賽默飛世爾科技 (TMO) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2026 second-quarter Conference Call. (Operator Instructions)

各位女士、各位先生，早安，歡迎參加 Thermo Fisher Scientific 2026 年第二季電話會議。(接線員指示)

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：投資人關係副總裁 Rafael Tejada 先生。Tejada 先生，您可以開始了。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman and Chief Executive Officer; and Jim Meyer, 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 October 20, 2026.

各位早安，感謝各位加入我們。今天與我一同出席電話會議的有：董事長兼執行長 Marc Casper，以及資深副總裁兼財務長 Jim Meyer。請注意，本次電話會議將進行即時網路直播，並將存檔於我們網站 thermofisher.com 的「投資人」專區，在「新聞、活動與簡報」項下保存至 2026 年 10 月 20 日。

A copy of the press release of our second-quarter earnings is available in the Investors section of our website under the heading Financials. So before we begin, let me briefly cover our safe harbor statement. 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.

我們第二季財報新聞稿的副本可於我們網站「投資人」專區的「財務資訊」項下取得。在開始之前，讓我先簡要說明我們的安全港聲明。我們可能就公司未來預期、計畫與展望所作的各項陳述，均構成適用證券法意義下的前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various risks and uncertainties, including those discussed in the company's most recent reports on Form 10-K and Form 10-Q under the heading Risk Factors. These forward-looking statements are based on our current expectations and speak only as of the date they are made.

由於各種風險與不確定性（包括公司最近一期 10-K 與 10-Q 報告中「風險因素」項下所討論者），實際結果可能與這些前瞻性陳述所示有重大差異。這些前瞻性陳述係基於我們目前的預期，且僅截至其作出之日有效。

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. Also, during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP.

雖然我們未來可能選擇在某個時間點更新前瞻性陳述，但即使出現新資訊、未來發展或其他情況，我們亦明確聲明不負任何更新義務。此外，在本次電話會議中，我們將提及若干非依一般公認會計原則（GAAP）編製的財務衡量指標。

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our second-quarter earnings and also in the Investors section of our website under the heading Financials.

這些非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，載於我們第二季財報新聞稿中，亦可於我們網站「投資人」專區的「財務資訊」項下取得。

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

那麼，接下來我把電話交給 Marc。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our second-quarter call. As you saw in our press release, we delivered an outstanding quarter. Customer activity across our end markets continued to strengthen. Our proven growth strategy is enhancing our capabilities, further advancing our trusted partner status with customers and continuing to drive share gain.

謝謝你，Raf。各位早安，感謝今天加入我們的第二季電話會議。如各位在新聞稿中所見，我們交出了一個非常出色的季度表現。我們各終端市場的客戶活動持續增強。我們經驗證的成長策略正在提升我們的能力，進一步鞏固我們作為客戶可信賴夥伴的地位，並持續推動市占提升。

And we're continuing to actively manage the company, leveraging our global scale and strength of our PPI Business System to create value for our stakeholders and build an even brighter future for our company. To start, let me recap the second-quarter financial results. Our revenue grew 10% to $11.99 billion. Adjusted operating income grew 15% to $2.73 billion.

我們也持續積極管理公司，運用我們的全球規模以及 PPI 商業系統的優勢，為利害關係人創造價值，並為公司打造更光明的未來。首先，讓我回顧第二季的財務結果。我們的營收成長 10%，達到 119.9 億美元。調整後營業利益成長 15%，達到 27.3 億美元。

Adjusted operating margin expanded by 90 basis points to 22.8%, and we grew adjusted EPS by 13% to $6.03 per share. Turning to our performance by end market. It was good to see customer activity continue to strengthen across our end markets during the second-quarter. Our team's excellent execution enabled us to capitalize on these opportunities and deliver outstanding performance in the quarter.

調整後營業利益率擴張 90 個基點至 22.8%，調整後每股盈餘（EPS）成長 13% 至每股 6.03 美元。接著看我們按終端市場的表現。很高興看到第二季我們各終端市場的客戶活動持續增強。團隊出色的執行力讓我們得以把握這些機會，並在本季交出卓越表現。

Let me provide some additional details. Starting with pharma and biotech. We delivered mid-single-digit growth during the quarter. Performance was led by our bioproduction and clinical research businesses as well as our research and safety market channel. In academic and government, we grew low single digits in the second-quarter, driven by our chromatography and mass spectrometry business.

我再補充一些細節。先從製藥與生技開始。我們本季實現中個位數成長。表現主要由我們的生物製程與臨床研究業務，以及研究與安全市場通路所帶動。在學術與政府領域，我們第二季達成低個位數成長，主要由我們的層析與質譜業務所驅動。

In industrial and applied, we delivered mid-single-digit growth during the quarter. Performance was led by our electron microscopy and chemical analysis business as well as the research and safety market channel. Finally, in diagnostics and health care, we grew in the mid-single digits in the quarter, driven by our health care market channel and immunodiagnostics business.

在工業與應用領域，我們本季實現中個位數成長。表現主要由我們的電子顯微鏡與化學分析業務，以及研究與安全市場通路所帶動。最後，在診斷與醫療保健領域，我們本季亦達成中個位數成長，主要由醫療保健市場通路與免疫診斷業務所驅動。

Overall, it was great to see both sequential improvement and strong revenue growth across each of our end markets. Let me now provide some highlights on the execution of our growth strategy this quarter. As a reminder, our growth strategy consists of three pillars. High-impact innovation, our trusted partner status with customers and our unparalleled commercial engine.

整體而言，很高興看到我們各終端市場不僅呈現逐季改善，也都有強勁的營收成長。接下來我將分享本季我們在成長策略執行上的一些重點。提醒各位，我們的成長策略由三大支柱構成。高影響力創新、與客戶的可信賴夥伴地位，以及無與倫比的商業引擎。

Starting with the first pillar of our growth strategy, it was another excellent quarter of high-impact innovation. Our innovation enables customers to accelerate scientific discovery and advance their important work. During the quarter, we launched a number of new technologies across our business that strengthened our industry leadership.

先從成長策略的第一個支柱開始，本季再次是高影響力創新的優異季度。我們的創新讓客戶能加速科學發現並推進其重要工作。本季我們在各項業務推出多項新技術，強化了我們的產業領導地位。

At this year's American Society of Mass Spectrometry Conference, we launched next-generation Orbitrap platforms and AI-driven capabilities that enable new scientific discoveries and deeper insights. These will help scientists solve increasingly complex analytical challenges with greater speed and confidence. This was highlighted by the launch of our Thermo Scientific Orbitrap Tribrid Apex Mass Spectrometer.

在今年的美國質譜學會（American Society of Mass Spectrometry）年會上，我們推出新一代 Orbitrap 平台與 AI 驅動能力，帶來新的科學發現與更深入的洞見。這些將協助科學家以更快速度與更高信心解決日益複雜的分析挑戰。其中重點是我們推出 Thermo Scientific Orbitrap Tribrid Apex 質譜儀。

It enables scientists to study complex biology across multiomics, structural biology, biopharmaceutical characterization and small molecule analysis to help accelerate research across a broad range of scientific applications. We also introduced the Thermo Scientific Orbitrap Excedion Mass Spectrometer, which enables scientists to reduce drug development risk and accelerate time to market for our pharma and biotech customers.

它使科學家能在多體學、結構生物學、生物製藥特性鑑定與小分子分析等領域研究複雜生物學，協助加速廣泛科學應用的研究。我們也推出 Thermo Scientific Orbitrap Excedion 質譜儀，協助我們的製藥與生技客戶降低藥物開發風險並加速上市時程。

Another highlight this quarter was the launch of our Thermo Scientific Vanquish Amplify UHPLC system, which helps scientists analyze highly sensitive biological molecules with less sample loss and better reproducibility, enabling greater confidence in method development through quality control. This is an important addition to our liquid chromatography offering.

本季另一項亮點是推出 Thermo Scientific Vanquish Amplify UHPLC 系統，可協助科學家以更少的樣品損失與更佳的再現性分析高度敏感的生物分子，並透過品質控制提升方法開發的信心。這是我們液相層析產品組合的重要補強。

These innovations are complemented by our expanding suite of AI-powered software, including new solutions that deliver smarter workflows and accelerate proteomics research. Another example of our high-impact innovation is in Life Science Solutions, where we introduced the Applied Biosystems PowerFlex Thermal Cycler, a next-generation PCR platform that helps molecular biology laboratories improve workflow flexibility, increase productivity and enhance reproducibility.

這些創新也由我們持續擴充的 AI 驅動軟體套件相輔相成，其中包括可提供更智慧工作流程並加速蛋白體學研究的新解決方案。高影響力創新的另一個例子是在生命科學解決方案領域，我們推出 Applied Biosystems PowerFlex 熱循環儀，這是一個新一代 PCR 平台，可協助分子生物學實驗室提升工作流程彈性、提高生產力並增強再現性。

It was an outstanding quarter of innovation, and we're pleased with the adoption we're seeing from our customers. Let me now cover the remaining two pillars of our growth strategy, our industry-leading commercial capabilities and trusted partner status that enable our customer success. During the quarter, we continued to strengthen our position in both of these areas.

