賽默飛世爾科技 (TMO) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Thermo Fisher Scientific 2022 Second Quarter Conference Call. My name is Jaquita, I will be your operator for today's call. (Operator Instructions). I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President of Investor Relations. Mr. Tejada, you may begin the call.

早上好，女士們，先生們。歡迎參加賽默飛世爾科技 2022 年第二季度電話會議。我的名字是 Jaquita，今天我將擔任您的接線員。 （操作員說明）。我想介紹一下我們的主持人，投資者關係副總裁 Rafael Tejada 先生。 Tejada 先生，您可以開始通話了。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President and Chief Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading News & Events until August 12, 2022. A copy of the press release of our second quarter 2022 earnings is available in the Investors section of our website under the heading Financials.

早上好，感謝您加入我們。今天與我通話的是我們的董事長、總裁兼首席執行官 Marc Casper；和高級副總裁兼首席財務官斯蒂芬威廉姆森。請注意，本次電話會議正在進行網絡直播，並將存檔在我們網站 thermofisher.com 的“投資者”部分，標題為“新聞與活動”，直至 2022 年 8 月 12 日。我們提供 2022 年第二季度收益新聞稿的副本在我們網站的“投資者”部分的“財務”標題下。

So before we begin, let me briefly cover our safe harbor statement. Various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K and subsequent quarterly report on Form 10-Q, which are on file with the SEC and available in the Investors section of our website under the heading Financials, SEC Filings.

因此，在我們開始之前，讓我簡要介紹一下我們的安全港聲明。根據 1995 年《私人證券訴訟改革法案》的安全港條款，我們可能對公司的未來預期、計劃和前景做出的各種評論構成前瞻性陳述。實際結果可能與這些前瞻性陳述所表明的結果大不相同各種重要因素導致的聲明，包括公司最近的 10-K 表格年度報告和隨後的 10-Q 表格季度報告中討論的那些，這些報告已在美國證券交易委員會備案，可在我們網站的“投資者”部分查閱在財務，SEC 文件標題下。

While we may like to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

雖然我們可能希望在未來某個時候更新前瞻性陳述，但即使我們的估計發生變化，我們也明確表示不承擔任何這樣做的義務。因此，您不應依賴這些前瞻性陳述來代表我們在今天之後的任何日期的觀點。

Also during this call, we'll be referring to certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our second quarter 2022 earnings and also in the Investors section of our website under the heading Financials.

同樣在本次電話會議中，我們將提及某些未按照公認會計原則或 GAAP 編制的財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬可在我們的 2022 年第二季度收益新聞稿以及我們網站的“投資者”部分的財務標題下獲得。

So with that, I'll now turn the call over to Marc.

因此，我現在將把電話轉給 Marc。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our second quarter call. As you saw in our press release, we had another excellent quarter. We delivered outstanding financial performance. Our core business is performing very well, that strength is broad-based across all our businesses. As I reflect on the quarter, I'm very proud of the team's great execution and the resulting share gain we saw across our business.

謝謝你，拉夫。大家早上好，感謝您今天加入我們的第二季度電話會議。正如您在我們的新聞稿中看到的那樣，我們又度過了一個出色的季度。我們提供了出色的財務業績。我們的核心業務表現非常好，這種優勢在我們所有的業務中都有廣泛的基礎。當我回顧本季度時，我為團隊的出色執行以及我們在整個業務中看到的由此帶來的份額增長感到非常自豪。

Our ongoing success is propelled by our proven growth strategy and our PPI Business System, which is a differentiator for us and enables operational excellence within the company. You'll see this in our second quarter results and increased outlook for the year.

我們的持續成功是由我們久經考驗的增長戰略和 PPI 業務系統推動的，這對我們來說是一個差異化因素，並在公司內部實現了卓越運營。您將在我們的第二季度業績和今年的增長前景中看到這一點。

So let me first recap the financials. Our revenue in the quarter grew 18% year-over-year to $10.97 billion. Our adjusted operating income was $2.61 billion. Our adjusted operating margin in the second quarter was 23.7%, and we delivered another quarter of strong adjusted EPS performance, achieving $5.51 per share.

所以讓我先回顧一下財務狀況。我們本季度的收入同比增長 18% 至 109.7 億美元。我們調整後的營業收入為 26.1 億美元。我們第二季度的調整後營業利潤率為 23.7%，我們又實現了一個季度強勁的調整後每股收益表現，達到每股 5.51 美元。

Let me now give you some color on our performance by end market. Starting with pharma and biotech, we had excellent performance in this end market, delivering growth in the mid-teens. We saw excellent growth across all businesses serving these customers, highlighted by our bioproduction and pharma services businesses. We're continuing to benefit from our trusted partner status that we've earned over many years with our pharma and biotech customers.

現在讓我給你一些關於我們在終端市場上的表現的看法。從製藥和生物技術開始，我們在這個終端市場表現出色，實現了十幾歲的增長。我們看到為這些客戶提供服務的所有業務都實現了出色的增長，尤其是我們的生物生產和製藥服務業務。我們將繼續受益於我們多年來與製藥和生物技術客戶一起贏得的值得信賴的合作夥伴地位。

In academic and government, we grew in the mid-single digits in the quarter. We saw strong growth in biosciences and chromatography and mass spectrometry. Turning to industrial and applied. We grew in the low double digits for the quarter. We saw very strong growth in electron microscopy, chromatography and mass spectrometry in our research and safety market channel.

在學術和政府方面，我們在本季度以中個位數增長。我們看到了生物科學、色譜和質譜的強勁增長。轉向工業和應用。本季度我們以兩位數的低位增長。我們在研究和安全市場渠道中看到了電子顯微鏡、色譜和質譜的強勁增長。

Finally, in diagnostics and health care, revenue was 20% lower than the prior year quarter. In this end market, the core business saw strong growth led by immunodiagnostics and microbiology. During the quarter, the team continued to execute well to support customers' COVID-19 testing needs. Overall, excellent performance across our end markets. And as that reflect on this quarter's performance, we continue to deliver very differentiated core business growth. This was driven by 3 factors: the market conditions were good; our team managed lockdowns in China extremely well; and we had outstanding execution from our global team, resulting in meaningful share gain.

最後，在診斷和醫療保健領域，收入比去年同期下降 20%。在這個終端市場，核心業務在免疫診斷和微生物學的帶動下實現了強勁增長。在本季度，該團隊繼續出色地執行以支持客戶的 COVID-19 測試需求。總體而言，我們的終端市場表現出色。由於這反映了本季度的表現，我們繼續實現非常差異化的核心業務增長。這是由三個因素驅動的：市場狀況良好；我們的團隊在中國的封鎖管理得非常好；我們的全球團隊執行力出色，帶來了有意義的份額增長。

Let me now provide an update on the progress we made in executing our proven growth strategy. The investments we've made and are continuing to make across the company are fueling growth and generating strong returns. Our growth strategy has enabled another quarter of excellent performance. As a reminder, our strategy consists of 3 pillars: developing high-impact innovative new products; leveraging our scale in the high-growth and emerging markets; and delivering a unique value proposition to our customers.

現在讓我介紹一下我們在執行經過驗證的增長戰略方面取得的進展。我們在整個公司進行的和繼續進行的投資正在推動增長並產生強勁的回報。我們的增長戰略使另一個季度的出色表現成為可能。提醒一下，我們的戰略包括 3 個支柱：開發具有高影響力的創新新產品；利用我們在高增長和新興市場的規模；並為我們的客戶提供獨特的價值主張。

I'll start with innovation. We launched a number of new products across our businesses to further strengthen our industry leadership and enable our customers to accelerate scientific breakthroughs. I'll highlight a few of these. We had an outstanding American Society for Mass Spectrometry Conference, where we showcased new instruments, consumables and software to advance our customers' work. These included the Thermo Scientific AccelerOme Automated Sample Prep Platform, which simplifies workflows for proteomic researchers by eliminating the range of previously manual steps. We also launched a cloud-based Thermo Scientific RDS software platform, which integrates functionality and data across multiple chromatography and mass spectrometry instruments to simplify application-specific workflows, helping scientists share information with each other and labs around the world and speeding the development of new diagnostics and therapies.

我將從創新開始。我們在我們的業務中推出了許多新產品，以進一步加強我們的行業領導地位，並使我們的客戶能夠加速科學突破。我將重點介紹其中的一些。我們舉辦了一場出色的美國質譜學會會議，展示了新儀器、耗材和軟件，以推進客戶的工作。其中包括 Thermo Scientific AccelerOme 自動化樣品製備平台，該平台通過消除以前的手動步驟範圍，簡化了蛋白質組研究人員的工作流程。我們還推出了基於雲的 Thermo Scientific RDS 軟件平台，該平台集成了多個色譜和質譜儀器的功能和數據，以簡化特定應用的工作流程，幫助科學家彼此和世界各地的實驗室共享信息，並加快新產品的開發診斷和治療。

In addition, we launched the Thermo Scientific Direct Mass Technology mode for our industry-leading Q Exactive Orbitrap mass spectrometers. This technology allows for the characterization of complex and large biotherapeutics, which were previously challenging to interpret. In our biosciences business, we launched the Gibco CTS TrueCut Cas9 Protein that supports genome editing for applications such as CAR-T cell therapy research. Emerging therapies like CAR-T are providing new hope in treating cancer.

此外，我們為行業領先的 Q Exactive Orbitrap 質譜儀推出了 Thermo Scientific 直接質量技術模式。該技術允許對複雜和大型生物治療藥物進行表徵，這些藥物以前難以解釋。在我們的生物科學業務中，我們推出了支持基因組編輯的 Gibco CTS TrueCut Cas9 蛋白，用於 CAR-T 細胞治療研究等應用。像 CAR-T 這樣的新興療法正在為治療癌症提供新的希望。

And in specialty diagnostics, we launched the Phadia 2500+ series in the U.S., a high-throughput instrument for allergy and autoimmune diagnostics that help further improve lab efficiency. These new products and many others will make a significant difference for our customers and drive future growth for our company.

