賽默飛世爾科技 (TMO) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2025 second-quarter conference call.

女士們、先生們，早安，歡迎參加賽默飛世爾科技 2025 年第二季電話會議。

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

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

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 Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live and will be archived on the Investor section of our website, thermofisher.com under the heading News, Events & Presentations until October 21, 2025. A copy of the press release of our second-quarter earnings is available in the Investor section of our website under the heading, Financials

今天與我一起通話的有我們的董事長、總裁兼首席執行官馬克·卡斯珀 (Marc Casper) 和高級副總裁兼首席財務官斯蒂芬·威廉森 (Stephen Williamson)。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 10 月 21 日。我們第二季收益的新聞稿副本可在我們網站的「投資者」部分「財務」標題下找到

So before we begin, let me briefly cover our Safe Harbor Statement. Various remarks that we may make about the company's future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the company's most recent annual report on Form 10-K and subsequent quarterly report on Form 10-Q, which are on file with the SEC and available in the Investors section of our website under the heading, Financials, SEC Filings.

因此，在我們開始之前，請允許我簡要介紹我們的安全港聲明。我們對公司未來預期、計畫和前景所做的各種評論均構成《1995 年私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。由於各種重要因素，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，這些報告均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 second-quarter 2025 earnings and also in the Investors 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 年第二季收益的新聞稿中找到，也可在我們網站的「財務」標題下的「投資者」部分中找到。

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 second-quarter call. As you saw in our press release, we delivered excellent operational performance in the quarter, reflecting active management of our company and the strength of our proven growth strategy and PPI Business System.

大家早安，感謝您今天參加我們的第二季電話會議。正如您在我們的新聞稿中看到的，我們在本季度實現了出色的營運業績，反映了我們公司的積極管理以及我們成熟的成長策略和 PPI 業務系統的優勢。

Our trusted partner status is more relevant than ever and is resonating strongly with our customers. This is allowing us to continue to drive market share gains and highlight our unique ability to enable their success in all market environments.

我們值得信賴的合作夥伴地位比以往任何時候都更加重要，並且與我們的客戶產生了強烈共鳴。這使我們能夠繼續推動市場份額的成長，並凸顯我們在所有市場環境中取得成功的獨特能力。

So turning to the details of Q2, let me first recap the financials. Our revenue in the quarter grew 3% to $10.85 billion. Our adjusted operating income grew 1% to $2.38 billion. Q2 adjusted operating margin was 21.9%, and adjusted EPS was $5.36 per share.

那麼談到第二季的細節，讓我先回顧一下財務狀況。本季我們的營收成長 3%，達到 108.5 億美元。我們的調整後營業收入成長 1%，達到 23.8 億美元。第二季調整後的營業利益率為 21.9%，調整後的每股盈餘為 5.36 美元。

These results were ahead of our guidance. During the quarter, our team aggressively mobilized to take the actions to navigate the policy environment and minimize the impact of tariffs for 2025 and beyond. Stephen will provide some more details on our progress.

這些結果超出了我們的預期。在本季度，我們的團隊積極動員起來，採取行動，應對政策環境，並將 2025 年及以後關稅的影響降至最低。史蒂芬將提供有關我們進展的更多細節。

I'll now cover our performance by end market. In pharma and biotech, we delivered mid-single-digit growth this quarter, representing a nice sequential step-up. Performance in the quarter was led by our bioproduction and pharma services businesses as well as our research and safety market channel. It was also good to realize a sequential improvement in our clinical research business, which delivered slightly positive growth in the quarter.

我現在將介紹我們在終端市場的表現。在製藥和生物技術領域，我們本季實現了中等個位數成長，這是一個良好的連續成長。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。我們的臨床研究業務也取得了連續改善，本季實現了小幅正成長，這是一個好消息。

Turning to academic and government, revenue declined mid-single digits in the quarter, reflecting some customer hesitancy in a more uncertain environment, resulting in muted demand for equipment and instruments. In industrial and applied, performance played out as we expected, with growth declining in the low-single digits during the quarter. In Q2, we delivered good growth in our research and safety market channel. And finally, in diagnostics and health care, revenue declined in the low single digits during the quarter as we navigated headwinds in China.

談到學術和政府，本季收入下降了中等個位數，反映出在更不確定的環境中一些客戶猶豫不決，導致對設備和儀器的需求低迷。在工業和應用領域，業績表現符合我們的預期，本季成長率下降了個位數。在第二季度，我們的研究和安全市場管道實現了良好的成長。最後，在診斷和醫療保健領域，由於我們在中國面臨逆風，本季收入下降了個位數。

A highlight of the quarter was strong growth in our transplant diagnostic business. Wrapping up on the end markets, our team managed the current environment well, helping us deliver on our financial commitments for the quarter.

本季的一大亮點是我們的移植診斷業務的強勁成長。總結終端市場，我們的團隊很好地管理了當前環境，幫助我們兌現了本季的財務承諾。

I'm going to keep our comments a little shorter today, so I can leave time to discuss a couple of topics that seem to be on the top of mind in the investment community. So let me give you an update on how we executed our growth strategy in Q2, which drives value creation for our investors.

我今天會把我們的評論寫得簡短一些，這樣我就可以留出時間來討論投資界最關心的幾個主題。因此，讓我向您介紹我們在第二季度如何執行成長策略，這將為我們的投資者創造價值。

As a reminder, our strategy consists of 3 pillars: high-impact innovation, our trusted partner status for customers and our unparalleled commercial engine. As you all have heard me share before, we consistently deliver really outstanding innovation, and we have some great launches this quarter.

提醒一下，我們的策略由三大支柱組成：高影響力的創新、我們值得客戶信賴的合作夥伴地位以及我們無與倫比的商業引擎。正如大家之前聽我分享的那樣，我們始終如一地提供真正出色的創新，並且本季度我們推出了一些很棒的產品。

We launched several state-of-the-art solutions at this year's ASMS conference, highlighted by 2 next-generation Thermo Scientific Orbitrap mass spectrometers, the Astral Zoom and the Excedion Pro. As you know, we're an industry leader in the space, and these cutting-edge analytical instruments will enable researchers to further advance precision medicine and drive significant insights to help pioneer new therapies for complex diseases like Alzheimer's and cancer.

我們在今年的 ASMS 會議上推出了幾個最先進的解決方案，其中最突出的是兩款下一代 Thermo Scientific Orbitrap 質譜儀、Astral Zoom 和 Excedion Pro。如您所知，我們是該領域的行業領導者，這些尖端分析儀器將使研究人員能夠進一步推進精準醫療並獲得重要見解，從而幫助開拓阿茲海默症和癌症等複雜疾病的新療法。

Customer feedback has been incredibly positive, with 1 calling the Astral Zoom a paradigm shift for proteomic technology and noting that the Excedion Pro provides immediate value to their biotechnology work and will serve as their next-generation platform.

客戶的回饋非常積極，其中一位客戶稱 Astral Zoom 是蛋白質體學技術的範式轉變，並指出 Excedion Pro 為他們的生物技術工作提供了直接的價值，並將成為他們的下一代平台。

Also during the quarter, we launched the Thermo Scientific Krios 5 Cryo transmission electron microscope, which further enhances our leadership in electron microscopy and empowers researchers to uncover critical biological insights, and to support the development of new therapeutics. Additionally, we expanded our DynaDrive single-use bioreactor portfolio for bioproduction, with the first-of-its-kind bench scale system, helping biopharma customers increase workflow efficiencies and seamlessly scale up manufacturing of new therapies.

此外，在本季度，我們推出了 Thermo Scientific Krios 5 Cryo 透射電子顯微鏡，這進一步增強了我們在電子顯微鏡領域的領導地位，使研究人員能夠發現關鍵的生物學見解，並支持新療法的開發。此外，我們還擴展了用於生物生產的 DynaDrive 一次性生物反應器產品組合，採用首創的桌上型規模系統，幫助生物製藥客戶提高工作流程效率並無縫擴大新療法的生產規模。

Our trusted partner status, which we built over many years, is another example of why our growth strategy is working and why we're so well positioned for the future. You can clearly see this momentum in our performance with pharma and biotech.

我們多年來建立起來的值得信賴的合作夥伴地位再次證明了我們的成長策略為何有效以及我們為何為未來做好了準備。您可以從我們在製藥和生物技術領域的表現中清楚地看到這種勢頭。

Our Accelerator Drug Development solution is a terrific example of how we're delivering great value to our customers. Accelerator Drug Development is the integration of our pharma services and clinical research capabilities with the ultimate goal of taking time and cost out of the drug development process. During the quarter, it was great to see the Tufts Center for the Study of Drug Development validate the power and benefit of our unique capabilities. And I'm pleased to state that the customer uptake is very strong, with clinical research authorizations growing strongly in the quarter.

我們的加速器藥物開發解決方案是我們如何為客戶提供巨大價值的絕佳範例。加速器藥物開發是我們的製藥服務和臨床研究能力的整合，最終目標是節省藥物開發過程的時間和成本。在本季度，我們很高興看到塔夫茨藥物開發研究中心驗證了我們獨特能力的力量和優勢。我很高興地說，客戶接受度非常高，本季臨床研究授權強勁成長。

Because of the unique relationship we have with our customers, we are partnering with them to tailor how we help them navigate and thrive in the current environment. For some customers, this means expanding US capacity for drug production, and supporting their reshoring efforts. For others, it's about accelerating clinical research timelines by aggressively adopting AI into our processes. And then there are customers where it's all about identifying ways to help them drive productivity.

由於我們與客戶之間存在著獨特的關係，我們正在與他們合作，以客製化我們如何幫助他們在當前環境中導航和發展。對一些客戶來說，這意味著擴大美國的藥品生產能力，並支持他們的回流努力。對其他人來說，這是為了透過積極將人工智慧融入我們的流程來加快臨床研究時間表。然後還有客戶，他們只需要找到可以幫助他們提高生產力的方法。

Wrapping up my comments on our growth strategy, we're uniquely positioned to win in this environment.

