賽默飛世爾科技 (TMO) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2023 First Quarter Conference Call. My name is Charlie and I'll be coordinating the call today. (Operator Instructions) I would like to introduce our moderator for today's call, Mr. Rafael Tejada, Vice President of Investor Relations. Mr. Tejada, you may begin the call.

女士們先生們，早上好，歡迎來到 Thermo Fisher Scientific 2023 第一季度電話會議。我叫查理，今天我將負責協調電話會議。 （操作員說明）我想介紹我們今天電話會議的主持人，投資者關係副總裁 Rafael Tejada 先生。 Tejada 先生，你可以開始通話了。

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 and Events until May 12, 2023. A copy of the press release of our first quarter 2023 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；高級副總裁兼首席財務官 Stephen Williamson。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 的投資者部分的新聞和活動標題下，直至 2023 年 5 月 12 日。我們 2023 年第一季度收益的新聞稿副本可在我們網站上“財務”標題下的“投資者”部分。

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, which is 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。我們可能就公司的未來預期、計劃和前景發表的各種評論構成根據 1995 年《私人證券訴訟改革法案》的安全港條款的前瞻性陳述。實際結果可能與這些前瞻性陳述所表明的結果存在重大差異由於各種重要因素而導致的報表，包括公司最近的 10-K 表格年度報告中討論的那些，該表格已提交給美國證券交易委員會，並可在我們網站的“投資者”部分的“財務 SEC 文件”標題下找到。

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. 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 first quarter 2023 earnings and also available in the Investors section of our website under the heading, Financials. So with that, I'll now turn the call over to Marc.

雖然我們可能會選擇在未來的某個時候更新前瞻性陳述，但我們特別聲明不承擔任何義務，即使我們的估計發生變化也是如此。因此，您不應依賴這些前瞻性陳述來代表我們截至今天之後的任何日期的觀點。此外，在此次電話會議中，我們將提及某些未根據公認會計原則或 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 2023 年第一季度收益的新聞稿中找到，也可以在我們網站的“投資者”部分的“財務”標題下找到。因此，我現在將電話轉給馬克。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our first quarter call. As you saw in our press release, we had a very strong start to the year. We delivered another quarter of very strong financial performance. Our core business is performing very well. I'm pleased with the team's great execution and the share gain we saw across our company, especially within the context of a slightly more challenging macro environment.

謝謝你，拉夫。大家早上好，感謝今天加入我們的第一季度電話會議。正如您在我們的新聞稿中看到的那樣，我們今年的開局非常強勁。我們又交付了一個非常強勁的財務業績季度。我們的核心業務表現非常出色。我對團隊的出色執行力和我們在整個公司看到的份額增長感到滿意，尤其是在更具挑戰性的宏觀環境中。

Our continued success is the result of our proven growth strategy, the trusted partner status that we've earned with our customers and our PPI business system which is a differentiator for us and enables operational excellence within the company. So let me first recap the financials. Our revenue in the quarter was $10.71 billion, our adjusted operating income was $2.33 billion, and we delivered another quarter of strong adjusted EPS performance, achieving $5.03 per share.

我們的持續成功是我們行之有效的增長戰略、我們與客戶贏得的值得信賴的合作夥伴地位以及我們的 PPI 業務系統的結果，該系統使我們脫穎而出並在公司內部實現卓越運營。因此，讓我首先回顧一下財務狀況。我們本季度的收入為 107.1 億美元，調整後的營業收入為 23.3 億美元，我們在另一個季度實現了強勁的調整後每股收益表現，達到每股 5.03 美元。

At the beginning of the year, we set out appropriately ambitious guidance for 2023 and Q1 demonstrates that we're delivering against that. Let me turn to our end markets. We delivered very strong performance in Q1, driven by outstanding execution from our team, resulting in meaningful share gain. Pandemic-related activity performed as we had expected during the quarter. As a reminder, the impact of the headwind from the revenue runoff can be seen in pharma and biotech due to vaccines and therapies and in diagnostics and health care due to COVID-19 testing.

今年年初，我們為 2023 年制定了雄心勃勃的指導方針，第一季度表明我們正在兌現這一目標。讓我轉向我們的終端市場。在我們團隊出色的執行力的推動下，我們在第一季度取得了非常強勁的業績，從而獲得了可觀的份額收益。大流行病相關活動在本季度的表現符合我們的預期。提醒一下，由於疫苗和療法，以及由於 COVID-19 測試，在診斷和醫療保健領域，可以看到收入減少對製藥和生物技術的影響。

Let me give you some color on our end markets. Starting with pharma and biotech. We delivered growth in the mid-single digits for the quarter. During the quarter, we had very strong performance in our pharma services, clinical research and chromatography and mass spectrometry businesses. In academic and government, we grew in the high single digits in the quarter. We delivered strong growth across a range of our businesses, including chromatography and mass spectrometry, electron microscopy as well as the research and safety market channel. Academic and government demand was strong in all regions. In industrial and applied, we grew in the high single digits for the quarter.

讓我給你一些關於我們終端市場的顏色。從製藥和生物技術開始。我們在本季度實現了中個位數的增長。本季度，我們在製藥服務、臨床研究以及色譜和質譜業務方面表現非常強勁。在學術和政府部門，我們在本季度以高個位數增長。我們的一系列業務實現了強勁增長，包括色譜和質譜、電子顯微鏡以及研究和安全市場渠道。所有地區的學術和政府需求都很強勁。在工業和應用領域，我們本季度以高個位數增長。

We saw strong growth in all of our analytical instrument businesses, including electron microscopy, chemical analysis and chromatography and mass spectrometry. Finally, in diagnostics and health care, in Q1, revenue was approximately 45% lower than the prior year quarter. The team delivered very good core business growth during the quarter led by our immunodiagnostics, microbiology and transplant diagnostics businesses. I'll now turn to our proven growth strategy which enables us to continue to deliver differentiated performance and setting us up for an even brighter future. As a reminder, our growth 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.

我們的所有分析儀器業務都實現了強勁增長，包括電子顯微鏡、化學分析以及色譜和質譜。最後，在診斷和醫療保健方面，第一季度的收入比去年同期下降了約 45%。在我們的免疫診斷、微生物學和移植診斷業務的帶動下，該團隊在本季度實現了非常好的核心業務增長。我現在將轉向我們行之有效的增長戰略，該戰略使我們能夠繼續提供差異化的績效，並為我們創造更加光明的未來。提醒一下，我們的增長戰略包括三大支柱：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；並向我們的客戶提供獨特的價值主張。

Starting with the first pillar, innovation. We had an excellent start to the year as we launched a number of high-impact new products across our businesses during the first quarter. These technologies are further strengthening our industry leadership by enabling our customers to bring new ground in their important work. In elemental analysis, we launched the Thermo Scientific iCAP RQ Plus ICP-MS analyzer.

從第一個支柱開始，創新。今年第一季度，我們在我們的業務中推出了許多具有高影響力的新產品，我們今年開局良好。這些技術使我們的客戶能夠在他們的重要工作中取得新進展，從而進一步加強了我們的行業領導地位。在元素分析方面，我們推出了 Thermo Scientific iCAP RQ Plus ICP-MS 分析儀。

This ICP mass spectrometry system simplifies analysis of trace elements in complicated samples including the identification of heavy metals and soil in water as well as toxic elements in food and beverage. In Genetic Sciences we launched the Applied Biosystems QuantStudio Absolute Q AutoRun dPCR suite, an automated digital PCR solution to increase productivity for molecular research including cell and gene therapy and cancer research. In our biosciences business, we launched the Invitrogen DynaGreen microplastic-free magnetic beads for protein purification.

該 ICP 質譜系統簡化了複雜樣品中痕量元素的分析，包括水中重金屬和土壤以及食品和飲料中有毒元素的鑑定。在遺傳科學領域，我們推出了 Applied Biosystems QuantStudio Absolute Q AutoRun dPCR 套件，這是一種自動化數字 PCR 解決方案，可提高分子研究（包括細胞和基因治療以及癌症研究）的生產力。在我們的生物科學業務中，我們推出了用於蛋白質純化的 Invitrogen DynaGreen 無微塑料磁珠。

This new product will help our customers to reduce the environmental impact of life science research and build on our long history of innovation and market leadership in bioscience reagents. And in our Clinical Diagnostics business, we launched the Thermo Scientific DRI tramadol assay, which broadens our extensive toxicology portfolio with a new drug of abuse assay to help fight the opioid crisis. These are just a few examples of the innovation going on across our company, and I'm excited about the robust pipeline of products that would be launched throughout the year.

這一新產品將幫助我們的客戶減少生命科學研究對環境的影響，並鞏固我們在生物科學試劑領域的悠久創新和市場領導地位。在我們的臨床診斷業務中，我們推出了 Thermo Scientific DRI 曲馬多測定，它通過一種新的藥物濫用測定擴大了我們廣泛的毒理學產品組合，以幫助應對阿片類藥物危機。這些只是我們公司正在進行的創新的幾個例子，我對全年將推出的強大產品線感到興奮。

We also recently learned that Thermo Fisher was ranked #22 on Fortune's Most Innovative Companies list. This is a new award launched in 2023 based on product and process innovation and the company's culture. A really nice recognition of our team and their track record. The second pillar of our growth strategy is leveraging our scale in the high-growth and emerging markets to create a differentiated experience for our customers. We continue to strengthen our capabilities serving these markets by opening a new Gibco cell culture rapid prototyping facility at our existing site in Suzhou, China.