在專業診斷方面，我們在美國推出了 Phadia 2500+ 系列，這是一種用於過敏和自身免疫診斷的高通量儀器，有助於進一步提高實驗室效率。這些新產品和許多其他產品將對我們的客戶產生重大影響，並推動我們公司的未來發展。

Turning to our high growth and emerging markets. We're really thrilled with our team's progress. You may remember that we called out China as a potential Q2 headwind because of the COVID-19 lockdowns in the country. Obviously, the lockdowns were very severe, but I'm so proud of the way the team responded. They powered through demonstrating the relevance of our offering amid the crisis and delivered over 20% growth. That was the result of a very strong core business, the benefit of deep relationships we have with our customers and our support for local COVID-19 testing. So overall, it was a great quarter and one that clearly demonstrates our growth strategy continues to deliver outstanding results.

轉向我們的高增長和新興市場。我們對團隊的進步感到非常興奮。您可能還記得，由於該國的 COVID-19 封鎖，我們將中國稱為潛在的第二季度逆風。顯然，封鎖非常嚴重，但我為球隊的反應方式感到自豪。他們通過展示我們的產品在危機中的相關性提供動力，並實現了超過 20% 的增長。這是非常強大的核心業務、我們與客戶的深厚關係以及我們對當地 COVID-19 測試的支持的結果。因此，總體而言，這是一個很棒的季度，清楚地表明我們的增長戰略繼續取得出色的成果。

The third pillar of our growth strategy is our unique customer value proposition. Our capabilities enable our customers' ability to achieve their own goals for innovation and productivity. To be the best partner for our customers, we continue to enhance our capacity and capabilities.

我們增長戰略的第三個支柱是我們獨特的客戶價值主張。我們的能力使我們的客戶能夠實現他們自己的創新和生產力目標。為了成為客戶的最佳合作夥伴，我們不斷提升我們的能力和能力。

Let me share a couple of examples. At our flagship facility for cell culture media in Grand Island, New York, we just completed a capacity expansion to support customers' research, drug development and production applications. And in our lab chemicals business in Geel, Belgium, where we have our primary Continental European distribution center for lab chemicals, we just completed a major expansion of the facility to support the strong growth that we've been delivering.

讓我分享幾個例子。在我們位於紐約格蘭德島的旗艦細胞培養基設施，我們剛剛完成了產能擴張，以支持客戶的研究、藥物開發和生產應用。在我們位於比利時 Geel 的實驗室化學品業務中，我們擁有主要的歐洲大陸實驗室化學品配送中心，我們剛剛完成了設施的大規模擴建，以支持我們一直在實現的強勁增長。

I've had the opportunity to visit both sites a number of times, and it's really exciting to see the ongoing strength in customer demand that's driving the need for this investment. These are just a few reflections on the way we're supporting our customers by further strengthening our capabilities and value proposition.

我有機會多次訪問這兩個站點，看到客戶需求的持續強勁推動了對這項投資的需求，真是令人興奮。這些只是對我們通過進一步加強我們的能力和價值主張來支持客戶的方式的一些思考。

Now turning to capital deployment. I'd like to share some of the other steps we've taken to further strengthen our customer value proposition and build our future. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders. We're very pleased with the performance of the PPD acquisition. The business is performing very well, delivering strong core revenue and earnings growth.

現在轉向資本部署。我想分享我們為進一步加強我們的客戶價值主張和建設我們的未來而採取的其他一些步驟。我們繼續成功地執行我們嚴格的資本部署戰略，這是戰略併購和向股東返還資本的結合。我們對 PPD 收購的表現非常滿意。該業務表現非常好，實現了強勁的核心收入和盈利增長。

In May, at our Investor Day, we increased the revenue synergy outlook by $100 million to $250 million in year 3 and the cost synergies in that year by $25 million to $100 million, and the synergy opportunities continue to be incredibly exciting. I just had a chance to meet with the clinical research commercial organization, and I'm so impressed with the team and the opportunity that they see for enabling the success of our customers going forward.

5 月，在我們的投資者日，我們將第 3 年的收入協同效應前景提高了 1 億美元至 2.5 億美元，將當年的成本協同效應提高了 2500 萬美元至 1 億美元，協同效應的機會繼續令人難以置信地令人興奮。我剛剛有機會與臨床研究商業組織會面，我對團隊和他們看到的幫助我們的客戶取得成功的機會印象深刻。

The combination of capabilities is really resonating with customers, and we're seeing strong momentum in the business. All of this is leading to business performance well ahead of ideal market. The acquisition of PPD is another example of how our capital deployment strategy is creating customer and shareholder value.

能力的結合確實引起了客戶的共鳴，我們看到了業務的強勁勢頭。所有這些都導致業務績效遠遠領先於理想市場。收購 PPD 是我們的資本部署戰略如何創造客戶和股東價值的另一個例子。

Turning now to an update to our ESG initiatives. We released our latest Corporate Social Responsibility Report. This report details our progress and disclosures for all of our key ESG initiatives and is a great example of how we're continually working to enhance our reporting and disclosure using internationally recognized reporting standards. It's great to see the progress details in the report and also reflecting the progress we've made through our commitment to ESG over many years.

現在轉向我們的 ESG 計劃的更新。我們發布了最新的企業社會責任報告。本報告詳細介紹了我們所有關鍵 ESG 舉措的進展和披露，是我們如何使用國際公認的報告標準不斷努力改進報告和披露的一個很好的例子。很高興看到報告中的進展細節，也反映了我們多年來對 ESG 的承諾所取得的進展。

For this quarter, I'll highlight the progress we continue to make on our goal to reduce our carbon footprint. As part of our efforts, we continue to transition to renewable energy installed at on-site rooftop solar power at key locations to reduce our consumption of electricity produced with fossil fuels. We're also working with our suppliers on their climate performance goals would ultimately have an impact across our value chain. As a leader in ESG, our commitment to progress is ingrained in everything we do, and we look forward to updating you on our progress as we go forward.

對於本季度，我將重點介紹我們在減少碳足蹟的目標方面繼續取得的進展。作為我們努力的一部分，我們繼續在關鍵地點的現場屋頂太陽能中安裝可再生能源，以減少我們使用化石燃料生產的電力消耗。我們還與我們的供應商合作，以實現他們的氣候績效目標，最終將對我們的價值鏈產生影響。作為 ESG 的領導者，我們對進步的承諾在我們所做的每一件事中都根深蒂固，我們期待在我們前進的過程中向您提供最新進展。

Now I'd like to review our updated 2022 guidance at a high level, and then Stephen will take you through the details. We're meaningfully raising our full year guidance. We're increasing our revenue guidance by $700 million to $43.15 billion, which would result in 10% reported revenue growth over 2021. And we're raising our 2022 adjusted EPS guidance by $0.28 to $22.93 per share.

現在，我想從高層次回顧一下我們更新的 2022 年指南，然後斯蒂芬將帶您了解詳細信息。我們正在有意義地提高我們的全年指導。我們將收入指引上調 7 億美元至 431.5 億美元，這將導致 2021 年報告的收入增長 10%。我們將 2022 年調整後的每股收益指引上調 0.28 美元至每股 22.93 美元。

This higher outlook primarily reflects the strength of our core business and additional contribution of COVID-19 testing revenue, which are more than offsetting the increased foreign exchange headwinds, demonstrating how well we operate with speed and scale to enable our customer success and navigate dynamic macro environments.

這一較高的前景主要反映了我們核心業務的實力和 COVID-19 測試收入的額外貢獻，這足以抵消外匯逆風的增加，表明我們如何以速度和規模運營以使我們的客戶成功並駕馭動態宏觀環境。

So to summarize our key takeaways from the second quarter. Our outstanding results in Q2 had the benefits of our proven growth strategy, our PPI Business System and our extraordinary team. Our business is performing very well, and we're gaining market share. The PPD acquisition is generating strong returns. We're really well positioned to continue to differentiate ourselves for all of our stakeholders. And the team is doing an excellent job navigating the dynamic times we're living in. All of this has enabled to raise our outlook for 2022 and further solidify our incredibly bright future.

因此，總結一下我們第二季度的主要收穫。我們在第二季度的出色業績得益於我們久經考驗的增長戰略、我們的 PPI 業務系統和我們非凡的團隊。我們的業務表現非常好，我們正在獲得市場份額。收購 PPD 正在產生豐厚的回報。我們確實處於有利地位，可以繼續為所有利益相關者脫穎而出。團隊在我們所處的動態時代中做得非常出色。所有這些都使我們對 2022 年的展望更加樂觀，並進一步鞏固了我們令人難以置信的光明未來。

With that, I'll now hand the call over to our CFO, Stephen Williamson. Stephen?

有了這個，我現在將把電話交給我們的首席財務官斯蒂芬威廉姆森。斯蒂芬?

Thanks, Marc, and good morning, everyone. We delivered another excellent quarter in Q2. This included 13% core organic revenue growth, $630 million of COVID-19 testing revenue, $5.51 of adjusted earnings per share and over $1 billion of free cash flow.

謝謝，馬克，大家早上好。我們在第二季度又交付了一個出色的季度。這包括 13% 的核心有機收入增長、6.3 億美元的 COVID-19 測試收入、5.51 美元的調整後每股收益和超過 10 億美元的自由現金流。

Revenue in Q2 was $930 million higher than we'd incorporated in our previous 2022 guidance, with $640 million driven by ongoing strength in the core business and $400 million from testing, partially offset by $110 million due to higher headwind from foreign exchange. Similar to last quarter, the strength in the core was broad-based across businesses and end markets.

第二季度的收入比我們在之前的 2022 年指導中納入的收入高 9.3 億美元，其中 6.4 億美元是由核心業務的持續實力推動的，4 億美元來自測試，但由於外匯逆風增加，部分被 1.1 億美元抵消。與上一季度類似，核心業務和終端市場的優勢廣泛。

From a geographic lens, $200 million of the beat was from China. In our previous guidance, we'd assumed a $200 million headwind from the lockdowns in China, and we offset all of that, half from strong local core growth and half from local testing support, a great achievement by our China team.

從地理角度來看，2 億美元的節拍來自中國。在我們之前的指導中，我們假設中國的封鎖會帶來 2 億美元的逆風，我們抵消了所有這些，一半來自強勁的本地核心增長，一半來自本地測試支持，這是我們中國團隊的一項偉大成就。

Our PPI Business System enabled us to generate very strong pull-through on the revenue beat and adjusted EPS for Q2 was $0.52 higher than included in our previous guidance. So Q2 was a continuation of our excellent financial performance track record.

