賽默飛世爾科技 (TMO) 2022 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2022 Third Quarter Conference Call. (Operator Instructions) I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations. Mr. Tejada, you may begin the call.

女士們，先生們，早上好，歡迎參加賽默飛世爾科技 2022 年第三季度電話會議。 （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.

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。

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 November 11, 2022. A copy of the press release of our third quarter 2022 earnings is available in the Investors section of our website under the heading Financials.

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 11 月 11 日。我們提供 2022 年第三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 reports 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存檔，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 elect 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.

雖然我們可能會選擇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 will 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 third 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 編制的財務措施。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 年第三季度收益新聞稿以及我們網站的“投資者”部分的財務標題下找到。

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

因此，我現在將把電話轉給 Marc。

Thanks, Raf. Good morning, everyone, and thanks for joining us today for our third quarter call. As you saw in our press release, we had another excellent quarter. We delivered outstanding financial performance. Our core business is performing incredibly well and demonstrating broad-based strength, and this is allowing us to raise our guidance once again for the full year.

謝謝，拉夫。大家早上好，感謝您今天加入我們的第三季度電話會議。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出色，並顯示出廣泛的實力，這使我們能夠再次提高全年的指導。

As I reflect on our performance during the quarter and on a year-to-date basis, I'm very proud of our team's great execution, effectively navigating dynamic times and continuing to drive market share gains. Our ongoing success is driven by our proven growth strategy and our PPI Business System, and I'll talk about that more later.

當我回顧我們在本季度和年初至今的表現時，我為我們團隊的出色執行、有效地駕馭動態時代並繼續推動市場份額增長感到非常自豪。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，我稍後會詳細討論。

So let me recap the Q3 financials. Our revenue in the quarter was $10.68 billion. Our adjusted operating income was $2.37 billion, and we delivered another quarter of strong adjusted EPS performance, achieving $5.08 per share.

因此，讓我回顧一下第三季度的財務狀況。我們本季度的收入為 106.8 億美元。我們調整後的營業收入為 23.7 億美元，我們又實現了強勁的調整後每股收益表現，達到每股 5.08 美元。

Turning to our end markets. As we saw in the second quarter, we had a continuation of strong performance in Q3. This was driven by good market conditions and outstanding execution from our global team, resulting in meaningful share gain.

轉向我們的終端市場。正如我們在第二季度看到的那樣，我們在第三季度繼續保持強勁表現。這是由良好的市場條件和我們全球團隊出色的執行力推動的，從而帶來了有意義的份額增長。

Let me now give you some additional color. Starting with pharma and biotech, we delivered outstanding performance with growth in the mid-teens. We saw excellent growth across the businesses serving these customers, highlighted by our bioproduction and pharma services businesses. Our differentiated customer value proposition is resonating with our customers and helping to further elevate our trusted partner status.

現在讓我給你一些額外的顏色。從製藥和生物技術開始，我們取得了出色的業績，並在十幾歲時實現了增長。我們看到為這些客戶提供服務的業務實現了出色的增長，尤其是我們的生物生產和製藥服務業務。我們差異化的客戶價值主張正在引起客戶的共鳴，並有助於進一步提升我們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 our biosciences and electron microscopy businesses.

在學術和政府方面，我們在本季度以中個位數增長。我們的生物科學和電子顯微鏡業務增長強勁。

Turning to industrial and applied. We grew in the high teens for the quarter. We have broad-based strength across all of our analytical instrument businesses serving these customers.

轉向工業和應用。我們在本季度的青少年時期成長。我們在為這些客戶服務的所有分析儀器業務中擁有廣泛的實力。

And finally, in diagnostics and health care. As expected, our revenue was approximately 30% lower than the prior year quarter. In this end market, we delivered good core business growth, led by our microbiology and transplant diagnostics businesses.

最後，在診斷和醫療保健方面。正如預期的那樣，我們的收入比去年同期下降了約 30%。在這個終端市場，我們在微生物學和移植診斷業務的帶動下實現了良好的核心業務增長。

So now let me turn to our growth strategy, which has enabled another quarter of excellent performance. The investments we've made over the past few years are fueling growth and generating strong returns. 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.

所以現在讓我談談我們的增長戰略，它使另一個季度的出色表現成為可能。我們在過去幾年所做的投資正在推動增長並產生強勁的回報。提醒一下，我們的戰略包含 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，以及為我們的客戶提供獨特的價值主張。

Let me start with innovation. Our focus on high-impact innovation enables our customers to address some of the world's greatest challenges. We further strengthened our position in Q3, and I'd like to give you just a few highlights.

讓我從創新開始。我們專注於高影響力的創新，使我們的客戶能夠應對世界上一些最大的挑戰。我們在第三季度進一步加強了我們的地位，我想給你一些亮點。

During the quarter, we advanced our industry-leading Thermo Scientific Orbitrap portfolio, launching the Orbitrap Ascend Tribrid mass spectrometer during the International Mass Spectrometry Conference. This instrument provides faster, more sensitive sample analysis for proteomics and metabolomics research and insights into clinically relevant biomarkers implicated in cancer.

在本季度，我們推進了行業領先的 Thermo Scientific Orbitrap 產品組合，在國際質譜會議期間推出了 Orbitrap Ascend Tribrid 質譜儀。該儀器為蛋白質組學和代謝組學研究提供更快、更靈敏的樣品分析，並深入了解與癌症有關的臨床相關生物標誌物。

In electron microscopy, we introduced the Thermo Scientific Arctis Cryo-Plasma Focused Ion Beam, an automated microscope that streamlines cryo-electron tomography. This instrument will help provide more insights into how proteins and other molecules operate within cells, enabling breakthroughs in treatment for infectious diseases and neurodegenerative disorders.

在電子顯微鏡方面，我們推出了 Thermo Scientific Arctis 低溫等離子聚焦離子束，這是一種簡化低溫電子斷層掃描的自動化顯微鏡。該儀器將有助於提供更多關於蛋白質和其他分子如何在細胞內運作的見解，從而在傳染病和神經退行性疾病的治療方面取得突破。

We also continue to advance our clinical next-gen sequencing portfolio to help our customers better understand, diagnose and treat cancer. We recently launched the Oncomine Dx Express Test and Oncomine Reporter Dx software, a precision medicine offering which detects genomic abnormalities in tumor samples and helps match cancer patients with approved therapies and clinical trials.

我們還繼續推進我們的臨床下一代測序產品組合，以幫助我們的客戶更好地了解、診斷和治療癌症。我們最近推出了 Oncomine Dx Express Test 和 Oncomine Reporter Dx 軟件，這是一種精準醫學產品，可檢測腫瘤樣本中的基因組異常，並幫助癌症患者與批准的療法和臨床試驗相匹配。

These products recently received CE-IVD certification and are designed to run on our Ion Torrent Genexus Next-Generation Sequencing System, allowing doctors to use NGS technology to improve care by bringing the power of precision medicine closer to patients.

這些產品最近獲得了 CE-IVD 認證，旨在在我們的 Ion Torrent Genexus 下一代測序系統上運行，使醫生能夠使用 NGS 技術通過將精準醫學的力量更貼近患者來改善護理。

Another key pillar of our growth strategy is our customer value proposition. It's all about leveraging the incredible capabilities we have across our company and delivering them in a way that enables our customers to achieve their own goals for innovation and productivity. And that makes it rational for them to do more business with us.

我們增長戰略的另一個關鍵支柱是我們的客戶價值主張。這一切都是為了利用我們整個公司擁有的令人難以置信的能力，並以一種使我們的客戶能夠實現他們自己的創新和生產力目標的方式提供這些能力。這使他們有理由與我們開展更多業務。

The accelerated investments we've made over the past couple of years are driving growth. This is particularly true for our pharma and biotech customers, where we continue to build on our trusted partner status as we bring our new capacity and capabilities online to meet the strong demand for our products and services.

我們在過去幾年中進行的加速投資正在推動增長。對於我們的製藥和生物技術客戶來說尤其如此，我們將繼續鞏固我們值得信賴的合作夥伴地位，因為我們將我們的新能力和能力帶到網上以滿足對我們產品和服務的強烈需求。

Let me share a couple of examples. During the quarter, we opened a purification technologies facility in Chelmsford, Massachusetts. This site will manufacture resin beads used in the production of biologics. As you know, we have a rapidly growing purification business, which is highly valued by our customers. This new facility will ensure we can meet their increasing demand.

讓我分享幾個例子。本季度，我們在馬薩諸塞州切姆斯福德開設了一家淨化技術設施。該工廠將生產用於生物製品生產的樹脂珠。如您所知，我們擁有快速增長的淨化業務，深受客戶的重視。這個新設施將確保我們能夠滿足他們不斷增長的需求。

We also continue to strengthen our global pharma services network, adding viral vector manufacturing capabilities in Plainville, Massachusetts. I joined the opening of this facility, and it was a terrific event. We had significant attendance from our customers, and we were able to showcase the various ways in which our team can support their cell and gene therapy programs.

我們還繼續加強我們的全球製藥服務網絡，在馬薩諸塞州普萊恩維爾增加病毒載體製造能力。我參加了這個設施的開幕式，這是一個了不起的事件。我們有大量客戶參加，我們能夠展示我們的團隊支持他們的細胞和基因治療計劃的各種方式。

The facility also utilizes and showcases our industry-leading single-use bioprocessing technologies and analytical instruments, which demonstrates to our pharma and biotech customers the uniqueness of our capabilities and how they can best utilize in bringing new medicines to market. So these are just a couple of examples that demonstrate how we're continuing to build our trusted partner status and further strengthen our unique customer value proposition. Our pharma biotech customers are capitalizing on this, which also includes PPD, our clinical research business. I'll cover that later in my remarks.

