賽默飛世爾科技 (TMO) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2025 first-quarter conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加賽默飛世爾科技 2025 年第一季電話會議。（操作員指示）

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

我想介紹本次電話會議的主持人、投資者關係副總裁 Rafael Tejada 先生。特哈達先生，您可以開始通話了。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President, and Chief Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer.

早安，感謝您加入我們。今天與我一起通話的是我們的董事長、總裁兼執行長馬克‧卡斯珀 (Marc Casper)；以及資深副總裁兼財務長 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 July 22, 2025. A copy of the press release of our first-quarter earnings is available in the Investors section of our website under the heading Financials. So before we begin, let me briefly cover our safe harbor statement.

請注意，本次電話會議將進行網路直播，並將存檔於我們網站thermofisher.com的“投資者”部分，標題為“新聞、事件和演示”，直至 2025 年 7 月 22 日。您可在我們網站的「投資者」部分的「財務」標題下找到第一季財報新聞稿的副本。因此，在我們開始之前，請允許我簡要介紹我們的安全港聲明。

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、計畫和前景所做的各種評論均構成《1995 年私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。

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

由於各種重要因素，包括公司最新 10-K 表年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，該報告已提交給美國證券交易委員會 (SEC)，可在我們網站的「投資者」部分的「財務、SEC 文件」標題下查閱。

While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

雖然我們可能選擇在未來某個時間點更新前瞻性陳述，但我們明確表示不承擔任何這樣做的義務，即使我們的估計發生變化。因此，您不應依賴這些前瞻性陳述來代表我們今天之後任何日期的觀點。

Also, during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our first-quarter 2025 earnings, and also in the investor section of our website under the heading Financials.

此外，在本次電話會議中，我們將參考某些未依照公認會計原則或 GAAP 編製的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表可在我們 2025 年第一季收益的新聞稿中找到，也可在我們網站的「財務」標題下的投資者部分中找到。

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

謝謝你，拉夫。大家早安，感謝您今天參加我們的第一季電話會議。

As you saw on our press release, we delivered very strong performance in the quarter. I'm proud of our team's ongoing focus to enable the success of our customers while demonstrating incredibly strong commercial execution and operational discipline. Our continued success is a result of our growth strategy, our PPI Business System, and our proven capital deployment approach. And of course, all of this is against the backdrop of a more uncertain macro environment. So a big thanks to the team for their efforts.

正如您在我們的新聞稿中看到的，我們在本季表現非常強勁。我為我們團隊持續致力於幫助客戶取得成功，同時展現出極其強大的商業執行力和營運紀律而感到自豪。我們的持續成功源自於我們的成長策略、我們的 PPI 業務系統以及我們行之有效的資本配置方法。當然，這一切都是在更不確定的宏觀環境背景下發生的。非常感謝團隊的努力。

In my remarks today, I'll first cover Q1, which was a strong quarter with clean execution across all dimensions. In the second part of my remarks, I will cover the expected impact of the uncertainty in the macro environment, and I'll provide a high-level view of our updated guidance for the year that incorporates the expected net impact of current tariffs and the changes driven by the current policy focus of the US administration.

在今天的演講中，我將首先介紹第一季度，這是一個強勁的季度，各個方面的執行都非常出色。在我的演講的第二部分，我將討論宏觀環境不確定性的預期影響，並將從高層次概述我們今年的最新指導方針，該指導方針包含了當前關稅的預期淨影響以及美國政府當前政策重點所推動的變化。

So to turn into Q1, let me recap the financials. Our revenue in the quarter was $10.36 billion. Our adjusted operating income was $2.27 billion. Q1 adjusted operating margin was 21.9%, and we grew adjusted EPS by 1% to $5.15 per share. Our team's excellent execution and strong focus on our customer success enables us to deliver revenue performance ahead of our expectations. And then we translated that revenue performance into earnings that were also ahead of expectations.

因此，進入第一季度，讓我回顧一下財務狀況。本季我們的營收為 103.6 億美元。我們的調整後營業收入為 22.7 億美元。問題 1調整後的營業利益率為 21.9%，調整後的每股盈餘成長 1%，達到 5.15 美元。我們團隊的出色執行力和對客戶成功的高度關注使我們能夠實現超出預期的收入績效。然後我們將營收表現轉化為同樣超出預期的收益。

Turning to our performance by end market, as a reminder, there were two less days in the quarter than the same period last year. In Pharma and Biotech, we delivered low-single digit growth during the quarter, which included a 2-point headwind from the from the runoff of vaccine and therapy related revenue. Performance in this quarter was led by our Bioproduction and Pharma Services businesses, as well as our Research and Safety Market channel.

談到我們在終端市場的表現，需要提醒的是，本季的天數比去年同期少了兩天。在製藥和生物技術領域，我們在本季度實現了低個位數成長，其中包括疫苗和治療相關收入流失帶來的 2 個百分點的阻力。本季的業績主要由我們的生物生產和製藥服務業務以及我們的研究和安全市場管道所帶動。

In Academic and Government, revenue declined low-single digits in the quarter, driven by the macro conditions in the US and China for this end market. In Industrial and Applied, we grew low-single digits during the quarter, highlighted by strong growth in our Electron Microscopy business.

在學術和政府領域，由於美國和中國終端市場的宏觀狀況，本季收入下降了低個位數。在工業和應用領域，我們在本季度實現了低個位數成長，其中電子顯微鏡業務的強勁成長尤為突出。

Finally, in Diagnostics and Healthcare, we grew low-single digits during the quarter, reflecting strong performance in our Healthcare Market channel and in our Transplant Diagnostics and Immunodiagnostics businesses. Wrapping up on our end markets while there was more uncertainty than originally expected, our team delivered on our financial commitments for the quarter.

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成長，反映了我們的醫療保健市場管道以及移植診斷和免疫診斷業務的強勁表現。儘管終端市場的不確定性比最初預期的要多，但我們的團隊還是履行了本季的財務承諾。

In terms of our growth strategy, we made terrific progress in the quarter. As a reminder, our strategy consists of three pillars: high impact innovation, our trusted partner status with customers, and our unparalleled commercial engine. So starting with the first pillar of our growth strategy: high impact innovation. We had an excellent start to the year, launching several outstanding new products that are strengthening our industry leadership by enabling customers to advance their important work.

就我們的成長策略而言，我們在本季度取得了巨大進展。提醒一下，我們的策略由三大支柱組成：高影響力的創新、我們與客戶值得信賴的合作夥伴地位以及我們無與倫比的商業引擎。因此，從我們的成長策略的第一支柱開始：高影響力創新。我們今年有一個良好的開端，推出了幾款出色的新產品，透過幫助客戶推進其重要工作，增強了我們的行業領先地位。

Let me first highlight a couple of new products and analytical instruments that demonstrate our continued market leadership. In Electron Microscopy, we introduced the Thermo Scientific Vulcan Automated Lab, a fully integrated AI-enabled solution that combines Robotics and Electron Microscopy, helping to advance process development and control in semiconductor manufacturing.

首先，我要重點介紹幾款能夠證明我們持續保持市場領先地位的新產品和分析儀器。在電子顯微鏡領域，我們推出了 Thermo Scientific Vulcan 自動化實驗室，這是一種完全整合的 AI 解決方案，結合了機器人技術和電子顯微鏡，有助於推進半導體製造過程中的製程開發和控制。

The Vulcan System speeds up Transmission, Electron Microscopy workflows, reduces labor, and delivers consistent high-quality data. This innovation improves manufacturing yields and enhances productivity and seamlessly connects lab and fabrication operations, a major step forward for our semiconductor customers.

Vulcan 系統加快了傳輸、電子顯微鏡工作流程，減少了勞動力，並提供一致的高品質數據。這項創新提高了製造產量和生產力，並無縫連接了實驗室和製造業務，這對我們的半導體客戶來說是一大進步。

In Chromatography and Mass Spectrometry, we introduced the next-generation Thermo Scientific Transcend, a new ultra-high performance Liquid Chromatography platform helping high volume laboratories, simplify sample preparation and increase efficiency in clinical research, forensic toxicology, food safety, and environmental testing applications, including for PFAS.

在色譜和質譜分析領域，我們推出了下一代 Thermo Scientific Transcend，這是一種新型超高效液相層析平台，可幫助大容量實驗室簡化樣品製備並提高臨床研究、法醫毒理學、食品安全和環境測試應用（包括 PFAS）的效率。

Turning to our Genetic Sciences business, we introduced Olink Reveal Proteomics kits that enabled the identification of proteins related to inflammation and immune response, helping to advance precision medicine. It was a terrific quarter for innovation, and we're excited about the strong pipeline of launches slated for Q2, including those that will debut at ASMS. Our high-impact innovation is enabling an even brighter future for our company.

談到我們的基因科學業務，我們推出了 Olink Reveal 蛋白質體學試劑盒，可以識別與發炎和免疫反應相關的蛋白質，有助於推進精準醫療。這是一個創新極佳的季度，我們對即將在第二季度推出的一系列新產品感到非常興奮，其中包括那些將在 ASMS 上首次亮相的產品。我們的高影響力創新將為我們公司創造更光明的未來。

During the quarter, we also continued to strengthen our industry-leading commercial engine and deepen our trusted partner status with our customers to accelerate their innovation and enhance their productivity. In our Clinical Research business, we continue to strengthen our leadership in real world evidence to help our customers gain insights about the safety and effectiveness of current and future treatments. We launched new CorEvitas patient registries in alopecia and lupus to enhance our customers' ability to inform treatment decisions and ultimately improve patient outcomes.

本季度，我們也持續加強我們領先業界的商業引擎，並深化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。在我們的臨床研究業務中，我們繼續加強我們在真實世界證據方面的領導地位，以幫助我們的客戶深入了解當前和未來治療的安全性和有效性。我們推出了新的 CorEvitas 脫髮和狼瘡患者登記冊，以增強客戶制定治療決策的能力，並最終改善患者的治療效果。

And in Electron Microscopy, we announced a new collaboration with the Chan Zuckerberg Institute for Advanced Biological Imaging. To advance the understanding of human cells by leveraging cutting-edge cryo-electron tomography technologies, this effort supports the development of the Open Cell Atlas, a groundbreaking initiative aimed at creating high resolution 3D maps of human cells to drive biological discovery. It's another example of how Thermo Fisher is enabling large-scale collaborative research efforts to push the boundary of science forward.