我們的 PPI 業務系統使我們能夠產生非常強勁的收入增長，第二季度調整後的每股收益比我們之前的指導中包含的高 0.52 美元。因此，第二季度是我們出色的財務業績記錄的延續。

Let me now provide you with some more details. Beginning with our earnings results. As I mentioned, we delivered $5.51 of adjusted EPS in Q2, and GAAP EPS in the quarter was $4.22. On the top line, our Q2 reported revenue grew 18% year-over-year. The components of our Q2 reported revenue increase included 3% organic revenue growth, a 19% contribution from acquisitions and a headwind of 4% from foreign exchange.

現在讓我為您提供更多細節。從我們的收益結果開始。正如我所提到的，我們在第二季度實現了 5.51 美元的調整後每股收益，該季度的 GAAP 每股收益為 4.22 美元。最重要的是，我們第二季度報告的收入同比增長 18%。我們第二季度報告的收入增長的組成部分包括 3% 的有機收入增長、19% 的收購貢獻和 4% 的外匯逆風。

Turning to our organic revenue performance by geography. The organic growth rates by region are skewed by the COVID-19 testing revenue in the current year and prior year. In Q2, North America grew in the high single digits, Europe declined in the low double digits, Asia Pacific grew in the low double digits, with China growing over 20% and rest of world declined low double digits.

轉向我們按地域劃分的有機收入表現。按地區劃分的有機增長率受到本年度和上一年 COVID-19 測試收入的影響。在第二季度，北美以高個位數增長，歐洲以低兩位數下降，亞太地區以低兩位數增長，中國增長超過 20%，世界其他地區下降低兩位數。

With respect to our operational performance, adjusted operating income in the quarter decreased 3% and adjusted operating margin was 23.7%, 530 basis points lower than Q2 last year. Adjusted operating margin was slightly higher than we'd anticipated in our prior guidance for Q2, reflecting how our growth strategy and PPI Business System enabled us to continue to manage dynamic times.

就我們的經營業績而言，本季度調整後的營業收入下降了 3%，調整後的營業利潤率為 23.7%，比去年第二季度下降了 530 個基點。調整後的營業利潤率略高於我們在之前的第二季度指引中的預期，反映了我們的增長戰略和 PPI 業務系統如何使我們能夠繼續管理動態時間。

In the quarter, we achieved strong price realization to effectively address inflation while also driving strong productivity and positive volume leverage in the core business. This was more than offset by the expected impact of incorporating PPD into our financials, lower testing volumes and continued strategic investments, including investments in our colleagues.

在本季度，我們實現了強勁的價格實現，以有效應對通脹，同時推動核心業務的強勁生產力和正數量槓桿。將 PPD 納入我們的財務、降低測試量和持續的戰略投資（包括對我們同事的投資）的預期影響遠遠抵消了這一點。

Moving on to the details of the P&L. Total company adjusted gross margin in the quarter came in at 43.2%, 740 basis points lower than Q2 last year. For the second quarter, the change in gross margin was due to the same drivers as those for our adjusted operating margin. Adjusted SG&A in the quarter was 16.1% of revenue, a decrease of 180 basis points versus Q2 2021. The R&D expense was approximately $360 million in Q2, representing growth of 6% over the prior year quarter. You can see the benefits of our prior R&D investments in our differentiated core organic growth rate and the exciting new products that Marc outlined. Moreover, the continued investments we're making in R&D are helping to fuel an even brighter future.

繼續討論損益表的細節。本季度公司總調整後毛利率為 43.2%，比去年第二季度低 740 個基點。對於第二季度，毛利率的變化是由於與我們調整後的營業利潤率相同的驅動因素。本季度調整後的 SG&A 佔收入的 16.1%，比 2021 年第二季度下降 180 個基點。第二季度的研發費用約為 3.6 億美元，比去年同期增長 6%。您可以看到我們之前的研發投資對我們差異化的核心有機增長率和 Marc 概述的令人興奮的新產品的好處。此外，我們在研發方面的持續投資有助於推動更加光明的未來。

Looking at our results below the line for the quarter and net interest expense was $112 million, approximately flat to Q2 last year. Our adjusted tax rate in the quarter was 13%. This was 100 basis points lower than Q2 last year, driven by our tax planning initiatives. Average diluted shares were 394 million in Q2, approximately 2 million lower year-over-year, driven by share repurchases net of option dilution.

查看我們本季度低於線的業績，淨利息支出為 1.12 億美元，與去年第二季度大致持平。本季度調整後的稅率為 13%。在我們的稅收籌劃舉措的推動下，這比去年第二季度低了 100 個基點。第二季度平均攤薄股份為 3.94 億股，同比減少約 200 萬股，這是由於股票回購扣除期權稀釋後的淨值。

Turning to cash flow and the balance sheet. Year-to-date cash flow from continuing operations was $3.7 billion and free cash flow was $2.6 billion. Our capacity and capability investments continue to progress well and our year-to-date net capital expenditures were $1.1 billion. We returned over $150 million to shareholders through dividends in the quarter, and this reflects the 15% dividend increase we announced in February. We paid down $1.85 billion of commercial paper in Q2 and ended the quarter with approximately $1.9 billion in cash and $30.3 billion of total debt.

轉向現金流和資產負債表。來自持續經營的年初至今現金流為 37 億美元，自由現金流為 26 億美元。我們的產能和能力投資繼續取得良好進展，年初至今的淨資本支出為 11 億美元。我們在本季度通過股息向股東返還了超過 1.5 億美元，這反映了我們在 2 月份宣布的 15% 的股息增長。我們在第二季度支付了 18.5 億美元的商業票據，並在本季度結束時擁有約 19 億美元的現金和 303 億美元的總債務。

Our leverage ratio at the end of the quarter was 2.3x gross debt-to-adjusted EBITDA and 2.2x on a net debt basis. Concluding my comments on our total company performance, adjusted ROIC was 16.6%, reflecting the strong returns on investment that we're generating across the company.

我們在本季度末的槓桿率是總債務與調整後 EBITDA 的 2.3 倍和淨債務的 2.2 倍。總結我對公司整體業績的評論，調整後的投資回報率為 16.6%，反映了我們在整個公司產生的強勁投資回報。

Now I'll provide some color on the performance of our 4 business segments. Let me start with a couple of framing comments. The scale and margin profile of our COVID-19 testing revenue varies by segment and the testing revenue was significantly higher in the prior year quarter that does skew some of the reported segment margins. As I mentioned earlier, we're executing strong pricing realization across all segments to address higher inflation. And as we outlined at the beginning of the year, we're referring to our acquired PPD business as our clinical research business. And that resides in laboratory products in Biopharma Services segment.

現在，我將對我們 4 個業務部門的表現進行一些說明。讓我從幾個框架評論開始。我們 COVID-19 測試收入的規模和利潤率因細分市場而異，上一季度的測試收入顯著增加，這確實扭曲了部分報告的細分市場利潤率。正如我之前提到的，我們正在對所有細分市場進行強有力的定價，以應對更高的通脹。正如我們在年初概述的那樣，我們將收購的 PPD 業務稱為我們的臨床研究業務。這存在於生物製藥服務部門的實驗室產品中。

So moving on to the segment details, starting with Life Science Solutions. Q2 reported revenue in this segment declined 7% and organic revenue was 5% lower than the prior year quarter. In Q2, we delivered very strong growth in our bioproduction business. This is offset by lower revenue in the genetic sciences business, driven by the moderation in testing revenue versus the year ago quarter. Q2 adjusted operating income in Life Science Solutions decreased 23% and adjusted operating margin was 40.3%, down 800 basis points year-over-year. In the quarter, we delivered strong productivity, which is more than offset by unfavorable business mix and the strategic investments we're making across the segment.

因此，繼續討論細分細節，從生命科學解決方案開始。第二季度報告該部門的收入下降了 7%，有機收入比去年同期下降了 5%。在第二季度，我們的生物生產業務實現了非常強勁的增長。這被基因科學業務收入下降所抵消，這是由於檢測收入與去年同期相比有所放緩。生命科學解決方案第二季度調整後營業收入下降 23%，調整後營業利潤率為 40.3%，同比下降 800 個基點。在本季度，我們實現了強勁的生產力，這被不利的業務組合和我們在整個部門進行的戰略投資所抵消。

In the Analytical Instruments segment, reported revenue increased 9% in Q2 and the organic growth was 13%. The strong growth in this segment this quarter was led by electron microscopy and the chromatography and mass spectrometry businesses. Q2 adjusted operating income in this segment increased 23% and adjusted operating margin was 21.4%, up 250 basis points year-over-year. During the quarter, we delivered strong volume flow-through and productivity that was partially offset by strategic investments.

在分析儀器部門，報告的收入在第二季度增長了 9%，有機增長為 13%。本季度該領域的強勁增長由電子顯微鏡以及色譜和質譜業務引領。該部門第二季度調整後的營業收入增長了 23%，調整後的營業利潤率為 21.4%，同比增長 250 個基點。在本季度，我們實現了強勁的流量和生產力，但部分被戰略投資所抵消。

Turning to Specialty Diagnostics. In Q2, reported revenue declined 11% and organic revenue was 8% lower than the prior year quarter. In Q2, we saw strong underlying growth in our immunodiagnostics and microbiology businesses, as well as our health care market channel. This is offset by lower COVID-19 testing revenue versus the year ago quarter. While Q2 adjusted operating income decreased 1% in the quarter, adjusted operating margin was 22.1%, up 220 basis points from the prior year quarter. In Q2, the impact of lower testing volume was more than offset by strong productivity enabled by our PPI Business System and positive business mix.

轉向專業診斷。在第二季度，報告的收入下降了 11%，有機收入比去年同期下降了 8%。在第二季度，我們的免疫診斷和微生物學業務以及我們的醫療保健市場渠道實現了強勁的潛在增長。這被與去年同期相比較低的 COVID-19 測試收入所抵消。雖然第二季度調整後的營業收入在該季度下降了 1%，但調整後的營業利潤率為 22.1%，比去年同期增加了 220 個基點。在第二季度，測試量減少的影響被我們的 PPI 業務系統和積極的業務組合所帶來的強大生產力所抵消。

And finally, in Laboratory Products & Biopharma Services segment. Q2 reported revenue increased 55%, organic growth was 10% and the impact of acquisitions was 48%. During Q2, we had strong growth in the research and safety market channel and in the Pharma Services and Laboratory Products businesses.

