Repligen Corp (RGEN) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Repligen Corporation's fourth quarter of 2024 earnings conference call. My name is MJ, and I will be your coordinator. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Repligen Corporation 2024 年第四季財報電話會議。我的名字是 MJ，我將擔任您的協調員。（操作員指令）

I would now like to turn the call over to your host for today's call, Sondra Newman, Head of Investor Relations. Please go ahead.

現在，我想將電話轉給今天的電話主持人、投資者關係主管桑德拉紐曼 (Sondra Newman)。請繼續。

Thank you and welcome to our fourth quarter of 2024 report. On this call, we will cover business highlights and financial performance for the 3- and 12-month periods ending December 31, 2024. And we'll provide financial guidance for the full year 2025.

謝謝您，歡迎閱讀我們 2024 年第四季的報告。在本次電話會議上，我們將介紹截至 2024 年 12 月 31 日的 3 個月和 12 個月的業務亮點和財務表現。我們將提供 2025 年全年財務指導。

Joining us on the call today are Repligen's President and Chief Executive Officer, Olivier Loeillot; and our Chief Financial Officer, Jason Garland. As a reminder, the forward-looking statements that we make during this call, including those regarding our business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual events or results to differ. Additional information concerning risks related to our business is included in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and our current reports on 8-K, including the report that we are filing today, as well as other filings that we make with the Securities and Exchange Commission.

今天參加電話會議的有 Repligen 總裁兼執行長 Olivier Loeillot；以及我們的財務長 Jason Garland。提醒一下，我們在本次電話會議中做出的前瞻性陳述，包括有關我們的業務目標和對公司財務業績的預期的陳述，都存在風險和不確定性，這些風險和不確定性可能導致實際事件或結果有所不同。有關我們業務風險的其他資訊包含在我們的 10-Q 表季度報告、10-K 表年度報告和 8-K 當前報告（包括我們今天提交的報告）以及我們向美國證券交易委員會提交的其他文件中。

Today's comments reflect management's current views, which could change as a result of new information, future events, or otherwise. The company does not obligate or commit itself to update forward-looking statements except as required by law.

今天的評論反映了管理層當前的觀點，這些觀點可能會因新資訊、未來事件或其他原因而改變。除法律要求外，該公司沒有義務或承諾更新前瞻性聲明。

During this call, we are providing non-GAAP financial results and guidance unless otherwise noted. Reconciliations of GAAP to NON-GAAP financial measures are included in the press release that we issued this morning, which is posted to Repligen's website and on sec.gov.

在本次電話會議中，除非另有說明，我們將提供非 GAAP 財務結果和指導。我們今天早上發布的新聞稿中包含了 GAAP 與非 GAAP 財務指標的對賬，該新聞稿已發佈在 Repligen 網站和 sec.gov 上。

Adjusted NON-GAAP figures in today's report include the following: non-COVID and organic revenue and/or revenue growth, cost of goods sold, gross profit and gross margin, operating expenses including R&D and SG&A, income from operations and operating margin, tax rate on pre-tax income, net income, diluted earnings per share, EBITDA and adjusted EBITDA, as well as adjust EBITDA margins. These adjusted financial figures should not be viewed as an alternative to GAAP measures, but are intended to best reflect the performance of our ongoing operations.

今天的報告中調整後的非公認會計準則數據包括：非 COVID 和有機收入和/或收入增長、銷售成本、毛利潤和毛利率、包括研發和銷售、一般及行政費用在內的營運費用、營業收入和營業利潤率、稅前收入稅率、淨收入、稀釋每股收益、EBITDA 和調整後的 EBITDA，以及調整後的 EBITDA 利潤率。這些調整後的財務數據不應被視為 GAAP 指標的替代品，而是為了最好地反映我們持續經營的表現。

Now let me turn the call over to Olivier.

現在，讓我把電話轉給奧利維爾。

Thank you, Sondra. Good morning, everyone, and welcome to our 2024 fourth-quarter annual end report. We are happy with the way we finished 2024, and in addition to reporting our financial results in detail, we will share our 2025 strategic priorities and provide financial guidance for the new year. We have a lot of reasons to be positive about 2025 as we put specific 2024 headwinds behind us and we see a return to growth for the bioprocessing market.

謝謝你，桑德拉。大家早安，歡迎閱讀我們的2024年第四季年度終報告。我們對 2024 年的收官方式感到滿意，除了詳細報告財務表現外，我們還將分享我們的 2025 年策略重點，並為新的一年提供財務指導。我們有許多理由對 2025 年持樂觀態度，因為我們已經擺脫了 2024 年的具體阻力，並且看到生物加工市場恢復成長。

I'm pleased to share that we achieved the midpoint of our November guidance, delivering fourth-quarter revenue of $167.5 million and full-year revenue of $634.4 million, despite a $3.5 million exchange rate headwind in the quarter. Product differentiation, excellent execution by our team, and better market conditions have enabled us to deliver a 13% revenue growth ex-COVID in the fourth quarter versus the previous year.

我很高興地告訴大家，儘管本季面臨 350 萬美元的匯率逆風，但我們實現了 11 月指引的中位數，第四季營收達到 1.675 億美元，全年營收達到 6.344 億美元。產品差異化、團隊的出色執行力以及更好的市場條件，使我們在第四季度實現了同比 13% 的（不包括疫情）收入成長。

Our orders were also very strong in the fourth quarter, with the highest order intake we've had since quarter two of 2022. And it was the sixth straight quarter that orders outpaced non-COVID revenue. In quarter four, we were delighted by the strong performance from CDMOs and equipment, key market sectors that have been slower to recover. With this momentum and as our funnel continues to grow, we are well positioned as we enter 2025.

我們的訂單在第四季也非常強勁，訂單量達到了 2022 年第二季以來的最高水準。這是訂單連續第六個季度超過非新冠疫情收入。第四季度，我們很高興看到 CDMO 和設備這兩個關鍵市場領域的強勁表現，這兩個領域的復甦速度較慢。憑藉這一勢頭以及我們的管道不斷增長，我們在進入 2025 年時已做好了有利準備。

After a great rebound in quarter three, our CDMO business had an even better quarter with sales and orders up high double digits sequentially. In fact, thanks to that very strong CDMO finish, our full-year 2024 sales growth was similar at CDMO and pharma, both up high single digits.

在第三季強勁反彈之後，我們的 CDMO 業務本季表現更加出色，銷售額和訂單量較上季均實現兩位數的高成長。事實上，由於 CDMO 的強勁表​​現，我們 2024 年全年的 CDMO 和製藥銷售成長相似，均實現了高個位數成長。

We saw a similar pattern for equipment. Following a solid quarter three, equipment was another important standout in the fourth quarter, with both sales and orders up more than 30% sequentially. Thanks to that strong equipment finish, our full-year 2024 sales growth was similar for consumables and equipment, both at 8% and 10%, respectively.

我們在設備上也看到了類似的模式。繼第三季的穩健表現後，設備成為第四季的另一個重要亮點，銷售額和訂單均較上季成長 30% 以上。由於強勁的設備表現，我們 2024 年全年消耗品和設備的銷售成長相似，分別為 8% 和 10%。

At the franchise level, filtration had another excellent quarter, both from a revenue and order point of view. And analytics had a record quarter, both in sales and orders, since we acquired CTech in 2019. And finally, 2024 has been a great year for new modalities with low double digit growth in both sales and orders as we build momentum with key accounts and new technology launches.

從特許經營層面來看，無論從收入或訂單的角度來看，過濾業務都度過了一個出色的季度。自 2019 年我們收購 CTech 以來，分析業務在銷售額和訂單量方面均創下了新高。最後，隨著我們透過大客戶和新技術的發布營造良好勢頭，2024 年對於新模式而言是偉大的一年，銷售額和訂單均實現了低兩位數增長。

Before entering into more detail, I would like to say that managing to deliver 3% of revenue growth in 2024, including COVID and considering the huge headwinds in protein and China, demonstrate the fantastic execution of our teams and the uniqueness of our portfolio. And in fact, our full-year revenue was in line with our initial outlook in February 2024, adjusting for the restatement and additional currency headwinds.

在詳細介紹之前，我想說，包括 COVID 在內的話，考慮到蛋白質和中國市場的巨大阻力，我們成功在 2024 年實現 3% 的收入增長，這證明了我們團隊的出色執行力和我們產品組合的獨特性。事實上，經過重述和額外的貨幣不利因素調整後，我們的全年收入與我們 2024 年 2 月的初步預測一致。

When I reflect on the full year, in addition to the forward momentum of the market and our results, I'm also very pleased with how the Repligen team executed on the five strategic priorities we set at the beginning of 2024. First, our high probability funnel has increased through the year, driving fourth-quarter orders to their highest level over the last 10 quarters. And even with very strong Q4 orders, we replenish the funnel. At the end of December, our greater than 50% probability funnel was up 16% versus the end of 2023. Our greater sales organization, including our extended care current management team, have done well in 2024, training new leads at our top pharma and CDMO accounts and improving our portfolio visibility.

當我回顧全年時，除了市場的前進勢頭和我們的表現之外，我還對 Repligen 團隊如何執行我們在 2024 年初設定的五個策略重點感到非常滿意。首先，我們的高機率漏斗全年都在增加，推動第四季度的訂單達到過去 10 個季度以來的最高水準。即使第四季度的訂單非常強勁，我們也會補充訂單。截至 12 月底，我們的超過 50% 的機率漏斗與 2023 年底相比成長了 16%。我們更大的銷售組織，包括我們的擴展護理現任管理團隊，在 2024 年表現出色，為我們的頂級製藥和 CDMO 客戶培訓了新的潛在客戶，並提高了我們的投資組合知名度。

Next, we launched several differentiated new products in 2024. Of note, in May, we launched our game-changing KrosFlo RS10 RPM system, the first and only single-use TFF system for bench-scale GMP production with inline fully automated protein concentration measurements. In December, we launched the AVIPure double-stranded RNA resin tool through our OPUS Pre-packed Columns. This resin, using beads from our newly acquired Tantti business, is remarkable in that it is the first affinity resin to remove the double-stranded RNA impurity from transcribed RNA without heat or solvents.

接下來，我們在2024年會推出幾款差異化的新產品。值得注意的是，今年 5 月，我們推出了改變遊戲規則的 KrosFlo RS10 RPM 系統，這是第一款也是唯一一款用於桌上型 GMP 生產的一次性 TFF 系統，具有線上全自動蛋白質濃度測量功能。12 月，我們透過 OPUS 預裝管柱推出了 AVIPure 雙股 RNA 樹脂工具。這種樹脂採用了我們新收購的 Tantti 業務中的珠子，其非凡之處在於它是第一種無需加熱或使用溶劑即可從轉錄 RNA 中去除雙鏈 RNA 雜質的親和樹脂。

These and other launches in 2024 are offering innovative solutions for customers' unmet needs and add to our differentiated portfolio. We estimate that about 80% of our business come from highly differentiated technologies, which are a cornerstone in helping to grow above the market.

這些產品以及 2024 年推出的其他產品將為客戶未滿足的需求提供創新解決方案，並豐富我們的差異化產品組合。我們估計大約80%的業務來自高度差異化的技術，這是幫助我們超越市場而成長的基石。

Our third priority was to further build on our wins in new modalities. Our sales in new modalities have increased low double digits and now represents approximately 20% of our total revenue. We now have 25 accounts with sales above $1 million.

我們的第三個任務是進一步鞏固我們在新模式下的勝利。我們的新模式銷售額已達到兩位數低成長，目前約占我們總收入的20％。我們現在有 25 個帳戶，銷售額超過 100 萬美元。

The next priority was the successful integration of Metenova and preparing for the launch of new single-use mixer technology. We successfully integrated Metenova with our fluid management team, and we are planning to formally launch our single-use mixers in quarter two of 2025.