在電子顯微鏡領域，我們宣布與陳祖克柏高級生物成像研究所建立新的合作關係。為了利用尖端低溫電子斷層掃描技術加深對人類細胞的了解，這項工作支持了開放細胞圖譜的開發，這是一項開創性的計劃，旨在創建高分辨率人類細胞 3D 圖，以推動生物學發現。這是賽默飛世爾科技如何推動大規模合作研究以推動科學邊界向前發展的另一個例子。

Our trusted partner status and industry leading commercial capabilities enable our customers' success. They also provide us a unique opportunity for us to engage with our customers, helping them solve current challenges and plan for the future.

我們值得信賴的合作夥伴地位和業界領先的商業能力使我們的客戶獲得了成功。它們還為我們提供了與客戶互動的獨特機會，幫助他們解決當前的挑戰並規劃未來。

As always, our PPI Business System played a significant role in our success, enabling outstanding execution during the quarter. PPI engages and empowers all of our colleagues to find a better way every day. PPI is helping us to drive share gain and improve quality, productivity, and customer allegiance. It's a significant competitive advantage for Thermo Fisher as we navigate through the current macroeconomic uncertainty.

與往常一樣，我們的 PPI 業務系統在我們的成功中發揮了重要作用，實現了本季的出色執行。PPI 鼓勵並鼓勵所有同事每天尋找更好的方法。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。這對賽默飛世爾科技來說是一個顯著的競爭優勢，有助於我們應對當前的宏觀經濟不確定性。

Let me now turn to capital deployment. We continue to successfully execute our proven capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders. In February, we announced that we entered into a definitive agreement to acquire Solventum's Purification and Filtration business for $4.1 billion. The business is a leading provider of purification, filtration technologies used in the production of biologics, as well as in medical technologies and industrial applications.

現在我來談談資本部署。我們持續成功執行經過驗證的資本配置策略，即策略併購與向股東返還資本結合。今年 2 月，我們宣布已達成最終協議，以 41 億美元收購 Solventum 的淨化和過濾業務。該公司是生物製劑生產以及醫療技術和工業應用中使用的淨化、過濾技術的領先供應商。

So Ventum's innovative products are highly complementary to our leading cell culture media and single-use technologies, broadening our bioproduction capabilities to better serve the high growth bioprocessing market. The transaction is expected to be completed by the end of 2025 and is subject to customary closing conditions and regulatory approvals. We look forward to welcoming our new colleagues to Thermo Fisher.

因此，Ventum 的創新產品與我們領先的細胞培養基和一次性技術高度互補，拓寬了我們的生物生產能力​​，以便更好地服務高成長的生物加工市場。該交易預計將於 2025 年底完成，並需滿足慣例成交條件和監管部門的批准。我們期待歡迎新同事加入賽默飛世爾科技。

In terms of return of capital, during the quarter, we repurchased $2 billion of shares and increased our dividend by 10%.

在資本回報方面，本季我們回購了價值 20 億美元的股票，並將股利提高了 10%。

Let me now turn to our guidance. We've all seen a tremendous pace of change in the world since we provided our guidance on January 30. The two main elements of the macro changes since then are tariffs and the changes driven by the current policy focus of the US administration.

現在讓我來談談我們的指導。自 1 月 30 日我們發布指導意見以來，我們都看到了世界發生的巨大變化。此後宏觀變化的兩個主要因素是關稅和美國政府當前政策重點的變化。

As you would expect, we've been operating with agility to assess the changes as they come, and we're actively managing our business to mitigate the impact and capitalize on new opportunities. As a result, we're able to offset a large amount of the impact of the macro changes in 2025 and more fully offset them when the full impact of our mitigation actions is realized next year.

正如您所期望的，我們一直在靈活地評估即將發生的變化，並且我們正在積極管理我們的業務以減輕影響並利用新的機會。因此，我們能夠在 2025 年抵消大量宏觀變化的影響，並在明年我們的緩解行動的全部影響實現時更充分地抵消這些影響。

While these recent macro changes are causing uncertainty and remain fluid, we thought it would be most helpful to the investment community to offer our best estimate of the impact of the known changes as of today and embed them in our guidance. Our updated guidance range for the year is revenue in the range of $43.3 billion to $44.2 billion and adjusted EPS in the range of $21.76 to $22.84. Stephen will take you through the details in his remarks.

儘管最近的宏觀變化正在造成不確定性並且仍在不斷變化，但我們認為，對投資界來說，最有幫助的是提供截至目前已知變化的影響的最佳估計，並將其嵌入我們的指導中。我們更新後的年度預期範圍是：營收在 433 億美元至 442 億美元之間，調整後每股收益在 21.76 美元至 22.84 美元之間。史蒂芬將在演講中向您詳細介紹。

While the guidance has changed for the expected impact of the macro factors and the mitigating actions, it's important to note that the rest of the guidance remains fully on track relative to what we shared on our last earnings call.

雖然對於宏觀因素和緩解措施的預期影響，指引已經發生了變化，但值得注意的是，其餘指引與我們上次收益電話會議上分享的內容相比仍然完全一致。

As you know, during periods of change, we define a clear set of guiding principles on how to successfully manage the company. These principles have three elements. First, everything we do starts with our customers and ensuring that we're enabling their success. Second, we inspire our colleagues to bring their best every day to fulfill our mission. And third, we know we hold ourselves to an incredibly high standard to deliver differentiated short-term performance, all while identifying opportunities to enhance our long-term competitive position, which creates an even brighter future for our company.

如您所知，在變革時期，我們會制定一套明確的指導原則來指導如何成功管理公司。這些原則有三個要素。首先，我們所做的一切都以客戶為中心，並確保我們能夠幫助他們取得成功。其次，我們激勵同事們每天盡最大努力完成我們的使命。第三，我們知道我們對自己有著極高的標準，以實現差異化的短期業績，同時尋找機會增強我們的長期競爭地位，這將為我們的公司創造更光明的未來。

To enable that differentiated short- and long-term performance in this environment, we're leveraging our PPI Business System to aggressively manage our supply chain, to counteract tariffs, and to appropriately manage our cost base. You've heard us talk about our commercial intensity, and we're pivoting our commercial teams to the areas with the best opportunities to accelerate our shared gain momentum.

為了在這種環境下實現差異化的短期和長期業績，我們正在利用我們的 PPI 業務系統積極管理我們的供應鏈、抵消關稅並適當管理我們的成本基礎。您已經聽到我們談論我們的商業強度，我們正在將我們的商業團隊轉向具有最佳機會的領域，以加速我們共同的收益勢頭。

We're ensuring that our trusted partner status is driving tangible benefits for our customers. And one way we're doing this is by continuing to invest further to strengthen our capabilities for our customers. This includes increasing our investment in US manufacturing, R&D in the range of about $2 billion.

我們確保我們值得信賴的合作夥伴地位能夠為我們的客戶帶來實際的利益。我們這樣做的一個方法是繼續進一步投資，以增強我們為客戶提供服務的能力。這包括增加對美國製造業和研發的投資約 20 億美元。

As the largest domestic life sciences player in every major market around the world, we're uniquely positioned to help customers navigate this environment. I'm encouraged by the fact that both our colleagues and our customers have never been more enthusiastic about our company. Our Customer Allegiance Score is at an all-time high, and colleague engagement and retention is incredibly strong.

作為全球各主要市場中最大的本土生命科學企業，我們擁有獨特的優勢，能夠幫助客戶應對這一環境。令我感到鼓舞的是，我們的同事和客戶對我們公司的熱情從未如此高漲。我們的客戶忠誠度得分達到了歷史最高水平，同事的參與度和保留率也非常高。

So to summarize our key takeaways from the quarter, we delivered a very strong quarter driven by our proven growth strategy and PPI Business System. Our trusted partner status and proven ability to enable our customer success is a significant competitive advantage. Looking ahead, we're acting with speed and agility to navigate the current environment, and we're incredibly well positioned to minimize the impact and maximize new opportunities, creating an even brighter future for our company.

總結本季的主要收穫，在成熟的成長策略和 PPI 業務系統的推動下，我們取得了非常強勁的季度業績。我們值得信賴的合作夥伴地位以及幫助客戶成功的可靠能力是我們顯著的競爭優勢。展望未來，我們將迅速靈活地應對當前環境，並已做好充分準備將影響降至最低，將新機會最大化，為公司創造更光明的未來。

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

現在，我將把電話交給我們的財務長 Stephen Williams。史蒂芬？

Thanks, Marc, and good morning, everyone. I'll take you through an overview of our first-quarter results for the total company, then provide color on our four business segments, and I'll conclude by providing our updated 2025 guidance. Before I get into the details about financial performance, let me provide you with a high-level view of how the first quarter played out versus our expectations at the time of our last earnings call.

謝謝，馬克，大家早安。我將向您概述我們整個公司第一季的業績，然後介紹我們的四個業務部門，最後提供我們更新的 2025 年指引。在詳細介紹財務表現之前，讓我先向您概括介紹一下第一季的業績與我們上次財報電話會議上的預期相比的情況。

In Q1, we had another quarter of excellent execution, and this enabled us to deliver Q1 financials ahead of what we'd assumed in our prior guidance. Organic revenue growth was approximately $100 million or 1% ahead, and adjusted EPS was $0.04 ahead. This was driven by $0.09 of very strong operational performance, partially offset by $0.05 of higher FX headwind, largely due to non-cash transactional FX. So a clean beat for the quarter. The team's execution was excellent, and we delivered a strong start to the year.

在第一季度，我們又一次取得了出色的執行成績，這使我們能夠提前實現第一季度的財務業績，超越我們先前預期。有機收入成長約 1 億美元或 1%，調整後每股收益成長 0.04 美元。這是由 0.09 美元的非常強勁的營運績效推動的，但被 0.05 美元的較高外匯逆風部分抵消，這主要是由於非現金交易外匯造成的。因此本季業績表現亮眼。團隊的執行力非常出色，我們為今年取得了良好的開端。

Let me now provide you some additional details on our performance, starting with earnings per share. In the quarter, adjusted EPS grew 1% to $5.15. GAAP EPS in the quarter was $3.98, up 15% from Q1 last year. On the top line, Q1 reported revenue was flat year over year. The components of our reported revenue included 1% organic revenue growth, a slight contribution from acquisitions, and a 1% headwind from foreign exchange. For context within our revenue growth for the quarter, we had a headwind of approximately 3% from the combined impact of two less selling days and the runoff of the pandemic-related revenue.

