昆泰 (IQV) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

At this time, I would like to welcome everyone to the IQVIA third-quarter 2024 earnings conference call.

此時，我歡迎大家參加 IQVIA 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）謹此提醒，此通話正在錄音。

Thank you.

謝謝。

I would like to turn the call over to Kerri Joseph, Senior Vice President, Investor Relations and Treasury.

我想將電話轉給投資者關係和財務部高級副總裁 Kerri Joseph。

Mr. Joseph, please begin your conference.

約瑟夫先生，請開始您的會議。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone.

大家早安。

Thank you for joining our third-quarter 2024 earnings call.

感謝您參加我們的 2024 年第三季財報電話會議。

With me today are Ari Bousbib, Chairman and Chief Executive Officer; Ron Bruehlman, Executive Vice President and Chief Financial Officer; Eric Sherbet, Executive Vice President and Genuine Counsel; Mike Fedock, Senior Vice President, Financial Planning and Analysis; and Gustavo Perrone, Senior Director, Investor Relations.

今天與我在一起的有董事長兼執行長 Ari Bousbib； Ron Bruehlman，執行副總裁兼財務長； Eric Sherbet，執行副總裁兼真正法律顧問； Mike Fedock，財務規劃與分析資深副總裁；以及投資者關係資深總監 Gustavo Perrone。

Today, we will be referencing a presentation that will be visible during this call for those of you on our webcast.

今天，我們將引用一個演示文稿，該演示文稿將在本次電話會議期間在我們的網路廣播中為大家展示。

This presentation will also be available following this call on the Events and Presentations section of our IQVIA Investor Relations website at ir.iqvia.com.

本次電話會議之後，我們還將在 IQVIA 投資者關係網站 ir.iqvia.com 的活動和演示部分提供此簡報。

Before we begin, I'd like to caution listeners that certain information discussed by management during this conference call will include forward-looking statements.

在我們開始之前，我想提醒聽眾，管理階層在本次電話會議中討論的某些資訊將包含前瞻性陳述。

Actual results could differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the company's business, which are discussed in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and subsequent SEC filings.

由於與公司業務相關的風險和不確定性，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異，這些風險和不確定性在公司向美國證券交易委員會提交的文件中進行了討論，包括我們的10-K 表格年度報告和隨後向 SEC 提交的文件。

In addition, we will discuss certain non-GAAP financial measures on this call, which should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP.

此外，我們將在本次電話會議上討論某些非公認會計原則財務措施，這些措施應被視為根據公認會計原則準備的財務措施的補充，而不是替代。

A reconciliation of these non-GAAP measures to the comparable GAAP measures is included in the press release and conference call presentation.

新聞稿和電話會議簡報中包含了這些非公認會計準則衡量指標與可比較公認會計準則衡量指標的協調表。

I would now like to turn the call over to our Chairman and CEO, Ari Bousbib.

我現在想將電話轉給我們的董事長兼執行長 Ari Bousbib。

Thank you, Kerri, and good morning, everyone.

謝謝你，克里，大家早安。

Thank you for joining us today to discuss our third-quarter results.

感謝您今天加入我們討論我們的第三季業績。

IQVIA delivered another quarter of strong operational results.

IQVIA 又一個季度實現了強勁的營運業績。

Revenue came in above the high end of our guidance range, representing about 6.5% growth, excluding the impact of foreign exchange and COVID-related work.

收入高於我們指導範圍的上限，成長約 6.5%，不包括外匯和新冠病毒相關工作的影響。

And we also delivered 14% growth in adjusted diluted EPS.

我們的調整後攤薄每股收益也實現了 14% 的成長。

As we expected, the environment for our short-cycle businesses continues to improve as our clients are launching new drugs and executing on critical commercial programs.

正如我們預期的那樣，隨著我們的客戶推出新藥並執行關鍵商業項目，我們的短週期業務環境持續改善。

In fact, TAS revenue growth accelerated in Q3 to over 8% year over year, with growth in all subsegments.

事實上，第三季 TAS 營收年增速加速至 8% 以上，所有細分市場均實現成長。

This reaffirms the second-half growth trajectory that we had anticipated for TAS since the beginning of the year.

這再次證實了我們自年初以來對 TAS 下半年成長軌蹟的預期。

And we now expect TAS growth for the year at the high end of our mid-single-digit range.

我們現在預計今年的 TAS 成長將達到中個位數範圍的高端。

On the clinical side, the near-term market environment continues to be choppy as we've been discussing in prior earnings calls.

在臨床方面，正如我們在先前的財報電話會議中所討論的那樣，近期市場環境繼續動盪。

None of this is new, but as you know, we've been facing aggressive competitive pricing and tougher negotiations.

這一切都不是什麼新鮮事，但如您所知，我們一直面臨著極具競爭力的定價和更艱難的談判。

Additionally, the trend that started over 1.5 years ago with large pharma re-prioritizing their program portfolios as a result of the IRA has been continuing, and this has been leading to a higher-than-normal level of cancellations.

此外，1.5 年前開始的趨勢是，由於 IRA 的影響，大型製藥公司重新調整其計劃組合的優先順序，這一趨勢一直在持續，這導致取消的數量高於正常水平。

And we expect this to be the case again in the fourth quarter.

我們預計第四季會再次出現這種情況。

On the EBP side, funding levels this year have improved.

在EBP方面，今年的資金水準有所改善。

But as you know, it does take time for this funding to translate into actual RFP flows and even more time to translate into awards.

但如您所知，這筆資金確實需要時間才能轉化為實際的 RFP 流量，甚至需要更多時間才能轉化為獎勵。

Our bookings in the quarter included a substantial cancellation due to drug futility that impacted our quarterly net new business by approximately $350 million for that one trial.

我們本季的預訂包括因藥物無效而大量取消，該試驗對我們的季度淨新業務造成了約 3.5 億美元的影響。

The reported net book-to-bill was 1.06, but excluding the specific cancellation, the book-to-bill would be 1.22. Lastly, in late September, two clients notified us of their need to delay two mega studies that were already in start-up phase due to client-related logistics issues.

報告的淨訂單出貨比為 1.06，但排除具體取消的情況，訂單出貨比將為 1.22。最後，在 9 月下旬，兩位客戶通知我們，由於客戶相關的物流問題，他們需要延後兩項已經處於啟動階段的大型研究。

This affects our short-term guidance, and Ron will share more about that later.

這會影響我們的短期指導，羅恩稍後將分享更多相關內容。

While we navigate through these short-term challenges, it's important to remember that our CRO business is a long-cycle business.

在我們應對這些短期挑戰的同時，重要的是要記住我們的 CRO 業務是一項長週期業務。

The demand metrics give us confidence in the strength and resilience of our business.

需求指標讓我們對業務的實力和彈性充滿信心。

I'd like to share some details of what we are seeing.

我想分享一些我們所看到的細節。

Firstly, as you may know, many large pharma companies have been running processes this year to reevaluate and consolidate their strategic partnerships.

首先，如您所知，許多大型製藥公司今年一直在運行流程來重新評估和鞏固其策略合作夥伴關係。

To date, we have successfully renewed every single large pharma strategic partnership.

迄今為止，我們已成功續簽每家大型製藥公司的策略合作夥伴關係。

In fact, we've added new relationships, displaced incumbents and expanded the scope in over half a dozen of our strategic partnerships with large pharma clients.

事實上，我們在與大型製藥客戶的六個以上策略合作夥伴關係中增加了新的關係、取代了現有的關係並擴大了範圍。

There are two aspects to this successful performance by the RBS team.

蘇格蘭皇家銀行團隊的成功表現有兩面。

One is that our existing large pharma customers have reaffirmed their trust in IQVIA.

一是我們現有的大型製藥客戶重申了對 IQVIA 的信任。

And two, it opens up opportunities for us to gain greater share of wallet in future programs because these clients have consolidated their strategic partnerships.

第二，它為我們在未來的專案中獲得更大份額提供了機會，因為這些客戶已經鞏固了他們的策略合作夥伴關係。

In the EBP world, biotech funding reached about $16 billion in the quarter according to BioWorld, and that means that year-to-date, Biotech funding was over $80 billion, which represents more than 50% growth in funding year-over-year.

根據 BioWorld 的數據，在 EBP 領域，本季生物技術資金達到約 160 億美元，這意味著今年迄今為止，生物技術資金超過 800 億美元，這意味著資金同比增長超過 50%。

Now again, as I remarked earlier, it does take time, and it could take a year to 1.5 years before that funding translates in actual awards.

現在，正如我之前所說，這確實需要時間，可能需要一年到 1.5 年的時間才能將資金轉化為實際的獎項。

Three, our backlog reached a new record of $31.1 billion at the end of the quarter, and that represents growth of 8% compared to the prior year.

