賽默飛世爾科技 (TMO) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2020 for third quarter conference call. My name is Andrea, and I'll be your coordinator today.(operator Instructions). I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations, Mr., Tejada to how that you may begin the call.

早安，女士們、先生們，歡迎參加賽默飛世爾科技 2020 年第三季電話會議。我的名字是 Andrea，今天我將擔任您的協調員。我想向我們的電話會議主持人、投資者關係副總裁 Rafael Tejada 先生介紹如何開始電話會議。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President and Chief Executive Officer, and Stephen Williamson, Senior Vice President and Chief Financial Officer. Please note, this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com under the heading News Events and Presentations until November sixth, 2020. For a copy of the press release of our third quarter 2020 for earnings is available in the Investors section of our website under the heading Financials. 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 much 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. Also during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our third quarter 2020 for 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 Mark.

早安，感謝您加入我們。今天與我通話的是我們的董事長、總裁兼執行長馬克卡斯珀 (Marc Casper) 和高級副總裁兼財務長 Stephen Williamson。請注意，本次電話會議正在進行網路直播，並將在2020 年11 月6 日之前存檔在我們網站Thermofisher.com 投資者部分的「新聞活動和演示」標題下。季度的新聞稿副本收益可在我們網站的投資者部分的「財務」標題下查看。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。結果存在很大差異由於各種重要因素，包括公司最近的10-K 表格年度報告和隨後的10-Q 表格季度報告中討論的因素，這些因素已向SEC 備案，並可在我們網站的投資者部分查看財務標題、美國證券交易委員會文件。雖然我們可能選擇在未來某個時候更新前瞻性陳述，但我們特別聲明不承擔任何這樣做的義務，即使我們的估計發生變化。因此，您不應依賴這些前瞻性陳述來代表我們截至今天之後任何日期的觀點。此外，在本次電話會議中，我們將提及某些未按照公認會計原則或GAAP 編制的財務指標，這些非GAAP 財務指標與最直接可比的GAAP 指標的調節可在我們2020 年第三季度的新聞稿中找到有關收益以及我們網站投資者部分的「財務」標題下的資訊。因此，我現在將把電話轉給馬克。

Thank you, and good morning, everyone, and thanks for joining us today for our third-quarter ca ll. As you saw the press release, we delivered another quarter of strong financial performance. We're seeing the benefit of our trusted partner status, which is resonating strongly with our customers, and we'll continue to deliver differentiated performance in the short term for our further strengthening our long-term competitive position. So first, let me recap the financials. Our revenue in the quarter was $10.6 billion, or adjusted operating income was $2.36 billion. Adjusted operating margin was 42.3%, and we delivered another quarter of strong adjusted EPS performance, achieving $5.28 per share. Our performance in the third quarter is allowing us to raise our adjusted EPS guidance once again and continues our track record of delivering differentiated results. Turning to our performance by end market in the third quarter, underlying market conditions played out as we'd expected, and we delivered another quarter of sequential improvement in growth. Let me provide you with some additional context. Starting with pharma and biotech, we declined in the low single digits in Q3, including a five point headwind from the runoff of vaccine and therapy rev enue. This model, the third quarter in a row of sequential improvement in growth for this customer segment performance in the quarter was led by our research and safety market channel and our clinical research business. In academic and government, we grew in the low single digits during the quarter. We delivered strong growth in our electron microscopy business and in our research and safety market chan nel. In industrial and applied, we grew in the low single digits during the quarter, highlighted by strong growth in our electron microscopy business. Finally, diagnostics and health care growth was flat for the qua rter. 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 revenue growth in our transplant diagnostics and immune diagnostics businesses as well as the healthcare market channel. As I reflect on the end market underlying condition, let's have modestly improve each quarter as the year has progressed. This is in line with the framing we provided as part of the guidance at the beginning of the y ear. Let me 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. Starting with the first pillar, it was another great quarter of innovation. First, we continue to see the impact of our innovation has launched over the past couple of ye ars. It's gratifying that our innovations continue to receive industry recognition. This is a true testament to our team's most recently, the R & D 100 Award, which recognizes the most revolutionary products and science and technology honor to have our products, our gift ORDCOCTS. detachable dynamics, which launched last year, as well as our Thermo Scientific Orbitrap Astral mass spectrometer, which one goal in a market disruptor special recognition category has one of the most significant advancements in mass spectrometry and 15 years had credible during my customer interactions have had the opportunity her e. Direct feedback on how significant our continued innovation isn't helping our customers new science forward and advance their important work. The second important innovation, as we also had the benefit of a number of a number of high impact new products this quarter that we loans to enable the development of advanced mate rials. We launched the Thermo Scientific Iliad scanning transmission electron microscope, which integrates a number of our advanced analytical technologies into a seamless and user friendly workflow vis-a-vis researchers, deeper insights into the chemical nature of the most sophisticated advanced materials down to the atomic level, the early AD incorporates our most innovative high-resolution spectrometer to accurately determine the composition of materials as well as our proprietary energy filter for detailed imaging and chemical analysis of samples. We recently unveiled earlier at the European microscopy conference in Copenhagen, Denmark, and the feedback has been incredibly powerful positive Current innovations in life sciences. Within our Biosciences business, we launched the Applied Biosystems magnetic sequential DNA RNA kit, which maximizes the isolation of DNA and RNA from blood cancer samples, helping researchers identify unique insights, cancer-causing, Jeanette, Dick alterations. And we also launched the Invitrogen. We will affect Dominion Delivery Solutions for novel method for delivering nucleic acids into multiple targets with their therapeutic effect, paving the way for groundbreaking new medicines. Let me give you a quick update on our progress in building on the trusted partner status that we've done with our customers last month. At our Investor Day, you heard us highlight this element of our growth strategy, and I'd like to bring some additional context to bring it alive. During the quarter, I had the opportunity to meet with many of our customers. As you know, we have an unparalleled customer access, and this helps us understand the near and long term pri orities. Our scale, depth of capabilities and accumulated experience is truly resonating with customers as they rely on us to accelerate their innovation and has their productivity and advance their important work. This translated into meaningful commercial wins with customers during the quarter, which speaks to the ongoing strength of our growth strategy and our ability to gain share now and in the fu ture. I also visited China in August and spent time meeting with government officials and customers. We have strong relationships there based on our track record of positive impact in our long history in the country, our conversations were focused on how we can convert. I wouldn't collaborate to enable our customer succ ess. I came away from the visit seeing firsthand how well-positioned we are to capitalize on the market opportunities when the economy picks up in China. Let me now give you an example from the third quarter and how we advanced concepts from our partnerships and collaborations or clinical next-gen sequencing business. We announced our partnership with the National Cancer Institute, a Milo match precision medicine umbrella tri al. That's going to leverage our next-generation sequencing technology to test pay patients for specific biomar kers. So they can be much more quickly with optimal treatment space or the unique cancer profiles. We also continue to expand our capabilities to meet our customers' current and future needs to enhance our oral solid dose formulation capabilities for our pharma and biotech customers. We expanded our from pharma services manufacturing footprint in Cincinnati, Ohio and Bend, Oreg on. In our clinical research business, we announced the expansion of our growth laboratory services network with a new bio analytical lab and Gothenburg, Sweden, which will support pharmaceutical and biotech customers with advanced laboratory services to support all phases of dev elopment. So it was an excellent quarter of advancing our growth strategy. Let me give you a quick update for the impact of our PPI Business System in Q three. PPI. is embedded in our culture, and there are many examples of that could share from the quarter. As always, our PPI Business System and our mission driven culture enabled our success during the quarter, PPI. engages and powers all of our colleagues to find a better way every day to enable outstanding execution. Ultimately, you see the positive impact of PPI. reflected strong profitability and cash flow that we delivered in the quart er. During the quarter, we further enhanced our supply chain in Asia Pacific by optimizing inventory across our network. While in Europe, we further streamlined and automated manufacturing processes for high end analytical instruments to meet strong demand. Now let me turn to corporate social responsibility. We have a CSR strategy that delivers competitive advantage has a mission- driven company. We help to make the world a better place by enabling the important work of our customers. We also create a positive impact by the environment we create for our colleagues, how we support our communities and being a good steward of our planet. T oday. I just want to spend a moment on our colleagues because none of our success as possible without the work of our amazing team around the world. Our colleagues, safety is always our top priority. And the impact of hurricane relief was especially concerning to me, as we have about 1,000 colleagues in Asheville, North Carolina, one of the hardest hit areas in Asheville. We manufacture lab equipment and have a customer service center. I'm so grateful our colleagues there are safe. I'm also thankful for the support of our extended teams. We have provided assistance to those colleagues impa cted. It's truly heartwarming heartwarming to see how our team comes together to support each other. Turning now to capital deployment. We continue to successfully execute our disciplined capital deployment strategy to create tremendous value. We do this through a combination of strategic M&A and returning capital to our shareholders. Let me update you on our recent acquisitions, the binding site now our protein diagnostics business continues to perform exceptionally well. In the quarter, we achieved in IBD our claim extension in the European Union for our optimized free light MX cap. Because until now these kits have been solely used in multiple myeloma, diagnostics and monito ring. The extension now allows for the product to aid in the diagnosis of a logical diseases such as multiples grosses. This is an excellent example of our M&A approach, enabling a great business to be even better or under our ownership, creating value for all stakeholders. As a reminder, we closed the acquisition of oil link at the beginning of the fruit of the quarter. The integration is progressing smoothly. The business is well positioned for a bright future. As you heard at our Investor Day, we're excited by the role we're playing in. Advancing proteomics research has our effect in the qu arter. I'm proud of what our teams a comp and grateful for their contributions to our success. Let me now turn to our guidance. Given our strong performance in the third quarter, we're raising our adjusted EPS guidance, which we now expect to be in the range of $21.35 to $20.27, and we continue to expect revenue to be in the range of $42.4 billion to $43.3 billion. Stephen, I'll take you through the details in his remarks. So to summarize our key takeaways from Q3, we delivered another strong quarter financial results, driven by our proven growth strategy and PPI. businesses. We continue to enable our customers' success, and this reinforces our trusted partner status and industry leadership. Our growth has been steadily increasing as we've gone through 2024. And we once again, have raised our adjusted EPS guidance for the year, and 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 Stephen Williamson.