現在讓我向您提供有關我們業績的更多詳細信息，首先是每股收益。本季度，調整後每股收益成長 1% 至 5.15 美元。本季 GAAP EPS 為 3.98 美元，較去年第一季成長 15%。從營收來看，第一季報告的營收與去年同期持平。我們報告的收入組成部分包括 1% 的有機收入成長、來自收購的少量貢獻以及 1% 的外匯逆風。就本季營收成長而言，由於銷售日減少兩天以及疫情相關收入的減少，我們面臨約 3% 的逆風。

Turning to our organic revenue performance by geography in Q1, North America was flat year over year. Europe grew low-single digits, and Asia Pacific also grew low-single digits with China declining mid-single digits. With respect to our operational performance, we delivered $2.27 billion of adjusted operating income in the quarter and adjusted operating margin was 21.9%, 10 basis points lower than Q1 last year.

從第一季按地區劃分的有機收入表現來看，北美地區較去年同期持平。歐洲地區實現了低個位數成長，亞太地區也實現了低個位數成長，而中國地區則出現了中等個位數的下降。就我們的營運業績而言，本季我們實現了 22.7 億美元的調整後營運收入，調整後營運利潤率為 21.9%，比去年第一季下降了 10 個基點。

In the quarter, we delivered very strong productivity. This enabled us to fund strategic investments to further advance our industry leadership and largely offset the impact of unfavorable mix and a headwind from foreign exchange. Total company gross margin in the quarter was 41.7%.

本季度，我們的生產力表現非常強勁。這使我們能夠為策略投資提供資金，進一步提升我們的行業領先地位，並在很大程度上抵消不利組合和外匯逆風的影響。本季公司總毛利率為41.7%。

Moving on to the details of the P&L, adjusted SG&A in the quarter was 16.5% of revenue. Total R&D expense was $342 million in Q1, reflecting our ongoing investments in high impact innovation. R&D as a percent of manufacturing revenue was 7.5% in the quarter.

繼續查看損益表的細節，本季調整後的銷售、一般及行政費用佔收入的 16.5%。第一季研發總費用為 3.42 億美元，反映了我們對高影響力創新的持續投資。本季研發佔製造收入的百分比為 7.5%。

Looking at our results below the line, our Q1 net interest expense was approximately $100 million. The adjusted tax rate was 10% and average diluted shares were $379 million, $5 million lower year over year, driven by share repurchases, net of option dilution.

從我們的實際結果來看，我們第一季的淨利息支出約為 1 億美元。調整後的稅率為 10%，平均稀釋股份為 3.79 億美元，年減 500 萬美元，主要是由於股票回購（扣除選擇權稀釋）所致。

Turning to free cash flow in the balance sheet, Q1 cash flow from operations was $720 million and free cash flow was $370 million after investing $350 million of net capital expenditures. During Q1, we deployed $2.1 billion of capital to shareholders through $2 billion of share buybacks, which were completed in January and approximately $150 million of dividends.

談到資產負債表中的自由現金流，第一季經營活動產生的現金流為 7.2 億美元，在投資 3.5 億美元淨資本支出後，自由現金流為 3.7 億美元。在第一季度，我們透過 20 億美元的股票回購（已於 1 月完成）和約 1.5 億美元的股息向股東部署了 21 億美元的資本。

Also, during the quarter, as Marc mentioned, we announced the definitive agreement to acquire Solventum's Purification and Filtration business for approximately $4.1 billion in cash. We expect the transaction to be completed by the end of 2025, and the business will become part of our Life Science Solution segment upon close.

此外，正如馬克所提到的，在本季度，我們宣布了以約 41 億美元現金收購 Solventum 淨化和過濾業務的最終協議。我們預計交易將於 2025 年底完成，交易完成後該業務將成為我們生命科學解決方案部門的一部分。

We entered the quarter with $5.9 billion in cash and short-term investments and $34.2 billion of total debt. Our leverage ratio at the end of the quarter was 3.2 times gross debt to adjusted EBITDA and 2.6 times on a net debt basis. Concluding my comments on our total company performance, suggested ROIC was 11.4%, reflecting the strong returns on investment that we're generating across the company.

進入本季度，我們的現金和短期投資為 59 億美元，總債務為 342 億美元。本季末我們的槓桿率為總負債與調整後 EBITDA 的 3.2 倍，淨負債的 2.6 倍。總結我對我們公司整體業績的評論，ROIC 為 11.4%，反映了我們整個公司正在創造的強勁投資回報。

Now I'll provide some color on the performance of about four business segments. As a reminder, in Q1, we had two less selling days than the prior year quarter. This impacted revenue growth in each segment by approximately 1 to 2 percentage points.

現在我將介紹四個業務部門的表現。提醒一下，第一季我們的銷售天數比去年同期少了兩天。這對各部門的收入成長產生了約 1 至 2 個百分點的影響。

In Life Science Solutions, Q1 reported revenue in the segment increased 2% versus the prior year quarter, and organic revenue growth was also 2%. Growth in this segment was driven by our Bioproduction business. Q1 adjusted operating income for Life Science Solutions decreased 1% and adjusted operating margin was 35.6%, down 120 basis points versus the prior year quarter.

在生命科學解決方案領域，第一季該部門報告營收較去年同期成長 2%，有機收入成長也為 2%。該領域的成長是由我們的生物生產業務所推動的。生命科學解決方案第一季調整後營業收入下降 1%，調整後營業利益率為 35.6%，較去年同期下降 120 個基點。

During Q1, we delivered very strong productivity, which is more than offset by the expected impact of the Olink acquisition, and favorable mix, and strategic investments. In the Analytical Instrument segment, reported revenue grew 2% year over year and organic revenue growth was 3%.

在第一季度，我們實現了非常強勁的生產力，但這被 Olink 收購、有利的產品組合和策略投資的預期影響所抵消。在分析儀器部門，報告營收年增 2%，有機收入成長 3%。

The growth in the quarter was led by Electron Microscopy business. In this segment, Q1 adjusted operating income was flat year over year, and adjusted operating margin was 23.2%, down 50 basis points versus the year ago quarter. In Q1, we delivered strong productivity and volume pull through, which is more than offset by strategic investments, foreign exchange headwinds, and unfavorable mix.

本季的成長主要由電子顯微鏡業務推動。該部門第一季調整後營業收入與去年同期持平，調整後營業利潤率為 23.2%，較去年同期下降 50 個基點。在第一季度，我們實現了強勁的生產力和銷售拉動，但這被戰略投資、外匯逆風和不利的組合所抵消。

Turning to Specialty Diagnostics. In Q1, reported revenue grew 3% year over year and organic revenue increased 4%. In Q1, growth in this segment was led by a healthcare market channel and our Immunodiagnostics and Transplant Diagnostics businesses. Q1 adjusted operating income for Specialty Diagnostics increased 3%, and adjusted operating margin was 26.5% flat year over year. During the quarter, we delivered good productivity and volume pull through, which was offset by foreign exchange headwinds and unfavorable mix.

轉向專業診斷。第一季度，報告營收年增 3%，有機收入成長 4%。在第一季度，該部門的成長主要由醫療保健市場管道以及我們的免疫診斷和移植診斷業務推動。專科診斷第一季調整後營業收入成長 3%，調整後營業利益率較去年同期持平為 26.5%。在本季度，我們實現了良好的生產力和銷量拉動，但被外匯逆風和不利的組合所抵消。

And finally, in the Laboratory Products and Biopharma Services segment, both reported revenue and organic revenue decreased 1% versus the prior year quarter. The runoff of pandemic-related revenue had about a 2% impact on revenue growth in the segment in Q1. This was largely offset by good growth in our Pharma Services business and our Research and Safety Market channel.

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下降了 1%。疫情相關收入的減少對該部門第一季的收入成長產生了約 2% 的影響。這在很大程度上被我們的製藥服務業務和研究與安全市場管道的良好成長所抵消。

In this segment, Q1 adjusted operating income decreased 2% and adjusted operating margin was 13%, which is flat to Q1 2024. In the quarter, we delivered very strong productivity, which is offset by unfavorable mix and strategic investments.

該部門第一季調整後營業收入下降 2%，調整後營業利潤率為 13%，與 2024 年第一季持平。本季度，我們的生產力表現非常強勁，但被不利的產品組合和策略投資所抵消。

So turning to guidance. As Marc outlined, we're updating our 2025 full-year guide to reflect the continued strength of the business, including the very strong start to the year in Q1, and to reflect the expected impact of recent changes in the macroeconomic environment.

因此轉向指導。正如馬克所概述的，我們正在更新 2025 年全年指南，以反映業務的持續強勁表現，包括第一季非常強勁的開局，並反映宏觀經濟環境近期變化的預期影響。

While these recent macro changes are causing uncertainty and remaining fluid, we thought it would be most helpful to the investment community to offer our best estimates of the impact of the known changes as of today and embed them in our guide. Let me start with a high-level summary of the change to the midpoint of the guide. I'll then provide more detail around each one of the changes, so they have the right context.

雖然最近的宏觀變化正在造成不確定性並且仍然不穩定，但我們認為，對投資界來說，最有幫助的是提供我們對截至目前已知變化的影響的最佳估計，並將其嵌入我們的指南中。首先，讓我對指南中點的變化進行高層次的總結。然後，我將針對每個更改提供更多細節，以便它們具有正確的背景。

Adjusted EPS is $1 lower at the midpoint than our previous guidance. $0.70 is driven by the tariffs between US and China. We expect this impact will reduce very rapidly next year when the full benefits of our mitigation actions are realized. Non-China-related tariffs are assumed to have no net impact to the adjusted EPS for the full-year 2025.