第三，我們的積壓訂單在本季末達到了 311 億美元的新紀錄，與前一年相比成長了 8%。

Four, our trailing 12-month book-to-bill remains healthy at 1.22. Fifth observation, our next 12 months revenue from backlog is up 5.5% year-over-year.

第四，我們過去 12 個月的訂單出貨比保持在 1.22 的健康水準。第五次觀察，我們未來 12 個月的積壓收入年增 5.5%。

Our quarterly RFP flow continued the same trend we saw in the first half, increasing mid-single digits year-over-year.

我們的季度 RFP 流量延續了上半年的相同趨勢，與去年同期成長中個位數。

And finally, our qualified pipeline in the quarter is up across all customer segments, and it grew low double digits overall compared to the prior year.

最後，本季我們所有客戶群的合格管道均有所增加，與前一年相比，整體成長幅度較低，達到兩位數。

And that is good.

這很好。

Now, just to be balanced, I should point out that in stronger market environments, that qualified pipeline has sometimes been up in high double digits.

現在，為了平衡，我應該指出，在更強勁的市場環境中，合格的管道有時會出現高兩位數的成長。

Now let's turn to the results for the quarter.

現在讓我們來看看本季的業績。

Revenue for the quarter grew 4.3% on a reported basis and 4.2% at constant currency.

以報告計算，本季營收成長 4.3%，以固定匯率計算，成長 4.2%。

Compared to last year, and excluding COVID-related work from both periods, we grew the top line about 6.5% at constant currency of which just under 5% is organic growth.

與去年相比，如果不包括兩個時期與新冠病毒相關的工作，按固定匯率計算，我們的收入增長了約 6.5%，其中有機增長略低於 5%。

Third quarter adjusted EBITDA increased 5.7% and driven by revenue growth and ongoing cost management discipline, and that resulted in 30 bps of margin expansion.

在營收成長和持續的成本管理紀律的推動下，第三季調整後的 EBITDA 成長了 5.7%，利潤率擴大了 30 個基點。

Third quarter adjusted diluted EPS of $2 and $0.84 increased 14.1% year over year.

第三季調整後攤薄每股收益為 2 美元和 0.84 美元，年增 14.1%。

I'd like to share a few highlights as is our practice of business activity.

我想分享一些我們商業活動實踐中的亮點。

Let me start with RMBS, where we continue to differentiate with our therapeutic expertise, clinical technology and public health offerings.

讓我從 RMBS 開始，我們繼續憑藉我們的治療專業知識、臨床技術和公共衛生產品脫穎而出。

IQVIA won a top 10 pharma partnership as a new preferred provider for Central Lab as well as secured extension for several existing FSP engagements in clinical monitoring, data management and clinical technology.

IQVIA 贏得了十大製藥公司的合作夥伴關係，成為 Central Lab 的新首選供應商，並確保了臨床監測、資料管理和臨床技術領域現有 FSP 業務的擴展。

We were awarded a strategic partnership to provide VCT solutions for metabolic and cardiovascular program at top 15 pharma clients.

我們被授予戰略合作夥伴關係，為 15 家頂級製藥客戶的代謝和心血管項目提供 VCT 解決方案。

We're the only company that can offer the VCT services and technology without having to partner with third parties.

我們是唯一一家無需與第三方合作即可提供 VCT 服務和技術的公司。

Within oncology, which is, as you know, a key therapeutic area for our industry, we were selected by several leading sponsors in the quarter, including a US biotech client to manage a large global Phase III study for renal cell carcinoma for patients who have progressed after first-line immunotherapy combinations.

如您所知，腫瘤學是我們行業的關鍵治療領域，在本季度，我們被幾家領先的贊助商選中，其中包括一家美國生物技術客戶，負責管理一項針對患有腎細胞癌的患者的大型全球III 期研究。

A large pharma customer to conduct an early phase trial in prostate cancer, leveraging our expertise in dose escalation and both expansion study designs, a biotech client to run a global Phase III study for a biosimilar targeting multiple myeloma.

一家大型製藥客戶利用我們在劑量遞增和擴展研究設計方面的專業知識進行前列腺癌的早期試驗，一家生物技術客戶針對針對多發性骨髓瘤的生物仿製藥開展全球 III 期研究。

This project aims to bring the first biosimilar for multiple myeloma to market, a biotech client leader in cell and gene therapies to conduct a groundbreaking Phase III trial for reoccurring cancer in the lymphatic system.

該計畫旨在將第一個用於多發性骨髓瘤的生物相似藥推向市場，這是細胞和基因療法領域生物技術客戶的領導者，針對淋巴系統中復發的癌症進行突破性的III 期試驗。

Across these awards, we differentiate with our ability to run global studies with dedicated teams as well as our AI-enabled site selection solutions.

在這些獎項中，我們憑藉專門團隊進行全球研究的能力以及支援人工智慧的選址解決方案而脫穎而出。

Within clinical technology, in fact, we continue to expand our recently launched one home for sites offering.

事實上，在臨床技術領域，我們持續擴展我們最近推出的一站式網站服務。

A biotech client selected IQVIA to increase clinical trial capacity by streamlining access to multiple vendor sites via our single sign-on platform.

生物技術客戶選擇 IQVIA 透過我們的單一登入平台簡化對多個供應商站點的訪問，從而提高臨床試驗能力。

In the quarter, a large biotech client selected IQVIA to expedite the setup of a trial to deliver vaccines for Mpox in Sub-Saharan Africa addressing a critical outbreak in the region and significant unmet medical needs.

本季度，一家大型生技客戶選擇 IQVIA 來加速在撒哈拉以南非洲地區提供 Mpox 疫苗的試驗，以解決該地區的嚴重疫情和未滿足的重大醫療需求。

Finally, IQVIA in partnership with the coalition for epidemic preparedness and innovations SETI, the Rwandan government and the several institutes responded to an outbreak of the Marburg virus, a hemorrhagic fever with greater than 50% fatality in Rwanda at the end of September.

最後，IQVIA 與流行病防範和創新聯盟 SETI、盧安達政府和多家機構合作，應對了馬堡病毒的爆發，這是一種出血熱，9 月底在盧安達造成的死亡率超過 50%。

Our organizations collaborated to mobilize and dose the first patient with an investigational vaccination within nine days of the outbreak.

我們的組織合作在疫情爆發後九天內動員並為第一位患者註射了研究性疫苗。

Moving to TAS.

搬到塔斯馬尼亞州。

As you saw from our results, the business is recovering even better than we had forecasted.

正如您從我們的業績中看到的那樣，業務的復甦甚至比我們的預測還要好。

One area we continue to make great strides in is in building differentiating AI capabilities across our offerings.

我們繼續取得重大進展的一個領域是在我們的產品中建立差異化的人工智慧功能。

You will have seen we recently launched the IQVIA AI assistant, which is a new generative AI tool designed to provide life science customers with quick and powerful insights through a user-friendly conversational interface.

您將會看到我們最近推出了 IQVIA AI 助手，這是一款新型生成式 AI 工具，旨在透過用戶友好的對話介面為生命科學客戶提供快速且強大的見解。

This allows users to ask complex business questions and receive comprehensive and reliable answers in real time.

這使得用戶能夠提出複雜的業務問題並即時獲得全面可靠的答案。

IQVIA AIS system is built on IQVIA's trademark health care-grade AI which enables extensive privacy safeguards and provides expert validation of accurate, reliable output as is demanded by the health care industry.

IQVIA AIS 系統基於 IQVIA 標誌性的醫療保健級人工智慧構建，可實現廣泛的隱私保護，並根據醫療保健行業的要求提供準確、可靠輸出的專家驗證。

IQVIA was awarded a multiyear contract by a large pharma client to deliver our next best action offering for sales reps across 9 countries.

IQVIA 獲得了一家大型製藥客戶的多年期合同，為 9 個國家/地區的銷售代表提供我們的下一個最佳行動產品。

This AI-enabled solution optimizes sales rep engagement activities and enhances their interactions with HCPs.

這種支援人工智慧的解決方案優化了銷售代表的參與活動，並增強了他們與 HCP 的互動。

IQVIA secured a multiyear contract with a North American biotech clients to improve workflow efficiency through an integrated fully connected intelligent solution that includes OCE, orchestrated analytics, and one key offerings.

IQVIA 與北美生物技術客戶簽訂了一份多年期合同，透過整合的完全連接的智慧解決方案（包括 OCE、精心策劃的分析和一鍵產品）提高工作流程效率。

The top 10 clients shows IQVIA to improve HCP engagement for a new schizophrenia treatment.

排名前 10 位的客戶表明 IQVIA 提高了 HCP 參與新精神分裂症治療的程度。

And in this case, we displaced the incumbent by offering a solution that will enable daily alerts based on new real-time inputs versus the incumbent weekly frequency.