最後，在實驗室產品和生物製藥服務領域。第二季度報告收入增長了 55%，有機增長為 10%，收購的影響為 48%。在第二季度，我們在研究和安全市場渠道以及製藥服務和實驗室產品業務方面實現了強勁增長。

PPD, our clinical research business, is performing very well and continues to exceed our expectations. During the quarter, it grew slightly higher than the rest of the segments, contributing $1.72 billion of revenue. Q2 adjusted operating income in the segment increased 55% and adjusted operating margin was 12.5%, which is 10 basis points higher than the prior year quarter. In the quarter, we drove strong productivity and also stole the benefit from acquisitions. This was partially offset by strategic investments and unfavorable business mix.

我們的臨床研究業務 PPD 表現非常出色，並繼續超出我們的預期。在本季度，它的增長略高於其他部門，貢獻了 17.2 億美元的收入。該部門第二季度調整後的營業收入增長了 55%，調整後的營業利潤率為 12.5%，比去年同期高出 10 個基點。在本季度，我們推動了強勁的生產力，並從收購中竊取了收益。這部分被戰略投資和不利的業務組合所抵消。

Let me now turn to our updated 2022 guidance. And as Marc outlined, we're raising our full year revenue guidance by $700 million to $43.15 billion. We're also raising our core organic revenue growth outlook from 9% to 11%. And on the bottom line, we're raising our adjusted EPS guidance for 2022 by $0.28 to $22.93. The increase in revenue guidance is driven by 3 elements: a $750 million increase in the outlook for the core business; $500 million higher assumed COVID-19 testing revenue; and a $550 million decrease to reflect the recent changes in FX rates.

現在讓我談談我們更新的 2022 年指南。正如馬克所概述的那樣，我們將全年收入指導提高了 7 億美元，達到 431.5 億美元。我們還將核心有機收入增長前景從 9% 提高到 11%。最重要的是，我們將調整後的 2022 年每股收益指引上調 0.28 美元至 22.93 美元。收入指引的增加受三個因素的推動：核心業務前景增加 7.5 億美元；假設的 COVID-19 測試收入增加 5 億美元；並減少 5.5 億美元，以反映近期外匯匯率的變化。

Let me provide you some color on each of these elements. So starting with the $750 million increase in the outlook for the core business. This reflects a strong performance in Q2 and a $100 million increase in the core organic outlook for the second half of the year, and that second half raise reflects higher price we put in place to offset higher inflation versus the previous guidance.

讓我為每個元素提供一些顏色。因此，從核心業務前景增加 7.5 億美元開始。這反映了第二季度的強勁表現以及今年下半年核心有機展望增加了 1 億美元，而下半年的上調反映了我們為抵消較高通脹而製定的價格高於之前的指導。

As I mentioned previously, the increase in core revenue guidance raises the full year outlook for core organic revenue growth from 9% to 11%. This very strong growth performance reflecting excellent commercial execution and strong share gains. In terms of our COVID-19 testing revenue assumptions, the $500 million increase for the year includes the $400 million beat in Q2 and a $100 million increase in the assumption for Q3. This reflects an assumed glide path from Q2 to an endemic run rate level in Q4. There continue to be scenarios where testing demand could be higher than this level. And should that be the case, we're well positioned to support customer needs. And as we did in the first half of the year, we'll flow the benefits of that through our P&L. But for now, we thought it was prudent to continue to take a derisked approach to the outlook.

正如我之前提到的，核心收入指引的增加將核心有機收入增長的全年前景從 9% 提高到 11%。這種非常強勁的增長表現反映了出色的商業執行和強勁的股票收益。就我們的 COVID-19 測試收入假設而言，今年 5 億美元的增長包括第二季度的 4 億美元增長和第三季度假設的 1 億美元增長。這反映了從第二季度到第四季度地方性運行率水平的假設下滑路徑。仍然存在測試需求可能高於此水平的情況。如果是這種情況，我們可以很好地支持客戶需求。正如我們在今年上半年所做的那樣，我們將通過我們的損益表獲得收益。但就目前而言，我們認為繼續對前景採取不冒險的態度是謹慎的做法。

In terms of FX, we've incorporated current rates into guidance, and we now expect FX to be a year-over-year headwind of $1.25 billion on revenue or 3.2%. The FX headwind on adjusted EPS in 2022 has increased by $0.31 to $0.84 for the full year or 3.3%. The $0.31 change includes a 34% headwind in the second half of the year versus that previous guidance.

在外匯方面，我們已將當前匯率納入指導，我們現在預計外匯收入將同比增長 12.5 億美元或 3.2%。 2022 年調整後每股收益的外匯逆風全年增加 0.31 美元至 0.84 美元或 3.3%。 0.31 美元的變化包括今年下半年與之前的指導相比 34% 的逆風。

In terms of profitability, we expect to deliver $110 million more adjusted operating income, up to $700 million raise in revenue guidance. This reflects strong pull-through in the higher core and testing volume, additional price offsetting inflation and the impact of the headwind from FX.

在盈利能力方面，我們預計調整後的營業收入將增加 1.1 億美元，收入指引上調至多 7 億美元。這反映了較高核心和測試量的強勁拉動、額外的價格抵消了通貨膨脹以及外匯逆風的影響。

We now expect full year 2022 adjusted operating margin to be 25.2%. In terms of adjusted EPS, our stronger outlook is enabling us to raise the 2022 adjusted EPS guidance by $0.28 from $22.65 to $22.93, further building on an already very strong outlook for the year.

我們現在預計 2022 年全年調整後的營業利潤率為 25.2%。在調整後的每股收益方面，我們更強勁的前景使我們能夠將 2022 年調整後的每股收益指引從 22.65 美元上調 0.28 美元至 22.93 美元，進一步鞏固了今年已經非常強勁的前景。

So to recap on the guidance change, we continue to execute really well and are able to more than offset the significant FX headwinds, effectively manage inflation and still raise our full year outlook. This demonstrates the power of our proven strategy and our PPI Business System execution.

因此，回顧一下指引的變化，我們繼續執行得非常好，能夠抵消重大的外匯逆風，有效地管理通脹，並仍然提高我們的全年展望。這證明了我們經過驗證的戰略和 PPI 業務系統執行的力量。

Let me now provide you with a couple of other details on the 2022 guidance. PPD, our clinical research business, is now expected to deliver $6.8 billion of revenue in 2022, which represents 12% core organic revenue growth on a full year basis for this business, up 1% from our previous guidance. We now expect the business to contribute just over $2 to adjusted EPS in the year, up $0.03 from our prior guidance.

現在讓我為您提供有關 2022 年指南的其他一些細節。我們的臨床研究業務 PPD 現在預計將在 2022 年實現 68 億美元的收入，這代表該業務全年核心有機收入增長 12%，比我們之前的指引增長 1%。我們現在預計該業務將在今年為調整後的每股收益貢獻超過 2 美元，比我們之前的指導增加 0.03 美元。

Our guidance now assumes net interest expense of approximately $460 million for the year. We're assuming an adjusted income tax rate of 13.2% in 2022, slightly higher than the prior guidance. We continue to assume net capital expenditures of approximately $2.5 billion to $2.7 billion and free cash flow of approximately $7 billion.

我們的指引現在假設當年的淨利息支出約為 4.6 億美元。我們假設 2022 年調整後的所得稅率為 13.2%，略高於之前的指引。我們繼續假設淨資本支出約為 25 億至 27 億美元，自由現金流約為 70 億美元。

Our guidance still assumes $2.5 billion of capital deployment, which is a $2 billion of share buybacks to be completed in January and $475 million of capital returned to shareholders through dividends. And we continue to assume the full year average diluted share count will be between 394 million and 395 million shares.

我們的指引仍假設資本部署為 25 億美元，即 20 億美元的股票回購將在 1 月份完成，4.75 億美元的資本通過股息返還給股東。我們繼續假設全年平均攤薄股數將在 3.94 億至 3.95 億股之間。

And finally, I wanted to touch on spacing of the P&L to help you with your modeling. When I think about the revenue dollars in Q3 and Q4, we expect Q4 to contribute just under 52% of the second half total. And looking at adjusted EPS on that same basis, we expect the second half total to be weighted a couple of percentage points more to Q4 than the revenue.

最後，我想談談損益表的間距，以幫助您進行建模。當我考慮第三季度和第四季度的收入時，我們預計第四季度將佔下半年總收入的 52% 以下。在同樣的基礎上考慮調整後的每股收益，我們預計下半年到第四季度的總權重將比收入高幾個百分點。

To conclude, we delivered another excellent quarter and in a great position to achieve our 2022 goals. With that, I'll turn the call back over to Raf.

總而言之，我們又交付了一個出色的季度，並且處於實現 2022 年目標的有利位置。有了這個，我會把電話轉回給 Raf。

Thank you, Stephen. Operator, we're ready for Q&A.

謝謝你，斯蒂芬。接線員，我們準備好進行問答了。

(Operator Instructions) The first question comes from the line of Jack Meehan with Nephron Research.

（操作員說明）第一個問題來自 Nephron Research 的 Jack Meehan。

So versus the Analyst Day at the end of May, a lot has transpired on the macro environment. We see this morning, GDP officially declined again for 2Q. It would be great to hear just your latest thoughts on macro sensitivity for Thermo Fisher. And if you'll humor me as we sit here in July, just any thoughts on positioning for 2023, how that might fit in versus the 3-year CAGRs you talked about a couple of months ago?

因此，與 5 月底的分析師日相比，宏觀環境發生了很多變化。我們今天早上看到，第二季度 GDP 正式再次下降。很高興聽到您對 Thermo Fisher 宏觀靈敏度的最新想法。如果你在 7 月份坐在這裡時能對我說笑，關於 2023 年定位的任何想法，與你幾個月前談到的 3 年復合年增長率相比，這可能如何適應？

Yes. So Jack, I guess the first thing is business performing extraordinarily well, right? We have broad-based strength. As I look at the companies that have reported, we've done very well from a top line perspective. So I feel good about how we're performing. Bookings performance was very good. So if I think about what are we seeing in our business, we're seeing very strong strength, right? In terms of the macro, obviously, when you read the papers or wherever information source, lots and lots of challenges in the world. And in the last quarter, we articulated some of them and how we factored some of that into the thinking for our outlook.

