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 2024 third quarter conference call.

早安，女士們、先生們，歡迎參加賽默飛世爾科技 2024 年第三季電話會議。

My name is Ezra, and I will be your coordinator today.

我叫以斯拉，今天我將擔任你們的協調員。

(Operator instructions) I would like to introduce our moderator for the call, Mr. Rafael Tejada, vice president, investor relations.

（接線員指示）我想介紹我們的電話會議主持人，投資者關係副總裁 Rafael Tejada 先生。

Mr. Tejada, you may begin the call.

Tejada 先生，您可以開始通話了。

Good morning, and thank you for joining us.

早安，感謝您加入我們。

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.

今天與我通話的是我們的董事長、總裁兼執行長 Marc Casper；和資深副總裁兼財務長史蒂芬·威廉森。

Please note this call is being webcast live and will be archived on the investors section of our website, thermofisher.com, under the heading, News, Events, and Presentations until November 6, 2024.

請注意，本次電話會議正在進行網路直播，並將存檔在我們網站 Thermofisher.com 的投資者部分，標題為“新聞、活動和演示”，截止日期為 2024 年 11 月 6 日。

A copy of the press release of our third quarter 2024 earnings is available in the investors section of our website under the heading Financials.

我們網站投資者部分的「財務」標題下提供了 2024 年第三季收益新聞稿的副本。

So before we begin, let me briefly cover our safe harbor statement.

因此，在開始之前，讓我先簡單介紹一下我們的安全港聲明。

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.

我們可能對公司的未來預期、計劃和前景所做的各種評論構成前瞻性陳述，以符合 1995 年《私人證券訴訟改革法案》中的安全港條款。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K and subsequent quarterly 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.

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，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。 ，並可在我們網站的投資者部分的「財務」、「SEC 備案」標題下查看。

While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change.

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。

Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

因此，您不應依賴這些前瞻性陳述來代表我們截至今天之後任何日期的觀點。

Also, during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP.

此外，在本次電話會議中，我們將提及某些未依照公認會計原則或公認會計準則制定的財務指標。

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our third quarter 2024 earnings, and also in the investors section of our website under the heading, Financials.

這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳可在我們 2024 年第三季收益的新聞稿中以及我們網站的投資者部分的「財務」標題下找到。

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

因此，我現在將把電話轉給馬克。

Thank you, Raf.

謝謝你，拉夫。

Good morning, everyone, and thanks for joining us today for our third quarter call.

大家早安，感謝您今天參加我們的第三季電話會議。

As you saw in our press release, we delivered another quarter of strong financial performance.

正如您在我們的新聞稿中看到的，我們又一個季度實現了強勁的財務表現。

We're seeing the benefit of our trusted partner status, which is resonating strongly with our customers.

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。

And we're continuing to deliver differentiated performance in the short term while further strengthening our long-term competitive position.

我們將繼續在短期內提供差異化的業績，同時進一步加強我們的長期競爭地位。

So first, let me recap the financials.

首先，讓我回顧一下財務狀況。

Our revenue in the quarter was $10.6 billion.

我們本季的營收為 106 億美元。

Our adjusted operating income was $2.36 billion.

調整後的營業收入為 23.6 億美元。

Adjusted operating margin was 22.3%.

調整後營業利益率為 22.3%。

And we delivered another quarter of strong adjusted EPS performance, achieving $5.28 per share.

我們又一個季度的調整後每股盈餘表現強勁，達到每股 5.28 美元。

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.

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。

Turning to our performance by end market.

轉向我們終端市場的表現。

In the third quarter, underlying market conditions played out as we'd expected, and we delivered another quarter of sequential improvement in growth.

第三季度，基本市場狀況如我們預期的那樣發展，我們又實現了一個季度的連續成長改善。

Let me provide you with some additional context.

讓我為您提供一些額外的背景資訊。

Starting with pharma and biotech, we declined in the low single digits in Q3, including a 5-point headwind from the runoff of vaccines and therapy revenue.

從製藥和生物技術開始，我們在第三季度出現了低個位數的下滑，其中包括疫苗和治療收入流失帶來的 5 個百分點的阻力。

This marks the third quarter in a row of sequential improvement in growth for this customer segment.

這標誌著該客戶群的成長連續第三個季度改善。

Performance in the quarter was led by our research and safety market channel and our clinical research business.

本季度的業績由我們的研究和安全市場管道以及臨床研究業務引領。

In academic and government, we grew in the low single digits during the quarter.

在學術和政府領域，我們本季實現了較低的個位數成長。

We delivered strong growth in our electron microscopy business and in our research and safety market channel.

我們的電子顯微鏡業務以及研究和安全市場管道實現了強勁成長。

In industrial and applied, we grew in the low single digits during the quarter, highlighted by strong growth in our electron microscopy business.

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。

Finally, in diagnostics and healthcare, growth was flat for the quarter.

最後，在診斷和醫療保健領域，本季成長持平。

As a reminder, the reported growth in this end market is impacted by the runoff of COVID-19 testing-related revenue.

提醒一下，該終端市場報告的成長受到與 COVID-19 測試相關的收入流失的影響。

During the quarter, the team delivered good revenue growth in our transplant diagnostics and immunodiagnostics businesses, as well as the healthcare market channel.

本季度，該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。

As I reflect on the end markets, underlying conditions have modestly improved each quarter as the year has progressed.

當我反思終端市場時，隨著時間的推移，每季的基本狀況都略有改善。

This is in line with the framing we provided as part of the guidance at the beginning of the year.

這與我們在年初提供的指導框架一致。

Let me now turn to an update on our growth strategy.

現在讓我介紹一下我們的成長策略的最新情況。

As a reminder, our strategy consists of three pillars: high-impact innovation, our trusted partner status with customers, and our unparalleled commercial engine.

需要提醒的是，我們的策略由三個支柱組成：高影響力的創新、我們值得客戶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.

從第一個支柱開始。

It was another great quarter of innovation.

這是又一個偉大的創新季度。

First, we will continue to see the impact of our innovations launched over the past couple of years.

首先，我們將繼續看到過去幾年推出的創新的影響。

It's gratifying that our innovations continue to receive industry recognition.

令人欣慰的是，我們的創新繼續獲得業界認可。

This is a true testament to our teams.

這是對我們團隊的真實證明。

Most recently, the R&D 100 awards, which recognizes the most revolutionary products in science and technology honored two of our products, our Gibco CTS Detachable Dynabeads, which launched last year; as well as our Thermo Scientific Orbitrap Astral mass spectrometer, which won gold in the market disruptor special recognition category as one of the most significant advancements in mass spectrometry in 15 years.

最近，R&D 100 獎項表彰了科學技術領域最具革命性的產品，授予了我們的兩款產品：去年推出的 Gibco CTS Detachable Dynabeads；以及我們的 Thermo Scientific Orbitrap Astral 質譜儀，它榮獲市場顛覆者特殊認可類別金獎，被譽為 15 年來質譜領域最重大的進步之一。

Adoption of the Orbitrap Astral continues to be incredibly strong.

Orbitrap Astral 的採用仍然非常強烈。

During my customer interactions, I've had the opportunity to hear direct feedback on how significant our continued innovation is in helping our customers move science forward and advance their important work.

在與客戶互動期間，我有機會聽到直接回饋，了解我們的持續創新對於幫助客戶推動科學進步和推進他們的重要工作有多重要。

The second part of our innovation is we also had the benefit of a number of high-impact new products this quarter that we launched.

我們創新的第二部分是我們也受惠於本季推出的許多高影響力的新產品。

To enable the development of advanced materials, 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.

為了實現先進材料的開發，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無縫且用戶友好的工作流程中。

This offers researchers deeper insights into the chemical nature of the most sophisticated advanced materials down to the atomic level.

這使研究人員能夠更深入地了解最複雜的先進材料的化學性質，直到原子層面。

The Iliad 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.

Iliad 採用了我們最具創新性的高分辨率光譜儀來準確地確定材料的成分，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。

We recently unveiled Iliad at the European Microscopy Conference in Copenhagen, Denmark, and the feedback has been incredibly positive.

我們最近在丹麥哥本哈根舉行的歐洲顯微鏡會議上推出了《Iliad》，並且得到了非常正面的回饋。

Turning to innovation and life sciences.

轉向創新和生命科學。

Within our biosciences business, we launched the Applied Biosystems MagMAX Sequential DNA/RNA kit, which maximizes the isolation of DNA and RNA from blood cancer samples, helping researchers identify unique insights of cancer-causing genetic alterations.

在我們的生物科學業務中，我們推出了 Applied Biosystems MagMAX 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，幫助研究人員識別致癌基因改變的獨特見解。

And we also launched the Invitrogen Vivofectamine delivery solutions, a novel method for delivering nucleic acids into multiple targets with therapeutic effect, paving the way for groundbreaking new medicines.

我們也推出了 Invitrogen Vivofectamine 遞送解決方案，這是一種將核酸遞送至多個標靶並具有治療效果的新方法，為突破性新藥鋪平了道路。

Let me give you a quick update on our progress in building on the trusted partner status that we've earned with our customers.

讓我向您簡要介紹一下我們在建立我們與客戶贏得的值得信賴的合作夥伴地位方面所取得的進展。

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 to life.

上個月，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實現它。

During the quarter, I had the opportunity to meet with many of our customers.