謝謝大家，大家早安，謝謝您今天參加我們的第三季電話會議。正如您所看到的新聞稿，我們又一個季度實現了強勁的財務表現。我們看到了值得信賴的合作夥伴地位的好處，這與我們的客戶產生了強烈的共鳴，我們將繼續在短期內提供差異化的業績，以進一步加強我們的長期競爭地位。首先，讓我回顧一下財務狀況。我們本季的營收為 106 億美元，調整後的營業收入為 23.6 億美元。調整後營業利益率為 42.3%，我們又一個季度實現了強勁的調整後每股收益表現，達到每股 5.28 美元。第三季的業績使我們能夠再次提高調整後的每股盈餘指引，並繼續我們提供差異化業績的記錄。談到我們第三季終端市場的表現，基本市場狀況正如我們預期的那樣，我們實現了另一個季度的連續成長改善。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，我們在第三季度出現了較低的個位數下降，其中包括疫苗和治療收入流失帶來的五個百分點的阻力。該模型是該客戶細分市場業績連續第三個季度的成長，這主要是由我們的研究和安全市場管道以及臨床研究業務所帶動的。在學術和政府領域，我們本季實現了較低的個位數成長。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。在工業和應用領域，我們本季實現了低個位數成長，電子顯微鏡業務的強勁成長凸顯了這一點。最後，本季診斷和醫療保健成長持平。提醒一下，該終端市場報告的成長受到了 COVID-19 測試相關收入流失的影響。本季度，團隊在移植診斷和免疫診斷業務以及醫療市場管道方面實現了良好的收入成長。當我反思終端市場的基本狀況時，隨著今年的進展，我們每季都會適度改善。這與我們在年初提供的指導框架一致。現在讓我介紹一下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，這是另一個偉大的創新季度。首先，我們繼續看到我們的創新在過去幾年中產生的影響。令人欣慰的是，我們的創新繼續獲得業界認可。這是對我們團隊最近獲得的研發 100 獎的真實證明，該獎項表彰了最具革命性的產品和科技榮譽，擁有我們的產品，我們的禮物 ORDCOCTS。去年推出的可拆卸動力學，以及我們的Thermo Scientific Orbitrap Astral 質譜儀（市場顛覆者特殊認可類別的一個目標）是質譜領域最重大的進步之一，並且在我的客戶互動過程中15 年來一直保持可信度。直接回饋我們的持續創新並沒有幫助我們的客戶推動新科學的發展並推動他們的重要工作。第二個重要的創新是，本季我們也受惠於許多高影響力的新產品，我們透過貸款來支持先進材料的開發。我們推出了Thermo Scientific Iliad 掃描透射電子顯微鏡，它將我們的許多先進分析技術整合到與研究人員相比的無縫且用戶友好的工作流程中，更深入地了解最複雜的先進材料的化學性質，直到原子在層面上，早期 AD 結合了我們最具創新性的高分辨率光譜儀來準確確定材料的成分，以及我們專有的能量過濾器來對樣品進行詳細成像和化學分析。我們最近稍早在丹麥哥本哈根舉行的歐洲顯微鏡會議上公佈了當前生命科學領域的創新成果，並得到了非常強大的正面回饋。在我們的生物科學業務中，我們推出了 Applied Biosystems 磁性序列 DNA RNA 試劑盒，該試劑盒最大限度地從血癌樣本中分離 DNA 和 RNA，幫助研究人員識別獨特的見解、致癌的 Jeanette、Dick 變異。我們也推出了 Invitrogen。我們將影響 Dominion 遞送解決方案，以開發將核酸遞送到多個標靶及其治療效果的新方法，為突破性的新藥物鋪平道路。讓我向您簡要介紹一下我們上個月與客戶建立值得信賴的合作夥伴地位的進展。在我們的投資者日，您聽到我們強調了我們成長策略的這一要素，我想提供一些額外的背景資訊來使其生動起來。在本季度，我有機會會見了許多客戶。如您所知，我們擁有無與倫比的客戶訪問權限，這有助於我們了解近期和長期的優先事項。我們的規模、能力深度和累積的經驗真正引起了客戶的共鳴，因為他們依靠我們來加速他們的創新、提高他們的生產力並推進他們的重要工作。這轉化為本季與客戶的有意義的商業勝利，證明了我們成長策略的持續優勢以及我們現在和未來獲得份額的能力。我還在八月訪問了中國，並與政府官員和客戶會面。基於我們在該國悠久歷史中所產生的積極影響記錄，我們在那裡建立了牢固的關係，我們的對話重點是我們如何實現轉變。我不會透過合作來幫助我們的客戶成功。訪問結束後，我親眼目睹了我們在中國經濟復甦時如何充分利用市場機會。現在讓我給您一個第三季的例子，以及我們如何從我們的合作夥伴關係和合作或臨床下一代定序業務中推進概念。我們宣布與美國國家癌症研究所合作，進行 Milo 匹配精準醫學傘試驗。這將利用我們的下一代定序技術來測試付費患者的特定生物標記。因此，他們可以更快地獲得最佳治療空間或獨特的癌症特徵。我們也持續擴大我們的能力，以滿足客戶當前和未來的需求，以增強我們為製藥和生物技術客戶提供口服固體劑量製劑的能力。我們將製藥服務製造業務擴展到俄亥俄州辛辛那提和俄勒岡州本德。在我們的臨床研究業務中，我們宣布擴大我們的生長實驗室服務網絡，在瑞典哥德堡設立了一個新的生物分析實驗室，這將為製藥和生物技術客戶提供先進的實驗室服務，以支援各個開發階段。因此，這是推進我們成長策略的絕佳季度。讓我向您簡要介紹一下第三季我們的 PPI 業務系統的影響。生產者物價指數。根植於我們的文化中，本季有許多可以分享的例子。像往常一樣，我們的 PPI 業務系統和我們的使命驅動文化使我們在本季取得了成功。激勵我們所有的同事每天尋找更好的方法來實現出色的執行力。最終，您會看到 PPI 的正面影響。反映了我們在本季度實現的強勁盈利能力和現金流。本季度，我們透過優化整個網路的庫存，進一步增強了亞太地區的供應鏈。在歐洲，我們進一步簡化和自動化高端分析儀器的製造流程，以滿足強勁的需求。現在讓我談談企業社會責任。我們的企業社會責任策略可以提供競爭優勢，是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。我們也透過為同事創造的環境、支持社區的方式以及成為地球的好管家來產生積極的影響。今天。我只想花一點時間關注我們的同事，因為如果沒有我們遍布世界各地的出色團隊的努力，我們就不可能取得成功。我們的同事，安全始終是我們的首要任務。我特別擔心颶風救援的影響，因為我們在北卡羅來納州阿什維爾有大約 1,000 名同事，這是阿什維爾受災最嚴重的地區之一。我們製造實驗室設備並設有客戶服務中心。我非常感激我們那裡的同事都很安全。我還感謝我們的擴展團隊的支持。我們已向受影響的同事提供了幫助。看到我們的團隊如何團結在一起互相支持，真是令人心曠神怡。現在轉向資本部署。我們繼續成功執行嚴格的資本部署策略，以創造巨大的價值。我們透過策略併購和向股東返還資本來實現這一目標。讓我向您介紹我們最近收購的最新情況，現在我們的蛋白質診斷業務結合位點繼續表現出色。本季度，我們在 IBD 中實現了針對優化的免費輕型 MX 上限的歐盟索賠延期。因為到目前為止，這些試劑盒僅用於多發性骨髓瘤、診斷和監測。現在，該擴充功能允許該產品幫助診斷邏輯疾病，例如多發性毛病。這是我們併購方法的一個很好的例子，使偉大的企業在我們的掌控下變得更好，為所有利害關係人創造價值。提醒一下，我們在本季初結束了對石油連結的收購。整合工作進展順利。業務已做好充分準備，迎接光明的未來。正如您在投資者日上聽到的那樣，我們對我們所扮演的角色感到興奮。我為我們團隊的表現感到自豪，並感謝他們為我們的成功所做的貢獻。現在讓我談談我們的指導。鑑於我們第三季的強勁表現，我們正在提高調整後每股收益指引，我們現在預計該指引將在21.35 美元至20.27 美元之間，並且我們繼續預計收入將在424 億美元至433 億美元之間。史蒂芬，我將帶您了解他講話中的細節。因此，總結第三季的主要收穫，在我們行之有效的成長策略和 PPI 的推動下，我們再次實現了強勁的季度財務業績。企業。我們繼續幫助客戶取得成功，這鞏固了我們值得信賴的合作夥伴地位和行業領導地位。隨著2024 年的到來，我們的成長一直在穩步成長。業績。現在，我將把電話轉交給我們的史蒂芬威廉森。

