賽默飛世爾科技 (TMO) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2024 second-quarter conference call. (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.

女士們、先生們，早安，歡迎參加賽默飛世爾科技 2024 年第二季電話會議。（操作員指示）我想介紹本次電話會議的主持人、投資者關係副總裁 Rafael Tejada 先生。特哈達先生，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。今天與我一起通話的有我們的董事長、總裁兼首席執行官馬克·卡斯珀 (Marc Casper) 和高級副總裁兼首席財務官斯蒂芬·威廉森 (Stephen Williamson)。

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 August 7, 2024. A copy of the press release of our second quarter 2024 earnings is available in the investor section of our website under the heading, Financials.

請注意，本次電話會議將進行網路直播，並將存檔於我們網站thermofisher.com的“投資者”部分，標題為“新聞事件和演示”，直至 2024 年 8 月 7 日。我們的 2024 年第二季財報新聞稿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 and subsequent quarterly report on Form 10-Q, which are on file with the SEC and available in the Investors section of our website under the heading financials, SEC filings. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

因此，在我們開始之前，請允許我簡要介紹我們的安全港聲明。我們對公司未來預期、計畫和前景所做的各種評論均構成《1995 年私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。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，這些報告均已提交給美國證券交易委員會 (SEC)，並可在我們網站的“投資者”部分的“財務”和“SEC 文件”標題下查閱。雖然我們可能選擇在未來某個時間點更新前瞻性陳述，但我們明確表示不承擔任何義務，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今天之後任何日期的觀點。

Also during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our second quarter 2024 earnings and also in the Investors section of our website under the heading, Financials. So with that, I'll now turn the call over to Marc.

此外，在本次電話會議中，我們將參考某些未依照公認會計原則或 GAAP 編製的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表可在我們 2024 年第二季收益的新聞稿中找到，也可在我們網站的「財務」標題下的「投資者」部分中找到。因此，我現在將電話轉給馬克。

Raf, thank you. Good morning, everyone, and thanks for joining us today for our second quarter call. As you saw in our press release, we had great results for the quarter. We're making excellent progress to deliver differentiated results for the year. I'm proud of our team as they executed at a very high level to enable our customers to make the world healthier, cleaner, and safer. This continued success is a result of our proven growth strategy and our PPI Business System.

拉夫，謝謝你。大家早安，感謝您今天參加我們的第二季電話會議。正如您在我們的新聞稿中看到的，我們本季取得了出色的業績。我們正在取得巨大進步，以實現今年的差異化成果。我為我們的團隊感到自豪，因為他們以非常高的水平執行，幫助我們的客戶讓世界更健康、更乾淨、更安全。這一持續的成功是我們行之有效的成長策略和 PPI 業務系統的結果。

So first, let me recap the financials. Our revenue in the quarter was $10.54 billion. Our adjusted operating income was $2.35 billion. Adjusted operating margin increased in Q2 to 22.3%. And we delivered another quarter of strong adjusted EPS performance, achieving a 4% increase year-over-year to $5.37 per share. Our performance in the second quarter is allowing us to raise our guidance once again and continues our track record of delivering differentiated results.

首先，讓我回顧一下財務狀況。本季我們的營收為 105.4 億美元。我們的調整後營業收入為 23.5 億美元。第二季調整後的營業利益率上升至 22.3%。我們本季再次實現了強勁的調整後每股收益表現，年增 4%，達到每股 5.37 美元。我們第二季的表現使我們能夠再次提高預期，並延續了我們提供差異化成果的記錄。

Turning to our performance by end market. In the second quarter, underlying market conditions played out as we'd expected. Our team's excellent execution drove share gain in the quarter, and we delivered a sequential improvement in growth in all four of our end markets.

轉向我們的終端市場表現。第二季度，基本市場狀況正如我們所預期的。我們團隊的出色執行力推動了本季的份額成長，並且我們在所有四個終端市場都實現了連續的成長。

Let me provide you with some additional context. Starting with pharma and biotech. We declined in the low single digits for the quarter. The vaccine and therapy revenue runoff resulted in a four-point headwind for this customer segment. Performance in the second quarter was led by our biosciences and clinical research businesses.

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。本季我們的銷售額下降了個位數。疫苗和治療收入的流失導致這群客戶面臨四個百分點的逆風。第二季的業績主要由我們的生物科學和臨床研究業務所帶動。

In academic and government and in industrial and applied, we grew in the low single digits during the quarter. In both these end markets, we delivered strong growth in our electron microscopy business.

在學術和政府領域以及工業和應用領域，我們在本季實現了低個位數的成長。在這兩個終端市場中，我們的電子顯微鏡業務都實現了強勁成長。

Finally, in diagnostics and healthcare, we declined in the low single digits. As a reminder, the reported growth in this end market is impacted by the runoff of COVID-19 testing-related revenue. During the quarter, the team delivered good core revenue growth, highlighted by our transplant diagnostics and immunodiagnostics businesses as well as our healthcare market channel.

最後，在診斷和醫療保健領域，我們的收入下降了個位數。提醒一下，該終端市場報告的成長受到 COVID-19 檢測相關收入流失的影響。本季度，團隊實現了良好的核心收入成長，其中最突出的是我們的移植診斷和免疫診斷業務以及我們的醫療保健市場管道。

As I reflect on our performance during the quarter and on a year-to-date basis, I feel very good about the progress we've made at the halfway point of the year. Our end markets are playing out as we expected, and our team's execution has been excellent.

當我回顧本季和今年迄今的表現時，我對我們在今年中期的進展感到非常滿意。我們的終端市場正如我們所預期的那樣發展，我們團隊的執行力非常出色。

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

現在我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 a fantastic quarter of innovation as we launched a number of high-impact new products across our businesses. I'll begin with the new technologies we launched at the American Society for Mass Spectrometry Conference, further strengthening our industry-leading position in analytical instruments.

從第一根支柱開始。這是一個創新的輝煌季度，我們在各業務部門推出了一系列影響深遠的新產品。我首先要介紹的是，我們在美國質譜學會會議上推出的新技術，進一步鞏固了我們在分析儀器領域的行業領先地位。

At the conference, we introduced the Thermo Scientific Stellar mass spectrometer, which extends our leadership in proteomics. The Thermo Scientific Stellar is used to validate biomarker candidates. It offers unprecedented analytical capabilities for targeted quantitation, enabling the insights needed by researchers to advance their work.

在會議上，我們推出了Thermo Scientific Stellar質譜儀，這擴大了我們在蛋白質體學領域的領導地位。Thermo Scientific Stellar 用於驗證生物標記候選物。它為目標定量提供了前所未有的分析能力，使研究人員能夠獲得推進其工作所需的洞察力。

It's a perfect complement to our groundbreaking Thermo Scientific Orbitrap Astral used for protein discovery that we launched last year. It was incredibly exciting to hear the customer count -- testimonials sharing the power of the Orbitrap Astral. To date, we've had more than 40 publications that incorporated the impact of this breakthrough, and we're really just getting started.

它是我們去年推出的蛋白質發現的突破性 Thermo Scientific Orbitrap Astral 的完美補充。聽到顧客分享 Orbitrap Astral 的威力的評價真是令人興奮不已。到目前為止，我們已經發表了 40 多篇出版物來體現這一突破的影響，而我們才剛剛起步。

Also at ASMS, we launched three new build-for-purpose additions of the Thermo Scientific Orbitrap Ascend Tribrid mass spectrometer. Tailored to specific applications for multiomics, structural biology, and biopharma. These instruments continue to elevate our industry-leading Thermo Scientific Orbitrap portfolio by offering enhanced speed and sensitivity to detect and characterize the most difficult protein samples, including complex biologics.

此外，在 ASMS 上，我們也推出了 Thermo Scientific Orbitrap Ascend Tribrid 質譜儀的三款全新專用產品。針對多組學、結構生物學和生物製藥的特定應用而量身定制。這些儀器透過提供更快的速度和更高的靈敏度來檢測和表徵最困難的蛋白質樣品（包括複雜的生物製劑），繼續提升我們行業領先的 Thermo Scientific Orbitrap 產品組合。

This quarter, we also launched products to help our customers meet their own sustainability goals. In our bioproduction business, we introduced a first of its kind bio-based film for our single-use technologies. These new bioprocess containers use plant-based material rather than fossil fuel materials to provide lower carbon solutions for the manufacture of biologics. And in our laboratory products business, we launched a new line of ENERGY STAR-certified Thermo Scientific TSX Universal Series ULT Freezers that deliver industry-leading performance and energy efficiency to help labs meet their sustainability goals.

本季度，我們也推出了幫助客戶實現自身永續發展目標的產品。在我們的生物生產業務中，我們為一次性技術引入了首款生物基薄膜。這些新的生物製程容器使用植物性材料而不是化石燃料材料，為生物製劑的製造提供低碳解決方案。在我們的實驗室產品業務中，我們推出了一系列獲得能源之星 (ENERGY STAR) 認證的 Thermo Scientific TSX 通用系列超低溫冰箱，可提供業界領先的性能和能源效率，幫助實驗室實現其永續發展目標。

Turning to the highlights of our second and third pillars of our growth strategy. During the quarter, we continue to strengthen our industry-leading commercial engine and the trusted partner status we've earned with our customers. Our customers rely on us to help accelerate their innovation, increase their productivity, and advance their important work.

