賽默飛世爾科技 (TMO) 2024 Q4 法說會逐字稿

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

女士們、先生們，早安，歡迎參加賽默飛世爾科技 2024 年第四季電話會議。

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

我的名字是埃茲拉 (Ezra)，今天我將擔任您的協調員。

(Operator Instructions)

（操作員指令）

I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations.

我想介紹本次電話會議的主持人、投資者關係副總裁 Rafael Tejada 先生。

Mr. Tejada, you may begin the call.

特哈達先生，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 Executiv*e Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer.

今天與我一起通話的是我們的董事長、總裁兼執行長馬克‧卡斯珀 (Marc Casper)；以及資深副總裁兼財務長史蒂芬威廉森（Stephen Williamson）。

Please note, this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading News, Events, and Presentations until February 13, 2025.

請注意，本次電話會議將進行網路直播，並將存檔於我們網站 thermofisher.com 的「投資者」部分的「新聞、事件和演示」標題下，直至 2025 年 2 月 13 日。

A copy of the press release of our fourth-quarter and full-year 2024 earnings is available in the Investors section of our website under the heading Financials.

我們的 2024 年第四季和全年收益新聞稿的副本可在我們網站的「投資者」部分的「財務」標題下找到。

So before we begin, let me briefly cover our Safe Harbor statement.

因此，在我們開始之前，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.

我們對公司未來預期、計畫和前景所作的各種評論均構成《1995 年私人證券訴訟改革法》安全港條款所指的前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the SEC and available in the Investors section of our website under the heading Financials, SEC filings.

由於各種重要因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異，包括公司最近的 10-K 表年度報告和隨後的 10-Q 表季度報告中討論的因素，這些因素向美國證券交易委員會(SEC) 提交的文件可在我們網站的「投資者」部分的「財務」、「SEC 文件」標題下找到。

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間點更新前瞻性陳述，但我們明確表示，即使我們的估計發生變化，我們也不承擔任何這樣做的義務。

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在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，我們將參考某些未依照公認會計原則或 GAAP 編製的財務指標。

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our fourth-quarter and full-year 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 指標的對帳表可在我們的2024 年第四季度和全年收益新聞稿中找到，也可在我們網站的“財務”標題下的“投資者”部分中找到。

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

因此，我現在將電話轉給馬克。

Thank you, Raf.

謝謝你，拉夫。

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

大家早安，感謝您今天參加我們的第四季電話會議。

As you saw in our press release, we delivered an excellent finish to 2024 with strong revenue and earnings growth.

正如您在我們的新聞稿中看到的那樣，我們以強勁的收入和盈利增長完美地結束了 2024 年。

Our fourth-quarter results continue to highlight the strength of our operational and commercial execution.

我們的第四季業績持續凸顯了我們的營運和商業執行實力。

As I reflect on our performance for the full year, I'm very proud of our team as they continue to enable the success of our customers.

當我回顧我們全年的表現時，我為我們的團隊感到非常自豪，因為他們繼續幫助我們的客戶取得成功。

This resulted in meaningful market share gains and strengthening our trusted partner status with our customers.

這帶來了顯著的市場份額成長，並加強了我們與客戶之間值得信賴的合作夥伴地位。

We are incredibly well-positioned for the future.

我們已經為未來做好了極為有利的準備。

I'll get into more detail later in my remarks.

我將在稍後的發言中更詳細地討論。

But first, let me recap the financials, starting with the quarter.

但首先，讓我從本季開始回顧一下財務狀況。

Our revenue in Q4 grew 5% year over year to $11.4 billion.

我們第四季的營收年增 5%，達到 114 億美元。

Our adjusted operating income grew 7% to $2.72 billion.

我們的調整後營業收入成長 7% 至 27.2 億美元。

We expanded our adjusted operating margins by 50 basis points to 23.9%, and we delivered strong adjusted EPS performance, growing adjusted EPS 8% to $6.10 per share in the quarter.

我們的調整後營業利潤率提高了 50 個基點，達到 23.9%，調整後的每股盈餘表現強勁，本季調整後每股盈餘成長 8%，達到每股 6.10 美元。

Then in terms of our full-year results, our revenue was $42.9 billion in 2024.

就我們的全年業績而言，到 2024 年，我們的營收將達到 429 億美元。

Adjusted operating income was $9.71 billion, and adjusted EPS was $21.86 per share.

調整後營業收入為 97.1 億美元，調整後每股收益為 21.86 美元。

Turning to our performance by end market.

轉向我們終端市場的表現。

In the fourth quarter, underlying market conditions played out as we expected and continue to improve.

第四季度，基礎市場狀況如我們預期的那樣，並繼續改善。

Our team's excellent execution resulted in revenue performance that was ahead of our expectations, and we delivered positive revenue growth across all of our end markets.

我們團隊的出色執行力使得收入表現超出了我們的預期，並且我們在所有終端市場都實現了正收入成長。

Let me provide you with some additional context, starting with pharma and biotech.

讓我為您提供一些額外的背景信息，從製藥和生物技術開始。

We grew in the mid-single digits in Q4.

我們在第四季度實現了中等個位數的成長。

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

這標誌著該客戶群連續第四個季度實現連續改善。

Performance in the quarter was led by our research and safety market channel, pharma services, and bioproduction businesses.

本季的業績主要由我們的研究和安全市場通路、製藥服務以及生物生產業務所帶動。

For the full year, pharma and biotech declined in the low single digits, which included a mid-single-digit headwind from the runoff of vaccine and therapy-related revenue.

就全年而言，製藥和生物技術行業的收入下降幅度較低，其中包括疫苗和治療相關收入減少帶來的中等個位數逆風。

In academic and government, we grew in the high single digits during the quarter and in the low single digits for the full year.

在學術和政府領域，我們本季實現了高個位數成長，全年實現了低個位數成長。

In the quarter, we delivered strong growth in chromatography and mass spectrometry and in our research and safety market channel.

本季度，我們在色譜和質譜分析以及研究和安全市場管道方面實現了強勁增長。

In industrial and applied, we grew in the high single digits during the quarter and low single digits for the full year.

在工業和應用領域，我們本季實現了高個位數成長，全年實現了低個位數成長。

Growth in the quarter was highlighted by strong performance in our electromicroscopy business and in our research and safety market channel.

本季的成長亮點是我們的電顯微鏡業務以及研究和安全市場管道的強勁表現。

Finally, in diagnostics and healthcare, we grew in the low single digits during the quarter and declined low single digits for the full year.

最後，在診斷和醫療保健領域，我們在本季度實現了低個位數的成長，而全年則下降了低個位數。

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

需要提醒的是，該終端市場報告的成長受到了 COVID-19 檢測相關收入減少的影響。

During the quarter and the full year, the team delivered good core revenue growth, highlighted by our transplant diagnostics, immuno diagnostics, and our healthcare market channel.

在本季和全年，該團隊實現了良好的核心收入成長，其中最突出的是移植診斷、免疫診斷和醫療保健市場管道。

Thanks to our proven growth strategy and our team's excellent execution, we delivered a strong finish across all of our end markets, continuing to drive meaningful share gain.

由於我們行之有效的成長策略和團隊的出色執行力，我們在所有終端市場都取得了強勁的業績，並繼續推動有意義的份額成長。

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

提醒一下，我們的策略由三大支柱組成，即高影響力的創新、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。

As you know, our growth strategy really resonates with our customers.

如您所知，我們的成長策略確實引起了客戶的共鳴。

And throughout the year, we have continuously strengthened our company to be even more relevant for the future.

在這一年中，我們不斷增強公司實力，使其在未來更具競爭力。

Let me give you some highlights, starting with the first pillar.

讓我跟你講一些重點，從第一個支柱開始。

We had another really terrific year of high-impact innovation.

我們又度過了富有影響力和創新力的輝煌一年。

Throughout 2024, we launched outstanding products across our businesses that strengthened our industry leadership by enabling our customers to advance their important work.

在整個 2024 年，我們在整個業務領域推出了出色的產品，使我們的客戶能夠推進其重要工作，從而增強了我們的行業領導地位。

In chromatography and mass spectrometry, this year was highlighted by the launch of our Thermo Scientific Stellar mass spectrometer, which complements our award-winning Thermo Scientific Orbitrap Astral launch in 2023 by validating biomarker candidates of interest to advanced clinical research.

在色譜和質譜領域，今年的亮點是我們推出了Thermo Scientific Stellar 質譜儀，該質譜儀與我們將於2023 年推出的屢獲殊榮的Thermo Scientific Orbitrap Astral 相得益彰，可驗證高級臨床研究感興趣的生物標誌物候選物。

It's been great to see the significant impact these two mass spectrometers are having on advancing science.

很高興看到這兩台質譜儀對科學進步的重大影響。

We also launched the Thermo Scientific Dionex Inuvion ion chromatography system, which streamlines environmental testing in industrial and applied settings, helping our customers identify contaminants more efficiently.

我們還推出了 Thermo Scientific Dionex Inuvion 離子色譜系統，該系統簡化了工業和應用環境中的環境測試，幫助我們的客戶更有效地識別污染物。

In electromicroscopy, we launched the Thermo Scientific Iliad Scanning Transmission Electron Microscope, which integrates a number of advanced analytical technologies into a seamless and user-friendly workflow to enable the development of advanced materials.

在電子顯微鏡領域，我們推出了賽默飛世爾科技伊利亞特掃描透射電子顯微鏡，它將多種先進的分析技術整合到無縫且用戶友好的工作流程中，以支援先進材料的開發。

In 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 into cancer-causing genetic alterations.

在我們的生物科學業務中，我們推出了 Applied Biosystems MagMAX Sequential DNA/RNA 試劑盒，它可以最大限度地從血癌樣本中分離 DNA 和 RNA，幫助研究人員識別對致癌基因變異的獨特見解。

And in bioproduction, we launched a first-of-its-kind bio-based film for single-use technologies developed with plant-based material rather than fossil fuel materials.

在生物生產領域，我們推出了首創的一次性生物基薄膜，該薄膜採用植物性材料而非化石燃料材料開發而成。

This innovative film provides lower carbon solutions for the production of biologics.