Good morning, everyone. Take you through an overview of third-quarter results for the total company and provide color on our four business segm ents. And I'll conclude by providing our updated 2020 for guidance. Before I get into the details of our financial performance, let me provide you with a high-level view on how the third quarter played out versus what we've assumed for q three in the midpoint of our prior guide. On the top line, both organic revenue growth and core organic revenue growth increased sequentially for the third consecutive qua rter. Revenue was largely in line with what we'd assume for q three in the midpoint of our prior guide. Turning to the bottom line, adjusted EPS was $0.06 ahead of what we'd assumed in the prior guide for Q3. That was a net impact of the following $0.02 of strong operational performance, $0.06 of lower net interest cost due to favorable timing of cash flow generation and more favorable rates than being assumed a partially offset by an additional $0.02 of FX headwind versus the assumption for the quarter. We're also executing well on free cash flow generation. Year to date, free cash flow is 22% higher than the same period last year. So we had another strong quarter and are well positioned to deliver differentiated differentiated financial performance in 2020. For me now provide some additional details on Q3, beginning with earnings per share and in the quarter, adjusted EPS was $50.28. GAAP EPS in the quarter was $4.25. On the top line, Q3 reported revenue, organic revenue and core organic revenue were all flat on a year-over-year basis. In the quarter, pandemic related revenue was approximately $100 million. This was largely from vaccines and therapies. This represents a 3% headwind to organic revenue growth. Turning to our organic revenue performance by geography. In Q. three, North America declined low single digits, and Europe, Asia Pacific and China within Asia Pacific were all flat year over ye ar. With respect to our operational performance, we delivered $2.36 billion adjusted operating income in the quarter, and adjusted operating margin was 22.3%, 190 basis points lower than Q3 last year, slightly ahead of our expectations for the quarter. Total company adjusted gross margin in the quarter came in at 41.8% to 20 basis points lower than Q3 last year. In the qu arter. We continue to deliver strong productivity, reflecting our continued focus on cost management, enabled us to fund strategic investments to further advance our industry leadership and partially offset the expected impacts of unfavorable mix. This quarter, we announced the details of the P&L. Adjusted SG&A in the quarter were 16.2% of revenue. Total R&D expense was $346 million in Q3, reflecting our ongoing investments in high-impact innovation and R&D . As a percentage of manufacturing revenue was 7.3% in the quarter. Looking at results below the line at Q3, net interest expense was $80 million, which is $33 million lower than Q3 2023 due to higher cash balances and short-term investments. Our adjusted tax rate in the quarter were 10.5% and average diluted shares were $384 million in Q3, approximately $4 million lower year over year, driven by share repurchases net of option dilution. Turning to free cash flow and the balance sheet. Year-to-date free cash flow from operations was $5.4 billion. Year-to-date free cash flow was $4.5 billion and after investing $880 million of net capital expenditures during the quarter, we deployed $3.1 billion of capital through the acquisition of Linc. I mean, we ended the quarter was $6.6 billion in cash and short-term investments of 35.3 billion of total debt leverage ratio at the end of the quarter was 3.3 times debt to adjusted EBITDA and 2.7 times on a net debt basis. In concluding my comments, our total company performance adjusted ROIC was 11.4%, reflecting the strong returns on investment that we're generating across the Company. Now provide some color on our performance of our four business segments. Starting with Life Sciences Solutions. Q3. Reported revenue in this segment declined 2% and organic revenue was 4% lower than the prior year qua rter. Growth in this segment was driven by the impact of the pandemic. Q3. Adjusted operating income for life sciences solutions decreased 3% and adjusted operating margin was 35.4%, down 50 basis points versus the prior year quarter. During Q3, we delivered strong productivity, which is more than offset by unfavorable volume mix, retention costs related to the only acquisition and strategic investor. In the Analytical Instruments segment, both reported revenue and organic revenue grew 3% versus the prior year quarter. We continued to deliver very strong growth in our electron microscopy business in this segment, Q3 adjusted operating income decreased 4 %. Adjusted operating margin was 24.9% to 180 basis points lower year over year in the quarter with a strong productivity which is more than offset by unfavorable mix and strategic invest ments. Sientra Specialty Diagnostics Segment in Q three, both reported revenue and organic revenue grew 4% versus the prior year quarter. In Q3, we delivered strong growth in our led by US healthcare market channel and our immunodiagnostics and transplant diagnostics busin esses. Q3. Adjusted operating income for Specialty Diagnostics increased 3% and adjusted operating margin was 25.9%, 20 basis points lower than Q3 2023. During the quarter, we delivered good productivity, which is more than offset by strategic investm ents. Finally, on the priority products and biopharma services segment, both reported revenue and organic revenue were flat versus the prior year quarter. Organic growth in this segment was led by our research and safety market channel, the runoff of vaccines and therapies revenue at a mid single digit impact on the growth in this segment in Q2 three, and this was offset by very good underlying growth in our clinical research and Pharma Services businesses. And as expected, Q3 adjusted operating income declined 18% and adjusted operating margin was 13.5%, which is 290 basis points lower than Q3 20 23. In the quarter, we delivered strong productivity, which more than offset by the expected unfavorable mix and strategic investments per the guidance. As Mark outlined, our strong performance in Q3 were we're raising our 2024 for full year adjusted EPS guidance. We now expect adjusted EPS to be in the range of $21.35 to $22.07, which is a $0.03 increase at the mid points. As we've done in the past two years quarters at the midpoint for the back half of the key three Beach and maintain the remainder has additional questions for Q4. Revenue guidance continues to be in the range of $42.4 billion to $43.3 billion, and we continue to assume that core organic revenue growth will be in the range of minus 1% to positive 1% for 2024. We also continue to see that the market declined low single digits this ye ar. A proven growth strategy and PPI Business System execution is once again enabling us to take share. Our updated 2024 for guidance continues to assume an adjusted operating income margin between 22.5% and 22 .8%. And we now expect net interest cost to be in the range of $340 million to $380 million for the year. So another strong quarter, enabling an increase in the guidance outlook for the ye ar. We remain well positioned to continue to deliver differentiated performance. So would be helpful to remind you of some of the key underlying assumptions behind the guide that remain unchanged from the previous guidance in 2020 forward, assuming just under $100 million to $4 million of vaccines and therapies related revenue in total, this represents a year-over-year headwind of $1.3 billion to $1.4 billion for 3% of revenue. We continue to expect the 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 in net capital expenditures and free cash flow in the range of $6.5 billion to $7 billion. In terms of capital deployment, we're assuming $3 billion of share buybacks, which were already completed in January. We returned $600 million of capital to shareholders this year through dividends. And in Q3, we deployed $3.1 billion to acquire Air Link. Full-year average diluted share count is assumed to be approximately $383 million shares. And finally, as you think about the outlook for the year, if you consider the midpoint of our guidance range at the current view of the most likely outcome for the year, implied in that mid points is Q4 revenue of $11.3 billion and adjusted EPS of $5.96. That would reflect 2.5% organic revenue growth for the full quarter fourth quarter, which is unchanged from the previous guidance and as a continuation of a sequential increase in growth that we deliver each quarter throughout the ye ar. And as a reminder, Q4 organic revenue growth has the benefit of two extra selling days, which equates to approximately 1% and a headwind from vaccines and therapies of approximately 2.5%. So to conclude, we had another strong quarter, and we're well positioned to deliver differentiated performance for all of our stakeholders in 2024.

大家早安。帶您概覽整個公司第三季的業績，並提供我們四個業務部門的詳細資訊。最後，我將提供我們更新的 2020 年指引。在詳細介紹我們的財務表現之前，讓我先向您提供一個關於第三季度的表現與我們在先前指南中對第三季度的假設的高層次看法。在營收方面，有機收入成長和核心有機收入成長連續第三個季度較上季成長。收入與我們先前指南中第三季的假設基本一致。談到底線，調整後每股收益比我們在先前第三季指南中的假設高出 0.06 美元。 That was a net impact of the following $0.02 of strong operational performance, $0.06 of lower net interest cost due to favorable timing of cash flow generation and more favorable rates than being assumed a partially offset by an additional $0.02 of FX headwind versus the assumption for the四分之一.我們在自由現金流產生方面也表現良好。年初至今，自由現金流比去年同期高出 22%。因此，我們又度過了一個強勁的季度，並處於有利位置，可以在2020 年實現差異化的財務業績。 ，該季度調整後每股收益為50.28 美元。本季 GAAP 每股收益為 4.25 美元。在營收方面，第三季報告的收入、有機收入和核心有機收入均與去年同期持平。本季度，大流行相關收入約為 1 億美元。這主要來自疫苗和療法。這意味著有機收入成長將受到 3% 的阻礙。轉向我們按地理位置劃分的有機收入表現。第三季度，北美地區出現低個位數下降，歐洲、亞太地區和亞太地區的中國地區均較去年同期持平。營運績效方面，本季我們實現調整後營運收入 23.6 億美元，調整後營運利潤率為 22.3%，比去年第三季低 190 個基點，略高於我們對本季的預期。該季度公司調整後總毛利率為 41.8%，比去年第三季低 20 個基點。在第四季。我們繼續提供強勁的生產力，反映出我們對成本管理的持續關注，使我們能夠為策略投資提供資金，以進一步提升我們的行業領先地位，並部分抵消不利組合的預期影響。本季度，我們公佈了損益表的詳細資訊。本季調整後的 SG&A 佔營收的 16.2%。第三季的總研發費用為 3.46 億美元，反映了我們對高影響力創新和研發的持續投資。本季佔製造業收入的百分比為 7.3%。從第三季線下業績來看，淨利息支出為 8,000 萬美元，比 2023 年第三季減少 3,300 萬美元，原因是現金餘額和短期投資增加。我們本季調整後的稅率為 10.5%，第三季平均稀釋後股票為 3.84 億美元，年減約 400 萬美元，這是由於扣除選擇權稀釋後的股票回購所推動的。轉向自由現金流和資產負債表。年初至今，營運自由現金流為 54 億美元。年初至今的自由現金流為 45 億美元，在本季投資了 8.8 億美元的淨資本支出後，我們透過收購 Linc 部署了 31 億美元的資本。我的意思是，本季末我們有 66 億美元的現金和 353 億美元的短期投資，本季末的總負債槓桿比率是債務與調整後 EBITDA 的 3.3 倍，以淨負債計算為 2.7 倍。作為我的評論的總結，我們的公司總業績調整後的投資回報率為 11.4%，反映了我們在整個公司產生的強勁投資回報。現在對我們的四個業務部門的業績進行一些說明。從生命科學解決方案開始。 Q3。該部門的報告收入比去年同期下降 2%，有機收入下降 4%。該細分市場的成長是受到大流行的影響所推動的。 Q3。生命科學解決方案的調整後營業收入下降 3%，調整後營業利益率為 35.4%，較去年同期下降 50 個基點。在第三季度，我們實現了強勁的生產力，但被不利的銷售組合、與唯一收購和策略投資者相關的保留成本所抵消。在分析儀器領域，報告收入和有機收入均較上年同期成長 3%。我們在該領域的電子顯微鏡業務繼續實現非常強勁的成長，第三季調整後營業收入下降了 4%。本季調整後營業利潤率年減 24.9% 至 180 個基點，強勁的生產力被不利的組合和策略投資所抵銷。 Sientra 專業診斷部門第三季的營收和有機收入均較去年同期成長 4%。第三季度，我們以美國醫療市場通路為主導的免疫診斷和移植診斷業務實現了強勁成長。 Q3。專業診斷的調整後營業收入成長了 3%，調整後營業利潤率為 25.9%，比 2023 年第三季低 20 個基點。最後，在優先產品和生物製藥服務領域，報告收入和有機收入均與去年同期持平。這個細分市場的有機成長是由我們的研究和安全市場管道引領的，疫苗和療法收入的流失對第二季度該細分市場的成長產生了中等個位數的影響，而這被我們臨床試驗的良好基礎成長所抵消研究和製藥服務業務。如預期，第三季調整後營業收入下降18%，調整後營業利潤率為13.5%，比20 23 年第三季低290 個基點。組合和策略調整所抵消。正如馬克所概述的那樣，我們在第三季度的強勁表現是我們提高了 2024 年全年調整後每股收益指引。我們現在預計調整後每股收益將在 21.35 美元至 22.07 美元之間，中間值增加 0.03 美元。正如我們在過去兩年的季度中所做的那樣，在關鍵的三個海灘的後半部分的中點，並保持其餘部分對第四季度有其他問題。收入指引繼續在 424 億美元至 433 億美元之間，我們繼續假設 2024 年核心有機收入成長將在負 1% 至正 1% 範圍內。行之有效的成長策略和 PPI 業務系統執行再次使我們能夠搶佔市場份額。我們更新後的 2024 年指引繼續假設調整後的營業利潤率在 22.5% 至 22 .8% 之間。我們現在預計今年的淨利息成本將在 3.4 億美元至 3.8 億美元之間。因此，又一個強勁的季度，使得今年的指導前景得以提高。我們仍然處於有利地位，可以繼續提供差異化的績效。因此，提醒您該指南背後的一些關鍵基本假設與2020 年之前的指南保持不變，這將有助於提醒您，假設疫苗和療法相關收入總額略低於1 億至400 萬美元，這代表了一年 -年減 13 億至 14 億美元，佔營收的 3%。我們仍預期 2024 年調整後的所得稅率為 10.5%。在資本部署方面，我們假設股票回購規模為 30 億美元，該回購已於 1 月完成。今年我們透過股利向股東返還了 6 億美元的資本。在第三季度，我們斥資 31 億美元收購了 Air Link。假設全年平均稀釋股數約為 3.83 億股。最後，當您考慮今年的前景時，如果您考慮我們目前對今年最有可能結果的指導範圍的中點，則隱含的中點是第四季度收入 113 億美元，調整後每股收益5.96 美元。這將反映第四季度整個季度 2.5% 的有機收入成長，這與先前的指導沒有變化，並且是我們全年每個季度實現的連續成長的延續。提醒一下，第四季的有機收入成長得益於額外兩個銷售日，相當於約 1% 的成長，以及疫苗和療法帶來的約 2.5% 的阻力。總而言之，我們又度過了一個強勁的季度，我們有能力在 2024 年為所有利益相關者提供差異化的業績。