在這種情況下，我們透過提供一種解決方案取代了現有的解決方案，該解決方案將根據新的即時輸入與現有的每週頻率啟用每日警報。

The top 5 pharma clients awarded IQVIA, a multiyear contract to provide co-pay support for oncology and women's health franchises.

排名前 5 的製藥客戶授予 IQVIA 一份多年期合同，為腫瘤學和女性健康特許經營提供共同支付支持。

This deal enhances patient access to medications and drive better health outcomes.

這筆交易增加了患者獲得藥物的機會並推動更好的健康結果。

A couple of examples in the real world segment, the top five pharma clients selected IQVIA to support the launch of the new GLP-1 assets targeting weight loss based on European payer reimbursement models.

舉幾個現實世界的例子，排名前五的製藥客戶選擇 IQVIA 來支持基於歐洲付款人報銷模式推出針對減肥的新 GLP-1 資產。

The top five pharma client engages IQVIA to provide an evidence-based approach for a client's medical affairs team to optimize funding decisions and prelaunch activities in the North American market.

排名前五的製藥客戶聘請 IQVIA 為客戶的醫療事務團隊提供基於證據的方法，以優化北美市場的融資決策和上市前活動。

A top 20 large pharma clients awarded IQVIA contract to support engagement with HCPs and KOLs based on detailed share of voice analysis of scientific and clinical experts in nine countries across all core therapeutic areas for the client.

排名前 20 名的大型製藥客戶根據九個國家所有核心治療領域的科學和臨床專家的聲音分析的詳細份額，授予 IQVIA 合同，以支持與 HCP 和 KOL 的合作。

Finally, and before I turn it over to Ron for more details on our financial performance, I'd like to invite you to our IQVIA Investor Day, which has been scheduled for December 10th on the campus of our headquarters in Durham, North Carolina.

最後，在我向Ron 詢問有關我們財務業績的更多詳細信息之前，我想邀請您參加我們的IQVIA 投資者日，該日定於12 月10 日在我們位於北卡羅來納州達勒姆的總部園區舉行。

Our Investor Relations team will be available to provide additional logistical details.

我們的投資者關係團隊將隨時提供更多後勤細節。

Event information is already available on our investor portal.

活動資訊已在我們的投資者入口網站上提供。

Ron.

羅恩.

Thanks, Ari, and good morning, everyone.

謝謝阿里，大家早安。

Let's start by reviewing revenue.

讓我們先回顧一下收入。

Third quarter revenue of $3.896 billion grew 4.3% on a reported basis and 4.2% at constant currency.

第三季營收為 38.96 億美元，按報告計算成長 4.3%，以固定匯率計算成長 4.2%。

In the quarter, COVID-related revenues were approximately $20 million, down from about $100 million in the third quarter of 2023.

本季與新冠病毒相關的收入約為 2,000 萬美元，低於 2023 年第三季的約 1 億美元。

Now excluding all COVID-related work from both this year and last, constant currency growth was about 6.5%, of which just under 5% was organic.

現在，排除今年和去年所有與新冠病毒相關的工作，匯率恆定成長率約為 6.5%，其中有機成長率略低於 5%。

The majority of the acquisition contribution was in the TAS segment as is typical.

正如典型的那樣，大部分收購貢獻來自 TAS 領域。

Technology & Analytics Solutions revenue was $1.554 billion, up 8.6% reported and 8.2% at constant currency.

技術與分析解決方案營收為 15.54 億美元，報告成長 8.6%，以固定匯率計算成長 8.2%。

R&D Solutions revenue of $2.162 billion was up 1.9% recorded and an even 2% at constant currency.

研發解決方案營收達 21.62 億美元，年增 1.9%，以固定匯率計算甚至成長 2%。

Excluding all COVID-related work, growth at constant currency in R&DS was about 6%.

不包括所有與新冠病毒相關的工作，以固定匯率計算，R&DS 的成長率約為 6%。

Lastly, Contract Sales and Medical Solutions or CSMS revenue of $180 million declined 1.6% reported and 1.1% at constant currency.

最後，合約銷售和醫療解決方案或 CSMS 收入為 1.8 億美元，報告下降 1.6%，以固定匯率計算下降 1.1%。

Year-to-date revenue was $11.447 billion, up 3% on a reported basis and 3.5% at constant currency.

年初至今的營收為 114.47 億美元，按報告計算成長 3%，以固定匯率計算成長 3.5%。

Excluding all COVID-related work, growth at constant currency was 6% year-to-date.

排除所有與新冠肺炎相關的工作，以固定匯率計算，今年迄今的成長率為 6%。

Technology & Analytics Solutions revenue was $4.502 billion year-to-date, up 3.9% reported and 4.3% constant currency, excluding all COVID-related work, growth at constant currency.

年初至今，技術與分析解決方案營收為 45.02 億美元，以固定匯率計算成長 3.9%，以固定匯率計算成長 4.3%，不包括所有與新冠病毒相關的工作，以固定匯率計算成長。

Now as a reminder, (inaudible) rate and 3% at constant currency.

現在提醒一下，（聽不清楚）匯率和以固定匯率計算的 3%。

Excluding all COVID-related work, growth at constant currency in R&DS was 7%.

不包括所有與新冠病毒相關的工作，以固定匯率計算，R&DS 的成長率為 7%。

Lastly, Contract Sales and Medical Solutions year-to-date revenue of $541 million was flat on a reported basis and up 3% at constant currencies.

最後，合約銷售和醫療解決方案今年迄今的營收為 5.41 億美元，與報告基礎上持平，以固定匯率計算成長 3%。

Let's move down to P&L.

讓我們繼續討論損益表。

Adjusted EBITDA was $939 million for the third quarter, which was growth of 5.7%, while year-to-date adjusted EBITDA was $2.688 billion, up 3.3% year-over-year.

第三季調整後 EBITDA 為 9.39 億美元，成長 5.7%，年初至今調整後 EBITDA 為 26.88 億美元，年成長 3.3%。

Third quarter GAAP net income was $285 million and GAAP diluted earnings per share was $1.55. Year-to-date, GAAP net income was $936 million, which represented $5.08 of diluted earnings per share.

第三季 GAAP 淨利潤為 2.85 億美元，GAAP 稀釋後每股收益為 1.55 美元。年初至今，公認會計準則淨利為 9.36 億美元，相當於稀釋每股收益 5.08 美元。

Adjusted net income was $523 million for the third quarter.

第三季調整後淨利為 5.23 億美元。

Adjusted diluted earnings per share was $2.84, up 13.2% and 14.1%, respectively, versus prior year.

調整後攤薄每股收益為 2.84 美元，較前一年分別成長 13.2% 及 14.1%。

Year-to-date, adjusted net income was $1.478 billion or $8.02 per share.

年初至今，調整後淨利為 14.78 億美元，即每股 8.02 美元。

Our backlog at September 30 was $31.1 billion.

截至 9 月 30 日，我們的積壓訂單為 311 億美元。

That's up 8% year-over-year and 6.7% at constant currency.

年增 8%，以固定匯率計算成長 6.7%。

Next 12 months revenue from backlog was $7.8 billion, going 5.5% year-over-year.

接下來 12 個月的積壓收入為 78 億美元，年增 5.5%。

Reviewing the balance sheet now.

現在審查資產負債表。

As of September 30, cash and cash equivalents totaled $1.572 billion and gross debt was $13.512 billion and that resulted in a net debt of $11.940 billion.

截至9月30日，現金及現金等價物總計15.72億美元，總負債為135.12億美元，淨負債為119.40億美元。

Our net leverage ratio at the end of the quarter was 3.27 times trailing 12-month adjusted EBITDA.

截至本季末，我們的淨槓桿比率為 12 個月調整後 EBITDA 的 3.27 倍。

Third quarter cash flow from operations was $721 million, and capital expenditures were $150 million, resulting in a very strong free cash flow of $571 million.

第三季營運現金流為 7.21 億美元，資本支出為 1.5 億美元，自由現金流非常強勁，達到 5.71 億美元。

You saw in the quarter that we repurchased $200 million per share.

您在本季看到我們每股回購了 2 億美元。

That leaves us with just under $2.2 billion of share repurchase authorization remaining under the current program.

這使得我們在當前計劃下還剩下近 22 億美元的股票回購授權。

Okay, let's turn to guidance now.

好的，現在讓我們轉向指導。

Now, while our views on industry fundamentals remain positive, we are updating our full year guidance due to the delay in the two separate fast-burning mega trials, which clients communicated to us at the end of the quarter.

