賽默飛世爾科技 (TMO) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2023 Second Quarter Conference Call. My name is Allen, and I'll be coordinating the call for today. (Operator Instructions)

早上好，女士們、先生們，歡迎參加賽默飛世爾科技 2023 年第二季度電話會議。我叫艾倫，我將協調今天的通話。 （操作員說明）

I would now like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President of Investor Relations. Mr. Tejada, you may now begin the call.

現在我想介紹一下我們的電話會議主持人，投資者關係副總裁 Rafael Tejada 先生。 Tejada 先生，您現在可以開始通話了。

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 & Presentations, until August 11, 2023. A copy of the press release of our second quarter 2023 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 投資者部分的“新聞、活動和演示”標題下，直至 2023 年 8 月 11 日。我們第二季度新聞稿的副本2023 年收益可在我們網站的投資者部分的“財務”標題下查看。

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

因此，在開始之前，讓我簡要介紹一下我們的安全港聲明。我們可能對公司的未來預期、計劃和前景所做的各種評論構成前瞻性陳述，以符合 1995 年《私人證券訴訟改革法案》中的安全港條款。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 表格年度報告和隨後的 10-Q 表格季度報告中討論的內容，這些因素均已向 SEC 備案，並可在我們網站的投資者部分查看在標題下，金融 SEC 文件。雖然我們可能選擇在未來某個時候更新前瞻性陳述，但我們特別聲明不承擔任何這樣做的義務，即使我們的估計發生變化。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 second quarter 2023 earnings and also available in the Investors section of our website under the heading, Financials.

此外，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公認會計準則制定的財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬可在我們 2023 年第二季度收益的新聞稿中找到，也可在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 the call over to Marc.

因此，我現在將把電話轉給馬克。

Thanks, Raf. Good morning, everyone, and thanks for joining us today for our second quarter call. Let me recap our financial performance for the quarter, then I'll provide additional context on what we're seeing playing out in the macro economy and the implications for our outlook.

謝謝，拉夫。大家早上好，感謝您今天參加我們的第二季度電話會議。讓我回顧一下我們本季度的財務業績，然後我將提供有關我們在宏觀經濟中看到的情況以及對我們前景的影響的更多背景信息。

In the second quarter, our revenue was $10.69 billion. Our adjusted operating income was $2.37 billion, and we delivered adjusted EPS of $5.15 per share. As you saw in our press release, the macroeconomic environment became more challenging in the quarter. Economic activity in China slowed. And across the economy more broadly, businesses became more cautious in their spend. This impacted our Q2 results and informed a more moderated view for the full year. We're taking appropriate actions to successfully navigate these conditions.

第二季度，我們的收入為 106.9 億美元。調整後營業收入為 23.7 億美元，調整後每股收益為 5.15 美元。正如您在我們的新聞稿中看到的，本季度宏觀經濟環境變得更具挑戰性。中國的經濟活動放緩。在更廣泛的經濟領域，企業在支出方面變得更加謹慎。這影響了我們第二季度的業績，並讓我們對全年的看法更加溫和。我們正在採取適當的行動來成功應對這些情況。

As a reminder, when we set out our guidance at the beginning of the year, we assumed core market growth would be in the normal range of 4% to 6% for 2023. Given the more challenging macroeconomic environment at this point, we think it is best to assume that these conditions will persist for the remainder of the year, and our current assumption is that core market growth will be in the 0% to 2% range this year.

提醒一下，當我們在年初制定指導時，我們假設 2023 年核心市場增長將在 4% 至 6% 的正常範圍內。鑑於目前更具挑戰性的宏觀經濟環境，我們認為最好假設這些情況將持續到今年剩餘時間，而我們目前的假設是今年核心市場增長將在 0% 到 2% 的範圍內。

We're increasing our commercial intensity to help our customers through this environment and capture even more opportunities. We're also leveraging the PPI Business System to appropriately manage our costs. Given these changes, we're revising our revenue and adjusted EPS guidance for the full year. I'll cover some of the key points around the guidance, and Stephen will outline our underlying assumptions later in the call.

我們正在增加商業強度，以幫助我們的客戶度過這種環境並抓住更多機會。我們還利用 PPI 業務系統來適當管理我們的成本。鑑於這些變化，我們正在修改全年收入並調整每股收益指引。我將介紹該指南的一些關鍵點，斯蒂芬將在稍後的電話會議中概述我們的基本假設。

For 2023, we now expect revenue to be in the range of $43.4 billion to $44.0 billion and adjusted EPS to be in the range of $22.28 to $22.72. As you know, during periods of change, we have a very clear set of guiding principles on how we manage the company. These principles have three elements. First, everything we do starts with our customers and ensuring that we're enabling their success. Second, we inspire our colleagues to bring their best every day to fulfill our mission. And third, we hold ourselves to an incredibly high standard to deliver differentiated short-term performance, all while capitalizing on dynamic times to enhance our long-term competitive position, creating an even brighter future for our company.

目前，我們預計 2023 年收入將在 434 億美元至 440 億美元之間，調整後每股收益將在 22.28 美元至 22.72 美元之間。如您所知，在變革時期，我們對如何管理公司有一套非常明確的指導原則。這些原則包含三個要素。首先，我們所做的一切都從客戶開始，並確保我們能夠幫助他們取得成功。其次，我們激勵同事每天盡最大努力完成我們的使命。第三，我們以令人難以置信的高標準要求自己，以提供差異化的短期業績，同時利用充滿活力的時代來增強我們的長期競爭地位，為我們公司創造更加光明的未來。

To enable the differentiated short- and long-term performance in this environment, we're leveraging our PPI Business System to deliver $450 million of additional cost actions in 2023. That's in addition to what was embedded in our previous guidance. We're ramping up our commercial intensity to drive our share gain momentum, and we continue to invest in our capabilities to be an even stronger partner for our customers. We're uniquely positioned to help them navigate their own challenges in this environment.

為了在這種環境下實現差異化的短期和長期績效，我們將利用我們的 PPI 業務系統在 2023 年提供 4.5 億美元的額外成本行動。這是我們之前指南中所包含內容的補充。我們正在加大商業力度，以推動我們的份額增長勢頭，並繼續投資於我們的能力，成為客戶更強大的合作夥伴。我們擁有獨特的優勢，可以幫助他們應對這種環境中的挑戰。

When I think about our proven ability to navigate market dynamics combined with the long-term market growth drivers for the life sciences industry, I'm incredibly confident for the future. As I look ahead, there is a clear need for new medicines, and the scientific advances in life sciences are leading to exciting and innovative therapies, which will make a profound positive impact on well-being and be one of the drivers creating the very strong and durable tailwind in our industry.

當我想到我們駕馭市場動態的能力以及生命科學行業的長期市場增長驅動力時，我對未來充滿信心。展望未來，我們顯然需要新藥，生命科學領域的科學進步正在帶來令人興奮的創新療法，這將對福祉產生深遠的積極影響，並成為創造非常強大的驅動力之一以及我們行業的持久推動力。

Let me now turn to our quarterly performance and provide you with an update on our end markets. Starting with pharma and biotech. Growth was flat for the second quarter. The COVID-19 vaccine and therapy revenue runoff performed as expected during the quarter, resulting in a 5-point headwind within this market. From a segment perspective, that revenue runoff is essentially all in our Life Science Solutions segment, largely in our biosciences business related to nucleotides and enzymes and, to a lesser extent, in bioproduction. The strongest growth in pharma and biotech end market this quarter was in our pharma services and clinical research businesses.

現在讓我談談我們的季度業績，並向您提供我們終端市場的最新情況。從製藥和生物技術開始。第二季度增長持平。本季度 COVID-19 疫苗和治療收入徑流表現符合預期，導致該市場出現 5 個百分點的逆風。從細分市場的角度來看，收入徑流基本上全部來自我們的生命科學解決方案領域，主要是我們與核苷酸和酶相關的生物科學業務，其次是生物生產。本季度製藥和生物技術終端市場增長最強勁的是我們的製藥服務和臨床研究業務。

In academic and government, we grew in the high single digits in the quarter. We delivered very strong growth in our electron microscopy and chromatography and mass spectrometry businesses as well as our research and safety market channel.

在學術和政府領域，本季度我們實現了高個位數增長。我們的電子顯微鏡、色譜和質譜業務以及研究和安全市場渠道實現了非常強勁的增長。

In industrial and applied, we grew in the low single digits for the quarter. The strongest growth in this end market was in our Analytical Instruments businesses.

在工業和應用領域，我們本季度實現了較低的個位數增長。該終端市場增長最強勁的是我們的分析儀器業務。

And finally, in diagnostics and health care, revenue in Q2 was approximately 20% lower than the prior year quarter. The team delivered very good core business growth during the quarter, driven by our microbiology, immunodiagnostics and transplant diagnostic businesses.

最後，在診斷和醫療保健領域，第二季度的收入比去年同期下降了約 20%。在我們的微生物學、免疫診斷和移植診斷業務的推動下，該團隊在本季度實現了非常好的核心業務增長。

Let me now turn to our growth strategy. We really made terrific progress in Q2 in this regard. Our growth strategy consists of three pillars: high-impact innovation, our trusted partner status with customers and our unparalleled commercial engine.

現在讓我談談我們的增長戰略。我們在第二季度在這方面確實取得了巨大進展。我們的增長戰略由三大支柱組成：高影響力的創新、我們與客戶值得信賴的合作夥伴地位以及我們無與倫比的商業引擎。

Starting with the first pillar, innovation. We had a really spectacular quarter. We launched high-impact new products that are further strengthening our industry leadership by enabling our customers to bring new ground in their important work. We had a great showing at the American Society for Mass Spectrometry conference, where we featured the groundbreaking Thermo Scientific Orbitrap mass spectrometer, which is the most significant advancement in mass spectrometry in 15 years. The Orbitrap Astral combines speed, high sensitivity and deep proteome coverage to enable researchers to uncover proteins that previously evaded detection. This will enable breakthroughs that could lead to the development of new targeted therapies for a range of diseases, from cardiovascular disease to cancer. We've already started to deliver the Astral to our customers, and we're very pleased with the strong bookings performance to date.