下一個優先事項是成功整合 Metenova 並為推出新的一次性混合器技術做好準備。我們成功地將 Metenova 與我們的流體管理團隊整合在一起，並計劃在 2025 年第二季正式推出我們的一次性攪拌器。

And finally, we further strengthened our discipline in cost control and expanded margin. Through select rooftop consolidation and additional restructuring actions, our operation teams have achieved targeted productivity gains. This has enabled us to finish the year with Q4 adjusted growth margin at 50.7%, adjusted operating margin at 14.9%, and adjusted EBITDA margin at 20.9%. For the full year, we successfully expanded our adjusted growth margin by 140 basis points. Jason will discuss this further.

最後，我們進一步加強了成本控制紀律並擴大了利潤率。透過選擇性屋頂加固和其他重組行動，我們的營運團隊實現了目標生產力成長。這使得我們今年第四季的調整後成長利潤率達到 50.7%，調整後的營業利潤率達到 14.9%，調整後的 EBITDA 利潤率達到 20.9%。全年，我們成功將調整後的成長利潤率提高了140個基點。傑森將進一步討論此問題。

In addition to our stated priorities in 2024, we have onboard with several experienced leaders from across the industry to strengthen our bench and position us well for years of growth. This includes, but is not limited to, quality, services, product management and sales. We believe the diversity of talents and experience Repligen has today will enable us to become further fit for growth.

除了我們提出的 2024 年優先事項之外，我們還與來自整個行業的多位經驗豐富的領導者合作，以加強我們的能力，並為我們多年的成長做好準備。這包括但不限於品質、服務、產品管理和銷售。我們相信，Repligen 如今所擁有的多元化人才和經驗將使我們更適合成長。

So moving now to our fourth-quarter and full-year revenue and orders performance. As you saw in our press release this morning, fourth-quarter 2024 sales stepped up from third quarter by nearly $13 million to reach $167.5 million and $634.4 million for the full year. Excluding COVID, this was our highest quarter in sales since quarter three of 2022, even with the higher than anticipated currency headwinds of $3.5 million in quarter four and $5.7 million for the year. Excluding COVID, we delivered Q4 revenue of 13% and 8% sequential growth. For the full year, 2024 non-COVID revenue growth came in as expected, [up] 3%.

現在來看看我們第四季和全年的收入和訂單表現。正如您在我們今天早上的新聞稿中看到的那樣，2024 年第四季度的銷售額較第三季度增長了近 1300 萬美元，達到 1.675 億美元，全年銷售額達到 6.344 億美元。除 COVID 外，這是我們自 2022 年第三季以來銷售額最高的一個季度，儘管第四季度的貨幣逆風高於預期，為 350 萬美元，全年為 570 萬美元。除 COVID 外，我們第四季度的收入增長了 13%，環比增長了 8%。就全年而言，2024 年非新冠疫情收入成長符合預期，為 3%。

Moving to orders, our opportunity funnel delivered. Orders were exceptionally strong in quarter four, up 11% both sequentially and year over year. As I mentioned, this was the highest order intake we've had since the second quarter of 2022. For the full year 2024, total orders were up 9%, with all franchises except proteins up over 10%. During the quarter, orders outpaced sales by 6%, and for the full year, orders outpaced non-COVID sales by 4%.

轉向訂單，我們的機會漏斗已經交付。第四季訂單量異常強勁，環比和年成長均達到 11%。正如我所提到的，這是自 2022 年第二季以來我們接到的最高訂單量。2024 年全年，訂單總額增加了 9%，除蛋白質外所有特許經營權的訂單量均增加了 10% 以上。本季度，訂單量比銷售額增長 6%，全年訂單量比非 COVID 銷售額增長 4%。

As it relates to customer segments, quarter four was another strong quarter for pharma supported by our key account focus. In quarter four, pharma sales were up mid single digit sequentially and up high single digit excluding COVID year over year. Quarter four pharma orders reached a record level and were up approximately 20% versus quarter four of 2023. While pharma revenue was similar between H2 and H1, orders were up about 15% and landing 17% up for full year 2024.

就客戶細分而言，第四季度是製藥業另一個表現強勁的季度，這得益於我們對主要客戶的重點關注。第四季度，藥品銷售額較上季成長中個位數，年比（不包括 COVID）成長高個位數。第四季的醫藥訂單達到創紀錄水平，與 2023 年第四季相比增長了約 20%。雖然下半年和上半年的製藥收入相似，但訂單成長了約 15%，2024 年全年訂單將成長 17%。

Within pharma, the remaining challenge is small biotech. So our sales in quarter four were on par with low-wish quarter three sales, order increased over 10% sequentially. We are hoping this will continue in the first half of 2025, so we will need to continue to monitor the funding environment.

在製藥業，剩下的挑戰是小型生物技術公司。因此，我們第四季度的銷售額與低願望的第三季度的銷售額相當，訂單環比增長了 10% 以上。我們希望這種情況能夠在 2025 年上半年持續下去，因此我們需要繼續監控融資環境。

While pharma as a whole has been going very well for several quarters, we now see confirmation that CDMO business has improved more durably and was a standout in the quarter. This is the case for both tier one and tier two CDMOs.

雖然製藥業整體上在過去幾季表現良好，但現在我們看到，CDMO 業務已取得更持久的改善，並在本季度表現突出。一級和二級 CDMO 都是這種情況。

CDMO revenue was up 20% sequentially and more than 40% year over year. Orders in quarter four also grew more than 15% sequentially and 11% year over year. Quarter four orders from CDMOs were the highest since quarter one of 2022, excluding COVID. We saw activity accelerate through the year with H2 CDMO sales about 40% higher than H1 and orders nearly 20% higher. This really illustrates the recovery of a critical market segment that reflects the overall health of the ecosystem.

CDMO 營收季增 20%，較去年同期成長超過 40%。第四季的訂單量較上季成長超過 15%，較去年同期成長 11%。第四季來自 CDMO 的訂單量是自 2022 年第一季以來的最高水準（不包括 COVID）。我們看到全年活動加速，H2 CDMO 銷售額比 H1 高出約 40%，訂單高出近 20%。這確實說明了一個關鍵細分市場的復甦，反映了生態系統的整體健康。

Moving now to product type, whereas consumables have had a positive trend for several quarters, equipment showed strong improvements and was another standout in the fourth quarter. Consumable performance was consistently healthy through the year and remained strong in the first quarter with non-COVID revenues [at] more than 20% year over year and at the highest level since quarter two of 2022.

現在轉到產品類型，雖然消耗品在幾個季度內一直呈現積極趨勢，但設備顯示出強勁的改善，並且在第四季度再次脫穎而出。全年消耗品業績持續健康，第一季保持強勁，非新冠疫情營收年增超過 20%，達到 2022 年第二季以來的最高水準。

Quarter four was also the highest order quarter for consumable in the last 12 quarters, up nearly 10% sequentially and 25% year over year. We are particularly excited by the traction we have due to our increased design in ATF in late phase and commercial products, as well as single-use consumables attached to our systems.

第四季也是過去 12 個季度中消耗品訂單量最高的季度，較上季成長近 10%，較去年同期成長 25%。我們對所取得的進展感到特別興奮，這要歸功於我們在後期 ATF 和商業產品方面的設計增加，以及與我們的系統相連的一次性消耗品。

Moving to equipment, the ribbon we saw in quarter three accelerated in quarter four, with both sales and orders up more than 30% sequentially and more than 10% year over year. Excluding COVID, our Q4 equipment orders reached a record level. And while it was a slower start to the year for equipment, we saw a rebound with H2 orders approximately 25% higher than in H1. This reflects our success implementing ATF controllers at a majority of large pharma and CDMO companies, as well as starting to platform our TFF and chrome systems. Our top quality systems, coupled with our inline PAT flow technology, are really disrupting the market and we're excited about the future, considering that every system plays can generate a flow of consumable cells.

轉向設備，我們在第三季度看到的帶狀增長在第四季度加速，銷售額和訂單均比上一季增長 30％ 以上，比去年同期增長 10％ 以上。除了 COVID 外，我們第四季的設備訂單達到創紀錄的水平。雖然今年設備訂單量開局較為緩慢，但我們看到訂單出現反彈，下半年訂單量比上半年高出約 25%。這反映了我們在大多數大型製藥公司和 CDMO 公司成功實施了 ATF 控制器，並開始將我們的 TFF 和 chrome 系統平台化。我們的頂級品質系統，加上我們的線上 PAT 串流技術，確實顛覆了市場，我們對未來充滿期待，因為每個系統都可以產生可消耗的單元流。

Moving now to franchise level business highlights, the top performers in the fourth quarter were filtration and process analytics. While filtration continued its positive trends through the year, in analytics, we saw a strong turn up in the fourth quarter, having been impacted by equipment softness in the prior periods. Proteins played out a bit better than we anticipated. and we expect a return to growth in 2025 after this year's reset.

現在轉向特許經營級業務亮點，第四季度表現最好的是過濾和流程分析。雖然過濾業務在全年都保持了積極的趨勢，但從分析來看，在前幾季度受到設備疲軟的影響後，我們在第四季度看到了強勁的成長勢頭。蛋白質的表現比我們預期的要好一些。我們預計，今年的調整後，2025年將恢復成長。

Finally, chromatography saw a nice sales pick up in the fourth quarter. Drilling down in each franchise and starting with filtration, our year-over-year filtration revenues ex-COVID were up 30% in the fourth quarter and 14% for the full year. The strong sales performance was across the portfolio, our largest and most diverse. Filtration revenue exceeded $370 million for the year, up 9% and representing nearly 60% of our total revenue.

最後，色譜分析在第四季度實現了良好的銷售成長。深入研究每個特許經營權並從過濾開始，我們的過濾收入（不包括 COVID）在第四季度同比增長了 30%，全年增長了 14%。強勁的銷售業績體現在我們規模最大、最多樣化的產品組合。全年過濾收入超過 3.7 億美元，成長 9%，占我們總收入的近 60%。

Within the portfolio, XCell ATF had a great year and finished with top-line growth above 50%. Filtration orders in the fourth quarter were up about 30%, both sequentially and year over year, setting us up well for 2025. Excluding COVID, Q4 filtration orders was the highest of the last 12 quarters. Systems and flow kit orders were also at a record level in quarter four. So overall, great performance in quarter four for the different components of our filtration business and with strong contribution from new product launches. As we see continued strength and momentum exiting 2024, our expectation for 2025 is that this franchise will be up 9% to 12% on a reported basis and up 12.5% to 15.5% excluding COVID.

在該投資組合中，XCell ATF 度過了出色的一年，營業額成長率超過 50%。第四季的過濾訂單比上個季度和去年同期均成長了約 30%，為我們 2025 年的發展奠定了良好的基礎。除 COVID 外，第四季度的過濾訂單量是過去 12 個季度中最高的。第四季系統和流程套件訂單也達到了創紀錄的水平。整體而言，第四季度我們的過濾業務各個組成部分都表現出色，新產品的發布也做出了巨大貢獻。由於我們看到 2024 年將繼續保持強勁勢頭和發展勢頭，我們預計 2025 年該特許經營權將按報告基礎增長 9% 至 12%，如果不包括 COVID，則將增長 12.5% 至 15.5%。

In chromatography, our year-over-year revenues were up 10% in the fourth quarter and down 3% for the full year. Chromatography revenue of $123 million represented approximately 20% of total revenue in 2024. As mentioned previously, the full-year decline was impacted by the higher mix of columns versus rating sales. On orders, chrome was slightly down for the quarter, but up mid-double digit for full year 2024.

在色譜方面，我們第四季的年成長收入為 10％，而全年則下降了 3％。色譜收入為 1.23 億美元，約佔 2024 年總收入的 20%。如前所述，全年下滑受到專欄銷售額與評等銷售額比例較高的影響。就訂單而言，本季鉻的訂單略有下降，但 2024 年全年的訂單將增加兩位數左右。

In 2025, we'll focus on converting more large pharma companies to OPUS Pre-packed Column and chrome systems, capitalizing on our powerful sales organization and leveraging technology differentiation. For 2025, we expect chromatography revenue growth in the range of 10% to 15%.

2025 年，我們將專注於幫助更多大型製藥公司轉向 OPUS 預填充柱和鉻系統，利用我們強大的銷售組織並發揮技術差異化。到 2025 年，我們預計色譜收入成長率將在 10% 至 15% 之間。

In 2024, our protein revenue was $74 million, a decline of 28%, which was actually better than our initial expectations. For the full year, we collected almost 10% more protein orders than sales. It has been a reset year with OEM ligand demand down to the minimum level. We had numerous custom ligand and resin wins in 2024 that we believe will become a true tailwind for the future.

