賽默飛世爾科技 (TMO) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2024 First Quarter Conference Call. My name is Angela, and I will be coordinating your call today. (Operator Instructions) I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations. Mr. Tejada, you may begin the call.

早安，女士們、先生們，歡迎參加賽默飛世爾科技 2024 年第一季電話會議。我叫安琪拉，今天我將協調您的電話。 （操作員說明）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.

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 and Presentations until May 8, 2024. A copy of the press release of our first quarter 2024 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5 月8 日。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. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K, which is on file with the SEC and available in the Investors section of our website under the heading Financials SEC filings.

因此，在開始之前，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。結果存在重大差異聲明是由於各種重要因素造成的，包括公司最近的10-K 表格年度報告中討論的內容，該報告已向SEC 備案，並可在我們網站的投資者部分的「財務SEC 備案”標題下方查看。

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 measures is available in the press release of our first quarter 2024 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 2024 年第一季度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 first quarter call. As you saw in our press release, we had a great start to the year. We delivered another quarter of strong financial performance. I'm proud of our team's ongoing focus on enabling the success of our customers while demonstrating incredibly strong commercial execution and operational discipline and our continued success as a result of our proven growth strategy and our PPI Business System.

謝謝你，拉夫。大家早安，感謝您今天參加我們的第一季電話會議。正如您在我們的新聞稿中看到的那樣，我們今年有了一個很好的開始。我們又一個季度實現了強勁的財務業績。我為我們的團隊持續專注於幫助客戶取得成功而感到自豪，同時展現出令人難以置信的強大商業執行力和營運紀律，以及我們經過驗證的成長策略和 PPI 業務系統帶來的持續成功。

So let me first recap the financials. Our revenue in the quarter was $10.34 billion. Our adjusted operating income was $2.28 billion. We expanded our adjusted operating margin in Q1 to 22%. And we delivered another quarter of strong adjusted EPS performance, achieving a 2% increase year-over-year to $5.11 per share. Our performance in the first quarter is allowing us to raise our guidance and sets us up to deliver differentiated performance in 2024.

讓我先回顧一下財務狀況。我們本季的營收為 103.4 億美元。調整後的營業收入為 22.8 億美元。我們將第一季調整後的營業利潤率擴大至 22%。我們又一個季度的調整後每股盈餘表現強勁，年增 2%，達到每股 5.11 美元。第一季的業績使我們能夠提高指導，並為我們在 2024 年實現差異化業績做好準備。

Turning to our performance by end market. In the first quarter, underlying market conditions played out as we'd expected. Our team's excellent execution enabled us to deliver differentiated revenue performance that was ahead of our expectations. Now let me provide you some additional context. Starting with pharma and biotech. We declined in the low single digits for the quarter, which was a sequential improvement in performance over Q4 2023.

轉向我們終端市場的表現。第一季度，基本市場狀況符合我們的預期。我們團隊的出色執行力使我們能夠實現超出我們預期的差異化收入表現。現在讓我為您提供一些額外的背景資訊。從製藥和生物技術開始。本季我們的業績下降幅度為低個位數，與 2023 年第四季相比，業績連續改善。

In the first quarter, the vaccine and therapy revenue runoff resulted in a 3-point headwind for this customer segment. And we also delivered strong growth in our clinical research business. A quick reminder on academic and government and industrial and applied. A year ago, we had very strong shipments of analytical instruments as we worked down the backlog that was caused by pandemic-related supply chain disruptions. As a result in academic and government, we declined in the low single digits during the quarter. We delivered strong growth in our electron microscopy business as well as in our research and safety market channel.

第一季度，疫苗和治療收入流失導致該客戶群遭遇 3 個百分點的阻力。我們的臨床研究業務也實現了強勁成長。關於學術、政府、工業和應用的快速提醒。一年前，當我們處理因疫情相關的供應鏈中斷而造成的積壓時，我們的分析儀器出貨量非常強勁。由於學術和政府方面的原因，我們在本季度出現了較低的個位數下降。我們的電子顯微鏡業務以及研究和安全市場管道實現了強勁成長。

In Industrial and Applied, we declined in the low single digits for the quarter. We delivered strong growth in our electron microscopy business in this segment. Finally, in Diagnostics and Healthcare in Q1, we declined in the high single digits. The reported growth in this end market was impacted by the runoff of COVID-19 testing-related revenue. During the quarter, core revenue growth was highlighted by our transplant diagnostics and immunodiagnostics businesses as well as our health care market channel.

在工業和應用領域，本季我們的跌幅為低個位數。我們在該領域的電子顯微鏡業務實現了強勁成長。最後，在第一季的診斷和醫療保健領域，我們出現了高個位數的下降。據報道，該終端市場的成長受到了 COVID-19 測試相關收入減少的影響。本季度，我們的移植診斷和免疫診斷業務以及醫療保健市場管道凸顯了核心收入的成長。

So wrapping up on our end markets. Underlying market conditions played out as we expected to start the year. As you recall, our assumption for 2024 is that we'll see a modest pickup in economic activity as the year progresses. During the quarter, it was good to see a couple of positive developments in our end markets that support this view, including continued improvements in the biotech funding environment and the stimulus program announced by China.

那麼我們的終端市場就到此結束了。基本市場狀況正如我們年初所預期的。您還記得，我們​​對 2024 年的假設是，隨著時間的推移，我們將看到經濟活動小幅回升。本季度，我們很高興看到終端市場的一些積極發展支持了這一觀點，包括生物技術融資環境的持續改善和中國宣布的刺激計劃。

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. Starting with the first pillar, high-impact innovation. We had an excellent start to the year, launching a number of new products across our businesses during the first quarter. Let me first highlight a number of products in analytical instruments that demonstrate our continued market leadership.

我現在將介紹我們的成長策略的最新情況。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。從第一個支柱開始，即高影響力創新。我們今年有一個良好的開端，在第一季在我們的業務中推出了許多新產品。首先讓我重點介紹一些分析儀器產品，這些產品證明了我們持續的市場領先地位。

In our chromatography and mass spectrometry business, we launched the Thermo Scientific Dionex Inuvion Ion Chromatography system, which enables higher resolution, faster time to results and streamlined workflows to more efficiently identify contaminants for environmental testing.

在我們的色譜和質譜業務中，我們推出了Thermo Scientific Dionex Inuvion 離子色譜系統，該系統可實現更高的分辨率、更快的結果時間和簡化的工作流程，從而更有效地識別環境測試中的污染物。

In our Chemical Analysis business, we launched the Thermo Scientific LInspector Edge In-line Metrology solution to enhance battery safety, performance and production. And we also launched the Thermo Scientific TruScan G3 Handheld Raman Analyzer, a next-generation handheld instrument for the rapid identification of chemical compounds used in drug production.

在化學分析業務中，我們推出了 Thermo Scientific LInspector Edge 線上計量解決方案，以提高電池安全性、性能和生產。我們也推出了 Thermo Scientific TruScan G3 手持式拉曼分析儀，這是一款用於快速鑑定藥物生產中使用的化合物的下一代手持式儀器。

And then in Life Science Solutions, we launched the Axiom PangenomiX Array, a high-throughput microarray for use in human genomic studies across global populations, including disease risk and detection research as well as population scale disease research programs. So another strong quarter of product launches. One other highlight of our high-impact innovation during the quarter was being named as one of Fast Company Magazine's Most Innovative Companies. It's great external recognition for the impact that our team is driving for our customers.

然後在生命科學解決方案中，我們推出了 Axiom PangenomiX 陣列，這是一種高通量微陣列，用於全球人群的人類基因組研究，包括疾病風險和檢測研究以及人群規模的疾病研究項目。因此，產品發布又一個強勁的季度。本季我們高影響力創新的另一個亮點是被《快公司》雜誌評為最具創新力的公司之一。這是對我們團隊為客戶帶來的影響的巨大外部認可。

Moving to the second pillar of our strategy. We are in the trusted partner status over many years, and it gives me the unique opportunity to connect with our customers' senior executive teams. Since the beginning of the year, I've had many meetings with our customers as they're turning to us more than ever.

轉向我們策略的第二個支柱。多年來，我們一直是值得信賴的合作夥伴，這為我提供了與客戶的高階管理團隊建立聯繫的獨特機會。自今年年初以來，我與客戶進行了多次會議，因為他們比以往任何時候都更依賴我們。

This is to both reinforce our partnership as well as to help them navigate the opportunities and challenges that they face. These conversations are happening across our company at all levels of the organization. Our customers see our team as part of theirs. And our culture of always finding a better way every day serves to reinforce our trusted partner status with our customers.

