賽默飛世爾科技 (TMO) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2023 Fourth Quarter Conference Call. My name is Bailey, and I'll be your moderator 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 年第四季電話會議。我叫貝利，我將擔任今天電話會議的主持人。 （操作員說明）

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

現在我想介紹一下電話會議的主持人，投資者關係副總裁 Rafael Tejada 先生。特賈達先生，您可以開始通話了。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President and Chief Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer.

早安，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。

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 February 16, 2024. A copy of the press release of our fourth quarter and full year 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2024 年2 月16 日。我們第四季度新聞稿的副本以及2023 年全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.

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「財務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，但我們明確表示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 fourth quarter and full year 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，我們也將提及某些未依照公認會計原則（GAAP）所製定的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳可在我們第四季和 2023 年全年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。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our fourth quarter call. As you saw in our press release, our fourth quarter results were ahead of the guidance we provided on our call in October and demonstrates strong execution.

謝謝你，拉夫。大家早安，感謝您今天參加我們的第四季電話會議。正如您在我們的新聞稿中看到的那樣，我們第四季度的業績超出了我們在 10 月電話會議中提供的指導，並展示了強大的執行力。

As I reflect on our performance for the full year, I'm very proud of our team as they operated with speed at scale to enable the success of our customers, while demonstrating incredibly strong operational discipline and commercial execution. In 2023, we delivered differentiated short-term performance while, at the same time, strengthening our long-term competitive position. I'll get into more detail in my remarks later, but first, let me recap the financials.

當我回顧我們全年的業績時，我為我們的團隊感到非常自豪，因為他們大規模地快速運營，以幫助我們的客戶取得成功，同時展示了令人難以置信的強大運營紀律和商業執行力。 2023年，我們實現了差異化的短期業績，同時加強了我們的長期競爭地位。我稍後會在發言中詳細介紹，但首先讓我回顧一下財務狀況。

Starting with the quarter. Our revenue was $10.89 billion. Our adjusted operating income was $2.55 billion. We expanded our adjusted operating margin by 100 basis points to 23.4%. And we delivered another quarter of strong adjusted EPS performance, growing adjusted EPS 5% to $5.67 per share.

從季度開始。我們的收入為 108.9 億美元。調整後的營業收入為 25.5 億美元。我們將調整後的營業利益率擴大了 100 個基點，達到 23.4%。我們又一個季度的調整後每股盈餘表現強勁，調整後每股盈餘成長 5%，達到每股 5.67 美元。

Then in terms of our full year results, our revenue was $42.9 billion in 2023, adjusted operating income was $9.81 billion and adjusted EPS was $21.55 per share. Last year, we once again delivered meaningful share gain with our industry-leading products, services and expertise. We leveraged our PPI Business System to enable outstanding execution, including aggressively addressing our cost base to effectively navigate a challenging macroeconomic environment.

那麼就我們的全年業績而言，2023年我們的營收為429億美元，調整後的營業收入為98.1億美元，調整後的每股盈餘為21.55美元。去年，我們憑藉著業界領先的產品、服務和專業知識再次實現了可觀的份額成長。我們利用 PPI 業務系統實現出色的執行力，包括積極解決成本基礎問題，以有效應對充滿挑戰的宏觀經濟環境。

At the same time, we strengthened our long-term competitive position with high-impact innovation, exciting and complementary acquisitions, additional investments in our capabilities and further strengthening our trusted partner status with our customers.

同時，我們透過高影響力的創新、令人興奮的互補性收購、對我們能力的額外投資以及進一步加強我們在客戶中值得信賴的合作夥伴地位，鞏固了我們的長期競爭地位。

Turning to our performance by end market. In the fourth quarter, underlying market conditions largely played out in line with our expectations. Our continued strong execution resulted in revenue performance that was slightly ahead of our expectations.

轉向我們終端市場的表現。第四季度，基本市場狀況基本上符合我們的預期。我們持續強勁的執行力導致營收表現略高於我們的預期。

Now let me provide you some color on our performance in the context of each of end markets, starting with pharma and biotech. As expected, growth declined in the high single digits for the quarter and approximately 1% for the full year. In 2023, vaccine and therapy runoff resulted in a 7-point headwind in this customer segment, which was effectively offset through share gains as a result of our trusted partner status. We've made strong progress in transitioning COVID-related capacity to other therapies, and that's very exciting for the future.

現在，讓我向您介紹我們在每個終端市場（從製藥和生物技術行業開始）的表現。如預期的那樣，本季成長率下降至高個位數，全年成長率下降約 1%。 2023 年，疫苗和治療方法的流失導致該客戶群出現 7 個百分點的逆風，但由於我們值得信賴的合作夥伴地位而帶來的份額收益有效地抵消了這一阻力。我們在將新冠病毒相關能力轉移到其他療法方面取得了巨大進展，這對未來來說非常令人興奮。

In academic and government, we grew in the mid-single digits for the quarter and in high single digits for the full year. In 2023, we delivered strong growth across a range of our businesses, including electron microscopy, chromatography and mass spectrometry as well as the research and safety market channel.

在學術和政府領域，我們本季實現了中個位數成長，全年實現了高個位數成長。 2023 年，我們的一系列業務實現了強勁成長，包括電子顯微鏡、色譜和質譜以及研究和安全市場管道。

In industrial and applied, we grew in the low single digits for both the quarter and for the full year. During the year, we delivered very strong growth in our electron microscopy business.

在工業和應用領域，我們本季和全年均實現低個位數成長。這一年，我們的電子顯微鏡業務實現了非常強勁的成長。

And finally, in diagnostics and health care, in Q4, revenue declined in the high teens and was 30% lower for the full year. In 2023, we delivered good core business growth in this end market, highlighted by our immunodiagnostics, microbiology and transplant diagnostics businesses.

最後，在診斷和醫療保健領域，第四季的收入下降了十多歲，全年下降了 30%。 2023年，我們在這一終端市場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為突出。

I'll now turn to an update on our growth strategy. As a reminder, our strategy consists of 3 pillars: high-impact innovation; our trusted partner status with customers; and our unparalleled commercial engine.

我現在將介紹我們的成長策略的最新情況。提醒一下，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。

Starting with the first pillar. It was another terrific year of high-impact innovation. Throughout the year, we launched outstanding new products across our businesses that strengthen our industry leadership by enabling our customers to advance their important work.

從第一個支柱開始。這是高影響力創新的另一個精彩的一年。在這一年中，我們在各個業務領域推出了出色的新產品，透過幫助我們的客戶推進他們的重要工作來加強我們的行業領導地位。

In chromatography and mass spectrometry, the yield was highlighted by the launch of the groundbreaking Thermo Scientific Orbitrap Astral Mass Spectrometer, which is helping our customers uncover proteins that were previously undetectable. The scientific breakthrough is enabling customers to advance precision medicine, including the identification of new clinical biomarkers. In the 6 months since launch, the scientific community's adoption of the product has exceeded our high expectations, and the momentum is continuing to build as we enter 2024.

在色譜和質譜分析中，突破性的 Thermo Scientific Orbitrap Astral 質譜儀的推出凸顯了產量，該儀器正在幫助我們的客戶發現以前無法檢測到的蛋白質。這項科學突破使客戶能夠推進精準醫療，包括識別新的臨床生物標記。自推出以來的 6 個月內，科學界對該產品的採用超出了我們的高度預期，隨著我們進入 2024 年，這一勢頭仍在繼續增強。

In electron microscopy, we launched the Thermo Scientific Metrios 6 STEM, a fully automated system that enables our customers to rapidly obtain large-volume, high-quality data from increasingly complex semiconductors to advance development.

在電子顯微鏡領域，我們推出了 Thermo Scientific Metrios 6 STEM，這是一款全自動系統，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品質數據，以推進開發。

In Specialty Diagnostics, we launched the first FDA-cleared assays for the risk assessment and clinical management of preeclampsia. This first-of-a-kind diagnostic has received significant attention and adoption as it has significantly raised the standard of care for pregnant women, helping physicians to better manage care by predicting who is most at risk for this condition.

在專業診斷領域，我們推出了第一個經 FDA 批准的檢測方法，用於先兆子癇的風險評估和臨床管理。這種史無前例的診斷方法受到了廣泛關注和採用，因為它顯著提高了孕婦的護理標準，透過預測誰最容易患這種疾病，幫助醫生更好地管理護理。

In Life Sciences Solution, we introduced the Gibco CTS Detachable Dynabeads, our next-generation Dynabeads platform, to accelerate manufacturing of life-changing cell therapies.

在生命科學解決方案中，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。

We continued this great innovation momentum in the fourth quarter. In electron microscopy, we launched the Thermo Scientific Meridian EX System for precise defect localization in advanced logic semiconductors. And in Laboratory Products, we launched the Thermo Scientific Aquanex Ultrapure Water Purification System for reliable water purity and operational enhancement in laboratories. So another spectacular year of innovation and an exciting pipeline for the future.

我們在第四季延續了這一巨大的創新動能。在電子顯微鏡領域，我們推出了 Thermo Scientific Meridian EX 系統，用於先進邏輯半導體中的精確缺陷定位。在實驗室產品中，我們推出了 Thermo Scientific Aquanex 超純水純化系統，可實現可靠的水純度和實驗室操作的增強。這是創新的另一年，也是令人興奮的未來管道。

In 2023, we also continued to strengthen our industry-leading commercial engine and the trusted partner status we have earned with our customers. This included the opening of a state-of-the-art customer center of excellence in Milan to showcase our industry-leading product services and expertise.

2023年，我們也持續加強業界領先的商業引擎以及我們與客戶贏得的值得信賴的合作夥伴地位。其中包括在米蘭開設最先進的卓越客戶中心，以展示我們領先業界的產品服務和專業知識。

And during the fourth quarter, we further strengthened our position in advanced materials by opening our Customer Experience Center for battery manufacturing in Seoul to accelerate the development of next generation of environmentally friendly energy solutions.