從第一個支柱開始，創新。我們度過了一個非常精彩的季度。我們推出了具有高影響力的新產品，使我們的客戶能夠在其重要工作中開闢新天地，從而進一步加強我們的行業領導地位。我們在美國質譜學會會議上展示了突破性的 Thermo Scientific Orbitrap 質譜儀，這是 15 年來質譜分析領域最重大的進步。 Orbitrap Astral 結合了速度、高靈敏度和深度蛋白質組覆蓋，使研究人員能夠發現以前逃避檢測的蛋白質。這將實現突破，從而為從心血管疾病到癌症等一系列疾病開發新的靶向療法。我們已經開始向客戶交付 Astral，我們對迄今為止強勁的預訂表現感到非常滿意。

In our electron microscopy business, we launched the Thermo Scientific Metrios 6, scanning transmission electron microscope, the latest innovation in our leading line of instruments designed for the semiconductor industry. This fully automated system enables our customers to rapidly obtain large volume, high-quality data from increasingly complex semiconductors to accelerate development.

在我們的電子顯微鏡業務中，我們推出了 Thermo Scientific Metrios 6 掃描透射電子顯微鏡，這是我們專為半導體行業設計的領先儀器系列中的最新創新。這種完全自動化的系統使我們的客戶能夠從日益複雜的半導體中快速獲取大量高質量數據，以加速開發。

In our biosciences business, we introduced the Gibco OncoPro Tumoroid Culture Medium Kit. It accelerates development of novel cancer therapies. This kit supports the culture of tumor cells derived from individual patients providing a better disease model for research and drug development that could potentially improve clinical trial success and help bring drug candidates to market faster and more cost effectively.

在我們的生物科學業務中，我們推出了 Gibco OncoPro 腫瘤培養基試劑盒。它加速了新型癌症療法的開發。該試劑盒支持來自個體患者的腫瘤細胞的培養，為研究和藥物開發提供更好的疾病模型，這可能會提高臨床試驗的成功率，並有助於將候選藥物更快、更經濟地推向市場。

And in Specialty Diagnostics, we launched the first and only immunoassay to help doctors stratify a mother's risk of developing preeclampsia, a serious complication that can develop in pregnancy in the postpartum period, endangering both mother and baby. We received breakthrough designation and FDA clearance for assessing a patient's risk of developing severe preeclampsia, enabling doctors to better manage care.

在專業診斷領域，我們推出了第一個也是唯一一個免疫測定法，幫助醫生對母親患先兆子癇的風險進行分層，先兆子癇是一種嚴重的並發症，可能在妊娠期和產後期間出現，危及母親和嬰兒。我們在評估患者患嚴重先兆子癇的風險方面獲得了突破性的認定和 FDA 的許可，使醫生能夠更好地管理護理。

These are just a few examples of the exciting innovation going on across our company, which will make a significant difference for our customers and drive future growth.

這些只是我們公司正在進行的令人興奮的創新的幾個例子，這些創新將為我們的客戶帶來重大變化並推動未來的增長。

The second pillar of our growth strategy is the trusted partner status that we have built with our customers. This unique relationship gives us early insights into our customers' unmet needs and enables us to bring our industry-leading products, services and expertise together in ways that no one else can. We continue to strengthen our capabilities to be an even stronger partner for our customers. For example, in our pharma services business, we added an early development hub at our site in Bourgoin, France, enabling early development in addition to commercial manufacturing.

我們增長戰略的第二個支柱是我們與客戶建立的值得信賴的合作夥伴地位。這種獨特的關係使我們能夠儘早洞察客戶未滿足的需求，並使我們能夠以其他人無法做到的方式將行業領先的產品、服務和專業知識整合在一起。我們不斷增強我們的能力，成為客戶更強大的合作夥伴。例如，在我們的製藥服務業務中，我們在法國布爾昆的工廠增加了一個早期開發中心，除了商業製造之外還支持早期開發。

The third pillar of our growth strategy is our unparalleled commercial engine. We have a meaningful commercial advantage due to the deep engagement that we're able to have with our customers across the globe. A great example of our progress here is further strengthening our commercial capabilities with the opening of a state-of-the-art customer center of excellence in Milan. It features a customer application development lab to showcase our industry-leading products, services and expertise.

我們增長戰略的第三個支柱是我們無與倫比的商業引擎。由於我們能夠與全球客戶進行深入接觸，我們擁有有意義的商業優勢。我們在這方面取得的進步的一個很好的例子是在米蘭開設了最先進的卓越客戶中心，進一步加強了我們的商業能力。它設有客戶應用開發實驗室，展示我們行業領先的產品、服務和專業知識。

We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to shareholders. During the quarter, we completed a small bolt-on acquisition of MarqMetrix, a developer of Raman-based spectroscopy solutions for in-line process analytics. This technology expands our capabilities to help our customers make precise and accurate measurements throughout their manufacturing processes in a wide range of applications, including biopharma. This business is a nice complement to our Analytical Instruments business.

我們繼續成功執行嚴格的資本部署戰略，該戰略是戰略併購和向股東返還資本的結合。本季度，我們完成了對 MarqMetrix 的小型補充收購，MarqMetrix 是一家用於在線過程分析的基於拉曼光譜解決方案的開發商。這項技術擴展了我們的能力，幫助我們的客戶在包括生物製藥在內的各種應用的整個製造過程中進行精確測量。這項業務是對我們分析儀器業務的一個很好的補充。

Let me give you a quick update on the binding site acquisition, which we closed at the beginning of the year. Our protein diagnostics business has delivered outstanding growth and the integration is going incredibly well. Our team is progressing the innovation pipeline to advance the diagnosis and management of patients with multiple myeloma and immune disorders.

讓我向您簡要介紹一下我們在今年年初完成的綁定網站收購的最新情況。我們的蛋白質診斷業務取得了顯著的增長，並且整合進展得非常順利。我們的團隊正在推進創新管道，以推進多發性骨髓瘤和免疫疾病患者的診斷和管理。

And just after the close of the quarter, we announced an agreement to acquire CorEvitas, a leading provider of regulatory-grade, real-world evidence for approved medical treatments and therapies. Real-world evidence is the collection and use of data from patient health outcomes gathered through routine clinical care. This is a high-growth market segment as pharmaceutical and biotechnology customers as well as regulating bodies are increasingly looking to monitor and evaluate the safety of approved medicines and examine their effectiveness and value in the post-approval setting.

就在本季度結束後，我們宣布了一項收購 CorEvitas 的協議，CorEvitas 是一家為批准的醫療和療法提供監管級真實世界證據的領先提供商。真實世界的證據是通過常規臨床護理收集的患者健康結果數據的收集和使用。這是一個高增長的細分市場，因為製藥和生物技術客戶以及監管機構越來越多地尋求監測和評估已批准藥物的安全性，並在批准後檢查其有效性和價值。

CorEvitas will further strengthen our capabilities to serve our pharma and biotech customers. It's an excellent strategic fit for our company and highly complementary to our clinical research business. There is strong market demand for real-world evidence, which improves decision-making and reduces the time and costs associated with drug development. The acquisition is expected to be completed by the end of this year, and I'm very excited about what this will mean for our customers and the patients they serve. Financially, we expect the business to deliver low double-digit growth and be accretive to adjusted EPS by $0.03 in 2024. So overall, strong progress in the second quarter for capital deployment.

CorEvitas 將進一步增強我們為製藥和生物技術客戶提供服務的能力。這對我們公司來說是一個極好的戰略契合，並且與我們的臨床研究業務高度互補。市場對真實世界證據的需求強勁，這可以改善決策並減少與藥物開發相關的時間和成本。此次收購預計將於今年年底完成，我對這對我們的客戶及其服務的患者意味著什麼感到非常興奮。從財務角度來看，我們預計該業務將在 2024 年實現兩位數的低增長，並使調整後每股收益增加 0.03 美元。總體而言，第二季度資本部署取得了強勁進展。

During the quarter, we advanced our environmental, social and governance priorities, including launching a partnership with Pfizer to increase local access to next-generation sequencing-based testing for lung and breast cancer patients in more than 30 countries across Latin America, Africa, the Middle East and Asia. These are areas where advanced genomic testing has previously been limited or unavailable. Access to local NGS testing can help to provide faster analysis of associated genes, empowering health care providers to select the right therapy for that individual patient.

本季度，我們推進了環境、社會和治理優先事項，包括與輝瑞 (Pfizer) 建立合作夥伴關係，以增加拉丁美洲、非洲、中東和非洲 30 多個國家/地區的肺癌和乳腺癌患者在當地獲得下一代基於測序的檢測的機會。中東和亞洲。這些是高級基因組測試以前受到限製或不可用的領域。獲得當地 NGS 測試有助於更快地分析相關基因，使醫療保健提供者能夠為個別患者選擇正確的治療方法。

Through the partnership, we will work with local labs using our NGS technology to ensure they meet industry standards for NGS testing for breast and lung cancer. Pfizer will work to enable affordable patient access and to raise health care provider awareness regarding the benefits of advanced NGS testing. Together, we'll continue to evaluate additional geographic opportunities and to expand testing for other types of cancer. I'm very proud of the way we're making a difference, not only by enabling our customer success, but also by creating a better -- a great work environment for our colleagues and making a positive impact for society.

通過合作，我們將與使用我們的 NGS 技術的當地實驗室合作，確保它們符合乳腺癌和肺癌 NGS 檢測的行業標準。輝瑞將致力於為患者提供負擔得起的服務，並提高醫療保健提供者對先進 NGS 檢測益處的認識。我們將共同繼續評估其他地理機會並擴大對其他類型癌症的檢測。我對我們做出改變的方式感到非常自豪，不僅幫助我們的客戶取得成功，而且還為我們的同事創造了更好的工作環境，並為社會產生了積極的影響。

So to summarize our key takeaways from the second quarter. While the macroeconomic environment has become more challenging, our team continues to leverage our PPI Business System to deliver strong productivity. We're focused on driving market share gains, and at the same time, we're advancing our proven growth strategy to be an even stronger partner for our customers. We effectively deployed capital to create significant value for our customers and our shareholders. And the attractive long-term outlook for the life sciences industry and Thermo Fisher is unchanged. We're incredibly well positioned to help our customers navigate the current environment, capture incremental opportunities and exit this period an even stronger industry leader with a very bright future.

