customers' preference for our 4-in-1 combination test. And we expect both of these trends to continue into the first quarter.

在分子診斷領域，全球對 Cepheid 的即時 PCR 呼吸測試的需求持續存在，由於最近全球範圍內 Omicron 變體的激增，需求進一步增加。此外，我們看到北半球的呼吸季節更加活躍，這推動了客戶對我們的 4 合 1 組合測試的偏好。我們預計這兩種趨勢都將持續到第一季度。

Now in light of these dynamics and conversations we're having with our customers about their expectations for the upcoming year, we anticipate shipping the same number of respiratory tests in the first quarter as we did in the fourth quarter and approximately 50 million tests for all of 2022.

現在，鑑於我們與客戶就他們對來年的期望進行的這些動態和對話，我們預計第一季度的呼吸測試數量與第四季度的數量相同，所有測試的數量約為 5000 萬2022 年。

In 2021, Cepheid placed a record 10,000 new GeneXpert systems, bringing the total install base to more than 40,000 systems worldwide. The team's thoughtful approach to placing systems throughout the pandemic is focused on both the near and long-term value this technology can bring to our customers. More recently, we've seen several existing health care system and integrated delivery network customers adding new instruments at sites further out in their networks and closer to their patients, facilitating faster diagnostic and treatment decisions.

2021 年，Cepheid 安裝了創紀錄的 10,000 台新 GeneXpert 系統，使全球總安裝量達到 40,000 多台系統。該團隊在整個大流行期間放置系統的深思熟慮的方法專注於該技術可以為我們的客戶帶來的近期和長期價值。最近，我們看到一些現有的醫療保健系統和集成交付網絡客戶在其網絡中更遠且更靠近患者的站點添加了新儀器，從而促進更快的診斷和治療決策。

The scalability and unique architecture of the GeneXpert, where the same test cartridges are used on higher- and lower-throughput instruments with the broadest test menu in the market, provides our customers with the confidence that they will achieve consistent reference lab quality results, whether they're testing in an urgent care clinic or a central hospital lab.

GeneXpert 的可擴展性和獨特的架構，在高通量和低通量儀器上使用市場上最廣泛的測試菜單，使我們的客戶有信心獲得一致的參考實驗室質量結果，無論是他們正在緊急護理診所或中央醫院實驗室進行測試。

So now looking ahead, with the assumption that COVID-19 will be an endemic disease, we believe that the point-of-care molecular respiratory testing market will expand significantly from where it was prior to the pandemic. Given Cepheid's leading test menu and installed base, combined with an advantaged positioning around speed, accuracy and workflow, we believe Cepheid will continue to gain share in an endemic environment.

因此，現在展望未來，假設 COVID-19 將成為一種地方病，我們相信即時分子呼吸道檢測市場將從大流行之前的水平顯著擴大。鑑於 Cepheid 領先的測試菜單和安裝基礎，再加上在速度、準確性和工作流程方面的優勢定位，我們相信 Cepheid 將繼續在流行環境中獲得份額。

So moving on to the Applied markets. Customer activity is largely back to pre-pandemic levels, which we see in robust order rates for both consumables and equipment. In fact, project-oriented activity is accelerating with an improving funding environment, and more normalized site access has prompted the resumption of many projects and installations that were put on hold in the throes of the pandemic.

所以轉向應用市場。客戶活動在很大程度上回到了大流行前的水平，我們在消耗品和設備的強勁訂單率中看到了這一點。事實上，隨著資金環境的改善，以項目為導向的活動正在加速，更規範的站點訪問促使許多在大流行中被擱置的項目和裝置的恢復。

So now let's look ahead to our expectations for the first quarter and full year. Beginning with the first quarter of 2022, we will now include the impact of COVID vaccine and therapeutic-related revenue as part of our base business core revenue growth. This change is driven by our greater confidence in the durability of our COVID-related vaccine and therapeutic revenue as the virus turns endemic.

所以現在讓我們展望一下我們對第一季度和全年的預期。從 2022 年第一季度開始，我們現在將把 COVID 疫苗和治療相關收入的影響納入我們基礎業務核心收入增長的一部分。隨著病毒成為地方病，我們對與 COVID 相關的疫苗和治療收入的持久性更有信心，推動了這一變化。

So now for the first quarter and full year 2022, we expect our base business core revenue growth to be in the high single-digit percent range. Additionally, we expect to generate operating profit fall-through of 35% to 40% in the first quarter and for the full year 2022, up from historical and pre-pandemic rates between 30% and 35%.

因此，現在對於 2022 年第一季度和全年，我們預計我們的基礎業務核心收入增長將處於高個位數百分比範圍內。此外，我們預計第一季度和 2022 年全年的營業利潤將下降 35% 至 40%，高於歷史和大流行前 30% 至 35% 的比率。

So now to wrap up, 2021 was another terrific year for Danaher. Our team successfully executed through a challenging environment to deliver outstanding financial performance, all while supporting our customers and directly contributing to the global fight against COVID-19. We're seeing the results of our purpose-driven portfolio transformation in action through faster growth, expanded margins, stronger cash flow and higher recurring revenue.

所以現在總結一下，2021 年對丹納赫來說又是一個了不起的一年。我們的團隊在充滿挑戰的環境中成功執行以提供出色的財務業績，同時支持我們的客戶並直接為全球抗擊 COVID-19 做出貢獻。我們通過更快的增長、更高的利潤率、更強的現金流和更高的經常性收入，看到了我們以目標為導向的投資組合轉型的成果。

We're a better, stronger company today, and there is tremendous runway ahead for us to continue building upon this foundation. With the Danaher Business System as our driving force, our talented team and resilient portfolio of businesses, we believe Danaher will continue generating sustainable long-term shareholder value for years to come. And with that, I'll turn the call back over to Matt. Thank you.

今天，我們是一家更好、更強大的公司，我們還有很長的路要走，繼續在這個基礎上發展。憑藉丹納赫業務系統作為我們的驅動力、我們才華橫溢的團隊和富有彈性的業務組合，我們相信丹納赫將在未來幾年繼續創造可持續的長期股東價值。有了這個，我會把電話轉回給馬特。謝謝你。

Thanks, Rainer. That concludes our formal comments. Ashley, we're now ready to take questions.

謝謝，雷納。我們的正式評論到此結束。阿什利，我們現在可以回答問題了。

(Operator Instructions) And we'll take our first question from Tycho Peterson with JPMorgan.