我們最近還了解到，Thermo Fisher 在《財富》最具創新力的公司名單中排名第 22 位。這是2023年基於產品和工藝創新以及公司文化推出的新獎項。對我們團隊及其往績的非常好的認可。我們增長戰略的第二個支柱是利用我們在高增長和新興市場的規模為我們的客戶創造差異化的體驗。我們通過在我們位於中國蘇州的現有場地開設新的 Gibco 細胞培養快速原型製作設施，繼續加強我們服務於這些市場的能力。

This facility will help regional customers accelerate the transition of their cell culture media production into current good manufacturing practices. It will also ensure patients receive therapies manufactured at the highest level of safety, effectiveness, quality and purity. Turning to the third pillar of our growth strategy. We continue to enhance our customer value proposition by strengthening our capabilities to enable our customers to make the world healthier, cleaner and safer. I've had the opportunity to meet with dozens of our pharmaceutical and biotech customers since the beginning of the year, and our value proposition is clearly resonating.

該設施將幫助區域客戶加速將其細胞培養基生產轉變為當前的良好生產規範。它還將確保患者接受以最高安全性、有效性、質量和純度生產的療法。轉向我們增長戰略的第三個支柱。我們通過加強我們的能力，使我們的客戶能夠讓世界更健康、更清潔、更安全，從而繼續提升我們的客戶價值主張。自今年年初以來，我有機會與我們的數十家製藥和生物技術客戶會面，我們的價值主張顯然引起了共鳴。

Our trusted partner status gives us an early understanding of customers' unmet needs and the ability to generate insights that allow for deep collaborations that continue to advance scientific breakthroughs. During Q1, we achieved an exciting milestone in our strategic partnership with the University of California, San Francisco, with the opening of a new cell therapy cGMP manufacturing and collaboration center to accelerate the development of breakthrough therapies for glioblastoma, multiple myeloma and other cancers.

我們值得信賴的合作夥伴地位使我們能夠及早了解客戶未滿足的需求，並能夠產生洞察力，從而進行深入合作，繼續推動科學突破。在第一季度，我們與加州大學舊金山分校的戰略合作夥伴關係取得了激動人心的里程碑，開設了一個新的細胞療法 cGMP 製造和合作中心，以加速膠質母細胞瘤、多發性骨髓瘤和其他癌症的突破性療法的開發。

In this facility, we offer UCSF and other customer solutions for cell therapy development from discovery to clinical research through to commercial manufacturing. Partnerships like this have the potential to transform clinical care. Another example of our customer value proposition and the trusted partner status that we have established with our pharma and biotech customers can be seen in the excellent performance of our clinical research business, which drove very strong growth in the quarter. I'm very excited by the revenue synergies that will drive both short-term and longer-term growth in the business.

在此設施中，我們為 UCSF 和其他客戶提供從發現到臨床研究再到商業製造的細胞療法開發解決方案。像這樣的伙伴關係有可能改變臨床護理。我們的客戶價值主張和我們與製藥和生物技術客戶建立的值得信賴的合作夥伴地位的另一個例子可以從我們臨床研究業務的出色表現中看出，該業務推動了本季度的強勁增長。我對將推動業務短期和長期增長的收入協同效應感到非常興奮。

The momentum is continuing to build and is benefiting both our clinical research business and other parts of the company. We're also working with very engaged customers on longer-term projects to explore ways to reduce the time and cost of bringing drugs to market. By bringing our capabilities and expertise within our pharma services and clinical research businesses together, we are working to improve the effectiveness of the drug development process, benefiting both our customers and their patients.

這種勢頭正在繼續增強，並使我們的臨床研究業務和公司的其他部門受益。我們還與積極參與的客戶合作開展長期項目，探索減少將藥物推向市場的時間和成本的方法。通過將我們在製藥服務和臨床研究業務中的能力和專業知識結合在一起，我們正在努力提高藥物開發過程的有效性，從而使我們的客戶及其患者受益。

We have an exciting pilot underway that is utilizing dedicated resources and best-in-class technologies and capabilities to provide enhanced visibility and real-time data to the customer. This improves the speed of decision-making and reduces potential delays from development to manufacturing to clinical trials. It can also help our customers take cost out of the process by reducing waste in the clinical supply process. This is really a nice example of why we are the trusted partner.

我們正在進行一項激動人心的試點，該試點利用專用資源和一流的技術和能力為客戶提供增強的可見性和實時數據。這提高了決策速度，並減少了從開發到製造再到臨床試驗的潛在延遲。它還可以通過減少臨床供應過程中的浪費來幫助我們的客戶降低流程成本。這確實很好地說明了為什麼我們是值得信賴的合作夥伴。

As always, our PPI Business System and our mission-driven culture enabled our success during the quarter. PPI engages and empowers all of our colleagues to find a better way every day, and it enables us to improve quality, productivity and the customer experience while also helping us to navigate a dynamic environment. You can see in the positive -- you can see the positive impact of our PPI Business System and our results in Q1. It has also allowed us to capitalize on the strong demand from customers for analytical instrumentation and has also helped us to effectively address the runoff in pandemic-related activity and appropriately manage our costs.

一如既往，我們的 PPI 業務系統和我們以使命為導向的文化使我們在本季度取得了成功。 PPI 讓我們所有的同事每天都能找到更好的方法，這使我們能夠提高質量、生產力和客戶體驗，同時幫助我們駕馭動態環境。你可以看到積極的一面——你可以看到我們的 PPI 業務系統的積極影響和我們在第一季度的結果。它還使我們能夠利用客戶對分析儀器的強烈需求，並幫助我們有效地解決與流行病相關活動的流失問題並適當地管理我們的成本。

Moving to capital deployment. We've had an active start to the year both in strategic M&A and returning capital to our shareholders. We closed the acquisition of the binding side at the beginning of the year. It's great to have this business now as part of the company. The business is a fantastic fit with our Specialty Diagnostics business, and we're leveraging our capabilities to take an excellent business and make it even better. The integration is going very smoothly, and the business is performing very well, tracking ahead of plan.

轉向資本部署。我們今年在戰略併購和向股東返還資本方面都有一個積極的開端。我們在年初關閉了綁定方的收購。很高興現在將這項業務作為公司的一部分。該業務非常適合我們的專業診斷業務，我們正在利用我們的能力來開展一項出色的業務，並使其變得更好。整合進行得非常順利，業務表現非常好，提前跟踪計劃。

Our team is focused on advancing the diagnosis and management of patients with multiple myeloma and immune disorders and the innovation pipeline looks great. We're excited by the opportunity to further advance patient care in this area. In terms of return of capital during the quarter, we repurchased $3 billion of stock and increased our dividend by 17%. So overall, a great start of the year from capital deployment.

我們的團隊專注於推進多發性骨髓瘤和免疫系統疾病患者的診斷和管理，創新渠道看起來很棒。我們很高興有機會進一步推進這一領域的患者護理。在本季度的資本回報方面，我們回購了 30 億美元的股票，並將股息提高了 17%。總的來說，從資本部署來看，這是今年的一個良好開端。

During the quarter, we also advanced our environmental, social and governance priorities, including securing agreements to power all current U.S. sites with 100% renewable energy by 2026. This is a significant contribution to our 2030 commitment to a 50% reduction in Scope 1 and 2 greenhouse gas emissions. As we continue to transition away from fossil fuels and adopt renewable energy, we're also accelerating our progress towards our commitment to net 0 carbon emissions by 2050.

在本季度，我們還推進了我們的環境、社會和治理優先事項，包括達成協議，到 2026 年使用 100% 可再生能源為美國所有現有站點供電。這是對我們到 2030 年將範圍 1 和 50% 減少 50% 的承諾的重大貢獻。 2溫室氣體排放。隨著我們繼續擺脫化石燃料並採用可再生能源，我們也在加速實現到 2050 年實現淨零碳排放的承諾。

We'll be releasing our latest corporate social responsibility report later this quarter and will give our stakeholders a really substantive view on our continuous improvement and the positive impact that we're having. Let me now turn to our guidance. Since the beginning of the year, the macro environment has become slightly more challenging. We're stepping up to that challenge and our proven growth strategy powered by our PPI business system is enabling us to maintain our ambitious full year outlook with revenues of $45.3 billion and adjusted EPS of $23.70.

我們將在本季度晚些時候發布最新的企業社會責任報告，讓我們的利益相關者對我們的持續改進和我們正在產生的積極影響有一個真正實質性的看法。現在讓我談談我們的指導。年初以來，宏觀環境略有挑戰。我們正在加緊迎接這一挑戰，我們的 PPI 業務系統支持的成熟增長戰略使我們能夠保持雄心勃勃的全年展望，收入為 453 億美元，調整後每股收益為 23.70 美元。

Stephen will take you through the details in his remarks. So to summarize our key takeaways from the first quarter. Our very strong results in Q1 were driven by our proven growth strategy and PPI Business System. Our business is performing very well. Our unique customer value proposition is further elevating our trusted partner status and we're continuing to gain market share. We effectively deployed capital to create significant value for our customers and shareholders.

Stephen 將在他的發言中為您詳細介紹。因此，總結一下我們第一季度的主要收穫。我們在第一季度非常強勁的業績是由我們行之有效的增長戰略和 PPI 業務系統推動的。我們的業務表現非常好。我們獨特的客戶價值主張進一步提升了我們值得信賴的合作夥伴地位，我們正在繼續獲得市場份額。我們有效地配置了資本，為我們的客戶和股東創造了可觀的價值。

And we're incredibly well positioned to deliver differentiated performance and excellent 2023 as we continue to create value for all of our stakeholders and build an even brighter future for our company. With that, I'll now hand the call over to our CFO, Stephen Williamson. Stephen?