第四季度，我們在首爾開設了電池製造客戶體驗中心，進一步鞏固了我們在先進材料領域的地位，以加速下一代環保能源解決方案的開發。

We also made significant advancements in the partnerships and collaborations with our customers throughout the year. Building on our longstanding relationship with Boehringer Ingelheim, a great example in the fourth quarter was an exciting opportunity to develop a genomic testing-based companion diagnostic for non-small cell lung cancer patients in Japan and the United States, where lung cancer is a leading cause of cancer death.

全年我們在與客戶的夥伴關係和協作方面也取得了重大進展。基於我們與勃林格殷格翰的長期合作關係，第四季度的一個很好的例子是一個令人興奮的機會，為日本和美國的非小細胞肺癌患者開發基於基因組測試的伴隨診斷，其中肺癌是日本和美國的主要癌症癌症死亡的原因。

Now let me turn to our PPI Business System and our mission-driven culture, which continue to enable successful execution during the year. PPI engages and empowers all of our colleagues to find a better way every day. It's helping us to drive share gain, improve quality, productivity and customer allegiance. I'm proud of the way our team leveraged PPI to step up in an agile way to navigate the dynamic environment last year, driving higher commercial intensity, actively managing our cost base and optimizing sourcing. We're also leveraging generative AI as part of our PPI Business System toolkit to increase productivity, further optimize our commercial effectiveness and improve the customer experience.

現在讓我談談我們的 PPI 業務系統和我們的使命驅動文化，它們在這一年中繼續實現成功執行。 PPI 每天都讓我們所有的同事參與並賦予他們尋找更好方法的能力。它幫助我們提高份額、提高品質、生產力和客戶忠誠度。我對去年我們的團隊利用 PPI 以敏捷的方式應對動態環境、推動更高的商業強度、積極管理我們的成本基礎和優化採購的方式感到自豪。我們也利用生成式人工智慧作為 PPI 業務系統工具包的一部分來提高生產力、進一步優化我們的商業效率並改善客戶體驗。

A quick wrap -- recap on capital deployment last year. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders. In terms of M&A, we completed our acquisition of The Binding Site, our protein diagnostics business, which enhances our Specialty Diagnostics offering by advancing the diagnosis and management of patients with multiple myeloma and other immune disorders. The integration has gone smoothly, and the business is performing extremely well and tracking ahead of the deal model.

快速總結一下—回顧去年的資本部署。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。在併購方面，我們完成了對蛋白質診斷業務 The Binding Site 的收購，該業務透過推進多發性骨髓瘤和其他免疫性疾病患者的診斷和管理來增強我們的專業診斷產品。整合進展順利，業務表現非常出色，並領先交易模式。

As we look to the future of the protein diagnostics business, our launch of EXENT instrument solution represents a significant breakthrough given its enhanced sensitivity, specificity and ease of use when compared to conventional methods. This is a great complement to our Freelite assays and their strong interest from the medical community due to the positive impact on diagnosing multiple myeloma patients.

當我們展望蛋白質診斷業務的未來時，我們推出的 EXENT 儀器解決方案代表了一項重大突破，因為與傳統方法相比，它具有更高的靈敏度、特異性和易用性。這是對我們的 Freelite 檢測的一個很好的補充，並且由於對診斷多發性骨髓瘤患者的積極影響而引起了醫學界的強烈興趣。

In the third quarter, we added CorEvitas, a leading provider of regulatory-grade, real-world evidence for approved medicines and therapies. CorEvitas is now integrated into our clinical research business, and customers are seeing the benefit of these additional capabilities. The business is off to a great start and performing very well.

在第三季度，我們增加了 CorEvitas，這是一家為批准的藥物和療法提供監管級真實世界證據的領先提供者。 CorEvitas 現已整合到我們的臨床研究業務中，客戶正在看到這些附加功能的好處。該業務有一個良好的開端，並且表現得非常好。

During the fourth quarter, we announced our intent to acquire Olink, a provider of advanced proteomic solutions that help researchers to gain an understanding of disease at the protein level rapidly and efficiently. As a reminder, Olink's technology complements our leading mass spectrometry and life science platforms, and we're uniquely positioned to rapidly bring this technology to customers. The transaction is on track to be completed by mid-2024, subject to customary closing additions, including regulatory approvals.

在第四季度，我們宣布有意收購 Olink，這是一家先進蛋白質組解決方案提供商，可幫助研究人員快速有效地在蛋白質水平上了解疾病。需要提醒的是，Olink 的技術補充了我們領先的質譜和生命科學平台，並且我們具有獨特的優勢，可以快速將該技術帶給客戶。該交易預計將於 2024 年中期完成，但需按照慣例完成交易，包括獲得監管部門的批准。

In 2023, we also returned $3.5 billion of capital to shareholders through stock buybacks and dividends.

2023年，我們也透過股票回購和股利向股東返還了35億美元的資本。

Let me now give you a brief update on our corporate social responsibility initiatives. As a mission-driven company, we help to make the world a better place by enabling the important work of our customers. We also have a positive impact by supporting our communities and being a good steward of our planet, and I'm proud of the actions we took in 2023 in this regard.

現在讓我向您簡要介紹一下我們的企業社會責任舉措。作為一家以使命為導向的公司，我們透過支持客戶的重要工作來幫助世界變得更美好。我們也透過支持社區和成為地球的好管家來產生正面的影響，我對 2023 年我們在這方面採取的行動感到自豪。

Building on our -- the environmental sustainability initiatives, we continue to accelerate our transition to renewable energy with on-site solar projects and power purchase agreements around the world. This progress will help us achieve our recently established target of utilizing 80% renewable electricity globally by 2030.

在我們的環境永續發展措施的基礎上，我們繼續透過世界各地的現場太陽能專案和電力購買協議加速向再生能源的過渡。這項進展將幫助我們實現最近制定的 2030 年全球使用 80% 再生電力的目標。

To advance global health equity in the fourth quarter, we announced a partnership with Project HOPE to improve the well-being and treatment outcomes for young people living with HIV in Nigeria, the country with the second largest HIV epidemic worldwide.

為了在第四季度促進全球健康公平，我們宣布與 Project HOPE 建立合作夥伴關係，以改善尼日利亞這個全球第二大愛滋病毒流行國的感染愛滋病毒的年輕人的福祉和治療結果。

Throughout the year, Thermo Fisher Scientific was once again recognized for our industry leadership and inclusive culture, where colleagues can have a mission-driven career. To list just a few of the recognitions, we were once again included on Fortune's list of the World's Most Admired Companies as well as Fortune's inaugural list of Most Innovative Companies. Newsweek named us as one of America's Most Responsible Companies. Forbes included us on its list of the World's Top Companies for Women and named us as one of the Best Employers for Veterans.

在這一年中，賽默飛世爾科技再次因其行業領導力和包容性文化而獲得認可，在這種文化中，同事們可以擁有以使命為導向的職業生涯。僅列出部分認可，我們再次入選《財富》全球最受尊敬公司名單以及《財富》首屆最具創新力公司名單。 《新聞週刊》將我們評為美國最負責任的公司之一。 《富比士》將我們列入「世界最佳女性公司」名單，並將我們評為「退伍軍人最佳雇主」之一。

As I reflect on the year, I'm very proud of what our team accomplished. Thanks to our incredible colleagues, we successfully navigated the environment, continues to build a bright future for our company. I'm very excited about 2024 and beyond.

當我回顧這一年時，我對我們團隊所取得的成就感到非常自豪。感謝我們出色的同事，我們成功地應對了環境，並繼續為我們公司打造光明的未來。我對 2024 年及以後感到非常興奮。

So let me now turn to guidance. Stephen will outline the assumptions that factor into our 2024 revenue and earnings guidance, but let me quickly cover the highlights. We're initiating a 2024 revenue guidance range of $42.1 billion to $43.3 billion and an adjusted EPS range -- guidance range of $20.95 to $22 per share. This outlook reflects a continuation of us demonstrating incredibly strong commercial execution and operational discipline and enabling the success of our customers.

現在讓我談談指引。史蒂芬將概述影響我們 2024 年收入和獲利指引的假設，但讓我快速介紹重點。我們制定的 2024 年營收指引範圍為 421 億美元至 433 億美元，調整後的每股盈餘指引範圍為每股 20.95 美元至 22 美元。這一前景反映了我們將繼續展示極其強大的商業執行力和營運紀律，並幫助客戶取得成功。

I've had the opportunity to connect with many of our customers in January to understand what's on their minds. Based on our longstanding relationships, we have terrific access to the senior executive teams of our customers. From these conversations, it's clear to me that our customers value our partnership and see us as essential to enabling their success. They are enthusiastic for the future because of the progress in pipelines to treat disease, and there's also great enthusiasm with material science customers for the important advances made in those fields.

一月我有機會與許多客戶聯繫，了解他們的想法。基於我們的長期合作關係，我們可以很好地接觸客戶的高階管理團隊。從這些對話中，我清楚地看到，我們的客戶重視我們的合作關係，並認為我們對他們的成功至關重要。他們對未來充滿熱情，因為治療疾病的管道取得了進展，材料科學客戶也對這些領域的重要進展充滿熱情。

All of this will create strong long-term demand for our capabilities as we enable customer scientific breakthroughs, and we continue to be incredibly well positioned to enable our customers to make the world healthier, cleaner and safer.

所有這一切都將對我們的能力產生強勁的長期需求，因為我們幫助客戶實現科學突破，並且我們將繼續處於令人難以置信的有利地位，幫助我們的客戶讓世界變得更健康、更清潔和更安全。

So to summarize our key takeaways for 2023. Our proven growth strategy continues to drive significant share gain. We continue to elevate our trusted partner status and deepen the relationship with many customers last year. And this, in combination with the power of our PPI Business System, deliver differentiated performance for the quarter and the full year, helping us to effectively navigate a challenging macroeconomic environment. We're well positioned in 2024 to once again deliver differentiated short-term performance and further strengthen our long-term competitive position.