談談我們成長策略的第二和第三支柱的亮點。本季度，我們繼續加強我們行業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。我們的客戶依靠我們來幫助他們加速創新、提高生產力並推動他們的重要工作。

I spent a lot of time connecting with customers to understand their near- and long-term priorities so that we can enable their success. As a result of these unique relationship, we continue to advance our capabilities to be an even stronger partner for our customers.

我花了很多時間與客戶溝通，了解他們的近期和長期優先事項，以便我們可以幫助他們取得成功。由於這些獨特的關係，我們不斷提升我們的能力，成為客戶更強大的合作夥伴。

Let me give you a couple of examples from the second quarter. We expanded our leading clinical trial supply services with a new ultra-cold facility in Bleiswijk in the Netherlands to offer pharma and biotech customers tailored end-to-end support throughout the clinical supply chain for high-value therapies, including cell and gene therapies, biologics, antibodies, and vaccines.

讓我舉幾個第二季的例子。我們擴展了領先的臨床試驗供應服務，在荷蘭布萊斯韋克建立了一個新的超低溫設施，為製藥和生物技術客戶提供整個臨床供應鏈中針對高價值療法（包括細胞和基因療法、生物製劑、抗體和疫苗）的定制端到端支持。

We also opened a state-of-the-art innovation lab at our site in Center Valley, Pennsylvania to showcase our innovative solutions for global clinical trial supply, including new packaging solutions, real-time tracking and tracing and enhanced clinical trial set up and planning.

我們也在賓州中心谷的工廠開設了一個最先進的創新實驗室，展示我們針對全球臨床試驗供應的創新解決方案，包括新的包裝解決方案、即時追蹤和追蹤以及增強的臨床試驗設置和規劃。

In addition, we advanced partnerships and collaborations with our customers during the quarter. Let me give you a couple of examples in the Asia Pacific region.

此外，我們在本季度加強了與客戶的合作夥伴關係。讓我舉幾個亞太地區的例子。

To support Indonesia's growing investments in healthcare, scientific research, and renewable energy, we further expanded our presence and capabilities in the country. We are collaborating with the National Battery Research Institute to advance battery technology and energy storage as well as with the Mandaya Hospital Group to help advance stem cell research and cell therapy development.

為了支持印尼在醫療保健、科學研究和再生能源方面日益增長的投資，我們進一步擴大了在該國的業務和能力。我們正在與國家電池研究所合作，推動電池技術和儲能技術，並與 Mandaya 醫院集團合作，協助推動幹細胞研究和細胞療法的發展。

In Singapore, we announced a collaboration with the National University Hospital and MiRXES, a local RNA technology company, to develop and clinically validate advanced next-generation sequencing genomic testing solutions specifically made to address the needs of the Southeast Asian population. So another strong quarter of executing our growth strategy.

在新加坡，我們宣布與國立大學醫院和當地 RNA 技術公司 MiRXES 合作，開發並臨床驗證專門為滿足東南亞人口需求而製定的先進的下一代定序基因組檢測解決方案。這是我們執行成長策略的又一個強勁季度。

Let me now turn to our PPI Business System, which enabled excellent execution during the quarter. PPI engages and empowers all of our colleagues to find a better way every day. During the quarter, I had the opportunity to see the PPI efforts to further improve manufacturing of our lab equipment products, and I came away incredibly impressed with the progress to drive operational efficiency in this business. It's also great to see how PPI has been adopted in our clinical research business, where it is driving meaningful improvements in our efficiency and customer allegiance.

現在讓我來談談我們的 PPI 業務系統，它在本季度實現了出色的執行。PPI 鼓勵並鼓勵所有同事每天尋找更好的方法。在本季度，我有幸見證了 PPI 為進一步改善實驗室設備產品製造所做的努力，而該業務在提高營運效率方面所取得的進展給我留下了深刻的印象。我們也很高興看到 PPI 已應用於我們的臨床研究業務，它正在顯著提高我們的效率和客戶忠誠度。

Ultimately, you see the positive impact of our PPI Business System in our Q2 results, reflected in strong profitability and cash flow that we delivered in the quarter. We also advanced our corporate social responsibility priorities during the quarter. As a mission-driven company, we help to make the world a better place by enabling the important work of our customers. We also created a positive impact by supporting our communities and being a good steward of our planet.

最終，您可以看到我們的 PPI 業務系統對我們第二季度業績的正面影響，這體現在我們在本季實現的強勁獲利能力和現金流上。本季度，我們也推進了企業社會責任重點。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和成為我們地球的好管家產生了積極的影響。

We continue to make progress on our environmental sustainability road map in Q2. As part of our commitment to safeguarding the world's natural resources, we have set targets for 2025, which include zero waste certification for 30 manufacturing and warehouse sites. During the quarter, three more of our sites achieved zero waste certification, and we're on track to achieve our goals.

我們在第二季度繼續在環境永續發展路線圖上取得進展。作為我們保護世界自然資源承諾的一部分，我們設定了 2025 年的目標，其中包括對 30 個製造和倉庫地點進行零廢棄物認證。本季度，我們又有三個工廠獲得了零廢棄物認證，我們正在朝著實現目標的方向前進。

You can learn much more about our progress in our 2023 corporate social responsibility report, which was published during the quarter. The report provides a transparent account of our journey as we fulfill our commitment to society and all of our stakeholders.

您可以在本季度發布的 2023 年企業社會責任報告中了解有關我們進展的更多資訊。該報告透明地記錄了我們履行對社會和所有利害關係人的承諾的歷程。

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 M&A and returning capital to our shareholders.

現在我向大家介紹一下資本部署的最新情況。我們持續成功執行嚴謹的資本配置策略，即併購與向股東返還資本結合的策略。

Shortly after the quarter ended, we completed our acquisition of Olink, and it was great to welcome our new colleagues to the company earlier this month. As you know, Olink is a leading provider of next-generation proteomic solutions. The addition of Olink's proven and transformative technology is highly complementary for our industry-leading mass spectrometers.

本季結束後不久，我們完成了對 Olink 的收購，並且很高興在本月初歡迎新同事加入公司。如您所知，Olink 是下一代蛋白質組學解決方案的領先提供者。Olink 經過驗證的變革性技術的加入對我們領先業界的質譜儀具有很強的補充作用。

Olink further advances our leadership as it is a great addition to our differentiated protein research ecosystem. Our world-class commercial engine will enable us to bring this technology to scientists around the world.

Olink 進一步提升了我們的領導地位，因為它是我們差異化蛋白質研究生態系統的一大補充。我們世界一流的商業引擎將使我們能夠將這項技術帶給世界各地的科學家。

By increasing the use of next-gen proteomics and providing industry-leading quantitative data quality at scale -- excuse me, data quality at scale, we're in a great position to further enhance the understanding of human biology and meaningfully accelerate scientific breakthroughs. So as I reflect on the quarter, I'm proud of what our team accomplished and grateful to their contributions for our success.

透過增加下一代蛋白質組學的使用並提供業界領先的大規模定量數據品質——對不起，是大規模數據質量，我們能夠進一步增強對人類生物學的理解，並顯著加速科學突破。因此，當我回顧本季時，我為我們團隊所取得的成就感到自豪，並感謝他們為我們的成功所做的貢獻。

Let me now turn to our guidance. Given our strong performance in the second quarter, we're raising our 2024 guidance. We now expect revenue to be in the range of $42.4 billion to $43.3 billion and adjusted EPS to be in the range of $21.29 to $22.07 per share. Stephen will take you through the details in his remarks.

現在讓我來談談我們的指導。鑑於我們第二季的強勁表現，我們提高了 2024 年的預期。我們現在預計營收將在 424 億美元至 433 億美元之間，調整後每股收益將在 21.29 美元至 22.07 美元之間。史蒂芬將在演講中向您詳細介紹。

So to summarize our takeaways from Q2, we delivered another quarter of strong results driven by our proven growth strategy and PPI Business System. We continue to enable our customer success, and this reinforces our trusted partner status and industry leadership.

總結我們第二季的收穫，在行之有效的成長策略和 PPI 業務系統的推動下，我們又取得了一個強勁的季度業績。我們將繼續幫助客戶成功，這也鞏固了我們值得信賴的合作夥伴地位和產業領導地位。

Our strong results in Q2 allowed us to raise our guidance again for the year. We're well positioned 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. With that, I'll now hand the call over to our CFO, Stephen Williamsons. Stephen?

我們第二季的強勁業績使我們能夠再次提高今年的業績預期。我們已做好準備，在 2024 年實現差異化業績，持續為所有利害關係人創造價值，為公司打造更美好的未來。現在，我將把電話交給我們的財務長 Stephen Williamsons。史蒂芬？

Thanks, Marc, and good morning, everyone. I'll take you through an overview of our second quarter results for the total company then provide color on our four business segments. And I'll conclude by providing our updated 2024 guidance.

謝謝，馬克，大家早安。我將向您概述我們公司第二季的業績，然後介紹我們的四個業務部門。最後，我將提供我們更新後的 2024 年指引。

Before I get into the details of our financial performance, let me provide you with a high-level view on how the second quarter played out versus our expectations at the time of our last earnings call. As Marc mentioned in the quarter, market conditions were as we expected. We had another quarter of excellent execution, and this enabled us to deliver Q2 financials ahead of what we'd assumed in our prior guidance.