2024年，我們的蛋白質收入為7,400萬美元，下降了28%，這實際上比我們最初的預期要好。全年來看，我們收到的蛋白質訂單比銷售額高出近 10%。這是重置的一年，OEM 配體需求降至最低。我們在 2024 年獲得了大量定製配體和樹脂訂單，我們相信這將成為未來真正的順風。

We are already seeing healthy demand for the AVIPure double-stranded RNA resin launch in December and look forward to introducing additional resins for unmet purification needs in 2025. Our close collaboration with Purolite on monoclonal antibodies and our Avitide (inaudible) combined offering for emerging modalities should enable us to get back to 10% to 15% growth in 2025 with more control and ownership of this franchise future.

我們已經看到 12 月推出的 AVIPure 雙股 RNA 樹脂的需求旺盛，並期待在 2025 年推出更多樹脂來滿足未滿足的純化需求。我們與 Purolite 在單株抗體方面的密切合作以及我們為新興模式提供的 Avitide（聽不清楚）聯合產品將使我們能夠在 2025 年恢復 10% 至 15% 的增長，並對這一特許經營的未來擁有更多的控制權和所有權。

Finally, our process analytics sales in [KrosFlo] were up 11% sequentially and up 8% year on year. For the full year, analytics sales were $59 million, an increase of 4% to 2023. We are seeing good order traction for analytics, which were up 10% for the year. In an overall very changing environment for analytical equipment, and thanks to our fast-growing FlowVPX and RPM product lines, we had a solid year overall. We are happy to have experienced the highest quarter in the history of the business for both orders and sales in quarter four. And with this momentum, we expect analytics revenue growth of 5% to 10% for 2025.

最後，我們 [KrosFlo] 的流程分析銷售額較上季成長 11%，較去年同期成長 8%。全年分析銷售額為 5,900 萬美元，到 2023 年成長 4%。我們看到分析訂單成長動能良好，今年成長了 10%。在分析設備整體變化巨大的環境中，由於我們快速成長的 FlowVPX 和 RPM 產品線，我們總體上度過了穩健的一年。我們很高興第四季的訂單和銷售額都創下了公司歷史上的最高紀錄。憑藉這一勢頭，我們預計 2025 年分析收入將成長 5% 至 10%。

Jason will speak to the regional performance section, but I will comment that China was one of our key headwinds in 2024. We are currently planning on China sales being flat to 2024, and we remain optimistic about our long-term growth potential in this region. On the upside, the rest of Asia Pac performed well in 2024 with full-year sales of 12%.

傑森將談論地區表現部分，但我要評論的是，中國是我們 2024 年面臨的主要阻力之一。我們目前計劃在 2024 年中國銷售額將保持平穩，並且我們對該地區的長期成長潛力仍然持樂觀態度。從好的方面來看，亞太地區其他地區在 2024 年表現良好，全年銷售額將成長 12%。

Transitioning to our 2025 outlook, we expect our revenue to grow low double digit, excluding COVID, and potential for an exchange impact. Pacing is expected to track to our historical norms, that is second half stronger than first half, with Q1 being the weakest quarter and Q4 the strongest. Our full-year guidance for 2025 is in the range of USD685 million to USD710 million, up 8% to 12% on a reported basis and up 10% to 14% excluding COVID.

展望 2025 年，我們預計，除去 COVID 和可能受到的匯率影響，我們的收入將實現低兩位數成長。預計節奏將與我們的歷史常態保持一致，即下半年強於上半年，其中第一季是最弱的季度，而第四季度是最強的季度。我們對 2025 年全年業績的預期為 6.85 億美元至 7.1 億美元，按報告基礎計算增長 8% 至 12%，若不包括 COVID，則增長 10% 至 14%。

The great order traction we had over the last two quarters, combined with our stronger product management and commercial team and a better market environment, gives us high confidence in achieving our targets. To deliver this resource, our 2025 strategic priorities will center on the following. Number one is accelerating and maintaining above-market growth by further improving customer experience and focusing on accelerated growth at key accounts and in Asia. Number two is capitalizing on our best-in-class innovation with increased investment in R&D. We already launched Solo PLUS in our analytics business at the beginning of this year. We will also be particularly focused on our single use mixers launch, as well as several new ligands and waiting for new modalities.

過去兩季我們的訂單成長勢頭強勁，加上我們更強大的產品管理和商業團隊以及更好的市場環境，使我們對實現目標充滿信心。為了提供這項資源，我們的 2025 年策略重點將集中在以下方面。首要目標是進一步改善客戶體驗、專注於加速重要客戶和亞洲地區的成長，從而加速並維持高於市場的成長。第二是利用我們一流的創新，增加對研發的投資。我們已經在今年年初在分析業務中推出了 Solo PLUS。我們也將特別關注我們的一次性混合器的推出，以及幾種新的配體和等待新的模式。

Number three is increasing our margin by 100 to 200 base points, combining pricing discipline and achieving our RPS activity targets. Number four is maintaining our ambition to acquire one to two businesses to further strengthen our position with a focus on new modalities and PAT. And finally, number five is becoming further fit for growth and positioning ourselves to be a significantly bigger business in the not too distant future. We'll focus on implementing key tools for our human resources management and also creating a project management office to manage our key strategic program including M&A integration, site consolidation, and other key EBITDA generating projects.

第三是將我們的利潤率提高 100 到 200 個基點，結合定價原則並實現我們的 RPS 活動目標。第四，我們將繼續堅持收購一到兩家企業的雄心，以進一步加強我們的地位，並專注於新模式和 PAT。最後，第五個目標是進一步適應成長，並在不久的將來將我們定位為更大的企業。我們將專注於實施人力資源管理的關鍵工具，並創建一個專案管理辦公室來管理我們的關鍵策略計劃，包括併購整合、站點合併和其他關鍵的 EBITDA 生成專案。

In summary, we're excited as we enter 2025. We have a great combination of the right team, products, and market environments to deliver upon our priorities and goals. Our strong balance sheet will enable us to act on our M&A ambition as we identify unique technologies that can complement our differentiated portfolio. We have a clear plan for delivering long-term rework for our shareholders and look forward to updating you on our progress through this new year.

總而言之，我們對進入 2025 年感到興奮。我們擁有合適的團隊、產品和市場環境的完美組合，能夠實現我們的優先事項和目標。我們強勁的資產負債表將使我們能夠實現我們的併購目標，因為我們發現了可以補充我們差異化投資組合的獨特技術。我們有一個明確的計劃，為我們的股東提供長期的改造，並期待在新的一年向您通報我們的進展。

Now, I'd like to turn the call over to Jason for a report on our financial performance.

現在，我想將電話轉給傑森，讓他報告我們的財務表現。

Thank you, Olivier, and good morning, everyone. Today we are reporting our financial results for the fourth quarter and full year of 2024 and providing financial guidance for 2025. Unless otherwise noted, all financial measures discussed reflect adjusted non-GAAP measures.

謝謝你，奧利維爾，大家早安。今天，我們報告 2024 年第四季和全年的財務業績，並提供 2025 年的財務指引。除非另有說明，討論的所有財務指標均反映調整後的非公認會計準則指標。

At shared in our press release this morning, we delivered fourth-quarter revenue of approximately $168 million and full -year revenue of $634 million, achieving the midpoint of our guidance, despite a $3.5 million dollar exchange rate headwind in the quarter. This is a reported increase of 1% for the fourth quarter, or up 3% on an organic basis, which excludes the impact of acquisitions and currency headwinds. As Olivier mentioned earlier, our fourth-quarter non-COVID revenue growth was up 13%, which we believe is more representative of our performance. There was no COVID-related revenue during the fourth quarter of 2024 versus $19 million in 2023.

正如我們在今天上午的新聞稿中所述，儘管本季度面臨 350 萬美元的匯率逆風，但我們第四季度的收入約為 1.68 億美元，全年收入為 6.34 億美元，達到了我們預期的中位數。據報道，第四季度該數字增長了 1%，或以有機基礎計算增長了 3%，這不包括收購和貨幣逆風的影響。正如 Olivier 先前提到的，我們第四季的非 COVID 收入成長了 13%，我們認為這更能代表我們的表現。2024 年第四季沒有與 COVID 相關的收入，而 2023 年為 1,900 萬美元。

Our full-year 2024 revenue was flat and up 3% on a non-COVID basis. FX was a net headwind of 1 point for the year, and acquisitions contributed approximately 2 points of growth. As Olivier shared color on our product franchise performance, I'll provide more detail in the performance across the global regions, starting with revenue, where North America represented approximately 50% of our total full-year revenue, Europe represented 34%, and Asia-Pacific and the rest of the world represented 16%.

我們的 2024 年全年營收持平，在非新冠疫情基礎上成長了 3%。外匯是今年 1 個百分點的淨阻力，而收購則貢獻了約 2 個百分點的成長。正如 Olivier 分享了我們產品特許經營表現的情況一樣，我將提供全球各地區表現的更多細節，首先是收入，其中北美約占我們全年總收入的 50%，歐洲佔 34%，亞太地區和世界其他地區佔 16%。

North America had a great fourth quarter being up 20% in revenue. Asia was equally strong in 4Q with 20% revenue growth inclusive of China. While Europe was down 25% due to COVID and protein headwinds.

北美第四季表現優異，營收成長了 20%。亞洲第四季表現同樣強勁，包括中國在內的營收成長了 20%。而歐洲則因新冠疫情和蛋白質逆風而下降了 25%。

For the full year 2024, it was encouraging to see our largest region, North America, delivering 12% revenue growth. Asia, excluding China, was also up 12%. And for Europe, non-COVID revenue growth was a 2% decline, while reported was down 6%. And finally, China was a $25 million headwind for the year and represented about 3% of our 2024 full-year revenue, down from about 7% in 2023.

就 2024 年全年而言，我們最大的地區北美的收入成長了 12%，這令人欣慰。中國以外的亞洲地區也上漲了 12%。歐洲方面，非新冠疫情導致的收入成長下降了 2%，而報告的收入成長下降了 6%。最後，中國市場對我們今年造成了 2,500 萬美元的逆風，約占我們 2024 年全年收入的 3%，低於 2023 年的 7% 左右。

On regional orders for the full year, North America was up 14%, Europe was flat for the full year, and fourth-quarter orders were up 24%. And Asia, excluding China, was up 30% for the year. As Olivier shared, we're very excited about our ability to grow further in Asia and we'll be making investments to support growth. Finally, China orders were down about 20% for the year. However, second-half orders were up 6% versus the first half, supporting our view that we have hit bottom.

從全年區域訂單來看，北美地區訂單成長14%，歐洲地區全年持平，第四季訂單成長24%。除中國以外的亞洲地區今年的經濟成長了 30%。正如 Olivier 所說，我們對自己在亞洲進一步發展的能力感到非常興奮，我們將進行投資以支持成長。最後，今年中國訂單下降了約20％。然而，下半年的訂單較上半年增加了 6％，支持了我們已觸底的觀點。

Transitioning to profit and margins, the fourth-quarter 2024 adjusted gross profit was $85 million and we delivered 50.7% adjusted gross margin. This is down 1.8 percentage points versus last year, driven by a 3.5 point headwind from COVID sales last year. Volume, price, and productivity all drove net margin improvements. In fact, 50.7% is higher than the implied guide in November as we delivered more productivity than expected and have strong momentum carrying into 2025.

轉向利潤和利潤率，2024 年第四季調整後的毛利為 8,500 萬美元，調整後的毛利率為 50.7%。與去年相比，這一數字下降了 1.8 個百分點，主要是因為去年 COVID 銷售逆風導致 3.5 個百分點。產量、價格和生產力均推動了淨利潤率的提高。事實上，50.7% 高於 11 月的隱含指南，因為我們實現的生產力超出預期，強勁勢頭持續到 2025 年。

For the full year of 2024, adjusted gross profit was $320 million, up $10 million year over year, and adjusted gross margin was 50.4%, again, slightly above implied guidance with the upside from the fourth quarter. Gross margin increased 140 basis points year over year and 200 basis points excluding the drag from lower COVID volume than 2023.