這是一個創新表現非常出色的季度，我們也很高興看到客戶的採用情況。接下來我將說明成長策略其餘兩個支柱：我們業界領先的商業能力，以及能促成客戶成功的可信賴夥伴地位。本季我們持續在這兩個面向強化我們的地位。

In April, we opened our flagship US bioprocess design center in Massachusetts. This new facility expands our global network of collaborative innovation centers, where we work side-by-side with pharma and biotech customers to accelerate drug development, optimize manufacturing processes and help bring life-changing therapies to patients faster.

4 月，我們在麻薩諸塞州啟用我們在美國的旗艦生物製程設計中心。這座新設施擴大了我們全球協作式創新中心網絡；在這些中心，我們與製藥與生技客戶並肩合作，加速藥物開發、優化製造流程，並協助更快將改變生命的療法帶給病患。

To advance population scale research, we announced a strategic collaboration with Precision Health Research, Singapore to support their population health study. By combining our integrated proteomics capabilities, including our Olink technology with our Orbitrap Astral mass spectrometry platform, we're continuing to help advance precision medicine through one of the world's leading biobank initiatives.

為推進族群規模研究，我們宣布與新加坡 Precision Health Research 展開策略合作，以支持其族群健康研究。透過結合我們整合式蛋白體學能力（包括 Olink 技術）與 Orbitrap Astral 質譜平台，我們持續透過全球領先的生物資料庫（biobank）計畫之一，推動精準醫療的進展。

These examples provide a unique opportunity for us to engage with our customers, helping them solve current challenges, accelerate innovation and move science forward. Wrapping up on the growth strategy, we made great progress during the quarter, continuing to strengthen our leadership position. Turning to capital deployment.

這些例子為我們提供了與客戶互動的獨特機會，協助他們解決當前挑戰、加速創新並推動科學向前。總結成長策略，本季我們取得了很大進展，並持續強化我們的領導地位。接下來談資本配置。

We continue to successfully execute our disciplined approach to capital deployment, which is a combination of strategic M&A and returning capital to our shareholders. Let me start with an update on our recently closed acquisitions. First, we're very pleased with the progress we're making since completing the acquisition of Clario in late March. Clario's market-leading digital endpoint data solutions enhance our ability to deliver even deeper clinical insights to our pharma and biotech customers.

我們持續成功地執行嚴謹的資本配置方針，結合策略性併購（M&A）與回饋資本給股東。我先就我們近期完成交割的收購案提供最新進展。首先，我們對於3月底完成收購 Clario 以來所取得的進展感到非常滿意。Clario 具市場領先地位的數位終點資料解決方案，強化了我們為製藥與生技客戶提供更深入臨床洞察的能力。

This outstanding strategic fit further strengthens our position as the trusted partner to our pharma, biotech customers, delivering important benefits that enable their success and help improve the productivity of the drug development process. The business delivered a strong second-quarter. The integration is progressing smoothly and the funnel of revenue synergies is building nicely.

這項卓越的策略契合度，進一步鞏固我們作為製藥與生技客戶值得信賴合作夥伴的地位，帶來重要效益，協助其成功並提升藥物開發流程的生產力。該業務在第二季表現強勁。整合進展順利，營收協同效益的機會管道也在良好累積。

We also continue to see great performance from our filtration and separation business. The integration continues to progress well. Customer feedback has been very positive, and we're excited about the long-term impact these capabilities will have for our customers and for our company. Both of these acquisitions demonstrate how our disciplined M&A strategy is creating value for our customers and shareholders.

我們的過濾與分離業務也持續展現優異表現。整合工作持續良好推進。客戶回饋非常正面，我們也對這些能力將為客戶與公司帶來的長期影響感到振奮。這兩項收購案都展現了我們嚴謹的併購策略如何為客戶與股東創造價值。

And finally, you saw our announcement in late April that we entered into an agreement to divest our microbiology business. This transaction, which we expect to close in the third-quarter, reflects our active management of the company. We deployed the anticipated net proceeds from this transaction to repurchase $1 billion of our shares in the second-quarter.

最後，您也看到我們在4月底宣布已達成協議，將剝離我們的微生物學業務。這筆交易預計於第三季完成交割，反映我們對公司的積極管理。我們已在第二季運用此交易預期的淨收益回購10億美元的公司股票。

As you know, our capital deployment strategy continues to prioritize strategic M&A complemented by return of capital to our shareholders. We continue to have an active pipeline of M&A opportunities in our highly fragmented industry. Now let me spend a few minutes on our PPI Business System, which engages and inspires our colleagues to find a better way every day.

如您所知，我們的資本配置策略仍以策略性併購為優先，並搭配回饋資本給股東。在高度分散的產業中，我們仍有活躍的併購機會管道。接下來我想用幾分鐘談談我們的 PPI 商業系統，它能凝聚並激勵同仁每天都去尋找更好的方法。

PPI enabled another quarter of outstanding execution, which you can see in our strong profitability and free cash flow. Through PPI, we're continually improving quality, productivity and customer allegiance while creating capacity to invest in innovation and strengthen our leadership position. We are actively deploying AI across the company to further accelerate PPI's impact.

PPI 促成了本季再次出色的執行成果，從我們強勁的獲利能力與自由現金流即可看出。透過 PPI，我們持續提升品質、生產力與客戶忠誠度，同時創造投資創新的能力並強化我們的領導地位。我們正積極在全公司部署 AI，以進一步加速 PPI 的影響力。

PPI enables outstanding execution today and positions us to create even greater value over the long term. Before I turn to guidance, I'd like to highlight the latest updates to our CSR efforts, and they're now available. I encourage you to visit our website to learn more about our performance and the progress we're making towards our long-term goals. As you'll see on the website, we continue to execute our net zero roadmap, increasing the use of renewable electricity.

PPI 讓我們今天能有卓越的執行力，也使我們在長期能創造更大的價值。在我轉到財測之前，我想重點說明我們企業社會責任（CSR）工作的最新更新，相關內容已可取得。我鼓勵您造訪我們的網站，進一步了解我們的表現以及朝向長期目標所取得的進展。如您在網站上所見，我們持續推動淨零路線圖，並提高再生電力的使用。

We also increased the number of zero waste certified sites as well as expanded the reach of our STEM education programs. These programs benefit more than 185,000 students annually and help to inspire the next generation of innovators. Now I'd like to review our updated 2026 guidance at a high level. We are raising our guidance for the full year on the top and bottom line reflecting our strong operational performance in the second-quarter and increased outlook for the second half of the year.

我們也增加了零廢棄認證據點的數量，並擴大 STEM 教育計畫的觸及範圍。這些計畫每年惠及超過185,000名學生，並有助於啟發下一代創新者。接下來我想在高層次回顧我們更新後的2026年財測指引。我們上調全年營收與獲利（上、下線）指引，反映第二季強勁的營運表現，以及對下半年展望的提升。

And we're also incorporating the expected impact of the pending divestiture of our microbiology business. We are raising our revenue guidance to a new range of $47.4 billion to $48.1 billion, representing 6% to 8% reported revenue growth over 2025. Our expectation for full year organic revenue growth has increased to about 4%. Our guidance range remains 3% to 4%, and we now expect to deliver at the upper end of that range.

同時，我們也納入微生物學業務待完成剝離的預期影響。我們將營收指引上調至474億至481億美元的新區間，代表相較2025年報告營收成長6%至8%。我們對全年有機營收成長的預期已提高至約4%。我們的指引區間仍為3%至4%，且目前預期將達到該區間的上緣。

We're also increasing our adjusted earnings per share guidance to be in the range of $24.93 to $25.33, which now represents 9% to 11% growth over 2025 and a $0.25 increase from our previous guidance at the midpoint. Jim will take you through the details in his remarks. So to summarize our key takeaways, we delivered outstanding performance in Q2 with a clean top and bottom line beat with organic revenue growth of 5% and adjusted EPS growth of 13%.

我們也將調整後每股盈餘（EPS）指引上調至24.93至25.33美元區間，這相當於較2025年成長9%至11%，且以中點計較先前指引上調0.25美元。Jim 將在他的發言中帶您了解細節。總結我們的關鍵重點：第二季我們交出亮眼表現，上下線皆優於預期，有機營收成長5%，調整後 EPS 成長13%。

It's great to see customer activity continue to strengthen across our end markets. We're raising our full year revenue and adjusted EPS guidance. Our proven growth strategy is resonating more than ever with our customers and driving meaningful share gain. Our recently closed acquisitions are performing very well. And at the halfway point in the year, we're well positioned to deliver a great 2026 and build an even brighter future for our company.

