賽默飛世爾科技 (TMO) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2022 First Quarter Conference Call. My name is Nadia, and I'll be coordinating the call today.

女士們，先生們，早上好，歡迎參加賽默飛世爾科技 2022 年第一季度電話會議。我的名字是 Nadia，我將在今天協調電話會議。

(Operator Instructions)

（操作員說明）

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

我想介紹一下我們的主持人，投資者關係副總裁 Rafael Tejada 先生。 Tejada 先生，您可以開始通話了。

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman, President and Chief Executive Officer; and Stephen Williamson, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live, and will be archived on the Investors section of our website, thermofisher.com, under the heading News and Events until May 13, 2022. A copy of the press release of our first quarter 2022 earnings is available in the Investors section of our website under the heading Financials.

早上好，感謝您加入我們。今天與我通話的是我們的董事長、總裁兼首席執行官 Marc Casper；和高級副總裁兼首席財務官斯蒂芬威廉姆森。請注意，本次電話會議正在進行網絡直播，並將存檔在我們網站 thermofisher.com 的“投資者”部分，標題為“新聞和事件”，直到 2022 年 5 月 13 日。我們 2022 年第一季度收益的新聞稿副本是可在我們網站的“投資者”部分的“財務”標題下找到。

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

因此，在我們開始之前，讓我簡要介紹一下我們的安全港聲明。根據 1995 年《私人證券訴訟改革法案》的安全港條款，我們可能對公司的未來預期、計劃和前景做出的各種評論構成前瞻性陳述。實際結果可能與這些前瞻性陳述所表明的結果大不相同各種重要因素導致的聲明，包括公司最近的 10-K 表格年度報告中討論的內容，該報告已在 SEC 存檔，可在我們網站的“投資者”部分的“財務、SEC 文件”標題下查閱。

While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change. Therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. Also during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our first quarter and full year 2022 earnings, and also in the Investors section of our website under the heading Financials.

雖然我們可能會選擇在未來某個時候更新前瞻性陳述，但即使我們的估計發生變化，我們也明確表示不承擔任何這樣做的義務。因此，您不應依賴這些前瞻性陳述來代表我們在今天之後的任何日期的觀點。同樣在本次電話會議中，我們將提及某些未按照公認會計原則或 GAAP 編制的財務措施。這些非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬可在我們的第一季度和 2022 年全年收益的新聞稿中以及我們網站的“投資者”部分的財務標題下獲得。

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

因此，我現在將把電話轉給 Marc。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our First Quarter Call. As you saw in our press release, we had a very strong start to the year. We delivered another quarter of excellent financial performance. Our core business is performing very well. That strength is broad-based, including PPD, our clinical research business, where the integration is going smoothly, and we're even more excited about the opportunities we have to further enable the success of our pharma and biotech customers. As I reflect on the quarter, I'm very pleased with the team's great execution and the share gain we saw across our business. Our continued success is the result of our proven growth strategy and our PPI Business System, which continues to be a differentiator for us. It enables our team to further strengthen our company by finding a better way every day.

謝謝你，拉夫。大家早上好，感謝您今天加入我們的第一季度電話會議。正如您在我們的新聞稿中看到的那樣，我們今年的開局非常強勁。我們又實現了四分之一的出色財務業績。我們的核心業務表現非常好。這種優勢是廣泛的，包括 PPD，我們的臨床研究業務，整合進展順利，我們對進一步推動製藥和生物技術客戶取得成功的機會感到更加興奮。當我回顧本季度時，我對團隊的出色執行以及我們在整個業務中看到的份額增長感到非常滿意。我們的持續成功是我們久經考驗的增長戰略和 PPI 業務系統的結果，這對我們來說仍然是一個差異化因素。它使我們的團隊能夠通過每天找到更好的方法來進一步加強我們的公司。

When I think about the macro events, much has changed since the start of the year, the war in Ukraine, rising inflation, COVID lockdowns in China. What hasn't changed is our ability to navigate a dynamic landscape and deliver exceptional performance. You'll see that in our first quarter results and outlook for the year.

當我想到宏觀事件時，自今年年初以來發生了很大變化，烏克蘭戰爭、通貨膨脹上升、中國的 COVID 封鎖。沒有改變的是我們駕馭動態環境並提供卓越性能的能力。你會在我們的第一季度業績和今年的展望中看到這一點。

So let me recap the financials. Our revenue in the quarter grew 19% year-over-year to $11.82 billion. Our adjusted operating income was $3.45 billion. Our adjusted operating margin in the first quarter was 29.2%, and we delivered another quarter of strong adjusted EPS performance, achieving $7.25 per share. Let me now give you color on the performance by our end markets. Building on the momentum from 2021, we delivered excellent performance to start the year. Our outstanding results this quarter were due to our team's strong execution, good market conditions and share gain. We also had meaningful contribution from COVID-19 testing as we continue to support our customers' needs.

所以讓我回顧一下財務狀況。我們本季度的收入同比增長 19% 至 118.2 億美元。我們調整後的營業收入為 34.5 億美元。我們第一季度調整後的營業利潤率為 29.2%，我們又實現了一個季度強勁的調整後每股收益表現，達到每股 7.25 美元。現在讓我為您介紹我們終端市場的表現。基於 2021 年的發展勢頭，我們在開年時表現出色。我們本季度的出色業績歸功於我們團隊的強大執行力、良好的市場條件和份額增長。隨著我們繼續支持客戶的需求，我們還從 COVID-19 測試中做出了有意義的貢獻。

Starting with pharma and biotech. We had another outstanding quarter of performance, delivering growth in the mid-teens. We saw broad-based strength in this end market as our customers value our trusted partner status. In academic and government, we grew in the mid-single digits during the quarter, with good growth in biosciences, electron microscopy and our research and safety market channel.

從製藥和生物技術開始。我們又取得了一個出色的季度業績，實現了十幾歲的增長。我們在這個終端市場看到了廣泛的實力，因為我們的客戶重視我們值得信賴的合作夥伴地位。在學術和政府方面，我們在本季度以中個位數增長，在生物科學、電子顯微鏡以及我們的研究和安全市場渠道方面增長良好。

Turning to industrial and applied. We grew in the mid-teens during the quarter. We saw strong growth in all of our analytical instrument businesses. Electron microscopy, chromatography, mass spectrometry and chemical analysis as well as in the research and safety market channel. And finally, in diagnostics and healthcare, Q1 revenue declined in the mid-teens. In the core business, we saw a strong growth in clinical diagnostics, transplant diagnostics and the health care market channel. During the quarter, the team executed really well to support COVID-19 testing needs.

轉向工業和應用。我們在本季度的十幾歲中期增長。我們所有的分析儀器業務都實現了強勁增長。電子顯微鏡、色譜、質譜和化學分析以及研究和安全市場渠道。最後，在診斷和醫療保健方面，第一季度的收入在十幾歲時下降。在核心業務中，我們看到臨床診斷、移植診斷和醫療保健市場渠道的強勁增長。在本季度，該團隊執行得非常好，以支持 COVID-19 測試需求。

Let me now provide an update on the progress we made in Q1, executing our proven growth strategy, which consists of 3 elements: a commitment to high-impact innovation, scaling the high-growth and emerging markets and a unique value proposition to our customers. We made great progress in the first quarter, and I'll share just a few of the highlights.

現在讓我介紹一下我們在第一季度取得的進展，執行我們經過驗證的增長戰略，該戰略由 3 個要素組成：對高影響力創新的承諾、擴大高增長和新興市場的規模以及對客戶的獨特價值主張.我們在第一季度取得了很大進展，我將僅分享一些亮點。

Starting with the first pillar. It was a fantastic quarter for high-impact innovation as we launched a number of new products that will help our customers break new ground in their important work. A few of the highlights. In our genetic sciences business, we launched our Applied Biosystems SeqStudio Flex Series genetic analyzer to improve clinical research and advanced scientific discovery. In Analytical Instruments, we launched 4 new gas chromatography and GC-MS instruments to advance analytical testing for food, environmental, industrial and pharmaceutical applications. This includes the Thermo Scientific TRACE 1600 Series gas chromatograph, which incorporates enhanced automation for instrument health monitoring and offers flexibility for customers to optimize their workflow.

