賽默飛世爾科技 (TMO) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2023 Third Quarter Conference Call. My name is Ellen, and I'll be your operator for today's call. (Operator Instructions)

早安，女士們、先生們，歡迎參加賽默飛世爾科技 2023 年第三季電話會議。我叫艾倫，我將擔任您今天通話的接線生。 （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 begin the call.

現在我想介紹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，您可以開始通話了。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President and Chief Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading News, Events & Presentations until November 10, 2023. A copy of the press release of our third quarter 2023 earnings is available in the Investors section of our website under the heading, Financials.

早安，感謝您加入我們。今天與我通話的是我們的董事長、總裁兼執行長 Marc Casper；和資深副總裁兼財務長史蒂芬·威廉森。請注意，本次電話會議正在進行網路直播，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11 月10 日。我們2023 年第三季收益新聞稿的副本可在我們網站的投資者部分的「財務」標題下找到。

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.

因此，在開始之前，讓我先簡單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。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the SEC and available in the Investors section of our website under the heading, Financials SEC Filings.

由於各種重要因素，包括公司最近的 10-K 表年度報告和隨後的 10-Q 表季度報告中討論的因素，實際結果可能與這些前瞻性陳述所示的結果存在重大差異。向SEC 提交文件，並可在我們網站的投資者部分的「金融SEC 備案」標題下查看。

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

雖然我們可能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 measure is available in the press release of our third quarter 2023 earnings and also in the Investors section of our website under the heading, Financials.

此外，在本次電話會議中，我們也將提及某些未依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較的 GAAP 指標的調整表可在我們 2023 年第三季收益的新聞稿中以及我們網站的投資者部分的「財務」標題下找到。

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

因此，我現在將把電話轉給馬克。

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

謝謝你，拉夫。大家早安，感謝您今天參加我們的第三季電話會議。讓我回顧一下我們本季的財務業績，然後我將提供有關我們所看到的宏觀經濟情況以及對我們指導的影響的更多背景資訊。

In the third quarter, our revenue was $10.57 billion. Our adjusted operating income grew 8% to $2.56 billion, and we expanded our adjusted operating margin 200 basis points to 24.2% and we delivered excellent growth in adjusted EPS, achieving a 12% increase to $5.69 per share. We delivered a very strong third quarter. In the quarter, the market environment continued to get more challenging. So I thought that it would be best to update you on what we're seeing and the implications on our guidance for the full year.

第三季度，我們的營收為 105.7 億美元。我們調整後的營業收入成長了8%，達到25.6 億美元，調整後的營業利潤率提高了200 個基點，達到24.2%，調整後每股收益實現了出色的增長，增長了12%，達到每股5.69 美元。我們第三季的業績非常強勁。本季度，市場環境持續變得更具挑戰性。因此，我認為最好向您介紹我們所看到的最新情況以及對我們全年指導的影響。

As a reminder, coming out of the second quarter, we assumed core market growth to be in the 0% to 2% range for the year driven by two factors: cautious customer spending and low economic activity in China. As we indicated in September, those same two factors increased in impact, and we now expect core market growth to be slightly negative for the year.

提醒一下，從第二季開始，我們假設今年核心市場成長在 0% 到 2% 的範圍內，這是由兩個因素驅動的：謹慎的客戶支出和中國經濟活動低迷。正如我們在 9 月指出的那樣，這兩個因素的影響力有所增加，我們現在預計今年核心市場的成長將略有下降。

Our team did a good job capitalizing on the available opportunities in the quarter, and we continue to expect to grow faster than the market for the full year and to once again deliver share gain in 2023. Factoring in the current macroeconomic conditions that I discussed as well as the related increase in FX headwinds, we are revising our revenue and adjusted EPS guidance for 2023. We now expect revenue to be $42.7 billion and adjusted EPS to be $21.50 per share. Stephen will outline the underlying assumptions later in the call along with some thoughts to help frame 2024.

我們的團隊在利用本季的可用機會方面做得很好，我們繼續預計全年的成長速度將快於市場，並在 2023 年再次實現份額成長。考慮到我討論的當前宏觀經濟狀況：以及外匯不利因素的相關增加，我們正在修訂2023 年的收入和調整後每股收益指引。我們現在預計收入為427 億美元，調整後每股收益為21.50 美元。史蒂芬將在稍後的電話會議中概述基本假設，以及幫助制定 2024 年框架的一些想法。

So as I look ahead, the combination of our proven growth strategy and PPI Business System will enable us to successfully navigate dynamic times, positioning us to deliver differentiated short-term performance and simultaneously strengthening our long-term competitive position and outlook. The long-term prospects for our industry remain as bright as ever. Science continues to advance at a rapid pace and our tools are used by scientists for the most important work that they do, providing the foundation for the scientific breakthroughs they enable. And our capabilities enable the pharma and biotech industry, which is addressing so many unmet health care needs.

因此，展望未來，我們行之有效的成長策略與 PPI 業務系統的結合將使我們能夠成功駕馭動態時代，使我們能夠提供差異化的短期業績，同時加強我們的長期競爭地位和前景。我們行業的長期前景依然光明。科學繼續快速發展，科學家使用我們的工具來完成他們所做的最重要的工作，為他們實現的科學突破奠定了基礎。我們的能力為製藥和生物技術行業提供支持，該行業正在解決許多未滿足的醫療保健需求。

Let me now turn to our Q3 revenue performance in the context of our end markets, starting with pharma and biotech. Growth declined 1% for the quarter. The COVID-19 vaccine and therapy revenue runoff performed as expected during the quarter, resulting in a headwind in this customer segment. In Q3, performance in this end market was led by our pharma services business.

現在讓我談談我們在終端市場背景下的第三季收入表現，從製藥和生物技術開始。本季成長率下降 1%。本季 COVID-19 疫苗和治療收入徑流表現符合預期，導致該客戶群面臨阻力。第三季度，該終端市場的表現由我們的製藥服務業務所引領。

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. In industrial and applied, growth was flat for the third quarter. Performance in this end market was led by our electron microscopy business. And finally, in diagnostics and healthcare in Q3, revenue was approximately 20% lower than the prior year quarter. In this end market, the team delivered good core business growth, highlighted by our immunodiagnostics, microbiology and transplant diagnostics businesses.

在學術和政府領域，本季我們實現了高個位數成長。我們的電子顯微鏡、色譜和質譜業務實現了非常強勁的成長。在工業和應用領域，第三季成長持平。此終端市場的表現由我們的電子顯微鏡業務引領。最後，第三季診斷和醫療保健領域的收入比去年同期下降了約 20%。在這個終端市場，該團隊實現了良好的核心業務成長，其中免疫診斷、微生物學和移植診斷業務尤其突出。

We made strong progress on our growth strategy in Q3. As a reminder, our strategy consists of 3 pillars: high-impact innovation, our trusted partner status with customers and our unparalleled commercial engine. Starting with innovation. It was another great quarter for the company. We launched a number of high-impact new products across our businesses that are further strengthening our industry leadership and providing our customers with new technologies to enable breakthroughs in their work.

第三季我們的成長策略取得了重大進展。謹此提醒，我們的策略由三大支柱組成：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。從創新開始。對於公司來說，這是另一個偉大的季度。我們在各個業務領域推出了許多具有高影響力的新產品，這些產品進一步加強了我們的行業領導地位，並為我們的客戶提供了新技術，以實現他們的工作突破。

Let me start with a brief update on the groundbreaking Thermo Scientific Astral, which we launched at the American Society of Mass Spectrometry in June. Demand has been very strong, and it's great to see these instruments being so quickly adopted by our customers for their protein discovery research.

讓我先簡單介紹一下我們在 6 月於美國質譜學會推出的突破性 Thermo Scientific Astral 的最新情況。需求非常強勁，很高興看到這些儀器如此迅速地被我們的客戶採用用於他們的蛋白質發現研究。

in the quarter, we launched the EXENT Solution in Europe after receiving IVDR certification. It's the latest innovation from our protein diagnostics business which, as you know, became part of Thermo Fisher with the acquisition of the Binding Site at the beginning of the year. EXENT complements our leading portfolio of assays that help to diagnose and monitor blood protein abnormalities related to multiple myeloma and other disorders.

本季度，我們在獲得 IVDR 認證後在歐洲推出了 EXENT 解決方案。這是我們蛋白質診斷業務的最新創新，如您所知，隨著今年年初收購結合位點，該業務已成為賽默飛世爾的一部分。 EXENT 補充了我們領先的檢測產品組合，有助於診斷和監測與多發性骨髓瘤和其他疾病相關的血液蛋白質異常。

In our bioproduction business, we introduced the Gibco CTS Detachable Dynabeads, our next-generation Dynabeads platform, to accelerate manufacturing of life-changing cell therapies. And in our electron microscopy business, we launched the Thermo Scientific Hydro Bioplasma Focused Ion Beam providing high-resolution imaging along with a simplified workflow for cell biologists. And earlier this week, Time Magazine selected Thermo Fisher's preeclampsia test as one of Times 2023 Best Innovations -- Best Inventions.