該設施還利用並展示了我們行業領先的一次性生物加工技術和分析儀器，向我們的製藥和生物技術客戶展示了我們能力的獨特性以及他們如何最好地利用它們將新藥推向市場。因此，這些只是展示我們如何繼續建立值得信賴的合作夥伴地位並進一步加強我們獨特的客戶價值主張的幾個例子。我們的製藥生物技術客戶正在利用這一點，其中還包括我們的臨床研究業務 PPD。我稍後會在我的評論中介紹這一點。

Before turning to an update on capital deployment, I thought I'd briefly reflect on the impact of our growth strategy in 2022. As you know, the actions we've taken over the last few years have allowed us to meaningfully accelerate our organic growth and position us to continue our long-term industry-leading performance.

在轉向更新資本部署之前，我想我會簡要回顧一下我們 2022 年增長戰略的影響。如您所知，我們在過去幾年採取的行動使我們能夠有意義地加速我們的有機增長並使我們能夠繼續保持行業領先的長期業績。

The product launches this year have been truly outstanding, and the pipeline, it looks fantastic. The new capabilities that we have invested in have meaningfully strengthened our unique customer value proposition, and our customers are continuing to expand their relationship with us. All of this is enabling us to deliver industry-leading core growth.

今年的產品發布確實非常出色，而且管道看起來很棒。我們投資的新能力大大加強了我們獨特的客戶價值主張，我們的客戶正在繼續擴大與我們的關係。所有這些都使我們能夠實現行業領先的核心增長。

Let me give you a brief update on capital deployment. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders.

讓我簡要介紹一下資本部署的最新情況。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。

The acquisition of PPD is a great example of how our capital deployment strategy is creating customer and shareholder value. The business is performing incredibly well, delivering high teens core revenue growth in the quarter. The combination of a great business and a smooth integration is driving excellent financial performance.

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一個很好的例子。該業務的表現令人難以置信，在本季度實現了青少年核心收入的高增長。出色的業務與平穩的整合相結合，推動了出色的財務業績。

In addition, our customers are excited by the capabilities we have to support their clinical trial needs, and that is translating into meaningful revenue synergies for an even brighter future. All of this is enabling us to drive short- and long-term returns on the acquisition that are well ahead of the deal model.

此外，我們的客戶對我們支持其臨床試驗需求的能力感到興奮，這正在轉化為有意義的收入協同效應，以創造更光明的未來。所有這些都使我們能夠推動收購的短期和長期回報，遠遠超過交易模式。

Let me spend a moment on our PPI Business System, which helps us continually improve the customer experience, quality, productivity in our company overall. The goal of PPI is to find a better way every day. This is an essential element of our company culture.

讓我花點時間了解一下我們的 PPI 業務系統，它可以幫助我們不斷提高整個公司的客戶體驗、質量和生產力。 PPI 的目標是每天找到更好的方法。這是我們公司文化的基本要素。

In dynamic times, we really see the strength of our PPI Business System. As you know, it was applied with incredible impact to allow us to lead the response to the pandemic. And today, it's applied to solve supply chain challenges, increase efficiency and helps our teams find better ways to offset inflation. It also enhances our ability to unlock the value creation in our acquisitions.

在瞬息萬變的時代，我們真正看到了我們 PPI 業務系統的實力。如您所知，它的應用產生了令人難以置信的影響，使我們能夠領導應對這一流行病。今天，它被應用於解決供應鏈挑戰、提高效率並幫助我們的團隊找到更好的方法來抵消通貨膨脹。它還增強了我們在收購中釋放價值創造的能力。

Our experienced management team, along with the benefit of our scale and our PPI Business System, uniquely position the company to successfully navigate through whatever macroeconomic conditions come our way. So overall, it was another fantastic quarter, thanks to great execution by our teams, the strength of our proven growth strategy and the power of our PPI Business System.

我們經驗豐富的管理團隊，以及我們的規模和 PPI 業務系統的優勢，使公司處於獨特的地位，可以成功地應對我們遇到的任何宏觀經濟條件。因此，總體而言，這又是一個美妙的季度，這要歸功於我們團隊的出色執行、我們成熟的增長戰略的實力以及我們 PPI 業務系統的力量。

Turning to our progress on our environmental, social and governance priorities. During the quarter, we continued to make great progress on our goal to reduce our carbon footprint, announcing an agreement with Enel North America to purchase wind power renewable electricity equal to half of our U.S. electricity needs. This agreement will significantly advance our ambitious emissions reduction strategy.

談談我們在環境、社會和治理優先事項方面的進展。在本季度，我們在減少碳足蹟的目標上繼續取得重大進展，宣布與 Enel North America 達成協議，購買相當於我們美國一半電力需求的風能可再生電力。該協議將顯著推進我們雄心勃勃的減排戰略。

I'm also very pleased that we have achieved our 2020 commitment to hire 500 graduates from the historically black colleges and universities, supporting our commitment to diversity and inclusion and increasing our positive social impact. So another strong quarter in progressing our ESG priorities.

我也很高興我們實現了 2020 年從歷史悠久的黑人學院和大學招聘 500 名畢業生的承諾，支持我們對多元化和包容性的承諾，並增加我們的積極社會影響。因此，在推進我們的 ESG 優先事項方面又是一個強勁的季度。

Now I'd like to review our updated 2022 guidance at a high level, and then Steve will take you through the details. We are raising our full year guidance. We're increasing our revenue guidance by $650 million to $43.8 billion, which would result in 12% reported revenue growth over 2021. And we're raising our 2022 adjusted EPS guidance by $0.08 to $23.01 per share.

現在我想從高層次回顧一下我們更新的 2022 年指南，然後史蒂夫將帶您了解詳細信息。我們正在提高全年指導。我們將收入指引上調 6.5 億美元至 438 億美元，這將導致 2021 年報告的收入增長 12%。我們將 2022 年調整後的每股收益指引上調 0.08 美元至每股 23.01 美元。

The higher outlook primarily reflects the strength of our core business and a modest impact of additional COVID-19 testing. These are more than offsetting the increased foreign exchange headwinds and demonstrate how well we're operating with speed at scale to enable our customer success.

較高的前景主要反映了我們核心業務的實力以及額外的 COVID-19 測試的適度影響。這些不僅抵消了增加的外匯逆風，還證明了我們在大規模運營方面的表現如何，以使我們的客戶取得成功。

In addition, our guidance reflects the decision to help our colleagues with the temporary impact of inflation, and we'll be making a onetime payment of approximately 1 week's additional salary to nonexecutive colleagues.

此外，我們的指導反映了幫助我們的同事應對通貨膨脹的暫時影響的決定，我們將一次性向非執行同事支付大約 1 週的額外工資。

So to summarize our key takeaways in the third quarter, our outstanding results in Q3 and year-to-date reflect our team's excellent execution, the benefits of our proven growth strategy and the positive impact of our PPI Business System. Our business is performing very well, and markets continue to be strong. We're gaining market share.

因此，總結我們在第三季度的主要收穫，我們在第三季度和年初至今的出色業績反映了我們團隊的出色執行、我們經過驗證的增長戰略的好處以及我們 PPI 業務系統的積極影響。我們的業務表現非常好，市場繼續強勁。我們正在獲得市場份額。

We're seeing the benefits of our accelerated investments in innovative new products and enhanced capabilities and capacity. In addition, our clinical research business has delivered excellent results, and customers are valuing the benefit of our expanded offering.

我們看到了加快對創新新產品的投資以及增強能力和產能的好處。此外，我們的臨床研究業務取得了優異的成績，客戶正在重視我們擴展產品的好處。

And our experienced management team, the benefits of our scale and our PPI Business System uniquely position us to continue to navigate the dynamic times we're living in. All of this has enabled us to raise our outlook for 2022 again and further solidify our incredibly bright future.

我們經驗豐富的管理團隊、規模優勢和 PPI 業務系統使我們能夠繼續駕馭我們所處的動態時代。所有這些都使我們能夠再次提高對 2022 年的展望，並進一步鞏固我們令人難以置信的光明的未來。

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 Q3. This includes 14% core organic revenue growth from $5.08 of adjusted earnings per share.

謝謝，馬克，大家早上好。我們在第三季度又交付了一個出色的季度。這包括 14% 的核心有機收入增長，調整後每股收益為 5.08 美元。

Revenue in Q3 was approximately $800 million higher than we'd incorporated in our previous 2022 guidance, with just over $600 million driven by another quarter of extremely strong core organic growth, just over $200 million from additional COVID-19 testing revenue, partially offset by a small additional headwind from FX. So continue strengthening the core once again broad-based across businesses and end markets.

第三季度的收入比我們在之前的 2022 年指導中納入的收入高出約 8 億美元，其中略高於 6 億美元是由另一個季度極其強勁的核心有機增長推動的，額外的 COVID-19 測試收入略高於 2 億美元，部分抵消了來自 FX 的一個小額外阻力。因此，繼續加強核心，再次廣泛地覆蓋企業和終端市場。

In terms of adjusted EPS, our PPI Business System enabled us to generate very strong pull-through on the revenue beat. And after accruing $0.18 of additional compensation in the quarter to help our colleagues with the temporary impacts of inflation, we delivered $0.36 of adjusted EPS higher than included in our previous guidance. So Q3 was another quarter of excellent financial performance.

就調整後的每股收益而言，我們的 PPI 業務系統使我們能夠在收入節拍中產生非常強勁的拉動。在本季度累積 0.18 美元的額外薪酬以幫助我們的同事應對通貨膨脹的暫時影響之後，我們實現了 0.36 美元的調整後每股收益，高於我們之前的指導。因此，第三季度又是一個出色的財務業績季度。

Let me now provide you with some more details. Beginning with our earnings results. And as I mentioned, we delivered $5.08 of adjusted EPS in Q3. GAAP EPS in the quarter was $3.79. On the top line in Q3, we delivered 14% core organic revenue growth and $440 million of testing revenue.