（操作員說明）我們將回答第谷彼得森與摩根大通的第一個問題。

Rainer, you guided for the base business to grow high single digit. Can you maybe just give us latest thoughts on vaccine and therapies? I know you previously talked about this $2 billion backlog heading into the year. So have any of the assumptions around vaccines and therapies changed?

Rainer，您引導基礎業務實現高個位數增長。你能不能給我們關於疫苗和療法的最新想法？我知道你之前談到過今年 20 億美元的積壓工作。那麼圍繞疫苗和療法的任何假設是否發生了變化？

So just to confirm, that's right. For 2022, we're guiding the base business to high single digits. And no, our assumptions as it relates to the vaccine and therapeutics business have not changed. We saw continued strength in our orders. In fact, orders exceeded our sales here in Q4, and we continued to build backlog.

所以只是為了確認，這是正確的。 2022 年，我們將基礎業務引導至高個位數。不，我們與疫苗和治療業務相關的假設沒有改變。我們看到我們的訂單持續強勁。事實上，第四季度的訂單超過了我們的銷售額，我們繼續積壓。

At the same time, we have to say that, from a roughly 75% -- 70% comp, we were down about mid-teens in terms of the orders growth. Nonetheless, orders still outpaced sales, we built backlog, and we're looking forward to roughly flat sales for -- in the bioprocessing business for vaccine and therapeutic revenues in 2022.

同時，我們不得不說，從大約 75% 到 70% 的比較，我們的訂單增長下降了大約 10 歲左右。儘管如此，訂單仍然超過銷售額，我們積壓了訂單，我們期待 2022 年疫苗和治療收入生物加工業務的銷售額大致持平。

Now the core business, so in other words, the non-vaccine and therapeutic-related business for COVID, we expect that to continue to grow, of course, in the low double-digit area as has been the case here for many quarters.

現在是核心業務，換句話說，與 COVID 相關的非疫苗和治療相關業務，我們預計它將繼續增長，當然，在低兩位數的領域，就像許多季度的情況一樣。

And have any of the Aldevron assumptions changed? I know you previously talked about $500 million this year, growing greater than 20%.

Aldevron 的假設是否發生了變化？我知道你之前談到今年 5 億美元，增長超過 20%。

They're right on the mark. $500 million is a good number. That's the kind of growth and slightly better than we expected here, closing the year off right around $400 million. So Aldevron is right where we think we should be and performing at our expectations.

他們是正確的。 5億美元是一個不錯的數字。這是一種增長，略好於我們在這裡的預期，今年結束時約為 4 億美元。所以 Aldevron 是正確的，我們認為我們應該在我們的期望中表現。

Okay. Maybe last one for McGrew. Environmental & Applied operating margins were down quite a bit, I think 410 basis points. Can you maybe just touch on what drove that decline?

好的。也許是麥格魯的最後一個。環境和應用的營業利潤率下降了很多，我認為下降了 410 個基點。您能否談談導致這種下降的原因？

Yes, sure. Like you said, it was down 410 here in the quarter. It's probably 3 things. I would say, first, that's probably the area that we accelerated the investment spend the most in the fourth quarter. Given obviously a pretty strong print here across the entire portfolio, I think we took an opportunity in the fourth quarter to kind of overcharge a little bit of the investment there at EAS. So I think that's probably the first thing.

是的，當然。就像你說的，本季度這裡下降了 410。大概是3件事。我想說，首先，這可能是我們在第四季度加速投資支出最多的領域。鑑於整個投資組合的印數顯然相當強勁，我認為我們在第四季度抓住了一個機會，對 EAS 那裡的投資收取了一些費用。所以我認為這可能是第一件事。

I think the second thing is the supply chain. The challenges I would say there are probably modestly more pronounced at EAS than they are elsewhere, Tycho. There's a -- kind of a high number of legacy products here that probably, I would say, have more specialized components.

我認為第二件事是供應鏈。我想說的是，EAS 面臨的挑戰可能比其他地方更為明顯，第谷。這裡有大量的遺留產品，我想說，它們可能有更專業的組件。

And really what's happening is kind of those specialty components are a little bit harder to procure, especially in this environment that we're seeing. So largely offsetting that with daily management and doing some spot buys and some other product redesigns, et cetera, but I think a little bit more kind of supply chain issues there.

真正發生的事情是那些特殊組件有點難以採購，尤其是在我們所看到的這種環境中。因此，在很大程度上通過日常管理和進行一些現貨購買和一些其他產品重新設計等來抵消這一點，但我認為那裡有更多種類的供應鏈問題。

And then lastly, I think if you think about -- there was a bit of mix issue here, too, with Trojan, which is a bit lower-margin business, being up, I think it was even north of 20% in the quarter.

最後，我想如果你想一想——這裡也有一些混合問題，特洛伊木馬，這是一個利潤率有點低的業務，我認為它在本季度甚至超過了 20% .

So -- and so I think despite that though, the good news is, like I said, I think the team's doing a pretty good job using DBS to drive it. From what we think and what we've seen here, it looks like, even because of all that, I think we took some share here in Q4 and definitely in Q1. And that's really a result of being able to get through those challenges and still meet customer demand.

所以 - 所以我認為儘管如此，好消息是，就像我說的那樣，我認為團隊在使用 DBS 來推動它方面做得很好。從我們的想法和我們在這裡看到的情況來看，即使如此，我認為我們在第四季度和第一季度也獲得了一些份額。這實際上是能夠克服這些挑戰並仍然滿足客戶需求的結果。

And we'll take our next question from Derik De Bruin with Bank of America.

我們將向美國銀行的 Derik De Bruin 提出下一個問題。

This is Mike on for Derik. First of all, a focus on Cepheid, both in '22 and post-pandemic. Given you're saying 19 million tests again in 1Q, it seems like you're assuming a pretty sharp drop-off in 2Q, 3Q. And you sounded pretty confident in duration, COVID being endemic now, the POC market expanding significantly going forward beginning to take market share. So could you give us some more color on continued market share gains? The 10,000 boxes you placed this year, sort of what are your expectations going forward?