總結一下我們成長策略的評論，我們在這種環境中具有獨特的優勢，可以取得勝利。

Let me provide a few comments on 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.

我對資本配置談幾點看法。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。

As you recall, in February, we announced that we had entered into a definitive agreement to acquire Solventum's Purification and Filtration business. Last month, we amended our agreement to remove Solventum's drinking water filtration business from the transaction, which allowed us to both accelerate the regulatory clearance process, and narrow the scope of the acquisition to the business lines most synergistic with Thermo Fisher.

大家還記得，今年二月，我們宣布已達成最終協議，收購 Solventum 的淨化和過濾業務。上個月，我們修改了協議，將 Solventum 的飲用水過濾業務從交易中移除，這使我們能夠加快監管審批流程，並將收購範圍縮小到與賽默飛世爾科技最具協同效應的業務線。

We have received all regulatory clearances, and we're on track to close the transaction before year-end. We're excited to welcome our new colleagues to the company and bring the benefits of Solventum Purification and Filtration technologies to our customers.

我們已獲得所有監管部門的批准，並預計在年底前完成交易。我們很高興歡迎新同事加入公司，並為我們的客戶帶來 Solventum 淨化和過濾技術的優勢。

And then shortly after the quarter closed, we announced an expansion of our strategic partnership with Sanofi to enable additional US drug product manufacturing. Under the agreement, we will acquire Sanofi's sterile fill-finish site in Ridgefield, New Jersey, and continue to manufacture a portfolio of therapies for Sanofi. We will also invest in expanding production at the site to meet the growing demand for US manufacturing capacity from our pharma and biotech customers. This is a great example of the power of our trusted partner status and capital deployment strategy at work.

本季結束後不久，我們宣布擴大與賽諾菲的戰略合作夥伴關係，以實現更多的美國藥品生產。根據協議，我們將收購賽諾菲位於新澤西州里奇菲爾德的無菌填充工廠，並繼續為賽諾菲生產一系列治療藥物。我們還將投資擴大該工廠的生產，以滿足製藥和生物技術客戶對美國製造能力日益增長的需求。這是我們值得信賴的合作夥伴地位和資本部署策略發揮作用的一個很好的例子。

As always, our PPI Business System was a key enabler of our strong execution in the quarter and drives competitive advantage with Thermo Fisher. We're leveraging PPI to adjust our supply chains in the tariff environment and to aggressively manage our cost base. And we continue to further strengthen the PPI Business System by incorporating AI to enhance how we serve customers, streamline internal processes and reduce costs. PPI is enabling excellent execution today and will continue to do so in the future.

與往常一樣，我們的 PPI 業務系統是我們本季強勁執行的關鍵推動因素，並為賽默飛世爾科技帶來了競爭優勢。我們正在利用 PPI 來調整關稅環境下的供應鏈，並積極管理我們的成本基礎。我們將繼續透過融入人工智慧來進一步加強 PPI 業務系統，以增強我們服務客戶的方式、簡化內部流程並降低成本。PPI 目前能夠實現出色的執行，並且在未來仍將繼續如此。

So let me now turn to our guidance. We're increasing our guidance for the full year on the top and bottom line. We now expect revenue in the range of $43.6 billion to $44.2 billion, and adjusted EPS in the range of $22.22 to $22.84 per share, a $0.23 increase at the midpoint. This reflects continued active management of the business. Stephen will take you through the details in his remarks.

現在讓我來談談我們的指導。我們正在提高全年營收和利潤的預期。我們現在預計營收在 436 億美元至 442 億美元之間，調整後每股收益在 22.22 美元至 22.84 美元之間，中間值增加 0.23 美元。這體現了公司對業務持續積極的管理。史蒂芬將在演講中向您詳細介紹。

Let me now turn to a couple of questions that seem to be top of mind for investors. The first is: what is our early thinking on the potential impacts of the US policy focus and tariffs on the near-term growth outlook for Thermo Fisher? And second, in that scenario, how are we managing the company to create meaningful shareholder value?

現在讓我來談談投資人最關心的幾個問題。第一個問題是：我們最初認為美國的政策重點和關稅對賽默飛世爾科技近期成長前景的潛在影響是什麼？其次，在這種情況下，我們如何管理公司以創造有意義的股東價值？

Given our strong conviction of the long-term growth drivers of our industry, we thought it would be most helpful to you if we zoomed in on the near term, say, the 2026, 2027 timeframe to focus these questions. We believe that a reasonable assumption is that our end markets will gradually build from the lower-growth environment that we're currently navigating. This would lead to a 2026 and 2027 scenario where we will deliver 3% to 6% organic revenue growth. Today, we're currently at the low end of this range, and we believe that our growth will accelerate over the next 2 years.

鑑於我們對產業長期成長動力的堅定信念，我們認為，如果我們將目光聚焦於短期（例如 2026 年、2027 年的時間框架）來關注這些問題，將對您最有幫助。我們認為，一個合理的假設是，我們的終端市場將從我們目前正在經歷的低成長環境中逐步建立。這將導致我們在 2026 年和 2027 年實現 3% 至 6% 的有機收入成長。今天，我們目前處於這個範圍的低端，我們相信我們的成長將會在未來兩年內加速。

Given that top line scenario, here is how we're focused on driving shareholder value creation. First, we'll collaborate even more closely with our customers. As you've heard me say before, our trusted partner status is a meaningful differentiator for us with our customers. They're relying on us to enable their success as they adapt to the environment.

鑑於這一基本情況，我們將重點關注如何推動股東價值創造。首先，我們將與客戶更加緊密合作。正如您之前聽我說過的那樣，我們值得信賴的合作夥伴地位對於我們與客戶而言是一個重要的區別因素。他們依靠我們來幫助他們適應環境並取得成功。

Second, we're actively managing the company. You see that in our results and the 2025 financial outlook. Strong cost management was a focus at the beginning of the year, embedded in our original guidance, and we've meaningfully stepped up the action as the year has progressed, adding an additional $300 million of cost reduction since the initial guide. And we will continue that intense focus in 2026 and 2027. This will result in us delivering strong adjusted operating income growth of mid- to high single digits. And when you factor in our disciplined capital deployment strategy, we have the opportunity to further compound our returns.

第二，我們正在積極管理公司。您可以在我們的業績和 2025 年財務展望中看到這一點。強有力的成本管理是今年年初的重點，並已包含在我們最初的指導中，隨著時間的推移，我們已顯著加強了這一行動，自最初的指導以來又增加了 3 億美元的成本削減。我們將在 2026 年和 2027 年繼續高度關注這個問題。這將使我們實現中高個位數的強勁調整後營業收入成長。當您考慮到我們嚴謹的資本配置策略時，我們就有機會進一步提高我們的回報。

The final point I want to make is that the long-term drivers of the industry remain very compelling. We expect the environment to improve over the next couple of years, and during that time, we'll deliver very strong earnings growth. When I look to the future, once this near-term scenario plays out, we expect to deliver 7% plus organic revenue growth.

我要說的最後一點是，該行業的長期驅動力仍然非常引人注目。我們預計未來幾年環境將會改善，在此期間，我們的獲利將實現非常強勁的成長。展望未來，一旦這一短期情境得以實現，我們預計將實現 7% 以上的有機收入成長。

So to summarize our key takeaways from the quarter, we delivered excellent operational performance driven by our proven growth strategy and PPI Business System, beating our guidance and raising our outlook for 2025. Our trusted partner status and proven ability to enable our customer success is a significant competitive advantage. We're actively managing the company in this environment. We're gaining share and driving greater productivity and cost reduction, and I remain incredibly confident in the near- and long-term outlook for the company.

因此，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，我們實現了出色的營運業績，超出了預期，並提升了對 2025 年的展望。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。我們在這種環境下積極管理公司。我們正在獲得市場份額、提高生產力並降低成本，我對公司的近期和長期前景仍然充滿信心。

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

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

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

謝謝，馬克，大家早安。我將向您概述我們整個公司第二季的業績，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。在詳細介紹我們的財務業績之前，讓我先向您概括介紹一下第二季度的業績與我們上次財報電話會議上的預期相比的情況。

In Q2, our team executed really well, and we delivered ahead of what we'd assumed in the midpoint of our prior guidance on both the top and bottom line. This performance reflects very active management of the company both to minimize the tariff and broader policy impacts, and enable the success of our customers.

在第二季度，我們的團隊表現非常出色，我們的業績超出了我們先前對頂線和底線預期的中期預期。這一業績體現了公司非常積極的管理，既最大限度地減少了關稅和更廣泛的政策影響，也確保了客戶的成功。

On the top line, Q2 organic revenue growth was approximately $75 million ahead of what we've included in the prior guidance, driven by sales in China being less impacted by tariffs than had been assumed. In aggregate, the rest of the business performed in line with our expectations, which is an excellent outcome given the macro environment.

從營收來看，第二季有機收入成長比我們之前的預期高出約 7,500 萬美元，這得益於中國市場的銷售受關稅的影響小於預期。總體而言，其餘業務的表現符合我們的預期，考慮到宏觀環境，這是一個很好的結果。

Then on the bottom line, we delivered $0.13 of adjusted EPS, ahead of what was included in the prior guide for Q2, reflecting excellent operational execution. $0.08 of the beat was from lower impact to tariffs that have been assumed in the prior guide and $0.05 of the beat was some strong cost management enabled by the PPI Business System. So excellent operational performance in Q2.

然後，在底線上，我們實現了 0.13 美元的調整後每股收益，高於之前第二季度的指引中所包含的水平，反映了出色的營運執行。超出預期的 0.08 美元是由於先前的指引中假設的關稅影響較低，而超出預期的 0.05 美元是由於 PPI 業務系統實現了強有力的成本管理。因此第二季的營運表現非常出色。

Let me now provide you with some additional details on the quarter. Starting with earnings per share. In the quarter, adjusted EPS was $5.36. GAAP EPS in the quarter was $4.28, up 6% from Q2 last year.