在本季度，我有機會會見了許多客戶。

As you know, we have an unparalleled customer access, and this helps us understand their near and long-term priorities.

如您所知，我們擁有無與倫比的客戶訪問權限，這有助於我們了解他們的近期和長期優先事項。

Our scale, depth of capabilities, and accumulated experience is truly resonating with customers as they rely on us to accelerate their innovation, enhance their productivity and advance their important work.

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創新、提高生產力並推進他們的重要工作。

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 future.

這轉化為本季度客戶的有意義的商業勝利，這說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。

I also visited China in August and spent time meeting with government officials and customers.

我還在八月訪問了中國，並與政府官員和客戶會面。

We have strong relationships there based on our track record of positive impact and our long history in the country.

基於我們在該國的積極影響記錄和悠久的歷史，我們在那裡建立了牢固的關係。

Our conversations were focused on how we can collaborate to enable our customer success.

我們的談話重點是我們如何合作以幫助客戶成功。

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.

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。

Let me now give you an example from the third quarter and how we advance our partnerships and collaborations.

現在讓我舉一個第三季的例子，以及我們如何推進我們的夥伴關係和合作。

In our clinical next-gene sequencing business, we announced our partnership with the National Cancer Institute, a myeloMATCH precision medicine umbrella trial, that's going to leverage our next-generation sequencing technology to test patients for specific biomarkers, so they can be matched more quickly with optimal treatments based on their unique cancer profiles.

在我們的臨床下一代基因定序業務中，我們宣布與美國國家癌症研究所合作，這是一項myeloMATCH 精準醫學傘試驗，該試驗將利用我們的下一代定序技術來測試患者的特定生物標記物，以便更快地匹配他們根據其獨特的癌症特徵提供最佳治療。

We also continue to expand our capabilities to meet our customers' current and future needs.

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。

To enhance our all solid dose formulation capabilities for our pharma and biotech customers, we expanded our pharma services manufacturing footprint in Cincinnati, Ohio, and Bend, Oregon.

為了增強我們為製藥和生物技術客戶提供全固體劑量製劑的能力，我們擴大了在俄亥俄州辛辛那提和俄勒岡州本德的製藥服務製造足跡。

In our clinical research business, we announced the expansion of our global laboratory services network with a new bioanalytical lab in Gothenburg, Sweden, which will support pharmaceutical and biotech customers with advanced laboratory services to support all phases of development.

在我們的臨床研究業務中，我們宣布擴大我們的全球實驗室服務網絡，在瑞典哥德堡建立了一個新的生物分析實驗室，該實驗室將為製藥和生物技術客戶提供先進的實驗室服務，以支援所有階段的開發。

So it was an excellent quarter of advancing our growth strategy.

因此，這是推進我們成長策略的絕佳季度。

Let me give you a quick update on the impact of our PPI business system in Q3.

讓我向您簡要介紹一下第三季我們的 PPI 業務系統的影響。

PPI is embedded in our culture, and there are many examples that I could share for the quarter.

PPI 根植於我們的文化中，我可以在本季分享很多例子。

As always, our PPI business system and our mission-driven culture enabled our success during the quarter.

像往常一樣，我們的 PPI 業務系統和使命驅動的文化使我們在本季度取得了成功。

PPI engages and empowers all of our colleagues to find a better way every day to enable outstanding execution.

PPI 鼓勵我們所有同事每天尋找更好的方法來實現出色的執行力。

Ultimately, you see the positive impact of PPI reflected in the strong profitability and cash flow that we delivered in the quarter.

最終，您會看到 PPI 的正面影響反映在我們本季實現的強勁獲利能力和現金流上。

During the quarter, we further enhanced our supply chain in Asia Pacific by optimizing inventory across our network.

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。

While in Europe, we further streamlined and automated our manufacturing processes for high-end analytical instruments to meet strong demand.

在歐洲，我們進一步簡化和自動化了高端分析儀器的製造流程，以滿足強勁的需求。

Now, let me turn to corporate social responsibility.

現在，讓我談談企業社會責任。

We have a CSR strategy that delivers competitive advantage.

我們制定了可帶來競爭優勢的企業社會責任策略。

As a mission-driven company, we help to make the world a better place by enabling the important work of our customers.

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。

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.

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。

Today, I just want to spend a moment on our colleagues because none of our success is possible without the work of our amazing team around the world.

今天，我只想花一點時間談談我們的同事，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。

Our colleague safety is always our top priority, and the impact of Hurricane Helene was especially concerning to me as we have about 1,000 colleagues in Asheville, North Carolina, one of the harshest areas.

同事的安全始終是我們的首要任務，海倫颶風的影響讓我特別擔憂，因為我們在北卡羅來納州阿什維爾（北卡羅來納州阿什維爾）（最惡劣的地區之一）有大約 1,000 名同事。

In Ashville, we manufacture lab equipment and have a customer service center.

在阿什維爾，我們製造實驗室設備並設有客戶服務中心。

I'm so grateful our colleagues there are safe.

我非常感激我們那裡的同事都很安全。

I'm also thankful for the support of our extended teams who have provided assistance to those colleagues impacted.

我還感謝我們的擴展團隊的支持，他們為受影響的同事提供了幫助。

It's truly heartwarming to see how our team comes together to support each other.

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。

Turning now to capital deployment.

現在轉向資本部署。

We continue to successfully execute our disciplined capital deployment strategy to create tremendous value.

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。

We do this through a combination of strategic M&A and returning capital to our shareholders.

我們透過策略併購和向股東返還資本來實現這一目標。

Let me update you on our recent acquisitions.

讓我向您介紹我們最近的收購的最新情況。

The Binding Site, now our protein diagnostics business, continues to perform exceptionally well.

結合位點（現在是我們的蛋白質診斷業務）繼續表現出色。

In the quarter, we achieved an IVDR claim extension in the European Union for our Optilite Freelite Mx.

本季度，我們的 Optilite Freelite Mx 在歐盟獲得了 IVDR 索賠延期。

Until now, these kits have been solely used in multiple myeloma diagnostics and monitoring.

到目前為止，這些試劑盒僅用於多發性骨髓瘤的診斷和監測。

The extension now allows for the product to aid in the diagnosis of neurological diseases, such as multiple sclerosis.

現在，該擴充功能允許該產品幫助診斷神經系統疾病，例如多發性硬化症。

This is an excellent example of our M&A approach, enabling a great business to be even better under our ownership, creating value for all stakeholders.

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。

As a reminder, we closed the acquisition of Olink at the beginning of the quarter.

提醒一下，我們在本季初完成了對 Olink 的收購。

The integration is progressing smoothly.

整合工作進展順利。

The business is well positioned for a bright future.

業務已做好充分準備，迎接光明的未來。

As you heard at our Investor Day, we're excited by the role we're playing in advancing proteomics research.

正如您在投資者日聽到的那樣，我們對我們在推進蛋白質組學研究中所發揮的作用感到興奮。

As I reflect on the quarter, I'm proud of what our team has accomplished and grateful for their contributions to our success.

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做出的貢獻。

Let me now turn to our guidance.

現在讓我談談我們的指導。

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 $22.07, and we continue to expect revenue to be in the range of $42.4 billion to $43.3 billion.

鑑於我們第三季的強勁表現，我們正在上調調整後每股收益指引，目前預計該指引將在 21.35 美元至 22.07 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。

Stephen will take you through the details in his remarks.

史蒂芬將在他的演講中向您詳細介紹。

So to summarize our key takeaways from Q3, we delivered another strong quarter of financial results, driven by our proven growth strategy and PPI business system.

因此，總結第三季的主要收穫，在我們經過驗證的成長策略和 PPI 業務系統的推動下，我們再次實現了強勁的季度財務業績。

We continue to enable our customer success, and this reinforces our trusted partner status and industry leadership.

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。

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.

進入 2024 年，我們的成長一直在穩步成長，我們再次上調了今年調整後的每股盈餘指引。

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.

我們已做好充分準備，在 2024 年實現差異化業績，繼續為所有利害關係人創造價值，為公司打造更光明的未來。

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

現在，我將把電話轉交給我們的財務長史蒂芬威廉森。

Stephen?

史蒂芬？

Thanks, Marc, and good morning, everyone.

謝謝，馬克，大家早安。

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

我將帶您概述整個公司的第三季業績，並對我們的四個業務部門進行說明，最後我將提供更新的 2024 年指引。

Before I get into the details of our financial performance, let me provide you with a high-level view of how the third quarter played out versus what we assumed for Q3 in the midpoint of our prior guide.

在詳細介紹我們的財務表現之前，讓我先向您簡要介紹一下第三季的表現與我們在先前指南中對第三季的假設。

On the top line, both organic revenue growth and core organic revenue growth increased sequentially for the third consecutive quarter.

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。

Revenue was largely in line with what we assumed for Q3 in the midpoint of our prior guide.

收入與我們先前指南中對第三季的假設基本一致。

Turning to the bottom line.

轉向底線。

Adjusted EPS was $0.06 ahead of what we'd assumed in the prior guide for Q3.

調整後每股收益比我們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, these are partially offset by an additional $0.02 of FX headwind versus the assumption for the quarter.