總結我們 2023 年的主要收穫。我們行之有效的成長策略將繼續推動市場佔有率的大幅成長。去年，我們繼續提升值得信賴的合作夥伴地位並加深與許多客戶的關係。這與我們 PPI 業務系統的強大功能相結合，為季度和全年帶來了差異化的業績，幫助我們有效應對充滿挑戰的宏觀經濟環境。到 2024 年，我們已做好充分準備，將再次實現差異化的短期業績，並進一步加強我們的長期競爭地位。

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

現在，我將把電話轉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, we executed really well in Q4. Market conditions played out largely as we'd expected in the quarter. And through great execution, we delivered 1% more core organic revenue growth than our prior guide.

謝謝，馬克，大家早安。正如您在我們的新聞稿中看到的，我們在第四季度的表現非常好。本季的市場狀況基本上符合我們的預期。透過出色的執行，我們的核心有機收入成長比之前的指南高出 1%。

In terms of adjusted EPS, we beat our prior guide by $0.05, and that included offsetting $0.08 of additional FX headwind through really strong operational execution in the quarter. We also capped off the year with very strong free cash flow, delivering $7 billion in 2023.

就調整後每股收益而言，我們比之前的指導高出 0.05 美元，其中包括透過本季強勁的營運執行抵消了 0.08 美元的額外外匯逆風。我們也以非常強勁的自由現金流結束了這一年，在 2023 年實現了 70 億美元。

Throughout the year, we navigated the changing macro environment very effectively. Our proven growth strategy and PPI Business System enabled us to deliver a differentiated experience for our customers and differentiated financial results for our shareholders, all while continuing to invest in the business and advance our strategic position as the world leader in serving science.

一年來，我們非常有效地應對了不斷變化的宏觀環境。我們經過驗證的成長策略和PPI 業務系統使我們能夠為客戶提供差異化的體驗，為股東提供差異化的財務業績，同時繼續投資於業務並提升我們作為科學服務領域全球領導者的戰略地位。

Let me now provide you some additional details on our performance, beginning with our earnings results. We delivered $5.67 of adjusted EPS in Q4 and $21.55 for the full year. GAAP EPS in the quarter was $4.20 and $15.45 for the full year.

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。我們在第四季度調整後每股收益為 5.67 美元，全年調整後每股收益為 21.55 美元。該季度的 GAAP 每股收益為 4.20 美元，全年的 GAAP 每股收益為 15.45 美元。

On the top line, reported revenue was 5% lower year-over-year in Q4. The components of our Q4 reported revenue change included 7% lower organic revenue, a 1% contribution from acquisitions and a tailwind of 1% from foreign exchange.

從營收來看，第四季報告營收年減 5%。我們報告的第四季度收入變化的組成部分包括有機收入下降 7%、收購貢獻 1% 以及外匯帶來 1% 的推動。

Q4 core organic revenue decreased 4%. For the full year 2023, reported and organic revenue decreased 5%, and core organic revenue growth for the year was 1%. In 2023, we delivered $1.73 billion of pandemic-related revenue, $330 million of testing and $1.4 billion of vaccines and therapies revenue.

第四季核心有機收入下降 4%。 2023 年全年，報告收入和有機收入下降 5%，全年核心有機收入成長 1%。 2023 年，我們實現了 17.3 億美元的大流行相關收入、3.3 億美元的檢測收入以及 14 億美元的疫苗和治療收入。

Turning to our organic revenue performance by geography. The organic growth rates by region are skewed by the pandemic-related revenue in the quarter -- in the current year and prior year. In Q4, North America declined low double digits. Europe declined low single digits. Asia Pacific grew low single digits, with China declining in the mid-single digits. For the full year, North America declined high single digits. Europe declined low single digits. And Asia Pacific declined low single digits, with China declining high single digit.

轉向我們按地理位置劃分的有機收入表現。按地區劃分的有機成長率受到本季（今年和前一年）與大流行相關的收入的影響。第四季度，北美地區出現低兩位數下降。歐洲跌幅較低個位數。亞太地區出現低個位數成長，其中中國出現中個位數下降。北美地區全年出現高個位數下降。歐洲跌幅較低個位數。亞太地區下降了低個位數，中國下降了高個位數。

With respect to our operational performance, we delivered $2.55 billion of adjusted operating income in the quarter. And adjusted operating margin was 23.4%, 100 basis points higher than Q4 last year. In the quarter, we continued to deliver exceptionally strong productivity and achieved good price realization. This was partially offset by lower pandemic-related revenue, strategic investments and FX.

就我們的營運表現而言，本季我們實現了 25.5 億美元的調整後營運收入。調整後營業利益率為23.4%，比去年第四季高出100個基點。本季度，我們繼續提供異常強勁的生產力並實現良好的價格實現。這被與大流行相關的收入、策略投資和外匯的減少部分抵消。

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. For the full year, adjusted operating income decreased 11%, and adjusted operating margin was 22.9%, in line with our prior guide.

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。全年調整後營業收入下降 11%，調整後營業利益率為 22.9%，與我們先前的指引一致。

Total company adjusted gross margin in the quarter came in at 41.5%, 10 basis points higher than Q4 last year. The change in gross margin was due to the same drivers as those of our adjusted operating margin. For the full year, adjusted gross margin was 41.2%.

該季度公司調整後總毛利率為 41.5%，比去年第四季高出 10 個基點。毛利率的變動與我們調整後的營業利益率的驅動因素相同。全年調整後毛利率為41.2%。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 15.1% of revenue, an improvement of 50 basis points over Q4 last year. For the full year, adjusted SG&A was 15.2% of revenue, an improvement of 60 basis points compared to 2022. Total R&D expense was $328 million in Q4. For the full year, R&D expense was $1.35 billion, reflecting our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue was 6.8% in 2023.

繼續討論損益表的詳細資訊。本季調整後的 SG&A 佔營收的 15.1%，比去年第四季提高了 50 個基點。全年調整後的 SG&A 佔營收的 15.2%，與 2022 年相比提高了 60 個基點。第四季的總研發費用為 3.28 億美元。全年研發費用為 13.5 億美元，反映了我們對高影響力創新的持續投資。 2023 年，研發占我們製造收入的百分比為 6.8%。

Looking at our results below the line. Our Q4 net interest expense was $81 million, which is $38 million lower than Q4 2022. Net interest expense for the full year was $495 million, an increase of $41 million year-over-year.

看看我們的線下結果。我們第四季的淨利息支出為 8,100 萬美元，比 2022 年第四季減少了 3,800 萬美元。全年淨利息支出為 4.95 億美元，年增 4,100 萬美元。

Adjusted other income and expense was a net expense in the quarter of $19 million, $9 million higher than Q4 2022. This is primarily due to changes in nonoperating FX. For the full year, adjusted other income and expense was a net expense of $16 million compared to a net income of $14 million in 2022.

調整後的其他收入和支出為該季度的淨支出 1,900 萬美元，比 2022 年第四季高出 900 萬美元。這主要是由於非經營性外匯的變化。全年調整後其他收入和支出為淨支出 1,600 萬美元，而 2022 年淨收入為 1,400 萬美元。

Our adjusted tax rate in the quarter and for the full year was 10%. This was 280 basis points lower than Q4 last year and 300 basis points lower for the full year, reflecting the results of our tax planning activities.

我們本季和全年的調整後稅率均為 10%。這比去年第四季低 280 個基點，全年低 300 個基點，反映了我們稅務規劃活動的結果。

Average diluted shares were 388 million in Q4, approximately 5 million lower year-over-year, driven by share repurchases net of options. And shortly after the year-end in January 2024, we repurchased $3 billion of shares.

第四季平均稀釋後股票數量為 3.88 億股，年減約 500 萬股，這是由於扣除選擇權後的股票回購所推動的。 2024 年 1 月年底後不久，我們回購了 30 億美元的股票。

Turning to cash flow and the balance sheet. Full year cash flow from operations was $8.4 billion. And as I mentioned earlier, free cash flow was $7 billion after investing $1.4 billion of net capital expenditures. We returned $136 million of capital to shareholders through dividends in Q4 and $523 million for the full year.

轉向現金流和資產負債表。全年營運現金流為 84 億美元。正如我之前提到的，投資 14 億美元的淨資本支出後，自由現金流為 70 億美元。我們透過第四季的股息向股東返還了 1.36 億美元的資本，全年向股東返還了 5.23 億美元的資本。

During the year, we invested $3.7 billion on completed acquisitions and committed $3.1 billion to the acquisition of Olink, which we expect to close by mid-2024.

年內，我們投資 37 億美元完成收購，並承諾斥資 31 億美元收購 Olink，預計 2024 年中期完成。

We ended the quarter with $8.1 billion in cash and $34.9 billion of total debt. Our leverage ratio at the end of the quarter was 3.2x gross debt to adjusted EBITDA and 2.5x on a net debt basis.

本季結束時，我們的現金為 81 億美元，債務總額為 349 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 2.5 倍。

Concluding my comments on our total company performance. Adjusted ROIC was 12%, reflecting the strong return on investment that we're generating across the company.

結束我對我們公司整體業績的評論。調整後的投資報酬率為 12%，反映出我們在整個公司產生的強勁投資報酬率。

I'll now provide some color on the performance of our 4 business segments. Let me start with a couple of framing comments. The scale and margin profile of our pandemic-related revenue varies by segment, and that revenue was higher in the prior year, so that does skew some of the reported segment growth rates and margins. In 2023, we continue to execute strong pricing realization across all segments to address inflation.