總結一下我們第二季度的主要收穫。雖然宏觀經濟環境變得更具挑戰性，但我們的團隊繼續利用我們的 PPI 業務系統來提供強大的生產力。我們專注於推動市場份額的增長，同時，我們正在推進行之有效的增長戰略，成為客戶更強大的合作夥伴。我們有效地配置資本，為我們的客戶和股東創造巨大的價值。生命科學行業和 Thermo Fisher 有吸引力的長期前景沒有改變。我們處於非常有利的位置，可以幫助我們的客戶駕馭當前環境，抓住增量機會，並在這一時期成為更強大的行業領導者，擁有光明的未來。

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

現在，我將把電話轉交給我們的首席財務官史蒂芬·威廉姆森。斯蒂芬？

Thanks, Marc, and good morning, everyone. As you saw in our press release and as Marc just outlined, the macroeconomic environment became more challenging in the second quarter. We're leveraging our PPI Business System to effectively manage these conditions.

謝謝，馬克，大家早上好。正如您在我們的新聞稿中看到的以及馬克剛剛概述的那樣，第二季度的宏觀經濟環境變得更具挑戰性。我們正在利用 PPI 業務系統來有效管理這些情況。

In the quarter, we delivered $10.7 billion of revenue, which included just over 2% core organic revenue growth, and we delivered $5.15 of adjusted EPS. Revenue in the quarter was $300 million lower than we had incorporated in our previous 2023 guidance, $280 million of this was related to the core business and $20 million related to testing. Approximately 1/3 of the change in core revenue was driven by lower economic activity in China, and the remainder was driven by more cautious spending across our customer base globally, particularly in biotech. Adjusted EPS in the quarter was $0.28 lower than we incorporated in our previous 2023 guidance, $0.07 of this was driven by FX and $0.21 by the lower revenue.

本季度，我們實現了 107 億美元的收入，其中核心有機收入增長略高於 2%，調整後每股收益為 5.15 美元。本季度的收入比我們之前 2023 年指導中的收入低 3 億美元，其中 2.8 億美元與核心業務相關，2000 萬美元與測試相關。核心收入變化的大約 1/3 是由中國經濟活動減少推動的，其餘部分是由我們全球客戶群（尤其是生物技術領域）的支出更加謹慎推動的。本季度調整後每股收益比我們之前納入的 2023 年指引低 0.28 美元，其中 0.07 美元是由外匯推動的，0.21 美元是由收入下降推動的。

Given the lower core revenue both in the quarter and assumed in our full year outlook, we're using the PPI Business System to aggressively manage our cost base. In Q2, this enabled us to offset $75 million of the profit impact of the lower-than-expected revenue. This highlights that we're actively managing the business.

鑑於本季度和全年展望中的核心收入均較低，我們正在使用 PPI 業務系統來積極管理我們的成本基礎。在第二季度，這使我們能夠抵消收入低於預期所造成的 7500 萬美元的利潤影響。這凸顯了我們正在積極管理業務。

Let me now provide you with some more details on our performance, beginning with our earnings results. As I mentioned, we delivered $5.15 of adjusted EPS in Q2. GAAP EPS in the quarter was $3.51. On the top line, reported revenue was 3 percentage points lower year-over-year. The components of our Q2 reported revenue included 3% lower organic revenue, a 1% contribution from acquisitions and a slight headwind from foreign exchange. As I mentioned earlier, core organic revenue growth in the quarter was just over 2 percentage points. For context, core organic revenue growth includes the runoff in our COVID-19 vaccines and therapies revenue. Without that runoff impact, growth would have been 5% in the quarter.

現在讓我向您提供有關我們業績的更多詳細信息，首先是我們的盈利結果。正如我提到的，我們在第二季度實現了 5.15 美元的調整後每股收益。本季度 GAAP 每股收益為 3.51 美元。從營收來看，報告收入同比下降 3 個百分點。我們第二季度報告收入的組成部分包括有機收入下降 3%、收購貢獻 1% 以及外匯帶來的輕微阻力。正如我之前提到的，本季度核心有機收入增長略高於 2 個百分點。就背景而言，核心有機收入增長包括我們的 COVID-19 疫苗和療法收入的流失。如果沒有徑流影響，本季度的增長率將為 5%。

Turning to our organic revenue performance by geography. The organic growth rates by region are skewed by the pandemic-related revenue in the current and prior year. In Q2, North America declined mid-single digits. Europe grew in the low-single digits, and Asia Pacific declined in the mid-single digits with China declining in the low teens.

轉向我們按地理位置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。第二季度，北美地區出現中個位數下降。歐洲以低個位數增長，亞太地區以中個位數下降，中國以低雙位數下降。

With respect to our operational performance, adjusted operating income in the quarter decreased 9% and adjusted operating margin was 22.2%, 150 basis points lower than Q2 last year. In the quarter, we delivered very strong productivity and achieved strong price realization. This was more than offset by lower pandemic-related revenue, continued strategic investments and FX.

就我們的經營業績而言，本季度調整後營業收入下降 9%，調整後營業利潤率為 22.2%，比去年第二季度下降 150 個基點。本季度，我們實現了非常強勁的生產力並實現了強勁的價格實現。這被與大流行相關的收入下降、持續的戰略投資和外匯所抵消。

Given the change in the macro environment, we're using the PPI Business System to drive significantly more productivity this year than initially planned. We've initiated $450 million of additional cost actions. And as I mentioned earlier, we already began to see this benefit in Q2. Total company adjusted gross margin in the quarter came in at 41%, 220 basis points lower than Q2 last year. For the quarter, the change in gross margin was due to the same drivers as those for adjusted operating margin.

鑑於宏觀環境的變化，我們今年使用 PPI 業務系統大幅提高了生產力，比最初計劃的要高。我們已啟動 4.5 億美元的額外成本行動。正如我之前提到的，我們已經在第二季度開始看到這種好處。該季度公司調整後總毛利率為 41%，比去年第二季度低 220 個基點。本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。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 15.6% of revenue, an improvement of 50 basis points over Q2 last year. Total R&D expense was $345 million in Q2, reflecting our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue was 7.1% in the quarter.

繼續討論損益表的詳細信息。本季度調整後的 SG&A 佔收入的 15.6%，比去年第二季度提高了 50 個基點。第二季度的總研發費用為 3.45 億美元，反映了我們對高影響力創新的持續投資。本季度研發占我們製造收入的百分比為 7.1%。

Looking at our results below the line for the quarter. Our net interest expense was $148 million, which is $36 million higher than Q2 last year, mainly due to capital deployment. Our adjusted tax rate in the quarter was 10%. This was 300 basis points lower than Q2 last year, reflecting the results of our tax planning activities. Average diluted shares were $388 million in Q2, approximately $6 million lower year-over-year driven by share repurchases, net of option dilution.

看看我們本季度的線下業績。我們的淨利息支出為 1.48 億美元，比去年第二季度增加 3600 萬美元，主要是由於資本部署。我們本季度調整後的稅率為 10%。這比去年第二季度低 300 個基點，反映了我們稅務規劃活動的結果。第二季度平均稀釋後股票為 3.88 億美元，由於股票回購（扣除期權稀釋），同比減少約 600 萬美元。

Turning to cash flow and the balance sheet. Year-to-date cash flow from operations was $2.3 billion. Year-to-date, free cash flow was $1.5 billion after investing $730 million of net capital expenditures. During the quarter, we repaid $1 billion of senior notes and returned $135 million of capital through dividends.

轉向現金流和資產負債表。年初至今，運營現金流為 23 億美元。年初至今，在投資了 7.3 億美元的淨資本支出後，自由現金流為 15 億美元。本季度，我們償還了 10 億美元的優先票據，並通過股息返還了 1.35 億美元的資本。

Shortly after the quarter end, we announced the definitive agreement to acquire CorEvitas for approximately $900 million. We ended the quarter with $3.1 billion in cash and $34 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.

季度結束後不久，我們宣布達成最終協議，以約 9 億美元收購 CorEvitas。本季度結束時，我們的現金為 31 億美元，債務總額為 340 億美元。截至本季度末，我們的槓桿率為調整後 EBITDA 總債務的 3.2 倍，淨債務的槓桿率為 2.9 倍。

Concluding my comments on our total company performance. Adjusted ROIC was 11.9%, 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 11.9%，反映出我們在整個公司產生的強勁投資回報。

Now I'll provide some color on the performance of our four business segments, let me start with a couple of framing comments. The scale and margin profile of our pandemic-related revenue varies by segment, and that revenue was higher in the prior year. So that does skew some of the reported segment growth rates and margins. We continue to execute strong pricing realization across all segments to address higher inflation.

現在，我將提供一些關於我們四個業務部門的業績的信息，讓我從一些框架性評論開始。我們與大流行相關的收入的規模和利潤狀況因細分市場而異，並且上一年的收入更高。因此，這確實扭曲了一些報告的細分市場增長率和利潤率。我們繼續在所有細分市場執行強有力的定價政策，以應對通脹上升的問題。

Moving on to the segment details, starting with Life Science Solutions. Q2 reported revenue in this segment declined 25% and organic revenue was also 25% lower than the prior year quarter. This was driven by the moderation in pandemic-related revenue in the segment versus the year ago quarter and to a lesser extent, the macro factors that I described earlier. Q2 adjusted operating income in Life Science Solutions decreased 38% and adjusted operating margin was 33.2%, down 710 basis points versus the prior year quarter. During the quarter, we delivered very strong productivity, which is more than offset by unfavorable volume mix.

繼續討論細分市場的詳細信息，從生命科學解決方案開始。第二季度該部門的收入下降了 25%，有機收入也比去年同期下降了 25%。這是由於該部門與去年同期相比大流行相關的收入有所放緩，以及在較小程度上是我之前描述的宏觀因素推動的。第二季度生命科學解決方案調整後營業收入下降 38%，調整後營業利潤率為 33.2%，較去年同期下降 710 個基點。在本季度，我們實現了非常強勁的生產力，但不利的銷量組合足以抵消這一影響。

In the Analytical Instruments segment, reported revenue increased 9% in Q2 and organic growth was 10%. The strong growth in the segment this quarter was led by the electron microscopy business. Q2 adjusted operating income in this segment increased 26% and adjusted operating margin was 24.7%, up 330 basis points year-over-year. In the quarter, we delivered very strong productivity and had strong volume mix, and that was partially offset by strategic investments and FX.