這是以下因素的淨影響：強勁的營運績效0.02 美元，由於現金流產生的有利時機和比假設更有利的利率而導致淨利息成本降低0.06 美元，這些都被額外的0.02 美元的外匯逆風所部分抵銷。

We're also executing well on free cash flow generation.

我們在自由現金流產生方面也表現良好。

Year-to-date free cash flow is 22% higher than the same period last year.

年初至今的自由現金流比去年同期高出 22%。

So we had another strong quarter and are well-positioned to deliver differentiated financial performance in 2024.

因此，我們又度過了一個強勁的季度，並已做好準備在 2024 年實現差異化的財務業績。

Let me now provide you with some additional details on Q3.

現在讓我向您提供有關第三季度的一些其他詳細資訊。

Beginning with earnings per share.

從每股收益開始。

And in the quarter, adjusted EPS was $5.28, 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.

本季調整後每股收益為 5.28 美元，本季 GAAP 每股收益為 4.25 美元。在營收方面，第三季的營收、有機收入和核心有機收入均與去年同期持平。

In the quarter, pandemic-related revenue was approximately $100 million.

該季度與大流行相關的收入約為 1 億美元。

This was largely from vaccines and therapies.

這主要來自疫苗和療法。

This represents a 3% headwind to organic revenue growth.

這意味著有機收入成長將受到 3% 的阻礙。

Turning to our organic revenue performance by geography.

轉向我們按地理位置劃分的有機收入表現。

In Q3, North America declined low single digits.

第三季度，北美地區出現低個位數下降。

And Europe, Asia Pacific, and China within Asia Pacific were all flat year over year.

歐洲、亞太地區和亞太地區的中國均較去年同期持平。

With respect to our operational performance, we delivered $2.36 billion of 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.

就我們的經營業績而言，本季我們實現了 23.6 億美元的調整後營業收入，調整後營業利潤率為 22.3%，比去年第三季低 190 個基點，略高於我們對本季的預期。

Total company adjusted gross margin in the quarter came in at 41.8%, 20 basis points lower than Q3 last year.

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。

In the quarter, we continued to deliver strong productivity, reflecting our continued focus on cost management.

本季度，我們持續提供強勁的生產力，反映出我們對成本管理的持續關注。

This enabled us to fund strategic investments to further advance our industry leadership and partially offset the expected impact of unfavorable mix this quarter.

這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，並部分抵消本季不利組合的預期影響。

Moving on to the details of the P&L.

繼續討論損益表的詳細資訊。

Adjusted SG&A in the quarter was 16.2% of revenue.

本季調整後的 SG&A 佔營收的 16.2%。

Total R&D expense was $346 million in Q3, reflecting our ongoing investments in high-impact innovation.

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的持續投資。

And R&D as a percent of manufacturing revenue was 7.3% in the quarter.

本季研發佔製造收入的百分比為 7.3%。

Looking at our results below the line.

看看我們的線下結果。

Our Q3 net interest expense was $80 million, which is $33 million lower than Q3 2023 due to higher cash balances and short-term investments.

由於現金餘額和短期投資增加，我們第三季的淨利息支出為 8,000 萬美元，比 2023 年第三季減少了 3,300 萬美元。

Our adjusted tax rate in the quarter was 10.5%.

我們本季調整後的稅率為 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.

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致。

Turning to free cash flow and the balance sheet.

轉向自由現金流和資產負債表。

Year-to-date free cash flow from operations was $5.4 billion. Year-to-date

年初至今，營運自由現金流為 54 億美元。今年迄今

free cash flow was $4.5 billion and after investing $880 million of net capital expenditures.

投資 8.8 億美元的淨資本支出後，自由現金流為 45 億美元。

During the quarter, we deployed $3.1 billion of capital through the acquisition of Olink.

本季度，我們透過收購 Olink 部署了 31 億美元的資本。

And we ended the quarter with $6.6 billion in cash and short-term investments, and $35.3 billion of total debt.

截至本季末，我們的現金和短期投資為 66 億美元，總債務為 353 億美元。

Our 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.

截至本季末，我們的槓桿率為債務與調整後 EBITDA 的 3.3 倍，以淨負債計算為 2.7 倍。

In concluding my comments on our total company performance, adjusted ROIC was 11.4%, reflecting the strong returns on investment that we're generating across the company.

在總結我對公司整體績效的評論時，調整後的投資報酬率為 11.4%，反映了我們在整個公司產生的強勁投資回報。

Now, I'll provide some color on our performance of our four business segments, starting with life sciences solutions.

現在，我將從生命科學解決方案開始，對我們的四個業務部門的表現進行一些介紹。

Q3 reported revenue in this segment declined 2% and organic revenue was 4% lower than the prior year quarter.

第三季該部門的收入下降了 2%，有機收入比去年同期下降了 4%。

Growth in this segment was driven by the impact of the pandemic.

該細分市場的成長是由大流行的影響所推動的。

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.

第三季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。

During Q3, we delivered strong productivity, which is more than offset by unfavorable volume mix, retention costs related to the Olink acquisition and strategic invest.

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 Olink 收購和策略性投資相關的留任成本所抵消。

In the analytical instruments segment, both reported revenue and organic revenue grew 3% versus the prior year quarter.

在分析儀器領域，報告收入和有機收入均較去年同期成長 3%。

We continue to deliver very strong growth in our electron microscopy business.

我們的電子顯微鏡業務持續保持強勁成長。

In this segment, Q3 adjusted operating income decreased 4% and adjusted operating margin was 24.9%, 180 basis points lower year over year.

該部門第三季調整後營業收入下降 4%，調整後營業利益率為 24.9%，較去年同期下降 180 個基點。

In the quarter, we delivered strong productivity, which is more than offset by unfavorable mix and strategic investments.

本季度，我們實現了強勁的生產力，但不利的組合和策略投資足以抵消這一影響。

Turning to our specialty diagnostics segments in Q3, both reported revenue and organic revenue, grew 4% versus the prior year quarter.

轉向我們第三季的專業診斷部門，報告收入和有機收入均較去年同期成長 4%。

In Q3, we delivered strong growth led by our healthcare market channel and our immunodiagnostics and transplant diagnostics businesses.

第三季度，我們在醫療保健市場管道以及免疫診斷和移植診斷業務的帶動下實現了強勁成長。

Q3 adjusted operating income for specialty diagnostics increased 3% and adjusted operating margin was 25.9%, 20 basis points lower than Q3 2023.

第三季專業診斷調整後營業收入成長 3%，調整後營業利益率為 25.9%，比 2023 年第三季低 20 個基點。

During the quarter, we delivered good productivity, which is more than offset by strategic investments.

在本季度，我們實現了良好的生產力，這被策略投資所抵消。

And finally, in laboratory products and biopharma services segment, both reported revenue and organic revenue were flat versus the prior year quarter.

最後，在實驗室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。

Organic growth in this segment was led by our research and safety market channel.

該領域的有機成長是由我們的研究和安全市場管道引領的。

The runoff of vaccines and therapies revenue had a mid-single-digit impact on the growth in this segment in Q3, and this was offset by very good underlying growth in our clinical research and pharma services businesses.

疫苗和療法收入的流失對該領域第三季的成長產生了中等個位數的影響，但我們的臨床研究和製藥服務業務的良好潛在成長抵消了這一影響。

And as expected, Q3 adjusted operating income declined 18% and adjusted operating margin was 13.5%, which is 290 basis points lower than Q3 2023.

如預期，第三季調整後營業收入下降 18%，調整後營業利益率為 13.5%，比 2023 年第三季低 290 個基點。

In the quarter, we delivered strong productivity, which is more than offset by the expected unfavorable mix and strategic investments.

本季度，我們實現了強勁的生產力，這被預期的不利組合和策略投資所抵消。

Turning now to guidance.

現在轉向指導。

As Marc outlined, our strong performance in Q3, we're raising our 2024 full year adjusted EPS guidance.

正如 Marc 所概述的，我們在第三季度表現強勁，我們正在提高 2024 年全年調整後每股收益指引。

We now expect adjusted EPS to be in the range of $21.35 to $22.07, which is a $0.03 increase at the midpoint.

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。

As we've done in the past two quarters, at the midpoint, we banked half of the Q3 beat and maintain the remainder as additional cushion for Q4.

正如我們在過去兩個季度所做的那樣，在中點，我們保留了第三季業績的一半，並將剩餘部分保留為第四季度的額外緩衝。

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.

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% 之間。

We also continue to see that the market declines low single digits this year.

我們也繼續看到今年市場出現低個位數下滑。

Our proven growth strategy and PPI business system execution is once again enabling us to take share.

我們經過驗證的成長策略和 PPI 業務系統執行再次使我們能夠搶佔市場份額。

Our updated 2024 guidance continues to assume an adjusted operating income margin between 22.5% and 22.8%.

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。

And we now expect net interest cost to be in the range of $340 million to $380 million for the year.

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。

So another strong quarter, enabling an increase in the guidance outlook for the year.

因此，又一個強勁的季度，使得今年的指導前景得以提高。

We remain well-positioned to continue to deliver differentiated performance.

我們仍然處於有利地位，可以繼續提供差異化的績效。

So it would be helpful to remind you of some of the key underlying assumptions behind the guide that remain unchanged from the previous guidance.