現在我將介紹我們 4 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率狀況因部門而異，並且上一年的收入較高，因此這確實扭曲了一些報告的部門成長率和利潤率。 2023 年，我們將繼續在所有細分市場執行強而有力的定價措施，以應對通膨問題。

Moving on to the segment details, starting with Life Sciences Solutions. Q4 reported revenue in this segment declined 19%, and organic revenue was 20% lower than the prior year quarter. This was driven by the runoff of our pandemic-related revenue in the segment as well as lower levels of activity in our bioproduction business 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。第四季該部門的營收下降了 19%，有機收入比去年同期下降了 20%。這是由於該部門與大流行相關的收入減少以及我們的生物生產業務活動水平較上年同期下降所致。

For the full year, reported and organic revenue was 26% lower than 2022. Q4 adjusted operating income for Life Science Solutions decreased 14%, and adjusted operating margin was 36.2%, up 210 basis points versus the prior year quarter.

全年報告營收和有機收入比 2022 年下降 26%。第四季生命科學解決方案調整後營業收入下降 14%，調整後營業利潤率為 36.2%，比去年同期成長 210 個基點。

During the quarter, we delivered exceptionally strong productivity, which was partially offset by unfavorable volume pull-through. The team has done an excellent job of appropriately managing the cost base and dealing with the unwind of the pandemic. For the full year, adjusted operating income declined 39%, and adjusted operating margin was 34.3%.

本季度，我們實現了異​​常強勁的生產力，但部分被不利的銷量拉動所抵消。該團隊在適當管理成本基礎和應對疫情的緩解方面做得非常出色。全年調整後營業收入下降 39%，調整後營業利益率為 34.3%。

In the Analytical Instruments segment, reported revenue increased 8% in Q4, and organic growth was also 8%. The strong growth in the segment this quarter was led by the electron microscopy business.

在分析儀器領域，第四季報告營收成長了 8%，有機成長也為 8%。本季該領域的強勁成長是由電子顯微鏡業務帶動的。

For the full year, both reported and organic revenue were 10% higher than 2022. In this segment, Q4 adjusted operating income increased 23%, and adjusted operating margin was 28.8%, up 340 basis points year-over-year. In the quarter, we delivered strong productivity and volume pull-through, which is partially offset by FX and strategic investments.

全年報告收入和有機收入均比 2022 年增長 10%。在該領域，第四季度調整後營業收入增長 23%，調整後營業利潤率為 28.8%，同比增長 340 個基點。本季度，我們實現了強勁的生產力和銷售拉動，但部分被外匯和策略投資所抵消。

For the full year, adjusted operating income increased 27%, and adjusted operating margin was 26.3%, an increase of 350 basis points versus the prior year.

全年調整後營業收入成長 27%，調整後營業利益率為 26.3%，較上年成長 350 個基點。

Turning to Specialty Diagnostics. In Q4, reported revenue declined 1%, and organic revenue was 7% lower than the prior year quarter. In Q4, we continue to see strong underlying growth in the core led by transplant diagnostics, microbiology and immunodiagnostics businesses. This was offset by lower pandemic-related revenue versus the year ago quarter.

轉向專業診斷。第四季度，報告收入下降 1%，有機收入比去年同期下降 7%。在第四季度，我們繼續看到以移植診斷、微生物學和免疫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。

For the full year, reported revenue declined 8%, and organic revenue was down 13%. Q4 adjusted operating income for Specialty Diagnostics increased 27% in the quarter, and adjusted operating margin was 23.9%, which is 530 basis points higher than Q4 of 2022.

全年報告收入下降 8%，有機收入下降 13%。專業診斷第四季調整後營業收入成長 27%，調整後營業利益率為 23.9%，比 2022 年第四季高出 530 個基點。

In Q4, we delivered strong productivity and favorable business mix, which was partially offset by the lower -- the impact of lower COVID-19 testing volume and strategic investments. For the full year, adjusted operating income was 10% higher than 2022, and adjusted operating margin was 25.5%, an increase of 400 basis points versus 2022.

在第四季度，我們實現了強勁的生產力和有利的業務組合，但這部分被 COVID-19 檢測量和策略投資減少的影響所抵消。全年調整後營業收入較2022年成長10%，調整後營業利益率為25.5%，較2022年增加400個基點。

Finally, in the Laboratory Products and Biopharma Services segment, Q4 reported revenue decreased 4% and organic revenue was 5% lower than the prior year quarter. This was driven by the runoff of vaccines and therapies revenue and the phasing of revenue in our Pharma Services business within 2023, as had been expected.

最後，在實驗室產品和生物製藥服務領域，第四季營收比去年同期下降 4%，有機收入下降 5%。正如預期的那樣，這是由疫苗和療法收入的流失以及我們的製藥服務業務在 2023 年內分階段收入所推動的。

For the full year, both reported and organic revenue were 2% higher than 2022. In this segment, Q4 adjusted operating income declined 4%, and adjusted operating margin was 14%, which is 10 basis points lower than Q4 2022.

全年報告收入和有機收入均比 2022 年增長 2%。在該領域，第四季度調整後營業收入下降 4%，調整後營業利潤率為 14%，比 2022 年第四季度低 10 個基點。

In the quarter, we delivered strong productivity, which is more than offset by unfavorable volume mix. For the full year, adjusted operating income was 17% higher than the prior year, and adjusted operating margin was 14.6%, an increase of 180 basis points versus 2022.

本季度，我們實現了強勁的生產力，但被不利的銷售組合所抵消。全年調整後營業收入較前一年成長 17%，調整後營業利益率為 14.6%，較 2022 年增加 180 個基點。

Let me now turn to guidance. And as Marc outlined, we're initiating a 2024 revenue guidance range of $42.1 billion to $43.3 billion and adjusted EPS guidance range of $20.95 to $22. Our guidance assumes core organic revenue growth in the range of minus 1% to positive 1% for 2024.

現在讓我談談指引。正如 Marc 所概述的，我們將 2024 年收入指導範圍設定為 421 億美元至 433 億美元，調整後每股收益指引範圍為 20.95 美元至 22 美元。我們的指導假設 2024 年核心有機收入成長在負 1% 到正 1% 之間。

Our view on the expected market conditions in 2024 has not changed significantly from our initial framing for the year shared on the last earnings call. We're assuming that the market declines in the low single digits this year. Our growth strategy and PPI Business System execution will enable us to continue to take share once again this year.

我們對 2024 年預期市場狀況的看法與上次財報電話會議上分享的對該年度的初步框架沒有顯著變化。我們假設今年市場下跌幅度為低個位數。我們的成長策略和 PPI 業務系統的執行將使我們能夠在今年繼續再次佔據市場份額。

Our current estimate of pandemic-related revenue in 2024 is just under $100 million of testing revenue and $300 million to $400 million of vaccines and therapies related revenue. In total, this represents a year-over-year headwind of $1.3 billion to $1.4 billion or 3% of revenue.

我們目前對 2024 年大流行相關收入的估計是檢測收入略低於 1 億美元，疫苗和治療相關收入為 3 億至 4 億美元。總的來說，這意味著年比損失 13 億至 14 億美元，佔收入的 3%。

M&A is expected to increase revenue by $175 million year-over-year, the combination of 6 months of Olink revenue and the inorganic portion of CorEvitas revenue in 2024.

預計 2024 年，併購將使收入同比增加 1.75 億美元，這是 Olink 6 個月的收入和 CorEvitas 收入的無機部分的總和。

At current rates, we expect FX to be neutral year-over-year to both revenue and adjusted EPS. From a phasing standpoint, FX is expected to be a slight headwind in Q1 and an offsetting tailwind in the second half.

依照目前的匯率，我們預期外匯對營收和調整後每股盈餘的影響將比去年同期保持中性。從階段性的角度來看，預計第一季外匯將出現輕微逆風，而下半年則將出現抵銷性順風。

Turning to margins. Our 2024 guidance range assumes adjusted operating income margins between 22.3% and 22.8%. We continue to aggressively manage our cost base, and that's reflected in this margin outlook. In terms of the range for the margins, that's driven by the revenue range that I provided.

轉向邊緣。我們的 2024 年指引範圍假設調整後的營業利潤率在 22.3% 至 22.8% 之間。我們繼續積極管理我們的成本基礎，這反映在利潤前景中。就利潤範圍而言，這是由我提供的收入範圍所驅動的。

We'll continue to use the PPI Business System to not only manage costs very carefully, but also continue to make the right long-term investments to enable us to further advance our industry leadership. Strong underlying productivity and cost controls, including the carryover benefit from the cost actions put in place last year, are expected to largely offset the runoff in the remaining pandemic-related revenue inflation and a normalization of incentive compensation across the company to appropriately invest in our colleagues.

我們將繼續使用 PPI 業務系統，不僅非常仔細地管理成本，而且繼續進行正確的長期投資，使我們能夠進一步提升我們的行業領導地位。強大的基礎生產力和成本控制，包括去年採取的成本行動帶來的結轉效益，預計將在很大程度上抵消剩餘的與大流行相關的收入通膨的徑流，以及整個公司的激勵薪酬正常化，以適當投資於我們的業務。同事。

Below the line, we expect approximately $430 million of net interest expense in 2024 and expect adjusted other income and expense to net close to 0. We assume that adjusted income tax rate will be 10.5% in 2024. And below the tax line, you should factor in $20 million of profit elimination related to minority interests.

在此線以下，我們預計2024 年的淨利息支出約為4.3 億美元，並預計調整後的其他收入和支出淨額接近於0。我們假設2024 年調整後的所得稅率為10.5%。在稅線以下，您應該考慮到與少數股東權益相關的 2000 萬美元利潤消除。

We're expecting between $1.3 billion and $1.5 billion of net capital expenditures in 2024, and we're assuming free cash flow is in the range of $6.5 billion and $7 billion for the year.