這是 Derik 的 Mike。首先，關注 22 世紀和大流行後的造父變星。鑑於您說第一季度再次進行了 1900 萬次測試，您似乎假設第二季度和第三季度會出現相當大的下降。你聽起來對持續時間很有信心，現在 COVID 流行，POC 市場顯著擴大，開始佔據市場份額。那麼，您能否為我們提供更多關於市場份額持續增長的信息？您今年放置的 10,000 個盒子，您對未來的期望是什麼？

And just is that 50 million testing, does that sort of assume that that's going to be the run rate beyond that? Or do you expect continued sort of deterioration in COVID revenues, offset by other [in the exit]?

只是那 5000 萬次測試，是否假設這將是超出此範圍的運行速度？或者您是否預計 COVID 收入會繼續惡化，被其他 [退出] 所抵消？

Well, I'll start with, as you know, the situation around COVID is incredibly dynamic, right? It started with the assumptions that we made around Delta, and then Delta spiked, and we thought that might become the dominant variant and then Omicron came 60 days ago and spiked. So the environment is incredibly dynamic. But in the discussions that we have both with public health officials, but also with our customers, I think there's a couple of takeaways.

好吧，我將首先，如您所知，圍繞 COVID 的情況非常動態，對吧？它始於我們圍繞 Delta 所做的假設，然後 Delta 飆升，我們認為這可能成為主要的變體，然後 Omicron 在 60 天前出現並飆升。所以環境是非常動態的。但在我們與公共衛生官員以及我們的客戶進行的討論中，我認為有幾個要點。

The first one is that we do think that COVID is going to turn endemic, and a lot of public health officials will talk about the end of 2023, perhaps the beginning of '24, being that time frame when we call it endemic with greater confidence.

第一個是我們確實認為 COVID 將成為地方病，許多公共衛生官員將談論 2023 年底，也許是 24 年初，這是我們更有信心稱其為地方病的時間框架.

As we look at our customer feedback and what they see happening here, that's where we're triangulating for 2022 into the 50 million test area. And as we've talked about, we see our base business in 2022 growing at high single digits and essentially having, as a result of the step-down from to 60 million to 50 million in 2022, a 200 to 300 basis point headwind there.

當我們查看客戶反饋以及他們在這裡看到的情況時，這就是我們將 2022 年三角測量到 5000 萬測試區域的地方。正如我們已經談到的，我們看到我們的基礎業務在 2022 年以高個位數增長，並且由於 2022 年從 6000 萬降到 5000 萬，基本上有 200 到 300 個基點的逆風.

Now if you think about that going forward, beyond 2022, we think there's -- and once again, in the discussions with our customers, that there's still a likelihood that there will be a large respiratory testing business, much larger than pre-pandemic in '23 and beyond. And once again, in the early days, and this could change, it's so dynamic.

現在，如果您考慮到 2022 年以後的情況，我們認為 - 再一次，在與我們的客戶的討論中，仍有可能出現比大流行前更大的大型呼吸檢測業務。 '23 及以後。再一次，在早期，這可能會改變，它是如此動態。

But we're thinking that that probably steps down again in 2023. And our working number there for now is right around 30 million tests. So as we think about the year 2023 and COVID testing, we see that going from 50 million in 2022 to perhaps 2023, 30 million. But that's a number that, of course, there's a lot of dynamic. There's a lot to happen between now and then. But that's sort of the planning number that we're working with.

但我們認為這可能會在 2023 年再次下降。我們目前的工作數量約為 3000 萬次測試。因此，當我們考慮 2023 年和 COVID 測試時，我們看到從 2022 年的 5000 萬到 2023 年的 3000 萬。但這是一個當然，有很多動態的數字。從現在到那時，有很多事情要發生。但這就是我們正在使用的計劃數字。

And at the same time, as you think about 2023, we see our base business, of course the primary aspect of our total business, continuing to grow off the strength of our portfolio. We've re-rated our growth rate and discussed that at several occasions, so we feel really good about how we're moving forward and like the setup.

同時，當您考慮到 2023 年時，我們看到我們的基礎業務，當然是我們總業務的主要方面，繼續依靠我們的投資組合實力增長。我們已經重新評估了我們的增長率並在多個場合進行了討論，所以我們對我們的前進方式感覺非常好，並且喜歡這種設置。

Okay. Really appreciate the color there. And maybe one for Matt. You had some color on the pricing power going forward. I think you called out 150 basis points price in the fourth quarter and throughout the second half or the last 3 quarters. Could you comment on how much further runway do you see in '22, if we continue to be in an inflationary environment, to pass on price to your customers? Any pushback you're seeing yet in any of the end markets?

好的。真的很欣賞那裡的顏色。也許是給馬特的一個。您對未來的定價能力有所了解。我認為您在第四季度以及整個下半年或最後三個季度都提出了 150 個基點的價格。如果我們繼續處於通脹環境中，您能否評論一下您在 22 年看到的跑道還有多長，可以將價格轉嫁給您的客戶？您在任何終端市場上看到的任何阻力？

And just in general, the comments on the higher fall-through in the business, labor pressure, logistics, obviously in the news a lot. So how are you navigating that this year, and implications for margins for the year?

就一般而言，關於業務、勞動力壓力、物流方面的較高跌幅的評論顯然在新聞中很多。那麼，您今年如何應對，以及對今年利潤率的影響？

Yes. Sure. No, I mean, I think as far as price goes, like you said, we saw kind of 150 basis points here in Q4. And I think that we've seen that for the last couple of quarters. I think that's a pretty good placeholder to put in for '22. Teams are obviously, over the last 6 months, we've been working harder to get that price, and I think you're seeing it show up. I mean, it's basically 2x the price we used to get, kind of call it, 5, 6 quarters ago. So I guess it's a good place to start for '22.

是的。當然。不，我的意思是，我認為就價格而言，就像你說的那樣，我們在第四季度看到了 150 個基點。我認為我們在過去幾個季度已經看到了這一點。我認為這是 22 年的一個很好的佔位符。很明顯，在過去的 6 個月裡，團隊一直在努力爭取這個價格，我認為你已經看到了它的出現。我的意思是，它基本上是我們過去得到的價格的 2 倍，可以這麼說，5、6 個季度前。所以我想這是 22 年開始的好地方。

As far as margins go, just kind of maybe overall, I know we sort of put out a guide for '22 at, call it, 35% to 40% fall through. And that's down a little bit from where we've been, kind of more in that 40% to 45%. But I think that 35% to 40% kind of incorporates a little bit of what you're talking about.