因此，提醒您本指南背後的一些關鍵基本假設與先前的指南保持不變會很有幫助。

In 2024, we're assuming just under $100 million of testing revenue, and between $300 million to $400 million of vaccines and therapies related revenue.

到 2024 年，我們假設測試收入將接近 1 億美元，疫苗和治療相關收入將在 3 億至 4 億美元之間。

In total, this represents a year-over-year headwind of $1.3 billion to $1.4 billion or 3% of revenue.

總的來說，這意味著年比損失 13 億至 14 億美元，佔收入的 3%。

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

我們繼續預計2024年調整後的所得稅率為10.5%。

Here, 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.

在這裡，我們假設淨資本支出在 13 億美元到 15 億美元之間，自由現金流在 65 億美元到 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.

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。

We returned $600 million of capital to shareholders this year through dividends.

今年我們透過股利向股東返還了 6 億美元的資本。

And in Q3, we deployed $3.1 billion to acquire Olink.

第三季度，我們斥資 31 億美元收購了 Olink。

Full year average diluted share count is assumed to be approximately 383 million shares.

假設全年平均稀釋股數約為 3.83 億股。

And finally, as you think about the outlook for the year, you should consider the midpoint of our guidance range as the current view of the most likely outcome for the year.

最後，當您考慮今年的前景時，您應該將我們指導範圍的中點視為當前對今年最有可能結果的看法。

Implied in that midpoint is Q4 revenue of $11.3 billion and adjusted EPS of $5.96.

該中點暗示第四季營收為 113 億美元，調整後每股收益為 5.96 美元。

That would reflect 2.5% organic revenue growth for the fourth quarter, which is unchanged from the previous guidance, and is a continuation of our sequential increase in growth that we delivered each quarter throughout the year.

這將反映第四季度 2.5% 的有機收入成長，與先前的指導一致，並且是我們全年每個季度實現的連續成長的延續。

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%.

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。

So to conclude, we had another strong quarter, and we're well positioned to deliver differentiated performance for all of our stakeholders in 2024.

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 Raf.

這樣，我會將電話轉回給 Raf。

Thank you, Stephen.

謝謝你，史蒂芬。

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

接線員，我們已準備好進行通話的問答部分。

(Operator instructions) Michael Ryskin, Bank of America.

（操作員指示）Michael Ryskin，美國銀行。

Marc, maybe kick things off with you.

馬克，也許和你一起開始吧。

You talked a number of times during the prepared remarks about some sequential improvement as the year has gone on.

在準備好的發言中，您多次談到隨著這一年的過去，一些連續的改進。

And I think the view is that it will continue to 4Q and into 2025.

我認為這種情況將持續到第四季並持續到 2025 年。

It looks like this continues to be a 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.

看起來這仍然是一個非常漸進的復甦，只是市場狀況在這一年中略有上升，沒有重大變化，沒有階梯功能變化。

Do you expect that pace of recovery to continue into the next quarter and into 2025?

您預計這種復甦步伐會持續到下個季度和 2025 年嗎？

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?

或者您認為在接下來的兩到四個季度的某個時刻可能會出現拐點，事情會加速一些？

I guess, put another way, sort of what's holding the market back from a faster snapback?

我想，換句話說，是什麼阻礙了市場更快的反彈？

Yeah, Mike, thanks for the question.

是的，麥克，謝謝你的提問。

So what I thought to is maybe actually put some framing comments overall, then I'll get to your 2025 question as well.

所以我的想法是，也許實際上會提出一些總體框架評論，然後我也會回答你 2025 年的問題。

So for the Q&A session today, as I think about the third quarter, as we sit here in October and how the year has progressed, first, it was a good quarter.

因此，對於今天的問答環節，當我們十月份坐在這裡時，我想到了第三季度，以及這一年的進展情況，首先，這是一個很好的季度。

And the market conditions have been in line with our expectations, and they've been modestly improving as we progress through the year, which is what we expected to happen.

市場狀況符合我們的預期，隨著我們今年的進展，市場狀況正在適度改善，這正是我們預期會發生的情況。

So it's good that that's playing out that way.

所以以這種方式進行是件好事。

In Q3, for us, organic growth was flat.

第三季度，我們的有機成長持平。

We were able to offset a 3-point headwind from the runoff of COVID-19-related revenues.

我們能夠抵消因 COVID-19 相關收入減少而帶來的 3 個百分點的不利影響。

So it puts it in context of how we're performing.

所以它把它放在我們表現的背景下。

Each quarter, our organic growth has improved as the year has progressed.

每個季度，我們的有機成長都隨著時間的推移而改善。

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 thing.

我真的很興奮，我們預計第四季將恢復有機成長，這是一件好事。

Operationally, we're executing our proven growth strategy.

在營運方面，我們正在執行經過驗證的成長策略。

We have strong financial management that's been able to allow us to increase our adjusted EPS guidance each quarter and kind of make all this amount of that in terms of performance.

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，並在業績方面實現這一目標。

So all of that is kind of the framing for the discussion today.

所有這些都是今天討論的框架。

So when I think about 2025, and I'll kind of just kind of boil it all together into sort of how do I think about the year, the first thing is, from our perspective, the best time to provide guidance is on our Q4 2024 call, which is in January.

因此，當我想到 2025 年時，我會將其綜合起來，形成我對這一年的看法，首先，從我們的角度來看，提供指導的最佳時機是在我們的第四季度2024 年電話會議，即1 月。

At that point, we're going to have the latest view of the market and the macro conditions and how ultimately we finished the year.

屆時，我們將獲得對市場和宏觀狀況的最新看法，以及我們最終如何結束這一年。

And we're going to approach it as the same as we did in 2024.

我們將像 2024 年一樣對待它。

We're going to give you our best thinking for the year ahead and then execute against it.

我們將為您提供未來一年的最佳想法，然後根據它執行。

From my own perspective, personally, I'm excited for 2025, right?

從我個人的角度來看，我對 2025 年感到興奮，對吧？

And as you think about it in October, the end markets are modestly improving throughout the year.

正如您在 10 月所想到的那樣，終端市場全年都在適度改善。

We're excited that in the fourth quarter, we're going to return to growth organically.

我們很高興在第四季度我們將恢復有機成長。

For us, in 2025, what I would say is that it's the final year of the runoff of the pandemic-related activity.

對我們來說，2025 年，我想說的是，這是與疫情相關的活動結束的最後一年。

And while that will still be a headwind to grow, if it's going to be less than it was in 2024.

儘管這仍將是成長的阻力，但如果它會比 2024 年減少的話。

And then, I always think about how we're performing, right?

然後，我總是思考我們的表現如何，對嗎？

And as a company, we're executing well.

作為一家公司，我們執行得很好。

Our growth strategy is driving share gain.

我們的成長策略正在推動份額成長。

Our PPI business system enables outstanding execution.

我們的 PPI 業務系統可實現出色的執行力。

We have a disciplined capital deployment strategy that generates returns.

我們有嚴格的資本部署策略，可以產生回報。

Our acquisitions are performing well, and we're going to be well-positioned to deliver differentiated performance once again in 2025.

我們的收購表現良好，我們將做好準備，在 2025 年再次實現差異化的表現。

So we look forward to updating you on that in January as we have the best view of what the environment is.

因此，我們期待在一月向您通報最新情況，因為我們對環境有最好的了解。

Okay.

好的。

All right.

好的。

I appreciate that.

我很欣賞這一點。

I guess for my follow-up, maybe we'll wanted to dig a little into pharma and biotech as a customer group.

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一個客戶群。

You talked about a low single-digit decline, obviously, there's a headwind there from the COVID-19 runoff as well.

您談到了較低的個位數下降，顯然，COVID-19 決選也存在阻力。

But any additional color you can give on how that segment is performing, whether between larger pharma or smaller biotech, whether it's between some of the reagent and businesses in biosciences versus the clinical trial business or the pharma services business?

但是，您可以就該細分市場的表現提供任何額外的信息，無論是在大型製藥公司還是小型生物技術公司之間，無論是生物科學中的某些試劑和業務與臨床試驗業務或製藥服務業務之間？

Just that's been a focus point for investors, and would love to get some color on that.

這正是投資者關注的焦點，並且希望對此有所了解。

So you're going to get a lot of fan mail from your peers on this call sort of asking each of all the questions within pharma and biotech.

因此，在這次電話會議上，你會收到很多來自同行的粉絲來信，詢問製藥和生物技術領域的所有問題。

I'll take a high-level shot at it.

我將採取高水準的射擊。

So first when I think about the third quarter and how things progressed, you're seeing the sequential improvement, which is good.

因此，首先當我想到第三季以及事情的進展時，您會看到連續的改善，這是很好的。

And when I think about underlying performance, right, we obviously had a mid-single-digit headwind from the pandemic one-off.

當我考慮基本表現時，對吧，我們顯然遇到了一次性大流行帶來的中等個位數的阻力。

So you're seeing that the conditions continue to improve.

所以你會看到情況持續改善。

In aggregate, obviously, they're somewhat muted because they're below the long-term expectations for the market growth, right?

總的來說，顯然，它們有些沉默，因為它們低於市場成長的長期預期，對嗎？

So that's nothing surprising.

所以這並不奇怪。

Where the positives are, sort of the data points as we sit here, confidence in biotech is improving.

從我們坐在這裡的數據來看，積極的一面是，人們對生物技術的信心正在增強。

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.