隨著我們繼續為所有利益相關者創造價值並為我們的公司打造更加光明的未來，我們非常有能力提供差異化的績效和卓越的 2023 年。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. As you saw in our press release, we started the year with a very strong Q1, our growth strategy powered by our PPI Business System is enabling us to continue to very effectively navigate the company through a dynamic macro environment, manage the runoff in pandemic-related revenue and drive excellent core organic revenue growth and share gains.

謝謝，馬克。大家早上好。正如您在我們的新聞稿中看到的那樣，我們以非常強勁的第一季度開始了這一年，我們的增長戰略由我們的 PPI 業務系統提供支持，使我們能夠繼續非常有效地在動態的宏觀環境中引導公司，管理流行病的流失-相關收入並推動出色的核心有機收入增長和份額收益。

In the quarter, we delivered $10.7 billion of revenue, which included 6% core organic revenue growth, we delivered $5.03 of adjusted EPS. Our core organic revenue growth was 1% higher than we had incorporated in our previous 2023 guidance, and adjusted EPS was $0.02 ahead. So a very strong start to the year. Let me now provide you with some more details on our performance. So beginning with our earnings results, as I mentioned, we delivered $5.03 of adjusted EPS in Q1. GAAP EPS in the quarter was $3.32. On the top line, reported revenue was 9% lower year-over-year. The components of our Q1 reported revenue included 8% lower organic revenue, a 1% contribution from acquisitions and a headwind of 2% from foreign exchange.

本季度，我們實現了 107 億美元的收入，其中包括 6% 的核心有機收入增長，我們實現了 5.03 美元的調整後每股收益。我們的核心有機收入增長比我們之前 2023 年的指導高出 1%，調整後的每股收益提前 0.02 美元。所以今年的開局非常強勁。現在讓我為您提供更多關於我們表現的細節。因此，正如我提到的，從我們的收益結果開始，我們在第一季度交付了 5.03 美元的調整後每股收益。本季度 GAAP 每股收益為 3.32 美元。最重要的是，報告的收入同比下降 9%。我們第一季度報告收入的組成部分包括有機收入下降 8%、收購貢獻 1% 和外匯逆風 2%。

Pandemic-related revenue came in as we expected in Q1. This is comprised of $140 million of testing revenue and $180 million of vaccines and therapies revenue. As I mentioned earlier, core organic revenue growth in the quarter was 6%. As a reminder, core organic revenue growth continues to include the change in our COVID-19 vaccines and therapies revenue which was a headwind of approximately 3% in the quarter. So very strong core performance, showing the continued strength of our business.

大流行相關的收入如我們預期的那樣在第一季度出現。這包括 1.4 億美元的測試收入和 1.8 億美元的疫苗和治療收入。正如我之前提到的，本季度核心有機收入增長率為 6%。提醒一下，核心有機收入增長繼續包括我們 COVID-19 疫苗和療法收入的變化，這是本季度約 3% 的逆風。如此強勁的核心業績，顯示了我們業務的持續實力。

Turning to our organic revenue performance by geography. The organic growth rates by region is skewed by the pandemic-related revenue in the current and prior year. In Q1, North America declined high single digits, Europe declined in the low double digits, Asia Pacific grew in the low single digits, with China declining slightly and rest of World declined high single digits. With respect to our operational performance, adjusted operating income in the quarter decreased 32% and adjusted operating margin was 21.8%, 740 basis points lower than Q1 last year.

轉向我們按地域劃分的有機收入表現。各地區的有機增長率受到當前和上一年與大流行相關的收入的影響。第一季度，北美下降高個位數，歐洲下降低兩位數，亞太地區增長低個位數，中國略有下降，世界其他地區下降高個位數。關於我們的經營業績，本季度調整後的營業收入下降了 32%，調整後的營業利潤率為 21.8%，比去年第一季度下降了 740 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 pandemic-related revenue and continued strategic investments. Total company adjusted gross margin in the quarter came in at 40.3%, 720 basis points lower than Q1 last year. For the first quarter, the change in gross margin was due to the same drivers as those for adjusted operating margin. Moving on to the details of the P&L. Adjusted SG&A in the quarter was 15.3% of our revenue. Total R&D expense was $350 million in Q1, reflecting our ongoing investments in high-impact innovation.

本季度，我們實現了強勁的價格變現，有效地解決了通貨膨脹問題，同時也推動了強勁的生產力。這被與流行病相關的收入減少和持續的戰略投資所抵消。本季度公司調整後的總毛利率為 40.3%，比去年第一季度低 720 個基點。第一季度，毛利率的變化與調整後的營業利潤率的驅動因素相同。轉到損益表的詳細信息。本季度調整後的 SG&A 占我們收入的 15.3%。第一季度的總研發費用為 3.5 億美元，反映了我們對高影響力創新的持續投資。

R&D as a percent of manufacturing revenue was 6.9% in the quarter. Looking at our results below the line for the quarter. Our net interest expense was $154 million, which is $36 million higher than Q1 last year, mainly due to capital deployment. Our adjusted tax rate in the quarter was 10%. This is 410 basis points lower than Q1 last year, reflecting the results of our tax planning activities. Average diluted shares were $388 million in Q1, approximately $6 million lower year-over-year, driven by share repurchases, net of option dilution.

本季度研發佔製造收入的百分比為 6.9%。看看我們本季度線下的結果。我們的淨利息支出為 1.54 億美元，比去年第一季度高出 3600 萬美元，主要是由於資本配置。我們在本季度調整後的稅率為 10%。這比去年第一季度低 410 個基點，反映了我們稅收籌劃活動的結果。第一季度平均攤薄後的股份為 3.88 億美元，同比減少約 600 萬美元，這主要是受股票回購的推動，扣除期權攤薄。

Turning to cash flow and the balance sheet. Cash flow from operations was $730 million, free cash flow for Q1 was $280 million after investing $450 million in net capital expenditures. During the quarter, we deployed $5.8 billion of capital. This included $3.7 billion for the acquisition of The Binding Site and $3.1 billion of capital return to shareholders through buybacks and dividends. We ended the quarter with $3.5 billion in cash and $35.3 billion of total debt. Our leverage ratio at the end of the quarter was 3.2x gross debt to adjusted EBITDA and 2.9x on a net debt basis.

轉向現金流和資產負債表。運營現金流為 7.3 億美元，在淨資本支出投資 4.5 億美元後，第一季度的自由現金流為 2.8 億美元。本季度，我們部署了 58 億美元的資金。其中包括用於收購 The Binding Site 的 37 億美元以及通過回購和股息向股東返還的 31 億美元資本。我們以 35 億美元的現金和 353 億美元的總債務結束了本季度。我們在本季度末的槓桿率為調整後 EBITDA 總債務的 3.2 倍和淨債務的 2.9 倍。

Concluding my comments on our total company performance, adjusted ROIC was 12.2%, reflecting the strong returns on investments that we're generating across the company. Now 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 pandemic-related revenue varies by segment. Net revenue was significantly higher in the prior year, so that does skew some of the reported segment growth rates and margins.

總結我對公司整體業績的評論，調整後的 ROIC 為 12.2%，反映了我們在整個公司產生的強勁投資回報。現在提供一些關於我們 4 個業務部門的表現的顏色。讓我從幾個框架評論開始。我們與大流行病相關的收入的規模和利潤率狀況因細分市場而異。上一年的淨收入明顯更高，因此這確實扭曲了部分報告的細分市場增長率和利潤率。

We continue to execute strong pricing realization across all segments to address higher inflation. Moving on to the segment details, starting with Life Sciences Solutions. Q1 reported revenue in this segment declined 38% and organic revenue was 37% lower than the prior year quarter. This was driven by the moderation in pandemic-related revenue in the segment versus the year-ago quarter. Q1 adjusted operating income in Life Science Solutions decreased 62% and adjusted operating margin was 32%, down 19 percentage points versus prior year quarter.

我們繼續在所有部門執行強有力的定價實現，以應對更高的通貨膨脹。從生命科學解決方案開始，繼續細分細節。第一季度該部門的收入下降了 38%，有機收入比去年同期下降了 37%。這是由於該部門與去年同期相比大流行相關收入有所放緩。生命科學解決方案第一季度調整後營業收入下降 62%，調整後營業利潤率為 32%，較上年同期下降 19 個百分點。

In the quarter, we delivered good productivity, which was more than offset by unfavorable volume mix due to the significantly higher pandemic-related revenue in Q1 2022. In the Analytical Instruments segment, reported revenue increased 14% in Q1 and organic growth was 17%. The strong growth was broad-based in the segment this quarter, led by chromatography and mass spectrometry and electron microscopy businesses. Q1 adjusted operating income in the segment increased 40% and adjusted operating margin was 24.4%, up 460 basis points year-over-year.

在本季度，我們實現了良好的生產力，但由於 2022 年第一季度與大流行病相關的收入顯著增加而導致不利的銷量組合，這足以抵消這一點。在分析儀器領域，報告的第一季度收入增長了 14%，有機增長為 17% .本季度該領域的強勁增長是廣泛的，主要是色譜和質譜以及電子顯微鏡業務。該部門第一季度調整後營業收入增長 40%，調整後營業利潤率為 24.4%，同比增長 460 個基點。

In the quarter, we delivered strong volume pull-through, strong productivity and favorable business mix. This was partially offset by strategic investments. Turning to Specialty Diagnostics. In Q1, reported revenue declined 25% and organic revenue was 28% lower than the prior year quarter. In Q1, we continued to see strong underlying growth in the core led by our immunodiagnostics, microbiology and transplant diagnostics businesses. This was offset by lower pandemic-related revenue versus the year ago quarter.