調整後的每股盈餘比我們先前預期的中位數低 1 美元。 $0.70 是由美國和中國之間的關稅推動的。我們預計，當我們的緩解措施的全部效益在明年實現時，這種影響將會迅速減少。假設與中國無關的關稅不會對 2025 年全年調整後的每股盈餘產生淨影響。

Our mitigation actions offset the gross impact of the new costs within the year. And finally, the impact of changes driven by the current policy focus of the US administration has a $0.30 impact in 2025. Revenue dollars are unchanged at the midpoint. The volume-related impacts are offset by our mitigating price actions and more favorable FX. And we now expect organic revenue growth to be 2% at the midpoint of the range for the year.

我們的緩解措施在年內抵消了新成本的整體影響。最後，美國政府目前政策重點所推動的變化的影響在 2025 年將產生 0.30 美元的影響。收入金額中間值維持不變。我們採取的緩解價格行動和更有利的外匯政策抵消了與交易量相關的影響。我們現在預計今年有機收入成長率將達到 2%，處於區間中間值。

The guidance is prepared using tariff rates that are in place today and assumes no change in the current US policy focus. So we're updating the guide to reflect the change in the macro environment and our highly impactful mitigation actions. It's important to note that all the rest of our guidance remains on track for the year.

該指南採用現行的關稅稅率制定，並假設美國當前政策重點沒有變化。因此，我們正在更新指南，以反映宏觀環境的變化和我們具有重大影響的緩解措施。值得注意的是，我們今年的所有其他指導仍保持正常。

Let me now give you the detailed context behind each of these macro change factors, starting with the US-China tariffs. The tariff rates here are so substantial that they're likely to significantly reduce the volume of trade between the two countries. We expect this will impact the sales of our products in China that are produced by our facilities in the US. In our guidance, we're assuming this is a $400 million revenue headwind for the year. These tariffs are also expected to increase the cost of China sourced parts and subassemblies.

現在，讓我從中美關稅開始，向您詳細介紹每個宏觀變化因素背後的背景。這裡的關稅稅率如此之高，可能會大幅減少兩國之間的貿易量。我們預計這將影響我們在美國工廠生產的產品在中國的銷售。在我們的指導中，我們假設這對今年的收入來說是一個 4 億美元的逆風。預計這些關稅還將增加中國採購的零件和組件的成本。

The pull-through on the lower volumes and higher costs, net of the aggressive mitigation actions, is assumed to be a headwind of adjusted operating income in 2025 of $375 million versus that prior guide. The mitigation actions take time to complete, so we don't get all the benefit from them in 2025. Once they are complete, we expect them to fully mitigate the impact of these tariffs.

在扣除積極的緩解措施後，較低的產量和較高的成本預計將對 2025 年的調整後營業收入造成 3.75 億美元的不利影響，而先前的預期為如此。緩解行動需要時間才能完成，因此我們無法在 2025 年獲得所有好處。一旦完成，我們預計它們將完全減輕這些關稅的影響。

Moving on now to non-China-related tariffs. These recently raised tariffs are increasing our costs and where we directly import items into the US, but also likely increase the cost of many items that we buy in the US that have an overseas content.

現在來談談與中國無關的關稅。這些最近上調的關稅不僅增加了我們的成本，也增加了我們直接進口到美國的商品的成本，也可能增加了我們在美國購買的許多包含海外內容的商品的成本。

A partial offset to the impact of these tariffs is foreign exchange. The increase in tariffs records a significant weakening of the US dollar. And at current rates, this increases our revenue guide for the year by $600 million. The bottom-line benefit of the FX change is more muted given the mix of currencies and one-time transactional FX caused by the recent rapid change in the rates.

外匯可以部分抵銷這些關稅的影響。關稅的增加導緻美元大幅貶值。按照目前的速度，這將使我們今年的收入預期增加 6 億美元。鑑於近期匯率的快速變化導致的貨幣組合和一次性交易外匯，外匯變化的底線效益更加微弱。

We're driving offsetting mitigation actions here as well, a combination of supply chain changes, actively managing our cost base and appropriate pricing actions. As a result, as I mentioned earlier, there's no net adjusted EPS impact for 2025 from the non-China-related tariffs. And in terms of the changes in US policy focus, the largest impact is likely to be on our US Academic and Government customers.

我們也正在推動抵銷緩解措施，包括供應鏈變革、積極管理成本基礎和適當的定價行動。因此，正如我之前提到的，與中國無關的關稅不會對 2025 年的淨調整後每股盈餘產生影響。就美國政策重點的變化而言，最大的影響可能是對我們的美國學術和政府客戶。

We now expect their purchases to be more muted in 2025, especially for instruments and equipment as they evaluate the impact of potential changes to government funding and work help access new funding sources to continue their critical work. We're baking into our guidance a lower level of clinical trials work also related to vaccine studies. Net of appropriate cost management, these changes to US policy focus reduced our guidance midpoint by $500 million of revenue, $150 million of operating income and $0.30 of adjusted EPS.

我們現在預計，2025 年他們的採購將會更加謹慎，尤其是對儀器和設備的採購，因為他們正在評估政府資金潛在變化的影響，並努力幫助獲得新的資金來源以繼續他們的關鍵工作。我們正在將與疫苗研究相關的較低級別的臨床試驗工作納入我們的指導中。在扣除適當的成本管理後，這些對美國政策重點的改變使我們的指導中點減少了 5 億美元的收入、1.5 億美元的營業收入和 0.30 美元的調整後每股收益。

The tariffs and policy changes are also creating some very relevant medium- and long-term opportunities, and we're working to maximize these upsides, including leveraging our extensive US manufacturing capabilities to help our customers navigate their own potential tariff impact. This will have minimal impact in 2025, but it's expected to be an important contributor going forward.

關稅和政策變化也創造了一些非常重要的中長期機遇，我們正在努力最大限度地發揮這些優勢，包括利用我們廣泛的美國製造能力來幫助我們的客戶應對他們自己潛在的關稅影響。這在 2025 年的影響很小，但預計會成為未來的重要因素。

So bringing all this together, our updated guidance range for the year now reflects revenue in the range of $43.3 billion to $44.2 billion, organic growth in the range of 1% to 3%, and adjusted operating income margins in the range of 22% to 22.6%. It's worth noting that the tariff-related changes to the guide reduced our adjusted operating income margin by 120 basis points. This is driven by FX and also the tariff costs, partially offset by incremental pricing actions. We're taking the right actions and protecting the profit dollars, but it has an impact on our reported margins.

綜合所有這些因素，我們更新後的年度預期範圍反映出營收在 433 億美元至 442 億美元之間，有機成長率在 1% 至 3% 之間，調整後的營業收入利潤率在 22% 至 22.6% 之間。值得注意的是，與關稅相關的指南變更使我們的調整後營業收入利潤率降低了 120 個基點。這是由外匯和關稅成本推動的，但增量定價行動部分抵消了這種影響。我們正在採取正確的行動並保護利潤，但這對我們報告的利潤率產生了影響。

And then finally, adjusted EPS in the range of $21.76 to $22.84. This reflects excellent performance in the current conditions. From a range standpoint, we've assumed a plus or minus 1% organic revenue growth range around the midpoint. This range is provided to give you a view on the potential outcomes based on the world as it is today and the current tariff levels and the current policy focus areas being unchanged.

最後，調整後的每股盈餘在 21.76 美元至 22.84 美元之間。這體現了當前條件下的出色表現。從範圍的角度來看，我們假設中點附近的有機收入成長範圍為正負 1%。提供此範圍是為了讓您了解基於當今世界、當前關稅水準和當前政策重點領域不變的潛在結果。

There is scenario for 2025 that could be lower in this guidance range that the macroeconomic outlook meaningfully dampens, and there are scenarios that could play out above this range that would be largely in line with our original guidance.

2025 年的情況可能會低於這個指導範圍，即宏觀經濟前景受到顯著抑制；而有些情況可能會高於這個範圍，基本上符合我們最初的指導。

As I think about the implications for beyond 2025, given the robust mitigation actions we're putting in place, I see that financial impact of these macro-driven changes to our guide reducing fairly rapidly. We'll quickly realize the full benefit of our supply chain actions, our Academic customers will adapt their funding sources and we'll capitalize on the new opportunities that the macro changes are creating.

當我思考 2025 年以後的影響時，考慮到我們正在採取的強有力的緩解措施，我發現這些宏觀驅動的變化對我們的指南的財務影響正在迅速減少。我們很快就會實現供應鏈行動的全部好處，我們的學術客戶將調整他們的資金來源，我們將利用宏觀變化所創造的新機會。

So now I'll move on to an update of some of the modeling elements for the full year. So given the recent changes in rates, we now expect FX to be a year-over-year headwind to revenue of $50 million and $90 million headwind to adjusted operating income. This includes an estimated $60 million of one-time transactional FX.

現在我將繼續更新全年的一些建模元素。因此，考慮到近期利率的變化，我們現在預計外匯將對收入造成同比 5,000 萬美元的阻力，對調整後營業收入造成 9,000 萬美元的阻力。其中包括估計價值 6000 萬美元的一次性交易外匯。

In terms of adjusted EPS, we now expect FX to be a headwind of $0.19 for the year. Below the line, we now expect approximately $330 million of net interest expense in 2025. The adjusted tax rate assumption for the year is expected to be 10.5% versus our prior guide of 11.5%, reflecting the changes to our earnings guidance. We continue to expect between $1.4 billion and $1.7 billion of net capital expenditures in 2025 and free cash flow in the range of $7 billion to $7.4 billion for the year.

就調整後的每股盈餘而言，我們現在預計外匯將對今年造成 0.19 美元的不利影響。低於這一水平，我們現在預計 2025 年的淨利息支出約為 3.3 億美元。預計今年的調整後稅率假設為 10.5%，而我們先前的預測為 11.5%，這反映了我們獲利預測的變化。我們仍預期 2025 年淨資本支出將在 14 億美元至 17 億美元之間，全年自由現金流將介於 70 億至 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. We continue to estimate the full-year average diluted share count will be between 378 million and 379 million shares, and we'll return approximately $600 million of capital to shareholders this year through dividends.

在資本配置方面，我們假設回購股票金額為 20 億美元，該金額已於 1 月完成。我們繼續估計全年平均稀釋股數將在 3.78 億至 3.79 億股之間，今年我們將透過股息向股東返還約 6 億美元的資本。

And our guidance does not include any future acquisitions or divestitures, so it does not include any impact from the pending acquisition of Solventum's Purification and Filtration business. And finally, I wanted to touch on phasing for Q2. We expect organic growth in Q2 to be similar to Q1 and adjusted EPS in Q2 to be approximately $0.05 to $0.10 higher than Q1.