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

這樣，我會將電話轉回給拉爾夫。

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

謝謝你，史蒂芬。接線員，我們已準備好進行通話的問答部分。

Thank you very much (operator Instruction). Our first question comes from Michael Ryskin with Bank of Ame rica. Michael, your line is now open. Please go ahead.

非常感謝（操作員說明）。我們的第一個問題來自美國銀行的邁克爾·里斯金（Michael Ryskin）。邁克爾，您的線路現已開通。請繼續。

Great. Thank you, and thanks for taking the question. Mark, maybe kick things off with you. You talked a number of times during the prepared remarks about some sequential improvement as the year has gone on in the views that will continue into 4Q and into 2025. It looks like this continues to be very gradual recovery. Just a very slight step-up in market conditions as we go through the year, no major changes, no step function change. Do you expect that pace of recovery to continue into the core into the next quarter and into 2025? Or do you think there could be an inflection at some point over the next two to four quarters where things accelerate a little bit, I guess, put another way sort of what's holding the market back from a faster snapback?

偉大的。謝謝你，也謝謝你提出這個問題。馬克，也許和你一起開始吧。您在準備好的發言中多次談到，隨著今年的進展，觀點將持續到第四季和 2025 年。在這一年中，市場狀況只是出現了非常輕微的上升，沒有重大變化，也沒有階躍函數變化。您預計這種復甦步伐會持續到下個季度和 2025 年核心地區嗎？或者你認為在接下來的兩到四個季度的某個時刻可能會出現轉折點，我猜，情況會加速一點，換句話說，是什麼阻礙了市場更快的反彈？

Yes, Mike, thanks for the question and good morning. So what I thought maybe actually put some framing comments overall, then I'll get to your 2025 questions. As well. So on for the Q&A session today, as I think about the third quarter, as we sit here in October and how the year's progressed first and second quarter and the market conditions, they've been in line with our expectations on and they've been modestly improving as we progress through the year, which is what we expected to happen. So it's good that that's playing out that w ay. In two three. And for us, organic growth was flat. We were able to offset the three point headwind from the runoff of COVID-19 related revenues. So that puts it in context of how we're performing well. Each quarter. Organic growth has improved as the year has progressed. And I'm really quite excited by the fact that we're expecting the fourth quarter to return to growth organically, which is a good sign. Operationally, we're executing our proven growth strategy. We have strong financial management that's been able to allow us to increase our adjusted EPS guidance on each quarter and kind of make all of this amount event in terms of performance. So so all of that is kind of the Fleming for the discussion today. So when you think about 2025 and I'll kind of just kind of boil it all together into sort of how do you think about the year? So the first thing is, you know, from our perspective, the best time to provide guidance as on our Q4 of 2024 call, which is in January. At that point, we're going to have the latest view of the market and the macro conditions and how ultimately finished the year. And we'll we're going to approach it as the same as we did in 2 024. We're going to give you our best thinking for the year ahead and then execute against it for my own perspective. And personally, I'm excited for 2025, right? And as we think about in October end, markets are modestly improving throughout the year. We're excited that in the fourth quarter, we're going to return to growth both organically from for us in 2025. What I would say is that is the final year of the runoff of the pandemic-related activity. And while that will still be a headwind to growth, it's going to be less than it was in 2020 for them. And then I would think about how we're performing right. And as a company, we're executing well. So our growth strategies driving share gain, our PPI business system enables outstanding execution. We have a disciplined capital deployment strategy that generate returns on our acquisitions are performing well, and we're going to be well positioned to deliver differentiated performance once again, 2025. So we'll look forward to updating you on that in January of as we have the best view of what the environment is.

是的，麥克，謝謝你的提問，早安。因此，我認為實際上可能會總體上提出一些框架性評論，然後我將回答您的 2025 年問題。也是如此。今天的問答環節，當我們十月份坐在這裡時，我想到了第三季度，以及今年第一季度和第二季度的進展情況以及市場狀況，它們符合我們的預期，並且已經隨著這一年的進步，我們的表現略有改善，這是我們所期望的。所以以這種方式進行是件好事。於二三。對我們來說，有機成長持平。我們能夠抵消 COVID-19 相關收入徑流帶來的三點阻力。這就是我們表現良好的背景。每個季度。隨著時間的推移，有機成長有所改善。我真的很興奮，我們預計第四季將恢復有機成長，這是一個好兆頭。在營運方面，我們正在執行行之有效的成長策略。我們擁有強大的財務管理能力，這使我們能夠提高每個季度調整後的每股收益指導，並在業績方面使所有這些金額成為事件。所以所有這些都是今天討論的弗萊明。所以，當你想到 2025 年時，我會把所有這些都集中到你如何看待這一年？因此，從我們的角度來看，第一件事是在 2024 年第四季電話會議中提供指導的最佳時間，即 1 月。屆時，我們將了解市場和宏觀狀況的最新觀點以及今年的最終收官情況。我們將像 2024 年那樣處理它。就我個人而言，我對 2025 年感到興奮，對吧？正如我們在 10 月底所思考的那樣，市場全年都在溫和改善。我們很高興在第四季度，我們將在 2025 年恢復有機成長。雖然這仍然會阻礙成長，但對他們來說將比 2020 年還要少。然後我會思考我們如何表現得正確。作為一家公司，我們執行得很好。因此，我們的成長策略推動了份額成長，我們的 PPI 業務系統實現了出色的執行力。我們有嚴格的資本部署策略，可以在我們的收購中產生回報，表現良好，並且我們將處於有利地位，在2025 年再次提供差異化的業績。通報最新情況我們對環境有最好的了解。

Okay, thanks. I appreciate that. I guess for my follow-up, maybe we'll want to dig a little bit into pharma and biotech as a customer groups. You talked about low single digit decline and obviously there's headwinds from COVID-19 runoff as well. But any additional color you can give on how the segments performing, whether between larger pharma or smaller biotech, whether it's between some of the region and businesses and biosciences? First is the the clinical trial business of the pharma services business. That's been a focus point for investors and what you get some color on that.

好的，謝謝。我很欣賞這一點。我想在我的後續行動中，也許我們會想深入了解製藥和生物技術作為客戶群。您談到了較低的個位數下降，顯然也存在來自 COVID-19 徑流的阻力。但是，您可以對這些細分市場的表現給出任何額外的說明嗎？首先是醫藥服務業務的臨床試驗業務。這是投資人關注的焦點，你可以從中得到一些啟發。

So you're going to be a lot of families from appears on this call sort of asking each of all the questions of within pharma biotech. I'll take a of a high level shroud ed on. So first on for when I think about the third quarter and how things progressed, you're seeing the sequential on it movement, which is good for them to want to think about underlying performance by we obviously had Gino on a mid single-digit headwind from the pandemic grown. Also, you're seeing that the conditions continue to improve on field in aggregate. Obviously, they're somewhat muted because they're below the long-term expectations for the market grow th. That's nothing surprising where the positives there are certain to the data poi nts. As we sit here, your confidence and biotech is improving. Funding and biotech in the industry has been modestly improving as the year progresses. So it's definitely meaningfully better than it was in 2023. And when I think about large pharma and the way, I think is kind of normal distribution amongst the different companies, some doing extraordinarily well, others, no adjustment to how their pipelines are performing. And he'll customers have been adjusting to the IRA. And you see that in a more muted growth environment, but world globally delivering differentiated performance relative to others. So on the trusted partner status, our unique value proposition, these things resonate. So we feel good about the long-term health of pharma biotech and how we're performing this year. Thanks, Mike.