在我們的生物生產業務中，我們推出了 Gibco CTS Detachable Dynabeads（我們的下一代 Dynabeads 平台），以加速改變生命的細胞療法的製造。在我們的電子顯微鏡業務中，我們推出了 Thermo Scientific Hydro Bioplasma 聚焦離子束，為細胞生物學家提供高解析度成像和簡化的工作流程。本週早些時候，《時代》雜誌將 Thermo Fisher 的子癇前症測試評選為《泰晤士報》2023 年最佳創新——最佳發明之一。

As you may recall, this is the first and only immunoassay to aid in the risk assessment and clinical management of preeclampsia, and it received FDA Breakthrough Designation and clearance earlier in the year.

您可能還記得，這是第一個也是唯一一個有助於先兆子癇風險評估和臨床管理的免疫測定方法，並在今年稍早獲得了 FDA 突破性認定和批准。

Now turning to the trusted partner status we've earned 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.

現在轉向我們與客戶一起贏得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領先業界的產品、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。

As you know, we've had strong demand for our biologics, drug substance manufacturing capabilities. And during the quarter, we completed an expansion of our site in St. Louis, Missouri. This facility supports therapies for a wide range of diseases including cancer, autoimmune conditions and rare genetic disorders. It features our new Thermo Scientific high-performer DynaDrive 5,000 liter single-use bioreactor, which is a significant advancement in single-use technology.

如您所知，我們對我們的生物製劑、原料藥製造能力有強烈的需求。在本季度，我們完成了密蘇裡州聖路易斯工廠的擴建。該設施支持多種疾病的治療，包括癌症、自體免疫疾病和罕見的遺傳性疾病。它採用了我們新型 Thermo Scientific 高效能 DynaDrive 5,000 公升一次性生物反應器，這是一次性技術的重大進步。

The DynaDrive offers better performance and is scalable to much larger volumes than previous generation bioreactors.

與上一代生物反應器相比，DynaDrive 具有更好的性能，並且可擴展至更大的體積。

We also further strengthened our clinical research offering by opening a facility in Ohio to produce sample collection kits for clinical trials. This enables us to deliver customized kits to our clients and provide greater supply chain stability to support their trials.

我們也透過在俄亥俄州開設一家工廠來生產用於臨床試驗的樣本採集套件，進一步加強了我們的臨床研究服務。這使我們能夠向客戶提供客製化試劑盒，並提供更大的供應鏈穩定性來支援他們的試驗。

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 customer allegiance while also helping us to navigate a dynamic environment. I'm proud of our team's efforts, which resulted in strong operating margin expansion in the quarter.

一如既往，我們的 PPI 業務系統和使命驅動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，讓我們能夠提高品質、生產力和客戶忠誠度，同時幫助我們應對動態環境。我為我們團隊的努力感到自豪，這些努力導致本季營業利潤率強勁成長。

We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to shareholders. It's been a very active year. As I mentioned earlier, we closed the Binding Site in January. The business is performing exceedingly well. During the quarter, we completed our acquisition of CorEvitas, a leading provider of regulatory-grade real-world evidence for approved medical treatments and therapies.

我們繼續成功執行嚴格的資本部署策略，該策略是策略併購和向股東返還資本的結合。這是非常活躍的一年。正如我之前提到的，我們在一月份關閉了綁定網站。該公司的業務表現非常出色。本季度，我們完成了對 CorEvitas 的收購，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者。

As a reminder, 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. The business is now part of our clinical research business and it's off to a great start.

提醒一下，現實世界的證據是透過常規臨床護理收集的患者健康結果數據的收集和使用。這是一個高成長的細分市場，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。該業務現已成為我們臨床研究業務的一部分，並且已經有了一個良好的開端。

Shortly after the close of the quarter, we announced the agreement to acquire Olink, a company that is accelerating proteomics. Olink products enable leading academic researchers and the biopharmaceutical companies to gain an understanding of disease at the protein level rapidly and efficiently. Its proprietary technology, Proximity Extension Assay, provides high-throughput protein analysis. The acquisition of Olink underscores the profound impact that proteomics is having as our customers continue to advance life science research and precision medicine.

本季結束後不久，我們宣布協議收購 Olink，一家正在加速蛋白質體學發展的公司。 Olink 產品使領先的學術研究人員和生物製藥公司能夠快速有效地了解蛋白質水平的疾病。其專有技術 Proximity Extension Assay 可提供高通量蛋白質分析。收購 Olink 凸顯了隨著我們的客戶不斷推動生命科學研究和精準醫療，蛋白質體學正在產生深遠的影響。

This technology is highly complementary to our leading mass spectrometry and life sciences platforms, and we're uniquely positioned to rapidly bring this technology to customers. We expect to deliver $125 million in adjusted operating income synergies in year five, driven by revenue synergies and cost efficiencies. We expect this business to be a mid-teens revenue growth business for us well into the future.

該技術與我們領先的質譜和生命科學平台高度互補，我們具有獨特的優勢，能夠快速將該技術帶給客戶。在營收綜效和成本效率的推動下，我們預計第五年將實現 1.25 億美元的調整後營業收入綜效。我們預計這項業務在未來很長一段時間內將成為我們的收入成長業務。

The transaction is targeted to be closed by mid-2024, subject to customary closing conditions, including regulatory approvals.

該交易預計於 2024 年中期完成，但須滿足慣例成交條件，包括監管部門的批准。

So 2023 has been an active year of M&A that further strengthens Thermo Fisher Scientific for the future.

因此，2023 年是併購活躍的一年，進一步增強了 Thermo Fisher Scientific 的未來實力。

During the quarter, we continued to advance our environmental, social and governance priorities. This included launching a collaboration with the National Minority Quality Forum, a not-for-profit research and education organization, to help bring clinical research to historically underserved patient populations through their alliance for representative clinical trials. The collaboration supports pharma and biotech customers in meeting regulatory expectations to enroll and retain patients in clinical trials who will fully reflect real-world populations experiencing the disease or health condition being studied.

本季度，我們繼續推動環境、社會和治理優先事項。其中包括與非營利研究和教育組織全國少數族裔品質論壇合作，透過其代表性臨床試驗聯盟，幫助將臨床研究帶給歷史上服務不足的患者群體。此次合作支持製藥和生物技術客戶滿足監管期望，招募並留住患者參加臨床試驗，這些患者將充分反映正在研究的疾病或健康狀況的現實世界人群。

It also helps to enable our customers to meet U.S. Food and Drug Administration requirements around diversity action plans.

它還有助於我們的客戶滿足美國食品和藥物管理局有關多元化行動計劃的要求。

In terms of our environmental sustainability efforts, we've officially surpassed our original goal to reduce greenhouse gas emissions by 30% by 2030. As we previously announced, we've increased our target to a 50% reduction by 2030, and we're well on our way to achieving that goal. I'm very proud of the way we're making a difference, not only by enabling our customer success, but also by creating a greater work environment for our colleagues and making a positive impact for society.

在我們的環境永續發展方面，我們已經正式超越了到2030 年將溫室氣體排放量減少30% 的最初目標。正如我們之前宣布的那樣，我們已將目標提高到2030 年減少50%，並且我們正在我們正在努力實現這一目標。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 third quarter. We delivered strong operating performance in Q3 driven by our team's execution and the power of our PPI Business System. Given the more challenging macroeconomic environment, we're taking the right actions and appropriately managing the company, and we're incredibly focused on delivering differentiated short-term performance while simultaneously strengthening our long-term competitive position and outlook.

總結一下我們第三季的主要收穫。在我們團隊的執行力和 PPI 業務系統的力量的推動下，我們在第三季度取得了強勁的經營業績。鑑於更具挑戰性的宏觀經濟環境，我們正在採取正確的行動並適當地管理公司，我們非常專注於提供差異化的短期業績，同時加強我們的長期競爭地位和前景。

The attractive long-term outlook for the life sciences industry remains unchanged, and we're uniquely 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.

生命科學產業有吸引力的長期前景保持不變，我們具有獨特的優勢，可以幫助我們的客戶駕馭當前環境，抓住增量機遇，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財務長史蒂芬威廉森。史蒂芬？

Thanks, Marc, and good morning, everyone. As you saw in our press release and as Marc just outlined, while the macroeconomic environment became more challenging in the third quarter, we continue to deliver differentiated performance.

謝謝，馬克，大家早安。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，雖然宏觀經濟環境在第三季變得更具挑戰性，但我們繼續提供差異化的業績。

In Q3, we delivered $10.6 billion of revenue, which included 1% core organic revenue growth. Our PPI Business System enabled us to generate 200 basis points of adjusted operating margin expansion, and we delivered $5.69 of adjusted EPS, a 12% increase over Q3 last year. We're continuing to successfully navigate the current environment.

第三季度，我們實現了 106 億美元的收入，其中核心有機收入成長了 1%。我們的 PPI 業務系統使我們能夠實現調整後營業利潤率擴張 200 個基點，並實現調整後每股收益 5.69 美元，比去年第三季度增長 12%。我們將繼續成功應對當前環境。

Let me now provide you with some additional details on our performance, beginning with our earnings results. And as I mentioned, we delivered $5.69 of adjusted EPS in Q3. GAAP EPS in the quarter was $4.42. On the top line, reported revenue was 1% lower year-over-year. The components of our Q3 reported revenue included 3% lower organic revenue, a 1% contribution from acquisitions and a tailwind of 1% from foreign exchange.