現在，雖然我們對行業基本面的看法仍然樂觀，但由於客戶在本季度末向我們傳達的兩個單獨的快速大型試驗的延遲，我們正在更新全年指導。

These delays resulted from client-related logistical issues.

這些延誤是由於與客戶相關的後勤問題造成的。

Our team is working closely with these customers to ensure timely resumption of the trials in 2025.

我們的團隊正在與這些客戶密切合作，以確保在 2025 年及時恢復試驗。

For the year, we now expect revenue to be between $15.350 billion and $15.4 billion, adjusted EBITDA to be between $3.675 billion and $3.7 billion and adjusted diluted earnings per share to be between $11.10 and $11.20. There is no material change from our prior guidance to our assumptions around COVID related step-down in foreign exchange.

我們目前預計今年營收將在 153.50 億美元至 154 億美元之間，調整後 EBITDA 將在 36.75 億美元至 37 億美元之間，調整後攤薄每股收益將在 11.10 美元至 11.20 美元之間。我們先前的指導與我們對與新冠病毒相關的外匯下降的假設沒有重大變化。

The revenue growth contribution from acquisitions is expected to be about 1.5 points for the year.

預計收購對全年營收成長的貢獻約為1.5個百分點。

Now, the second -- excuse me, at the segment level, we currently expect TAS to grow approximately 6% for the full year and R&D approximately 5%.

現在，第二個——對不起，在細分市場層面，我們目前預計全年 TAS 成長約 6%，研發成長約 5%。

Both growth rates are at constant currency, excluding the impact of the COVID revenue step down.

這兩個成長率均以固定匯率計算，不包括新冠疫情收入下降的影響。

For the fourth quarter, we expect revenue to be between $3.903 billion and $3.953 billion.

我們預計第四季營收將在 39.03 億美元至 39.53 億美元之間。

This includes TAS revenue of growth of approximately 8% in R&DS revenue growth of about 1%, both at constant currency and in the case of R&DS, excluding COVID-related impact.

這包括 TAS 收入成長約 8%，R&DS 收入成長約 1%，無論是以固定匯率計算或 R&DS，不包括與新冠病毒相關的影響。

Adjusted EBITDA is expected to be between $987 million and $1.12 billion.

調整後 EBITDA 預計在 9.87 億美元至 11.2 億美元之間。

And adjusted diluted EPS for the quarter is expected to be between $3.08 to $3.18. And this guidance assumes that foreign currency rates as of October 30 continue for the balance of the year.

該季度調整後稀釋後每股收益預計在 3.08 美元至 3.18 美元之間。本指引假設今年餘下時間繼續採用截至 10 月 30 日的外幣匯率。

So to summarize, we delivered another quarter of strong operational results.

總而言之，我們又一個季度實現了強勁的營運表現。

Revenue came in above the high end of our guidance at about 6.5% year over year, excluding the impact of foreign exchange and COVID-related work, adjusted EBITDA margin expanded to 24.1%.

營收年增約 6.5%，高於我們指導的上限，排除外匯和新冠疫情相關工作的影響，調整後 EBITDA 利潤率擴大至 24.1%。

Adjusted diluted EPS grew by 14% and as interest expense is no longer a headwind.

調整後的攤薄每股收益增加了 14%，利息支出不再是阻力。

Free cash flow was again strong, going 31% year over year, representing 109% cash conversion of adjusted net income.

自由現金流再次強勁，年增 31%，相當於調整後淨利的 109% 現金轉換。

R&DS bookings were affected by the cancellation of one large program due to drug fatality.

一項大型計畫因藥物死亡而取消，研發預訂受到影響。

We updated our Q4 guidance to reflect the delayed start of two fast-burning mega trials that are now expected to resume again in 2025.

我們更新了第四季度的指引，以反映兩項快速大型試驗的延遲啟動，目前預計將在 2025 年再次恢復。

And while we are experiencing some near-term bumpiness in R&D forward-looking indicators continue to signal a healthy demand environment, confirming the strength and resilience of this business into 2025 and beyond.

雖然我們近期在研發方面遇到一些坎坷，但前瞻性指標繼續表明健康的需求環境，證實了該業務在 2025 年及以後的實力和彈性。

And with that, let me hand it back over to the operator to open the Q&A session.

接下來，讓我將其交還給操作員以開始問答環節。

(Operator Instructions) Ann, Mizuho.

（操作員指示）安，瑞穗。

Any thoughts on preliminary 2025?

對 2025 年初步計劃有什麼想法嗎？

I know the industry is going through a tough time now.

我知道這個行業現在正經歷一段艱難時期。

But do you think you could still grow in that kind of high single-digit range given the backdrop?

但在這種背景下，您認為您仍然可以在這種高單位數範圍內成長嗎？

Well, thank you, Ann.

嗯，謝謝你，安。

We don't usually give guidance for the following year at the time of the third quarter earnings release, but we do plan to at least give some indication of the '25, we look like at our investor meeting on this December 10.

我們通常不會在第三季收益發佈時給出下一年的指導，但我們確實計劃至少給出 25 年的一些指示，就像我們在 12 月 10 日的投資者會議上那樣。

And as always, to give you more precise guidance for the year, concurrent with the full year earnings release.

一如既往，在發布全年收益的同時，為您提供更準確的年度指導。

Now having said that, look, I'm going to depart from what everybody else in the room is telling to do, and I'm going to tell you that what -- and I'll do that because the environment is so shaky and obviously, you're wondering what's going to happen in '25.

話雖如此，聽著，我要偏離房間裡其他人告訴我們要做的事情，我要告訴你們什麼——我會這樣做，因為環境是如此不穩定，顯然，您想知道25 年會發生什麼。

So look, if you look at '24, we grew -- we will have grown the company about mid-single digits, okay?

所以看，如果你看看 24 年，我們成長了——我們將使公司成長到中個位數，好嗎？

After all the short-term challenges that we signaled are absorbed.

在我們表示的所有短期挑戰都被吸收之後。

And my expectation is that it will be similar in '25.

我的期望是 25 年也會類似。

That's really a high-level expectation.

這確實是一個很高的期望。

We haven't finished our planning process, as you can imagine.

正如你可以想像的那樣，我們還沒有完成我們的規劃過程。

But if you look at the segment stars, as predicted, rebounded in the second half, and that is a short-cycle business.

但如果你看細分領域的明星，正如預測的那樣，下半年出現反彈，那是一個短週期的業務。

So I think things are coming back as expected, and we anticipate this will continue.

所以我認為事情正在按預期恢復，我們預計這種情況將繼續下去。

So if that grows this year at constant currency, again, around 6% or so, then I think I'm expecting that the same will be true at least in '25.

因此，如果今年以固定匯率計算，成長率再次達到 6% 左右，那麼我認為至少在 25 年也會出現同樣的情況。

And then for RDS, which will continue to deal with these short-term cancellations in Q4 and probably the early part of '25, we are projecting a 5-ish percent growth, 5% plus growth for RDS for this year.

然後，對於 RDS，它將在第四季度以及可能在 25 年初繼續處理這些短期取消問題，我們預計今年 RDS 的成長將達到 5% 左右，即 5% 以上。

I'm going to assume at this early stage, a little bit similar.

我假設在這個早期階段，有點相似。

That's what's guiding my observation that I think company-wide would be around those levels as well in '25.

這就是我的觀察的指導，我認為全公司範圍在 25 年也將達到這些水準。

Again, that's just as a placeholder, I invite you to join us on December 10, where our planning will be more advanced, and we'll share more about that.

再次強調，這只是一個佔位符，我邀請您在 12 月 10 日加入我們，屆時我們的計劃將更加先進，我們將分享更多相關資訊。

And certainly, our full year detailed guidance when we reach full year earnings.

當然，當我們達到全年盈利時，我們會提供全年詳細指導。

Shlomo, Stifel.

什洛莫，斯蒂菲爾。

Ari, I know it's one question, but I just want to get a lot more detail, if you can, on the trial delays because I can't talked about two trial issues also, they were talking about financial re-prioritization and stuff like that with some of their clients.

阿里，我知道這是一個問題，但如果可以的話，我只是想了解更多關於審判延遲的細節，因為我也不能談論兩個審判問題，他們正在談論財務重新優先排序之類的東西與他們的一些客戶的關係。

You're talking about some kind of logistical issues.

您正在談論某種後勤問題。

Can you give us a little bit more detail?

您能給我們更多細節嗎？

Are these logistics physical logistics?

這些物流是實體物流嗎？

What else could be involved in that?

這其中還可能涉及什麼？

Does it have anything to do with the financials and what kind of confidence do you have that the projects will really ramp into the second half of '25?

這與財務狀況有什麼關係嗎？

And if you kind of flush that out as much as possible would appreciate it.

如果你能盡可能地把它沖掉，我會很感激的。

Yes.