這既是為了加強我們的夥伴關係，也是為了幫助他們應對所面臨的機會和挑戰。這些對話正在我們公司的各個層面進行。我們的客戶將我們的團隊視為他們的一部分。我們每天總是尋找更好的方法的文化有助於加強我們在客戶中值得信賴的合作夥伴地位。

We do not take lightly the trust our customers have in our company. And we'll continue to partner closely with them to enable their innovation and productivity. The first example of this is in our clinical next-generation sequencing business. In the quarter, we announced a collaboration with Bayer to develop a next-generation sequencing-based companion diagnostic that will help identify patients who may benefit from Bayer's growing portfolio of precision cancer therapies.

我們不會輕視客戶對我們公司的信任。我們將繼續與他們密切合作，以促進他們的創新和生產力。第一個例子是我們的臨床下一代定序業務。在本季度，我們宣布與拜耳合作開發下一代基於定序的伴隨診斷，這將有助於識別可能受益於拜耳不斷增長的精準癌症治療組合的患者。

The second example is our Analytical Instrument business. We are partnering with the North Carolina Collaboratory to support PFAS research capacity in state as they help to identify and implement solutions to address PFAS contamination. This is the first network of its kind. And they'll use several of our state-of-the-art instruments, including the Orbitrap Astral in their research.

第二個例子是我們的分析儀器業務。我們正在與北卡羅來納州合作實驗室合作，以支持該州的 PFAS 研究能力，因為他們幫助確定和實施解決 PFAS 污染的解決方案。這是同類網路中的第一個。他們將在他們的研究中使用我們最先進的幾種儀器，包括 Orbitrap Astral。

And finally, in our Clinical Research business, I'll share 2 examples of how our trusted partner status comes to life as our customers look for solutions to their unmet needs. We expanded our portfolio of GMP lab services to include qPCR-based biosafety testing capabilities for the detection of bacteria and other contaminants in medicines. This offering enables significantly faster results versus traditional testing method, allowing for quicker delivery of medicines to patients.

最後，在我們的臨床研究業務中，我將分享兩個範例，說明當我們的客戶尋求解決方案來滿足其未滿足的需求時，我們如何獲得值得信賴的合作夥伴地位。我們擴展了 GMP 實驗室服務組合，包括基於 qPCR 的生物安全測試功能，用於檢測藥物中的細菌和其他污染物。與傳統測試方法相比，該產品可顯著更快地得出結果，從而更快地將藥物交付給患者。

And we launched the CorEvitas Syndicated Clinical Registry in generalized pustular psoriasis to address an unmet need for real-world evidence related to outcomes for patients with this rare disease. As you recall, CorEvitas became part of our company last year. The business is performing very well and making a difference for our customers and patients. All of these are great examples of our trusted partner status.

我們也推出了針對全身性膿皰型乾癬的 CorEvitas 聯合臨床註冊中心，以滿足與這種罕見疾病患者的結局相關的現實世界證據的未滿足需求。您還記得，CorEvitas 去年成為我們公司的一部分。該業務表現非常出色，為我們的客戶和患者帶來了改變。所有這些都是我們值得信賴的合作夥伴地位的典範。

Now let me turn to our PPI Business System, which enables outstanding execution during the quarter. PPI engages and empowers all of our colleagues to find a better way every day. You can see it in our strong profitability and cash flow that we delivered in the first quarter. Looking forward, our team is actively utilizing generative AI as part of the PPI Business System to increase efficiency and productivity as well as to continue to improve the customer experience across the company.

現在讓我談談我們的 PPI 業務系統，該系統在本季度實現了出色的執行力。 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。您可以從我們第一季交付的強勁盈利能力和現金流中看到這一點。展望未來，我們的團隊正在積極利用生成式人工智慧作為 PPI 業務系統的一部分，以提高效率和生產力，並繼續改善整個公司的客戶體驗。

To share a couple of examples of how we're applying AI, it's enabling us to accelerate software development timelines in our Analytical Instruments and Life Science Solutions businesses. We're also leveraging the combination of large language models with a vast and differentiated amount of data at our disposal.

分享幾個我們如何應用人工智慧的例子，它使我們能夠加快分析儀器和生命科學解決方案業務的軟體開發時間表。我們也利用大型語言模型與可供我們使用的大量差異化資料的組合。

One benefit we're seeing is our ability to enhance the capability of our technical and customer service teams to more effectively serve our customers. Generative AI is another great example of how we continually strengthen the impact of the PPI Business System.

我們看到的好處之一是我們能夠增強技術和客戶服務團隊的能力，從而更有效地為客戶提供服務。生成式人工智慧是我們如何持續增強 PPI 業務系統影響力的另一個很好的例子。

Let me now give you an 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, being a good steward of our planet and the focusing on (inaudible) education and advancing global health equity.

現在讓我向您介紹我們企業社會責任舉措的最新情況。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。我們也透過支持我們的社區、成為地球的好管家、關注（聽不清楚）教育和促進全球健康公平來產生積極影響。

To that end, during the first quarter, we announced a collaboration with the South African Medical Research Council. Together, we'll establish a center of excellence and training program focused on molecular biology and life sciences. The facility will provide specialized education and support for professional development to scientists and laboratory professionals in Africa. I'm also pleased to share that Thermo Fisher achieved a perfect score on the Human Rights Campaign Foundation's Corporate Equality Index for the eighth year in a row.

為此，我們在第一季宣布與南非醫學研究委員會合作。我們將共同建立一個專注於分子生物學和生命科學的卓越中心和培訓計劃。該設施將為非洲的科學家和實驗室專業人員提供專業教育和專業發展支援。我還很高興地告訴大家，賽默飛世爾連續第八年在人權運動基金會的企業平等指數中獲得滿分。

Let me now give you an update on capital deployment. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders. During the quarter, we reached the 1-year anniversary of The Binding Site acquisition, now our protein diagnostics business. Its financial performance is tracking ahead of the deal model with really strong growth. I recently had the chance to visit the headquarters of our protein diagnostics business and saw great progress they're making, given the exciting new products that can positively impact patient care for multiple myeloma.

現在讓我向您介紹一下資本部署的最新情況。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。本季度，我們迎來了收購 The Binding Site（現在是我們的蛋白質診斷業務）一周年紀念日。其財務表現領先交易模式，成長非常強勁。我最近有機會參觀了我們的蛋白質診斷業務總部，看到了他們正在取得的巨大進展，因為令人興奮的新產品可以對多發性骨髓瘤患者的護理產生積極影響。

Turning to our planned acquisition of Olink. We're working through the regulatory process, and the transaction is on track to close by mid-2024. We look forward to welcoming new colleagues to the company later this year. And in terms of return of capital during the quarter, we repurchased $3 billion of shares and increased our dividend by 11%. As I reflect on the quarter, I'm very proud of what our team accomplished and grateful for their contributions to our success. In a nice recognition of both our team and track record, Thermo Fisher has once again been included on Fortune Magazine's List of Most Admired Companies.

談到我們計劃收購 Olink。我們正在完成監管程序，交易預計在 2024 年中期完成。我們期待今年稍後歡迎新同事加入公司。在本季的資本回報方面，我們回購了 30 億美元的股票，並將股利增加了 11%。當我回顧本季時，我對我們團隊所取得的成就感到非常自豪，並感謝他們為我們的成功做出的貢獻。為了充分認可我們的團隊和往績記錄，賽默飛世爾再次被列入《財星》雜誌最受尊敬的公司名單。

Let me now turn to our guidance. Given the stronger operational performance at the start of the year, we are raising our 2024 guidance. We now expect revenue to be in the range of $42.3 billion to $43.3 billion, and we expect adjusted EPS to be in the range of $21.14 to $22.02 per share. Stephen will take you through the details in his remarks.

現在讓我談談我們的指導。鑑於年初更強勁的營運業績，我們上調了 2024 年的指引。我們目前預計營收將在 423 億美元至 433 億美元之間，調整後每股收益將在 21.14 美元至 22.02 美元之間。史蒂芬將在他的演講中向您詳細介紹。

So to summarize our key takeaways from the first quarter. We delivered another quarter of strong financial results driven by our proven growth strategy and PPI Business System. We continue to enable our customer success, and this continually reinforces our trusted partner status. Our strong results in Q1 position us to deliver differentiated performance in 2024 as we continue to create value for all of our stakeholders and build an even brighter future for our company.

總結一下我們第一季的主要收穫。在我們行之有效的成長策略和 PPI 業務系統的推動下，我們又一個季度實現了強勁的財務業績。我們將繼續幫助客戶成功，從而不斷鞏固我們值得信賴的合作夥伴地位。第一季的強勁業績使我們能夠在 2024 年實現差異化的業績，繼續為所有利害關係人創造價值，並為公司打造更光明的未來。

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. I'll take you through an overview of our first quarter results for the total company then provide color on our 4 business segments, and I'll conclude by providing our updated 2024 guidance.

謝謝，馬克，大家早安。我將帶您概述整個公司的第一季業績，然後提供我們 4 個業務部門的詳細信息，最後我將提供更新的 2024 年指導。

Before I get into the details of our financial performance, let me provide you with a high-level view on how the first quarter played out versus our expectations at the time of our last earnings call.