2024 年全年調整後毛利為 3.2 億美元，較上年增加 1,000 萬美元，調整後毛利率為 50.4%，同樣略高於隱含指引，且較第四季有所上升。毛利率年增 140 個基點，若剔除 COVID 銷售量低於 2023 年的影響，則成長 200 個基點。

Outside COVID, the year-over-year increase was driven by strong productivity and net realized price. We'll continue to see COVID headwind on the year-over-year margin growth for 2025.

除 COVID 之外，同比增長是由強勁的生產力和淨實現價格推動的。我們將繼續看到 COVID 對 2025 年年比利潤率成長的不利影響。

In 2024, we continue to evaluate our operations and assets to ensure we are well positioned to grow. As a result, we have continued to execute activities under the restructuring plan started in the middle of 2023. In the fourth quarter, we incurred approximately $45 million in non-recurring restructuring and other inventory-related charges. The majority was non-cash inventory write-offs from further product rationalization. It was also a result of further evaluation of the inventory positions of certain materials secured in turbulent supply conditions during the pandemic. The valuation also considered the market conditions of the last 18 months and incorporated updated product strategies developed with new senior product management.

2024 年，我們將繼續評估我們的營運和資產，以確保我們處於有利的成長位置。因此，我們繼續執行 2023 年中期啟動的重組計畫下的活動。第四季度，我們發生了約4500萬美元的非經常性重組和其他庫存相關費用。大部分是由於進一步產品合理化而產生的非現金庫存註銷。這也是對疫情期間供應動盪的情況下某些材料的庫存狀況進行進一步評估的結果。此次估值還考慮了過去 18 個月的市場狀況，並納入了新高級產品管理制定的更新產品策略。

Incorporating all of this, demand and product mix projections were revised as a part of the company's annual strategic planning and budget sessions in 2024. Where inventory exceeded the projected requirements to be used before reaching their expiration date, they were written off. These charges are non-recurring in nature and therefore are reflected as expenses only in our GAAP P&L for the fourth quarter and full year and not in our non-GAAP adjusted results.

綜合考慮所有這些因素，需求和產品組合預測在公司 2024 年年度策略規劃和預算會議中進行了修訂。如果庫存在到期前超過了預計的使用需求，則會被註銷。這些費用本質上是非經常性的，因此僅反映在我們第四季度和全年的 GAAP 損益表中，而不是我們的非 GAAP 調整後結果中。

We believe the restructuring plan started in 2023 is essentially complete and we are well positioned to continue margin expansion in 2025. That said, we will continuously execute cost savings initiatives under our RPS productivity program and evaluate our site footprint, especially as we continue to make acquisitions.

我們相信，2023 年啟動的重組計畫已基本完成，我們有能力在 2025 年繼續提高利潤率。也就是說，我們將根據 RPS 生產力計劃持續執行成本節約舉措，並評估我們的網站足跡，特別是在我們繼續進行收購時。

Continuing through the P&L, our adjusted income from operations was $25 million in the fourth quarter and $82 million for the full year, down approximately $5 million and $6 million versus 2023, respectively. The full-year reduction is driven by $11 million of 2023 COVID-related sales and $12 million from the impact of bonuses returning to normal levels for 2024. Partially offsetting these impacts was income growth through price, manufacturing productivity, and operating expense management.

繼續查看損益表，我們第四季的調整後營業收入為 2,500 萬美元，全年調整後營業收入為 8,200 萬美元，與 2023 年相比分別下降約 500 萬美元和 600 萬美元。全年減幅包括 2023 年與新冠疫情相關的銷售額減少 1,100 萬美元，以及 2024 年獎金恢復正常水準的影響減少 1,200 萬美元。透過價格、製造生產力和營運費用管理實現的收入成長可部分抵消這些影響。

Our full-year adjusted operating expenses are up approximately $16 million versus last year, almost entirely driven by an increase in performance-based bonuses we paid in 2024. Fourth-quarter operating expenses are up about 4% year over year and were essentially higher than the third quarter, primarily due to the nature of year-end expenses, sales investments, and some additional costs for Tantti for the month of December.

我們的全年調整後營業費用較去年增加約 1,600 萬美元，幾乎完全是由於我們在 2024 年支付的基於績效的獎金增加。第四季營運費用年增約 4%，且基本高於第三季度，這主要是由於年終費用的性質、銷售投資以及 12 月份 Tantti 的一些額外成本。

The team has done a good job in 2024 balancing cost management while ensuring we are positioned to support growth and making necessary investments. We delivered fourth-quarter 2024 adjusted operating income margins of 14.9%, consistent with the third quarter, and with that, ended the full year with 12.9% adjusted operating income margin near the midpoint of our prior guidance. This was down 100 basis points from 2023, which as mentioned earlier, includes about 300 basis points of headwind from prior COVID business and bonuses returning to normal levels.

該團隊在 2024 年很好地平衡了成本管理，同時確保我們能夠支持成長並進行必要的投資。我們實現的 2024 年第四季調整後營業收入利潤率為 14.9%，與第三季一致，全年調整後營業收入利潤率為 12.9%，接近我們先前預期的中點。這比 2023 年下降了 100 個基點，如前所述，其中包括先前 COVID 業務帶來的約 300 個基點的阻力以及獎金恢復正常水平。

Our full-year adjusted EBITDA margin rate was 18.5%, which reflects the impact of greater than 5% point drag from depreciation on adjusted operating income. Adjusted net income for the fourth quarter was $25 million, and the full year was $89 million, down about $4 million or 5% from 2023.

我們全年調整後的 EBITDA 利潤率為 18.5%，這反映了折舊對調整後營業收入造成超過 5% 的拖累的影響。第四季調整後淨收入為 2,500 萬美元，全年調整後淨收入為 8,900 萬美元，較 2023 年下降約 400 萬美元，降幅為 5%。

Improved adjusted other income from higher interest income essentially offset the year-over-year reduction in adjusted operating income. That said, about $5 million of higher adjusted income tax provisions fell through to adjusted net income. Our full-year adjusted effective tax rate was 20.4% in line with our guidance, but more than 4 points higher than last year.

利息收入增加所帶來的調整後其他收入的改善基本上抵消了調整後營業收入的年減。也就是說，約 500 萬美元的較高調整後所得稅準備金計入了調整後淨收入。我們全年調整後的有效稅率為 20.4%，符合我們的預期，但比去年高出 4 個百分點以上。

Adjusted fully diluted earnings per share for the fourth quarter was $0.44 compared to $0.48 in the same period in 2023. For the full year 2024, adjusted fully diluted earnings per share was $1.58, about $0.07 lower than last year.

第四季調整後每股完全攤薄收益為 0.44 美元，而 2023 年同期為 0.48 美元。2024 年全年調整後每股完全稀釋收益為 1.58 美元，比去年低約 0.07 美元。

Finally, our cash position at the end of 2024 was $757 million, down $27 million sequentially after using $55 million for the settlement of our Tantti acquisition as expected. This was partially offset by another strong quarter of strong cash flow from operations as we generated $42 million. For the full year, we generated $178 million of cash flow from operations, 56% more than 2023 on improved working capital management.

最後，我們在 2024 年底的現金狀況為 7.57 億美元，在按預期使用 5,500 萬美元結算 Tantti 收購後，季減 2,700 萬美元。這在一定程度上被另一個強勁的季度的營運現金流所抵消，因為我們創造了 4,200 萬美元的現金流。全年，我們產生了 1.78 億美元的營運現金流，由於營運資本管理的改善，比 2023 年成長 56%。

I'll now move to an update on our guidance for the full year of 2025. I'll speak to adjusted financial guidance, but please note that our GAAP to non-GAAP reconciliations for our 2025 guidance are included in the reconciliation tables in today's earnings press release. And for further clarity, our guidance is fully inclusive of our December acquisition of Tantti. That said, we do not expect to report acquisition-related revenue for Tantti as their products will be used as a component in our Avitide resin sales.

現在，我將更新我們對 2025 年全年的預期。我將談談調整後的財務指引，但請注意，我們 2025 年指引的 GAAP 與非 GAAP 對帳已包含在今天的收益新聞稿中的對帳表中。為了進一步說明，我們的指引完全包含了我們 12 月對 Tantti 的收購。儘管如此，我們預計不會報告 Tantti 的收購相關收入，因為他們的產品將作為我們 Avitide 樹脂銷售的組成部分。

As highlighted earlier by Olivier, our revenue for 2025 is expected to be in the range of $685 million to $710 million. This represents growth of 8% to 12% on a reported basis, or 9.5% to 13.5% organic growth, and 10% to 14% growth for our non-COVID business. Given the volatility related to currency exchange, we have assumed about a 150 basis points of year-over-year headwind. Any additional fluctuations, higher or lower, could change that view. We will report organic growth rates in our quarterly results, removing the impact of currency, and as mentioned earlier, we do not currently have acquisition sales to remove from our organic growth rates.

正如 Olivier 先前強調的那樣，我們預計 2025 年的收入將在 6.85 億美元至 7.1 億美元之間。這意味著報告基礎上的成長為 8% 至 12%，或有機成長為 9.5% 至 13.5%，非 COVID 業務的成長為 10% 至 14%。考慮到與貨幣匯率相關的波動，我們預期將年比逆風約為 150 個基點。任何額外的波動，無論是更高或更低，都可能改變這種觀點。我們將在季度業績中報告有機成長率，消除貨幣的影響，如前所述，我們目前沒有收購銷售可以影響我們的有機成長率。

As Olivier shared, we expect revenues in the second half of 2025 to be higher than the first half. We expect the first quarter will step down a bit sequentially from the fourth quarter but with year-over-year growth roughly in line with the lower end of our full-year guidance. We expect to deliver adjusted gross margins in the range of 51% to 52% with expansion from 2024. This is consistent with the 100 to 200 basis points of expansion that we have shared in our 2025 framework, now including roughly 50 basis points of headwind from foreign currency.

正如 Olivier 所說，我們預計 2025 年下半年的收入將高於上半年。我們預計第一季的銷售額將比第四季略有下降，但同比成長將與我們的全年預期低端大致一致。我們預計，隨著 2024 年的擴張，調整後的毛利率將在 51% 至 52% 之間。這與我們在 2025 年框架中分享的 100 到 200 個基點的擴張一致，現在包括來自外幣的約 50 個基點的逆風。

We expect gross margin expansion will be driven by increased volume leverage, price improvements, manufacturing productivity, and strategic sourcing savings, offset primarily by inflation and some 2024 COVID sales drag. Manufacturing productivity will be driven by our Repligen performance system across all categories of cost of goods sold. We expect to see our price return to historic levels of low single digit, given the current market environment.

我們預計，毛利率的擴大將受到產量槓桿率提高、價格改善、製造生產率和戰略採購成本節約的推動，但主要受通貨膨脹和 2024 年 COVID 銷售拖累的抵消。製造生產率將由我們的 Repligen 績效系統驅動，該系統涵蓋所有銷售成本類別。鑑於當前的市場環境，我們預期價格將回升至歷史低點。

Our current outlook on gross margin reflects the net effect of assumed currency headwinds. However, it does not include any impact from potential tariffs being discussed in the current global trade environment. We believe we would have minimal impacts from changes in trade with China, Mexico, and Canada. That said, we continue to monitor the broader global trade environment as changes with Europe would have a much larger impact on Repligen.

我們目前對毛利率的展望反映了假設的貨幣逆風的淨效應。但它並不包括當前全球貿易環境中正在討論的潛在關稅的影響。我們相信，與中國、墨西哥和加拿大的貿易變化對我們影響甚微。儘管如此，我們仍將繼續監測更廣泛的全球貿易環境，因為歐洲的變化將對 Repligen 產生更大的影響。

We expect our adjusted income from operations to be between $99 million to $106 million, or 14% to 15% adjusted operating income margin, which is up 100 to 200 basis points versus 2024. Inflation, Tantti, and investments in operating expenses will be the key headwinds. We expect to more than make up for that with gross margin improvements from volume leverage, price, and manufacturing productivity.