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，我們在第三季度實現了 5.08 美元的調整後每股收益。本季度 GAAP 每股收益為 3.79 美元。在第三季度，我們實現了 14% 的核心有機收入增長和 4.4 億美元的測試收入。

Reported revenue grew 14% year-over-year. The components of our Q3 reported revenue increase included 1% lower organic revenue, a 20% contribution from acquisitions and a headwind of 5% from foreign exchange.

報告的收入同比增長 14%。我們第三季度報告的收入增長的組成部分包括有機收入下降 1%、收購貢獻 20% 和外匯逆風 5%。

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 and prior year. In Q3, North America grew in the low single digits. Europe declined 10%. Asia Pacific grew in the low single digits with China growing high single digits, and rest of the world declined high single 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當前和上一年 COVID-19 測試收入的影響。第三季度，北美以低個位數增長。歐洲下跌 10%。亞太地區以低個位數增長，中國增長高個位數，世界其他地區出現高個位數下降。

With respect to our operational performance, adjusted operating income in the quarter decreased 15% and adjusted operating margin was 22.2%, 760 basis points lower than Q3 last year.

就我們的經營業績而言，本季度調整後的營業收入下降了 15%，調整後的營業利潤率為 22.2%，比去年第三季度下降了 760 個基點。

In the quarter, we achieved strong price realization to effectively address inflation while also driving strong productivity. This is more than offset by lower testing volumes, continued strategic investments and the expected impact of incorporating PPD into our financials. The company's adjusted gross margin in the quarter came in at 41.7%, 970 basis points lower than Q3 last year.

在本季度，我們實現了強勁的價格實現，有效應對通貨膨脹，同時也推動了強勁的生產力。這被較低的測試量、持續的戰略投資以及將 PPD 納入我們財務的預期影響所抵消。該公司本季度調整後的毛利率為 41.7%，比去年第三季度低 970 個基點。

For the third quarter, the change in gross margin was due to the same drivers as those for our adjusted operating margin. After factoring in the decision we took to accrue the additional colleague compensation that I mentioned earlier, both adjusted operating margin and adjusted gross margin came in as we had anticipated in our prior guidance.

第三季度，毛利率的變化與我們調整後的營業利潤率的驅動因素相同。考慮到我之前提到的增加額外同事薪酬的決定後，調整後的營業利潤率和調整後的毛利率都像我們在之前的指導中所預期的那樣出現。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 16.2% of revenue, a decrease of 170 basis points versus Q3 2021. Total R&D expense was approximately $350 million in Q3, and R&D as a percent of our manufacturing revenue in Q3 was 6.7%.

繼續討論損益表的細節。本季度調整後的 SG&A 佔收入的 16.2%，與 2021 年第三季度相比下降了 170 個基點。第三季度總研發費用約為 3.5 億美元，研發佔第三季度製造收入的百分比為 6.7%。

Looking at results below the line for the quarter. Our net interest expense was $106 million. Our adjusted tax rate in the quarter was 11.8%. This was 240 basis points lower than Q3 last year. The Q3 rate was 75 basis points lower than we assumed in the quarter in the prior guide due to the timing of discrete tax planning items between Q3 and Q4, with no net change for the year overall. Average diluted shares were 395 million in Q3, approximately 2 million lower year-over-year driven by share repurchases, net of option dilution.

查看本季度線以下的結果。我們的淨利息支出為 1.06 億美元。本季度調整後的稅率為 11.8%。這比去年第三季度低 240 個基點。由於第三季度和第四季度之間離散稅收計劃項目的時間安排，第三季度利率比我們在之前指南中假設的季度低 75 個基點，全年沒有淨變化。第三季度平均攤薄股份為 3.95 億股，在扣除期權稀釋後的股票回購推動下，同比減少約 200 萬股。

Turning to cash flow on the balance sheet. Year-to-date cash flow from continuing operations was $5.7 billion, and free cash flow was $4 billion. Our capacity and capability investments continue to progress well, and the year-to-date net capital expenditures were $1.7 billion.

轉向資產負債表上的現金流。來自持續經營的年初至今現金流為 57 億美元，自由現金流為 40 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 17 億美元。

We returned $118 million to shareholders through dividends in the quarter. This reflects the 15% dividend increase we announced in February. We ended the quarter with approximately $2.9 billion in cash and $29.2 billion of total debt. Our leverage ratio at the end of the quarter was 2.3x gross debt to adjusted EBITDA and 2.1x on a net debt basis.

我們在本季度通過股息向股東返還了 1.18 億美元。這反映了我們在 2 月份宣布的 15% 的股息增長。我們在本季度末擁有約 29 億美元的現金和 292 億美元的總債務。我們在本季度末的槓桿比率為總債務與調整後 EBITDA 的 2.3 倍和淨債務的 2.1 倍。

Concluding my comments on our total company performance. Adjusted ROIC was 15.2%, reflecting the strong returns on investment that we're generating across the company.

結束我對我們公司整體業績的評論。調整後的投資回報率為 15.2%，反映了我們在整個公司產生的強勁投資回報。

Now to 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 than the prior year quarter but does skew some of the reported segment margins.

現在為我們的 4 個業務部門的表現提供一些顏色。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。測試收入顯著高於去年同期，但確實扭曲了一些報告的細分市場利潤率。

As I mentioned earlier, we're executing strong pricing realization across all segments to address higher inflation. And we outlined at the beginning of the year, we're referring to the acquired PPD business as our clinical research business, and that resides in the laboratory products and biopharma services segment.

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。我們在年初概述，我們將收購的 PPD 業務稱為我們的臨床研究業務，並且位於實驗室產品和生物製藥服務領域。

So moving on to the segment details, starting with Life Sciences Solutions. Q3 reported revenue in this segment declined 20%, and organic revenue was 17% lower than the prior year quarter. In Q3, we delivered very strong growth in our bioproduction business. This was more than offset by the moderation in testing revenue in the segment versus the prior year quarter.

因此，繼續討論細分細節，從生命科學解決方案開始。第三季度報告該部門的收入下降了 20%，有機收入比去年同期下降了 17%。在第三季度，我們的生物生產業務實現了非常強勁的增長。與去年同期相比，該部門的測試收入有所放緩，這大大抵消了這一點。

Q3 adjusted operating income in Life Sciences Solutions decreased 43%. And adjusted operating margin was 35.1%, down 14 percentage points year-over-year. In the quarter, we delivered good productivity, which was more than offset by unfavorable volume mix and the strategic investments that we're making across the segment.

生命科學解決方案第三季度調整後的營業收入下降了 43%。調整後的營業利潤率為35.1%，同比下降14個百分點。在本季度，我們提供了良好的生產力，這被不利的銷量組合和我們在整個細分市場進行的戰略投資所抵消。

In the Analytical Instruments segment, reported revenue increased 10% in Q3, and organic growth was 16%. The strong growth in this segment this quarter was broad-based, led by chromatography and mass spectrometry and electron microscopy businesses.

在分析儀器部門，報告的收入在第三季度增長了 10%，有機增長為 16%。本季度該細分市場的強勁增長基礎廣泛，主要是色譜和質譜以及電子顯微鏡業務。

Q3 adjusted operating income in this segment increased 47%, and adjusted operating margin was 23.8%, up 600 basis points year-over-year. During the quarter, we delivered strong volume pull-through, favorable business mix and strong productivity. This was partially offset by strategic investments.

該部門第三季度調整後的營業收入增長了 47%，調整後的營業利潤率為 23.8%，同比增長 600 個基點。在本季度，我們實現了強勁的銷量拉動、有利的業務組合和強勁的生產力。這部分被戰略投資所抵消。

Turning to Specialty Diagnostics. In Q3, reported revenue declined 22%, and organic revenue was 19% lower than the prior year quarter. In Q3, we saw a strong underlying growth in our transplant diagnostics and microbiology businesses. This is offset by lower COVID-19 testing revenue versus the year-ago quarter.

轉向專業診斷。第三季度，報告的收入下降了 22%，有機收入比去年同期下降了 19%。在第三季度，我們的移植診斷和微生物學業務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。

Q3 adjusted operating income decreased 29% in the quarter, and adjusted operating margin was 21%, down 210 basis points year-over-year. During the quarter, we delivered positive business mix and good productivity, which is more than offset by the impact of lower testing volumes.

第三季度調整後營業收入下降 29%，調整後營業利潤率為 21%，同比下降 210 個基點。在本季度，我們實現了積極的業務組合和良好的生產力，這被測試量減少的影響所抵消。

Finally, in Laboratory Products and Biopharma Services segment. In Q3, reported revenue increased 60%. Organic growth was 12%, and the impact of acquisitions was 53%. During Q3, we had strong growth in the pharma services business as well as the research and safety market channel.

最後，在實驗室產品和生物製藥服務領域。第三季度，報告的收入增長了 60%。有機增長為 12%，收購的影響為 53%。在第三季度，我們在製藥服務業務以及研究和安全市場渠道方面實現了強勁增長。

PPD, our clinical research business, is performing very well. And during the quarter, we delivered high teens core organic growth and contributed $1.82 billion of revenue to the segment. Q3 adjusted operating income in the segment increased 89%, and adjusted operating margin was 13%, which is 200 basis points higher than Q3 2021.

我們的臨床研究業務 PPD 表現非常出色。在本季度，我們實現了青少年核心有機增長，並為該部門貢獻了 18.2 億美元的收入。該部門第三季度調整後的營業收入增長了 89%，調整後的營業利潤率為 13%，比 2021 年第三季度高出 200 個基點。

In the quarter, we drove favorable business mix, good productivity and also saw the benefit from acquisitions. This was partially offset by strategic investments.

在本季度，我們推動了有利的業務組合、良好的生產力，並且還看到了收購帶來的好處。這部分被戰略投資所抵消。

Let me now turn to our updated 2022 guidance. As Marc outlined, we're raising our full year revenue guidance by $650 million to $43.8 billion. This includes a raise in the core organic growth outlook for the year from 11% to 12%. And on the bottom line, we're raising our adjusted EPS guidance for 2022 by $0.08 to $23.01 per share.