從第一個支柱開始。這是一個極具影響力的創新的絕佳季度，因為我們推出了許多新產品，這些產品將幫助我們的客戶在他們的重要工作中開闢新天地。幾個亮點。在我們的基因科學業務中，我們推出了 Applied Biosystems SeqStudio Flex 系列基因分析儀，以改進臨床研究和先進的科學發現。在分析儀器方面，我們推出了 4 款新的氣相色譜和 GC-MS 儀器，以推進食品、環境、工業和製藥應用的分析測試。這包括 Thermo Scientific TRACE 1600 系列氣相色譜儀，它結合了增強的儀器健康監測自動化功能，並為客戶優化其工作流程提供了靈活性。

In bioproduction, we launched the Gibco CTS Xenon electroporation system for the efficient delivery of genetic material into cells as part of cell therapy manufacturing. In addition, we signed an agreement with precision diagnostic company, Oncocyte, to develop 2 new assays for our Ion Torrent Genexus System to improve cancer tumor profiling and advanced precision medicine. This is just a small sampling of the outstanding innovation going on across our company, enabling our customer success and strengthening our position as the world leader in serving science.

在生物生產中，我們推出了 Gibco CTS Xenon 電穿孔系統，作為細胞療法製造的一部分，可將遺傳物質有效地輸送到細胞中。此外，我們與精準診斷公司 Oncocyte 簽署了一項協議，為我們的 Ion Torrent Genexus 系統開發 2 種新的檢測方法，以改善癌症腫瘤的分析和先進的精準醫學。這只是我們公司正在進行的傑出創新的一小部分，這些創新使我們的客戶取得成功，並鞏固了我們作為世界科學服務領導者的地位。

The second pillar of our growth strategy is leveraging our scale and high growth in emerging markets to create a differentiated experience for our customers. We had strong performance in these markets, including China, which grew double digits in the quarter. Our Analytical Instruments business are being used around the world to advance scientific research, including in the high-growth and emerging markets. For example, in Beijing, the National Institute of Biological Sciences is using our mass spectrometers to accelerate their research in structural biology. And in Korea, our electron microscopes are enabling researchers at Pusan National University to establish a bio imaging center to accelerate virus research.

我們增長戰略的第二個支柱是利用我們在新興市場的規模和高增長為我們的客戶創造差異化的體驗。我們在包括中國在內的這些市場表現強勁，在本季度增長了兩位數。我們的分析儀器業務在世界各地被用於推進科學研究，包括在高增長和新興市場。例如，在北京，國家生命科學研究所正在使用我們的質譜儀來加速他們在結構生物學方面的研究。在韓國，我們的電子顯微鏡使釜山國立大學的研究人員能夠建立生物成像中心，以加速病毒研究。

Now turning to the third pillar of our growth strategy, our unique customer value proposition. We continue to enhance our capabilities, so we can be an even stronger partner and industry leader. To help our customers advance cell and gene therapies, we opened a new biorepository in Vacaville, California. This facility will provide specialized biological sample storage and cell therapy logistics. In bioproduction, our network expansion is going well. During the quarter, we brought on additional capacity online for single-use bioprocess containers and cell culture media.

現在轉向我們增長戰略的第三個支柱，我們獨特的客戶價值主張。我們不斷增強我們的能力，因此我們可以成為更強大的合作夥伴和行業領導者。為了幫助我們的客戶推進細胞和基因療法，我們在加利福尼亞州瓦卡維爾開設了一個新的生物儲存庫。該設施將提供專門的生物樣本儲存和細胞治療物流。在生物生產方面，我們的網絡擴張進展順利。在本季度，我們為一次性生物工藝容器和細胞培養基增加了在線容量。

Reflecting our trusted partner status with pharma and biotech customers, we entered a 15-year strategic collaboration agreement with Moderna to establish large-scale U.S. manufacturing of mRNA-based vaccine and therapies. Under this agreement, we'll provide dedicated capacity for a range of aseptic fill/finish services along with inspection, labeling and final packaging.

為了反映我們在製藥和生物技術客戶中值得信賴的合作夥伴地位，我們與 Moderna 簽訂了一項為期 15 年的戰略合作協議，以在美國建立基於 mRNA 的疫苗和療法的大規模生產。根據該協議，我們將為一系列無菌灌裝/完成服務以及檢驗、貼標和最終包裝提供專用能力。

During the quarter, I had the chance to visit our Greenville, North Carolina campus where we've invested significantly over the past couple of years to expand our capacity and capabilities, and the new building that will support Moderna's pipeline. It's truly impressive.

在本季度，我有機會參觀了我們在北卡羅來納州格林維爾的園區，在過去幾年中我們在該園區進行了大量投資以擴大我們的產能和能力，以及支持 Moderna 管道的新大樓。這真是令人印象深刻。

Now turning to capital deployment. I'd like to share some of the other steps we've taken to further strengthen our customer value proposition and build our future. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders. Given this was the first full quarter of contribution from PPD, our new clinical research business, I'd like to update you on our progress. The business is performing very well and running ahead of the deal model.

現在轉向資本部署。我想分享我們為進一步加強我們的客戶價值主張和建設我們的未來而採取的其他一些步驟。我們繼續成功地執行我們嚴格的資本部署戰略，這是戰略併購和向股東返還資本的結合。鑑於這是我們新的臨床研究業務 PPD 貢獻的第一個完整季度，我想向您介紹我們的最新進展。該業務表現非常好，並且領先於交易模式。

The strong start and outlook for the year is allowing us to increase our expectations for the business. Stephen will cover these details in his remarks. In terms of the integration, it's going very smoothly. Our customers are seeing the value of the combination, and we have realized our first commercial synergies, securing new authorizations from pharma and biotech customers who value the combination of our capabilities. This bodes well for our long-term revenue synergies. To further fuel growth and support increasing demand from our biopharma customers, we've also invested to expand our clinical research operations in Richmond, Virginia.

今年的強勁開局和前景使我們能夠提高對業務的期望。斯蒂芬將在他的講話中介紹這些細節。在整合方面，進展非常順利。我們的客戶看到了合併的價值，我們已經實現了我們的第一個商業協同效應，獲得了重視我們能力組合的製藥和生物技術客戶的新授權。這對我們的長期收入協同效應來說是個好兆頭。為了進一步推動增長並支持我們的生物製藥客戶不斷增長的需求，我們還投資擴大了我們在弗吉尼亞州里士滿的臨床研究業務。

Finally, I've been super impressed with the team as I've visited different sites. And together, we're taking the business to the next level as part of Thermo Fisher to become an even stronger partner for our customers. As I mentioned on our last call, we closed on PeproTech, a leading provider of bioscience reagents late last year. I'm pleased to note that, that business is off to a great start, and the integration is going incredibly well.

最後，當我訪問了不同的站點時，我對團隊印象深刻。作為賽默飛世爾的一部分，我們將共同將業務提升到一個新的水平，成為我們客戶更強大的合作夥伴。正如我在上次電話會議中提到的那樣，我們在去年底關閉了領先的生物科學試劑供應商 PeproTech。我很高興地註意到，該業務開局良好，整合進展順利。

During Q1, we completed a small bolt-on deal in Analytical Instruments to enhance our materials and structural analysis offering for our customers. And during the quarter, we also returned significant capital to our shareholders, repurchasing $2 billion of our shares and increasing our dividend by 15%.