在詳細介紹我們的財務表現之前，讓我先向您概括介紹一下第二季度的業績與我們上次財報電話會議上的預期相比如何。正如馬克在本季提到的那樣，市場狀況符合我們的預期。我們又一個季度的執行情況非常出色，這使我們能夠提前實現先前預期的第二季財務業績。

Starting with the top line. Core organic revenue growth was a little over 0.5 percentage point ahead of what we'd assumed in the prior guide for Q2. That translates to approximately $60 million of revenue, which is partially offset by slightly higher FX revenue headwind.

從第一行開始。核心有機收入成長比我們先前對第二季的預測高出 0.5 個百分點。這相當於約 6,000 萬美元的收入，但因外匯收入逆風略高而部分抵銷。

Turning to the bottom line. Adjusted EPS was $0.25 ahead of what we assumed in the prior guide for Q2. $0.08 was from strong operational performance, $0.06 was from favorable FX and timing of discrete tax planning benefits within the year and $0.11 was from the beat -- was from lower net interest expense.

回到底線。調整後的每股盈餘比我們先前對第二季的預測高出 0.25 美元。其中 0.08 美元來自強勁的營運業績，0.06 美元來自有利的外匯和年內離散稅務規劃收益的時機，0.11 美元來自超出預期的業績——來自較低的淨利息支出。

In my prior guidance, I took a prudent approach to the Olink transaction from a financing cost standpoint. We're also executing well on free cash flow generation. Year-to-date free cash flow was 68% higher than the same period last year. So we'll continue to deliver strong performance, and we're well positioned at the halfway point of the year.

在我之前的指導中，我從融資成本的角度對 Olink 交易採取了謹慎的態度。我們在自由現金流產生方面也表現良好。年初至今的自由現金流比去年同期高出68%。因此，我們將繼續保持強勁的表現，並且在今年年中已經處於有利地位。

Let me now provide you with some additional detail on Q2, beginning with the earnings per share. In the quarter, adjusted EPS grew by 4% to $5.37. GAAP EPS in the quarter was $4.04, up 15% from Q2 last year.

現在讓我向您提供有關第二季度的一些更多詳細信息，首先是每股收益。本季度，調整後每股收益成長 4% 至 5.37 美元。本季 GAAP 每股收益為 4.04 美元，較去年第二季成長 15%。

On the top line, in Q2, reported revenue was 1% lower year over year. The components of our Q2 reported revenue change included 1% lower organic revenue, a 1% headwind from foreign exchange and a slight contribution from acquisitions.

從營收來看，第二季報告營收年減 1%。我們報告的第二季收入變化包括有機收入下降 1%、外匯阻力下降 1% 以及收購帶來的輕微貢獻。

We delivered another strong sequential improvement in core organic revenue growth this quarter. And in Q2, core organic revenue growth rounded up to flat on a year-over-year basis.

本季度，我們的核心有機收入成長再次實現了強勁的環比成長。第二季度，核心有機收入成長與去年同期持平。

In the quarter, pandemic-related revenue was approximately $115 million. This was mainly from vaccines and therapies. This represents a 3% headwind to organic revenue growth.

本季度，與疫情相關的收入約為 1.15 億美元。這主要來自疫苗和療法。這對有機收入成長造成了 3% 的阻力。

Turning to our organic revenue performance by geography. In Q2, North America declined mid-single digits, Europe grew low single digits. And Asia Pacific grew mid-single digits, which includes China, which also grew mid-single digits.

談談我們按地區劃分的有機收入表現。第二季度，北美地區銷售額下降了中等個位數，歐洲地區銷售額成長了低個位數。亞太地區實現了中等個位數的成長，其中包括中國，其成長率也達到了中等個位數。

With respect to our operational performance, we delivered $2.3 billion of adjusted operating income in the quarter. And adjusted operating margin was 22.3%, 10 basis points higher than Q2 last year and 30 basis points higher than Q1 2024.

就我們的營運表現而言，本季我們實現了 23 億美元的調整後營運收入。調整後的營業利潤率為 22.3%，比去年第二季高出 10 個基點，比 2024 年第一季高出 30 個基點。

Total company adjusted gross margin in the quarter came in at 42.1%, 110 basis points higher than Q2 last year. In the quarter, we continued to deliver very strong productivity, reflecting our continued focus on cost management as well as the carryover benefit 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.

本季公司調整後總毛利率為 42.1%，比去年第二季高出 110 個基點。本季度，我們繼續保持強勁的生產力，這反映了我們對成本管理的持續關注以及去年實施的成本行動帶來的結轉效益。這使我們能夠抵消產量下降的影響，同時適當資助投資以進一步提升我們的行業領先地位。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 16.6% of revenue. Total R&D expense was $340 million in Q2, reflecting our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue was 7.1% in the quarter.

繼續討論損益表的細節。本季調整後的銷售、一般及行政費用佔收入的 16.6%。第二季研發總費用為 3.4 億美元，反映了我們對高影響力創新的持續投資。本季度，研發占我們製造收入的百分比為 7.1%。

Looking at our results below the line. Our Q2 net interest expense was $59 million, which is $89 million lower than Q2 2023 due to higher cash and investment balances. Our adjusted tax rate in the quarter was 10%. And average diluted shares were 383 million in Q2, approximately 5 million lower year-over-year driven by share repurchases, net of option dilution.

請參閱下面的結果。我們第二季的淨利息支出為 5,900 萬美元，由於現金和投資餘額增加，比 2023 年第二季低 8,900 萬美元。我們本季的調整稅率為 10%。第二季平均稀釋股數為 3.83 億股，稀釋選擇權後，受股票回購影響，較去年同期減少約 500 萬股。

Turning to free cash flow and the balance sheet. Year-to-date cash flow from operations was $3.2 billion. Year-to-date free cash flow was $2.6 billion after investing $630 million of net capital expenditures. We ended the quarter with $8.8 billion in cash and short-term investments and $35.4 billion of total debt. Our leverage ratio at the end of the quarter was 3.3 times gross debt to adjusted EBITDA and 2.5 times on a net debt basis. Concluding my comments on our total company performance, adjusted ROIC was 11.8%, reflecting the strong returns on investment that we're generating across the company.

轉向自由現金流和資產負債表。年初至今的營運現金流為 32 億美元。年初至今在投資 6.3 億美元淨資本支出後，自由現金流為 26 億美元。本季末，我們的現金和短期投資為 88 億美元，總債務為 354 億美元。本季末我們的槓桿率為總負債與調整後 EBITDA 的 3.3 倍，淨負債的 2.5 倍。總結我對我們公司整體業績的評論，調整後的 ROIC 為 11.8%，反映了我們整個公司產生的強勁投資回報。

Now I'll provide some color on our performance of our four business segments, starting with life sciences solution. Q2 reported revenue in this segment declined 4%, and organic revenue was 3% lower than the prior year quarter. Growth in this segment was led by our biosciences business. That was more than offset by the impact of the pandemic.

現在，我將介紹我們四個業務部門的表現，首先是生命科學解決方案。該部門第二季報告營收下降 4%，有機收入比去年同期下降 3%。該領域的成長主要由我們的生物科學業務推動。但疫情的影響遠遠抵消了這一增幅。

Q2 adjusted operating income for life sciences solution increased 6%. And adjusted operating margin was 36.7%, up 350 basis points versus the prior year quarter.

第二季生命科學解決方案調整後的營業收入成長了 6%。調整後的營業利益率為 36.7%，較去年同期上升 350 個基點。

During Q2, 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.

在第二季度，我們實現了異常強勁的生產力，但因產量下降而受到部分抵消。團隊繼續出色地完成工作，適當地管理成本基礎並應對疫情的緩解。

In the analytical instruments segment, reported revenue grew 2%, and our organic growth was 3% higher than the prior year quarter. We continue to deliver very strong growth in our electron microscopy business.

在分析儀器領域，報告營收成長了 2%，有機成長率比去年同期高出 3%。我們的電子顯微鏡業務持續保持強勁成長。

In this segment, Q2 adjusted operating income increased 1%. And adjusted operating margin was 24.6%, 10 basis points lower year over year. In the quarter, we delivered strong productivity, which is more than offset by unfavorable mix and strategic investments.

該部門第二季調整後的營業收入成長了 1%。調整後的營業利益率為24.6%，較去年同期下降10個基點。本季度，我們實現了強勁的生產力，但這被不利的產品組合和策略投資所抵消。

Turning to specialty diagnostics. In Q2, both reported and organic revenue were 1% higher than the prior year quarter. In Q2, we continue to see strong underlying growth in the core led by our transplant diagnostics and immunodiagnostics businesses as well as in our healthcare market channel.

轉向專業診斷。第二季度，報告收入和有機收入均比去年同期高出 1%。在第二季度，我們繼續看到以移植診斷和免疫診斷業務以及醫療保健市場管道為主導的核心業務強勁成長。

Q2 adjusted operating income for specialty diagnostics increased 1%. And adjusted operating margin was 26.7%, which was flat compared to Q2 2023. During the quarter, we delivered good productivity, which is offset by strategic investments.

第二季專業診斷調整後的營業收入成長了 1%。調整後的營業利潤率為 26.7%，與 2023 年第二季持平。本季度，我們實現了良好的生產力，但策略投資抵消了這一影響。

And finally, in the laboratory products and biopharma services segment, both reported revenue and organic growth decreased 1% in Q2 versus the prior year quarter. This is driven by the runoff of vaccines and therapies revenue. Growth in this segment in Q2 was led by our clinical research business.