現在讓我向您提供有關我們業績的一些其他詳細信息，首先是我們的盈利結果。正如我所提到的，我們在第三季實現了 5.69 美元的調整後每股收益。本季 GAAP 每股收益為 4.42 美元。總體而言，報告收入年減 1%。我們第三季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 1% 推動。

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 Q3, North America declined mid-single digits. Europe grew in the low-single digits. Asia Pacific declined in the low-single digits, with China declining in the high-single digits.

轉向我們按地理位置劃分的有機收入表現。各地區的有機成長率受到當前和去年與大流行相關的收入的影響。第三季度，北美地區出現中個位數下降。歐洲以低個位數成長。亞太地區出現低個位數下降，其中中國出現高個位數下降。

With respect to our operational performance, adjusted operating income in the quarter increased 8%, and adjusted operating margin was 24.2%, 200 basis points higher than Q3 last year. In the quarter, we delivered exceptionally strong productivity and achieved good price realization. This was partially offset by lower pandemic-related revenue, continued strategic investments and FX. The strength of our productivity reflects the impact of our PPI Business System. It's enabling us to manage our cost base appropriately given the macro conditions.

從經營業績來看，本季調整後營業收入成長8%，調整後營業利益率為24.2%，比去年第三季高出200個基點。本季度，我們提供了異常強勁的生產力並實現了良好的價格實現。這被與大流行相關的收入減少、持續的策略投資和外匯所部分抵消。我們生產力的強弱反映了我們 PPI 業務系統的影響。它使我們能夠根據宏觀條件適當管理我們的成本基礎。

Total company adjusted gross margin in the quarter came in at 42%, 30 basis points higher than Q3 last year.

該季度公司調整後總毛利率為 42%，比去年第三季高出 30 個基點。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 14.8% of revenue, an improvement of 140 basis points over Q3 last year. Total R&D expense was $320 million in Q3, reflecting our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue was 6.7% in the quarter.

繼續討論損益表的詳細資訊。本季調整後的 SG&A 佔營收的 14.8%，比去年第三季提高了 140 個基點。第三季的總研發費用為 3.2 億美元，反映了我們對高影響力創新的持續投資。本季研發占我們製造收入的百分比為 6.7%。

Looking at our results below the line for the quarter. Our net interest expense was $113 million, which is similar to Q3 last year. Our adjusted tax rate in the quarter was 10%, which is 180 basis points lower than Q3 last year, reflecting results of our tax planning activities. Average diluted shares were $388 million in Q3, approximately $7 million lower year-over-year, driven by share repurchases net of option dilution.

看看我們本季的線下業績。我們的淨利息支出為 1.13 億美元，與去年第三季相似。我們本季調整後的稅率為 10%，比去年第三季低 180 個基點，反映了我們稅務規劃活動的結果。第三季平均稀釋後股票為 3.88 億美元，年減約 700 萬美元，這是由於扣除選擇權稀釋後的股票回購所推動的。

Turning to cash flow and the balance sheet. Year-to-date cash flow from operations was $4.7 billion. Year-to-date free cash flow was $3.7 billion after investing $1 billion of net capital expenditures. During the quarter, we returned $136 million of capital to shareholders through dividends, and we deployed just over $900 million of capital for the acquisition of CorEvitas.

轉向現金流和資產負債表。年初至今，營運現金流為 47 億美元。投資 10 億美元的淨資本支出後，年初至今的自由現金流為 37 億美元。本季度，我們透過股息向股東返還了 1.36 億美元的資本，並部署了超過 9 億美元的資本用於收購 CorEvitas。

We ended the quarter with $6.2 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 2.7x on a net debt basis.

本季結束時，我們的現金為 62 億美元，債務總額為 353 億美元。截至本季末，我們的槓桿率為調整後 EBITDA 總負債的 3.2 倍，淨負債的槓桿率為 2.7 倍。

In concluding my comments on our total company performance, adjusted ROIC was 12%, reflecting the strong returns on investment that we're generating across the company.

在總結我對公司整體績效的評論時，調整後的投資報酬率為 12%，反映了我們在整個公司產生的強勁投資回報。

Now I'll provide some color on the performance of our 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. That does skew some of the reported segment growth rates and margins. And we continue to execute strong pricing realization across all segments to address inflation.

現在我將介紹我們四個業務部門的業績。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。這確實扭曲了一些報告的細分市場成長率和利潤率。我們繼續在所有細分市場執行強有力的定價以應對通貨膨脹。

Moving on to the segment details, starting with Life Sciences Solutions. Q3 reported revenue in the segment declined 18% and organic revenue was 19% lower than the prior year quarter. This is driven predominantly by the runoff of our pandemic-related revenue in the segment versus the year ago quarter.

繼續討論細分市場的詳細信息，從生命科學解決方案開始。第三季該部門的營收下降了 18%，有機收入比去年同期下降了 19%。這主要是由於該領域與大流行相關的收入與去年同期相比有所下降。

Q3 adjusted operating income for Life Sciences Solutions decreased 16% and adjusted operating margin was 35.9%, up 80 basis points versus the prior year quarter. During the quarter, we delivered exceptionally strong productivity and had favorable FX, which was partially offset by unfavorable volume mix.

第三季生命科學解決方案調整後營業收入下降 16%，調整後營業利益率為 35.9%，比去年同期成長 80 個基點。在本季度，我們實現了異​​常強勁的生產力和有利的外匯，但不利的銷售組合部分抵消了這一影響。

In the Analytical Instruments segment, reported revenue increased 8% in Q3 and organic growth was also 8%. The strong growth in this segment this quarter was led by electron microscopy business. In this segment, Q3 adjusted operating income increased 21% and adjusted operating margin was 26.7%, up 290 basis points year-over-year. In the quarter, we delivered very strong productivity and had strong volume pull-through, which was partially offset by FX and strategic investments.

在分析儀器領域，第三季報告營收成長了 8%，有機成長也為 8%。本季該細分市場的強勁成長是由電子顯微鏡業務帶動的。在該業務領域，第三季調整後營業收入成長 21%，調整後營業利益率為 26.7%，較去年同期成長 290 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售拉動，但這部分被外匯和策略投資所抵消。

Turning to Specialty Diagnostics. In Q3, reported revenue increased 2% and organic revenue was 6% lower than the prior year quarter. In Q3, we continue 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. Q3 adjusted operating income for Specialty Diagnostics increased 29% in the quarter and adjusted operating margin was 26.1%, which was 550 basis points higher than Q3 2022. During the quarter, we delivered favorable volume mix and very strong productivity. That was partially offset by the impact of lower COVID-19 testing volume and strategic investments.

轉向專業診斷。第三季度，報告營收比去年同期成長 2%，有機收入下降 6%。在第三季度，我們繼續看到以免疫診斷、微生物學和移植診斷業務為主導的核心業務強勁的潛在成長。與去年同期相比，與疫情相關的收入下降抵消了這一影響。專業診斷第三季調整後營業收入成長了29%，調整後營業利潤率為26.1%，比2022 年第三季高550 個基點。在本季度，我們實現了良好的銷售組合和非常強勁的生產力。這被 COVID-19 檢測量和戰略投資減少的影響部分抵消。

Finally, in Laboratory Products and Biopharma Services segment, Q3 reported revenue increased 3% and organic growth was 1%. During Q3, organic revenue growth in this segment was led by the pharma services business. In this segment, Q3, adjusted operating income increased 29% and adjusted operating margin was 16.4%, which is 340 basis points higher than Q3 2022. During the quarter, we delivered exceptionally strong productivity and favorable mix, which is partially offset by FX.

最後，在實驗室產品和生物製藥服務領域，第三季營收成長 3%，有機成長 1%。第三季度，該領域的有機收入成長由製藥服務業務帶動。在該業務領域，第三季調整後營業收入成長了29%，調整後營業利潤率為16.4%，比2022 年第三季高出340 個基點。本季度，我們實現了異​​常強勁的生產力和有利的產品組合，但部分被外匯因素抵銷了。

Let me now turn to guidance. As Marc outlined, we're revising our full year 2023 guidance to reflect the more challenging macroeconomic environment. Our revised estimate for 2023 is revenue of $42.7 billion with core organic revenue growth of just under 1% and $21.50 of adjusted EPS.

現在讓我談談指引。正如 Marc 所概述的那樣，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。我們對 2023 年的修訂估計為營收 427 億美元，核心有機收入成長略低於 1%，調整後每股收益為 21.50 美元。

Let me now provide you with some details behind the change in guidance versus the estimate we provided on our last earnings call. Starting with revenue. Our revised guidance is $850 million lower than the prior outlook. $200 million of this is driven by an increased headwind from FX. We've increased our guide by $45 million to reflect the acquisition of CorEvitas and the rest of the change is due to our lower core revenue assumption. We now see core organic growth for the year up just under 1%, which is a little less than 2% lower than the prior guide. This is driven by the same factors that we've seen throughout the year, the weak economic conditions in China and cautious spending in general across our customer base.