因此，參加本次電話會議的許多家庭都會詢問製藥生物技術領域的所有問題。我會穿上一件高級裹屍布。因此，首先，當我想到第三季度以及事情的進展時，你會看到連續的走勢，這對他們想要考慮潛在的表現是有好處的，因為我們顯然讓吉諾處於中等個位數的逆風中從大流行中成長。此外，您還看到現場條件整體持續改善。顯然，他們有些沉默，因為他們低於市場成長的長期預期。數據點確實存在著積極的一面，這並不奇怪。當我們坐在這裡時，您的信心和生物技術正在改善。隨著時間的推移，該行業的資金和生物技術略有改善。所以它肯定比2023 年要好得多。調整。他會讓客戶一直適應愛爾蘭共和軍。你會看到，在一個更溫和的成長環境中，但全球的表現相對於其他國家來說是差異化的。因此，在值得信賴的合作夥伴地位、我們獨特的價值主張方面，這些東西引起了共鳴。因此，我們對製藥生物技術的長期健康狀況以及今年的表現感到滿意。謝謝，麥克。

Thank you.

謝謝。

Our next question is from Rachel Vatnsdal installed with JPMorgan. Your line's now open. Please go ahead.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。您的線路現已開通。請繼續。

Thanks for taking the questions. You guys. First up on the CRL, maybe fired up and from your comments there about pharma versus biotech, really specifically looking at PPD. here. Can you give us an update on how much IPPD. is indexed to large pharma customers versus biotech indigent? Any differences in trends across to customer case this quarter we can PPD. And then as a follow up, some of your peers in the CRO sector has started to create some noise around their outlooks on 2025 and what that recovery looks like. So for now, a TPD. is more or less of, call it, mid-single digit business this year, a normal as a percentage for PP D. How are you thinking about per patient recovery for TPD. into 2025?

感謝您提出問題。你們。首先是 CRL，從您關於製藥與生物技術的評論來看，可能會很興奮，特別是針對 PPD。這裡。您能否向我們提供有關 IPPD 金額的最新資訊。是針對大型製藥客戶還是生技貧窮客戶？本季度客戶案例趨勢的任何差異我們都可以進行 PPD。接下來，CRO 行業的一些同行已經開始圍繞他們對 2025 年的前景以及復甦的情況發表一些言論。所以現在是 TPD。今年的業務或多或少為中個位數，這是 PP D 的正常百分比。到2025年？

So Rachel, thanks for the question. Good morning. When I think about our clinical research business actually is performing well. When I think about the business units delivered growth in the quarter and obviously has a meaningful headwind from the roughly or the runoff of vaccines and therapies, no CRO related activity. So from that perspective, I feel good about how we're doing from next quarter. I'm going to really spend some time talking about the magic that we are unlocking on the combination between our Pharma Services and our clinical research business and how that really adds differential the value for our customers in terms of performance. So I want to focus on that when we just announced how we talk about that to our customers have been doing this for quite some time, and that's really been quite spectacular. Saw momentum with the customer base is quite good, um, and we're executing well. When I think about from the our position, we have a slightly larger positions serving biotech more broadly than we do serving pharma was in clinical research in terms of the mix of the business for both customers. That's a very important. And when I think about on some of the highlights of the biotech customers more quickly adopt that unified set of capabilities because it's easier for them, just organizationally to leverage all of pulling everything together one. So you're seeing that in authorizations and momentum and by biotech is particularly on moving in the right direction. So that's how we see it in terms of the 25 and long term, 8 %. All these things. I feel we've done, as you know, we're going to give our views on 25 next year and we don't go we don't guide down to that business unit performance within the Company, but we'll give the puts and takes of what's going faster. And what's on was growing at the average was growing more slowly than the average when we get to the guidance next year.

雷切爾，謝謝你的提問。早安.當我想到我們的臨床研究業務實際上表現良好時。當我想到本季業務部門實現了成長，並且顯然因疫苗和療法的粗略或流失而面臨重大阻力時，沒有 CRO 相關活動。因此，從這個角度來看，我對我們下個季度的表現感到滿意。我將花一些時間談論我們在製藥服務和臨床研究業務之間的結合所釋放的魔力，以及這如何真正為我們的客戶在性能方面增加差異化價值。因此，當我們剛剛宣佈如何向客戶談論這一點時，我想重點關注這一點，我們已經這樣做了很長一段時間，這確實非常引人注目。看到客戶群的勢頭非常好，嗯，我們執行得很好。當我從我們的立場考慮時，就兩個客戶的業務組合而言，我們為生物技術提供的服務比我們在臨床研究領域為製藥提供的服務稍大一些。這是一個非常重要的。當我考慮生物技術客戶的一些亮點時，他們會更快地採用一套統一的功能，因為對他們來說更容易，只需在組織上利用所有內容將所有內容整合在一起。所以你會看到，在授權和動力方面，以及生物技術尤其是朝著正確的方向前進。這就是我們對 25% 和長期 8% 的看法。所有這些事情。我覺得我們已經完成了，如你所知，我們將在明年的 25 日發表我們的看法，我們不會去指導公司內部的業務部門績效，但我們會給出進展更快的投入和獲取。當我們明年得出指導意見時，平均成長速度比平均成長速度慢。

And then my second question, just on Life Science Solutions congresses a little softer than what the Street was looking for this quarter for that segments. We've heard from a few of your bio processing carriers have pointed towards solid trends in three Q . So can you unpack for asset performance? And within that Life Science Solutions segment, how do bioproduction and biosciences and genetic sciences in the cortex? And what, if anything, fell below your expectations back?

然後是我的第二個問題，關於生命科學解決方案的大會比華爾街本季對該領域的預期要溫和一些。我們聽說你們的一些生物加工運營商指出了三個季度的堅實趨勢。那你能分析一下資產績效嗎？在生命科學解決方案領域，生物生產、生物科學和遺傳科學如何在大腦皮質中發揮作用？如果有的話，什麼低於你的預期？

Yes, Rachel, thanks, Tom, for the question, and thank you for the framing of the question. Because actually the numbers are different than what seems to have been modeled in the analyst models. But actually the business performed in line with our expectations for the quarter. So when I think about from what happened in the quarter later in the third quarter, we had our largest impact of the COVID roll off in this segment. That's something we do something, and that's why we came in line with our expectations are relative to other quarters. two three was the most difficult comparison in the COVID related activities for us. So that probably explains a little bit of modeling difference in terms of how our business is performing bioproduction and certainly the one that gets the most interest because there are a number of companies that are just bioproduction companies that have stocks out there. Actually the quarter played out as we expected. It was nice to see strong momentum in orders, both sequentially and year over year of revenue continues to progress in the right direction sequentially in terms of growth, um, and um, that obviously is going to be some So less of a headwind going forward and ultimately going to be a tailwind in the not distant future. In terms of bioproduction, that's good. Feeling of the commentary I would make on on the LSS segment, it's not an enormous business, but our clinical sequencing business is doing really well. Rig ht? You see the announcements I talked about one of them with National Cancer Institute. You saw after the quarter-end an announcement from one of our customers in terms of your companion diagnostic on approve using our sequencing for brain cancer. These are really positives in terms of customers applying our technology to make a huge difference on patient lives in the course of treatment. So our business is doing quite well. Thank you.

是的，雷切爾，謝謝湯姆提出這個問題，也謝謝你提出這個問題。因為實際上這些數字與分析師模型中模擬的數字不同。但實際上該業務的表現符合我們對本季的預期。因此，當我思考第三季稍後發生的事情時，我們在這一領域受到了新冠肺炎疫情影響最大的影響。這就是我們所做的事情，這就是為什麼我們相對於其他季度的預期符合我們的預期。對我們來說，二三是與新冠病毒相關的活動中最困難的比較。因此，這可能解釋了我們的業務如何進行生物生產方面的一點模型差異，當然也是最受關注的，因為有許多公司只是擁有庫存的生物生產公司。事實上，這個季度的表現正如我們所預期的。很高興看到訂單的強勁勢頭，無論是連續還是同比，收入在增長方面都繼續朝著正確的方向發展，嗯，嗯，這顯然會是一些所以未來的逆風會更少最終將在不遠的將來成為一股順風。就生物生產而言，這很好。我對 LSS 細分市場的評論感覺是，這不是一項巨大的業務，但我們的臨床定序業務做得非常好。正確的？你可以看到我與國家癌症研究所談論過其中一項的公告。您在季度末後看到我們的一位客戶發布了關於批准使用我們的腦癌測序的伴隨診斷的公告。對於客戶應用我們的技術在治療過程中為患者的生活帶來巨大改變而言，這些確實是正面的。所以我們的生意做得很好。謝謝。

Our next question is from Jack Meehan with Nephron Research. Your line is now open. Please go ahead.

我們的下一個問題來自 Nephron Research 的 Jack Meehan。您的線路現已開通。請繼續。

Thank you. Good morning. I'm going to be a remark. I hate to ask a question about month-by-month dynamics, but can you just talk a little bit more about how the quarter played out? The reason I ask is in a core organic growth was flat. I think the Street was looking for 1%. So technically miss that. I always assume there's some conservatism embedded. So was just curious like September fall short for some reason. If so why I know you talked about the hurricane, but just any color on kind of how the quarter played out? Great.