我們預計調整後的營業收入將在 9,900 萬美元至 1.06 億美元之間，或調整後的營業收入利潤率為 14% 至 15%，比 2024 年增加 100 至 200 個基點。通貨膨脹、Tantti 和營運費用投資將成為主要的阻力。我們期望透過產量槓桿、價格和製造效率的提高來彌補毛利率的不足。

Overall, we will continue to manage operating expenses to grow slightly less than sales as we continue to balance cost efficiency with investments that are critical for growth and necessary to be fit for growth. We plan to increase R&D spending versus 2024. We will invest in the sales team with more application support and added leadership in Asia, and we plan to make G&A investments in tools and processes.

總體而言，我們將繼續管理營運費用，使其增幅略低於銷售額，因為我們將繼續在成本效率與對成長至關重要且適合成長所需的投資之間取得平衡。我們計劃在 2024 年增加研發支出。我們將對銷售團隊進行投資，為其提供更多的應用支援並增強其在亞洲的領導力，並且我們計劃在工具和流程方面進行 G&A 投資。

Adjusted EBITDA margins are expected to be in the range of 20% to 21% for the year. Continuing through the P&L, we expect our adjusted other income to be down year over year by an estimated $5 million to $6 million, or $23 million to $24 million. This reflects an estimated 1 percentage point a lower average interest rate versus 2024. This may fluctuate with actual Fed actions taken through the year, and it assumes minimal change in cash balance.

預計今年調整後的 EBITDA 利潤率將在 20% 至 21% 之間。繼續查看損益表，我們預計調整後的其他收入將年減 500 萬至 600 萬美元，即 2,300 萬至 2,400 萬美元。這反映出與 2024 年相比平均利率預計下降 1 個百分點。這可能會隨著聯準會全年採取的實際行動而波動，並假設現金餘額的變化很小。

Our 2025 adjusted effective tax rate is expected to increase to an estimated 22% to 23%. The increase versus 2024's ending rate of 20.4% is driven primarily by the absence of stock-based compensation windfall benefit that we have seen in the last several years. We will continue to evaluate tax planning options to improve from here.

我們預計 2025 年調整後有效稅率將增至 22% 至 23%。與 2024 年 20.4% 的最終利率相比，這一增長主要是由於過去幾年我們所見的股票薪酬意外之財的缺失。我們將繼續評估稅務規劃方案，以便不斷改進。

Incorporating all of these items, we expect our adjusted fully diluted earnings per share to be between $1.67 and $1.76, up $0.09 to $0.18, respectively, versus last year. We've entered 2025 with a strong balance sheet. We'll remain prudent in our spending while maintaining flexible dry powder for potential acquisitions. Our CapEx spending is expected to be down another 20% to 25% versus 2024 with our spending back to pre-COVID levels.

綜合所有這些項目，我們預計調整後的每股完全攤薄收益將在 1.67 美元至 1.76 美元之間，比去年分別上漲 0.09 美元至 0.18 美元。我們已憑藉強勁的資產負債表邁入 2025 年。我們將保持謹慎的支出，同時為潛在的收購保留靈活的資金。我們的資本支出預計將比 2024 年再下降 20% 至 25%，並恢復到疫情之前的水平。

As we wrap, let me reiterate our excitement to move forward in 2025 and our optimism about the bioprocessing market improving through the course of the year. We will remain laser focused on the execution of our strategic priorities, accelerating and maintaining above-market growth, developing best-in-class innovation, expanding margins, maintaining our focus on strong M&A discipline, and ensuring our people, processes, and tools are fit in enabling our growth.

最後，請容許我重申我們對 2025 年前進的興奮之情，以及對今年生物加工市場改善的樂觀態度。我們將繼續專注於策略重點的執行，加速並維持高於市場的成長，開發一流的創新，擴大利潤率，保持對強大的併購紀律的關注，並確保我們的人員、流程和工具適合促進我們的成長。

With that, I will turn the call back to the operator to open the line for questions.

說完這些，我將把電話轉回給接線員，以便開通熱線來回答問題。

(Operator Instructions) Dan Arias, Stifel.

（操作員指示）Dan Arias，Stifel。

Good morning guys. Thanks for the questions here. Olivier, maybe a place to start would just be to ask how things have evolved here. I mean, last quarter, you felt good about CDMOs and capital equipment. You were cautious on China and emerging biotech. Is there anything that's shifted at all? And it seems like order activity stepped up, but I would love to just hear what you think is most important here to start the year.

大家早安。感謝您的提問。奧利維爾，也許我們可以先問問這裡的情況是如何發展的。我的意思是，上個季度，您對 CDMO 和資本設備感覺良好。您對中國和新興生物技術持謹慎態度。有什麼東西改變了嗎？看起來訂單活動有所增加，但我很想聽聽您認為新年伊始最重要的是什麼。

And then I guess I'd specifically be interested in those tier two CDMO accounts that showed some good signs of life last quarter. How confident are you in the sustainability of the improvement that looks like you're seeing here? Thank you.

然後我想我會特別關注上個季度顯示出一些良好跡象的二級 CDMO 帳戶。您對目前看到的改善的可持續性有多大信心？謝謝。

Yeah, thanks, Dan, for the question. So you're absolutely right. I mean, what was really important for us in quarter four was a confirmation like both CDMO and capital equipment turnaround that we started to see in quarter three was really fully confirmed. And in fact, we had a huge acceleration on both sides. I mean, particularly on the CDMO side where we had sales and orders increasing tremendously in quarter four, I mean, our sales were up more than 40% and our orders were up more than 11%, which as mentioned in the script, has brought us back to almost the same amount of growth at CDMO as we had at pharma for the entire year.

是的，謝謝丹提出這個問題。所以你完全正確。我的意思是，對我們來說，第四季度真正重要的是確認我們在第三季開始看到的 CDMO 和資本設備的轉變是否得到了充分證實。事實上，我們雙方都取得了巨大的進步。我的意思是，特別是在 CDMO 方面，我們的銷售額和訂單在第四季度大幅增長，我們的銷售額增長了 40% 以上，我們的訂單增長了 11% 以上，正如腳本中提到的那樣，這使我們 CDMO 的增長量幾乎與我們全年在製藥領域的增長量相同。

And then we love that because we think CDMOs are like the exact reflection of the health of the entire ecosystem. And you mentioned the big guys. In fact, growth came from both tier one and tier two CDMOs, but yes, partly, at those big guys, we see a lot of traction happening right now. They've announced a lot of big deals, and I think the entire ecosystem is starting to benefit from it right now for sure.

我們喜歡這一點，因為我們認為 CDMO 就像是整個生態系統健康狀況的真實反映。您還提到了大人物。事實上，成長既來自一級 CDMO，也來自二級 CDMO，但是的，在某種程度上，我們看到這些大公司現在正在發生很大的發展勢頭。他們已經宣布了很多大交易，我認為整個生態系統肯定現在開始從中受益。

And then on capital equipment, that's the other one where probably we saw an improvement earlier than others and we had an incredible confirmation in quarter four. I mean, our sales were up more than 20% and our orders were up 25% versus quarter four of last year. So we've seen a huge improvement and we think our state-of-the-art system offering is definitely positioning us very well on that side.

然後在資本設備方面，這是我們可能比其他人更早看到改善的另一個方面，我們在第四季度得到了令人難以置信的確認。我的意思是，與去年第四季相比，我們的銷售額成長了 20% 以上，訂單成長了 25%。因此，我們看到了巨大的進步，我們認為我們提供的最先進的系統無疑讓我們在這方面處於非常有利的地位。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Perfect, good morning and thank you for taking the questions, you guys. So I wanted to dig into the opportunity with ATF here. You mentioned that ATF grew above 50% for the year. So could you walk us through how much revenue did you guys do in ATF in 2024?

太好了，早安，謝謝大家回答這些問題。所以我想在這裡深入探討與 ATF 合作的機會。您提到 ATF 今年的成長率超過 50%。那麼，您可以向我們介紹一下 2024 年你們在 ATF 的收入是多少嗎？

And then separately, you've talked about getting spec'd into a blockbuster drug for ATF. You've also alluded to the fact that you may get [spec'd] into a second blockbuster drug. So how should we think about the timing of that benefit of getting spec'd in? Is there anything assumed for these blockbuster opportunities into 2025 guidance or would that be upside at this point?

然後另外，您還談到了被指定為 ATF 的重磅藥物。您也暗示您可能會被指定研發第二種暢銷藥物。那麼，我們應該如何考慮獲得該規格帶來的好處的時機呢？對這些轟動機會在 2025 年指引中有何假設，或目前是否具有上行潛力？

Yes, thanks, Rachel. So as you know, the filtration business is the biggest of all of our businesses. It's more than half, about 60% of our total business. It did about USD373 million in 2024. We were never given the exact numbers of ATF, but it's the biggest part of the filtration business we have right now. And we are benefiting obviously from the fact we got designing in many late phase, if not, commercial drugs over the last 12 to 18 months.

是的，謝謝，Rachel。如您所知，過濾業務是我們所有業務中最大的業務。這占到我們總業務的一半以上，約60%。2024 年其營收約為 3.73 億美元。我們從未得到 ATF 的確切數字，但它是我們目前過濾業務中最大的一部分。顯然，我們從過去的 12 到 18 個月中設計了許多後期藥物（如果不是商業藥物的話）中獲益匪淺。

The one I mentioned in quarter three is a blockbuster that is on the market. And the typical timeline when you get confirmation you're designing in a commercial drug, you're getting the orders within a quarter, you're going to deliver the hardware probably within the next 6 to 12 months and then you start to see the consumable sales happening probably after a year or so.

我在第三季提到的是一部已經上市的重磅電影。典型的時間表是，當您確認正在設計一種商業藥物時，您會在一個季度內收到訂單，您可能會在未來 6 到 12 個月內交付硬件，然後您開始看到消耗品的銷售，大概在一年左右之後。

So for us, it's all about making sure we have wins quarter by quarter, and then that we have somehow more and more of these install base because then the consumable share is going to increase. And in fact, for the first time in 2024, our consumables ATF sales were above our hardware sales, which is a sign like indeed the install base is becoming really significant right now.

因此對我們來說，最重要的是確保我們每季都能獲勝，然後以某種方式擁有越來越多的安裝基數，因為這樣消耗品的份額就會增加。事實上，2024 年我們的消耗品 ATF 銷售額首次超過了硬體銷售額，這表明安裝基數現在確實變得非常重要。

So the last piece I would mention is we've been very successful getting designing with ATF at all CDMOs. In fact, 9 of the top 10 CDMOs are using ATF very broadly. And now a lot of pharma companies are also starting to use ATF. So best is still to come. So a lot of tailwind coming on the consumable side for sure.

我要提到的最後一點是，我們在所有 CDMO 中與 ATF 合作進行設計都非常成功。事實上，全球前十大 CDMO 中有 9 家都在廣泛使用 ATF。現在很多製藥公司也開始使用 ATF。最好的還在後頭。因此，消耗品方面一定會出現很大的順風。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Yeah, hi, Olivier, Jason, thanks for taking my questions here. I'll wrap up in one question. I think the question here is just in terms of how sustainable are the order trends that you're seeing. Just given the backdrop of what we have seen from the peers, a recovery that hasn't been as smooth as one would have expected even back in '23 or '24. Just so trying to get a sense of that.

是的，嗨，奧利維爾，傑森，感謝你們在這裡回答我的問題。我用一個問題來總結一下。我認為這裡的問題只是您所看到的訂單趨勢有多可持續。從同業的情況來看，經濟復甦並不像 2023 年或 2024 年人們預期的那麼順利。只是想了解這一點。

And then wondering if you can elaborate if January and February order trends were also comparable to the Q4 and/or maybe even the stronger, if you could elaborate on that. Thank you.

然後想知道您是否可以詳細說明 1 月和 2 月的訂單趨勢是否也與第四季度相當和/或甚至更強勁，如果您可以詳細說明的話。謝謝。

Yeah, absolutely. So I'll start probably by talking about the fact in 2024, our order intake has increased every single quarter after the previous one. So basically from quarter one to quarter two, quarter two to quarter three, quarter three to quarter four. And in fact, between quarter four and quarter one, our order intake went up by 18%. So that's what we are very happy about because we've seen a progress of order intake really quarter by quarter.