現在讓我向您提供指導變化背後的一些細節，以及我們在上次財報電話會議上提供的估計。從收入開始。我們修訂後的指引比先前的展望低了 8.5 億美元。其中 2 億美元是由外匯不利因素增加所推動的。我們將指導值增加了 4500 萬美元，以反映對 CorEvitas 的收購，其餘變化是由於我們較低的核心收入假設。我們現在預計今年的核心有機成長略低於 1%，比之前的指導值低了不到 2%。這是由我們全年看到的相同因素推動的，即中國疲軟的經濟狀況以及我們客戶群普遍謹慎的支出。

As we indicated during Q3, these factors increased an impact during the quarter, and our assumption is that the conditions we saw at the end of Q3 will continue throughout the remainder of the year. And as a result, we now expect core market growth for our industry to be slightly negative for the year. However, we continue to effectively navigate the macro dynamics and expect to continue to deliver differentiated core organic revenue growth for the year despite the more challenging conditions.

正如我們在第三季所指出的，這些因素在本季的影響有所增加，我們的假設是，我們在第三季末看到的情況將在今年剩餘時間內持續下去。因此，我們現在預計今年該行業的核心市場成長將略有下降。然而，儘管情況更具挑戰性，我們仍將繼續有效應對宏觀動態，並預計今年將繼續實現差異化的核心有機收入成長。

Moving on to profitability. The revised guidance assumes a pull-through on the lower revenue of just over 40%, and we now expect our adjusted operating margin to be 22.9% for the year. We continue to use the PPI Business System to manage our costs appropriately given the market conditions. From an adjusted EPS standpoint, the revised guidance is $0.17 lower due to FX and $0.69 related to the change in core revenue. So we now expect to deliver $21.50 of adjusted EPS in 2023, a strong result given the challenging macro environment.

轉向盈利。修訂後的指導假設收入下降略高於 40%，我們現在預計今年調整後的營業利潤率為 22.9%。我們繼續使用 PPI 業務系統根據市場情況適當管理我們的成本。從調整後每股收益的角度來看，由於外匯因素，修訂後的指導方針下降了 0.17 美元，與核心收入的變化有關，修訂後的指導方針下降了 0.69 美元。因此，我們現在預計 2023 年調整後每股收益為 21.50 美元，考慮到充滿挑戰的宏觀環境，這是一個強勁的結果。

Let me now provide you with some additional details of the updated 2023 guidance. We continue to assume that we'll deliver $300 million of testing revenue in 2023. We expect the total vaccines and therapies-related revenue will be $1.6 billion less than the prior year, an impact of over 4% on our core organic revenue growth. This assumes we'll recognize $1.3 billion of vaccine therapies revenue in 2023, $600 million of which is in our clinical research business.

現在讓我向您提供更新後的 2023 年指南的一些其他詳細資訊。我們仍然假設我們將在 2023 年實現 3 億美元的檢測收入。我們預計疫苗和療法相關的總收入將比前一年減少 16 億美元，這對我們核心有機收入成長的影響超過 4%。假設我們將在 2023 年確認 13 億美元的疫苗療法收入，其中 6 億美元來自我們的臨床研究業務。

Moving on to FX. Given the recent rate changes, we're now assuming that FX will be a year-over-year headwind to revenue of approximately $100 million. And in terms of adjusted EPS, we now expect FX to be a year-over-year headwind at $0.28, which is $0.17 more of a headwind than our previous guidance. The Binding Site and CorEvitas acquisitions are performing well, and we now assume that they'll contribute approximately $300 million to our reported revenue growth for the year.

轉向外匯。鑑於最近的匯率變化，我們現在假設外匯業務將成為收入約 1 億美元的同比逆風。就調整後每股收益而言，我們現在預計外匯將成為同比阻力，為 0.28 美元，比我們之前的指引高出 0.17 美元。 Binding Site 和 CorEvitas 的收購表現良好，我們現在假設它們將為我們報告的今年營收成長貢獻約 3 億美元。

Below the line, we now expect just under $500 million of net interest expense in 2023, a slight increase reflecting the acquisition of CorEvitas. We continue to assume that the adjusted tax rate for 2023 will be 10%, and we're now expecting net capital expenditures will be between $1.3 billion and $1.5 billion. And we now expect that free cash flow will be between $6.7 billion and $6.9 billion for the year.

在此線之下，我們現在預計 2023 年淨利息支出將略低於 5 億美元，這一小幅增長反映了收購 CorEvitas 的影響。我們繼續假設 2023 年調整後的稅率為 10%，目前預期淨資本支出將在 13 億美元至 15 億美元之間。我們現在預計今年的自由現金流將在 67 億美元至 69 億美元之間。

In terms of capital deployment, our guidance includes $3 billion of share buybacks, which were already completed in January, $3.7 billion in acquisitions completed this year and $3.1 billion committed to the acquisition of Olink, which we expect to close in 2024. We continue to assume that full year average diluted share count will be approximately 388 million shares and we'll return approximately $540 million of capital to shareholders this year through dividends, a 17% increase over 2022.

在資本部署方面，我們的指導包括 30 億美元的股票回購（已於 1 月完成）、今年完成的 37 億美元的收購以及承諾 31 億美元的 Olink 收購（預計將於 2024 年完成）。假設全年平均稀釋後股票數量約3.88 億股，今年我們將透過股利向股東返還約5.4 億美元資本，比2022 年增加17%。

So before I conclude my prepared remarks, I thought it would be helpful to share some more detailed thoughts around how to frame 2024. At this point in time, a good starting assumption is that our core organic revenue growth in 2024 is similar to 2023, approximately 1% growth. With our proven growth strategy, we expect to continue to take share, and that would mean market growth in 2024 will be similar to 2023 with the market declining 1 to 2 points.

因此，在結束準備好的發言之前，我認為分享一些關於如何構建2024 年的更詳細的想法會有所幫助。此時此刻，一個好的開始假設是我們2024 年的核心有機收入增長與2023 年類似，約1%的成長。憑藉我們行之有效的成長策略，我們預計將繼續佔據份額，這意味著 2024 年的市場成長將與 2023 年相似，但市場下降 1 至 2 個百分點。

In terms of phasing of our core organic revenue growth, it's best to assume a more challenging first half and then moderate growth in the second half. The pandemic-related revenues, both testing and total vaccines and therapies are likely to be around $300 million in 2024. This is a headwind of approximately $1.3 billion or 3% of revenue. M&A is expected to increase revenue of $175 million year-over-year. That's a combination of 6 months of Olink and the inorganic portion of the CorEvitas revenue in 2024. And based on current rates, we'd expect FX to be a headwind to revenue in 2024 of approximately $375 million, just under 1%.

就我們核心有機收入成長的階段性而言，最好假設上半年更具挑戰性，然後下半年實現溫和成長。到 2024 年，與疫情相關的收入（包括測試以及總疫苗和療法）可能會達到 3 億美元左右。這大約是 13 億美元，佔收入的 3%。併購預計將年增 1.75 億美元的收入。這是 Olink 6 個月的收入和 CorEvitas 2024 年收入的無機部分的組合。根據目前的匯率，我們預計外匯將成為 2024 年收入約 3.75 億美元的阻力，略低於 1%。

So wrapping all this together, 2024 revenue dollars will be very similar to 2023.

因此，將所有這些綜合起來，2024 年的收入將與 2023 年非常相似。

In terms of adjusted operating income dollars, with this top line setup, we would expect to deliver similar adjusted operating income dollars to 2023. We'll continue to use the PPI Business System to manage costs very carefully, but also continue to make the right long-term investments to enable us to continue to strengthen our industry leadership. Strong underlying productivity and cost controls are expected to offset the runoff in the remaining pandemic revenue, inflation and the normalization of incentive compensation across the company and appropriate investments in our colleagues.

就調整後營業收入而言，透過這一頂線設置，我們預計到2023 年將實現類似的調整後營業收入。我們將繼續使用PPI 業務系統來非常仔細地管理成本，但也會繼續制定正確的政策長期投資使我們能夠繼續加強我們的行業領導地位。強大的基礎生產力和成本控制預計將抵消剩餘的流行病收入、通貨膨脹和整個公司激勵薪酬的正常化以及對我們同事的適當投資的流失。

Below the line, the net -- the interest income benefit from our cash generation and an assumption of $3 billion of buybacks in 2024 would more than offset the impact of a slight increase in our tax rate to 10.5%. All of this would enable us to deliver around $21.75 of adjusted EPS for the year.

在線上下，淨利息收入受益於我們的現金產生以及 2024 年 30 億美元回購的假設，將足以抵銷我們稅率小幅提高至 10.5% 的影響。所有這些將使我們今年的調整後每股收益約為 21.75 美元。

So the high-level summary is that with these assumptions, we'd expect 2024 full organic revenue growth to be similar to 2023 and that our proven growth strategy in PPI Business System would enable us to continue to manage the macro conditions and the runoff in pandemic revenue very effectively so we can deliver revenue and profitability similar to 2023 and a slight increase in adjusted EPS. And should the market conditions be better than I just outlined, our growth strategy, improvement execution capabilities will enable us to deliver the upside benefit.

