賽默飛世爾科技 (TMO) 2025 Q4 法說會逐字稿

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

女士們、先生們，早安，歡迎參加賽默飛世爾科技2025年第四季電話會議。（操作說明）

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

現在我謹介紹本次電話會議的主持人，投資者關係副總裁拉斐爾·特哈達先生。特哈達先生，您可以開始通話了。

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

早安，感謝各位的參與。今天和我一起通話的是我們的董事長、總裁兼執行長馬克‧卡斯珀，以及資深副總裁兼財務長史蒂芬‧威廉森。

Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading, News, Events and Presentations until April 22, 2026. A copy of the press release of our fourth-quarter and full-year 2025 earnings is available in the Investors section of our website under the heading Financials.

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」版塊的「新聞、活動和演示」欄位下，直至 2026 年 4 月 22 日。您可以在我們網站的「投資者」版塊的「財務」標題下找到我們 2025 年第四季和全年收益的新聞稿副本。

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 annual report on Form 10-K and subsequent quarterly reports on Form 10-Q under the heading Risk Factors.

那麼在開始之前，讓我先簡單介紹一下我們的安全港聲明。我們可能對公司未來的預期、計畫和前景所發表的各種評論構成適用證券法意義上的前瞻性陳述。由於各種重要因素的影響，實際結果可能與這些前瞻性聲明所指出的結果有重大差異，這些因素包括公司最新年度報告（表格 10-K）和後續季度報告（表格 10-Q）中「風險因素」標題下討論的因素。

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.

這些前瞻性聲明是基於我們目前的預期，並且僅代表截至發布之日的情況。雖然我們未來可能會選擇更新前瞻性聲明，但我們明確聲明不承擔任何更新義務，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 fourth-quarter and full-year 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，我們將提及一些不符合公認會計原則（GAAP）的財務指標。這些非GAAP財務指標與最直接可比較的GAAP指標的調節表，可在我們2025年第四季和全年收益的新聞稿中找到，也可在我們網站的「投資者」部分「財務」標題下找到。

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

那麼，現在我將把電話交給馬克。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our fourth-quarter call. As you saw in our press release, we delivered a strong year, capped off by an excellent fourth quarter. Our results reflect outstanding execution from the team, the strength of our proven growth strategy, and excellent operational performance enabled by our PPI business system.

謝謝你，拉夫。各位早安，感謝各位今天參加我們的第四季電話會議。正如您在我們的新聞稿中看到的，我們度過了強勁的一年，尤其是在第四季度取得了優異的成績。我們的業績反映了團隊的出色執行力、我們行之有效的成長策略的實力，以及我們 PPI 業務系統帶來的卓越營運績效。

Looking to the year ahead, we entered 2026 from a position of strength as the market leader serving attractive end markets. Our growth strategy is resonating with customers, and our PPI business system will enable us to continue to deliver excellent operational performance.

展望未來一年，我們以市場領導者的地位進入 2026 年，服務於極具吸引力的終端市場。我們的成長策略引起了客戶的共鳴，我們的 PPI 業務系統將使我們能夠繼續提供卓越的營運績效。

To recap our 2025 financial performance, starting with the quarter. Revenue grew 7% year-over-year to $12.21 billion. Adjusted operating income grew 6% to $2.88 billion. Adjusted operating margin was 23.6%, and adjusted EPS grew 8% to $6.57 per share. Now turning to our full-year results. Revenue grew 4% to $44.56 billion. Adjusted operating income grew 4% to $10.11 billion. Adjusted operating margin was 22.7%, and adjusted EPS grew 5% to $22.87 per share.

讓我們回顧一下我們 2025 年的財務業績，首先從本季開始。營收年增7%，達122.1億美元。經調整後的營業收入成長6%，達到28.8億美元。經調整後的營業利益率為 23.6%，經調整後的每股盈餘成長 8% 至 6.57 美元。現在來看我們全年的業績。營收成長4%，達445.6億美元。經調整後的營業收入成長4%，達到101.1億美元。調整後的營業利潤率為 22.7%，調整後的每股盈餘成長 5% 至 22.87 美元。

As I reflect on the year, first, the environment evolved differently than everyone had envisioned entering 2025. We actively manage the company and our team responded with agility, effectively managing tariffs and the US policy dynamics to deliver a very strong year. As a trusted partner, we work closely with our customers, helping them navigate the landscape and enabling their success.

回顧這一年，首先，環境的變化與每個人在進入 2025 年時所設想的截然不同。我們積極管理公司，我們的團隊反應敏捷，有效應對關稅和美國政策動態，並取得了非常強勁的表現。作為值得信賴的合作夥伴，我們與客戶緊密合作，幫助他們了解市場環境並協助他們取得成功。

Let me now turn to our performance by end market and provide some context on how the quarter and full year played out, starting with pharma and biotech. We delivered high single-digit growth in Q4 and mid-single-digits for the full year.

現在讓我來談談我們按終端市場劃分的業績，並介紹一下本季和全年的業績情況，首先從製藥和生物技術行業開始。我們在第四季度實現了高個位數成長，全年實現了中等個位數成長。

Performance in the quarter was led by continued strong growth in our bioproduction business as well as our research and safety market channel. As expected, our clinical research business continues to strengthen, delivering mid-single-digit growth in the quarter. For the full year, revenue growth was broad-based, and was highlighted by strong performance in bioproduction, research and safety market channel, analytical instruments, and pharma services businesses.

本季業績主要得益於生物生產業務以及研發和安全市場通路的持續強勁成長。如預期，我們的臨床研究業務持續走強，本季實現了中等個位數的成長。全年來看，收入成長基礎廣泛，其中生物生產、研究和安全市場通路、分析儀器和醫藥服務業務表現強勁。

In academic and government, throughout the year, performances and market was impacted by the macro conditions in the US and China. We declined in the low single digits during the quarter and for the full year. In industrial and applied, we declined in the low single digits during the quarter and grew in the low single digits for the full year. Growth during the year was highlighted by strong performance in our research and safety market channel as well as our electron microscopy business.

在學術界和政府部門，全年業績和市場都受到美國和中國宏觀經濟情勢的影響。本季和全年，我們的降幅均在個位數低點。在工業和應用領域，本季我們出現了個位數百分比的下降，而全年則實現了個位數百分比的成長。今年的成長主要得益於我們在研究和安全市場管道以及電子顯微鏡業務方面的強勁表現。

Finally, in diagnostics and healthcare, we delivered low single-digit growth in Q4, reflecting good performance across our specialty diagnostics businesses. For the full year, growth in this end market was flat with strong contributions from our transplant diagnostics and immunodiagnostics businesses. Thanks to our proven growth strategy and our team's excellent execution, we delivered a strong finish to the year across our end markets and continue to drive meaningful share gain.

最後，在診斷和醫療保健領域，我們在第四季度實現了個位數低成長，這反映出我們各個專業診斷業務的良好表現。全年來看，該終端市場的成長持平，這主要得益於我們的移植診斷和免疫診斷業務的強勁貢獻。憑藉我們行之有效的成長策略和團隊的出色執行，我們在終端市場實現了強勁的年終業績，並繼續推動市場份額的顯著成長。

Let me now turn to our growth strategy. As a reminder, our growth strategy consists of three pillars: high-impact innovation, our trusted partner status with customers, and our unparalleled commercial engine. In 2025, we meaningfully advanced the position of the company, becoming even more relevant for our customers and enhancing our competitive position.

現在讓我來談談我們的成長策略。再次提醒大家，我們的成長策略由三大支柱組成：高影響力創新、與客戶建立值得信賴的合作關係，以及我們無與倫比的商業引擎。2025年，我們大幅提升了公司的地位，使公司對客戶而言更加重要，並增強了我們的競爭地位。

Let me call out some key highlights for the year, starting with innovation. 2025 was another outstanding year of innovation as we launched a number of high-impact products across our businesses that strengthen our industry leadership and enable our customers to accelerate breakthroughs and enhance their productivity.

讓我重點介紹今年的幾個關鍵亮點，首先是創新。 2025年是創新方面又一個傑出的年份，我們在各個業務領域推出了一系列具有重大影響的產品，這些產品鞏固了我們的行業領先地位，並幫助我們的客戶加速取得突破性進展，提高生產力。

In chromatography and mass spectrometry, we launched the Thermo Scientific Orbitrap Astral Zoom. Building on the success of the Astral mass spectrometer, Astral Zoom delivers even greater sensitivity, speed, and depth of coverage, enabling researchers to uncover new biological insights and advanced precision medicine. Customer adoption and feedback have been extremely strong as the platform represents a significant lead flow forward in mass spectrometry, enabling researchers around the world to accelerate discovery and advance the pace of scientific breakthroughs.

在色譜和質譜領域，我們推出了 Thermo Scientific Orbitrap Astral Zoom。在 Astral 質譜儀成功的基礎上，Astral Zoom 提供了更高的靈敏度、速度和覆蓋深度，使研究人員能夠發現新的生物學見解和先進的精準醫療。該平台代表了質譜領域的重要發展趨勢，客戶的接受度和回饋都非常高，使世界各地的研究人員能夠加速發現並加快科學突破的步伐。

In bioproduction, we expanded our single-use portfolio with the launch of the Thermo Scientific 5L DynaDrive Single-Use Bioreactor, offering pharma and biotech customers increased workflow efficiencies and the ability to seamlessly scale up manufacturing of new therapies. In electromycoscopy, we delivered a series of high-impact innovations across Life Sciences and Advanced Materials. This included the Thermo Scientific Krios 5 Cryo-TEM, which is advancing structural biology by enabling faster, higher resolution insights to support drug discovery and development.

在生物生產領域，我們推出了 Thermo Scientific 5L DynaDrive 一次性生物反應器，擴展了我們的一次性產品組合，為製藥和生物技術客戶提供更高的工作流程效率，並能夠無縫地擴大新療法的生產規模。在肌電圖領域，我們在生命科學和先進材料領域推出了一系列具有重大影響力的創新成果。其中包括 Thermo Scientific Krios 5 冷凍透射電鏡，它透過提供更快、更高解析度的洞察力來支持藥物發現和開發，從而推進結構生物學的發展。

In the fourth quarter, we launched the Thermo Scientific Helios MX1, Plasma Focused Ion Beam SEM, a fully automated semiconductor analysis system designed to accelerate time-to-data for yield ramp and fab process control. In clinical next-gen sequencing, it's great to see the growing application of our Ion Torrent Oncomine Dx Target Test as a companion diagnostic. During the quarter, this technology received another FDA approval, this time is a companion diagnostic for buyers, new therapy targeted for certain patients with non-small cell lung cancer.