就利潤率而言，可能是總體而言，我知道我們在 22 年發布了一份指南，稱之為 35% 到 40% 的下降。這比我們以前的情況略有下降，在 40% 到 45% 之間。但我認為 35% 到 40% 包含了你所說的一些內容。

I think it's kind of in line with what we thought, frankly, our longer-term outlook was going to be. But if I think about year-over-year from '21 to '22, I think you're right, I think a component of sort of the step down is going to be a little bit of the return to work and maybe some of the inflationary pressures that we see, offset by price.

我認為這有點符合我們的想法，坦率地說，我們的長期前景將會是。但是，如果我考慮從 21 年到 22 年的年復一年，我認為你是對的，我認為下台的一部分將是重返工作崗位的一部分，也許是一些我們看到的通脹壓力被價格所抵消。

The other piece really is going to be largely on the volume step-down that we see. And that's mostly going to be at kind of a mix type issue. So throw in some FX headwinds and share count, that's how I sort am thinking about the 40% to 45% in '21 going down to 35% to 40%. But I think the good news is that's pretty much in our long-term framework, right where we thought.

另一部分實際上將主要是我們看到的音量下降。這主要是一種混合類型的問題。所以加上一些外匯逆風和股票數量，這就是我認為 21 年 40% 到 45% 下降到 35% 到 40% 的方式。但我認為好消息是這幾乎在我們的長期框架中，就在我們認為的地方。

And I think it's also probably important to think about it, that even though we're seeing headwinds on the testing front this year, call it, 200 to 300 basis points, our COVID testing revenue is pretty much at the fleet average, right, which is why it's not a big step down for us. It's pretty much fleet average from a margin perspective. So I think that helps kind of on -- as we navigate the headwinds here.

而且我認為考慮這一點可能也很重要，即使我們今年在測試方面看到逆風，稱之為 200 到 300 個基點，我們的 COVID 測試收入幾乎處於車隊平均水平，對，這就是為什麼這對我們來說不是一個很大的進步。從利潤的角度來看，這幾乎是車隊平均水平。所以我認為這對我們有所幫助 - 當我們在這裡駕馭逆風時。

And we'll take our next question from Vijay Kumar with Evercore.

我們將回答 Vijay Kumar 和 Evercore 的下一個問題。

Congrats on a solid print here. I guess one on just the guidance here, fiscal '22, some clarification. So your definition of core now includes vaccines, and I think that's comparable to how your largest peer looks at core organic.

恭喜這裡的印刷品很好。我猜只是這裡的指導，22財年，一些澄清。所以你對核心的定義現在包括疫苗，我認為這與你最大的同行對核心有機的看法相當。

But vaccines, if I just understood you correctly, it's flattish year-on-year, which means your base Danaher ex vaccine, that's really growing at the very high end of high single. Is that the right way to think about the guidance here on the base business?

但是疫苗，如果我的理解正確的話，同比持平，這意味著你的基礎 Danaher ex 疫苗，在高單的非常高端確實在增長。這是考慮基礎業務指導的正確方式嗎？

And what's driving this strength? It looks like it's assuming perhaps bioprocessing growing double digits, that's well above your LRP. So I'm curious, some comments on bioprocessing.

是什麼推動了這種力量？看起來它假設生物加工可能會增長兩位數，這遠高於您的 LRP。所以我很好奇，關於生物工藝的一些評論。

Sure. So once again, just to level-set, the base business includes bioprocessing for COVID vaccines and therapeutics. It's important to note that. And in fact, we see the entire base business growing both for the quarter and the full year at high single digits. And that's driven by a number of factors.

當然。因此，再一次，就水平而言，基礎業務包括 COVID 疫苗和療法的生物加工。重要的是要注意這一點。事實上，我們看到整個基礎業務在本季度和全年都以高個位數增長。這是由許多因素驅動的。

One, as you just suggested, of course, the non-COVID bioprocessing business is still growing at the low double digits that we have seen here, and that continues to be strong. We also see our non-bioprocessing business, so as you think about our diagnostic businesses, as you think about our life science instruments and so forth, we see them growing very strongly on the back of the investments that we've made around innovation, additional feet on the street and really driving the growth here.

一，當然，正如您剛才所說，非 COVID 生物加工業務仍在以我們在這裡看到的低兩位數增長，並且繼續保持強勁勢頭。我們還看到了我們的非生物加工業務，因此當您考慮我們的診斷業務時，當您考慮我們的生命科學儀器等時，我們看到它們在我們圍繞創新進行的投資的支持下非常強勁地增長，街道上的額外腳，真正推動了這裡的增長。

Keep in mind, that portfolio transformation that we've talked about has re-rated our base business growth, and we continue to see that. We saw that here in the 2-year stack in 2021, and you're seeing that here in the guide for 2022.

請記住，我們談到的投資組合轉型重新評估了我們的基礎業務增長，我們繼續看到這一點。我們在 2021 年的 2 年堆棧中看到了這一點，您在 2022 年的指南中看到了這一點。

Understood. So I guess now we have clarity on what -- the mid-single digit plus what the plus means. So that's helpful, Rainer. Maybe one for Matt. The 35% to 40% incremental margins here, Matt, is that sustainable going forward?

明白了。所以我想現在我們已經清楚了 - 中間個位數加上加號的含義。所以這很有幫助，雷納。也許是給馬特的。馬特，這裡 35% 到 40% 的增量利潤率是可持續的嗎？

Should we -- I guess my question is most of your peers who have benefited from COVID tailwinds, there is a cliff year or perhaps a transition year. It seems like Danaher does not have a cliff year. Maybe talk about the sustainability of incrementals and why perhaps the drop down in COVID tailwinds shouldn't be a headwind for Danaher.

我們應該——我想我的問題是你的大多數從 COVID 順風中受益的同行，有一個懸崖年，或者可能是一個過渡年。似乎丹納赫沒有懸崖年。也許談論增量的可持續性，以及為什麼 COVID 順風的下降不應該成為丹納赫的逆風。

Yes, I mean, I think that's right, Vijay. I think, like I just kind of said, I mean, our COVID kind of revenues, both vaccine, therapeutic and the testing, it's more or less at fleet average, right? And so what I think you're seeing here, part of the reason we talked about the re-rating of the portfolio from a growth perspective, as just mentioned [in the plot], we've also talked about the fact that the portfolio is re-rated from a margin perspective, too, right? We used to be more 30%, 35%; now we're 35%, 40%.