謝謝。早安.我就當個評論吧。我不想問有關逐月動態的問題，但您能多談談本季的情況嗎？我問的原因是核心有機成長持平。我認為華爾街正在尋找 1%。所以技術上就錯過了。我總是認為其中有一些保守主義的成分。所以只是好奇九月因為某些原因未能實現。如果是這樣，為什麼我知道你談論了颶風，但只是對本季的表現有任何看法？偉大的。

Yes. So check in terms of the growth was largely in line with what we expected to happen for the quarter. And so from that perspective, on fuel versus the external models, I always think he'll this degree of accuracy between the screen and what we say we tried to give as clear as we can on these calls about what our expectations are for the for the year and the upcoming quarter. And I think Stephen gave some very clear views of again this quarter about the next one. So I know it from our perspective kind of played out as we thought in terms of the pacing through the quarter, largely as we'd expected, I would say it's a very, very end of the quarter. Academic and government wasn't quite as strong as you normally would see. But like in the scale of our company, like you want to $10.5 billion plus quarter that snow $10 million to $20 million of mode, not a big number. But so I didn't really talk about any patterns as of any significance in terms of how the months played out during the quarter.

是的。因此，就成長而言，很大程度上符合我們對本季的預期。因此，從這個角度來看，關於燃料與外部模型，我一直認為他會在屏幕和我們所說的之間達到這種程度的準確性，我們試圖在這些電話中盡可能清楚地說明我們對今年和下一個季度。我認為史蒂芬在本季再次對下一個季度給出了一些非常清晰的看法。因此，從我們的角度來看，我知道這就像我們對本季節奏的思考一樣，很大程度上正如我們所預期的那樣，我想說這是本季的非常非常結束的時候。學術界和政府並不像你通常看到的那麼強大。但就像我們公司的規模一樣，你想要 105 億美元加上季度雪花 1000 萬到 2000 萬美元的模式，這並不是一個大數字。但所以我並沒有真正談論任何對於本季幾個月的表現有任何意義的模式。

Got it. Okay. And then for Stephen, on guidance, you still have 900 million range from the top on the top end familiar with the U.S. To the point here. But was there any consideration to narrowing?

知道了。好的。然後對於史蒂芬來說，根據指導，從熟悉美國的最高端到這裡，你仍然有 9 億的範圍。但有沒有考慮縮小範圍？

Yes. Jack said so that for simplicity, we kept the range in our guidance from last time round. And as you said, I encourage you to into not only think I'd just focus on the midpoint. That's kind of current view of where we most likely outcome for the quarter as we see it right no w. And other than macro events that you have. The largest swing factor for Q4 is likely to be there at the level of year-end spend by our customers. Thanks, Jack.

是的。傑克表示，為了簡單起見，我們將範圍保留在上一輪的指導中。正如您所說，我鼓勵您不僅認為我只會關注中點。這是我們目前對本季最有可能出現的結果的看法。除了宏觀事件之外。第四季最大的波動因素可能是我們客戶的年終支出水準。謝謝，傑克。

Thank you, Hugo. Thanks .

謝謝你，雨果。謝謝 。

Our next question is from Doug Schenkel with Wolfe Research. Thank Your line is now open. Please go ahead.

我們的下一個問題來自 Wolfe Research 的 Doug Schenkel。謝謝您的線路現已開通。請繼續。

All right. Thank you and good morning, Mark and Stephen. As we sit here nine months, you know, well, 10 months into the year with the nine months of financials in the box, the portfolio to seem to be tracking to plan. That said, there are always puts and takes on what's going better or worse that original targ et. As we sit here today, what geography, these customer groups, product categories, however you want to frame it, what's tracking ahead of expectation, what full low expectation? And as you think about the next few quarters, would you expect things to normalize back to what you were targeting at the beginning of the ye ar? Or are there seemingly some more durable changes? How things are coming togeth er? I ask you to not just to look back, but also just as kind of worth thinking about exit rates looking ahead to 2025.

好的。謝謝你們，早安，馬克和史蒂芬。當我們坐在這裡九個月時，你知道，今年已經過去十個月了，九個月的財務數據都在盒子裡，投資組合似乎正在追蹤計劃。也就是說，對於原始目標的好壞，總是會有一些調整和調整。當我們今天坐在這裡時，什麼地理位置、這些客戶群體、產品類別，無論你想如何建構它，什麼是超前於期望的跟踪，什麼是完全低的期望？當您考慮接下來的幾季時，您是否預期事情會恢復到您年初的目標？或者是否有一些看似更持久的變化？事情進展如何？我要求您不僅要回顧過去，而且還應該思考一下 2025 年的退出率。

So Doug, thanks for the question. So if we go back to January and we say here, we had a set of expectations for the year. And those expectations have really played out with an incredible degree of precision so far through the first nine months of Q1 revenues a little bit higher than the next few quarters. We'll shoot super tight around what we expected and on we're looking forward to the fourth quarter where we return to growth hom e. And when you unpack the different businesses, that's actually not a lot there in terms of them are still performing on differently than what we expected. And I'll come back to that. It was a couple of other things, but so it was not like something is meaningfully different than what we saw in January, better or worse. The two things we did talk about about what we could change the range for this ye ar. Was how would biotech for form in terms of funding and what would happen in China? Right. And biotech is progressing in the right direction. Funding is improving. Confidence is improving. As you know, there's a lag between funding and ultimately how that flows into our industry. So that's encouraging relative to what we saw, certainly in the previous couple of y ears. In that dimension. So that kind of helps you think a little bit about market conditions going forwa rd. The second was China. China has not progressed, right in terms of economic activity has been incredibly muted in terms of the environment, the government data announced two different types of stimulus programs, actually, interestingly enough first, that affect our industry and a positive way, which is around the equipment stimulus and the loan program they have for their their customers or their institutions. And we expect that's largely a 2025 on impact and beyond. So that's encouraging. And more recently, they actually announce stimulus programs to spur economic growth and business confidence and consumer confidence that actually will also be helpful for the long term th ere. So that one is more on the comm, right, because it hasn't the words of my head, but deal in terms of the impact to the economy hasn't been seen. So that will be a swing factor on going forward and on how that plays out. And then it turns within our businesses. I'm probably the only thing that I would really call out is it really is awesome to see the adoption of our high-end technologies and analytical insurance, right? It's just it's amazing how our customers, even though what businesses and obviously is a muted environment. And in total, we know that the industry is declining this year, and that's nothing new. The surprise of that business is just getting great adoption for our technologies. And it was one of the cool things we said during the pandemic when we were just really driving great growth because of our response, we reinvested in R&D. And that reinvestment is really led to differ financial performance in terms of our technology that adopted. So I call that out is that massively different than what we expected in January, no on. But it's great to see a little bit better than we expected. And we also have some that are immaterial across the rest of the Com pany. Thanks for all that, Mark. I think my for my follow-up is probably a Stephen question, but obviously, welcome you to either of you as always to chime in. As I look at our model, I'm reminded that data from 2022 to 2020 for your two core growth will have been about 0%, down about 5% and about flat again this year, year-by-year. So in a period where revenue growth has been challenging, you've actually maintained operating margin at similar levels for two years in a row. Assuming you meet guidance this year. So as growth starts to improve slowly but surely into next year, is it fair to assume that there could be outsized margin improvement at incremental margin generation are essentially the benefit of strong operating discipline through a challenging period? I guess I'm just wondering if margin expansion gets back into the LRP range before revenue does. So with that, thanks for the question and so on, but just to frame up how we think about the long-term financial. So for us, long term, the 7% to 9% top-line growth enablers 40 to 50 basis points of expansion. So that's kind of how we think about the future. And then you get down to the near term and could it be slightly higher? I think I've said in the past that certain aspects of our business where volumes have been more challenged than we've appropriately addressed the cost base, that there's some incremental benefit that can come from from the returns of volumes in those businesses. So there's an aspect of this that could be slightly higher. And as we get into then next year and give guidance in January, we've got the frame up kind of how should we think about the world, what level of the top line growth and then what's an appropriate level of margin and margin expansion and which is always a trade-off between making sure we get good profitability for our shareholders and lenders appropriate investing in the businesses we think about going forward. So I kind of frame that up and look forward against the details on the next call. Thanks to Dough. Thanks.

道格，謝謝你的提問。因此，如果我們回到一月份，我們在這裡說，我們對今年有一系列期望。到目前為止，這些預期確實以令人難以置信的精確度實現了，第一季前九個月的收入略高於接下來幾季的收入。我們將非常嚴格地圍繞我們的預期進行拍攝，我們期待第四季度我們重返增長家園。當你拆開不同的業務時，實際上並沒有太多，因為它們的表現仍然與我們的預期不同。我會回到這一點。還有其他一些事情，但所以這並不像我們在一月份看到的那樣有什麼不同，無論好壞。我們確實討論了今年我們可以改變範圍的兩件事。生物技術在資金方面的表現如何？正確的。生物技術正在朝著正確的方向發展。資金狀況正在改善。信心正在增強。如您所知，資金與最終如何流入我們的行業之間存在著滯後。因此，相對於我們所看到的情況（尤其是過去幾年）來說，這是令人鼓舞的。在那個次元裡。因此，這可以幫助您思考未來的市場狀況。第二個是中國。中國並沒有取得進步，在經濟活動方面，在環境方面，政府數據宣布了兩種不同類型的刺激計劃，實際上，有趣的是，首先，影響我們行業的積極方式是，他們為客戶或機構提供的設備刺激和貸款計劃。我們預計這主要是 2025 年及以後的影響。所以這是令人鼓舞的。最近，他們實際上宣布了刺激經濟成長、商業信心和消費者信心的刺激計劃，這實際上也對那裡的長期發展有所幫助。因此，這更多的是在通訊上，對吧，因為這不是我腦子裡的話，但就對經濟的影響而言，交易還沒有被看到。因此，這將是未來發展以及結果如何的一個搖擺因素。然後它就轉向我們的業務範圍內。我可能唯一真正要強調的是，看到我們的高端技術和分析保險的採用真的很棒，對吧？令人驚訝的是我們的客戶，儘管企業和顯然是一個安靜的環境。總的來說，我們知道今年該行業正在衰退，這並不是什麼新鮮事。這項業務的令人驚訝之處在於我們的技術得到了廣泛的採用。這是我們在大流行期間說過的很酷的事情之一，當時我們因為我們的反應而真正推動了巨大的成長，我們對研發進行了再投資。就我們採用的技術而言，再投資確實導致了不同的財務表現。所以我指出這與我們一月份的預期有很大不同，不。但很高興看到比我們預期的要好一些。我們還有一些對公司其他部門來說並不重要的因素。謝謝你所做的一切，馬克。我認為我的後續問題可能是史蒂芬的問題，但顯然，歡迎你們一如既往地插話。 0%，下降約5%，然後又基本持平。因此，在收入成長面臨挑戰的時期，您實際上已經連續兩年將營業利潤率保持在相似的水平。假設您今年符合指導。因此，隨著明年成長開始緩慢但肯定地改善，是否可以假設增量利潤產生的大幅利潤率改善本質上是在充滿挑戰的時期強有力的營運紀律的好處？我想我只是想知道利潤率擴張是否會在收入之前回到 LRP 範圍。因此，感謝您提出問題等等，但這只是為了框架我們如何看待長期財務。因此，對我們而言，從長期來看，7% 至 9% 的收入成長可實現 40 至 50 個基點的擴張。這就是我們對未來的看法。然後再看看近期的狀況，會不會稍微高一點？我想我過去曾說過，我們業務的某些方面的銷售所面臨的挑戰比我們適當解決成本基礎的挑戰更大，這些業務的銷售回報可以帶來一些增量收益。所以這個方面可能會稍微高一點。當我們進入明年並在一月份提供指導時，我們已經建立了一個框架，即我們應該如何思考世界，收入增長水平如何，然後是適當的利潤率和利潤率擴張水平，以及這始終是確保我們為股東獲得良好獲利能力和貸方對我們考慮未來的業務進行適當投資之間的權衡。因此，我將其框架化，並期待下一次通話的詳細資訊。感謝麵團。謝謝。