在本季度，我們實現了強勁的銷量拉動、強勁的生產力和有利的業務組合。這部分被戰略投資所抵消。轉向專業診斷。第一季度，報告的收入下降了 25%，有機收入比去年同期下降了 28%。在第一季度，我們繼續看到由我們的免疫診斷、微生物學和移植診斷業務引領的核心業務的強勁潛在增長。這被與去年同期相比較低的大流行相關收入所抵消。

Q1 adjusted operating income decreased 21% in the quarter and adjusted operating margin was 25.3%, which is 140 basis points higher than Q1 2022. During the quarter, we delivered favorable business mix and strong productivity, which was partially offset by the impact of lower COVID-19 testing volume. Finally, in the Laboratory Products & Biopharma Services segment, Q1 reported revenue increased 6%, and organic growth was 7%. During Q1, organic revenue growth in this segment was led by the pharma services and clinical research businesses.

第一季度調整後營業收入下降 21%，調整後營業利潤率為 25.3%，比 2022 年第一季度高 140 個基點。在本季度，我們提供了有利的業務組合和強勁的生產力，這部分被較低的影響所抵消COVID-19 檢測量。最後，在實驗室產品和生物製藥服務領域，第一季度報告的收入增長了 6%，有機增長為 7%。第一季度，該細分市場的有機收入增長由製藥服務和臨床研究業務引領。

Q1 adjusted operating income in the segment increased 28% and adjusted operating margin was 13.8%, which is 240 basis points higher than Q1 2022. In the quarter, we delivered strong productivity and volume pull-through. This is partially offset by strategic investments. Let me now turn to guidance. And as Marc outlined, we're maintaining our guidance for full year 2023 consisting of revenue guidance of $45.3 billion, including 7% core organic revenue growth and adjusted EPS guidance of $23.70. There's no net change overall in our guidance but how we expect to achieve this guidance is different from the way we planned at the start of the year, and it demonstrates our ability to effectively navigate the dynamic macro environment and maintain a very strong financial outlook.

該部門第一季度調整後營業收入增長 28%，調整後營業利潤率為 13.8%，比 2022 年第一季度高 240 個基點。本季度，我們實現了強勁的生產力和銷量拉動。這部分被戰略投資所抵消。現在讓我談談指導。正如 Marc 概述的那樣，我們將維持對 2023 年全年的指導，包括 453 億美元的收入指導，其中包括 7% 的核心有機收入增長和調整後的 EPS 指導 23.70 美元。我們的指導總體上沒有淨變化，但我們期望如何實現這一指導與我們年初計劃的方式不同，這表明我們有能力有效應對動態的宏觀環境並保持非常強勁的財務前景。

Since our initial guide we see $0.25 of additional headwinds to adjusted EPS, $0.15 from business mix and $0.10 from FX. We're actively offsetting all of this headwind, about $0.20 through cost management and $0.05 through actions below the line. So no net change overall. The PPI Business System is enabling us to navigate the company very effectively through a dynamic macro environment. As I mentioned, the 2023 guidance reflects a very strong financial outlook. Let me remind you of some of the key underlying assumptions that remain unchanged from the previous guidance.

自我們的初始指南以來，我們看到調整後的每股收益有 0.25 美元的額外阻力，業務組合有 0.15 美元，外匯有 0.10 美元。我們正在積極抵消所有這些不利因素，通過成本管理約 0.20 美元，通過線下行動約 0.05 美元。所以總體上沒有淨變化。 PPI 業務系統使我們能夠在動態的宏觀環境中非常有效地駕馭公司。正如我所提到的，2023 年的指導反映了非常強勁的財務前景。讓我提醒您一些關鍵的基本假設，這些假設與之前的指南保持不變。

We continue to assume 7% core organic revenue growth from market growth of 4% to 6%. Within our core revenue, we expect $500 million of vaccines and therapies revenue in 2023. This is $1.2 billion less than the prior year, a 3% impact on core organic revenue growth. It's worth noting that the majority of our vaccine and therapy revenue in 2023 is expected to be in our Pharma Services business. With regards to testing revenue, we continue to assume $400 million for 2023. We're assuming the binding site acquisition will contribute approximately $250 million to our reported revenue growth this year.

我們繼續假設 7% 的核心有機收入增長來自 4% 至 6% 的市場增長。在我們的核心收入中，我們預計 2023 年的疫苗和療法收入將達到 5 億美元。這比上一年減少了 12 億美元，對核心有機收入增長產生了 3% 的影響。值得注意的是，我們 2023 年的大部分疫苗和治療收入預計將來自我們的醫藥服務業務。關於測試收入，我們繼續假設 2023 年為 4 億美元。我們假設綁定站點收購將為我們今年報告的收入增長貢獻約 2.5 億美元。

Below the line, we expect net interest expense in 2023 to be approximately $480 million. We continue to assume that net capital expenditures will be approximately $2 billion in 2023, and free cash flow is assumed to be $6.9 billion for the year. Our guidance includes $3 billion of share buybacks, which were already completed in January. We estimate the full year average diluted share count will be approximately 388 million shares. And we're assuming we'll return approximately $540 million of capital to shareholders this year through dividends, a 17% increase over 2022.

在此線之下，我們預計 2023 年的淨利息支出約為 4.8 億美元。我們繼續假設 2023 年淨資本支出約為 20 億美元，假設全年自由現金流為 69 億美元。我們的指引包括 30 億美元的股票回購，這些回購已於 1 月份完成。我們估計全年平均攤薄股數約為 3.88 億股。我們假設今年我們將通過股息向股東返還大約 5.4 億美元的資本，比 2022 年增加 17%。

So turning now to the assumptions that have changed. As I mentioned earlier, our FX assumption for the year has changed. We still expect FX to be a tailwind to revenue of approximately $100 million or 0.2%. However, we now expect it to be a headwind to adjusted EPS of $0.06. That's $0.10 more of a headwind than the previous guidance due to changes in rates and the expected mix of our currencies.

現在轉向已經改變的假設。正如我之前提到的，我們今年的外匯假設已經改變。我們仍然預計外匯將推動收入增長約 1 億美元或 0.2%。然而，我們現在預計調整後的每股收益為 0.06 美元將是不利因素。由於利率變化和我們貨幣的預期組合，這比之前的指導多了 0.10 美元。

Guidance assumes adjusted operating margins for 2023 to be in the range of 23.8% to 23.9% for the year. The adjusted tax rate assumption has improved slightly from our initial guide, we now expect it to be 10.8% for the full year. And finally, I wanted to touch on quarterly phasing for the year. Compared to our initial phasing assumptions, we now expect a slightly higher weighting of revenue and adjusted EPS in the second half of the year.

指導假設 2023 年調整後的營業利潤率在 23.8% 至 23.9% 的範圍內。調整後的稅率假設較我們最初的指引略有改善，我們現在預計全年為 10.8%。最後，我想談談今年的季度階段。與我們最初的階段性假設相比，我們現在預計下半年收入和調整後每股收益的權重會略高。

We're currently assuming that the first half of the year represents approximately 48% of our full year revenue dollars and 44% of our full year adjusted EPS dollars. Q2 core organic growth is expected to be mid-single digits, probably best to model at a slightly lower than Q1. To conclude, we delivered a very strong start to the year, and we're in a great position to deliver differentiated performance for all our stakeholders in 2023. With that, I'll turn the call back over to Raf.

我們目前假設今年上半年約占我們全年收入的 48% 和我們全年調整後每股收益的 44%。第二季度核心有機增長預計為中等個位數，最好以略低於第一季度的模型進行建模。總而言之，我們今年的開局非常強勁，我們有能力在 2023 年為所有利益相關者提供差異化的績效。有了這個，我將把電話轉回給 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，我們已準備好進行電話的問答部分。

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

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

So my question is focused on lab products, biopharma services. First is on PPD. So we've been getting some mixed signals so far this earnings around biotech customer demand. Marc, I would love to get your perspective. How did PPD grow this quarter? What does the outlook assume? Has that changed at all? And then can you talk about award trends that you're seeing?

所以我的問題集中在實驗室產品、生物製藥服務上。首先是PPD。因此，到目前為止，圍繞生物技術客戶需求的收益，我們一直收到一些混合信號。馬克，我很想听聽你的看法。 PPD 本季度的增長情況如何？前景如何？這有什麼改變嗎？然後你能談談你看到的獎項趨勢嗎？

Yes. So Jack, thanks for the question. Our clinical research business, PPD had a very strong start to the year. The growth continues to be in the mid-teens. And it's doing really well. We had strong backlog. We had good level of authorization. So that business is continuing to benefit from the revenue synergies. You've seen that start to come into the numbers this year, and I'm very excited about the prospect. Seems to do a really good job of executing. Environment is definitely a little bit more challenging, but the team is doing a good job to go out and capture the business.