現在讓我向您提供有關本季度的一些更多詳細資訊。從每股收益開始。本季調整後每股收益為 5.36 美元。本季 GAAP 每股收益為 4.28 美元，較去年第二季成長 6%。

On the top line, Q2 reported revenue grew 3% year-over-year. The components of our reported revenue growth included 2% organic revenue growth, a slight contribution from acquisitions and a 1% tailwind from foreign exchange. Within our revenue growth for the quarter, we had a 1% headwind from the runoff of the pandemic-related revenue.

從營收來看，第二季營收年增 3%。我們報告的收入成長包括 2% 的有機收入成長、來自收購的少量貢獻以及來自外匯的 1% 的順風。在本季的營收成長中，我們因疫情相關收入的減少而遭遇了 1% 的阻力。

Turning to our organic revenue performance by geography. In Q2, North America and Europe both grew low single digits, and Asia Pacific declined low single digits, with China declining high single digits.

談談我們按地區劃分的有機收入表現。第二季度，北美和歐洲均呈現低個位數成長，亞太地區呈現低個位數下降，其中中國呈現高個位數下降。

With respect to our operational performance, we delivered $2.38 billion of adjusted operating income in the quarter, an increase of 1% year-over-year, and adjusted operating margin was 21.9%, 40 basis points lower than Q2 last year, and flat sequentially to Q1 2025.

就我們的營運業績而言，本季我們實現了 23.8 億美元的調整後營運收入，年增 1%，調整後營運利潤率為 21.9%，比去年第二季下降 40 個基點，與 2025 年第一季持平。

In Q2, the year-over-year impact of tariffs and related FX was a 5% headwind to adjusted operating income dollars and a headwind to reported margins in the quarter of 140 basis points. This was partially offset by the rest of the business, which drove 100 basis points of margin improvement in the quarter, demonstrating our ability to drive strong earnings growth in a more muted top-line environment.

在第二季度，關稅和相關外匯的年比影響對調整後的營業收入產生了 5% 的不利影響，對當季報告利潤率產生了 140 個基點的不利影響。但其他業務部分抵銷了這一成長，推動本季利潤率提高了 100 個基點，顯示我們有能力在較低迷的營收環境下推動強勁的獲利成長。

We delivered very strong productivity, which enabled us to fund strategic investments to further advance our industry leadership and offset the impact of unfavorable mix.

我們實現了非常強勁的生產力，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不利組合的影響。

Total company adjusted gross margin in the quarter was 41.3%, which is 80 basis points lower than Q2 last year. Tariffs and related FX reduced adjusted gross margins by approximately 150 basis points. This was partially offset by 70 basis points improvement across the rest of the business.

本季公司調整後總毛利率為 41.3%，較去年第二季下降 80 個基點。關稅和相關外匯導致調整後的毛利率降低了約 150 個基點。但其餘業務 70 個基點的改善部分抵銷了這一影響。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 16.2% of revenue. R&D expense was $352 million in Q2, reflecting our ongoing investments in high-impact innovation. And R&D as a percent of our manufacturing revenue was 7.4% in the quarter.

繼續討論損益表的細節。本季調整後的銷售、一般及行政費用佔收入的 16.2%。第二季的研發費用為 3.52 億美元，反映了我們對高影響力創新的持續投資。本季研發占我們製造收入的百分比為 7.4%。

Looking at our results below the line. Our Q2 net interest expense was $107 million. As expected, the adjusted tax rate in Q2 was 10%. And average diluted shares were $378 million, $5 million lower year-over-year, driven by share repurchases net of option dilution.

請參閱下面的結果。我們第二季的淨利息支出為 1.07 億美元。如預期，第二季調整後的稅率為10%。平均稀釋股份為 3.78 億美元，年減 500 萬美元，主要由於扣除選擇權稀釋後的股票回購。

Turning to free cash flow and the balance sheet. Year-to-date cash flow from operations was $2.1 billion, and free cash flow was $1.5 billion after investing $645 million of net capital expenditures. During the quarter, we repaid approximately $700 million of senior notes and returned $160 million of capital through dividends. We ended the quarter with $6.4 billion in cash and short-term investments, and $35.2 billion of total debt. Our leverage ratio at the end of the quarter was 3.2 times, gross debt to adjusted EBITDA, and 2.7 times, on a net debt basis.

轉向自由現金流和資產負債表。年初至今的營運現金流為 21 億美元，在投資 6.45 億美元淨資本支出後，自由現金流為 15 億美元。本季度，我們償還了約 7 億美元的優先票據，並透過股息返還了 1.6 億美元的資本。本季末，我們的現金和短期投資為 64 億美元，總債務為 352 億美元。本季末我們的槓桿率為 3.2 倍（總負債與調整後 EBITDA 比率），以淨負債計算則為 2.7 倍。

And concluding my comments on our total company performance. Adjusted ROIC was 11.3%, reflecting the strong returns on investment that we're generating across the company.

最後，我對我們公司整體業績的評論如下。調整後的 ROIC 為 11.3%，反映了我們整個公司創造的強勁投資回報。

Now I'll provide some color on the performance of our four business segments. In Life Sciences Solutions, Q2 reported revenue in this segment increased 6% versus the prior year quarter, and organic revenue growth was 4%. Growth in this segment was led by our bioproduction business, which had another quarter of excellent growth.

現在我將介紹我們四個業務部門的表現。在生命科學解決方案方面，第二季該部門報告營收較去年同期成長 6%，有機收入成長 4%。該領域的成長主要由我們的生物生產業務推動，該業務又一個季度實現了優異的成長。

Q2 adjusted operating income for Life Sciences Solutions increased 6%, and adjusted operating margin was 36.8%, up 10 basis points versus the prior year quarter. During Q2, we delivered very strong productivity, which was partially offset by the expected impact of the Olink acquisition, unfavorable mix and strategic investments.

生命科學解決方案第二季調整後營業收入成長 6%，調整後營業利益率為 36.8%，比去年同期成長 10 個基點。在第二季度，我們實現了非常強勁的生產力，但這被 Olink 收購、不利的產品組合和策略投資的預期影響部分抵消。

In the Analytical Instruments segment, reported revenue declined 3% and organic growth was 4% lower versus the year-ago quarter. This was driven by the impact of tariffs and the policy focus of the US administration, which is leading to a more muted demand for equipment and instrumentation.

分析儀器部門報告的收入與去年同期相比下降了 3%，有機成長率下降了 4%。這是受關稅影響以及美國政府政策重點的推動，導致對設備和儀器的需求更加低迷。

In this segment, Q2 adjusted operating income decreased 26%, and adjusted operating margin was 18.8%, down 580 basis points versus the year-ago quarter. The majority of the margin change was driven by the impact of tariffs and related FX. Outside of that impact, strong productivity was more than offset by lower volumes and strategic investments.

該部門第二季調整後營業收入下降 26%，調整後營業利益率為 18.8%，較去年同期下降 580 個基點。利潤率變化主要是受關稅和相關外匯的影響。除此之外，強勁的生產力被產量和策略投資的下降所抵消。

Turning to Specialty Diagnostics, in Q2, reported revenue grew 2% year over year, and organic revenue was flat compared to the year-ago quarter. In Q2, growth in this segment was led by our transplant diagnostics business.

談到專業診斷，第二季報告營收年增 2%，有機收入與去年同期持平。在第二季度，該領域的成長主要由我們的移植診斷業務推動。

Q2 adjusted operating income for Specialty Diagnostics increased 3%, and adjusted operating margin was 27%, 30 basis points higher than Q2 2024. During the quarter, we delivered good productivity, which was partially offset by unfavorable mix and strategic investments.

專科診斷第二季調整後營業收入成長 3%，調整後營業利益率為 27%，比 2024 年第二季高出 30 個基點。在本季度，我們實現了良好的生產力，但不利的產品組合和策略投資部分抵消了這一影響。

Finally, in Laboratory Products & Biopharma Services segment. Reported revenue increased 4% and organic revenue grew 3% versus the prior year quarter. In Q2, growth in this segment was led by our pharma services business and our research and safety market channel. The runoff of pandemic-related revenue had over a 1% impact on the revenue growth in this segment in Q2.

最後，在實驗室產品和生物製藥服務領域。與去年同期相比，報告營收成長 4%，有機收入成長 3%。在第二季度，該部門的成長主要由我們的製藥服務業務以及我們的研究和安全市場管道推動。疫情相關收入的減少對該部門第二季度收入成長產生了超過 1% 的影響。

Q2 adjusted operating income in the segment increased 11% and adjusted operating margin was 13.8%, 90 basis points higher than Q2 2024. In the quarter, we delivered very strong productivity, which is partially offset by unfavorable mix and strategic investments.

該部門第二季調整後營業收入成長 11%，調整後營業利益率為 13.8%，比 2024 年第二季高出 90 個基點。本季度，我們的生產力表現非常強勁，但不利的產品組合和策略投資部分抵消了這一影響。

So turning to guidance. As Marc outlined, we're increasing our 2025 full year guide to reflect the Q2 beat and our continued active management to the company. Let me provide you with the details.

因此轉向指導。正如馬克所概述的，我們正在提高 2025 年全年業績指引，以反映第二季度的業績以及我們對公司的持續積極管理。讓我向您提供詳細資訊。

We're raising our revenue guidance to an expected range of $43.6 billion to $44.2 billion. Organic revenue growth is still expected to be in the range of 1% to 3%. We're increasing our outlook for adjusted operating margin in 2025 to a new range of 22.5% to 22.7%. And we're raising our adjusted EPS guidance to a new range of $22.22 to $22.84.

我們將營收預期上調至 436 億美元至 442 億美元的範圍。有機收入成長預計仍將在 1% 至 3% 之間。我們將 2025 年調整後營業利潤率預期上調至 22.5% 至 22.7% 的新範圍。我們將調整後的每股盈餘預期上調至 22.22 美元至 22.84 美元的新範圍。

The increase at the midpoint of the guidance range reflects $120 million higher revenue than the prior guide, 30 basis points of improved adjusted operating margin, and $0.23 of higher adjusted EPS. This incorporates the Q2 beat as well as an additional $0.10 of adjusted EPS in the second half of the year to reflect additional cost actions we're taking to continue to actively manage our cost base. It is important to note that our organic outlook for the second half of the year remains on track to the prior guidance.