這種創新薄膜為生物製劑的生產提供了低碳解決方案。

We continued this great innovation momentum in the fourth quarter.

我們在第四季延續了這一巨大的創新動能。

In chromatography and mass spectrometry, we launched the Thermo Scientific iCAP MX Series ICP-MS, an inductively coupled plasma mass spectrometry platform designed to streamline trace elemental analysis for environmental, food, industrial, and research laboratories.

在色譜和質譜領域，我們推出了 Thermo Scientific iCAP MX 系列 ICP-MS，這是一個電感耦合等離子體質譜平台，旨在簡化環境、食品、工業和研究實驗室的微量元素分析。

In our life science solutions, we introduced new additions to the Gibco CTS Detachable Dynabeads platform to further enhance the development and manufacturing of life-changing cell therapies.

在我們的生命科學解決方案中，我們在 Gibco CTS 可拆卸 Dynabeads 平台中引入了新功能，以進一步增強改變生活的細胞療法的開發和製造。

So another year of innovation patient that was spectacular, and we have an exciting pipeline for the future as well.

因此，這是另一個令人驚嘆的創新之年，我們對未來也有令人興奮的規劃。

In 2024, we also continue to strengthen our industry leading commercial engine and deepen our trusted partner status with customers to accelerate their innovation and enhance their productivity.

2024年，我們也將繼續加強我們領先業界的商業引擎，並加深我們與客戶值得信賴的合作夥伴地位，以加速他們的創新並提高他們的生產力。

Throughout the year, we expanded our capabilities to meet our current -- our customers' current and future needs.

全年我們不斷擴展我們的能力以滿足當前以及客戶當前和未來的需求。

This included expanding our pharma services and clinical research capabilities in the US and Europe.

其中包括擴大我們在美國和歐洲的製藥服務和臨床研究能力。

To be an even stronger partner for our pharma and biotech customers, in the fourth quarter, we introduced our Accelerator Drug Development solution.

為了成為我們製藥和生物技術客戶更強大的合作夥伴，我們在第四季度推出了加速器藥物開發解決方案。

This truly unique offering leverages our combined CDMO and CRO capabilities to enable our customers to move their critical drug development programs forward with speed, quality, and efficiency, helping to improve their return on their R&D investments.

這項真正獨特的服務利用我們綜合的 CDMO 和 CRO 能力，使我們的客戶能夠快速、高品質、高效地推進其關鍵藥物開發項目，從而幫助提高其研發投資的回報。

This is a huge value add for our customers and is something they can do alone or with our competitors.

這對我們的客戶來說是一個巨大的增值，他們可以單獨完成，也可以與我們的競爭對手一起完成。

Customer feedback has been incredibly positive.

顧客的回饋非常正面。

We're winning new business, and we're excited about the future impact of our Accelerated Drug Development and capabilities.

我們正在贏得新業務，我們對加速藥物開發和能力的未來影響感到興奮。

We also made significant investments in partnerships and collaborations with our customers throughout the year.

我們也全年對與客戶的合作關係進行了大量投資。

This included our partnership with the National Cancer Institute on the myeloMATCH precision medicine umbrella trial which we announced in July

其中包括我們與美國國家癌症研究所合作的 myeloMATCH 精準醫療綜合試驗，該試驗於 7 月宣布

.

。

And then, the FDA approval for Ion Torrent Oncomine Dx Target Test is another example of our customer partnerships.

然後，FDA 批准 Ion Torrent Oncomine Dx Target Test 是我們與客戶合作的另一個例子。

This is a next-generation sequencing-based assay to be used as a companion diagnostic for surveyors' first treatment for patients living with glioma, a type of brain cancer.

這是基於次世代定序的檢測方法，將用作測量員對患有神經膠質瘤（一種腦癌）的患者進行首次治療的伴隨診斷。

Finally, during the fourth quarter, we entered into a partnership with the University of Arkansas for Medical Sciences to establish of Thermo Fisher Scientific center of excellence for proteomics there.

最後，在第四季度，我們與阿肯色大學醫學科學院建立了合作夥伴關係，在那裡建立了賽默飛世爾科技蛋白質體學卓越中心。

These partnerships demonstrate how close we are working with our customers to enable their success and drive meaningful impact for patients.

這些合作關係表明我們與客戶的密切合作有助於他們取得成功並為患者帶來有意義的影響。

So as you can see, it was another excellent year of advancing our growth strategy.

正如您所看到的，這又是我們推動成長策略的出色一年。

As always, our PPI business system continued to enable outstanding execution throughout the year.

與往常一樣，我們的PPI業務系統全年繼續保持出色的執行力。

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

PPI 每天都會激勵並鼓勵所有同事尋找更好的方法。

PPI is helping us to drive share gain and improve quality, productivity, and customer allegiance.

PPI 正在幫助我們提高市場份額並改善品質、生產力和客戶忠誠度。

We're also benefiting the application of generative AI into our PPI business system.

我們也受惠於生成式人工智慧在我們的 PPI 業務系統中的應用。

Our colleagues around the world are actively deploying GenAI, finding new ways to improve the customer experience, streamline internal processes, and enhance our products and services.

我們在世界各地的同事正在積極部署 GenAI，尋找新方法來改善客戶體驗、簡化內部流程並增強我們的產品和服務。

So not only does PPI contribute to our excellent financial results, it's also helping our team to find new ways to enable our customer success and showing a very bright future for our company.

因此，PPI 不僅為我們帶來了出色的財務業績，還幫助我們的團隊找到了新方法來幫助客戶取得成功，並為我們的公司帶來了非常光明的未來。

Turning to capital deployment.

轉向資本部署。

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

我們持續成功執行嚴謹的資本配置策略，創造巨大的價值。

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

我們透過策略併購和向股東提供大量資本回報來實現這一目標。

In 2024, we returned $4.6 billion of capital to our shareholders through stock buybacks and dividends, including repurchasing $1 billion of shares in the fourth quarter.

2024年，我們透過股票回購和股利向股東返還了46億美元的資本，其中包括第四季回購10億美元的股票。

In terms of M&A, during the year, we completed our acquisition of Olink, a leading provider of advanced solutions for proteomics research.

在併購方面，年內我們完成了領先的蛋白質體學研究先進解決方案供應商Olink的收購。

Olink is now our proteomics science business.

Olink 現在是我們的蛋白質體學科學業務。

The integration is progressing smoothly.

整合工作進展順利。

And just after quarter end, our Olink technology was selected by the UK Biobank's Pharma Proteomics Project to support the world's largest human proteomics study of its kind, the latest validation for the value of our capabilities.

就在季度末之後，我們的 Olink 技術被英國生物銀行的製藥蛋白質體學計畫選中，以支持世界上同類研究中規模最大的人類蛋白質體學研究，這是對我們能力價值的最新驗證。

When I think about our discipline and approach to M&A and our unparalleled track record, it's all about long-term value creation for our shareholders.

當我想到我們的併購紀律和方法以及我們無與倫比的業績記錄時，我發現一切都是為了為我們的股東創造長期價值。

We just celebrated the two-year anniversary of the acquisition of The Binding Site, now our protein diagnostics business.

我們剛剛慶祝了收購 The Binding Site（現為我們的蛋白質診斷業務）兩週年。

This business have performed incredibly well again in 2024, delivering low-teens growth, launching new products and driving a great return on investment.

該業務在 2024 年再次表現優異，實現了低十幾歲的成長，推出了新產品並帶來了豐厚的投資回報。

This is a recent example of the impact of our proven capital deployment strategy in action.

這是我們行之有效的資本配置策略產生影響的一個最新例子。

Let me now give you a brief update on our corporate social responsibility initiatives.

現在，讓我簡單介紹一下我們的企業社會責任措施。

As a mission-driven company, we helped 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 have a positive impact by supporting our communities and being a good steward of our planet.

我們也透過支持我們的社區和做好地球的保護產生了積極的影響。

And I'm proud of the actions we took at 2024 in this regard.

我為我們在 2024 年在這方面採取的行動感到自豪。

We made meaningful progress on our net zero road map by reducing our emissions, increasing the number of our zero-waste-certified sites, and launching new greener products and shipping solutions.

我們透過減少排放、增加零廢棄物認證站點的數量以及推出新的更環保的產品和運輸解決方案，在淨零路線圖上取得了有意義的進展。

We also formed new collaborations to improve health outcomes across the globe, and we were named one of the world's most innovative companies by the Fast Company for our significant contributions in diagnostics that helped to advance health equity.

我們也建立了新的合作關係，以改善全球的健康狀況，並因我們在診斷領域為促進健康公平所做的重大貢獻而被《Fast Company》評為全球最具創新力的公司之一。

Additionally, we continue to advance our STEM education programs, reaching more than 180,000 students globally.

此外，我們繼續推動我們的 STEM 教育計劃，惠及全球超過 180,000 名學生。

This helps to ensure we have students engaged in the sciences as ultimately, they will become our future customers.

這有助於確保我們的學生從事科學研究，因為他們最終將成為我們未來的客戶。

As I reflect on the year, I'm very proud of what our team accomplished.

回顧這一年，我為我們團隊所取得的成就感到非常自豪。

We have more than 120,000 passionate colleagues who are dedicated to enabling our customer success and advancing science.

我們擁有超過 12 萬名充滿熱情的同事，他們致力於幫助客戶取得成功並推動科學進步。

Together, we continue to build a bright future for our company, and I'm very excited about the year ahead.

我們將共同繼續為公司創造美好的未來，我對未來的一年充滿期待。

So let me now turn to guidance.

現在讓我來談談指引。

Steve will outline the assumptions that factor into the guidance, but let me quickly cover the highlights.

史蒂夫將概述指導意見中所考慮的假設，但讓我快速介紹重點。

In 2025, we will once again deliver strong share gains.

2025年，我們將再次實現強勁的市佔率成長。

And our PPI business system will enable outstanding execution, and we will deliver very strong earnings growth.

我們的PPI業務系統將實現出色的執行，我們將實現非常強勁的獲利成長。

We're initiating a 2025 revenue guidance in the range of $43.5 billion to $44 billion, which assumes 3% to 4% organic growth, and an adjusted EPS guidance range of $23.10 to $23.50, which represents a 6% to 8% growth in adjusted earnings per share.