是的。

So look, I mean, what other competitors are experiencing is absolutely coincidental that 2 trials are out, and we have 2 trials.

所以看，我的意思是，其他競爭對手所經歷的絕對是巧合，2 次試驗已經結束，而我們有 2 次試驗。

I understand why you're asking the question.

我明白你為什麼要問這個問題。

Just again to step back and look at what's happening.

只是再次退後一步，看看發生了什麼。

We've got a general environment where, as I stated in my introductory remarks, large pharma has been reprioritizing their programs is nothing new here, and that has led that a direct consequence of the IRA.

正如我在介紹性發言中所說，我們有一個總體環境，大型製藥公司一直在重新調整其計劃的優先順序，這在這裡並不是什麼新鮮事，這也是愛爾蘭共和軍的直接後果。

That has led to an elevated a number of cancellations.

這導致取消航班的數量增加。

That affects the industry.

這影響了這個行業。

That's the market environment.

這就是市場環境。

And frankly, even in that environment, we normally should be expected given our scale and performance and momentum, we should be expected to continue to deliver.

坦白說，即使在這種環境下，鑑於我們的規模、業績和勢頭，我們通常應該期望我們能夠繼續交付。

And that's what we did for the first three quarters of the year.

這就是我們今年前三個季度所做的事情。

Separately and unfortunately, at the same time, we have had to deal with a very large cancellation that has nothing to do with reprioritization has to do with futility.

不幸的是，同時，我們不得不處理大量的取消，這與重新確定優先順序無關，與徒勞無功有關。

And that obviously is affecting our short-term impact.

這顯然正在影響我們的短期影響。

Now in a normal environment, we would have been able to absorb that and move on.

現在在正常的環境中，我們本來能夠吸收這些並繼續前進。

But because it's such a tough environment, and we're dealing with a general heightened level of cancellations, we've not been able to absorb that.

但由於環境如此艱難，而且我們正在應對取消航班普遍增加的情況，因此我們無法消化這一點。

Again, separately and unfortunately, concurrently, to clients, this is totally independent of anyone else of any reprioritization of any financial considerations of anything else, have had for their own reasons, we know what the reasons are.

再次，不幸的是，同時，對於客戶來說，這完全獨立於其他任何人，任何其他任何財務考慮的優先順序，出於他們自己的原因，我們知道原因是什麼。

I cannot share them with you.

我無法與你分享它們。

We are subject to very strict NDAs for reasons.

由於某些原因，我們必須遵守非常嚴格的保密協議。

It has absolutely nothing to do with the drug, with us, with financials, we just can't tell you what the reasons are.

這與藥物、我們、財務完全無關，我們只是無法告訴你原因是什麼。

I regret that.

我對此感到遺憾。

But those trials will resume, they happen to be fast burning, and they have tend to be very large.

但這些試驗將會繼續進行，它們恰好正在快速燃燒，而且往往規模非常大。

We are confident that they will resume in '25.

我們有信心他們將在 25 年恢復。

Now I know it's a lot to absorb.

現在我知道需要吸收很多東西。

And when you look at the whole picture, that's a lot of different things.

當你縱觀全局時，你會發現有很多不同的東西。

I regret it as much as you, but that's the reality we're facing with.

我跟你一樣感到遺憾，但這就是我們面臨的現實。

The choppy environment will navigate that on a normal circumstances, but we've had to deal with 2 discrete events unrelated really to the environment

在正常情況下，不穩定的環境會解決這個問題，但我們必須處理兩個與環境真正無關的離散事件

Anne, JPMorgan.

安妮，摩根大通。

I was hoping perhaps you could help us understand just maybe the timing of some of these dynamics of the cancellations, how much notice do you get in advance?

我希望您能幫助我們了解取消的一些動態的時間，您提前多少時間收到通知？

And when we think about the delays for kind of pushing to the back half of next year, did they impact any other projects for 2025, or does that become incremental to 2025?

當我們考慮推遲到明年下半年的延遲時，它們是否會影響 2025 年的任何其他項目，或者是否會影響 2025 年？

Okay.

好的。

On cancellations, typically, Look, it depends, okay?

關於取消，通常，看，這取決於情況，好嗎？

All these -- there's two types of cancellations.

所有這些——有兩種類型的取消。

And I'm going to roughly say that in this past year, what we are seeing is that about half is due to the reprioritization and about half is the normal drug futility based on results.

我粗略地說，在過去的一年裡，我們所看到的是，大約一半是由於重新調整優先順序，大約一半是基於結果的正常藥物無效。

How does it happen with the reprioritization, it's a process that our clients are going through.

重新確定優先順序是如何發生的，這是我們的客戶正在經歷的過程。

And they've been going through this for 1.5 years, and I believe we are peaking at this point.

他們已經經歷了 1.5 年，我相信我們此時正達到頂峰。

It has an end.

它有一個結束。

This process has an end.

這個過程有一個結束。

I see this ending at the end of this year.

我認為這個結局將在今年年底結束。

That's my prediction.

這是我的預測。

It's one month's prediction.

這是一個月的預測。

But I think that we're going to still see elevated cancellations in the fourth quarter.

但我認為第四季取消航班的數量仍然會增加。

We don't -- we -- now IQVIA does not give quarterly numbers for cancelation (inaudible), I've said before, normally, it's about $0.5 billion, and it can vary plus or minus $200 million either side.

我們不——我們——現在 IQVIA 不提供季度取消數據（聽不清楚），我之前說過，通常約為 5 億美元，雙方可能存在正負 2 億美元的差異。

It's by definition, it's not a constant number.

根據定義，它不是一個常數。

It cannot be the same number every quarter, okay?

每季的數字不能相同，好嗎？

So there are quarters where it's 300.

所以有些宿舍的價格是 300。

The as quarter whether it's 250, they are post 600, 700, the average is around 500.

季度無論是250，還是600、700，平均在500左右。

And I think that we are seeing -- I wouldn't be -- I'm not surprised to so see quarters where we have doubled that number because of these reprioritizations, okay?

我認為我們正在看到——我不會——我並不感到驚訝，因為這些優先順序的重新調整，我們的數字增加了一倍，好嗎？

So that's what we're dealing with.

這就是我們正在處理的事情。

The traditional cancellations other than reprioritization, the traditional cancellations that are due to data it usually takes time because you've got a piece of data that's not favorable.

除了重新確定優先順序之外的傳統取消，由於資料而導致的傳統取消通常需要時間，因為你得到了一個不利的資料。

As you know, there are independent panels investigated panels that review that data, the discussions with the FDA.

如您所知，有獨立的小組調查小組審查這些數據以及與 FDA 的討論。

It's a long process.

這是一個漫長的過程。

And even in order to reach the decision to cancel, it takes time.

即使要做出取消的決定，也需要時間。

When that happens, it also takes time to unwind the trial.

當這種情況發生時，結束審判也需要時間。

If the trial is ongoing as opposed to the trials that are canceled because of reprioritization, which are things that are simply taken out of backlog, programs are canceled because they are in the middle in flight because of results, it takes time to unwind.

如果試驗仍在進行中，而不是因為重新確定優先順序而被取消的試驗（這些試驗只是從積壓的工作中刪除），則項目被取消是因為它們由於結果而處於中間狀態，需要時間來放鬆。

It could take two or three quarters because we have to deal with patients that are -- that have been dosed, that are on the treatment, et cetera.

這可能需要兩到三個季度的時間，因為我們必須處理已經接受過給藥、正在接受治療等等的患者。

So there are serious reasons.

所以這是有嚴重原因的。

And often, it leads to additional bookings of extra work in order to facilitate that disengagement.

通常，這會導致額外預訂額外的工作，以促進這種脫離。

So that's -- again, it's a complex unwinding process.

所以這又是一個複雜的放鬆過程。

But I hope that helps answer your question.

但我希望這有助於回答你的問題。

Ron.

羅恩.

You would also, I think, asked about delays and whether the delays at incremental work in 2025, don't forget, these are multiyear trials.

我認為，您還會詢問延遲的問題，以及 2025 年增量工作是否延遲，不要忘記，這些都是多年的試驗。

So if '24 work gets pushed into '25, sure, we pick it up there, but '25 work gets pushed into '26.

因此，如果 24 年的工作被推到 25 年，當然，我們會在那裡撿起它，但 25 年的工作會被推到 26 年。

So I wouldn't think of these as being incremental to 2025.

所以我不認為這些是 2025 年的增量。

Right.

正確的。

That's correct.

這是正確的。

However, the sequential growth will be affected, right?

但是，環比成長會受到影響吧？

So just because of the compares and

所以只是因為比較和

(inaudible).

（聽不清楚）。

Exactly.

確切地。

And we'll give you more information on the sequential growth that we expect as we go forward during our normal guidance process.