現在讓我談談我們更新的 2022 年指南。正如 Marc 所述，我們將全年收入指引上調 6.5 億美元，達到 438 億美元。這包括將今年的核心有機增長前景從 11% 提高到 12%。歸根結底，我們將調整後的 2022 年每股收益指引上調 0.08 美元至每股 23.01 美元。

The increase in the revenue guidance is driven by 3 elements: an increase of just over $600 million in the outlook for the core business, an increase of just over $200 million for COVID-19 testing revenue and a $200 million decrease to reflect the recent changes in FX rates. From a core organic revenue perspective, the strength of our performance is enabling us to raise our full year core organic revenue growth outlook from 11% to 12%, and there's no change in the assumptions for core organic revenue growth in the fourth quarter.

收入指引的增加受三個因素的推動：核心業務前景增加了 6 億多美元，COVID-19 測試收入增加了 2 億多美元，以及反映了最近的變化而減少了 2 億美元在外匯匯率。從核心有機收入的角度來看，我們的業績優勢使我們能夠將全年核心有機收入增長前景從 11% 提高到 12%，並且第四季度核心有機收入增長的假設沒有變化。

Turning to COVID-19 testing revenue. We now expect $2.8 billion of testing revenue for the year, which includes the assumption of an endemic run rate level of $100 million per quarter in Q4. Our Q4 testing assumption has not changed from our previous guidance.

轉向 COVID-19 測試收入。我們現在預計今年的測試收入將達到 28 億美元，其中包括假設第四季度的地方性運行率水平為每季度 1 億美元。我們的第四季度測試假設與我們之前的指導沒有改變。

In terms of adjusted EPS, the $0.08 raise for the year consists of $0.54 of operational beat in Q3, partially offset by the decision to pay $180 million or $0.36 of additional onetime colleague compensation. And half of this is accrued in Q3, and the remainder will be in Q4.

就調整後的每股收益而言，今年 0.08 美元的加薪包括第三季度 0.54 美元的運營節拍，部分被支付 1.8 億美元或 0.36 美元的額外一次性同事薪酬的決定所抵消。其中一半在第三季度累積，其餘將在第四季度累積。

The full year guidance change also incorporates $0.10 lower EPS in Q4 for the additional FX headwind in the quarter and the revised phasing of our tax rate. All of this is enabling us to raise the 2022 adjusted EPS guidance by $0.08, from $22.93 to $23.01, further improving a very strong outlook for the year.

全年指導變化還包括第四季度每股收益降低 0.10 美元，因為該季度額外的外匯逆風和我們稅率的修訂階段。所有這些都使我們能夠將 2022 年調整後的每股收益指引上調 0.08 美元，從 22.93 美元上調至 23.01 美元，進一步改善了今年非常強勁的前景。

From a margin standpoint, we now expect the full year 2022 adjusted operating margin to be 24.9%. To help you with your modeling, I think it's worth spending a moment on the impact of the inflationary environment on the company's financial profile.

從利潤率的角度來看，我們現在預計 2022 年全年調整後的營業利潤率為 24.9%。為了幫助您進行建模，我認為值得花點時間了解通脹環境對公司財務狀況的影響。

During the year, we've been very effective in passing on higher price to offset higher-than-normal inflation. This results in no net impact on our adjusted operating income dollars as we're effectively offsetting the added inflation, but it does affect the calculation of margins because of the revenue base being higher. The impact on margins for the full year from this dynamic is about 60 basis points, but again, no net impact on adjusted operating income or adjusted EPS.

在這一年裡，我們在傳遞更高的價格以抵消高於正常水平的通貨膨脹方面非常有效。這不會對我們調整後的營業收入產生淨影響，因為我們有效地抵消了增加的通貨膨脹，但由於收入基礎更高，它確實影響了利潤率的計算。這種動態對全年利潤率的影響約為 60 個基點，但同樣對調整後的營業收入或調整後的每股收益沒有淨影響。

So now let me provide you with some additional details on the updated 2022 guidance. PPD, our clinical research business, is expected to deliver $6.8 billion of revenue in 2022, which represents 14% core organic revenue growth on a full year basis for this business. We now expect the business to contribute $2.03 to adjusted EPS in the year, up $0.03 from our prior guidance.

因此，現在讓我為您提供有關更新的 2022 年指南的更多詳細信息。我們的臨床研究業務 PPD 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 14%。我們現在預計該業務將在今年為調整後的每股收益貢獻 2.03 美元，比我們之前的指導增加 0.03 美元。

In terms of FX, we've incorporated current rates into our guidance, and we now expect FX to be a year-over-year headwind of $1.46 billion on revenue or 3.7%. The FX headwind on adjusted EPS in 2022 is now expected to be $0.77 for the full year or 3.1%. Should FX rates stay the same as they are right now, we estimate the impact on FX in 2023 would be a year-over-year headwind of approximately $1 billion on revenue and $0.75 on adjusted EPS.

在外匯方面，我們已將當前匯率納入我們的指導，我們現在預計外匯收入將同比增長 14.6 億美元或 3.7%。現在預計 2022 年調整後每股收益的外匯逆風全年為 0.77 美元或 3.1%。如果外匯匯率與現在保持不變，我們估計 2023 年對外彙的影響將是收入和調整後每股收益 0.75 美元的同比逆風。

Our guidance now assumes net interest expense of approximately $440 million in 2022. We continue to assume an adjusted income tax rate of 13.2% in 2022, which includes a 13.6% tax rate in Q4. We now expect net capital expenditures of approximately $2.3 billion to $2.5 billion.

我們的指引現在假設 2022 年的淨利息支出約為 4.4 億美元。我們繼續假設 2022 年調整後的所得稅率為 13.2%，其中包括第四季度 13.6% 的稅率。我們現在預計淨資本支出約為 23 億至 25 億美元。

For free cash flow, we see $7 billion at the high end of the range of outcomes for the year. The actual free cash flow will depend on the year-end level of working capital.

對於自由現金流，我們看到 70 億美元處於今年結果範圍的高端。實際的自由現金流將取決於年終營運資金水平。

Our guidance still assumes $2.5 billion of capital deployment, which is the $2 billion of share buybacks that we completed in January and $475 million of capital returned to shareholders through dividends. Our guidance also continues to assume that full year average diluted share count will be between 394 million and 395 million shares. And to conclude, we delivered another excellent quarter in Q3. We're in a great position to achieve our 2022 goals.

我們的指引仍假設資本部署為 25 億美元，即我們在 1 月份完成的 20 億美元股票回購以及通過股息返還給股東的 4.75 億美元資本。我們的指引還繼續假設全年平均攤薄股數將在 3.94 億至 3.95 億股之間。總而言之，我們在第三季度實現了另一個出色的季度。我們處於實現 2022 年目標的有利位置。

With that, I'll turn the call back over to Raf.

有了這個，我會把電話轉回給 Raf。

Thank you, Stephen. Operator, we're ready for the Q&A portion of the call.

謝謝你，斯蒂芬。接線員，我們已準備好電話的問答部分。

(Operator Instructions) Our first question today comes from Jack Meehan with Nephron Research.

（操作員說明）我們今天的第一個問題來自 Nephron Research 的 Jack Meehan。

So the big debate of the last week has been bioprocessing ordering and stocking trends. Marc, I was curious if you've seen any normalization of ordering patterns from your customers. The quarterly growth, obviously strong, but how do you handicap the risk we could have an air pocket as COVID gets handed off to the quarter?

因此，上週的大辯論一直是生物加工訂購和庫存趨勢。馬克，我很好奇您是否看到客戶的訂購模式有任何標準化。季度增長顯然很強勁，但是當 COVID 移交給本季度時，您如何限制我們可能有氣袋的風險？

Jack, thanks for the question. So probably best to start one level up, and then I'll get to the details of it, right? When I think about pharma and biotech more broadly, right, it's our largest end market, represents about 60% of our business. Performing incredibly well, right? Mid-teens growth this quarter, mid-teens growth year-to-date. And that growth number actually doesn't include PPD, right, which is actually growing, in the quarter grew faster, right? So very strong, it's broad-based.

傑克，謝謝你的問題。所以可能最好開始一個級別，然後我會了解它的細節，對吧？當我更廣泛地考慮製藥和生物技術時，它是我們最大的終端市場，約占我們業務的 60%。表現得非常好，對吧？本季度青少年中期增長，年初至今的青少年中期增長。而且這個增長數字實際上不包括PPD，對，實際上是在增長，在這個季度增長得更快，對吧？非常強大，基礎廣泛。

Customer demand continues to be strong across the portfolio. All our businesses are performing very nicely. The long-term trends look very positive. And when I think back and I think -- because we live in a moment, if you go back the last 5 years, it actually averaged for this whole segment mid-teens growth, right? So it's not this year or this quarter, it's really been a long-term trend long before COVID, right? So very, very strong.

整個產品組合的客戶需求持續強勁。我們所有的業務都表現得非常好。長期趨勢看起來非常積極。當我回想起來時，我想——因為我們生活在一個時刻，如果你回顧過去的 5 年，它實際上是整個細分市場的平均青少年增長，對吧？所以不是今年或本季度，這確實是早在 COVID 之前的長期趨勢，對吧？非常非常強大。

Now so what's going on in bioproduction, right? There's obviously been a lot of commentary over the last week on the topic. And as a reminder, we have a leading presence to cell culture media, single-use technologies and actually, quite a rapidly growing purification business.

那麼，生物生產中發生了什麼，對吧？上周顯然有很多關於這個話題的評論。提醒一下，我們在細胞培養基、一次性技術以及實際上快速增長的純化業務方面處於領先地位。

In aggregate, it's less than 10% of our total revenue. It's an awesome business, right? They performed very well in the quarter. It grew faster than the pharma and biotech average. The dynamics are very good, and we're very well positioned to deliver great growth going forward in serving that customer base.