很高興看到各終端市場的客戶活動持續轉強。我們上調全年營收與調整後 EPS 指引。我們經驗證的成長策略比以往更能引起客戶共鳴，並帶動具意義的市占提升。我們近期完成交割的收購案表現非常好。在年度過半之際，我們已做好充分準備，將交出優異的2026年表現，並為公司打造更光明的未來。

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

接下來，我把電話會議交給 Jim。

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

謝謝你，Marc，各位早安。我將先概述公司整體第二季業績，接著補充我們四個事業部門的情況，最後說明我們更新後的全年指引細節。在我進入財務表現的具體內容之前，我先從高層次說明第二季相較於上次法說會時我們預期的表現。

As you saw in our press release, we delivered an outstanding quarter with 5% organic revenue growth and 13% growth in adjusted earnings per share. These results are significantly ahead of the assumptions included in our previous guidance on both the top and bottom line. This reflects excellent execution by our team and stronger customer activity across our end markets.

如您在新聞稿中所見，我們交出非常出色的一季，有機營收成長5%，調整後每股盈餘成長13%。這些結果在營收與獲利兩方面都明顯優於我們先前指引所採用的假設。這反映團隊卓越的執行力，以及各終端市場更強勁的客戶活動。

Q2 revenue was approximately $300 million ahead of our previous guidance, including 2% stronger organic revenue growth, a higher contribution from acquisitions and favorability from foreign exchange. Adjusted EPS was $0.30 ahead of our previous guidance, driven by the expected pull-through from our revenue beat, strong cost productivity and excellent performance from our acquisitions, including Clario.

第二季營收較先前指引高出約3億美元，其中包括有機營收成長高出2個百分點、收購案貢獻更高，以及外匯帶來的有利影響。調整後 EPS 較先前指引高出0.30美元，主要受惠於營收超預期帶來的預期拉動效應、強勁的成本生產力，以及收購案（包括 Clario）的優異表現。

So a very strong quarter of execution by the team, delivering results well ahead of our guidance and positioning us incredibly well at the halfway point of the year. Let me now provide you with some details on our performance. Starting with earnings per share. In the quarter, adjusted EPS grew by 13% to $6.03. GAAP EPS in the quarter was $4.68, up 9% from Q2 last year.

因此，團隊在本季展現非常強勁的執行力，成果大幅優於指引，並使我們在年度過半時處於極佳位置。接下來我提供一些表現細節。先從每股盈餘開始。本季調整後 EPS 成長13%至6.03美元。依 GAAP 計算，本季 EPS 為4.68美元，較去年第二季成長9%。

On the topline, Q2 reported revenue grew 10% year-over-year. The components of our reported revenue change included 5% organic growth, a 5% contribution from acquisition and a slight tailwind from foreign exchange. Turning to our organic revenue performance by geography. In Q2, North America grew low single digits, Europe grew high single digits and Asia Pacific grew high single digits with China growing low single digits.

在營收方面，第二季報告營收年增10%。報告營收變動的組成包括：有機成長5%、收購貢獻5%，以及外匯帶來些微順風。接著看按地區劃分的有機營收表現。第二季北美為低個位數成長，歐洲為高個位數成長，亞太為高個位數成長，其中中國為低個位數成長。

With respect to our operational performance, we delivered $2.73 billion of adjusted operating income in the quarter, an increase of 15% year-over-year and adjusted operating margin was 22.8%, 90 basis points higher than Q2 last year. In the quarter, we continued to deliver strong productivity and generated favorable volume leverage. This enabled us to offset the impact of unfavorable mix and fund strategic investments to further advance our industry leadership. Total company adjusted gross margin in the quarter was 41.4%.

就營運表現而言，本季我們的調整後營業利益為27.3億美元，年增15%；調整後營業利益率為22.8%，較去年第二季提高90個基點。本季我們持續交出強勁的生產力，並產生有利的銷量槓桿。這使我們得以抵銷不利的產品組合影響，並投入策略性投資以進一步推進我們的產業領導地位。本季公司整體調整後毛利率為41.4%。

Moving on to the details of the P&L. Adjusted SG&A in the quarter was 15.6% of revenue. R&D expense was $360 million in Q2, reflecting 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 the line, Q2 net interest expense was $190 million.

接著說明損益表（P&L）的細節。本季調整後的銷售、一般及行政費用（SG&A）占營收的15.6%。第二季研發費用為3.60億美元，反映我們持續投入於高影響力創新。本季研發費用占我們製造業務營收的6.9%。再看損益表線下項目，第二季淨利息費用為1.90億美元。

The adjusted tax rate in Q2 was 11.6% and average diluted shares were 371 million in Q2, 7 million lower year-over-year, driven by share repurchases net of option dilution. Turning to free cash flow and the balance sheet. Year-to-date cash flow from operations was $3.3 billion, and free cash flow was $2.5 billion after investing $800 million of net capital expenditures.

第二季調整後有效稅率為11.6%，第二季平均稀釋後股數為3.71億股，較去年同期減少700萬股，主要由於股份回購（扣除選擇權稀釋）所致。接著談自由現金流與資產負債表。年初至今營運活動現金流為33億美元，在投入8億美元淨資本支出後，自由現金流為25億美元。

In Q2, we also deployed $1.2 billion of capital to shareholders through $1 billion of share buybacks and approximately $175 million of dividends. We ended the quarter with $4.1 billion of cash and equivalents and $42.5 billion of total debt. Our leverage ratio at the end of the quarter was 3.6 times gross debt to adjusted EBITDA and 3.3 times on a net debt basis.

第二季我們也透過10億美元庫藏股回購及約1.75億美元股利，向股東投入12億美元資本。本季末我們持有41億美元的現金及約當現金，總負債為425億美元。季末槓桿比率為：以總負債對調整後EBITDA計為3.6倍；以淨負債基礎計為3.3倍。

Concluding my comments on our total company performance, adjusted ROIC was 10.9%. Now I'll provide some color on the performance of our four business segments. In life sciences solutions, Q2 reported revenue increased 13% versus the prior year quarter and organic revenue growth was 3%. Growth in this segment was led by our bioproduction business, which had another quarter of excellent organic growth.

總結我對公司整體表現的評論，調整後投入資本報酬率（ROIC）為10.9%。接下來我將補充我們四大事業部門的表現細節。在生命科學解決方案方面，第二季公告營收較去年同期成長13%，有機營收成長為3%。該部門的成長主要由我們的生物製程（bioproduction）業務帶動，該業務再度交出一季優異的有機成長。

Q2 adjusted operating income for life sciences solutions increased 13% and adjusted operating margin was 37.0%, up 20 basis points versus the prior year quarter. During Q2, we delivered very strong productivity, which was partially offset by the expected impact from the acquisition of our filtration and separation business and unfavorable mix.

生命科學解決方案第二季調整後營業利益成長13%，調整後營業利益率為37.0%，較去年同期提高20個基點。第二季我們實現非常強勁的生產力提升，但部分被我們濾材與分離業務收購案的預期影響以及不利的產品組合所抵銷。

In the analytical instruments segment, both reported revenue and organic revenue increased 7% versus the prior year quarter. We delivered good growth across all three businesses, led by our electron microscopy business. In this segment, Q2 adjusted operating income increased 30% and adjusted operating margin was 23.0%, up 420 basis points versus the year ago quarter. In the quarter, we delivered strong productivity, generated good volume leverage and benefited from the impact of foreign exchange and favorable mix.

在分析儀器部門，公告營收與有機營收皆較去年同期成長7%。我們在三項業務均取得良好成長，其中以電子顯微鏡業務領先。該部門第二季調整後營業利益成長30%，調整後營業利益率為23.0%，較去年同期提高420個基點。本季我們展現強勁的生產力，取得良好的量能槓桿，並受惠於匯率影響及有利的產品組合。

Turning to Specialty Diagnostics. In Q2, reported revenue grew 6% year-over-year and organic revenue grew 5%. Growth in this segment was led by our health care market channel as well as our immunodiagnostics and transplant diagnostics businesses. Q2 adjusted operating income for specialty diagnostics increased 9% and adjusted operating margin was 27.7%, 70 basis points higher than Q2 2025.

接著看專業診斷（Specialty Diagnostics）。第二季公告營收年增6%，有機營收年增5%。該部門成長主要由我們的醫療保健市場通路，以及免疫診斷與移植診斷業務帶動。專業診斷第二季調整後營業利益成長9%，調整後營業利益率為27.7%，較2025年第二季高出70個基點。

During the quarter, favorable volume leverage and good productivity were partially offset by unfavorable mix. Finally, in the laboratory products and biopharma services segment, reported revenue increased 12% and organic revenue growth was 5%. In Q2, growth in this segment was led by our research and safety market channel and our clinical research business.