是的。傑克，謝謝你的提問。我們的臨床研究業務 PPD 今年開局非常強勁。增長繼續保持在十幾歲左右。而且它做得很好。我們有大量積壓。我們有很好的授權級別。因此，該業務將繼續受益於收入協同效應。你已經看到今年開始出現這種情況，我對前景感到非常興奮。似乎在執行方面做得非常好。環境肯定更具挑戰性，但團隊在外出捕獲業務方面做得很好。

Great. Okay. And then one more on that segment is just would love to hear your color around how the research channel performed this quarter. Can you just talk about core market demand and any share dynamics that you're seeing?

偉大的。好的。然後該部分的另一個人只是想听聽您對研究渠道本季度表現的看法。你能談談核心市場需求和你看到的任何股票動態嗎？

Our channel business, Fisher Scientific channel, has done really well actually consistently for quite a number of years. It plays an amazing role in enabling our customers to do the research that they're doing and make sure they do that in an effective and efficient way. And the business is off to a good start. It has had good growth and our best sense on share dynamics as it continues to win customers. So it's a well-performing business.

我們的渠道業務，Fisher Scientific 渠道，多年來一直做得非常好。它在使我們的客戶能夠進行他們正在進行的研究並確保他們以有效和高效的方式進行研究方面發揮著驚人的作用。業務開局良好。隨著它繼續贏得客戶，它取得了良好的增長和我們對股票動態的最佳感覺。所以這是一個表現良好的企業。

Our next question comes from Rachel Vatnsdal of JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

Perfect. So first half, 2 of your peer have recently talked about visibility within bioprocessing being pressured to more like 3 to 6 months of visibility versus historical 9 to 12 months. So can you just walk us through what's your current level of visibility? And is that different between customer sets within large pharma versus some of these emerging biotech customers? And then also, how does PPD and having that business impact your level of visibility there?

完美的。因此，上半年，您的 2 位同行最近談到生物加工領域的可見性面臨著 3 到 6 個月的可見性壓力，而歷史上只有 9 到 12 個月。那麼你能告訴我們你目前的能見度是多少嗎？大型製藥公司的客戶群與一些新興的生物技術客戶群之間有什麼不同嗎？然後，PPD 和擁有該業務如何影響您在那裡的知名度？

Sure. So Rachel, thanks for the question. Maybe I'll step up a level first, and then I'll talk about the specifics of the question because as I look and read some of the other industry participants reports so far, clearly, a noisy quarter in the industry. And when I frame that -- as a reminder, when we started the year, we set out ambitious goals for 2023, right? And we do that every year. For us, 7% core growth from an organic perspective against a 14% comparison, and also have very strong earnings. So that's sort of as we came into the year. So what's different in late April versus February 1 when we set our guidance?

當然。雷切爾，謝謝你提出這個問題。也許我會先提高一個層次，然後再談談問題的具體細節，因為到目前為止，當我查看和閱讀其他一些行業參與者的報告時，很明顯，這是一個嘈雜的行業。當我提出這一點時——提醒一下，當我們開始這一年時，我們為 2023 年設定了雄心勃勃的目標，對嗎？我們每年都這樣做。對我們來說，從有機角度來看，7% 的核心增長與 14% 的比較相比，也有非常強勁的收益。所以這有點像我們進入這一年。那麼，4 月下旬與 2 月 1 日我們制定指導方針時有何不同？

Well, the first thing is we delivered a great start to the year, right? Great Q1. Second, the macroeconomic environment is more challenging, right? And that leads to a slightly more cautious spend in all sectors of the economy, nothing to do with life science tools and pharma services. But we also see that in some of our customers as well in terms of the caution. Within our own company, a couple of our businesses are performing slightly better than our original guidance, and that's our analytical instruments business. We had an excellent Q1 and we now have more visibility into Q3 for that business, and that looks encouraging.

好吧，第一件事是我們今年開局不錯，對吧？很棒的 Q1。第二，宏觀經濟環境更具挑戰性，對吧？這導致所有經濟部門的支出略微更加謹慎，與生命科學工具和製藥服務無關。但我們也看到了我們的一些客戶在謹慎方面也是如此。在我們自己的公司內，我們的幾項業務的表現略好於我們最初的指導，那就是我們的分析儀器業務。我們有一個出色的第一季度，我們現在對該業務的第三季度有了更多的了解，這看起來令人鼓舞。

The second business is doing a little bit better than our original guidance with Specialty Diagnostics is also a strong start. Bioproduction, which is where your question is really focused, we're going to see in the first half more headwinds than our original expectation. It's driven really by the customers are benefiting from the improved lead times that we're delivering against because we brought our -- completed our network expansion, right? So customers can get products more quickly. And our view is this is a temporal phenomenon, and we feel good about the long-term prospects here.

第二項業務比我們最初對專業診斷的指導要好一點，這也是一個良好的開端。生物生產，這是你的問題真正關注的地方，我們將在上半年看到比我們原先預期更多的逆風。它的真正驅動力是客戶受益於我們交付的改進的交貨時間，因為我們帶來了我們的 - 完成了我們的網絡擴展，對吧？因此客戶可以更快地獲得產品。我們認為這是暫時現象，我們對這裡的長期前景感到滿意。

In terms of the specifics or in terms of visibility and by customer sets and those things, I think the way that I think about it is, long term, this is an incredible market with great growth. It's grown very high for many years in the past and has incredible tailwinds. It has a reasonably good visibility because it's related to customer production. And our expectation is that the second half of the year is better than the first half of the year in terms of the view. As a reminder, Rachel, it represents 10% of our revenue. So I think it's important to keep that in the context as well.

就具體細節或知名度以及客戶群和那些事情而言，我認為我的想法是，從長遠來看，這是一個令人難以置信的市場，增長速度很快。它在過去很多年都長得很高，並且有令人難以置信的順風。它具有相當好的可見性，因為它與客戶生產有關。而我們的預期是下半年在觀點上要好於上半年。提醒一下，雷切爾，它占我們收入的 10%。所以我認為在上下文中保持這一點也很重要。

Great. And then maybe just one on instruments. Analytical Instruments grew 17% during the quarter. You flagged that that's one of the areas that's been better than expected so far versus your initial guidance for the year. So can you walk us through what are your latest expectations for analytical instrument growth for the year? And then are there any end markets within AI that are just growing faster than expected?

偉大的。然後也許只是一個關於樂器的。分析儀器在本季度增長了 17%。你指出這是迄今為止比你今年的初步指導好於預期的領域之一。那麼您能否向我們介紹一下您對今年分析儀器增長的最新預期？那麼人工智能中是否有任何終端市場的增長速度快於預期？

Yes. So in terms of our instruments business, we really are benefiting from very strong adoption of our innovation, right? We just continue to bring out great products. As a reminder, during the pandemic, we continue to fuel and accelerate our R&D pipeline, and you're seeing the benefit of it. We are capitalizing on the semiconductor desire to move to the next generation of nodes, which uses our electromicroscopy.

是的。因此，就我們的儀器業務而言，我們確實受益於對我們創新的大力採用，對嗎？我們只是繼續推出出色的產品。提醒一下，在大流行期間，我們繼續推動和加速我們的研發管道，你會看到它的好處。我們正在利用半導體轉移到下一代節點的願望，它使用我們的電子顯微鏡。

We're a key enabler for battery technology with our microscopes and our chromatography and mass spectrometry business doing incredibly well. So the strength here is broad-based. Obviously, the 17% growth in the quarter, very strong. We would expect a good level of growth in Q2. And what we had said at the beginning of the year is that, that would moderate in the second half, and we think that moderation will be less than we originally expected in Q3. So we expect it to be a solid Q3, and we'll obviously have more visibility to Q4 when we report in July. So we're assuming that Q3 is little better than we expected and Q4 as we expected at this point because that's what we have visibility to.

我們是電池技術的關鍵推動者，我們的顯微鏡以及我們的色譜和質譜業務做得非常好。所以這裡的力量是廣泛的。顯然，本季度 17% 的增長非常強勁。我們預計第二季度會有良好的增長水平。而我們在今年年初所說的是，這將在下半年緩和，我們認為緩和程度將低於我們最初在第三季度的預期。因此，我們預計第三季度會很穩健，而且當我們在 7 月報告時，我們顯然會對第四季度有更多的了解。因此，我們假設第三季度比我們預期的好一點，而第四季度正如我們目前預期的那樣，因為這是我們可以看到的。

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

我們的下一個問題來自美國銀行的 Derik De Bruin。

So I'm curious you've talked about ambitious guide and the markets being a little bit tougher. Yes, you're maintaining guidance because you're offsetting some things right now. I guess, is there additional little bit room to do further offsets if the market curates further there? Basically, it's a question about your confidence in that guide and how much sort of like leeway is built into it?

所以我很好奇你談到了雄心勃勃的指南和市場有點艱難。是的，您正在維持指導，因為您現在正在抵消一些事情。我想，如果市場在那裡進一步策劃，是否還有額外的一點空間來做進一步的抵消？基本上，這是一個關於您對該指南的信心以及其中內置了多少類似迴旋餘地的問題？

Yes. So Derik, the way that we manage the company, right, is the first thing we want to deliver differentiated performance in a given year that we would be proud of delivering and strengthen the company for the long term, right? And that's the first set of principles. And that set of principles has served us very well for many years. And when you look at our track record, we do a good job of delivering short-term and strength in the long term.