最後，在實驗室產品和生物製藥服務領域，報告的收入和有機成長在第二季度均比去年同期下降了 1%。這是由疫苗和治療收入的流失所致。該部門第二季度的成長主要得益於我們的臨床研究業務。

Q2 adjusted operating income declined 10%. And adjusted operating margin was 12.9%, which is 120 basis points lower than Q2 2023, flat sequentially to Q1 2024. In the quarter, we delivered strong productivity, which is more than offset by unfavorable volume mix and strategic investments.

第二季調整後營業收入下降10%。調整後的營業利潤率為 12.9%，比 2023 年第二季低 120 個基點，與 2024 年第一季持平。本季度，我們實現了強勁的生產效率，但不利的產量結構和策略性投資抵消了這一影響。

Turning now to guidance. As Marc outlined, given our strong performance in Q2, we're raising our 2024 full year guidance. We now expect revenue to be in the range of $42.4 billion to $43.3 billion and adjusted EPS to be in the range of $21.29 to $22.07. The improved revenue guidance does not change the core organic revenue growth rounding for the year, so we still continue to assume core organic revenue growth will be in the range of minus 1% to positive 1% for 2024. And we continue to assume that the market declined low single digits this year.

現在轉向指導。正如馬克所概述的，鑑於我們在第二季度的強勁表現，我們提高了 2024 年全年業績預期。我們目前預計營收將在 424 億美元至 433 億美元之間，調整後每股收益將在 21.29 美元至 22.07 美元之間。上調的收入指引並未改變本年度核心有機收入成長的四捨五入方法，因此我們仍然假設 2024 年核心有機收入成長率將在 -1% 至 +1% 之間。我們仍然認為今年市場將出現個位數的低點下滑。

Our proven growth strategy and PPI Business System execution will enable us to continue to take share once again. Our 2024 updated guidance range assumes an adjusted operating income margin between 22.5% and 22.8%, slightly higher than the prior guide. Our PPI Business System is continuing to enable excellent execution, manage costs appropriately, and fund the right long-term investments to enable us to further advance our industry leadership.

我們行之有效的成長策略和 PPI 業務系統執行將使我們能夠再次繼續佔據市場份額。我們更新後的 2024 年指引範圍假設調整後的營業收入利潤率在 22.5% 至 22.8% 之間，略高於先前的指引。我們的 PPI 業務系統將繼續實現卓越的執行、適當的成本管理以及正確的長期投資資助，以使我們能夠進一步提升行業領先地位。

We now expect net interest cost to be in the range of $380 million to $400 million for the year. And the raise to our adjusted EPS guidance range reflects a $0.15 increase on the low end and a $0.05 increase on the high end, which results in an increase in the midpoint by $0.10. So another strong quarter of execution, enabling an increase in the guidance outlook for the year. We remain really well positioned to continue to deliver differentiated performance.

我們現在預計今年的淨利息成本將在 3.8 億美元至 4 億美元之間。我們調整後的每股盈餘指引區間的上調，反映了低階每股盈餘上調0.15美元，高階每股盈餘上調0.05美元，導致中點上調0.10美元。因此，本季業績執行力強勁，提升了全年指引預期。我們仍然處於非常有利的位置，可以繼續提供差異化的表現。

I thought it'd 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，我們預計檢測收入將略低於 1 億美元，疫苗和治療相關收入將達到 3 億至 4 億美元。總體而言，這意味著年減 13 億美元至 14 億美元，或占收入的 3%。

We see that FX would be roughly neutral year-over-year to both revenue and adjusted EPS. And we're assuming that the $0.03 FX-adjusted EPS beat that we saw in Q2 is offset for the remainder of the year, leading to no change for the year as a whole for FX versus the prior guidance.

我們發現，外匯對營收和調整後每股盈餘的影響與去年同期相比大致持平。我們假設，第二季度外匯調整後每股收益超出預期 0.03 美元，這一情況將在今年剩餘時間內得到抵消，從而導致全年外匯調整後每股收益與之前的預期相比沒有變化。

We continue to expect adjusted income tax rate will be 10.5% in 2024. And for the year, 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.

我們繼續預期 2024 年調整後的所得稅率將為 10.5%。我們預計今年的淨資本支出將在 13 億美元至 15 億美元之間，自由現金流在 65 億美元至 70 億美元之間。

In terms of capital deployment, we're assuming $3 billion of share buybacks, which were already completed in January. We expect to return approximately $600 million of capital to shareholders this year through dividends, and we deployed $3.1 billion to acquire Olink shortly after the Q2 close. Full year average diluted share count is assumed to be approximately 383 million shares.

在資本部署方面，我們假設股票回購金額為 30 億美元，該金額已於 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，並且在第二季結束後不久就斥資 31 億美元收購了 Olink。預計全年平均稀釋股數約 3.83 億股。

Finally, I wanted to touch on quarterly phasing to help you with your modeling. Relative to the midpoint of the guide, I recommend modeling Q3 organic revenue growth 1% higher than we delivered in Q2. Also good to model core organic revenue growth in Q3 1% higher than we delivered in Q2. And in terms of adjusted EPS in Q3, I recommend modeling it to be just over 24% of the full year.

最後，我想談談季度分階段，以幫助您進行建模。相對於指南的中點，我建議第三季的有機收入成長率比第二季高出 1%。第三季核心有機收入成長率比第二季高出 1%，這也很好。就第三季的調整後每股盈餘而言，我建議將其建模為全年的 24% 多一點。

So to conclude, we continue to deliver on our commitments. And at the halfway point, we're in a great positioned to deliver differentiated performance for all our stakeholders in [2020]. With that, I'll turn the call back over to Raf.

總而言之，我們將繼續履行我們的承諾。目前，我們處於有利地位，可以為所有利害關係人提供差異化的表現。[2020]。說完這些，我會把電話轉回給拉夫。

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

接線員，我們已準備好進行電話問答部分。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行 Michael Ryskin。

Great. Thanks for taking the question, guys. Congrats on the quarter. Marc, a high-level one for you to start off maybe. At our Vegas Healthcare Conference in May, you made some initial comments about 2025 market expectations. I think you said that you expect the tools market next year would be just below the four to six level it has historically been, just given the way the year is playing out, how you're exiting 2024, entering 2025.

偉大的。謝謝大家回答這個問題。恭喜本季取得佳績。馬克，也許你可以從高層次開始。在我們 5 月的拉斯維加斯醫療保健會議上，您對 2025 年的市場預期發表了一些初步評論。我想您說過，您預計明年的工具市場將略低於歷史上的四到六水平，考慮到今年的發展情況，以及您如何結束 2024 年並進入 2025 年。

It's been a couple of months since then. You've got, hopefully, a clear view of how '24 is going to play out. So given where you sit now, do you have more confidence in that 2025 market assumption and maybe how Thermo can deliver differentiated performance above that?

從那時起已經過了幾個月。希望您已經清楚了解《24》的劇情走向。那麼，考慮到您現在的處境，您是否對 2025 年的市場假設更有信心，以及 Thermo 如何能夠在此基礎上實現差異化表現？

Mike, thanks for the question. It was a pleasure to be in -- with you earlier in the quarter. So let me start actually one level up, just kind of just frame a few of my general thoughts, and I'll talk about 2025.

麥克，謝謝你的提問。我很高興在本季度早些時候與您見面。因此，讓我從更高一個層次開始，先概括一下我的一些整體想法，然後談談 2025 年。

So when I think about Q2, team executed really well. Really good financial performance. It was ahead of our expectations. It allowed us to raise our guidance.

所以當我想到第二季時，團隊表現得非常好。財務表現確實很好。這超出了我們的預期。它使我們能夠提高我們的指導。

The other aspect of the performance is the actual performance as opposed to relative to expectations. Clearly, very differentiated and very strong. It was good to see that core has now elevated to -- it's now flat, which is great, 4% adjusted EPS growth and expansion of margins. So I feel very good about the performance.

表現的另一個面向是實際表現，而不是相對於預期的表現。顯然，差異化非常明顯，而且非常強大。很高興看到核心現在已經提升到 - 現在持平，這很好，調整後的每股收益增長 4%，利潤率擴大。所以我對這場演出感覺非常好。

And when I think about the market, yeah, they were in line with our expectations. So it's good to see the visibility that we've enjoyed for decades as returns in terms of how the market is playing out. And when I think about our own performance within the markets, it was good to see that all four of our markets, we had sequential improvement in our growth across all four. So really a very positive development.

當我考慮市場時，是的，它們符合我們的預期。因此，我們很高興看到，就市場走勢而言，我們幾十年來享有的可見度得到了回報。當我思考我們自身在各個市場中的表現時，我很高興地看到，我們在所有四個市場中的成長都取得了連續的改善。這確實是一個非常積極的發展。

PPI Business System is really delivering outstanding impact and ultimately feel good about the performance. Capital deployment has been active and good. We've deployed over $6 billion of capital through the first half of the year, half of it on return of capital and half of them a very exciting acquisition of Olink. We're very well positioned at this point to deliver strong results.