在分析儀器領域，第二季度報告收入增長 9%，有機增長 10%。本季度該領域的強勁增長是由電子顯微鏡業務帶動的。第二季度該部門調整後營業收入增長 26%，調整後營業利潤率為 24.7%，同比增長 330 個基點。在本季度，我們實現了非常強勁的生產力和強勁的銷量組合，但這部分被戰略投資和外匯所抵消。

Turning to Specialty Diagnostics. In Q2, revenue increased 1% and organic revenue was 5% lower than the prior year quarter. In Q2, we continued to see strong underlying growth in the core, led by our microbiology immunodiagnostics and transplant diagnostics businesses. This was offset by lower pandemic-related revenue versus the year ago quarter.

轉向專業診斷。第二季度，收入比去年同期增長 1%，有機收入下降 5%。第二季度，在微生物學免疫診斷和移植診斷業務的帶動下，我們繼續看到核心業務的強勁潛在增長。與去年同期相比，與大流行相關的收入下降抵消了這一影響。

Q2 adjusted operating income increased 22% in the quarter and adjusted operating margin was 26.7%, which is 460 basis points higher than Q2 2022. During the quarter, we delivered very strong productivity and favorable business mix, which is partially offset by the impact of lower COVID-19 testing volume and strategic investments.

第二季度調整後營業收入增長 22%，調整後營業利潤率為 26.7%，比 2022 年第二季度高 460 個基點。本季度，我們實現了非常強勁的生產力和有利的業務組合，但部分被降低 COVID-19 檢測量和戰略投資。

And finally, in Laboratory Products and Biopharma Services segment, Q2 reported revenue increased 5% and organic growth was also 5%. During Q2, organic revenue growth in this segment was led by the pharma services and clinical research businesses. Q2 adjusted operating income in the segment increased 19% and adjusted operating margin was 14.1%, which is 160 basis points higher than Q2 2022. We delivered very strong productivity in the quarter, partially offset by FX and strategic investments.

最後，在實驗室產品和生物製藥服務領域，第二季度收入增長了 5%，有機增長也為 5%。第二季度，該領域的有機收入增長由製藥服務和臨床研究業務帶動。該部門第二季度調整後營業收入增長了 19%，調整後營業利潤率為 14.1%，比 2022 年第二季度高出 160 個基點。我們在本季度實現了非常強勁的生產力，但部分被外彙和戰略投資所抵消。

Let me now turn to guidance. And as Marc outlined, we're revising our full year 2023 guidance to reflect both the more challenging macroeconomic environment and the offsetting actions that we're taking to navigate these conditions. Revenue for 2023 is now expected to be in the range of $43.4 billion to $44 billion, with core organic revenue growth in the range of 2% to 4%. Adjusted EPS is now expected to be in the range of $22.28 and $22.72. For modeling purposes, our current estimates are where we're likely to end up for the year within that range is $43.5 billion of revenue, rounding up to 3% core organic revenue growth and adjusted EPS of $22.36.

現在讓我談談指導。正如 Marc 所概述的，我們正在修訂 2023 年全年指引，以反映更具挑戰性的宏觀經濟環境以及我們為應對這些情況而採取的抵消行動。目前預計 2023 年收入將在 434 億美元至 440 億美元之間，核心有機收入增長在 2% 至 4% 之間。調整後每股收益目前預計在 22.28 美元至 22.72 美元之間。出於建模目的，我們目前的估計是今年最終的收入範圍為 435 億美元，核心有機收入增長高達 3%，調整後每股收益為 22.36 美元。

Let me provide you some additional details behind the change in guidance, starting with revenue. Our revised guidance reflects a change in the assumption for core organic revenue growth from 7% to a range of 2% to 4%, and it also assumes $100 million lower testing revenue. Our core organic revenue change is driven by 2 factors: a reduction in the assumed level of economic activity in China and an assumption that the more cautious spending that we saw across our customer base in Q2 will continue throughout the remainder of the year.

讓我向您提供指導變更背後的一些額外細節，首先是收入。我們修訂後的指引反映了核心有機收入增長假設從 7% 更改為 2% 至 4%，並且還假設測試收入減少 1 億美元。我們的核心有機收入變化由兩個因素驅動：假設中國經濟活動水平的下降，以及我們在第二季度看到的客戶群更加謹慎的支出將在今年剩餘時間內持續的假設。

In relation to China, at the beginning of the year, we saw positive momentum in the Chinese economy. We had previously assumed that this momentum would continue through the rest of the year. However, as the second quarter progressed, economic activity in China significantly slowed, resulting in less customer activity in the quarter. We think it's appropriate to assume that this condition remains in place for the remainder of the year.

就中國而言，年初我們看到中國經濟呈現積極向好的勢頭。我們此前預計這一勢頭將持續到今年剩餘時間。然而，隨著第二季度的進展，中國的經濟活動顯著放緩，導致該季度的客戶活動減少。我們認為，可以適當地假設這種情況在今年剩餘時間內仍然存在。

With regards to customer spending patterns more broadly, in Q2, customers in our end markets began the year with somewhat cautious spending. And this is something that was not confined to our end markets, companies across most business segments were cautious with their spending given the uncertain macro conditions. This dynamic became more challenging in Q2. We previously assumed that this would lessen an impact as the year progressed, and we now think it's appropriate to assume that the cautious spending will continue through the remainder of the year.

就更廣泛的客戶支出模式而言，在第二季度，我們終端市場的客戶在年初的支出有些謹慎。這不僅限於我們的終端市場，考慮到不確定的宏觀環境，大多數業務領域的公司都對其支出持謹慎態度。這種動態在第二季度變得更具挑戰性。我們之前認為，隨著今年的進展，這種影響會減輕，現在我們認為，謹慎的支出將在今年剩餘時間內持續下去的假設是合適的。

With strong commercial execution from our team, we expect to successfully navigate these macro dynamics and deliver 2% to 4% core organic revenue growth for the year. And for context, as Marc mentioned, with the changes in the macro, we're now assuming core market growth for our industry to be in the range of 0% to 2% for 2023, a reduction of approximately 4 percentage points versus the 4% to 6% assumed previously for market growth.

憑藉我們團隊強大的商業執行力，我們預計能夠成功應對這些宏觀動態，並實現今年 2% 至 4% 的核心有機收入增長。就背景而言，正如 Marc 提到的，隨著宏觀經濟的變化，我們現在假設 2023 年我們行業的核心市場增長率將在 0% 到 2% 的範圍內，比 4 個百分點減少約 4 個百分點。之前假設的市場增長幅度為 % 至 6%。

When I think about the range of outcomes for the full year, core organic revenue growth, the largest swing factor, is the extent of the budget flush at the end of the year. Should that be weaker than normal, then core organic revenue growth would round down to 2%. And if stronger, it could round up to 4% for the year. And if China gets traction stimulating the economy, then that could also be an upside later in the year.

當我考慮全年的結果範圍時，核心有機收入增長（最大的波動因素）是年底預算充裕的程度。如果低於正常水平，那麼核心有機收入增長將下調至 2%。如果更強勁，今年的增長率可能會達到 4%。如果中國獲得刺激經濟的動力，那麼這也可能在今年晚些時候帶來好處。

So moving on now to profitability. As I mentioned earlier, we're using the PPI Business System to aggressively manage our cost base. We put in place $450 million of additional cost actions to limit the impact of the expected lower revenue on the P&L. This demonstrates our active management of the business. As a result, the high profitability pull-through on the lower revenue is expected to be reduced to 35% in terms of how it flows through to the bottom line. And factoring in this and the updated view of FX, we now expect our adjusted operating income margin to be in the range of 23.2% to 23.4% for the year.

因此，現在轉向盈利。正如我之前提到的，我們正在使用 PPI 業務系統來積極管理我們的成本基礎。我們採取了 4.5 億美元的額外成本行動，以限制預期收入下降對損益表的影響。這體現了我們對業務的積極管理。因此，就其流向淨利潤的方式而言，較低收入帶來的高盈利能力預計將減少至 35%。考慮到這一點以及最新的外匯觀點，我們現在預計今年調整後的營業利潤率將在 23.2% 至 23.4% 的範圍內。

So let me provide some more additional details on the updated 2023 guidance. We're assuming that we'll deliver $300 million of testing revenue in 2023. This is $100 million lower than our prior guidance. And through the half year point, we delivered $225 million of testing revenue. Within the core, we continue to expect $500 million of vaccines and therapies revenue in 2023. This is $1.2 billion less than the prior year, a 3 percentage point impact on core organic revenue growth. Through the half-year point, we delivered $365 million of vaccines and therapies-related revenue.

因此，讓我提供有關更新後的 2023 年指南的更多詳細信息。我們假設我們將在 2023 年實現 3 億美元的測試收入。這比我們之前的指導低了 1 億美元。截至半年，我們實現了 2.25 億美元的測試收入。在核心領域，我們繼續預計 2023 年疫苗和療法收入將達到 5 億美元。這比上一年減少 12 億美元，對核心有機收入增長產生 3 個百分點的影響。截至半年，我們實現了 3.65 億美元的疫苗和治療相關收入。

Moving on to FX. We continue to assume that FX will be a year-over-year tailwind to revenue of approximately $100 million. And then in terms of adjusted EPS, we now expect FX to be a headwind of $0.11, which is $0.05 higher than our previous guidance.

轉向外匯。我們仍然認為外匯將成為收入約 1 億美元的同比推動因素。然後就調整後每股收益而言，我們現在預計外匯將帶來 0.11 美元的阻力，這比我們之前的指導高出 0.05 美元。

The Binding Site acquisition is performing well, and we now assume it will contribute approximately $260 million to our reported revenue growth for the year and $0.09 to adjusted EPS. Below the line, we continue to expect net interest expense in 2023 to be approximately $480 million. The adjusted tax rate assumption for the year has improved to 10% versus our prior guidance of 10.8%, driven by our tax planning initiative. We're now expecting net capital expenditures will be approximately $1.7 billion, and we continue to expect that free cash flow will be $6.9 billion for the year.