我們預計2025 年營收將在435 億美元至440 億美元之間，這意味著有機成長率為3% 至4%，調整後每股盈餘預計在23.10 美元至23.50 美元之間，這意味著調整後每股收益將成長6% 至8%。

We're great position as we enter 2025.

邁入 2025 年，我們處於有利地位。

I'm incredibly excited about the opportunities we have with our customers and to create value for all of our stakeholders and build an even brighter future for our company.

我對我們與客戶共同擁有的機會感到無比興奮，我們為所有利害關係人創造了價值，為我們的公司創造了更美好的未來。

So to summarize our key takeaways for 2024, our proven growth strategy, continuing to drive significant share gain.

因此，總結我們 2024 年的關鍵要點，那就是我們行之有效的成長策略，繼續推動大幅的份額成長。

We continue to elevate our trusted partner status and deepen the relationships with many customers.

我們不斷提升我們值得信賴的合作夥伴地位並加深與眾多客戶的關係。

And this, in combination with the power of our PPI business system, enabled us to deliver an excellent finish to 2024 with differentiated performance for the quarter and the full year.

並且，結合我們強大的 PPI 業務系統，我們能夠在 2024 年取得優異成績，並在季度和全年實現差異化表現。

As we enter 2025 with strong momentum, we are well positioned to deliver excellent financial performance and further strengthen our long-term competitive position.

隨著我們以強勁勢頭邁入 2025 年，我們已準備好實現出色的財務業績並進一步增強我們的長期競爭地位。

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

說完這些，我現在將電話交給我們的財務長史蒂芬威廉森 (Stephen Williamson)。

Stephen?

史蒂芬？

Thanks, Marc, and good morning, everyone.

謝謝，馬克，大家早安。

As you saw in our press release, we had an excellent Q4.

正如您在我們的新聞稿中看到的，我們在第四季度的表現非常出色。

The team executed well in the quarter, and we delivered Q4 financials significantly ahead of what was assumed in the midpoint of our prior guide.

該團隊在本季度表現良好，我們第四季度的財務表現遠遠超出了我們先前指南中期的預期。

We beat Q4 organic growth by just under 2 points, adjusted EPS by $0.14, and we ended the year with very strong free cash flow, delivering $7.3 billion for the year.

我們的有機成長率超越第四季度近 2 個百分點，調整後每股收益成長 0.14 美元，並且我們以非常強勁的自由現金流結束了這一財年，全年實現了 73 億美元。

Looking back on '24, we had a very successful year.

回顧 2024 年，我們度過了非常成功的一年。

The markets played out as we outlined at the beginning of the year, with growth steadily improving each quarter.

市場走勢正如我們在年初所概述的那樣，每個季度的成長都在穩步改善。

Our proven growth strategy drove consistent share gain, and the PPI business system enabled great execution.

我們行之有效的成長策略推動了市場佔有率的持續成長，而 PPI 業務系統則實現了出色的執行。

All of this enabled us to consistently deliver differentiated financial performance throughout the year, all whilst further strengthening our industry leadership.

所有這些使我們能夠全年持續提供差異化的財務業績，同時進一步鞏固我們的行業領導地位。

This puts us in a great position to deliver an excellent 2025.

這為我們實現 2025 年的輝煌做好了充分準備。

Let me now provide you with some additional details on our Q4 and full-year 2024 performance, starting with earnings per share.

現在，讓我向您提供有關我們 2024 年第四季度和全年業績的更多詳細信息，首先是每股收益。

In the quarter, adjusted EPS grew 8% to $6.10. For the full year, we delivered adjusted EPS of $21.86. GAAP EPS in the quarter was $4.78; and for the full year, it was $16.53.

本季度，調整後每股收益成長 8% 至 6.10 美元。全年調整後每股收益為 21.86 美元。本季 GAAP EPS 為 4.78 美元；全年利潤為 16.53 美元。

On the top line, Q4 reported revenue grew 5% year over year.

總體而言，第四季度報告營收年增 5%。

The components of our reported revenue change included 4% organic growth, a 1% contribution from acquisitions, and a slight headwind from foreign exchange.

我們報告的收入變化包括4%的有機成長、1%的收購貢獻以及外匯帶來的輕微阻力。

In Q4, core organic revenue increased 5%.

第四季度，核心有機收入成長了 5%。

For the full year 2024, reported organic and core organic revenue were all flat year over year.

2024 年全年報告的有機收入和核心有機收入均較去年同期持平。

In 2024, we delivered $520 million of pandemic-related revenue comprised of approximately $100 million of testing and $420 million from vaccines and therapies.

2024 年，我們實現了 5.2 億美元的疫情相關收入，其中包括約 1 億美元的檢測收入和 4.2 億美元的疫苗和治療收入。

Turning to our organic revenue performance by geography.

談談我們按地區劃分的有機收入表現。

In Q4, North America grew mid-single digits, Europe grew low single digits, and Asia Pacific grew high single digits, with China growing mid-single digits.

第四季度，北美地區成長中等個位數，歐洲地區成長低個位數，亞太地區成長高個位數，其中中國地區成長中等個位數。

For the full year, North America declined low single digits, Europe was flat year over year, and Asia Pacific and China within Asia Pacific grew low single digits.

全年來看，北美地區呈現低個位數下滑，歐洲地區較去年同期持平，亞太地區及亞太區內的中國地區呈現低個位數成長。

With respect to our operational performance, we delivered $2.72 billion of adjusted operating income in the quarter, an increase of 7% year over year.

就我們的營運業績而言，本季我們實現了 27.2 億美元的調整後營運收入，年增 7%。

And adjusted operating margin was 23.9%, 50 basis points higher than Q4 last year.

調整後的營業利益率為 23.9%，比去年第四季高出 50 個基點。

In the quarter, we delivered strong productivity, reflecting the continued execution of our cost management initiatives, and we drove good volume pull-through.

在本季度，我們實現了強勁的生產效率，這反映了我們持續執行成本管理舉措，並且實現了良好的銷售拉動。

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

這使我們能夠資助策略性投資，進一步提升我們的行業領先地位，並抵消本季不利產品組合的預期影響。

For the full year, we delivered $9.71 billion of adjusted operating income, and adjusted operating margin was 22.6%.

全年我們實現調整後營業收入 97.1 億美元，調整後營業利益率為 22.6%。

Total company adjusted gross margin in the quarter was 43.2%, 170 basis points higher than Q4 last year.

本季公司調整後總毛利率為 43.2%，比去年第四季高出 170 個基點。

For the full year, adjusted gross margin was 42.2%, an increase of 100 basis points versus 2023.

全年調整後毛利率為 42.2%，較 2023 年增加 100 個基點。

Moving on to the details of the P&L.

繼續了解損益表的細節。

Adjusted SG&A in the quarter was 16.1% of revenue.

本季調整後的銷售、一般及行政費用佔收入的 16.1%。

For the full year, adjusted SG&A was 16.3% of revenue.

全年調整後的銷售、一般及行政開支佔收入的 16.3%。

Total R&D expense was $374 million in Q4.

第四季總研發費用為 3.74 億美元。

For the full year, R&D expense was $1.39 billion, up 4% year over year, reflecting our ongoing investments in high-impact innovation.

全年研發費用為 13.9 億美元，年增 4%，反映了我們對高影響力創新的持續投資。

R&D as a percent of our manufacturing revenue for the full year was 7.2%.

研發占我們全年製造收入的百分比為 7.2%。

Looking at our results below the line, our Q4 net interest expense was $89 million, slightly higher than Q4 2023.

從線下結果來看，我們的第四季淨利息支出為 8,900 萬美元，略高於 2023 年第四季。

Net interest expense for the full year was $312 million, a decrease of $183 million year over year, driven by effective management of our debt portfolio and our strong cash flow.

全年淨利息支出為 3.12 億美元，較上年減少 1.83 億美元，這得益於我們對債務組合的有效管理以及強勁的現金流。

The adjusted tax rate was 10.9% in Q4 and 10.5% for the full year, in line with our expectations.

第四季調整後的稅率為 10.9%，全年調整後的稅率為 10.5%，符合我們的預期。

Average diluted shares were 383 million in Q4, 5 million lower year over year, driven by share repurchases net of option dilution.

第四季平均稀釋股份為 3.83 億股，較上年同期減少 500 萬股，主要由於股票回購扣除選擇權稀釋所致。

In Q4, we repurchased $1 billion of shares, bringing our total repurchases for 2024 to $4 billion.

第四季度，我們回購了價值 10 億美元的股票，使我們 2024 年的總回購額達到 40 億美元。

Turning to free cash flow and the balance sheet.

轉向自由現金流和資產負債表。

Full-year cash flow from operations was $8.7 billion, and free cash flow was $7.3 billion after investing $1.3 billion of net capital expenditures.

全年營運現金流為 87 億美元，在投資 13 億美元淨資本支出後，自由現金流為 73 億美元。

During 2024, we deployed $7.7 billion of capital, $3.1 billion through M&A with the acquisition of Olink, and $4.6 billion through the return of capital to shareholders in the form of $4 billion of buybacks and approximately $600 million of dividends.

2024 年，我們部署了 77 億美元的資本，其中 31 億美元是透過收購 Olink 的併購部署的，46 億美元是透過以 40 億美元回購和約 6 億美元股息的形式向股東返還資本部署的。

We ended the quarter with $5.6 billion in cash and short-term investments and $31.3 billion of total debt.

截至本季末，我們的現金和短期投資為 56 億美元，總債務為 313 億美元。

Our leverage ratio at the end of the quarter was 2.9 times gross debt to adjusted EBITDA and 2.4 times on a net debt basis.

我們在本季末的槓桿率為總債務與調整後 EBITDA 的 2.9 倍以及淨債務的 2.4 倍。

In concluding my comments on our total company performance, adjusted ROIC was 11.6%, reflecting the strong returns on investment that we're generating across the company.

總結我對我們整個公司表現的評論，調整後的 ROIC 為 11.6%，反映了我們整個公司創造的強勁投資回報。

Now, to provide some color on the performance of our four business segments, starting with Life Sciences Solutions.