我們的指導不包括任何未來的收購或資產剝離，因此不包括即將收購 Solventum 淨化和過濾業務的影響。最後，我想談談第二季的分階段事宜。我們預計第二季的有機成長將與第一季相似，調整後每股收益將比第一季高出約 0.05 美元至 0.10 美元。

So to conclude, in a more uncertain world, we delivered on our commitments in Q1. And while the world is more uncertain, what is unchanged is our approach. We're acting with agility and navigating appropriately, enabling the success of our customers, our colleagues, and our shareholders.

總而言之，在一個更不確定的世界中，我們在第一季履行了承諾。儘管世界變得更加不確定，但我們的做法始終沒有改變。我們行動敏捷，導航合理，協助我們的客戶、同事和股東成功。

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。

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

謝謝你，史蒂芬。接線員，我們已準備好進行電話問答部分。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行 Michael Ryskin。

Thanks for the detailed comments, Marc and Stephen. That was really helpful. I want to start on something you both touched on, sort of the approach to the guide methodology going forward given all the uncertainty in the broader market and especially on the policy side.

感謝馬克和史蒂芬的詳細評論。這真的很有幫助。我想從你們談到的一點開始，即考慮到更廣泛的市場，特別是政策方面的種種不確定性，未來的指導方法。

Just trying to think about -- obviously, things have changed a lot in the last three months. It feels like they're changing every day, every week. We noticed that for the guide, both for revenues and EPS, you're giving a wider range than you have in the past. But could you talk a little bit about upside, downside sort of what the world looks like for the lower end versus what the world looks like for the higher end?

只是試著去想——顯然，過去三個月裡情況發生了很大的變化。感覺他們每天、每週都在變化。我們注意到，對於收入和每股盈餘的指南，您給出的範圍比過去更為廣泛。但是，您能否稍微談談世界對低端和高端的有利和不利之處呢？

And just if things keep changing as they have been, levers you have to offset things if things deteriorate further? Or maybe just sort of what your actions would be if things improved a little bit? Just think about various scenarios going forward.

如果情況繼續像以前那樣變化，那麼如果情況進一步惡化，你有什麼手段來抵消這種影響？或者如果情況稍微好轉，你會採取什麼行動？試想一下未來的各種狀況。

Mike, thanks for the question. Super helpful question. So maybe I'll start with a little bit of framing and then think about some scenarios, right? So I think that -- you start with, we had a really good quarter to start the year, right? And it was clean across all dimensions, top line, bottom line, execution of the growth strategy, was actually really excited about customer leads and things that we don't talk as much as the best ever turnover rate of colleagues, the lowest that we've recorded. So things are good, and from that perspective, right? And the majority of our business actually are right on track in terms of what I would expect.

麥克，謝謝你的提問。非常有幫助的問題。所以也許我會從一點點框架開始，然後思考一些場景，對嗎？所以我認為——首先，我們今年的第一季表現非常好，對吧？它在各個方面都很清晰，包括頂線、底線、成長策略的執行，實際上對客戶線索和我們不常談論的事情感到非常興奮，同事的流動率是有史以來最好的，也是我們記錄的最低水準。所以從這個角度來看，事情是好的，對嗎？正如我所預期的，我們的大部分業務實際上都進展順利。

The macro is, as you said, is quite changing and dynamic. And if I think about how challenging it was to just go through and assess what would be the impact of us. So just what we have at this moment, we made the view that it's better to actually articulate that so that people can model it, right? And do we think that's going to be exactly right? Of course, not.

正如您所說，宏觀是不斷變化和動態的。如果我考慮到經歷並評估我們的影響是多麼具有挑戰性。所以就我們目前所擁有的而言，我們認為最好將其真正表達出來，以便人們可以對其進行建模，對嗎？我們認為這完全正確嗎？當然不是。

But do we think it's directionally correct? Yes, we do. And what's hard to visualize is we are fully mobilized on mitigation actions, navigating the environment that we see right now. And if you think about, really, most of these changes started around April 10. And we sit here less than two weeks later, and we're in full mobilization mode. If things change, we're going to capitalize on opportunities that we never saw coming.

但我們認為它的方向正確嗎？是的，我們有。難以想像的是，我們已全面動員起來採取緩解行動，以應對我們目前所看到的環境。如果你仔細想想，你會發現大部分的變化都是在 4 月 10 日左右開始。不到兩週後，我們坐在這裡，已經進入全面動員模式。如果情況發生變化，我們將利用從未見過的機會。

We will navigate risks effectively. We'll roll back actions that are unnecessary as some of these things don't happen. So we'll be very agile. And I feel good about our ability to do that. Actually, I think we're incredibly differentiated based on our ability to do that.

我們將有效規避風險。我們將撤銷那些不必要的操作，因為其中一些事情不會發生。所以我們會非常敏捷。我對我們做到這一點的能力感到很滿意。實際上，我認為我們憑藉這樣的能力而與眾不同。

So what are the broad scenarios? So the upside scenario is changes in the policies between US and China so that you don't have sort of this dramatic reduction of demand based in China for US-made products. It's a small minority of what we produce for China is actually made in the US, but our assumption is, effectively, it goes to zero until we can mitigate supply chain, which we can do quite aggressively, but this takes some time to move production to other sites. So that's the most obvious scenario that would drive short-term actions.

那麼大致的情況是怎麼樣的呢？因此，好的方面是美國和中國之間的政策發生變化，這樣中國對美國製造產品的需求就不會大幅減少。在我們為中國生產的產品中，只有一小部分是在美國生產的，但我們的假設是，實際上，在我們能夠緩解供應鏈壓力之前，這一比例將降至零，我們可以非常積極地做到這一點，但將生產轉移到其他地點需要一些時間。這是推動短期行動的最明顯的情景。

There was actually a good sort of commentary from the FDA Commissioner about what he's trying to do, and I know the biotech community has felt good about those changes. So you could envision a more robust biotech environment. Those are kind of both scenarios or probably some other ones I'm not thinking about. The negative is if tariff rates or other things like that or the macro gets affected by these things, that would be the negative scenario and many levers that we can pull. But it's hard to know exactly what the impact would be because we don't know the magnitude of the challenge that we face.

事實上，FDA 局長對他正在嘗試做的事情做出了很好的評論，我知道生物技術界對這些變化感到滿意。因此你可以想像一個更強大的生技環境。這些都是兩種情況，或者可能是我沒有想到的其他情況。負面因素是，如果關稅稅率或其他類似因素或宏觀因素受到這些因素的影響，那將是一種負面情況，我們可以採取多種措施。但我們很難確切知道其影響是什麼，因為我們不知道我們所面臨的挑戰有多大。

So hopefully, that helps you think about it. And the important reminder in a period of volatility, there's no place that's better to be than life science tools, right, in terms of -- if you think about this level of change and in the scheme of things, very small changes to our outlook. We're still growing nicely and our plan is to grow EPS. So it's a nice haven in a little bit of a challenging environment.

希望這能幫助你思考這個問題。需要提醒的是，在動盪時期，沒有什麼地方比生命科學工具更好，對吧，就這種程度的變化和事物的總體而言，我們的前景的變化非常小。我們仍在順利發展，我們的計劃是提高每股收益。所以，儘管環境有些挑戰，但它仍然是一個不錯的避風港。

Okay. That's really helpful. And then for my follow-up, I want to touch a little bit on sort of the long term beyond 2025. I think you guys addressed the tariff situation really well, saying that you'll be able to mitigate things and it's really not going to be an issue next year.

好的。這真的很有幫助。接下來，我想稍微談談 2025 年以後的長期問題。我認為你們很好地解決了關稅問題，表示你們能夠緩解問題，明年這實際上不會成為問題。

But thinking about NIH, US government funding, policies there. Obviously, that's an important market. So any thoughts -- I know it's really early, but any thoughts on what your view is of the underlying tools market growth rate at 4% to 6%? Is that still viable going forward in the future? Do you think that there will be enough offsets and ability to find new funding sources? Or does this sort of dampen that longer-term outlook for the market?

但考慮到 NIH、美國政府的資助和政策。顯然，這是一個重要的市場。所以有什麼想法嗎——我知道現在還為時過早，但您對基礎工具市場成長率在 4% 到 6% 之間有何看法？未來這種做法是否仍然可行？您認為會有足夠的抵銷額度和找到新資金來源的能力嗎？或者這會抑制市場的長期前景？

Yes. So Mike, I think right now, we're focused on the super short term, right? Because obviously, we're addressing that. I'm super optimistic about the long-term health of our industry because if you go by what's driving it, what's driving it is we're getting older. There's big demand for health care. And the scientific breakthroughs, they're awesome, right? The pipelines in the pharmaceutical and biotech industry are compelling, right? And those things generate the fundamental underlying growth.

是的。所以麥克，我認為現在我們關注的是超短期，對嗎？因為顯然我們正在解決這個問題。我對我們行業的長期健康發展非常樂觀，因為如果你去了解推動它發展的因素，你會發現推動它發展的是我們正在變老。對醫療保健的需求很大。這些科學突破真是太棒了，對吧？製藥和生物技術行業的管道引人注目，對嗎？這些因素產生了根本的潛在成長。

So when I think about the long term, I feel very good about the long-term growth, right? What underlies that is obviously GDP growth. So if the GDP growth in the world is better, that actually puts an upward pressure on growth in the long term. If GDP growth is depressed, that puts a downward pressure. That would affect every part of the economy, but that's always a driver that we don't talk so much about.

所以當我考慮長遠時，我對長期成長感到非常樂觀，對嗎？其根本原因顯然是GDP成長。因此，如果全球 GDP 成長更好，這實際上會對長期成長造成上行壓力。如果GDP成長受到抑制，就會產生下行壓力。這將影響經濟的各個部分，但我們很少談論這個驅動因素。

On the academic funding, when I think about sort of US NIH, when you're thinking about a few points of our total revenue, you have a one-time reset if this never changes in policy. But ultimately, it grows from there. When I actually think about what is the practical aspects of the government, environment or the academic environment, I should say, the next step actually is what does the appropriations happen in the budget?