在第一季度，我們在分析儀器公司完成了一項小型附加交易，以增強我們為客戶提供的材料和結構分析服務。在本季度，我們還向股東返還了大量資本，回購了 20 億美元的股票，並將股息提高了 15%。

Turning now to a brief update on our ESG initiatives. We marked a significant milestone during the first quarter, exceeding 1 million readily recyclable paper coolers shipped to transport cold chain products without the use of traditional polystyrene foam coolers. This builds on our commitment to environmental stewardship and enabling broad adoption of sustainable solutions. In addition, we recently announced our partnership with the University of California in San Diego to advance innovation, sustainability and talent development. This 10-year partnership will establish a network of technology centers, focused on accelerating collaborative research and advancing innovations in a range of scientific fields. It will also accelerate educational opportunities, especially for under-resourced students by engaging in joint STEM and community outreach programs and supporting curriculum development, scholarships, fellowships, career mentoring and recruitment.

現在簡要介紹一下我們的 ESG 舉措。我們在第一季度標誌著一個重要的里程碑，超過 100 萬個易於回收的紙質冷卻器被運送來運輸冷鏈產品，而無需使用傳統的聚苯乙烯泡沫冷卻器。這建立在我們對環境管理和廣泛採用可持續解決方案的承諾之上。此外，我們最近宣布與加州大學聖地亞哥分校建立合作夥伴關係，以推進創新、可持續發展和人才發展。這一為期 10 年的合作夥伴關係將建立一個技術中心網絡，專注於加速合作研究和推進一系列科學領域的創新。它還將通過參與聯合 STEM 和社區外展計劃並支持課程開發、獎學金、獎學金、職業指導和招聘來加速教育機會，尤其是為資源不足的學生提供教育機會。

Before covering guidance, I'd like to end my comments with a reflection on the events that are impacting our colleagues, and the world at large. As always, our top priority is the health and safety of our colleagues. We're supporting our colleagues displaced from Ukraine with a variety of needs. And together with our colleagues globally, we've made substantial donations to relief organizations responding in Ukraine and enabling safe haven countries. In China, where many of our colleagues are facing lengthy lockdowns and disruption in daily life due to the pandemic, we're providing care packages to residents in Shanghai who have faced limited food supplies.

在介紹指導之前，我想以對影響我們同事和整個世界的事件的反思來結束我的評論。與往常一樣，我們的首要任務是同事的健康和安全。我們正在支持因各種需求而從烏克蘭流離失所的同事。我們與我們在全球的同事一起，向在烏克蘭做出響應的救援組織提供了大量捐款，並幫助建立了避風港國家。在中國，由於大流行，我們的許多同事都面臨著長期的封鎖和日常生活中斷，我們正在為面臨食品供應有限的上海居民提供關懷包。

We also recognize that inflation is challenging for our team, and we're going to provide a special payment this summer to our colleagues.

我們也認識到通貨膨脹對我們的團隊來說是一個挑戰，我們將在今年夏天向我們的同事提供一筆特殊的報酬。

Now I'd like to review our 2022 guidance at a high level, and then Stephen will take you through the details. We are meaningfully raising our full year guidance. We're increasing our revenue guidance by $450 million to $42.45 billion, which would result in 8% reported revenue growth over 2021. And we're raising our 2022 adjusted EPS guidance by $0.22 to $22.65 per share. This guidance factors in our excellent Q1, includes a very strong core business outlook for the remainder of the year, and it incorporates the expected impact of the recent macroeconomic dynamics.

現在我想從高層次回顧一下我們的 2022 年指南，然後斯蒂芬將帶您了解詳細信息。我們正在有意義地提高我們的全年指導。我們將收入指引上調 4.5 億美元至 424.5 億美元，這將導致 2021 年報告的收入增長 8%。我們將 2022 年調整後每股收益指引上調 0.22 美元至每股 22.65 美元。我們出色的第一季度的這一指導因素包括今年剩餘時間非常強勁的核心業務前景，並結合了近期宏觀經濟動態的預期影響。

Our Q1 results and our increased guide for the year reflects how well the team is navigating in these dynamic times. So to summarize our key takeaways from the first quarter. Our outstanding results in Q1 were driven by our proven growth strategy and PPI Business System. Our business is performing very well, and we're gaining market share. The PPD acquisition is generating strong returns, and we're really well positioned to continue to differentiate ourselves for all of our stakeholders. All of this has enabled us to raise our outlook for 2022, and further solidify our incredibly bright future.

我們的第一季度業績和我們增加的年度指南反映了團隊在這些動態時期的導航情況。因此，總結一下我們第一季度的主要收穫。我們在第一季度的出色業績是由我們成熟的增長戰略和 PPI 業務系統推動的。我們的業務表現非常好，我們正在獲得市場份額。收購 PPD 正在產生可觀的回報，我們已經做好了繼續為所有利益相關者脫穎而出的準備。所有這些都使我們能夠提高對 2022 年的展望，並進一步鞏固我們令人難以置信的光明未來。

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

有了這個，我現在將把電話交給我們的首席財務官斯蒂芬威廉姆森。斯蒂芬?

Thanks, Marc, and good morning, everyone. As you saw in our press release, we started the year with an excellent Q1. In the quarter, we delivered 16% core organic growth. $1.68 billion of COVID-19 testing revenue, $7.25 of adjusted earnings per share and $1.6 billion of free cash flow. Revenue in Q1 was just over $1 billion higher than we'd incorporated in our previous 2022 guidance, with $700 million, driven by a very strong start to the year for the core business, and just under $400 million from testing.

謝謝，馬克，大家早上好。正如您在我們的新聞稿中看到的那樣，我們以出色的第一季度開始了這一年。本季度，我們實現了 16% 的核心有機增長。 16.8 億美元的 COVID-19 測試收入、7.25 美元的調整後每股收益和 16 億美元的自由現金流。第一季度的收入比我們在之前的 2022 年指導方針中納入的收入略高 10 億美元，為 7 億美元，這得益於核心業務今年開局非常強勁，而測試收入略低於 4 億美元。

The strength of the core was broad-based across businesses, end markets and geographies. Our PPI business system enabled us to generate very strong pull-through on this revenue. And adjusted EPS for Q1 was $0.84 higher than included in our previous guidance. So broad-based beat to start the year. Let me now provide you with some more details on our performance, beginning with our earnings results. And as I mentioned, we delivered $7.25 of adjusted EPS in Q1, up 1% versus the prior year. GAAP EPS in the quarter was $5.61, down 5% versus the prior year. On the topline, our Q1 reported revenue grew 19% year-over-year. The components of our Q1 reported revenue increase included 3% organic revenue growth and 18% contribution from acquisitions and a headwind of 2% from foreign exchange. Core organic revenue growth in the quarter was 16%. And as I mentioned, we delivered $1.68 billion of COVID-19 testing revenue.

核心的力量在業務、終端市場和地域範圍內具有廣泛的基礎。我們的 PPI 業務系統使我們能夠在這一收入上產生非常強大的拉動效應。第一季度調整後的每股收益比我們之前的指引高出 0.84 美元。所以基礎廣泛的節拍開始了今年。現在讓我為您提供有關我們業績的更多細節，從我們的收益結果開始。正如我所提到的，我們在第一季度實現了 7.25 美元的調整後每股收益，比去年同期增長了 1%。本季度 GAAP 每股收益為 5.61 美元，較上年下降 5%。最重要的是，我們第一季度報告的收入同比增長了 19%。我們第一季度報告的收入增長的組成部分包括 3% 的有機收入增長和 18% 的收購貢獻以及 2% 的外匯逆風。本季度的核心有機收入增長為 16%。正如我所提到的，我們提供了 16.8 億美元的 COVID-19 測試收入。

Turning to our organic revenue performance by geography. The organic growth rates by region are skewed by the COVID-19 testing revenue in the current and prior year. In Q1, North America grew in the low single digits. Europe was flat. Asia Pacific grew in the mid-teens, with China growing in the low double digits, and rest of the world declined in the low single digits.

