賽默飛世爾科技 (TMO) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2025 third-quarter conference call. My name is Claire and I will be coordinating your call today. (Operator Instructions)

女士們、先生們，早安，歡迎參加賽默飛世爾科技 2025 年第三季電話會議。我叫克萊爾，今天我要負責協調您的通話。（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. Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com under the heading News, Events and Presentations until February 1, 2026. A copy of the press release of our third quarter earnings is available in the Investors section of our website under the heading Financials.

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) 和高級副總裁兼財務長 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 2026 年 2 月 1 日。我們的第三季收益新聞稿副本可在我們網站的「投資者」部分的「財務」標題下找到。

So before we begin, let me briefly cover our safe harbor statement. Various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements within the meaning of applicable securities laws. 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 reports on Form 10-K and Form 10-Q under the heading Risk Factors.

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。我們對本公司未來預期、計畫和前景所做的各種評論均構成適用證券法意義內的前瞻性陳述。由於各種重要因素，包括公司在最近的 10-K 表和 10-Q 表報告中「風險因素」部分所討論的因素，實際結果可能與這些前瞻性陳述所示的結果有重大差異。

These forward-looking statements are based on our current expectations and speak only as of the date they are made. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even in the event of new information, future developments or otherwise.

這些前瞻性陳述是基於我們目前的預期，並且僅代表其作出之日的觀點。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義務，即使出現新資訊、未來發展或其他情況。

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 third 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 指標的對帳可在我們 2025 年第三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 third quarter call. As you saw in our press release, we delivered an outstanding quarter that included excellent operational performance, reflecting our active management of the company. Strong execution from our team with ongoing focus meaningfully advanced a number of our customer relationships. And we made significant progress advancing our proven growth strategy, which continues to strengthen our foundation and build an even brighter future for our company.

謝謝你，拉夫。大家早安，感謝大家今天參加我們的第三季電話會議。正如您在我們的新聞稿中看到的，我們本季表現出色，包括出色的營運業績，反映了我們對公司的積極管理。我們團隊的強力執行和持續關注顯著提升了我們與許多客戶的關係。我們在推進行之有效的成長策略方面取得了重大進展，這將繼續鞏固我們的基礎，為我們的公司創造更光明的未來。

So first, let me recap the financials. Our revenue grew 5% in the quarter to $11.12 billion. Our adjusted operating income grew 9% to $2.59 billion. Adjusted operating margin expanded by 100 basis points to 23.3% and we grew adjusted EPS by 10% to $5.79 per share. Our performance in the third quarter enables us to raise our full year guidance.

首先，讓我回顧一下財務狀況。本季我們的營收成長了 5%，達到 111.2 億美元。我們的調整後營業收入成長 9%，達到 25.9 億美元。調整後的營業利潤率擴大 100 個基點至 23.3%，調整後的每股盈餘成長 10% 至每股 5.79 美元。第三季的業績使我們能夠提高全年業績預期。

Now turning to our end markets. In Pharma and Biotech, we delivered another order of mid-single-digit growth. Performance in the quarter was led by our Bioproduction and Analytical Instruments businesses as well as our research and safety market channel.

現在轉向我們的終端市場。在製藥和生物技術領域，我們再次實現了中等個位數的成長。本季的業績主要由我們的生物生產和分析儀器業務以及我們的研究和安全市場管道所帶動。

Turning to academic and government. Revenue declined in the low single digits, representing a modest improvement versus last quarter. To provide some additional context, conditions in the US in this end market were similar to Q2. In Industrial and Applied, revenue grew in the mid-single-digit store in the quarter, representing a nice sequential step up.

轉向學術和政府。收入下降了個位數，與上一季相比略有改善。為了提供一些額外的背景信息，美國這個終端市場的情況與第二季度相似。在工業和應用領域，本季商店的收入實現了中等個位數的成長，這是一個不錯的連續成長。

Performance in the quarter was led by our Electron Microscopy business as well as our research and safety market channel.

本季的業績主要由我們的電子顯微鏡業務以及我們的研究和安全市場管道所帶動。

Finally, in Diagnostics and Healthcare, revenue growth improved over Q2, though it remained down low single digits for the quarter, largely due to conditions in China. Highlights in this quarter included strong growth in our Transplant Diagnostics and Immunodiagnostics businesses. Wrapping up my comments on end markets, our team executed very well to capture the opportunities during the quarter.

最後，在診斷和醫療保健領域，收入成長較第二季度有所改善，儘管本季仍保持個位數低點下降，這主要是由於中國的情況。本季度的亮點包括移植診斷和免疫診斷業務的強勁成長。總結我對終端市場的評論，我們的團隊表現非常出色，抓住了本季的機會。

Let me turn to our growth strategy, which consists of 3 pillars: high impact innovation, our trusted partner status with customers and our unparalleled commercial engine. Starting with innovation. It was another excellent quarter for our company. Our new offerings demonstrate our continued leadership and further enable our customers to unlock scientific breakthroughs, advanced precision medicine and enhance productivity in their labs. In clinical next-gen sequencing, we continue to expand our offerings strengthening our ability to help clinicians and researchers advance targeted care for patients.

讓我來談談我們的成長策略，它由三大支柱組成：高影響力的創新、我們與客戶值得信賴的合作夥伴地位以及我們無與倫比的商業引擎。從創新開始。對我們公司來說，這又是一個出色的季度。我們的新產品展示了我們持續的領導地位，並進一步使我們的客戶能夠實現科學突破、先進的精準醫療並提高實驗室的生產力。在臨床下一代定序領域，我們不斷擴展產品範圍，增強幫助臨床醫生和研究人員為患者提供針對性護理的能力。

The Oncomine Dx Express Test on our Ion Torrent Genexus Dx Integrated Sequencer received FDA approval as a companion diagnostic for a targeted therapy used to treat non-small cell lung cancer and for broader tumor profiling applications.

我們的 Ion Torrent Genexus Dx 整合式定序儀上的 Oncomine Dx Express 測試已獲得 FDA 批准，作為用於治療非小細胞肺癌的標靶治療的伴隨診斷以及更廣泛的腫瘤分析應用。

We also introduced the Oncomine Comprehensive Assay+ on the Genexus System providing clinical research labs with an all-in-one comprehensive genomic profiling solution that delivers next-day results. This capability provides clinical researchers with faster, more actionable insights to advance precision medicine.

我們也在 Genexus 系統上推出了 Oncomine Comprehensive Assay+，為臨床研究實驗室提供可在第二天提供結果的一體化綜合基因組分析解決方案。此功能可為臨床研究人員提供更快、更可操作的見解，以推進精準醫療。

For proteomics, we launched the Olink Target 48 Neurodegeneration panel to advance research into conditions such as Alzheimer's, Parkinson's and Multiple Sclerosis. The new panel helps address the need for reliable detection and measurement of biomarkers that can unlock insights into these and other complex neurological diseases, while also enabling researchers to monitor disease progression and therapeutic responses.

對於蛋白質體學，我們推出了 Olink Target 48 神經退化小組，以推進阿茲海默症、帕金森氏症和多發性硬化症等疾病的研究。新的面板有助於滿足對生物標記的可靠檢測和測量的需求，這些生物標記可以深入了解這些疾病和其他複雜的神經系統疾病，同時也使研究人員能夠監測疾病進展和治療反應。

In Analytical Instruments, we unveiled 2 new electron microscopes at the recent Microscopy and Microanalysis Conference. These include the Thermo Scientific Talos 12 transmission electron microscope. This powerful new platform built on our popular Talos line and delivers exceptional image quality and ease of use for structural and cellular analysis and biological research, pathology and drug development. We also introduced the Thermo Scientific Scios 3, focused ion beam scanning electron microscope, engineered with advanced automation, precision and ease of use, this instrument accelerates material science research and supports the development of new materials used across clean energy, aerospace, and digital devices.

在分析儀器方面，我們在最近的顯微鏡和微分析會議上推出了兩台新型電子顯微鏡。其中包括 Thermo Scientific Talos 12 透射電子顯微鏡。這個強大的新平台建立在我們廣受歡迎的 Talos 系列之上，可提供卓越的圖像質量，並且易於使用，適用於結構和細胞分析以及生物研究、病理學和藥物開發。我們還推出了 Thermo Scientific Sc​​ientification 3 聚焦離子束掃描電子顯微鏡，該儀器採用先進的自動化、精確度和易用性設計，可加速材料科學研究並支援清潔能源、航空航天和數位設備中使用的新材料的開發。

In Chromatography and Mass Spectrometry, we launched Chromeleon 7.4, the first enterprise-ready compliance-focused software platform that unifies chromatography and mass spectrometry workflows. This system offers centralized secure data management and remote access across labs empowering regulated biopharma, clinical and environmental labs to streamline workflows, improve their productivity and accelerate scientific decision-making. This launch is a great enabler for both our mass spec and chromatography instruments.

在色譜和質譜領域，我們推出了 Chromeleon 7.4，這是第一個統一色譜和質譜工作流程的企業級合規性軟體平台。該系統提供集中的安全數據管理和跨實驗室的遠端訪問，使受監管的生物製藥、臨床和環境實驗室能夠簡化工作流程、提高生產力並加快科學決策。此次發布對於我們的質譜和色譜儀器來說是一個很大的推動力。

Let me give you a quick update on our trusted partner status and our unparalleled commercial engine. We have a unique relationship with our customers. One that has been earned over many years through a relentless focus on anticipating, understanding and meeting their needs. Our trusted partner status provides us with unique insights to guide our strategy and continually strengthen our capabilities. At the same time, our entry leading commercial engine enables us to deliver those capabilities at scale.

讓我向您簡要介紹我們值得信賴的合作夥伴地位和我們無與倫比的商業引擎。我們與客戶有著獨特的關係。這是我們多年來透過不懈地專注於預測、理解和滿足他們的需求而贏得的。我們值得信賴的合作夥伴地位為我們提供了獨特的見解，以指導我們的策略並不斷增強我們的能力。同時，我們領先的商業引擎使我們能夠大規模地提供這些功能。

I'll share a few highlights of the actions we've taken recently to deliver even greater value to our customers and position our company for the future.