Our next question is from Tycho Peterson with Jefferies & Co., your line is now open. Please go ahead.

我們的下一個問題來自 Jefferies & Co. 的 Tycho Peterson，您的熱線現已開通。請繼續。

Hey, thanks, Mark. And wondering if you could just touch a little bit more on some of the drivers and LPS, you know, you've talked about obviously the Disney Channel, the safety and the market channel. But I'm curious, ALI. We've heard more about share gains for Fisher. So I'm curious if you cannot comment on that dynam ic. And then have you didn't call out PPD. and P. taking on your within your comments specifically on th at. I'm just wondering if they were actually up in the quarter. So historically, if you take us through my prepared remarks, I did talk about that dynamic where we think about the underlying growth in both from the services and clinical research that upset the significant pandemic headwinds of from organic growth standpoint. And that's kind of a net net is strong sales month in terms of coming out of the channel is doing really well.

嘿，謝謝，馬克。想知道您是否可以多談談一些司機和 LPS，您知道，您顯然已經談到了迪士尼頻道、安全和市場頻道。但我很好奇，阿里。我們聽說了更多有關費雪股票收益的消息。所以我很好奇你是否不能評論這個動態。然後你沒有叫出 PPD 嗎？ P. 在您的評論中專門針對這一點接受您的意見。我只是想知道他們本季是否真的上漲了。因此，從歷史上看，如果你帶我們看一下我準備好的講話，我確實談到了這種動態，我們思考服務和臨床研究的潛在增長，從有機增長的角度來看，這些增長打破了大流行病的重大阻力。從通路出來的情況來看，這是一個強勁的銷售月，表現非常好。

Actually, both the health care market channel and the research and safety market channel continue to do well. That is delivering nice growth and actually winning some really nice customers from which bodes well for the future. So that part of the common, Terry that I talked about, customer wins and those things in my remarks, really a number of our businesses, but those comments are really around some large wins. And channel clearly had some nice wins during the quarter. Which doesn't show up at all in revenue in the quarter that you win the m. But over the coming quarters ahead as it really is quite a positive.

事實上，醫療保健市場管道以及研究和安全市場管道都持續表現良好。這帶來了良好的成長，並實際上贏得了一些非常好的客戶，這對未來來說是個好兆頭。因此，我談到的特里的共同點、客戶勝利以及我言論中的那些事情，確實是我們的一些業務，但這些評論實際上是圍繞著一些重大勝利的。頻道在本季度顯然取得了一些不錯的勝利。這根本不會體現在您贏得 m 的季度的收入中。但在未來幾個季度，這確實是相當積極的。

Okay. And then I guess a follow-up just on those margins for the lab products and services, obviously you had the vaccine and therapy a runoff. Is there anything you're willing to comment around price in this environment on your ability to potentially take more? Are you giving more you trying to grab more and more CRO and CMO work? And then how are you also thinking our capacity expansion for PT. on how we see Li-San Novo offload one of the catalyst facilities in Europe. I'm just curious how you're thinking about more capacity comes to market, both from Noble and talent, but also we see uptick and how interesting that might be for you.

好的。然後我想後續行動只是針對實驗室產品和服務的這些利潤，顯然你已經有了疫苗和治療的決選。在這種環境下，您是否願意就價格以及您是否有能力獲得更多的能力發表評論？您是否付出了更多努力來爭取越來越多的 CRO 和 CMO 工作？那麼您對我們 PT 的產能擴張有何看法？關於我們如何看待 Li-San Novo 卸載歐洲的催化劑設施之一。我只是很好奇您如何看待更多來自 Noble 和人才的產能進入市場，我們也看到了成長，這對您來說可能是多麼有趣。

So whatever price in aggregate and I guess price in aggregate for the Company, we were just over 1% of price for the quarter. So a little ahead of that kind of normal run rate that we see is kind of 0.5% to 1% price on a net basis across the whole company. So a trend similar to the book within further for three-quarters of the year? Yes, it's a part of the pricing environment is back to normal, but it's a good industry. Price goes up modestly each year. You had the dynamic inflation with price went up, certainly more than what it is usable and foam. And we're kind of back to the normal dynamic in terms of our pharma services business, capacity expansion additions, steel, as everyone knows, we've expanded our investments in sales of finished capacity on and have had a number of lines that are coming online, if you will, during the course of 2025 and 2026 to support customer demand. And so that's if that's a positive that does put pressure on margins in the short term because there's costs in training and getting the kind of the qualification process for the facilities. But certainly, as we get through 2025, you'll see a higher levels of utilization of capacity to support the strong growth in sterile fill finish. And so that's the dynamic there. As I announced in my remarks, because of the specific capabilities of interest in oral solid dose, which is not our biggest part of our offering and drug product, we did do some capacity expansions in Bend, Oregon, in Cincinnati, Ohio to meet the customer demand, which is good on development side of the equation. And so the first the dynamic there. Okay.

因此，無論總價格如何，我猜公司的總價格，我們的價格僅略高於本季價格的 1%。因此，整個公司的淨價格比我們看到的正常運作率略高 0.5% 到 1%。那麼今年四分之三的時間還會出現與書中類似的趨勢嗎？是的，這是定價環境恢復正常的一部分，但這是一個很好的行業。價格每年都會小幅上漲。隨著價格的上漲，動態通貨膨脹肯定超過了可用的泡沫。我們在製藥服務業務、產能擴張、鋼鐵方面已經恢復了正常動態，眾所周知，我們擴大了對成品產能銷售的投資，並擁有許多生產線如果您願意的話，將在2025 年和2026 年期間上線，以支持客戶需求。因此，如果這是一個積極的因素，確實會在短期內給利潤帶來壓力，因為培訓和獲得設施的資格認證過程需要成本。但可以肯定的是，隨著 2025 年的到來，您將看到更高水準的產能利用率，以支持無菌灌裝成品的強勁成長。這就是那裡的動態。正如我在演講中宣布的那樣，由於對口服固體劑量的特定能力感興趣，這不是我們產品和藥品的最大部分，我們確實在俄勒岡州本德和俄亥俄州辛辛那提進行了一些產能擴張，以滿足客戶需求，這對等式的發展方面是有利的。首先是那裡的動態。好的。

Thank you.

謝謝。

Thanks, Tycho.

謝謝，第谷。

Our next question is from Mac Sykes with Goldman Sachs. Matt, your line is now open. Please go ahead.

我們的下一個問題來自高盛的 Mac Sykes。馬特，您的線路現已開通。請繼續。

Analytical Instruments segment ambition pretty consistent growth and what has been a firm called challenging environment. I know that our strong and microscopy have been big drivers of th at. If you strip those two out and just look at the rest of your instrument categories, could you maybe talk about what demand looks like from them in those different categories from the biopharma side as well as other customers? And do you sense any kind of replacement cycle kicking in for some of those for some of those instruments as we move to the 25? Just any thoughts on that would be great.

分析儀器部門的目標是保持相當穩定的成長，並且公司所處的環境充滿挑戰。我知道我們的強大和顯微鏡是這一切的重要推動力。如果您將這兩個去掉，只看其餘的儀器類別，您能否談談生物製藥方面以及其他客戶在這些不同類別中的需求是什麼樣的？當我們轉向 25 種儀器時，您是否感覺到其中一些儀器會出現某種更換週期？只要對此有任何想法就太好了。

Yes, Matt, thanks for the question. So when I think about analytical instruments on, we had 3% organic growth in the quarter on still playing out as we expected. Obviously, innovation really matters for us and we've enabled until launch number products that have been adopted actually yield on the high end we talked about earlier in this particular quarter, and that bodes well to continue to drive momentum. Electron microscopy. Obviously, Ash Grove has done very well. As you noted, stellar, which we launched last quarter. The early interest is quite quite strong. And so those things are going wel l. Nuvion, which is nine chromatography, more of a mid-range technology home, very important and in that particular category, chromatography, incredibly strong demand. So or innovation has been well adopted. Feel when you take that all of those things kind of say the routine capital equipment aspects of instruments doesn't actually pretty muted conditions, right? Nothing surprising when we talk about for the full year for the whole company to have market down in the low single digit, you would expect capital equipment to have muted condit ions. They are. And a big driver of that, obviously is China, which is in instrument businesses for the whole industry has a large portion of demand on the Brazilian market is most challenged. So from exactly where we are in the replacement cycle for those things, I think it really varies by customer, by product type and all that. And we didn't see any particular pattern and some data to indicate any change in trajectory kind of.