是的，我的意思是，我認為這是對的，維杰。我認為，就像我剛才所說的那樣，我的意思是，我們的 COVID 收入，包括疫苗、治療和測試，或多或少處於車隊平均水平，對嗎？所以我認為你在這裡看到的，部分原因是我們從增長的角度討論了投資組合的重新評級，正如剛才提到的[在情節中]，我們還談到了投資組合的事實也是從利潤的角度重新評估的，對吧？我們以前是30%、35%；現在我們是 35%、40%。

And I think what you see here is that as we go forward and think about kind of what a margin profile looks like, I think I feel very comfortable with the 35% to 40%. And the fact that, yes, like you said, we'll have some revenue headwinds. We're going to have some volume headwinds, testing like we sort of laid out. And we can talk about '23, maybe if you're interested.

我認為你在這裡看到的是，當我們繼續思考利潤率概況的樣子時，我認為我對 35% 到 40% 感到非常滿意。事實上，是的，就像你說的那樣，我們會有一些收入逆風。我們將遇到一些成交量的逆風，像我們佈置的那樣進行測試。我們可以談談'23，也許如果你有興趣。

But I think as we get to those headwinds, it won't be above the fleet average headwind, if you will, from a decremental perspective. So while it will be a headwind, and I think you can -- obviously you see that a little bit here in '22, from a margin perspective, it's not going to be overly burdensome.

但我認為，當我們遇到這些逆風時，如果你願意的話，從遞減的角度來看，它不會高於車隊的平均逆風。因此，雖然這將是一個逆風，我認為你可以 - 顯然你在 22 年看到了一點，從利潤的角度來看，它不會過於繁重。

We'll take the next question from Scott Davis with Melius Research.

我們將與 Melius Research 一起回答 Scott Davis 的下一個問題。

Congrats on a great year overall. But anyways, Rainer, I was hoping we could talk a little bit about M&A, given that growth assets seemingly are out of favor in public markets fairly meaningfully. Has that kind of gone down into private markets at all and helped you out on the valuation side much? If you could talk about that and the pipeline, please.

總體而言，祝賀偉大的一年。但無論如何，Rainer，我希望我們能談談併購，因為增長資產似乎在公開市場上相當不受歡迎。這種情況是否已經進入私人市場並在估值方面幫助了你很多？如果你能談談那個和管道，請。

Sure. Well, I mean, first [of all], to the environment that we see out there, this is an environment that, over our history, we have thrived in. Whether you want to call that anxiety or uncertainty or even in times of dislocation. We've always viewed this as a time of opportunity for ourselves.

當然。嗯，我的意思是，首先，對於我們所看到的環境，這是一個在我們的歷史中茁壯成長的環境。無論你想稱之為焦慮還是不確定，甚至是在混亂時期.我們一直認為這是我們自己的機會。

And there's examples of that. If you think back to the financial crisis now going back some years. We acquired SCIEX at that period of time. That turned out to be a fantastic asset. The team has done a wonderful job. Also, if you think about some of the anxiety around Cepheid or the Pall deals there, that has been -- we couldn't be more proud of how the teams have performed there and turned those businesses into really -- real powerhouses.

有這樣的例子。如果你回想一下現在可以追溯到幾年前的金融危機。我們當時收購了 SCIEX。結果證明這是一項了不起的資產。團隊做得非常出色。此外，如果你考慮一下圍繞 Cepheid 或 Pall 交易的一些焦慮，那就是——我們為團隊在那裡的表現以及將這些業務變成真正——真正的強者而感到無比自豪。

And so we sit here in this environment with a rock-solid portfolio, an outstanding team and a strong balance sheet and a great deal of optionality. And we like that setup. And so as we think about our funnels, and to your question, they continue to be adaptive as ever. They cover the gamut, whether that's public or private, and we'll continue driving our M&A strategy and our bias towards allocating capital towards M&A as we have in the past.

因此，我們坐在這裡，擁有堅如磐石的投資組合、優秀的團隊、強大的資產負債表和大量的選擇權。我們喜歡這種設置。因此，當我們考慮我們的漏斗和您的問題時，它們將一如既往地具有適應性。它們涵蓋了所有領域，無論是公共的還是私人的，我們將繼續推動我們的併購戰略，以及像過去一樣將資本分配給併購的傾向。

And that will happen when that attractive end market, that first-class asset with competitive advantage meets our financial hurdles here, as has always been the case. So we like where we sit, and we like the setup.

當這個有吸引力的終端市場、具有競爭優勢的一流資產在這裡遇到我們的財務障礙時，這種情況就會發生，就像往常一樣。所以我們喜歡我們坐的地方，我們喜歡這種設置。

That's helpful, Rainer. And Rainer, you talked about new product launches like Beckman. But how has COVID impacted those launches? Is there a -- were these things perhaps that were pushed back a little bit because of COVID? Were they on schedule with the customer response and ability to get out and see the customer with that product? Has that all been altered or changed? And just a little bit of color there would be helpful, and then I'll pass it on.

這很有幫助，雷納。 Rainer，你談到了像貝克曼這樣的新產品發布。但是，COVID 對這些發布有何影響？有沒有 - 這些事情可能因為 COVID 而被推遲了一點？他們是否按時得到客戶的響應，並且有能力走出去看看使用該產品的客戶？這一切都被改變或改變了嗎？只是一點點顏色會有幫助，然後我會傳遞它。

Sure. In our case, COVID has actually accelerated innovation for us. Of course, in the obvious sense in that we were able to pull forward the GeneXpert COVID-only test subsequently, and very quickly thereafter the 4-in-1, those are sort of the obvious examples. But at the same time, you've noted that we increased our R&D expenditures by 30% up to $1.7 billion, which has manifested in us pulling forward innovation, accelerating it and getting those into the market.

當然。就我們而言，COVID 實際上為我們加速了創新。當然，從顯而易見的意義上說，我們隨後能夠推進僅 GeneXpert COVID 測試，然後很快推出 4 合 1，這些都是明顯的例子。但與此同時，您注意到我們將研發支出增加了 30%，達到 17 億美元，這體現在我們推動創新、加速創新並將其推向市場。

And examples were mentioned, the Triple Quad 7500, most sensitive Triple Quad in the market; the ZenoTOF, outstanding; and then of course the GT 450 pathology slide imaging, fantastic launches here. All of which was accelerated by the pandemic, and we were able to turn that into real opportunity for us.