第四季度，我們推出了 Thermo Scientific Helios MX1，即等離子體聚焦離子束掃描電鏡，這是一款全自動半導體分析系統，旨在加快良率提升和晶圓廠製程控制的資料擷取時間。在臨床次世代定序領域，我們很高興看到我們的 Ion Torrent Oncomine Dx Target Test 作為伴隨診斷的應用日益廣泛。本季度，該技術獲得了 FDA 的另一項批准，這次是作為伴隨診斷試劑盒提供給購買者，用於針對某些非小細胞肺癌患者的新療法。

In clinical diagnostics, we also achieved US 510(k) clearance for the EXENT system, a first-of-a-kind automated platform that enables earlier and more confident diagnosis for patients with multiple myeloma and related disorders. So another spectacular year of innovation, and we also have an exciting pipeline of launches in 2026 that positions us well for the future.

在臨床診斷方面，我們的 EXENT 系統也獲得了美國 510(k) 許可。 EXENT 系統是首個自動化平台，能夠對多發性骨髓瘤及相關疾病患者進行更早、更可靠的診斷。所以，又是一個創新蓬勃發展的一年，而且我們在 2026 年還有一系列令人興奮的新產品發布計劃，這將使我們為未來做好充分準備。

Let me turn to our trusted partner status and industry-leading commercial engine, which can continue to strengthen in 2025. Our trusted partner status with customers has been built over many years by anticipating, understanding, and meeting their needs. Increasingly, customers are relying on us, not just for technologies and services but for our expertise and deep understanding of how to apply them to enable their success. We help our customers accelerate innovation and improve their productivity.

讓我談談我們值得信賴的合作夥伴地位和領先業界的商業引擎，這些優勢在 2025 年將繼續增強。多年來，我們透過預測、了解和滿足客戶的需求，建立了與客戶之間值得信賴的合作關係。越來越多的客戶不僅依賴我們的技術和服務，還依賴我們的專業知識和對如何運用這些技術和服務來幫助他們取得成功的深刻理解。我們幫助客戶加速創新並提高生產力。

You've heard me talk about our accelerated drug development solutions throughout the year. It's a terrific example of one of our unique capabilities. As a reminder, Accelerator is our integrated CDMO and CRO offering that brings together the strengths of our pharma services and clinical research businesses to help customers reduce development timelines, improve decision-making, and enhance returns on their R&D investment. In 2025, we secured meaningful wins for our clinical research and pharma services businesses and continue to see outstanding customer adoption.

今年以來，你們都聽我談過我們加速藥物研發的解決方案。這是我們獨特能力的絕佳例證。再次提醒，Accelerator 是我們整合的 CDMO 和 CRO 服務，它結合了我們製藥服務和臨床研究業務的優勢，幫助客戶縮短開發時間、改善決策並提高研發投資回報。2025年，我們在臨床研究和製藥服務業務方面取得了重大勝利，並持續獲得客戶的認可。

During the year, we also expanded and deepened strategic partnerships that create value for our customers and our company. This included a technology alliance with the Chan Zuckerberg Institute for Advanced Biological Imaging to develop new technologies to better visualize human cells.

年內，我們也拓展和深化了策略合作夥伴關係，為我們的客戶和公司創造了價值。這其中包括與陳·祖克柏高級生物成像研究所建立技術聯盟，以開發新技術來更好地視覺化人類細胞。

We also announced a strategic collaboration with OpenAI, aimed at increasing our use of artificial intelligence at the company. This will improve productivity across our operations and also allow us to embed AI capabilities in our products and services to accelerate scientific breakthroughs and advance the drug development process.

我們也宣布與 OpenAI 進行策略合作，旨在提高公司對人工智慧的使用率。這將提高我們各項營運的效率，並使我們能夠將人工智慧功能嵌入到我們的產品和服務中，加速科學突破並推動藥物研發進程。

In addition, we continue to expand our global footprint to better support customers. During the fourth quarter, this included the expansion of our bioprocess design centers in Asia with the opening of a new site in India. So as you can see, it was another excellent year of advancing our growth strategy.

此外，我們將繼續擴大全球業務版圖，以便更好地為客戶提供支援。第四季度，我們擴大了在亞洲的生物製程設計中心，並在印度開設了一個新的基地。如您所見，這又是推進我們成長策略的卓越一年。

Let me now turn to capital deployment. We continue to successfully execute our proven capital deployment strategy, which is a combination of strategic M&A and returning capital to shareholders. 2025 was a very active year, as we advanced our strategy and added exciting new capabilities that further strengthen our long-term competitive position and create value for all of our stakeholders. During the year, we deployed approximately $16.5 billion, including committing $13 billion to M&A and returning $3.6 billion to shareholders through stock buybacks and dividends.

現在讓我談談資金部署。我們持續成功執行行之有效的資本部署策略，該策略結合了策略性併購和向股東返還資本。 2025年是碩果累累的一年，我們推進了策略實施，並新增了令人振奮的各項能力，進一步鞏固了我們的長期競爭優勢，並為所有利益相關者創造了價值。年內，我們投入了約 165 億美元，其中包括投入 130 億美元用於併購，並透過股票回購和分紅向股東返還了 36 億美元。

In terms of M&A, we completed the acquisition of our filtration and separation business from Solventum. The addition of filtration is a natural extension of our bioproduction capabilities, where we have leadership in cell culture media and single-use technologies, along with a rapidly growing purification business.

在併購方面，我們完成了對 Solventum 旗下過濾和分離業務的收購。增加過濾功能是我們生物生產能力​​的自然延伸，我們在細胞培養基和一次性技術方面處於領先地位，同時純化業務也在快速成長。

Our pharma and biotech customers see real value in Thermo Fisher offering these filtration capabilities for their manufacturing processes. The integration is going smoothly, and our new colleagues are thrilled to be part of Thermo Fisher Scientific.

我們的製藥和生物技術客戶看到了賽默飛世爾科技為其生產過程提供的這些過濾功能的真正價值。整合工作進展順利，我們的新同事們很高興能成為賽默飛世爾科技的一份子。

This year, we also expanded our US drug product manufacturing footprint through the acquisition of Sanofi's state-of-the-art sterile fill-finish site in New Jersey. Both of these acquisitions enhance our ability to support our customers' growing production needs.

今年，我們也透過收購賽諾菲位於新澤西州的先進無菌灌裝包裝廠，擴大了我們在美國藥品生產的業務規模。這兩項收購都增強了我們滿足客戶日益增長的生產需求的能力。

During the fourth quarter, we also announced a definitive agreement to acquire Clario. The company is a market leader in digital endpoint data solutions, one of the fastest-growing areas and an essential capability in drug development and clinical research. In 2025, the business generated approximately $1.25 billion in revenue.

第四季度，我們也宣布了收購 Clario 的最終協議。該公司是數位終點數據解決方案的市場領導者，這是成長最快的領域之一，也是藥物開發和臨床研究的重要能力。2025年，該企業創造了約12.5億美元的收入。

Its differentiated technology and deep medical expertise together enable unique capabilities in generating and delivering digital endpoint data for clinical trials. The business is an outstanding strategic fit, highly valued by our customers, and complementary to our clinical research capabilities.

其差異化的技術和深厚的醫療專業知識相結合，使其在產生和提供臨床試驗的數位終點數據方面具備獨特的能力。該業務與我們公司具有極佳的策略契合度，深受客戶重視，並與我們的臨床研究能力相輔相成。

By adding Clario's high-growth capabilities. over time, we will be able to deliver even deeper clinical insight to our customers and further accelerate the digital transformation of clinical research. This is an incredibly exciting opportunity to help our pharma and biotech customers improve the return on investment of the drug development process.

透過整合 Clario 的高成長能力，隨著時間的推移，我們將能夠為客戶提供更深入的臨床洞察，並進一步加速臨床研究的數位轉型。這是一個令人無比興奮的機會，可以幫助我們的製藥和生技客戶提高藥物開發過程的投資報酬率。

Financially, the transaction has an attractive double-digit return profile, is expected to be accretive to organic revenue growth and to adjusted operating margin. We expect it to be accretive to adjusted EPS by approximately $0.45 in the first 12 months of ownership, and we expect to close the transaction by the middle of 2026. So overall, an active and high-impact year of capital deployment.

從財務角度來看，該交易具有極具吸引力的兩位數回報率，預計將增加有機收入成長和調整後的營業利潤率。我們預計，在收購後的前 12 個月內，調整後每股收益將增加約 0.45 美元，我們預計將在 2026 年年中完成交易。總而言之，這是一個積極且影響深遠的一年資本部署。

Let me now turn to our PPI Business System. In 2025, PPI continue to be a critical enabler of our performance. Throughout the year, we leveraged PPI to actively manage our cost base, drive operational excellence, and deliver strong earnings growth while continuing to invest to strengthen our long-term competitive position.

現在讓我來介紹一下我們的PPI業務系統。2025年，PPI仍是我們業績的關鍵推動因素。在這一年中，我們利用 PPI 積極管理成本基礎，推動卓越運營，並實現強勁的盈利增長，同時繼續投資以加強我們的長期競爭地位。

PPI enabled us to operate with agility and discipline as we navigated the environment and delivered excellent results for our customers and shareholders. PPI is deeply embedded in our culture and empowers colleagues across the company to find a better way every day.

PPI 使我們能夠靈活自如地應對各種環境，並為我們的客戶和股東帶來卓越的成果。PPI 已深深融入我們的企業文化，並激勵公司所有同事每天尋找更好的方法。

That's why we're also increasingly using artificial intelligence into PPI, which will further enhance its impact across the organization. The combination is helping us improve how we serve customers, streamline internal processes, and operate the company more effectively, strengthening execution today and positioning us well for the future.