PPI 業務系統確實產生了出色的影響，並且最終對性能感到滿意。資本配置活躍且良好。今年上半年我們已經投入了超過 60 億美元的資本，其中一半用於資本返還，另一半用於非常令人興奮的 Olink 收購。目前，我們已做好準備，可以取得強勁的成果。

When I think about 2025, I think the way I would just think about it is we're going to give you that in January of 2025 when we have the benefit of the year behind us, and we're focused on delivering a great year. We'll be able to give you a view of not only our performance, but how we saw the underlying market conditions.

當我想到 2025 年時，我想我會這樣想，我們將在 2025 年 1 月給你這個，那時我們已經擁有了過去的一年的成果，我們專注於創造一個偉大的一年。我們不僅可以讓您了解我們的業績，還可以讓您了解我們對潛在市場狀況的看法。

The year is progressing as we expected. So we expect that the market will continue to improve modestly in the back half of the year, this quarter being a little better than the quarter before. And -- but our performance will also continue to step up, and that will give us momentum going into '25. And the details we'll give you that -- we'll give you in a few months' time.

今年的進展正如我們所預期的。因此，我們預計今年下半年市場將繼續溫和改善，本季的表現將比上一季略有改善。而且——我們的業績也將繼續提升，這將為我們進入25年提供動力。我們將在幾個月後向您提供詳細資訊。

Okay. Fair enough. And then for my follow-up, I want to focus on China. I think if I heard correctly, you called out that it grew mid-single digits in the quarter. I want to make sure I heard that right, but if so, that's a bit surprising. Anything you can say in terms of what you're seeing there? Is that also ahead of your expectations? And is this just a temporary bump in the quarter or something onetime? Or are you seeing some real traction here, and you think that can continue into your end?

好的。很公平。接下來我想重點關注中國。我想如果我沒聽錯的話，您說的是本季它的成長率達到了個位數的中等水準。我想確保我聽得正確，但如果是這樣，那就有點令人驚訝了。針對您在那裡看到的情況，您能說說嗎？這是否也超出了您的預期？這只是本季的一個暫時性成長還是一次性現象？或者您在這裡看到了一些真正的吸引力，並且您認為這種吸引力可以持續到您最後的結果？

Yeah, your hearing is excellent. So yes, we delivered mid-single-digit growth in the quarter. Team did a nice job, really good execution. Comparison was relatively easy in the quarter. So -- and I would still characterize the conditions as muted in terms of the environment, but a nice job by the team to deliver a very solid Q2 result. Thanks, Mike.

是的，你的聽力非常好。是的，我們在本季實現了中等個位數的成長。團隊做得很好，執行得很好。本季的比較相對容易。所以——從環境角度來看，我仍然認為情況較為溫和，但團隊做得很好，並取得了非常穩健的第二季業績。謝謝，麥克。

Jack Meehan.

傑克·米漢。

Thanks. Good morning, guys. I wanted to start by asking about LSS. So this had some nice sequential improvement in the growth rate. I heard biosciences led the growth. Can you talk about the relative improvement you're seeing there, also genetic sciences and bioprocessing. And any updates on where you think your customers stand in terms of destock?

謝謝。大家早安。我想先詢問有關 LSS 的問題。因此，增長率出現了一些連續的良好改善。我聽說生物科學引領了這一增長。您能談談您在那裡看到的相對進步嗎？還有遺傳科學和生物加工。您認為您的客戶在去庫存方面的現況如何？

Sure, Jack. Thanks for the question. When I think about probably the most important points on our life science solutions segment, nice to see the growth in our biosciences business. That's every lab every day, really nice adoption in the pharma and biotech segment there. So that was very -- a nice, positive development terms there.

當然，傑克。謝謝你的提問。當我思考生命科學解決方案領域最重要的點時，我很高興看到我們的生物科學業務的成長。每個實驗室每天都會採用這種方法，這在製藥和生物技術領域都得到了很好的應用。所以這是一個非常好的、正面的發展條件。

And maybe I'll dive a little bit into bioproduction, which is always an area of great interest to our investors. The business is actually progressing really exactly as we expected, really nice quarter of performance.

也許我會深入研究生物生產，這一直是我們投資者非常感興趣的領域。業務實際上正在按照我們預期的那樣進展，本季的業績表現非常好。

So when I think about the most salient facts around bioproduction, sequentially, really nice revenue growth in Q2. When I look at orders, we had really nice sequential growth in orders. We had year-over-year growth in orders, and we had a favorable book-to-bill, so progressing well.

因此，當我考慮生物生產方面最突出的事實時，我發現第二季的收入成長確實非常好。當我查看訂單時，我們發現我們的訂單量出現了非常好的連續成長。我們的訂單量年增，訂單出貨比也很好，所以進展順利。

And when I look at others that have reported, I feel very good about our performance. So when I think about the life science solutions segment, those are two of the drivers. And then you've seen some announcements in the previous few months about important companion diagnostics. Our clinical sequencing business is doing quite well. So Jack, thanks for the question on LSS.

當我看到其他人的報告時，我對我們的表現感到非常滿意。因此，當我考慮生命科學解決方案領域時，這就是兩個驅動因素。您在前幾個月已經看到了一些有關重要伴隨診斷的公告。我們的臨床定序業務做得很好。傑克，謝謝你關於 LSS 的提問。

Excellent. Okay. And then wanted to rotate to AI. So this also came in a bit better than I was expecting. Can you talk about how the book-to-bill was in the segment in the quarter and just updates on customer spending patterns? Thanks.

出色的。好的。然後想轉向AI。所以這也比我預期的好一些。您能否談談本季該部門的訂單出貨比情況以及顧客支出模式的最新情況？謝謝。

Yes. So when I think about analytical instruments, it was nice to see the 3% growth in the quarter and very positive. Yeah, I would say the market conditions also are playing out pretty much as we expected and not at the normal levels yet, and we certainly see the impact of the muted conditions in China.

是的。因此，當我考慮分析儀器時，很高興看到本季 3% 的成長，這非常積極。是的，我想說的是，市場狀況也與我們預期的差不多，還沒有達到正常水平，而且我們當然看到了中國市場低迷的影響。

We have really excellent momentum in those differentiated products that we have where innovation matters, on orders as well as on revenue. When you look at electron microscopy, you look at the Orbitrap Astral, just the cutting-edge work, you've seen incredibly strong momentum there. So that's where the highlights are, and I would say in the more routine-ish aspects of the portfolio, you see more muted conditions.

我們在差異化產品方面擁有非常好的發展勢頭，創新對於訂單和收入至關重要。當你觀察電子顯微鏡、Orbitrap Astral 等尖端技術時，你會看到其令人難以置信的強勁勢頭。這就是亮點所在，我想說，在投資組合中更常規的方面，你會看到更溫和的情況。

Thanks, Jack.

謝謝，傑克。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Perfect. Hi, good morning, guys. Thanks so much for taking the question. Wanted to follow up on some of the China comments. You mentioned that China grew mid-single digits, partly due to the comp there. Can you just walk us through what are you seeing from China stimulus? We heard that this first tranche of funding was released earlier this quarter.

完美的。大家好，早安。非常感謝您回答這個問題。想要跟進一些有關中國的評論。您提到中國市場實現了中等個位數的成長，部分原因是由於那裡的競爭。您能否向我們介紹一下您對中國刺激計畫的看法？我們聽說第一筆資金已於本季早些時候發放。

So have you seen any new orders related to China stimulus? Do you think that you'll benefit from this first tranche? And then also, have you seen any customers holding back spending related to the stimulus program? Kind of getting at this like air pocket that we've heard some of your peers talk about. Any comments there would be helpful.

那麼，您是否看到過與中國刺激計劃相關的任何新訂單？您認為您會從這第一批貸款中受益嗎？另外，您是否發現有客戶抑制與刺激計畫相關的支出？這有點像我們聽到一些同行談論的氣穴。任何評論都會有幫助。

Thanks, Rachel, for the question. It's an important question. So let me start at the sort of high level and then get down to the stimulus and then try to provide as much transparency as I possibly can.

謝謝 Rachel 提出這個問題。這是一個重要的問題。因此，讓我先從高層次開始，然後談談刺激措施，並盡可能提供透明度。

First of all, I think the world was surprised at how weak China was economically as this year unfolded. The stimulus programs announced early in the year was a sign that the government wanted to get the economy going, which is a good thing, right, in terms of sort of what is the macro backdrop in terms of a tough economic environment.

首先，我認為世界對今年中國經濟的疲軟程度感到驚訝。今年年初宣布的刺激計畫顯示政府希望推動經濟發展，從嚴峻的經濟環境的宏觀背景來看，這是一件好事。

When I think about stimulus in our industry and what we're seeing, tremendous amount of activity with our customers actually to help them with figuring out what to apply for. And so we know there's quite a bit of interest in our products from a stimulus perspective, and we're helping our customers in that process.

當我想到我們行業的刺激措施以及我們所看到的情況時，我們與客戶進行了大量活動，實際上是為了幫助他們弄清楚要申請什麼。因此，從刺激的角度來看，我們知道人們對我們的產品有相當多的興趣，我們正在過程中為客戶提供幫助。

When I think about how do I expect it to play out, my expectation is that it's largely going to show up in revenue in 2025 and likely to have some small effect in the fourth quarter of 2024 as well.