我們預計 2024 年的淨資本支出將在 13 億美元至 15 億美元之間，我們假設該年的自由現金流在 65 億美元至 70 億美元之間。

In terms of capital deployment, our guidance assumes $3 billion of share buybacks, which, as I mentioned earlier, were already completed in January. And we estimate the full year average diluted share count will be approximately 383 million shares. We're assuming that we'll return approximately $600 million of capital to shareholders this year through dividends, and we're assuming that we close the acquisition of Olink by midyear.

在資本部署方面，我們的指引假設股票回購規模為 30 億美元，正如我之前提到的，該回購已於 1 月完成。我們預計全年平均稀釋後股份數量約為 3.83 億股。我們假設今年我們將透過股息向股東返還約 6 億美元的資本，並且我們假設我們在年中之前完成對 Olink 的收購。

And finally, I wanted to touch on quarterly phasing for the year as there are a few things to consider. First, in terms of organic revenue growth, we expect Q1 to be better sequentially than Q4 '23 by 1 to 2 points and then improve each quarter during the year. Implied in that is core organic revenue growth in Q1 similar to Q4 '23. And core organic revenue growth is also expected to improve each quarter during the year, leading to moderate growth in the second half of the year.

最後，我想談談今年的季度階段，因為有一些事情需要考慮。首先，就有機收入成長而言，我們預計 23 年第一季將比第四季好 1 至 2 個百分點，然後年內每季都會有所改善。這意味著第一季的核心有機收入成長與 23 年第四季類似。預計核心有機收入成長也將在年內每季有所改善，導致下半年出現溫和成長。

From a margin standpoint, we expect Q1 to be just under 21% and increase each quarter throughout the year from that level. And we expect Q1 adjusted earnings per share to be approximately 22% of the full year.

從利潤率的角度來看，我們預計第一季的利潤率將略低於 21%，並且全年每季都會在此水準基礎上增加。我們預計第一季調整後每股收益約為全年的22%。

So in conclusion, we navigated the challenging environment in 2023 very successfully. We stepped up for our customers and delivered differentiated financial performance for our shareholders. We continue to manage the company with agility, and we're really well positioned for the year ahead. I look forward to updating you on our progress as we go through the year.

總而言之，我們非常成功地應對了 2023 年充滿挑戰的環境。我們為客戶提供服務，為股東提供差異化的財務表現。我們繼續敏捷地管理公司，並且我們為未來的一年做好了充分的準備。我期待著向您通報我們這一年的最新進展。

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

這樣，我會將電話轉回給 Raf。

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

謝謝你，史蒂芬。接線員，我們已準備好進行通話的問答部分。

(Operator Instructions) Our first question today comes from the line of 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, if you look at the business -- so if you look at the business, I think the question is that you start to see some recovery. Could you talk about what parts you think could grow more or less above market and just what that can mean in terms of revenue and earnings?

馬克，如果你看看業務——所以如果你看看業務，我認為問題是你開始看到一些復甦。您能否談談您認為哪些部分的成長可能或多或少高於市場水平，以及這對收入和收益意味著什麼？

Yes. So Jack, when I think about last year, and you've heard us say delivering differentiated short-term performance, strengthen the company for the long term kind of simultaneously, we had the opportunity to look at, obviously, for the first 9 months of how others have done, and we looked at those companies that preannounced or reported so far. And we had a really strong year in terms of delivering above-market growth, which means share gain, right? And that share gain actually was broad-based in terms of the performance.

是的。所以傑克，當我回想去年時，你已經聽到我們說提供差異化的短期業績，同時增強公司的長期實力，我們顯然有機會考慮前 9 個月的情況了解其他公司的做法，我們研究了迄今預先宣布或報告的公司。我們在實現高於市場的成長方面度過了非常強勁的一年，這意味著份額成長，對吧？就業績而言，這種份額增長實際上是基礎廣泛的。

You look at things like Analytical Instruments, very strong; clinical research, pharma services. These businesses did well. And by the absence of some, I'm not implying anything in the others. This is a very strong year relative to a challenged set of market conditions.

你看看分析儀器之類的東西，非常強；臨床研究、製藥服務。這些企業表現都不錯。由於某些人的缺席，我並不暗示其他人有任何事情。相對於充滿挑戰的市場環境而言，今年是非常強勁的一年。

As I think to the future, we're well positioned in those businesses to continue our share gain momentum. We made an assumption for this year, which is pretty much the same as what we said back in late October, is that we're assuming that for the full year, it's going to be pretty similar to 2023 and a mirror image, meaning that we start to lap comps as the year unfolds and we wind up with the market being down slightly in the low single digits and us performing better than that level.

我認為未來，我們在這些業務中處於有利位置，可以繼續保持份額成長勢頭。我們對今年做出了一個假設，這與我們在 10 月底所說的幾乎相同，即我們假設全年將與 2023 年非常相似，並且是鏡像，這意味著隨著這一年的展開，我們開始進行圈內比較，最終市場小幅下跌至低個位數，而我們的表現優於該水準。

So I'm excited about what the year unfolds and our position to deliver differentiated performance. And we're certainly going to capitalize on any improvements in the market and hold ourselves to a very high standard of what good looks like.

因此，我對這一年的發展以及我們提供差異化業績的定位感到興奮。我們當然會利用市場的任何改進，並以非常高的標準要求自己。

Okay. And are there specific businesses you can talk about? So as an example in the script, I think you talked about transitioning capacity, new therapies. So in a potential recovery, what -- can you talk about how you expect phasing for Patheon and some of -- and the bioprocessing business?

好的。您可以談談具體的業務嗎？作為劇本中的一個例子，我認為你談到了能力轉變、新療法。那麼，在潛在的復甦中，您能談談您對 Patheon 和部分業務以及生物加工業務的分階段預期嗎？

Yes. So when I think about the year, we basically use a range of outcomes for each of our businesses in terms of how they perform. I believe that the second half of the year based on lapping the comps as well as we're expecting that the market conditions improve slightly as the year unfolds, and that helps with demand for the industry and for us is how I would think about the business in aggregate is the way that we manage the company. So thank you, Jack.

是的。因此，當我思考這一年時，我們基本上會根據每個業務的表現來使用一系列結果。我相信，今年下半年基於比較結果，我們預計市場狀況會隨著今年的發展而略有改善，這有助於增加對行業和我們的需求，這就是我對未來的看法。整體業務是我們管理公司的方式。所以謝謝你，傑克。

The next question today comes from the line of Dan Arias from Stifel.

今天的下一個問題來自 Stifel 的 Dan Arias。

Marc, obviously, a lot of discussion on destocking across the industry. Can you just maybe add some color to where you think you are with that process? And maybe draw a distinction for us between the inventory work down that's taking place on the bioprocess side specifically versus more routine consumables.

馬克，顯然，整個產業對去庫存進行了許多討論。您能否為您認為在過程中所處的位置添加一些顏色？也許我們可以將生物製程方面發生的庫存工作與更常規的消耗品進行區分。

If you split it that way, are the drawdowns kind of happening at a similar pace and ending in a similar time? Or do you think we should sort of keep those 2 buckets separately or think of them differently?

如果你這樣劃分，那麼回撤是否會以相似的速度發生並在相似的時間結束？或者您認為我們應該將這兩個桶子分開保存還是以不同的方式看待它們？

Yes. So Dan, I guess, let me start with sort of bioproduction, which I think is the essence of the question, and then maybe I'll step one level above that. In terms of bioproduction, it is an incredibly good long-term market. Historically, it's been an incredibly good market. Sort of a taboo name these days, right, in terms of bioproduction, it caused a lot of volatility during certainly 2023 in the industry.

是的。所以丹，我想，讓我從某種生物生產開始，我認為這是問題的本質，然後也許我會比這個更上一層樓。就生物生產而言，這是一個非常好的長期市場。從歷史上看，這是一個非常好的市場。如今，在生物生產方面，這個名字有點禁忌，在 2023 年期間，它在該行業引起了巨大的波動。

For us, a couple of facts, right? It's a little bit under 10% of our revenue, and we have best-in-class bioprocessing products with an incredible global footprint. We have leading positions in cell culture media, single-use technologies and increasingly important purification business as we grow our share position there.

對我們來說，有幾個事實，對吧？它只占我們收入的 10% 以下，但我們擁有一流的生物加工產品，足跡遍布全球。隨著我們在細胞培養基、一次性技術和日益重要的純化業務方面的份額不斷擴大，我們在這些領域擁有領先地位。

When I think about the fourth quarter, we did see a sequential pickup in orders in Q4 versus Q3. But the underlying activity is still muted, right, in the market. So we didn't see an inflection. We weren't expecting one, and we didn't see one in the fourth quarter.

當我想到第四季時，我們確實看到第四季的訂單與第三季相比連續回升。但市場的基本活動仍然平淡，對吧。所以我們沒有看到改變。我們沒想到會出現這種情況，而且在第四季我們也沒有看到這種情況。

Our view is that it will normalize as the year unfolds. And as I've said in an investor conference earlier in the year, no one is going to get rewarded for calling the moment of when that inflection happens. So it will play out during the course of the year, and the long-term fundamentals here are very strong.

我們的觀點是，隨著今年的展開，這種情況將會正常化。正如我在今年稍早的一次投資人會議上所說，沒有人會因為預測這種拐點發生的時刻而獲得獎勵。因此，它將在今年內發揮作用，而且長期基本面非常強勁。

When I think about our businesses in general coming into the year, I think the things that are very exciting is the trusted partner status that we have earned with our customers over many, many years. We're in the room with the decision-makers. We understand what's on their mind. We're incredibly well positioned.