正因如此，我們也越來越多地將人工智慧應用於生產者績效改善（PPI）中，這將進一步增強其在整個組織中的影響力。這個組合有助於我們改善服務客戶的方式，簡化內部流程，更有效地經營公司，從而加強當前的執行力，並為未來做好充分準備。

Before I wrap up on 2025, I want to briefly touch on the progress we made with our corporate social responsibility priorities. Part of our mission-driven culture is a focus on making a positive impact on society by supporting our communities and being a good steward of our planet. You can read more about this on our website, but I'll share a couple of highlights.

在結束 2025 年的展望之前，我想先簡單談談我們在企業社會責任優先事項方面的進展。我們以使命為導向的企業文化的一部分，是致力於透過支持我們的社區和善待地球來對社會產生積極影響。您可以訪問我們的網站以了解更多相關信息，但我將分享幾個重點。

In terms of the environmental stewardship, we increased the use of renewable energy across our global operations and expanded the number of sites achieving zero waste certification, keeping us on track with our long-term sustainability commitments. We also continue to launch more sustainable products to help our customers achieve their own sustainability goals.

在環境管理方面，我們增加了全球營運中可再生能源的使用，並擴大了獲得零廢棄物認證的場所數量，使我們能夠履行長期永續發展承諾。我們也會持續推出更多永續產品，以幫助我們的客戶實現他們自身的永續發展目標。

In our communities, we remain focused on expanding access to STEM education and advancing global health equity. In addition, our engaged colleagues and community action councils had a huge impact around the world through their volunteer activities throughout the year. As I reflect on 2025, I'm very proud of what our team accomplished and deeply grateful to our colleagues for their unwavering passion for our mission which fuels our success.

在我們的社區，我們將繼續致力於擴大 STEM 教育的普及範圍，並促進全球健康公平。此外，我們積極參與的同事和社區行動委員會透過全年的志工活動，在世界各地產生了巨大的影響。展望 2025 年，我為我們團隊的成就感到非常自豪，並由衷感謝同事們對我們使命的堅定不移的熱情，正是這種熱情推動了我們的成功。

So let me now turn to guidance. Steve will outline the assumptions that factor into the guidance for the upcoming year, so let me quickly cover the highlights. In 2026, we will continue to actively manage the company, leveraging the PPI Business System to enable excellent operational performance and very strong earnings growth.

現在讓我來談談指引。史蒂夫將概述影響來年業績指引的各項假設，那麼讓我快速介紹重點。2026年，我們將繼續積極管理公司，利用PPI業務系統實現卓越的營運績效和強勁的獲利成長。

We are also well positioned to continue our share gain momentum. We are initiating a 2026 revenue guidance range of $46.3 billion to $47.2 billion, which represents 4% to 6% reported revenue growth over 2025 and assumes 3% to 4% organic growth for the year. We are initiating our earnings guidance with an adjusted EPS range of $24.22 to $24.80 per share, which represents 6% to 8% growth in adjusted earnings per share.

我們已做好充分準備，並持續保持市場佔有率成長動能。我們初步預測 2026 年的收入範圍為 463 億美元至 472 億美元，這意味著 2025 年報告的收入增長 4% 至 6%，並假設當年的有機增長率為 3% 至 4%。我們首次發布的獲利預期為調整後每股收益 24.22 美元至 24.80 美元，這意味著調整後每股收益將成長 6% 至 8%。

So to summarize our key takeaways, we delivered a strong 2025 capped off by an excellent fourth quarter. We delivered another year of excellent operational performance and share gain, reflecting the active management of the company, the strength of our proven growth strategy and the power of our PPI Business System.

綜上所述，我們取得了強勁的 2025 年業績，並在第四季度取得了優異的成績。我們又一年取得了優異的營運績效和市場佔有率成長，這反映了公司積極的管理、我們行之有效的成長策略的實力以及我們 PPI 業務系統的強大作用。

We advanced our long-term competitive position throughout the year with high-impact innovation, strategic partnerships, and disciplined capital deployment. And we entered 2026 with strong momentum. Our growth strategy is resonating with customers and positions us for a very bright future.

我們透過高影響力創新、策略合作和嚴謹的資本部署，在過去一年中提升了我們的長期競爭地位。我們帶著強勁的發展勢頭進入了2026年。我們的成長策略引起了客戶的共鳴，並為我們擁有非常光明的未來奠定了基礎。

With that, I'll turn the call over to our CFO, Stephen Williamson. Stephen?

接下來，我將把電話轉交給我們的財務長史蒂芬‧威廉森。史蒂芬？

Thanks, Mark, and good morning, everyone. As you saw in our press release, we had a great Q4 to cap off the year. Throughout the year, the team effectively navigated the external environment and remain focused on delivering for all of our stakeholders. I'll take you through an overview of our fourth-quarter and full-year results for the total company, then provide color on our four business segments, and I'll conclude by providing our 2026 guidance.

謝謝馬克，大家早安。正如您在我們的新聞稿中看到的，我們第四季度業績出色，為這一年畫上了圓滿的句號。在過去的一年中，團隊有效地應對了外部環境的變化，並始終專注於為所有利害關係人提供優質服務。我將帶您了解公司第四季和全年的整體業績概覽，然後詳細介紹我們的四個業務部門，最後給出我們對 ​​2026 年的業績展望。

Before I get into the details of our financial performance, let me provide you with a high-level view of how the fourth quarter played out versus our expectations at the time of our last earnings call. In Q4, we delivered 3% organic growth and 8% growth in adjusted EPS. It was another quarter of excellent execution.

在詳細介紹我們的財務表現之前，讓我先給大家概述一下第四季度的業績與我們上次財報電話會議時的預期相比如何。第四季度，我們實現了 3% 的有機成長和 8% 的調整後每股盈餘成長。又是一個執行力極佳的季度。

These results are significantly ahead of the assumptions at the midpoint of our prior guidance on both the top and bottom line. Q4 revenue was approximately $250 million ahead, driven by 1% stronger organic revenue growth and a stronger-than-expected tailwind from FX.

這些結果顯著優於我們先前對營收和利潤預期中點的假設。第四季營收比上年同期成長約 2.5 億美元，主要得益於有機營收成長 1% 以及匯率帶來的強於預期的利好。

Adjusted EPS in Q4 was $0.14 ahead. This is comprised of $0.25 from very strong operational performance, partially offset by $0.11 of higher FX headwind on the bottom line. The FX impact was driven by continued volatility in rates during the quarter due to trade tensions and represented an incremental 65 basis points of headwind to margins relative to our prior guidance. So as I said, a great Q4 with a strong beat to cap off the year.

第四季調整後每股收益成長0.14美元。這其中包括來自強勁營運業績的 0.25 美元，但部分被匯率波動帶來的 0.11 美元利潤損失所抵銷。受貿易緊張局勢影響，本季利率持續波動，外匯市場受到衝擊，與我們先前的預期相比，利潤率面臨額外 65 個基點的不利影響。正如我所說，第四季度表現出色，以強勁的業績超出預期為全年畫上了圓滿的句號。

Let me now provide you with some additional details on our Q4 and full-year 2025 performance. Starting with earnings per share. In the quarter, adjusted EPS grew by 8% to $6.57. For the full year, we delivered adjusted EPS of $22.87, up 5% compared to last year. GAAP EPS in the quarter was $5.21, and for the full year, it was $17.74.

現在讓我向您提供一些關於我們2025年第四季和全年業績的更多細節。首先來看每股收益。本季調整後每股收益成長8%至6.57美元。全年調整後每股收益為22.87美元，比去年成長5%。本季 GAAP 每股收益為 5.21 美元，全年為 17.74 美元。

On the top line, Q4 reported revenue grew 7% year-over-year. The components of our reported revenue change included 3% organic growth, a 2% contribution from acquisitions, and a 2% tailwind from foreign exchange. For the full-year 2025, reported revenue growth increased 4%. Organic growth was 2%, and both acquisitions and FX were a 1% tailwind.

從營收方面來看，第四季報告的營收年增了7%。我們報告的收入變化構成包括 3% 的內生成長、2% 的收購貢獻以及 2% 的外匯利好。2025 年全年報告營收成長 4%。有機成長率為 2%，收購和外匯波動共同帶來了 1% 的利好。

Turn to our organic revenue performance by geography. In Q4, North America grew low single digits, Europe grew mid-single digits, and Asia Pacific grew low single digits, with China declining low single digits. For the full year, North America grew low single digits, Europe grew mid-single digits, and Asia Pacific grew low single digits, with China declining mid-single digits.

請查看我們按地域劃分的有機收入表現。第四季，北美經濟成長率為個位數低段，歐洲經濟成長率為個位數中段，亞太地區經濟成長率為個位數低段，而中國經濟成長率為個位數低段。全年來看，北美經濟成長率為個位數低段，歐洲經濟成長率為個位數中段，亞太地區經濟成長率為個位數低段，而中國經濟成長率為個位數中段下降。

With respect to our operational performance, we delivered $2.88 billion of adjusted operating income in the quarter, an increase of 6% year-over-year and adjusted operating margin was 23.6%, 30 basis points lower than Q4 last year, which includes over 100 basis points of headwind from tariffs and related FX.

就我們的營運業績而言，本季度我們實現了 28.8 億美元的調整後營業收入，年增 6%；調整後營業利潤率為 23.6%，比去年第四季度下降了 30 個基點，其中包括關稅和相關外匯帶來的 100 多個基點的不利影響。

For the full year, we delivered $10.11 billion of adjusted operating income, a year-over-year increase of 4% versus 2024, and adjusted operating margin was 22.7%, 10 basis points higher than the prior year, which also includes a headwind from tariffs and related FX of over 100 basis points. Throughout the year, our active management of the business and the power of our PPI Business System enabled us to effectively manage the unexpected macro headwinds and continue to grow our adjusted operating income and expand our margins.

全年調整後營業收入為 101.1 億美元，較 2024 年年增 4%，調整後營業利潤率為 22.7%，比上年高出 10 個基點，其中還包括關稅及相關外匯帶來的 100 多個基點的不利影響。在過去一年中，我們積極管理業務，並憑藉 PPI 業務系統的強大功能，有效地應對了意想不到的宏觀不利因素，並持續增長調整後的營業收入，擴大利潤率。

I'm proud of how the team stepped up this year to enable these results. Total company adjusted gross margin in the quarter was 41.8%. And for the full year, it was 41.7%. The drivers of gross margin are similar to those of adjusted operating margin.