我將分享我們最近採取的一些行動的亮點，這些行動旨在為客戶提供更大的價值並為公司的未來做好準備。

One example is our strategic collaboration with OpenAI. The collaboration is focused on 2 broad areas. The first opportunity is to embed these capabilities into our products and services to make an even bigger impact for our customers. And the second opportunity is to make Thermo Fisher even more productive. As part of this collaboration, we are embedding OpenAI advanced technology into critical areas of our business, including product development, service delivery, customer engagement and operations.

其中一個例子就是我們與 OpenAI 的策略合作。此次合作主要集中在兩個廣泛的領域。第一個機會是將這些功能嵌入到我們的產品和服務中，以便為我們的客戶帶來更大的影響。第二個機會是讓賽默飛世爾科技更有效率。作為此次合作的一部分，我們將把 OpenAI 先進技術嵌入到我們業務的關鍵領域，包括產品開發、服務交付、客戶參與和營運。

Our initial focus is on clinical research to help improve the speed and success of drug development, ultimately enabling customers to get medicines to patients faster and more cost effectively. We are deploying these capabilities to improve the cycle time of clinical trials. We'll also look to leverage OpenAI's capabilities to unlock value in our deep repository of data and experience to enable customers to focus on the most promising opportunities in their drug development pipelines.

我們最初的重點是臨床研究，以幫助提高藥物開發的速度和成功率，最終使客戶能夠更快、更經濟地將藥物送到患者手中。我們正在部署這些功能來縮短臨床試驗的周期。我們還將尋求利用 OpenAI 的功能來釋放我們深層數據和經驗庫中的價值，使客戶能夠專注於其藥物開發流程中最有前景的機會。

To enable the second focus area, we've launched ChatGPT Enterprise internally across the company to drive productivity, innovation and ultimately, smarter customer engagement. I'm really excited about the ways Thermo Fisher and OpenAI, 2 innovation leaders will work together to make a real difference in advancing science and bringing new medicines to patients.

為了實現第二個重點領域，我們在公司內部推出了 ChatGPT Enterprise，以提高生產力、創新能力並最終實現更智慧的客戶參與度。我對賽默飛世爾科技和 OpenAI 這兩大創新領導者將如何攜手合作，在推動科學進步和為患者帶來新藥方面做出真正的貢獻感到非常興奮。

Another good example of our trusted partner status this quarter was the recently announced strategic partnership with AstraZeneca Bioventure hub in Gothenburg, Sweden. This partnership will leverage the combined expertise of Thermo Fisher in AstraZeneca to drive innovation and strengthen the life sciences ecosystem. A dedicated team from Thermo Fisher will co-locate with AstraZeneca scientists to work on collaborative R&D projects with an initial focus on chromatography, molecular genomics and proteomics. And it was also great to celebrate the grand opening of our Manufacturing Center of Excellence in Mebane, North Carolina this quarter. A high-volume, low-cost facility, this site was developed with support from the US

本季我們值得信賴的合作夥伴地位的另一個很好的例子是最近宣布與位於瑞典哥德堡的阿斯特捷利康生物創投中心建立策略合作夥伴關係。此次合作將利用賽默飛世爾和阿斯特捷利康的綜合專業知識來推動創新並加強生命科學生態系統。賽默飛世爾科技的專門團隊將與阿斯特捷利康的科學家共同合作研發項目，最初的重點是色譜法、分子基因組學和蛋白​​質組學。本季度，我們也將隆重慶祝位於北卡羅來納州梅班的製造卓越中心的開幕。該設施容量大、成本低，是在美國的支持下開發的

government and is capable of producing at least 40 million laboratory pipette tips per week to support Life Science Research and Diagnostic Laboratories and adds to the US national supply chain resilience.

政府，每週能夠生產至少 4000 萬個實驗室移液器吸頭，以支持生命科學研究和診斷實驗室，並增強美國國家供應鏈的彈性。

So wrapping up our growth strategy. This was an excellent quarter, where our actions strengthened our industry leadership today and positions our company for an even brighter future.

以上就是我們的成長策略。這是一個出色的季度，我們的行動鞏固了我們今天的行業領導地位，並為公司更光明的未來奠定了基礎。

Moving on now to capital deployment. We also had a very active quarter successfully executing our proven capital deployment strategy, which, as you know, is a combination of strategic M&A and returning capital to our shareholders. In September, we completed our acquisition of our Filtration and Separation business from Solventum, which is now part of our Life Sciences Solutions segment. As you know, this business expands our bioprocessing offering for Pharma and Biotech as well as industrial filtration capabilities. The integration is progressing smoothly and the early feedback from our customers has been incredibly positive.

現在繼續進行資本部署。我們也度過了一個非常活躍的季度，成功執行了我們行之有效的資本配置策略，正如您所知，該策略是策略併購和向股東返還資本的結合。9 月，我們完成了對 Solventum 過濾和分離業務的收購，該業務現已成為我們生命科學解決方案部門的一部分。如您所知，這項業務擴展了我們為製藥和生物技術領域提供的生物加工產品以及工業過濾能力。整合進展順利，我們客戶的早期回饋非常正面。

We also closed our acquisition of the Ridgefield, New Jersey sterile fill-finish site from Sanofi, expanding our US drug product manufacturing. This is an excellent addition to our industry-leading sterile fill-finish network within our Pharma Services business. At this site, we'll continue to manufacture a portfolio of Sanofi's therapies, and we'll invest in additional production lines to meet the growing demand for US manufacturing from our Pharma and Biotech customers as they re-shore more activity to the US

我們也完成了對賽諾菲位於新澤西州里奇菲爾德的無菌填充工廠的收購，擴大了我們在美國的藥品生產規模。這是對我們製藥服務業務中業界領先的無菌灌裝網路的絕佳補充。在這個工廠，我們將繼續生產賽諾菲的一系列療法，並將投資額外的生產線，以滿足我們的製藥和生物技術客戶對美國製造日益增長的需求，因為他們將更多的活動轉移到美國

Also in the quarter, we repurchased $1 billion of our shares. This brings our total repurchases to $3 billion for the year. So overall, a very active quarter for capital deployment. We have a company culture based on continuous improvement through our PPI business system, which once again was a key enabler of outstanding execution. We made great progress in the quarter, leveraging PPI to manage our cost base and deliver very strong earnings growth.

本季我們也回購了價值 10 億美元的股票。這使得我們今年的回購總額達到 30 億美元。總體而言，這是一個資本配置非常活躍的季度。我們的公司文化是基於透過 PPI 業務系統持續改進，這再次成為卓越執行的關鍵推動因素。我們在本季度取得了巨大進展，利用 PPI 來管理我們的成本基礎並實現了非常強勁的獲利成長。

The PPI Business System continues to drive great impact, and with the OpenAI collaboration, it will have even more impact going forward. The practical application of AI will enhance our colleagues' ability to find a better way, increasing our productivity and improving the customer experience.

PPI 業務系統繼續產生巨大影響，透過與 OpenAI 的合作，它將在未來產生更大的影響。人工智慧的實際應用將增強我們同事尋找更好方法的能力，提高我們的生產力並改善客戶體驗。

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

回顧本季度，我為我們團隊所取得的成就感到自豪，並感謝他們為我們的成功所做的貢獻。

Let me now turn to our guidance. Given our strong performance in the quarter, we're raising both our revenue and earnings guidance for 2025. Stephen will take you through the details in his remarks and I'll cover the highlights. We're raising our revenue guidance to a new range of $44.1 billion to $44.5 billion and raising our adjusted EPS guidance to a range of $22.60 to $22.86 per share.

現在讓我談談我們的指導。鑑於本季的強勁表現，我們提高了 2025 年的營收和獲利預期。史蒂芬將在他的演講中向您詳細介紹，我將介紹其中的亮點。我們將營收預期上調至 441 億美元至 445 億美元的新區間，並將調整後每股盈餘預期上調至 22.60 美元至 22.86 美元的區間。

So to summarize our key takeaways from Q3. This was a terrific quarter. We delivered excellent operational execution, reflecting consistent and active management of the company and the power of the PPI business system, which resulted in outstanding earnings growth. We continue to advance our growth and capital deployment strategies. And we're raising our full year guidance and remain confident in our midterm and long-term outlook and the proven strength of our strategy to create meaningful value for our shareholders and continued success for our company.

總結一下我們從第三季獲得的主要收穫。這是一個非常棒的季度。我們實現了卓越的營運執行，體現了公司一貫積極的管理以及PPI業務系統的強大力量，從而實現了出色的獲利成長。我們繼續推進我們的成長和資本配置策略。我們正在提高全年業績預期，並對我們的中期和長期前景以及我們已證實的策略實力充滿信心，相信我們能為股東創造有意義的價值，並讓我們的公司繼續取得成功。

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 third quarter results for the total company then provide color on our 4 business segments and I'll conclude by providing our updated 2025 guidance.

謝謝，馬克，大家早安。我將向您概述我們整個公司第三季的業績，然後介紹我們的 4 個業務部門，最後提供我們更新的 2025 年指引。

Before I get into the details of our financial performance, let me provide you with a high-level view of how the third quarter played-out versus our expectations at the time of our last earnings call. In Q3, our team executed really well and delivered results significantly ahead of what we'd assumed at the midpoint of our prior guidance on both the top and bottom line. Q3 reported revenue was approximately $300 million ahead of what we'd included in the midpoint of the prior guide, driven by stronger FX tailwinds, a benefit from our recent acquisitions and a slight beat on organic revenue. The beat on the bottom line was even more significant. We delivered $0.30 of adjusted EPS ahead of what was included in the midpoint of our prior guide for Q3.

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三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。在第三季度，我們的團隊表現非常出色，無論是在營收或利潤方面，其業績都遠遠超出了我們先前預期的中位數。第三季報告的收入比我們先前指南中點所包含的收入高出約 3 億美元，這得益於更強勁的外匯順風、我們最近的收購帶來的好處以及有機收入略有增長。底線的打擊更為顯著。我們實現了 0.30 美元的調整後每股收益，高於我們先前第三季指引中點所包含的水平。

$0.11 of that beat was from a lower impact of tariffs and related FX than had been assumed in the prior guide. $0.20 of the beat was from very strong operational performance, and this was partially offset by a $0.01 of dilution from the recent acquisitions.