在詳細介紹我們的財務表現之前，讓我先向您簡要介紹第一季度的業績與我們上次財報電話會議時的預期相比。

In Q1, market conditions were as we expected. We had another quarter of excellent execution, and this enabled us to deliver Q1 financials meaningfully ahead of what we had assumed in our prior guidance. Core organic revenue was $150 million or 1.5% ahead, and adjusted EPS was $0.40 ahead. To give you some color on that $0.40, $0.19 was from very strong profitability pull-through on the revenue beat, $0.12 was from phasing of spending within the year, $0.07 was from lower FX headwinds and $0.02 was from lower net interest expense. So we're continuing to manage the business really well and are off to a great start to the year.

第一季度，市場狀況符合我們的預期。我們又一個季度表現出色，這使我們能夠比我們先前指導中的假設提前交付第一季的財務數據。核心有機收入為 1.5 億美元，領先 1.5%，調整後每股收益為 0.40 美元。為了讓您對 0.40 美元有所了解，0.19 美元來自收入增長的強勁盈利能力拉動，0.12 美元來自年內分階段支出，0.07 美元來自較低的外匯逆風，0.02 美元來自較低的淨利息支出。因此，我們將繼續很好地管理業務，並在今年取得良好的開端。

Let me now provide you with some additional details on our performance, beginning with earnings per share. In the quarter, we grew adjusted EPS by 2% to $5.11. GAAP EPS in the quarter was $3.46, up 4% from Q1 last year. On the top line, in Q1, reported revenue was 3% lower year-over-year. The components of our Q1 reported revenue change included 4% lower organic revenue and a slight contribution from acquisitions. Q1 core organic revenue decreased 3%. And in the quarter, pandemic-related revenue was approximately $200 million, including $175 million of vaccines and therapies-related revenue.

現在讓我向您提供有關我們業績的一些其他詳細信息，首先是每股收益。本季度，調整後每股收益成長 2%，達到 5.11 美元。該季度 GAAP 每股收益為 3.46 美元，比去年第一季成長 4%。第一季的營收年減 3%。我們報告的第一季收入變化的組成部分包括有機收入下降 4% 以及收購帶來的輕微貢獻。第一季核心有機收入下降 3%。本季度，與疫情相關的收入約為 2 億美元，其中包括 1.75 億美元的疫苗和治療相關收入。

Turning to our organic revenue performance by geography. In Q1, North America declined mid-single digits, Europe declined low single digits, and Asia Pacific and China declined in the low single digits. With respect to our operational performance. The team used the PPI Business System to execute really well in the quarter, delivering $2.3 billion of adjusted operating income, which is 22% of revenue, 20 basis points higher than Q1 last year. Total company adjusted gross margin in the quarter came in at 41.8%, 150 basis points higher than Q1 last year.

轉向我們按地理位置劃分的有機收入表現。第一季度，北美地區出現中個位數下降，歐洲出現低個位數下降，亞太地區和中國出現低個位數下降。關於我們的營運績效。該團隊使用 PPI 業務系統在本季度執行得非常好，實現了 23 億美元的調整後營業收入，佔收入的 22%，比去年第一季高 20 個基點。該季度公司調整後總毛利率為 41.8%，比去年第一季高出 150 個基點。

In the quarter, we continued to deliver very strong productivity, reflecting our continued focus on cost management as well as the carryover benefits from the cost actions put in place last year. This enabled us to more than offset the impact of lower volumes while appropriately funding investments to further advance our industry leadership.

本季度，我們繼續提供非常強勁的生產力，反映出我們對成本管理的持續關注以及去年採取的成本行動的結轉效益。這使我們能夠抵消銷量下降的影響，同時適當地資助投資，以進一步提升我們的行業領先地位。

Moving to the details of the P&L. Adjusted SG&A in the quarter was 16.5% of revenue. Total R&D expense was $330 million in Q1, reflecting our ongoing investment in high-impact innovation. R&D as a percent of manufacturing revenue was 7.2% in the quarter. Looking at results below the line, our Q1 net interest expense was $84 million, which is $70 million lower than Q1 2023 due to increased cash balances. Our adjusted tax rate in the quarter was 10.5%. And average diluted shares were 384 million in Q1, approximately 4 million lower year-over-year driven by share repurchases, net of option dilution.

轉到損益表的詳細資訊。本季調整後的 SG&A 佔營收的 16.5%。第一季的總研發費用為 3.3 億美元，反映出我們對高影響力創新的持續投資。本季研發佔製造收入的百分比為 7.2%。從線下結果來看，我們第一季的淨利息支出為 8,400 萬美元，由於現金餘額增加，比 2023 年第一季減少了 7,000 萬美元。我們本季調整後的稅率為 10.5%。第一季平均稀釋後股票為 3.84 億股，由於股票回購（扣除選擇權稀釋），較去年同期減少約 400 萬股。

Turning to cash flow and the balance sheet. We had a strong start to the year with cash flow generation. Q1 cash flow from operations was $1.3 billion, and free cash flow for Q1 was $910 million after investing $340 million of net capital expenditures. We continue to return capital to shareholders in Q1 with an 11% increase in our dividend and the $3 billion of share buybacks, which were completed in January. We ended the quarter with $7.25 billion in cash and short-term investments and $35.6 billion of total debt. Our leverage ratio at the end of the quarter were 3.3x gross debt to adjusted EBITDA and 2.6x on a net debt basis.

轉向現金流和資產負債表。今年我們在現金流方面取得了良好的開局。第一季營運現金流為 13 億美元，投資 3.4 億美元淨資本支出後，第一季自由現金流為 9.1 億美元。我們在第一季繼續向股東返還資本，股息增加了 11%，並於 1 月完成了 30 億美元的股票回購。截至本季末，我們的現金和短期投資為 72.5 億美元，總負債為 356 億美元。截至本季末，我們的槓桿率為調整後 EBITDA 總負債的 3.3 倍，淨負債的槓桿率為 2.6 倍。

Concluding my comments in our total company performance. Adjusted ROIC was 11.8%, reflecting the strong return on investment that we've been generating across the company. Now I'll provide some color on the performance of our 4 business segments, starting with Life Sciences Solutions. Q1 reported revenue in this segment declined 13%, and organic revenue was 12% lower than the prior year quarter. This is driven by moderation in pandemic-related revenue in the segment as well as lower levels of activity in our bioproduction business versus the year-ago quarter.

總結我對公司整體業績的評論。調整後的投資報酬率為 11.8%，反映了我們在整個公司產生的強勁投資回報。現在，我將從生命科學解決方案開始，對我們 4 個業務部門的表現進行一些介紹。第一季該部門的營收下降了 13%，有機收入比去年同期下降了 12%。這是由於該領域與大流行相關的收入放緩以及我們的生物生產業務活動水平較去年同期較低所致。

Q1 adjusted operating income for Life Sciences Solutions increased 1%. And adjusted operating margin was 36.8%, up 480 basis points versus the prior year quarter. During Q1, we delivered exceptionally strong productivity, which was partially offset by unfavorable volume pull-through. The team continues to do an excellent job to appropriately manage the cost base and deal with the unwind of the pandemic.

第一季生命科學解決方案調整後營業收入成長 1%。調整後營業利益率為 36.8%，比去年同期成長 480 個基點。在第一季度，我們實現了異​​常強勁的生產力，但部分被不利的銷售拉動所抵消。該團隊繼續出色地管理成本基礎並應對疫情的緩解。

In the Analytical Instruments segment, reported revenue declined 2%, and organic growth was 1% lower than the prior year quarter. We continue to deliver very strong growth in the electron microscopy business. And as a reminder, we have very strong comparisons in the segment in the quarter due to high level of instrument shipments in Q1 last year as we work down the backlog. In the segment, Q1 adjusted operating income decreased 5%, and adjusted operating margin was 23.7%, 70 basis points lower year-over-year. In the quarter, we delivered strong productivity, which is more than offset by unfavorable volume mix and strategic investments.

在分析儀器領域，報告營收下降 2%，有機成長比去年同期低 1%。我們繼續在電子顯微鏡業務中實現非常強勁的成長。提醒一下，由於去年第一季在我們處理積壓訂單時儀器出貨量很高，因此我們在本季度對該細分市場進行了非常強烈的比較。該部門第一季調整後營業收入下降 5%，調整後營業利益率為 23.7%，較去年同期下降 70 個基點。本季度，我們實現了強勁的生產力，但不利的銷售組合和策略投資足以抵消這一影響。

Turning to our Specialty Diagnostics. In Q1, reported revenue and organic revenue were flat versus the prior year quarter. In Q1, we continued to see strong underlying growth in the core led by our transplant diagnostics and immunodiagnostics businesses as well as in our health care market channel. Q1 adjusted operating income for Specialty Diagnostics increased 5%. And adjusted operating margin was 26.5%, which is 120 basis points higher than Q1 2023. During the quarter, we delivered favorable business mix and good productivity, which was partially offset by strategic investments.