當我想到我們今年的業務時，我認為非常令人興奮的是我們多年來與客戶一起贏得的值得信賴的合作夥伴地位。我們和決策者坐在一起。我們了解他們的想法。我們處於令人難以置信的有利位置。

And if I think about the midterm outlook for clinical research, for Pharma Services, for bioproduction, for our channel business, it's incredibly well positioned, right, in terms of we're part of helping our customers bring the breakthroughs to their pipeline, we're part of helping them navigate whatever the environment is. So hopefully, that's helpful.

如果我考慮臨床研究、製藥服務、生物生產、我們的通路業務的中期前景，那麼就我們幫助客戶為其管道帶來突破而言，它的定位非常好，對吧，我們是幫助他們應對任何環境的一部分。希望這會有所幫助。

And then maybe the last comment that I would make is one of my takeaways from the many, many customer interactions that I had in the first month of the year was that in the biotech community, and what I mean by biotech, as I'll call it, the smaller companies, the capital market dependent companies in the [biopharmaceutical] segment, they were much more positive, right? They're seeing green shoots. They love the M&A activity that was happening at the end of the year that gets investors excited about new company formation, new rounds of capital.

然後，也許我要發表的最後一條評論是我從今年第一個月進行的許多客戶互動中得到的一個收穫，那就是在生物技術社區中，以及我所說的生物技術的含義，因為我將可以這麼說，規模較小的公司，[生物製藥]領域依賴資本市場的公司，他們的態度要積極得多，對嗎？他們看到了綠芽。他們喜歡年底發生的併購活動，這些活動讓投資者對新公司的成立和新一輪的資本感到興奮。

And while it's early and it will take some time, it's certainly the most optimistic that I've seen in the last 5 quarters in terms of what the tone was on the -- on their view. And I think that bodes very well for the coming few years. Thank you.

雖然現在還為時過早，而且還需要一些時間，但就他們的觀點而言，這無疑是我在過去 5 個季度中看到的最樂觀的情況。我認為這對未來幾年來說是個好兆頭。謝謝。

Okay. That's encouraging. Maybe just a follow-up on the AI piece, consistently solid growth there. I'm curious if you're just still carrying a backlog in microscopy.

好的。這令人鼓舞。也許只是人工智慧部分的後續行動，那裡一直保持穩定的成長。我很好奇你們是否還在積壓顯微鏡方面的工作。

And can you maybe just talk a little bit about lead times and order conversion this year? Is the assumption that those might get extended as we move through the year? Or do you think maybe you can be stable relative to where we are today?

您能否談談今年的交貨時間和訂單轉換？是否假設隨著時間的推移這些可能會延長？或者你認為也許你可以相對於我們今天的情況保持穩定？

Yes. So when I think about the performance of our Analytical Instruments business with double-digit growth for the full year, it's awesome. Really, a tremendous year. It was across all 3 businesses.

是的。因此，當我想到我們的分析儀器業務全年實現兩位數成長的業績時，這真是太棒了。確實，這是偉大的一年。它涉及所有 3 項業務。

The backlog that we carried into the beginning of 2023, those things largely cleared in the first half of '23. So we're at -- we've been at normal lead times, normal shipping times really for about 6 months now in terms of that already. So we're kind of in a normal spot. And while there won't be the repeat of the unwind of the pandemic impacts on the supply chain, the business is positioned for a good year.

我們在 2023 年初積壓的訂單在 23 年上半年就基本清除了。所以我們現在已經處於正常的交貨時間和正常的運輸時間大約 6 個月了。所以我們處於一個正常的位置。儘管大流行對供應鏈的影響不會再次緩解，但該業務預計將迎來美好的一年。

And there's a high demand for the breakthrough technologies, whether it's in electron microscopy, for semiconductor, material science, life sciences or the astral, right, in chroma and mass spec. It's just incredible demand for those technologies. So we're excited for the upcoming year and the future of that business.

人們對突破性技術的需求很高，無論是電子顯微鏡、半導體、材料科學、生命科學或星體（右）色度和質譜方面的技術。對這些技術的需求令人難以置信。因此，我們對即將到來的一年和該業務的未來感到興奮。

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

今天的下一個問題來自美國銀行的 Derik De Bruin。

So Marc, I'm just sort of curious. Last quarter, you were talking about 1% core growth when you were sort of looking at your initial framework for 2024. If I heard you correctly, now it's plus or minus 1%. It didn't seem like Q4 got a lot worse in anything.

馬克，我只是有點好奇。上個季度，當您查看 2024 年的初始框架時，您談到了 1% 的核心成長。如果我沒聽錯的話，現在是正負 1%。第四季似乎並沒有在任何方面變得更糟。

So -- and what -- sort of what's changed? Are you more conservative on the PPD and these businesses? Are you more conservative on just tough comps? I'm just sort of curious, what's embedded now in this more conservative outlook?

那麼，到底發生了什麼變化呢？您對 PPD 和這些業務更保守嗎？你在艱難的比賽中是否更保守？我只是有點好奇，現在這種更保守的觀點包含了什麼？

Stephen, why don't you...

史蒂芬，你為什麼不...

Yes. It's -- let me provide some context on the guidance, kind of step back on that and then -- and hopefully help frame your question. So we provided an early framing for '24 on our last call, and we had the insight on how Q4 played out and have completed our detailed planning work with our businesses.

是的。讓我提供一些有關該指南的背景信息，然後退一步，希望能幫助您提出問題。因此，我們在上次電話會議中提供了 24 年的早期框架，我們了解了第四季度的情況，並完成了我們與業務的詳細規劃工作。

Through that process, our view on the market outlook has not changed significantly. The guidance is not significantly different from the initial framing that we provided. It includes the latest view on FX, both rates and expected mix of revenue and cost by currency. That increased revenue from our initial framing, but no impact on operating income, which reduces our margins by 20 basis points from that initial framing.

在此過程中，我們對市場前景的看法並沒有重大變化。該指南與我們提供的初始框架沒有顯著不同。它包括對外匯的最新看法、匯率以及按貨幣劃分的預期收入和成本組合。這增加了我們最初框架的收入，但對營業收入沒有影響，這使我們的利潤率比最初框架減少了 20 個基點。

And then from an operational standpoint, I think the only item of note that's changed in the past 3 months is a discrete item in our Pharma Services business. We're transitioning some of our sterile fill finish capacity from COVID vaccine support to GLP-1 support. We would have been expecting to recognize an upfront fee in Q1 '24. Now that the accounting is finalized, we expect to recognize that benefit in line with production, which actually starts in '25. So it shifted approximately $0.20 out of Q1 '24, and that's had some impact on -- in terms of the reported core growth.

然後從營運的角度來看，我認為過去 3 個月中唯一值得注意的變化是我們的製藥服務業務中的一個離散項目。我們正在將部分無菌填充能力從 COVID 疫苗支持轉變為 GLP-1 支持。我們本來預計會在 24 年第一季確認預付費用。現在會計工作已經完成，我們預計將根據生產情況確認效益，生產實際上從 25 年開始。因此，它從 24 年第一季轉移了大約 0.20 美元，這對報告的核心成長產生了一些影響。

And then one other comment on the guidance is that we thought it best to provide a range, not a point estimate. So I think it's more helpful for our investors. And the range of outcomes for the year, now, the range doesn't encapsulate every possible scenario for the year, but it does capture the reasonably likely scenarios of how the year can play out as we see it today.

關於該指南的另一條評論是，我們認為最好提供一個範圍，而不是點估計。所以我認為這對我們投資者更有幫助。今年的結果範圍，現在，這個範圍並沒有囊括今年所有可能的情況，但它確實捕捉到了今年我們今天所看到的合理可能的情況。

And the range is about $1.2 billion of revenue and $1.05 of adjusted EPS, which I think is appropriate given the scale of the company. But hopefully, it kind of tees up kind of the framing for the guide.

該範圍約為 12 億美元的收入和 1.05 美元的調整後每股收益，考慮到公司的規模，我認為這是合適的。但希望它能為指南的框架做好準備。

Okay. And a little bit more, how should we sort of think about the segment margins as we go through? I mean, I'm just sort of looking -- I mean, you've seen really good progress in LSS, and it may seem a good progress in your margins, expansion of margins across all of them.

好的。還有一點，我們在經歷過程中該如何考慮細分市場的利潤率？我的意思是，我只是在看——我的意思是，你們已經看到LSS 方面取得了非常好的進展，而且你們的利潤率似乎也取得了不錯的進展，所有這些領域的利潤率都得到了擴大。

But I'm just sort of thinking about how should we think about LPS and given where you were in the -- is that 14% margin range that we're saying for the full year, is that sort of sustainable? Does that fall back next year? I'm just trying to figure out where the margin hit is on -- given relative to what our expectations were.

但我只是在想，我們應該如何看待 LPS，考慮到您所處的位置——我們所說的全年 14% 的利潤率範圍是可持續的嗎？明年會回落嗎？我只是想弄清楚利潤率受到的影響在哪裡——相對於我們的預期。

In terms of the margin profile for the -- we finished the year at exactly where we guided to for the full year for our margin profile for the company. And I think some of the changes in terms of Q4 versus -- between the segments, I don't think everyone quite understood the phasing of our revenue within lab products and biopharma services.

就利潤率而言，我們全年的利潤率完全達到了公司全年利潤率的指導水準。我認為第四季度與各個細分市場之間的一些變化，我認為並不是每個人都完全理解我們在實驗室產品和生物製藥服務中的收入階段。

So when I see some of the pre-call notes, this is, I think, a little bit different in terms of what -- there's some expectations. But from our expectations internally, Q4 played out as we'd expected.

因此，當我看到一些電話前的說明時，我認為這有點不同——有一些期望。但從我們內部的預期來看，第四季的表現符合我們的預期。

And then from margins going forward, I think the margin profile that we have today, I'm not calling a significant difference in margin profile going forward into next year. And I think where we are on landing point on margins for the segments is probably a good starting point for the -- to think about for the year ahead.