其中，0.11 美元的超出預期是由於關稅和相關外匯的影響低於先前的指南中所假設的水平。 0.20 美元的超出預期是由於非常強勁的營運業績，但這被最近收購帶來的 0.01 美元的稀釋所部分抵消。

So to summarize, in Q3, we once again delivered excellent operational performance. Let me now provide you with some additional details on Q3. Starting with earnings per share. In the quarter, adjusted EPS grew 10% to $5.79. GAAP EPS in the quarter was $4.27, in line with the prior year quarter.

總而言之，在第三季度，我們再次實現了出色的營運表現。現在讓我向您提供有關第三季度的一些更多詳細資訊。從每股收益開始。本季度，調整後每股收益成長 10% 至 5.79 美元。本季 GAAP 每股收益為 4.27 美元，與去年同期持平。

On the top line, Q3 reported revenue grew 5% year-over-year, that included 3% organic revenue growth, a 1% contribution from acquisitions and a 1% tailwind from foreign exchange.

總體而言，第三季報告的營收年增 5%，其中包括 3% 的有機收入成長、1% 的收購貢獻和 1% 的外匯順風。

Turning to our organic revenue performance by geography. In Q3, North America grew low single digits. Europe and Asia Pacific both grew mid-single digits with China declining mid-single digits. With respect to our operational performance, we delivered $2.59 billion of adjusted operating income in the quarter, an increase of 9% year-over-year, and adjusted operating margin was 23.3%, 100 basis points higher than Q3 last year. The very strong earnings results reflect our active management of the business and the power of our PPI Business System.

談談我們按地區劃分的有機收入表現。第三季度，北美的成長率為個位數。歐洲和亞太地區均實現了中等個位數的成長，而中國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 25.9 億美元的調整後營運收入，年增 9%，調整後營運利潤率為 23.3%，比去年第三季高出 100 個基點。強勁的獲利結果反映了我們對業務的積極管理以及 PPI 業務系統的強大功能。

Total company adjusted gross margin in the quarter was 41.9%, 10 basis points higher than Q3 last year. We delivered very strong productivity, which enabled us to fund strategic investments to further advance our industry leadership and offset the impact of tariffs and related FX and unfavorable mix.

本季公司調整後總毛利率為 41.9%，比去年第三季高出 10 個基點。我們實現了非常強勁的生產力，這使我們能夠為策略投資提供資金，以進一步提升我們的行業領先地位，並抵消關稅和相關外匯及不利組合的影響。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 15.5% of revenue. R&D expense was $346 million in Q3, reflect our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue was 6.9% in the quarter. Looking at our results below line.

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 15.5%。第三季的研發費用為 3.46 億美元，反映了我們對高影響力創新的持續投資。本季研發占我們製造收入的百分比為 6.9%。請參閱下面的結果。

Our Q3 net interest expense was $113 million, as expected, the adjusted tax rate in Q3 was 11% and average diluted shares were $378 million, approximately $5 million lower year-over-year, driven by share repurchases, net of option dilution.

我們的第三季淨利息支出為 1.13 億美元，符合預期，第三季調整後的稅率為 11%，平均稀釋股份為 3.78 億美元，較去年同期減少約 500 萬美元，這主要是由於股票回購（稀釋選擇權）所致。

Turning to free cash flow and the balance sheet. Year-to-date cash flow from operations was $4.4 billion and free cash flow was $3.3 billion after investing $1 billion of net capital expenditure. Q3 was a very active quarter of capital deployment. We deployed approximately $4 billion of capital through the acquisition from our Filtration and Separation business from Solventum and the sterile fill-finish site from Sanofi. In addition, we repurchased $1 billion of shares during the quarter and returned $160 million of capital through dividends.

轉向自由現金流和資產負債表。年初至今的營運現金流為 44 億美元，在投資 10 億美元淨資本支出後，自由現金流為 33 億美元。第三季是資本配置非常活躍的一個季度。我們透過收購 Solventum 的過濾和分離業務以及賽諾菲的無菌填充工廠，部署了約 40 億美元的資本。此外，我們在本季回購了價值 10 億美元的股票，並透過股息返還了 1.6 億美元的資本。

We ended the quarter with $3.5 billion in cash and short-term investments and $35.7 billion of total debt. Our leverage ratio at the end of the quarter was 3.2x gross debt to adjusted EBITDA and 2.9x on a net debt basis.

本季末，我們的現金和短期投資為 35 億美元，總債務為 357 億美元。本季末我們的槓桿率為總負債與調整後 EBITDA 比率為 3.2 倍，淨負債比率為 2.9 倍。

Concluding my comments in our total company performance. Adjusted ROIC was 11.3% reflecting the strong returns on investment that we're generating across the company. I'll provide some color on our performance of our 4 business segments.

總結一下我對我們公司整體業績的評論。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。我將介紹我們四個業務部門的表現。

In Life Sciences solutions, Q3 reported revenue in this segment increased 8% versus the prior year quarter and organic revenue growth was 5%. Growth in this segment was led by our Bioproduction business, which had another quarter of excellent growth. Q3 adjusted operating income for Life Sciences Solutions increased 15% and adjusted operating margin was 37.4%, up 200 basis points versus the prior year quarter. During Q3, we delivered very strong productivity and volume leverage, which was partially offset by unfavorable mix, strategic investments and the impact of the acquisition of our Filtration and Separation business, which is included within this segment.

在生命科學解決方案方面，第三季該部門的營收較去年同期成長 8%，有機收入成長 5%。該領域的成長主要由我們的生物生產業務帶動，該業務又一個季度實現了優異的成長。生命科學解決方案第三季調整後營業收入成長 15%，調整後營業利益率為 37.4%，比去年同期成長 200 個基點。在第三季度，我們實現了非常強勁的生產力和產量槓桿，但不利的產品組合、策略投資以及收購本部門內的過濾和分離業務的影響部分抵消了這一優勢。

In the Analytical Instruments segment, reported revenue increased 5% and organic revenue growth was 4%. Growth in the quarter was led by electron microscopy and chromatography and mass spectrometry businesses. In this segment, Q3 adjusted operating income decreased 5% and adjusted operating margin was 22.6%, down 230 basis points versus the year ago quarter, but this was a sequential improvement from Q2 2025. The majority of the year-over-year margin change was driven by the impact of tariffs and related FX. Outside of that impact, strong productivity was partially offset by strategic investments and unfavorable mix.

分析儀器部門報告營收成長 5%，有機收入成長 4%。本季的成長主要由電子顯微鏡和色譜與質譜業務推動。該部門第三季調整後營業收入下降 5%，調整後營業利潤率為 22.6%，較去年同期下降 230 個基點，但與 2025 年第二季相比有所改善。利潤率同比變動主要受關稅和相關外匯的影響。除此影響之外，強勁的生產力也被策略性投資和不利的組合部分抵消。

Turning to Specialty Diagnostics in Q3 reported revenue grew 4% year-over-year and organic revenue growth was 2%. In Q3, growth in this segment was led by Transplant Diagnostics and Immunodiagnostics businesses. Q3 adjusted operating income for Specialty Diagnostics increased 10% and adjusted operating margin was 27.4%, 150 basis points higher than Q3 2024. During the quarter, we delivered strong productivity and volume leverage.

第三季專業診斷報告顯示營收年增 4%，有機收入成長 2%。第三季度，該領域的成長主要由移植診斷和免疫診斷業務推動。專科診斷第三季調整後營業收入成長 10%，調整後營業利益率為 27.4%，比 2024 年第三季高出 150 個基點。在本季度，我們實現了強勁的生產力和產量槓桿。

Finally, in the Laboratory Products and Biopharma Services segment reported revenue increased 4% and organic revenue growth was 3%. Growth in the segment was led by our Research and Safety market channel. The runoff of pandemic-related revenue had a 1% impact on the revenue growth in segment in the quarter. Q3 adjusted operating income in the segment increased 12% and adjusted operating margin was 14.5%, 100 basis points higher than Q3 2024. In the quarter, we delivered very strong productivity which is partially offset by unfavorable mix and strategic investments.

最後，實驗室產品和生物製藥服務部門報告收入成長 4%，有機收入成長 3%。該領域的成長由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本季營收成長產生了 1% 的影響。該部門第三季調整後營業收入成長 12%，調整後營業利益率為 14.5%，比 2024 年第三季高出 100 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。

To change to guidance, as Marc outlined, we're raising our 2025 full year guide on both the top and bottom line, reflecting our continued active management of the company. Let me provide you with the details. We're raising our revenue guidance to an expected range of $44.1 billion to $44.5 billion. Organic revenue growth at the midpoint of the guide continues to be 2% for the full year, and as a reminder, that includes a 1 point of headwind from the run-up of pandemic-related revenue. We're increasing our outlook for adjusted operating margin in 2025 to a new range of 22.7% to 22.8%.

正如馬克所概述的，為了改變指導方針，我們將提高 2025 年全年的頂線和底線指導，以反映我們對公司的持續積極管理。讓我向您提供詳細資訊。我們將營收預期上調至 441 億美元至 445 億美元的範圍。指南中點的有機收入成長率全年仍為 2%，需要提醒的是，這包括疫情相關收入上漲帶來的 1 個百分點的阻力。我們將 2025 年調整後營業利潤率預期上調至 22.7% 至 22.8% 的新範圍。

And we're raising our adjusted EPS guidance to a new range of $22.60 to $22.86. The increase at the midpoint of the guidance range reflects $420 million higher revenue than the prior guide, driven by the benefit of our recent acquisitions and an increase in the tailwind from FX.

我們將調整後每股盈餘預期上調至22.60美元至22.86美元的新區間。預期區間中點的上調反映了營收較先前的預期高出4.2億美元，這得益於我們近期收購帶來的收益以及外匯市場帶來的利好。

From an earnings standpoint, the increase in the midpoint of the guide reflects 20 basis points of improved adjusted operating margin expansion and $0.20 of higher adjusted EPS. This change includes $0.05 of dilution from the recent acquisitions. We'll continue to actively manage the company and drive excellent operational performance, once again, enabling us to increase our guidance for the year.