現在，讓我們先介紹一下我們四個業務部門的表現，首先是生命科學解決方案。

Q4 reported revenue in this segment grew 5% and organic revenue growth was 3%.

第四季報告顯示該部門營收成長 5%，有機收入成長 3%。

Growth in this segment was driven by our bioproduction and biosciences businesses.

該領域的成長主要得益於我們的生物生產和生物科學業務。

For the full year, reported revenue declined 3% and organic revenue was 4% lower versus 2023.

就全年而言，報​​告收入下降 3%，有機收入較 2023 年下降 4%。

Q4 adjusted operating income for Life Sciences Solutions increased 6%, and adjusted operating margin was 36.6%, up 40 basis points versus the prior year quarter.

生命科學解決方案第四季調整後營業收入成長 6%，調整後營業利益率為 36.6%，較去年同期上升 40 個基點。

During Q4, we delivered strong productivity and good volume pull-through, which was partially offset by unfavorable mix and strategic investments.

在第四季度，我們實現了強勁的生產力和良好的銷售拉動，但不利的產品組合和策略投資部分抵消了這一影響。

For the full year, adjusted operating income increased 2%, and adjusted operating margin was 36.4%, an increase of 210 basis points versus 2023.

全年調整後營業收入成長 2%，調整後營業利益率為 36.4%，較 2023 年增加 210 個基點。

In the Analytical Instruments segment, reported revenue grew 7% and organic revenue growth was 8%.

在分析儀器部門，報告營收成長 7%，有機收入成長 8%。

The strong growth in the quarter was led by electromicroscopy and chromatography and mass spectrometry businesses.

本季的強勁成長主要得益於電顯微鏡和色譜及質譜業務。

For the full year, both reported revenue and organic revenue grew 3%.

全年報告收入和有機收入均成長 3%。

In this segment, Q4 adjusted operating income increased 13% and adjusted operating margin was 30.5%, up 170 basis points year over year.

該部門第四季調整後營業收入成長13%，調整後營業利益率為30.5%，較去年同期成長170個基點。

In the quarter, we delivered strong productivity and good volume pull-through and had favorable FX.

在本季度，我們實現了強勁的生產力和良好的銷售拉動，並獲得了有利的外匯業績。

This was partially offset by unfavorable mix and strategic investments.

不利的產品組合和策略投資在一定程度上抵消了這一影響。

For the full year, adjusted operating income increased 2% and adjusted operating margin was 26.2%, 10 basis points lower than 2023.

全年調整後營業收入成長2%，調整後營業利益率為26.2%，較2023年低10個基點。

Turning to Specialty Diagnostics.

轉向專業診斷。

In Q4, both reported revenue and organic revenue grew 5%.

第四季度，報告收入和有機收入均成長了 5%。

In Q4, growth in this segment was led by transplant diagnostics and immunodiagnostics businesses, as well as our healthcare market channel.

第四季度，該部門的成長主要由移植診斷和免疫診斷業務以及我們的醫療保健市場管道推動。

For the full year, reported revenue increased 2% and organic revenue growth was 3%.

全年報告營收成長 2%，有機收入成長 3%。

Q4 adjusted operating income for Specialty Diagnostics increased 3% and adjusted operating margin was 23.6%, 30 basis points lower than Q4 2023.

專科診斷第四季調整後營業收入成長 3%，調整後營業利益率為 23.6%，比 2023 年第四季低 30 個基點。

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

在本季度，我們實現了良好的生產力，但策略投資抵消了這一影響。

For the full year, adjusted operating income was 3% higher than 2023 and adjusted operating margin was 25.7%, an increase of 20 basis points versus the prior year.

全年調整後營業收入較2023年成長3%，調整後營業利益率為25.7%，較上年增加20個基點。

And finally, in Laboratory Products and Biopharma Services segment, both reported revenue and organic revenue grew 4% versus the prior year quarter.

最後，在實驗室產品和生物製藥服務部門，報告收入和有機收入均比去年同期成長了 4%。

The runoff of vaccines and therapies revenue had a mid-single-digit impact on the growth in this segment in Q4.

疫苗和治療收入的流失對第四季度該領域的成長產生了中等個位數的影響。

This was offset by very good growth in our pharma services business and research and safety market channel.

但這一變化被我們製藥服務業務以及研究和安全市場管道的良好成長所抵消。

For the full year, reported revenue grew 1% and organic revenue was flat.

全年報告營收成長 1%，有機收入持平。

In this segment, Q4 adjusted operating income increased 3%, and adjusted operating margin was 14%, which is flat to Q4 2023.

該部門第四季調整後營業收入成長 3%，調整後營業利潤率為 14%，與 2023 年第四季持平。

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

本季度，我們實現了強勁的生產效率，但被策略性投資和不利的產品組合所抵消。

For the full year, adjusted operating income declined 8% and adjusted operating margin was 13.3%, which is 130 basis points lower versus 2023.

全年調整後營業收入下降 8%，調整後營業利益率為 13.3%，較 2023 年下降 130 個基點。

Turning now to guidance.

現在轉向指導。

As Marc outlined, we're initiating a 2025 revenue guidance range of $43.5 billion to $44 billion and an adjusted EPS guidance range of $23.10 to $23.50. This guidance assumes 3% to 4% organic revenue growth on 1% headwind from the remaining runoff of the pandemic-related revenue and a 1.5% revenue headwind from foreign exchange and approximately 90 basis points of adjusted operating margin expansion.

正如馬克所概述的，我們設定的 2025 年收入預期範圍為 435 億美元至 440 億美元，調整後的每股收益預期範圍為 23.10 美元至 23.50 美元。該指引假設有機收入成長 3% 至 4%，其中，疫情相關收入剩餘損失為 1%，外匯收入損失為 1.5%，調整後營業利潤率擴大約 90 個基點。

All of this will enable a really strong 6% to 8% growth in adjusted EPS.

所有這些都將使調整後的每股盈餘實現 6% 至 8% 的強勁成長。

The strength of the guidance reflects our industry-leading position, our proven growth strategy, and the power of our PPI business system.

該指引的力度反映了我們行業領先地位、經過驗證的成長策略以及 PPI 業務系統的強大實力。

Let me now provide some more detailed context behind the guide, starting with the market growth framing.

現在，讓我提供一些該指南背後的更詳細的背景信息，從市場成長框架開始。

In 2024, we estimate the industry market growth was down low single digits.

到 2024 年，我們預期產業市場成長率將降至個位數以下。

In 2025, we expect the market growth will be better than 2024.

我們預計 2025 年市場成長將優於 2024 年。

We expect market growth will be slightly positive for the year, improving as the year progresses.

我們預計今年的市場成長將略有正成長，並且隨著時間的推移將逐漸改善。

With this market context and a very strong share gain, we expect organic growth for 2025 to be in the range of 3% to 4%.

在這樣的市場背景和強勁的份額成長下，我們預期 2025 年的有機成長率將在 3% 至 4% 之間。

Now as I commented earlier, this includes a 1% headwind from the remainder of the pandemic runoff, largely in our clinical research business.

正如我之前評論的那樣，這包括剩餘疫情造成的 1% 的逆風，主要是在我們的臨床研究業務中。

So the underlying total company growth is strong.

因此，公司整體成長勢頭強勁。

Turning to FX.

轉向 FX。

Given recent changes in rates, we're assuming there will be a headwind from revenue from FX in 2025 of approximately $650 million or 1.5 points.

鑑於最近利率的變化，我們預計 2025 年外匯收入將面臨約 6.5 億美元或 1.5 個點的阻力。

Putting all this together, our top-line guidance assumes a 1.5% to 2.5% increase in reported revenue dollars and a 3% to 4% increase in organic revenue.

綜合所有這些因素，我們的營收預期是報告收入將增加 1.5% 至 2.5%，有機收入將增加 3% 至 4%。

This is a strong step-up from 2024.

這比 2024 年有了很大的進步。

Moving on to the bottom line.

繼續說底線。

We expect to deliver a very strong year of adjusted EPS growth in 2025.

我們預計 2025 年調整後每股盈餘將實現非常強勁的成長。

The cost actions we took over the past couple of years are enabling very accretive pull-through on the incremental dollars of revenue growth, and we will continue to use the PPI business system to drive productivity and actively manage our cost base.

我們在過去幾年採取的成本行動正在非常有效地拉動收入成長的增量，我們將繼續使用 PPI 業務系統來提高生產力並積極管理我們的成本基礎。

This will enable very strong adjusted operating margin expansion of approximately 90 basis points.

這將使調整後的營業利潤率大幅擴大約 90 個基點。

Below the line, we're effectively managing our debt and cash positions and taking advantage of great interest rates from cash deposits.

從根本上講，我們有效地管理我們的債務和現金頭寸，並利用現金存款的優惠利率。

And all of this will enable us to deliver adjusted EPS in the range of $23.10 and $23.50, which is a very strong 6% to 8% growth for the year.

所有這些將使我們能夠實現 23.10 美元至 23.50 美元範圍內的調整後每股收益，這對於今年來說是一個非常強勁的 6% 至 8% 的增長。

In terms of potential changes in the macro environment, our guidance is assumed to cover the impact of modest policy changes.

就宏觀環境的潛在變化而言，我們的指導假設涵蓋了適度政策變化的影響。

And then to help you with your modeling, here are a few additional assumptions behind the guide.

為了幫助您進行建模，這裡是本指南背後的一些額外假設。

We expect approximately $350 million of net interest expense in 2025.

我們預計 2025 年淨利息支出約為 3.5 億美元。

We assume that the adjusted income tax rate will be 11.5% in 2025, largely driven by the increased earnings.

我們假設調整後的所得稅率在 2025 年將達到 11.5%，這主要得益於收入的增加。

We're expecting between $1.4 billion and $1.7 billion of net capital expenditures in 2025.

我們預計 2025 年淨資本支出將在 14 億美元至 17 億美元之間。

And we're assuming free cash flow is in the range of $7 billion to $7.4 billion for the year.

我們假設今年的自由現金流在 70 億美元至 74 億美元之間。

In terms of capital deployment, we're assuming $2 billion of share buybacks, which were already completed in January.