我為團隊今年取得這些成績而感到自豪。本季公司調整後毛利率為 41.8%。全年平均為 41.7%。影響毛利率的因素與調整後營業利率的影響因素類似。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 15.3% of revenue, down 80 basis points. For the full year, it was 15.9% of revenue, down 40 basis points. Total R&D expense was $357 million in Q4 and $1.4 billion for the full year, up 1% year-over-year, reflecting our ongoing investments in high-impact innovation. R&D as a percent of our manufacturing revenue for the year was 7%.

接下來詳細分析損益表。本季調整後的銷售、一般及行政費用佔收入的 15.3%，下降 80 個基點。全年來看，該支出佔收入的 15.9%，下降了 40 個基點。第四季研發總支出為 3.57 億美元，全年為 14 億美元，年增 1%，反映了我們對高影響力創新持續不斷的投資。當年研發費用佔製造收入的7%。

Looking at results below the line, our Q4 net interest expense was $107 million. Net interest expense for the full year was $426 million. The adjusted tax rate in Q4 was 10.5% and 10.4% for the full year. And average diluted shares were $377 million in Q4, $6 million lower year-over-year, driven by share repurchases net of option dilution.

從財務報表來看，我們第四季的淨利息支出為 1.07 億美元。全年淨利息支出為 4.26 億美元。第四季調整後的稅率為 10.5%，全年調整後的稅率為 10.4%。第四季平均稀釋股份價值為 3.77 億美元，年減 600 萬美元，主因是股票回購扣除選擇權稀釋所致。

Turning to free cash flow and the balance sheet. Full-year cash flow from operations was $7.82 billion, and free cash flow was $6.34 billion after investing $1.48 billion of net capital expenditures. Cash flow was slightly lower than we'd assumed in the prior guide, largely driven by temporary impacts in working capital and the timing of cash taxes.

接下來分析自由現金流和資產負債表。全年經營活動產生的現金流為 78.2 億美元，投入 14.8 億美元的淨資本支出後，自由現金流為 63.4 億美元。現金流略低於我們在上一份指南中的預期，主要原因是營運資本的暫時性影響和現金稅的繳納時間。

During 2025, we continue to successfully execute our capital deployment strategy, deploying approximately $16.5 billion in 2025. This includes $4 billion for the acquisitions of our filtration and separation business from Solventum and the sterile fill-finish site from Sanofi earlier in the year.

2025年，我們持續成功執行資本部署策略，預計2025年將部署約165億美元。這其中包括今年稍早從 Solventum 收購過濾和分離業務以及從賽諾菲收購無菌灌裝包裝廠所花費的 40 億美元。

That in Q4, we announced a definitive agreement to acquire Clario for approximately $9 billion in cash plus potential future performance-based payments. We expect to complete the transaction by the middle of 2026, at which point, the business will become part of our Laboratory Products and Biopharma Services segment.

在第四季度，我們宣布了一項最終協議，將以約 90 億美元的現金收購 Clario，外加未來可能基於業績的付款。我們預計將於 2026 年年中完成交易，屆時，該業務將成為我們實驗室產品和生物製藥服務部門的一部分。

In 2025, we also deployed $3.6 billion through the return of capital to shareholders. $3 billion of share buybacks and approximately $600 million of dividends. We ended the year with $10.1 billion in cash and short-term investments and $39.4 billion of total debt.

2025年，我們也透過向股東返還資本的方式投入了36億美元，其中包括30億美元的股票回購和約6億美元的股利。年底時，我們擁有現金和短期投資101億美元，總債務為394億美元。

Our leverage ratio at the end of the year was 3.5 times gross debt to adjusted EBITDA and 2.6 times on a net debt basis. In 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.

年末，我們的槓桿率（以總債務與調整後 EBITDA 計算）為 3.5 倍，以淨負債計算為 2.6 倍。最後，我想總結我們公司的整體業績，調整後的 ROIC 為 11.3%，這反映了我們公司在各個方面都取得了強勁的投資回報。

Now I provide some color on the performance of our four business segments. In Life Science Solutions, Q4 reported revenue in this segment increased 13% 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. For the full year, reported revenue increased 8% and organic revenue growth was 3%.

現在我將詳細介紹我們四個業務部門的業績。在生命科學解決方案領域，第四季度報告顯示，該部門的收入比去年同期成長了 13%，有機收入成長了 4%。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成長。全年報告營收成長 8%，有機收入成長 3%。

Q4 adjusted operating income for Life Science Solutions increased 10% and adjusted operating margin was 35.5%, down 110 basis points versus the prior year quarter. During Q4, we delivered very strong productivity and good volume leverage, which is more than offset by unfavorable mix, strategic investments, and the expected impact from the acquisition of our filtration and separation business. For the full year, adjusted operating income increased 8% and adjusted operating margin was 36.3%, down 10 basis points versus 2024.

第四季生命科學解決方案調整後營業收入成長10%，調整後營業利益率為35.5%，較上年同期下降110個基點。第四季度，我們實現了非常強勁的生產效率和良好的銷售槓桿，但這被不利的產品組合、策略性投資以及收購過濾和分離業務的預期影響所抵消。全年調整後營業收入成長 8%，調整後營業利益率為 36.3%，較 2024 年下降 10 個基點。

In the Analytical Instruments segment, for both Q4 and the full year, reported revenue increased 1% and organic revenue growth was flat. Growth in the quarter was led by our chromatography and mass spectrometry business.

在分析儀器業務板塊，第四季和全年報告收入均成長了 1%，而有機收入成長持平。本季成長主要由我們的色譜和質譜業務帶動。

In this segment, Q4 adjusted operating income decreased 12% and adjusted operating margin was 26.3%, down 420 basis points versus the year ago quarter. 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. For the full year, adjusted operating income decreased 11% and adjusted operating margin was 23%, 320 basis points lower than 2024.

在該業務部門中，第四季度調整後營業收入下降了 12%，調整後營業利潤率為 26.3%，比去年同期下降了 420 個基點。年比利潤率變化主要受關稅及相關匯率的影響。除了上述影響之外，強勁的生產力也被策略性投資和不利的產品組合部分抵消。全年調整後營業收入下降 11%，調整後營業利益率為 23%，比 2024 年低 320 個基點。

Specialty Diagnostics in Q4 reported revenue grew 5% year-over-year and organic revenue growth was 3%. In Q4, growth in this segment was led by our clinical diagnostics, transplant diagnostics, and immunodiagnostics businesses. For the full year, reported revenue increased 4% and organic revenue growth was 2%.

第四季專業診斷業務報告顯示，營收年增 5%，有機收入成長 3%。第四季度，該領域的成長主要得益於我們的臨床診斷、移植診斷和免疫診斷業務。全年報告營收成長 4%，有機收入成長 2%。

And Q4 adjusted operating income for Specialty Diagnostics increased 19%, and adjusted operating margin was 26.6%, 300 basis points higher than Q4 2024. During the quarter, it delivered good productivity and volume leverage, and had favorable mix, which is partially offset by headwinds from foreign exchange. For the full year, adjusted operating income was 8% higher than 2024, and adjusted operating margin was 26.9%, an increase of 120 basis points versus the prior year.

第四季專業診斷業務的調整後營業收入成長了 19%，調整後營業利潤率為 26.6%，比 2024 年第四季高出 300 個基點。本季度，該公司實現了良好的生產力和銷售槓桿效應，並擁有有利的產品組合，但部分被外匯波動帶來的不利因素所抵消。全年調整後營業收入比 2024 年成長 8%，調整後營業利益率為 26.9%，較上年成長 120 個基點。

And finally, in the Laboratory Products and Biopharma Services segment, reported revenue increased 7% and organic revenue growth was 5%, with broad-based strength across our research and safety market channel and our pharma services and clinical research businesses. For the full year, reported revenue grew 4% and organic revenue was 3% higher year-over-year.

最後，在實驗室產品和生物製藥服務部門，報告收入成長了 7%，有機收入成長了 5%，這得益於我們在研究和安全市場管道以及製藥服務和臨床研究業務方面的全面強勁表現。全年來看，報告收入成長了 4%，有機收入年增了 3%。

Q4 adjusted operating income in the segment increased 12% and adjusted operating margin was 14.5%, 50 basis points higher than Q4 2024. In the quarter, we delivered very strong productivity and good volume leverage, which was partially offset by unfavorable mix, strategic investments, and headwinds from foreign exchange. For the full year, adjusted operating income increased 8% and adjusted operating margin was 14%, 70 basis points higher than 2024.

該業務部門第四季調整後營業收入成長12%，調整後營業利益率為14.5%，較2024年第四季高出50個基點。本季度，我們實現了非常強勁的生產效率和良好的銷售槓桿效應，但部分被不利的產品組合、策略投資和外匯逆風所抵消。全年調整後營業收入成長 8%，調整後營業利益率為 14%，較 2024 年高出 70 個基點。

Turning now to guidance. As Marc outlined, we're initiating a 2026 revenue guidance range of $46.3 billion to $47.2 billion, and an adjusted EPS guidance range of $24.22 to $24.80, representing 6% to 8% growth. The guidance assumes 3% to 4% organic revenue growth, a $300 million revenue tailwind from foreign exchange, and 50 basis points of adjusted operating margin expansion. All of this will enable a really strong 6% to 8% growth in adjusted EPS.

現在進入指導環節。正如馬克所概述的那樣，我們預計 2026 年的收入預期範圍為 463 億美元至 472 億美元，調整後的每股收益預期範圍為 24.22 美元至 24.80 美元，增幅為 6% 至 8%。該指引假設有機收入成長 3% 至 4%，外匯帶來的 3 億美元營收成長，以及調整後營業利潤率提高 50 個基點。所有這些都將使調整後每股收益實現 6% 至 8% 的強勁成長。

We -- this guidance is consistent with the financial framing for '26 and '27 that we shared with you back in our Q2 earnings call. It reflects a continued improvement in our organic growth in '26, coupled with very strong earnings growth. The strength of our guidance reflects our industry-leading position, our proven growth strategy, and the power of our PPI Business System.