然後從未來的利潤率來看，我認為我們今天的利潤率狀況，我並不認為明年的利潤率狀況會出現重大差異。我認為，我們在各細分市場的利潤率著陸點可能是考慮未來一年的良好起點。

The next question today comes from the line of Doug Schenkel from Wolfe Research.

今天的下一個問題來自 Wolfe Research 的 Doug Schenkel。

So I want to start just with a high-level LRP question, and then my follow-up is really just a clarification on LPS. So on the LRP, Marc, you've been consistent in saying that Thermo is built to grow 2 to 3 points better than the peer group over the long term. That said, you did talk about 7% to 9% growth as recently as last year's Analyst Day. I'm sure the 2 to 3 points hasn't changed.

所以我想從一個高層次的 LRP 問題開始，然後我的後續行動實際上只是對 LPS 的澄清。因此，在 LRP 上，Marc，您一直堅持說，從長遠來看，Thermo 的成長速度比同行高 2 到 3 個百分點。也就是說，就在去年的分析師日，您確實談到了 7% 到 9% 的成長。我確信2到3點沒有改變。

But as we flip the calendar, is it fair to say that the 7% to 9% growth rate maybe is a little bit high, even in a more normalized environment? I just want to give you an opportunity to maybe just adjust that as we kind of flip the calendar and look ahead.

但當我們翻開日曆時，是否可以公平地說，即使在更正常化的環境下，7% 至 9% 的成長率可能有點高？我只是想給你一個機會，也許只是在我們翻轉日曆並展望未來時進行調整。

And below the top line, you've done a fantastic job, as always, leaning operations in a more challenging period. Never let a good crisis go to waste. Your guidance suggests to me, at least on the surface, that you may be investing more in the near term.

在營收方面，你們一如既往地做得非常出色，在更具挑戰性的時期進行了精實營運。永遠不要浪費一次好的危機。您的指導向我表明，至少在表面上，您可能會在短期內進行更多投資。

But as we think about a return to normal, I'm just wondering if you think we could get some outsized incremental margin flow-through for the business as the business normalizes. So let me leave it there, and then I'll ask a quick follow-up on LPS in a second.

但當我們考慮恢復正常時，我只是想知道您是否認為隨著業務正常化，我們可以為業務帶來一些巨大的增量利潤流動。所以讓我先把它留在那裡，然後我會詢問關於 LPS 的快速跟進。

Sure. So Doug, thanks for the question. In terms of the long-range outlook, right, we raised our outlook in -- late in 2021. And what that -- at that moment, we can't remember exactly what that moment was, but we were growing 25%, right? We were growing at an extraordinary organic rate. And what we wanted to do was give our investors a very long-term view of what is the market and what is our position in the market, right?

當然。道格，謝謝你的提問。就長期前景而言，我們在 2021 年末提高了前景。在那一刻，我們記不清那一刻具體是什麼，但我們成長了 25%，對吧？我們以驚人的有機速度成長。我們想要做的是讓我們的投資者對市場是什麼以及我們在市場中的地位有一個非常長遠的看法，對嗎？

And in terms of our ability to gain share, 3 points, I think is -- 2, 3 -- I use 3 for simplicity. 3 points faster than the market is kind of the standard we hold ourselves to, and we've been delivering that for a while. And we've been growing share for a really long while for many, many, many years. And so nothing has changed there.

就我們獲得份額的能力而言，我認為 3 分是——2、3——為了簡單起見，我使用 3。比市場快 3 個百分點是我們堅持的標準，而且我們已經這樣做了一段時間了。多年來，我們的份額一直在增長。所以那裡什麼都沒有改變。

In terms of the market growth, right, where the market was extraordinary when we said it, we said 4% to 6% was going to be our underlying market growth, and that was higher than 3% to 5%. And the change was actually just that we had a larger exposure to pharma and biotech as we built our business capability there.

就市場成長而言，我們說 4% 到 6% 的市場成長將是我們的基礎市場成長，而這高於 3% 到 5%。變化實際上只是我們在製藥和生物技術方面有了更大的接觸，因為我們在那裡建立了我們的業務能力。

When I look to the future and I think about what's going on in the drivers of the long term in our industry, I feel incredibly confident that this is a 4% to 6% growth industry and that we're well positioned to grow, for simplicity, 3 points faster than that, so 7% to 9%.

當我展望未來並思考我們行業的長期驅動因素時，我非常有信心，這是一個增長 4% 到 6% 的行業，而且我們已經做好了增長的準備，因為簡單來說，比這快3個點，即7% 到9%。

So while I get the question a lot, and obviously in a period where we delivered 1% core growth in 2023, that's a long way from 7% to 9%. But our view on the market declining low single digits last year reflects at least a share gain component. And when I look to the future, I continue to remain very confident in the long-term health of the industry.

因此，雖然我經常被問到這個問題，而且很明顯，我們在 2023 年實現了 1% 的核心成長，但距離 7% 到 9% 還有很長的路要走。但我們對去年市場下跌幅度較低的個位數的看法至少反映了股票上漲的因素。展望未來，我仍然對產業的長期健康發展充滿信心。

I've had some really interesting discussions with investors and basically went through the logic saying, if you're bullish on life science tools, diagnostics, pharma services, you're probably at 6% long-term growth. And if you're bearish on the life science tools, diagnostics and pharma services, you're probably at 4% industry growth.

我與投資人進行了一些非常有趣的討論，基本上遵循了這樣的邏輯：如果你看好生命科學工具、診斷、製藥服務，那麼你的長期成長率可能會達到 6%。如果您看跌生命科學工具、診斷和製藥服務，那麼您可能會看到該行業的成長率為 4%。

But you have to be incredibly bearish on the world to actually get to less than 4% industry growth for the long term in our segment because this -- we really are a GDP-plus-type business in terms of the markets that we serve.

但你必須對世界保持極其悲觀的態度，才能真正實現我們細分市場長期低於 4% 的行業增長，因為就我們所服務的市場而言，我們確實是一家 GDP 增值型企業。

So hopefully, that gives you at least a sense of how we think about it. And while I appreciate the offer to change our outlook, I couldn't be more confident in the future of our industry and our competitive position.

希望這至少能讓您了解我們的想法。雖然我很感激改變我們前景的提議，但我對我們行業的未來和我們的競爭地位充滿信心。

In terms of the below the line, the very high-level concept, I do believe that as you see volumes grow at a normalized rate, you'll see a very strong flow-through on the margins. And part of what's going on with the margins for this year is we reset our incentive compensation for our colleagues back to normalized levels after a year of below that.

就線下這個非常高水準的概念而言，我確實相信，當您看到交易量以正常化速度成長時，您會看到利潤率非常強勁。今年利潤率的部分原因是，在低於這一水平一年後，我們將同事的激勵薪酬重新恢復到正常水平。

So just the math that you have some level of headwind embedded in the easier numbers, nothing different than we expected in October. But that's part of why you don't see as much of the margin step-up that one would expect to have.

因此，從數學上看，較簡單的數字中存在一定程度的逆風，與我們 10 月的預期沒有什麼不同。但這就是為什麼你看不到人們期望的利潤率提升的部分原因。

Okay. I'm going to -- I'll leave the LPS question for another day. But I guess, the other part of my question on the margins, Marc, was, obviously, you got to pay people, you got to reset things. In a period where you're not growing as much, this is where Thermo has historically played offense, while others have played defense to a certain extent.

好的。我將——我將把 LPS 問題留到另一天再討論。但我想，馬克，我的問題的另一部分顯然是，你必須付錢給人們，你必須重置一切。在你成長不那麼快的時期，這就是Thermo歷來採取進攻的方式，而其他公司則在一定程度上採取防守的方式。

So I'm just wondering if you're actually pulling forward some investment early in the year, and that could over the next several quarters lead to even better-than-expected margin flow-through as the company returns to a more normalized period.

所以我只是想知道你們是否真的在今年年初提前推進了一些投資，隨著公司恢復到更加正常化的時期，這可能會在接下來的幾個季度帶來比預期更好的利潤流動。

Yes. Doug, I think the example that I gave on the GLP-1 contract is we're basically standing up a facility for a customer. We're getting paid a fee to do that. We get to recognize that fee over the production volumes, and we're incurring substantial costs in the interim in '24, which will create good accretive growth going forward. That's one good example.

是的。 Doug，我認為我在 GLP-1 合約中給出的例子是我們基本上是在為客戶建立一個設施。我們為此收取一定費用。我們開始認識到生產量的費用，並且我們在 24 年期間會產生大量成本，這將在未來創造良好的增值成長。這是一個很好的例子。

And we're continuing to invest in innovation across the company. And we've not lessened our drive here to really drive great long-term growth. So we're appropriately managing our cost, our top line environment, but we're making sure that we're actually putting the right investments in place and to make sure that, that top line environment stays -- and the outlook stays as good as we -- as much as articulated.

我們將繼續投資於整個公司的創新。我們並沒有減弱真正推動長期長期成長的動力。因此，我們正在適當地管理我們的成本、我們的營收環境，但我們要確保我們實際上進行了正確的投資，並確保營收環境保持不變，前景保持良好正如我們所表達的那樣。

The next question today comes from the line of Vijay Kumar from Evercore ISI.

今天的下一個問題來自 Evercore ISI 的 Vijay Kumar。

My first one, Marc, when I look at the annual guidance here, the core is flattish at the midpoint. But excluding the vaccine headwinds, it's about 3 points. That's a pretty solid guide.

我的第一個，馬克，當我查看這裡的年度指導時，核心在中點是平坦的。但排除疫苗的不利影響，這一數字大約是 3 個百分點。這是一個非常可靠的指南。

The 3 things that have come up is China, the CRO business and analytical tech. Can you just remind us what China, what PPD did in fiscal '23? And is the guide assuming those 3 pieces, China, CRO and analytical tech, is that at 3%, about 3%, below 3%?