舉個例子，Triple Quad 7500，市場上最靈敏的 Triple Quad； ZenoTOF，傑出的；然後當然還有 GT 450 病理切片成像，精彩的發佈在這裡。大流行加速了所有這一切，我們能夠將其轉化為我們真正的機會。

We'll take our next question from Dan Brennan with Cowen.

我們將與 Cowen 一起回答 Dan Brennan 的下一個問題。

Congrats on the quarter. I guess the first question, just on the vaccine therapeutics outlook now that you're including it in the base. We were assuming in our model a pretty steep drop-off in '23 and '24 just as we go from initial 2-dose regimens down to boosters, and while booster uptake looks good, it's probably not going to be nearly as good as the initial vaccine.

祝賀本季度。我猜是第一個問題，只是關於疫苗治療前景，因為您將其包括在基礎中。我們假設在我們的模型中，23 年和 24 年的下降幅度相當大，就像我們從最初的 2 劑方案下降到加強劑一樣，雖然加強劑的攝取看起來不錯，但可能不會像初始疫苗。

So I guess first question, I mean, is that reasonable to think there's going to be a healthy step-down? Number one.

所以我想第一個問題，我的意思是，認為會有一個健康的下台是否合理？第一。

And then number two, the fact that you're including it in the base, just wondering, I know previously you've discussed Cytiva kind of high single digits. Is that still fair, to think about the high single digits, now that you've got vaccine and therapeutics in the base?

然後第二點，您將其包含在基數中的事實，只是想知道，我知道您之前已經討論過 Cytiva 的高個位數。考慮到高個位數，這仍然公平嗎，既然您已經在基地獲得了疫苗和治療方法？

Sure. Well, let's start off with the why is vaccine and therapeutics in the base? And that just comes from our belief of 2 things. One, that COVID-19 will be endemic in that there will be a continuing, a continuous requirement for vaccination, and that is going to be a global requirement.

當然。好吧，讓我們從為什麼疫苗和療法在基地開始？這只是來自我們對兩件事的信念。一，COVID-19 將是地方性的，因為將有持續的、持續的疫苗接種要求，這將是一個全球性的要求。

We also think that new age groups will receive vaccination more broadly in the world, kids in particular. And as such, there is a strong recurring demand there. And that was discussed in some of the previous questions.

我們還認為，新年齡組將在世界範圍內更廣泛地接受疫苗接種，尤其是兒童。因此，那裡有強烈的經常性需求。這在之前的一些問題中已經討論過了。

But if we back up a minute here and we think about this longer term and talk about our '22 guide here with high single-digit growth in our base business, and we talked about the 200 to 300 basis points of headwind coming from testing. As you think forward now, how does all that play out, let's say, in 2023?

但是，如果我們在這裡備份一分鐘，我們會考慮這個更長期的問題，並在這裡談論我們的 '22 指南，我們的基礎業務實現了高個位數的增長，我們談到了來自測試的 200 到 300 個基點的逆風。正如你現在所想的那樣，這一切會如何發展，比如說，在 2023 年？

And once again, it's important to start with the base, which is at the center of your question, which is, okay, well, we have this rock-solid portfolio that's transformed over the years that's going to be mid-single-digit plus growth and is going to have a different earnings profile as well, as Matt just talked about.

再一次，重要的是從基數開始，這是你問題的核心，好吧，好吧，我們有這個堅如磐石的投資組合，多年來已經轉變，將達到中個位數以上正如馬特剛剛談到的那樣，增長並將有不同的收益狀況。

And then inside of that, of course, you do have vaccine and therapeutic revenues from COVID, and that will continue. There are new therapeutics being developed and there are also a lot of additional vaccines that are still in the pipe. And then as you think about COVID testing, as I talked about, we see that stepping down to what is, we'll call it, a more endemic look, from 50 million tests in 2022 to 30 million tests in 2023.

當然，在這其中，你確實有來自 COVID 的疫苗和治療收入，而且這種情況將繼續下去。正在開發新的治療方法，還有許多其他疫苗仍在研發中。然後，當您考慮 COVID 測試時，正如我所談到的，我們看到從 2022 年的 5000 萬次測試到 2023 年的 3000 萬次測試，逐步下降到我們稱之為更加流行的外觀。

Now when you wrap all of that up, and of course, there's a lot of things that are still up in the air in terms of the number of spikes you might have in between, 2023 really looks a lot like 2022 in terms of how we think of the base growth going forward as well as our fall through.

現在，當您總結所有這些時，當然，就您之間可能出現的峰值數量而言，還有很多事情仍然懸而未決，就我們如何看待 2023 年而言，2023 年看起來真的很像想想未來的基本增長以及我們的失敗。

Excellent. And then maybe as a follow up, just one more on bioproduction, if you don't mind. Certainly, the low double digits is impressive growth, particularly on the size of your business. Some of the CapEx that we've seen in the industry is really accelerating. [Lonza] talked about, I think, in their guidance, 40% plus type of CapEx growth in '22 on top of 40% in '21.

出色的。如果你不介意的話，也許作為後續行動，再談一次生物生產。當然，較低的兩位數是令人印象深刻的增長，尤其是在您的業務規模方面。我們在行業中看到的一些資本支出確實在加速。我認為，[Lonza] 在他們的指導中談到了 22 年 40% 以上的資本支出增長類型，而 21 年則為 40%。

So I'm just wondering, could you give a little color on maybe the order book there? Like on the base business, kind of what you're seeing? And are we in like a period of like hyper-investment, where maybe that low double digit could have some upside here over the next couple of years?

所以我只是想知道，你能給那裡的訂單簿上點顏色嗎？就像在基礎業務上一樣，你看到了什麼？我們是否正處於一個類似超級投資的時期，在接下來的幾年裡，這個低兩位數可能會有一些上漲空間？

Sure. So we do continue to talk about the low double-digit growth rate for the non-COVID bioprocessing business. That's what we've seen for many quarters. But we also talked about the fact that our backlog continues to build there.

當然。因此，我們確實繼續談論非 COVID 生物加工業務的低兩位數增長率。這就是我們在許多季度中所看到的。但我們也談到了我們的積壓工作繼續在那裡建立的事實。

And these announcements that you're seeing here out in the market, those are important indications of the strength of the industry and the market in and of itself. And of course, you can imagine, with the breadth of our portfolio, our global reach, that we play, if not on all, on the great majority of those kind of investments.