隨著時間的推移，該行業的資金和生物技術一直在適度改善，因此肯定比 2023 年好得多。

And when I think about the large pharma, in a way, I think it's kind of normal distribution among the different companies.

當我想到大型製藥公司時，在某種程度上，我認為這是不同公司之間的常態分佈。

Some doing extraordinarily well, others adjusting to how their pipelines are performing.

有些做得非常好，有些則根據管道的表現進行調整。

And customers have been adjusting to the IRA, and you see that in a more muted growth environment.

客戶一直在適應 IRA，你可以在更疲軟的成長環境中看到這一點。

But we're obviously incredibly well-positioned with this customer base and we're clearly delivering differentiated performance relative to others.

但我們顯然在這個客戶群中處於令人難以置信的有利位置，並且我們顯然正在提供相對於其他客戶而言差異化的性能。

So the trusted partner status, our unique value proposition, these things resonate.

因此，值得信賴的合作夥伴地位、我們獨特的價值主張，這些都會引起共鳴。

So we feel good about the long-term health of pharma and biotech and how we're performing this year.

因此，我們對製藥和生物技術的長期健康狀況以及我們今年的表現感到滿意。

Thanks, Mike.

謝謝，麥克。

Rachel Vatnsdal, J.P. Morgan.

雷切爾·瓦特斯達爾 (Rachel Vatnsdal)，J.P. 摩根。

First up on the CRO, maybe following up on some of your comments there about pharma versus biotech, but really specifically looking at PPD here.

首先是關於 CRO，也許會跟進您對製藥與生物技術的一些評論，但這裡確實特別關注 PPD。

Can you give us an update on how much of PPD is indexed to large pharma customers versus biotech?

您能否向我們介紹有多少 PPD 是針對大型製藥客戶與生技客戶的最新情況？

And did you see any differences in trends across the two customer type this quarter within PPD?

您是否發現本季 PPD 中兩種客戶類型的趨勢存在差異？

And then, as a follow-up, some of your peers in the CRO sector started to create some noise around their outlooks on 2025 and what that recovery looks like.

然後，作為後續行動，CRO 行業的一些同行開始圍繞他們對 2025 年的前景以及復甦的情況發表一些言論。

So for Thermo if PPD is more or less, let's call it, a mid-single-digit business this year and normal at 8% for PPD, how are you thinking about the pace of recovery for PPD into 2025?

因此，對於 Thermo 來說，如果 PPD 今年或多或少（我們稱之為中等個位數業務），並且 PPD 的正常值為 8%，那麼您如何看待 PPD 到 2025 年的復甦速度？

So Rachel, thanks for the question.

雷切爾，謝謝你的提問。

When I think about our clinical research business, actually, it's performing well.

當我想到我們的臨床研究業務時，實際上它表現良好。

When I think about the business delivered growth in the quarter, it obviously has a meaningful headwind from the runoff of vaccines and therapies, CRO-related activity.

當我想到本季業務實現的成長時，疫苗和療法以及 CRO 相關活動的減少顯然給這項業務帶來了重大阻力。

So from that perspective, I feel good about how we're doing.

所以從這個角度來看，我對我們的表現感到滿意。

Next quarter, I'm going to really spend some time talking about the magic that we're unlocking on the combination between our pharma services and our clinical research business, and how that really adds differentiated value for our customers in terms of performance.

下個季度，我將花一些時間討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，以及這如何真正在績效方面為我們的客戶增加差異化價值。

So I want to focus on that one.

所以我想重點關注這一點。

We just announced how we talk about that to our customers.

我們剛剛宣布了我們如何向客戶談論這一點。

We've been doing this for quite some time, and it's really been quite spectacular.

我們這樣做已經有一段時間了，而且效果確實非常驚人。

So our momentum with the customer base is quite good, and we're executing well.

因此，我們與客戶群的勢頭非常好，而且我們執行得很好。

When I think about our position, we have a slightly larger position serving biotech more broadly than we do serving pharma within clinical research in terms of the mix of the business, but both customer sets are very important.

當我考慮我們的定位時，就業務組合而言，我們為生物技術提供的服務比為臨床研究領域的製藥提供的服務稍大一些，但這兩個客戶群都非常重要。

And when I think about some of the highlights, the biotech customers more quickly adopt that unified set of capabilities because it's easier for them, just organizationally, to leverage all, pulling everything together as one.

當我想到一些亮點時，生技客戶更快地採用了這套統一的功能，因為他們在組織上更容易利用所有功能，將所有功能整合在一起。

So you're seeing that in authorizations and momentum, biotech is particularly moving in the right direction.

所以你會看到，在授權和動力方面，生物技術尤其正朝著正確的方向發展。

So that's how we see it.

這就是我們的看法。

In terms of the '25 and long term, 8%, all of these things.

就 25 年和長期而言，8%，所有這些。

We don't -- as you know, we're going to give our views on '25 next year.

我們不會—如您所知，我們將在明年的 25 週年大會上發表我們的看法。

And we don't guide down to the business unit performance within the company.

我們不會針對公司內部的業務部門績效進行指導。

But we'll give the puts and takes of what's going faster and what's growing at the average and what's growing more slowly than the average when we get to the guidance next year.

但當我們明年得出指導意見時，我們將給出哪些成長更快、哪些成長平均、哪些成長慢於平均的看跌選擇權和選擇權。

Understood.

明白了。

And then, on my second question, just around life sciences solutions.

然後，關於我的第二個問題，圍繞著生命科學解決方案。

So growth was a little softer than what the Street was looking for this quarter for that segment.

因此，該細分市場的成長略低於華爾街對本季的預期。

We've heard from a few of your bioprocessing peers that pointed toward solid trends in 3Q, so can you unpack for us the performance within that life sciences solutions segment, how did bioproduction versus biosciences and genetic sciences trend in the quarter?

我們從一些生物加工同行得知，第三季的趨勢非常明顯，那麼您能否為我們介紹生命科學解決方案領域的表現，本季生物生產與生物科學和遺傳科學的趨勢如何？

And what, if anything, fall below your expectations there?

哪些方面（如果有的話）低於您的預期？

Yeah, Rachel, thanks 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.

Yeah, Rachel, thanks 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四分之一.

So when I think about what happened in the quarter, in the third quarter, we had our largest impact of the COVID roll-off in this segment.

因此，當我想到第三季發生的事情時，我們在這一領域受到了新冠肺炎疫情影響最大的影響。

That's something we knew, something -- that's why it came in line with our expectations relative to the other quarters.

這是我們所知道的，這就是為什麼它與我們相對於其他季度的預期一致。

Q3 was the most difficult comparison in the COVID-related activities for us.

對我們來說，第三季是與新冠病毒相關的活動中最困難的比較。

So that probably explains a little bit of the modeling difference.

所以這可能解釋了一些建模差異。

In terms of how our business is performing, bioproduction is 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.

就我們的業務表現而言，生物生產無疑是最受關注的，因為有許多公司只是擁有庫存的生物生產公司。

Actually, the quarter played out as we expected.

事實上，本季的表現正如我們預期的那樣。

It was nice to see strong momentum in orders, both sequentially and year over year.

很高興看到訂單的強勁勢頭，無論是環比還是同比。

Revenue continues to progress in the right direction sequentially in terms of growth, and that obviously is going to be less of a headwind going forward and ultimately going to in not-distant future in terms of bioproduction, that's good.

就成長而言，收入繼續朝著正確的方向發展，顯然，未來的阻力將減少，並最終在不遠的將來在生物生產方面，這是好的。

The only other commentary I would make on the LSS segment, it's not an enormous business, but our clinical sequencing business is doing really well, right?

我對 LSS 領域唯一的評論是，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，對嗎？

You see the announcements I talked about.

你看到我談到的公告。

One of them with the National Cancer Institute.

其中之一來自國家癌症研究所。

You saw after the quarter end, an announcement from one of our customers in terms of companion diagnostic approved using our sequencing for brain cancer.

您在季度末後看到，我們的一位客戶發布了一項關於批准使用我們的腦癌測序進行伴隨診斷的公告。

These are really positives in terms of customers applying our technology to make a huge difference on patient lives and the course of treatment.

對於客戶應用我們的技術來對患者的生活和治療過程產生巨大影響而言，這些確實是正面的。

So that business is doing quite well.

所以說這個生意做的還不錯。

Thank you, Rachel.

謝謝你，雷切爾。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

Maybe for Marc, 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?

也許對馬克來說，我不想問有關逐月動態的問題，但你能多談談這個季度的表現嗎？

The reason I ask is core organic growth was flat.

我問的原因是核心有機成長持平。

I think the Street was looking for 1%, so technically missed that.

我認為華爾街正在尋找 1%，所以從技術上講，它錯過了。

I always assume there's some conservatism embedded.

我總是認為其中有一些保守主義的成分。

So I was just curious, like did September fall short for some reason?

所以我只是很好奇，例如九月是否因為某些原因而未能實現？

If so, why?

如果是這樣，為什麼？

I know you talked about the hurricane, but just any color on kind of how the quarter played out would be great.

我知道你談到了颶風，但任何關於本季度的表現的顏色都會很棒。

Yeah.

是的。

So Jack, in terms of the growth, it was largely in line with what we expected to happen for the quarter.