本季有利的量能槓桿與良好的生產力，部分被不利的產品組合所抵銷。最後，在實驗室產品與生物製藥服務部門，公告營收成長12%，有機營收成長為5%。第二季該部門的成長主要由我們的研究與安全市場通路，以及臨床研究業務帶動。

Q2 adjusted operating income in this segment increased 13% and adjusted operating margin was 14.0%, 20 basis points higher than the prior year quarter. In the quarter, good productivity and strong performance from the recently acquired Clario business were partially offset by unfavorable mix and strategic investments. Turning to guidance.

該部門第二季調整後營業利益成長13%，調整後營業利益率為14.0%，較去年同期提高20個基點。本季良好的生產力與近期收購的Clario業務強勁表現，部分被不利的產品組合與策略性投資所抵銷。接著談財測指引。

As Marc outlined, we're raising our 2026 full year guidance to reflect the strength of our performance in Q2 and an improved outlook for the second half of the year, while also incorporating the expected impact of the announced divestiture of our microbiology business. We now expect revenue to be in the range of $47.4 billion to $48.1 billion and adjusted EPS to be in the range of $24.93 to $25.33, now representing 9% to 11% adjusted EPS growth. Let me walk through key assumptions underlying our updated full year guidance.

如Marc所述，我們上調2026年全年指引，以反映第二季表現的強勁，以及對下半年展望的改善，同時納入已宣布出售我們微生物（microbiology）業務的預期影響。我們目前預期營收將介於474億至481億美元之間，調整後每股盈餘（EPS）將介於24.93至25.33美元之間，代表調整後EPS成長9%至11%。我將說明更新後全年指引的關鍵假設。

For organic revenue growth, our expectation has increased to about 4% for the year. Our guidance range remains 3% to 4%, and we now expect to deliver at the upper end of that range. The increase in our full year organic revenue growth outlook includes all of the Q2 overperformance plus a modest improvement to the second half.

就有機營收成長而言，我們對全年預期已提高至約4%。我們的指引區間仍為3%至4%，且目前預期將落在該區間的上緣。我們對全年有機營收成長展望的上調，包含第二季超預期表現的全部貢獻，以及下半年小幅改善。

Updating for FX, we now expect a $200 million revenue tailwind from foreign exchange, which is $100 million lower than our previous guidance. Our updated guidance also incorporates the expected impact of the pending divestiture of our microbiology business, which we expect to close in the third-quarter. As a reminder, the business had revenue of $645 million in 2025, with roughly 1/4 of that revenue selling through our channel businesses.

就匯率（FX）更新而言，我們目前預期外匯將帶來2億美元的營收順風，較先前指引少1億美元。我們更新後的指引亦納入待完成的微生物業務出售之預期影響，我們預期將於第三季完成交割。提醒一下，該業務2025年營收為6.45億美元，其中約四分之一的營收是透過我們的通路業務銷售。

We'll retain our channel relationship and continue selling these products after the divestiture. With an expected Q3 close, the divestiture reduces 2026 revenue by approximately $200 million, net of the retained channel business and reduces 2026 adjusted EPS by $0.05. We continue to expect the transaction to be dilutive to adjusted EPS by approximately $0.15 in the first full year following the close.

我們將保留通路合作關係，並在出售後持續銷售這些產品。若預期於第三季完成交割，該出售案將使2026年營收約減少2億美元（已扣除保留的通路業務），並使2026年調整後EPS減少0.05美元。我們仍預期在交割後的第一個完整年度，該交易對調整後EPS的稀釋約為0.15美元。

In aggregate for adjusted EPS, we are increasing the midpoint of our full year guidance by $0.25 comprised of the following: $0.30 from the strong performance in Q2, $0.05 from an increase to our revenue outlook for the second half of the year, partially offset by the impact of the divestiture of our microbiology business of $0.05 and a second half headwind from recent changes in FX rates of $0.05.

整體而言，就調整後EPS來看，我們將全年指引中點上調0.25美元，構成如下：第二季強勁表現貢獻0.30美元；下半年營收展望上調貢獻0.05美元；部分被微生物業務出售案影響的0.05美元，以及近期匯率變動對下半年造成的0.05美元逆風所抵銷。

Embedded in the guide is stronger performance from our acquisitions on both the top and bottom line compared to our previous guidance. Acquisitions are now expected to contribute $1.6 billion of revenue and $0.32 of adjusted EPS for the year. In terms of adjusted operating income margins, our guide has increased to 80 basis points of expansion.

本次指引亦反映相較先前指引，我們的收購案在營收端與獲利端（top and bottom line）皆有更強的表現。目前預期收購案全年將貢獻16億美元營收及0.32美元的調整後EPS。就調整後營業利益率而言，我們的指引已提高為擴張80個基點。

We are continuing to actively manage the company and drive excellent operational performance, enabling us to increase our top and bottom-line guidance for the year. To help you with your modeling, here are a few additional assumptions within the updated guide. We continue to expect approximately $660 million of net interest expense in 2026.

我們持續積極管理公司並推動卓越的營運表現，使我們得以上調今年的營收與獲利指引。為協助各位建模，以下提供更新後指引中的幾項額外假設。我們仍預期2026年淨利息費用約為6.60億美元。

We continue to assume that the adjusted income tax rate will be 11.5%. In terms of free cash flow, we continue to expect that to be in the range of $6.9 billion to $7.4 billion for the year, including between $1.9 billion and $2.1 billion of net capital expenditures. In terms of capital deployment, we're assuming $4 billion of share buybacks with $3 billion completed in January and an additional $1 billion completed in the second-quarter.

我們仍假設調整後所得稅率為11.5%。就自由現金流而言，我們仍預期全年將介於69億至74億美元之間，其中包含19億至21億美元的淨資本支出。就資本配置而言，我們假設將進行40億美元的庫藏股回購，其中30億美元已於1月完成，另10億美元已於第二季完成。

The second-quarter share repurchase represents the use of expected net proceeds from the pending microbiology divestiture. We elected to use the proceeds for share repurchases and to complete the repurchase ahead of the transaction close based on an assessment of our valuation at that time. And we're assuming that we'll return approximately $700 million of capital to shareholders this year through dividends.

第二季的股份回購代表運用待完成之微生物業務出售案的預期淨收益。我們選擇將該收益用於股份回購，並基於當時對公司估值的評估，在交易交割前先行完成回購。此外，我們假設今年將透過股利向股東返還約7億美元資本。

We estimate that full year average diluted share count will be between 370 million and 373 million shares. Now let me provide some color on phasing for the remainder of the year. We grew 3% organically in the first half in total and expect that to step up to 4% for the second half with both quarters being similar in terms of organic revenue growth. And we expect Q3 adjusted EPS to be $0.35 to $0.40 higher than in Q2. So to conclude, we executed very well to deliver an outstanding second-quarter, and we are raising our full year outlook on the top and bottom-line.

我們估計全年平均稀釋後流通股數將介於3.70億股至3.73億股之間。接下來我想就今年剩餘期間的進度節奏補充一些說明。我們上半年整體有機成長3%，並預期下半年將提升至4%，且兩個季度在有機營收成長方面將大致相近。此外，我們預期第三季調整後每股盈餘將較第二季高出0.35至0.40美元。總結來說，我們執行表現非常出色，交出亮眼的第二季成績，並上調全年營收與獲利（上、下線）的展望。

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

接下來我把電話交回給Raf。

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

謝謝你，Jim。接線員，我們準備進入問答環節。

(Operator Instructions) Michael Ryskin, Bank of America.

(接線員指示) 美國銀行的Michael Ryskin。

Congrats on a very strong print. Marc, maybe I'll start with a high-level one to you. You called out a couple of times in the prepared remarks, customer activity continues to strengthen, end markets continue to strengthen. You called out share gains a few times. It seems like it was a pretty broad-based beat in the quarter across segments, across end markets.

恭喜交出非常強勁的成績。Marc，我先從一個較高層次的問題開始。你在事先準備的發言中提到好幾次，客戶活動持續增強、終端市場持續走強。你也多次提到市占率提升。看起來本季在各事業部門、各終端市場都呈現相當廣泛的優於預期表現。

But maybe if you could just drill in on one or two things that are maybe driving that, whether it's pharma and biotech or a little bit more stability in academic markets. Would just love to get a better sense on where you saw some of the big improvement from where we stood three months ago, especially as you look into the second half of the year.

不過也許你可以再深入談一兩個可能的驅動因素，例如是製藥與生技，或是學術市場更趨穩定等。我很想更清楚了解，相較三個月前，你們在哪些地方看到較大的改善，特別是展望下半年時。

Yes, Mike, thanks for the question. It's good to have a good quarter behind us and a strong first half. So when I think about our end markets, as the way you described it, customer activity actually picked up across our end markets. And if you recall, what we said during the course of this year is we expected that activity would pick up from the 2025 levels as this year progressed.