是的，馬特，謝謝你的提問。因此，當我考慮分析工具時，我們在本季度實現了 3% 的有機成長，仍然符合我們的預期。顯然，創新對我們來說確實很重要，在推出之前，我們已經啟用了許多已採用的產品，這些產品實際上達到了我們在本季度早些時候談到的高端產品，這預示著繼續推動勢頭。電子顯微鏡。顯然，阿什格羅夫做得很好。正如您所指出的，我們在上個季度推出了 stellar。早期的興趣相當濃厚。所以這些事情進展順利。 Nuvion，這是九種色譜，更多的是中檔技術家，非常重要，並且在該特定類別中，色譜的需求非常強勁。所以或者說創新已經被很好地採用了。當你認為所有這些事情都表明儀器的常規資本設備方面實際上並不是相當安靜的條件時，對吧？當我們談論整個公司全年的市場下跌幅度為低個位數時，您會期望資本設備的狀況不佳，這並不奇怪。他們是。其中一個重要的推動因素顯然是中國，它在整個產業的儀器業務中佔有很大一部分，巴西市場的需求面臨最大的挑戰。因此，從我們在這些東西的更換週期中所處的確切位置來看，我認為這確實因客戶、產品類型等而異。我們沒有看到任何特定的模式和一些數據來表明軌跡有任何變化。

Thanks And then, Stephen, just a modeling question for you on just the implied Q4 operating margin looks like over 100 basis point step-up to get to that full year guide. Understand there's a return to growth expectation on the top line, some probably some gross margin lever age. Was there anything on the cost saving sides are mix that we should be aware of driving that step-up in margins for Q4?

謝謝然後，史蒂芬，我想向您提出一個建模問題，即隱含的第四季度營業利潤率看起來需要超過 100 個基點才能達到全年指南。了解營收成長預期有所恢復，其中可能有一些毛利率槓桿。在節省成本方面，我們應該注意哪些因素才能推動第四季的利潤率提高？

Yes. So for Q4, kind of the midpoint of that guidance of 50 basis points increase year over year for the quarter and down, that's in line with what I think about the margin profile through the step-up in the level of revenue in the kind of the seasonality to our revenue profile. So logically makes sense. When you look at it sequentially in terms of the chain.

是的。因此，對於第四季度來說，該季度及以後同比增長 50 個基點的指引的中點，這與我對收入水平提升所帶來的利潤狀況的看法是一致的。所以邏輯上是有道理的。當你按照鏈條的順序來看它。

Thank you, Great.

謝謝你，太好了。

Thanks, man. Operator, we will take one more question.

謝謝，夥計。接線員，我們再回答一個問題。

Yes. Our next question is from Dan Brennan with PD. Cohen. Your line is now open. Please go ahead.

是的。我們的下一個問題來自 PD 的 Dan Brennan。科恩。您的線路現已開通。請繼續。

Great. Thanks. Thanks for the questions on maybe, Mark, just on pharma, R&D headlines have been mixed, but we just looked at like a global analysis of our new trends and that actually they look pretty good for large pharma, nearly 8% and kind of global pharma up like mid five. So I'm just wondering like kind of square the circle with kind of the weaker end market growth that you're kind of base your guide on and maybe why we're not seeing what appears to be a decent level of R&D growth. You're not translating into better revenue s. It's like Has anything changed maybe even more dollars going into service inflation or just in terms of the traditional amount of dollars that your business would see from our? And is there anything kind of different this time?

偉大的。謝謝。感謝馬克提出的問題，也許只是關於製藥，研發頭條新聞好壞參半，但我們只是對我們的新趨勢進行了全球分析，實際上它們對於大型製藥公司來說看起來相當不錯，接近8％，並且是全球性的。所以我只是想知道，你的指南是基於較弱的終端市場成長，也許為什麼我們沒有看到看起來像樣的研發成長水準。你並沒有轉化為更好的收入。就像是有什麼變化嗎？這次有什麼不同嗎？

Yes. The one element is a significant investment by our customers in a I not unlike an unfortunate analytical instruments, but it when I think about tentative AI. and whether spending on technology is a significant piece to that to ease back to that end up.

是的。其中一個因素是我們的客戶對不幸的分析儀器的重大投資，但當我想到嘗試性的人工智慧時，它就變得如此。以及技術支出是否是緩解這一局面的重要組成部分。

Yes. So sedan, probably when we think about pharma and biotech, right, it covers the full spectrum of activity. And one of the things is within that is on production. You have the headwinds across the industry of bioproduction, right? So you feel that there's not this is not like an R & D. specific call out that you can derive from the numbers we we all understand like essentially in the clinical research side and largely in the bioproduction and pharma services side . So that's a little bit of what's on using the growth in total for our industry in terms of the dialogue going to have with customers and sort of what's the tone, people are super excited about the pipeline, like whether it's the fact of the GLP ones and the scale of a high impact medicine that it just really is getting people excited. But field is it's really interesting work going on Houston tumors, which is fantastic. And we have seen some interesting approvals and other neurological diseases that help this just a lot of excitement about pipelines and up opportunities. And so I believe that the DVD recording about the R&D investments looking good reflects that customers have the optimism for the future. And ultimately, that's going to translate into our space. So on. So which is why we're so confident about the long-term prospects for our industry.

是的。因此，當我們想到製藥和生物技術時，轎車可能涵蓋了所有活動。其中之一就是生產。整個生物生產產業都面臨阻力，對嗎？所以你覺得這不像研發。因此，這就是利用我們行業的整體成長與客戶進行對話的一點點，以及基調是什麼，人們對管道非常興奮，例如這是否是 GLP 的事實一種高影響力藥物的規模確實讓人們興奮不已。但休士頓腫瘤方面的工作確實很有趣，這太棒了。我們已經看到了一些有趣的批准和其他神經系統疾病，這有助於讓人們對管道和上升機會感到興奮。因此，我相信有關研發投資的 DVD 記錄看起來不錯，反映出客戶對未來的樂觀態度。最終，這將轉化為我們的空間。很快。這就是為什麼我們對我們行業的長期前景如此充滿信心。

Great. Thanks for that. And then maybe just one follow-up on China. A few peers have discussed that they're seeing a pause in instrument spending ahead of the stimulus next year. I think you mentioned in a prior question how lifetime instrument demand is kind of a weaker spot? Any any color there? And as the stimulus comes through is just going to be a meaningful lift 325, or do you think it will be more modest? Thanks a lo t.

偉大的。謝謝你。然後也許只是關於中國的一項後續行動。一些同行已經討論過，他們在明年的刺激計劃之前看到儀器支出的暫停。我想您在先前的問題中提到過，終身儀器需求是一個弱點嗎？那裡有什麼顏色嗎？隨著刺激措施的實施，將會帶來有意義的提升 325，還是你認為會更溫和？多謝。

Dan, thanks. So when they think about China Film and I think about stimulus home, certainly discussion I had was really with government officials and certainly with customers as well. I'm really activity has been around CEO of applying for the funding for a going through that process. So there's quite a bit of that activity. So I'm not sure that that trade is something else off, but it might have like I don't know like no other customers specifically mentioned i t. But I asked the question that way it was much I'm more interested about holiday tapping into the valuable new funds and how are they thinking about it? And there seem to be optimism and enthusiasm for the upcoming investments. So I think stimulus will be a 2025 activity or maybe a little bit in in Q4. I'm probably not all that significant. But so that's how you think about what's going on trying to deliver return trip that I came away with an arbitrary and newer going in, but we are incredibly well-positioned in the country. And we have deep relationships with our customers, very strong relationships with government being a scale player for 40 years in the country. And supporting their response to the pandemic, various Cyno crises in the past. This is just a good local participant to help society out there. We benefit from that, and we're well positioned to help our customers. And we had great discussions about customer dialogue with where can we collaborate and how can we help them feel have the Chinese population be healthier through our technology elements. So that so I think as the economy improves there, we're going to be well positioned to capitalize on them. So thanks for the questions toda y. Let me just make a quick closing comment, and it's good to have another strong quarter behind us, and we're very well positioned to deliver differentiated performance into 2024 as we continue to create value for all of our stakeholders and the build an even brighter future for our company. We look forward to updating you on our fourth-quarter and full-year performance in our January call. And as always, thank you for your support of Thermo Fisher Scientific. Thanks, everyone.

丹，謝謝。因此，當他們想到中國電影，而我想到刺激家庭時，我當然與政府官員以及客戶進行了討論。我確實一直在圍繞首席執行官申請資金來完成這一過程。所以這樣的活動相當多。所以我不確定這筆交易是否有其他問題，但它可能就像我不知道的那樣，沒有其他客戶特別提到。但我問的問題是，我對假期利用有價值的新基金更感興趣，他們對此有何看法？人們似乎對即將到來的投資持樂觀和熱情。因此，我認為刺激措施將是 2025 年的活動，或者可能會在第四季度進行一點。我可能沒那麼重要。但這就是你如何看待正在嘗試提供回程的事情，我是帶著任意的和更新的方式離開的，但我們在這個國家的地位非常有利。我們與客戶有著深厚的關係，與政府的關係也非常牢固，在該國已經有 40 年的規模參與者。並支持他們應對流行病和過去的各種西諾危機。這只是一個很好的當地參與者，可以幫助社會。我們從中受益，我們有能力幫助我們的客戶。我們就客戶對話進行了深入的討論，討論我們可以在哪裡合作，以及我們如何幫助他們感受到透過我們的技術元素讓中國人口變得更健康。因此，我認為隨著那裡經濟的改善，我們將處於有利地位來利用它們。謝謝你今天提出的問題。讓我做一個簡短的總結評論，很高興我們又一個強勁的季度到來，隨著我們繼續為所有利益相關者創造價值並構建更加光明的未來，我們已經做好了充分準備，可以在2024 年實現差異化的業績。我們期待在 1 月的電話會議上向您通報我們第四季和全年業績的最新情況。一如既往，感謝您對 Thermo Fisher Scientific 的支持。謝謝大家。

Thank you very much, everyone, for joining today's call. You may now disconnect your line's.

非常感謝大家參加今天的電話會議。現在您可以斷開線路。