是的。所以傑克，我想第一件事是業務表現非常好，對吧？我們擁有廣泛的實力。當我查看已報告的公司時，從頂線的角度來看，我們做得很好。所以我對我們的表現感覺很好。預訂表現非常好。因此，如果我考慮一下我們在業務中看到的情況，我們會看到非常強大的實力，對吧？就宏觀而言，顯然，當您閱讀論文或任何信息來源時，世界上會遇到很多很多挑戰。在上個季度，我們闡明了其中一些因素，以及我們如何將其中一些因素納入我們展望的思考中。

And so what do we think about sensitivity? This company is incredibly well positioned to navigate whatever the world throws at us, right? And the industry in and of itself is attractive as well as sensitive economically than many. We are very well positioned within it, and we have tremendous momentum. When I think about -- if we see a downturn, and we're not seeing the signs of one, but that doesn't mean that there won't be one. We have the benefit of a track record of dynamic of navigating dynamic times and exiting those periods really an incredibly strong industry leader. We benefit from an experienced management team, an incredible team around the world, a proven growth strategy in a PPI Business System, which gives us great operational discipline.

那麼我們如何看待敏感性呢？這家公司處於非常有利的位置，可以駕馭世界向我們拋出的任何東西，對吧？與許多行業相比，該行業本身俱有吸引力和經濟敏感性。我們在其中處於非常有利的位置，我們擁有巨大的動力。當我想到——如果我們看到經濟低迷，而我們沒有看到經濟衰退的跡象，但這並不意味著不會有經濟衰退。我們擁有導航動態時代和退出這些時期的動態記錄的好處，這確實是一個非常強大的行業領導者。我們受益於經驗豐富的管理團隊、世界各地令人難以置信的團隊、PPI 業務系統中經過驗證的增長戰略，這為我們提供了出色的運營紀律。

As you know, we've taken a number of actions over the last few years to strengthen our position in the end markets we serve. And today, relative to the recession and the great financial crisis, we have less industrial exposure. As a reminder, about 30% of our revenue going into the last recession was industrial. Today, it's about 13%. And pharma and biotech is much larger, and that has been the least economically sensitive of the end markets, and that represents just under 60% of our revenue.

如您所知，我們在過去幾年採取了許多行動來加強我們在所服務的終端市場中的地位。而今天，相對於經濟衰退和金融危機，我們的工業風險敞口更少。提醒一下，在上一次經濟衰退中，我們大約 30% 的收入來自工業。今天，大約是 13%。製藥和生物技術的規模要大得多，這是終端市場中對經濟最不敏感的，占我們收入的不到 60%。

And when I think about our mix, we're more service and consumables oriented than we were then. Then, it was 65% of our revenue. Today, it's 82% of our revenue. So the company is performing well. Our end markets are good, and we will manage through whatever the world throws at us. And you see that in the results, right? You see that in the -- FX got meaningfully more challenging for all global companies, and we're able to power through that and deliver an increase in our guidance.

當我考慮我們的組合時，我們比當時更注重服務和消耗品。然後，這是我們收入的 65%。今天，這是我們收入的 82%。所以公司表現不錯。我們的終端市場很好，我們將通過世界向我們拋出的任何問題進行管理。你在結果中看到了，對吧？您會看到——外匯對所有全球公司來說都變得更具挑戰性，我們能夠克服這一點並增加我們的指導。

Great. And then my second question is on capital allocation. So it looks like it was a relatively quiet quarter here, though I know you're always very active internally. It would be great to get your thoughts on the deal pipeline. Do you think it's getting more interesting with some of these macro challenges around the world? And then given PPD's strong performance here out of the gate, just thoughts on adding more CRO exposure to the business?

偉大的。然後我的第二個問題是關於資本配置。所以看起來這是一個相對安靜的季度，雖然我知道你在內部總是很活躍。讓您對交易管道有想法會很棒。你認為世界各地的一些宏觀挑戰會變得更有趣嗎？然後考慮到 PPD 在這裡的強勁表現，只是考慮增加更多的 CRO 業務嗎？

Yes. So from a capital deployment perspective, I really wanted to do the deeper dive on the progress of PPD, and we did a large acquisition in December, right? And the first thing we have to demonstrate is that we're great owners and operators of the businesses that are part of the family, and that's always our #1 priority, and that business is performing great.

是的。所以從資本部署的角度來看，我真的很想深入了解 PPD 的進展，我們在 12 月份進行了大規模收購，對吧？我們必須證明的第一件事是，我們是家族企業的偉大所有者和經營者，這始終是我們的第一要務，而且該業務表現出色。

And we have an active pipeline. And when I think about how valuations have come in many sectors, that creates opportunities, right? So we're actively engaged as we always are and we're well positioned to capitalize on the M&A opportunities that will be out there in the landscape. So thank you, Jack.

我們有一個活躍的管道。當我想到許多行業的估值是如何產生的時候，這就創造了機會，對吧？因此，我們一如既往地積極參與，我們處於有利地位，可以利用即將出現的併購機會。所以謝謝你，傑克。

The next question comes from the line of Patrick Donnelly with Citi.

下一個問題來自花旗銀行的 Patrick Donnelly。

Marc, maybe one on the bioprocessing business. It continues to be a source of strength for you guys, among others. Can you just talk about the performance this quarter for that business. It seems like it accelerated for a few players across the industry. And then secondarily, inside that bioprocessing piece on the COVID vaccine side, are you still kind of -- obviously, you derisked a little bit last quarter. I think you lowered it $500 million, $600 million for the year. Maybe just updated thoughts on that front along with the core bioprocessing piece.

馬克，也許是生物加工業務的一員。它仍然是你們等人的力量來源。您能否談談該業務本季度的表現。對於整個行業的一些參與者來說，它似乎加速了。其次，在 COVID 疫苗方面的生物處理部分，你仍然有點 - 顯然，你上個季度有點冒險。我認為你降低了 5 億美元，今年降低了 6 億美元。也許只是更新了這方面的想法以及核心生物處理部分。

Patrick, thanks for the questions. So -- when I think about bioprocessing, I always like to frame it in the context of how we serve pharma and biotech, right? The market will level up, it's very attractive. We have a leading presence, and we're really well positioned to serve those customer base. And you've seen us deliver really strong growth. When I think about production, right, or bioproduction, as a reminder, we have 2 major activities that we have within our company.

帕特里克，謝謝你的問題。所以——當我想到生物工藝時，我總是喜歡把它放在我們如何為製藥和生物技術服務的背景下，對吧？市場會上漲，非常有吸引力。我們擁有領先的影響力，而且我們非常有能力為這些客戶群提供服務。你已經看到我們實現了非常強勁的增長。當我想到生產、權利或生物生產時，提醒一下，我們公司內部有 2 項主要活動。

We have our bioproduction business, which is the leading presence in cell culture media, single-use technologies and a rapidly growing purification resins business, as well as our pharma services business, which is both drug substance and drug product for biologics. And you see us play with the monoclonal antibodies, viral vectors, cell therapy, plasmid, sterile fill/finish, all part of that. So it's a large portion of our total presence in serving pharma and biotech. Outstanding quarter, right? When I look at -- and that was both across the services business and bioproduction. When I look at how others have done and reported, I feel very, very good about our performance. And the outlook here is really positive.

我們的生物生產業務在細胞培養基、一次性技術和快速增長的純化樹脂業務方面處於領先地位，而我們的製藥服務業務既是原料藥又是生物製劑的藥物產品。你看到我們在玩單克隆抗體、病毒載體、細胞療法、質粒、無菌填充/完成，所有這些。因此，這是我們為製藥和生物技術服務的全部業務的很大一部分。出色的季度，對吧？當我看時 - 這既涉及服務業務，也涉及生物生產。當我看到其他人的表現和報告時，我對我們的表現感覺非常非常好。這裡的前景非常樂觀。

When I think about your question on the COVID vaccine therapies, our outlook for the year is $1.5 billion. That's the same as it was in Q1. We did just over $400 million of revenue in Q2, which was right in line with our expectations. It brings us to a little bit over $900 million at the halfway point of the year. So we feel good about our role in supporting our customers' activities in vaccines and therapies. That's part of our core revenue growth. So over time, when there's less demand for those capabilities, we will transition that well to other applications, which we do all the time.

當我想到你關於 COVID 疫苗療法的問題時，我們今年的前景是 15 億美元。這與第一季度的情況相同。我們在第二季度的收入剛剛超過 4 億美元，這完全符合我們的預期。它使我們在年中的時候達到了 9 億多美元。因此，我們對我們在支持客戶在疫苗和治療方面的活動方面所發揮的作用感到滿意。這是我們核心收入增長的一部分。因此，隨著時間的推移，當對這些功能的需求減少時，我們會很好地過渡到其他應用程序，我們一直在這樣做。

That's really helpful, Marc. And then maybe just on the pricing side. I know Stephen kind of talked about that being a key bridge to raising the guidance in the back half. I think you previously discussed maybe 2x the normal in pricing to combat inflation. Can you just kind of update where we are on the pricing side? Any pushback from customers?

這真的很有幫助，馬克。然後也許只是在定價方面。我知道斯蒂芬談到這是提高後半場指導的關鍵橋樑。我認為您之前討論過的定價可能是正常價格的 2 倍以對抗通貨膨脹。你能更新一下我們在定價方面的情況嗎？客戶有什麼回擊嗎？

Just maybe just what those conversations have been like? Obviously, pricing power has obviously been a great thing for you guys over the years, but that this is getting to be the highest level we've seen. So maybe just talk a little bit about the pricing side.

可能只是那些對話的樣子？顯然，多年來，定價權對你們來說顯然是一件好事，但這正在成為我們所見過的最高水平。所以也許只是談談定價方面。

I'll start with the customer comments, and Stephen will go through his thoughts. We're incredibly transparent with our customers and a partner to enable their success. So we've had very constructive discussions, and we've operated with transparency and has allowed us to get an appropriate level of pricing.

我將從客戶評論開始，斯蒂芬將通過他的想法。我們對我們的客戶和合作夥伴非常透明，以幫助他們取得成功。因此，我們進行了非常有建設性的討論，我們以透明的方式運作，並讓我們能夠獲得適當的定價水平。

Yes. So Patrick, in terms of the setup on pricing, then back to kind of a normal year for us, about 0.5 to 1 percentage point of net price across the whole business. And for the first half of the year, we've been running kind of slightly north of double the high end of that range. And the additional pricing we put in place is really to offset higher inflation that we're seeing largely energy costs in Europe as we think about the change in guidance.