在資本部署方面，我們假設回購金額為 20 億美元，該金額已於 1 月完成。

And we estimate the full-year average diluted share count will be between 378 million and 379 million shares.

我們預計全年平均稀釋股數將在 3.78 億股至 3.79 億股之間。

And we're assuming to return approximately $600 million of capital to shareholders this year through dividends.

我們預計今年將透過股息向股東返還約 6 億美元的資本。

And finally, I wanted to touch on phasing for Q1.

最後，我想談談第一季的分階段狀況。

Embedded in the guidance for the year is an assumption that organic growth is flat in Q1, as is adjusted EPS growth in Q1.

年度指引中包含一項假設，即第一季的有機成長持平，第一季調整後的每股盈餘成長也持平。

This is largely driven by Q1 having two less selling days than the prior year quarter and also the phasing of our services revenue within the year.

這主要是因為第一季的銷售天數比去年同期少了兩天，以及我們服務收入在年內分階段變動。

So in conclusion, Q4 capped off a very successful 2024.

總而言之，第四季為非常成功的 2024 年畫上了圓滿的句點。

We expect to continue to manage the company and the opportunities really well in '25 and a focus on delivering very strong share gains and adjusted EPS growth enabling excellent financial performance.

我們希望在 25 年繼續妥善管理公司和機會，並專注於實現強勁的股價成長和調整後的每股盈餘成長，從而實現出色的財務業績。

I look forward to updating you on our progress as we go through the year.

我期待著向您通報我們今年的進展。

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

說完這些，我會把電話轉回給拉夫。

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

接線員，我們已準備好進行通話的問答部分。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行邁克爾·里斯金（Michael Ryskin）。

I want to start with something that you flagged briefly there in your closing remarks, Stephen.

史蒂芬，我想先談談您在結束語中簡要提到的一點。

I think you mentioned modest policy changes built into the guide.

我認為您提到了指南中內建的適度政策變更。

I just -- I'm wondering if you could expand on that and just broadly talk about guidance methodology going into 2025.

我只是——我想知道您是否可以擴展這一點並廣泛地談論 2025 年的指導方法。

It feels like there's a lot more uncertainty even despite where we're coming from the last couple of years, specifically as it relates to policy and government changes, things like tariffs, NIH, export controls announced a couple of weeks ago on some specific product lines.

儘管過去幾年我們已經取得了一些進展，但感覺不確定性仍然很大，特別是與政策和政府變化有關，例如關稅、國立衛生研究院、幾週前宣布的針對某些特定產品的出口管制線。

It's still really tough and too early to say how these will play out.

現在談論結果如何還為時過早，而且難度很高。

So I'm just wondering if you -- how much conservatism you built into the guide, just what are your assumptions on some of these factors?

所以我只是想知道您在指南中融入了多少保守主義，您對其中一些因素的假設是什麼？

Any additional color you could provide there would be helpful.

您提供的任何附加顏色都會很有幫助。

So Mike, thanks for the question.

所以 Mike，謝謝你的提問。

Maybe I'll start with a summary actually of the key points, and then I'll talk a little bit about the -- what's going on from a policy perspective, what we embedded in the guide.

也許我會先對關鍵點進行總結，然後再從政策角度稍微談一談我們正在發生的事情以及我們在指南中嵌入的內容。

So bear with me a little bit.

所以請稍微忍耐一下。

So when I think about 2024, I think the key points are the team executed very well, right?

所以當我想到 2024 年時，我認為關鍵點是團隊執行得非常好，對嗎？

And the performance was quite differentiated financially and really great momentum with our customers.

從財務角度來看，我們的業績差異很大，而且我們的客戶也表現出色。

Ultimately, the trusted partner status continues to strengthen and positions the company for a bright future.

最終，值得信賴的合作夥伴地位不斷加強，為公司美好的未來奠定了基礎。

Fourth quarter was strong, right?

第四季表現強勁，對吧？

4% organic growth, 8% growth in EPS, adjusted EPS.

有機成長 4%，每股盈餘成長 8%，調整後每股盈餘。

Market conditions, they improved sequentially throughout the year as we expected.

正如我們預期的那樣，市場狀況全年持續改善。

We saw positive growth with our expectation for the market in the fourth quarter and which is what we thought at the beginning of last year.

我們對第四季的市場預期是正成長的，這也正是我們去年年初所認為的。

So the predictability is back in our industry, which is great.

因此，我們的產業又恢復了可預測性，這很好。

When I think about 2025, what we're assuming in the guidance is that the market conditions will continue to strengthen as the year progresses.

當我想到 2025 年時，我們在指引中假設的是，隨著時間的推移，市場條件將繼續增強。

And we're entering the year with good momentum, right?

我們正以良好的勢頭進入新的一年，對嗎？

So our focus, especially given that there's always some level of uncertainty or volatility, is to really deliver outstanding EPS growth this year, right?

因此，我們的重點，特別是考慮到總是存在一定程度的不確定性或波動性，是今年真正實現出色的每股收益成長，對嗎？

And what we embedded in our guidance is 6% to 8% adjusted EPS growth.

我們的預期是調整後每股收益成長 6% 至 8%。

And our best view of the market returning positive organically in terms of total and us delivering 3% to 4%.

我們對市場的最佳看法是整體而言實現有機正成長，我們將實現 3% 至 4% 的成長率。

So that's how we thought about it, and we're actively managing the business.

這就是我們的想法，並且我們正在積極地管理業務。

So we're very excited about what's the year ahead.

因此，我們對來年的發展充滿期待。

Now when I think about policy changes, what's embedded, I think you know deeply our philosophy.

現在，當我思考政策改變、其中蘊含的內容時，我想你深刻地了解了我們的理念。

Within reason of changes or within reasons of opportunities, we just manage through it.

無論是變革還是機遇，我們只是設法應對。

It becomes -- it's our job to manage through the unanticipated changes, unless there is such a magnitude, on the good side or the bad, that we would articulate it, right?

我們的工作就是應對這些無法預料的變化，除非變化非常大，無論是好的方面還是壞的方面，我們需要清楚地表達出來，對嗎？

So we thought about the environment where, today, there's a lot of ideas being discussed but not really yet materialized into any particular policies.

因此，我們考慮了當今的環境，有許多想法正在被討論，但尚未真正轉化為任何具體的政策。

What I'm very excited about is the business environment, particularly in the USis going to be much more business-friendly with much more of a focus on economic growth.

讓我興奮的是，尤其是美國的商業環境將變得更有利於商業，並且更加重視經濟成長。

I'm excited that the -- from an M&A perspective, we're likely to see a much more reasonable environment from a regulatory perspective.

我很高興——從併購的角度來看，我們很可能會從監管角度看到更合理的環境。

And when I think about what our company does and what our customers do, science and medicine are unbelievably important, and they're not discretionary.

當我思考我們公司所做的事情以及我們的客戶所做的事情時，科學和醫學非常重要，而且它們不是可自由支配的。

And therefore, we're excited about it, and we'll navigate whatever the environment holds.

因此，我們對此感到興奮，無論環境如何，我們都會探索​​。

Okay.

好的。

That's helpful, Marc.

這很有幫助，馬克。

And then for a quick follow-up.

然後進行快速跟進。

In terms of the EPS guide, you're right, better earnings power than we had anticipated, I think most had anticipated.

就每股盈餘指南而言，您是對的，獲利能力比我們預期的要好，我想大多數人都預料到了。

Stephen, I think you said 90 basis points operating margin expansion.

史蒂芬，我認為您說的是營業利潤率擴大了 90 個基點。

That's very strong, especially given the subdued top line environment.

這是非常強勁的成績，特別是在低迷的營收環境下。

So if you could expand on that.

所以如果你可以進一步闡述這一點。

And you mentioned some of the cost actions you've taken in the past.

您提到了過去採取的一些成本行動。

But are there incremental cost actions throughout '25?

但是在整個'25年中是否有增量成本行動？

Sort of what's the contribution from return to volume growth or maybe mix shift?

那麼，回歸對銷售成長或產品組合轉變的貢獻是什麼？

Just any color on that 90 basis points.

任何顏色都在這 90 個基點上。

Yes.

是的。

So Mike, yes, that's the right number.

所以麥克，是的，這是正確的數字。

And yes, so really good volume pull-through.

是的，音量拉動效果確實很好。

So when I think about the cost actions we've taken over the past couple of years as we've wound down from the impact of the pandemic, and certain areas of our business have had lower volumes than normal, like they're coming back to more normal volumes and we're making sure that the incremental revenue is pulling through at a really high clip.

因此，當我想到過去幾年我們採取的成本行動時，隨著我們逐漸擺脫疫情的影響，我們某些業務領域的業務量低於正常水平，就像它們正在恢復一樣恢復到更正常的水平，並確保增量收入能夠以非常高的速度成長。

So great to see that, and that's embedded in the numbers.

很高興看到這一點，而且這已經體現在數字中。

And then it's not just huge cost initiatives, it's about just managing our P&L appropriately and using the PPI Business System to be able to do that.

然後，這不僅僅是巨大的成本舉措，而只是適當地管理我們的損益表並使用 PPI 業務系統來做到這一點。

So driving very strong productivity and good cost management in the top line environment that we're in for the year.

因此，我們在今年的頂線環境中推動了非常強勁的生產力和良好的成本管理。

So bring that all together, that's what's driving the 90 basis points.

把所有這些加在一起，這就是推動 90 個基點的因素。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

So I wanted to follow up on your answer to Mike's first question around some of the policy changes that we've seen, but specifically to NIH funding.

所以我想跟進您對 Mike 的第一個問題的回答，關於我們已經看到的一些政策變化，特別是關於 NIH 資助的變化。

Obviously, we've seen some of the reports the last few weeks around federal funding potentially getting frozen in light of the new administration.

顯然，最近幾週我們看到一些報道稱，由於新政府的緣故，聯邦資金可能會被凍結。

So I appreciate that it's early days and we don't know what some of these policies could ultimately look like.

因此我知道現在還為時過早，我們不知道這些政策最終會是什麼樣子。

But at the same time, you would have to imagine that some of these headlines are driving disruption at your customers.