轉向我們的專業診斷。第一季度，報告收入和有機收入與去年同期持平。第一季度，我們繼續看到以移植診斷和免疫診斷業務為主導的核心業務以及醫療保健市場管道的強勁潛在成長。第一季調整後的專業診斷營業收入成長了 5%。調整後營業利潤率為 26.5%，比 2023 年第一季高出 120 個基點。

And finally, in Laboratory Products and Biopharma Services segment, both reported revenue and organic growth decreased 1% in Q1 versus the prior year quarter. This was driven by the runoff of vaccines and therapies revenue. During the quarter, we delivered strong growth in our clinical research business. Q1 adjusted operating income declined 6%. And adjusted operating margin was 13%, which is 80 basis points lower than Q1 2023. In the quarter, we delivered strong productivity, which was more than offset by unfavorable volume mix and strategic investments.

最後，在實驗室產品和生物製藥服務領域，第一季的營收和有機成長均較去年同期下降了 1%。這是由疫苗和治療收入的流失所推動的。本季度，我們的臨床研究業務實現了強勁成長。第一季調整後營業收入下降 6%。調整後的營業利潤率為 13%，比 2023 年第一季低 80 個基點。

Turning now to guidance. As Marc outlined, given the strong start to the year, we're raising our 2024 full year guidance. We now expect revenue to be in the range of $42.3 billion to $43.3 billion and adjusted EPS to be in the range of $21.14 to $22.02. At the midpoint, that reflects a core revenue increase of just under $100 million. We continue to assume core organic revenue growth will be in a range of minus 1% to positive 1% for 2024. We continue to assume that the market declines low single digits this year. Our growth strategy in PPI Business System execution will enable us to continue to take share once again.

現在轉向指導。正如 Marc 所概述的那樣，鑑於今年開局強勁，我們正在上調 2024 年全年指引。我們目前預計營收將在 423 億美元至 433 億美元之間，調整後每股收益將在 21.14 美元至 22.02 美元之間。中間值反映了核心收入成長了近 1 億美元。我們仍然假設 2024 年核心有機收入成長將在負 1% 到正 1% 之間。我們在 PPI 業務系統執行方面的成長策略將使我們能夠繼續再次佔據市場份額。

In terms of adjusted EPS. The increase in the guidance at the midpoint is just over $0.10. The majority of this is from the core revenue raise and also $0.02 from assumed lower net interest expense versus our prior guidance. Our 2024 updated guidance range assumes an adjusted operating income margin between 22.4% and 22.8%, slightly improved from the prior guide. We continue to use the PPI Business System to enable excellent execution, manage costs appropriately and fund the right long-term investments to enable us to further advance our industry leadership.

就調整後每股收益而言。中點指引值的漲幅略高於 0.10 美元。其中大部分來自核心收入的增加，還有 0.02 美元來自假設的淨利息支出（與我們先前的指導相比）較低。我們的 2024 年更新指導範圍假設調整後的營業利潤率在 22.4% 至 22.8% 之間，較先前的指導略有改善。我們繼續使用 PPI 業務系統來實現卓越的執行、適當地管理成本並為正確的長期投資提供資金，使我們能夠進一步提升我們的行業領導地位。

So a great start to the year and increase in the guidance outlook. We remain well positioned to continue to deliver differentiated performance.

因此，今年有一個良好的開端，指導前景也有所提升。我們仍然處於有利地位，可以繼續提供差異化的績效。

I thought it would be helpful to remind you of some of the key underlying assumptions behind the guide that remain unchanged from the previous guidance. In 2024, we're assuming 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.

我認為提醒您該指南背後的一些關鍵基本假設會有所幫助，這些假設與先前的指南保持不變。到 2024 年，我們假設測試收入將接近 1 億美元，疫苗和治療相關收入將達到 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%。

We see that FX will be roughly neutral year-over-year to both revenue and adjusted EPS. Given recent FX rate changes, we're assuming that the $0.07 beat that we saw in Q1 is offset in the remainder of the year, leading to no change for the year as a whole for FX versus our prior guide.

我們認為，外匯對收入和調整後每股盈餘的影響將大致呈現中性。鑑於最近的外匯匯率變化，我們假設第一季的 0.07 美元上漲在今年剩餘時間內被抵消，導致全年外匯匯率與我們之前的指導相比沒有變化。

We expect the adjusted income tax rate will be 10.5% in 2024. And we're assuming between $1.3 billion and $1.5 billion of net capital expenditures and free cash flow in the range of $6.5 billion to $7 billion.

我們預期 2024 年調整後的所得稅率為 10.5%。

In terms of capital deployment. We're assuming $3 billion of share buybacks, which were completed in January. We expect to return approximately $600 million of capital to shareholders this year through dividends, we continue to see [we will close] the Olink acquisition by midyear. Full year average diluted share count is assumed to be approximately 383 million shares.

在資本配置方面。我們假設 30 億美元的股票回購已於 1 月完成。我們預計今年將透過股息向股東返還約 6 億美元的資本，我們繼續預計[我們將在年中完成]對 Olink 的收購。假設全年平均稀釋股數約為 3.83 億股。

And finally, I wanted to touch on quarterly phasing. In Q2, we expect revenue dollars to step up from the first quarter, and organic growth will likely be 2 points better than Q1. And we expect Q2 adjusted EPS to be similar to Q1. This reflects the revised view of the phasing of spending within the year that I mentioned. I think this view of Q2 is pretty close to what's currently baked into consensus right now.

最後，我想談談季度階段。在第二季度，我們預計營收將較第一季增加，有機成長可能會比第一季高 2 個百分點。我們預計第二季調整後每股盈餘與第一季相似。這反映了我所提到的年內分階段支出的修正觀點。我認為對第二季度的看法與目前達成的共識非常接近。

So to conclude. We delivered on our commitments in Q1, and we're in a great position to deliver differentiated performance for all our stakeholders in 2024.

所以得出結論。我們兌現了第一季的承諾，並且有能力在 2024 年為所有利害關係人提供差異化的業績。

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

這樣，我會將電話轉回給 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) We have the first question from Doug Schenkel with Wolfe Research.

（操作員說明）我們收到 Wolfe Research 的 Doug Schenkel 提出的第一個問題。

Simply put, it was a better start than expected to the year. Marc, can you share color on: one, how did the quarter progress; and two, how does that progression. And really momentum heading into the second quarter, how do those things inform your thinking on the outlook for the balance of the year?

簡而言之，今年的開局比預期好。馬克，您能否分享以下方面的資訊：一，本季進展如何；第二，這個進展如何。進入第二季度的真正勢頭，這些事情如何影響您對今年剩餘前景的看法？

Doug, thanks. So I thought just in the spirit of continuous improvement in PPI that I would frame a few of the key points for the Q&A session and then get to your questions. So indulge me for a second. So when I think about the key points. One, I will start with the long term. We serve an awesome industry that has a bright future, right? And when you think about what drives the bright future, very durable growth driven by the great science, the strong pipelines and the unmet medical needs.

道格，謝謝。因此，我認為本著不斷改進 PPI 的精神，我將框架一些問答環節的要點，然後回答大家的問題。所以請允許我一下。所以當我思考關鍵點的時候。第一，我將從長遠開始。我們服務一個有著光明未來的優秀產業，對嗎？當你思考是什麼推動了光明的未來時，偉大的科學、強大的管道和未滿足的醫療需求推動了非常持久的成長。

When I think about the first quarter, zooming into the short term, market conditions were in line with our expectations and really with strong execution in the quarter that resulted in the financial performance that was ahead of our expectations, it allowed us to retire risk as well as raise our full year outlook.

當我考慮第一季時，從短期來看，市場狀況符合我們的預期，並且該季度的執行力確實強勁，導致財務業績超出了我們的預期，這使我們能夠消除風險，因為並提高我們的全年展望。

Reminding our investors what's assumed in the '24 guidance is that we're going to see a modest step-up or pickup in economic activity as the year progresses. And during the quarter, it was really good to see a couple of positive developments in our end markets that supports the view of a pickup as the year progresses, which is continued improvements in the biotech funding environment and the stimulus program that was announced by China.

提醒我們的投資者，24 年指引中的假設是，隨著時間的推移，我們將看到經濟活動適度加速或回升。在本季度，我們很高興看到我們的終端市場出現了一些積極的發展，這些發展支持了隨著時間的推移而回升的觀點，這就是生物技術融資環境的持續改善和中國宣布的刺激計劃。

As you know, how we define success is that we deliver differentiated short-term performance with a strong emphasis on share gain while strengthening our competitive position for the long term. And Q1 was another quarter in which we achieved that. So Doug, as I think about the phasing of the quarter, market really played out exactly as we thought it was. And we looked at the different parts of it and really in aggregate and the pieces that really played out that way.