好的，Mike，謝謝你的問題。很高興我們有一個表現不錯的季度作為基礎，也有一個強勁的上半年。就終端市場而言，如你所描述，客戶活動確實在我們各個終端市場都有所回升。而且如果你還記得，我們今年一路以來的說法是，隨著今年推進，我們預期活動水準會從2025年的水準回升。

And we saw that getting to that level in Q2 with a much better set of activity. Very encouraging to see the continued progression in pharma and biotech customer base. Definitely good momentum continues in pharma, but also biotech, clearly, we saw spending pick up. We've talked a lot about how activity had been picking up. But now it's good to see that's translating into the revenue as well.

我們在第二季看到活動水準達到那個程度，整體活動明顯更好。看到製藥與生技客戶群持續改善，令人非常振奮。製藥端動能確實持續良好；同時在生技方面，我們也清楚看到支出回升。我們談了很多活動正在回升。但現在很高興看到這也開始反映到營收上。

And across the various segments, you saw that trend across broadly. But our biggest end market, about 60% of our revenue, really progressing in a nice direction.

而在各個不同事業部門中，你也廣泛看到這個趨勢。不過我們最大的終端市場約占營收60%，確實正朝著相當不錯的方向發展。

Okay. And Jim, maybe just drilling in a little bit on the guide. Encouraging to see the full year organic raise and you kind of bumped up the second half a little bit, but I got a comment towards the end there where you said you expect kind of similar organic growth between 3Q and 4Q. I think we were expecting 4Q to be a little bit higher previously because of the days tailwind.

了解。Jim，我想再就指引深入問一下。看到你們上調全年有機成長、也把下半年稍微往上調，令人鼓舞；但你在最後提到，你預期第三季與第四季的有機成長會大致相近。我想我們先前預期第四季會因為工作天數的順風而略高一些。

Is this just some conservatism as you're kind of looking out to the rest of the year, keeping something in the back pocket? Or is there anything else that's notable in terms of phasing we should be keeping in mind?

這只是你們在展望今年剩餘期間時採取較保守的作法、留一些餘裕？還是就進度節奏而言，有沒有其他值得我們留意的地方？

Yes, Mike, thanks for the question. So we look at it, we grew 3% in the first half, and we're stepping it up to 4% in the second half, and that includes a modest improvement to the outlook for the second half. And right now, we've outlined the way we see the quarterly phasing playing out, which has really not meaningfully changed versus our original assumption.

好的，Mike，謝謝你的問題。我們的看法是：上半年成長3%，下半年提升到4%，其中也包含對下半年展望的小幅改善。目前我們已說明我們對各季度進度節奏的看法，而這與我們原先的假設相比，並沒有出現實質性的改變。

Tycho Peterson, Jefferies.

Jefferies的Tycho Peterson。

Nice quarter. Maybe just starting on the services side. Curious, any incremental color you can provide on PPD. We've obviously seen pretty strong book-to-bills from some of the peers. And it sounds like maybe some of the biotech funding starting to really convert there. So any metrics on PPD, anything on Clario that you can give us a little more specifically? And then similarly with Patheon, just curious what you saw in the quarter.

本季表現不錯。我先從服務業務談起。想請問你們能否就PPD提供更多補充說明。我們顯然看到一些同業的接單出貨比（book-to-bill）相當強勁。而聽起來生技資金也開始在那邊真正轉化。所以關於PPD有沒有任何指標？以及Clario方面，有沒有更具體可以分享的內容？另外Patheon也是，想了解你們本季看到的情況。

Tycho, thanks for the question. So Clinical Research really had an excellent quarter. Strong organic growth in revenue, strong organic growth in authorizations. Business is doing very well in the market, and the market conditions are improving. So you have really both good results in the quarter and encouraging progression going forward, which is largely as we expected it would be playing out.

Tycho，謝謝你的問題。臨床研究業務本季表現非常出色。營收有機成長強勁、授權（authorizations）有機成長也很強勁。業務在市場上的表現非常好，且市場環境正在改善。因此你同時看到本季的良好成果，以及未來令人鼓舞的進展，而這大致符合我們原先對其發展的預期。

So it's good to see that translating. Clario had a very good quarter. Obviously, it doesn't show up in our organic results, but our first full quarter of ownership of the business was very strong. It had good performance on its authorizations, its revenue growth, earnings. So really a nice contribution. And it was good to see both that and with our combination with our filtration and separation business we were able to raise our contribution from acquisitions for the full year on both the revenue and earnings line.

所以很高興看到這些開始反映出來。Clario本季表現也非常好。顯然它不會反映在我們的有機結果中，但我們完成收購後的第一個完整季度表現非常強勁。在授權、營收成長與獲利方面都有良好表現。因此確實帶來不錯的貢獻。同時，結合我們的過濾與分離業務，我們也得以上調全年併購貢獻在營收與獲利兩端的預期。

So that's very positive. When I think about a couple of other highlights within our broader services business, accelerated drug development, incredibly well received. And that really shows up in our biotech customers where you have -- where a customer can get their arms around the whole program from how they outsource their development of the actual medicine through the scale-up of that medicine as well as designing the clinical trials and the interplay between those activities allows you to save time and cost.

這是非常正面的。再談到我們更廣泛的服務業務中的其他亮點，加速藥物開發（accelerated drug development）獲得極佳回響。這在我們的生技客戶中表現得很明顯，因為客戶可以——可以把整個計畫一併納入考量：從如何委外開發實際藥物、到該藥物的放大製程（scale-up），以及臨床試驗設計；而這些活動之間的相互配合能夠節省時間與成本。

And that's been very compelling and has really helped us drive very strong authorizations. When I think about the performance of our pharma services or what you would call the Patheon business, we had modest growth in the quarter, in line with our expectations. The second half, as we've talked about all year, will be stronger for that business just based on when we're actually shipping the activity.

這點非常有吸引力，也確實幫助我們推動非常強勁的授權成長。至於我們的製藥服務、也就是你所稱的Patheon業務，本季呈現溫和成長，符合我們的預期。如同我們今年一直在談的，下半年該業務會更強，主要取決於我們實際出貨與認列活動的時間點。

And that business obviously has benefited earlier in the year from a number of wins around reshoring that has been embedded in the outlook for the business. So I feel very good about the position for pharma services in terms of how we execute commercially and what the outlook looks like for the coming quarters and years ahead.

而該業務在今年稍早也受惠於多項回流生產（reshoring）的得標案，這些已納入該業務的展望之中。因此我對製藥服務的定位感到非常有信心，無論是我們的商業執行，或是未來幾季與未來幾年的展望。

Great. And then just a follow-up on the revised outlook for the back half of the year. I guess where else are you feeling better across the portfolio? What's kind of leading to the incremental uptake?

很好。再追問一下關於下半年修正後的展望。我想知道在整體產品組合中，還有哪些地方讓你們更有信心？是什麼帶動了這次額外的上修？

Yes. So when I think about the quarter, right, we took all of the beat in Q2, embedded that in our outlook. And then we increased our organic revenue growth modestly, but did increase it. It's really driven by -- that the forward look is really driven by pharma and biotech. It was nice to see in the quarter that academic and government returned to growth.

是的。就本季而言，我們把第二季所有優於預期的部分都納入了我們的展望。然後我們也小幅上調了有機營收成長，但確實是上調了。主要驅動因素是——前瞻展望主要由製藥與生技所帶動。而且本季也很高興看到學術與政府客戶回到成長。

And we saw the US slightly positive, and those things are very, very good. But we still think the market is going through a stabilization period. So we didn't change the outlook for academic and government. We really focused it on pharma and biotech. And then obviously, we'll see if we see the very positive trends in academic and government sustain, and that would obviously be an upside over time.

我們看到美國略為正向，而這些情況都非常、非常好。但我們仍然認為市場正處於一段穩定期。因此，我們沒有改變對學術與政府端的展望。我們確實把重點放在製藥與生技。然後很顯然，如果我們看到學術與政府端非常正向的趨勢得以延續，隨著時間推移，那顯然會帶來上行空間。

Jack Meehan, Operon Research.

Jack Meehan，Operon Research。

I wanted to get a little bit more color on your thoughts on pharma, biotech spending patterns. I got a lot of questions this week about, inventory levels, trade, tariff reshoring dynamics. As you look at your customer class and product portfolio, how are those things progressing? Anything that stands out?

我想更深入了解一下你們對製藥、生技支出模式的看法。我這週收到很多問題，關於庫存水位、貿易、關稅與回流（reshoring）動態。從你們的客戶類別與產品組合來看，這些因素的進展如何？有沒有什麼特別突出的地方？

Yes, Jack, thanks for the question. Clean quarter, right? When I think about business progressed nicely. And as we look to the second half for pharma and biotech, we actually think it will be a little better even though we saw a nice step-up in the quarter. For us, we had broad-based momentum and bioproduction had a really excellent quarter. It's nice to see the continued momentum in that business, very strong growth.