總的來說，它不到我們總收入的 10%。這是一項了不起的業務，對吧？他們在本季度表現非常出色。它的增長速度超過了製藥和生物技術的平均水平。動態非常好，我們非常有能力在為該客戶群提供服務方面實現巨大的增長。

Great. And then if you'll humor me, it's that time of year, everyone is thinking about 2023. So you sound very confident about your ability to outperform the market. But of course, the question is, how do you feel like the market is going to grow?

偉大的。然後，如果你能幽默一下，那是一年中的那個時候，每個人都在考慮 2023 年。所以你聽起來對自己跑贏市場的能力很有信心。但當然，問題是，你覺得市場將如何增長？

So if you could just talk about how you're feeling about the healthy end markets. And any color you care to share around where you think you could land versus the 7% to 9% CAGR you've laid out through 2025.

所以，如果你能談談你對健康的終端市場的感受。與您制定的到 2025 年的 7% 到 9% 的複合年增長率相比，您願意分享的任何顏色都圍繞著您認為可以降落的地方。

What I would say is if I think about where we are and think about the third quarter, right, it was a terrific quarter. If you look at the strength, right, that we had in terms of our core growth, it's really broad-based, right?

我想說的是，如果我想想我們現在的情況，想想第三季度，對，那是一個了不起的季度。如果你看一下我們在核心增長方面的實力，它確實是基礎廣泛的，對吧？

And you look at it and you say, all right, pharma and biotech, that grew in the mid-teens. Industrial and applied, that grew in the high teens. Academic and government grew in the mid-single digits. And the core in health care and diagnostics, which is the indicator of what's going on in that end market, that actually was a mid-single-digit growth as well. So it's really very strong. So I like where we are at the 9 months.

你看著它，你會說，好吧，製藥和生物技術，它們在十幾歲中期成長。工業和應用，在青少年時期增長。學術和政府部門以中個位數增長。醫療保健和診斷的核心，這是該終端市場正在發生的事情的指標，實際上也是一個中個位數的增長。所以它真的非常強大。所以我喜歡我們在 9 個月時所處的位置。

And in terms of exactly how we'll be in '23, we'll obviously talk about that in January in terms of what the outlook is. But certainly, at this point in the year, our end markets are strong, and our company's performance has been exceptional.

就我們在 23 年的確切情況而言，我們顯然會在 1 月份就前景的情況進行討論。但可以肯定的是，在今年的這個時候，我們的終端市場很強勁，我們公司的表現也很出色。

Our next question comes from Derik De Bruin with Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

So to follow up on Jack's question just because I'm getting yelled at by investors. Can we talk a little bit more about the -- just some of the impressions on '23? I think particularly, there's a focus on margins given how -- sort of given how FX trends are going. I mean it looks like, what, about a 4% FX to the top line next year and $0.75 on the bottom line.

因此，僅僅因為我被投資者大喊大叫，就跟進傑克的問題。我們能多談談——只是對 23 年的一些印象嗎？我認為，考慮到外匯趨勢的發展方式，我特別關注利潤率。我的意思是，看起來，明年的收入約為 4% 的外匯，底線為 0.75 美元。

So is that -- sort of should we think about if you're thinking about that 7% to 9%, maybe something in the 3%, 4% organic range all-in next year given the FX headwinds? And then just sort of talk a little bit more about like the margin setup for next year.

那麼，考慮到外匯逆風，我們是否應該考慮一下，如果你正在考慮 7% 到 9%，也許明年 3% 到 4% 的有機範圍內全面？然後再多談談明年的保證金設置。

So I'll start, and I'm sure Stephen will chime in as well. So obviously, at a high level, we'll get into this in January, right? Why do we do January is we'll have the benefit of 2 things, which is where was the exact finish to the year, what's our jumping-off point? And second, what is the most close-in view of the macro environment, right? So we'll see how that plays out in January.

所以我會開始，我相信斯蒂芬也會加入。所以很明顯，在高層次上，我們會在一月份討論這個問題，對吧？為什麼我們做一月份是因為我們將受益於兩件事，即今年的確切結束時間，我們的起點是什麼？第二，最接近宏觀環境的觀點是什麼，對吧？因此，我們將在 1 月份看到情況如何。

But -- so if I go through the components, right, obviously, the company is performing at an incredibly strong level. So that's very encouraging. FX, as Stephen outlined, it will be a headwind. That could change obviously. But right now, we gave you that number so that you can at least update the models to reflect what current FX range -- rates are. And that's about $1 billion of revenue headwind and about $0.75 of adjusted EPS.

但是 - 所以如果我仔細研究這些組件，顯然，該公司的表現非常強勁。所以這非常令人鼓舞。 FX，正如斯蒂芬所概述的那樣，這將是一個逆風。這顯然會改變。但是現在，我們給了你這個數字，這樣你至少可以更新模型以反映當前的外匯範圍——匯率是多少。這大約是 10 億美元的收入逆風和大約 0.75 美元的調整後每股收益。

The second one that I think is important, and it's an assumption, which is we're assuming in the fourth quarter that we're at an endemic level of COVID-19 testing. So that's $100 million of revenue in the quarter. And if that plays out in that way, then I think that's a reasonable assumption per quarter for next year.

我認為第二個很重要，這是一個假設，即我們在第四季度假設我們處於 COVID-19 測試的流行水平。因此，本季度的收入為 1 億美元。如果以這種方式發生，那麼我認為這是明年每個季度的合理假設。

So you're going to have the view on the COVID runoff down to the endemic rate on testing. And from the rest of the perspective, the business is in really good shape. And Stephen, you can comment on margins or anything else that I might have missed.

因此，您將對 COVID 徑流的看法一直到測試的地方性流行率。從其他角度來看，業務狀況非常好。還有斯蒂芬，你可以評論邊距或我可能錯過的任何其他內容。

Yes. So Derik, we look forward to giving you full details in 3 months' time in terms of the Q4 call. But think about margin profile, there are different elements of the revenue, and think about how we model it in the long-term model for the company.

是的。因此，Derik，我們期待在 3 個月內向您提供關於第四季度電話會議的全部詳細信息。但是考慮一下利潤率概況，收入有不同的元素，並考慮我們如何在公司的長期模型中對其進行建模。

50 basis points of expansion on core essentially equates to about 30% pull-through on the margin profile and the revenue dollars increasing from a core standpoint. The FX headwind that we outlined on the call, that's also roughly a 30% margin pull-through.

核心業務擴張 50 個基點基本上相當於利潤率提高了 30%，而從核心業務的角度來看，收入增加了。我們在電話會議上概述的外匯逆風，這也是大約 30% 的保證金拉動。

And on testing, it's a very profitable element of our business. And we factor in appropriately addressing the variable costs and the nonrepeat of some of the colleague compensation onetime that we did this year. That pull-through on testing is -- no, just note that 10% margin higher than the core. So that will help you with the modeling in terms around your own assumptions around the organic growth and testing and FX.

在測試中，這是我們業務中非常有利可圖的元素。我們會適當地解決可變成本和我們今年所做的一些同事薪酬的不重複問題。測試的拉動是 - 不，只需注意比核心高 10% 的利潤率。因此，這將幫助您根據您自己對有機增長、測試和 FX 的假設進行建模。

And as I said, that's all incorporated in the long-term model. And then on the call, I called out that 60 basis points impact from the added impact of added inflation and what we're doing on pricing and managing the company well to offset the impacts of the added inflation, as more revenue to the company and negate the impact of the additional inflation. So no net impact on operating income dollars.

正如我所說，這些都包含在長期模型中。然後在電話會議上，我提到了 60 個基點的影響來自通脹增加的額外影響，以及我們在定價和管理公司方面所做的工作以抵消通脹增加的影響，因為公司的收入增加和抵消額外通貨膨脹的影響。因此，對營業收入美元沒有淨影響。

So when I think about all of that wrapped up for our long-term financial model we gave you back in May, we're on track to achieve or exceed the adjusted EPS target we put out there. We're managing very well through the dynamic times. Look forward to giving more details in '23 on the next call.

因此，當我考慮到我們在 5 月份提供給您的長期財務模型的所有內容時，我們有望實現或超過我們提出的調整後每股收益目標。我們在動態時期管理得很好。期待在 23 年的下一次電話會議上提供更多詳細信息。

Got it. Okay. I'm still getting a bunch of questions from investors, but we'll follow up with it. But 2 other questions just on this one. I guess are you still seeing like for like the $1.5 billion in COVID vaccines for this year? And just obviously some of the semiconductor companies have been hitting their CapEx numbers or cutting their CapEx numbers. Does that have any sort of like impact on sort of like your view on FEI and the analytical instrument outlook?

知道了。好的。我仍然從投資者那裡收到很多問題，但我們會跟進。但是另外兩個問題就在這個問題上。我猜您是否還看到今年價值 15 億美元的 COVID 疫苗？很明顯，一些半導體公司一直在達到他們的資本支出數字或削減他們的資本支出數字。這對您對 FEI 和分析儀器前景的看法是否有類似的影響？

Yes. So Derik, in terms of vaccines and therapies, as a reminder, we said we would expect to do in our core revenue about $1.5 billion this year. We did just under $400 million in Q3. That brings the year-to-date to $1.3 billion and on track to achieve or exceed the $1.5 billion. So I feel good about that.

是的。所以德里克，在疫苗和療法方面，提醒一下，我們說我們預計今年的核心收入約為 15 億美元。我們在第三季度做了不到 4 億美元。這使年初至今的收入達到 13 億美元，並有望達到或超過 15 億美元。所以我對此感覺很好。

Our -- as a reminder, on electron microscopy, it's not correlated to the CapEx spend. It's correlated to R&D and new nodes. And that business is performing incredibly well in terms of growth, with bookings, all of the different metrics really doing incredibly well. Thank you, Derik.