是的。所以德里克，我們管理公司的方式，對吧，是我們想要在特定年份提供差異化績效的第一件事，我們會為長期交付和加強公司而感到自豪，對吧？這是第一套原則。這套原則多年來一直為我們服務。當您查看我們的業績記錄時，我們在提供短期和長期實力方面做得很好。

When I think about the outlook for the year and where we are, we feel good about the full year guidance at this point in time based on how Q1 has played out and the changes, and we've laid out some of the assumptions around that for the balance of the year. And if those assumptions are largely the way the year plays out, we're going to be in a great position. If those assumptions are too conservative, we'll beat these numbers. If those assumptions are too aggressive, then we will appropriately adjust guidance over time, right? And I'm not shy about any of those dynamics. We try to give you total transparency, and I feel good about our outlook based on Q1 and the assumptions that we're making.

當我考慮今年的前景和我們所處的位置時，根據第一季度的表現和變化，我們對此時此刻的全年指導感到滿意，並且我們已經制定了一些假設為今年的餘額。如果這些假設在很大程度上是今年的結果，那麼我們將處於有利地位。如果這些假設過於保守，我們將超過這些數字。如果這些假設過於激進，那麼我們會隨著時間的推移適當調整指導，對嗎？我對這些動態並不害羞。我們試圖為您提供完全的透明度，我對我們基於第一季度的展望和我們所做的假設感到滿意。

Got it. And going back, I mean, because we're obviously getting a lot of questions on the whole bioprocessing and inventory issues. I know your business is more upstream focused on downstream and it looks like you're maintaining the expectations you have for the COVID vaccine element. But can you just talk a little bit more about some of the dynamics in that space? And why your business is a little bit different than some other ones? And also just -- you talked about some moderating in bioproduction, just a little bit more clarity on that?

知道了。回到過去，我的意思是，因為我們顯然收到了很多關於整個生物加工和庫存問題的問題。我知道您的業務更側重於上游和下游，看起來您保持對 COVID 疫苗元素的期望。但是你能多談談那個領域的一些動態嗎？為什麼您的業務與其他業務略有不同？還有——你談到了生物生產的一些緩和，只是更清楚一點？

Yes, sure. Just to kind of level set for a second on the actual revenue for 2023, the $500 million of vaccines and therapies, that's pretty much all in our Pharma Services business, it's not in bioproduction business.

是的，當然。僅就 2023 年實際收入設定的水平而言，5 億美元的疫苗和療法幾乎都在我們的製藥服務業務中，而不是在生物生產業務中。

Got it. Okay.

知道了。好的。

Yes. So when I think about the dynamics here, on the COVID vaccine as Stephen said, my take is it's played out almost exactly. I mean, Q1 is exactly where we anticipated. When we look at our visibility to the $500 million, I feel very good about that in terms of it because we know the contracts that we have and what activity has been booked there. So that's pretty straightforward. When I think about the bioproduction more generally, what I would say is, in the very practical dynamics, to go back to the pandemic, right? Huge demand, right, for these products.

是的。因此，當我考慮這裡的動態時，正如斯蒂芬所說，關於 COVID 疫苗，我的看法是它幾乎完全發揮了作用。我的意思是，第一季度正是我們預期的。當我們查看我們對 5 億美元的可見性時，我對此感覺非常好，因為我們知道我們擁有的合同以及那裡已經預訂了哪些活動。所以這很簡單。當我更廣泛地考慮生物生產時，我想說的是，在非常實際的動態中，回到大流行病，對嗎？對這些產品的巨大需求。

Those companies that were successful and unsuccessful in trying to bring out therapies and vaccines for response to the pandemic. That stressed lead times for everybody. Obviously, it varies differently by how much capacity, how well companies are, all those different dynamics, but lead times got super extended, right? For us and the nature of our products, our leadership in cell culture media and single use. Customers don't really order extra. It's not one of these things where you want to be stockpiling this stuff because they're very specific to the campaigns that you're running, right?

那些在嘗試推出應對大流行病的療法和疫苗方面取得成功和失敗的公司。這對每個人來說都強調了交貨時間。顯然，它因產能多少、公司狀況如何以及所有這些不同的動態而有所不同，但交貨時間已經超長了，對吧？對於我們和我們產品的性質，我們在細胞培養基和一次性使用方面處於領先地位。客戶並沒有真正額外訂購。這不是你想要儲存這些東西的其中之一，因為它們非常特定於你正在運行的活動，對吧？

So the dynamic becomes very simple. If we have a 30-week lead time, which was extended during the pandemic, you order 30 weeks -- with 30 weeks visibility. When we bring that lead time back into normal to, say, 15 weeks for simplicity, customers will work through what they ordered because they don't have to order as quickly because they know we're going to give them the product, right? And one of the themes that we said throughout the pandemic was we work super closely with our customers, like incredible amount of dialogue. So they trust that we're going to deliver what we say. So they didn't over-order in the time when lead times got extended and they're ordering appropriately now.

所以動態變得非常簡單。如果我們有 30 週的交貨時間（在大流行期間延長了），您可以訂購 30 週——有 30 週的可見性。當我們將交貨時間恢復正常，例如為簡單起見 15 週時，客戶將完成他們訂購的產品，因為他們不必盡快訂購，因為他們知道我們將為他們提供產品，對吧？我們在整個大流行期間所說的主題之一是我們與客戶的合作非常密切，比如大量的對話。所以他們相信我們會兌現我們所說的。因此，他們在交貨時間延長時並沒有過度訂購，而且他們現在正在適當訂購。

So can you call that to the month? No, of course, not. But but we have a reasonable view that the first half is going to be a little bit softer than we originally had put in our expectations that the second half starts to pick up. And the good news is between instruments, especially diagnostics, it's offsetting in at this point. So hopefully, that's helpful.

那麼你可以把它稱為月份嗎？不，當然不。但是，我們有一個合理的看法，即上半年會比我們最初預期下半年開始回升的預期要軟一些。好消息是儀器之間，尤其是診斷儀器，它正在抵消這一點。希望這會有所幫助。

Our next question comes from Dan Brennan of Cowen.

我們的下一個問題來自 Cowen 的 Dan Brennan。

Marc, while we had to wait for the conference call to get the core organic guide reiteration for thermo, the jets were on up to you by giving us Aaron Rogers trade before the draft, fans have to be excited for the year. I hope you are. So maybe just on bioproduction, a question there. Would you be willing to share with us just some color within the context of your biopharma outlook for 2023, how you're thinking about the growth rates for your consumables business, the CDMO and PPD.

馬克，雖然我們不得不等待電話會議來獲得熱能的核心有機指南重申，但噴氣式飛機在選秀前給我們亞倫羅傑斯交易由你決定，粉絲們必須為這一年感到興奮。我希望你是。所以也許只是關於生物生產，那裡有一個問題。您是否願意與我們分享您對 2023 年生物製藥前景的一些看法，您如何看待您的消耗品業務、CDMO 和 PPD 的增長率。

I know on the last call, you gave us PPD, but just trying to get a breakdown or a sense of the different components to your biopharma outlook for the year?

我知道在上次電話會議上，您給了我們 PPD，但只是想對您今年的生物製藥前景進行細分或了解不同的組成部分？

Yes. So Dan, thanks for the question. And in the spring, hope springs eternal in football because (inaudible) hasn't been made yet. But effectively, from my perspective, Pharma Biotech is a good question. If you take -- let's focus on the market itself, right? When I think about the quarter, we delivered mid-single-digit growth, right? And when you think about what's embedded in there, is obviously that's where the vaccine and therapy roll off is from the prior year.

是的。丹，謝謝你的提問。而在春天，希望在足球中永恆湧現，因為（聽不清）還沒有實現。但實際上，從我的角度來看，Pharma Biotech 是一個很好的問題。如果你——讓我們關注市場本身，對嗎？當我想到本季度時，我們實現了中個位數的增長，對嗎？當你考慮其中嵌入的內容時，很明顯這就是前一年疫苗和療法開始使用的地方。

So we did it exactly as we expected. So that basically you have double-digit growth, not a big normalization guys, but just to try to make it simple, if you didn't have a vaccine and therapy rolloff, you'd have double-digit growth in that segment. So most of the change from trajectory is around there. I think the second thing to remember is that last year, we grew 14%. This year, we grew -- we're expecting to grow 7%. The expectation, obviously, is therefore our growth, while outstanding is going to be more moderate than last year, and given the Pharma and Biotech is our largest customer segment, obviously, our expectation is that growth will moderate.

所以我們完全按照我們的預期去做了。所以基本上你有兩位數的增長，不是一個很大的正常化傢伙，只是為了簡單起見，如果你沒有疫苗和治療的滾動，你在那個部分會有兩位數的增長。所以軌蹟的大部分變化都在那裡。我認為要記住的第二件事是去年，我們增長了 14%。今年，我們增長了——我們預計增長 7%。因此，顯然，我們的預期是我們的增長，而未完成的將比去年更為溫和，鑑於製藥和生物技術是我們最大的客戶群，顯然，我們的預期是增長將放緩。

I would say largely, Q1 was pretty similar to what we thought it would be with bioproduction being a little bit softer. You can say there's a little bit more caution in the smaller biotech customers. But do I think it's like dramatically different? I don't, right? And so we're working through that, and we have strength in other parts of our mix. And that's kind of where we are. On all the details of each of the businesses by customer side, they don't really manage that way. And on the bioproduction side, as I said a little bit earlier, in total, it represents about 10% of our revenue.