指導範圍中點的成長反映了比之前的指導高出 1.2 億美元的收入、提高 30 個基點的調整後營業利潤率以及提高 0.23 美元的調整後每股收益。這包括第二季的業績以及下半年額外的 0.10 美元調整後每股收益，以反映我們為繼續積極管理成本基礎而採取的額外成本行動。值得注意的是，我們對下半年的有機展望仍然符合先前的預期。

The US-China tariff situation has improved significantly versus our prior guidance assumptions. We reflected the Q2 benefit of that in our revised guidance. Given the fluidity of the tariff and trade policy environment, we thought it was appropriate to keep the tariff impact outlook for the second half unchanged at this point. Should global tariffs remain as they are today, we'll likely have upside to the new guidance.

與我們先前的指導假設相比，中美關稅情況已顯著改善。我們在修訂後的指南中反映了該政策對第二季帶來的好處。鑑於關稅和貿易政策環境的流動性，我們認為目前維持下半年關稅影響前景不變是適當的。如果全球關稅維持在目前的水平，我們可能會對新指南產生積極影響。

We're actively managing the company to appropriately navigate the macro environment. Our growth strategy is enabling customer success and driving share gain, and we're using the PPI Business System to effectively address tariffs and aggressively manage our cost base. Our initial guide for the year included a very strong earnings growth enabled by aggressive cost management, and since then, we've added an additional $300 million of cost actions for 2025.

我們正在積極管理公司，以適當應對宏觀環境。我們的成長策略是實現客戶成功並推動份額成長，我們正在使用 PPI 業務系統來有效解決關稅問題並積極管理我們的成本基礎。我們今年的初步預期是，透過積極的成本管理實現非常強勁的獲利成長，從那時起，我們為 2025 年增加了 3 億美元的成本行動。

Through PPI, we're constantly finding ways to be more productive and to leverage the scale of the company. This includes increasing the utilization of our shared services and our functional centers of excellence. PPI drives strong earnings growth and also creates room in the P&L to continue to invest for the future.

透過 PPI，我們不斷尋找提高生產力和利用公司規模的方法。這包括提高我們的共享服務和卓越功能中心的使用率。PPI 推動了強勁的獲利成長，同時也為損益表創造了繼續投資未來的空間。

I'll now move on to an update of some of the modeling elements for the full year. FX rates continue to fluctuate in the quarter driven by changes in tariffs and trade policy. In Q2, the year-over-year FX impact on revenue improved $60 million versus our prior guide, but the adjusted EPS impact worsened by $0.08, largely due to one-time transactional FX caused by intra-quarter volatility in rates, which, if FX rates stay as they are today, will not reoccur in 2026. So for the full year, we now expect FX to be a year-over-year tailwind to revenue of $10 million and a headwind to adjusted operating income and adjusted EPS of $80 million and $0.27, respectively.

我現在將對全年的一些建模元素進行更新。受關稅和貿易政策變化的影響，本季外匯匯率持續波動。在第二季度，外匯對收入的同比影響比我們之前的指引增加了 6000 萬美元，但調整後的每股收益影響惡化了 0.08 美元，這主要是由於季度內匯率波動造成的一次性交易外匯影響，如果外匯匯率保持在今天的水平，那麼 2026 年將不會再次出現這種情況。因此，就全年而言，我們現在預計外匯將對收入產生同比推動作用，達到 1000 萬美元，同時對調整後的營業收入和調整後的每股收益產生阻力，分別為 8000 萬美元和 0.27 美元。

Below the line, we now expect net interest expense to be between $360 million and $370 million in 2025, and we continue to expect an adjusted tax rate of 10.5% for the full year. 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.

低於此水平，我們現在預計 2025 年淨利息支出將在 3.6 億美元至 3.7 億美元之間，並且我們繼續預計全年調整後的稅率為 10.5%。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 億股至 3.79 億股之間。今年我們將透過股利向股東返還約 6 億美元的資本。

Our guidance does not include any future acquisitions or divestitures. So it does not include any impact from the pending acquisitions of Solventum's Purification and Filtration business, and the sterile fill-finish site from Sanofi. In terms of phasing for Q3, we expect organic growth in Q3 to be about 1 point higher than Q2, and adjusted EPS to be approximately $0.10 to $0.15 higher than Q2.

我們的指導不包括任何未來的收購或資產剝離。因此，它不包括即將收購 Solventum 的淨化和過濾業務以及賽諾菲的無菌填充工廠的影響。就第三季的分階段而言，我們預計第三季的有機成長率將比第二季高出約 1 個百分點，調整後的每股盈餘將比第二季高出約 0.10 美元至 0.15 美元。

Then finally, I wanted to touch on the financial scenario for the next couple of years that Marc outlined earlier. We're managing the company under the assumption that we'll deliver between 3% and 6% organic revenue growth in that period. That includes a continuation of the strong share gains that we've been delivering.

最後，我想談談馬克之前概述的未來幾年的財務狀況。我們管理公司的前提是，我們將在此期間實現 3% 至 6% 的有機收入成長。這包括我們一直以來所取得的強勁的市佔率成長的延續。

In that top-line environment using the proven levers of the PPI Business System, we expect to generate approximately 50 to 70 basis points of adjusted operating margin expansion and mid- to high single-digit adjusted operating income growth. We have a number of exciting opportunities to supplement this organic performance with effective capital deployment.

在該頂線環境中，利用 PPI 業務系統經過驗證的槓桿，我們預計調整後的營業利潤率將擴大約 50 至 70 個基點，調整後的營業收入將實現中高個位數成長。我們有許多令人興奮的機會，透過有效的資本部署來補充這種有機表現。

We're very well positioned to continue to drive very strong earnings performance under this level of assumed top line growth. And there are scenarios where we can be above this assumed level of growth. And should this occur, we'll be in a great position to drive even better performance.

在這種假設的營收成長水準下，我們完全有能力持續推動強勁的獲利表現。在某些情況下，我們的成長水準可能會高於這個假設。如果發生這種情況，我們將處於有利地位，以實現更佳業績。

So to conclude, we continue to actively manage the company, and are effectively navigating the macro environment. Our customers are working on incredibly relevant science to address huge unmet needs in the world, and we're uniquely positioned to enable their success.

總而言之，我們將繼續積極管理公司，並有效地駕馭宏觀環境。我們的客戶正在研究極其相關的科學，以滿足世界上巨大的未滿足的需求，而我們擁有獨特的優勢來幫助他們的成功。

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

說完這些，我會把電話轉回給馬克。

Thanks, Stephen.

謝謝，史蒂芬。

Before we open the call for questions, I'd like to take a moment to share an update about our leadership team that involves great news for two people whom I hold in very high regard and work very closely with. First, Stephen Williamson, our Chief Financial Officer, has decided to retire next year at the end of March. This was thoughtfully planned on his part, and I know that he and his wife, Jane, are very excited for his upcoming retirement.

在我們開始提問之前，我想花點時間分享我們領導團隊的最新情況，這對我非常尊重並與之密切合作的兩個人來說是個好消息。首先，我們的財務長史蒂芬威廉森 (Stephen Williamson) 決定明年 3 月底退休。這是他精心策劃的，我知道他和他的妻子簡對他即將到來的退休感到非常興奮。

Stephen has had an extraordinary impact on Thermo Fisher Scientific. Since taking on the CFO role in 2015, he has been instrumental in driving our company's financial performance and strategic growth, and he has built deep relationships with our investors and colleagues.

史蒂芬對賽默飛世爾科技產生了非凡的影響。自 2015 年擔任財務長以來，他一直致力於推動我們公司的財務表現和策略成長，並與我們的投資者和同事建立了深厚的關係。

I've had the privilege of working closely with Stephen for nearly 25 years. He's been a true partner, insightful, thoughtful, and always focused on the long-term success of our company. I deeply appreciate his guidance, his unwavering commitment, his steady leadership, and the impact that he has had on our success. While I'll certainly miss him, the entire company is incredibly grateful for his contributions, and we wish him the very best in his well-deserved upcoming retirement.

我有幸與史蒂芬密切合作了近25年。他是一位真正的合作夥伴，富有洞察力、深思熟慮，並且始終專注於我們公司的長期成功。我深深感謝他的指導、堅定的承諾、穩健的領導以及他對我們成功的影響。雖然我肯定會想念他，但整個公司都非常感謝他的貢獻，我們祝他在即將到來的退休生活中一切順利。

Next, I'm very pleased to share that as part of a long-planned transition, Jim Meyer, currently our Vice President of Financial Operations, and member of the company leadership team, will become our Chief Financial Officer effective March 1, 2026.

接下來，我很高興地告訴大家，作為長期計劃的過渡的一部分，現任財務營運副總裁兼公司領導團隊成員的 Jim Meyer 將於 2026 年 3 月 1 日起擔任我們的財務長。

Jim is an accomplished finance leader with deep company knowledge and a strong track record across our organization. He joined Thermo Fisher in 2009, and has held senior finance roles across several of our major businesses. And in his current role, he leads the finance support for all of our operating businesses.

吉姆是一位出色的財務領導者，擁有深厚的公司知識和在我們組織內良好的業績記錄。他於 2009 年加入賽默飛世爾科技公司，並在我們多個主要業務部門擔任高階財務職務。在他目前的職位上，他負責領導我們所有營運業務的財務支援。

Over the past few years, I've had the opportunity to work closely with Jim. He's exceptionally qualified to take on this role and will continue to drive Thermo Fisher's long-term growth and outstanding financial performance.