因此，高階總結是，根據這些假設，我們預計 2024 年的全面有機收入成長將與 2023 年類似，並且我們在 PPI 業務系統中經過驗證的成長策略將使我們能夠繼續管理宏觀條件和徑流大流行期間的收入非常有效，因此我們可以實現與2023 年類似的收入和盈利能力，並且調整後的每股收益略有增加。如果市場狀況比我剛才概述的要好，我們的成長策略、改進的執行能力將使我們能夠帶來上行效益。

I look forward to providing you our formal guidance for 2024 on our next earnings call, along with our usual supporting details for the year ahead. At that point, we'll have the insight from a full year of 2023 and have a better view on the macro conditions entering 2024.

我期待在下一次財報電話會議上向您提供 2024 年的正式指導，以及未來一年的常規支援細節。屆時，我們將獲得 2023 年全年的洞察，並對進入 2024 年的宏觀狀況有更好的了解。

So in conclusion, we'll continue to navigate the environment really well, delivering differentiated financials and further strengthening our industry leadership. We remain really well positioned to capitalize on additional opportunities as market growth normalizes over time. And as we think about our cost base, we're really well positioned to drive strongly accretive growth going forward.

因此總而言之，我們將繼續充分應對環境，提供差異化的財務狀況並進一步加強我們的行業領導地位。隨著市場成長隨著時間的推移逐漸正常化，我們仍然處於有利地位，可以利用更多機會。當我們考慮我們的成本基礎時，我們確實處於有利位置，可以推動未來的強勁成長。

Now let me turn the call back over to Raf.

現在讓我把電話轉回給 Raf。

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

接線員，我們已準備好進行通話的問答部分。

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

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

Marc, a bigger picture question. Upon greater reflection, how much of your decision to raise the long-term target to 7% to 9% do you think may have been based on the environment we are in? And I was curious, do you think it's prudent for investors to think of something lower than that in the medium term?

馬克，一個更大的問題。仔細思考一下，您認為將長期目標提高到7%至9%的決定有多少是基於我們所處的環境？我很好奇，您認為投資者在中期考慮低於這個水準的價格是否明智？

Yes, Jack, thanks for the question. When I think about the long-term guidance or our long-term targets, what's underlying it is 4% to 6% growth, right? I don't think there's any controversy -- market growth, 4% to 6% market growth. I don't think there's any controversy that we're going to grow meaningfully faster because if you look at the last 10 or 15 years, we've delivered superior organic growth and it keeps getting better and better relative to the market. So the spread of 2, 3 points better than that, that's not in question. So 4% to 6%, you get to the 7% to 9%.

是的，傑克，謝謝你的提問。當我考慮長期指導或我們的長期目標時，背後是 4% 至 6% 的成長，對嗎？我認為沒有任何爭議——市場成長，4% 到 6% 的市場成長。我認為我們將實現有意義的更快成長，這沒有任何爭議，因為如果你看看過去10 或15 年，我們已經實現了卓越的有機成長，並且相對於市場而言，它正在變得越來越好。所以2、3點的分差比這更好，這是沒有問題的。所以 4% 到 6%，你會得到 7% 到 9%。

When I think about my 20-plus years in this industry, thinking about what the historical growth is, what the drivers are for the growth, I feel 4% to 6% long-term market growth is actually the appropriate number. The things that the industry are going through now do not change my view that the long-term health of this industry is exceptionally bright and that you'll see that return. And I can't call when exactly that returns. But what I can say is that the unmet health care needs and all the drivers that we talked about at our Analyst Day, remain extraordinarily bright for the future. So thank you, Jack.

當我回想起我在這個行業20多年的時間，思考歷史成長是什麼，成長的驅動力是什麼，我覺得4%到6%的長期市場成長其實是合適的數字。該行業現在正在經歷的事情並沒有改變我的觀點，即該行業的長期健康狀況異常光明，並且您將看到回報。我無法確切地打電話給它什麼時候返回。但我可以說的是，未滿足的醫療保健需求以及我們在分析師日討論的所有驅動因素，未來仍然非常光明。所以謝謝你，傑克。

And then maybe as a follow-up, the deterioration kind of in the market we've seen since second quarter earnings or even early September, what are you hearing from customers? Like did you try and diagnose what's happening here? And just what are your thoughts on kind of the recent increase in the 10-year, how does that impact kind of the pace of the recovery as you see it?

然後也許作為後續行動，自第二季度收益甚至九月初以來我們看到市場的惡化，您從客戶那裡聽到了什麼？就像你嘗試診斷這裡發生了什麼嗎？您對最近 10 年的成長有何看法？您認為這對復甦的速度有何影響？

Yes. So I've been out with customers. As you know, I do that a lot. I've been out on a -- definitely out there with our customer tour, both in Europe and the U.S., and earlier in the quarter, I was in China. So when I think about what our customers are saying, they're actually very bullish on the mid- to long term. So there's quite a lot of opportunities for us.

是的。所以我一直在跟顧客出去。如你所知，我經常這樣做。我參加了歐洲和美國的客戶之旅，本季早些時候，我去了中國。因此，當我思考我們的客戶所說的話時，他們實際上非常看好中長期。所以我們有很多機會。

What I would say is short term, if you're visiting a smaller biotech customer, what you're seeing is concerns about when the funding environment is going to improve. So there's a level of caution. And I think that's generally across the customer base as customers are being cautious after a very robust pandemic period. But long term and the excitement and customers looking forward to the future with us. It's extremely positive. Anything on the non-term interest rate you...

我想說的是短期的，如果你正在拜訪規模較小的生技客戶，你會看到的是對融資環境何時會改善的擔憂。所以需要一定程度的謹慎。我認為這普遍存在於整個客戶群中，因為在經歷了一段非常強勁的大流行時期後，客戶變得謹慎起來。但從長遠來看，客戶對我們的未來充滿興奮和期待。這是非常積極的。任何關於非定期利率的事情你...

No, I wouldn't think about the long-term interest rate. I think from a funding standpoint, I think there's a spread between interest rates and then what the kind of return will people are going to get on an investment. And as the valuation expectations moderate for our customers, that I think the funding will start flowing better going forward. The timing of that will still be played out, but the return profile and the successful investment in biotech is still incredibly compelling. So long term that will moderate appropriately.

不，我不會考慮長期利率。我認為從融資的角度來看，利率與人們將從投資中獲得的回報之間存在差異。隨著我們客戶的估值預期趨於緩和，我認為資金將開始更好地流動。其時機仍待確定，但生物技術的回報狀況和成功投資仍然令人難以置信地引人注目。長期來看，會適當緩和。

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。

Maybe Marc and Steve -- Stephen, excuse me. It's somewhat hard to reconcile just the magnitude of this end market weakness just given the view towards the structural attractiveness of kind of the customer drivers. So maybe could you just give us a lens on this outlook for '24, maybe first, from like a geographic perspective, China? How much of that is a driver towards like other regions?

也許是馬克和史蒂夫——史蒂芬，對不起。考慮到各種客戶驅動因素的結構性吸引力，很難調和終端市場疲軟的嚴重程度。那麼您能否為我們介紹 24 世紀的前景，也許首先是從地理角度來看，中國？其中有多少是像其他地區一樣的驅動力？

And then, b, it'd be great to just learn about like within biopharma your largest customer base, maybe some of the underlying factors that kind of pointed is very weak growth bioprocess, pharma R&D, Marc, you just mentioned precommercial biotech. Just give us a little more color on what's driving the real kind of contracted growth outlook.

然後，b，如果能了解生物製藥公司最大的客戶群，那就太好了，也許一些潛在因素指出的是增長非常疲軟的生物工藝、製藥研發，馬克，你剛剛提到了商業化前的生物技術。請讓我們更了解是什麼推動了真正的收縮成長前景。

Yes. So Dan, thanks for the question. I think the way that Stephen and I thought about giving an early view to 2024 is not based on us having finished our operating plan process, which we do in December. And then when we actually lay out guidance, we do it based on how did the year finish, all of the details by business, by geography and then we figure out the details. We took the benefit of each of us having 20-plus years of experience in the industry looking at the market conditions that we see today and basically went through the assumptions of how could 2024 play out based on what we know today. So this is not a bottoms-up view by country, by geography and by business unit, but rather based on experience and based on what we're seeing.

是的。丹，謝謝你的提問。我認為史蒂芬和我對 2024 年做出早期展望的想法並不是基於我們已經完成了我們在 12 月完成的營運計劃流程。然後，當我們實際制定指導方針時，我們會根據這一年的完成情況、按業務、按地理位置劃分的所有細節來進行製定，然後我們找出詳細資訊。我們利用每個人在該行業擁有 20 多年的經驗，著眼於今天所看到的市場狀況，並根據我們今天所了解的情況，基本上對 2024 年的情況進行了假設。因此，這不是按國家、地區和業務部門劃分的自下而上的觀點，而是基於經驗和我們所看到的情況。

So when I think about for us next year, right, we try to give you incredible clarity about what's COVID in our numbers. So we're expecting a runoff of $1.3 billion of COVID-related revenue in 2024. That would leave $300 million of revenue in 2024, of which we have pretty good line of sight to what those activity is. So that's the first assumption. And then the second assumption is effectively what's going on in the base business, meaning excluding the COVID-related business. And that should be a little bit over 3% growth. So if you think of those 2 factors, that's how you get to a core number of one remember that testing as part of the decline. So that's a set of assumptions.