您在市場上看到的這些公告，是行業和市場本身實力的重要標誌。當然，您可以想像，憑藉我們廣泛的投資組合和全球影響力，我們會在絕大多數此類投資中發揮作用，如果不是全部的話。

And so could there be upside? Sure, there could be. But of course, we're looking at the order book and -- that's in hand and thinking about how that develops. And we'll continue to update. But for now, low double digits in the non-COVID bioprocessing business is a good planning number.

那麼會有上漲空間嗎？當然，可能有。但是，當然，我們正在查看訂單簿，並且正在考慮如何發展。我們將繼續更新。但就目前而言，非 COVID 生物加工業務的低兩位數是一個很好的規劃數字。

And we'll take our next question from Jack Meehan with Nephron Research.

我們將向 Nephron Research 的 Jack Meehan 提出我們的下一個問題。

So one of the big questions we've been getting is the Fed is looking to start raising rates. Just would be great to get your thoughts around durability of demand from biopharma customers. And how much of a factor do you think higher rates could have on demand?

因此，我們得到的最大問題之一是美聯儲正在尋求開始加息。讓您對生物製藥客戶需求的持久性有所了解會很棒。您認為更高的利率可能對需求有多大影響？

And then finally, maybe any color on mix between development and commercial, and interplay on those 2 sides of the market.

最後，可能是開發和商業之間混合的任何顏色，並在市場的這兩個方面相互作用。

Could you -- I'm sorry, could you repeat the second question, please? It came through a little garbled.

你能不能——對不起，你能重複第二個問題嗎？它有點亂碼。

Sure. Sorry. Just thoughts on how higher rates might influence demand from customers on the development side versus those with commercial products.

當然。對不起。只是想想更高的費率如何影響開發方面客戶與商業產品客戶的需求。

Understood. Well, let's start with the rates. Well, it's early days, of course, and we'll see where those go. As we look at the markets that we play in more broadly, the impact of those rates could be different. But generally speaking, we see our end market to be able to perform and drive growth even in a market where we see incrementally higher Fed rates.

明白了。好吧，讓我們從費率開始。好吧，當然，現在還為時過早，我們會看看它們的去向。當我們更廣泛地審視我們所涉足的市場時，這些利率的影響可能會有所不同。但總的來說，我們認為我們的終端市場即使在美聯儲利率逐漸升高的市場中也能夠發揮作用並推動增長。

And examples of that would be, if you look at biotech in aggregate, you see that the cash positions in these companies is extraordinarily high. We continue to see investments going in there strongly. And so we don't anticipate any near-term impact due to Fed rates in that particular area. And that would, of course, overlap with the development part of your question.

這方面的例子是，如果你從整體上看生物技術，你會發現這些公司的現金頭寸非常高。我們繼續看到那裡的投資強勁。因此，我們預計美聯儲在該特定領域的利率不會產生任何近期影響。當然，這將與您問題的發展部分重疊。

And as it relates to those that are already in commercial production, they are out there driving growth and ensuring the penetration of the incredibly efficacious biologic drugs, not just in the developed markets, but increasingly also in some of the higher-growth markets.

由於它與那些已經投入商業生產的藥物有關，它們正在推動增長並確保非常有效的生物藥物的滲透，不僅在發達市場，而且越來越多地在一些高增長市場。

So we see really the demand drivers here going beyond any one country's monetary policy and continue to see that in a very positive light. So Fed policy is 1 thing. The specific markets that we play in, we would see less impacted by any of the incremental rate increases that are being discussed.

因此，我們確實看到這裡的需求驅動力超越了任何一個國家的貨幣政策，並繼續以非常積極的方式看待這一點。所以美聯儲的政策是一回事。我們所涉足的特定市場，我們會看到正在討論的任何增量加息的影響較小。

Great. And then Dan just asked about CapEx going in on the CDMO side. I wanted to ask a similar question, but focused on all the CapEx going in from the bioprocessing players. Back at the Analyst Day, you talked about $1.5 billion of your own CapEx. Some of your peers were talking about a lot of more investment going in the single-use and just bioprocessing, broadly speaking. So as you look across everything going on, just talk about supply versus demand and how you feel whether that -- just your views on that, broadly speaking.

偉大的。然後 Dan 剛剛詢問了 CDMO 方面的資本支出。我想問一個類似的問題，但重點關注來自生物加工參與者的所有資本支出。回到分析師日，您談到了自己的 15 億美元資本支出。從廣義上講，您的一些同行正在談論對一次性和生物加工進行更多投資。因此，當您查看正在發生的所有事情時，只需談談供求關係以及您對此的感受 - 只是您對此的看法，廣義上講。

Sure. Well, let me characterize that a little bit. So the large CDMO investments that you see there are really a derivative of what we talked about in your question before, which is the strength of the biotech market. These are typically smaller companies that don't want to invest their precious cash into manufacturing facilities and will outsource that to CDMOs.

當然。好吧，讓我稍微描述一下。因此，您看到的大型 CDMO 投資實際上是我們之前在您的問題中談到的內容的衍生品，這就是生物技術市場的優勢。這些通常是較小的公司，不想將寶貴的現金投資於製造設施，並將其外包給 CDMO。

And as we talked about, if you think about the fact that, just in monoclonal antibodies over the last 5 years, we've seen a huge increase in the number of projects in the funnel. If you think about nucleic acid therapies, there, we've seen a 10x increase in the development funnel. And now you're seeing those work their way through the clinical trial process, and that requires capacity. So that's what the CDMO investments are about. And of course, the customer -- our customers are also CDMOs, and we're helping them build those capacities so that they can take care of those developments going forward.

正如我們所談到的，如果你想想過去 5 年就單克隆抗體而言，我們已經看到漏斗中的項目數量大幅增加。如果您考慮核酸療法，我們已經看到開發漏斗增加了 10 倍。現在你看到這些在臨床試驗過程中發揮作用，這需要能力。這就是 CDMO 投資的意義所在。當然，客戶——我們的客戶也是 CDMO，我們正在幫助他們建立這些能力，以便他們能夠處理未來的發展。

And then we also continue to see drugs going commercial. And as these drugs go commercial, that's a 10 and 100x increase in production capacity requirement. And all of this then, if you aggregate that, is what's pulling on our demand and is why we are so confident in the investments that we've made.