在過去的幾年裡，我有機會與吉姆密切合作。他非常有資格擔任這一職位，並將繼續推動賽默飛世爾科技的長期成長和出色的財務表現。

Stephen and Jim will work together closely over the coming months to ensure a seamless handoff. And I look forward to continuing to partner with them during this transition.

史蒂芬和吉姆將在未來幾個月密切合作，確保無縫交接。我期待在這段過渡期間繼續與他們合作。

With that, I will turn the call over to Raf for questions.

說完這些，我會把電話轉給拉夫，讓他回答問題。

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

謝謝，馬克。接線員，我們已準備好進行電話問答部分。

(Operator Instruction) Michael Ryskin, Bank of America.

（操作員指示）美國銀行的 Michael Ryskin。

Great. Thanks for taking the question. And congrats, Stephen, on the retirement. And you guys certainly gave us plenty to talk about in this call. Marc, maybe I'll start with -- maybe I'll start with a high level one, what you talked about in terms of the new outlook. I think the 7%-plus in the long term, it sounds like that's the new long-term outlook, the LRP.

偉大的。感謝您回答這個問題。恭喜史蒂芬退休。你們在這通通話中確實給了我們很多值得討論的內容。馬克，也許我應該從高層次開始，談談你談到的新觀點。我認為長期來看 7% 以上的成長率聽起來就像是新的長期前景，即 LRP。

In the past, you've sort of talked about: here's what the market is going to grow, here's Thermo taking share above that due to PPI and trusted partner status. Could you sort of break that 7%-plus down a little bit, give us a little more clarity on that?

過去，您曾談到：市場將會成長，而 Thermo 憑藉 PPI 和值得信賴的合作夥伴地位將佔據更高的市場份額。您能否稍微詳細解釋一下 7% 以上這個數字，讓我們更清楚地了解一下？

And then part of that, you talked about the strong conviction in the long-term drivers of the industry, and how do you arrive at that number? Given everything that's happened in the first half '25, the uncertainty we still see in the market, what gives you the conviction that 7%-plus is the right number going forward for the long term?

然後，您談到了對行業長期驅動力的堅定信念，您是如何得出這個數字的？考慮到 2025 年上半年發生的一切，以及我們在市場上仍然看到的不確定性，是什麼讓您確信 7% 以上是長期的正確數字？

Sure, Mike. Thanks for that question. So when I think about trying to create a financial framing scenario, there's been many questions over the last coming months, very appropriate, about what's the growth outlook for the industry? What's the growth outlook for us? What are all the policy impacts, et cetera? So that's all in the background.

當然，麥克。謝謝你的提問。因此，當我考慮嘗試創建財務框架情境時，過去幾個月出現了許多問題，非常恰當，關於該行業的成長前景如何？我們的成長前景如何？所有政策影響是什麼等等？這就是全部的背景。

And what we wanted to make sure that all of our investors understood is that we're not waiting for anything to happen, right? We're going to actively manage the business and deliver very strong earnings growth. We've been doing that since the second half of 2024, certainly was embedded in our guidance, and as we've highlighted in our remarks, we've been stepping that up to be able to deliver a strong view on the bottom line.

我們希望確保所有投資者都明白，我們不會等待任何事情發生，對嗎？我們將積極管理業務並實現強勁的獲利成長。我們從 2024 年下半年就開始這樣做了，這當然已經融入到我們的指導中，正如我們在評論中強調的那樣，我們一直在加強這方面工作，以便能夠對底線提出強有力的看法。

When I think about the scenario that we're in, what we're really assuming in the 3% to 6% is that, today, we're at the 3% level already. And that as you get the absence of some of the negatives, meaning that, academic is not going to keep declining year-over-year-over-year, but it will stabilize, even if it returns to zero, you actually get higher and higher in that range. So it's just working through.

當我思考我們所處的情景時，我們真正假設的 3% 到 6% 是，今天我們已經處於 3% 的水平。而且隨著一些負面因素的消失，學術水準不會逐年下降，而是會趨於穩定，即使回到零，實際上也會在這個範圍內越來越高。所以這只是在努力。

And the same thing is true in clinical research. When I look at authorizations momentum, this year, it's a flattish year in aggregate. That starts to pick up. So without major changes, you're in that range over the next couple of years, right? And so that's the first aspect of it. I'm sure there'll be other analysts that have questions about that.

在臨床研究中也是如此。當我觀察今年的授權動能時，總體而言是持平的一年。情況開始好轉。因此，如果沒有重大變化，未來幾年您就會處於這個範圍內，對嗎？這是它的第一個面向。我確信其他分析師也會對此有疑問。

But then we take to the longer term, and you think about the fundamental drivers of the industry, there's a huge need for improved health care around the world. The scientific breakthroughs are incredible. When I talk to our biotech and pharmaceutical customer executives, they're incredibly excited about what's in their pipelines, and the huge unmet needs that they're going after. And to be able to say in the longer term that we're going to be 7%-plus feels very reasonable to us.

但從長遠來看，想想這個行業的基本驅動力，全世界對改善醫療保健的需求非常大。科學突破令人難以置信。當我與我們的生物技術和製藥客戶高管交談時，他們對他們的產品線以及他們正在追求的巨大未滿足需求感到無比興奮。並且，從長遠來看，我們可以說我們的成長率將達到 7% 以上，這對我們來說是非常合理的。

And we believe in our conviction around our share gain of that 2 to 3 points, right? And so you can kind of back into, I would say, we're getting to the 4% type market growth feels very reasonable in the longer term. But I'm really focused on the short term right now, and delivering just great experience for our customer share gain and great operating income. So hopefully, that's growth. So hope that's helpful.

我們相信我們的份額將增加 2 到 3 個百分點，對嗎？因此，你可以回想一下，我想說，我們實現 4% 的市場成長從長期來看是非常合理的。但我現在真正關注的是短期目標，即為我們的客戶提供卓越的體驗，從而獲得更大的市場份額和豐厚的營業收入。所以希望這就是成長。希望這會有所幫助。

Thank you, Mike.

謝謝你，麥克。

Okay. Great. And then Stephen, one for you then. Talked about the margin expansion in the next couple of years, I think you said 50 to 70 bps of OpM per year. That's pretty impressive given the subdued environment.

好的。偉大的。那麼，史蒂芬，給你一個。談到未來幾年的利潤率擴張，我想您說的是每年 50 到 70 個基點的 OpM。在低迷的環境下，這樣的成績相當令人印象深刻。

You've already delivered or you're planning to deliver a good amount of margin expansion this year, again, in an uncertain market. Can you talk about the levers you have there? How much of it is PPI versus some of the synergies from the business you brought on, or any particular segment where you're pulling the lever more? Could you just talk about the drivers of that margin gains?

在市場不確定的情況下，您已經實現或計劃在今年實現大幅的利潤成長。可以談談那裡的槓桿嗎？其中有多少是 PPI 與您帶來的業務協同效應，或您發揮更大作用的任何特定領域？能談談利潤率成長的驅動因素嗎？

Yes. So Mike, actually, just one clarification on Marc's comment that we're talking about clinical research, and he said that business is flat this year and expected to increase going forward. That wasn't authorization. That's organic revenue growth, and authorizations were very strong in the quarter and as they were last quarter, the business is in very good shape.

是的。因此，麥克，實際上，我只想澄清一下馬克關於我們正在談論臨床研究的評論，他說今年的業務持平，預計未來會成長。那不是授權。這是有機收入成長，本季的授權非常強勁，與上個季度一樣，業務狀況非常好。

So when I think about the 50 to 70 basis points of margin expansion, it's about using the same tools in the toolbox from PPI Business System, and we keep improving the tools in there, and we've added AI capabilities in. And as we think about how we manage the company, so it's just really about how we -- where we spend the organization energy to use the right levers. And we're not having to invent new things and [take] this out.

因此，當我考慮將利潤率擴大 50 到 70 個基點時，就是使用 PPI 業務系統工具箱中的相同工具，並且我們不斷改進其中的工具，並且添加了 AI 功能。當我們思考如何管理公司時，實際上只是關於我們如何——在哪裡花費組織精力來使用正確的槓桿。我們不需要發明新的東西然後把它拿出來。

This is all about the same levers that we have and our teams are executing on that this year, and I think about what we delivered in Q2, we've got obviously a significant reported margin headwind from the impact of tariffs and FX. And then underlying, the business is delivering 100 basis points of margin expansion, demonstrating how strong that growth is in earnings.

這一切都與我們擁有的相同槓桿有關，我們的團隊今年正在執行這些槓桿，我認為我們在第二季度交付的產品顯然因關稅和外匯的影響而面臨顯著的報告利潤率阻力。從根本上講，該業務的利潤率成長了 100 個基點，顯示獲利成長的強勁。

And I think about that organic viewpoint on earnings growth in the quarter, that was about 6%. So very strong performance in a more muted top-line environment. So we know the right levers and we're confident in the ability to deliver on that over that two-year period.

我認為本季獲利成長的有機觀點是，約為 6%。因此，在較低迷的營收環境下，業績表現非常強勁。因此，我們知道正確的手段，我們有信心在兩年內實現這一目標。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Marc, maybe on biopharma. It seems like there's a range of things that are going on right now when it comes to just the investment approaches for these companies. You kind of touched on it. But can you just maybe expand on the extent to which it feels like the spending decisions are being influenced by the macro factors at play?

馬克，也許是生物製藥。當談到這些公司的投資方式時，似乎目前正在發生一系列的事情。您有點觸及了這一點。但是，您能否詳細說明一下支出決策在多大程度上受到宏觀因素的影響？

And then if you sort of remove the small biotech segment from the equation, where I understand it's kind of just about how much money you have left in the bank, I'm curious whether there are factors or characteristics that are emerging that sort of divide those that are pulling back in response to the macro versus those that are pushing forward and, in some cases, investing more? Is it pipelines, geographies? Is it something else?