轉向我們按地域劃分的有機收入表現。按地區劃分的有機增長率受到當前和上一年 COVID-19 測試收入的影響。第一季度，北美以低個位數增長。歐洲是平的。亞太地區在十幾歲時增長，中國以低兩位數增長，而世界其他地區則以低個位數下降。

With respect to our operational performance, adjusted operating income in the quarter decreased 2% and adjusted operating margin was 29.2%, 620 basis points lower than Q1 last year. Adjusted operating margins came in slightly higher than we had anticipated in our prior guidance for Q1, reflecting how well our growth strategy and PPI Business System enables us to manage dynamic times. We executed strong pricing realization, productivity and volume leverage in the core business, enabling us to appropriately address higher inflation, and this was more than offset by the expected impact of incorporating PPD into our financials, lower testing volumes and the impact of strategic investments, including continued investments in our colleagues.

就我們的經營業績而言，本季度調整後的營業收入下降了 2%，調整後的營業利潤率為 29.2%，比去年第一季度下降了 620 個基點。調整後的營業利潤率略高於我們之前第一季度指引中的預期，反映了我們的增長戰略和 PPI 業務系統使我們能夠管理動態時間的能力。我們在核心業務中執行了強大的定價實現、生產力和數量槓桿，使我們能夠適當地應對更高的通貨膨脹，而這被將 PPD 納入我們的財務的預期影響、較低的測試量和戰略投資的影響所抵消，包括對我們同事的持續投資。

Moving on to the details of the P&L. Total company adjusted gross margin in the quarter came in at 47.5%, 660 basis points lower than Q1 last year. For the first quarter, the change in gross margin was due to the same drivers as those of our adjusted operating margin. Adjusted SG&A in the quarter was 15.2% of revenue, a decrease of 20 basis points versus Q1 2021. Total R&D expense was approximately $360 million in Q1, representing growth of 14% over the prior year, reflecting our ongoing investments in high-impact innovation to fuel future growth.

繼續討論損益表的細節。本季度公司總調整後毛利率為 47.5%，比去年第一季度低 660 個基點。對於第一季度，毛利率的變化是由於與我們調整後的營業利潤率相同的驅動因素。本季度調整後的 SG&A 佔收入的 15.2%，比 2021 年第一季度下降 20 個基點。第一季度總研發費用約為 3.6 億美元，比上年增長 14%，反映了我們對高影響力創新的持續投資以推動未來的增長。

Looking at our results below the line for the quarter. Our net interest expense was $118 million, $5 million higher than Q1 last year, largely due to acquisition financing activities. Our adjusted tax rate in the quarter was 14.1%. This was 190 basis points lower than Q1 last year, driven by our tax planning initiatives. Average diluted shares were $395 million in Q1, approximately $3 million lower year-over-year driven by share repurchases, net of option dilution.

查看我們在本季度線下方的結果。我們的淨利息支出為 1.18 億美元，比去年第一季度高出 500 萬美元，主要是由於收購融資活動。本季度調整後的稅率為 14.1%。在我們的稅收籌劃舉措的推動下，這比去年第一季度低了 190 個基點。第一季度平均攤薄股份為 3.95 億美元，在股票回購的推動下，扣除期權稀釋後，同比減少約 300 萬美元。

Turning to cash flow and the balance sheet. Cash flow was another strong highlight for the quarter. Our PPI business system enabled us to deliver significant cash flow from the very strong topline performance. Cash flow from operating activities in Q1 was $2.2 billion, and free cash flow for the quarter was $1.6 billion. Our capacity and capability investments are progressing well, and this quarter's net capital expenditures were $640 million.

轉向現金流和資產負債表。現金流是本季度的另一個亮點。我們的 PPI 業務系統使我們能夠從非常強勁的收入表現中提供大量現金流。第一季度經營活動產生的現金流為 22 億美元，該季度的自由現金流為 16 億美元。我們的產能和產能投資進展順利，本季度的淨資本支出為 6.4 億美元。

In January, we returned $2 billion of capital to shareholders through buybacks. Also during the quarter, we increased our dividend by 15%. We ended Q1 with approximately $2.8 billion in cash and $33.3 billion of total debt. Our leverage ratio at the end of the quarter was 2.6x gross debt to adjusted EBITDA and 2.4x on a net debt basis.

1 月份，我們通過回購向股東返還了 20 億美元的資本。同樣在本季度，我們將股息增加了 15%。我們在第一季度結束時擁有約 28 億美元的現金和 333 億美元的總債務。我們在本季度末的槓桿比率為總債務與調整後 EBITDA 的 2.6 倍和淨債務的 2.4 倍。

And concluding my comments on our total company performance, adjusted ROIC was 18%, reflecting the strong returns on investments that we're generating across the company.

總結我對公司整體業績的評論，調整後的投資回報率為 18%，反映了我們在整個公司產生的強勁投資回報。

Now I'll provide some color on the performance of our 4 business segments. Let me start with a couple of framing comments. The scale and margin profile of our COVID-19 testing revenue varies by segment, and testing revenue was significantly higher in the prior year quarter, so that does skew some of the reported segment margins. And as previously mentioned, we're referring to the acquired PPD business as our clinical research business, and that resides in the Laboratory Products and Biopharma Services segment. So moving on to the segment details, starting with Life Sciences Solutions. Q1 reported revenue in this segment increased 1%, and organic revenue was 1% lower than the prior year quarter. In Q1, we delivered very strong growth in our bioproduction and biosciences businesses. This was offset by lower revenue in the Genetic Sciences business, drive by lower testing revenue versus the year ago quarter. Q1 adjusted operating income in Life Science Solutions decreased 5%, and adjusted operating margin was 51.4%, down 280 basis points year-over-year.

現在，我將對我們 4 個業務部門的表現進行一些說明。讓我從幾個框架評論開始。我們 COVID-19 測試收入的規模和利潤率因細分市場而異，而上一季度的測試收入顯著增加，因此這確實扭曲了部分報告的細分市場利潤率。如前所述，我們將收購的 PPD 業務稱為我們的臨床研究業務，屬於實驗室產品和生物製藥服務部門。因此，繼續討論細分細節，從生命科學解決方案開始。第一季度報告該部門的收入增長了 1%，有機收入比去年同期下降了 1%。在第一季度，我們的生物生產和生物科學業務實現了非常強勁的增長。這被基因科學業務收入下降所抵消，這是由於測試收入與去年同期相比下降所致。生命科學解決方案第一季度調整後營業收入下降 5%，調整後營業利潤率為 51.4%，同比下降 280 個基點。

In the quarter, we delivered strong productivity that was more than offset by business mix and strategic investments. In the Analytical Instruments segment, reported revenue increased 9% in Q1, and organic growth was 12%. The strong growth in this segment this quarter was led by electron microscopy and chromatography and mass spectrometry businesses. Q1 adjusted operating income in this segment increased 10% and adjusted operating margin was 19.8%, up 20 basis points year-over-year.

在本季度，我們實現了強勁的生產力，但被業務組合和戰略投資所抵消。在分析儀器部門，第一季度報告的收入增長了 9%，有機增長為 12%。本季度該領域的強勁增長由電子顯微鏡、色譜和質譜業務引領。該部門第一季度調整後的營業收入增長了 10%，調整後的營業利潤率為 19.8%，同比增長 20 個基點。

During the quarter, we delivered strong volume pull-through and productivity, that was offset by strategic investments we're making across this segment.