然後我們還繼續看到藥物商業化。隨著這些藥物的商業化，生產能力要求增加了 10 倍和 100 倍。所有這一切，如果你把它加起來，就是拉動我們需求的原因，也是我們對我們所做的投資如此有信心的原因。

And I mentioned this not just for the short term, which, of course, is important to ensure that there are no supply bottlenecks as we work our way through the pandemic here, but also for the long term so that we continue to be that partner of choice that has the broadest portfolio, can integrate that portfolio horizontally and can deliver it to the point of impact around the globe with the necessary experts to help our customers get their drugs in the market more quickly and at a lower cost.

我提到這一點不僅是短期的，當然，這對於確保在我們在這裡度過大流行的過程中沒有供應瓶頸很重要，而且是長期的，這樣我們才能繼續成為那個合作夥伴選擇擁有最廣泛的產品組合，可以橫向整合該產品組合，並可以通過必要的專家將其交付到全球影響點，以幫助我們的客戶以更低的成本更快地將他們的藥物推向市場。

We'll take the next question from Patrick Donnelly with Citi.

我們將回答花旗的 Patrick Donnelly 的下一個問題。

I just wanted to follow up on the bioprocessing piece. I know you touched a little bit about what the cadence could look like going forward. But that's certainly the question, I think, we get the most from investors, so I just wanted to circle back on it.

我只是想跟進生物處理部分。我知道你對未來的節奏可能會有所了解。但這肯定是問題所在，我認為，我們從投資者那裡得到的最多，所以我只是想回過頭來。

I mean, it sounds like you feel really good about that underlying base business growing in the low double digits, and then the vaccine piece may be a little bit more of a variable. But can you just talk, I guess, about the trajectory? It sounded like '22 is a decent proxy where maybe COVID comes down and you shake out somewhere in the mid-high single digits as a whole for that kind of $7.5 billion business.

我的意思是，聽起來您對基礎業務以兩位數的低增長感覺非常好，然後疫苗可能會成為一個變量。但是我猜你能談談軌跡嗎？聽起來 '22 是一個不錯的代理，也許 COVID 下降了，而對於這種 75 億美元的業務，你在整體上處於中高個位數的某個位置。

But I was just hoping you could talk a little bit about the puts and takes as we go through kind of the next few years. And again, that vaccine piece comes down, but the base business seems like it's good enough to offset that and then some. But just wanted to get a better handle there.

但我只是希望你能談談我們在未來幾年經歷的看跌期權。再一次，那塊疫苗下來了，但基礎業務似乎足以抵消它，然後是一些。但只是想在那裡獲得更好的處理。

No, I think that's right. As we look at 2022, I mentioned the COVID-related vaccine and therapeutic bioprocessing business, they'll probably be roughly flat here in 2022. Again, the assumption being that we're starting to see the pandemic going endemic on the one hand.

不，我認為這是對的。當我們展望 2022 年時，我提到了與 COVID 相關的疫苗和治療性生物加工業務，它們在 2022 年可能大致持平。再次假設，一方面我們開始看到這種流行病流行起來。

On the other hand, what you start seeing to happen is, if you will, we're going from 1.0 compounds to 2.0. So some vaccines and therapeutics are viewed as less efficacious in the current environment with the current variant, and so those become less of a factor. On the other hand, you have new monoclonal antibodies as therapeutics starting to be proposed that show much higher efficacy here with the variant that you have.

另一方面，你開始看到的是，如果你願意的話，我們將從 1.0 化合物升級到 2.0。因此，一些疫苗和治療劑在當前環境中被認為不太有效，因此它們變得不那麼重要了。另一方面，您已經開始提出新的單克隆抗體作為治療方法，這些抗體在您擁有的變體中顯示出更高的功效。

And then for those that are already in market and quite effective, we're starting to see the recurring revenue as those companies are starting to recognize the recurring need for booster shots, not just here but around the globe.

然後對於那些已經在市場上並且非常有效的公司，我們開始看到經常性收入，因為這些公司開始認識到對加強注射的經常性需求，不僅在這裡，而且在全球範圍內。

So we think that that's a good baseline to move forward with and how to think about it. And we've continued to view, as we've said in our long-term guide around the bioprocessing business, that that's a high single-digit grower. And I think that's the way to think about it in '22. And as we said, we think '23 will look a lot like '22 as well.

所以我們認為這是一個很好的基準，可以繼續前進以及如何思考它。正如我們在圍繞生物加工業務的長期指南中所說的那樣，我們繼續認為，這是一個高個位數的增長者。我認為這就是在 22 年思考它的方式。正如我們所說，我們認為 '23 看起來也很像 '22。

Okay. Great. No, that's helpful. And I know the order book, typically you're taking orders for within a year. Is any of that building into '23 yet? Or should we think about that as mostly a 12-month order book? And then maybe conversations beyond that.

好的。偉大的。不，這很有幫助。而且我知道訂單簿，通常您會在一年內接受訂單。 23 年的那棟樓還有嗎？還是我們應該將其視為主要是 12 個月的訂單？然後也許還有其他的對話。

It's a 12-month order book, and conversations beyond that.

這是一份為期 12 個月的訂單，以及超出此範圍的對話。

Okay. And last one, just the same topic for Matt. Margin profile, COVID versus not for the bioprocessing, it's pretty similar, right? I just want to double-check on that.

好的。最後一個，與馬特的主題相同。保證金概況，COVID 與不用於生物工藝，非常相似，對吧？我只是想仔細檢查一下。

Yes. In bioprocessing margin, difference between COVID and not? Is that what you're asking?

是的。在生物加工邊緣，COVID 與否的區別？你問的是這個嗎？

Yes, exactly.

對，就是這樣。

Yes. No. No real difference. I mean, we're -- I would say that it's all -- again, just depending on mix of what goes in there product-wise. But no, margin profile-wise, it's [basically the same].

是的。不，沒有真正的區別。我的意思是，我們 - 我會說這一切 - 再次，這取決於產品方面的組合。但是，不，就利潤率而言，它[基本相同]。

And this will conclude today's Q&A portion for the call. I'll turn the call back over to Matt Gugino with any additional remarks.

這將結束今天的電話問答部分。我會將電話轉回給 Matt Gugino 並附上任何補充意見。

Thanks, Ashley, and thanks, everyone, for joining us on the call today. We're around all day for questions.

謝謝阿什利，謝謝大家今天加入我們的電話會議。我們整天都在問問題。

Thank you, everybody. Good day.

謝謝大家。再會。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝你。這確實結束了今天的節目。感謝您的參與。您可以隨時斷開連接。