然後，如果你從等式中去掉小型生物技術領域，我理解這僅僅與你在銀行里還剩多少錢有關，我很好奇是否存在一些因素或特徵，將那些因宏觀經濟而退縮的人與那些向前推進並且在某些情況下投入更多的人區分開來？是管道還是地理位置？還有別的嗎？

So when I think about pharma and biotech, our mid-single-digit growth, we saw broad strength actually across all aspects of the business. And that was a nice sequential step-up, and actually the best we've seen in nine quarters. So I feel very good about that.

因此，當我想到製藥和生物技術時，我們實現了中等個位數的成長，實際上我們看到了業務各個方面的廣泛實力。這是一次很好的連續進步，實際上也是我們在九個季度中看到的最好的進步。所以我對此感覺非常好。

Bioproduction was excellent. Team did a really good job, strong growth, continuing the trends we saw in Q1. Great bookings growth. Pharma services, very strong growth. Makes sense.

生物生產非常出色。團隊做得非常出色，成長強勁，延續了我們在第一季看到的趨勢。預訂量大幅增加。製藥服務，成長非常強勁。有道理。

We've talked about the importance of our sterile fill-finish capabilities, the work we do for the clinical trial supply and those things on pharma services. Excellent demand there.

我們討論了無菌灌裝能力的重要性、我們為臨床試驗供應所做的工作以及製藥服務方面的事情。那裡的需求非常好。

Research and safety market channel continues to do well. That's a reflection of sort of what's going on in the research labs at biotech and pharma. And that was a strong performer. And as Stephen and I both have said, we turned to positive growth, while only slightly in the quarter for clinical research, it's actually performing as we expected. Authorization growth is very, very strong. So those things bode really well.

研究和安全市場管道繼續表現良好。這反映了生物技術和製藥研究實驗室正在發生的事情。那是一位出色的表演者。正如史蒂芬和我所說的那樣，我們實現了正增長，儘管本季度臨床研究僅略有增長，但實際上表現符合我們的預期。授權成長非常非常強勁。所以這些事情確實預示著好兆頭。

And when I think about the conversations with our customers, and it may actually be quite surprising to our investors, and whether this is small biotech, I saw a lot of them at the Bioconference that was here in Boston in June, large pharma, some of those companies that have grown so well, those companies that might be managing a challenge, the tone is incredibly positive. And so why is that the case?

當我思考與客戶的對話時，我們的投資者可能會感到非常驚訝，無論是小型生物技術公司，我在六月於波士頓舉行的生物會議上看到了很多這樣的公司，大型製藥公司，其中一些發展良好的公司，那些可能正在應對挑戰的公司，基調都非常積極。那為什麼會這樣呢？

I think that they have plans on how to navigate the environment. I think that as they talk about their pipelines, they feel very good about what's going on in their own pipelines, the understanding of science and sort of what that bodes for the future. And there's -- for the larger companies, there's a real confidence that they can work with governments in this environment, and navigate it effectively.

我認為他們對於如何應對環境已經有了計劃。我認為，當他們談論他們的管道時，他們對自己管道中發生的事情、對科學的理解以及對未來的預示感到非常滿意。對於較大的公司來說，他們真正有信心在這種環境下與政府合作，並有效地應對。

So we actually see it as a lean-in environment for pharma and biotech, and they're leaning on us to make that a reality. So we're excited about it, and it continues to be a real driver of our outlook and our current performance.

因此，我們實際上將其視為製藥和生物技術行業的精益環境，他們依靠我們來實現這一目標。因此我們對此感到興奮，它將繼續成為我們前景和當前表現的真正驅動力。

Okay. That's helpful, and good to hear. Stephen, congrats on my end as well. Looking forward to hearing where that handicap goes from here. How should we be thinking about the Analytical Instruments business in the back half?

好的。這很有幫助，很高興聽到。史蒂芬，我也恭喜你。期待聽到這個障礙接下來會如何發展。我們該如何看待下半年的分析儀器業務？

Obviously, it's tough out there from a CapEx decision standpoint, down 4 this quarter. You have a similar comp next quarter. But then you come up against a really strong 4Q from last year. So I know you don't try to get too specific at the segment level, but just given the moving parts on the hardware side, it would be helpful to know how you see growth there in the back half. Do you think you can finish 2025 with Analytical Instrumentation being up? Thanks much.

顯然，從資本支出決策的角度來看，這是一個艱難的時期，本季下降了 4%。下個季度你們也有類似的情況。但隨後，你會發現去年第四季的業績確實非常強勁。所以我知道您不會試圖在細分層面上說得太具體，但考慮到硬體方面的活動部件，了解您如何看待下半年的成長將會很有幫助。您認為到 2025 年，分析儀器產業還能發展嗎？非常感謝。

Yes. Dan, thanks for the comment. So when I think about Analytical Instruments, we've got decent bookings performance as well, [we think we have] a positive book-to-bill. It is most impacted by the more muted conditions in academic and government and the economy in China. So there's kind of some factors there to wrap into that.

是的。丹，謝謝你的評論。因此，當我想到分析儀器時，我們的訂單表現也不錯，[我們認為我們有]積極的訂單出貨比。它受到中國學術、政府和經濟狀況較低迷的影響最大。因此，這其中涉及到一些因素。

And the team is focused on executing and making sure that we're gaining share and getting the most impact from the great innovation that we've been doing across this segment from a number of years. And the new product launches that Marc talked about, a continuation of that.

團隊專注於執行並確保我們獲得市場份額，並從我們多年來在這一領域所做的偉大創新中獲得最大影響。馬克談到的新產品發布是這項舉措的延續。

So it seems well positioned, and it will navigate the situation. And as I said in my guidance, I continue the assumptions that I had for tariff impact in the second half of the year, and that was a largely pessimistic view on demand in China. And should that not be the case, that will be helpful in terms of the demand in the second half of the year. We'll see how that plays out.

因此，它似乎處於有利地位，並且能夠掌控局勢。正如我在指導中所說，我繼續對下半年關稅影響做出假設，這對中國的需求基本上是一種悲觀的看法。如果不是這樣，那麼對於下半年的需求將是有幫助的。我們將拭目以待事情將如何發展。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Good morning. And Stephen, congratulations; and Jim, looking forward to working together. For Marc, I wanted to get your -- test the pulse on reshoring. How do you think this is going to play out over the medium term? It seems like you're planting some good seeds here with the Sanofi deal to bring business home.

早安.恭喜史蒂芬；期待與吉姆的合作。對於馬克，我想了解您對回流的看法。您認為從中期來看這將如何發展？看起來，您透過與賽諾菲的交易播下了良好的種子，以便將業務帶回國內。

Conversely, I'm just curious, like in 2Q, did you see any evidence customers could have been pausing purchasing at all? Just the idea being like if you're going to buy equipment, you got to know where to send it. I wanted to test out that theory on you.

相反，我只是好奇，例如在第二季度，你是否看到任何證據表明客戶可能已經暫停購買？這個想法就像如果你要購買設備，你必須知道要將其發送到哪裡。我想在你身上驗證一下這個理論。

Yeah. So Jack, thanks. There's a heightened level of interest in expanding US manufacturing capacity. You see that in the large pharma announcements. You can even see it in our announcement last quarter about expanding our domestic production. Because leveraging our CDMO capabilities is a very economically effective way as a pharmaceutical customer to reshore capacity, and that really is a lot around the Sanofi transaction.

是的。所以傑克，謝謝你。人們對擴大美國製造能力的興趣日益濃厚。您可以在大型製藥公司的公告中看到這一點。您甚至可以在我們上個季度關於擴大國內生產的公告中看到這一點。因為作為製藥客戶，利用我們的 CDMO 能力是一種非常經濟有效的方式來恢復產能，而這確實與賽諾菲交易有很大關係。

When I think about, does that cause any pause? Not really. Actually, bioproduction is doing really well. And it takes multiple years to bring these facilities online. So it's a one-time added tailwind at some point in the future as facilities are opened or expanded. And then it normalizes, right, because you don't need to -- you don't keep buying more and more equipment, you just expand your capacity at your new sites.

當我思考時，這是否會引起任何停頓？並不真地。事實上，生物生產進展良好。這些設施投入使用需要花費數年時間。因此，當設施開放或擴建時，這將是未來某個時候一次性增加的順風。然後它就正常化了，對吧，因為你不需要——你不需要繼續購買越來越多的設備，你只需要在新站點擴展容量。

So I think there's a tailwind that comes up over the next couple of years, is the way I would think about it. But I'm not seeing any customers pausing at all in bioproduction. So it's been very positive.

所以我認為未來幾年會出現順風，這是我的想法。但我沒有看到任何客戶在生物生產方面暫停。所以這是非常積極的。

Awesome. Okay. And then I wanted to flip over to Analytical Instruments, just the organic growth decline this quarter. When you talk about some of the policy pressure, was this all academic or did you see any of that bleed into pharma biotech or elsewhere? Could you just talk about that a little bit more?

驚人的。好的。然後我想談談分析儀器，本季的有機成長出現下滑。當您談到一些政策壓力時，這些壓力都是學術性的嗎？還是說，您是否看到這些壓力滲透到製藥生物技術或其他領域？您能再多談一下這個問題嗎？

Yeah. So Jack, when I think about the Analytical Instruments business, obviously, the business performed in line with what we were expecting given the academic and government environment and the tariff environment. We actually, I think, actually gained share once again, even in this environment. And why is that the case? Our innovation is unbelievable.

是的。所以傑克，當我考慮分析儀器業務時，顯然，考慮到學術和政府環境以及關稅環境，該業務的表現符合我們的預期。我認為，即使在這種環境下，我們的份額實際上再次增加了。為什麼會這樣呢？我們的創新令人難以置信。

If I think about -- and I've said this many times for many years, which is if you bring out super relevant products, it doesn't matter what the funding environment is, customers find money. If I think about the order book on Astral Zoom that we launched in June, it's phenomenal, right, in terms of customer interest. I mean it's super cool, right? And none of them are talking about the funding environment. They're like, wow, this is going to be breakthrough in terms of my research, right?