是的，Jack，謝謝你的提問。這是一個乾淨的季度，對吧？當我回顧業務時，進展得很順利。而當我們展望製藥與生技的下半年時，我們其實認為會更好一些，儘管本季已經看到不錯的躍升。對我們而言，動能是全面性的，而生物製程（bioproduction）本季表現非常出色。很高興看到該業務動能持續，成長非常強勁。

Obviously, we talked about clinical research with Tycho's question. And in addition, research and safety market channel had a very strong performance. So there really was not a lot of -- as you parse through all of the details, it was just a clean, good quarter and actually quite encouraging to see biotech picking up as well. Again, we're not surprised by it.

很顯然，我們在 Tycho 的問題中談到了臨床研究。此外，研究與安全（research and safety）市場通路也有非常強勁的表現。所以整體來說——當你把所有細節拆開來看——這就是一個乾淨、表現良好的季度，而且看到生技也開始回升，其實相當令人鼓舞。再次強調，這並不讓我們意外。

And I think how Jim articulated in our Investor Day, the progression for the stepping up of growth in our business. The big drivers are recovery in -- recovery in biotech and recovery in academic and government. You saw the real signs of the biotech recovery in the results. You saw a good quarter in academic and government. We're not calling yet that that's the new level yet, but it's progressing in a nice direction.

而且我認為，正如 Jim 在我們投資人日所闡述的，我們業務成長加速的進程。主要驅動因素是——生技的復甦，以及學術與政府端的復甦。你在結果中看到了生技復甦的明顯跡象。你也看到學術與政府端有一個不錯的季度。我們還不會說那已經是新的常態水準，但它正朝著良好的方向發展。

Great. Can you dig a little bit more into the channel for me? On the research and safety side, it seems like it stepped up. How much of that do you think is just market versus share? And on the health care market side, it seems like that rebounded versus what you put up in the first-quarter. Just anything you would call there? Was it timing or something else?

很好。你能再更深入談談通路嗎？在研究與安全這一端，看起來有明顯提升。你認為其中有多少是市場因素、又有多少是市佔因素？而在醫療保健市場端，看起來相較於第一季有所反彈。你會特別點出什麼嗎？是時點因素還是其他原因？

Yes. So if I think about -- let's do health care first. The first half of the year was representative for the health care market channel. The first-quarter had very specific headwinds. The second-quarter was incredibly strong. I actually think the average of the two is the right way to think about health care market channel. I think you're doing a good job. The business is well positioned.

是的。所以如果我來看——我們先談醫療保健。上半年對醫療保健市場通路而言具有代表性。第一季有非常特定的逆風。第二季則強得驚人。我其實認為，用兩季的平均來看醫療保健市場通路是比較正確的方式。我認為你們做得很好。這項業務的定位很到位。

So I feel good about the performance there. So that one is really just take the average of the two quarters when we report our results in the Q. When I think about research and safety market channel, you see really two dynamics. Really very strong competitive position serving pharma and biotech. And as demand picks up there, that's good. Wins also with account wins also drives some of that performance.

所以我對那邊的表現感覺很好。因此，那一塊真的就是——當我們在季度（Q）揭露結果時，把兩個季度取平均來看。當我看研究與安全市場通路時，你會看到兩個動態。第一是我們在服務製藥與生技方面擁有非常強的競爭地位。而當那邊需求回升時，這是好事。另外，贏得客戶（account wins）也會推動部分表現。

So I think it's -- the wins are really the share gain part, the market improvement shows up broadly. So that business is doing quite well and a better quarter in academic and government helps that business, but not really the big driver, if you will, of the step-up.

所以我認為——這些贏單主要是市佔提升的部分，而市場改善則是更廣泛地反映出來。因此該業務表現相當好；學術與政府端更好的季度也會對該業務有幫助，但若要說推升的最大驅動因素，並不是它。

Matt Larew, William Blair.

Matt Larew，William Blair。

The biggest delta versus our model was on analytical instruments and acknowledging that the comparable was easy, that certainly stood out. You've had a number of product launches across the category in the last 12 months. You also have referenced interest on sort of the autonomous lab, lab in the loop side. But then perhaps as biotech activity or just pharma activity has picked up, maybe that's an area that dollars have been allocated to. Just curious if you think through the various moving pieces, how do all those kind of play into the performance in the quarter?

相較於我們模型，最大的差異出現在分析儀器；也承認可比基期較容易，這點確實很突出。過去 12 個月你們在該類別推出了多項新產品。你們也提到市場對某種「自主實驗室」、以及「lab in the loop」這一端的興趣。但或許隨著生技活動或製藥活動回升，資金也可能被配置到這個領域。我想請教，當你把這些不同的變動因素都納入考量時，它們各自如何影響本季的表現？

Matt, thanks for the question. So in terms of analytical instruments, really a very nice quarter, high single-digit growth. All 3 businesses delivered strong growth in the quarter. So it was really nice to see that. When I think about the drivers, innovation is the most important driver. We launched a suite of products, we had a great American society of Mass Spectrometry Conference in June with two mass spectrometers, a number of AI-enabled software offerings that really help customers have greater insights into their research.

Matt，謝謝你的提問。就分析儀器而言，確實是一個非常好的季度，達到高個位數成長。三個業務在本季都交出強勁成長。所以看到這點真的很不錯。談到驅動因素，創新是最重要的驅動力。我們推出了一系列產品；6 月在美國質譜學會（American Society of Mass Spectrometry）年會上表現很亮眼，帶來兩台質譜儀，以及多項 AI 賦能的軟體方案，能真正幫助客戶對其研究獲得更深入的洞見。

We saw strong adoption of our high-end instrumentation broadly and especially actually globally in the academic customer set. So you've heard me say in the past that irrespective of funding environments, if you have really relevant innovation, customers get money. And we saw that show up very nicely. We also had a very important launch in our UHPLC product offering, which bodes well for the future.

我們看到高階儀器的採用非常強勁，整體而言都很強，尤其是在全球的學術客戶群中更是如此。所以你們過去也聽我說過：不論資金環境如何，只要你有非常切題的創新，客戶就會想辦法找到資金。而我們很明顯地看到這點充分反映出來。我們在 UHPLC 產品方案上也有一個非常重要的新品上市，這對未來前景很有利。

And those are really the biggest drivers. And then within electron microscopy, another really good quarter. Semiconductor, we play a key enabling role there and as well as advanced materials, and we saw a very strong growth in our business and very strong bookings growth as well. So a very nice performance for analytical instruments in Q2.

而這些確實是最大的驅動因素。另外，在電子顯微鏡方面，也是一個非常好的季度。在半導體領域，我們扮演關鍵的賦能角色，同時也涵蓋先進材料；我們看到業務成長非常強勁，訂單（bookings）成長也非常強。因此，分析儀器在第二季（Q2）表現非常亮眼。

Okay. Great. And then China was up low single digits, and it has obviously been down for some time. But Marc, you've been in China in March, and I know you left more positive. I just would be curious if you could dig a little bit into what you've seen there and how much you think maybe you're kind of at a turning or inflection point for that geography.

好的。很好。另外，中國是低個位數成長，而它顯然已經下滑一段時間了。但 Marc，你在 3 月去過中國，我知道你回來時更為正向。我想請你再深入談談你在那邊看到的情況，以及你認為那個地區是否正處於轉折點或拐點。

Yes. So when I think about China, as a reminder, it's about 7.5% of our revenue. We grew in the low single digits, great to return to growth in the business, really driven by a blend of pharma and biotech and industrial and applied markets. So those were both very strong. Academic and government within China remains quite muted, not different than what we've seen, but not improving either.

是的。談到中國，提醒一下，它約占我們營收的 7.5%。我們達到低個位數成長，很高興業務重回成長軌道，主要由製藥與生技，以及工業與應用市場的組合所驅動。所以這兩塊都非常強勁。中國的學術與政府端仍然相當低迷，與我們先前看到的情況沒有不同，但也沒有改善。

And so what we're doing is capitalizing on where the money is, and it's nice to see the team deliver growth, and that obviously helped contribute to our overall growth in the overall performance of the company. I'll be spending more time again in China in the second half of the year. I'm looking forward to that and spending a lot of time with customers and government relations topics as well and continue to stay close to what's going on there.

因此我們正在把握資金所在之處；很高興看到團隊交出成長，而這也顯然有助於我們整體成長與公司整體表現。我會在下半年再次花更多時間在中國。我很期待，並會花很多時間與客戶交流，也會處理政府關係相關議題，並持續密切關注當地的最新動態。

But the team is doing a good job, and I feel good about that progressing a little bit better, but still not -- it's not accretive to our organic growth as a company yet, but we're taking the steps to put ourselves in a good position.

但團隊做得很好，我對進展稍微好一些感到很有信心；不過目前仍然——它還沒有對我們公司整體的有機成長帶來增益（accretive），但我們正在採取必要步驟，讓自己處於有利位置。

Dan Arias, Stifel.