關於學術資助，當我想到美國國立衛生研究院時，當你想到我們總收入的幾個點時，如果政策永遠不改變，你就會進行一次性重置。但最終，它會從那裡成長。當我真正思考政府、環境或學術環境的實際方面是什麼時，我應該說，下一步實際上是預算中的撥款會發生什麼？

Congress has historically been strong supporters of NIH. We'll see how that plays out. And then from there, it will go going forward. So hopefully, that's helpful. I'm excited for what the future holds. And right now, we're just going to navigate the environment that we're in.

國會歷來都是 NIH 的堅定支持者。我們將拭目以待事情將如何發展。然後從那裡開始，它將繼續前進。希望這會有所幫助。我對未來充滿期待。現在，我們只需探索我們所處的環境。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

I really do appreciate all the detail you've given so far. I guess for my first question, just given how close you are to your customers, as we think about the large biopharma end market, could you maybe talk about any changes in order behavior or patterns where there's been a pull forward of inventories just to get ahead of tariffs?

我真的很感謝您迄今為止提供的所有細節。我想對於我的第一個問題，考慮到您與客戶的密切關係，當我們考慮大型生物製藥終端市場時，您能否談談訂單行為或模式的任何變化，即為了趕在關稅之前提前庫存？

And if you haven't seen that yet, do you expect that to happen? And how do you work with your customers to ensure not a significant amount of supply chain disruption in that event?

如果您還沒有看到這一點，您預計它會發生嗎？您如何與客戶合作以確保在這種情況下不會出現嚴重的供應鏈中斷？

Yes. So Matt, it's a great question, and thanks for it. Given how short the announcement implementation of the tariffs, I don't really believe customers had any opportunity to pull forward, right? It would have been -- we didn't see something like funky in the first quarter in terms of some bolus of things happening later in the quarter. We sort of going into the normal process. And the tariffs are in effect. So I don't see really any meaningful changes in the patterns that we're expecting. And so hopefully, that's helpful.

是的。馬特，這是一個很好的問題，謝謝你。考慮到關稅公告實施的時間如此之短，我真的不相信客戶有任何機會提前，對嗎？本來應該是——我們在第一季並沒有看到像本季度後期發生的一些奇怪的事情。我們正在進入正常流程。關稅已經生效。因此，我並沒有看到我們所期望的模式有任何有意義的變化。希望這會有所幫助。

Great. And then just for my follow-up, when you talk about manufacturing flexibility and the ability to mitigate, could you maybe, at a high level, just kind of talk about how flexible different types of products are? Meaning like is it easier to flex in instrument manufacturing facility versus, say, consumables and reagents?

偉大的。然後，作為我的後續問題，當您談到製造靈活性和緩解能力時，您能否從高層次上談談不同類型的產品的靈活性？意思是說，與消耗品和試劑相比，儀器製造設施是否更容易靈活變通？

And how do you think about sort of the order of priorities in terms of flexing that manufacturing? I just think we all want to get a sense for timing of truly how flexible you can be given the diverse set of products that you offer.

您如何看待在靈活運用製造技術方面的優先順序？我只是認為，我們都想真正了解一下，鑑於您所提供的多樣化產品，您能夠擁有多麼靈活的時間安排。

Yes. Matt, when you think about what we said in our guide and how fast we're able to mobilize, you can see the short time duration it takes to actually get the full impact of that. And it's complex. It takes a lot of hard work. The team is doing an awesome job of thinking about the implications; and then, B, putting the right actions in place, plans in place; and then, C, executing, whether they were at the C stage and executing.

是的。馬特，當你想想我們在指南中所說的內容以及我們能夠多快地動員起來時，你就會發現，實際上只需要很短的時間就能獲得全部影響。而且它很複雜。這需要付出很多努力。團隊在思考其影響方面做得非常出色；然後，B，採取正確的行動，制定計劃；然後，C，執行，無論他們是否處於 C 階段並正在執行。

And it's different by different businesses, by different product types, and they have flexibility in our system that you see the net impact of that. So I think that's the best way to put it. And the team is just working with the benefit of the PPI businesses to actually execute on that.

不同的企業、不同的產品類型都有不同的特點，但在我們的系統中它們具有靈活性，您可以看到其淨影響。所以我認為這是最好的表達方式。該團隊正在利用 PPI 業務的優勢來實際執行這一目標。

So the other one thing that will be challenging, I think, for the analysis of the industry is scale is just an enormous advantage here, right? Because if you're narrow, and you ship from the world, from a single site for your products, you might be massively disadvantaged. You might be advantaged. You may change your ability to be flexible, incredibly hard. We have scale facilities in every major geography. They don't do everything that we do, but the capabilities are robust. We have a lot of twin factories where the factories do the same thing in different geographies.

因此，我認為，對於行業分析而言，另一個具有挑戰性的事情是規模是一個巨大的優勢，對嗎？因為如果你的市場範圍很窄，並且你從世界各地、從一個單一的站點運送你的產品，那麼你可能會處於極大的劣勢。你可能會有優勢。您可能會改變自己的能力，變得靈活、難以置信。我們在各主要地區都有規模設施。他們不能做我們所做的一切，但他們的能力很強大。我們有許多孿生工廠，這些工廠在不同的地理位置生產相同的產品。

So our ability to move with speed here is [enormous], and that actually is a great share gain opportunity for us as well, right? I feel very good about our competitive position, especially how strong the PPI Business System is on our operational execution. Hopefully, that's helpful.

因此，我們在這裡快速行動的能力是巨大的，這實際上對我們來說也是一個很好的份額成長機會，對嗎？我對我們的競爭地位感到非常滿意，尤其是PPI業務系統對我們的營運執行的強大作用。希望這會有所幫助。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

First, appreciate. Very comprehensive guidance update that you guys provided. Marc, one follow-up, one to ask on the policy side is related to pharmaceutical tariffs. Just curious what you're hearing from customers? And then just talk about the risks and opportunities there for Thermo Fisher. I'll leave it open ended, but then I have a follow-up.

首先，欣賞。你們提供的指導更新非常全面。馬克，接下來要問的一個問題是關於政策方面的，與藥品關稅有關。只是好奇您從客戶那裡聽到了什麼？然後談談賽默飛世爾科技面臨的風險和機會。我將保留這個開放式結局，但隨後我將進行後續報導。

Jack, thanks for the question. So we interact, obviously, with our pharmaceutical and biotech customers continually. Obviously, there's nothing been formalized on the tariffs at this point. I think there's both advocacy that those customers are doing and planning as well. One of the things that we're doing is we're seeing a lot of interest in leveraging our scale US manufacturing capabilities within our Pharma Services business. So there's quite a bit of demand for our footprint here.

傑克，謝謝你的提問。因此，我們顯然會與製藥和生技客戶持續互動。顯然，目前關稅問題尚未正式確定。我認為這些客戶正在進行宣傳和規劃。我們正在做的事情之一是，我們看到很多人對在我們的製藥服務業務中利用我們的規模美國製造能力感興趣。因此，這裡對我們的足跡有相當大的需求。

And part of the reason that I talked about the investment, which is a $2 billion investment over the full-year period ahead of us, is really to actually have added capacity for pharma services, for analytical services or our laboratories and additional R&D done in the US. And I think it's -- we just believe that there's going to be more activity here, whether there's tariffs or not, and that's the direction of travel. And we're going to enable our customer success. And once again, we'll be able to capitalize on that opportunity to help our customers be extraordinarily successful.

我談到這項投資的部分原因，即在未來一年內投資 20 億美元，實際上是為了增加製藥服務、分析服務或實驗室的能力以及在美國進行的額外研發。我認為——我們只是相信這裡將會有更多的活動，無論是否有關稅，這就是發展的方向。我們將幫助客戶取得成功。我們將再次利用這個機會幫助我們的客戶取得巨大的成功。

Great. And you kind of walked me to where I wanted to go, which is on the Pharma Services business. So that got a few call outs in the script. I would just like to get your thoughts on what inning you think this business is now in, kind of in the post-COVID recovery, confidence that continues? And when you have these discussions with customers, is it more API related or Fill Finish, just like where you're seeing the demand for help?

偉大的。您帶領我走向了我想要去的地方，即製藥服務業務。因此，劇本中出現了一些這樣的情況。我只是想聽聽您的看法，您認為這項業務目前處於什麼階段，在後疫情時代的復甦中，信心會持續下去嗎？當您與客戶進行這些討論時，它是否更多地與 API 相關或與 Fill Finish 相關，就像您看到的對幫助的需求一樣？

Yes. So it's the biggest area -- it's across the board, but the biggest areas really is in Fill Finish, right, as well as interestingly enough drug product on the tableting side of the things as well because there's an interest in having more done in the US. So I say drug product is seeing the fastest thing because it takes a long time to move drug substance, actually, in terms of that happening. So I think that's where we'll see it first. And in terms of the COVID thoughts, we've won significant business to backfill the old COVID-related capacity.

是的。所以它是最大的領域 - 它是全面的，但最大的領域實際上是在填充完成，對吧，以及有趣的是，在壓片方面的藥品產品也是如此，因為人們有興趣在美國做更多的事情。所以我說藥品是最快的，因為實際上，就發生這種情況而言，轉移藥物物質需要很長時間。所以我認為我們會首先在那裡看到它。就 COVID 問題而言，我們贏得了大量業務，以填補舊的 COVID 相關產能。

So that's pretty much all -- that is actually all signed up. And then we're just ramping up production, right? And we have new lines coming in. We're going to have even more lines being added with the additional investments in the coming years. So from that perspective, the COVID is in the rearview mirror and now you're starting to see the ramp of the activity on what we backfill the rest. So it's a pretty exciting time in Pharma Services.

差不多就是這樣了——實際上所有的東西都已經註冊了。然後我們就提高產量了，對吧？我們還有新的產品線加入。未來幾年，我們將透過額外投資增加更多的生產線。因此，從這個角度來看，COVID 已經成為過去，現在您開始看到我們填補剩餘空缺的活動不斷增加。因此，這是製藥服務業非常令人興奮的時刻。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

I wanted to dig into the policy changes that drove a portion of the updated guide. You highlighted that $500 million of that guidance reduction was related to those policy changes. You specifically called out the weakness in Academic and Government, but then you also highlighted some of the clinical trial weakness in light of lower expectations related to vaccines.