我們——提醒一下，在電子顯微鏡上，它與資本支出無關。它與研發和新節點相關。而且該業務在增長方面表現得非常好，預訂，所有不同的指標都表現得非常好。謝謝你，德里克。

Our next question comes from Patrick Donnelly with Citi.

我們的下一個問題來自花旗銀行的 Patrick Donnelly。

Marc, maybe one just kind of following up on that stocking piece. I know you've previously talked about Thermo, you guys are involved in a lot of the purchasing decisions of customers, have employees in the room. And you had previously seen some repurposing of the vaccine orders for other trial work as expected.

馬克，也許只是對那件長襪的一種跟進。我知道你之前談到了 Thermo，你們參與了客戶的許多購買決策，在房間裡有員工。並且您之前已經看到疫苗訂單按預期重新用於其他試驗工作。

So just, I guess, wondering specifically on the bioprocessing side, kind of what your visibility is there? What you are seeing on stocking, and at times you said, if anything, maybe the inventory is actually running lean because you guys were capacity constrained. So I'm just wondering kind of an update on that front.

所以，我想，特別想知道在生物加工方面，你的知名度是多少？你在庫存上看到的，有時你說，如果有的話，也許庫存實際上正在減少，因為你們的能力有限。所以我只是想知道這方面的更新。

Yes. So Patrick, thanks for the question and a follow-up on that. So if I think about inventory, right, and I read some of the Q&A that happened last week. And somehow that translated into our own share price, which is a little bit of a head-scratcher to me.

是的。所以帕特里克，謝謝你的問題和跟進。因此，如果我考慮庫存，對，我閱讀了上週發生的一些問答。不知何故，這轉化為我們自己的股價，這讓我有點頭疼。

If you think about inventory levels, right, I guess I always start at the high level. Three of our businesses, which are a large portion of the company, literally have nothing to do with inventory at all, right, which is pharma services, our clinical research business and our analytical instrument business has nothing to do with inventory. So I think it's important to remember that.

如果您考慮庫存水平，對，我想我總是從高水平開始。我們的三個業務，占公司的很大一部分，實際上根本與庫存無關，對，就是製藥服務，我們的臨床研究業務和我們的分析儀器業務與庫存無關。所以我認為記住這一點很重要。

The second, when you get down to the businesses that do have inventory levels, some of which we hold, some of which our customers hold, we do have really good visibility into it. And we help our customers appropriately manage those levels of inventory. I feel good about the position that we're in, all right?

第二，當您了解確實有庫存水平的企業時，其中一些是我們持有的，其中一些是我們的客戶持有的，我們確實對它有很好的了解。我們幫助我們的客戶適當地管理這些水平的庫存。我對我們所處的位置感覺良好，好嗎？

And for the couple of customers that might have COVID-related things, I'm sure that they purchased a bit more because they had a high range of demand volatility that they were managing. But in terms of our bioproduction business, it grew well faster than pharma and biotech. The outlook is really strong, and I feel very well positioned going forward.

對於可能擁有與 COVID 相關的東西的幾個客戶，我確信他們購買了更多，因為他們管理的需求波動範圍很大。但就我們的生物生產業務而言，它的增長速度遠快於製藥和生物技術。前景真的很強勁，我覺得未來的定位很好。

Okay. That's helpful. And then, Stephen, I know you talked a little bit about the pricing dynamic kind of offsetting the inflation this year. It's obviously been a higher number, as you all know. How are you thinking about the '23 piece on pricing? Again, what's the expectation internally from Thermo on the inflation side? How are you going to kind of play the pricing side? Are you going to continue to raise as much? Is there a level where you kind of pull back a little bit and kind of value the customer relationships more?

好的。這很有幫助。然後，斯蒂芬，我知道你談到了一些關於今年抵消通貨膨脹的定價動態。眾所周知，這顯然是一個更高的數字。您如何看待 23 年關於定價的文章？同樣，Thermo 內部對通脹方面的期望是什麼？您將如何發揮定價方面的作用？你會繼續籌集同樣多的資金嗎？有沒有一種水平讓你有點退縮，更重視客戶關係？

Maybe just talk through, again, the pricing piece. I know it's a little bit delicate with how high the inflation side is. So be curious how you guys are thinking about that into next year.

也許只是談談定價部分。我知道通貨膨脹方面有多高有點微妙。所以好奇你們明年是怎麼想的。

Yes. So I'll have a better view on inflation 3 months' time, but we're effectively managing the dynamics now and expect to effectively manage them going forward. And this is not about pricing just if you can in an inflation environment, it's pricing appropriately given the inflation dynamics and then bringing our customers along with us on that journey. So I feel good about our ability to manage the dynamic going forward should the inflation levels remain at the high, elevated level.

是的。因此，我將對 3 個月後的通脹有更好的看法，但我們現在正在有效地管理動態，並期望在未來有效地管理它們。這不僅僅是在通脹環境下定價，而是根據通脹動態適當定價，然後讓我們的客戶與我們一起踏上這段旅程。因此，如果通脹水平保持在高位，我對我們管理未來動態的能力感到滿意。

And Patrick, the only thing I would add to that is when you think about how we describe the approach, right, we're not marking it up, right? We are driving substantial productivity. We're passing through an appropriate level of pricing to reflect real cost increase, and we're helping our customers through this period of time.

帕特里克，我唯一要補充的是，當您考慮我們如何描述該方法時，對，我們沒有標記它，對嗎？我們正在提高生產力。我們正在通過適當的定價水平來反映實際成本的增加，並且我們正在幫助我們的客戶度過這段時間。

And that's how we thought about it. And we think that's the right thing given the importance of Thermo Fisher to our customers. And we'll do an appropriate level of pricing based on the environment in '23 as we get into it.

這就是我們的想法。鑑於賽默飛對我們客戶的重要性，我們認為這是正確的做法。我們將根據 23 年的環境進行適當的定價。

Our next question comes from Vijay Kumar with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Vijay Kumar。

Congrats on a solid top line this morning. Marc, one on fiscal '23 again. I know the guidance, the formal guidance is in January. But I guess the question is, the 7% to 9% LRP that Thermo issued at the Analyst Day, that's a CAGR. But there's been some nervousness that perhaps '23 could be below that range.

恭喜今天早上取得了穩固的頂線。馬克，又是 23 財年的一個。我知道指導，正式指導是在一月份。但我想問題是，Thermo 在分析師日發布的 7% 到 9% 的 LRP，這是一個複合年增長率。但是有些緊張，也許 '23 可能低於這個範圍。

I mean the macro is the macro. But ex macro in industrial, is there any sensitivity around these major drivers that would cause the big deviation from the LRP range for '23 that we should be thinking about? Again, I'm not asking for formal guidance, but any variables, qualitative comments we should be looking at?

我的意思是宏就是宏。但是在工業宏觀方面，圍繞這些主要驅動因素是否有任何敏感性會導致我們應該考慮的與 23 年 LRP 範圍的巨大偏差？同樣，我不是要求正式指導，而是我們應該關注的任何變量、定性評論？

So Vijay, thanks for the question. So when I think about how do we think about growth, right, the 7% to 9% and if you take the long-term model, right? So I'm not commenting on '23. I don't make a comment there.

所以維杰，謝謝你的問題。所以當我考慮我們如何看待增長時，對，7% 到 9%，如果你採用長期模型，對嗎？所以我不評論'23。我不在那裡發表評論。

But that's industry-leading, right? I think folks forget that. That's -- that number is higher than anybody else has committed to in the industry. So I feel great about that. And of course, we're the biggest company, so which makes it super cool, right, in terms of what that says about share gain, right?

但這是行業領先的，對吧？我想人們會忘記這一點。那是 - 這個數字比業內其他任何人承諾的都要高。所以我對此感覺很好。當然，我們是最大的公司，所以就股票收益而言，這讓它變得非常酷，對吧？

So I think that sometimes is forgotten. We're not constraining ourselves to 7% to 9%, right? We're growing 12% this year, right? And the measure that we actually use is are we doing a good job, right? I mean the 7% to 9% is assuming 4% to 6% market growth over the long period.

所以我認為有時會被遺忘。我們不會把自己限制在 7% 到 9% 之間，對吧？我們今年增長了 12%，對吧？我們實際使用的衡量標準是我們做得很好，對嗎？我的意思是 7% 到 9% 是假設市場長期增長 4% 到 6%。

The market growth is a little better than that. I feel great about our 12% performance. When we sit here at the end of 2022, what we do know is that our business will have been larger as a starting off point than what we assumed in the long-term model. So right there, we've had more core growth that will offset some of the transition from vaccines and therapies that move into the other parts of core. So we're super well positioned.

市場增長比這要好一些。我對我們 12% 的表現感到非常滿意。當我們在 2022 年底坐在這裡時，我們所知道的是，作為起點，我們的業務將比我們在長期模型中假設的要大。所以就在那裡，我們已經有了更多的核心增長，這將抵消從疫苗和療法轉移到核心其他部分的一些過渡。所以我們的定位非常好。

And we'll figure out, is 7% to 9% the right number? That's kind of our default unless something is radically different as a starting point to a year. And obviously, if the conditions are super robust, it could be higher than that. If we're in a gale-force recession, it could be lower than that, right?

我們會發現，7% 到 9% 是正確的數字嗎？這是我們的默認設置，除非某事作為一年的起點完全不同。顯然，如果條件超級穩健，它可能會更高。如果我們處於強風衰退中，它可能會比這更低，對吧？

But I think at this point in the year, the long term is we're doing better on the top line. We're right on track on EPS, and we're incredibly well positioned into 2023, and we'll figure it out. And I don't think we're going to surprise anybody, right? We'll all look at the macro and say, yes, those numbers make a ton of sense based on what the environment is as we sit here in January. And once again, we'll be ambitious, and we'll deliver great performance.