從獲利角度來看，指南中點的增加反映了調整後營業利潤率擴大 20 個基點以及調整後每股收益增加 0.20 美元。這項變更包括最近收購造成的 0.05 美元的稀釋。我們將繼續積極管理公司並推動卓越的營運業績，這使我們能夠再次提高今年的業績預期。

I'll now move on to an update of some of the modeling elements for the full year. Our guidance now includes the impact of the recently closed acquisitions. These deals added $260 million to revenue to our prior full year guide, $20 million adjusted operating income, and as I mentioned earlier, $0.05 of adjusted EPS dilution. In terms of tariffs, our guidance reflects the tariffs that are currently in place as of today. This includes the increase in tariff rates between the US

現在我將繼續更新全年的一些建模元素。我們的指導現在包括最近完成的收購的影響。這些交易使我們在先前的全年指南基礎上增加了 2.6 億美元的收入、2000 萬美元的調整後營業收入，並且正如我之前提到的，調整後每股收益稀釋了 0.05 美元。在關稅方面，我們的指導反映了截至今天實施的關稅。這包括提高美國與歐盟之間的關稅稅率

and Europe that occurred since the time of our last guidance. The changes in tariffs and trade policy once again caused intra-quarter volatility in FX rates in Q3. As a result, FX in Q3 was $220 million revenue tailwind to our prior guide and a $0.10 adjusted EPS headwind. So for the full year, we now expect FX to be a year-over-year tailwind to revenue of $230 million and a headwind to adjusted operating income and adjusted EPS of $110 million and $0.37, respectively.

以及自我們上次指導以來發生的歐洲事件。關稅和貿易政策的變化再次導致第三季外匯匯率出現季度內波動。因此，第三季的外匯收入比我們先前的預期高出 2.2 億美元，而調整後的每股盈餘則低 0.10 美元。因此，就全年而言，我們現在預計外匯將對全年收入產生 2.3 億美元的同比增長，並對調整後的營業收入和調整後的每股收益產生負面影響，分別為 1.1 億美元和 0.37 美元。

Below the line, we now expect net interest expense to be approximately $440 million in 2025, and we continue to expect an adjusted tax rate of 10.5% for the full year. We expect between $1.4 billion and $1.7 billion of net capital expenditures and around $7 billion of free cash flow for the year. Then in terms of capital deployment, our guidance now assumes that we deploy $7.6 billion of capital in 2025, $4 billion on the recently closed acquisitions, $3 billion on already completed share buybacks and $600 million of capital returned to shareholders through dividends. And finally, we estimate the full year average diluted share count will be approximately 378 million shares.

低於此水平，我們現在預計 2025 年淨利息支出約為 4.4 億美元，並且我們繼續預計全年調整後的稅率為 10.5%。我們預計今年的淨資本支出將在 14 億美元至 17 億美元之間，自由現金流將在 70 億美元左右。在資本部署方面，我們現在的指導假設是，我們在 2025 年部署 76 億美元的資本，其中 40 億美元用於最近完成的收購，30 億美元用於已經完成的股票回購，6 億美元透過股息返還給股東。最後，我們估計全年平均稀釋股數約為 3.78 億股。

So to conclude, we delivered an excellent Q3 and we're in a great position to deliver on our 2025 objectives.

總而言之，我們第三季的業績非常出色，我們完全有能力實現 2025 年的目標。

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

說完這些，我將把電話轉回給 Raf。

Thank you, Stephen. So with that, let's get started for the Q&A portion of the call.

謝謝你，史蒂芬。那麼，讓我們開始電話會議的問答部分。

(Operator Instructions)

（操作員指示）

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, thanks for the question and congrats on another strong print, guys. I'll start just on market conditions and what you're hearing and what your customers, Marc? I mean a lot has changed since we last were on the 3Q call, especially on Pharma. There's been a lot of progress and, I would say, de-escalation on some of the MFN and tariff concerns with Pharma. So just wondering if anything has changed in your conversations with your major customers over the last couple of weeks and months?

太好了，謝謝你的提問，祝賀你們又一次取得了優異的成績。我先從市場狀況開始，談談您聽到的消息以及您的客戶的情況，馬克？我的意思是，自從我們上次召開第三季電話會議以來，很多事情都發生了變化，尤其是在製藥領域。我想說的是，我們已經取得了很大進展，並且對製藥業的一些最惠國待遇和關稅問題已經有所緩解。所以我想知道在過去幾週和幾個月裡您與主要客戶的對話是否發生了變化？

Talk of reshoring longer-term. Could you just talk about how Thermo would benefit from that, both from a facility build-out perspective, but also from Patheon and some of the other Pharma services and your fill-finish capacity in the US just sort of how that come up in conversations.

談論長期回流。您能否談談 Thermo 將如何從中受益，既從設施建設的角度，也從 Patheon 和其他一些製藥服務以及您在美國灌裝能力的角度，就像我們在談話中提到的那樣。

Mike, thanks for the question. Very topical. So in terms of our dialogue with our pharma and biotech customers. As you know, we're very engaged, right, with this customer set, the senior executives. And if I say what are they focused on probably is the first thing, right?

麥克，謝謝你的提問。非常具有話題性。就我們與製藥和生物技術客戶的對話而言。如您所知，我們與這些客戶群以及高階主管的互動非常密切。如果我說他們關注的是什麼，那可能就是第一件事，對吧？

There's a lot of excitement around scientific breakthroughs. A lot of confidence actually in their pipelines, and they're partnering with us to help them drive their success.

科學突破令人興奮不已。他們實際上對自己的管道非常有信心，並且正在與我們合作以幫助他們取得成功。

As we talk about the actual environment, right, which is a part of how you think about the world and the decisions they make, there's a quiet confidence actually that they're going to be able to navigate the government policies effectively. And you're seeing that in some of the announcements that have been made on pricing as well as on re-shoring more activity in the US in terms of not being exposed to potential tariffs. On that dynamic, what I would say is we're very engaged in helping those customers think about new sites, how to best equip them and support our customers in that effort. And that will benefit our channel business, it will benefit our Bioproduction business, our Analytical Instruments businesses.

當我們談論實際環境時，對吧，這是你如何看待世界和他們所做的決定的一部分，他們實際上有一種平靜的信心，相信他們能夠有效地引導政府政策。您可以從一些有關定價以及將更多業務轉移回美國以避免受到潛在關稅影響的公告中看到這一點。就此而言，我想說的是，我們非常致力於幫助這些客戶思考新站點，如何最好地裝備他們並支持我們的客戶。這將有利於我們的通路業務、生物生產業務和分析儀器業務。

It will all benefit from those new construction. And that's really a large '27, '28 by the time ground is broken on new things for expansions within existing facilities, it could be a little bit faster than that. So that is something we're actively engaged in, but it takes some time to gestate.

這一切都將受益於這些新建築。這確實是一個很大的 27、28 年，當現有設施內的新設施破土動工進行擴建時，速度可能會比這更快一些。所以這是我們正在積極參與的事情，但它需要一些時間來醞釀。

More rapidly than that, and in a way, more cost effectively for our customers is leveraging our Pharma Services network to be able to move more of their volume to the US You know that we are the industry leader in drug products, sterile fill-finish. We have very strong capabilities here. We've had very strong demand for those capabilities and our arrangement with Sanofi where we acquired one of their sites, gives us another production node in the US that is well-trained, great workforce and the ability to expand that facility as well.

比這更快、在某種程度上更經濟的方式是利用我們的製藥服務網絡，將更多的產品轉移到美國，您知道我們是藥品、無菌填充行業的領導者。我們在這方面的能力非常強大。我們對這些能力的需求非常強烈，我們與賽諾菲達成協議，收購了他們的一個工廠，這為我們在美國提供了另一個生產節點，該節點擁有訓練有素、勞動力豐富且能夠擴建的設施。

So we're excited to be able to enable our customers and Pharma Biotech has been a good environment for us. So thanks, Mike.

因此，我們很高興能夠為我們的客戶提供服務，而 Pharma Biotech 對我們來說是一個良好的環境。所以謝謝你，麥克。

That's all really helpful. And then maybe on the academic and government front, I mean, I think you called out a low single-digit line in the quarter. It seems like slight improvement from last quarter, but a lot of updates there as well. It looks like we're on track for hopefully flat NIH budget next year, which is encouraging, but on the other hand, you've got government shut down over the last couple of weeks now. So just give us an update on what you're hearing there?

這些都非常有幫助。然後也許在學術和政府方面，我的意思是，我認為你在本季度喊出了一條低個位數的線。與上一季相比似乎略有改善，但也有很多更新。看起來我們預計在明年實現 NIH 預算持平，這是令人鼓舞的，但另一方面，過去幾週政府已經關閉。那麼請告訴我們您聽到的最新情況吧？

Is there any risk from the government shutdown starting to hurt some of that potential recovery in A&G and just sort of how you think about that playing out?

政府關門是否會對農業和天然氣產業的復甦造成影響？您認為這種影響會如何發展？

Yes. So Mike, when I think about academic and government in the quarter, the improvement was really slightly better in Europe. US was very similar. China was very similar to what we experienced in Q2 and both of those markets have headwinds, obviously, different drivers of those headwinds, and when I think about -- so -- and government shutdown is kind of post-quarter, so I'll talk about that in a moment.

是的。所以麥克，當我想到本季的學術和政府情況時，歐洲的進步確實略好一些。美國的情況非常相似。中國的情況與我們在第二季度經歷的情況非常相似，這兩個市場都面臨阻力，顯然，這些阻力有不同的驅動因素，當我想到——所以——政府關門是在本季度之後發生的，所以我稍後會談到這一點。

But if I see what's going on in the environment in Q3 in the US customers actually feel better about the idea of a more stable funding environment.