我想深入研究推動部分更新指南的政策變革。您強調指出，指導金額削減中的 5 億美元與這些政策變化有關。您特別指出了學術和政府方面的弱點，但隨後您也強調了對疫苗的期望較低而導致的一些臨床試驗弱點。

So could you break down for us what percent of that $500 million update was related to A&G versus the CRO? And then alongside the Academic and Government, what are your updated expectations for how that market should perform for the full year?

那麼，您能否為我們細分一下，這 5 億美元的更新中有多少百分比與 A&G 有關，有多少百分比與 CRO 有關？那麼，除了學術界和政府之外，您對該市場全年的表現有何最新預期？

Which market, Rachel, I didn't understand. Which market should perform?

瑞秋，我不明白是哪個市場。哪個市場應該表現？

For Academic and Government.

適用於學術界和政府。

Yes. I just want to make sure I answer the right question. So thanks for the question. So the split is really quite straightforward on the policy changes. Within the Clinical Research business, we've seen $200 million of studies canceled or put on hold, specifically vaccine. About half of that is directly funded by the government through innovators and about half of it is just from the innovators themselves.

是的。我只是想確保我回答了正確的問題。感謝您的提問。因此，政策變化方面的分歧實際上相當明顯。在臨床研究業務中，我們看到價值 2 億美元的研究被取消或擱置，特別是疫苗研究。其中約一半由政府透過創新者直接資助，約一半來自創新者自己。

Every other aspect of clinical trial-related activity seems to be normal. So that's been fine. Actually, there's a lot of interesting strength in the biotech authorization. There's a lot of good things going on there. But we have seen very specific actions, and I suspect that others that do that particular activity in the short term will figure that out.

臨床試驗相關活動的其他各個方面似乎都正常。一切都很好。實際上，生物技術授權中有很多有趣的優勢。那裡發生了很多好事。但我們已經看到了非常具體的行動，我懷疑其他在短期內採取這項特定活動的人會明白這一點。

I also believe that, ultimately, as the policy people get in place, it's actually good medicine that's actually on some of those studies. So it's just a question of, do they come back. And if so, when? So that's how I think about that as kind of a one-off. In terms of the Academic and Government will be the balance of that. In terms of the [phasing], obviously, we don't guide by end market or that. The way I would just think about it is customers are putting in their mitigation actions.

我還相信，最終，隨著政策的實施，這些研究結果實際上會成為良藥。所以問題只是他們會回來嗎？如果是的話，什麼時候？所以我認為這是一次性的事情。就學術和政府而言，這將是平衡的。就[分階段]而言，顯然我們不會以終端市場或那樣的東西為指導。我的想法是，客戶正在採取緩解措施。

We would expect that US Academic would be relatively soft the balance of the year. That's what we embedded in our guidance going forward and that it could improve based on the appropriations on dynamics this summer. We haven't assumed that that creates a tailwind. But I would say we just effect -- to put it in effect throughout the balance of the year, pretty much pro rata in terms of the impact.

我們預計今年美國學術表現將相對疲軟。這就是我們在未來指導中所體現的內容，並且可以根據今年夏天的撥款動態進行改進。我們還沒有假設這會產生順風。但我想說的是，我們只是在全年的平衡中產生影響，其影響基本上是按比例計算的。

Great. And then for my follow-up, I just wanted to push on pricing assumptions. So you called out just in line of tariffs that you can see some potential pricing offsets there. So can you walk us through your broad pricing assumptions, expectations for this year? How much do you really think you will be able to mitigate? How conservative are you being on those assumptions as well? And then what businesses are you expecting more pricing power and ability to pass that on through tariffs versus other areas where you maybe take less price in this environment?

偉大的。然後，對於我的後續行動，我只是想推動定價假設。所以您剛才提到了關稅，您可以看到那裡存在一些潛在的價格抵消。那麼，您能否向我們介紹您對今年的大致定價假設和預期？您真的認為自己能夠減輕多少？您對於這些假設又有多保守呢？那麼，與其他可能在這種環境下收取較低價格的領域相比，您預計哪些企業將擁有更大的定價權，並有能力透過關稅將其轉嫁出去？

Yes. I think it's important to note that we're taking appropriate pricing actions. We're not trying to take advantage of the situation. And this is exactly what we've done in prior times and appropriately passing price on. And when thinking about for the year, we were assuming this year, we've had just over a percentage point of price.

是的。我認為值得注意的是我們正在採取適當的定價行動。我們並不是想利用這種情況。這正是我們之前所做的，並且適當地轉嫁價格。當我們考慮今年的情況時，我們假設今年的價格漲幅剛好超過一個百分點。

This is kind of getting to that -- to close to 2%. So it's not a significant price change. It's just appropriate given we're in an inflationary environment, given what's happening in the change of the world in terms of tariffs. So the approach we're taking. We'll do that appropriately across the portfolio. So there's no area of concentration when I think about that pricing implication.

這差不多就是 2% 了。因此這並不是一個重大的價格變動。考慮到我們正處於通膨環境中，考慮到世界關稅方面正在發生的變化，這是恰當的。這就是我們採取的方法。我們將在整個投資組合中適當地採取此措施。因此，當我考慮定價影響時，沒有集中的領域。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Marc, I appreciate your answers to Mike's questions and a few others along the way earlier on essentially the LRP. And listen, I think a lot of us on the line know the history here of biopharma innovation and steady academic funding. That said, this seems different. Thus far, assuming that the White House doesn't really mean it, has not been a good policy. It's clearly not a business-friendly environment right now.

馬克，我很感謝你之前對麥克的問題以及其他一些關於 LRP 的問題的回答。聽著，我想我們中的許多人都了解這裡生物製藥創新和穩定學術資金的歷史。話雖如此，但這似乎有所不同。到目前為止，假設白宮並非真心這麼做，這並不是一個好政策。顯然，當前的環境對商業並不友善。

Major pharmaceutical companies such as Lilly are publicly talking about reducing the trajectory of R&D and CapEx investment. And then even beyond these recent developments, the reality is it's been a tough five years for the group. You and I have been doing this for a long time, Marc, and I think we believe in the greatness of this industry and the greatness of Thermo.

禮來等大型製藥公司正在公開談論減少研發和資本支出的投資軌跡。即使拋開最近的這些事態發展，現實情況是，對於該集團來說，過去五年是艱難的。馬克，你和我做這件事已經很長時間了，我想我們都相信這個行業的偉大以及賽默飛世爾科技的偉大。

But I'll tell you a lot of the investors I speak with, if you're newer to the industry, but I don't mean just last year, I mean, over the last five years, you've never seen tools be a good group. So with all that in mind, I would think you have to at least contemplate a scenario where the market growth rate is structurally lower. And while what we're doing now isn't normal, it may be normal-ish.

但是，如果你是這個行業的新手，我會告訴你很多與我交談過的投資者，但我不是指去年，我的意思是，在過去的五年裡，你從未見過工具成為一個好的群體。所以考慮到所有這些，我認為你必須至少考慮一下市場成長率結構性較低的情況。儘管我們現在所做的事情並不正常，但可能還算正常。

In that scenario, what do you change? If the growth rate is lower, do you actually pick up more share than 3 points? Do you think about altering the portfolio? And how does that impact M&A? So I want to start there and then I actually want to come back to maybe a more positive question and my follow-up.

在那種情況下，你會改變什麼？如果成長率較低，您實際上獲得的份額是否超過 3 個百分點？您是否考慮過改變投資組合？這對併購有何影響？所以我想從這裡開始，然後我實際上想回到一個可能更積極的問題和我的後續問題。

So Doug, I'm smiling. What I would say is if I look at the last five years, there have been aspects of the greatest that this industry has ever been in terms of enabling a global response to the most challenging pandemic that any of us have lived through and certainly since 1918. And that was only really regional between US and Europe in terms of the impact. And this industry enabled amazing things.

所以道格，我笑了。我想說的是，如果回顧過去五年，我們會發現這個行業在幫助全球應對我們經歷過的、自 1918 年以來最具挑戰性的疫情方面，已經達到了有史以來最偉大的成就。就影響而言，這實際上僅是美國和歐洲之間的區域性問題。這個行業創造了許多令人驚嘆的奇蹟。

So there are some great things that have happened. And in the five years, there's been some of the greatest innovations that have come out of our industry let alone. And there's been incredible overhang from the pandemic that has been extraordinarily painful, right? So I'm very realistic about the ups and downs. But if I look back at the last five years, it basically says the relevance of this industry to have a very bright future and have really quite small movements up or down on the volumes. And I think that shouldn't be lost.

所以發生了一些偉大的事情。在這五年裡，我們的產業已經出現了一些最偉大的創新。疫情帶來了令人難以置信的負面影響，令人極其痛苦，對吧？因此，我對起伏非常現實。但如果我回顧過去五年，基本上可以發現這個行業的相關性非常光明，而且銷量的上升或下降幅度確實很小。我認為這不應該被忽視。

And when you think about in a period of really since January 30, lots of new uncertainty. And in the scheme of life, very small changes to the top line. It talks about the resiliency of our company and actually attractiveness of the industry, right? And I think that gets lost when there's not been a lot of headlines that are positive right now on some of these dimensions.

當你思考自 1 月 30 日以來的一段時期時，你會發現有很多新的不確定性。在生活的計劃中，頂線的變化非常小。它談論的是我們的公司的彈性以及行業的實際吸引力，對嗎？我認為，當目前在某些方面沒有太多積極的頭條新聞時，這一點就會被忽視。

But as the largest US player, and the largest player in the field with a policy set of actions that want to make the US stronger, we're going to benefit from that disproportionately, and that's a good thing, right? And so I'd see all of that. When I think about the long term, I know what the drivers are. If GDP grows, if you take the views that you have or others are saying, that the world's GDP growth is less going forward on a structural basis because of the changes, then the market growth likely will be somewhat less.