因此，當我考慮明年的情況時，我們會盡力讓您清楚地了解我們的數據中包含哪些新冠病毒。因此，我們預計 2024 年與新冠病毒相關的收入將達到 13 億美元。這將在 2024 年留下 3 億美元的收入，其中我們對這些活動有很好的了解。這是第一個假設。第二個假設實際上是基礎業務中發生的情況，這意味著排除與新冠病毒相關的業務。成長率應該略高於 3%。因此，如果您考慮這兩個因素，這就是您得出核心數字的方法，請記住，測試是下降的一部分。這是一組假設。

So then there's another lens to think about it which is comparisons or that we're going to lap the customer caution, different businesses at different points in time. But the first half will have more difficult comparisons, having fully seen the effect of caution. In the second half, you actually get to more -- back to kind of moderate growth in that period of time just based on that factor. And then we looked at some of our businesses like our instrument business, which had the benefit this year of the disruptions from supply chain in 2021 and 2022. And we were able to catch up on orders that need to be shipped, and that gave us a little bit of a benefit of growth this year, of which that obviously doesn't repeat next year.

因此，還有另一個角度來考慮它，即比較，或者我們將在不同時間點的不同業務中對客戶保持謹慎。但上半年將會有更困難的比較，充分看到謹慎的效果。在下半年，你實際上會得到更多——基於這個因素，在那段時間裡恢復到適度的成長。然後我們審視了我們的一些業務，例如我們的儀器業務，今年受益於 2021 年和 2022 年供應鏈中斷。我們能夠趕上需要發貨的訂單，這給了我們今年的成長帶來了一點好處，但明年顯然不會再出現這種情況。

We factored all of that in, and we said, core is pretty similar to what it is next year. We look forward to actually doing the detailed guidance at the end of January, early February when we have our earnings call and we'll have all of our puts and takes and be a lot smarter. But we wanted our analyst community to be aligned with what we're seeing today because there's quite a big disconnect in the numbers that are out there for 2024 relative to the numbers that we articulated today.

我們考慮了所有這些因素，我們說，核心與明年的情況非常相似。我們期待在一月底、二月初實際進行詳細的指導，屆時我們將召開財報電話會議，我們將擁有所有的看跌期權和看跌期權，並且變得更加聰明。但我們希望我們的分析師社群能夠與我們今天看到的情況保持一致，因為 2024 年的數據與我們今天公佈的數據有很大的脫節。

Maybe just to follow up just on biopharma since it's -- sorry about that. Maybe just to follow up on biopharma since it is your biggest customer base and such a key driver. Could you just give us a little bit of a window just maybe what you're seeing in Q3, kind of how you're thinking about Q4 as maybe a jumping off point to '24, large pharma R&D spending, bioprocess, PPD. Can you give us some flavor on your key customer segments and kind of what the trends look like right now? And that will give us some vantage point for how we think about '24 there as well.

也許只是為了跟進生物製藥，因為對此感到抱歉。也許只是為了跟進生物製藥，因為它是您最大的客戶群，也是一個關鍵的驅動因素。您能為我們提供一點窗口，也許您在第三季度看到了什麼，您如何看待第四季度作為 24 年大型製藥研發支出、生物製程、PPD 的起點。您能為我們介紹一下您的主要客戶群以及目前的趨勢嗎？這也將為我們如何思考 24 世紀提供一些有利的視野。

Dan, I think your fellow analysts are throwing tomatoes at your building today. You're asking 19 questions in that one. But I'll start at a high level and we'll leave some of this for others. Let me break the pharma -- biopharma into what revenue was in Q3 and then a little bit of some of the underlying dynamics.

丹，我認為你的分析師同事今天正在向你的大樓扔西紅柿。你在那一題問了 19 個問題。但我將從高層次開始，我們會將其中一些留給其他人。讓我將製藥生物製藥細分為第三季的收入，然後介紹一些潛在的動態。

Actually, the revenue in the quarter was incredibly similar to the prior quarter in terms of how we actually performed. We declined 1%. And looking at that, the long-term outlook here is strong. We talked about that in an earlier question. Effectively, customer caution increased a bit. You see that more pronounced in biotech and pharma, what you see across the customer set. That's more of a forward-looking look.

事實上，就我們的實際表現而言，本季的營收與上一季非常相似。我們下降了 1%。從這一點來看，這裡的長期前景是強勁的。我們在之前的問題中討論過這一點。實際上，客戶的謹慎程度有所提升。你會發現這一點在生物技術和製藥領域以及整個客戶群中更為明顯。這更具前瞻性。

I think the thing that probably is most relevant and why we think about our fourth quarter the way we do, one of the things that we assumed in our previous guidance was that in our bioprocessing business, that orders would stabilize, start to normalize in the third quarter. We did not see that. So if you say what's the single biggest driver of the same factors in Q4 versus what we talked about really is bioproduction. We didn't see that normalization of orders.

我認為可能最相關的事情以及為什麼我們以我們的方式看待第四季度，我們在先前的指導中假設的一件事是，在我們的生物加工業務中，訂單將穩定下來，開始正常化第三季度。我們沒有看到這一點。因此，如果你說第四季度相同因素的最大驅動因素是什麼，而我們真正討論的是生物生產。我們沒有看到訂單正常化。

In general, that business operates on a roughly a 13-week lead time. So if you don't see the orders in Q3, you're not going to see the revenue step up in Q4. So hopefully, that's helpful in terms of the framing. I'm sure I'll get some of the other ones in the future questions.

一般來說，該業務的營運週期約為 13 週。因此，如果您在第三季看不到訂單，那麼您將不會看到第四季度的收入成長。希望這對框架有所幫助。我確信我會在以後的問題中得到其他一些問題。

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。

Marc, you just typically haven't called out the COVID impact to the PPD, the biopharma services business in the past. Can you just sort of clarify what that was in '22 and '23 overall so we can do the number? And also staying on that segment, Pfizer and Moderna are big customers of yours. They both have announced some R&D cuts. How should we sort of think about how that flows through the business? And I guess, is there any sort of vaccine revenues in at that business with any sort of like take-or-pays that have sort of been in there. So I know that's a lot on that, but I'll just start there.

Marc，您過去通常沒有指出新冠疫情對 PPD（生物製藥服務業務）的影響。您能否澄清一下 22 年和 23 年的整體情況，以便我們可以計算出這個數字？輝瑞（Pfizer）和 Moderna 也是您的大客戶。他們都宣布削減一些研發費用。我們應該如何思考它如何在業務中流動？我想，該業務中是否存在任何類似「照付不議」的疫苗收入。我知道這方面還有很多內容，但我就從這裡開始吧。

Yes. So Derik, great question. So let's talk about clinical research one level above and then I'll give you some of the answers to the question you have. So we are almost at the 2-year anniversary of the acquisition of PPD, which closed in early December of 2021. Business is doing great. And it's been a terrific acquisition. It is a terrific acquisition with a bright future.

是的。德瑞克，好問題。因此，讓我們談談更高一級的臨床研究，然後我將為您提供一些問題的答案。我們即將迎來收購 PPD 的兩週年紀念日，該收購於 2021 年 12 月初完成。業務進展順利。這是一次了不起的收購。這是一次了不起的收購，前景光明。

If you think about what the moment in time was in December of 2021, PPD had done a great job of growing its core sort of normal business and played a leading role in supporting the clinical trials for vaccines and therapies, just phenomenally relevant set of capabilities, which is part of the reason we knew how great the business was and how respected it was in the industry.

如果你想想 2021 年 12 月的那個時刻，PPD 在發展其核心正常業務方面做得非常出色，並在支持疫苗和療法的臨床試驗方面發揮了主導作用，這些能力都是非常相關的，這也是我們知道這家企業有多麼偉大以及它在行業中多麼受尊重的部分原因。

Since our ownership, we've modeled in that this would be a declining portion of the business. It's actually been a headwind through all of our ownership on core organic growth. So if I think about -- so our core organic has actually been higher than if we didn't include it. But our view was this business's end market growth was really good and we're just going to grow through it and it was factored into our guidance.

自從我們擁有所有權以來，我們就已經預測這將是業務中不斷下降的部分。這實際上是我們所有核心有機成長的一個阻力。因此，如果我想一想，我們的核心有機物實際上比我們不包含它時要高。但我們的觀點是，該業務的終端市場成長非常好，我們將透過它實現成長，並將其納入我們的指導中。

Obviously, as customer caution has increased in pharmaceutical and biotech, the rates of growth in our non-COVID business slows, and we wanted to ensure that our investors understood that, that was actually quite healthy but we're going through the runoff on vaccines and therapies. To give you the magnitude of the number, what is embedded in our 2023 is a $600 million decline in revenue for vaccines and therapies, and it also happens to be $600 million of activity in the year. So that's this year.

顯然，隨著客戶對製藥和生物技術的謹慎態度增強，我們的非新冠業務成長速度放緩，我們希望確保我們的投資者明白，這實際上是相當健康的，但我們正在經歷疫苗的流失和療法。為了讓您了解這個數字的大小，我們的 2023 年疫苗和療法收入將減少 6 億美元，而這一年的活動也恰好是 6 億美元。今年就是這樣。

And as opposed to sort of take-or-pay or those things, clinical trials are different. You have patients enrolled, you go through it. So that revenue will run off in an orderly fashion over the next couple of years. In the outlook that we gave of $300 million of total revenue for all pandemic-related, some of that -- most of it is actually that work in clinical research. There's a little bit of take-or-pay in pharma services and nominal amount of testing. So hopefully, that gives you a good sense of the dynamic there.