但同時，你必須想像，其中一些標題正在為你的客戶帶來困擾。

So can you walk us through what have you seen since the new administration turnover in terms of customers' behavior, especially within that academic and government market?And

那麼，您能否向我們介紹自新政府更替以來，客戶行為方面有何變化，尤其是在學術和政府市場？

how are you actually expecting NIH funding to play out this year?

您預計今年 NIH 的資助將會如何進行？

Yes.

是的。

So Rachel, it's been nine days, so in terms of the environment.

所以 Rachel，就環境而言，已經過去九天了。

So I don't think there's any real insight into what's going on.

所以我認為對於到底發生了什麼我們還沒有真正的了解。

And obviously, there's actually no policies yet, right?

顯然，實際上還沒有任何政策，對嗎？

There are different things being explored.

有各種不同的事情正在被探索。

And our job is to work collaboratively with the administration, and we have a good working relationship certainly with the President's first administration and educate on the importance of our industry and our customers' work, and help our customers navigate the environment as well.

我們的工作是與政府合作，我們與總統的第一屆政府保持了良好的工作關係，並教育客戶了解我們行業和客戶工作的重要性，並幫助我們的客戶應對環境。

So from my perspective, look at will help our customers navigate whatever it is.

因此從我的角度來看，查看將幫助我們的客戶導航無論它是什麼。

When I think about what's embedded in our guidance, I would say for academic and government globally, would be around the company average in terms of what's assumed there, and maybe slightly below that because I think pharma and biotech ultimately will be a little bit better than the company average this year in terms of the end-markets.

當我思考我們的指導方針時，我會說對於全球學術界和政府來說，根據假設，這將與公司平均水平相當，甚至可能略低於這一水平，因為我認為製藥和生物技術最終會好一點就終端市場而言，今年該公司的銷售額年增 10%。

And when you think about that, about half of our academic and government end-market is in the USnd half is in markets around the world.

想想看，我們的學術和政府終端市場大約有一半在美國，另一半在世界各地的市場。

Interestingly enough, we obviously had an incredibly strong finish in academic and government in the fourth quarter.

有趣的是，我們在第四季度的學術和政府方面顯然取得了令人難以置信的強勁成績。

And it was globally strong, right?

而且它在全球範圍內都很強大，對嗎？

It was really every market had really a very strong end to the year.

確實，每個市場都在今年年底取得了非常強勁的成績。

So hopefully, that's helpful.

希望這會有所幫助。

Yes, that is.

是的，就是這樣。

Thanks for framing that up.

謝謝你構思了這一切。

To follow up then, I just wanted to ask on Analytical Instrumentation.

那麼，為了跟進，我只想問分析儀器的問題。

Obviously, that was a really nice quarter in 4Q.

顯然，第四季的表現確實非常好。

So can you walk us through some of the drivers of that beat?

那麼您能向我們介紹一下這種節拍的一些驅動因素嗎？

Did you guys see any budget flush trends in the quarter?

你們看到本季的預算激增趨勢了嗎？

And was there any benefit from China stimulus in that number?

那麼，這一數字是否包含中國刺激計畫帶來的好處？

And then when you look at Analytical Instrumentation performance for 2025, what are your assumptions regarding China stimulus contribution?

然後，當您查看 2025 年分析儀器的表現時，您對中國刺激貢獻有何假設？

Yes.

是的。

So Rachel, thanks.

所以，謝謝 Rachel。

Our instrument business once again had a really very positive year, capped off with 8% organic growth in the fourth quarter, 3% growth for the full year.

我們的儀器業務今年再次取得了非常積極的業績，第四季度實現了 8% 的有機成長，全年實現了 3% 的成長率。

And that's an environment where China was relatively muted for the full year.

而中國全年的經濟環境則相對平靜。

And as you know, China is a meaningful contributor to the instruments business across the industry.

如您所知，中國對整個行業的儀器業務做出了重要的貢獻。

So the team really doing a great job.

所以這個團隊確實做得很好。

So what drives that?

那麼，是什麼推動了這現象呢？

It's the steady drumbeat of innovation.

這是創新的穩定鼓聲。

That makes a huge difference.

這有很大的不同。

And if you think about even in my remarks, I had to really narrow it down, right, in terms of the number of products we launched.

如果你仔細想想，即使在我的演講中，我也必須縮小範圍，就我們推出的產品數量而言。

And you see on instrument after another, you see many other regions and other products.

你會看到一個又一個的儀器，你會看到許多其他地區和其他產品。

But we are just on a roll in terms of phenomenal new products, right, whether it's in electromicroscopy, whether it's in chromatography and mass spectrometry.

但我們在推出驚人新產品方面正處於領先地位，無論是在電子顯微鏡領域，還是在色譜和質譜領域。

And also in the environmental type applications with ion chromatography, with ICP-MS.

在環境應用方面也採用離子層析法和 ICP-MS。

Just really strong and the adoption is great.

真的很強大，而且採用率很高。

And that's driving meaningful share gain.

這將帶來有意義的份額成長。

And the way that our business works is you have relevant innovation customers because of the importance of the work they're doing, they find the funding, and that's how it showed up.

我們的業務運作方式是，您擁有相關的創新客戶，因為他們所做工作的重要性，他們會尋找資金，然後事情就出現了。

In terms of stimulus in China and how we thought about it, it was actually nice to see revenue.

就中國的刺激政策以及我們對此的看法而言，看到收入實際上是令人高興的。

It wasn't huge, but it was nice to see revenue flow in the instruments business in the fourth quarter.

雖然不是很大，但很高興看到第四季度儀器業務的收入流。

Orders were actually stronger in terms of the orders that we received in China on our instruments, and that will obviously ship in 2025.

就我們在中國收到的儀器訂單而言，訂單實際上更加強勁，這些訂單顯然會在 2025 年發貨。

So stimulus started to flow there as well.

因此刺激措施也開始在那裡實施。

So hopefully that gives you a good sense of the momentum in our instruments business.

希望這能讓您很好地了解我們儀器業務的發展動能。

Jack Meehan, Nephron Research.

傑克‧米漢（Jack Meehan），腎元研究室。

So Stephen, you talked about the phasing of -- I forget if it was Stephen or Marc, you talked about the phasing of services revenue during the year.

史蒂芬，您談到了分階段——我忘了​​史蒂芬還是馬克，您談到了年度服務收入的分階段。

So I'll bite, what does the guide assume for PPD clinical research?

所以我會問，指引對 PPD 臨床研究有何假設？

And can you give us an update, just color on what you're seeing in terms of new authorizations?

您能否提供我們最新情況，簡單介紹一下您所看到的新授權情況？

Yes.

是的。

So I'll give the the phasing aspect and Marc will give you some more detail about the businesses, so which are both in great shape, by the way.

因此，我將給出分階段方面的內容，而馬克將向您提供有關這些業務的更多細節，順便說一下，這兩家公司的狀況都很好。

So when I think about phasing within the year, I said that in Q1, there's some timing in the phasing there.

因此，當我考慮在年內分階段實施時，我說在第一季度，分階段實施有一定的時間安排。

It's largely the pandemic-related runoff is more pronounced in Q1 given the comps from last year.

與去年同期相比，第一季與疫情相關的營收流失更為明顯。

So that's the largest piece of the phasing.

這是分階段實施中最大的部分。

There's a little bit of phasing quarter to quarter in terms of the overall phasing for our pharma services business, but that's a normal noise.

就我們的製藥服務業務的整體分階段而言，每季都會有一些分階段的變化，但這是正常的。

But that's probably the largest driver that I talked about in Q1.

但這可能是我在第一季談到的最大驅動因素。

Yes.

是的。

So Jack, when I think about the clinical research capabilities that we have, we're a leader and incredible reputation for innovation and quality and performance for our customers.

所以傑克，當我想到我們所擁有的臨床研究能力時，我們就是一家領導者，並且在為客戶提供創新、品質和性能方面享有極高的聲譽。

And when you think about that, one of the things that we've been talking a little bit about, I'll try to highlight it more today, was the combination with our pharma services business.

當你考慮到這一點時，我們一直在談論的事情之一，今天我會盡量更多地強調它，就是與我們的製藥服務業務的結合。

And as you know, in pharma services, we're a leading provider of contract development and manufacturing capabilities.

如您所知，在製藥服務領域，我們是合約開發和製造能力的領先提供者。

We spent over three years looking at the added value of having those both sets of capabilities, the insights you get and the impact that you can have for the customers.

我們花了三年多的時間研究這兩種功能的附加價值、您獲得的洞察力以及您能為客戶帶來的影響。

And when we launched Accelerator Drug Development, it really is compelling.

當我們啟動加速藥物開發時，它確實引人注目。

And what that really is allowing our customers to do is to leverage our expertise and capabilities to improve the returns on investment of their R&D investments, which is everything in the pharmaceutical and biotech industry.

這實際上使我們的客戶能夠利用我們的專業知識和能力來提高其研發投資的投資回報率，這對製藥和生物技術行業至關重要。

So we're excited.

所以我們很興奮。

When I think about more of the details and I think about clinical research, we delivered low single-digit organic growth last year, right?

當我考慮更多細節並考慮臨床研究時，我發現去年我們實現了低個位數的有機成長，對嗎？

The team did a good job, a really good job.

團隊做得很好，非常好。

And that was to basically grow the business despite the very meaningful headwind from the runoff of vaccines and therapies that was in that business.

儘管疫苗和療法的流失給該業務帶來了巨大的阻力，但這基本上實現了業務成長。

And when I think to the future about 2025, the business is behaving the way that I would think it should, which is it's a long cycle business.

當我展望2025年的未來時，我發現業務的發展方式正如我所料，這是一個長週期業務。

So you saw for the industry, even with us in low single-digit growth last year, that's below the trend line.

因此，您會看到，對於整個行業來說，即使我們去年的成長率只有個位數，但也低於趨勢線。

The trend line for this business is a high single-digit growth business.

該業務的趨勢是高個位數成長業務。

It's the result of 2023's biotech environment and 2023 and 2024's pharmaceutical customers actually reprioritizing their portfolios for the IRA.

這是 2023 年的生物技術環境以及 2023 年和 2024 年的製藥客戶實際上重新調整 IRA 投資組合優先順序的結果。

When I look at authorizations, particularly in the back half of 2024, they were very strong for us.