我們將在正常指導過程中向您提供有關我們預期的連續增長的更多資訊。

Luke, Barclays.

路克，巴克萊。

A couple of cleanups here to start.

從這裡開始進行一些清理工作。

On the M&A, you guys did $228 million, I think, in the quarter.

我認為，在本季的併購方面，你們賺了 2.28 億美元。

Any update there on like the financial profile and is all this in TAS and kind of how we think about that business growing so we can -- from more perspective in the next year?

是否有任何更新，例如財務狀況，所有這些都在 TAS 中，以及我們如何看待該業務的成長，以便我們能夠 - 從明年的更多角度？

Yes.

是的。

Thank you.

謝謝。

Well, yes, you're correct.

嗯，是的，你是對的。

As has been typically the case, the majority of our acquisition contribution is intact.

正如通常的情況一樣，我們的大部分收購貢獻都完好無損。

But I would point out that in the quarter, TAS had a very strong step-up in organic growth.

但我要指出的是，在本季度，TAS 的有機成長非常強勁。

In fact, more than three times sequentially.

事實上，連續三次以上。

The company-wide organic growth was just under 5%, excluding acquisitions.

不包括收購，整個公司的有機成長略低於 5%。

So acquisition contributed to just over 1.5 points to our about 6.5 points of growth at constant currency, excluding COVID.

因此，以固定匯率（不包括新冠疫情）計算，收購對我們約 6.5 個百分點的成長貢獻略高於 1.5 個百分點。

Now if you do the math, you'll see that the organic growth in TAS was also mid-single digits, which, again, is over three times what it was in the prior quarter.

現在，如果您計算一下，您會發現 TAS 的自然成長也是中個位數，這又是上一季的三倍多。

So strong into across the board organically.

如此強勢有機地全線投入。

Since you asked about acquisitions, I just want to step back and and reiterate what I've said many times before, and that is that acquisitions are an important part of our growth algorithm, always has been the case, and hopefully, will continue to be the case.

既然你問到收購的問題，我只想退後一步，重申我之前多次說過的話，那就是收購是我們成長演算法的重要組成部分，一直都是這樣，希望能夠繼續下去。

In fact, we always aimed at at least 2 points of incremental growth from acquisitions.

事實上，我們的目標始終是透過收購實現至少 2 個百分點的增量成長。

But if you look at our numbers, you'll see that historically, we've never been able to do 2 points plus of growth.

但如果你看看我們的數字，你會發現，從歷史上看，我們從來沒有能夠實現 2 個百分點以上的成長。

It's been more between 1 and 1.5 points.

更多的是1到1.5點之間。

And this year, hopefully, 1.5% of contribution from acquisitions.

今年，希望 1.5% 的貢獻來自收購。

Now bear in mind, we do a very large number of tiny, tiny deals, okay?

現在請記住，我們做了很多非常小的交易，好嗎？

You have the list here in front of you, Ron?

羅恩，你面前有這份清單嗎？

Just to give an example -- a couple of examples this year in the -- in a TAS area, we did an acquisition of a commercial engagement company, H3O, that has $1 million of annual revenue, we did a real-world platform B2I, that had slightly over $1 million of revenue.

舉個例子——今年在 TAS 領域的幾個例子，我們收購了一家商業參與公司 H3O，該公司年收入為 100 萬美元，我們做了一個現實世界的 B2I 平台，其收入略高於100 萬美元。

So when you look at the total number of acquisitions we do, it looks like a really big number, but there are any number of very small acquisition.

因此，當你看到我們進行的收購總數時，它看起來確實是一個很大的數字，但也有一些非常小的收購。

That's typical.

這是典型的。

If you look at our list of actual acquisitions with all these little fancy names and they are important, okay, these are little deals that we -- we do this because we believe we are pretty good at buying good companies with potential growth.

如果你看一下我們的實際收購清單，上面有所有這些小花哨的名字，它們很重要，好吧，這些都是我們的小交易——我們這樣做是因為我們相信我們非常擅長收購具有潛在增長的優秀公司。

And typically, after we integrate them within a year or two of ownership, they do very well.

通常，當我們在擁有所有權後的一兩年內將它們整合起來後，它們就會表現得非常好。

So again, the vast majority of this deal has very little revenue.

同樣，這筆交易的絕大多數收入很少。

Now sometimes, we have to pay up a lot.

現在有時候，我們必須付出很多。

I mean there are -- there's a handful of acquisitions we've done in the past -- in the recent past that we've paid 10x revenue for.

我的意思是，我們過去進行過一些收購，最近我們支付了 10 倍收入的費用。

I've seeing over the DMD, for example, like a couple of years, which facilitate our entry into the the digital space.

例如，我已經了解 DMD 了好幾年了，它促進了我們進入數位領域。

We paid almost 10x revenue for that company.

我們為那家公司支付了幾乎 10 倍的收入。

So if you will, the acquisition number, the dollar paid for the acquisitions and the revenue contributions are not connected.

因此，如果你願意的話，收購數量、收購支付的美元和收入貢獻是沒有關聯的。

For example, year-to-date, what's the spa acquisitions year-to-date as of Q3 --

例如，今年迄今為止，截至第三季度，今年迄今的水療中心收購情況是多少——

$649

$649

million.

百萬。

Okay.

好的。

We spent $649 million year-to-date on acquisitions at the -- as of the end of the third quarter.

截至第三季末，我們今年迄今已花費 6.49 億美元進行收購。

Almost half of that was 1 acquisition, a company called Micra, which is a small specialized CRO in med devices.

其中幾乎一半是收購的一家名為 Micra 的公司，這是一家小型專業醫療設備 CRO。

It's actually an RDS acquisition, and we bought that in the third quarter, sometime in August, if I remember, and that was almost half of the spend.

這實際上是 RDS 的收購，我們在第三季度購買了它，如果我沒記錯的話，是在 8 月的某個時候，這幾乎是支出的一半。

And we paid almost five times revenue for that.

我們為此支付了幾乎五倍於收入的費用。

So obviously, it's a big number in terms of the spend, but the revenue contribution this year of that acquisition is de minimis, okay?

顯然，就支出而言，這是一個很大的數字，但該收購今年的收入貢獻微乎其微，好嗎？

Because again, we paid almost five times.

因為我們又付了幾乎五倍的錢。

We bought that in -- it has maybe 1 month of revenue in the quarter, and that's what it was.

我們買了它——它在本季度可能有 1 個月的收入，事實就是這樣。

So again, very important acquisition as part of our strategy.

再次強調，收購是我們策略的一部分，非常重要。

Thanks for asking the question.

感謝您提出問題。

By the way, I would remind you the best deal we ever did was the acquisition of the 40% minority we didn't yet own from our joint venture with Quest in our central lab.

順便說一句，我想提醒您，我們做過的最好的交易是從我們與 Quest 中央實驗室的合資企業中收購了我們尚未擁有的 40% 少數股權。

That was the largest deal that we did.

那是我們做過最大的交易。

And we paid $760 million for that.

我們為此支付了 7.6 億美元。

It came with exactly zero revenue because we already consolidated revenue, right?

它的收入完全為零，因為我們已經合併了收入，對吧？

But it was a great deal nonetheless.

但這仍然是一筆很大的交易。

So again, I hope that helps give context to our acquisition strategy.

再次強調，我希望這有助於為我們的收購策略提供背景資訊。

Justin, Deutsche Bank.

賈斯汀，德意志銀行。

Looking forward to seeing the lab at the innovation center in December.

期待 12 月在創新中心見到實驗室。

Ari, just sticking with the M&A.

阿里，只是堅持併購。

I think at the -- in capital deployment at the beginning of the year, you guys talked about $2 billion deployment.

我想在年初的資本部署中，你們談到了 20 億美元的部署。

I think when you put together the M&A and the buyback, you're still tracking below $1 billion.

我認為，當你把併購和回購放在一起時，你仍然低於 10 億美元。

So assume nothing gets done in the fourth quarter, would it be fair to assume like sort of like $3 billion of dry powder for 2025?

因此，假設第四季沒有採取任何行動，那麼假設 2025 年的乾粉金額為 30 億美元是否公平？

And then just related to the comments around pricing pressure.

然後就是有關定價壓力的評論。

I think earlier, you've said it's been mostly concentrated to FSP.

我想早些時候，您說過它主要集中在 FSP 上。

Are you seeing that spill over all into FSO?

您是否看到這一切都蔓延到了 FSO 中？

Okay.

好的。

Well, thank you, Justin.

好吧，謝謝你，賈斯汀。

This a great question.

這是一個很好的問題。

On the capital deployment, as you know, we signaled between $2 billion and $3 billion as a long-term goal annually spread between acquisitions and share repurchase.