在本季度，我們實現了強勁的銷量拉動和生產力，這被我們在這一領域進行的戰略投資所抵消。

Turning to Specialty Diagnostics. In Q1, reported revenue declined 8% and organic revenue declined 7%. In the quarter, we saw a strong underlying growth in our health care market channel, transplant diagnostics and clinical diagnostics businesses, which was offset by lower COVID-19 testing revenue versus the year ago quarter. Q1 adjusted operating income decreased 17% in the quarter, and adjusted operating margin was 23.9%, down 260 basis points from the prior year.

轉向專業診斷。第一季度，報告的收入下降了 8%，有機收入下降了 7%。在本季度，我們的醫療保健市場渠道、移植診斷和臨床診斷業務實現了強勁的潛在增長，但與去年同期相比，COVID-19 檢測收入下降抵消了這一增長。第一季度調整後營業收入下降 17%，調整後營業利潤率為 23.9%，比上年下降 260 個基點。

In Q1, we drove strong productivity. This was more than offset by business mix and the strategic investments in the segment. And finally, in Laboratory Products & Biopharma Services segment. In Q1, reported revenue in this segment increased 51%, and organic growth was 6%. During Q1, we had strong growth in the research and safety market channel, and the Laboratory Products businesses. PPD, our clinical research business is performing very well. And during the quarter, it grew a few points above the company average core organic growth rate. It contributed $1.66 billion of revenue to the segment in the quarter. Q1 adjusted operating income in the segment decreased -- increased 17%, and adjusted operating margin was 11.4%, which is 340 basis points lower than the prior year. In the quarter, we drove strong productivity, which was more than offset by strategic investments and business mix.

在第一季度，我們推動了強勁的生產力。這被業務組合和該部門的戰略投資所抵消。最後，在實驗室產品和生物製藥服務領域。第一季度，該部門的報告收入增長了 51%，有機增長為 6%。在第一季度，我們在研究和安全市場渠道以及實驗室產品業務方面實現了強勁增長。 PPD，我們的臨床研究業務表現非常好。在本季度，它的增長比公司平均核心有機增長率高出幾個百分點。它在本季度為該部門貢獻了 16.6 億美元的收入。該部門第一季度調整後的營業收入下降——增長了 17%，調整後的營業利潤率為 11.4%，比上年下降 340 個基點。在本季度，我們推動了強勁的生產力，這被戰略投資和業務組合所抵消。

So let me now turn to our updated 2022 guidance. As Marc outlined, we're raising our full year revenue guidance by $450 million to $42.45 billion. We're also raising our core organic revenue growth outlook from 8% to 9% for the year. And on the bottom line, we're increasing our adjusted EPS guidance by $0.22 to $22.65 for the year. It's a very strong outlook, particularly as it also factors in the notable macro developments that occurred following our last earnings call in February. Our team continues to do an excellent job navigating through a fluid macroeconomic environment to help us deliver outstanding results, reflecting the strength of our proven growth strategy and the power of the PPI Business System to operate with speed at scale.

因此，現在讓我轉向我們更新的 2022 年指南。正如 Marc 所述，我們將全年收入指引上調 4.5 億美元，達到 424.5 億美元。我們還將今年的核心有機收入增長前景從 8% 提高到 9%。最重要的是，我們將全年調整後的每股收益指引上調 0.22 美元至 22.65 美元。這是一個非常強勁的前景，特別是因為它還考慮了我們在 2 月份的上一次財報電話會議後發生的顯著宏觀發展。我們的團隊繼續在動蕩的宏觀經濟環境中表現出色，以幫助我們取得出色的業績，這反映了我們久經考驗的增長戰略的實力以及 PPI 業務系統在規模上快速運作的力量。

So let me get into the details of the guidance raise. In terms of revenue, there are 3 elements driving the raise in guidance. $350 million higher assumed COVID-19 testing revenue for the year, a $200 million decrease due to the change in FX rates and a $300 million increase in the outlook for the core business. The core revenue raise incorporates a $350 million headwind from the conflict in Ukraine and the lockdowns in China, and we chose to derisk $600 million of vaccines and therapies revenue in the outlook, offsetting it with other core revenue. Our guidance now assumes $1.5 billion of COVID-19 vaccines and therapies revenue in total for 2022.

因此，讓我詳細介紹一下指導性加薪。在收入方面，有 3 個因素推動了指引的提高。假設今年 COVID-19 測試收入增加 3.5 億美元，由於外匯匯率變化而減少 2 億美元，核心業務前景增加 3 億美元。核心收入的增加包括烏克蘭衝突和中國封鎖帶來的 3.5 億美元逆風，我們選擇在展望中取消 6 億美元的疫苗和治療收入，用其他核心收入來抵消。我們現在的指導假設 2022 年 COVID-19 疫苗和療法的總收入為 15 億美元。

Incorporating both of these, and still being able to raise the full year outlook for the core shows that the business is performing very well. And as I mentioned previously, we're increasing the core organic growth outlook from 8% to 9% for the year. In terms of our COVID-19 testing revenue assumption, we're continuing the same derisked approach to guidance as there are a range of outcomes for the year. Our guidance now assumes $2.1 billion for testing revenue in 2022, which represents the $1.68 billion delivered in Q1, $225 million in Q2, and then an assumed endemic run rate level of $100 million of revenue per quarter in the second half of the year. There are scenarios where testing demand could be higher than this level. And should that be the case, we're well positioned to support customer needs as we did in Q1, and will flow these benefits through our P&L. But for now, we thought it was prudent to continue to take a derisked approach to the outlook.

將這兩者結合起來，並且仍然能夠提高核心的全年展望，表明該業務表現非常好。正如我之前提到的，我們將今年的核心有機增長前景從 8% 提高到 9%。就我們的 COVID-19 測試收入假設而言，我們將繼續採用相同的去風險方法來指導指導，因為今年有一系列結果。我們的指導現在假設 2022 年的測試收入為 21 億美元，這代表第一季度交付的 16.8 億美元，第二季度交付的 2.25 億美元，然後假設下半年每季度收入 1 億美元的地方性運行率水平。在某些情況下，測試需求可能高於此水平。如果是這種情況，我們就可以像第一季度那樣支持客戶需求，並將這些收益通過我們的損益表流動。但就目前而言，我們認為繼續對前景採取不冒險的態度是謹慎的做法。

In terms of profitability, we expect to deliver $90 million more adjusted operating income of the $450 million raise in revenue guidance. This reflects strong pull-through on the additional revenue, partially offset by $150 million of additional compensation to our colleagues to help them with the temporary impacts of inflation. We continue to expect adjusted operating margin to be 25.4% in 2022. In terms of adjusted EPS, our stronger business outlook is enabling us to raise the 2022 adjusted EPS guidance by $0.22, from $22.43 to $22.65, further building on an already very strong outlook for the year.

在盈利能力方面，我們預計在收入指引上調 4.5 億美元後，調整後的營業收入將增加 9,000 萬美元。這反映了對額外收入的強勁拉動，部分抵消了向我們的同事提供的 1.5 億美元額外補償，以幫助他們應對通貨膨脹的暫時影響。我們繼續預計 2022 年調整後的營業利潤率為 25.4%。就調整後的每股收益而言，我們更強勁的業務前景使我們能夠將 2022 年調整後的每股收益指引上調 0.22 美元，從 22.43 美元上調至 22.65 美元，進一步鞏固已經非常強勁的前景一年。

Let me provide you with a couple of other details on the 2022 guidance to help you with your models. PPD, our clinical research business, is now expected to deliver $6.7 billion in 2022 in revenue, which represented 11% core organic growth on a full year basis for this business, up 3 percentage points from our previous guidance. We now expect the business to deliver just over $1 billion of adjusted operating income in 2022, and contribute $1.98 to adjusted EPS in the year, up $0.08 from our prior guidance. FX is now expected to be a year-over-year headwind of $700 million in revenue or 1.8%, and $0.54 from adjusted EPS. We continue to expect net interest expense of approximately $490 million for the year. We now expect an adjusted income tax rate of 13.1% in 2022, slightly higher than the prior guide driven by the improved earnings outlook.