Binding Site 收購表現良好，我們現在假設它將為我們報告的今年收入增長貢獻約 2.6 億美元，為調整後每股收益貢獻 0.09 美元。在此線之下，我們繼續預計 2023 年的淨利息支出約為 4.8 億美元。在我們的稅務規劃舉措的推動下，今年調整後的稅率假設已提高至 10%，而我們之前的指導值為 10.8%。我們目前預計淨資本支出約為 17 億美元，我們繼續預計今年的自由現金流將為 69 億美元。

In terms of capital deployment, our guidance includes $3 billion of share buybacks, which were already completed in January. We continue to assume that full year average diluted share count will be approximately 388 million shares, and that will return approximately $540 million of capital to shareholders this year through dividends, a 17% increase over 2022. And as is our normal convention, our guidance does not assume any future acquisitions or divestitures. We've not included any operational benefit in 2023 for the acquisition of CorEvitas. Before we get more clarity on the actual close date for that acquisition, we'll provide an estimate of any potential impact in 2023.

在資本部署方面，我們的指導包括 30 億美元的股票回購，該回購已於 1 月份完成。我們繼續假設全年平均稀釋後股票數量約為 3.88 億股，今年將通過股息向股東返還約 5.4 億美元資本，比 2022 年增加 17%。按照我們的慣例，我們的指導方針不承擔任何未來的收購或剝離。我們沒有計入收購 CorEvitas 帶來的 2023 年運營收益。在我們更清楚地了解該收購的實際完成日期之前，我們將提供 2023 年任何潛在影響的估計。

So to conclude, we recognize that the change in guidance is significant. We think it's appropriate given the change in the macro environment. And as we said at our Investor Day, should market growth be lower than normal, we will leverage the PPI Business System and step up productivity, and that's what we've done. We're well positioned to navigate the near-term environment. And while the near-term environment may be more challenging, the long-term fundamentals supporting the growth of our end markets remains unchanged, as does the strength of our position to serve them.

總而言之，我們認識到指導方針的變化意義重大。考慮到宏觀環境的變化，我們認為這是合適的。正如我們在投資者日所說，如果市場增長低於正常水平，我們將利用 PPI 業務系統並提高生產力，這就是我們所做的。我們已做好應對近期環境的有利準備。儘管短期環境可能更具挑戰性，但支持我們終端市場增長的長期基本面保持不變，我們為終端市場提供服務的實力也保持不變。

Now let me turn the call back over to Raf.

現在讓我把電話轉回給 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，我們已準備好進行通話的問答部分。

(Operator Instructions) Our first question comes from Matt Sykes from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的馬特·賽克斯（Matt Sykes）。

Maybe just starting on the guidance, just given the significant change relative to what you talked about at the Investor Day a few months ago. Could you maybe help us a little bit with where some of the biggest deltas in terms of your expectations relative to that time of the Investor Day? And today, in terms of either end market or revenue segment and specifically within China, were there certain categories or revenue segments or end markets where the weakness is more pronounced? I just kind of wanted to get a little more color on the delta and expectations from the Investor Day to today.

考慮到與您幾個月前在投資者日所談論的內容相比發生的重大變化，也許才剛剛開始指導。您能否幫助我們了解一下您的預期相對於投資者日那段時間最大的差異在哪裡？如今，就終端市場或收入領域而言，特別是在中國境內，是否存在某些類別、收入領域或終端市場的弱點更為明顯？我只是想對從投資者日到今天的三角洲和期望有更多的了解。

Yes. So Matt, thanks for the question. In terms of the guidance change, the way that I think about it, let's start from the beginning of the year. I think it's the easiest place to start and we can talk about the Investor Day, right? So in terms of the market growth and the conditions there, right, our -- what we're seeing is that China really slowed quite meaningfully in Q2, right? And that's actually somewhat surprising, given the first quarter really started to rebound off of the Zero COVID policies and there was government stimulus, and all of a sudden, Q2 really slowed down significantly.

是的。馬特，謝謝你的提問。就指引的變化而言，我的想法是，讓我們從年初開始。我認為這是最容易開始的地方，我們可以討論投資者日，對吧？因此，就市場增長和那裡的條件而言，我們看到的是中國在第二季度確實大幅放緩，對吧？這實際上有點令人驚訝，因為第一季度確實開始從零新冠政策中反彈，並且有政府刺激，突然之間，第二季度確實顯著放緩。

And when I think about that -- and then we're assuming that for the full year, right, in terms that it's going to continue. We've seen customer caution. I mean, I think every business when I say -- this is about life science tools and diagnostics. Businesses have been cautious this year on spend, and it certainly manifested itself more meaningfully in Q2, particularly in biotech. And so when I think about it, about a point of our change in the growth outlook comes from China. About 3 points of it comes from customer caution. And within it, bioproduction is about 1 point or 1/3 of the customer caution, passed back 2/3 across the rest of the business.

當我想到這一點時，我們假設這一情況在全年都會持續下去。我們看到了客戶的謹慎態度。我的意思是，當我說時，我認為每個企業都與生命科學工具和診斷有關。今年企業在支出方面一直持謹慎態度，這在第二季度無疑表現得更有意義，尤其是在生物技術領域。因此，當我想到這一點時，我們增長前景的改變的一個點來自於中國。其中大約3分來自於客戶的謹慎。其中，生物生產約佔客戶謹慎度的 1 個百分點或 1/3，而其餘業務則回傳 2/3。

Versus sort of what the Analyst Day and sort of the view in May, we saw China certainly soft throughout the quarter. And in our business, the final month of a quarter is actually quite meaningful across all of our businesses. So while we certainly saw some customer caution in the beginning of the second quarter, June saw no bounce at all, right? So it's kind of flat through the quarter. So therefore, we just didn't see that view, which is why we've adjusted the outlook at this point in time.

與分析師日和五月份的觀點相比，我們看到中國整個季度都表現疲軟。在我們的業務中，季度的最後一個月實際上對我們所有的業務都非常有意義。因此，雖然我們在第二季度初確實看到了一些客戶的謹慎態度，但 6 月份根本沒有看到反彈，對嗎？所以整個季度的情況都比較平穩。因此，我們只是沒有看到這種觀點，這就是我們此時調整前景的原因。

Great. That's very helpful color. And then just for my follow-up, just on the AI segment and instruments. Could you maybe just give us the visibility you might have into sort of the back half of this year? Talk about sort of what the backlog looks like, order growth and how you're feeling about sort of the moderation in instrument growth in the back half of this year that you talked about earlier this year.

偉大的。這是非常有用的顏色。接下來是我的後續行動，即人工智能領域和儀器。您能否向我們介紹一下今年下半年的情況？談談積壓情況、訂單增長以及您對今年下半年儀器增長放緩的感受，正如您在今年早些時候談到的那樣。

Yes, Matt, thanks for the question. So when I think about instruments, we obviously entered the year with a strong backlog and we entered the quarter with a strong backlog, and the 10% growth is a very strong performance. Orders were definitely softer than we expected in Q2, primarily driven by China, which is a large component of the business there. And therefore, I would say we would expect that the growth rate would become more muted as the year unfolds in the Analytical Instruments business as we continue to work on the backlog.

是的，馬特，謝謝你的提問。因此，當我想到工具時，我們顯然在進入這一年時有大量的積壓，進入本季度時也有大量的積壓，10% 的增長是非常強勁的表現。第二季度的訂單肯定比我們預期的要軟，這主要是由中國推動的，中國是那裡業務的重要組成部分。因此，我想說，隨著我們繼續處理積壓訂單，隨著時間的推移，分析儀器業務的增長率將變得更加溫和。

Our next question comes from Dan Arias from Stifel.

我們的下一個問題來自 Stifel 的 Dan Arias。

Stephen, on the PPI commentary and just being able to leverage that, can you expand on that a little bit? I mean should we take that to mean just sort of pressing harder on being lean in areas where you've done that in the past? Or is that more pulling some levers that haven't been fully pulled, so to speak? And then relatedly, the EPS guide only came in about 5% or so at the midpoint. So how do we think about mix as a factor there? And how much room do you think that's left to you given the uncertainty that you're looking at in the back half?

Stephen，關於 PPI 評論，並且能夠利用它，您能詳細說明一下嗎？我的意思是，我們是否應該認為這意味著在您過去做過的領域更加努力地精益化？或者說，更多的是拉動一些尚未完全拉動的槓桿？與此相關的是，每股收益指南僅佔中點的 5% 左右。那麼我們如何將混合視為其中的一個因素呢？考慮到後半段的不確定性，你認為還剩下多少空間？

Yes. So Dan, I'll explain on the PPI side, and then I'll get on to the kind of the EPS view. So on PPI, what we do -- it's how we run the company. So this is about -- the first thing you do when you think about economic conditions being different and activity levels being different with our customers is prioritization in terms of what we're working on and deprioritize areas, which may be less important, push things out as appropriately and then now make sure that we're investing in the right areas that we should be investing in and not titrating back any spending where that really matters. So it's about prioritizing where we're spending our time and what we're working on. And part of that then is then reduction in discretionary spending, reduction in activity levels in certain areas, and these PPIs be able to help us do that and put that into operation.

是的。 Dan，我將在 PPI 方面進行解釋，然後我將介紹 EPS 的觀點。因此，在 PPI 上，我們所做的就是我們運營公司的方式。所以，當你考慮到經濟狀況不同、客戶活動水平不同時，你要做的第一件事就是根據我們正在做的事情確定優先級，並取消優先級，這可能不太重要，推動事情適當地進行投資，然後確保我們投資於我們應該投資的正確領域，而不是在真正重要的領域削減任何支出。因此，關鍵是要優先考慮我們把時間花在哪里以及我們正在做什麼。其中一部分是減少可自由支配支出，減少某些領域的活動水平，這些生產者價格指數能夠幫助我們做到這一點並將其付諸實施。

We use the company scale in terms of the levers on sourcing, particularly in indirect, so you can lean on those levers when economic conditions aren't as strong, and that's definitely a way of getting some of the benefit. And then when we think about the expected slightly lower volumes and we're optimizing our manufacturing operations appropriately and generally across our businesses, we're appropriately reducing headcount where that makes sense across the business. And so all of that wraps up into $450 million of benefit this year, and those actions have pretty much all be in action right now in terms of -- there's nothing significant to comment more. We've taken the appropriate actions given the environment that we see.