當我思考它將如何發揮作用時，我預計它將在 2025 年的收入中得到很大體現，並且很可能在 2024 年第四季也產生一些小的影響。

I did ask the question about air pocket to the team, and I'm actually heading off to China in a couple of weeks' time. So I'm looking forward to that. Our team didn't highlight any air pocket or anything like that. So it's kind of muted conditions, and customers are working on looking at the investments associated with the additional government funding. So we didn't see any pauses in the activity, and I'm proud of the team's mid-single-digit growth in the quarter.

我確實向團隊詢問了有關氣穴的問題，實際上幾週後我就將前往中國。所以我對此很期待。我們的團隊沒有發現任何氣穴或類似的東西。因此，這是一種溫和的條件，客戶正在研究與額外政府資金相關的投資。因此，我們沒有看到活動有任何停頓，我為團隊在本季度取得的中位數個位數成長感到自豪。

Great. And then just as a follow-up here. On the CRO, you called out clinical research was an outperformer this quarter that drove some of the growth. So we've seen a few volatile prints from your peers. So can you walk us through what have you seen from an RFP standpoint and book-to-bill in the quarter for PPD? And then have we turned the quarter on emerging biotech funding and kind of how is that flowing through the model as well? Thanks.

偉大的。然後就作為後續事宜。關於 CRO，您指出臨床研究本季表現出色，推動了部分成長。我們已經看到了來自你們同行的一些不穩定的印記。那麼，您能否從 RFP 的角度和本季 PPD 的訂單出貨比角度向我們介紹一下您所看到的情況？那麼，我們是否已將本季的重點轉向新興生物技術融資，以及該融資在模型中的運作如何？謝謝。

Yes. So Rachel, team has done a really nice job executing very well in our clinical research business. And when I think about our performance, we delivered positive organic revenue growth despite a really substantial headwind from the runoff of vaccines and therapies in that activity. So team is doing a nice job.

是的。所以 Rachel，團隊在我們的臨床研究業務中表現非常出色。當我考慮我們的表現時，儘管疫苗和療法的流失為該活動帶來了巨大的阻力，但我們仍實現了正的有機收入成長。所以團隊做得很好。

Commercial execution was very strong in the quarter, right? And customers value our capabilities. And when I sort of went under the details of the commercial performance and looked at some of the underlying trends, it was very clear that in Q2, we really did see some of the biotech funding activity that we talked about is a green shoot in Q1 that would give us confidence that the year in aggregate across our business would be improving from a market perspective.

本季的商業執行非常強勁，對嗎？客戶重視我們的能力。當我仔細研究商業表現的細節並觀察一些潛在趨勢時，很明顯，在第二季度，我們確實看到了我們談到的一些生物技術融資活動，這是第一季的綠芽，這將讓我們有信心，從市場角度來看，我們全年的整體業務將會改善。

We saw that in Q2 actually translate into an acceleration of authorizations in our biotech customer base. And that really does bode well for that. And as you know well this business, that really translates more into revenue in '25 and '26 in terms of how long it takes to get the clinical trials up and going, but the authorization momentum very encouraging in the quarter. Thank you, Rachel.

我們在第二季度看到這實際上轉化為我們生物技術客戶群的授權加速。這確實是一個好兆頭。如您所知，這項業務實際上更多地轉化為 25 年和 26 年的收入，這取決於啟動和進行臨床試驗所需的時間，但本季的授權勢頭非常令人鼓舞。謝謝你，Rachel。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Okay, thank you and good morning, everybody. Marc, when we look at two-year stacks and calculate CAGRs going back pre-pandemic, it seems like most business lines within Thermo continue to trend positively. I think your commentary is consistent with that on the call this morning.

好的，謝謝大家，早安。馬克，當我們查看兩年的堆疊併計算疫情前的複合年增長率時，似乎 Thermo 內部的大多數業務線繼續呈現積極趨勢。我認為您的評論與今天早上電話中的評論一致。

With that in mind, I think one of the key questions is, what's going to be the pace of improvement from here? So with that in mind, two questions. First, where is the recovery occurring more quickly than you may have expected? Where are things lagging? And I'm kind of thinking about this both in terms of how you guided for the year, but also just based on what you've seen through previous cycles. So that's one question.

考慮到這一點，我認為關鍵問題之一是，從現在開始改進的速度會是多少？因此，考慮到這一點，我有兩個問題。首先，哪些地方的復甦速度比你預期的還要快？哪些方面落後了？我思考這個問題既基於您對今年的指導，也基於您在前幾個週期中所看到的情況。這是一個問題。

And then the second would be just keeping in mind your assumption that this market grows 4% to 6% on a normalized basis, is it fair to assume that recognizing you're making progress here, but just seeing what the pacing is, is it fair to assume that the move back into that range is going to be gradual versus a snapback? And essentially that this move into the 4% to 6% range, it's going to take several quarters?

然後第二個問題是，只要記住你的假設，即這個市場在正常基礎上增長 4% 到 6%，是否可以公平地假設你在這裡取得了進展，但只是看看節奏，是否可以公平地假設回到這個範圍的舉措將是漸進的而不是反彈的？那麼從本質上講，要達到 4% 到 6% 的增速，需要幾個季度的時間嗎？

Yeah. So Doug, there's a lot in that question. It's a good question. So let me just start with I think the things that are around the market and our performance which is important to our investors, right?

是的。道格，這個問題包含很多內容。這是個好問題。因此，首先我想說的是，圍繞市場和我們的表現的事情對我們的投資者來說很重要，對嗎？

Pre-2023, holding aside some of the amazing market and our performance in the pandemic period, a very predictable, visible market without a lot of volatility and really a great underlying set of growth, right? So there's never debates about market growth sort of pre-pandemic or even in the early parts of the pandemic.

2023 年之前，除了一些令人驚嘆的市場和我們在疫情期間的表現之外，這是一個非常可預測、可見的市場，沒有太大的波動，而且確實有著巨大的潛在增長，對嗎？因此，在疫情前甚至疫情初期，從來沒有關於市場成長的爭論。

So -- and then obviously, a difficult year for the industry in 2023, comparisons and a lot of other factors related to the pandemic directly and indirectly. So when I think about what we're seeing in the industry now for three quarters in a row, the visibility is pretty good. Like we have a good feel for what's going on. It's playing out as we expected. There's always things a little better, a little worse, also irrelevant on the margin. They're all in the factor of the aggregate. So I feel very good about the progression.

因此，顯然，2023 年對該行業來說是艱難的一年，相比之下，還有許多其他因素與疫情直接或間接相關。因此，當我想到我們連續三個季度所看到的行業情況時，可見度相當不錯。就像我們對正在發生的事情有很好的感覺。一切正如我們預期的那樣。總是有事情比這好一點，有事情比這差一點，而且也與此無關。它們都屬於整體因素。因此，我對這項進展感到非常滿意。

What's embedded in our guidance in the markets, right, is that for the full year is that it continues to step up a little bit more in Q3 and further in Q4. And when I think about what we've assumed in the market growth and back in the January timeframe when we gave our guidance is we said the market was going to be down low single digits. But when you looked at sort of the phasing implied, it probably is flattish, maybe up slightly in the fourth quarter in terms of the market progression.

我們對市場的指導是，全年來看，第三季和第四季將繼續略有成長。當我思考我們對市場成長的假設時，以及我們在一月份給出指導時，我們說市場將下降個位數。但當你觀察隱含的階段性變化時，就市場進展而言，它可能是持平的，也許在第四季略有上升。

That's -- we don't have a perfect crystal ball, but that's sort of what's implied in there. And so it's progressing well. When I think to how it's going to progress exactly each quarter thereafter, when we get to January, I will have a much better feel for it.

那是——我們沒有完美的水晶球，但這大概就是其中所暗示的。所以一切進展順利。當我思考此後每個季度的具體進展時，當我們進入一月份時，我就會對它有更好的感覺。

But I think what's really relevant is how do I feel about the 4% to 6%, right? And I'm looking forward to Investor Day. I feel great about the long-term 4% to 6%. That doesn't mean I can predict it to a quarter or the specific year, but when talking a three- to five-year timeframe, and do I believe that the market growth is going to be 4% to 6%? 100% confidence in that.

但我認為真正相關的是我對 4% 到 6% 有何感受，對嗎？我期待著投資者日的到來。我對長期 4% 到 6% 的成長率感到很樂觀。這並不意味著我可以預測某個季度或某一年的情況，但是當談到三到五年的時間範圍時，我是否相信市場成長率將達到 4% 到 6%？我對此有 100% 的信心。

But underlying scientific drivers are phenomenal in terms of our industry, what's going on in pipelines, our customer base, fantastic, right? So I don't lose any sleep over that. And I always question it because it's important. It's not like just take it from a dramatic standpoint, but from a fact and underlying drivers, I feel great about it.

但就我們的行業、管道情況、我們的客戶群而言，潛在的科學驅動力是驚人的，太棒了，對吧？所以我不會因此失眠。我總是質疑它，因為它很重要。這不僅僅是從戲劇的角度來看待它，而是從事實和潛在的驅動因素來看，我對此感覺很好。

And then the other thing that's important to me, important to our 125,000 colleagues and actually quite important to our investors is our customers meaningfully choosing us more often than their other choices. And the ability to grow 3% faster than the market, I feel great about. And we have an incredible track record this quarter, at least looking at what we've seen so far, once again delivered on that.