如您所知，我們對成功的定義是，我們提供差異化的短期業績，專注於份額收益，同時加強我們的長期競爭地位。第一季是我們實現這一目標的另一個季度。因此，道格，當我考慮本季的階段時，市場的表現確實與我們想像的完全一樣。我們著眼於它的不同部分，真正從總體上看，以及真正以這種方式發揮作用的部分。

As the quarter unfolded, what I would say is didn't see a huge change in pattern, although March was a little bit better than the first couple of months. You had the way Easter laid out, which kind of makes it a little bit hard to know exactly, but it felt like March was a good exit rate, consistent with a modest step-up, and that's baked into it. And I would say that April is, in the first couple of weeks kind of playing out with that as well.

隨著本季的展開，我想說的是，儘管三月比前幾個月好一點，但模式並沒有發生巨大變化。你有復活節的安排，這使得它有點難以確切地知道，但感覺三月是一個很好的退出率，與適度的升級相一致，這已經融入其中。我想說的是，四月的前幾週也會出現這種情況。

Okay. That's super helpful. And thank you for the high-level thoughts as well. If I could maybe just kind of double-click into an area of focus for all of us. Lab products and services was stronger than expected, relative to certainly what I had in my model and from what I can tell is in consensus.

好的。這非常有幫助。也感謝您的高層次想法。如果可以的話，也許我可以雙擊進入我們所有人關注的區域。相對於我模型中的產品和服務，實驗室產品和服務強於預期，而且據我所知，這是一致的。

In particular, obviously, the CRO and CDMO businesses are a focus for all of us. What are you seeing there? Is it fair to say that things are picking up there a little bit better and maybe better than expected? Keeping in mind that some of the early updates from CMO peers have been relatively encouraging. And then I think maybe more on the CRO side is where we'd see this impact.

尤其是CRO和CDMO業務顯然是我們大家關注的焦點。你在那裡看到什麼？可以公平地說，那裡的情況正在好轉一些，甚至可能比預期更好嗎？請記住，首席行銷長同行的一些早期更新相對令人鼓舞。然後我認為也許在 CRO 方面我們會看到這種影響。

But as we kind of keep in mind that Q1 was the best biopharma funding quarter in about 5 years, how does that make you feel about the outlook for the next several quarters and the years ahead?

但我們要記住，第一季是大約 5 年來最好的生物製藥融資季度，這讓您對未來幾季和未來幾年的前景有何看法？

Doug, I'll tee up kind of the view versus the consensus first, and I'm not going to talk about the kind of business dynamics. So we don't guide by segment in terms of our organic growth. And for us, it came in -- as Marc said, the markets came in as we had expected in aggregate. And that's the same thing for the segment, and we executed well. So it wasn't a huge outperformance part of the beat that was kind of pretty much across the board for the company.

道格，我將首先就觀點與共識進行比較，我不會談論業務動態。因此，我們在有機成長方面不會按細分市場進行指導。對我們來說，它進來了——正如馬克所說，市場的到來正如我們總體預期的那樣。對於該細分市場來說也是如此，我們執行得很好。因此，這並不是公司整體表現出色的部分。

Yes. And then when you get into the dynamics, the one thing I would call out is in our CRO capabilities, clinical research, the former PPD business, really excellent execution in the first quarter, drove really very strong performance, very proud of what the team accomplished.

是的。然後，當你了解動態時，我要強調的一件事是我們的 CRO 能力、臨床研究、前 PPD 業務，第一季的執行非常出色，推動了非常強勁的業績，為團隊感到非常自豪完成了。

And when I think about the market dynamics, definitely seeing the pipeline of activity picking up. And as you certainly know, it takes a while for that to actually materialize into revenues, given the cycle of the business, but very encouraging given the biotech funding environment to see that level of pipeline of work picking up. So thank you, Doug.

當我考慮市場動態時，肯定會看到活動的增加。正如您當然知道的那樣，考慮到業務週期，這需要一段時間才能真正轉化為收入，但考慮到生物技術融資環境，看到工作管道水平的提高是非常令人鼓舞的。謝謝你，道格。

The next question is from Michael Ryskin with Bank of America.

下一個問題來自美國銀行的 Michael Ryskin。

Great. Congrats on the quarter. Marc, I want to pick up on something you just mentioned. You called out continued improvement in biotech funding environment. And earlier, you talked about the stimulus in China, 2 positive developments on the end market in 1Q. But I think you also acknowledged it's still relatively early going for those. And there have been a few false starts in end markets, of course, of 2023.

偉大的。恭喜本季。馬克，我想談談你剛才提到的事情。您指出生技融資環境持續改善。早些時候，您談到了中國的刺激措施，以及第一季終端市場的兩個積極進展。但我想你也承認現在還太早。當然，2023 年終端市場也出現了一些錯誤的開端。

So I guess the question is, what gives you confidence that these have really turned the corner? What data points you're looking for as the year progresses and especially given your position on the China Business Council. Just when do you think the better funding stimulus will show up as revenues for you for Thermo?

所以我想問題是，是什麼讓你相信這些已經真正扭轉了局面？隨著時間的推移，特別是考慮到您在中國工商理事會的職位，您正在尋找哪些數據點。您認為更好的融資刺激何時會為您帶來 Thermo 的收入？

Yes. So Mike, I think it's a great question, I liked the way you framed it as well. So we're not -- nothing about false starts. The way that I think about it is and super clear on the word choice. What was assumed in our original guidance was a modest pickup.

是的。麥克，我認為這是一個很好的問題，我也喜歡你提出問題的方式。所以我們不——對錯誤的開始一無所知。我的想法是非常清楚地選擇這個詞。我們最初的指導中假設的是適度的回升。

The 2 data points that I called out would be consistent with that view. So we're not changing our view upwards on the market, but rather what's going to drive the slight pickup, the fact that biotech funding is improving and that China announced a stimulus program. I think everybody was probably positively surprised that they announced it as early in the year as that they did, and they're trying to get their economy growing. Those are good facts to support the modest step-up and set ourselves up for an even stronger set of market conditions as we enter 2025. So that's how I think about the kind of the phasing of what's going on in the market.

我指出的兩個數據點與該觀點一致。因此，我們不會改變對市場的看法，而是改變推動市場小幅回升的因素，即生物技術融資正在改善以及中國宣布了刺激計劃。我想每個人都可能對他們在今年早些時候宣布這一消息感到非常驚訝，並且他們正在努力讓經濟成長。這些都是很好的事實，可以支援適度的升級，並為我們進入 2025 年時迎接更強勁的市場條件做好準備。

And then the other thing that I would just note about the quarter which was very positive is that it actually played out as we expected, right, including the 4 end markets. And that's good because, I mean, the normal incredible visibility and predictability that you typically have in this business is returning, which is helpful as well.

然後，我要指出的關於本季非常積極的另一件事是，它實際上按照我們的預期進行，包括 4 個終端市場。這很好，因為我的意思是，在這個行業中通常擁有的令人難以置信的可見性和可預測性正在回歸，這也很有幫助。

Okay. That's really helpful. And Doug asked about lab products and services. Let me focus on Analytical Instruments. You called out electron microscopy continue to do very well there. But -- and you do have really tough comps. But maybe you could focus a little bit on chromatography mass spec. What are you seeing there from an end market perspective? There's been a lot of concern about pharma CapEx budgets and sort of how they're trending in 2024. So any early comments you can say about that part of the portfolio?

好的。這真的很有幫助。道格詢問了實驗室產品和服務。讓我專注於分析儀器。您指出電子顯微鏡在這方面持續表現優異。但是——而且你的比賽確實非常艱難。但也許你可以稍微關心一下色譜質譜。從終端市場的角度來看，您有何看法？人們對製藥資本支出預算以及 2024 年的趨勢有很多擔憂。

Yes. So Mike, when I think about Analytical Instruments, we had a really good quarter. And it's against a very, very strong comparison, which is why I called it out because compared to the high teens growth last year, it's important to flag it.

是的。所以麥克，當我想到分析儀器時，我們度過了一個非常好的季度。這是一個非常非常強烈的比較，這就是我之所以指出這一點的原因，因為與去年青少年的高成長相比，重要的是要標記它。

Let me start with electron microscopy then I'll get to chrome mass spec. So electron microscopy, the business has been performing at a great level, continues to have a strong order book and just doing a really good job. And I feel great about that. When I think about chromatography, mass spectrometry, they as well have incredibly strong comparisons. We're getting really good uptake on the Astral and really have had some milestone level of shipments on that product over the first 9 months of owning and [relaunching] it. So that's gone well.