我們—這項指導意見與我們在第二季財報電話會議上與您分享的 2026 年和 2027 年的財務框架是一致的。這反映了我們2026年有機成長的持續改善，以及非常強勁的獲利成長。我們強大的指導能力體現了我們在行業中的領先地位、我們行之有效的成長策略以及我們 PPI 業務系統的強大實力。

Let me now provide some detailed context behind the guide. The midpoint of our guidance assumes organic revenue growth of slightly above 3%. This is a step-up from 2025. We think this is appropriate to start at 3% at the beginning of the year. As we execute through 2026, we can retire risk as we go and progress higher in the range.

現在讓我來詳細介紹一下本指南的背景。我們預測的中點假設有機收入成長率略高於 3%。這比 2025 年的目標提早了一步。我們認為年初從3%開始是合適的。隨著我們執行到 2026 年，我們可以逐步降低風險，並在更高的區間內取得進展。

As is our normal practice, we've not included any future acquisitions or divestitures within our guidance. The guide therefore does not include the benefit of the pending acquisition of Clario. As a reminder, we expect this deal to close by the middle of 2026. Should that be the case, we would expect $0.20 to $0.25 of incremental adjusted EPS for this year, reflecting the strongly accretive nature of the acquisition. That would represent roughly 1 additional point of adjusted EPS growth for 2026, taking the total company growth into the range of 7% to 9%.

依照我們一貫的做法，我們的業績指引中並未包含任何未來的收購或剝離計畫。因此，該指南並未包含即將收購 Clario 所帶來的好處。再次提醒，我們預計這筆交易將於 2026 年中完成。如果情況屬實，我們預計今年將新增 0.20 至 0.25 美元的調整後每股收益，這反映了此次收購的強勁增值作用。這將代表 2026 年調整後每股盈餘成長約 1 個百分點，使公司整體成長率達到 7% 至 9%。

In terms of the macro environment, our guidance is based on the tariffs that are in place as of today. It doesn't contemplate any future changes in tariffs, nor the potential impact on FX rates. Should additional tariffs be levied, as we did last year, we will act with speed and scale to minimize them and provide our usual level of transparency as to their impact.

就宏觀環境而言，我們的指導意見是基於目前現行的關稅政策。它沒有考慮關稅未來的任何變化，也沒有考慮對匯率的潛在影響。如果像去年一樣徵收額外關稅，我們將迅速採取大規模行動，最大限度地減少關稅的影響，並像往常一樣保持透明度，說明關稅的影響。

The guidance includes $600 million of inorganic revenue from the acquisitions closed in 2025. In that inorganic period, these acquisitions are expected to contribute $60 million of adjusted operating income, the math of which adds a 20-basis-point headwind to adjusted operating margins in 2026. After factoring in the financing costs, they represented $0.07 of adjusted EPS dilution for 2026.

該預期包括 2025 年完成的收購帶來的 6 億美元非內生性收入。在這一非有機增長期內，這些收購預計將貢獻 6,000 萬美元的調整後營業收入，這將使 2026 年的調整後營業利潤率下降 20 個基點。計入融資成本後，它們導致 2026 年調整後每股收益稀釋 0.07 美元。

These acquisitions are progressing well versus our deal model expectations. We're in the integration and investment phase in 2026, which is setting us up to deliver strong accretion and very attractive returns going forward.

這些收購進展順利，超出了我們的交易模型預期。2026 年，我們正處於整合和投資階段，這將為我們未來實現強勁成長和極具吸引力的回報奠定基礎。

To help you with your modeling, here are a few additional assumptions behind the guide. We expect approximately $500 million of net interest expense in 2026. We assume that the adjusted income tax rate will be 11.5% in 2026, largely driven by the increased earnings.

為了幫助您進行建模，以下是本指南背後的一些額外假設。我們預計 2026 年淨利息支出約為 5 億美元。我們假設 2026 年調整後的所得稅率將為 11.5%，這主要是由於收入增加。

We're expecting between $1.8 billion and $2 billion of net capital expenditures in 2026. The increase over 25% is driven by our investments in US manufacturing. In terms of free cash flow, we're expecting that to be in the range of $6.8 billion to $7.3 billion for the year.

我們預計 2026 年淨資本支出將在 18 億美元至 20 億美元之間。超過 25% 的成長是由我們對美國製造業的投資所推動的。就自由現金流而言，我們預計今年的自由現金流將在 68 億美元至 73 億美元之間。

In terms of capital deployment, we're assuming $3 billion of share buybacks, which were already completed in January. We estimate that full-year average diluted share count will be between 370 million and 375 million shares. I'm assuming we'll return approximately $700 million of capital to shareholders this year through dividends.

在資本部署方面，我們假設回購金額為 30 億美元，這些回購已於 1 月完成。我們預計全年平均稀釋後股份數量將在 3.7 億股至 3.75 億股之間。我預計今年我們將透過分紅向股東返還約 7 億美元的資本。

Then finally, I want to touch on phasing for Q1. Embedded in the guidance is the assumption that Q1 organic revenue growth will be a couple of points lower than the full-year '26. This is likely driven by selling days and the expected phasing of our revenue in our Pharma Services business over the course of 2026. And we're expecting low single-digit adjusted EPS growth in Q1.

最後，我想談談 Q1 的相位問題。該指引中包含的假設是，第一季有機收入成長將比 2026 年全年低幾個百分點。這很可能是由於銷售天數以及我們醫藥服務業務在 2026 年期間預期收入的分階段增長所致。我們預計第一季調整後每股收益將實現個位數低成長。

So in conclusion, Q4 capped off a very successful 2025. The team is focused on continuing to maximize share gain, delivering very strong earnings growth, and generating great returns from our capital deployment, also enable an excellent 2026 and advance our strategy for an even brighter future.

總之，第四季為非常成功的2025年畫上了圓滿的句點。團隊致力於繼續最大限度地提高市場份額，實現強勁的盈利增長，並從資本部署中獲得豐厚的回報，從而為2026年取得優異成績並推進我們的戰略，以實現更加光明的未來。

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

這樣，我就把電話轉回馬克了。

Thanks, Stephen. So before we turn to Q&A, I just want to say a few words. As you know, Stephen will retire at the end of March. Let me start with thank you to Stephen, for all of your contributions to the success of Thermo Fisher and the deep friendship we have developed over the past 25 years.

謝謝你，史蒂芬。在進入問答環節之前，我想說幾句。如你所知，史蒂芬將於三月底退休。首先我要感謝 Stephen，感謝他為 Thermo Fisher 的成功所做的所有貢獻，以及在過去 25 年裡我們建立的深厚友誼。

And let me say a heartfelt congratulations on the spectacular career at Thermo Fisher, including being our CFO for the past 10 years. You have played such an active leadership role in our growth and success, and we're all very grateful.

在此，我要衷心祝賀您在賽默飛世爾科技公司取得了輝煌的職業生涯，包括在過去 10 年擔任我們的財務長。您在我們公司的成長和成功中發揮了積極的領導作用，我們都非常感激您。

What is both so cool and so important is your consistent passion for developing people and also in building a world-class finance function. I'm thrilled to have the opportunity to work with Jim Meyer, who will be taking the reins as CFO in March, having spent 17 years at the company.

最棒也最重要的一點是，你始終如一地對人才培育和打造世界級的財務職能充滿熱情。我很高興有機會與吉姆·邁耶共事，他將於 3 月接任財務長一職，此前他已在該公司工作了 17 年。

Stephen, on behalf of all of your colleagues and stakeholders of Thermo Fisher, thank you, and congratulations. We wish you a wonderful retirement. And Jim, congratulations on your promotion.

Stephen，我謹代表賽默飛世爾科技的所有同事和利害關係人，向你表示感謝和祝賀。祝您退休生活愉快。吉姆，祝賀你升職！

Thanks, lot, for those incredibly kind words. It's been an honor to be part of this amazing company. I'm really excited about my next chapter, and I'm also excited about the continued success of Thermo Fisher with Jim as the CFO.

非常感謝你這些無比溫暖的話語。能夠成為這家優秀公司的一員，我深感榮幸。我對自己的下一個階段感到非常興奮，同時也對吉姆擔任財務長後賽默飛世爾科技的持續成功感到興奮。

Let me turn it back to Raf to start the Q&A.

現在把時間交還給拉夫，讓他開始問答環節。

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

接線員，我們已準備好進入問答環節。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員說明）邁克爾·里斯金，美國銀行。

And first off, on your remarks comments, congrats, Stephen. It's been a great run. It's been a pleasure working with you and wish you all the best going forward.

首先，對於你的發言，恭喜你，史蒂芬。這段旅程非常精彩。與您共事非常愉快，祝福您未來一切順利。

Marc, maybe I'll start with a high-level one on the guide. As you laid out, you guys had a framework previously that you talked to and the guide follows in that range. But still, you're talking about the acceleration from 2% you did in 2025 organic to 3% to 4%.

馬克，或許我可以先從指南中的高階版本開始。正如你所闡述的，你們之前已經制定了一個框架，並就此進行了討論，本指南也遵循了該框架。但你仍然在談論從 2025 年的 2% 有機成長加速到 3% 再到 4%。

Just can you talk a little bit more about what's underpinning that? What gives you confidence about the acceleration? Any particular end markets or customer groups where you're seeing the most improvement in activity as you look ahead? And I have a quick follow-up.

您能否再詳細談談背後的原因？你對加速性能的信心源自於何處？展望未來，您認為哪些特定的終端市場或客戶群在業務活動方面改善最為顯著？我還有一個後續問題。

Sure. So Mike, thanks for the question. When I think about the way we are opening up our guidance for the year, we're actually assuming market conditions are going to be pretty similar to 2025. As a reminder, we had just under 1 point of pandemic runoff in our 2025 results. So adjusted for that, we roughly had 3% growth last year, and we're assuming that we're going to be in the 3% to 4% range.