Dan Arias，Stifel。

Marc, you called out chemical analysis is doing well. That's been one of the areas that people just had some concern broadly across the space. Can you maybe just touch on that? What's doing well? And then how do you feel about the macro sensitive parts of the business at this point? Obviously, still choppy out there globally.

Marc，你提到化學分析表現不錯。這一直是大家在整個產業範圍內普遍有些擔憂的領域之一。你能否稍微談談這點？哪些方面表現良好？另外，就目前而言，你對業務中對總體環境較敏感的部分感覺如何？顯然，全球仍然相當波動。

Yes. So Dan, thanks for the question. I haven't done a chemical analysis question in a long time, so it makes it happy. It's nice to have a good quarter in the business. It's not a huge business, but we have some really key technologies. The two drivers of the growth were, I would say, the higher commodity prices. You saw that in the demand for industrial customers that are commodity sensitive. So that was good.

是的。Dan，謝謝你的提問。我很久沒有被問到化學分析的問題了，所以這讓我很開心。這個業務能有一個好的季度很不錯。它不是一個很大的業務，但我們擁有一些非常關鍵的技術。我會說，成長的兩個驅動因素是較高的大宗商品價格。你在對大宗商品敏感的工業客戶需求上看到了這點。所以這是好的。

And we also saw an increase in demand for safety and security applications as well, given the amount of conflict going on in the world, not surprised that that's picked up. For us, it's largely radiation and explosive detection, and we saw good demand there. So market conditions are getting better, and the team is doing a good job.

同時，鑑於全球衝突的程度，我們也看到安全與保全應用的需求增加，這樣的回升並不令人意外。對我們而言，主要是輻射與爆炸物偵測，我們在那裡看到了良好的需求。因此市場狀況正在改善，而團隊也做得很好。

Okay. And then maybe back on pharma services and Patheon specifically. Is it right to say that the stronger back half also includes some sequential strengthening each quarter just based on the booking timing? I mean it sounded like 4Q could end up being the strongest quarter of the year just given the way that revenues are expected to fall. I just want to make sure that, that's the right assumption.

好的。那再回到製藥服務，特別是Patheon。是否可以說，下半年較強也包含了每一季逐季走強，主要是基於接單（booking）時點？聽起來第四季可能會是全年最強的一季，考量到營收預期落點的方式。我只是想確認，這是不是正確的假設。

Yes, Dan, I wouldn't reach that assumption. We've been saying all along the second half steps up versus the first half. First half was low single-digit growth and then it steps up meaningfully in the second half. It's all aligned to production schedules and with customer campaigns, but it doesn't necessarily imply that the fourth-quarter grows over the third-quarter.

是的，Dan，我不會做出那樣的假設。我們一直以來都在說，下半年會比上半年走高。上半年是低個位數成長，而下半年會明顯加速。這都與生產排程以及客戶的專案/活動（campaigns）一致，但不一定意味著第四季會比第三季成長。

Dan Brennan, TD Cowen.

Dan Brennan，TD Cowen。

Congrats on the quarter. Maybe just on the bioproduction business, you've had a few really good organic growth quarters there from the Qs, which we could see. You're growing above market, it appears. So just any color about where that above-market growth is coming from? And obviously, your largest peer saw some customer delays. I'm wondering, did you see any delays at all this quarter or anything expected in the back half?

恭喜這一季的表現。想請教生物製造（bioproduction）業務，你們已經連續幾季有幾個非常好的有機成長季度，從數據上我們也看得到。看起來你們的成長高於市場。能否分享一下，這種高於市場的成長主要來自哪裡？另外，你們最大的同業看到一些客戶延遲。我想問，你們這一季有看到任何延遲嗎？或是下半年是否預期會有？

Dan, thanks for the question. The business had a really strong quarter. It's performing well. It's a very well-positioned business, right? And we have a differentiated set of capabilities that span the upstream and downstream workflow. And as a reminder, we're a leader in cell culture media and single-use technologies. We have a growing position in purification and obviously, through the acquisition of Solventum's filtration and separation business, we have a nice position in filtration as well.

Dan，謝謝你的提問。這個業務本季表現非常強勁。運作得很好。這是一個定位非常好的業務，對吧？而且我們擁有一套差異化能力，涵蓋上游與下游的工作流程。提醒一下，我們在細胞培養基與一次性（single-use）技術方面是領導者。我們在純化方面的布局也在成長；而且透過收購Solventum的過濾與分離業務，我們在過濾領域也有很好的位置。

So when I think about the quarter, we had good strength in our business and the team did a good job broadly across. While it doesn't show up in our organic growth in the quarter, filtration and separation business is doing very well. And demand has been strong, and we're actually increasing capacity, which will bode well for the future of that business. So broad-based, very good, and we're looking forward to our competitive position and doing a great job for our customers in serving that market.

所以當我回顧這一季，我們的業務展現了良好的強勁度，團隊在各方面都做得很好。雖然這一季在我們的有機成長數字中沒有反映出來，但過濾與分離業務表現非常好。需求一直很強，我們實際上也正在擴充產能，這將有利於該業務的未來。因此整體而言是廣泛且非常好的表現，我們也期待憑藉競爭地位，為客戶做好服務、深耕這個市場。

Great. Maybe I'll just stick on pharma, just kind of large pharma. Could you just zoom out a little bit, Marc? I mean there's been so much noise in the past few years with IRA, MFN, reshoring, now AI, can you just kind of speak maybe just broadly across your business, kind of what you saw in the quarter maybe versus first half? Like are things changing there? Is the tone getting better? Like did your updated guide leave room for upside potentially depending upon what the trends are there?

很好。我再追問一下製藥，偏大型藥廠這塊。Marc，你能否把視角拉遠一點？過去幾年有太多雜音：IRA、MFN、回流生產（reshoring），現在又有AI。你能否從你們整體業務的角度，談談本季相較上半年你看到什麼？那邊的情況有在改變嗎？氛圍有變得更好嗎？你們更新後的指引，是否也保留了潛在上修空間，取決於那邊的趨勢？

It's a good multipart question, Dan. So what I would say is when I think about large pharma, I interact with these executives regularly. And I think I said to get breakfast yesterday with one of our key customers. And just -- there's a lot of excitement about their pipelines, right? And the discussion is about what's the strategy to help them accelerate their innovation, how do they do it productively, why are we investing where we're investing, how do they can deploy our capabilities to help them.

這是一個很好的多段式問題，Dan。我會這麼說：談到大型藥廠，我會定期與這些高層互動。我想我昨天還和我們的一位關鍵客戶一起吃早餐。他們對自己的研發管線（pipeline）有很多興奮感，對吧？討論的重點在於：要用什麼策略幫助他們加速創新、如何更有效率地做到、為什麼我們投資在我們投資的地方，以及他們如何運用我們的能力來協助他們。

Our trusted partner status, I mean, it sounds cool, but the reality is that's how we work with these customers every single day to help them be successful. And this is quite a positive tone. For those customers that have larger exclusivity cliffs that come up, they're really working their pipeline, and we're helping them with that. So it's really quite an encouraging time.

我們所謂「值得信賴的合作夥伴」地位，聽起來很酷，但事實是：我們每天就是以這種方式與客戶合作，幫助他們成功。而這整體氛圍相當正面。對於那些即將面臨較大獨家期到期斷崖（exclusivity cliffs）的客戶，他們正在全力推進研發管線，我們也在協助他們。所以這確實是一段相當令人鼓舞的時期。

They have their arms around the macro, right, in terms of things like the IRA and MFNs and tariffs and these different factors. And we've said for a while that our customers felt like they were going to navigate that successfully. And I think they feel very good about what the outlook is. And so it's an exciting time in serving that customer base.

他們也掌握了總體環境的影響，對吧？例如IRA、MFN、關稅以及這些不同因素。我們也說了一段時間，我們的客戶覺得他們能夠成功因應這些變化。我認為他們對前景感到非常有信心。因此，服務這個客戶群是一個令人振奮的時刻。

Patrick Donnelly, Citi.

Patrick Donnelly，Citi。

Marc, maybe one for you. You touched a little bit on the academic, government market, but I wanted to drill in a bit. How would you characterize where we are in that cycle? It sounds like things have improved at least a little bit. What are you seeing and how those customer conversations are evolving? Is it certain areas of instrumentation more than others? Would love to dive into that ACA/GOV piece a bit more.

Marc，想問你一題。你稍微提到學術與政府市場，但我想再深入一點。你會如何描述我們目前處於那個循環的哪個位置？聽起來情況至少有些改善。你看到了什麼？以及與這些客戶的對話是如何演變的？是某些儀器領域的改善更明顯嗎？希望能更深入談談ACA/GOV這一塊。

Sure. So let me start at a high level, and then I'll click down a little bit, right? So Patrick, when I think about it, we had low single-digit growth in the quarter. So it was nice to have a positive quarter, really driven most significantly by chromatography and mass spectrometry and the launches of products over the last year, we saw strong adoption globally for those products. It's a very important set of research tools.