當我查看授權時，特別是 2024 年下半年的授權，它們對我們來說非常強大。

And when I look at the commercial pipeline that we have this year and the conversations that our executive team is having with our customers the business actually has a lot of momentum underlying.

當我回顧我們今年的商業管道以及我們的執行團隊與客戶的對話時，我發現我們的業務實際上具有很大的潛在發展勢頭。

And if I think about the cycle time of the business, that bodes well towards the end of the year and then during 2026.

如果我考慮業務的周期，這預示著今年年底和 2026 年將會發展良好。

It feels like the conditions will be more measured this year.

感覺今年的情況會更加謹慎。

That's what's embedded in our guidance, similar to what we saw last year, and then it sets up for great success.

這就是我們指導中所體現的內容，與我們去年看到的情況類似，這將為巨大的成功奠定基礎。

So overall, super positive.

整體來說，非常積極。

Awesome.

驚人的。

And you're leading me exactly where I want to go next, which is the guide for 2026.

你正引導我走向我下一步想去的地方，這就是 2026 年的指南。

Mostly joking, but can you just talk about as you look at the phases of the guide in 2025, what does the exit rate look like in the fourth quarter?

大部分是開玩笑，但您能否談談，當您查看 2025 年指南的各個階段時，第四季度的退出率是什麼樣的？

And just more broadly, just like confidence about your ability to get back to the LRP targets that you have?

更廣泛地說，就像您對回到 LRP 目標的能力有信心一樣？

.

。

Yes, Jack, I'd be thrilled to talk about '26 in a year's time.

是的，傑克，我很高興一年後談論 26 年。

But I understand that you think about that in how you're thinking about the trajectory of the company.

但我明白，您在思考公司的發展軌跡時會考慮到這一點。

Yes, first of all, we're highly confident we're going to get back to the industry long-term market growth rate of 4% to 6%.

是的，首先，我們非常有信心恢復產業長期市場成長率4%至6%。

It's just a matter of what the timing you actually get to that point.

這只是一個你何時真正到達那個點的問題。

And we've proven the ability to consistently drive share gain above that, so our organic growth will be stronger than markets.

而且，我們已經證明有能力持續推動份額成長，因此我們的有機成長將強於市場。

And it's great the markets are improving.

市場正在改善，這很好。

When I think about what the guide setup this year going from market down a couple of points to being up slightly, that's a continued improvement.

當我想到今年的指導價格從市場下跌幾個點到略有上漲時，這是持續的改善。

And the trajectory we expect that, as I said in my prepared remarks, we expect that to continue to increase as we go through the year.

正如我在準備好的發言中所說的那樣，我們預計這一軌跡將在今年繼續增長。

The exact ending point of where market growth will be at the end of the year, we'll see that as we get close towards the end of the year.

我們將在年底時看到市場成長的確切終點。

And as Marc said at the beginning, our job in this period is going through that transition back to normal is to drive really strong adjusted EPS growth.

正如馬克一開始所說的，我們在此期間的工作就是透過過渡恢復正常來推動真正強勁的調整後每股盈餘成長。

And that's exactly what we're setting out to do here for the year ahead.

這正是我們明年要做的事。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

Doug, you're on mute.

道格，你處於靜音狀態。

Sorry about that.

很抱歉。

A couple of questions on guidance.

關於指導的幾個問題。

So the first is on the top line.

因此，第一個位於頂行。

And I'm just sitting here playing with the model, thinking through the stacks, thinking through the comps, thinking about what you talked about for the first quarter starting rate.

我只是坐在這裡玩弄模型，思考堆疊，思考比較，思考你談到的第一季起始利率。

That leads me to a question of are you expecting to exit 2025 back in your targeted 7% to 9% organic growth range?

這就讓我想問一下，您是否預計到 2025 年將實現 7% 至 9% 的有機成長目標？

I can see where you're at least close to the low end of that.

我知道你至少已經接近這個最低限度了。

So that's my first question.

這是我的第一個問題。

My second is back to the topic of the 90 basis points of targeted operating margin expansion that is embedded in your guidance.

我的第二個問題是回到您指導中所包含的 90 個基點的目標營業利潤率擴張這個主題。

This would be particularly impressive in any period.

在任何時期這都會特別令人印象深刻。

It's especially notable right now given your revenue growth rate for the year is below your long-term construct.

由於您今年的收入成長率低於長期預期，因此現在這一點尤其值得注意。

And there has been speculation that you wouldn't be able to get anywhere close to that type of margin expansion with the lower level of growth.

並且有猜測認為在較低的成長水準下，根本不可能實現接近這種利潤率擴張水準。

So obviously, you expect to do that.

顯然，您希望這樣做。

So the questions are: one, what's allowing you to do this in 2025?

所以問題是：第一，什麼讓你在 2025 年做到這一點？

Is this a function of mix?

這是混合的功能嗎？

Is it a function of basically the benefit of operating really tightly in a tough environment and starting to come out of it?

這基本上是否是在艱苦環境中嚴格運作並開始擺脫困境所帶來的好處？

Is it something else?

還有別的嗎？

And then I guess the other part of that is, are there reasons we shouldn't assume a continuation of this type of margin potential as we think about future years where you are getting back into your normalized growth construct?

然後我想另一部分是，當我們考慮未來幾年您將恢復正常化成長結構時，是否有理由認為我們不應該假設這種利潤潛力會持續下去？

So thanks for the question.

感謝您的提問。

So let me start with context, right?

那麼讓我先從背景開始，好嗎？

So if I think about the many interactions that I have with investors over many years, but certainly over, let's say, the last six, nine months, a lot of the investors have been focused on, and certainly the analyst community as well, what's the momentary change in the trajectory of the growth rate of the industry, right?

因此，如果我回想一下多年來我與投資者的多次互動，但可以肯定的是，在過去的六、九個月裡，許多投資者和分析師群體都關注的是，產業成長率軌跡的瞬間變化，對嗎？

And we understand why, because it's an amazing industry with an incredible future and we're in a recovering environment.

我們明白其中的原因，因為這是一個令人驚嘆的產業，有著不可思議的未來，而我們正處於復甦之中。

And one of the things as a management team, as you know, we're very focused on great performance and great execution, is what's going to be most helpful to our shareholders in creating value and creating a bright future.

如您所知，作為管理團隊，我們非常注重出色的業績和出色的執行力，這將最有助於我們的股東創造價值並創造美好的未來。

And we're in a recovering market and we're expecting a better year in terms of market environment, better year in organic growth this year.

我們正處於復甦市場，我們預計今年的市場環境會更好，有機成長也會更好。

But the thing that we can control is how great is our earnings per share, and that's through the power of our PPI Business System, strong execution, cost discipline.

但我們可以控制的是每股收益，這是透過我們的 PPI 業務系統、強大的執行力和成本紀律來實現的。

It's not a mix driver or any of those things.

它不是混合驅動程式或任何類似的東西。

As a leadership team, what we're focused on is delivering another very differentiated year and fully focused on the thing that we can control, which is how we drive our revenue down to the bottom line.

作為領導團隊，我們關注的是實現另一個差異化的一年，並全力專注於我們能夠控制的事情，即如何將收入降低到底線。

So it's not the long-term new number, right, but it's the right number for 2025.

所以這不是長期的新數字，但它是 2025 年的正確數字。

I think the 40 to 50 basis points of long-term expansion associated with 7% to 9% is an appropriate driver.

我認為與 7% 到 9% 相關的 40 到 50 個基點的長期擴張是一個合適的驅動因素。

But this year, that's the way I would think about it.

但今年我會這樣想。

In terms of the 3% to 4%, one thing that we all should just remind ourselves, there's a point of headwind in that number for the final runoff of the pandemic.

就 3% 到 4% 而言，我們都應該提醒自己一件事，對於疫情的最終結束來說，這個數字會有一個阻力點。

So our assumption is effectively zero pandemic revenue related this year -- revenue this year.

因此，我們的假設是，今年與疫情相關的收入實際上是零。

So you can say the normalized growth is getting back to stronger growth, but it's not yet at 7% to 9%, right?

所以你可以說正常化成長正在恢復到更強勁的成長，但還沒有達到 7% 到 9% 對嗎？

You can do the phasing if you're assuming, as Stephen has laid out, a flat start to the year, and we understand that's clearly why.

如果您假設，正如史蒂芬所說，今年開局平淡，那麼您可以分階段進行，我們也清楚原因。

It's not about a market thing, it's the phasing of days and how we see the service revenue specifically laying out.

這與市場無關，而是與時間的分階段以及我們如何看待服務收入的具體佈局有關。

You're going to wind up with something in the strong mid-single digits at the end of the year for us, right?

到今年年底，你會為我們帶來強勁的中等個位數的業績，對嗎？

And you can say, well, there's a point of headwind, so you're not quite at the 7% to 9% but you're progressing in a direction that would be encouraging.

你可以說，嗯，有一個逆風點，所以你還沒有達到 7% 到 9% 的目標，但你正在朝著令人鼓舞的方向前進。

And we're excited for this year, like this is a big step-up in expectations, and we're going to deliver it versus last year.

我們對今年感到非常興奮，這是預期的一個巨大提升，我們將比去年更好地實現這一目標。

And the quarter after quarter of just better market conditions sets us up for an incredible future.

一個季度又一個季度的市場狀況不斷好轉，為我們帶來了無限美好的未來。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Marc, I want to cover a little more on the accelerator program and really just trying to understand why now is the right time.

馬克，我想多介紹加速器計劃，只是想了解為什麼現在是正確的時機。

Synergies for PPD have gone well.

PPD 的綜效進展順利。

So any bogey you can point to in the next couple of years in terms of how you're thinking about synergies?

那麼，就您對綜效的看法而言，您能指出未來幾年內的任何隱患嗎？

Is this more for small or large customers, more on the CDMO side or CRO side?

這比較適合小客戶還是大客戶，更適合 CDMO 還是 CRO 方面？

And has this brought to light any additional service offerings that you might need to bring to these customers?

這是否揭示了您可能需要為這些客戶提供的任何額外服務？

So Tycho, thanks for the question.