我想說的主要是，第一季度與我們認為生物生產略微疲軟的情況非常相似。你可以說較小的生物技術客戶更加謹慎。但我認為這有很大的不同嗎？我不知道，對吧？因此，我們正在努力解決這個問題，我們在組合的其他部分也有實力。這就是我們所處的位置。在客戶方的每項業務的所有細節上，他們並沒有真正以這種方式進行管理。在生物生產方面，正如我之前所說，它總共占我們收入的 10% 左右。

Great. And then maybe as a follow-up on an earlier question on instruments. You talked about better visibility. So what is -- you talked a lot about share gains as well. So maybe could you give us a sense of how you're somewhat bucking the trend that the other peers are seeing after a strong couple of years. You're still seeing above corporate average growth, others are kind of citing more comps.

偉大的。然後可能作為對早期關於儀器的問題的跟進。你談到了更好的知名度。那麼什麼是 - 你也談到了很多關於股票收益的問題。那麼，也許您能否讓我們了解一下您是如何在某種程度上逆轉其他同行在幾年後看到的趨勢的。你仍然看到高於企業平均水平的增長，其他人則引用了更多的補償。

So what's driving between FEIC, LC-MS and any geographies, or anything you want to share with us about the strength in your AI business for 2023?

那麼，FEIC、LC-MS 和任何地區之間的驅動力是什麼，或者您想與我們分享有關 2023 年 AI 業務實力的任何信息？

Yes. The team is doing a good job executing, right? They're doing a good job on navigating the various supply chain things that happened over the last couple of years, and our shipments are at a high level, we're going out and winning business. I think the strategy that the team has executed around breakthrough innovation -- customers find money when the products are really relevant. I mean, that's been my experience over long periods of time or if you have great products, customers want them. So that's been a positive dynamic certainly for the instruments business. And what I would say is we definitely have challenging comparisons this year. We're off to a good start. And I would expect that growth will moderate a bit in the second half, but Q3 being a little bit better than we originally expected.

是的。團隊執行得很好，對吧？他們在處理過去幾年發生的各種供應鏈事件方面做得很好，我們的出貨量處於高水平，我們正在走出去贏得業務。我認為團隊圍繞突破性創新執行的策略——當產品真正相關時，客戶會找到錢。我的意思是，這是我長期以來的經驗，或者如果你有很棒的產品，客戶就會想要它們。因此，這對儀器業務來說無疑是一個積極的動力。我要說的是，我們今年肯定會進行具有挑戰性的比較。我們有了一個良好的開端。我預計下半年增長會有所放緩，但第三季度會比我們最初預期的要好一些。

Our next question comes from Matt Sykes of Goldman Sachs.

我們的下一個問題來自高盛的馬特賽克斯。

Maybe Marc or Stephen, just first on sort of regional trends. Stephen, you outlined some of the growth in the quarter for Europe and China, but just any incremental color on what you're seeing, particularly in China across your business and how you think that those trends play out over the course of this year?

可能是 Marc 或 Stephen，只是先了解一下區域趨勢。斯蒂芬，您概述了本季度歐洲和中國的一些增長，但只是您所看到的任何增量顏色，特別是在您的業務中的中國，以及您認為這些趨勢如何在今年發揮作用？

Yes. So Matt, thanks for the question. China actually played out pretty much as we expected in the quarter, right? So our expectation for Q1 was it was going to be slightly better than Q4 that you'd still see some of the impact of the unwind of the Zero Covid policy. And that as the year progresses, it will continue to strengthen from there. When I look at the first quarter in China, the business was down slightly. The core growth actually was high single digits in the quarter. So that felt good. What I would say is, we expected stimulus to happen in the first quarter. It did happen in the first quarter. So that played out. It was good to see the Chinese government release money to the academic institutions.

是的。所以馬特，謝謝你的提問。實際上，中國在本季度的表現與我們預期的差不多，對吧？因此，我們對第一季度的預期是，它會比第四季度略好，你仍然會看到零 Covid 政策放鬆的一些影響。隨著時間的推移，它將繼續從那裡加強。當我看中國的第一季度時，業務略有下降。該季度的核心增長實際上是高個位數。所以感覺很好。我要說的是，我們預計刺激措施將在第一季度出現。它確實發生在第一季度。所以結果出來了。很高興看到中國政府向學術機構發放資金。

You see that in our instrument business. And so that played out well. And so I feel good about the outlook. Obviously, the geopolitical tensions are real, and that's an environment that is going to be around, I would suspect for a while. And we'll navigate through it, but China should be a good market for us this year and it has been historically. Stephen, anything...

您在我們的儀器業務中看到了這一點。所以結果很好。所以我對前景感覺良好。顯然，地緣政治緊張局勢是真實存在的，我會懷疑這種環境將會存在一段時間。我們會渡過難關，但中國今年對我們來說應該是一個很好的市場，而且歷史上一直如此。史蒂芬，任何...

Yes. So Matt, on the other end markets, when I think there's a lot of noise from the pandemic unwind, but when I kind of see through that, good growth really across all of the main geographies. So nothing really to call out there.

是的。所以馬特，在其他終端市場上，當我認為大流行病解除時有很多噪音，但當我看透這一點時，所有主要地區的增長確實都很好。所以沒什麼好說的。

Got it. And then just maybe one high level on PPD. You talked about the growth there. And obviously, it's been outgrowing peers. Can we attribute any of that outsized growth to sort of the value proposition that being a part of Thermo might represent for your customer base? Or is it still too early to kind of see that potential growth impact come in and this is just PPD executing as it has been?

知道了。然後可能只是 PPD 的一個高級別。你談到了那裡的增長。顯然，它的增長速度已經超過了同行。我們能否將任何超額增長歸因於成為 Thermo 的一部分可能代表您的客戶群的某種價值主張？或者現在就看到潛在的增長影響還為時過早，而這只是 PPD 的執行嗎？

I think our team is doing a great job of executing, right? They are out there serving customers and patients so that -- customers are making a great choice to work with us, right? They're doing a really good job. We clearly have a high level of new authorizations because of the combination of what Thermo Fisher brings and what PPD brought together, right? So there's a lot of customer interest. It shows up in authorization, it's showing up in our revenue now. That continues to build. And I'm excited.

我認為我們的團隊在執行方面做得很好，對吧？他們在那里為客戶和患者提供服務，因此 - 客戶正在做出與我們合作的絕佳選擇，對嗎？他們做得很好。由於 Thermo Fisher 和 PPD 的結合，我們顯然獲得了高水平的新授權，對吧？所以有很多客戶的興趣。它出現在授權中，它現在出現在我們的收入中。那繼續建立。我很興奮。

Next year will be year-3. And as a reminder, that's $250 million of revenue that we're assuming from a revenue synergy next year. So it's really exciting in terms of where it is, and I feel good about the performance of the business and the outlook. Thanks, Matt.

明年將是第 3 年。提醒一下，這是我們明年從收入協同效應中假設的 2.5 億美元收入。所以就它的位置而言真的很令人興奮，我對業務表現和前景感到滿意。謝謝，馬特。

Our next question comes from Vijay Kumar of Evercore.

我們的下一個問題來自 Evercore 的 Vijay Kumar。

Congrats on the steady front year. Marc, my first question for you, high level. I think your prior guidance for biopharma end market was slightly north of corporate about 7% or thereabouts. Did that change at all, Marc? And if it did change, where is the change coming from between CDMO CRO and bioprocessing in -- could you just remind us what is Thermo's exposure to early-stage biotech emerging pharma?

祝賀前一年穩定。馬克，我要問你的第一個問題，高層。我認為你之前對生物製藥終端市場的指導略高於公司約 7% 左右。這有什麼改變嗎，馬克？如果它確實發生了變化，那麼 CDMO CRO 和生物加工之間的變化來自哪裡——你能提醒我們 Thermo 對早期生物技術新興製藥的接觸是什麼嗎？

Yes. So Vijay, we gave like 80,000-foot directional views on the markets at the end of the -- at the beginning of the year to set the guidance context. And when I think about the additional color that Stephen and I have provided today, it really says that it's more business focused, which is actually how we manage our company.

是的。所以 Vijay，我們在年底 - 在今年年初提供了大約 80,000 英尺的市場定向視圖，以設定指導背景。當我想到 Stephen 和我今天提供的額外顏色時，它確實表明它更注重業務，這實際上是我們管理公司的方式。

Instrument specialty diagnostics is a little bit stronger, bioproduction a little bit softer primarily in the first half. So that translates probably into a tiny little changes within the end markets, but nothing that really jumps out as something meaningfully different. What I would say is in terms of the early biotech, those are a great customer set that we have done a fantastic job serving. Yesterday, I was actually talking to roughly 400 members of that community at a customer event here in the Greater Boston area. And like the room was buzzing, not because I was speaking, but rather just like me walking in and there is such energy and excitement.

儀器專業診斷有點強，生物生產主要在上半年有點軟。因此，這可能會轉化為終端市場中的微小變化，但並沒有真正跳出有意義的不同之處。我要說的是，就早期生物技術而言，這些是我們在服務方面做得非常出色的一大群客戶。昨天，我實際上是在大波士頓地區的一次客戶活動中與該社區的大約 400 名成員交談。就像房間裡嗡嗡作響，不是因為我在說話，而是就像我走進去一樣，充滿活力和興奮。

So why is that? Because they're bringing through cures that are going to make exceptionally enormous difference. The science is phenomenal. So there's clearly going to be more caution in that segment, depending on the funding environment, but the science is great. The passion is extraordinary. And we are the company that people come to, to advance the molecule from a scientific idea to an improved medicine.