當然。麥克，謝謝你的提問。當我思考我們如何制定今年的業績指引時，我們實際上是假設市場狀況將與 2025 年非常相似。提醒一下，我們在 2025 年的預測結果中，受疫情影響的降幅略低於 1 個百分點。因此，考慮到這些因素，我們去年的成長率約為 3%，我們預計今年的成長率將在 3% 到 4% 之間。

And as Stephen said, start with the assumptions around 3%. What we expect over time in this two-year time frame is that just the absence of the negatives will start to allow for conditions to improve and build within that range. But we don't want to make any major changes into the markets to start the year.

正如史蒂芬所說，先從 3% 左右的假設開始。我們預計，在這兩年的時間裡，只要負面因素消失，情況就會開始好轉，並在該範圍內發展。但我們不想在年初對市場進行任何重大調整。

There's lots of things I'm optimistic about actually just based on how January is in terms of customer meetings and so forth. But we just want to set ourselves up in the industry for success this year.

實際上，就一月份的客戶會議等方面的情況來看，我有很多樂觀的理由。但我們只想在今年為在這個行業取得成功做好準備。

Okay. And then maybe as a quick follow-up. Again, Stephen, you referred to that prior framework you gave on the 2Q guide last year at the time. I think you talked about 3% to 6% over the course of 2026 and 2027 combined. I just want to make sure that entire framework is still intact, especially how we think about next year about 2027, nothing has really changed in your forward outlook there?

好的。然後或許可以做一個簡短的後續跟進。Stephen，你又提到了去年第二季指南中給出的那個框架。我認為你之前提到過，2026 年和 2027 年加起來的成長幅度在 3% 到 6% 之間。我只是想確認整個框架是否仍然完好無損，特別是我們對明年（2027年）的展望，你們對未來的展望是否真的沒有任何改變？

Yeah. I think when we gave the -- back in the time when we gave that framework, and where we are now, yeah, we see it consistent in terms of our assumptions about the future and we're executing towards that, so yeah.

是的。我認為，當我們當初提出那個框架的時候，以及我們現在所處的位置，是的，我們看到它在我們對未來的假設方面是一致的，我們正在朝著這個方向努力，所以是的。

And what I would add is that one of the key focuses back in April is that, irrespective of market conditions, we were just going to deliver great earnings growth, right? And we did a great job of navigating 2025.

我還要補充一點，4 月我們重點關注的一點是，無論市場狀況如何，我們都要實現強勁的獲利成長，對吧？我們出色地完成了迎接 2025 年的挑戰。

There was a lot of headwinds around tariffs and so forth that we just worked our way through in delivering 5% EPS growth for the year. I feel very good about in our opening position with effectively around 3% growth. We're assuming 6% to 8% of EPS growth without any of the capital deployment embedded into that.

儘管面臨關稅等方面的許多不利因素，我們仍然努力克服，最終實現了全年 5% 的每股盈餘成長。我對我們目前的開局非常滿意，預計成長率約為 3%。我們假設每股盈餘成長 6% 至 8%，且未計入任何資本投入。

So that's what we can control. That's what we're going to deliver. And I'm optimistic about the progression of the industry as well, but we wanted to keep ourselves focused on controlling our destiny, which is just great earnings growth, drive share gain, and that's going to serve us well. Thanks, Mike.

所以這是我們能控制的。這就是我們將要實現的。我對產業的發展也持樂觀態度，但我們想專注於掌控自己的命運，那就是實現良好的獲利成長，推動市場佔有率提升，這將對我們大有裨益。謝謝你，麥克。

Dan Arias, Stifel.

Dan Arias，Stifel。

Marc, I wanted to ask about biopharma here. One of the idea seems to be that sentiment on spending at a high level has improved just because these companies are seemingly breathing a little easier now that you have some of these MFN deals in place. I'm just curious, are you finding that that's actually translating the spending plans or '26 pharma budgets are actually looking better to the extent that you can tell with these meetings that you're having so far?

馬克，我想問關於生物製藥方面的問題。其中一種觀點似乎是，高消費情緒有所改善，只是因為現在有了這些最惠國待遇協議，這些公司似乎可以稍微鬆一口氣了。我只是好奇，您是否發現這些支出計劃實際上正在落實，或者從您目前為止的這些會議來看，2026 年的醫藥預算實際上看起來更好？

Yeah, Dan, so it's a great question. So we have a really unique set of capabilities to serve pharma and biotech, right? When I think about the year last year, mid-single-digit growth. Obviously, we had some headwinds around the final roll-off of the pandemic embedded in that to finish the quarter, the last quarter at high single digit growth. Our team is doing a great job.

是的，丹，這是一個很好的問題。所以，我們擁有一套非常獨特的能力來服務製藥和生物技術行業，對吧？回想去年，成長率只有個位數中段。顯然，隨著疫情的最終結束，我們遇到了一些不利因素，導致本季末的成長接近個位數。我們的團隊做得非常出色。

And our customers really value a trusted partner, and I'll come back to that in a moment. So when I think about the tone of what we heard in the healthcare conference and certainly in my meetings in Europe in January, so quite a number of customers. Pharma consistent with what we've been hearing for a while, which is good confidence around the ability to navigate governments and feel good about the things that have been agreed to and excitement around their pipeline. So the tone feels good in pharma, and I think that ultimately we'll see that in activity.

我們的客戶非常重視值得信賴的合作夥伴，我稍後會再談到這一點。所以，當我回想起我們在醫療保健會議上聽到的，以及我一月份在歐洲與許多客戶會面時聽到的，那種氛圍。製藥業與我們一段時間以來聽到的消息一致，他們對與政府打交道的能力充滿信心，對已達成的協議感到滿意，並對他們的產品線感到興奮。所以醫藥行業的氛圍感覺不錯，我認為最終我們會在市場活動中看到這一點。

And then from a biotech, you're seeing the data to show that funding is starting to improve, but the tone was incredibly positive. Now there, of course, is a lag between when funding flows and when money is spent. But I would say January, in terms of what the sentiment is in our customer base, was quite positive.

然後，從生物技術的角度來看，數據顯示資金開始改善，但整體基調非常積極。當然，資金流入和資金支出之間存在時間差。但就我們客戶群的情緒而言，我認為一月份的情況相當正面。

Trusted partner is the other aspect of it, right? The one is what is the industry? And two, is what is our role in all of this? When I think about trusted partner, I've talked about it for a number of years and so what does it really mean? And I thought maybe two anecdotes might be helpful to just bring it to reality, right? Because we see lots of customers and all of our industry peers do.

值得信賴的合作夥伴是另一個重要方面，對吧？第一個問題是：這個行業是什麼？第二，我們在這一切中扮演什麼角色？當我思考「值得信賴的合作夥伴」這個概念時，我已經談論它好幾年了，那麼它到底意味著什麼呢？我想，或許兩個軼事可以幫助我們更直觀地理解這件事，對吧？因為我們有很多客戶，而且我們所有的行業同行也都看到了這一點。

So I was at a healthcare conference. I was meeting with the CEO of one of our larger customers and discussing objectives for the year where we can be helpful with the challenges. The discussion was so positive that he literally said, can we go and find my head of development and -- which we did. And let's talk about the specifics, right? Literally, just real time, we track his peer down or his colleague down, and we got into the details and the right follow-ups happen from that.

當時我在參加一個醫療保健會議。我當時正在與我們一位大客戶的執行長會面，討論今年的目標以及我們可以在哪些方面幫助他們應對挑戰。討論非常順利，他甚至直接說，我們能不能去找我的開發主管——然後我們就去找了。讓我們來談談具體細節，好嗎？實際上，我們即時追蹤到他的同行或同事，深入了解細節，並據此採取正確的後續行動。

And if I think about spending a half day with the management team of one of our larger biotech customers and just working through systematically about what are their priorities, how we can help them. And then the long list of follow-ups about what the new opportunities are, and why that's so relevant to their success, I hope that brings that a little bit more to life. And it's across our whole management team were having these dialogue, right? And that's the super cool thing about our role in pharma biotech, and why we're so well positioned there.

如果我花半天時間與我們大型生技客戶的管理團隊一起，有系統地了解他們的優先事項，以及我們如何幫助他們，那該有多好。然後還有一長串後續問題，說明有哪些新機遇，以及為什麼這些機會與他們的成功如此相關，我希望這能讓這些問題更加生動一些。我們整個管理團隊都在進行這樣的對話，對吧？這就是我們在製藥生物技術領域所扮演的角色最酷的地方，也是我們在這個領域佔據如此有利地位的原因。

Yeah. Okay. Helpful perspective. Maybe just to summarize the point that you touched on there. Mid-single-digit growth in 2025 in biopharma in a year with some obvious headwinds. Is mid-singles-plus the right way to think about things or something different?

是的。好的。很有幫助的視角。也許我只是想總結一下你剛才提到的那一點。2025 年生物製藥產業將實現個位數中段成長，儘管這一年也面臨一些明顯的逆風。「中年單身以上」這種說法是否正確，還是應該有其他更具體的解釋？

Yeah, I think this is the right way to frame it. There's obviously different ways we can get to the 3% to 4%, but that's a way to find the year as it stands here now.

是的，我認為這樣表達比較恰當。顯然，我們可以透過不同的方式達到 3% 到 4% 的目標，但這是目前計算年份的方法。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

I wanted to build off of where Dan left off, but focusing on the LPBS segment. So in Pharma Services, Marc, how are you feeling about industry supply demand dynamics entering 2026? And any color you can share on what's reflected in the guide for that business?

我想在丹未完成的工作基礎上繼續推進，但重點放在 LPBS 部分。Marc，那麼在醫藥服務領域，你如何看待2026年產業供需動態？您能否分享一下指南中所體現的關於該企業的具體資訊？

Yeah. So when I think about our Pharma Services business, really executing very well. As a reminder, we have the leading positions in the drug product stellar fill-finish and in our clinical trials logistics packaging business. And we have a smaller position, but meaningful in biologic drug substance as well.

是的。所以，當我想到我們的醫藥服務業務時，我發現它執行得非常好。再次提醒大家，我們在藥品包裝填充和臨床試驗物流包裝業務方面處於領先地位。我們在生物藥物原料領域雖然份額較小，但也具有重要意義。

So when I think about industry demand capacity, really stellar fill-finish has been the area where there is heightened demand relative to industry capacity. It's part of the reason that we acquired the Sanofi site in New Jersey. It's really in a way a capital project to expand our capacity. We're winning contracts to meet our pharmaceutical customers' needs for reshoring to the US.