是的。所以帕特里克，就定價設置而言，然後回到我們正常的一年，大約佔整個業務淨價的 0.5 到 1 個百分點。今年上半年，我們的運行速度略高於該範圍高端的兩倍。我們制定的額外定價實際上是為了抵消較高的通脹，我們在考慮指導變化時主要看到歐洲的能源成本。

And that change in guidance is really slightly higher revenue and no impact on adjusted operating income or adjusted EPS, but a little pressure on margin, which is the reason why the overall margin came down in the guidance from the last guidance. But that's kind of active management of the pricing to offset the additional inflation.

而指導的變化實際上是收入略高，對調整後的營業收入或調整後的每股收益沒有影響，但對利潤率有一點壓力，這就是整體利潤率在上次指導中下降的原因。但這是一種積極的定價管理，以抵消額外的通脹。

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

下一個問題來自美國銀行的 Derik De Bruin。

This is Mike Ryskin on for Derik. Marc, I want to follow up on a lot of your comments in the prepared remarks, you really seem to emphasize share gains again this quarter. And the core business is doing really well in a number of different segments. So curious if you could provide a little bit more color on some specifics on where you're seeing the biggest share wins versus your peers? Is it in sort of the core chromatography and mass spec and AI or in the channel or bioprocessing portfolio you're just talking about? Just sort of what's working well and what's allowing you to take that share? And any specifics you can give on individual pieces of the business would be helpful.

這是 Derik 的 Mike Ryskin。馬克，我想在準備好的評論中跟進你的很多評論，你似乎真的在本季度再次強調股票收益。核心業務在許多不同的領域都做得很好。很好奇您是否可以在某些細節上提供更多顏色，以說明您在哪些方面與同行相比獲得了最大的份額？它是在核心色譜、質譜和人工智能中，還是在您剛剛談論的通道或生物處理組合中？只是什麼運作良好，什麼讓你分得一杯羹？您可以就業務的各個部分提供的任何細節都會有所幫助。

Sure, Mike. Thanks for the question. So when I think about the 13% core growth, the 14% core growth for the first half, really strong momentum in the business and very broad-based, right? So that's exciting. And when I look at how the industry is reporting, we're faring very well. So I'm proud of the team's efforts.

當然，邁克。謝謝你的問題。因此，當我想到 13% 的核心增長、上半年 14% 的核心增長時，業務勢頭真的很強勁，而且基礎非常廣泛，對吧？所以這很令人興奮。當我查看該行業的報告時，我們的表現非常好。所以我為團隊的努力感到自豪。

So some of the highlights. Geographically, the team is doing incredibly good job in China. So that's one lens. End market lens, pharma biotech going incredibly quickly, right, with mid-teens growth. So that's another lens. And then the way you framed it, from the businesses perspective, analytical instruments is doing very well. It's going to see the 13% growth in the segment, great performance in electron microscopy and chromatography and mass spectrometry.

所以有些亮點。從地理上看，該團隊在中國做得非常好。所以這是一個鏡頭。終端市場的鏡頭，製藥生物技術發展得非常快，正確的，在十幾歲左右的增長。所以這是另一個鏡頭。然後，從業務的角度來看，您構建它的方式，分析儀器做得很好。它將在該領域看到 13% 的增長，在電子顯微鏡、色譜和質譜方面表現出色。

Our channel is performing well, pharma services. And then while it doesn't -- it's in the core. Our PPD acquisition has performed very well. We've obviously had the benefit of seeing a couple of industry participants report and that business is going well. And to be candid, it's pretty much broad-based across I haven't mentioned either. I didn't say something to us not doing well. The team is really humming right now.

我們的渠道表現良好，醫藥服務。然後雖然它沒有 - 它在核心。我們的 PPD 收購表現非常好。我們顯然受益於看到一些行業參與者的報告並且業務進展順利。坦率地說，它的範圍非常廣泛，我也沒有提到。我沒有說我們做得不好的話。球隊現在真的很熱鬧。

Okay, great. And then for the follow-up, if you look at how this year has trended sort of what you're implying for the rest of the year, what you're guiding for the rest of the year for COVID diagnostics. There's still going to be a little bit of a cliff as we go into next year, a little bit of a reduction in COVID diagnostics from '22 to '23, just given what you were able to accomplish in the first half of the year. But the base business is doing incredibly well, and you're now guiding to 11% core business.

好，太棒了。然後對於後續行動，如果你看看今年的趨勢如何，你在今年餘下的時間裡暗示了什麼，你在今年餘下的時間里為 COVID 診斷提供什麼指導。隨著我們進入明年，仍然會有一點懸崖，從 22 年到 23 年，COVID 診斷會有所減少，只是考慮到你在今年上半年能夠完成的工作。但是基礎業務做得非常好，你現在正在指導 11% 的核心業務。

So you've got your multiyear target of 7% to 9% out there, right? If we're using this year as a jumping off point, is there any reason to think that next year shouldn't be squarely in that range as well despite the comps and then sort of adjusting for the COVID diagnostic delta between $2.5 billion this year to the run rate next year? I'm just trying to do the bridge between the base and the COVID diagnostics, sort of where that puts the model.

所以你的多年目標是 7% 到 9%，對吧？如果我們以今年為起點，是否有任何理由認為明年不應該完全在這個範圍內，儘管有補償，然後根據今年 25 億美元的 COVID 診斷增量進行調整到明年的運行率？我只是想在基礎和 COVID 診斷之間架起一座橋樑，就像放置模型的地方一樣。

So Mike, I guess a few thoughts on 2023, right? And obviously, I'm looking forward -- I'm actually doing it every day, it's not that. But when we get to January, I'll be looking forward to giving you the -- give you the update on sort of what we think for the year, right, so in the details.

所以邁克，我想對 2023 年有一些想法，對吧？顯然，我很期待——我實際上每天都在這樣做，不是那樣的。但是當我們到 1 月份時，我期待著向您提供 - 向您提供我們對這一年的想法的最新信息，對，所以在細節上。

What we don't know now, right? And it's just nobody knows is what's the macro environment, right? Is it -- was it like the first half of this year, well, phenomenal, right? Or is it different? And so we'll appropriately set the context for 2023 when we get there. But I think there are a couple of things that are worth saying at this point in time to at least help you think about it. One is the core business, right, it's going to be larger, right? We're growing the business faster this year than we had outlined in the long-term model.

我們現在不知道的，對吧？只是沒有人知道宏觀環境是什麼，對吧？是不是就像今年上半年一樣，嗯，很驚人，對吧？或者有什麼不同？因此，當我們到達那裡時，我們將適當地設置 2023 年的背景。但我認為目前有幾件事值得說，至少可以幫助你思考。一個是核心業務，對吧，它會更大，對吧？今年我們的業務增長速度比我們在長期模型中概述的要快。

So I mean the jumping off point in 2023 is we're going to have a bigger business. And that's core that drives earnings power and all of those things. We'll have an appropriate growth range based on how we see the world at that point in time. We'll figure that out as it gets closer. And then Stephen might do want to comment on FX and because I know that the movements have been enormous, and you might want to frame how to think about that for next year. But I feel great about how our core business has performed.

所以我的意思是，2023 年的起點是我們將擁有更大的業務。這是推動盈利能力和所有這些事情的核心。我們將根據我們當時對世界的看法，制定適當的增長范圍。隨著它越來越近，我們會弄清楚這一點。然後斯蒂芬可能確實想對 FX 發表評論，因為我知道這些變動是巨大的，你可能想為明年制定如何考慮這一點。但我對我們核心業務的表現感覺很好。

Yes. I think if you look at FX rates, if they stayed the same as they are now, that will be kind of an additional year-over-year headwind next year, about $600 million, about $0.40 of adjusted EPS. And I think about the mix of currencies and where currencies have changed. Obviously, that could change as we go through the year, but something to watch out for in corporate.

是的。我認為，如果您看一下外匯匯率，如果它們與現在保持不變，那麼明年這將是一個額外的同比逆風，約為 6 億美元，調整後每股收益約為 0.40 美元。我會考慮貨幣的組合以及貨幣變化的地方。顯然，隨著我們這一年的過去，這種情況可能會發生變化，但在企業中需要注意一些事情。

Yes. And then Mike, when I think about the 7% to 9% growth, that's the long-term sort of average we worked through. So it can vary in a given year. This year, obviously, is above that, it can be within and it can be different just depends on the measure we use is or are we delivering really good performance, right? And it's going to be in the context of what's the environment. So that's going to wait until January.

是的。然後邁克，當我想到 7% 到 9% 的增長時，這就是我們所經歷的長期平均水平。所以它在給定的年份可能會有所不同。今年，顯然，高於此，它可以在內部，也可以不同，這取決於我們使用的衡量標準，或者我們是否提供了非常好的表現，對吧？它將在環境的背景下進行。所以這要等到一月份。

The next question sale of Rachel Vatnsdal with JPMorgan.

下一個問題是與摩根大通出售 Rachel Vatnsdal。

Congrats on the quarter. So my first question is on China. Growth of over 20% in the quarter was very impressive. You flagged that some of that was driven by COVID testing. So can you just break out what was the COVID contribution versus core growth in China? And then what are your latest expectations for China for the year, given some of the headlines you've been seeing about additional lockdowns?

祝賀本季度。所以我的第一個問題是關於中國的。本季度超過 20% 的增長令人印象深刻。您指出其中一些是由 COVID 測試驅動的。那麼，您能否詳細說明一下 COVID 貢獻與中國的核心增長有何不同？那麼，鑑於您看到的一些關於額外封鎖的頭條新聞，您對今年中國的最新期望是什麼？

Yes. So -- when I think about the business in China, the team really did an excellent job I think in really difficult circumstances. They basically had a month in the Shanghai region to basically get the business to really incredible performance in June. So I'm very proud of that. We had good growth in the core business, much better than we expected. And a nice chunk of the overdrive in COVID testing was in supporting the local activities. So we did a really good job there. We don't sell our assays there, but we do sell our instruments and in our reagents to support local demand. So we had strong core growth and a meaningful response in China, actually larger than we typically have in China for COVID testing.