但我認為在今年的這個時候，從長遠來看，我們在收入方面做得更好。我們在 EPS 上正走在正軌上，我們在 2023 年處於非常有利的位置，我們會弄清楚的。而且我認為我們不會讓任何人感到驚訝，對吧？我們都會看到宏觀並說，是的，根據我們一月份坐在這裡的環境，這些數字非常有意義。再一次，我們將雄心勃勃，我們將提供出色的表現。

That's helpful, Marc. Maybe one for Stephen here. On the impact from additional comp, and I understand there is some flow-through in Q4. Stephen, when you think about '23, are you planning for any comp, incremental comp expenses to offset inflation for employees? Is that something that we should be considering?

這很有幫助，馬克。也許在這裡給斯蒂芬一個。關於額外補償的影響，我知道第四季度有一些流動性。斯蒂芬，當您考慮 23 年時，您是否計劃為任何補償、增量補償費用來抵消員工的通貨膨脹？這是我們應該考慮的事情嗎？

No. I think the dynamics that I outlined earlier on regarding going to pull-through, the assumption there is that don't repeat. We'll figure out what the current situation is during the year and make the right calls and manage the company appropriately. But when I think about that pull-through on the testing, that includes the nonrepeat on those actions as well.

不，我認為我之前概述的關於通過的動態，假設不重複。我們將弄清楚這一年的當前情況，並做出正確的決定並適當地管理公司。但是當我考慮到測試中的拉通時，這也包括這些操作的不重複。

Our next question comes from Dan Brennan with Cowen.

我們的下一個問題來自 Dan Brennan 和 Cowen。

Marc, I don't want to [jinx or jet], so I'm going to refrain from making any comments or claims here. Maybe Marc and Steve, could you just walk us around the globe and your key end markets? I mean just speak to what extent you're seeing any impacts from the weakening global economy.

Marc，我不想 [jinx 或 jet]，所以我不會在這裡發表任何評論或聲明。也許馬克和史蒂夫，你能帶我們環遊全球和你的主要終端市場嗎？我的意思是說你在多大程度上看到了全球經濟疲軟的影響。

And if nothing really manifest in Q3, which doesn't look like it has, are there any lead indicators like orders funnels, anything of that nature that might reflect some softening? Just -- and then kind of connected to that, the fourth quarter guide does reflect a notable slowing on a stock comp basis. And so I'm wondering if that's just conservatism or if that does incorporate some maybe risk from global macro.

如果第三季度沒有真正表現出來，看起來不像，那麼是否有任何領先指標，如訂單漏斗，任何可能反映一些軟化的性質的東西？只是 - 然後有點與此相關，第四季度指南確實反映了股票組合的顯著放緩。所以我想知道這是否只是保守主義，或者這是否確實包含了來自全球宏觀的一些風險。

So in terms of the macroeconomic environment, beyond the inflationary impacts which we had explained, actually, our end markets have been very strong. As you know, I gave you the cut by the 4 kind of customer sets. Actually geographically, no particular pattern that jumps out as a concern.

因此，就宏觀經濟環境而言，除了我們解釋過的通脹影響之外，實際上，我們的終端市場一直非常強勁。如你所知，我給了你 4 類客戶集的削減。實際上，在地理上，沒有特別的模式會引起關注。

When you look at Europe, the core growth actually was 10% growth. So Europe was actually strong. And it makes sense because you have a large pharma and biotech proportion of that. So that was good.

當您查看歐洲時，核心增長實際上是 10% 的增長。所以歐洲實際上很強大。這是有道理的，因為你有很大的製藥和生物技術比例。所以那很好。

And our assumption is that in China, which will have a very good year and a good quarter, it's probably slightly lower than the long-term historical view. And that's mostly the COVID policies there. So we're always looking for is there something lurking, but right now, things remain strong.

我們的假設是，在中國，今年和季度都會非常好，它可能略低於長期的歷史觀點。這主要是那裡的COVID政策。所以我們一直在尋找是否有潛伏的東西，但現在，事情仍然很強大。

Fourth quarter, it's the same assumptions that we've been using all year, which is we haven't been adjusting our forward-looking quarters. We basically took the original quarters. And as we delivered a strong quarter, we raised the full year based on what we delivered and have kept the convention for the upcoming quarters the same as we had done in the past.

第四季度，這是我們全年使用的相同假設，即我們沒有調整我們的前瞻性季度。我們基本上佔據了原來的宿舍。由於我們交付了一個強勁的季度，我們根據我們交付的內容提高了全年業績，並保持未來幾個季度的慣例與我們過去所做的相同。

That implies growth in line with the long-term organic outlook for the business. And obviously, we'll deliver the strongest possible growth that we can. We'll just see how the quarter plays out.

這意味著增長與業務的長期有機前景一致。很明顯，我們將盡可能實現最強勁的增長。我們將看看本季度的表現如何。

Great. And then maybe just as a follow-up, just on instruments. Instrument demand at Thermo across the group has been kind of very strong for a period of time. AI had another good quarter. Just wondering kind of what you're seeing on that front, and kind of what do you think about as you look ahead. While I'm not guiding for '23, kind of is the instrument underlying strength sustainable? Just any color macro-wise and company-specific initiatives.

偉大的。然後也許只是作為後續行動，只是在儀器上。一段時間以來，整個集團對 Thermo 的儀器需求一直非常強勁。人工智能有另一個好季度。只是想知道你在這方面看到了什麼，以及你在展望未來時的想法。雖然我不是為 23 年提供指導，但這種工具的潛在力量是否可持續？只是任何顏色宏觀和公司特定的舉措。

Yes, thanks for the question. And the instruments business is performing really well, continuing the trend. It's great to have the growth rates that we delivered in terms of mid-teens organic growth in the quarter and which is terrific.

是的，謝謝你的提問。儀器業務的表現非常好，延續了這一趨勢。很高興我們在本季度實現了青少年有機增長的增長率，這非常棒。

Bookings were very strong. So the outlook remains very good. Very impressed with how our chromatography and mass spectrometry business did. It's our fastest-growing business in the quarter, and great growth in electron microscopy and really good performance in chemical analysis. So actually, the business strength is widespread and broad-based. So it looks very good as we're finishing up the year.

預訂非常強勁。所以前景仍然非常好。我們的色譜和質譜業務的表現給我們留下了深刻的印象。這是我們本季度增長最快的業務，電子顯微鏡的巨大增長和化學分析的非常好的表現。所以實際上，業務實力是廣泛而廣泛的。因此，當我們結束這一年時，它看起來非常好。

Our next question comes from Rachel Vatnsdal with JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

So first up, on the manufacturing side, you've had a few peers that have had some quality concerns in recent quarters around that sterile fill and finish market. So can you just walk us through how that business performed for you in 3Q? And then do you think this really opens up any opportunity for share gains moving forward?

因此，首先，在製造方面，您有一些同行在最近幾個季度圍繞無菌灌裝和完成市場存在一些質量問題。那麼，您能否向我們介紹一下該業務在第三季度的表現如何？然後你認為這真的為股價上漲提供了任何機會嗎？

So Rachel, thanks for the question. When I think about our pharma services business, it was one of the highlights for performance in the quarter. It's been a good growth driver for the company. Customers are driving towards more outsourcing. The smaller companies have less manufacturing and development capabilities in-house. So the secular trends here are fantastic, and we have an industry-leading position.

所以瑞秋，謝謝你的問題。當我想到我們的製藥服務業務時，這是本季度業績的亮點之一。這對公司來說是一個很好的增長動力。客戶正在推動更多的外包。較小的公司內部的製造和開發能力較差。所以這裡的長期趨勢非常好，我們處於行業領先地位。

We've been investing in new capabilities, strengthening quality systems, capacity, infrastructure, all of those things to position it well. And it's our job to do great work every day for our customers and focus on doing that really well. And that's what we're focused on, and it's important that we do it. And we want to grow at a reasonable rate and just make sure that we're doing great work every day for our customers.

我們一直在投資新的能力，加強質量體系、能力、基礎設施，所有這些都是為了讓它更好地定位。我們的工作是每天為我們的客戶做好工作，並專注於做得很好。這就是我們所關注的，我們這樣做很重要。我們希望以合理的速度增長，並確保我們每天都在為我們的客戶做得很好。

And then as a follow-up to Dan's question, just wanted to dig a little bit deeper into Europe. So you mentioned that, that region was down 10% in the quarter, but you flagged that it was also impacted by that COVID testing comp. So can you walk us through how much of that 10% decline was due to FX and COVID roll-off? And then are you seeing any shift in demand within that region just given the macro uncertainty there?

然後作為丹的問題的後續行動，只是想更深入地挖掘歐洲。所以你提到，該地區在本季度下降了 10%，但你指出它也受到了 COVID 測試組合的影響。那麼，您能告訴我們這 10% 的下降中有多少是由於外彙和 COVID 滾降造成的？鑑於那裡的宏觀不確定性，您是否看到該地區的需求發生任何變化？

Yes. So in terms of the core growth in Europe, it's about 10%, so that's excluding FX, that's excluding the testing side of things as well. So good strong growth across the region. And as Marc said, a good concentration of pharma and biotech in the region, which is a strong growth business for us. So yes, around about 10% in Europe.

是的。因此，就歐洲的核心增長而言，大約為 10%，因此不包括外匯，也包括測試方面。整個地區的強勁增長勢頭如此強勁。正如馬克所說，該地區的製藥和生物技術高度集中，這對我們來說是一項強勁的增長業務。所以是的，在歐洲大約有 10%。

Our next question comes from Dan Arias with Stifel.

我們的下一個問題來自與 Stifel 的 Dan Arias。

Marc, on the bioproduction capacity expansion that you've been working on, the $600 million plus that you outlined there as a build-out, I'm just wondering, as we head towards December, if you might be able to sort of give a refreshed view on just how much of that will be -- or do you think will be open to start the year versus what might be slated for '23? And then how you're feeling about filling out that capacity just given what we're seeing in terms of end market demand and activity there?