我們在採購槓桿方面使用公司規模，特別是間接採購，因此當經濟狀況不那麼強勁時，您可以依靠這些槓桿，這絕對是獲得一些利益的一種方式。然後，當我們考慮到預期的產量略有下降，並且我們正在適當地優化我們的製造業務時，我們會在整個業務範圍內適當地減少員工人數，這對整個業務來說是有意義的。因此，今年所有這些措施總共帶來了 4.5 億美元的收益，而且這些行動現在幾乎都已付諸實施——沒有什麼可以進一步評論的了。鑑於我們所看到的環境，我們已採取適當的行動。

Then in terms of the back half of the year, so was your question around the phasing of EPS or the range of EPS? Could you just clarify?

那麼，就今年下半年而言，您的問題是圍繞每股收益的階段還是每股收益的範圍？你能澄清一下嗎？

I guess it was a little bit of both. I mean organic growth is going from high singles to potentially low singles, and the EPS only actually came in a pretty modest amount. So I was just wondering how much room you think you've given yourself, given your PPI comments, whether your -- I guess the answer is you're comfortable with it. But how comfortable actually are you given the range of outcomes in the back half?

我想兩者都有一點。我的意思是，有機增長正在從高單打轉向潛在的低單打，而每股收益實際上只是相當有限的數額。所以我只是想知道，考慮到你的 PPI 評論，你認為你給了自己多少空間，我想答案是你對此感到滿意。但考慮到後半場的結果範圍，你實際上有多舒服？

Yes. So we provided a range of outcomes, and we talked about what the market conditions could be. And when we think about what the pull-through would be on the revenue and that range of outcomes, plus the activities we're working on the cost side, I think that's an appropriate range for EPS.

是的。因此，我們提供了一系列結果，並討論了市場狀況可能是什麼。當我們考慮收​​入的拉動和結果範圍，加上我們在成本方面開展的活動時，我認為這是每股收益的合適範圍。

And then the phasing first half, second half, clearly, a higher adjusted operating income margin in the second half of the year, and that's really largely driven by the impact of the cost actions. So of the $450 million, $75 million impacted the first half. And you'll have $335 million of benefit in the second half. And the revenue is a little bit more weighted and look at the year as a whole to the second half versus the first half. That's the other piece that drives the profitability and EPS.

然後是上半年、下半年的分階段，下半年調整後的營業利潤率顯然更高，這實際上很大程度上是由成本行動的影響推動的。因此，在 4.5 億美元中，有 7500 萬美元影響了上半年。下半年您將獲得 3.35 億美元的收益。與上半年相比，下半年的收入權重更大一些，從全年的角度來看。這是推動盈利能力和每股收益的另一部分。

Our next question comes from Vijay Kumar from Evercore ISI.

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

Marc, maybe one on -- the assumptions are on the guide change. When you look at the quarter, maybe can you talk about how things progress? I think China was down low teens. Overall, organic -- underlying organic was 2%. The things worsened throughout the quarter, because I think the implied guidance for the back half is low singles, 2%-ish at the midpoint. So we're just wondering if the exit rate was around 2%-ish or is the back half assuming some improvement from the exit rate levels of 2Q?

馬克，也許是——假設是關於指南變化的。當您查看本季度時，也許您可以談談事情的進展情況嗎？我認為中國已經跌到了十幾歲。總體而言，有機——基礎有機為 2%。整個季度的情況都在惡化，因為我認為後半段的隱含指導是低單打，中點為 2% 左右。所以我們只是想知道退出率是否約為 2% 左右，或者後半部分是否假設第二季度的退出率水平有所改善？

Yes. So Vijay, in terms of the phasing of the quarter, I think really what was different was June saw none of the normal quarter-end pattern. So it was very similar to April and May. That -- in my many years of doing this, that's unusual, actually, where the last month isn't a big step-up in activity. That's just the sort of the pattern of the industry a bit.

是的。因此，維杰，就本季度的分階段而言，我認為真正不同的是 6 月沒有看到正常的季度末模式。所以這與四月和五月非常相似。事實上，在我從事這項工作的多年中，這很不尋常，上個月的活動並沒有大幅增加。這只是行業的格局。

So our assumption for the year is effectively that the market conditions that we saw in Q2 -- in aggregate for Q2 continues to play out for the balance of the year. And you have all sorts of different comparisons within the different businesses versus the prior year and so forth. But we felt that the 0% to 2% market growth and for us, for the full year, the 2% to 4% core growth would be an appropriate performance.

因此，我們對今年的假設實際上是，我們在第二季度看到的市場狀況——總體而言，第二季度的市場狀況將在今年剩餘時間內繼續發揮作用。您可以對不同業務與上一年等進行各種不同的比較。但我們認為 0% 到 2% 的市場增長以及對我們來說，全年 2% 到 4% 的核心增長將是一個合適的表現。

I think maybe the best color that I can give you is sort of how we think about it, right? Our best view on what happened in the market is informed by looking at all of the competitors, peers that reported in Q1. Obviously, that goes well into May. All of our internal data about what's going on in the market, our extensive dialogue with customers and the few companies that reported so far, right? So that informs the 0% to 2%. The way we think about this and the standard is -- it's our job to gain market share. We put in 2 points of growth faster than that assumption. We're going to hold ourselves to that standard, meaning if we're too conservative on the market outlook, then we will have higher expectations of what good looks like in terms of the year. But that's our best view.

我想也許我能給你的最好的顏色就是我們的想法，對吧？我們對市場發生的情況的最佳看法是通過查看第一季度報告的所有競爭對手和同行來了解的。顯然，這會持續到五月。我們所有關於市場動態的內部數據、我們與客戶的廣泛對話以及迄今為止報告的少數公司，對吧？這樣就告知了 0% 到 2% 的人。我們思考這個問題的方式和標準是——我們的工作就是獲得市場份額。我們的增長速度比該假設快 2 個百分點。我們將堅持這一標準，這意味著如果我們對市場前景過於保守，那麼我們將對今年的美好前景抱有更高的期望。但這是我們最好的看法。

When you look at the script in the comments that Stephen and I made, we made no comments about share gain in Q2 because when you deliver 2% growth, we're not going to pat ourselves on the back. At least looking at the first few companies that have reported, it appears that our performance is actually quite good and that we're growing faster. There's a lot of companies yet to report, but it actually looks like, on a relative basis, we actually had a solid quarter of growth. So hopefully, that gives you some context of where things are, but we're going to keep studying it and make sure we got a good handle on our performance. And when we end '23, that we will be proud that we navigated the environment extremely well, deliver differentiated performance and set the company up for long-term success.

當您查看斯蒂芬和我發表的評論中的腳本時，我們沒有對第二季度的份額增長發表任何評論，因為當您實現 2% 的增長時，我們不會沾沾自喜。至少從前幾家報告的公司來看，我們的業績實際上相當不錯，而且增長得更快。有很多公司尚未報告，但實際上，相對而言，我們確實實現了穩健的季度增長。希望這能為您提供一些有關情況的背景信息，但我們將繼續研究它並確保我們能夠很好地控制我們的表現。當我們 23 世紀結束時，我們將為我們出色地駕馭環境、提供差異化的業績並為公司取得長期成功而感到自豪。

That's extremely helpful color, Marc. And maybe one follow-up here. The updated guidance, is it assuming China to remain declined for the rest of the year? And what was PPI's growth in the quarter?

這是非常有用的顏色，馬克。也許還有一個後續行動。更新後的指引是否假設中國在今年剩餘時間內繼續下滑？本季度 PPI 增長是多少？

Vijay, the decline will lessen on a reported basis because of the run-up in testing and actually therapies a little bit there in terms of the support of the pandemic that we did in the back half of the year last year. So we're assuming basically the same market conditions, not just China, but for the rest of the world as well as we saw in Q2 for the remainder of the year.

Vijay，根據報告，下降幅度將會減少，因為去年下半年我們對大流行病的支持方面，測試和實際治療方法有所增加。因此，我們假設市場狀況基本相同，不僅是中國，而且是世界其他地區，以及我們在今年剩餘時間內在第二季度看到的情況。

Clinical research, double-digit growth.

臨床研究，兩位數增長。

Our next question comes from Dan Brennan from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Dan Brennan。

Great. Marc, Jets are hoping out and Rogers can navigate through a difficult schedule, certainly hope and expect you'll navigate Thermo through these more difficult macro times here. Maybe just the first one, would love to get more color on China. Could you just walk us through just more color across your major customer segments, kind of unpack, kind of how the quarter played out from that perspective? And then specifically, I would also love to hear color on bioproduction in China.

偉大的。馬克、噴氣機隊希望羅傑斯能順利度過艱難的賽程，當然希望並期望你能帶領熱電度過這些更困難的宏觀時期。也許只是第一個，希望對中國有更多的了解。您能否向我們介紹一下您的主要客戶群的更多色彩，以及從這個角度來看本季度的表現？具體來說，我也很想听聽有關中國生物生產的看法。

Yes. So in terms of China, when I think about it, we had a decline on an organic basis a little over 10%. Core was about flat in terms of it, and I'm just trying to give some flavor. So you obviously have the COVID testing. What we saw in China -- and it was very different than what our team expected, what we expected. And if I think about that, that's unusual comment coming from us. Actually, our leadership team from China came to the U.S. I had the opportunity to sit down and chat with them of what are they seeing. So -- and I'm heading over to China in a few weeks as well for a week. So it's an important market.

是的。因此，就中國而言，我認為我們的有機下降略高於 10%。就其而言，核心是平淡的，我只是想提供一些風味。所以你顯然已經接受了新冠病毒檢測。我們在中國看到的情況——這與我們團隊的預期、我們的預期非常不同。如果我仔細想想，我們的評論很不尋常。事實上，我們中國的領導團隊來到了美國，我有機會坐下來和他們聊聊他們所看到的。所以——幾週後我也將前往中國待一周。所以這是一個重要的市場。

It really does feel like it is broad economic based. And so we saw that across our different businesses, not limited to one. Clearly, bioproduction was soft in China. So consistent with some of the other comments that you've heard from others. But we saw the slowdown really cut across the portfolio, if you will, and it seems to be economic activity.