另一件對我、對我們的 125,000 名同事以及對我們的投資者來說都很重要的事情是，我們的客戶選擇我們的次數比選擇其他公司的頻率更高。並且能夠以比市場快 3% 的速度成長，這讓我感到非常高興。本季我們取得了令人難以置信的業績記錄，至少從我們目前所看到的情況來看，我們再次實現了這一目標。

So hopefully, that puts it in the context of my enthusiasm. And we'll provide you transparency as the year wraps up to what do we see as a reasonable assumption for the next year. And I think our forecast accuracy is pretty good.

所以希望這能反映出我的熱情。隨著今年的結束，我們將向您提供透明度，讓您了解我們認為對明年的合理假設。我認為我們的預測準確率相當高。

Okay. And Marc, if I can ask one more high-level follow-up. Over the years and in working with you and following Thermo, one of the neat things has been in these tougher periods in the market, Thermo and you specifically have -- you've played offense when others have played defense.

好的。馬克，我可以再問一個高層後續問題嗎？多年來，在與您合作以及關注賽默飛世爾科技的過程中，最有趣的事情之一就是在市場較為艱難的時期，賽默飛世爾科技，尤其是您，在其他人採取防守策略時採取了進攻策略。

Recognizing every cycle is difficult and different, I would say the last 1.5 year has been maybe tougher than normal even for Thermo. As things start to improve a little bit, but again, it's gradual, do you feel you're in a position now to maybe get even more aggressive like you have in previous cycles when it comes to capital deployment, evolving the business, and other initiatives? Are you feeling more comfortable, more confident in making those moves that we've seen in the prior cycles? Thank you.

認識到每個週期都是困難且不同的，我想說，即使對於 Thermo 來說，過去的 1.5 年也可能比平時更加艱難。隨著情況開始有所改善，但同樣，這是一個漸進的過程，您是否覺得現在在資本部署、業務發展和其他舉措方面，您能夠像前幾個週期一樣更加積極主動？您是否對採取我們在前幾個週期中看到的那些措施感到更舒服、更有信心？謝謝。

Doug, thanks for the question. When I think about the company's strategy and the trusted partner status that we've earned with our customers over many, many years, we're able to take a long-term perspective while holding ourselves accountable for delivering excellent short-term results. And I love periods where not everybody is performing at the same level. It creates opportunities.

道格，謝謝你的提問。當我想到公司的策略以及我們多年來贏得客戶信賴的合作夥伴地位時，我們能夠從長遠角度考慮問題，同時對提供出色的短期成果負責。我喜歡每個人表現水準不同的時期。它創造了機會。

I love during the fact that the pandemic, we were able to accelerate our investments in innovation. Well, I mean I talked probably for 5 minutes of my 15 minutes today on innovation. And I had to truncate it because the list was so long. It is super cool.

我很高興在疫情期間我們能夠加速對創新的投資。嗯，我的意思是，今天我大概花了 15 分鐘中的 5 分鐘來談論創新。由於清單太長，我不得不將其截斷。太酷了。

And our job is to differentiate our competitive position to deliver superior organic growth to the others and translate it into great results. And I'm very excited about our ability to continue to do that and further differentiate our industry leadership going forward. So thanks for the question, Doug.

我們的工作是突顯我們的競爭地位，實現優於其他公司的有機成長，並將其轉化為豐厚的成果。我對我們能夠繼續做到這一點並進一步確立我們未來的行業領導地位感到非常興奮。謝謝你的提問，道格。

Tycho Peterson.

泰科·彼得森。

Thanks. Hey Marc, a question on operating margins or maybe for Stephen. In the lab products and services, obviously, you felt the headwinds from the vaccine and therapy roll off, but it was effectively at a two-year low. So just curious about how you think about margins for lab products going forward?

謝謝。嘿，馬克，我有一個關於營業利潤率的問題，或者可能是問史蒂芬。在實驗室產品和服務方面，顯然，你會感受到疫苗和治療的阻力，但實際上它處於兩年來的最低水平。所以我很好奇您對未來實驗室產品的利潤率有何看法？

And then as we think about 2025, if TPD and Patheon can grow above the corporate average, do you still have the ability to drive 40 bps to 50 bps of margin expansion or potentially could it be higher or lower? Thanks.

然後，當我們考慮 2025 年時，如果 TPD 和 Patheon 的成長速度能夠高於企業平均水平，您是否仍有能力推動 40 個基點至 50 個基點的利潤率擴張，或者可能更高或更低？謝謝。

Tycho, thanks for the question, and good to hear from you again. So in terms of the margin profile in the quarter, we're going through largely the impact of the transition of the vaccine-related capacity in sterile fill finish and translating into other modalities. So that's probably the biggest factor that you see there.

Tycho，感謝您的提問，很高興能再次收到您的來信。因此，就本季的利潤率而言，我們主要經歷了疫苗相關產能在無菌灌裝完成方面的轉變以及向其他模式的轉化的影響。這可能是您看到的最大因素。

And I think about the margin profile for our businesses, I feel good about the ability to drive strong margin expansion as we -- the top line growth comes back in certain parts of the business where we've appropriately adjusted the cost base down and where volumes have come down. And as those volumes come back, we're going to get some good pull-through that comes from that.

考慮到我們業務的利潤狀況，我對推動利潤率強勁擴張的能力感到滿意，因為我們——在某些業務領域，我們適當地降低了成本基礎，並且銷量也下降了，營收成長又回來了。隨著交易量的回升，我們將獲得一些好的拉動動作用。

So look forward to giving the details on '25 when we get to the January call. But yeah, in terms of the margin profile and kind of the mix of business, I feel good about the ability to expand our margins.

因此，我們期待在 1 月電話會議上提供有關 25 的詳細資訊。但是，就利潤率狀況和業務組合而言，我對擴大利潤率的能力感到滿意。

Okay. And then one follow-up on CDMO capacity. You doubled fill finish over the last couple of years. Just curious, Marc, how you think about additional capacity expansion, how you think about capacity utilization in the industry and how actively you may look at some of the capacity that could get freed up from some of the recent M&A or potentially around biosecure in the US?

好的。然後是關於 CDMO 容量的後續問題。在過去的幾年裡，你的填充完成度增加了一倍。只是好奇，馬克，您如何看待額外的產能擴張，您如何看待行業的產能利用率，以及您會如何積極地考慮從最近的一些併購中釋放出來的一些產能，或者可能在美國的生物安全方面釋放出來的一些產能？

Yeah. So Tycho, when I think about our pharma services business and our capacity, where we play, I feel very good about our position. We've had very strong demand for our sterile fill finish capabilities, which is our largest activity, and we're doing well there. We've been expanding the number of lines we have at our sites, and demand has been strong for that. So I feel good about that outlook.

是的。所以 Tycho，當我想到我們的製藥服務業務和我們的產能以及我們的業務領域時，我對我們的地位感到非常滿意。我們對無菌填充能力的需求非常強烈，這是我們最大的業務，而且我們在這方面做得很好。我們一直在擴大我們站點的線路數量，並且對此的需求一直很強勁。所以我對這個前景感到樂觀。

In the clinical trials, supplies, which is the other really large portion of our business and where we really have an unparalleled position, I highlighted a couple of examples of capabilities we're expanding.

在臨床試驗和供應方面，這是我們業務的另一個非常重要的部分，也是我們真正擁有無可比擬的地位，我強調了我們正在擴展的幾個能力的例子。

Effectively, we make sure that our capacity lines up with our forecasted demand. So it's not really an overcapacity viewpoint. And then on the other parts of the business, I feel okay about our position and nothing of note there. So that's pretty positive.

實際上，我們確保我們的產能與預測的需求一致。所以這並不是真正的產能過剩觀點。至於業務的其他部分，我對我們的地位感到滿意，沒有什麼值得注意的。這是非常積極的。

And what we're going through right now, as a reminder, is we're transitioning a lot of the COVID-related activities to the normal therapies. And the team is doing a good job. It certainly impacts our growth in terms of headwind in 2024, but it becomes better in '25 and '26 as the new therapies and the tech transfers are complete and new lines come on place. So pretty good times ahead.

提醒一下，我們現在正在經歷的是將許多與 COVID 相關的活動轉變為正常療法。團隊做得很好。就 2024 年的逆風而言，這肯定會影響我們的成長，但隨著新療法和技術轉移的完成以及新生產線的出現，2025 年和 2026 年的情況會變得更好。所以未來會非常美好。

Thanks. I appreciate the color.

謝謝。我很欣賞這個顏色。

Thanks, Tycho.

謝謝，Tycho。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah. Hi, thanks. Marc and Stephen, thanks for taking the question. So Marc, a higher-level question for you, maybe with your -- when you have conversations, the C-suite conversation with therapeutics teams out there, what are you seeing and hearing from your larger biopharma customers, and maybe to some extent, these mid-cap ones as well versus the smaller and earlier-stage customers? How much of a divergence are you seeing within these groups? And when can that divergence narrow?

是的。你好，謝謝。馬克和史蒂芬，感謝你們回答這個問題。那麼馬克，我想問您一個更高層次的問題，也許是在您與治療團隊進行對話時，您從大型生物製藥客戶那裡看到和聽到了什麼，也許在某種程度上，從這些中型企業到小型和早期階段的客戶，您看到和聽到了什麼？您發現這些群體之間有多大的差異？那麼什麼時候這種差距才能縮小呢？

Yes. So Puneet, thanks for the question. So when I think about the things that jump out to me the patterns, if you will, and I see lots of customers, and I'm looking forward to being back on the road tomorrow, seeing our customers is a great thing.