讓我為您提供有關 2022 指南的其他一些詳細信息，以幫助您使用模型。我們的臨床研究業務 PPD 現在預計將在 2022 年實現 67 億美元的收入，這代表該業務全年核心有機增長 11%，比我們之前的指導高出 3 個百分點。我們現在預計該業務將在 2022 年實現超過 10 億美元的調整後營業收入，並為當年調整後的每股收益貢獻 1.98 美元，比我們之前的指導增加 0.08 美元。現在預計外匯收入將同比增長 7 億美元或 1.8%，調整後每股收益為 0.54 美元。我們繼續預計本年度的淨利息支出約為 4.9 億美元。我們現在預計 2022 年調整後的所得稅率為 13.1%，略高於受盈利前景改善推動的先前指引。

We continue to assume net capital expenditures of approximately $2.5 billion to $2.7 billion and free cash flow of approximately $7 billion. Our guidance still assumes $2.5 billion of capital deployment, which is the $2 billion of share buybacks that we completed in January and $475 million of capital returned to shareholders through dividends. And we now estimate that the full year average diluted share count will be between 394 million and 395 million shares.

我們繼續假設淨資本支出約為 25 億至 27 億美元，自由現金流約為 70 億美元。我們的指引仍假設資本部署為 25 億美元，即我們在 1 月份完成的 20 億美元股票回購以及通過股息返還給股東的 4.75 億美元資本。我們現在估計全年平均稀釋後的股票數量將在 3.94 億至 3.95 億股之間。

And finally, a couple of comments on phasing to help you with your modeling. Revenue dollars for the remainder of the year are expected to be fairly linear with Q4 being slightly higher than Q2 and Q3. Core organic growth for Q2 is expected to be lower than Q3 and Q4 due to an estimated 200 basis point impact of lockdowns in China. And in terms of adjusted EPS phasing, we expect Q2, as a percentage of the full year, to be just slightly lower than the comparable period last year.

最後，關於分階段的一些評論可以幫助您進行建模。預計今年剩餘時間的收入將相當線性，第四季度略高於第二季度和第三季度。由於中國封鎖的影響估計為 200 個基點，預計第二季度的核心有機增長將低於第三季度和第四季度。在調整後的每股收益階段，我們預計第二季度佔全年的百分比將略低於去年同期。

To conclude, we delivered an excellent start to the year, and we're in a great position to achieve our 2022 goals.

總而言之，我們在今年取得了良好的開端，我們處於實現 2022 年目標的有利位置。

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

有了這個，我會把電話轉回給 Raf。

Thank you, Stephen. Operator, we're ready to take questions.

謝謝你，斯蒂芬。接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

And our first question today comes from Jack Meehan of Nephron Research.

我們今天的第一個問題來自 Nephron Research 的 Jack Meehan。

My question is on the biopharma side. First question on clinical research. So PPD growing over 20%. That's well above historical levels, and what peers have been reporting so far. Just what is driving the acceleration? Can you comment on industry funding, and your ability to gain share?

我的問題是關於生物製藥方面的。關於臨床研究的第一個問題。所以PPD增長超過20%。這遠高於歷史水平，以及迄今為止同行所報告的水平。究竟是什麼推動了加速？您能否評論一下行業資金以及您獲得份額的能力？

Yes. Jack, thanks for the question. So our clinical research business, formerly PPD, off to a great start. As a reminder, the business had tremendous success in 2021, delivering great performance, great authorizations, even from -- especially after the announcement, just incredibly focused on great execution. Customers are excited about the potential. And that momentum continued into Q1, very strong performance on revenue and really good growth in authorizations. As I look at what's going on in the industry and look at some of the other companies that have reported, our results were favorable to the results that we saw.

是的。傑克，謝謝你的問題。因此，我們的臨床研究業務（前身為 PPD）有了一個良好的開端。提醒一下，該業務在 2021 年取得了巨大成功，提供了出色的業績、出色的授權，甚至從——尤其是在宣布之後——令人難以置信地專注於出色的執行。客戶對潛力感到興奮。這種勢頭持續到第一季度，收入表現非常強勁，授權增長非常好。當我查看該行業正在發生的事情並查看其他一些已報告的公司時，我們的結果對我們所看到的結果是有利的。

So we feel good about that as an external reference point. And the strength within PPD was broad-based across the different customer types, the funding environment. It was actually a great start to the year. Integration has gone really well. We feel good about that. And I'm really excited that commercial team has secured our first wins that are what I would call synergy related in the form of new authorization.

因此，作為外部參考點，我們對此感覺良好。 PPD 的優勢廣泛存在於不同的客戶類型和融資環境中。這實際上是今年的一個良好開端。整合進行得非常順利。我們對此感覺良好。我真的很興奮商業團隊已經獲得了我們的第一場胜利，這就是我所說的與新授權形式的協同效應。

So really a very cool start to the year, and we're excited about what the potential holds for our clinical research business.

所以今年真的是一個非常酷的開始，我們對我們的臨床研究業務的潛力感到興奮。

Great. And as a second question, I wanted to square the new $1.5 billion target for the COVID vaccines and therapies, with your ability to raise the core growth overall. So if I look at the Patheon and Bioprocessing businesses, are they still growing high single-digit plus? Is the COVID handoff taking place? And kind of off that, just can you comment on how changing doses per vial and the new Moderna strategic relationship might factor into this?

偉大的。作為第二個問題，我想將 COVID 疫苗和療法的 15 億美元新目標與提高整體核心增長的能力相提並論。因此，如果我看看 Patheon 和 Bioprocessing 業務，它們是否仍在以高個位數增長？是否正在進行 COVID 交接？順便說一句，您能否評論一下每瓶的劑量變化以及新的 Moderna 戰略關係可能會影響到這一點？

Yes. So Jack, thanks. It's a great question. We made a decision on the guidance, on vaccines and therapies, actually just because the number of questions we were getting from investors relative to our enterprise value and the sort of net present value of the company was disproportionate, right? So we just basically said, we had a really good start on vaccines and therapies for the year. We did just under $500 million of revenue, which is what we expected to do.

是的。傑克，謝謝。這是一個很好的問題。我們就疫苗和療法的指導做出決定，實際上只是因為我們從投資者那裡得到的問題數量與我們的企業價值和公司的淨現值不成比例，對吧？所以我們基本上只是說，我們今年在疫苗和療法方面有了一個非常好的開始。我們做了不到 5 億美元的收入，這是我們預期的。

The $2.1 billion that we put in the original guidance of vaccine and therapy-related revenue is actually still a number that can be achieved at -- call it at the high end of the range. And as you know, we're involved in so many of the programs. We're involved in the vaccine programs and the therapy programs, we're involved in the drug substance and the drug product, we're involved in the enabling technology. So it's across many of our different capabilities, and we feel good about it. We chose to effectively reduce the number in the sort of -- in the target because the core business is performing so well, we just wanted to take the dialogue really off the table.

我們在疫苗和治療相關收入的原始指導中投入的 21 億美元實際上仍然是一個可以實現的數字——稱之為範圍的高端。如您所知，我們參與了許多項目。我們參與疫苗計劃和治療計劃，我們參與原料藥和藥品，我們參與使能技術。所以它跨越了我們許多不同的能力，我們對此感覺很好。我們選擇有效地減少目標中的數量，因為核心業務表現非常好，我們只是想真正取消對話。

As you would know, the capacity that makes these products and provides the enabling technologies is truly repurposeable to other customers and to other products within the biologics field. So we're very encouraged by that. And then to your question, we're expecting very strong growth for our pharma services and our bioproduction business in 2022 and beyond. So Jack, thanks for the questions.