與「照付不議」之類的方式相反，臨床試驗是不同的。你有病人登記，你要經歷它。因此，收入將在未來幾年有序地流失。我們預計所有與流行病相關的總收入將達到 3 億美元，其中一些——大部分實際上是臨床研究工作。製藥服務和名義上的檢測量有一些照付不議的情況。希望這能讓您對那裡的動態有一個很好的了解。

Right. So if we just think about underlying growth of the core PPD business, just sort of what's your embedded number for this year and sort of the working assume for next year? Just as I said, there's just a lot of variables. I think just some clarity would help.

正確的。因此，如果我們只考慮核心 PPD 業務的潛在成長，今年的嵌入數字是多少，明年的工作假設是什麼？正如我所說，存在著許多變數。我認為只要澄清一些就會有所幫助。

Yes. So obviously, we'll get into some of that. We don't even do it by business unit in our guidance. So -- but I can give you a sort of direction how to think about it. What we've said at the time of the acquisition and what we've said consistently is the long-term growth expectation for this business is high single digits plus the benefit of synergies. And that hasn't changed in terms of the long term.

是的。顯然，我們將討論其中的一些內容。在我們的指導中，我們甚至沒有按業務部門來這樣做。所以——但我可以給你一個如何思考它的方向。我們在收購時所說的話以及我們一貫所說的是，對該業務的長期成長預期是高個位數加上綜效的好處。從長遠來看，這一點並沒有改變。

Our assumption has been that it would step down from the 20% and then sort of double-digit growth to that, and then actually it will step down below that and bounce back up just on the math of the COVID activity runoff over the next year or so. So hopefully, that helps in terms of how to think about modeling it.

我們的假設是，它將從 20% 下降，然後是兩位數的增長，然後實際上它將下降到低於這一水平，並根據明年新冠病毒活動徑流的計算反彈回來或。希望這對如何思考建模有所幫助。

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。

Great. So appreciate all the color that you've given us today on 2024. But for two areas that I wanted to follow up on. First, how do you see China playing out next year? At this point, is growth in the region going to be reasonable in 2024? Are we going to be looking at declines?

偉大的。因此，感謝您今天在 2024 年為我們提供的所有資訊。但對於我想跟進的兩個領域。首先，您如何看待中國明年的表現？至此，2024 年該地區的成長是否合理？我們會看到下降嗎？

And then you've noted that 2024 is also going to be more of a back half-weighted story really given those market dynamics. So could you walk us through the magnitude of the step-up that you're expecting between the first half and second half? And how much of that is really going to be driven by easier comps in the back half versus an expected rebound in the market?

然後您會注意到，考慮到這些市場動態，2024 年也將更多地是一個後半加權的故事。那麼您能否向我們介紹一下您預計上半場和下半場之間進步的幅度？其中有多少真正是由後半段較容易的比較以及市場預期的反彈所推動的？

So Rachel, thanks. Let me start with China. And I think it's really relevant for the community to understand our view on what's going on in China. So first of all, it was great to return to China, which I did in August. And I actually came away with -- in a way more encouraged on the long term. So let me give you a little bit more detail on it.

雷切爾，謝謝。讓我從中國開始。我認為社區了解我們對中國正在發生的事情的看法確實很重要。首先，我很高興能回到中國，我是在八月回到中國的。事實上，從長遠來看，我以一種更受鼓舞的方式離開了。那麼讓我為您提供更多詳細資訊。

I went to China with two different hats. One is the Chair of the U.S. China Business Council, where I had the opportunity to interact with senior members of the Chinese government, including the Premier. And then I also did my normal thing of being CEO of Thermo Fisher Scientific and had the opportunity to see our colleagues, visit sites and see a lot of customers during that process. So this is what I came away with from my visit.

我帶著兩頂不同的帽子去中國。其中一位是美中貿易全國委員會主席，我有機會與包括總理在內的中國政府高級官員互動。然後我也做了我作為賽默飛世爾科技執行長的正常工作，並有機會在這個過程中見到我們的同事、參觀現場並見到很多客戶。這就是我這次訪問的收穫。

Economy is definitely challenged and the conditions are worsening. We saw that worsening during the quarter. The government is actively working to boost business confidence and create a stronger environment for foreign investment. So when I think about the kind of the macro picture, short term, definitely challenged from a macro economy. I was pleasantly surprised that a real focus on a better environment for foreign companies, which bodes well for the future.

經濟肯定受到挑戰，而且情況正在惡化。我們看到這種情況在本季惡化。政府正積極提振企業信心，營造更良好的外商投資環境。因此，當我考慮宏觀情勢時，短期內肯定會受到宏觀經濟的挑戰。我感到驚訝的是，我們真正專注於為外國公司創造更好的環境，這預示著未來的美好前景。

When I think about the outlook here, we definitely saw the impact of the declining economy in the results, and we would expect that, that will continue and we can't predict exactly when the market will do. But we know that the comparisons get easier in the second half for China as we lap some of the comparables for the more challenging comparables. When I think about phasing for the year and all of that stuff, we look forward to doing that in the beginning of 2024.

當我考慮這裡的前景時，我們確實在結果中看到了經濟衰退的影響，我們預計這種情況將持續下去，但我們無法準確預測市場何時會發生變化。但我們知道，下半年中國的比較變得更容易，因為我們將一些可比較物件替換為更具挑戰性的可比較物件。當我考慮今年的分階段以及所有這些事情時，我們期待在 2024 年初做到這一點。

Yes. But Rachel, I kind of set up what I put in the prepared remarks, is kind of a mirror image of this year as a starting point, kind of more challenging in the first half and then modest growth in the second half.

是的。但雷切爾，我在準備好的發言中所說的內容有點像今年的鏡像作為起點，上半年更具挑戰性，然後下半年略有增長。

Great. And then if I could squeeze in one more just on instrumentation. That was a great spot this quarter at 8% growth. You've noted that you're over-indexed to instrumentation in China, and you've also highlighted some of the incremental weakness there. So can you just walk us through what exactly you're seeing in that portfolio? What was instrument growth in China versus rest of world? And then how should we think about that setup for instrumentation next year given you're going to face some of these difficult comps in the first 3 quarters?

偉大的。然後我是否可以在儀器方面再擠一點。本季成長 8%，表現出色。您已經注意到，您對中國的儀器指數過高，並且您也強調了那裡的一些增量弱點。那麼您能否向我們介紹一下您在該投資組合中到底看到了什麼？與世界其他地區相比，中國的樂器成長情況如何？那麼，考慮到您將在前三個季度面臨一些困難的比賽，我們應該如何考慮明年的儀器設置？

So I'll probably keep it at a pretty high level. Awesome quarter in analytical instruments, 8% growth. Team is doing a good job. Our electron microscopy business, really performing extremely well. And great to see the uptake on Astral, which is our breakthrough mass spectrometer, which we launched in June. So those are the highlights.

所以我可能會把它保持在一個相當高的水平。分析儀器季度表現出色，成長 8%。團隊做得很好。我們的電子顯微鏡業務確實表現得非常好。很高興看到 Astral 被廣泛採用，這是我們在 6 月推出的突破性質譜儀。這些都是亮點。

Our guidance for this year and our framing for next year reflects the customer caution and the non-repeat of some of the -- working through the disruptions of the pandemic on supply chain. So that's embedded in the outlook for the year.

我們今年的指導和明年的框架反映了客戶的謹慎態度以及在應對疫情對供應鏈造成的干擾的情況下不重複某些做法。因此，這一點已納入今年的展望中。

And then Rachel, just on the kind of the additional kind of weakness we saw in China in Q3, some of that came through in revenue in Q3, but it's going to be more in terms of revenue in Q4 because of a lag in terms of bookings profile for an instrumentation business. So that's part of that dynamic of why Q4 is more impacted by the change profile that we saw in China.

然後，Rachel，就我們在第三季度在中國看到的那種額外的疲軟而言，其中一些是在第三季度的收入中體現出來的，但由於在第四季度的收入方面存在滯後，所以在第四季度的收入方面會出現更多的疲軟。儀器儀表業務的預訂資料。這就是為什麼第四季更容易受到我們在中國看到的變化的影響的部分原因。

(Operator Instructions) Our next question comes from Puneet Souda from Leerink Partners.

（操作員說明）我們的下一個問題來自 Leerink Partners 的 Puneet Souda。

I'll wrap two of my questions into one. First, largely on M&A. Given the environment right now, the type of deals that you're doing, the type of valuations you're doing at, could you maybe just give us a sense of what you're seeing out there? Obviously, Olink, prior to that Binding Site and CorEvitas. Is that the type of sort of midsized deals that we should continue to expect here and the opportunity base that you are seeing in M&A?