讓我從電子顯微鏡開始，然後我將介紹鉻質譜。因此，電子顯微鏡業務一直表現出色，並繼續擁有強勁的訂單，而且做得非常好。我對此感覺很好。當我想到色譜法、質譜法時，它們也有非常強的可比較性。我們對 Astral 的接受度非常高，並且在擁有並[重新推出]該產品的前 9 個月內，該產品的出貨量確實達到了一些里程碑式的水平。所以一切順利。

Most of our business is in the high-end research portion, which has done well for us. We have a little bit less exposure to kind of the more routine applications. I did flag one product that we launched, which is really quite relevant. As you know, we're the very strong market leader in ion chromatography. You hear a lot about PFAS testing, things of this sort. And we launched the next generation of instrumentation there, which it's great, just given how large our fleet is around the world, and that product is off to a great start. So I feel good about the outlook, the different pieces.

我們的大部分業務都在高端研究部分，這對我們來說做得很好。我們對一些更常規的應用程式的接觸要少一些。我確實標記了我們推出的一款產品，這確實非常相關。如您所知，我們是離子色譜領域非常強大的市場領導者。您聽說過很多關於 PFAS 測試之類的事情。我們在那裡推出了下一代儀器，考慮到我們在世界各地的艦隊有多大，這真是太棒了，而且該產品有了一個很好的開端。所以我對前景和不同的部分感覺很好。

And I highlighted a couple of interesting launches in chemical analysis, the smallest of the 3 businesses where we're enabling battery production and really trying to change the way that QA/QC is done in pharmaceutical manufacturing by having raw materials inspected at the factory versus doing lab testing and the Handheld Raman Analyzer does that. So really great innovation drives growth in the business and a really good performance to start the year.

我強調了化學分析領域的一些有趣的推出，這是我們支持電池生產的3 項業務中最小的一項，我們確實試圖通過在工廠檢查原材料而不是在工廠檢查原材料來改變藥品製造中QA/QC的方式。因此，真正偉大的創新推動了業務的成長，並在年初取得了非常好的業績。

The next question is from Jack Meehan with Nephron Research.

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

Wanted to keep digging in on the pharma businesses here. So the first question is on clinical research. You called out strong growth. Just a clarification. Is this inclusive of the COVID headwinds you've talked about before? The tone sounds more positive. Any comments around what you're seeing would be great.

想繼續深入研究這裡的製藥業務。所以第一個問題是關於臨床研究。您呼籲強勁增長。只是一個澄清。這是否包括您之前談到的新冠疫情帶來的不利因素？語氣聽起來比較積極。任何有關您所看到的內容的評論都會很棒。

Yes. There's no adjustments on any of that. It's just business just grew through that. And when I think about the year, when I think about the guidance that some busy assumptions are better than the guidance. We reminded our investors that we had the largest role in clinical research on supporting the pandemic response. We also had, in parallel, incredible growth in the business, and really just an excellent start and excellent execution to deliver strong growth in the quarter.

是的。這些都沒有任何調整。這只是業務的成長。當我想到這一年，當我想到指導時，一些忙碌的假設比指導更好。我們提醒投資者，我們在支持疫情應對的臨床研究中發揮最大的作用。同時，我們的業務也取得了令人難以置信的成長，這確實是一個良好的開端和出色的執行力，從而在本季度實現了強勁的成長。

And while we expect this business will moderate this year relative to the last few years, just the momentum it has bodes extremely well for the midterm of high single-digit growth business plus synergies. So the team has done a great job of becoming part of the company, leveraging our relationships and getting really strong commercial momentum. So really nice start to the year.

雖然我們預計今年該業務相對於過去幾年將有所放緩，但其動能對於中期高個位數成長業務加上綜效來說是非常好的兆頭。因此，該團隊在成為公司的一部分、利用我們的關係並獲得真正強大的商業動力方面做得非常出色。今年真是美好的開始。

Awesome. And then on the pharma services side, there's been a little bit of a competitive shake up with Novo's proposed acquisition of Catalent. Can you just talk about your win rates at Patheon and how you feel about the runway for future tech transfers?

驚人的。然後在製藥服務方面，Novo 提議收購 Catalent 後，競爭發生了一些變化。您能談談您在 Patheon 的勝率以及您對未來技術轉移的看法嗎？

Yes. So Jack, when I think about pharma services, the business has performed very well. And when I think about the industry dynamics that have gone on, in an area that we're the market leader, [start until finish] where we put the medicine or vaccine in its final dosage form. Effectively, you have one of the pure-play competitors being taken out of the CDMO business effectively or less so.

是的。所以傑克，當我想到製藥服務時，該業務表現非常好。當我考慮正在發生的行業動態時，在我們是市場領導者的領域，[從開始到結束]我們將藥物或疫苗製成最終劑型。實際上，您已經將純粹的競爭對手之一有效地或不太有效地從 CDMO 業務中剔除。

And that in an area where capacity is constrained already, it bodes really well for our business. As the market leader and great reputation, our activity level is high. The number of dialogue we're having with our customers is high. We're securing new business. So I feel great about it.

在產能已經受到限制的地區，這對我們的業務來說確實是個好兆頭。作為市場領導者和良好聲譽，我們的活動水平很高。我們與客戶的對話次數很多。我們正在爭取新業務。所以我對此感覺很好。

And our job as the trusted partner is to enable our customer success, right? And our customers think in decades in this industry. And when there's events that uncertain, whether it's Biosecure or whether it's an acquisition of one of the suppliers, they look at the industry leader and say, "This is a company that doesn't create uncertainty, does a great job." Those things ultimately allow us to better support our customers going forward.

作為值得信賴的合作夥伴，我們的工作就是幫助客戶成功，對嗎？我們的客戶在這個行業思考了幾十年。當出現不確定的事件時，無論是 Biosecure 還是收購某個供應商，他們都會看著行業領導者說：“這是一家不會製造不確定性的公司，做得很好。”這些事情最終使我們能夠更好地支持我們的客戶前進。

The next question is from Rachel Vatnsdal with JPMorgan.

下一個問題來自摩根大通的 Rachel Vatnsdal。

Perfect. Congratulations on the quarter. So I wanted to dig into the comments around China stimulus a little bit more. Just on one hand, the language around the stimulus is fairly broad, but this tranche also appears to be 2.5x the dollar amount of the stimulus package that benefited last year.

完美的。恭喜本季。因此，我想進一步深入探討有關中國刺激計劃的評論。一方面，圍繞刺激計劃的措辭相當廣泛，但這一筆金額似乎也是去年受益的刺激計劃的 2.5 倍。

So can you walk us through what are you hearing from customers regarding the stimulus? Are you working on proposals with customers yet? Or have you even seen any orders related to that stimulus come through, albeit it's probably that early for that.

那麼您能否向我們介紹一下您從客戶那裡聽到的有關刺激措施的資訊？您正在與客戶一起制定提案嗎？或者您是否已經看到與該刺激計劃相關的任何訂單已經通過，儘管可能還為時過早。

And then just to follow up on those comments around the timeline for stimulus. If you look at what happened last year, the stimulus was actually announced in September '22, but we really didn't see an impact until early 2023. So given that delay between initial announcement and actually seeing the benefit, in your view, could we potentially see the benefit this year? Or could this ultimately be a 2025 dynamic?

然後就刺激計劃的時間表跟進這些評論。如果你看看去年發生的事情，你會發現刺激計劃實際上是在22 年9 月宣布的，但我們直到2023 年初才真正看到影響。延遲，在你看來，可能今年我們可能會看到好處嗎？或者這最終會成為 2025 年的動態嗎？

So Rachel, thanks for the question. I share the enthusiasm about the government's efforts to stimulate the economy, get things going. So it's an interesting time in that respect. So...

雷切爾，謝謝你的提問。我對政府刺激​​經濟、推動事情的努力抱持著同樣的熱情。所以從這方面來說這是一個有趣的時刻。所以...

And just back to Mike's comment about what the view on is this start, these starts, false start, I think it's a good thing that China is trying to find ways to stimulate the economy. And I think this is one element of it, and we look forward to other things happening as well as just the way the China is managing the economy. As Marc said, go ahead.

回到麥克對這個開始的看法的評論，這些開始，錯誤的開始，我認為中國正在努力尋找刺激經濟的方法是一件好事。我認為這是其中的一個因素，我們期待其他事情的發生以及中國管理經濟的方式。正如馬克所說，繼續吧。

Yes, yes. So when I think about actually the way things play out, and a lot of this is about signaling as far as I can tell from my own experience of work in China for many years. It's a multiyear program as opposed to the last one, which was shorter term.

是的是的。因此，當我思考事情的實際發展方式時，根據我在中國多年的工作經驗來看，其中很多都是關於信號的。這是一個多年期計劃，而不是上一個期限較短的計劃。

So basically, the government is signaling, at least, to the economy that they're looking for investments in instrumentation equipment, technological advances, advanced research. So that's very encouraging in terms of that it's not a short-term program, but rather longer term. And yes, we've already have proposals in front of customers. And yes, there's quite a bit of dialogue. Customers are actually waiting for some of the very practical details of how this will work because it varies by province, ultimately.