如您所知，製造這些產品並提供支持技術的能力對於其他客戶和生物製劑領域的其他產品來說是真正可重新利用的。所以我們對此感到非常鼓舞。然後對於您的問題，我們預計我們的製藥服務和我們的生物生產業務在 2022 年及以後將實現非常強勁的增長。傑克，謝謝你的提問。

And our next question comes from Patrick Donnelly of Citi.

我們的下一個問題來自花旗銀行的帕特里克·唐納利。

Marc, maybe on the China piece. I know Stephen touched on a 200 bps headwind for 2Q. Can you just talk about what you're seeing there? Which businesses are being affected more than others? Obviously, we're seeing Beijing entering the conversation this week. I guess what have you guys assumed there in terms of escalations or what's going to happen. And then again, are certain businesses poised to recover more quickly than others? Just curious your perspective there.

馬克，也許在中國片上。我知道斯蒂芬在第二季度遇到了 200 個基點的逆風。你能談談你在那裡看到的嗎？哪些企業受到的影響比其他企業更大？顯然，我們看到北京本週加入了對話。我猜你們在升級或將要發生的事情方面有什麼假設。再說一遍，某些企業是否準備好比其他企業恢復得更快？只是好奇你的觀點。

Patrick, thanks for the question. So the team really did an excellent job in Q1, navigating the -- lockdowns have started towards the end of the quarter to deliver double-digit growth and to really work with the government to be able to supply the critical products that we provide to the customer base there even in difficult circumstances, very impressive.

帕特里克，謝謝你的問題。因此，該團隊在第一季度確實做得非常出色，在本季度末開始實施封鎖以實現兩位數的增長，並真正與政府合作，以便能夠提供我們提供給即使在困難的情況下也有客戶群，非常可觀。

What our assumption is actually fairly straightforward. We're looking at the back half of the year that Q3 and Q4 are normal in China. They're back to strong growth. And as you know, the business there rebounded super quickly after the Q1 of 2020 disruption. So the economy there is quite resilient. Our assumption is, in this quarter, there's a couple points of headwind that we're baking into the numbers because the number of the customers are closed. Academic institutions in Shanghai would be closed. So that -- it will take a period of time for that to rebound as activity ramps back up. So that's how we're thinking about it in terms of the quarter. And we were able to fully bake that into our guidance. And Stephen, in the revenue phasing views, tried to make it clear that what our outlook is for Q2, which is still quite good. But it feels a little bit of that pressure. And then Q3, Q4 picks up from there.

我們的假設實際上相當簡單。我們正在關註今年下半年，第三季度和第四季度在中國是正常的。他們恢復了強勁的增長。如您所知，那裡的業務在 2020 年第一季度中斷後迅速反彈。所以那裡的經濟相當有彈性。我們的假設是，在本季度，由於客戶數量已關閉，我們正在考慮一些不利因素。上海的學術機構將關閉。因此，隨著活動的增加，需要一段時間才能反彈。這就是我們在本季度的考慮方式。我們能夠將其完全融入我們的指導中。斯蒂芬在收入階段的觀點中試圖闡明我們對第二季度的展望，這仍然相當不錯。但是感覺有點壓力。然後第三季度，第四季度從那裡開始。

Sure. That's helpful. And then maybe just another one on the bioprocessing vaccine piece. I appreciate the transparency in terms of what that looks like this year. Obviously, to your point, it's a big investor focus even into '23. Is there a way to think of that $1.5 billion as we get into next year? I know you guys have rolled it into core, and kind of thought the rest of the bioprocessing business will mostly offset it. It's going to be a gradual decline? Has that thinking changed at all? Just wondering on your high-level perspective, how to think about that piece as we move forward.

當然。這很有幫助。然後可能只是生物工藝疫苗片上的另一個。我很欣賞今年的情況的透明度。顯然，就您而言，即使到 23 年，這也是投資者關注的重點。當我們進入明年時，有沒有辦法考慮這 15 億美元？我知道你們已經將其納入核心，並且認為其餘的生物加工業務將大部分抵消它。會逐漸下降嗎？這種想法完全改變了嗎？只是想知道你的高層次觀點，在我們前進的過程中如何思考這件作品。

Yes. So Patrick, thanks for the follow-up on that. So I would think about it the following. The timing of the transition and what the long-term demand -- for COVID, there are so many scenarios. It's very hard to say which quarter, which year, exactly how things play out, right? Because the capacity is repurposeable. We will move that over time. And in our long-term model that Stephen presented last September, it effectively reflects that, that's all transitioned by that end of the model period. So that -- it was a part of core. It doesn't affect the 7% to 9% long-term outlook.

是的。帕特里克，感謝您對此的跟進。所以我會考慮以下。過渡的時機和長期需求——對於 COVID，有很多情況。很難說哪個季度，哪一年，事情到底如何發展，對吧？因為容量是可重複利用的。我們將隨著時間的推移移動它。在斯蒂芬去年 9 月提出的我們的長期模型中，它有效地反映了這一點，這一切都在模型期結束時發生了轉變。所以——它是核心的一部分。它不會影響 7% 到 9% 的長期前景。

As I look to '23, I mean, as a reminder, we play a role in both therapies and vaccines. So they are on different cycles and different scenarios, which is, I think most scenarios have the pandemic existing in some endemic form next year, and therefore, therapy demand should exist with some level of consistency and vaccines, there's a wide range of outcomes. Obviously, the smaller vial -- the single-use actually drives more revenue per thing. So you have a lot of moving pieces. And our job is to manage all of that, manage the transition at the right time frame, and we will. I think the one piece of new information that I think is interesting is one of our customers, not in the top tier of the activity level within COVID, actually just repurposed its own commitments to other therapies and activity.

當我展望 23 年時，我的意思是，提醒一下，我們在治療和疫苗方面都發揮著作用。所以他們處於不同的周期和不同的情景，也就是說，我認為大多數情景明年都會以某種地方性形式存在大流行，因此，治療需求應該存在一定程度的一致性和疫苗，結果範圍很廣。顯然，較小的小瓶——一次性使用實際上會帶來更多的收入。所以你有很多動人的部分。我們的工作是管理所有這些，在正確的時間框架內管理過渡，我們會的。我認為我認為有趣的一條新信息是我們的一位客戶，而不是在 COVID 活動級別的頂層，實際上只是重新調整了自己對其他治療和活動的承諾。

So that was actually -- made that transition even smoother for a portion of it. And basically, in the future, basically is taking the commitments and say when they don't need COVID capacity, they're going to basically use it for other things. So hopefully, all of that color gives you a sense that we'll manage that over time and we'll continue to deliver strong growth as a company.

所以這實際上是 - 使部分過渡更加順暢。基本上，在未來，基本上是在接受承諾，並說當他們不需要 COVID 能力時，他們將基本上將其用於其他事情。因此，希望所有這些顏色都能讓您感覺到我們將隨著時間的推移進行管理，並且作為一家公司，我們將繼續實現強勁的增長。

And our next question comes from Derik De Bruin of Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

Just got one model question, and then I've got one bigger -- one big picture question. So on the model, can you walk us through the gross margin progression in '22? The (inaudible) teams continually sort of mismodel the gross margin. Can you help us walk us through and understand the FX mix and inflation sort of headwinds are going through?

剛得到一個模型問題，然後我有一個更大的問題——一個全局問題。所以在模型上，你能告訴我們 22 年的毛利率進展嗎？ （聽不清）團隊不斷對毛利率進行錯誤建模。您能幫助我們了解外匯組合和通貨膨脹的不利因素嗎？

Yes. So Derik, so we think about the gross margins this quarter, kind of in the 47.5% level, be slightly lower for the remainder of the year and from the year in that kind of mid-40s. And I think what people are not fully baking in is the impact of PPD, it's -- that has a sizable change to the overall company's gross margin when you factor that in. And then it's just the -- FX is a little bit of a negative in terms of the margin profile. But it's really the impact of testing coming down, and then the benefit of having PPD in the business. I think that's probably the thing that's missing the most.