所以，當我考慮產業需求能力時，真正出色的填充-成品領域相對於產業產能而言，需求量一直較高。這也是我們收購賽諾菲位於新澤西州的工廠的部分原因。從某種意義上說，這確實是一個擴大我們產能的資本項目。我們正在贏得合同，以滿足製藥客戶將生產遷回美國的需求。

So the demand profile is good, and our businesses had a strong year, and we'll continue to step up in growth over the next couple of years. So well positioned there. And I would believe that that will continue to be a nice contributor to our long-term growth in this business.

因此，市場需求良好，我們的業務在過去一年表現強勁，未來幾年我們將繼續加快成長步伐。地理位置絕佳。我相信這將繼續為我們在該行業的長期發展做出良好貢獻。

Excellent. Okay. And then next, I wanted to talk about the channel. So if you do some relatively simple benchmarking. It seems like you're doing pretty well there competitively.

出色的。好的。接下來，我想談談頻道。所以，如果你進行一些相對簡單的基準測試。看來你在那裡的競技表現相當不錯。

I was wondering if you can just talk about what's resonating in terms of investments you've made there? And do you see this competitive advantage as stable or expanding weakening entering this year? Just any color on that business would be great.

我想請您談談您在那裡進行的投資中，哪些方面取得了成效？您認為這種競爭優勢在今年會保持穩定，還是會逐漸減弱？那家店用什麼顏色都行。

Yeah, Jack, thanks for the question on our channel business. So when I think about how we serve the research and safety market, it's a business that's performed well for us for a long time. We have an excellent portfolio of supplier partners that has what our customers need. And you see the strength of the performance broad-based.

是的，傑克，謝謝你問我們頻道業務方面的問題。所以，當我思考我們如何服務於科學研究和安全市場時，我發現這項業務長期以來都為我們帶來了良好的表現。我們擁有優秀的供應商合作夥伴網絡，能夠滿足客戶的需求。而且，你可以看到這種表現的強勁勢頭是普遍存在的。

We've done well in pharma and biotech in terms of winning business. We have done well in serving industrial customers. We call that out. And while academic and government is certainly more pressured as the end market is, actually, our share position has been quite stable there.

我們在製藥和生物技術領域取得了不錯的業績，贏得了不少業務。我們在服務工業客戶方面做得很好。我們指出了這一點。雖然學術界和政府部門面臨的壓力肯定比終端市場更大，但實際上，我們在該領域的市佔率一直相當穩定。

So I think competitive dynamics remain pretty consistent. We've been a methodical share gainer over many years, and that trend continues. And we'll continue to do a great job serving our customers and helping them meet their innovation and productivity needs.

所以我認為競爭格局依然相當穩定。多年來，我們一直在穩步提升市場份額，而且這種趨勢仍在繼續。我們將持續竭誠為客戶提供優質服務，幫助他們滿足創新和生產力的需求。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Since you launched Accelerator in late 2024, a number of pretty big changes in the drug development and manufacturing ecosystem in terms of manufacturing regionalization, rising use of AI and drug discovery. Marc, you referenced outstanding customer adoption of that solution. Just curious how some of these ecosystem changes are affecting customer preferences for outsourcing in general? And I guess more specifically, in the Accelerator offering?

自 2024 年底推出 Accelerator 以來，藥物研發和生產生態系統在生產區域化、人工智慧和藥物發現的日益普及等方面發生了許多相當大的變化。馬克，你提到了客戶對該解決方案的出色接受度。我很好奇這些生態系統變化對客戶整體的外包偏好有何影響？更具體地說，是指加速器計畫嗎？

Hey, Matt. It's a great question. So when I think about -- let me start with this clinical research more broadly, and then I'll delve into change and a little bit about Accelerator. So the clinical research business for Thermo Fisher is performing very well. And the year played out really exactly as we thought it would play out.

嘿，馬特。這是一個很好的問題。所以，當我思考這個問題時——讓我先從更廣泛的臨床研究開始，然後我將深入探討變化以及加速器計畫。因此，賽默飛世爾科技的臨床研究業務表現非常出色。這一年的發展真的和我們預想的一模一樣。

And with a steady progression of revenue building sequentially quarter-over-quarter and then returning to growth in Q3 and mid-single-digit growth in Q4 organically. And authorizations have been far ahead of our revenue throughout the year and is showing the strong momentum in our competitive position.

隨著營收逐季穩定成長，第三季恢復成長，第四季實現中等個位數有機成長。全年授權量一直遠遠超過我們的收入，這表明我們在競爭地位方面勢頭強勁。

So when I think about accelerated drug development, which was something that we worked on creating for almost three years, we launched it in the fourth quarter of 2024. What it really is about is how do you shave a week off here? A month off there? How do you get waste out of the system and ultimately meaningfully bring the drugs to market more quickly or have insights or the drug is not performing well, and therefore, end of clinical trial more quickly, both of which add value to our customers.

所以，當我想到加速藥物開發時，我們花了將近三年時間才將其創建出來，並在 2024 年第四季正式啟動。真正的問題是，如何才能在這裡節省一週的時間？在那裡休假一個月？如何從系統中消除浪費，並最終更有效地將藥物推向市場，或獲得藥物療效不佳的洞察，從而更快地結束臨床試驗，這兩點都能為我們的客戶創造價值。

And it's really resulting in very meaningful authorizations wins for both our clinical research business and new total contracts for our Pharma Services business. So it is a differentiated capabilities. It's one that we've really worked hard to understand where the best opportunity is and then apply it to customers.

這確實為我們的臨床研究業務帶來了非常有意義的授權，也為我們的醫藥服務業務帶來了新的總合約。所以這是差異化的能力。我們為此付出了很多努力，以了解哪裡有最佳機會，然後將其應用於客戶。

When I think about how we are collaborating with OpenAI, really focused on the clinical research side of the thing, the equation is how do you further save time and cost out of the process, and have even more insights? And that's going to be a journey because it's a highly regulated industry, and we'll go on that journey with our customers and look for new opportunities to drive an even more efficient drug development process.

當我思考我們如何與 OpenAI 合作，真正專注於臨床研究方面時，問題在於如何進一步節省時間和成本，並獲得更多見解？這將是一段漫長的旅程，因為這是一個高度監管的行業，我們將與客戶一起踏上這段旅程，尋找新的機會，以推動更有效率的藥物開發過程。

And our experience is the higher the returns our sponsors get on their investment, the more indications they want to go after in terms of the scale of the clinical trials. And they actually in a way, pursue their pipeline more aggressively. So we're really excited about what the future holds in terms of drug development more broadly, both in the manufacturing of the medicines as well as executing the clinical research.

我們的經驗是，贊助商的投資報酬率越高，他們就越想在臨床試驗的規模上追求更多的適應症。實際上，他們在某種程度上更積極地推進他們的產品線。因此，我們對藥物研發的未來充滿期待，無論是在藥物生產方面，或是臨床研究方面。

Okay. Thanks for that. So encouraged about drug development activities. But thinking about the drug discovery side, I think still some debate about whether AI as a headwind or tailwind to the amount of wet lab work moving forward.

好的。謝謝。我對藥物研發活動感到非常鼓舞。但從藥物研發的角度來看，我認為人工智慧對於未來濕實驗室工作的數量究竟是阻礙還是助力，仍有一些爭論。

Just would be curious what your experience has been with the customers, be it AI-first biotechs and the larger pharma companies that were perhaps more aggressively using AI? And what you've seen about their wet lab activity, their demand for instruments, et cetera?

我很好奇您在與客戶打交道方面有哪些經驗，無論是先採用人工智慧技術的生物科技公司，還是那些可能更積極使用人工智慧的大型製藥公司？你對他們的濕實驗室活動、儀器需求等方面有什麼了解？

So what we're seeing is a recovery in the early research part of our business in terms of demand for the bioscience reagents the basic R&D labs and pharma from the channel. So you're seeing that methodically strengthen. Some of that will come with biotech funding as well as that improves.

因此，我們看到的是，就生物科學試劑、基礎研發實驗室和製藥管道的需求而言，我們業務的早期研究部分正在復甦。所以你會看到這種情況有條不紊地加強。部分資金將來自生物技術方面的投資，隨著生物技術的發展而增加。

What I would say is on the application of AI, we're doing a lot of work with customers on the wet lab, dry lab combination, meaning that we're actually working with our customers to better link what goes on in their wet labs with their data management and insights from AI.

我想說的是，在人工智慧的應用方面，我們正在與客戶在濕實驗室和乾實驗室的結合方面進行大量工作，這意味著我們實際上是在與客戶合作，以便更好地將他們在濕實驗室中發生的事情與他們的數據管理和人工智慧的洞察力聯繫起來。

Our experience to date and certainly our experience historically is the more confidence you have in the research, you wind up doing actually more wet lab experimentation. You're probably going to work on less things that are just going to fail. So there is some waste that comes out of the system.

根據我們目前的經驗，以及我們過去的經驗，你對研究越有信心，你最終就會進行更多的濕實驗室實驗。你可能會減少那些注定失敗的專案。所以系統中會產生一些廢棄物。

But customers want to have total confidence in the work they're doing, and that's been our experience. And so we're actually quite optimistic about the intersection between AI and the demand for wet lab research. Thanks, Matt, for the questions.

但客戶希望對他們所做的工作完全有信心，而我們的經驗也證實了這一點。因此，我們對人工智慧與濕實驗室研究需求的交集持相當樂觀的態度。謝謝馬特提出的問題。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

And first, I just want to reiterate the comments. Congratulations, Stephen on retirement. And Jim, looking forward to working with you moving forward.

首先，我想重申一下之前的評論。恭喜史蒂芬退休。吉姆，期待未來與你繼續合作。

Wanted to touch on Analytical Instruments performance in 4Q. Curious on how the performance played out relative to your expectations in the quarter. Obviously, a tough comp, but curious to hear what you're seeing in that business across the different regions and end markets and whether you saw a budget flush in the quarter or any stimulus in China?