出現的三件事是中國、CRO 業務和分析技術。您能否提醒我們中國、PPD 在 23 財政年度做了什麼？該指南是否假設這三個部分（中國、CRO 和分析技術）是 3%、約 3% 還是低於 3%？

So Vijay, thanks for the question. So when I think about the performance of our businesses, certainly last year and certainly as we look to the future, last year, just spectacular performance in our clinical research business. Really, the team, unbelievably good job in terms of the results.

維傑，謝謝你的提問。因此，當我想到我們的業務表現時，當然是去年，當然當我們展望未來時，去年我們的臨床研究業務表現也非常出色。確實，團隊的工作成果令人難以置信。

And I think that in a way, we probably undersold the details, not the numbers as much as what actually was going on because there's so many different things we were communicating. But if I think about clinical research, it's a little over 2 years after the acquisition, phenomenal acquisition. Customers love the business performing well, colleagues doing a great job, right? And it's been a big success.

我認為，在某種程度上，我們可能低估了細節，而不是數字，而是實際發生的情況，因為我們正在溝通的事情太多了。但如果我考慮臨床研究，那是在收購之後兩年多一點的時間，這是一次驚人的收購。客戶喜歡業務表現良好，同事工作出色，對嗎？這是一個巨大的成功。

The business in the pandemic played the largest role in supporting the clinical trials on vaccines and, at the same time, delivered by far the fastest, I'll call it, underlying growth, excluding all of the COVID activity, just crushed it. And that means for this year, we have both a roll-off, which we've given transparency to on a big chunk of the vaccine revenue, which is fine. And we have generated a really substantial comparison, which is cool. Like we -- that's a good challenge to have in terms of the great performance.

疫情期間的業務在支持疫苗臨床試驗方面發揮了最大作用，同時，我稱之為迄今為止最快的潛在增長（不包括所有新冠病毒活動），將其壓垮。這意味著今年我們將進行減免，我們對疫苗收入的很大一部分給予了透明度，這很好。我們已經進行了非常實質的比較，這很酷。就像我們一樣——就出色的表現而言，這是一個很好的挑戰。

So we would expect that the business' growth would be much more moderate this year just based on the comparisons. But the future, meaning looking out into '25 and beyond, this is a really strong business, long-term, high single-digit growth business, plus the synergies it's driving. So I feel really great about that.

因此，根據比較，我們預計今年的業務成長將更加溫和。但未來，意味著展望 25 年及以後，這是一項非常強大的業務，長期、高個位數成長的業務，加上它所推動的協同效應。所以我對此感覺非常好。

And then a quick comment just on China and which is unrelated to clinical research, but sort of the other element of your question. China, market conditions were challenged in 2023. First quarter was really strong, lots of stimulus, all of those good things. But then -- so that was China effectively.

然後對中國進行快速評論，這與臨床研究無關，但屬於你問題的另一個要素。中國的市場狀況在 2023 年面臨挑戰。第一季非常強勁，有很多刺激措施，所有這些都是好事。但後來——這其實就是中國。

We're not calling for a meaningful improvement in China this year. Rather, we lap the comparisons as the year unfolds. So it becomes a little bit less of a headwind. We all know that at some point, the Chinese government will create some mechanism of stimulus. Whether that's direct or confidence or whatever it does, we don't know when that will happen.

我們並不要求中國今年取得有意義的進步。相反，我們會隨著時間的推移進行比較。因此，它的阻力就小了一些。我們都知道，在某個時候，中國政府會建立某種刺激機制。無論是直接的、信心的還是其他什麼，我們都不知道什麼時候會發生。

But at some point, it will improve the market conditions because the needs for what we do is very high. So I'm bullish on the long term being better in China than what we've been experiencing currently, and it will take some time to get there. Thanks, Vijay. Go ahead.

但在某些時候，它會改善市場狀況，因為對我們所做的事情的需求非常高。因此，我看好中國的長期發展會比我們目前所經歷的更好，而且這需要一些時間才能實現。謝謝，維傑。前進。

Stephen, just one quick one for you. On Q1, I think operating margin is less likely under 21%. I think the EPS is around $4.70-ish. Is that just the outsized impact from incentive comp reset? Just want to understand the Q1 margin cadence.

史蒂芬，給你一個快速的。我認為第一季營業利潤率不太可能低於 21%。我認為 EPS 約為 4.70 美元左右。這只是激勵補償重置帶來的巨大影響嗎？只是想了解第一季的保證金節奏。

Yes. So when I think about the margin in Q1, that's definitely an element when you look at it year-over-year and kind of sequentially as well. So when I think about it year-over-year, so there's -- obviously, we have a significant drag from the lower pandemic revenue and the reset of the incentive comp. That's just under 200 basis points in total and then about 100 basis points contribution from the core business, despite the lower dollars of revenue.

是的。因此，當我考慮第一季的利潤率時，當您逐年查看並且按順序查看時，這絕對是一個因素。因此，當我逐年思考時，很明顯，大流行收入的下降和激勵補償的重置對我們造成了重大拖累。儘管收入較低，但總計略低於 200 個基點，核心業務的貢獻約為 100 個基點。

And the key driver there being the impact of the cost actions that we've taken over the past year. So to give you a way to frame the margin in Q1. And then, yes, the margin profile grows each quarter as the revenue dollars grow during the year in terms of the profile for the year ahead.

關鍵驅動因素是我們過去一年採取的成本行動的影響。因此，為您提供一種方法來確定第一季的利潤。然後，是的，隨著未來一年的收入成長，利潤率每季都會成長。

Our final question today comes from the line of Tejas Savant from Morgan Stanley.

我們今天的最後一個問題來自摩根士丹利的 Tejas Savant。

Marc, just a followup on your China commentary there, more in terms of the long-term opportunity. You've talked in the past about that being an important market for you growing at the higher end of your outlook for the company. Recently, there's been a thawing in relations over the last month or so. I think you've kind of alluded to that as well and some high-level government engagement.

馬克，只是您對中國的評論的​​後續，更多的是關於長期機會。您過去曾談到，這是一個重要的市場，可以讓您在公司的高端前景中實現成長。在最近一個月左右的時間裡，兩國關係出現了緩和。我認為您也提到了這一點以及政府高層的參與。

But then a little while ago, we got word of this BIOSECURE act legislation. Can you just help us think through sort of what that entails for you? Perhaps, an opportunity to be more front footed and gain share in the near term on the services side versus kind of the long-term risk of a potential blowback from the Chinese side on -- in terms of U.S. MNCs operating in that market. That would be super helpful.

但不久前，我們得到了有關《生物安全法案》立法的消息。您能幫我們想想這對您來說代表什麼嗎？也許，對於在該市場運營的美國跨國公司而言，這是一個在服務業方面更加領先並在短期內獲得份額的機會，而不是中國方面潛在反擊的長期風險。那會非常有幫助的。

Sure. So thanks for the question. In terms of China, a market that we've been in for 40 years, a set of capabilities that we built over a long period of time that's helped Chinese society, right, and created American jobs as part of it.

當然。謝謝你的提問。就中國而言，我們已經進入這個市場40年了，我們在很長一段時間內建立的一系列能力幫助了中國社會，對吧，並作為其中的一部分創造了美國的就業機會。

Better food supply, addressing air pollution, helping produce medicines for the local population, we have a great reputation. I've had the honor of being the Chair of the U.S.-China Business Council over the last couple of years and interacting both with the U.S. administration and the Chinese government.

改善食品供應、解決空氣污染、幫助當地居民生產藥品，我們享有盛名。過去幾年我有幸擔任美中貿易全國委員會主席，並與美國政府和中國政府互動。

And while it's clear to me that the short-term GDP environment is challenged in China, that the needs for what our industry does and what Thermo Fisher does for the long term is good. It will be a solid growth market, certainly one of the faster growing geographies in the long term.

雖然我很清楚中國的短期 GDP 環境面臨挑戰，但從長遠來看，我們產業和賽默飛世爾所做的事情的需求是好的。這將是一個穩健成長的市場，從長遠來看肯定是成長最快的地區之一。

In terms of the relations between the countries, yes, I agree with your sentiment, there's a thawing. And in terms of potential legislation, there are thousands of bills that are written that don't happen. So until something sort of matures through the process, it's hard to really know whether it comes to pass and what the exact implications.

就兩國關係而言，是的，我同意你的觀點，兩國關係正在解凍。就潛在的立法而言，有數千項已製定的法案並未實施。因此，在這個過程中某種東西成熟之前，很難真正知道它是否會發生以及確切的含義是什麼。

And my quick read of what they're working on in this particular one, it really is basically an opportunity for non-Chinese companies to have a stronger position in serving federal government related entities. So that's sort of the essence of that. And obviously, as a non-Chinese company, we'd be well positioned to support the U.S. government.

我快速閱讀了他們在這一特定項目中所做的工作，這實際上基本上是非中國公司在為聯邦政府相關實體提供服務方面擁有更強大地位的機會。這就是其本質。顯然，作為一家非中國公司，我們有能力支持美國政府。

So thank you for the question. Let me just do a quick wrap on the call. So thanks, everyone, for participating in our call today. We entered this year with strong momentum. We're in a great position to deliver an excellent year in 2024. As always, thank you for your support of Thermo Fisher Scientific, and we look forward to updating you as the year progresses. Thanks, everyone.

謝謝你的提問。讓我快速總結一下這通通話。感謝大家今天參加我們的電話會議。我們以強勁的勢頭進入了今年。我們處於有利位置，可以在 2024 年迎來美好的一年。一如既往，感謝您對賽默飛世爾科技的支持，我們期待在這一年中向您通報最新情況。感謝大家。

This concludes today's conference call. Thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。