如果我考慮一下——多年來我已經說過很多次了，那就是如果你推出超級相關的產品，那麼無論融資環境如何，客戶都會找到錢。如果我考慮一下我們 6 月推出的 Astral Zoom 的訂單簿，那麼從客戶興趣來看，它是驚人的。我的意思是這太酷了，對吧？他們中沒有人談論融資環境。他們說，哇，這將是我研究的突破，對吧？

So when I think about the environment, until there's more visibility, if you will, to how the budgets play out, I would expect that demand will continue to be muted from academic and government to this customer base. That was embedded in our guidance. It's very much in line with what we said before in terms of nothing's changed, and the China headwinds are favorable to what we had said back in April. So it will take a bit of time until you get more stability in this end market, but we're well positioned to gain share and do a good job serving our customers.

因此，當我考慮環境時，如果你願意的話，直到預算如何實施有更大的透明度，我預計學術界和政府對這個客戶群的需求將繼續保持低迷。這已融入我們的指導中。這與我們之前所說的非常一致，沒有任何變化，而且中國面臨的逆風對我們四月所說的有利。因此，要在這個終端市場實現更多穩定性還需要一些時間，但我們已做好準備，獲得市場份額，並為客戶提供良好的服務。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Stephen, congrats on the long career. Jim, looking forward to working with you as well. So I wanted to just follow up on Mike's question regarding those midterm targets in 2026 and 2027.

史蒂芬，恭喜你的職業生涯長久。吉姆，我也期待與您合作。因此，我想跟進麥克關於 2026 年和 2027 年中期目標的問題。

It seems like investors are really most concerned about three key end markets for Thermo: the pharma end market, given MSN and some of the tariff concerns; academic and government, given the funding dynamic under the new administration; and then China. So can you walk us through, how are you thinking about those 3 end markets as we look to 3% to 6% framework over the next few years? And could you rank-order for us which ones of those do you think are most realistic in terms of being pressured or being fully resolved as we come out of this 2026-2027 timeframe?

看起來投資者真正最關心的是賽默飛世爾的三個關鍵終端市場：考慮到 MSN 和一些關稅問題，製藥終端市場；考慮到新政府的資金動態，學術和政府終端市場；然後是中國。那麼，您能否向我們介紹一下，當我們展望未來幾年 3% 到 6% 的框架時，您如何看待這 3 個終端市場？您能否為我們按順序排列一下，您認為在 2026-2027 年這個時間段內，哪些問題最有可能得到解決或最有可能面臨壓力？

So, Rachel, when I think about the framing, right, there's nothing super scientific about it being exactly two years. What we wanted to say is that it's a relatively short-term period is the environment that we're in now. And what are we seeing and how do we believe it to progress?

所以，Rachel，當我考慮這個框架時，沒錯，兩年這個時間點並沒有特別科學性。我們想說的是，就我們現在所處的環境而言，這是一個相對較短期的時期。我們看到了什麼？我們相信它會如何發展？

And when you go through effectively our assumption is that, in this period of time over the next couple of years, that academic and government goes from a headwind to growth, right? Not only you think about academic and government is a couple of percent, 2%, 3% type growth end market, right, it declined mid-single digits in the quarter. At some -- and that's what we're assuming, we're going to assume headwind for a while. But what happens is the budgets get set, they don't keep declining. So that eventually in this period will normalize if you're not expecting a big funding environment to flatten out, right? So it's the absence of that headwind effectively happens in this period.

當你有效地經歷我們的假設時，在接下來的幾年裡，學術界和政府將從逆風轉向成長，對嗎？您不僅會想到學術和政府，終端市場還會有百分之幾、2%、3% 的成長，對吧，它在本季下降了中等個位數。在某些情況下 — — 這是我們的假設，我們將在一段時間內假設逆風。但實際情況是，預算一旦確定，就不會繼續下降。因此，如果您不認為大型融資環境會趨於平穩，那麼最終在這個時期內情況將會正常化，對嗎？因此，這段時期其實不存在逆風。

And pharma and biotech actually, just based on the momentum and the authorizations of clinical research, is going to improve, certainly, and that's been all along, we said '26 is a year of improving growth relative to '25, and most of the industry has said that. And if I look at another large industry participants, they saw very similar trends that we did, which is authorizations activity was good. You're seeing some level of growth. And so that's the second driver.

實際上，僅從臨床研究的勢頭和授權來看，製藥和生物技術肯定會改善，而且一直以來都是這樣，我們說 26 年是相對於 25 年增長改善的一年，大多數業內人士都這麼說。如果我觀察其他大型產業參與者，他們會看到與我們非常相似的趨勢，即授權活動良好。您看到了一定程度的成長。這就是第二個驅動因素。

When I think about China, it's a headwind right now. We expect that if the economy continues to be challenged, it continues to have some headwinds because of the tariff environment, our expectation is that, over this period, it will flatten out. It doesn't mean it won't be better at some point.

當我想到中國時，我覺得它現在正處於逆風之中。我們預計，如果經濟持續面臨挑戰，並因關稅環境而繼續面臨一些阻力，我們預計，在此期間，經濟將趨於穩定。這並不意味著它在某些時候不會變得更好。

But right now, in the quarter for us, it was high single-digit decline. It will take some quarters to work through that. But getting back to sort of a stable, at a minimum, gets you into that environment.

但就目前而言，對我們來說，本季的跌幅高達個位數。解決這個問題需要幾個季度的時間。但回到某種穩定狀態至少能讓你進入那種環境。

So as Stephen said, there are clearly scenarios that are better than that. And I'm not smart enough to call exactly how each of these things play out. But I think from our experience, to say that we're operating in this 3% to 6% environment now doesn't take much of a change in sort of what we're seeing to make that a reality. And then whenever that exact quarter is that you're exiting that period, the growth drivers here are very strong, and that's why we said the 7% plus seems to make sense for us.

正如史蒂芬所說，顯然存在比這更好的情況。我還不夠聰明，無法準確說出每件事的結局。但我認為，根據我們的經驗，我們現在在 3% 到 6% 的環境中運營，並不需要對我們所看到的情況進行太大的改變就可以實現這一目標。然後，無論何時退出該時期，這裡的成長動力都非常強勁，這就是為什麼我們說 7% 以上對我們來說似乎是有意義的。

Thanks. That's helpful. Then I just wanted to dig into the academic and government funding a little bit more and follow up on your answer to Jack's question. So you noted that customers are still finding budgets for your products, which is good to hear. But can you spend a minute talking about what are you hearing from customers and your consultants in D.C. regarding the funding outlook for NIH this year?

謝謝。這很有幫助。然後我只是想更深入地探討學術和政府資金，並跟進你對傑克問題的回答。所以您注意到客戶仍在為您的產品尋找預算，這是一個好消息。但是您能否花一點時間談談您從客戶和華盛頓的顧問那裡了解到的有關今年 NIH 資金前景的信息？

Yeah. So when I think about what's going on in academic and government, a couple of things. One is, personally, I have been quite active, right, in terms of with our government and in the dialogue, certainly in Congress as well, there remains a high level of bipartisan support for academic and government funding in the life sciences. And there's a very clear understanding of the importance of the life sciences for the health of the US economy and the US standing in the world.

是的。因此，當我思考學術界和政府中正在發生的事情時，有幾件事。一是，就我個人而言，我一直非常積極地與政府進行對話，當然在國會也是如此，兩黨仍然高度支持生命科學領域的學術和政府資助。人們非常清楚地認識到生命科學對於美國經濟健康和美國世界地位的重要性。

So my belief that you will get to an environment that is meaningfully better than what people are assuming right now seems quite reasonable. And it's hard to know exactly what that is, but I don't think something in the flattish type, flat funding environment, wouldn't be out of the question. It might be down a little bit. But I don't think it's going to be that significant ultimately. But we'll see.

因此，我相信你們將會獲得一個比人們現在所假設的更好的環境，這似乎是相當合理的。雖然很難確切知道那是什麼，但我認為在平緩的融資環境中，某些事情並非不可能。可能會下降一點。但我並不認為它最終會變得那麼重要。但我們會看到。

Customers are cautious, right? And they have the dynamic that they have to spend some of the budgets that they have and they're also planning for what the next year is. So you're going to have some heightened caution until the budget environment is sorted out for 2026.

顧客都很謹慎吧？他們有動力花掉部分預算，也正在為明年做計劃。因此，在 2026 年的預算環境解決之前，你必須更加謹慎。

And we reflected that in our guidance, right? We're expecting that US academic and government will be soft in the second half of the year. Nothing has changed in our view of that or in terms of the impact. And we'll see how that plays out.

我們在指導中反映了這一點，對嗎？我們預計美國學術界和政府在今年下半年將會表現疲軟。我們對此的看法以及其影響沒有任何改變。我們將拭目以待事情將如何發展。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I want to maybe just curl back into pharma services for a minute. And I appreciate the color on strong bookings and PPD on track to get back to flat for this year. I guess, Marc, as we get ahead to next year, is there any reason that the CRO business isn't back in more normalized, call it, high single-digit growth? And I guess, has anything changed about the longer-term outlook on that side?

我可能只是想回到製藥服務領域一會兒。我很欣賞強勁的預訂量和 PPD 預計在今年恢復平穩。我想，馬克，當我們進入明年時，有什麼原因導致 CRO 業務沒有恢復到更正常化的狀態，或者說沒有實現高個位數成長？我想，這方面的長期前景有什麼改變嗎？

Yeah. I think what we've assumed is a couple of things, and we're not guiding to what next year's numbers are or certainly next year by business line, and the next question, probably geography. But more that we are expecting, after just periods of incredible growth in clinical research, that this was a year of tough comparison, which was well earned, a tough comparison. And that authorization momentum that we saw starting to pick up in the second half of last year would drive the business back to growth. And we're not assuming that right now that there's immediately the high single digit, but it returns to growth and then build from there.