在資本部署方面，如您所知，我們表示長期目標是每年 20 億至 30 億美元，分攤在收購和股票回購之間。

And as you correctly pointed out, so far this year, we saw the numbers so far, we spent $649 million on acquisitions and just $200 million on share repurchase.

正如您正確指出的那樣，今年到目前為止，我們看到了迄今為止的數字，我們在收購上花費了 6.49 億美元，在股票回購上僅花費了 2 億美元。

And frankly, that's because we were looking at bigger acquisitions that we were unable to do either for pricing or other reasons.

坦白說，這是因為我們正在考慮進行更大的收購，但由於定價或其他原因而無法進行。

Acquisitions, as you know, are binary, you do them, or you don't do them.

如您所知，收購是二元的，要么做，要么不做。

Now based on what I know today, I don't think that we're going to spend a lot more on acquisitions before the end of the year.

現在，根據我今天所了解的情況，我認為我們不會在年底之前在收購上花費更多資金。

Maybe, again, I'm speculating between another $50 million to $100 million at the most.

也許，我再一次猜測最多還有 5,000 萬到 1 億美元。

And therefore, you correct to point out, that leaves us with a lot of dry powder.

因此，您正確地指出，這給我們留下了很多乾粉。

My intention before the earnings release was to massively buy shares in the fourth quarter.

在財報發布之前，我的意圖是在第四季大量購買股票。

And today, my intention is even to more massively buy share at the end of the quarter.

今天，我的意圖甚至是本季末更大規模地購買股票。

My general counsel specifically said, on his head here, but I am telling you that we are very excited, and we are going to buy a lot of shares.

我的總法律顧問在這裡明確表示，但我告訴你們，我們非常興奮，我們將購買很多股票。

We have $2.2 billion plus share buyback authorization.

我們擁有 22 億美元的資金以及股票回購授權。

And the share price is screaming buy, and that's where we're going to spend our capital.

股價正在大幅上漲，這就是我們將要花費資金的地方。

Then you had a question on pricing.

然後你有一個關於定價的問題。

Pricing is tough across the board, has been commercial and RDS, obviously, it's not that it's more on FSP than on FSO, it's just that was stronger this year.

定價全面艱難，已經商業化和RDS，顯然，這並不是說FSP比FSO更多，只是今年更強勁。

FSP is perhaps, correct me if I'm wrong, over here, it's about 15% of revenue roughly.

FSP 可能是，如果我錯了請糾正我，在這裡，大約是收入的 15%。

Yes, correct.

是的，正確。

And -- but it's been increasing in terms of our bookings and inching towards 20%, right?

而且——但我們的預訂量一直在增加，正在逐漸接近 20%，對嗎？

So eventually, it will be about 20%.

所以最終會是20%左右。

But again, we might win again other FSOs.

但同樣，我們可能會再次贏得其他 FSO。

So I think it will be always between 15% and 20%.

所以我認為它總是在 15% 到 20% 之間。

And FSP has, as you know, lower margins.

如您所知，FSP 的利潤率較低。

So that depresses our -- it's a headwind to our margins because of mix.

因此，由於混合因素，這對我們的利潤率構成了不利影響。

Every time we do more FSP, pricing is tough across the board, okay?

每次我們做更多的 FSP 時，定價都會變得很困難，好嗎？

One, because, as I mentioned before, this year, clients, most large pharma companies, put us through a sort of a rebid process, invited every CRO under the song, and as I mentioned in my introductory remarks, we did very well there.

一，因為，正如我之前提到的，今年，客戶，大多數大型製藥公司，讓我們經歷了一種重新投標過程，邀請了這首歌下的每一位CRO，正如我在介紹性發言中提到的，我們在那裡做得很好。

Essentially in every single one of these bid processes we were reselected for our existing strategic partnerships, and we expanded with half a dozen strategic partners and expanded the scope of what we are going to be preferred suppliers for, including especially for Central Lab.

本質上，在每一個投標過程中，我們都被重新選為現有的戰略合作夥伴，並且我們擴大了六家戰略合作夥伴，並擴大了我們將成為首選供應商的範圍，特別是中央實驗室。

So we think that the future is very bright on R&D.

所以我們認為研發的未來非常光明。

And again, pricing, very tough.

再說一遍，定價非常困難。

That's one reason.

這是原因之一。

The other reason is that we have, as you know, the industry has kind of sort of split between three large CROs and then another set of second-tier who have had, let's say, more trouble in the recent past and who are desperate to win business.

另一個原因是，正如你所知，這個行業在三個大型 CRO 和另一組二線 CRO 之間存在某種分裂，這些二線 CRO 最近遇到了更多麻煩，並且迫切希望贏得生意。

And when you're desperate, the place you go to is price.

當你絕望的時候，你去的地方就是價格。

And so all of that, even though they never selected, they end up creating somewhat of a more pricing pressure.

因此，儘管他們從未選擇過，但所有這些最終都會造成更大的定價壓力。

And clients, of course, are going to be delighted to use them for that purpose.

當然，客戶會很高興將它們用於此目的。

So these are the reasons.

這就是原因。

It doesn't look like it's improving.

看起來並沒有好轉。

It's going to continue to be tough.

情況將繼續艱難。

But again, we are confident that we will continue to win and do well in the long term.

但我們再次有信心，從長遠來看，我們將繼續獲勝並取得好成績。

David, Jefferies.

大衛、傑弗里斯.

I wanted to start with just a clarification.

我想先澄清一下。

I think based on on the book-to-bill that you're reporting this morning, you added about $140 million of new wins bookings above revenue.

我認為根據您今天早上報告的預訂到帳單，您在收入之上增加了約 1.4 億美元的新勝利預訂。

Your backlog is growing about $500 million.

您的積壓訂單增加了約 5 億美元。

Is the difference there just FX.

差別只是FX嗎？

So that's clarification.

這就是澄清。

And then are you thinking about taking the timing issues, the cancellations, et cetera, the pricing pressure that you just commented on, how should we think about your ability to manage cost structure and continue to kind of hold margin or deliver margin as you have in the past in this environment?

然後，您是否正在考慮考慮時間問題、取消等問題、您剛才評論的定價壓力，我們應該如何考慮您管理成本結構並繼續保持利潤或交付利潤的能力過去在這個環境下？

Dave, first of all, the first observation in your math, I think, is correct.

戴夫，首先，我認為你數學中的第一個觀察是正確的。

I don't have the numbers in front of me, but based on what I heard, I think you're absolutely on the mark with the math on the bookings and the backlog.

我面前沒有這些數字，但根據我所聽到的，我認為你對預訂和積壓的數學計算絕對正確。

Your question on the cost management is an excellent one, and you probably are inferring from what we said correctly that we have to deal with significant cost headwinds for the following reasons.

您對成本管理的問題非常好，您可能從我們正確的說法中推斷出，由於以下原因，我們必須應對重大的成本阻力。

These delays, as you can imagine, we have already started up those two mega trials, okay?

正如你可以想像的那樣，這些延誤我們已經開始了這兩項大型試驗，好嗎？

They were in start-up phase.

他們正處於啟動階段。

And therefore, we stood up the resources and the infrastructure, the teams and everything that's required to perform and deliver on those trials.

因此，我們配備了執行和交付這些試驗所需的資源、基礎設施、團隊以及一切所需的東西。

Now, they are interrupted.

現在，他們被打斷了。

So it's almost like -- but they are going to resume in '25.

所以這幾乎就像是——但他們將在 25 年恢復。

I think one of them in second quarter and then the rest basically second half and ramp up in the second half.

我認為其中一個是在第二季度，其餘的基本上是下半場，並在下半場有所增加。

Now we are not going to let these resources go and do what we just did to ramp up the resources.

現在我們不會放棄這些資源，而是會像剛才那樣增加資源。

So that already is a cost that we have to bear.

所以這已經是我們必須承擔的成本了。

Now obviously, we're going to redeploy some of that against some of the other opportunities, FSP and so on.

現在顯然，我們將針對其他一些機會（FSP 等）重新部署其中的某些機會。

But nevertheless, there is no question that we are going to be living here over the next two, three quarters, with an extra bucket of costs associated with this.

但儘管如此，毫無疑問，我們將在接下來的兩到三個季度內住在這裡，並產生大量與此相關的額外費用。

And these are huge trials, okay?

這些都是巨大的考驗，好嗎？

And that is going to affect our margins.

這將影響我們的利潤率。

Now again, we haven't finished our planning process.

現在，我們還沒有完成我們的計劃過程。

We have a lot of other levers.

我們還有很多其他槓桿。

We are working constantly on costs.

我們一直在努力降低成本。

And we -- I mean, you saw, obviously, we hadn't yet been affected by this issue so far, but you saw that so far this year, we've done pretty well.