因此，基本上，政府至少向經濟發出信號，表明他們正在尋求對儀器設備、技術進步和高級研究的投資。因此，這非常令人鼓舞，因為它不是一個短期計劃，而是一個長期計劃。是的，我們已經向客戶提出了建議。是的，有很多對話。客戶實際上正在等待一些非常實用的細節，因為最終各省的情況有所不同。

So to my knowledge, no orders yet. I wouldn't expect any of that quickly anyway but lots of activity. And the way that I would think about this is there's the direct effect and then the indirect effect. I would expect that we would see orders really later in the year and some revenue late in the year directly associated with the stimulus, but that may miss by a few months, one way or the other. So I wouldn't expect material shipments in Q2 around this. So it would be the way I would think about my experience.

據我所知，目前還沒有訂單。無論如何，我不希望這些事情很快發生，但會有很多活動。我思考這個問題的方式是先有直接影響，然後再產生間接影響。我預計我們會在今年稍後看到訂單，並在今年稍後看到一些與刺激措施直接相關的收入，但無論怎樣，這可能會延遲幾個月。因此，我預計第二季的材料出貨量不會與此相關。所以這就是我思考我的經歷的方式。

The indirect effect is a confidence booster, right, which is basically saying the government is going to try to get the economy up and going. And that should help more broadly, and that doesn't help tomorrow, but it helps from a contextual standpoint of business confidence.

間接效果是增強信心，對吧，這基本上意味著政府將努力推動經濟發展。這應該會帶來更廣泛的幫助，這對明天沒有幫助，但從商業信心的角度來看，它會有所幫助。

So I think those things would say that you're seeing China try to get the economy growing. We're not assuming a lot in China in our numbers this year as part of major changes. So what I'm most excited about there is that it sets up for '25. Not that we won't see a benefit this year, but it's kind of a direction of travel. And our view is more of a return tranche should be a good market for us.

所以我認為這些事情表明你看到中國正在努力促進經濟成長。作為重大變化的一部分，我們今年並沒有對中國的數據做出太多假設。所以我最興奮的是它為 25 年做準備。並不是說我們今年不會看到任何好處，但這只是一個前進的方向。我們的觀點是，回報部分對我們來說應該是一個很好的市場。

Perfect. Really appreciate all that detail. I just wanted to stick on China for my follow-up then. Obviously, we've seen some of these headlines around Biosecure Act. We've heard some of your customers talking about trying to derisk some of their supply chains and go with more Western manufacturers, just given where we're at from that headline perspective.

完美的。真的很欣賞所有這些細節。當時我只想繼續關注中國。顯然，我們已經看到了一些有關《生物安全法案》的頭條新聞。我們聽到你們的一些客戶在談論試圖消除他們的一些供應鏈的風險，並與更多的西方製造商合作，只是從頭條新聞的角度來看我們所處的位置。

So I wanted to see how has that been impacting your customer conversations? Have you seen any increase in inbounds in terms of Patheon? And then just from a timing, if you were to benefit from this. Obviously, a pretty capacity-constrained sector right now. I know you mentioned some of the Catalent-Novo dynamics earlier as well.

所以我想看看這對您的客戶對話有何影響？您是否看到 Patheon 的入站人數有所增加？然後只是從一個時機來看，如果你想從中受益的話。顯然，目前這個產業的產能相當有限。我知道您之前也提到過 Catalent-Novo 的一些動態。

Could you even benefit in the near term from any competitive wins related to Biosecure? Or is it just a function of capacity constrained, this really alludes to the value chain and the vertical integration that Thermo has but will be more of a benefit longer term?

您是否可以在短期內從與 Biosecure 相關的任何競爭勝利中受益？或者這只是產能受限的函數，這確實暗示了熱電公司擁有的價值鍊和垂直整合，但長遠來看會帶來更多好處？

So the way that I think about Biosecure is I kind of put it into the context of there's a level of geopolitical tensions that exist around the world, including between the U.S. and China. It's never exactly clear whether these things become enacted or not. It's our job to help our customers navigate those shifting landscapes. I think at the highest level, actually relations are falling between the countries a bit. There will always be challenges.

因此，我對生物安全的看法是，我將其置於世界各地（包括美國和中國之間）存在一定程度的地緣政治緊張局勢的背景下。目前還不清楚這些事情是否會被頒布。我們的工作就是幫助我們的客戶應對這些不斷變化的環境。我認為在最高層，實際上兩國之間的關係正在下降。總是會有挑戰。

When I think about how this could play out, should it play out, I think that what is making the customer base that's largely Western in terms of where biotech and pharmaceutical activity is largely, I think more of supply chains, who's doing development work, et cetera.

當我思考這將如何發揮作用時，如果它發揮作用，我認為是什麼讓客戶群主要是西方的，就生物技術和製藥活動而言，我認為更多的是供應鏈，誰正在做開發工作，等等。

Given our network is effectively 100% in U.S. and Western Europe and that set of capabilities, we're likely to be a long-term beneficiary, not per se of the Act, but rather the fact that customers are thinking about who are their partners and where should those partners be based. So I think that's a long term, should be okay, and I don't think it has any material impact to the results in the short term. Thank you, Rachel.

鑑於我們的網絡實際上 100% 在美國和西歐以及這一系列能力，我們很可能成為長期受益者，而不是該法案本身，而是客戶正在考慮誰是他們的合作夥伴這一事實這些合作夥伴應該設在哪裡。所以我認為這是一個長期的，應該沒問題，而且我不認為它對短期內的結果有任何實質的影響。謝謝你，雷切爾。

The next question is from Dan Brennan with TD Cowen.

下一個問題是 Dan Brennan 和 TD Cowen 提出的。

Marc and Stephen, maybe just on China. I know some -- there's already been some discussion points here, Marc. But could you just give us a sense how the low single-digit decline in the quarter kind of compared to expectations? And just remind us what to assume for the full year? And kind of any color you can share about just demand trends across your business segments in China.

馬克和史蒂芬，也許只是關於中國。我知道一些——馬克，這裡已經有一些討論點了。但您能否讓我們了解一下，與預期相比，本季的低個位數下降幅度如何？只是提醒我們全年的假設是什麼？您可以分享您在中國業務部門的需求趨勢的任何顏色。

So when I think about China, that actually played out as we expected. The team delivered on the expectations for the quarter. And as you know, our guidance, we don't guide by geography or by business. It's really the aggregate overall. But actually, the first quarter played out as the team expected and executed well. When you kind of go down to the subsegments of China, now you're going to the tiny portion of our revenue. Nothing really significant of note in terms of things better or worse than what we've been seeing or what we would expect. So that's will be a high-level deal. Looking forward to returning to China early in the summer. So get some firsthand perspectives on that as well.

因此，當我想到中國時，情況實際上正如我們所預期的那樣。該團隊實現了本季的預期。如您所知，我們的指導不是按地理位置或業務進行指導。這確實是整體的總和。但實際上，第一節的表現符合球隊的預期，執行得很好。當你深入中國的細分市場時，你現在看到的只是我們收入的一小部分。就事情的好壞而言，沒有什麼比我們所看到的或我們所期望的更值得注意的了。因此，這將是一項高層協定。期待夏天初回到中國。因此，也獲得一些第一手的觀點。

Got it. And then maybe just on bioprocessing. I know the consumable portion of your business, Marc is, call it, 10% of our revenues, but there's obviously a tremendous focus there right now. Could you give any color on how that business performed in the quarter? And any color you can provide on like this ongoing destock issue. Whether or not you've seen orders start to grow again sequentially.

知道了。然後也許只是生物加工。我知道你們業務的消費品部分，馬克，占我們收入的 10%，但現在顯然有一個巨大的焦點。您能透露一下該業務在本季的表現嗎？以及您可以提供的任何顏色，例如持續的去庫存問題。無論您是否看到訂單再次開始連續成長。

Yes, Dan, thanks for the question on bioproduction. It's definitely a factor. Where it got in the queue of the question, it says that the emphasis is reducing on that so as becoming a little bit more predictable. Really, Q1 was in line with expectations. Organic growth did decline as we expected in the quarter due to the strong comparisons from a year ago. But when I look at orders, that's now 2 quarters in a row with really good sequential bookings growth, nice improvement in book-to-bill. And when I look at the things that have been said externally about the quarter, I feel really good about our performance in terms of how we execute it. So working out, in line with what we thought would happen. Thanks, Dan.

是的，丹，謝謝你提出有關生物生產的問題。這絕對是一個因素。它在問題隊列中的位置表明，重點正在減少，以便變得更加可預測。確實，第一季符合預期。由於與一年前的強勁比較，本季的有機成長確實出現了下降，正如我們預期的那樣。但當我查看訂單時，現在已經連續兩個季度實現了非常好的連續預訂成長，訂單出貨比也有了很大的改善。當我查看外部有關本季的言論時，我對我們的執行方式感到非常滿意。因此，請按照我們認為會發生的情況進行鍛鍊。謝謝，丹。

The next question is from Matt Sykes with Goldman Sachs.