確實感覺它具有廣泛的經濟基礎。因此，我們在不同的業務中都看到了這一點，而不僅限於一項業務。顯然，中國的生物生產疲軟。與您從其他人那裡聽到的一些其他評論非常一致。但如果你願意的話，我們看到經濟放緩確實影響了投資組合，而且似乎是經濟活動。

We always assume, hey, are we doing something wrong? Are we losing share? All of those things, because I think that's sort of the PPI discipline, which is fact-based, hold yourself accountable to a high standard. At least on what we're seeing, it just feels like customers got extraordinarily cautious in China, activity slowed and it showed up across the portfolio. And while I haven't had a moment to distract myself on some fun activities, I look forward to, at some point, some football and seeing if the Jets actually make an improvement.

我們總是假設，嘿，我們做錯了什麼嗎？我們正在失去份額嗎？所有這些事情，因為我認為這是基於事實的 PPI 紀律，讓你自己對高標準負責。至少就我們所看到的情況而言，感覺中國的客戶變得異常謹慎，活動放緩，這在整個投資組合中都有體現。雖然我沒有時間去參加一些有趣的活動來分散自己的注意力，但我期待著在某個時候參加一些足球比賽，看看噴氣機隊是否真的有所進步。

Thanks. Listen, Dan, I can't comment on the Jets. But when I think about China, it is way broader than life science tools. This is a Chinese economy. They're clearly having problems getting that economy back up and running post-COVID, and they have a history of being able to do that. So -- but we're not counting on that for the remainder of the year as a way to frame it from a wider economic viewpoint. Thanks, Dan.

謝謝。聽著，丹，我不能評論噴氣機隊。但當我想到中國時，它的範圍比生命科學工具要廣泛得多。這就是中國經濟。顯然，他們在疫情過後讓經濟恢復和運行方面遇到了問題，而且他們有能力做到這一點的歷史。所以，但我們並不指望在今年剩餘時間內將其作為從更廣泛的經濟角度來構建它的一種方式。謝謝，丹。

Great. And then maybe just on the end market, 4% to 6%, which you took down to 0% to 2% right now under your planning for 2023. Kind of from what you see today, is that 0% to 2% the best starting point as we think about modeling out Thermo's top line for 2024?

偉大的。然後也許只是在終端市場上，4% 到 6%，根據 2023 年的計劃，你現在將其降低到 0% 到 2%。從你今天看到的情況來看，0% 到 2% 是最好的嗎當我們考慮建模 Thermo 2024 年的營收時，起點是什麼？

Do you want to talk a little bit about, Stephen?

你想談談嗎，史蒂芬？

Yes. So just broadly on 2024, when I think about what you need to do to model the company going forward, there's two factors. One is the jumping off point for the 2023 margins and then what's the macro conditions assumption you used for 2024. So obviously, on the macro, we're assuming that the near-term conditions stay the same throughout the remainder of the year. You will need to make your own assumption around what that market growth is for next year. We'll have more clarity on that when we get towards the end of this year and know what the macro conditions are like. So it's not macro within our industry, it's the macro in terms of the overall economic situation across the globe. So we'll have a clearer view on that towards the end of this year.

是的。因此，大體上到 2024 年，當我考慮需要做什麼來為公司未來發展建模時，有兩個因素。一是 2023 年利潤率的起點，然後是您對 2024 年使用的宏觀條件假設。顯然，在宏觀方面，我們假設近期條件在今年剩餘時間內保持不變。您需要對明年的市場增長情況做出自己的假設。當我們接近今年年底並了解宏觀狀況時，我們將對此有更清晰的了解。所以這不是我們行業內的宏觀問題，而是全球整體經濟形勢的宏觀問題。因此，我們將在今年年底對此有更清晰的看法。

As Marc said earlier, we'll hold ourselves to the standard of delivering a couple of points higher than what the market growth is when we think about that. So as you leave in what assumption you have, I think the assumption is we'll be driving a couple of points of share gain above that.

正如馬克之前所說，當我們考慮這一點時，我們將堅持比市場增長高幾個百分點的標準。因此，當你離開你的假設時，我認為假設是我們將推動高於此的幾個百分點的份額增益。

And then from a margin standpoint, a normal assumption for the year would be start with 50 basis points of expansion on top of what we just ended the year. And then when you think about my guide for this year, it will be some small benefit of the carryover of the cost actions into 2023 as well. So that will help you think about the margin profile for '24 at this point and provide you a more refined view on that when we give the guidance for '24 in more detail.

然後從利潤率的角度來看，今年的正常假設是在我們剛剛結束的基礎上擴張 50 個基點。然後，當您考慮我今年的指南時，您會發現，將成本行動結轉至 2023 年也將帶來一些小好處。因此，這將幫助您此時考慮 '24 的利潤狀況，並在我們更詳細地提供 '24 的指導時為您提供更精確的觀點。

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

我們的下一個問題來自美國銀行的 Derik De Bruin。

So Dan sort of asked some of the questions I wanted to talk to you about on '24. I guess, Marc, what's your view that we're not entering a more prolonged downturn in the life sciences tools market? And I'm just sort of thinking about this from a historical perspective when we've sort of seen some resets in the market, and it's taken a while for this to sort of like wash through the system. So it's like what's your confidence that we're not in a situation where we've got a couple -- we've got a period where the growth is going to be sort of back in that lower range?

丹問了一些我想在 24 日與你們討論的問題。我想，馬克，您認為生命科學工具市場不會陷入更長期的低迷，您對此有何看法？當我們看到市場上出現一些重置時，我只是從歷史的角度來思考這個問題，並且需要一段時間才能像清洗系統一樣。那麼，你對我們沒有處於這樣的情況有什麼信心——我們有一段時期，增長將回到較低的範圍？

Yes. So Derik, it's a great question. So if I step back from the crystal ball for which moment and say what's the drivers here, this is an unbelievable industry with incredible tailwinds. And even since the Analyst Day, if you look about the progress on approved medicines that are going on and the cycle that, that creates of more funding to fuel the pharmaceutical and biotech industry, it's extraordinarily encouraging for the long term, right?

是的。德里克，這是一個很好的問題。因此，如果我從水晶球中退一步，看看這裡的驅動因素是什麼，就會發現這是一個令人難以置信的行業，有著令人難以置信的順風車。即使自分析師日以來，如果你看看正在批准的藥物的進展以及為推動製藥和生物技術行業創造更多資金的周期，從長遠來看，這是非常令人鼓舞的，對吧？

So when I think about 4% to 6% market growth for the long term, as bullish as ever, right, in terms of that. When I think about the dynamics, most of what is going on is around the macroeconomic environment, not the life science tools, diagnostics, pharma services, right, in terms of caution in the economy, credit availability, all of that cycle, higher interest rates and, therefore, less funding going into higher growth business. All of that dynamic is a macro. Within our own industry, you clearly have the pandemic unwind, right, that's shaking out. And as you look at the industry's numbers, and even if you look at our numbers, the pandemic-related activity will be relatively modest this year. So most of that will have washed out in the industry this year.

因此，當我考慮 4% 至 6% 的長期市場增長時，我一如既往地看漲，對吧，就這一點而言。當我考慮動態時，大部分發生的事情都是圍繞宏觀經濟環境，而不是生命科學工具、診斷、製藥服務，對，就經濟中的謹慎、信貸可用性、所有這些週期、更高的利息而言率，因此，進入高增長業務的資金減少。所有這些動態都是一個宏。在我們自己的行業中，疫情顯然已經得到緩解，對吧，這正在發生。當你查看該行業的數據時，即使你查看我們的數據，今年與大流行相關的活動也將相對溫和。因此，今年該行業中的大部分將被淘汰。

So when I think about '24, as Stephen said, it's really going to be what's the macro, not the life sciences tools macro that I think is the big driver, because the science can be exquisite. I mean great things going on in pharma biotech. There'll be great new discoveries. All of that will attract funding. It's just a question of, is this a kind of a stabilization year for the economy and then it balances? That's the bull case. Or is this a more prolonged period? And then that obviously is more of the bearish case on sort of what the macro is. And while we won't have a perfect crystal ball as we get into our guidance in '24, we'll have a much better sense of what the conditions we are navigating. Hopefully, that's helpful.

因此，當我想到 24 世紀時，正如斯蒂芬所說，真正重要的是宏觀因素，而不是我認為最大驅動力的生命科學工具宏觀因素，因為科學可以是精緻的。我的意思是製藥生物技術領域正在發生偉大的事情。將會有偉大的新發現。所有這些都將吸引資金。這只是一個問題，今年是經濟穩定的一年，然後會達到平衡嗎？這就是牛市的情況。或者說這是一個更長的時期？顯然，這更多的是對宏觀經濟的看跌情況。雖然當我們進入 24 年的指導時，我們不會有一個完美的水晶球，但我們將對我們正在面臨的條件有更好的了解。希望這有幫助。

Yes, it is. It is. So just a follow-up on this is, like how much of the pharma and biotech slowdown is just this digestion of the excess COVID spending? And clearly, there was frothy biotech markets and people worry about supply chain. So there was -- a lot of money that went into the system is we call debtors. How much is this just digesting that extra spend versus are you seeing new concerns? Are these customers seeing new concerns of a regulatory environment, drug pricing, patent expirations? Are you seeing any signs of slowing clinical trial activity or higher cancellations rates? Just some sort of thought on what's just a hangover period from COVID versus new trepidation in the space.

是的。這是。那麼，接下來的問題是，製藥和生物技術的放緩有多少是消化了多餘的新冠支出？顯然，生物技術市場存在泡沫，人們對供應鏈感到擔憂。因此，大量資金進入了我們稱之為債務人的系統。與您看到的新問題相比，這只是消化了多少額外支出？這些客戶是否看到了監管環境、藥品定價、專利到期等新問題？您是否看到任何臨床試驗活動放緩或取消率上升的跡象？只是對新冠疫情的後遺症與該領域新的恐慌之間的一些思考。

Sure. So Derik, the way I would think about it is, if you go back to the beginning of the year and sort of how we talked about our guidance, pharma and biotech, right, as a company, as a reminder, our core organic growth was 14% in 2022. Within that, vaccines and therapies were essentially flat. So actually, the -- whatever the stripping that out, we actually grew faster than that. Pharma biotech, incredibly strong in 2022.