馬克，關於你一直在進行的生物生產能力擴張，你在那裡概述的 6 億多美元作為擴建項目，我只是想知道，當我們走向 12 月時，你是否能夠給予對其中的多少有新的看法——或者你認為今年開始時會開放，而不是 23 年可能會發生什麼？然後，鑑於我們在終端市場需求和活動方面看到的情況，您對填補這一產能有何感想？

Yes. So Dan, thanks for the question. So as a reminder, back in early 2021, we outlined our goals for expanding our capacity to meet the really strong long-term growth trends in our pharma services and our bioproduction businesses.

是的。所以丹，謝謝你的問題。因此，提醒一下，早在 2021 年初，我們就概述了擴大能力的目標，以滿足我們製藥服務和生物生產業務真正強勁的長期增長趨勢。

And really, what we did is we looked at our 5-year road map of what we were planning to bring forward, and we pulled some of those things forward. And in bioproduction, we made 3 specific investment decisions, some expansion of our single-use technology network. We opened a facility, a second facility in Utah. We opened up a facility in Tennessee. Both of those are operational. We expanded our Grand Island, New York cell culture media facility. That's also largely complete. And we just opened our purification facility in Massachusetts, which is our second purification facility.

實際上，我們所做的是我們查看了我們計劃提出的 5 年路線圖，我們將其中一些事情向前推進。在生物生產方面，我們做出了 3 項具體的投資決策，擴大了我們的一次性技術網絡。我們在猶他州開設了第二家工廠。我們在田納西州開設了一家工廠。這兩個都是可操作的。我們擴建了位於紐約格蘭德島的細胞培養基設施。這也基本上完成了。我們剛剛在馬薩諸塞州開設了我們的淨化設施，這是我們的第二個淨化設施。

So we're largely complete with the investments in bioproduction. But we're not operating at full capacity of that. We're not operating full shift 7 days a week in the new facilities. We're rather going through the thoughtful ramp-up. And that will continue to ramp up through 2023 and even into 2024 to bring it to kind of more of the full utilization rate.

所以我們基本上完成了對生物生產的投資。但我們並沒有全力以赴。我們不會在新設施中每週 7 天全班運作。我們寧願經歷深思熟慮的升級。到 2023 年甚至到 2024 年，這將繼續增加，以使其達到更高的完全利用率。

We feel very good about the demand environment. So that capacity is bringing lead times back to more normal pre-pandemic levels, which is terrific. And that will position us really well for share gain.

我們對需求環境感覺非常好。因此，這種能力正在使交貨時間恢復到更正常的大流行前水平，這太棒了。這將使我們在份額收益方面處於有利地位。

When I think about purification, which I think is worth a moment on, we were literally capacity constrained. We had demand that was so strong that we weren't able to bring on a lot of new business over the last few months. And it's great to have [transferred it online] because that allow us to continue to support the growth of new molecules in our customers. So that's a quick recap on that.

當我想到淨化時，我認為值得花一點時間，我們確實受到了容量的限制。我們的需求如此強勁，以至於在過去的幾個月裡我們無法帶來很多新業務。很高興 [將其轉移到網上]，因為這使我們能夠繼續支持客戶中新分子的增長。所以這是一個快速回顧。

Okay. Helpful. And then just maybe on PPD, it sounds like things continue to go well there. And to the point of a couple of guys here, there's naturally a focus on 2023. You will have a tough comp there, actually like 2 years of tough comps there. So anything that you might be able to add on just how you see PPD growth tracking going forward?

好的。有幫助。然後也許在 PPD 上，聽起來事情繼續進展順利。對於這裡的幾個人來說，自然會關注 2023 年。在那裡你會有一個艱難的比賽，實際上就像在那裡 2 年的艱難比賽一樣。那麼，您可以添加任何關於您如何看待 PPD 增長跟踪的內容嗎？

Yes. So our clinical research business, right, it serves an attractive end market within pharma and biotech, again, similar in a way to our pharma services business, more of the innovations coming from the smaller companies. That really lends well to partnering with a clinical research organization.

是的。因此，我們的臨床研究業務，是的，它服務於製藥和生物技術領域的一個有吸引力的終端市場，再次，在某種程度上類似於我們的製藥服務業務，更多的創新來自小公司。這確實非常適合與臨床研究組織合作。

Our business is growing at a very high level. As Stephen highlighted, we're expecting 14% growth assumed in our guidance for the year, which is very strong. And what I'm really excited about is the reaction from customers. I've seen quite a few customers in the third quarter and really had the opportunity to discuss what we're doing in clinical research services. And feedback is exciting.

我們的業務正在以非常高的水平增長。正如斯蒂芬強調的那樣，我們預計今年的指導中假設增長 14%，這是非常強勁的。我真正興奮的是客戶的反應。我在第三季度見過不少客戶，並且真的有機會討論我們在臨床研究服務方面所做的事情。反饋是令人興奮的。

Our revenue synergies are very strong. They don't show up in the revenue to date, they show up in the authorizations for the future. And which is why I was able to really highlight that the business is not only ahead of the short-term deal model, but the projection is it will be well ahead over the long-term deal model. And we're excited about the momentum we'll carry with that business going into 2023.

我們的收入協同效應非常強大。迄今為止，它們並未出現在收入中，而是出現在未來的授權中。這就是為什麼我能夠真正強調該業務不僅領先於短期交易模型，而且預計它將遠遠領先於長期交易模型。我們對進入 2023 年的業務發展勢頭感到興奮。

Our final question today comes from Tejas Savant with Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的 Tejas Savant。

One follow-up from me on Europe, Marc. I mean energy costs are clearly in focus here heading into the winter. Can you just help us dimension your cost on the energy side as a percent of your regional sales? And any kind of like resiliency plans that you've put in place?

我對歐洲的一項後續行動，馬克。我的意思是能源成本顯然是進入冬季的重點。您能否幫助我們衡量您在能源方面的成本佔您區域銷售額的百分比？以及您制定的任何類似的彈性計劃？

And then as a quick follow-up there, any color on research funding trends in Europe, particularly as government priorities might be shifting here a little bit?

然後作為快速跟進，歐洲的研究資金趨勢有什麼不同，特別是政府的優先事項可能會在這裡發生一點變化？

Yes. So one of the powers of our PPI Business System and the benefits of our scale is to be able to navigate the supply chain challenges that have existed in the world. And I would put energy availability as a potential challenge in Europe as we get into the winter.

是的。因此，我們 PPI 業務系統的力量之一和我們規模的優勢是能夠應對世界上存在的供應鏈挑戰。當我們進入冬季時，我會將能源可用性作為歐洲的潛在挑戰。

So we went site by site and looked at what is the source of energy and made appropriate adjustments. So a number of sites, we moved off of natural gas or there was a situation where the government said that we're going to be supplied. It's different scenarios depending on which country, what site, what purpose.

因此，我們逐個站點查看能源的來源並進行了適當的調整。因此，在許多站點，我們不再使用天然氣，或者出現了政府說我們將得到供應的情況。取決於哪個國家、哪個站點、什麼目的，情況會有所不同。

So I feel like we're well positioned to navigate that environment. In terms of research funding, it seems good. I mean obviously, the next level of European funding is being considered this month and at least what the public discussion is positive about the funding environment there. In terms of energy costs...

所以我覺得我們已經做好了應對這種環境的準備。在研究經費方面，似乎不錯。我的意思很明顯，本月正在考慮下一個歐洲資金水平，至少公眾討論對那裡的資金環境是積極的。在能源成本方面...

Yes, in terms of the energy cost, this is not material. What's material is make sure you're managing the ability to stay open the supply chain and looking into your customers. So I think that's where we're spending our time and effort, and we switch the energy type. And it's about staying open and meeting that for the customers to support them through this.

是的，就能源成本而言，這並不重要。重要的是確保您管理保持供應鏈開放和調查客戶的能力。所以我認為這就是我們花費時間和精力的地方，我們改變了能量類型。這是關於保持開放並滿足客戶通過此支持他們的需求。

Got it. And just one quick follow-up on PPD, if I may. One of your CRO peers, Marc, just mentioned investigator staff shortages at some sites, causing trial delays, not broad-based but in some cases. Just curious what you're seeing in terms of labor market tightness there. And do you expect sort of wage inflation specific to PPD to be a factor we should be thinking about into next year as well?

知道了。如果可以的話，只需對 PPD 進行一次快速跟進。您的一位 CRO 同行 Marc 剛剛提到某些地點的調查人員短缺，導致試驗延誤，不是廣泛的，而是在某些情況下。只是好奇你在勞動力市場緊張方面看到了什麼。您是否認為 PPD 特有的工資通脹也是我們應該考慮到明年的一個因素？

Business performed great. We obviously had 18% growth in the quarter, 14% growth outlook for the year. The way wage inflation works in that business is it gets passed through in the normal course pricing in the contract so that you could have a quarter or something lag.

業務表現出色。我們顯然在本季度實現了 18% 的增長，今年的增長前景為 14%。工資通脹在該業務中的運作方式是它在合同中的正常課程定價中通過，因此您可能會有一個季度或其他時間的延遲。

But effectively, if there's unusual wage inflation that this gets passed through to the customer base. So I don't see any particular significant challenge there.

但實際上，如果出現異常的工資膨脹，這會傳遞給客戶群。所以我認為那裡沒有任何特別重大的挑戰。

So let me wrap it up here. As you heard this morning, another excellent quarter. We're on track to deliver an outstanding year, and that's going to set us up for a very bright future. And as always, thanks for your ongoing support of Thermo Fisher Scientific. We look forward to updating you on our progress as we turn into 2023. Thanks, everyone.

所以讓我在這裡總結一下。正如您今天早上所聽到的，又是一個出色的季度。我們有望實現出色的一年，這將為我們創造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。進入 2023 年，我們期待向您通報我們的進展。謝謝大家。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家，今天加入我們。我們的通話到此結束，您現在可以斷開您的線路。