但作為美國最大的參與者，以及該領域最大的參與者，並且擁有一系列希望讓美國更強大的政策行動，我們將從中受益匪淺，這是一件好事，對嗎？所以我會看到這一切。當我考慮長遠時，我知道驅動因素是什麼。如果 GDP 成長，如果您持有自己或其他人的觀點，認為由於這些變化，世界 GDP 成長在結構性基礎上會減少，那麼市場成長可能也會減少。

It will be much less affected than other parts of the economy. But yes, if you believe that the world is just fundamentally going to grow less, you can see less business policies, whatever it is. And yes, there will be some change in growth rates. But if you also say that the US economy is ultimately going to be better positioned, I have no idea whether we're along if you take that bull case, then you could actually articulate that it could actually get better over time.

它受到的影響將比經濟的其他部分小得多。但是，是的，如果你相信世界從根本上會成長減緩，你會看到更少的商業政策，無論是什麼。是的，成長率會有一些變化。但如果你還說美國經濟最終將處於更好的位置，我不知道我們是否同意這種樂觀的看法，那麼你實際上可以說，隨著時間的推移，情況實際上會變得更好。

What I do know is Stephen and I have lived our careers through transparency. If our views change on the long-term growth of the markets based on the facts as we see them, we will be the first to say it. We're not hanging on to a number. We're just literally putting the numbers that we think are best at this moment in time. We don't look at them every day in terms of the long term, but we look at them periodically.

我所知道的是，史蒂芬和我都是透過透明度來度過我們的職業生涯的。如果我們根據所看到的事實對市場長期成長的看法改變，我們會第一個說出來。我們不會執著於一個數字。我們只是把我們認為目前最好的數字放上去。我們不會每天從長遠角度看待它們，但我們會定期審視它們。

And if our views change, our investors will understand that because we're being candid. So hopefully, that helpful. And I've spent 30 years in this industry, have lived through every environment. I'm pumped for the future, knowing that a lot of the short term is challenging, and we'll get through that just fine.

如果我們的觀點發生變化，我們的投資者會理解，因為我們是坦誠的。希望這能有所幫助。我在這個行業已經工作了30年，經歷過各種環境。我對未來充滿信心，我知道短期內會有很多挑戰，但我們會順利度過難關。

All right. Fantastic perspective, Marc. And maybe to kind of build into something that might be a little more positive relative to the question I asked. Some larger pharmaceutical companies and biotech, I think most recently this week, Roche, but there have been others, they've started to talk about major build-out of infrastructure in the US.

好的。非常棒的觀點，馬克。並且可能在某種程度上建構出一些相對於我所問的問題而言更積極的東西。一些較大的製藥公司和生物技術公司，我想最近一周是羅氏公司，但還有其他公司，他們已經開始談論在美國大規模建設基礎設施。

You guys are as close as anybody to your customers. I'm curious what you're seeing in terms of movement towards reshoring in the US and, for that matter, elsewhere in the world. And what form do you think this takes for Thermo? If you're starting to hear more about this, where do you think you're going to benefit most? How quickly can this happen? And is there any chance that you'd be willing to size up this opportunity for you? I know it doesn't happen tomorrow, but it could be a really important growth driver moving forward.

你們與客戶的關係比任何人都親密。我很好奇，您看到美國以及世界其他地方的回流趨勢是怎麼樣的。您認為這對 Thermo 來說會採取什麼形式？如果您開始聽到更多有關這方面的信息，您認為您將在哪裡受益最多？這發生得有多快？您是否願意評估一下這個機會？我知道這不會在明天發生，但它可能會成為未來真正重要的成長動力。

I just think your first question, it was an important question. The second one is as well. So when I actually think of -- a new facility gets announced, let's forget about the last couple of months. A new manufacturing facility gets announced, it is a meaningful revenue for us in terms of helping many, many, many millions of dollars of equipment, the lab infrastructure, the new consumable supplies, the inventories, but it really is great.

我只是認為您的第一個問題是一個重要的問題。第二個也是一樣。因此，當我真正想到——宣布一個新設施時，讓我們忘記過去幾個月的事情。宣佈新建一家製造工廠，對我們來說，這是一筆有意義的收入，因為它幫助我們購買了價值數百萬美元的設備、實驗室基礎設施、新的消耗品和庫存，這真的很棒。

I was thinking about a customer last year, big new facility came online, huge order, right, in terms of what they do broad-based across bioproduction, bioscience reagents and so on and so forth. So really, quite meaningful. In the dialogue we've had with our customers about new facilities that are being discussed, that is really a nice tailwind. We're in the conversation and will certainly help our customers ramp up their capacity. So I think it's a nice tailwind.

我想到去年有一位客戶，大型新工廠上線了，訂單量巨大，就他們的業務範圍而言，涉及生物生產、生物科學試劑等等。所以確實非常有意義。在我們與客戶就正在討論的新設施進行的對話中，這確實是一個很好的順風。我們正在進行討論，並且肯定會幫助我們的客戶提高他們的產能。所以我認為這是一個很好的順風。

We don't know how many plants are ultimately going to be built yet, so we'll kind of go one at a time and incorporate it into our guidance as we know it. Just given how long it takes to break ground, it's really a '26 and beyond, but super exciting.

我們還不知道最終要建造多少座工廠，所以我們會逐一進行，並將其納入我們所知的指導中。考慮到破土動工需要多長時間，這確實需要 26 年甚至更久，但非常令人興奮。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Marc, I want to probe into Pharma Services a little bit more. Setting aside the $200 million in vaccine cancellations you flagged for PPD, you talked about activity remaining normal, good strength in biotech authorizations. Can you maybe give a little bit more color there? I mean, anything around order growth?

馬克，我想進一步探討製藥服務。除了您提到的因 PPD 而取消的 2 億美元疫苗之外，您還談到活動保持正常，生物技術授權力度良好。您能再多提供一些顏色嗎？我的意思是，有關訂單增長的情況如何？

Is this mostly share gains from your perspective? How much of this is bundling with Patheon in the combined offering? And then, it sounds like you don't really have concerns over pharma cuts in response to tariffs and in particular around R&D. I just want to make sure that's the case. And then I have one follow-up for Stephen.

從您的角度來看，這主要是股票收益嗎？在合併後的產品中，有多少是與 Patheon 捆綁銷售的？然後，聽起來你似乎不擔心製藥公司因關稅而削減開支，特別是在研發方面。我只是想確認情況確實如此。然後我還要向史蒂芬詢問一個後續問題。

So Tycho, given the hour, we'll probably just get to the first one today. But in terms of what's going on in clinical research and sort of how it's performing, actually, the biotech part of the business, quite robust, accelerated drug development, which we announced started to really go -- announced it late last year and into this year, incredibly compelling.

因此，Tycho，考慮到時間，我們今天可能只會討論第一個。但就臨床研究的進展及其表現而言，實際上，業務的生物技術部分相當強勁，藥物開發加速，我們宣布這項計劃已開始真正啟動 - 我們在去年年底和今年宣布了這一消息，非常引人注目。

And what does it really mean? I was thinking about trying to -- how do I visualize this, right? Our biotech customers outsource this work, right? Because they are doing one or two studies, whatever it is, or one medicine, right? So you're working with CROs. The capabilities and insights we get from our combined suite of capabilities is truly differentiated, which means that we can be faster and more cost effective.

這到底意味著什麼？我正在考慮嘗試——我該如何將其形象化，對嗎？我們的生技客戶將這項工作外包了，對嗎？因為他們正在做一兩項研究，不管是什麼，或是一種藥物，對嗎？所以您正在與 CRO 合作。我們從組合功能套件中獲得的功能和見解確實具有差異化，這意味著我們可以更快、更具成本效益。

Whether that's letting a customer know that this trial is not going to work out, or letting the customer know more quickly that it's going to work out and maximizing their length of exclusivity, these are super compelling things. And the interest level and the wins here are meaningful, and we're very well positioned in terms of the outlook on clinical research. I feel very good about what the outlook is there. And the vaccine one was just the kind of one-off on the policy changes.

無論是讓客戶知道這次試用不會成功，還是讓客戶更快知道試用會成功並最大限度地延長他們的獨家期限，這些都是非常引人注目的事情。這裡的興趣程度和勝利意義重大，就臨床研究前景而言，我們處於非常有利的地位。我對那裡的前景感到非常樂觀。疫苗只是政策改變中的一次性變化。

What I would also say is that on some of the direction of travel, with the FDA on experimenting with less animal studies around monoclonal, that would be -- if you wanted to try that out, that's the area where animal models are less relevant. They're trying to modernize, which means anything that the industry has less cost on low value-added activity means that they'll put money where it's going to make a difference. So where we play in the human part of the trials, I feel we're very well positioned.

我還想說的是，在某些發展方向上，FDA 正在嘗試減少單株動物研究，如果你想嘗試的話，那就是動物模型不太適用的領域。他們正在努力現代化，這意味著該行業在低附加價值活動上的任何成本都較低，這意味著他們將把錢投入到能夠帶來改變的地方。因此，在試驗的人類部分中，我認為我們處於非常有利的位置。

On pharmaceutical companies, how they respond to tariffs? They're planning, but I don't know ultimately how they're ultimately going to respond because they're not sure what is going to get implemented. So as we know that, we're going to help them navigate it, and we'll figure out, ultimately, what does it mean for us. So thank you for the question.

對於製藥公司來說，他們如何應對關稅？他們正在計劃，但我不知道他們最終會如何應對，因為他們不確定會實施什麼。所以我們知道這一點，我們會幫助他們解決這個問題，最終我們會弄清楚這對我們意味著什麼。謝謝你的提問。

Let me wrap up with just a quick comment. First, thanks to everyone for joining us. We're pleased to deliver a strong first quarter. And we're very well positioned to deliver differentiated performance as we continue to create value for all of our stakeholders, build an even brighter future for our company, and I hope that you value the transparency that we embedded into our guidance, and we look forward to updating you on our second-quarter results in July.

最後，請允許我簡短地評論一下。首先，感謝大家的參與。我們很高興看到第一季業績強勁。我們完全有能力提供差異化的表現，因為我們將繼續為所有利益相關者創造價值，為我們的公司打造更光明的未來，我希望您重視我們在指導中體現的透明度，我們期待在 7 月份向您通報我們的第二季度業績。

And as always, thank you for the support of Thermo Fisher Scientific. Thanks, everyone.

一如既往，感謝您對賽默飛世爾科技的支持。謝謝大家。

Thank you, everyone, for joining us today. This concludes today's call, and you may now disconnect your lines.

感謝大家今天加入我們。今天的通話到此結束，您可以斷開線路了。