是的。所以——當我想到中國的業務時，我認為在非常困難的情況下，團隊確實做得非常出色。他們基本上在上海地區有一個月的時間基本上讓業務在 6 月份取得了令人難以置信的業績。所以我為此感到非常自豪。我們的核心業務增長良好，比我們預期的要好得多。 COVID 測試中的很大一部分超速工作是支持當地的活動。所以我們在那裡做得非常好。我們不在那裡銷售我們的檢測試劑，但我們銷售我們的儀器和試劑以支持當地需求。因此，我們在中國取得了強勁的核心增長和有意義的反應，實際上比我們通常在中國進行的 COVID 測試要大。

The way I think about the outlook is it should be a good market in the second half of the year. I have no doubt there will be some level of COVID disruption. What that will be, when it will be, where it will be, hard to know. But just given the Zero COVID policies, there will be bumps on the road. But the team knows how to navigate that, and I feel like we'll get through that period effectively. And there could be some headwinds here or there, but nothing that we see at this point in time in China. It looks very strong.

我對前景的看法是，下半年應該是一個不錯的市場。我毫不懷疑會有一定程度的 COVID 中斷。那會是什麼，什麼時候，在哪裡，很難知道。但只要考慮到零 COVID 政策，道路上就會有顛簸。但是團隊知道如何駕馭它，我覺得我們會有效地度過那個時期。這里或那裡可能會有一些逆風，但我們目前在中國沒有看到任何東西。它看起來非常強大。

Great to hear. And then can you just give us an update on what you're seeing for earlier-stage work in biopharma, just given some of the funding concerns pressuring those mid-cap biotech customers. I know that's a small percent of your revenue, but still just any dynamic and color on what you're seeing in that market would be helpful.

很高興聽到。然後，您能否向我們介紹一下您對生物製藥早期工作的看法，只是考慮到對那些中型生物技術客戶施加壓力的一些資金問題。我知道這只是您收入的一小部分，但您在該市場上看到的任何動態和顏色都會有所幫助。

Yes. So Rachel, thanks for the question. Pharma market has been very strong. One of the questions because as our investors and analysts ask the question. I asked the team about are there patterns, trends, anything that is jumping out. And it's actually been broad-based strength, right? We're seeing good growth in the various subsegments within the customer base. So I feel like the momentum is strong. Orders were strong. there's always company-specific challenges, right? There will be companies that have bad data, bad report out or a company that's going to a cat and cliff or whatever. And we help those companies navigate those times. We help them drive productivity and accelerate innovation, and those things. But we continue to see strong momentum in pharma and biotech.

是的。所以瑞秋，謝謝你的問題。醫藥市場一直非常強勁。問題之一，因為正如我們的投資者和分析師所問的那樣。我向團隊詢問是否有模式、趨勢或任何跳出的東西。它實際上是基礎廣泛的力量，對吧？我們看到客戶群中各個細分市場的增長良好。所以我覺得勢頭很強勁。訂單強勁。總是有公司特有的挑戰，對吧？會有一些公司有糟糕的數據、糟糕的報告，或者一家公司會陷入困境或其他任何事情。我們幫助這些公司度過那個時代。我們幫助他們提高生產力並加速創新等等。但我們繼續看到製藥和生物技術領域的強勁勢頭。

The next question comes from the line of Matt Sykes with Goldman Sachs.

下一個問題來自高盛的 Matt Sykes。

Congrats on the quarter, Marc and Steve. Just my first question, Marc, when you announced the PPD acquisition last year, you said that part of the rationale was due to your large pharma customers wanting to reduce the number of trusted partnerships they had. And given that we're more than half a year on from the close of the deal and we're potentially facing a tougher economic environment where cost savings might become more important. Have you been able to capitalize on expanding these relationships? And could you share any specific examples of partnership expansions with large pharma as a result of the addition of the PPD business?

祝賀本季度，馬克和史蒂夫。馬克，我的第一個問題，當你去年宣布收購 PPD 時，你說部分原因是因為你的大型製藥客戶希望減少他們擁有的可信賴合作夥伴的數量。鑑於我們距離交易完成還有半年多的時間，而且我們可能面臨更嚴峻的經濟環境，其中成本節約可能變得更加重要。您是否能夠利用擴展這些關係？由於 PPD 業務的增加，您能否分享與大型製藥公司擴大合作夥伴關係的任何具體例子？

So Matt, thanks for the question. One of the things that's just been phenomenal is the speed at which we've been able to get meaningful authorizations that clearly synergy work, meaning the benefits of bringing the combination together and we've had several of the larger clients that have worked historically, very closely with us, already select us to do business with them in clinical research. So we've had meaningful wins there. We're also seeing some really interesting momentum in some of the smaller companies as well, so it's not just the large ones. But that concept of leveraging the existing relationships and the trusted partner status is working really well. And I think it was really cool that we were able to increase our synergy outlook by $100 million back in May, really just at that point was just 6 months after the close. I mean, it's a big number.

所以，馬特，謝謝你的問題。令人驚嘆的一件事是我們能夠以如此快的速度獲得有意義的授權，這顯然是協同工作的，這意味著將合併的好處結合在一起，我們有幾個歷史上合作過的大客戶，與我們非常密切，已經選擇我們在臨床研究中與他們開展業務。所以我們在那裡取得了有意義的勝利。我們也在一些小公司中看到了一些非常有趣的勢頭，所以不僅僅是大公司。但是，利用現有關係和受信任的合作夥伴地位的概念非常有效。而且我認為我們能夠在 5 月份將我們的協同效應前景提高 1 億美元真的很酷，當時真的只是在收盤後僅 6 個月。我的意思是，這是一個很大的數字。

And the team is not stopping there. They're focused on closing business, building a very large authorizations backlog and growing the business incredibly strongly for the long term. So I think it's very positive. And we've earned a lot of trust over many years, and we're going to help our customers develop their medicines and do that cost effectively and rapidly so that they can really benefit patients. So it's a very exciting times in terms of our clinical research momentum.

團隊並沒有就此止步。他們專注於關閉業務，建立非常大的授權積壓，以及長期強勁地發展業務。所以我認為這是非常積極的。多年來，我們贏得了很多信任，我們將幫助我們的客戶開發他們的藥物，並以具有成本效益和快速的方式做到這一點，以便他們真正造福患者。因此，就我們的臨床研究勢頭而言，這是一個非常激動人心的時刻。

Great. That's great to hear. And then just one last question. Just any commentary on demand in the European region? Just give us some of the challenges your customers may be facing there. Have you seen any change in demand from customers across your business within Europe?

偉大的。聽到這個消息我很高興。然後是最後一個問題。對歐洲地區的需求有何評論？請給我們一些您的客戶可能在那裡面臨的挑戰。您是否看到您在歐洲的整個企業的客戶需求發生了任何變化？

Yes. So Matt, thanks for the question. So Europe actually had a good quarter, right? And it's so to say that with down double digits. And effectively, we had a very significant COVID-19 testing comparison. So embedded under that, the core business grew very strongly, actually. So the demand has been good, and we saw really good market conditions in bioproduction, the research and safety market channel will be examples of the business, they did really well in Europe.

是的。所以，馬特，謝謝你的問題。所以歐洲實際上有一個很好的季度，對吧？可以這麼說，下降兩位數。實際上，我們進行了非常重要的 COVID-19 測試比較。如此嵌入其中，核心業務實際上增長非常強勁。所以需求一直很好，我們看到生物生產的市場條件非常好，研究和安全市場渠道將是業務的例子，他們在歐洲做得非常好。

So what I saw in Q2 was strong. There's obviously lots of challenges in Europe. When we put that sentence it's not a Thermo Fisher comment or an industry comment with pressures on energy prices and certainly, lots of challenges with the war in Ukraine. I think Europe will clearly be bumpy from a global economy perspective. But given our mix of business, which is very similar to the company average, we have a very large pharma and biotech presence in Europe. And when you take out the COVID testing, it represents a little under 20% of our revenue. I think we'll navigate that well.

所以我在第二季度看到的很強大。歐洲顯然有很多挑戰。當我們說出這句話時，它不是賽默飛世爾評論或對能源價格施加壓力的行業評論，當然還有烏克蘭戰爭帶來的許多挑戰。我認為從全球經濟的角度來看，歐洲顯然會很坎坷。但鑑於我們的業務組合與公司的平均水平非常相似，我們在歐洲擁有非常龐大的製藥和生物技術業務。當您進行 COVID 測試時，它只占我們收入的 20% 以下。我認為我們會很好地導航。

The next question comes from Dan Arias with Stifel.

下一個問題來自與 Stifel 的 Dan Arias。

Stephen, maybe just back on the pricing topic. How much of the pricing plan that you have for the year has been implemented at this point? Can we think about sort of a percentage of the portfolio where you've successfully pushed an increase through versus what might be left for the back half?

斯蒂芬，也許只是回到定價話題。此時您已經實施了多少年度定價計劃？我們可以考慮一下您成功推動增長的投資組合的百分比與後半部分可能留下的百分比嗎？

Yes, Dan, thanks for the question. So we've been very active on pricing from midway through last year. So it's not just this year thing. And we're being appropriately adjusting as we've seeing the impacts of inflation change. And as Marc mentioned before, it's kind of how do you bring our customers with us at the same time. So we're pricing appropriately, given the economic challenges that are around and I think appropriately navigating. So I think about that, we're going to be dynamic as we go forward.

是的，丹，謝謝你的提問。因此，從去年年中到去年，我們一直非常積極地定價。所以這不僅僅是今年的事情。隨著我們看到通貨膨脹變化的影響，我們正在適當地調整。正如 Marc 之前提到的，您如何同時將我們的客戶帶到我們身邊。因此，考慮到周圍的經濟挑戰，我們正在適當地定價，我認為是適當的導航。所以我考慮到這一點，我們將在前進的過程中充滿活力。

So we'll figure out what the market look like, what the inflation looks like and adjust appropriately as we think about the second half of this year and then going into 2023. So it's kind of a constant work in process is the way I view it. The teams have actually done a very good job so far, and we'll continue to navigate that way.

所以我們會弄清楚市場是什麼樣子，通貨膨脹是什麼樣子，並在我們考慮今年下半年然後進入 2023 年時進行適當調整。所以這是一種持續進行的工作，這是我的看法它。到目前為止，這些團隊實際上做得非常好，我們將繼續朝著這個方向前進。

Okay. Appreciate that. Just as a follow-up, maybe, Marc, on your follow-up to Jack's question on sort of the end market pie chart. How does the -- I'm curious how the Applied Science business looks for you at this point? And would you draw any distinction between the growth that you're seeing or that you think you'll see for industrial versus Applied, just knowing that those 2 tend to get lumped together a lot. I mean do you think decoupling those do is a useful thing in all to do?