當然。我先從高層次說起，然後再往下細講一點，好嗎？Patrick，當我回顧本季，我們實現了低個位數成長。所以能有一個正成長的季度很不錯，最主要的驅動來自色譜與質譜，以及過去一年推出的新產品；我們看到這些產品在全球有強勁的採用。這是一套非常重要的研究工具。

And as you know, if you're an academic researcher, if you don't have the best tools, then effectively, it's very hard to have the cutting-edge publications and breakthrough research because another scientist elsewhere has a better tool. So you've seen money deployed in that area. From a geographic perspective, we actually had a very strong quarter in Europe. US returned to growth.

而且如你所知，如果你是一位學術研究者，若沒有最好的工具，那麼實際上就很難做出最前沿的發表與突破性研究，因為在其他地方的另一位科學家可能有更好的工具。所以你看到資金投入在那個領域。從地理區域來看，我們在歐洲其實有一個非常強勁的季度。美國也恢復成長。

China, as I mentioned on the China commentary, was more muted environment, not relative to the past, but kind of at the same level. And when I think about the second half, we're not calling a new trend based on Q2, we're very encouraged by it, but we'd like to see the activity continue to be more broad-based before we say that, that one is behind us. There's good support in the government.

中國，如同我在中國評論中提到的，環境相對較為平淡；不是相較於過去，而是大致維持在同一水準。當我看下半年時，我們不會僅根據第二季就判定出現新的趨勢；我們對此感到非常鼓舞，但在我們說那段時期已經過去之前，我們希望看到活動能持續並且更為廣泛地展開。政府方面有良好的支持。

I spent enough time with Congress to know that in the US around supporting academic research, there's very good support for that. So I feel good about the market stabilizing. And I think our customers are getting their arms around -- it's less about the headlines than it is actually about funding flow and the funding flow is improving. So I feel good about the slow stabilization of that end market.

我在國會待過足夠長的時間，知道在美國支持學術研究方面，有非常好的支持。所以我對市場正在趨於穩定感到樂觀。我認為我們的客戶也逐漸掌握狀況——重點與其說是新聞標題，不如說是資金流向，而資金流正在改善。因此，我對該終端市場的緩步穩定化感到樂觀。

Okay. That's helpful. And then maybe just a follow-up on PPD. It sounds like things are trending pretty well there. Can you just talk about, I guess, the visibility given the recent bookings, how you're thinking about the second half improvement there? And are you starting to see that early-stage biotech pick up? Obviously, the funding has been healthier for a good stretch here.

好的。這很有幫助。接著可能再追問一下 PPD。聽起來那邊的趨勢相當不錯。你能否談談，基於近期的接單情況，你如何看待那邊下半年的改善能見度？以及你是否開始看到早期生技公司回溫？顯然，資金環境在這段時間一直較為健康。

It would seem to be lagging in terms of when it shows up for the group overall. Are you starting to see any signals that, that piece could pick up and just the PPD visibility overall?

看起來在整體團隊層面，它的反映時間似乎會比較落後。你是否開始看到任何訊號，顯示那一塊可能會回升？以及整體而言 PPD 的能見度如何？

So harder for me to comment on the group overall. We've seen biotech activity pick up for a few quarters now, actually in our authorization. So that's actually been strong for us. And there's -- for simplicity, a 6-month lag or so from authorizations to revenue, and it varies a little bit. But -- so that's picked up. Authorizations have been strong for a while now in the business.

所以我比較難評論整個集團的整體情況。其實我們已經看到生技活動回升好幾個季度了，反映在我們的授權（authorizations）上。因此那對我們來說一直很強勁。而且——為了簡化來說，從授權到營收大約有 6 個月左右的落後期，實際上會有些差異。但——所以那確實已經回升。在這項業務中，授權已經強勁一段時間了。

And actually, the business is performing as we expected, and that's a good thing. We expected to have a really good year in clinical research, and that's actually playing out that way. So that's very encouraging. And there'll be a lot of excitement around the Clario capabilities from our endpoint data business, and that's gone well in the first full quarter of ownership.

而且事實上，這項業務的表現符合我們的預期，這是件好事。我們原本就預期臨床研究會是非常好的一年，而目前確實正朝這個方向發展。所以這非常令人鼓舞。此外，市場對我們端點數據業務的 Clario 能力會有很高的期待，而在完成收購後的第一個完整季度，進展也很順利。

And there's a lot of customer interest in that because whether you're using our CRO or anybody else's CRO, it's really a great set of capabilities that can enable great clinical research. So a good time for that business.

客戶對此也非常有興趣，因為不論你使用我們的 CRO 或其他任何 CRO，這都是一套非常出色的能力組合，能夠促成高品質的臨床研究。因此，對這項業務而言是個好時機。

Operator, we'll take one more question.

接線員，我們再接最後一個問題。

Luke Sergott, Barclays.

Barclays 的 Luke Sergott。

I just want to kind of touch back on the bioprocessing piece. So I mean, like the -- especially given what we've seen from your larger peers right now on the downstream side and issues with resins and pushouts. I know you guys are -- have a bunch of launches coming up. You're underappreciated there on the downstream side. Can you just talk about what the competitive dynamic looks like? Any early wins or increased interest on some of the newer portfolio you have on that side?

我想再回到生物製程這一塊。我的意思是，特別是考量到我們目前從你們較大型的同業在下游端看到的情況，以及樹脂相關問題與延後（pushouts）。我知道你們——有一系列新品即將推出。你們在下游端其實被市場低估了。你能否談談競爭態勢看起來如何？在你們那邊較新的產品組合上，有沒有任何早期勝出案例或是興趣提升？

Yes. There are a number of fine players in the bioproduction space. The bioproduction space is a great space, right? It's a key enabling technology, especially moving more towards single-use for the pharmaceutical and biotech industry, and we play a key role. We've launched a number of innovative technologies, whether it's our DynaDrive single-use bioreactors, which is getting more and more standardized across the CDMO landscape.

是的。在生物製造領域有許多優秀的參與者。生物製造是一個很棒的領域，對吧？它是關鍵的賦能技術，尤其是製藥與生技產業正更趨向一次性（single-use）解決方案，而我們在其中扮演關鍵角色。我們推出了多項創新技術，例如我們的 DynaDrive 一次性生物反應器，正逐漸在 CDMO 生態系中變得越來越標準化。

That's a super important indicator because it basically says that it drives efficient production of medicines, but it's also being adopted in the innovative pharmaceutical companies. But CDMOs that they make all their money, including our own, on how well you run your operations, DynaDrive is quickly becoming the favorite technology, and that bodes well for the follow-on consumable stream that comes from that as well.

這是一個非常重要的指標，因為它基本上意味著它能推動藥品的高效率生產，同時也正在創新型製藥公司中被採用。而 CDMO——他們賺錢的方式（包括我們自己）取決於你把營運做得多好；DynaDrive 正快速成為最受青睞的技術，這也預示著後續由此帶來的耗材收入流將有良好表現。

So that's gone well. And our resin business is doing well, right? It's a smaller business. It's won a lot of new molecules over time, and we're doing well there. That's another area where technology has driven differentiation. And from a filtration perspective, kind of a different strategy. The legacy 3M business was always well respected as a very good technology business.

所以這方面進展良好。而我們的樹脂業務表現也不錯，對吧？它是一個較小的業務。長期以來贏得了許多新分子項目，我們在那裡做得很好。這也是技術帶來差異化的另一個領域。至於過濾（filtration）方面，策略則有些不同。傳統的 3M 業務一直以來都備受尊敬，被視為非常優秀的技術型業務。

But our commercial reach to this customer base and the relationships that we have has been allowing for a lot of trials of the technology. Effectively, customers want to see it. They're aware of it, but now they're interested because they -- our customers know us as a really reliable supplier, and we'll help them enable their success. So thank you for the question, Luke.

但我們對這一客戶群的商業觸及能力，以及我們所建立的關係，正促成大量的技術試用。實際上，客戶想要親眼看到它。他們知道這項技術，但現在更有興趣，因為——我們的客戶認識我們是一個非常可靠的供應商，而我們會協助他們取得成功。所以謝謝你的提問，Luke。

So let me wrap up the call. First, I'd like to thank everyone for participating today. We're pleased to deliver an outstanding quarter. We're on track to deliver a strong year as we continue to create value for our stakeholders and build an even brighter future for our company. We look forward to updating you as the year progresses. And as always, thank you for your support of Thermo Fisher Scientific. Have a good day, everyone.

那我來做個總結。首先，我要感謝各位今天的參與。我們很高興交出一個表現出色的季度。我們正按計畫實現強勁的一年，持續為利害關係人創造價值，並為公司打造更光明的未來。我們期待在今年進展過程中向各位更新。一如既往，感謝各位對賽默飛世爾科技（Thermo Fisher Scientific）的支持。祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。