所以 Tycho，謝謝你的提問。

One thing that I've learned and is held deeply ingrained with our customer base, is you don't make promises that you don't have 100% confidence that you are going to be able to deliver.

我所學到的並且深深根植於我們客戶心中的一件事就是，如果你沒有 100% 的信心，就不要做出承諾。

That's what our customers expect of us.

這正是客戶對我們的期望。

So if you remember back to the announcement of the acquisition of PPD, we talked about the potential to bend the time and cost curve of developing medicines.

所以，如果你還記得收購 PPD 的公告，我們談到了改變藥物開發時間和成本曲線的潛力。

That was a strategy that we articulated.

這就是我們所闡明的策略。

And then you haven't heard us talk about it really at all for the last three years.

但在過去三年你根本沒聽過我們談論過這個問題。

Not because we weren't working on it, but because we wouldn't declare that opportunity until we had the proof cases in place, customers actually leveraging the combined capabilities of the company and the confidence that we can have great conversations with our customers to continue to deliver great results for them.

這並不是因為我們沒有努力，而是因為我們不會宣布這個機會，直到我們有了證據，客戶實際上利用了公司的綜合能力，以及我們可以與客戶進行良好對話的信心繼續為他們提供出色的成果。

The authorizations momentum is very strong in terms of how our customers perceive our capabilities and performance.

從客戶如何看待我們的能力和表現來看，授權動能非常強勁。

And customers can pick and choose, right?

顧客可以挑選，對嗎？

It's not that they have to buy everything, but rather they can pick the relevant insights from us and the relevant expertise to shave the weeks and months off of the time lines, to be more cost effective and leverage our expertise.

這並不意味著他們必須購買所有東西，而是他們可以從我們這裡獲得相關見解和相關專業知識，從而縮短時間軸中的幾周和幾個月，以提高成本效益並利用我們的專業知識。

And the excitement is very substantial.

而這種興奮感是非常明顯的。

When I think about -- we're seeing interest and excitement and authorizations and orders, orders being on the pharma services language, what we're seeing is it's faster in biotech because you have a decision-maker that has the whole domain, but we're seeing great interest in large pharma as well.

當我想到——我們看到了人們的興趣和興奮以及授權和訂單，這些訂單都是關於製藥服務語言的，我們看到的是生物技術領域的速度更快，因為你有一個掌握整個領域的決策者，但是我們也看到人們對大型製藥公司有濃厚的興趣。

And with large pharma, you typically will pick a molecule, a part of their pipeline and work that way.

對於大型製藥公司來說，你通常會選擇一種分子、其產品線的一部分，然後以這種方式進行工作。

And biotech, it typically will work across everything they're doing.

而對於生物技術而言，它通常會影響他們所做的一切。

So it's exciting times, and we're just getting going.

這是激動人心的時刻，我們才剛開始。

So as you know, these are long-cycle businesses.

如你所知，這些都是長週期業務。

So it takes some time to actually translate the authorizations and orders into revenue, but it bodes really well for the acceleration of growth, certainly in '26 and beyond.

因此，將授權和訂單實際轉化為收入需要一些時間，但這確實預示著成長的加速，尤其是在26年及以後。

Great.

偉大的。

And then follow-up on China.

然後跟進中國的情況。

I didn't actually hear what you're assuming for China growth this year.

我實際上並沒有聽到您對今年中國經濟成長的預測。

Assuming your products come off the trade restrictions list, I think last time you were able to get them off, and then I know you don't have as much exposure to volume-based procurement, but how you're thinking about exposure there?

假設您的產品脫離了貿易限制名單，我想上次您已經能夠將它們脫離，然後我知道您在批量採購方面的接觸不多，但是您如何考慮在那裡的接觸呢？

And obviously, the headwinds have magnified.

顯然，逆風已經加劇。

Yes.

是的。

So in terms of China, when I think about the year, first of all, '24, and that's a reasonable framing for the next year, we really had a very strong year in a very, very challenged environment, right?

所以就中國而言，當我想到今年的時候，首先是24年，這是對明年的一個合理框架，我們確實在非常非常具有挑戰性的環境中度過了非常強勁的一年，對嗎？

The economy is challenging, the end-market is challenged.

經濟面臨挑戰，終端市場也面臨挑戰。

Our business in the fourth quarter grew mid-single digits.

我們的第四季業務實現了中等個位數成長。

We grew low single digits for the full year, and clearly gaining market share.

我們全年實現了低個位數成長，並且市場佔有率明顯增加。

So the team has done a good job.

所以團隊做得很好。

Our expectation is that the environment is similar to what we saw last year.

我們預計環境與去年類似。

Stimulus will be a benefit.

刺激將會帶來好處。

And they'll be -- just we're not assuming any recovery from an economic perspective.

他們會的——只是我們不認​​為從經濟角度會出現任何復甦。

And that may change, that may be a bad assumption, but we don't see any evidence yet of a real strengthening environment other than stimulus.

這種情況可能會改變，這可能是個錯誤的假設，但除了刺激措施之外，我們還沒有看到任何真正加強環境的證據。

So we just assume that the conditions will continue to be somewhat muted and similar to last year.

因此，我們只是假設情況將繼續保持溫和並與去年類似。

In terms of health care on value-based procurement and some of the reimbursement things that have been executed, your framing is exactly right, which is very small for us.

在基於價值的採購和一些已經執行的報銷事項的醫療保健方面，您的框架完全正確，這對我們來說非常小。

And because our diagnostic business in China is very much in the specialty area, it's not a large business, and while there's a little bit of a headwind, it's fully embedded in our guidance, and it's not a meaningful number.

由於我們在中國的診斷業務在很大程度上屬於專業領域，因此業務規模並不大，儘管存在一些不利因素，但它已完全納入我們的指導範圍，而且不是一個有意義的數字。

And so that's how we looked at.

這就是我們所看到的情況。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

I'll wrap my question in one.

我將把我的問題概括為一句話。

On the biopharma side and the biotech side, could you elaborate what you're hearing from your larger biopharma large cap customers versus the early emerging biotechs?

在生物製藥和生物技術方面，您能否詳細說明您從大型生物製藥大盤客戶和早期新興生物技術公司那裡聽到的情況？

And another brief question on the therapeutic side.

還有一個關於治療方面的簡短問題。

Marc, about 75% of the IND filings to the FDA in 2024 are molecules from China or assets from China, and that number used to be very small in '23 and practically nothing in 2019.

馬克，2024 年向 FDA 提交的 IND 申請中約有 75% 是來自中國的分子或資產，而這個數字在 23 年非常少，在 2019 年幾乎為零。

So my question is if more of the drug discovery pivots to China, how do you think Thermo is positioned?

所以我的問題是，如果有更多的藥物研發中心轉向中國，您認為賽默飛世爾科技的定位如何？

What are the implications for Thermo and for the tools industry overall, if you could?

如果可以的話，這對 Thermo 以及整個工具產業有何影響？

Yes.

是的。

So Puneet, thanks for the question.

所以 Puneet，謝謝你的提問。

So what's -- what I love about January, there's many things I love about January, but is I get to spend an enormous time with our customers, right, both out in the West Coast where many convene, as well as in Europe.

那麼，我喜歡一月的原因是，一月有很多讓我喜歡的事情，其中​​之一就是我可以花大量時間與我們的客戶在一起，無論是在許多人聚集的西海岸，還是在歐洲。

So I've seen quite a number of customers.

所以我見過相當多的顧客。

And if I say what are the themes, if I start with the larger customers, the larger biopharma, really a real change in confidence like really quite positive in terms of how they enter the year feeling like the actions that they've taken over the last couple of years have put their companies in a good spot.

如果我說主題是什麼，如果我從更大的客戶開始，更大的生物製藥公司，他們信心確實發生了真正的變化，例如在進入新的一年時，他們感覺自己在過去一年採取的行動非常積極。

Obviously, some companies are benefiting hugely from the GLP-1s and there's great confidence there, obviously, for the impact.

顯然，一些公司從 GLP-1 中受益匪淺，並且對其影響充滿信心。

And that excites everybody in terms of the ability to have very relevant medicines that can get adopted quickly and help human health.

這讓每個人都感到興奮，因為我們有能力研發出非常適用的藥物，這些藥物可以迅速被採用並有益於人類健康。

And so actually, it feels to me that large pharma is meaningfully in a better mind space, which will help over time, grow budgets.

因此實際上，我認為大型製藥公司的心態更加良好，隨著時間的推移，這將有助於增加預算。

And when I think about the more of emerging customers, actually, that also was positive, right?

當我想到更多的新興客戶時，實際上，這也是正面的，對吧？

And there seems to be a reasonable confidence on funding and partnerships to allow for funding to continue to improve as the year unfolds.

並且，人們似乎對融資和合作夥伴關係抱有相當的信心，以便隨著時間的推移，融資情況能夠繼續改善。

And still recovering, but certainly better.

雖然仍在恢復中，但肯定好多了。

In terms of where innovation is, I think, ultimately, what you're seeing as, a few years back, it became really very difficult for a China-based company to serve the global market, you're seeing more licensing deals.

就創新而言，我認為，最終，您會發現，幾年前，中國公司很難服務全球市場，現在您會看到更多的授權交易。

There's a huge amount of work that happens in the Western labs after things are licensed.

產品獲得許可後，西方實驗室需要進行大量工作。

So we're well positioned in China, but we're obviously well positioned globally.

因此，我們在中國佔據有利地位，但我們在全球範圍內的地位顯然也處於有利地位。

So thank you for the question.

感謝您的提問。

Let me wrap up with just a couple of quick things.

讓我簡單說幾件事來結束我的演講。

First of all, thanks, everyone, for participating in the call today.

首先，感謝大家參加今天的電話會議。

We entered this year with strong momentum, and we're in a great position to deliver an excellent 2025.

我們以強勁的勢頭進入了今年，並且處於有利位置，可以在 2025 年取得優異成績。

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

一如既往，感謝您對賽默飛世爾科技的支持。

And we look forward to updating you as the year progresses.

我們期待著隨著時間的推移向您更新最新情況。

Thanks, everyone.

謝謝大家。

Thank you very much, everyone, for joining us.

非常感謝大家的參與。

We appreciate your participation.

我們感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。