是的。所以 Puneet，謝謝你的提問。因此，當我思考那些讓我印象深刻的事情時，如果你願意的話，我會見到很多顧客，我期待明天再次上路，見到我們的客戶是一件很棒的事情。

In our larger customers, which -- and these will be the companies with many products that are both commercial and in their pipeline, you're seeing a few things. One, they're focused on resiliency of their supply chain. So where maybe historically pre-pandemic, they would have had single site in-house manufacturing, you're seeing much more of the second site, leveraging our capabilities. And that's great in terms of just making sure that they can meet their customer demand, if you will, for medicines.

在我們的大客戶中，這些公司擁有許多商業化和正在籌備中的產品，你會看到一些事情。首先，他們專注於供應鏈的彈性。因此，從歷史上看，在疫情之前，他們可能只有單一地點的內部生產，而現在，你會看到更多的第二個地點，利用我們的能力。這對於確保他們能夠滿足客戶對藥品的需求來說非常好。

You're also seeing the desire for how do we help them be more innovative and productive. And you basically fund all of the exciting things in their pipeline by just helping them really prioritize the most important work and do that in the most effective way. So it's really about helping them do more to maximize the impact of what's in their pipeline.

您還會看到我們如何幫助他們提高創新能力和生產力的願望。而且，您基本上可以透過幫助他們真正優先考慮最重要的工作並以最有效的方式完成這些工作來為他們管道中所有令人興奮的事情提供資金。因此，這實際上是為了幫助他們做更多的事情，以最大限度地發揮其管道的影響。

When I think about the smaller customers because we had gone through a period in 2023 where funding was challenged, right, a lot of the tone was around how do they get through the period. When I think about the first six months of dialogue, much higher confidence, right?

當我想到較小的客戶時，因為我們在 2023 年經歷了資金面臨挑戰的時期，所以許多基調都圍繞著他們如何度過這段時期。當我想到前六個月的對話時，信心就高得多了，對吧？

Funding is happening, but also the confidence that funding will be available really at a very different spot. And you're seeing that really translate into the earliest indicators of that, which is authorizations of new clinical trials and new activity. But I would expect that, that would sort of flow through the rest of the types of work we do as the year continues to unfold and as we get into '25. So I think that's a very positive development.

資金正在到位，但我們也相信，資金將在非常不同的地方到位。您將看到這確實轉化為最早的指標，即新臨床試驗和新活動的授權。但我預計，隨著時間的推移以及我們進入 25 年，這種趨勢將會滲透到我們所做的其他類型的工作中。所以我認為這是一個非常積極的發展。

Okay. Great. And just a follow-up for Stephen. On the EPS beat, it was about $0.25 at the midpoint and -- but you raised the guide only by $0.10. So just wondering how much of that is a reflection of the end market versus what's within your control in terms of cost management? Or is there anything specific that you would point out to?

好的。偉大的。這只是對史蒂芬的後續報導。就每股收益超出預期而言，中間值約為0.25美元——但你們只將預期上調了0.10美元。所以，我想知道這其中有多少反映了終端市場的變化，有多少是你們在成本管理方面可以控制的？或是您想指出什麼具體的事情嗎？

Yes. So Puneet, so $0.06 of the beating in Q2 is really timing-related. When I think about the FX rates and kind of the outlook for the rest of the year, $0.03 of that $0.06 could be offset in the second half.

是的。因此，Puneet，第二季的 0.06 美元的超出確實與時間有關。當我考慮外匯匯率和今年剩餘時間的前景時，這 0.06 美元中的 0.03 美元可能會在下半年被抵銷。

And then from a tax standpoint, we're not assuming the change in the overall rate for the year. That's timing with that. So that $0.06 is good beat in Q2, but it's net neutral for the year as a whole.

然後從稅收的角度來看，我們不會假設全年總體稅率的變化。時機正是如此。因此，0.06 美元對於第二季來說是一個不錯的成績，但對於全年而言，這是淨中性的。

And then with the rest, we've raised the low end $0.15, and we raised at the high end $0.05. And I think that's a strong raise at this point and think it's appropriate and enables us to be better positioned for the second half of the year. And I wouldn't really read anything else into that. It's just -- I think that's just appropriate at this point.

其餘部分，我們把最低價提高了0.15美元，最高價提高了0.05美元。我認為目前這個漲幅已經很可觀了，而且很合適，這讓我們在下半年能夠更好地做好準備。我真的不想再對此做出任何其他解讀。這只是——我認為目前這是合適的。

Got it. --

知道了。--

Thanks, Puneet.

謝謝，Puneet。

Thank you.

謝謝。

Operator we have time for one more question.

接線員，我們還有時間再回答一個問題。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Good morning, guys. Thank you. Marc, where do you think the academic markets are headed here? Some mixed data points there, and AH budget isn't particularly robust this year. So curious what expectations we should have for the second half and then into the next cycle.

大家早安。謝謝。馬克，您認為學術市場的發展方向為何？那裡有一些混合數據點，今年 AH 預算並不是特別強勁。所以我很好奇我們對下半年以及下一個週期應該抱持什麼樣的期待。

Yeah. I was encouraged by what I saw in academic and government in Q2. We had low single-digit growth, a relatively challenging comparison. So the team did a good job.

是的。我對第二季學術界和政府的所見所聞感到鼓舞。我們的成長率較低，相較之下比較具有挑戰性。所以團隊做得很好。

What I'm seeing is on the high-end differentiated products, customers are getting money. I mean if I think through, customers get money for the really great innovation. And given our track record on innovation, we're seeing strong demand for the Orbitrap Astral. And I know that there's a lot of excitement around the Thermo Scientific Stellar mass spectrometer and the Eclipse series.

我看到的是，在高端差異化產品上，客戶賺了錢。我的意思是，如果我仔細想想，客戶會因為真正偉大的創新而賺錢。鑑於我們在創新方面的記錄，我們看到了對 Orbitrap Astral 的強勁需求。我知道，人們對 Thermo Scientific Stellar 質譜儀和 Eclipse 系列非常感興趣。

These are really -- or (inaudible) series. These are really, really positive developments. And so I think it's good. I always think long term academic and government globally, it was kind of a low single-digit growth market, sometimes a little better than that. And for -- our performance is playing out in line with that right now.

這些確實是——或者（聽不清楚）系列。這些都是非常非常正面的進展。所以我認為這很好。我一直認為，從長期來看，全球學術和政府的市場成長速度都比較低，有時甚至會略好。而且──我們現在的表現也與此一致。

Okay. And then if I guess -- just as a follow-up on your comments on China stimulus and the ability to see money gets spent there. Do you see that as primarily just a function of time, customers need time to have it flow and get to them? Or are there sort of discrete triggers and specific things that need to happen in order to have demand to actually make its way to you? Thanks.

好的。然後如果我猜測——只是對你對中國刺激計劃的評論以及看到資金在那裡消費的能力的後續評論。您是否認為這主要只是時間的函數，客戶需要時間來讓商品流動並到達他們手中？或者是否存在某種離散的觸發因素和需要發生的具體事情，以便需求真正到達你這裡？謝謝。

Yeah. I mean the process is they have to apply, and there's a central government funding and matched by their other funding sources, usually provincial or it could be local depending on the institution. So they're going through that process. As it gets approved, they then have the ability to go out and place the order. So that's the view.

是的。我的意思是，他們必須提出申請，然後有中央政府的資金和其他資金來源的匹配，通常是省級的，也可能是地方的，這取決於機構。所以他們正在經歷這個過程。一旦獲得批准，他們就可以出去下訂單。這就是我們的觀點。

I think because these institutions are funded by the government in all times, whether it's stimulus or not, I think they have a mechanism to understand what's likely to happen. So this is not a giant mystery to them. I think they're working through it and is kind of normal from that perspective.

我認為，由於這些機構始終由政府資助，無論是否有刺激措施，我認為他們有一種機制來了解可能發生的事情。所以這對他們來說並不是什麼大秘密。我認為他們正在努力解決這個問題，從這個角度來看這很正常。

And what we're doing is reminding them of the importance of the important instrumentation that we've launched and the relevance of it. So that they prioritize their funding request to support our instrumentation.

我們正在做的是提醒他們我們發射的重要儀器的重要性及其相關性。這樣他們就會優先考慮資金請求來支持我們的儀器。

Dan, thanks for the question, and I'll turn to just wrapping up. So thanks, everyone, for joining us on the call today. Pleased to deliver another strong quarter, well positioned to deliver differentiated performance as we continue to create value for all of our stakeholders, and we'll build an even brighter future for our company.

丹，謝謝你的提問，我就此結束。所以，感謝大家今天參加我們的電話會議。很高興看到本季業績再創佳績，我們將繼續為所有利害關係人創造價值，為公司創造更光明的未來，並做好提供差異化業績的準備。

We're looking forward to talking about that bright future at our upcoming Investor Day on September 19 in New York and updating you on our third quarter performance in October. As always, thank you for your support of Thermo Fisher Scientific.

我們期待在 9 月 19 日於紐約舉行的投資者日上談論這一光明未來，並在 10 月向您報告我們第三季的業績。一如既往，感謝您對賽默飛世爾科技的支持。

Thank you very much. This concludes today's call. You may now disconnect your lines.

非常感謝。今天的電話會議到此結束。現在您可以斷開線路了。