因此，傑克就成長而言，很大程度上符合我們對本季的預期。

So from that perspective versus the external models, I always think there's a degree of accuracy between the Street and what we say we try to give as clear as we can on these calls about what our expectations are for the year and the upcoming quarter.

因此，從這個角度與外部模型相比，我始終認為華爾街與我們所說的話之間存在一定程度的準確性，我們試圖在這些電話會議上盡可能明確地表達我們對今年和下一個季度的預期。

And I think Stephen gave some very clear views again this quarter about the next one.

我認為史蒂芬本季再次對下一個季度給出了一些非常明確的觀點。

So from our perspective, kind of played out as we thought.

所以從我們的角度來看，事情的發展就如我們所想的。

In terms of the pacing through the quarter, largely as we expected, I would say, at the very, very end of the quarter, academic and government wasn't quite as strong as you normally would see.

就本季的進展而言，我想說，在本季度末，學術界和政府的力量並不像您通常看到的那麼強大，這基本上正如我們預期的那樣。

But like in the scale of our company, like a

但就像我們公司的規模一樣

[$10.5 billion-plus quarter, that's $10 million, $20 million].

[超過 105 億美元的季度，即 1000 萬美元、2000 萬美元]。

It's not a big number, but -- so I didn't really jump out any patterns of any significance in terms of how the month played out during the quarter.

這不是一個很大的數字，但是 - 所以我並沒有真正跳出任何關於該月在本季度的表現的重要模式。

Got it.

知道了。

Okay.

好的。

And then, for Stephen, on guidance, you still have a $900 million range from the bottom to the top end.

然後，對於史蒂芬來說，根據指導，從底部到頂部仍然有 9 億美元的範圍。

I know you're putting us to the midpoint here, but was there any consideration to narrowing it, was the real level of variability in the business?

我知道您將我們置於中間點，但是是否考慮過縮小範圍，業務的真實變化程度是多少？

Yeah, Jack.

是的，傑克。

So for simplicity, we kept the range in our guidance from the last time around.

因此，為了簡單起見，我們保留了上次指導中的範圍。

And as you said, I encourage you to not overthink.

正如你所說，我鼓勵你不要想太多。

I'll just focus on the midpoint.

我只關注中點。

That's the kind of current view where we most likely outcome for the quarter as we see it right now.

這就是我們目前所看到的本季最有可能出現的結果的觀點。

And other than macro events, the largest swing factor for Q4 is likely to be the level of year-end spend by our customers.

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。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

As we sit here nine months, well, 10 months into the year with nine months of financials in the books, the portfolio seems to be tracking the plan.

當我們坐在這裡 9 個月，嗯，今年 10 個月，賬簿上有 9 個月的財務數據時，投資組合似乎正在跟踪該計劃。

That said, there are always puts and takes on what's working better or worse than original target.

也就是說，總會有比最初目標更好或更差的情況出現的情況。

As we sit here today, what geographies, customer groups, product categories, however you want to frame it, what's tracking ahead of expectation?

當我們今天坐在這裡時，什麼地域、客戶群、產品類別，無論你想如何建構它，什麼是超前於預期的追蹤？

What's below expectation?

什麼低於預期？

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 year?

當您考慮接下來的幾季時，您是否預期事情會恢復到年初的目標？

Or are there seemingly some more durable changes to how things are coming together?

或者，事物的組合方式是否存在一些看似更持久的變化？

I ask not just to look back, but also just as kind of we're thinking about exit rates looking ahead to 2025.

我不僅要求回顧過去，而且還要求我們考慮展望 2025 年的退出率。

So Doug, thanks for the question.

道格，謝謝你的提問。

So if we go back to January and 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.

因此，如果我們回到一月份，我們對今年有一系列期望，而到目前為止，這些期望在前九個月確實以令人難以置信的精確度實現了。

First quarter on revenue was a little bit higher.

第一季的收入略高一些。

The next two quarters were super tight around what we expected, and we're looking forward to the fourth quarter where we return to growth.

接下來的兩個季度非常接近我們的預期，我們期待第四季度恢復成長。

And when you unpack the different businesses, there's actually not a lot there in terms of them also performing differently than what we expected.

當你分析不同的業務時，實際上它們的表現與我們的預期並沒有太多不同。

And I'll come back to that with a couple of added things.

我將在後面補充一些內容。

So it was not like something is meaningfully different than what we thought in January, better or worse.

因此，這並不意味著某些事情與我們一月份的想法有什麼不同，無論是好是壞。

The two things we did talk about, about what could change the range for this year, was how would biotech perform in terms of funding and what would happen in China, right?

我們確實討論過的兩件事，關於今年可能改變的範圍，是生物技術在資金方面的表現如何以及中國會發生什麼，對嗎？

And biotech is progressing in the right direction.

生物技術正在朝著正確的方向發展。

Funding is improving, confidence is improving.

資金在改善，信心在改善。

As you know, there's a lag between funding and ultimately how that flows into our industry.

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。

So that's encouraging relative to what we saw certainly in the previous couple of years in that dimension.

因此，相對於我們過去幾年在這方面所看到的情況，這是令人鼓舞的。

So that kind of helps you think a little bit about market conditions going forward.

因此，這可以幫助您思考未來的市場狀況。

The second was China.

第二個是中國。

China has not progressed, right, in terms of economic activity has been incredibly muted in terms of the environment.

中國在經濟活動方面並沒有進步，在環境方面也非常低迷。

The government did announce two different types of stimulus programs, actually interesting.

政府確實宣布了兩種不同類型的刺激計劃，這確實很有趣。

First, that affect our industry in a positive way, which is around the equipment stimulus and the loan program that they have for their customers or their institutions.

首先，這對我們的行業產生了積極的影響，這涉及到他們為客戶或機構提供的設備刺激和貸款計劃。

And we expect that's largely a 2025 impact and beyond.

我們預計這主要是 2025 年及以後的影響。

So that's encouraging.

所以這是令人鼓舞的。

And more recently, they actually announced stimulus programs to spur economic growth and business confidence and consumer confidence that actually would also be helpful for the long term there.

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。

So that one is more on the come, right, because it hasn't -- the words have said, but in terms of the impact as to the economy, it hasn't seen.

因此，這一情況即將到來，對吧，因為它還沒有——話已經說過，但就對經濟的影響而言，它還沒有看到。

So that will be a swing factor going forward on how that plays out.

因此，這將是未來如何發揮作用的搖擺因素。

And then, it turns within our businesses, 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?

然後，在我們的業務中，我真正要強調的唯一一件事可能是看到我們的高端技術和分析保險的採用真的很棒，對吧？

It's just -- it's amazing how customers, even obviously, there's a new environment in total, right?

只是 - 令人驚訝的是，即使很明顯，客戶也有了一個全新的環境，對吧？

The industry is declining this year, and that's nothing of a surprise.

今年該行業正在衰退，這並不奇怪。

That business is just getting great adoption for our technologies.

我們的技術剛剛在該業務中廣泛採用。

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 has really led to differential performance in terms of how our technology has been adopted.

這是我們在大流行期間所說的很酷的事情之一，當時我們因為我們的應對措施而真正推動了巨大的增長，我們對研發進行了再投資，而這種再投資確實導致了我們技術的採用方式方面的差異化表現。

So I'd call that out.

所以我會大聲疾呼。

Is that massively different than what we expected in January?

這與我們一月份的預期有很大不同嗎？

No.

不。

But it's great to see, and it's a little bit better than what we expected.

但很高興看到，而且比我們預期的要好一些。

And the offsets to that are immaterial across the rest of the company.

對於公司的其他部門來說，這種抵銷是無關緊要的。

I think my follow-up is probably a Stephen question, but obviously, welcome either of you as always to chime in.

我認為我的後續行動可能是史蒂芬的問題，但顯然，一如既往地歡迎你們中的任何一個人插話。

As I look at our model, I'm reminded that from 2022 to 2024, your core growth would have been about 0% down about 5%, and about flat again this year, year by year.

當我查看我們的模型時，我想起從 2022 年到 2024 年，核心成長率將約為 0%，下降約 5%，今年又將持平，年復一年。

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.

因此，在收入成長面臨挑戰的時期，假設您今年達到了指導目標，那麼您實際上已經連續兩年將營業利潤率維持在相似的水平。

So as growth starts to improve slowly but surely into next year, is it fair to assume that there could be outsized margin improvement and incremental margin generation, essentially the benefit of strong operating discipline through a challenging period.

因此，隨著明年成長開始緩慢但肯定地改善，可以公平地假設可能會出現大幅利潤率改善和增量利潤率生成，這本質上是在充滿挑戰的時期強有力的營運紀律的好處。

I guess I'm just wondering if margin expansion gets back into the LRP range before revenue does.

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。

Yeah.

是的。

So thanks for the question.

謝謝你的提問。

So just to frame up how we think about the long-term financials.

所以只是為了建構我們對長期財務狀況的看法。

So for us, long term, 7% to 9% top line growth, which enables 40 basis points to 50 basis points of expansion.

因此，對我們來說，長期來看，收入成長 7% 到 9%，這使得擴張能夠實現 40 個基點到 50 個基點。

So that's kind of how we think about the future.

這就是我們對未來的看法。

And then, you get down to the near term and could it be slightly higher?