我將把我的兩個問題合併為一個。首先，主要是併購。考慮到現在的環境、你正在進行的交易類型、你正在進行的估值類型，你能否讓我們了解一下你所看到的情況？顯然，Olink 早於 Binding Site 和 CorEvitas。這是我們應該繼續期待的中型交易類型以及您在併購中看到的機會基礎嗎？

And within the proteomics franchise, now with successful Orbitrap franchise of last 15-plus years, combining that with Olink. Marc, maybe at a high level, could you provide us your, not for lack of better work or vision on proteomics despite being a sort of a tough market this year and next year?

在蛋白質體學專營權範圍內，現在擁有過去 15 年多來成功的 Orbitrap 特許經營權，並將其與 Olink 結合。馬克，也許在高水平上，您能否向我們提供您的信息，而不是因為蛋白質組學方面缺乏更好的工作或願景，儘管今年和明年的市場很艱難？

Yes. So Puneet, thanks for the question. And so when I think about the M&A for this year or M&A even in general, the criteria that we use is M&A that's going to be highly valued by our customers, strengthen our strategic position, generate strong returns for our shareholders. And you look at what the different opportunities are and you think about it in different periods of time where it's going to skew in your favor.

是的。普尼特，謝謝你的提問。因此，當我考慮今年的併購或整體併購時，我們使用的標準是那些將受到客戶高度重視、加強我們的策略地位、為股東帶來豐厚回報的併購。你會看看不同的機會是什麼，並在不同的時間段思考它會向對你有利的方向傾斜。

And this year, with a more volatile macro, we've been able to add 3 phenomenal businesses in terms of strengthening the company with incredible growth prospects, really good return profiles. So that doesn't mean that next year will look exactly like this or years where you can buy companies that are really more of a balance of cost and revenue growth in those different things and different aspects of it. But this year, to be able to get the Binding Site, CorEvitas and Olink, it's fantastic.

今年，在宏觀經濟更加波動的情況下，我們增加了 3 項非凡的業務，增強了公司的實力，具有令人難以置信的成長前景和非常好的回報率。因此，這並不意味著明年將與今年完全一樣，也不意味著您可以購買在不同事物和不同方面真正實現成本和收入成長平衡的公司。但今年，能夠獲得 Binding Site、CorEvitas 和 Olink，真是太棒了。

And when I think about Olink, which this is our first opportunity given that we had announced it during a blackout period, it's just a terrific fit, And you think about it's a leader in a business that has gone through that phase of being well adopted. So the technology risk isn't here anymore. But it hasn't globally commercialized. It hasn't reached nearly its full potential and incredibly complementary to our leading position in mass spectrometry and proteomics.

當我想到 Olink 時，這是我們的第一個機會，因為我們是在停電期間宣布的，它非常適合，你會想到它是一個已經經歷了被良好採用階段的企業的領導者。所以技術風險不再存在。但它尚未在全球商業化。它尚未充分發揮其潛力，並且與我們在質譜和蛋白質組學方面的領先地位具有令人難以置信的補充。

And Puneet, thanks for reminding others about our 15-year plus track record with Orbitrap, Astral being the next big many year run and the combination there, plus Olink, and the fact that we have a leading position in the life sciences instrumentation, which are very relevant in terms of 2 PCR for these products as well, really exciting. They are a leader in their field and we're excited to help bring that to the customer base in an accelerated fashion.

Puneet，感謝您提醒其他人我們與 Orbitrap、Astral 以及 Olink 的組合在 Orbitrap 方面 15 年多的業績記錄，以及我們在生命科學儀器領域處於領先地位的事實，這就這些產品的2 PCR 而言也非常相關，非常令人興奮。他們是各自領域的領導者，我們很高興能夠幫助他們以加速的方式將其帶給客戶群。

And when we look to the future, we expect this to be a long-term, mid-teens-plus growth business and be able to generate really significant adjusted operating income synergies driven by that accelerated revenue growth, right? And on top of that, just $125 million of earnings that come from the year five synergies, and that's going to generate double-digit returns for the shareholders. So super exciting time, and we'll continue to be outstanding stewards of our shareholders' capital.

當我們展望未來時，我們預計這將是一項長期的、十幾歲以上的成長業務，並且能夠在收入加速增長的推動下產生真正顯著的調整後營業收入協同效應，對嗎？最重要的是，第五年的綜效僅帶來 1.25 億美元的收益，而這將為股東帶來兩位數的回報。這是一個超級令人興奮的時刻，我們將繼續成為股東資本的傑出管理者。

Our next question comes from Eve Burstein from Bernstein.

我們的下一個問題來自伯恩斯坦的伊芙·伯斯坦。

I'd love to ask about your lab products and biopharma services business unit. So the operating margin there was up right at 16%. It was higher than any point in the past. And when you talk about the puts and takes there, you called out productivity and mix as some of the positive drivers. So just two questions there.

我很想了解你們的實驗室產品和生物製藥服務業務部門。因此營業利益率上升至 16%。它比過去任何一個點都高。當您談論那裡的看跌期權和看跌期權時，您指出生產力和組合是一些積極的驅動因素。所以只有兩個問題。

One, on mix, if that was a positive driver, does that actually mean that sales of some of your really low margin consumables were down? Other peer companies have talked about challenges there and brought down guidance in general lab products. So can you talk a little bit about those dynamics? And then secondly, on productivity gains. What is driving that? And are those going to be sustainable and recurring over time?

一，就混合而言，如果這是一個積極的推動因素，這是否真的意味著一些利潤率很低的消費品的銷售下降了？其他同行公司也談到了那裡的挑戰，並降低了對一般實驗室產品的指導。那麼您能談談這些動態嗎？其次，關於生產力的提高。是什麼推動了這一點？隨著時間的推移，這些現象會持續並反覆出現嗎？

So, Eve, thanks for the question. So when I think about the margin dynamic in that segment, yes, mix is -- when you think about where the more challenging environment is in terms of customer caution and China, that impacts the lab products business. And then the wider customer caution also impacts our channel business, so relative to the other business in that segment, where the mix profile comes from.

所以，伊芙，謝謝你的提問。因此，當我考慮該細分市場的利潤動態時，是的，當你考慮在客戶謹慎和中國方面更具挑戰性的環境時，這會影響實驗室產品業務。然後，更廣泛的客戶謹慎態度也會影響我們的通路業務，因此相對於該細分市場中的其他業務，混合概況的來源。

In terms of productivity, it's about -- we've been rightsizing the cost base within our lab products business and given the volume change. So that's where the majority of that is. And then just good spending wisely across the whole business, but those are probably the two main factors to call out.

就生產力而言，我們一直在調整實驗室產品業務的成本基礎，並考慮到數量的變化。這就是大部分內容所在。然後在整個業務中明智地支出，但這可能是需要指出的兩個主要因素。

We will take our last question today from Dan Leonard from UBS.

今天我們將回答瑞銀集團 Dan Leonard 提出的最後一個問題。

Great. Really appreciate you sharing all those framing thoughts for 2024. I have a couple of additional follow-ups on that but I'll keep it to one. I know it's not a bottoms-up view, but I'm curious how you're thinking about the inventory effect either for your business or the market in 2024.

偉大的。非常感謝您分享 2024 年的所有框架想法。我對此還有一些額外的後續行動，但我只會保留其中一個。我知道這不是自下而上的觀點，但我很好奇您如何考慮 2024 年庫存對您的業務或市場的影響。

In those areas where there's been inventory burn down in 2023, whether it be in bioproduction or the channels business or wherever you're seeing it, what do you think is a reasonable assumption for 2024? Is it reasonable to assume the burn down concludes and demand can match customer usage? Just any high-level thoughts.

在 2023 年出現庫存消耗的領域，無論是生物生產還是通路業務，或您所看到的任何地方，您認為 2024 年的合理假設是什麼？假設燃盡結束並且需求可以與客戶使用情況相符是否合理？只是任何高層次的想法。

So good question Daniel. When I think about the -- it's primarily a bioproduction story. And I don't think anyone is smart enough to know exactly which quarter. But during 2024, do I think that we will get back to orders matching revenue at some point during the year? Yes.

丹尼爾這個問題問得好。當我想到——這主要是一個生物生產的故事。我認為沒有人夠聰明能夠確切地知道是哪個季度。但在 2024 年期間，我認為我們會在一年中的某個時候恢復訂單與收入相符嗎？是的。

So I think that we'll be smarter with the benefit of another 3 months of time to see what our view is on 2024. But I don't think we'll be talking throughout the year about inventory reduction in the customer set because there's activity that's going on currently that's consuming the inventory that's out there.

因此，我認為我們會更明智地利用另外 3 個月的時間來了解我們對 2024 年的看法。但我認為我們不會全年都在談論客戶群的庫存減少，因為當前正在進行的活動正在消耗現有的庫存。

Great. So let me bring to just a quick wrap up for the call. Thank you for joining us today. We're very well positioned to continue to deliver differentiated performance. And as always, thank you for your support of Thermo Fisher Scientific. We look forward to updating you in the new year.

偉大的。讓我快速總結一下這次電話會議。感謝您今天加入我們。我們處於非常有利的位置，可以繼續提供差異化的績效。一如既往，感謝您對 Thermo Fisher Scientific 的支持。我們期待在新的一年為您提供最新資訊。

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

各位，今天的會議到此結束。非常感謝您的加入。現在您可以斷開線路。祝您有個愉快的一天。