是的，絕對是如此。因此，我首先想談談 2024 年的一個事實，即我們的訂單量在上一季之後每季都在增加。基本上是從第一季到第二季度，從第二季到第三季度，從第三季到第四季。事實上，第四季至第一季之間，我們的訂單量增加了 18%。因此，我們對此感到非常高興，因為我們看到訂單量逐季都在成長。

I would add to that, and I know we don't want to talk too much about book to bill anymore, but as you know, we've been the first one releasing book to bill ratio above 1, and now it's like for six to seven quarters in a row. So that's why we're so very confident that the return to growth we've been experiencing now is very sustainable.

我想補充一點，我知道我們不想再談論太多關於訂單出貨比的問題，但正如你所知，我們是第一個發布訂單出貨比超過 1 的公司，現在已經連續六到七個季度了。這就是為什麼我們如此有信心，我們現在所經歷的成長恢復是非常永續的。

And the last piece I would mention is really if I look at all of our franchises, including protein, our order intake in 2024 was up double digits. So that's another very strong signal, like we've got a strong portfolio of products. We recently said about 80% of our portfolio is very differentiating, and I think that's a reflection of the growth we've seen in orders for the last several quarters now.

我最後要說的是，如果我看看我們所有的特許經營權，包括蛋白質，我們 2024 年的訂單量增長了兩位數。這是另一個非常強烈的訊號，就像我們擁有強大的產品組合一樣。我們最近表示，我們大約 80% 的產品組合都非常具有差異化，我認為這反映了我們過去幾季的訂單成長。

And just to be clear on -- in the quarter itself, are you seeing any trends that give you confidence overall?

只是為了明確的是——在本季本身，您是否看到任何讓您整體上充滿信心的趨勢？

Yeah, so as you know very well, Puneet, we typically don't comment on the current quarter. All I can say is things are doing well and we're absolutely fine so far, yeah.

是的，Puneet，您很清楚，我們通常不會對當前季度發表評論。我只能說事情進展順利，到目前為止一切都很好，是的。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Hi, good morning. It looks like based on recent order trends that there is pretty good visibility across the portfolio. Of course, the one area that really you pawn for a different '25 and '24 is proteins and you alluded to what that is. Could you really speak to the visibility on the protein side to that 10% to 15% growth and maybe within that comment on any early traction you're seeing with the new product launch and anticipation of other product launches this year?

嗨，早安。根據最近的訂單趨勢，整個投資組合的可見性似乎相當好。當然，你真正為不同的'25和'24所抵押的一個領域是蛋白質，你暗示了它是什麼。您能否真正談談蛋白質方面 10％ 至 15％ 增長的可見性，以及您是否能談談今年新產品發布和對其他產品發布的預期所帶來的早期吸引力？

Yeah. No, thanks, Matt, for the question. We knew like 2024 would be a tough year for protein. And in fact, we were thinking we have probably $30 million to $35 million of headwind and it played out a little bit better than we expected -- not that much better, but a little bit better. And the good news is as we knew it was a really good year. I mean, the business at the top two OEM partners we had is almost down to zero right now, so which means like no more headwind coming from that side.

是的。不，馬特，謝謝你的提問。我們知道 2024 年對蛋白質來說將是艱難的一年。事實上，我們認為我們可能面臨 3000 萬到 3500 萬美元的逆風，但結果比我們預期的要好一點——不是好很多，但好一點。好消息是，正如我們所知，這確實是好的一年。我的意思是，我們之前的兩個最大 OEM 合作夥伴的業務現在幾乎降至零，這意味著不再有來自那方面的逆風。

And what has been really good for us in 2024 is we progress really strongly on the rest of the portfolio, and particularly on our Avitide and our upcoming Tantti business, where we won several deals for custom ligands or custom resin developments. And as you just mentioned, we also launched our first resin using the Tantti beads, the double-stranded RNA resin, which has got really good traction so far.

2024 年對我們來說真正有利的是，我們在其他產品組合上取得了強勁進展，尤其是我們的 Avitide 和即將推出的 Tantti 業務，我們在定製配體或定制樹脂開發方面贏得了多項交易。正如您剛才提到的，我們還推出了使用 Tantti 珠子的首款樹脂，即雙股 RNA 樹脂，到目前為止，它的吸引力非常好。

But the best is still to come. I mean, we've got several product launches that are planned in 2025, focusing mostly on new modalities. So we really think like from this point we are today, we should be back to the double-digit growth that we experienced before the heat with the other OEM partners. And what I love even more than anything else is we've got our (inaudible) in our hands much more today. I mean, it's so good that we can develop and launch our own resin because then we can really control our own commercial activities to the large extent.

但最好的還在後頭。我的意思是，我們計劃在 2025 年推出幾款產品，主要專注於新模式。因此，我們確實認為，從今天的水平開始，我們應該回到與其他 OEM 合作夥伴合作之前所經歷的兩位數成長。而最讓我高興的是，我們今天掌握了更多的（聽不清楚）。我的意思是，我們能夠開發和推出自己的樹脂真是太好了，因為這樣我們就可以在很大程度上真正控制自己的商業活動。

And then the collaboration with Purolite on the other side is also doing very well and we're working very closely with our partners on monoclonal antibody here.

另一方面，與 Purolite 的合作也進展順利，我們正與合作夥伴在單株抗體方面展開密切合作。

Jacob Johnson, Stephens.

雅各約翰遜，史蒂芬斯。

Hey, good morning, everybody. Maybe following up on Rachel's ATF question kind of in a bigger picture way. Olivier, you mentioned CDMOs have adopted ATF. It seems like some traction with pharma recently. Why are you seeing these wins with ATF now? It's a technology that's been around for a while. Are these seeds that were planted years ago? Is this key account strategy, good execution by the sales team. Just curious kind of qualitatively what's been driving the ATF wins recently.

嘿，大家早安。也許可以從更大角度來跟進 Rachel 的 ATF 問題。奧利維爾，您提到 CDMO 已經採用了 ATF。最近製藥業似乎取得了一些進展。為什麼您現在看到 ATF 取得這些勝利？這是一項已經存在一段時間的技術。這些是多年前種下的種子嗎？這是大客戶策略嗎？只是有點好奇，最近是什麼推動了 ATF 取得勝利。

Yeah. No, it's a great question, Jacob, and it's a bit of all what you mentioned. I mean, so what people may not realize is we've got a lab-scale ATF solution which is where people typically start putting their hand on the ATF technology. Meaning like typically, maybe three, four, five years ago, also, some of these companies would have started testing the technology at the lab scale and realizing that it was working really well. And then they might have decided to start getting it up a few years later and then have a couple of great successes operating at larger scale and so on.

是的。不，雅各布，這是一個很好的問題，它和你提到的所有內容都有一點相似。我的意思是，人們可能沒有意識到我們已經擁有一個實驗室規模的 ATF 解決方案，人們通常從這裡開始嘗試 ATF 技術。這意味著，通常大約三、四、五年前，其中一些公司就已經開始在實驗室規模上測試這項技術，並意識到它運作得非常好。然後他們可能決定幾年後開始創業，並在更大規模的營運中取得一些巨大的成功等等。

And then you know how it is with new technologies. Once the technology starts to be really well known in the industry, people are probably capable to adopt that faster and then just decide to move on maybe in a record time frame versus what they would have done before. So if I look at the last big win we talked about in quarter three, which is a commercial drug, I mean, it's fair to say this one has been moving really fast. And we start to see companies telling us, hey, we've got the proof of concept. This technology works really well. So -- and considering the regulatory changes are limited, we can probably activate implementing that technology faster than we would implement a technology that is not known at all in the industry.

然後你就會知道新技術是怎麼樣的。一旦這項技術在業界開始真正為人所知，人們可能就能更快地採用它，然後決定在創紀錄的時間內繼續前進，而這比以前要快得多。因此，如果我看一下我們在第三季談到的最後一個重大勝利，即一種商業藥物，可以說這場勝利進展非常快。我們開始看到一些公司告訴我們，嘿，我們已經得到了概念證明。這項技術確實有效。因此—考慮到監管變化有限，我們可能能夠比實施業內完全不為人知的技術更快地啟動該技術的實施。

So it's a bit of a mix. You've got people who are faster than others. You've got people who have been having their hand on the technology for several years. All I can tell you is we still have a lot of winds, new winds coming, which is why we are so confident about the future. And the winds are now beyond monoclonal antibodies, where we start to see multiple winds on the new modality side using ETF as well.

因此，這有點混亂。有些人比其他人更快。有些人已經掌握這項技術好幾年了。我只能告訴你們，我們仍面臨許多風，新的風正在來臨，這就是我們對未來如此有信心的原因。現在，風向已經超出了單株抗體的範疇，我們開始看到使用 ETF 的新模式方面的多種風向。

Conor McNamara, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納‧麥克納馬拉 (Conor McNamara)。

Thanks for taking the questions and congrats on a solid quarter. Can you just talk about what in-market assumptions you've incorporated in your fiscal '25 guide into a Q1 that's going to be at the low end of your guidance range? And then that would assume there's some acceleration for you guys. Are you assuming that in-markets kind of return to historic growth rates by the end of the year or is it more Repligen-specific that's driving that acceleration throughout the year?

感謝您回答這些問題，並祝賀您本季業績表現穩健。您能否談談您在 25 財年指南中納入了哪些市場假設，並將第一季的業績推至指導範圍的低端？那麼這就意味著你們會獲得一定的加速。您是否認為到今年年底，市場成長率將恢復到歷史最高水平，或者是 Repligen 的某些特性推動了全年的加速發展？

Yeah, that's a really good question, Conor. I mean, again, I think we see ourselves a bit different than others from the point of view. Again, 80% of our portfolio is very differentiated. So I can't really talk about the global market and then how people would see it from their own angle at this stage.

是的，康納，這是一個非常好的問題。我的意思是，我認為從這個角度來看，我們自己與別人有些不同。再次強調，我們 80% 的投資組合都非常差異化。因此，我目前無法真正談論全球市場，以及人們如何從自己的角度看待它。

Well, what we see from our side is we are probably back to the same pattern we experienced before COVID where typically H2 is a little bit higher than H1, where the strongest quarter in the year is always quarter four. And then quarter one, quarter three being a little bit lower, meaning you're going to see certain acceleration from quarter one to quarter two. That kind of the pattern we always experience before COVID and we think we're pretty much back to the same situation for us in 2025 year.

嗯，從我們的角度來看，我們可能回到了 COVID 之前經歷的相同模式，其中 H2 通常比 H1 略高，一年中最強勁的季度始終是第四季度。然後第一季、第三季會稍微低一些，這意味著你會看到從第一季到第二季有一定的加速。在新冠疫情之前，我們總是會經歷這種模式，我們認為，到 2025 年，我們的處境基本上會回到同樣的地步。

Great, thanks. And then just on pricing, can you quantify pricing impact in 2024 and what you've incorporated in the 2025 guide? Thanks for the question.

非常好，謝謝。然後僅就定價而言，您能量化 2024 年的定價影響以及您在 2025 年指南中納入了哪些內容嗎？謝謝你的提問。

Yeah, so we achieved kind of that low single digit pricing back to the historical levels that we've traditionally seen and expect a similar case in 2025. So we feel like from that angle, our product differentiation allows us to capture price but to do it modestly and balance that with our customer relationships and again, keeping our products cost competitive for those solutions. So we'll continue on that same trend.

是的，因此我們實現了將價格降至傳統歷史水準的低個位數，並預計 2025 年也會出現類似的情況。因此，我們覺得從這個角度來看，我們的產品差異化使我們能夠獲得價格，但要適度地進行，並與我們的客戶關係取得平衡，並再次保持我們的產品在這些解決方案中具有成本競爭力。因此我們將繼續同樣的趨勢。

Matt Hewitt, Craig-Hallum.