但如果我了解美國第三季的環境狀況，客戶實際上對更穩定的融資環境感到更滿意。

Obviously, we'll have to get a budget in place and all of those things. But I think there's more consensus around relatively a flattish budget. And I think that we'll remove a headwind over time as the market stabilizes once we get that funding in place. So I actually say from that perspective, while the conditions were muted, I would say, actually, the noise or the -- it's less noise, no way it feels a little bit better.

顯然，我們必須制定預算以及所有這些事情。但我認為大家對相對平穩的預算達成了更多的共識。我認為，一旦我們獲得資金，隨著市場穩定，我們就會消除阻力。所以我實際上是從這個角度來說的，雖然條件很安靜，但我想說，實際上，噪音或 - 噪音較小，感覺不會好一點。

On government shutdown, the way I would say is obviously post-quarter, we're in the middle of it right now. I think it adds a little bit to customer hesitancy, right? It does add some uncertainty. And it obviously will delay some expenditures directly by the US government as well on the things that they actually purchase we put into our implied guidance range for the fourth quarter, a reasonable set of outcomes based on the government shutdown and based on our own experience and how we think it's playing out and feel well positioned to navigate that.

關於政府關門，我想說的顯然是本季之後的事情，我們現在正處於關門之中。我認為這會讓顧客更加猶豫，對嗎？這確實增加了一些不確定性。顯然，這也會推遲美國政府直接支出的一些實際購買的物品，我們將其納入了第四季度的隱含指導範圍，這是基於政府關門以及我們自己的經驗和我們認為情況會如何發展而得出的合理結果，我們覺得自己有能力應對這種情況。

So that's how we thought about it at this point in time.

這就是我們目前對此的想法。

Thank you, Mike.

謝謝你，麥克。

Thank you so much. Thanks.

太感謝了。謝謝。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks,Marc, I want to maybe unpack some of the Analytical Instrument strengths. Certainly better than we've been modeling. I appreciate your comments on academic and pharma, but maybe just a little bit more color? Is this mostly mass spec? Is it Cryo-EM, any particular segments that are emerging?

嘿，謝謝，馬克，我可能想了解分析儀器的一些優點。肯定比我們一直以來的建模好。我很欣賞您對學術和製藥業的評論，但也許可以再多一點色彩？這主要是質譜嗎？是冷凍電鏡嗎？有什麼特別的新興領域嗎？

And I guess, importantly, how do you think about kind of momentum on Analytical Instruments in the year-end? Any thoughts on budget flush and '26 at this point? Obviously, a little bit too early to see a real pickup from on-shoring it sounds like.

我想，重要的是，您如何看待年底分析儀器的發展動能？目前對預算充裕和 '26 有什麼想法嗎？顯然，現在就看到在岸業務真正復甦還為時過早。

Yes. So Tycho, thank you for the question. So the team has been doing a good job in our Analytical Instruments business. I'm proud of the efforts. The innovation that we've been talking about is really being incredibly well adopted, right?

是的。所以 Tycho，謝謝你的提問。因此，該團隊在我們的分析儀器業務方面一直做得很好。我為這些努力感到自豪。我們一直在談論的創新確實被廣泛採用，對嗎？

So I say what is one of the drivers. It's a great launches in both mass spec and cryo-electromicroscopy, it makes a real difference. And many of you have heard me say over the years, irrespective of funding environments because they ebb and flow over time, if you have relevant innovation and you think about what our customers are actually doing, they're doing their life's work with this innovation. And if they don't have the best tools, effectively, they're really wasting their time.

所以我說其中一個驅動因素是什麼。這是質譜和低溫電顯微鏡領域的重大突破，它帶來了真正的改變。多年來，你們中的許多人都聽我說過，無論融資環境如何，隨著時間的推移，它們都會起起伏伏，如果你有相關的創新，並且考慮我們的客戶實際上在做什麼，他們就會用這種創新來完成他們一生的工作。如果他們沒有最好的工具，那麼他們就真的在浪費時間。

And because of that, you see an incredibly resilient and entrepreneurial set of customer is getting funding. So the team has done a good job in that respect, and I'm proud of the mid-single-digit growth that we delivered in the quarter. When I think about what drove it, it's really electromicroscopy and chromatography and mass spectrometry were the drivers. We still have headwinds in our chemical analysis business. It was a little better than the previous quarter but still pressure in some of the industrial and environmental segments.

正因為如此，你會看到一群極具韌性和創業精神的客戶正在獲得資金。因此，團隊在這方面做得很好，我為本季實現的中等個位數成長感到自豪。當我思考是什麼推動了它時，我發現真正的推動力是電子顯微鏡、色譜法和質譜法。我們的化學分析業務仍面臨阻力。情況比上一季略有好轉，但在一些工業和環境領域仍然面臨壓力。

So largely, the 2 big businesses drove the strong performance.

因此，很大程度上，這兩大業務推動了強勁的業績。

When I think about the momentum going into the fourth quarter, really, the only thing that's different. We have a much stronger comparison in the fourth quarter. We had very strong high single-digit growth last year. So comparison is different. So that really is the -- will be the factor, but the underlying health of the business is quite good.

當我想到進入第四季度的勢頭時，確實，唯一的不同之處是。第四季我們的對比結果更為強勁。去年我們實現了非常強勁的高個位數成長。所以比較是不同的。所以這確實是一個因素，但業務的基本健康狀況相當良好。

Great. And then a follow-up on Diagnostics. You did flagged China. Obviously, this has been a pressure point for some of your peers in China Diagnostics. Maybe just give us a sense of what's going on, on the ground there?

偉大的。然後進行診斷的後續跟進。你確實標記了中國。顯然，這對中國診斷的一些同行來說是一個壓力點。也許只是讓我們了解那裡到底發生了什麼事？

What would Specialty Diagnostics have done ex that China drag? And then overall, I guess, just what are your assumptions around China for the remainder of the year and early '26?

除中國拖累外，Specialty Diagnostics 會做什麼？那麼總的來說，我想，您對今年剩餘時間和 26 年初中國的情況有何預測？

Yes. So when I think about our Specialty Diagnostics business, we provide high-value, medically relevant critical testing, right? And you think about that it's transplant diagnostics, it's immunodiagnostics, it's our protein diagnostics, which is our multiple myeloma business, which is part of our Clinical Diagnostics business, our biomarkers for sepsis. These are just critical capabilities and businesses that are a healthy long-term set of prospects.

是的。因此，當我考慮我們的專業診斷業務時，我們提供高價值、與醫學相關的關鍵測試，對嗎？您可以想像一下，它是移植診斷，它是免疫診斷，它是我們的蛋白質診斷，它是我們的多發性骨髓瘤業務，它是我們臨床診斷業務的一部分，它是我們的敗血症生物標記。這些只是關鍵的能力和業務，具有健康的長期前景。

When I think about the environment in China, we have a much smaller presence than the market average for the Diagnostic businesses in China in terms of what we do. So we saw very weak conditions based on the pricing and reimbursement environment. It's not different than what we expected and those pressures flow through, but it's a relatively modest proportion of our business. And we saw a little bit of improvement relative to the prior quarter in terms of what the growth rate was in the business. So I think we're well positioned there over time and not much beyond that, I would say.

當我考慮中國的環境時，就我們所做的事情而言，我們的市場份額比中國診斷業務的市場平均水平要小得多。因此，我們看到基於定價和報銷環境的狀況非常疲軟。這與我們預期的並沒有什麼不同，這些壓力仍然存在，但這只占我們業務的一小部分。就業務成長率而言，我們看到相對於上一季有所改善。所以我認為，從長遠來看，我們在這方面處於有利地位，而且不會有太大的改變。

Okay, thank you.

好的，謝謝。

Jack Meehan, Nephron Research.

傑克·米漢，腎元研究。

Thank you and good morning.

謝謝，早安。

First question Marc, just wanted to test your pulse. Last quarter, you gave some initial framing thoughts around 2026 and kind of progression around the 3% to 6% organic growth. I guess just based on everything you've seen and the dialogue that you've had with customers, it would just be great to get your latest thoughts on how you felt like you were tracking relative to that?

第一個問題，馬克，只是想測試你的脈搏。上個季度，您給出了 2026 年左右的一些初步框架想法，以及 3% 至 6% 左右的有機成長率。我想，根據您所看到的一切以及您與客戶的對話，了解您對相關追蹤情況的最新想法會很棒嗎？

Yes. So when I think about the progression and the midterm outlook and the long-term outlook, we feel very good about that, right? So nothing has changed about our confidence in the next couple of years, 3% to 6% organic is the right level of assumptions and strong operating margin and operating income growth coming out of that. So that's consistent.

是的。因此，當我考慮進展、中期前景和長期前景時，我們對此感覺非常好，對嗎？因此，我們對未來幾年的信心沒有任何改變，3% 到 6% 的有機成長是正確的假設水平，並且強勁的營業利潤率和營業收入成長由此而來。所以這是一致的。

When I think about the first few agreements on MFNs between the pharmaceutical companies and the government in the US, that's what we expected to happen. So that's a good thing, right, which is we expected that companies or the vast majority of companies would navigate environment successfully. You're seeing the early ones do that and that gives us confidence that the market conditions will continue to progress. I think it's worth remembering that today, we're basically at 2% organic, and it's about 1 full-point of headwind from the COVID runoff which doesn't -- which won't repeat next year. So we're kind of running at the 3% range.

當我想到美國製藥公司和政府之間達成的最初幾項最惠國待遇協議時，這正是我們所預料到的。所以這是一件好事，對吧，我們預期公司或絕大多數公司能夠成功駕馭環境。您看到早期的企業都這樣做，這讓我們相信市場狀況將繼續改善。我認為值得記住的是，今天我們的有機率基本上為 2%，而 COVID 徑流帶來的阻力約為 1 個整點，這種情況明年不會重演。因此我們的運作範圍大概在 3% 左右。

And over time, over this next couple of year period, the absence of negatives, meaning that academic and government won't decline as much. China, at some point, will stabilize. That in and of itself without even improvement in market conditions ultimately get us higher in the range and then ultimately, continued share gain and market conditions will get us further and further in the range over time. So I feel very good about the position. I think for Stephen, it's worth commenting on a couple of things that have changed, which are still a little bit more color.