想談談分析儀器公司第四季的表現。很想知道本季業績是否符合您的預期。顯然，這是一個很難比較的比較，但我很想聽聽您在不同地區和終端市場觀察到的業務情況，以及您是否在本季度看到預算充裕或中國有任何刺激措施？

Casey, thanks for the question. So the Analytical Instruments team did a really good job in the fourth quarter. As you said, we had a more challenging comparison and we were flat growth in the quarter, and we grew modestly in the full year. So -- and when I think about that dynamic, that's in a dynamic where you have pressures on academic and government funding.

凱西，謝謝你的提問。所以分析儀器團隊在第四季做得非常好。正如您所說，我們面臨更具挑戰性的比較，本季成長停滯，全年成長也較為溫和。所以——當我思考這種動態時，我意識到這是在學術界和政府資金面臨壓力的動態中。

You also have pressures in China more broadly throughout the year. So two of the important sectors of that part of the business faced the headwinds. We did very well with our pharma and biotech customers. So I feel good about that. And I feel good about the performance in aggregate.

在中國，你全年都會面臨更廣泛的壓力。因此，該業務部分的兩個重要部門都面臨逆風。我們在製藥和生物技術客戶方面做得非常好。所以我覺得挺好的。我對整體表現感到滿意。

For us, a lot of what drives it is the quality of our innovation and the impact, right? We have an incredible year, right? And if you think about where I allocated time even in my remarks today, I spent more time on innovation than anything because customers want those breakthrough solutions that matter, right?

對我們來說，驅動這一切的很大一部分因素是創新的品質和影響力，對吧？我們度過了精彩的一年，對吧？想想我今天演講中把時間分配在了哪裡，我花在創新上的時間比其他任何事情都多，因為客戶想要的是那些真正重要的突破性解決方案，對吧？

And whether it was what we're doing in mass spectrometry, the next generation of our Cryo electron microscope or tomography and structural biology. For all of those insights that we're bringing, that's what drives demand there.

無論是我們在質譜分析、下一代冷凍電鏡或斷層掃描和結構生物學領域所做的工作。正是我們帶來的這些真知灼見，推動了當地的需求。

So the business is well positioned. We're applying AI to the capabilities as well and announced an interesting collaboration with NVIDIA at the beginning of the year. And so we'll continue to strengthen that business, and it's an important part of our company.

因此，這家企業處於有利地位。我們也正在將人工智慧應用於這些功能，並在年初宣布與英偉達展開有趣的合作。因此，我們將繼續加強這項業務，它是我們公司的重要組成部分。

That's helpful. And then relatedly, as we think about your Analytical Instrument end markets, the US academic market, specifically there, Marc, at our conference a few weeks ago, you had talked about the expectation for US academic and government customers to really remain cautious until a finalized NIH budget has passed and then for spending to increase thereafter.

那很有幫助。此外，當我們考慮您的分析儀器終端市場，特別是美國學術市場時，Marc，幾週前在我們的會議上，您曾談到，預計美國學術界和政府客戶在NIH最終預算通過之前會保持謹慎，之後支出才會增加。

I guess what's assumed for US academic and government growth in 2026? And really, how quickly would you expect spending to pick up after that budget is finalized? Last year, we saw a bit of discrepancies between fund appropriations and ultimate spending with tools. So just any further color on the expectations for US academic and government in 2026.

我想了解一下大家對2026年美國學術界和政府部門成長的預期？那麼，在預算最終確定後，您預計支出會以多快的速度回升呢？去年，我們發現資金撥款和最終支出之間存在一些差異。那麼，關於2026年美國學術界和政府的預期，還有更詳細的說明嗎？

Yeah. So Casey, when I think when we -- first globally, our assumption for academic and government embedded in our guidance is similar conditions to last year in aggregate, right? And when I think about the US environment, our assumption here is that there will be a level of customer caution that will probably abate as the year goes down. But I would still assume in our guidance, it will be a more cautious environment as customers are navigating the landscape.

是的。所以凱西，我想說的是，首先，從全球範圍來看，我們指導意見中對學術界和政府的假設是，總體情況與去年類似，對吧？而就美國市場環境而言，我們的假設是，消費者的謹慎態度可能會隨著年底的臨近而減弱。但我仍然認為，在我們的指導下，由於客戶正在摸索前進，環境將會更加謹慎。

It seems likely that we'll get a flat to slightly up NIH budget. That's going to be a good point in time exactly when that happens, TBD. So that should create tailwinds. So when I think about over the next couple of years, I would expect that that will be one of the drivers of us higher in the range. But for now, our assumption is that relatively cautious for 2026. So thank you, Casey.

美國國立衛生研究院的預算很可能會保持不變或略有增加。具體時間待定，這將是一個合適的時機。這樣應該可以帶來一些有利因素。所以展望未來幾年，我認為這將是我們排名上升的驅動力之一。但就目前而言，我們對 2026 年的預期相對謹慎。所以，謝謝你，凱西。

Operator, we have time for one more question.

操作員，我們還有時間再問一個問題。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Stephen, obviously, congrats, nice working with you. Maybe just one housekeeping, and then I'll follow up with more of a deeper question. Just on the housekeeping. So Stephen and Marc, you want investors to put like 3% -- start it 3% for 2026 and around 1% in the first quarter for organic. Is that right?

Stephen，恭喜你，很高興和你一起工作。或許先提一件家務事，然後再問一些更深入的問題。只是家務事方面的事。所以 Stephen 和 Marc，你們希望投資者投入 3%——從 2026 年開始投入 3%，第一季投入約 1% 用於有機成長。是這樣嗎？

That's what I indicated in my script. That's how I think about the year, and then we yeah we --

我在劇本裡就是這麼寫的。我就是這樣看待這一年的，然後我們，是的，我們--

Terrific. Okay. And then Marc, I just wanted to ask maybe one more follow-up just on biopharma, given it's your largest end market, obviously, and really strong growth to finish out the year. I know you've mentioned a couple of times the guide doesn't assume any change in end market conditions.

了不起。好的。然後，Marc，我還想再問一個關於生物製藥的後續問題，因為生物製藥顯然是你們最大的終端市場，而且今年年底的成長勢頭非常強勁。我知道您曾多次提到，該指南並未假設終端市場狀況有任何變化。

And I know Dan asked this, but I think most of us are hoping or assuming that with all these deals in place and the level of, obviously, cautious is we think, has persisted that there will be some increase in spending. So I'm just wondering, you obviously you mentioned the commentary that you had with that one customer that was pretty favorable.

我知道丹問過這個問題，但我認為我們大多數人都希望或假設，隨著所有這些交易的達成，以及我們認為的謹慎程度的持續，消費支出將會出現一些增長。所以我想問一下，你剛才提到了你和那位顧客的交流，那次交流的評價相當不錯。

So is that just conservatism or maybe you are outpunching the market in 2025, so that for you, really, it's not going to be any change even if the environment gets better? Just wondering if you can maybe speak to that a little bit.

所以這只是保守主義，還是說你預測到 2025 年市場會比預期更糟，以至於即使環境變好，對你來說實際上也不會有任何變化？想問您是否可以稍微談談這方面的情況。

Dan, truly appreciate the question. So when I think about -- we've been consistently gaining share. So I love creating difficult comparisons. That's our job. So that's a good thing. And we'll continue to build our momentum in pharma biotech.

丹，非常感謝你的提問。所以當我想到——我們一直在穩步提升市場佔有率。所以我喜歡製造一些有難度的對比。那是我們的工作。這是件好事。我們將繼續在醫藥生物技術領域保持發展動能。

I think the way we're viewing the year is, we're starting out with market conditions are roughly the same as last year in aggregate. And we don't have the repeat of the -- another repeat of the roll off of the effect of the pandemic last of the revenue, right? So that's the starting assumption.

我認為，從目前的情況來看，今年的市場狀況總體上與去年大致相同。我們不希望再次出現疫情對收入造成進一步衝擊的情況，對吧？這就是最初的假設。

And as Stephen said, our goal is to retire risk as the year goes on and work our way up in the range. And when I think about what would be the factors that would drive that is largely going to be, as you said, pharma and biotech, biotech in particular. As funding flows, there is a lag between when funding flows and when the money is spent, usually in roughly six months on average, but that bodes for a strengthening environment.

正如史蒂芬所說，我們的目標是隨著時間的推移逐步降低風險，並在風險承受範圍內逐步提高風險承受能力。而我認為，推動這一趨勢的因素很大程度上正如你所說，是製藥和生物技術，尤其是生物技術。資金流入和資金支出之間存在時間差，通常平均需要約六個月，但這預示著環境將持續改善。

And one can envision that it continues to strengthen into the following year as well. But I think just we all learned a lot over the last couple of years, I think starting out with a prudent set of assumptions to start the year is helpful. We're going to just deliver great earnings growth, right?

可以預見，這種趨勢在來年也將持續增強。但我認為，正如我們在過去幾年裡學到的許多東西一樣，我認為在新的一年伊始就抱持謹慎的假設是有幫助的。我們肯定能實現強勁的獲利成長，對吧？

I mean we're not looking at what the market is going to be. We have a plan to deliver 6% to 8% growth plus the benefits of capital deployment, and we're excited about Clario. So we're setting ourselves up for the right way to start the year and ultimately, '26 will be another year of excellent performance with Thermo Fisher Scientific.

我的意思是，我們並不關注市場未來會如何發展。我們制定了實現 6% 至 8% 成長的計劃，加上資本部署的好處，我們對 Clario 充滿期待。因此，我們正在為新的一年做好充分的準備，最終，2026 年將是 Thermo Fisher Scientific 又一個業績斐然的年份。

So Dan, thank you for the questions. And let me from here, I'll just wrap up with -- thanks, everyone, for participating in the call today, and I think you got a sense from our enthusiasm. We entered this year in a great position to deliver an excellent 2026. Of course, thank you for your support of Thermo Fisher Scientific, and we look forward to updating you as the year progresses. Thanks, everyone.

丹，謝謝你的提問。最後，我要總結一下──感謝大家今天參加電話會議，我想你們已經感受到了我們的熱情。今年我們處於非常有利的位置，預計在2026年取得優異成績。當然，感謝您對賽默飛世爾科技的支持，我們期待在今年餘下的時間裡向您報告最新進展。謝謝大家。

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

謝謝。今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。