馬特休伊特、克雷格哈勒姆。

Good morning and congratulations on the strong finish to the year. A couple questions regarding the equipment sales. Obviously, you're seeing a strong recovery there. Was there any budget flush impact in Q4? And I guess another question would be looking at your peers, some of them are still talking about headwinds on the equipment side. What do you think is the key differentiator for you versus maybe some of the issues that your peers are still having? Thank you.

早安，恭喜您今年取得了圓滿的成績。關於設備銷售的幾個問題。顯然，你看到那裡正在出現強勁復甦。第四季的預算縮減是否有影響？我想另一個問題是看看你的同行，他們中的一些人仍在談論設備方面的阻力。您認為與您的同行相比，他們面臨的一些問題，最關鍵的區別是什麼？謝謝。

Yeah, thanks, Matt, for the question. I think we need to look at hardware from one point of view, which is you've got what I call really the lab, small scale-type of hardware on one side, which is the CTech part of our business. And then you've got more of the manufacturing, larger scale-type of hardware, which is what we call (inaudible) on one side and large scale system on the other side.

是的，謝謝馬特提出這個問題。我認為我們需要從一個角度來看待硬件，也就是你真正擁有的我所說的實驗室，一方面是小規模的硬件，這是我們業務的 CTech 部分。然後你會得到更多的製造業，更大規模的硬件，一方面是我們所說的（聽不清楚），另一方面是大型系統。

So if I look at the first bucket, which is more of the small scale type of hardware, we know like there is always a very strong quarter four and we experienced it. I mean, we said it in the script. I mean, we are the record quarter ever for since we acquired CTech in terms of both orders and sales in quarter four. And I want to say probably half of it is like beginning of a start of a recovery for those smaller type of hardware. And I think some of these analytical companies have seen the same I think in quarter four. And then the other half is definitely coming from the seasonality where quarter four is always a quarter where you want to use your budget and then the order intake is always the higher saver.

因此，如果我看第一個桶，它更像是小規模類型的硬件，我們知道總是有一個非常強勁的第四季度，我們經歷過它。我的意思是，我們在劇本裡說過這件事。我的意思是，自從我們收購 CTech 以來，第四季的訂單和銷售額都創下了歷史新高。我想說，大概有一半就像是那些小型硬體開始復甦的開始。我認為其中一些分析公司在第四季也看到了同樣的情況。另一半肯定來自季節性，第四季度總是你想要使用預算的季度，然後訂單量總是更高的節省。

But then for the rest of the portfolio, which is really what I call the manufacturing hardware piece, I think the situation is different. And then here, I want to think like the fact we launched products that are real state of the art, really high tech, and not only high tech from a hardware point of view, but combined with our PAT FlowVPX technology, which is now included -- is almost 20% to 25% of every system we're selling, is giving us a huge competitive advantage, which is why we're certainly gaining market share on that side.

但對於投資組合的其餘部分，也就是我所說的製造硬體部分，我認為情況有所不同。然後在這裡，我想，我們推出的產品是真正先進的、真正高科技的產品，不僅從硬體的角度來看是高科技，而且結合了我們的 PAT FlowVPX 技術，現在該技術幾乎占我們銷售的每個系統的 20% 到 25%，這給了我們巨大的競爭優勢，這就是我們在這方面肯定會獲得市場份額的原因。

And then here, I mean, it depends. I mean, the fact we see CDMOs recovering so well makes me feel like that's one of the reasons why we start to see so much more CapEx spending again coming from CDMO and we've seen quite a bit of it in quarter four. So really on that side, which is the manufacturing hardware, I think we're getting market share with probably better products, more and more features with our PAT technologies and certainly also very focused on new modalities with which as you know, with the launch of RS 10 in particular, we've had a lot of wins over the last several quarters now.

然後在這裡，我的意思是，這取決於情況。我的意思是，我們看到 CDMO 復甦如此之好，這讓我覺得這是我們開始看到如此多的資本支出再次來自 CDMO 的原因之一，而且我們在第四季度已經看到了相當多的支出。因此，就製造硬體而言，我認為我們正在透過更好的產品、PAT 技術越來越多的功能來獲得市場份額，當然我們也非常注重新模式，如您所知，特別是隨著 RS 10 的推出，我們在過去幾個季度中取得了許多勝利。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Thank you for taking my question and a follow-up to the previous question. First off, thank you for clearly laying it out on how you achieve your 2025 guidance. Outside of ATF, I wanted to get additional color on why are you focused on newer modalities and PATs in specific. Are there areas where you see there is an unmet need and therefore winning accounts is easier or versus displacing some of the larger players?

感謝您回答我的問題以及對上一個問題的跟進。首先，感謝您清楚闡述如何實現 2025 年指導目標。除了 ATF，我還想進一步了解您為什麼特別關注新模式和 PAT。您認為哪些領域存在尚未滿足的需求，因此贏得客戶會更容易，或者會取代一些較大的參與者？

Yeah. Thanks for the question, Subbu. We love new modalities for a lot of reasons, and I'll try to just mention maybe a couple of them. The first one is when you look at the current pipeline of pharmaceutical company, I mean, today, almost half of the products they have in their pipeline are coming from new modalities. And obviously, it makes the life of the globalized R&D from those big pharma companies very complex, because we are probably in the past, they were dealing with three or four different type of products. Now they have to deal with 10 to 15 different ones.

是的。謝謝你的提問，Subbu。我們喜歡新模式的原因有很多，我只想提到其中的幾個。第一個是當你觀察製藥公司目前的產品線時，我的意思是，今天，他們產品線中幾乎有一半的產品都來自新模式。顯然，這讓大型製藥公司的全球化研發工作變得非常複雜，因為在過去，他們可能要處理三到四種不同類型的產品。現在他們必須處理10至15種不同的問題。

So what do these guys need? They need a company that is capable to support them and support them with customized solutions, support them with agility and ability to turn around a solution for the problems they are facing that they don't have a good solution for. And we think we are doing well here because we are indeed a child and we are faster probably than many others to develop and launch new products. And that's what probably those companies really appreciate from us. So that's really one side, I think, of the picture that is very important.

那麼這些人需要什麼呢？他們需要一家有能力支持他們、為他們提供客製化解決方案、為他們提供靈活性並有能力解決他們所面臨的、尚無良好解決方案的問題的公司。我們認為我們在這裡做得很好，因為我們確實還是個孩子，但我們開發和推出新產品的速度可能比其他許多公司都要快。這或許就是這些公司真正欣賞我們的地方。所以，我認為這確實是圖中非常重要的一個面向。

The second one really about new modalities, the diversity that I -- also very interesting from the point of view, there is not one solution that fits it all. I mean, you have to really be capable to adjust the way you look at manufacturing from a totally different angle because if you compare manufacturing of a CAR T product on one side, manufacturing of a viral vector on the other side, and now ADCs, and so on and so on, I mean, they all have totally different requirements. And here again, you need to be capable to sit around a table and support the people the right way.

第二個其實是關於新模式、多樣性，從這個角度來看也非常有趣，沒有一種解決方案可以解決所有問題。我的意思是，你必須真正有能力從完全不同的角度調整你看待製造的方式，因為如果你比較一邊是 CAR T 產品的製造，另一邊是病毒載體的製造，還有現在的 ADC 等等，我的意思是，它們都有完全不同的要求。在這裡，你們再次強調，你們需要有能力圍坐在一起，以正確的方式支持人民。

And I think we all know like from a therapeutical point of view, there are beautiful stuff happening. And that's probably in the next 5 to 10 years, a lot of diseases that are not being cured today will be cured by some of these new modalities. So we are absolutely very, very excited about it. And we think we are bringing a lot of good solutions to our customers on that side.

而且我認為我們都知道，從治療的角度來看，有很多美好的事情正在發生。很可能在未來5到10年內，許多目前無法治癒的疾病將透過一些新方法得到治癒。因此我們對此感到非常非常興奮。我們認為我們為客戶帶來了很多好的解決方案。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Hi, good morning everyone. Olivier, can you expand upon the strength you saw in hardware during the quarter? Did that include any platform wins, your expansions or new placements there? And maybe talk about just where -- which franchises you saw some of the strength.

大家早安。奧利維爾，您能否詳細說明一下本季硬體方面的優勢？這是否包括任何平台勝利、您的擴展或在那裡的新安置？也許可以談談你在哪裡看到了哪些特許經營的優勢。

Yeah, no, absolutely. I mean, so on hardware, I talked already about (inaudible) and about the large-scale system. Don't forget that's also a big part of our ATF business consisting system as well, so in hardware. So it's across the board. I mean, as we mentioned, as you heard, ATF did very well in 2024. And obviously, the hardware part of ATF did very well in 2024 as well.

是的，絕對不是。我的意思是，在硬體方面，我已經討論過（聽不清楚）和大規模系統。別忘了這也是我們 ATF 業務組成系統的重要組成部分，所以在硬體方面也是如此。所以這是全面的。我的意思是，正如我們所提到的，正如您所聽到的，ATF 在 2024 年表現非常出色。顯然，ATF 的硬體部分在 2024 年也表現非常出色。

And then on the rest, which is more the filtration and chromatography systems, which is now today very, very much depending on the Artesyn portfolio we acquired several years ago, again, the reason why we are very successful here is because we've got very differentiating solutions with very high technology on one side and combination with PAT technologies on the other side. And people really like them.

然後其餘部分，更多的是過濾和色譜系統，現在很大程度上取決於我們幾年前收購的 Artesyn 產品組合，我們在這裡非常成功的原因是因為我們擁有非常差異化的解決方案，一方面採用了非常高的技術，另一方面又結合了 PAT 技術。人們確實喜歡它們。

I mean, the people probably didn't know us much two years ago. Now they start to know us much more and with the key account management focus we had, particularly at some of these big pharma, as indeed we were starting to get platform. And I want to say three or four big pharma companies have decided to start platforming us last year for their CFS manufacturing solutions. So that's definitely for us a big, big win we had in 2024.

我的意思是，兩年前人們可能不太了解我們。現在他們開始更加了解我們，並且透過我們對關鍵客戶管理的關注，特別是對一些大型製藥公司來說，我們確實開始獲得平台了。我想說的是，去年有三、四家大型製藥公司決定開始採用我們的平台來提供他們的 CFS 製造解決方案。所以對我們來說，這無疑是我們在 2024 年取得的重大勝利。

And then the last piece, particularly for the Artesyn portfolio, is there is full stickiness of consumable meaning like once you install an [RF] system, you're going to get a flow of single use consumable, say, for the next 5 to 10 years. And that's going to be obviously a very significant tailwind for our business for the next few years as well here.

最後一點，特別是對於 Artesyn 產品組合而言，是消耗品具有完全黏性，這意味著一旦您安裝了 [RF] 系統，您就會在未來 5 到 10 年內獲得一次性消耗品流。這顯然也會為我們未來幾年的業務帶來非常重要的推動力。

Thank you. And then one quick follow up just on the strength ex and APAC ex-China and some of the growth initiatives there. Is that currently being driven by CDMO or is the participation there in pharma and biotech as well? And where are you focusing the growth?

謝謝。然後快速跟進一下除中國以外的亞太地區的實力以及那裡的一些成長舉措。目前這是由 CDMO 推動的嗎，還是製藥和生技也參與其中？您的成長重點在哪裡？

Yeah, I don't know exactly -- to tell you the truth, Justin, I would like to say that I mean, if you think about a country like Korea, obviously you've got both the biggest CDMO in the world and you've got probably one of the biggest biosimilar company in the world.

是的，我不太清楚——說實話，賈斯汀，我想說的是，如果你想想像韓國這樣的國家，顯然你擁有世界上最大的 CDMO，而且你可能還擁有世界上最大的生物仿製藥公司之一。

So if you think about a country like that -- and I know I'm only picking up two companies down there -- but you would say it's probably a pretty balance between the two. I don't have the exact number of something we would need to check. But back to the numbers themselves, I mean, you're right, like Asia did very well for us in 2024, excluding China. And in fact, APAC for the full year grew 12% excluding China in terms of sales. And in terms of orders, we grew around 16%.