好的。感謝。馬克，也許就像你對傑克關於終端市場餅圖的問題的後續跟進一樣。 - 我很好奇應用科學業務在這一點上如何看待你？您是否會在您所看到的或您認為您將看到的工業與應用的增長之間做出區分，只要知道這兩者往往會被混為一談。我的意思是，您認為將這些行為脫鉤是一件有用的事情嗎？

Again, in terms of the Industrial and Applied, we obviously continue to see good momentum. We have a good position in serving semiconductor materials science. Those have been strong. the applied markets funding has been fine. So that sector continues to be good. There's obviously global macroeconomic concerns, but generally, things continue to be strong. And we do have a different mix than we were much smaller in terms of the percentage of the total is so a different mix. We have more raw material science mix in the extent we did back in the last recession.

同樣，在工業和應用方面，我們顯然繼續看到良好的勢頭。我們在服務半導體材料科學方面處於有利地位。那些一直很強大。應用市場資金一直很好。因此，該部門繼續保持良好狀態。顯然存在全球宏觀經濟問題，但總體而言，情況繼續強勁。而且我們確實有不同的組合，就總數的百分比而言，我們的組合要小得多。與上次經濟衰退時一樣，我們擁有更多的原材料科學組合。

The next question comes from the line of Puneet Souda with SVB Securities.

下一個問題來自 SVB 證券的 Puneet Souda。

Congrats on the quarter. Just 2 brief questions for me. First one on Analytical Technologies, that was obviously very strong in the quarter, 13% growth. I think in last quarter, you did 12%. You had pointed to a strong backlog going into the quarter as well. So just wondering sort of how sustainable is that into the second half, given that these are instruments and not sort of consumables and services that you've highlighted as being a larger part of the business. But -- and anything on the Analytical Instruments you could share on this strength maybe potentially continuing into 2023, given the backlog or not would be really helpful.

祝賀本季度。對我來說只有 2 個簡短的問題。第一個是 Analytical Technologies，該季度顯然非常強勁，增長了 13%。我認為在上個季度，你做了 12%。您還指出本季度也有大量積壓。因此，只是想知道下半年的可持續性如何，因為這些是工具，而不是您強調的消耗品和服務，它們是業務的更大組成部分。但是——考慮到是否有積壓，你可以分享的分析儀器上的任何東西都可能會持續到 2023 年，這真的很有幫助。

So Puneet, we had very strong performance in the quarter. Bookings were very strong as well. So that gives us -- that's encouraging in the second half. We also have a very large backlog, right? So that also gives us some visibility to the second half as well. It gives us the confidence in the very strong outlook we have for the year from a core perspective. So the signs are very good. And we're launching some amazing technology. That makes a huge difference. Like ASMS this year, I give obviously a deeper dive than normal, really affecting the workflow across a number of key applications for mass spectrometry, fantastic in terms of the feedback and momentum in the business. The same thing is true in our electron macroscopy business is very strong. So I think we're very well positioned going forward there.

因此，Puneet，我們在本季度的表現非常強勁。預訂量也非常強勁。所以這給了我們 - 這在下半場令人鼓舞。我們也有很大的積壓，對吧？所以這也讓我們對下半場有了一些了解。從核心角度來看，這讓我們對今年的強勁前景充滿信心。所以跡象非常好。我們正在推出一些驚人的技術。這有很大的不同。就像今年的 ASMS 一樣，我顯然比平時進行了更深入的研究，真正影響了質譜分析的許多關鍵應用程序的工作流程，就業務的反饋和勢頭而言，這非常棒。同樣的事情在我們的電子顯微鏡業務非常強大。所以我認為我們在這方面處於非常有利的位置。

Got it. Okay. And then, Marc, a high-level question for you. A bigger important question we get from sort of investors around capacity expansion. I mean Thermo has expanded capacity across multiple business lines and across PPD as well as single-use sites and agreement with Moderna and such. Are these sites in production capacity sort of fully operational sort of in 2022 time frame and delivering to the level that you expect them to deliver? Or this is more of a 2023 or 2024 time frame when you see them coming fully online because obviously it requires hiring of folks and getting the fully -- facility fully ramped up. So asking that because we get questions around capacity expansion and lower capacity. But on the flip side, when I look at it, I mean this will generate meaningfully higher revenue for you when the capacity comes online fully. So just wondering how to think about that in like the 11% guide that you have today and the 7% to 9% longer term?

知道了。好的。然後，馬克，給你一個高層次的問題。我們從投資者那裡得到的一個更大的重要問題是關於產能擴張。我的意思是 Thermo 已經擴展了多個業務線和 PPD 以及一次性站點的容量，並與 Moderna 等達成協議。這些站點的生產能力是否會在 2022 年的時間範圍內完全投入運營，並交付到您期望它們交付的水平？或者，當您看到他們完全上線時，這更像是 2023 年或 2024 年的時間框架，因為顯然這需要雇用人員並全面提升設施。所以問這個問題是因為我們遇到了關於產能擴張和產能下降的問題。但另一方面，當我看到它時，我的意思是當容量完全上線時，這將為您帶來有意義的更高收入。所以只是想知道如何在你今天擁有的 11% 指南和 7% 到 9% 的長期指南中考慮這一點？

Puneet, thanks for the question. So we picked a couple of really specific examples this quarter to highlight. I picked the example of Grand Island and Geel. And those capacity expansions or demand has been so strong for so long that we need to expand our capacity just to be able to support our future growth, right? It's just -- it's a different type of example, which is you deliver great results year in, year out, at some point, you expand your network to facilitate the growth strategy.

普內特，謝謝你的提問。因此，我們在本季度挑選了幾個非常具體的例子來強調。我選擇了 Grand Island 和 Geel 的例子。而這些產能擴張或需求一直如此強勁，以至於我們需要擴大產能才能支持我們未來的增長，對吧？這只是 - 這是一個不同類型的例子，你年復一年地取得了很好的成果，在某個時候，你擴大了你的網絡以促進增長戰略。

Other of the expansions have a little more just adding new capabilities. They've been coming online this year and will continue to come online next year. So it's a mix. And it's exciting in terms of in -- we have really -- we brought on new capacity in our self to finish. That was really the enabling the Moderna relationship expansion outside of COVID and that's really a 2023 example, and we have a number of other examples like single-use technology that we'll be bringing online and we'll continue to bring them on. So it's a mix, but we feel good about the blend of investments and how they'll fuel our growth strategy going forward.

其他擴展有更多只是添加新功能。他們今年已經上線，明年將繼續上線。所以這是一個混合體。令人興奮的是——我們真的——我們為自己帶來了新的能力來完成。這確實是在 COVID 之外實現 Moderna 關係擴展的原因，這確實是 2023 年的一個例子，我們還有許多其他例子，比如我們將在線推出的一次性技術，我們將繼續推出它們。所以這是一個組合，但我們對投資組合以及它們將如何推動我們未來的增長戰略感到滿意。

Operator, we'll take one more question.

接線員，我們再回答一個問題。

Absolutely. The next question and final question comes from the line of Tejas Savant with Morgan Stanley.

絕對地。下一個問題也是最後一個問題來自摩根士丹利的 Tejas Savant。

Maybe I'll sneak in a 2-parter here at the end. Beyond just the translational headwind from FX, Marc, do you see any signs that the strength of the dollar is beginning to weigh on customer minds, specifically in Europe and Japan? And then, Stephen, on the quarter-over-quarter sort of dip in gross margins roughly about 430 bps or so. Can you just help parse out what that bridge looks like between the COVID wind down versus FX versus other dynamics?

也許我會在最後潛入一個 2-parter。除了來自外彙的逆風，Marc，您是否看到任何跡象表明美元的強勢開始影響客戶的心智，特別是在歐洲和日本？然後，斯蒂芬，毛利率環比下降約 430 個基點左右。您能否幫助解析一下 COVID 逐漸減弱與 FX 與其他動態之間的橋樑是什麼樣的？

So on the FX and customer impact, the movements have been very rapid and relatively recently. So there hasn't been a lot of customer discussion, it's really about where the rate is going to settle. And it's also going to depend a lot on what the alternatives are. If everybody is a U.S.-based cost company, then it is what it is. If you have different where are we producing where others producing and get into some of those dynamics. So far, it's been a nonissue. And we've dealt with this. The fact that I pulled out a playbook from what we had in the years past where we had rapid moves in the rates and we know how to navigate that environment a lot. And Stephen?

因此，在外彙和客戶影響方面，變化非常迅速且相對較近。所以沒有太多的客戶討論，這實際上是關於費率將在哪裡解決。它也將在很大程度上取決於替代方案是什麼。如果每個人都是美國的成本公司，那麼它就是這樣。如果你有不同的地方，我們在哪裡生產其他人生產的地方，並進入其中的一些動態。到目前為止，這不是問題。我們已經處理了這個問題。事實上，我從過去幾年中我們在利率快速變化的情況下拿出了一本劇本，並且我們知道如何在這個環境中導航很多。斯蒂芬?

Yes. So on the gross margin, the gross margin came in exactly where I thought it would. So kind of in line with our expectations. I think that -- on a year-over-year basis, I think a lot of people are missing the impact of PPD. It's just under a 400 basis point impact on margin profile. And the rest really since the change both quarter-over-quarter and year-over-year related to the mix in business in terms of testing versus other core and an element of pricing to offset inflation that also puts a little bit of pressure on margins so the other piece to it.

是的。所以在毛利率上，毛利率正好在我認為的地方。所以有點符合我們的預期。我認為 - 與去年同期相比，我認為很多人都忽略了 PPD 的影響。它對保證金狀況的影響不到 400 個基點。其餘的確實是因為環比和同比的變化與測試與其他核心業務的組合以及抵消通脹的定價要素有關，這也給利潤率帶來了一點壓力所以另一部分。

Let me wrap up. So as you've heard this morning, really an excellent first half of the year. We're on track to deliver another outstanding year with great momentum and that sets us up for a very bright future. As always, thank you for your ongoing support of Thermo Fisher Scientific. Thanks, everyone.

讓我總結一下。正如你今天早上所聽到的，今年上半年真的很棒。我們有望以強勁的勢頭再創輝煌的一年，這讓我們擁有一個非常光明的未來。一如既往，感謝您對賽默飛世爾科技的持續支持。感謝大家。

That concludes the conference call. You may now disconnect your lines.

電話會議就此結束。您現在可以斷開線路。