那是為什麼呢？因為他們帶來的治療方法將產生巨大的變化。科學是非凡的。因此，根據資金環境，該領域顯然會更加謹慎，但科學是偉大的。熱情非凡。我們是人們來到這裡的公司，將分子從科學理念發展為改進的藥物。

So it's customers that we love, we're going to do well. And we obviously generate the vast majority of our revenue from the large pharma and biotech customers, and they're doing well, and we've got a strong position there. So hopefully, that at least gives you the qualitative context of how to think about it.

所以我們愛的是客戶，我們會做得很好。很明顯，我們的絕大部分收入來自大型製藥和生物技術客戶，他們做得很好，我們在那裡有很強的地位。因此，希望這至少能為您提供如何思考它的定性背景。

That's helpful perspective, Marc. And Stephen, one quick follow-up for you. Second quarter guidance mid-single. I think you said second quarter perhaps below Q1, the comps will get easier for you in 2Q. So maybe just walk us through on the Q2 thought process?

這是很有幫助的觀點，馬克。斯蒂芬，為您快速跟進。第二季度指導中期單。我想你說第二季度可能低於第一季度，第二季度的補償對你來說會變得更容易。那麼也許只是讓我們了解一下 Q2 的思考過程？

Really, the main piece is just the timing on the bioproduction and instrumentation being stronger in Q3, as Mark outlined in terms of change to our guide assumptions.

實際上，正如 Mark 在我們指導假設的變化方面所概述的那樣，主要部分只是第三季度生物生產和儀器的時間變得更強大。

Our next question comes from Dan Arias of Stifel.

我們的下一個問題來自 Stifel 的 Dan Arias。

Marc, on the services side, I'm just curious how the Unity business is performing in light of this sort of sustained period of instrument demand that we're seeing here? Is acceleration something that we can expect there? Or is this more of sort of a steady-state growth rate at this point?

馬克，在服務方面，我很好奇 Unity 業務在我們在這裡看到的這種持續的儀器需求期間表現如何？加速度是我們可以期待的嗎？或者這在這一點上更像是一種穩態增長率？

Yes. So Dan, thanks for the question. When I think about our instrument and equipment services business, what that business is, as a reminder for our investors, is we service our fleets of instruments. We also work at pharmaceutical and biotech campuses for our customers to manage their inventory, do those activities, help them with some of the things that they need done to run their labs as well as service other people's equipment and instrumentation.

是的。丹，謝謝你的提問。當我想到我們的儀器和設備服務業務時，提醒我們的投資者，該業務是我們為我們的儀器車隊提供服務。我們還在製藥和生物技術園區工作，為我們的客戶管理他們的庫存，開展這些活動，幫助他們完成一些他們需要做的事情來運行他們的實驗室以及為其他人的設備和儀器提供服務。

So that's what we do. In general, that is a steady, nicely growing business because we've had very significant growth in the volume of our instruments over the last couple of years. That becomes a trailing tailwind for the business because you have a year or so of warranty, so you don't get any additional revenue effectively. But as the warranty rolls off, that does actually drive incremental demand. So your hypothesis there is correct, but that's one that continues to strengthen at this part of the cycle.

這就是我們所做的。總的來說，這是一項穩定、增長良好的業務，因為在過去幾年中，我們的儀器數量有了非常顯著的增長。這對企業來說是一個尾隨的順風，因為你有一年左右的保修期，所以你不會有效地獲得任何額外的收入。但隨著保修期的結束，這確實推動了需求的增長。所以你的假設是正確的，但在周期的這一部分，這個假設會繼續加強。

Yes. And then, Dan, particularly on the electron microscopy business where customers can't service them themselves. So you have some customers that can be efficient at service from other kind of lower end instrumentation. But from electromicroscopy standpoint, they're really looking for us to step up and help them with that. So that continues. As Marc said, that continued tailwind is very significant.

是的。然後，Dan，特別是在電子顯微鏡業務方面，客戶無法自行為他們提供服務。所以你有一些客戶可以通過其他類型的低端儀器提供高效的服務。但從電子顯微鏡的角度來看，他們真的希望我們站出來幫助他們。這樣繼續下去。正如馬克所說，持續的順風非常重要。

Yes. Okay. Helpful. And then, Stephen, while I have you, just on the variables of the equation that have changed slightly underneath an unchanged guide overall, is there anything in terms of the evolving expectations for the business units themselves. Marc made mention of some things, some businesses that are doing better than others. So just sort of wanted to sum that up when we think about segment trajectory and just modeling those going forward?

是的。好的。有幫助。然後，斯蒂芬，雖然我有你，但就方程式的變量而言，在總體指導不變的情況下略有變化，對於業務部門本身不斷變化的期望有什麼影響嗎？馬克提到了一些事情，一些比其他公司做得更好的企業。因此，當我們考慮細分軌跡並只是對未來進行建模時，只是想總結一下嗎？

Yes. I think we outlined the key changes. I think one thing that's hard for people to model is kind of where the vaccines and therapies changes. When I think about Q1, that was all in the Life Science Solutions segment. That's Biosciences business as well as bioproduction. So from a year-over-year change, that was, I think, about an 8 percentage point impact on the segment. That lessens as a headwind when I think about that going forward, but still most of that change in that revenue stream is in that segment as I think about the year as a whole. But nothing significant changing underneath other than we've already identified in terms of the overall guide.

是的。我認為我們概述了關鍵變化。我認為人們難以模擬的一件事是疫苗和療法發生變化的地方。當我想到第一季度時，這一切都在生命科學解決方案領域。這既是生物科學業務，也是生物生產。因此，從同比變化來看，我認為這對該細分市場產生了大約 8 個百分點的影響。當我考慮到這一點時，這會減少不利因素，但當我考慮全年時，收入流中的大部分變化仍然在該部分。但除了我們已經在總體指南方面確定的內容之外，沒有任何重大變化。

Operator, we have time for one more question, please.

接線員，我們還有時間再問一個問題。

Of course, our final question of today comes from Puneet Souda of SVB Securities.

當然，我們今天的最後一個問題來自 SVB Securities 的 Puneet Souda。

Marc, congrats here. Just I'll stick to one maybe sort of 1.5 question. Capital deployment, 2022, you did 2 deals, PeproTech earlier in there and then Binding Site. Wondering how the outlook is looking for capital deployment this year? Maybe talk a little bit about your expectations for what you're seeing from market participants in both public and private markets. And then just briefly on the inflation Reduction Act. Could you outline what you're hearing from your larger pharma customers? I'm wondering if they're changing how they're allocating their R&D going forward?

馬克，恭喜你。只是我會堅持一個可能是 1.5 的問題。資本部署，2022 年，你做了兩筆交易，PeproTech 早些時候在那裡，然後是 Binding Site。想知道今年的資本部署前景如何？也許談談你對公開市場和私人市場參與者的期望。然後簡單介紹一下通貨膨脹減少法案。您能概述一下您從較大的製藥客戶那裡聽到的信息嗎？我想知道他們是否正在改變他們未來分配研發的方式？

Yes. So Puneet, thanks for the questions. In terms of the IRA, I think customers are working through that in terms of what the implications and does that adjust any of the long-term decision-making about what are preferred and what's their clinical trial strategy. We haven't seen anything material change at this point? I know there's certainly a lot of dialogue with government, I'm trying to make sure those policies do what they were intended to do.

是的。 Puneet，謝謝你的提問。就 IRA 而言，我認為客戶正在研究它的影響以及調整任何關於首選內容和臨床試驗策略的長期決策。目前我們還沒有看到任何實質性變化嗎？我知道肯定有很多與政府的對話，我正在努力確保這些政策按照他們的意圖去做。

From a capital deployment perspective, this is a good environment from my perspective because you have less competition because of higher interest rates from certainly private equity and so forth. So I think there's always competition, but I think that's good because that helps you pick and choose and get things at an appropriate valuation. So I think we'll continue to be active.

從資本部署的角度來看，我認為這是一個良好的環境，因為由於來自私募股權等的利率較高，競爭較少。所以我認為競爭總是存在的，但我認為這很好，因為這可以幫助你挑选和選擇並以適當的估值獲得東西。所以我認為我們會繼續保持活躍。

Our pipeline is super busy, like -- so I'm very excited about what we're looking at. You never know how these things actually play out in reality. But there's plenty going on and we'll be aggressive if the right transaction is available to us. So that's the benefit of the company performing well and a great track record of creating value through capital deployment. So thanks for the questions. I think at this point, I'll do a quick wrap up.

我們的管道非常繁忙，就像——所以我對我們正在看的東西感到非常興奮。你永遠不知道這些事情在現實中是如何發生的。但是有很多事情正在發生，如果我們有合適的交易，我們會積極進取。因此，這就是公司表現良好的好處，以及通過資本配置創造價值的良好記錄。所以謝謝你的問題。我想在這一點上，我會做一個快速總結。

So thanks everyone for joining us on the call today. We're very pleased to deliver a strong quarter. We're incredibly well positioned to continue to deliver differentiated performance as we continue to create value for all of our stakeholders and build an even brighter future for our company. I'm looking forward to updating you on our upcoming Investor Day on May 24. See you in New York City or virtually. And as always, thank you for your support of Thermo Fisher Scientific.

因此，感謝大家今天加入我們的電話會議。我們很高興交付一個強勁的季度。隨著我們繼續為所有利益相關者創造價值並為我們的公司打造更加光明的未來，我們處於非常有利的地位，可以繼續提供差異化的績效。我期待著在 5 月 24 日即將到來的投資者日向您通報最新情況。紐約市或線上見。一如既往，感謝您對 Thermo Fisher Scientific 的支持。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。