是的。我認為我們已經假設了幾件事，我們並沒有預測明年的數字，或者肯定明年按業務線劃分的數字，下一個問題可能是地理位置。但更重要的是，在臨床研究經歷了一段令人難以置信的增長期之後，我們預計今年將是艱難的一年，這也是當之無愧的艱難的一年。我們看到去年下半年授權動能開始回升，這將推動業務恢復成長。我們現在並不認為它會立即出現較高的個位數成長，而是假設它會恢復成長，然後從那裡開始成長。

Long term, when I think about this business, this is a high single-digit growth business because more work is actually happening in biotech and pharma ultimately in terms of where innovation is, and biotech is 100% dependent on partners to do that work. And so the tailwinds here are very strong. And we are incredibly well positioned with that customer base. And so long term, I feel very good about the growth drivers of our clinical research, and nice to return to positive growth this quarter, nice to get great organizations growth and setting up for the continued momentum that we would expect in the second half of the year.

從長遠來看，當我考慮這項業務時，這是一個高個位數成長的業務，因為就創新而言，生物技術和製藥領域實際上正在進行更多的工作，而生物技術 100％ 依賴合作夥伴來完成這項工作。因此，這裡的順風非常強勁。我們在該客戶群中佔據著極為有利的地位。因此，從長遠來看，我對我們的臨床研究的成長動力感到非常滿意，很高興本季度恢復正成長，很高興獲得出色的組織成長並為我們預期的下半年持續成長勢頭做好準備。

Okay. And then just a follow-up, maybe sticking with the services theme. On the CDMO side, the Sanofi deal was an interesting one. I think you've always said asset transfers from pharma are some of the better deals you do.

好的。然後只是後續，也許堅持服務主題。在 CDMO 方面，賽諾菲的交易很有趣。我認為您一直說製藥公司的資產轉讓是您做的更好的交易之一。

Can you maybe talk about the opportunity set there, how you feel about current capacity and fill-finish today? And then maybe just touch on traction with Accelerator, how many customers do you have today, and how is that going?

您能否談談那裡的機會，您對目前的產能和填充完成有何看法？然後也許只是談談 Accelerator 的吸引力，您今天有多少客戶，進展如何？

Yeah. So, Tycho, in terms of Accelerator Drug Development, incredibly being adopted incredibly across the industry. And you see that in the pharma services growth, you see that in the authorizations momentum. And the TOP study is a nice study to get a third party's view on it, but what's more important is where our customers actually buying.

是的。因此，就加速器藥物開發而言，Tycho 在整個行業中得到了令人難以置信的廣泛採用。您可以看到製藥服務的成長，以及授權動能的增強。TOP 研究是一個很好的研究，可以了解第三方的觀點，但更重要的是我們的客戶實際上在哪裡購買。

And they're super excited about it, because they partner with us, and now we're really in the how are they operating, and how do we make their drug development process more time effective and more cost effective, so that they can get their important work to the market. And so that's driving really excellent momentum.

他們對此感到非常興奮，因為他們與我們合作，現在我們真正關注的是他們如何運作，以及如何使他們的藥物開發過程更省時、更具成本效益，以便他們能夠將重要的工作推向市場。這確實推動了極好的勢頭。

In terms of the sterile fill-finish and the work there, it's adding a third site to our US footprint. And we really like acquiring capacity versus a greenfield because it's a much more cost-effective way of doing it. You have trained operators, you have equipment that's not 100% utilized, and that we're going to expand on their footprint.

就無菌灌裝和那裡的工作而言，它為我們在美國的業務增加了第三個站點。我們確實更喜歡收購產能而不是新建產能，因為這是一種更具成本效益的方式。您已經培訓了操作員，但您的設備尚未 100% 利用，而我們將擴大它們的使用範圍。

So it's great news for the team in New Jersey because they'll be working on even more exciting molecules and we'll be able to meet the demand, which is very strong, with the increased capacity that we have in New Jersey. So it's a really nice acquisition, and we look forward to getting that one closed before the year end as well.

因此，這對新澤西的團隊來說是個好消息，因為他們將致力於研究更令人興奮的分子，而且憑藉我們在新澤西增加的產能，我們將能夠滿足非常強勁的需求。所以這是一次非常好的收購，我們也希望在年底前完成收購。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Stephen, I'll add to the congratulations; and Jim, look forward to working with you. Maybe just one, Marc, to start, just on the 7%-plus long-term growth. I think you said the 4% underpinning of market growth feels good to you. I would certainly agree, very doable, but the last three years have been so tough.

史蒂芬，我要向你表示祝賀；吉姆，期待與你合作。也許只有一個，馬克，首先，只談 7% 以上的長期成長。我認為您說過 4% 的市場成長基礎讓您感覺良好。我當然同意，這是非常可行的，但過去三年非常艱難。

So maybe a two-parter, just with pharma as your biggest customer, just wondering what type of maybe pharma R&D growth or other kind of factors you would kind of be using in order to support that 4% growth if R&D is a good factor. And I know you talked about the 2 to 3 points of share gains. Where do you feel best across your business for those gains?

因此，也許可以分為兩部分，僅以製藥業作為您的最大客戶，只是想知道如果研發是一個好因素，您會使用什麼類型的製藥業研發成長或其他類型的因素來支持 4％ 的成長。我知道您談到了 2 到 3 個百分點的份額增長。您覺得您的業務中哪些方面最能帶來這些收益？

Yeah. So when I think about a very long-term perspective of serving pharma and biotech and I think about the unique capabilities that we bring, we're very well positioned to continue to drive very strong share serving that customer base. And we are involved in all of what drives that industry, right? We supply their research labs. We supply their quality control labs. We design their clinical trials. We run their clinical trials. We package and distribute their experimental medicines. We scale out medicines from a concept all the way up to commercial production in small and large molecule.

是的。因此，當我考慮為製藥和生物技術行業提供服務的長期前景，並考慮我們帶來的獨特能力時，我們完全有能力繼續為該客戶群提供強勁的市場份額。我們參與了推動該行業發展的所有活動，對嗎？我們為他們的研究實驗室提供服務。我們為他們的品質控制實驗室提供服務。我們設計他們的臨床試驗。我們對它們進行臨床試驗。我們包裝並分發他們的實驗藥物。我們將藥物從概念擴展到小分子和大分子的商業化生產。

And we benefit from all of those drivers and the trusted partner status that positions us very well. I get lots of questions over the year about what's the aggregate R&D budget or these different things. It's interesting, it's not actually something that is a major driver, but rather it's a holistic support in the industry that we have. So I feel very good about our ability to get very strong growth coming out of our largest end market. And that will drive our long-term growth going forward.

我們受益於所有這些驅動因素以及值得信賴的合作夥伴地位，這使我們處於非常有利的地位。一年來，我收到了很多關於總研發預算或這些不同事項的問題。有趣的是，它實際上並不是一個主要的驅動因素，而是我們行業的整體支持。因此，我對我們能夠在最大的終端市場中實現強勁成長的能力感到非常滿意。這將推動我們未來的長期成長。

And then maybe just one follow-up, just on the year. I know you had baked in, or Stephen and Marc, had baked in the $400 million tariff headwind for China. And I think there was a $200 million vaccine headwind. And Stephen, you talked about how that China reversal, I think, helped the organic growth upside in the quarter.

然後也許只進行一次後續行動，僅針對當年。我知道您，或史蒂芬和馬克，已經考慮到了中國 4 億美元的關稅逆風。我認為疫苗存在 2 億美元的不利因素。史蒂芬，您談到了中國經濟的逆轉如何幫助本季實現有機成長。

So just -- can you just walk through a little bit how much of China of that $400 million came back in Q2? What's still left? And any benefit from the vaccine headwind? Or is that still contemplated as a drag?

那麼，您能否稍微介紹一下，第二季這 4 億美元有多少是來自中國？還剩下什麼？疫苗逆風有什麼好處嗎？或者這仍然被認為是一種拖累？

Yes. So, Dan, when I think about the tariff dynamic in China, we'd assumed there would be a significant cessation of trade. So we saw that early on in Q2, and there was an impact. And roughly half of the impact didn't happen in Q2. So things eased up, and that's -- so the $75 million kind of beat on the top line, that was -- you can think about that as kind of the scale of the benefit in Q2.

是的。所以，丹，當我考慮中國的關稅動態時，我們假設貿易將大幅停止。因此，我們在第二季初期就看到了這一點，並且產生了影響。大約一半的影響並未發生在第二季。所以情況有所緩和，這就是——營收超出預期 7500 萬美元——你可以將其視為第二季度收益的規模。

And yes, so we have an assumption that things basically stay the same as they were in Q2. Things will get -- will improve from the guide we've given you. At the end of the day, it's probably about a 25% a quarter cushion that we have against potential other tariff things that could come up. So I think it's appropriate at this time not to change the guidance for that, and we'll see how the tariff environment changes over the next several quarters.

是的，所以我們假設情況基本上與第二季保持不變。根據我們提供的指南，事情將會得到改善。最終，我們大概可以每季提供 25% 左右的緩衝，以應對可能出現的其他關稅問題。因此，我認為目前不改變這項指導方針是適當的，我們將看看未來幾季關稅環境如何變化。

Thanks, Dan. And so let me wrap up here.

謝謝，丹。讓我就此結束。

Thanks, everyone, for joining us on the call today. We're in a strong position as we enter the second half of the year. We're actively managing the company, continue to deliver differentiated performance, create shareholder value, build an even brighter future for our company.

感謝大家今天參加我們的電話會議。進入下半年，我們處於有利地位。我們積極管理公司，持續提供差異化的業績，創造股東價值，為公司打造更美好的未來。

I very much will cherish the upcoming nine months with Stephen, and I look forward to working with Jim on the transition as well. And we all look forward to updating you on our third quarter results in October. And as always, thank you for your support of Thermo Fisher Scientific. Thanks, everyone.

我非常珍惜與史蒂芬共事的接下來九個月，我也期待與吉姆一起完成過渡。我們都期待在十月向您報告我們的第三季業績。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 our call, and you may now disconnect your lines.

感謝大家今天加入我們。我們的通話到此結束，您可以掛斷電話了。