然後，你考慮一下近期的情況，會不會稍微高一點？

I think I've said in the past that certain aspects of a business, where volumes have been more challenged and we've appropriately addressed the cost base, that there's some incremental benefit that can come from the return to volumes in those businesses.

我想我過去曾說過，業務量的某些方面受到了更大的挑戰，而我們已經適當地解決了成本基礎問題，這些業務量的恢復可以帶來一些增量收益。

So there's an aspect of this that could be slightly higher and as we get into the next year and give guidance in January, we've got to frame up kind of how we think about the world, what's the level of the top line growth.

因此，這個方面可能會稍微高一點，當我們進入明年並在一月份給出指導時，我們必須制定我們如何看待世界的方式，以及收入成長的水平是多少。

And then, what's an appropriate level of margin expansion, which is always a trade-off between making sure we get good profitability for our shareholders and then appropriately investing in the business as we think about going forward.

然後，適當的利潤率擴張水平是多少，這始終是確保我們為股東獲得良好盈利能力和在我們考慮未來時適當投資業務之間的權衡。

So that kind of frames it up and look forward to getting to the details on the next call.

這樣就形成了框架，並期待在下次通話中了解詳細資訊。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

Hey.

嘿。

Thanks.

謝謝。

Marc, wondering if you can just touch a little bit more on some of the drivers in LPS.

Marc，想知道您是否可以多談談 LPS 中的一些驅動程式。

You talked about, obviously, the channel, the safety and the market channel.

顯然，您談到了通路、安全和市場管道。

But curious, we've heard more about share gains for Fisher.

但好奇的是，我們聽說了更多有關費雪股票收益的消息。

So I'm curious if you can kind of comment on that dynamic.

所以我很好奇你是否可以對此動態發表評論。

And then, you didn't call out PPD and Patheon within your comments specifically on that.

然後，您在評論中沒有專門提及 PPD 和 Patheon。

I'm just wondering if they were actually up in the quarter.

我只是想知道他們本季是否真的上漲了。

You want to start, Stephen?

你想開始嗎，史蒂芬？

Yeah, Tycho.

是的，第谷。

So in my prepared remarks, I did talk about the dynamic where when you think about the underlying growth in both pharma services and clinical research, that offset the significant pandemic headwinds.

因此，在我準備好的發言中，我確實談到了當你考慮到製藥服務和臨床研究的潛在成長時，這種動態抵消了大流行的重大阻力。

So from an organic growth standpoint, that's kind of a net neutral.

因此，從有機成長的角度來看，這是一種淨中性。

But when I think about what the underlying growth is there, it's strong.

但當我想到潛在的成長是什麼時，它是強勁的。

No, the channel is doing really well.

不，該頻道做得非常好。

Actually, both the healthcare market channel and the research and safety market channel continue to do well.

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。

They're delivering nice growth and actually winning some really nice customers, which bodes well for the future.

他們實現了良好的成長，並贏得了一些非常好的客戶，這對未來來說是個好兆頭。

So part of the commentary that I talked about, customer wins and those things in my remarks, really a number of our businesses.

因此，我談到的評論的一部分，客戶贏得以及我言論中的那些事情，確實涉及到我們的許多業務。

But in those comments are really around large wins and channel clearly had some nice ones during the quarter, which doesn't show up at all in revenue in the quarter that you win them, but over the coming quarters ahead, it really is quite a positive.

但在這些評論中，確實是圍繞著巨大的勝利，而且管道在本季度顯然有一些不錯的勝利，這些勝利根本不會體現在您贏得勝利的季度的收入中，但在接下來的幾個季度中，這確實是相當大的。

Okay.

好的。

And then, I guess a follow-up just on the margins for the lab products and services.

然後，我想後續行動只是在實驗室產品和服務的邊緣。

Obviously, you had the vaccine and therapy runoff.

顯然，你已經獲得了疫苗和治療。

Is there anything you're willing to comment around price in this environment, the ability to potentially take more?

在這種環境下，您願意對價格、購買更多產品的能力發表評論嗎？

Or are you getting more -- try to grab more CRO and CDMO work?

或者您正在嘗試獲得更多 CRO 和 CDMO 工作？

And then, how are you also thinking about capacity expansion for Patheon?

那麼，您是如何考慮 Patheon 的產能擴張的？

Obviously, we saw Novo offload one of the Catalent facilities in Europe.

顯然，我們看到 Novo 卸載了歐洲康泰倫特工廠之一。

I'm just curious how you're thinking about as more capacity comes to market, both from Novo and Catalent, but also Wuxi uptick, how interesting that might be for you?

我只是好奇，隨著 Novo 和 Catalent 以及無錫產能的增加，您如何看待市場上更多的產能，這對您來說有多有趣？

You want to talk about price in aggregate.

您想談論總體價格。

Yeah, price in aggregate for the company, we're just over 1% of price for the quarter.

是的，公司的總價格，我們剛剛超過本季價格的 1%。

So still ahead of the kind of the normal run rate that we see as kind of 0.5% to 1% price on a net basis across the whole company.

因此，仍領先我們認為整個公司淨價 0.5% 至 1% 的正常運作率。

So a trend that's similar to what we've seen in the further first three quarters of the year, it's been consistent.

因此，這種趨勢與我們在今年前三個季度看到的趨勢類似，而且是一致的。

Yeah, I'd say probably the pricing environment is back to normal.

是的，我想說定價環境可能已經恢復正常。

It's a good industry.

這是一個很好的行業。

Price goes up modestly each year.

價格每年都會小幅上漲。

You have the dynamic inflation where price went up certainly more than what is usual and we're kind of back to the normal dynamic.

動態通膨導致價格上漲肯定超過平常水平，我們又回到了正常動態。

In terms of our pharma services business, capacity expansions, as everyone knows, we've expanded our investments in sterile fill-finish capacity and have a number of lines that are coming online, if you will, during the course of 2025 and 2026 to support customer demand.

在我們的製藥服務業務和產能擴張方面，眾所周知，我們擴大了對無菌灌裝生產能力的投資，並且有許多生產線將在 2025 年和 2026 年期間上線，以達到支援客戶需求。

So that's positive.

所以這是積極的。

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.

這確實在短期內給利潤帶來了壓力，因為培訓和獲得設施資格認證過程都需要成本。

But certainly, as we get through 2025, you'll see higher levels of utilization on that capacity to support the strong growth in sterile fill/finish.

但當然，隨著 2025 年的到來，您將看到該產能的利用率更高，以支持無菌填充/成品的強勁增長。

And so that's the dynamic there.

這就是那裡的動態。

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 in drug products, we did do some capacity expansions in Bend, Oregon and Cincinnati, Ohio to meet the customer demand, which is good on the development side of the equation.

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，這不是我們藥品產品中最大的部分，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需求，對發展方面有好處。

So that's the dynamic there.

這就是那裡的動態。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Analytical instrument segment, you've shown pretty consistent growth in what has been, I would call, a challenging environment.

分析儀器領域，在我稱之為充滿挑戰的環境中，你們表現出了相當一致的成長。

I know that Astral and microscopy have been big drivers of that.

我知道星體和顯微鏡是這方面的重要驅動力。

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 interesting categories from the biopharma side, as well as other customers?

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有趣類別中的需求是什麼樣的？

And do you sense any kind of replacement cycle kicking in for some of those instruments as we move to '25?

當我們進入 25 世紀時，您是否感覺到其中一些儀器會出現任何形式的更換週期？

Just any thoughts on that would be great.

只要對此有任何想法就太好了。

Yeah, Matt, thanks for the question.

是的，馬特，謝謝你的提問。

So when I think about analytical instruments, we had 3% organic growth in the quarter playing out as we expected.

因此，當我考慮分析儀器時，我們本季的有機成長達到了 3%，正如我們預期的那樣。

Obviously, innovation really matters.

顯然，創新確實很重要。

For us, we've been able to launch a number of products that have been adopted.

對我們來說，我們已經能夠推出許多已被採用的產品。

Actually on the high end, we talk about Iliad in this particular quarter, that bodes well to continue to drive momentum in electron microscopy.

實際上，在高端，我們在這個特定的季度談論《伊利亞德》，這預示著電子顯微鏡將繼續推動發展勢頭。

Obviously, Astral has done very well as you noted.

顯然，正如您所說，Astral 做得非常好。

Stellar, which we launched last quarter, the early interest is quite strong.

Stellar是我們上季推出的，早期的興趣相當濃厚。

So those things are going well.

所以這些事情進展順利。

Inuvion, which is non-chromatography more of a midrange technology, very important in that particular category of chromatography, incredibly strong demand.

Inuvion 是一種非色譜技術，更多的是一種中端技術，在特定的色譜類別中非常重要，需求非常強勁。

So our innovation has been well adopted.

所以我們的創新得到了很好的採用。

When you take out all of those things, you just kind of say the routine capital equipment aspects of instruments, actually pretty muted conditions, right?

當你把所有這些東西都拿出來時，你只是說儀器的常規資本設備方面，實際上是相當安靜的條件，對吧？

Nothing surprising.

沒什麼奇怪的。

When we talk about for the full year for the whole company, to have market down in the low single digits, you would expect capital equipment to have you the conditions they are.

當我們談論整個公司的全年市場時，市場下跌幅度為低個位數，您會期望資本設備能夠滿足您的條件。

And a big driver of that, obviously, is China, which is, in instrument businesses for the whole industry, is a large portion of demand on the vet market is most challenged.