我們——我的意思是，你看到，顯然，到目前為止我們還沒有受到這個問題的影響，但你看到今年到目前為止，我們做得很好。

And we've actually in the fourth quarter, achieved record margins, I think, 24.1% is the highest operating margins, that we have achieved since the company was created in '16, correct.

實際上，我們在第四季度實現了創紀錄的利潤率，我認為 24.1% 是我們自 16 年公司創建以來所實現的最高營業利潤率，正確的。

So we've done well, 30 bps of expansion this quarter.

所以我們做得很好，本季擴張了 30 個基點。

But again, in the next two, three quarters, we will have to see.

但同樣，在接下來的兩個、三個季度，我們還得拭目以待。

And we'll share more details on December 10 and certainly on (inaudible) with the full year earnings release.

我們將在 12 月 10 日以及（聽不清楚）全年收益發布中分享更多詳細資訊。

But David, you're exactly on the mark.

但是大衛，你完全說對了。

Elizabeth, Evercore ISI.

伊莉莎白，Evercore ISI。

Maybe one high-level question and one number's question, can you tell me where we are in this sort of strategic partnership?

也許是一個高級問題和一個數字問題，您能告訴我我們在這種策略夥伴關係中處於什麼位置嗎？

Obviously, that's been an area of strength for you guys.

顯然，這對你們來說是一個強項。

But sort of, are we just through this brand?

但是，我們只是透過這個品牌嗎？

Are we sort of still beginning?

我們還算是剛開始嗎？

Is that not the right way to think about it?

這不是正確的思考方式嗎？

And then on the number's side, can you -- what do you think the interest expense is going to be for 2024 in your updated guidance?

然後在數字方面，您認為更新後的指導中 2024 年的利息支出是多少？

Thank you, Elizabeth.

謝謝你，伊麗莎白。

Yes, I mean, the strategic partnerships we did very well this year.

是的，我的意思是，我們今年的策略夥伴關係做得很好。

Listen, we've been working with these clients for a long time.

聽著，我們已經與這些客戶合作很久了。

As you know, we expanded the number of logos that we have preferred partnerships with.

如您所知，我們擴大了首選合作夥伴的徽標數量。

And so this year -- and I think it's part of the overall reaction to the IRA and the overall focus on cost management, you know that most large pharma companies announced massive cost reduction programs, and so they opened up, they reopened all of their vendor relationships.

所以今年——我認為這是對 IRA 的整體反應和對成本管理的整體關注的一部分，你知道大多數大型製藥公司宣布了大規模的成本削減計劃，所以他們開放了，他們重新開放了所有的供應商關係。

I believe that we are largely through all of that.

我相信我們基本上已經完成了這一切。

And I think that we are ready to move forward.

我認為我們已經準備好繼續前進。

Most of the large ones essentially have been completed.

大多數大型專案基本上已經完成。

So that's for your first question.

這是你的第一個問題。

And second question was

第二個問題是

--

--

Interest expense, talking about this year, Elizabeth round number, $625 million or so, give or take, around that number, which is not terribly different than what we were telling you before.

利息支出，說到今年，伊莉莎白的整數，6.25億美元左右，或多或少，圍繞著這個數字，這與我們之前告訴你的沒有太大不同。

Got it.

知道了。

And do you want to comment on '25 right now or not on that.

你現在想對 25 發表評論嗎？

'25 interest, I mean obviously, it depends to an extent on what the Fed and the ECB do with interest rates, but flattish for next year (inaudible) we're anticipating, but we'll update as we go along.

'25 的利息，我的意思是，顯然，這在一定程度上取決於美聯儲和歐洲央行對利率的處理方式，但我們預計明年會持平（聽不清楚），但我們會隨時更新。

Michael, Leerink Partners.

邁克爾，李林克合夥人。

Morning, and thank you for taking the question.

早上好，感謝您提出問題。

I know we don't have formal '25 guidance, so I might be treading a little lightly here.

我知道我們沒有正式的 '25 指南，所以我在這裡可能會稍微謹慎一些。

But relative to R&DS and the 5% rough, give or take, expectation at this point in time, what do the conditions have to look like relative from a macro basis, cancellation rates, et cetera, to make sure that number is still feasible?

但相對於 R&DS 和目前 5% 的粗略預期，從宏觀基礎、取消率等來看，相對條件必須是什麼樣子，才能確保這個數字仍然可行？

Is that predicated on those two mega trials re-ramping in the second half?

這是基於下半年兩次大型試驗的重新啟動嗎？

And what are the most important puts and takes you're focused on that could change versus what the current trend is of general market choppiness?

與當前市場整體波動的趨勢相比，您關注的最重要的看跌期權和看跌期權有哪些可能會發生變化？

Yeah, I mean, look, I wish I had a crystal ball, but I can only tell you what we see now.

是的，我的意思是，看，我希望我有一個水晶球，但我只能告訴你我們現在看到的。

I believe that by the end of the year, these program reprioritizations will come to an end.

我相信到今年年底，這些計劃的優先順序調整將會結束。

We know that because we are in close conversations with our clients.

我們知道這一點，因為我們正在與客戶進行密切對話。

And, look, that's the business our clients are in, is to do research and innovate.

而且，你看，這就是我們客戶所從事的業務，就是進行研究和創新。

They have been at this for 1.5 years, started, I think, in the -- just in the kind of middle of last year.

他們已經在這方面工作了 1.5 年，我想是從去年年中開始的。

I think this is -- we basically know what's been reprioritized and canceled.

我認為這是——我們基本上知道哪些內容被重新確定了優先順序，哪些被取消了。

We know what will be canceled by the end of the year, basically.

基本上我們知道年底前會取消哪些內容。

Now, there could be other trials that have drug futility issues, that can always happen, but that's kind of in a normal range of things, and we anticipate that.

現在，可能還有其他試驗有藥物無效問題，這種情況總是會發生，但這是正常範圍內的事情，我們預期會發生這種情況。

In that mid-single-digit type of high-level expectations that we have as of now for '25 for R&DS, that's based on what we know today that has been canceled, the large -- you know that we had this $350 million program canceled in the quarter that we took in.

截至目前，我們對 R&DS 的 25 年的高水平預期為中個位數，這是基於我們今天所知的情況，該預期已被取消，大型 - 你知道我們有這個 3.5 億美元的計劃在我們接受的季度取消。

We also had, in the first quarter, launched a $250 million program cancellation.

我們還在第一季取消了 2.5 億美元的計畫。

And we know that these two programs mega trends have been delayed.

我們知道這兩個計劃的大趨勢已經被推遲。

And then we factored in everything else.

然後我們考慮了其他所有因素。

Again, most of the trials are much smaller than that, and we work on hundreds, over 2,000 of them, so it's going to be the normal course of things.

同樣，大多數試驗都比這個小得多，我們進行了數百個、2000 多個試驗，所以這將是正常的過程。

These big ones move the needle.

這些大人物起到了推動作用。

If you look at R&DS growth this year, we had 7% in the first quarter.

如果你看看今年的研發成長，你會發現第一季我們的研發成長了 7%。

What did we have?

我們有什麼？

First quarter was ex-COVID constant currency

第一季是前新冠疫情不變貨幣

--?

——？

8%.

8%。

Right, 8% first quarter.

對，第一季 8%。

Then we had 6% and 6% in -- on, again, a constant currency ex-COVID basis.

然後我們有 6% 和 6%，同樣是在不計新冠疫情的基礎上保持不變的貨幣。

And then we're going to have 1% in the fourth quarter.

然後我們將在第四季度達到 1%。

So, similar to what I said last year about TAS, it might be like a mirror image in '25, okay, with things going the other way just because of the cancellations, the short-term impact of that, and the delay is the short-term impact of that.

所以，類似於我去年關於 TAS 所說的，它可能就像 25 年的鏡像，好吧，事情會朝著相反的方向發展，只是因為取消，其短期影響，而延遲是短期影響。

So that's our best I can describe what we expect for '25 at this point based on what we know.

因此，根據我們所知道的情況，這是我對 25 年的最好的描述。

Thank you.

謝謝。

Thank you, Michael.

謝謝你，麥可。

There are no further questions at this time.

目前沒有其他問題。

Mr. Joseph.

約瑟夫先生。

I turn the call back over to you.

我把電話轉回給你。

Thank you, operator.

謝謝你，接線生。

Thank you all for taking the time to join us today and we look forward to speaking with you again in our fourth-quarter 2024 earnings call.

感謝大家今天抽出時間加入我們，我們期待在 2024 年第四季財報電話會議上再次與您交談。

The team will be available the rest of the day to take any follow-up questions you might have.

團隊將在當天剩餘時間回答您可能提出的任何後續問題。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。