當然。所以德里克，我的想法是，如果你回到今年年初，我們如何談論我們的指導、製藥和生物技術，對吧，作為一家公司，提醒一下，我們的核心有機增長2022 年為 14%。其中，疫苗和療法基本持平。所以實際上，無論怎樣剔除這一點，我們的增長速度實際上比這更快。製藥生物技術在 2022 年將異常強勁。

Our view was, while the market would be a good end market in 2023, but given the comparisons, it would moderate meaningfully. That's not a negative comment, it's just such an oversized growth. And our very strong growth in the prior year period, we knew that growth would slow. And when you look at the Q2 results, you're flat and 5 points of headwind, which actually performed literally exactly as we had forecasted for the quarter. So kind of 5% growth, excluding the sort of vaccine and therapy runoff this year. That gives you a sense of what the sort of base activity is in that market, which actually is reasonable. It's slower than some other periods. But given the comparison, it actually is a reasonable view.

我們的觀點是，雖然 2023 年市場將是一個良好的終端市場，但考慮到比較，它會顯著放緩。這並不是負面評論，只是增長幅度過大。我們去年的增長非常強勁，我們知道增長會放緩。當你查看第二季度的業績時，你會發現業績持平，並且有 5 個點的逆風，實際上，其表現與我們對本季度的預測完全一致。不包括今年的疫苗和治療藥物，大約有 5% 的增長。這讓您了解該市場的基本活動是什麼，這實際上是合理的。它比其他一些時期要慢。但對比一下，這其實是有道理的。

In terms of the color and all of those things, pharma's doing fine, right, I mean in terms of what's happening there. And it's really biotech -- every quarter that funding has been a little bit more challenged or not as strong as the past, companies get more conservative because they think about what's their runway on spending, and that really picked up in terms of the headwinds in Q2 against an incredibly difficult comparison in the prior year period.

就顏色和所有這些事情而言，製藥公司做得很好，對吧，我的意思是就那裡發生的事情而言。這確實是生物技術——每個季度的資金都會遇到一些更大的挑戰，或者不像過去那麼強大，公司會變得更加保守，因為他們會考慮自己的支出跑道，而這確實是在逆風的情況下加劇的。第二季度與去年同期的比較非常困難。

The final point I would make here is that there are some green shoots starting to happen in biotech, right, in terms of new company formation, some of the funding. Actually, Q2 started to show some signs of positivity. That obviously takes a while to flow through the numbers. But actually, that's an encouraging data point as well. Hopefully, that level of context gives you somehow to think about it.

我在這裡要說的最後一點是，生物技術領域開始出現一些新芽，就新公司的組建和一些資金而言。事實上，第二季度開始顯示出一些積極的跡象。顯然需要一段時間才能了解這些數字。但實際上，這也是一個令人鼓舞的數據點。希望這種程度的背景能讓你以某種方式思考它。

Our next question comes from Rachel Vatnsdal from JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

Perfect. So I just wanted to dig a little bit deeper on that guidance kind of how you guys are bucketing where the cut was really coming from. So you said that of the 400 basis points, 1 point was really from China, 3 points were around customer spending with 1 of that coming from bioproduction. So can you just give us a bit more color on where the remaining 2 points and weaker customer spend is happening? It sounds like PPD growth was strong. So where else are you seeing weakness in the portfolio? And then also from an end market perspective, is this really all just weakness in pharma biotech or is there some additional weakness in industrial, for example?

完美的。所以我只是想更深入地挖掘一下你們如何在削減的真正來源方面進行指導。所以你說，在 400 個基點中，1 個基點實際上來自中國，3 個基點與客戶支出有關，其中 1 個來自生物生產。那麼，您能給我們更多關於剩餘 2 個點和客戶支出疲軟的情況嗎？聽起來 PPD 增長強勁。那麼您在投資組合中還發現哪些弱點？然後，從終端市場的角度來看，這真的只是製藥生物技術領域的弱點，還是工業領域還存在一些其他弱點？

Yes. So when I think about customer caution, sort of a macroeconomic view, you see that across all types of customers. So it's not limited to one segment. It's more pronounced than biotech, but we saw it in some industrial customers and certainly, we saw it in some of the other customers that we serve, academic and government so forth. So it's not limited to one view.

是的。因此，當我考慮客戶謹慎態度（某種宏觀經濟觀點）時，您會在所有類型的客戶中看到這一點。所以它不限於某一部分。它比生物技術更明顯，但我們在一些工業客戶中看到了這一點，當然，我們在我們服務的其他一些客戶（學術界和政府等）中也看到了這一點。所以它不限於一種視圖。

In terms of the growth where the impact and the change of growth is in the other segments, clearly, with -- our view is that the instruments business will slow in the second half of the year. So that's probably one of the changes. And then some of the run rate activity that you would see in things like bioscience reagents or customer channels, which actually those are great businesses, we think customers will be a little bit more muted in spending. So it's really not pinned to one area, but just spread across the portfolio, probably with instruments feeling most of the impact.

就增長而言，增長的影響和變化是在其他領域，顯然，我們的觀點是儀器業務將在今年下半年放緩。這可能是變化之一。然後，您會在生物科學試劑或客戶渠道等領域看到一些運行率活動，實際上這些都是很棒的業務，我們認為客戶的支出會更加低調。因此，它實際上並沒有固定在某個領域，而是分佈在整個投資組合中，可能影響最大的是工具。

Operator, we're ready for -- we'll take one last question.

接線員，我們準備好了——我們將回答最後一個問題。

Our next question comes from Jack Meehan from Nephron Research.

我們的下一個問題來自 Nephron Research 的 Jack Meehan。

I wanted to ask about M&A. These dynamic times, historically, have a way of creating new opportunities. There's been a few larger assets talked about in the press. Just would love to get your thoughts. Do you expect to be active if something materialized?

我想問一下併購的事。從歷史上看，這些充滿活力的時代總能創造新的機遇。媒體談論了一些更大的資產。只是很想了解您的想法。如果某件事成為現實，您是否希望積極行動？

Yes. Jack, thanks for the question. So in terms of capital deployment and M&A, we've been active on return of capital, both through the increase in the dividend and the share buybacks earlier in the year. We've also been active on M&A with closing the Binding Site to start the year. We're excited about CorEvitas. And we have a lot of firepower, and we're very active, right?

是的。傑克，謝謝你的提問。因此，在資本部署和併購方面，我們一直在積極尋求資本回報，包括通過增加股息和今年早些時候的股票回購。我們還積極開展併購活動，並在年初關閉了綁定網站。我們對 CorEvitas 感到非常興奮。而且我們的火力很強，而且很活躍，對吧？

I do agree with your sentiment that, in these periods, there are opportunities. So we're actively looking at a number of things. And we're only going to do transactions that fit our criteria, which, ultimately, is going to strengthen our offering from a customer perspective. It's going to clearly add shareholder value in terms of the returns that we generate from the transaction. So you'll see us be active. And whether that happens in terms of the second half of the year or into '24, we're certainly busy is the way we think about it.

我確實同意你的觀點，即在這些時期存在著機會。因此，我們正在積極研究一些事情。我們只會進行符合我們標準的交易，這最終將從客戶的角度加強我們的服務。就我們從交易中產生的回報而言，這將明顯增加股東價值。所以你會看到我們很活躍。無論這種情況發生在今年下半年還是進入 24 年，我們的思考方式肯定是忙碌。

Great. And I have one follow-up on Pharma Services. It sounds like that business grew faster than PPD this quarter. Can you talk about how the demand profile is holding up there? And I need to ask about the tornado that hit Rocky Mount. Does that have any material impact on the market as you see it?

偉大的。我對醫藥服務有一項後續行動。聽起來這個季度該業務的增長速度比 PPD 還要快。您能談談那裡的需求狀況如何嗎？我需要詢問襲擊落基山的龍捲風的情況。您認為這對市場有任何實質性影響嗎？

Yes. So Pharma Services, really strong performance in terms of growth. And the way you'd characterize it as accurate. So very strong growth in that business. When I think about new wins and some of the things that we're securing for the future, the team is doing a nice job of building out a strong backlog for the future. So that business is in a good spot.

是的。因此，製藥服務在增長方面確實表現強勁。以及您將其描述為準確的方式。該業務的增長非常強勁。當我想到新的勝利以及我們為未來確保的一些事情時，團隊在為未來建立強大的積壓工作方面做得很好。因此，該業務處於有利位置。

When I think about the tornado that hit in North Carolina, the good news is that nobody was injured, at least in our discussions with the customer. They're assessing the issues from a market perspective. And we stand ready to help our customers as we do in any situation, and we never view that as a business opportunity. We always view it as we have very material relationships with our customers. And our colleagues are there to support them, and we will support in any way that is helpful as they work through the natural disaster.

當我想到襲擊北卡羅來納州的龍捲風時，好消息是沒有人受傷，至少在我們與客戶的討論中是這樣。他們正在從市場角度評估問題。我們隨時準備在任何情況下為客戶提供幫助，我們從不將其視為商業機會。我們始終將其視為我們與客戶有著非常重要的關係。我們的同事隨時為他們提供支持，我們將以任何有幫助的方式支持他們度過自然災害。

So thank you, Jack, for the question. And thanks, everyone, for the questions today. Let me wrap up with -- thanks for joining us. We're very well positioned to deliver and continue to deliver differentiated performance, which we'll do. And as always, thank you for your support of Thermo Fisher Scientific, and we'll keep you updated on our progress. Thanks, everyone.

謝謝杰克提出這個問題。謝謝大家今天提出的問題。讓我以感謝您加入我們作為結束語。我們處於非常有利的位置，可以提供並將繼續提供差異化的性能，我們將會這樣做。一如既往，感謝您對 Thermo Fisher Scientific 的支持，我們將隨時向您通報我們的最新進展。感謝大家。

That concludes today's conference call. Thank you, everybody, for joining. You may now disconnect your lines. Have a lovely rest of your day.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開線路。祝您度過愉快的一天。