隨著時間的推移，在接下來的幾年裡，負面因素的消失意味著學術和政府不會衰退太多。中國最終會穩定下來。即使市場條件沒有改善，這本身最終也會使我們在這一範圍內走得更高，然後最終，持續的份額增長和市場條件將使我們隨著時間的推移在這一範圍內走得越來越遠。所以我對這個職位感覺很好。我認為對於史蒂芬來說，值得評論一些已經改變的事情，這些事情仍然有點豐富多彩。

Yes, yes. So Jack, a couple of things to think about when you're doing the modeling for '26. So based on current FX rates, there will be a tailwind to revenue of a couple of hundred million dollars. Obviously, monitor how rates change between now and the end of the year, we'll give more details in terms of the current view in early '26. And then in terms of the recent M&A, maybe worth actually taking a step back and giving a little bit more detail on kind of the implications for the current guide for '25 and some stores in terms of modeling for you going forward.

是的，是的。所以傑克，當你為 26 年做模特兒時，有幾件事需要考慮。因此，根據目前的外匯匯率，這將帶來數億美元的收入成長。顯然，監控從現在到年底的利率如何變化，我們將在 26 年初根據當前觀點提供更多細節。然後就最近的併購而言，也許值得退一步思考，並更詳細地說明對 25 年當前指南和一些商店的影響，以便為您未來的發展提供模型。

So starting with the Filtration and Separation business, revenue for this business for the full year 2025, not just the period we own it, but as I think about the full calendar year, expected to be just under $750 million in scale, so a good-sized business. When I think about going forward, the revenue growth there will be likely around or above the average for the company going forward. So a good growing business. For the first 12 months of ownership, we continue to expect the transaction to be $0.06 dilutive just under half of that is occurring in 2025, and then we're bringing this company -- this business into the company is a low double-digit margin business and that quickly gets up to mid-teens and above once the integration standup costs are behind us.

因此，從過濾和分離業務開始，該業務 2025 年全年的收入（不僅是我們擁有它的期間），而且我認為整個日曆年的收入預計規模將略低於 7.5 億美元，因此這是一項相當大的業務。當我考慮未來時，那裡的收入成長可能會達到或超過公司未來的平均水平。因此這是一個良好成長的業務。對於擁有權後的前 12 個月，我們繼續預計交易稀釋率為 0.06 美元，其中不到一半發生在 2025 年，然後我們將這家公司——這項業務納入公司，是一項低兩位數利潤率業務，一旦整合成本過去，利潤率將迅速上升到十五六歲及以上。

At that point, strong top line growth, including strong synergies, will be nicely accretive to both margins and earnings for the business.

屆時，強勁的營收成長（包括強大的綜效）將大幅提升企業的利潤率和收益。

Then moving to the Sanofi site acquisition. This comes with as Marc mentioned, an existing book of business from Sanofi, approximately $75 million. And over the next couple of years, we're investing in additional lines that will drive much stronger utilization of that site going forward. And as we go through the investment phase over the first 12 months of ownership, we expect the transaction to be dilutive by about $0.05. As you get into '27, the revenue and profitability builds nicely as the new lines start to generate revenue there.

然後轉向賽諾菲站點收購。正如馬克所提到的，賽諾菲現有的業務額約為 7,500 萬美元。在接下來的幾年裡，我們將投資更多的生產線，以提高該工廠的利用率。在我們入股後的前12個月，我們正處於投資階段，預計此交易將稀釋約0.05美元的股權。進入2027年，隨著新生產線開始產生收入，收入和獲利能力將穩步提升。

So hopefully, that's some good color that will help you with modeling in.

所以希望這些好的顏色能夠幫助您進行建模。

Yes, that was all great. I wanted to follow up and talk about the Clinical Research business. Marc, just any additional color you can share on trends in new authorizations? How you feel like pharma customers are feeling about getting back to work on trials? And any just color around traction there would be great.

是的，一切都很棒。我想跟進並談論臨床研究業務。馬克，您能分享一些有關新授權趨勢的更多資訊嗎？您覺得製藥客戶對於重新開始試驗有何感受？並且任何圍繞牽引力的顏色都會很棒。

Jack, thanks for the questions. They never stop working. It's really -- the business has progressed really well. I'm very, very proud of how the team is executing. The year has played out strongly.

傑克，謝謝你的提問。他們從不停止工作。確實——業務進展非常順利。我對於團隊的表現感到非常非常自豪。這一年過得非常充實。

When I think about Q3, revenue growth stepped up. So we're growing in the quarter. Remember, we were just slightly positive in Q2. We're back to low single-digit growth. Authorization is incredibly strong.

當我想到第三季時，營收成長加快了。因此我們本季實現了成長。請記住，我們在第二季度只是略微樂觀。我們又回到了低個位數成長。授權非常強大。

So well ahead of that. So that positions that step-up that we're expecting over time is playing out nicely.

遠遠領先於此。因此，我們預期隨著時間的推移，職位會逐漸提升，並且進展順利。

We're also innovating in what we do in Clinical Research, right? And if you think about why that's relevant is because it is the lifeblood of the pharmaceutical and biotech industry is to be able to improve the speed and efficiency of the drug development process because that creates opportunities to improve the ROI on drug development, which creates a virtuous cycle of more investments by our customers. A couple of examples in the clinical research business where one is actively being implemented.

我們也在臨床研究領域進行創新，對嗎？如果你思考為什麼這很重要，那是因為它是製藥和生物技術行業的命脈，能夠提高藥物開發過程的速度和效率，因為這創造了提高藥物開發投資回報率的機會，從而形成了客戶更多投資的良性循環。以下是臨床研究業務中正在積極實施的幾個例子。

We talked about Accelerated Drug Development about a year ago. We're winning significant business. It's resonating incredibly well because what it's allowing us to do is shave time and cost out for our customers and leveraging our capabilities of not only our CRO business, but also our Pharma Services business to help our customers bring exciting medicines to market.

大約一年前我們談到了加速藥物開發。我們正在贏得重要的業務。它引起了令人難以置信的共鳴，因為它使我們能夠為客戶節省時間和成本，並利用我們不僅在 CRO 業務方面的能力，而且在製藥服務業務方面的能力，幫助我們的客戶將令人興奮的藥物推向市場。

The OpenAI collaboration is what we're creating together and what's new, right, which is we're deploying artificial intelligence in a way to help improve the cycle time of our clinical trials, and we're co-creating new capabilities, right, in terms of effectively leveraging the large repository of data that we have to be able to add new value to our customers. So it's in a super exciting time. In our Clinical Research business and the business is progressing nicely during the course of this year.

OpenAI 合作是我們共同創造的，也是新事物，對吧，我們正在部署人工智慧，以幫助改善我們的臨床試驗週期時間，並且我們正在共同創造新的能力，對吧，有效地利用我們必須擁有的大型資料庫，以便能夠為我們的客戶增加新的價值。這是一個非常令人興奮的時刻。在我們的臨床研究業務中，今年的業務進展順利。

Yeah, interesting.

是的，很有趣。

Talk to you.

跟你聊聊。

Thank you.

謝謝。

Thank you. Our next question comes from Dan Ars from Stifle. Your line is now open. Please go ahead.

謝謝。我們的下一個問題來自 Stifle 的 Dan Ars。您的線路現已開通。請繼續。

Hey, good morning guys.

嘿，大家早安。

Thank you, Marc, maybe just following up on your Biopharma comments. I'm just curious whether demand from smaller emerging biotech is getting any better from where you sit? I mean, obviously, the BTK index is doing better, but I'm wondering if spending is loosening up at all?

謝謝你，馬克，也許只是跟進你對生物製藥的評論。我只是好奇，從您的角度來看，小型新興生物技術的需求是否有所改善？我的意思是，顯然 BTK 指數表現更好，但我想知道支出是否有所放鬆？

Yes. So Dan, in terms of biotech, I'm sure it was a strong quarter, right? When I look at what was going on sort of in a little more detail. We really saw a very nice momentum in our Clinical Research business. Some of the early activities in Pharma Services, obviously, in Pharma Services can be smaller dollars as you get going.

是的。那麼丹，就生物技術而言，我相信這是一個強勁的季度，對嗎？當我更詳細地了解正在發生的事情時。我們的臨床研究業務確實呈現出非常好的發展動能。顯然，製藥服務領域的一些早期活動在起步階段可能需要花費較少的資金。

But -- there was a really nice progression there, which I feel good about. So I think that is encouraging. I actually think some of the M&A transactions that were done by large pharma acquiring biotech also helps sort of the ecosystem more broadly. So if I say, not only do the equities perform better, but I think also you're seeing deal activity and that deal activity ultimately will help drive a reinvestment cycle or cycling in of new capital to the market over time. So I think Q3 was a nice progression from that perspective.

但是——那裡確實有一個非常好的進展，我對此感覺很好。所以我認為這是令人鼓舞的。我實際上認為，大型製藥公司收購生物技術公司的一些併購交易也有助於更廣泛地改善生態系統。因此，如果我說，不僅股票表現更好，而且我認為你還會看到交易活動，而這些交易活動最終將有助於推動再投資週期或新資本隨著時間的推移循環進入市場。所以我認為從這個角度來看，Q3 是一個很好的進展。

Yes. Okay. That's great. And then maybe just taking the other side of Tycho's China question as it relates to pricing and just the initiatives that they have going on over there to control price. The diagnostics markets are evolving, obviously, but what are you seeing on the research and industrial side.

是的。好的。那太棒了。然後也許只是從 Tycho 的中國問題的另一面來考慮，因為它與定價有關，並且只是他們在那裡採取的控制價格的舉措。顯然，診斷市場正在不斷發展，但您在研究和工業方面看到了什麼？

Is that fluid in a way that you think introduces some additional risk? Or do you kind of have your hands around the pricing dynamic such that you can think about it being stable into year-end or into the beginning of '26?