顯然，其中一個重要的推動因素是中國，在整個行業的儀器業務中，獸醫市場的很大一部分需求面臨最大的挑戰。

So exactly where we are in the replacement cycle for those things, I think it really varies by customer, by product type and all of that.

因此，我們在這些東西的更換週期中所處的具體位置，我認為這確實因客戶、產品類型等而異。

And we didn't see any particular pattern that jumped out to indicate any change in trajectory.

我們沒有看到任何特定的模式跳出來表明軌跡有任何變化。

Got it.

知道了。

And then, Stephen, just a modeling question for you.

然後，史蒂芬，我想問你一個建模問題。

Just the implied Q4 operating margin looks like over 100 basis points step-up to get to that full year guide.

僅隱含的第四季營業利潤率看起來就比全年指引高了 100 個基點。

I understand there's a return to growth expectation on the top line, some probably some gross margin leverage.

據我所知，營收成長預期有所恢復，其中可能有一些毛利率槓桿。

Is there anything on the cost saving guides or mix that we should be aware of driving that step up in margins for the Q4?

我們應該注意成本節約指南或組合中的哪些內容，以推動第四季利潤率的提高？

Yeah.

是的。

So for Q4, the kind of the midpoint of that guide is a 50 basis points increase year over year for the quarter, and that's in line with when I think about the margin profile.

因此，對於第四季度，該指南的中點是該季度同比增長 50 個基點，這與我考慮利潤狀況時一致。

It's really the step-up in the level of revenue and the kind of the seasonality to our revenue profile.

這實際上是收入水平的提高以及我們收入狀況的季節性。

So it logically makes sense and look at it sequentially in terms of the change.

所以邏輯上是有道理的，按照變化順序來看。

Operator, we will take one more question.

接線員，我們再回答一個問題。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Maybe, Marc, just on pharma R&D, headlines have been mixed, but we just looked at like a global analysis of R&D trends.

馬克，也許就醫藥研發而言，頭條新聞好壞參半，但我們只是看一下研發趨勢的全球分析。

And then, actually they look pretty good for large pharma, up nearly 8%, and kind of global pharma, up like

然後，實際上，對於大型製藥公司來說，它們看起來相當不錯，上漲了近 8%，而對於全球製藥公司來說，它們的上漲就像

[mid-5s].

[5秒中]。

So I'm just wondering, like trying to 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 revenues.

所以我只是想知道，就像試圖用你的指南所基於的較弱的終端市場增長來解決這個問題，也許為什麼我們沒有看到看起來像樣的研發增長水平，你並沒有轉化為更好的收入。

Like has anything changed?

好像有什麼改變嗎？

Maybe is there more dollars going to service?

也許有更多的錢可以用在服務上？

Inflation?

通貨膨脹？

Or just in terms of the traditional amount of dollars that your business would see from R&D, is anything kind of different this time?

或者僅就您的企業從研發中獲得的傳統金額而言，這次有什麼不同嗎？

Yeah.

是的。

I think one element is significant investment by our customers in AI.

我認為其中一個因素是我們的客戶對人工智慧的大量投資。

Unfortunately, not on medical instruments.

不幸的是，不適用於醫療器材。

But when I think about generative AI and where the spending on technology, there's a significant piece to that, what you need to factor that in the guide.

但當我想到生成式人工智慧以及技術支出時，有一個重要的部分，你需要在指南中考慮這一點。

Yeah.

是的。

So Dan, probably when we think about pharma and biotech, right, it covers the full spectrum of activity.

所以丹，當我們想到製藥和生物技術時，它可能涵蓋了所有活動。

And one of the things that's within that is on production, you have the headwinds across the industry of bioproduction, right?

其中之一就是生產，整個生技產業都面臨阻力，對吧？

So there's not like an R&D specific call out that you can derive from the numbers.

因此，您無法從數字中得出具體的研發成果。

We all understand the runoff on the pandemic is largely in the clinical research side and largely in the bioproduction and pharma services side.

我們都知道，疫情的影響主要集中在臨床研究方面，以及生物生產和製藥服務方面。

So that's a little bit of what's muting the growth in total for our industry.

因此，這只是抑制我們行業整體成長的一點原因。

In terms of the dialogue that I've had with customers and sort of what's the tone?

就我與客戶的對話而言，基調是什麼？

People are super excited about the pipeline.

人們對這條管道感到非常興奮。

Whether it's the fact of the GLP-1s and the scale of a high-impact medicine that it just really is getting people excited.

無論是 GLP-1 的事實還是高影響力藥物的規模，它確實讓人興奮不已。

But there's really interesting work going on, on Alzheimer's, which is fantastic.

但關於阿茲海默症的研究確實很有趣，這真是太棒了。

And you've seen some interesting approvals in other neurological diseases that there's just a lot of excitement about pipelines and opportunities.

您已經看到了其他神經系統疾病的一些有趣的批准，這些管道和機會令人興奮。

And so, I believe that the data you're quoting about the R&D investment is looking good, it reflects that customers have optimism for the future.

因此，我認為您引用的有關研發投資的數據看起來不錯，這反映出客戶對未來持樂觀態度。

And ultimately, that's going to translate into our space, so which is why we're so confident about the long-term prospects for our industry.

最終，這將轉化為我們的領域，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.

偉大的。

And then, maybe just one follow-up on China.

然後，也許只是針對中國的一項後續行動。

A few peers have discussed that they're seeing a pause in instrument spending ahead of the stimulus next year.

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。

I think you mentioned in a prior question, how like China instrument demand is kind of a weaker spot.

我想您在之前的問題中提到過，中國的儀器需求是一個弱點。

Any color there?

那裡有什麼顏色嗎？

And as the stimulus comes through, is this going to be a meaningful lift for you guys in '25?

隨著刺激措施的實施，這對 25 世紀的你們來說會是一個有意義的提升嗎？

Or do you think it will be more modest?

還是你認為這樣會比較謙虛？

Dan, thanks.

丹，謝謝。

So when I think about China and I think about stimulus, certainly, a discussion I had when I was meeting with government officials and certainly with customers as well, really, activity has been around applying for the funding, right, and going through that process.

因此，當我想到中國並想到刺激措施時，當然，我在與政府官員以及客戶會面時進行了討論，實際上，活動一直圍繞著申請資金，對吧，並完成這個過程。

So there's quite a bit of that activity.

所以這樣的活動相當多。

So I'm not sure that trade is something else off, but it might have.

所以我不確定貿易是不是別的什麼，但它可能是這樣。

Like I don't know.

就像我不知道一樣。

None of the customers specifically mentioned it, but I didn't ask the question that way.

沒有一位顧客具體提到這一點，但我沒有那樣問這個問題。

I was much more interested about how are they tapping into the available new funds and how are they thinking about it, and there seems to be optimism and enthusiasm for the upcoming investments.

我更感興趣的是他們如何利用可用的新基金以及他們如何看待它，而且他們似乎對即將到來的投資感到樂觀和熱情。

So I think stimulus will be a 2025 activity, maybe a little bit in Q4, probably not all that significant, so that's how I think about what's going on in China.

因此，我認為刺激措施將是 2025 年的一項活動，可能會在第四季度進行一點，可能不會那麼重要，所以這就是我對中國正在發生的事情的看法。

The other thing from the China trip that I came away with -- and obviously, I knew it going in, but we are incredibly well-positioned in the country.

我從中國之行中得到的另一件事——顯然，我知道它會發生，但我們在這個國家處於令人難以置信的有利地位。

I mean, we have deep relationships with our customers, very strong earned relationships with government.

我的意思是，我們與客戶有著深厚的關係，與政府也有著非常牢固的關係。

Being a scale player for 40 years in the country and supporting their response to the pandemic, various crises in the past, just a good local participant to help society out there, we benefit from that.

作為全國 40 年來的規模參與者，並支持他們應對流行病和過去的各種危機，只是一個幫助社會的優秀當地參與者，我們從中受益。

And we're well-positioned to help our customers, and we have great discussions about customer dialogue with where can we collaborate, how can we help them, have the Chinese population be healthier through our technology business.

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，我們可以在哪裡合作，我們如何幫助他們，透過我們的技術業務讓中國人口變得更健康。

So I think as the economy improves there, we're going to be well positioned to capitalize on that.

因此，我認為隨著那裡經濟的改善，我們將能夠很好地利用這一點。

So thank you for the questions today.

謝謝你今天提出的問題。

Let me just make a quick closing comment.

讓我做一個快速的總結評論。

And it's good to have another strong quarter behind us.

很高興我們又經歷了一個強勁的季度。

And we're very well-positioned to deliver differentiated performance into 2024 as we continue to create value for all of our stakeholders and to build an even brighter future for our company.

我們已做好充分準備，在 2024 年之前實現差異化業績，繼續為所有利害關係人創造價值，並為公司打造更光明的未來。

We look forward to updating you on our fourth quarter and full year performance in our January call.

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。

And as always, thank you for your support of Thermo Fisher Scientific.

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

Thanks, everyone.

謝謝大家。

Thank you very much, everyone for joining today's call.

非常感謝大家參加今天的電話會議。

You may now disconnect your lines.

現在您可以斷開線路。