下一個問題來自高盛的馬特·賽克斯。

Maybe just revisiting the AI segment and maybe just compare, contrast the end markets and where you're seeing some of the greatest strength. It sounds like industrial applied remains strong, but just would love to hear you kind of go through biopharma, applied industrial and academic, government and sort of the phasing of growth over the course of this year in those end markets for AI.

也許只是重新審視人工智慧領域，也許只是比較、對比終端市場以及你看到的一些最強大的優勢。聽起來工業應用仍然強勁，但我很想聽聽您對生物製藥、應用工業和學術、政府以及今年人工智慧終端市場的分階段成長的了解。

Sure. So when I think about the business, one of the things, Matt, is we really don't manage it by end segment because effectively, you produce a certain amount of products, and then you ship them to specific customers. So you can have quarters where you ship more to an industrial customer, the exact same product as a biopharma customer. And therefore, it kind of skews things. So that's my caveat of that.

當然。因此，當我考慮業務時，馬特，其中一件事是我們確實不按終端細分進行管理，因為實際上，您生產一定數量的產品，然後將它們運送給特定客戶。因此，您可以向工業客戶運送更多產品，與生物製藥客戶完全相同的產品。因此，它有點扭曲事情。這就是我的警告。

When I look at the parts of the business, the industrial and applied continues to have strong momentum in semiconductor material science applications for electron microscopy was strong. So in terms of how that played out, very difficult comparisons for all of the businesses based on the shipments a year ago, but that was strong. And then the other segments in terms of academic, government, pharma, biotech, pretty much played out as we expected. So nothing that really jumped out at me as being significant in terms of trends or patterns.

當我觀察業務的各個部分時，工業和應用繼續保持強勁勢頭，在電子顯微鏡的半導體材料科學應用中表現強勁。因此，就結果而言，根據一年前的出貨量對所有業務進行比較非常困難，但情況很強勁。然後學術、政府、製藥、生物技術等其他領域的表現幾乎如我們預期的那樣。因此，就趨勢或模式而言，沒有什麼真正讓我驚訝的。

Got it. And then just for my follow-up. Just on LPS and the margins, I know when you had acquired PPD, you talked about potential for long-term margin expansion in that business. Could you just maybe talk about some of the levers you've got within LPS. Understanding that revenue improvement would help a lot, but just any levers to get that margin within LPS to expand that over time.

知道了。然後只是為了我的後續行動。就 LPS 和利潤率而言，我知道當您收購 PPD 時，您談到了該業務長期利潤率擴張的潛力。您能否談談您在 LPS 中擁有的一些槓桿？了解收入的改善會有很大幫助，但任何在 LPS 內獲得利潤的槓桿都可以隨著時間的推移而擴大。

I'll start, and then maybe Stephen will add a few additional thoughts. So when I think about margins and obviously, you have different businesses there. The clinical research business, formerly PPD, incredibly strong operational execution, right? So when you actually look at utilization rates, modification, all of the things that ultimately drive margins, they're doing a great job and executing really well.

我先開始，然後史蒂芬可能會添加一些額外的想法。因此，當我考慮利潤率時，顯然，你們有不同的業務。臨床研究業務（以前稱為 PPD）的營運執行力非常強大，對吧？因此，當你真正專注於利用率、修改以及最終推動利潤的所有因素時，他們做得很好並且執行得非常好。

We're, obviously, benefiting from the synergies that we outlined, and we will have achieved all of our synergy targets on the cost side. So that's gone well. And so they're really doing a great job of executing the trials really well, and that bodes well for margin expansion along with volume. When I think about pharma services, there, the underlying is very strong. But we obviously have capacity coming online and also the runoff of the COVID revenues. So when you lose the volume, you see short-term pressure on margins.

顯然，我們受益於我們概述的協同效應，並且我們將實現成本方面的所有協同目標。所以一切順利。因此，他們在執行試驗方面確實做得非常出色，這對於利潤率和銷售的擴張來說是個好兆頭。當我想到製藥服務時，其基礎非常強大。但我們顯然有能力上線，也有新冠疫情收入的流失。因此，當銷售量下降時，您會看到利潤率面臨短期壓力。

But if I say, how is the team operating? Actually, the team is operating well. So the margins there will expand as the year progresses and into the future as well. So that will be my thoughts about margins. I don't know, Stephen, anything?

但如果我說，團隊運作得怎麼樣？事實上，團隊運作良好。因此，隨著時間的推移和未來，那裡的利潤率將會擴大。這就是我對利潤率的看法。我不知道，史蒂芬，有什麼事嗎？

I think on the pharma services side, it's the capacity coming online and switching over. There's cost to do that as you're ramping up the facility, bringing on the colleagues to be able to operate that facility. Those are all factors that come into that, but those are the right drivers. Thanks, Matt.

我認為在製藥服務方面，關鍵在於容量的上線和切換。當你擴大設施規模、讓同事能夠操作設施時，這樣做是需要成本的。這些都是影響因素，但它們是正確的驅動因素。謝謝，馬特。

The last question we have time for today is from Luke Sergott with Barclays.

今天我們要回答的最後一個問題來自巴克萊銀行的 Luke Sergott。

So I want to dig back in into the Biosecure Act, a follow-up on what Rachel was asking about. But I wanted to know, Marc, what you guys are hearing from your customers and multinationals that operate over there and what they're saying to you regarding their assumptions on China retaliating and maybe excluding them from the region. I know it seems pretty unlikely, and it's probably going to be limited, but is this something that is on their radar or some of those conversations that you're having?

因此，我想深入研究《生物安全法案》，這是雷切爾詢問的後續內容。但我想知道，馬克，你們從在那裡經營的客戶和跨國公司那裡聽到了什麼，以及他們對你們說的關於中國報復以及可能將他們排除在該地區之外的假設。我知道這似乎不太可能，而且可能會受到限制，但這是否在他們的雷達範圍內或您正在進行的某些對話中？

Yes. I can't really speculate. It wouldn't be prudent on how -- whether this thing will even come to pass. And if it comes to pass, what is the response to it. Our job is to do a great job of supporting our customers globally to comply with the global regulations, both the actual regulations and the spirit of the regulations of the various countries, and we'll do a good job navigating it. So that's how I would think about it, Luke.

是的。我實在無法推測。至於這件事是否會發生，這是不謹慎的。如果它實現了，對此有何反應？我們的工作是大力支持全球客戶遵守全球法規，包括各國的實際法規和法規精神，我們將做好應對工作。所以這就是我的想法，盧克。

Yes. Okay. And then, Stephen, for you on the life science margins. So very, very strong here from Life Science Solutions. I understand that the destocking is less of an issue, but how much of the step-up in the quarter was from the restocking? Just kind of walk through it and double-click on the drivers there. And should we consider this as kind of the jump-off point? Or it will be around this range for the rest of the year? Anything from a modeling perspective?

是的。好的。然後，史蒂芬，為您提供生命科學邊緣的內容。生命科學解決方案非常非常強大。我知道去庫存並不是什麼問題，但本季的成長有多少是來自補貨？只需瀏覽一下並雙擊那裡的驅動程式即可。我們是否應該將此視為起點？還是今年剩餘時間都會在這個範圍附近？從建模的角度來看有什麼嗎？

So Luke, the really good margin profile in the segment. And it's really about addressing the cost base in that business given the lower volumes, both from the pandemic unwind and the kind of the bioproduction aspect to it. So it's really just fundamentally investing the costs that we have in that business. Team's done a great job of doing that, and that's the way to think about that.

盧克（Luke）在該領域的利潤率狀況非常好。鑑於產量下降，這實際上是為了解決該業務的成本基礎，無論是從大流行的緩解還是生物生產方面來看。因此，這實際上只是從根本上投資我們在該業務中的成本。團隊在這方面做得很好，這就是思考這個問題的方式。

So thank you, Luke, and thanks, everyone, for the questions. So let me wrap up. Very pleased to deliver a very strong quarter. Incredibly well positioned to deliver differentiated performance as we continue to create value for all of our stakeholders, build an even brighter future for our company. I look forward to updating you on our second quarter results in July and discussing our very bright future as well as outlook at our upcoming Investor Day on September 19.

謝謝盧克，也謝謝大家提出的問題。讓我總結一下。非常高興能夠提供一個非常強勁的季度。隨著我們繼續為所有利害關係人創造價值，為我們的公司打造更光明的未來，我們處於令人難以置信的有利位置，可以提供差異化的績效。我期待在 7 月向您介紹我們第二季的最新業績，並在即將於 9 月 19 日舉行的投資者日上討論我們非常光明的未來和前景。

As always, thank you for your support of Thermo Fisher Scientific. Thanks, everyone.

一如既往，感謝您對 Thermo Fisher Scientific 的支持。感謝大家。

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

謝謝。今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路。