您認為這種流動性會帶來額外的風險嗎？或者您已經掌握了價格動態，可以認為它在年底或 26 年初會保持穩定？

Yes, Dan, thanks for the question. So maybe if I step back on China, right? Because we've been able to deliver strong growth around the world now for some period of time, China has become a smaller percentage of the company's total. It's still an important market but smaller.

是的，丹，謝謝你的提問。所以也許如果我退出中國，對嗎？由於我們一段時間以來在全球範圍內實現了強勁增長，中國市場在公司總業務中所佔的比例已經有所減少。它仍然是一個重要的市場，但規模較小。

When I look at what's going on in China, academic and government does benefit from some of the stimulus programs, but relatively pressured as the government has tried to manage its own economic challenges, which are meaningful. But what was encouraging was that Pharma Biotech grew in the quarter modestly, but it was nice to see that happen. When I think about the quarter, we declined in the mid-single digits. That was an improvement versus Q2. Really, the difference over those trends was we had that month of [cession] of trade activities back in the April timeframe, that absence really allowed us to have a bit more moderate declines.

當我觀察中國正在發生的事情時，學術界和政府確實受益於一些刺激計劃，但由於政府試圖應對自身的經濟挑戰，他們也承受著相對的壓力，這是有意義的。但令人鼓舞的是，製藥生物技術在本季度實現了適度增長，但看到這種情況發生還是很高興的。當我回顧本季時，我們發現我們的銷售額下降了中等個位數。與第二季相比，這是一個進步。實際上，這些趨勢的不同之處在於，我們在 4 月經歷了貿易活動的衰退，這種衰退確實讓我們的下降幅度更加溫和。

I would expect China for this year, full year to be down between mid- and high single digits.

我預計中國今年全年的經濟成長將下降到中高個位數。

The pricing dynamics, less government affected in the industrial sector in Pharma and Biotech. They are more private enterprises or state-backed enterprises, but they don't have the same reimbursement dynamics that you could see in the diagnostics and healthcare market. So that's a bit more manageable.

定價動態方面，政府對製藥和生技工業領域的影響較小。它們更多的是私人企業或國有企業，但它們沒有診斷和醫療保健市場那樣的報銷動態。這樣就更容易管理了。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Great, thank you. Thanks for the questions. Congrats, Marc and Stephen. Maybe, Marc, just going back to the on-shoring announcements since there's been a tremendous focus in the investor community, how to think about that. You gave a lot of color already in response to some questions. But I was hoping you can elaborate a little bit on 2 parts. First is, we ultimately think like kind of CapEx and capacity following drug volumes.

太好了，謝謝。謝謝你的提問。恭喜馬克和史蒂芬。也許，馬克，只是回到在岸公告，因為投資者群體對此給予了極大的關注，該如何看待這一點。您已經對一些問題給了很詳細的解答。但我希望您能對其中兩個部分進行詳細說明。首先，我們最終會考慮資本支出和產能是否遵循藥品數量。

So if drug volumes aren't necessarily changing. Just trying to understand how to think about like what will be incremental in the US versus kind of that wasn't there before. So any way to help us think about that at this point?

因此，如果藥物量不一定會改變。只是想了解如何思考美國將會出現哪些漸進式的變化，以及哪些變化是以前沒有的。那麼現在有什麼方法可以幫助我們思考這個問題嗎？

I know you talked about for the greenfield, that would come with time, maybe like '27 and beyond. Just trying to think about that. And then I know you did talk about maybe more near-term, maybe some of the brownfield, there could be some equipment uptake in '26. Any way to kind of frame sizing, magnitude or just any way to kind of contemplate what this could mean for Thermo Fisher?

我知道您談到了綠地，那將隨著時間而來，也許像 27 年或更久。只是試著去想一下。然後我知道你確實談到了也許更多的近期，也許是一些棕地，26 年可能會有一些設備吸收。有沒有辦法確定框架大小、幅度，或只是以任何方式思考這對賽默飛世爾科技公司意味著什麼？

Yes. So Dan, thanks for the question. So when I think about what is the aggregate dynamic, let's all what the dollars are for us, but just what's going on? It is true incremental onetime demand. right?

是的。丹，謝謝你的提問。因此，當我思考整體動態是什麼時，我們都知道美元對我們來說意味著什麼，但到底發生了什麼？這是真正的增量一次性需求。對嗎？

And what I mean by that is there's going to be new equipment, new initial stocking inventory, new labs, all these things. I mean none of these things are material in itself, but -- but you just go through that process of getting a facility online, you do qualification runs. You just -- there's just a bunch of activity that will generate demand over the next few years.

我的意思是，將會有新的設備、新的初始庫存、新的實驗室，所有這些東西。我的意思是，這些東西本身都不是實質的，但是——你只需要經歷讓設施上線的過程，進行資格認證運行。你只是——未來幾年會有一系列活動產生需求。

But the volume in the industry hasn't changed, right? So it is really incremental in terms of that start-up. But effectively, it doesn't mean that your ongoing consumables business grows more quickly because you're producing the exact same amount of medicines around the world, you're just producing in different sites.

但行業內的體量並沒有改變，對嗎？因此，對於新創公司而言，這確實是漸進式的。但實際上，這並不意味著您正在進行的消耗品業務會成長得更快，因為您在全球範圍內生產的藥品數量完全相同，只是在不同的地點生產。

So from that perspective, it's kind of an unexpected positive over the next few years. We have a strong presence there. And interestingly enough, we have a much stronger presence today than when those facilities were built many years ago in Europe, right? Just if you think about how strong our production business is, how strong the capabilities we're bringing in from Solventum and Filtration, the product launches around DynaSpin, which is our bioreactor technology. These are great things that position us to actually have a higher share in the new facilities than the existing installed base.

因此從這個角度來看，這在未來幾年是一個意想不到的正面因素。我們在那裡有強大的影響力。有趣的是，與多年前在歐洲建造這些設施時相比，我們今天的影響力要強大得多，對嗎？如果您想想我們的生產業務有多強大，我們從 Solventum 和 Filtration 引入的能力有多強大，產品圍繞 DynaSpin（我們的生物反應器技術）推出。這些都是很好的因素，使得我們在新設施中的份額實際上比現有安裝基數更高。

I feel very good about the prospects. Can we do it site by site in terms of what the opportunity is. So I don't have a good number to say how big is it in total, but should be a tailwind a bit in Bioproduction. What I would say is our Bioproduction business is doing incredibly well, right? So when I was able to look at a few of the companies that have reported, very strong growth in Thermo Fisher, clearly faster than what the others have reported, broad-based strength geographically across our different businesses there.

我對前景感到非常樂觀。我們能否根據機會逐一站點地進行操作？所以我沒有一個準確的數字來表示它的總量有多大，但對生物生產來說應該是一個順風。我想說的是，我們的生物生產業務做得非常好，對吧？因此，當我查看幾家已報告的公司時，我發現賽默飛世爾科技的成長非常強勁，明顯快於其他公司報告的成長速度，並且從地理上看，我們在那裡的不同業務都表現出廣泛的優勢。

Really, the team did an excellent job bookings outpacing the strong teens growth and revenues is really the team is just doing great work. So it's an exciting business for us and one with great momentum in the market.

確實，該團隊做得非常出色，預訂量超過了青少年的強勁增長和收入，這確實是該團隊做得非常出色。因此，這對我們來說是一項令人興奮的業務，並且在市場上具有強大的發展勢頭。

Terrific. And then just a follow-up, maybe to Stephen, just on the EPS impact on tariffs, could you just kind of level set? I know you gave the impact in the quarter and you said you mark-to-market the European tariffs, but you had the $0.50 potential from China. I think you recaptured some of that. Could you just kind of bottom line, like how much ultimately kind of the tariff changes occurred and kind of what's happening in 4Q?

了不起。然後只是後續問題，也許對於史蒂芬來說，只是關於每股收益對關稅的影響，您能否進行某種程度的設定？我知道您給出了本季度的影響，並且您說您按市價計算了歐洲關稅，但中國的潛在影響為 0.50 美元。我認為你已經重新認識到其中的一些。您能否簡單介紹一下底線，例如最終關稅變動幅度有多大，以及第四季的情況如何？

Thank you.

謝謝。

Yes. So thanks, Dan. So when I think about the tariffs and the kind of the actual experience in Q3 came in favorably to what we've had in the prior guide. In my prepared remarks, I called out the $0.11 pickup, and that's a combination of tariffs and the related FX in terms of the changes in those kind of tariff and trade environment.

是的。所以謝謝你，丹。因此，當我考慮關稅和第三季的實際經驗時，我們發現它比我們之前的指南中提到的要好。在我準備好的演講中，我提到了 0.11 美元的上漲，這是關稅和相關外匯的綜合作用，取決於關稅和貿易環境的變化。

Looking to Q4, given the tariffs increased, i think from the time of last guide, most materially between US and Europe. Our initial view is that kind of the assumptions we had around tariffs pretty much hold for Q4. So I'm not expecting a significant pickup in Q4. That's kind of how we've kind of framed the guidance for -- in terms of this update.

展望第四季度，鑑於關稅上調，我認為從上次指南來看，美國和歐洲之間的關稅上調最為顯著。我們最初的看法是，我們對關稅的假設在第四季基本上成立。所以我預計第四季不會大幅回升。就本次更新而言，這就是我們制定的指導方針。

Great, thank you.

太好了，謝謝。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Great thanks everybody for the time maybe just first, would love a little bit more color on the contract research side of the house. And maybe in particular, how that accelerator bundled program has gained traction and kind of layering that into the context of all the discussion that's already occurred in terms of onshoring, how that changes the applicability of the customers and how they look at that kind of wrap around 360 partnership versus CRO and CDMO kind of separately historically?

非常感謝大家的時間，也許只是首先，希望能對合約研究方面有更多的了解。或許特別是，加速器捆綁計劃如何獲得關注，並將其融入到有關在岸化方面已經發生的所有討論的背景中，這如何改變客戶的適用性，以及他們如何看待這種 360 度全方位合作夥伴關係與 CRO 和 CDMO 之間的區別？

Yes. So Andrew, thank you for the question. So when I think about accelerator, right, we are one of the largest Clinical Research organizations. We are also one of the largest Pharma Services organization that's developing medicines on the physical side from early development all the way through commercial scale production, both in drug substance and drug product and all of the physical clinical trials activities around there. So we are touching these pipeline, these molecules in many different ways.