因此，如果你考慮這樣的國家——我知道我只挑選了那裡的兩家公司——但你會說這兩者之間可能存在相當的平衡。我不知道我們需要檢查的具體數字。但回到數字本身，我的意思是，你是對的，就像亞洲在 2024 年為我們表現得非常好，中國除外。事實上，亞太地區（不包括中國）全年銷售額成長了 12%。就訂單而言，我們增長了約16％。

So it was a really good year for us. I mentioned Korea, which is obviously a big area of focus for us and others as well. But people shouldn't forget countries like Japan as well, who have been rebounding very nicely now for the last two to three years because the government, after COVID, has decided to invest a lot of money. And then Singapore, which is kind of benefiting from the side of the softer China, where people are back to invest a lot in Singapore as well.

所以對我們來說這真的是很好的一年。我提到了韓國，這顯然也是我們和其他人關注的重點地區。但人們也不應該忘記像日本這樣的國家，這些國家在過去的兩三年裡經濟復甦得很好，因為政府在疫情後決定投入大量資金。新加坡則受惠於中國經濟趨於軟弱，人們也回流到新加坡進行大量投資。

So yeah, Asia outside of China did very well for us in 2024, and we've got big hopes that growth is going to accelerate in '25 and beyond. And then on China, we think we've reached the bottom. I mean, our orders in the second half of 2024 were slightly higher than our orders in the first half. So we were hoping we've reached the bottom and we are going to be back to growth mode somewhere probably around the second half of 2025.

是的，2024 年，中國以外的亞洲市場表現非常出色，我們非常希望 2025 年及以後的成長能夠加速。而就中國而言，我們認為已經觸底。我的意思是，我們 2024 年下半年的訂單略高於上半年的訂單。因此，我們希望已經觸底，並且大概在 2025 年下半年左右恢復成長模式。

Paul Knight, KeyBanc.

保羅奈特（Paul Knight），KeyBanc。

Thanks so much for the question. Regarding the recovery in CDMOs, what do you think's happening there? Is it they're getting past making material for COVID or they're seeing better financing from biotech? It's been odd that they've been really bullish, but now we're starting to see it. There are orders for companies like Repligen. If you can comment on that first. Thanks.

非常感謝您提問。關於 CDMO 的復甦，您認為那裡正在發生什麼？是他們已經不再生產針對 COVID 的材料，還是他們從生物技術中獲得了更好的融資？他們如此樂觀真是奇怪，但現在我們開始看到這一點了。也有針對 Repligen 等公司的訂單。如果您可以先對此發表評論。謝謝。

Yeah. No, Paul, absolutely. And that's obviously a question we're asking ourselves every day. I'll start with the big CDMOs. I mean, the big CDMOs, what their obsession is, is to get those very large, long-term tenure supply contracts with big pharma companies on commercial drugs. And I mean, if you look at the top two, if not maybe the top three or four, I mean, they've announced some of these very big deals over the last several months. Some of these have been the highest they've ever signed.

是的。不，保羅，絕對不是。這顯然是我們每天都在問自己的問題。我將從大型 CDMO 開始。我的意思是，大型 CDMO 沉迷於與大型製藥公司簽訂商業藥品的大型長期供應合約。我的意思是，如果你看看排名前兩名的公司，或者可能是前三或前四名的公司，他們在過去幾個月裡宣布了一些非常大的交易。其中一些是他們簽署過的最高金額。

And when you are one of these big CDMOs, this is giving you a lot of clarity, a lot of confidence over the next 5 to 10 years, because you know you are secured with the base business. You need to have to be successful for the next 5 to 10 years. And then you can start to do cool things, which is to grab maybe smaller products, earlier phase products that are going to be the products for the future. So I think the big guys are definitely in very good shape today.

如果您是這些大型 CDMO 之一，那麼未來 5 到 10 年，您將對未來有非常清晰的認識和信心，因為您知道基礎業務是有保障的。你需要在未來5到10年內取得成功。然後你就可以開始做一些很酷的事情，例如抓住可能較小的產品、早期的產品，這些產品將成為未來的產品。所以我認為大個子們今天的狀態肯定非常好。

What I found interesting when we looked at our numbers was to see that the tail end, the smaller CDM or the tier two as we call them, did very well for us for the last two quarters. And here you would say it's probably because they're also benefiting from some of the tail end of the big pharma products that are not a good feed to the larger CDMOs because they are probably smaller in size. But also, I think the Biosecure Act definitely had some impact for some of the tier two CDMO, particularly in the US, where we know some of these guys have benefited from it.

當我們查看我們的數據時，我發現有趣的是，尾端，較小的CDM或我們所說的第二層，在過去兩個季度表現非常出色。在這裡你可能會說，這可能是因為他們也受益於一些大型製藥公司的尾部產品，而這些產品對於較大的 CDMO 來說並不是一個好的供應，因為它們的規模可能較小。但同時，我認為《生物安全法案》肯定對一些二級 CDMO 產生了一定影響，特別是在美國，我們知道其中一些從中受益。

In terms of the funding of small biotech, I mean, that's something we're still looking at very carefully. There were some improvement last year. I think the total funding was up about 45% versus 2023. What we didn't like too much was a trend where quarter by quarter, funding went down. I mean, from $18 billion in quarter one to $15 billion in quarter two and then $12 billion and $12 billion in quarter three and quarter four. And I want to say January was pretty weak as well at around USD3 billion to USD3.5 billion.

關於小型生物技術公司的資金問題，我的意思是，我們仍在密切關注這個問題。去年有所改善。我認為總資金量比 2023 年增加了約 45%。我們不太喜歡的是資金逐季減少的趨勢。我的意思是，從第一季的 180 億美元到第二季的 150 億美元，然後第三季和第四季分別達到 120 億美元和 120 億美元。我想說的是，1 月的表現也相當疲軟，約 30 億至 35 億美元。

So that is something we still need to watch. If there is one segment that we think has not really recovered completely yet, it's really those small biotech.

因此我們仍需關注這一點。如果我們認為有一個領域尚未真正完全恢復，那就是那些小型生物科技公司。

And then lastly, I know you have a lot of Hollow Fiber capacity. What do you plan to do there? Could you use that capacity to somehow get into the GLP-1 market or is that kind of just still in R&D?

最後，我知道你們擁有許多中空纖維產能。你打算去那裡做什麼？您能否利用該產能以某種方式進入 GLP-1 市場，還是該市場仍處於研發階段？

Yeah. No, that's a really good question. I mean, among a lot of stuff we want to focus on, one of them is to make sure we spend more time with our commercial team to get designing with some of these very differentiating product we have. And it's not only Hollow Fiber, it's several others as well. So that's an initiative. And when you hear about the fact we're investing more into sales, I mean, that's definitely one of the areas where we want to get more of these application specialists in our team so that we can spend more time designing those beautiful technologies we have that we know are going to get more successes in the future. And then Hollow Fiber is one of them; it's not the only one.

是的。不，這是一個非常好的問題。我的意思是，在我們想要關注的許多事情中，其中之一就是確保我們花更多的時間與我們的商務團隊一起設計我們擁有的一些非常與眾不同的產品。而且不只是中空纖維，還有其他幾種。所以這是一項舉措。當你聽到我們在銷售方面投入更多資金時，我的意思是，這絕對是我們希望在團隊中招募更多應用專家的領域之一，以便我們能夠花更多時間來設計我們擁有的那些美妙的技術，我們知道這些技術將在未來取得更多成功。中空纖維就是其中之一；它不是唯一的一個。

Maybe one more question and -- yeah.

也許還有一個問題——是的。

Doug Schenkel, Wolf Research.

道格·申克爾（Doug Schenkel），Wolf Research。

Good morning and thank you for taking my questions. There was an earlier question about your year-end instrument performance versus peers. And we're always hesitant to make calls about share shifts in an increasingly sticky market.

早上好，感謝您回答我的問題。之前有一個問題是關於您與同行相比的年終樂器演奏表現。在日益緊張的市場中，我們總是猶豫是否要對份額變動做出決定。

That said, I am wondering if you are seeing any pickup and customers swapping out existing lines for your products in what seems to be an environment where at least based on what we're hearing from others, it seems like the build out of new lines is still muted. So I'm wondering if that's some of what's different about what's going on with you versus peers.

話雖如此，我想知道您是否看到任何回頭客和客戶將現有生產線替換為您的產品，在這種情況下，至少根據我們從其他人那裡聽到的消息，似乎新生產線的建設仍然很低調。所以我想知道您和同齡人的情況是否有不同。

And then just very quickly on guidance and really just pacing, given the order strength in Q4 and given how short it is now for you to -- or how not long it takes for you to fulfill orders, it does seem like you won -- the commentary would seemingly de-risk things fairly substantially. I just want to make sure we're not missing anything in terms of the size of the orders, the duration of the orders, because it certainly seems like the bias would be to the upside given how you guided and in the strength of orders into your end. Thank you.

然後很快給出指引和實際步調，考慮到第四季度的訂單強度，以及考慮到您現在完成訂單的時間有多短——或者說您完成訂單所需的時間有多短，看起來您確實贏了——該評論似乎會大大降低風險。我只是想確保我們沒有遺漏任何有關訂單規模、訂單持續時間的信息，因為考慮到你的指導方式和訂單強度，偏差似乎肯定會偏向上行。謝謝。

Yeah, sure. For the first part of the question, I want to start by saying we are a very small actor on the hardware market. I mean, let's be honest, we are coming from a very low level. So obviously, when you're coming with new products on this very significant market and you're bringing beautiful products and you don't have a lot of market share, at the beginning of the day, you can really only win unless you're not doing the job properly. So that's probably why we're seeing that market from a bit of a different angle.

是的，當然。對於問題的第一部分，我首先要說的是，我們在硬體市場上只是一個非常小的參與者。我的意思是，說實話，我們的水平很低。因此顯然，當你帶著新產品進入這個非常重要的市場，帶來漂亮的產品而你卻沒有太多的市場份額時，一開始，你真的只能獲勝，除非你沒有做好工作。所以這可能是我們從不同角度看待該市場的原因。

This being said, yes, we've had a lot of great wins over the last several quarters, and because we do have great products again combined with the right PAT technology, so we are definitely gaining market share. I mentioned earlier what we like is we start to get platform at some of these big pharma companies who started buying one, two, three systems maybe a couple of years ago, and now who are buying one new system every other month. And that's something we are really very happy about, because it means not only they like the product we launched a few years ago, but once they've been starting to use it, they realize it's a big differentiator. So that's definitely where we see traction, but again, we're coming from a low point in term of having very low market share.

話雖如此，是的，我們在過去幾個季度取得了許多巨大的勝利，而且因為我們確實再次擁有優秀的產品並結合正確的 PAT 技術，所以我們的市場份額肯定在不斷擴大。我之前提到過，我們喜歡的是我們開始在一些大型製藥公司獲得平台，這些公司幾年前就開始購買一、二、三個系統，而現在每隔一個月就會購買一個新系統。這確實讓我們非常高興，因為這意味著他們不僅喜歡我們幾年前推出的產品，而且一旦開始使用它，他們就會意識到它是一個很大的差異化因素。所以，這絕對是我們看到的吸引力所在，但同樣，我們的市佔率也處於低谷。

And then just to answer the latter part of your question, yes, you're right. Typically, hardware have a lead time of three to six months or so. You would assume like the orders you have in your plan for sales in quarter one, you receive them already in the previous quarter. That's absolutely fair, which is different from consumable where you can get consumable order in the quarter to deliver in the same quarter.

然後回答你問題的後半部分，是的，你是對的。通常，硬體的交付週期約為三到六個月。您可能會認為，就像您第一季銷售計劃中的訂單一樣，您在上一季已經收到了它們。這絕對公平，這與消耗品不同，您可以在本季度獲得消耗品訂單，並在同一季度交付。

Well, with this, I think we'll wrap it up for today. So thank you for joining the call. We really appreciate the time you took. And we are all excited about the year to come and we'll talk soon together again. Thank you so much. Cheers.

好了，我想我們今天的分享就到此結束了。非常感謝您參加此次電話會議。我們非常感謝您花費的時間。我們都對來年充滿期待，很快我們會再次聚在一起聊天。太感謝了。乾杯。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路了。