是的。安德魯，謝謝你的提問。所以當我想到加速器時，我們是最大的臨床研究組織之一。我們也是最大的製藥服務機構之一，從事藥物的物理開發，從早期開發一直到商業規模生產，包括藥物成分和藥物產品以及所有相關的物理臨床試驗活動。因此，我們以多種不同的方式接觸這些管道、這些分子。

And a hypothesis that we had at the time of deciding to acquire PPD back in 2021 was that there would be insights and capabilities that could streamline the way the companies develop medicines and how they produce them ultimately.

我們在 2021 年決定收購 PPD 時就有一個假設，那就是該公司將獲得洞察力和能力，可以簡化公司開發藥品的方式以及最終生產藥品的方式。

We didn't bake that into our models, but we had a strong hypothesis. We spent a couple of years doing a significant number of co-creation with our customers, to bring that to life. We launched the official capabilities a year ago, and the adoption has been very strong. You see it very aggressively in biotech because effectively, they outsource pretty much all of their work, right? So when they think about it, they are looking for a partner that can help them bring insights, not only in how to design and execute their trials.

我們沒有將其納入我們的模型，但我們有一個強有力的假設。我們花了幾年時間與客戶進行了大量共同創造，以實現這一目標。我們一年前推出了官方功能，採用率非常高。您會看到生物技術領域的情況非常活躍，因為實際上他們幾乎將所有工作都外包了，對嗎？因此，當他們考慮這一點時，他們正在尋找一個可以幫助他們帶來見解的合作夥伴，而不僅僅是如何設計和執行他們的試驗。

But also, how do you develop and produce the medicines, and it's been very compelling and it's built us a nice book of authorizations.

但是，如何開發和生產藥品，這非常引人注目，並為我們建立了一本很好的授權書。

That turns into revenue over time, right? It takes a while for this to flow through the pipeline. And in large pharma, there's been great interest in our leading clinical trials, the physical capabilities, the logistics packaging, distribution of experimental medicines. And what that has allowed us to do is to continue to drive share gain momentum because, again, there the linkages with clinical research shaves time and cost out of the process as well. So it's been -- it's early days, but they've been very positive.

隨著時間的推移，這會變成收入，對嗎？這需要一段時間才能流過管道。大型製藥公司對我們領先的臨床試驗、物理能力、物流包裝和實驗藥物的分銷表現出了極大的興趣。這使我們能夠繼續推動市場份額的成長勢頭，因為與臨床研究的聯繫也節省了流程中的時間和成本。所以，雖然現在還處於早期階段，但他們的態度卻非常正面。

That's helpful. And then maybe just 1 kind of financial question. $0.20 operational beat in 3Q, you had the FX and tariff tailwinds as well. But you're raising the range about $0.20 in the midpoint as well. Maybe what's going on to offset some of that operational traction as we think about 4Q?

這很有幫助。然後也許只是一種財務問題。第三季營運利潤超過 0.20 美元，同時也受到外匯和關稅的推動。但您也將中間價範圍提高了約 0.20 美元。當我們考慮第四季度時，也許會發生什麼來抵消部分營運牽引力？

Is it reinvestment? Is it a little bit of mix? Is there something different to think about now and we have that $0.05 of dilution in the acquisitions you called out as well? Just would love a little bit of color on kind of 3Q to 4Q.

是再投資嗎？是不是有點混了？現在有什麼不同的事情需要考慮嗎？我們在收購中也存在您所提到的 0.05 美元的稀釋嗎？只是希望 3Q 到 4Q 上有一點顏色。

Yes. Andrew, so we peaked by $0.30 in Q3. As you mentioned, we have $0.05 of additional dilution from the acquisitions. And overall, $0.20 raise at the midpoint given where we are in the year, how we're performing, what the end markets are like, I think this -- on an even stronger raise on the low end of our guide, I think that's a good position to be in as we think about going into the fourth quarter. We're in a good position for us to finish the year.

是的。安德魯，所以我們在第三季度達到了 0.30 美元的峰值。正如您所提到的，收購為我們帶來了 0.05 美元的額外稀釋。總體而言，考慮到我們今年的狀況、我們的表現、終端市場的情況，中點上漲 0.20 美元，我認為這——在我們指南的低端甚至更強勁的上漲，我認為在我們考慮進入第四季度時，這是一個很好的位置。我們目前處於一個良好的狀態來結束今年的比賽。

I don't overread into -- we're raising our guidance by $0.20 in the midpoint. We're significantly raising on the low end. I think that's a strong statement. Thanks, Andrew.

我不會過度解讀——我們將中期指導價上調了 0.20 美元。我們正在大幅提高低端水平。我認為這是一個強而有力的聲明。謝謝，安德魯。

Thanks Andrew, thank you.

謝謝安德魯，謝謝你。

Operator except for one more question.

接線員還有一個問題。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Great, thanks for taking the questions, guys. Marc, maybe one for you on just the capital allocation side. You obviously continue to buy back stock as you talked about. Can you just talk about the M&A appetite, what the discussions look like? Any areas you're focused on? I know you guys always have a good pulse on that front.

太好了，謝謝大家回答這些問題。馬克，也許你只在資本配置方面有一個問題。正如您所說，您顯然會繼續回購股票。您能否談談併購意願以及討論情況如何？您關注哪些領域？我知道你們在這方面總是保持著良好的勢頭。

So just curious what the appetite there looks like in the conversation. And I just have a quick follow-up.

所以只是好奇在談話中那裡的胃口是什麼樣的。我只是想快速跟進一下。

Yes. So we have been active all year, right? We've deployed about 7.5 -- a little over $7.5 billion, $4 billion on M&A, $3.5 billion on return on capital through buybacks and dividends. We have a very busy pipeline. It's exciting.

是的。所以我們一整年都很活躍，對嗎？我們已部署約 75 億美元（略高於 75 億美元），其中 40 億美元用於併購，35 億美元用於透過回購和股息實現資本回報。我們的管道非常繁忙。這很令人興奮。

I like this environment because there are good companies that struggle in environments where it's all about execution. And so we're busy and we're looking at some interesting things.

我喜歡這種環境，因為在以執行力為核心的環境中，很多優秀的公司都會遇到困難。所以我們很忙，我們正在關註一些有趣的事情。

Obviously, those things will always fit well with our strategy. It's going to be whether we can generate really good returns. And for those that we feel good about, you'll see us continue to be active. And there are many parts of the company given how fragmented our industry is, to expand our offerings that would be highly valued for our customers. So we're going to execute well against what we closed and at the same point in time, continue to look for great opportunities to build more value.

顯然，這些事情總是與我們的策略相契合。這取決於我們是否能夠產生真正好的回報。對於那些我們感覺良好的事情，你會看到我們繼續保持活躍。鑑於我們行業的分散性，公司的許多部門都在擴大我們的產品範圍，以吸引客戶的高度重視。因此，我們將很好地執行已完成的任務，同時繼續尋找創造更多價值的絕佳機會。

Okay. That's helpful. And then as we look ahead, it seems like the exit rate for 4Q is somewhere at 2% or 3% organic. Obviously, you talked a little bit about 26% last quarter. Is the view that growth just continues to accelerate throughout next year?

好的。這很有幫助。然後，當我們展望未來時，似乎第四季的退出率在 2% 或 3% 左右。顯然，您上個季度談到了 26%。是否認為明年經濟成長將持續加速？

It sounds like China is turning the corner to a degree, Pharma sounds a little bit better. I guess, what segments are holding you back, if any, in terms of when you look at what's improving right now? And again, as that acceleration happens next year, what are the key drivers? And what are you looking for to still turn the corner?

聽起來中國正在發生一定程度的轉變，製藥業的情況聽起來好一些。我想，就您目前所看到的正在改善的情況而言，哪些部分阻礙了您？那麼，隨著明年出現這種加速，主要驅動因素是什麼？那麼，您還在尋找什麼來扭轉局勢呢？

Thank you guys so much.

非常感謝你們。

We are looking forward to our call at the beginning of the year to give you all the details. We'll benefit from, obviously, the perspective on how we exit the year. And our view is, over the next couple of years, growth is going to build over time, and I'm very excited about exiting this year with a couple of percent organic and 3% when you have the non-repeats of the final bits of COVID runoff. So we entered the year at a good part, and we're going to execute really well and turning the revenue growth into excellent, excellent earnings growth and like we did in the quarter and finish up on a great note in '25 and set ourselves up for a great '26 and beyond.

我們期待著年初的電話會議，向您提供所有詳細資訊。顯然，我們將從如何結束這一年的觀點中受益。我們的觀點是，在接下來的幾年裡，成長將隨著時間的推移而建立，我非常高興今年能夠實現幾個百分點的有機增長，如果新冠疫情的最後階段沒有重複出現，那麼還能實現 3% 的增長。因此，我們以良好的狀態進入了新的一年，我們將表現得非常好，將收入增長轉化為出色的盈利增長，就像我們在本季度所做的那樣，在 25 年取得優異的成績，並為 26 年及以後的輝煌做好準備。

So Patrick, thank you for the final question. Let me wrap up. Thanks, everyone, joining us on the call today. We're very pleased to deliver another strong quarter. We're well positioned to deliver differentiated performance in 2025 and continue to create value for all of our stakeholders and build an even brighter future for our company.

派崔克，謝謝你的最後一個問題。讓我總結一下。感謝大家今天參加我們的電話會議。我們非常高興能夠再次實現強勁的季度業績。我們已做好準備，在 2025 年實現差異化業績，持續為所有利害關係人創造價值，為公司打造更美好的未來。

We look forward to updating you on the fourth quarter and the full year performance early in 2026. And as always, thank you for your support of Thermo Fisher Scientific. Thanks, everyone.

我們期待在 2026 年初向您更新第四季和全年業績。一如既往，感謝您對賽默飛世爾科技的支持。謝謝大家。

This concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的加入。現在您可以斷開線路了。