是的。所以德里克，所以我們認為本季度的毛利率在 47.5% 的水平上，在今年剩餘時間和 40 年代中期略低。而且我認為人們沒有完全接受的是 PPD 的影響，當你考慮到這一點時，它會對整個公司的毛利率產生相當大的變化。然後它只是 - FX 有點就保證金概況而言為負數。但這確實是測試下降的影響，然後是 PPD 在業務中的好處。我認為這可能是最缺少的東西。

Got it. That's helpful. I wanted to sort of ask about the Moderna agreement because it's really surprising to see 15-year agreements in the CDMO space. It's just not really done. Can you talk about that in terms of like what is sort of driving that? And is this something you sort of see that you can do with other people in the biotech space? And also -- you also mentioned some synergy wins with PPD, how should we think about that, and the longer-term targets on PPD?

知道了。這很有幫助。我想問一下 Moderna 協議，因為在 CDMO 領域看到 15 年的協議真的很令人驚訝。它只是沒有真正完成。你能談談它是什麼驅動的嗎？這是您認為可以與生物技術領域的其他人一起做的事情嗎？而且 - 您還提到了與 PPD 的一些協同效應，我們應該如何看待這一點，以及 PPD 的長期目標？

Yes. So Derik, thanks for the question. So as you know, we never really talk about specific customers and let's say customers announcing this on their own behalf and then we're more than happy to make some high-level comments, right? Because it's really -- our job is to support our customers' activity. I think that our take is that we did a really good job of supporting our clients during the course of the pandemic across all of the different activities. And that enhanced our reputation, our trusted partner status with our customers.

是的。所以德里克，謝謝你的問題。如您所知，我們從不真正談論特定客戶，假設客戶代表他們自己宣布這一點，然後我們非常樂意發表一些高級評論，對嗎？因為它真的——我們的工作是支持我們客戶的活動。我認為我們的看法是，在大流行期間，我們在所有不同活動中為客戶提供了非常好的支持。這提高了我們的聲譽，以及我們在客戶中值得信賴的合作夥伴地位。

And as -- in the case of Moderna, they had the opportunity to work with us and decided to leverage our capabilities in Greenville, North Carolina, and our expertise to support their future pipeline from a sterile fill/finish perspective, and it's super exciting in terms of the capabilities of the things that we will support longer term from them there. And it's -- we have many different models of how we work with our clients in our Pharma Services business.

而且，就 Moderna 而言，他們有機會與我們合作，並決定利用我們在北卡羅來納州格林維爾的能力和我們的專業知識，從無菌灌裝/完成的角度支持他們未來的管道，這非常令人興奮就我們將在那里長期支持的事物的能力而言。它是 - 我們有許多不同的模式來與我們的醫藥服務業務中的客戶合作。

And it's our job to support them in the best way that they want. So we do have what we call condo models where customers have some dedicated capacity. We have the traditional fee-for-service models. And then we have some other innovative ones. The other public one, obviously, was announced a couple of years ago, which was CSL, right, which is -- we took over one of their facilities. We're going to be manufacturing one of their new therapies, and they're expanding the collaboration with us. So it's a long menu of options, and our job is to help our customers navigate their future and be really valuable to them.

以他們想要的最佳方式支持他們是我們的工作。所以我們確實有我們所謂的公寓模型，其中客戶有一些專用容量。我們有傳統的按服務收費模式。然後我們還有其他一些創新的。顯然，另一個公開的，是幾年前宣布的，它是 CSL，對，也就是——我們接管了他們的一個設施。我們將製造他們的一種新療法，他們正在擴大與我們的合作。所以這是一個很長的選項菜單，我們的工作是幫助我們的客戶駕馭他們的未來，並對他們真正有價值。

And our next question comes from Tejas Savant of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

Marc, a question for you on pricing. You've spoken in the past about taking elevated pricing increases, you're, perhaps, 2x the normalized level in '22. Can you just refresh that assumption for us in the context of the shopper inflation here? And philosophically, how do you think about the point at which you need to be a little bit careful about starting to impact customer demand, perhaps more in some segments than others.

馬克，關於定價的問題。您過去曾說過要提高定價，您可能是 22 年標準化水平的 2 倍。在購物者通貨膨脹的背景下，您能否為我們刷新這個假設？從哲學上講，您如何看待開始影響客戶需求時需要小心謹慎的點，在某些細分市場中可能比其他細分市場更多。

Yes. It's a great question, right? So when we think about living and navigating through an inflationary environment, our team is doing a good job of managing productivity, managing cost and mitigating what can be mitigated. So I'm very pleased with that.

是的。這是一個很好的問題，對吧？因此，當我們考慮在通脹環境中生活和駕馭時，我們的團隊在管理生產力、管理成本和緩解可以緩解的問題方面做得很好。所以我對此非常滿意。

Our expectation for pricing is -- in a normal year, as you know, it's a 0.5 point to 1 point of price that we get within our business. And this year, we would expect that price would be about double the high end of that range, so about 2 points of price within our outlook for the year. So it's our job to support our customers to explain the inflations and where we can offset it and where we need customers to support us, and those dialogues have been constructive and positive.

我們對定價的預期是——如您所知，在正常年份，我們在業務範圍內獲得的價格是 0.5 點到 1 點。今年，我們預計價格將是該範圍高端價格的兩倍左右，因此在我們今年的展望範圍內價格約為 2 個百分點。因此，我們的工作是支持我們的客戶解釋通貨膨脹以及我們可以在哪裡抵消它以及我們需要客戶支持我們的地方，這些對話是建設性的和積極的。

Got it. That's helpful. And then one quick follow-up on PPD. Any color you can share on RFP flow? There's been a little bit of a focus on delays and cancellations, particularly among sort of mid-cap biotech customers here. Obviously, you had strong performance in the quarter. You're taking your numbers up for the deal. But just curious if you can parse out sort of any commentary on that specific segment of their customer base.

知道了。這很有幫助。然後是對 PPD 的快速跟進。您可以在 RFP 流程上分享任何顏色嗎？有一點關注延遲和取消，特別是在這裡的中型生物技術客戶中。顯然，您在本季度表現強勁。你正在為這筆交易做好準備。但只是好奇您是否可以解析出對其客戶群的特定部分的任何評論。

Yes. So when I look at the performance, I look at the pipeline, I look at the authorizations, which is the new wins. When I look at the revenue, when I cut it by the different types of customers, we had a really strong start to the year. When I look at -- I read not all, but some of the different commentary and the differing views out there. My take is that there was nothing abnormal in cancellations in the quarter. There was no trend to any of that.

是的。因此，當我查看性能時，我查看管道，查看授權，這是新的勝利。當我查看收入時，當我按不同類型的客戶削減收入時，我們今年的開局非常強勁。當我看的時候——我讀的不是全部，而是一些不同的評論和不同的觀點。我的看法是，本季度的取消沒有任何異常。沒有任何趨勢。

And actually, we are on track to deliver very strong results. In fact, the 11% growth that we're looking at for this year is really impressive because last year we're spectacular in terms of the growth that the business delivers. So against a challenging comp that's really, really encouraging, and authorization support that for this year, but also support the long-term expectations that this is a high single-digit growth business.

實際上，我們有望取得非常強勁的成果。事實上，我們今年看到的 11% 的增長確實令人印象深刻，因為去年我們在業務增長方面表現出色。因此，面對一個真正令人鼓舞的具有挑戰性的競爭，今年的授權支持，但也支持長期預期這是一個高個位數增長的業務。

And when we drive synergies, it can be better than that. So super cool times, but obviously early.

當我們推動協同效應時，它可能會比這更好。如此超酷的時代，但顯然還早。

And our next question comes from Vijay Kumar.

我們的下一個問題來自 Vijay Kumar。

Congratulations on a really strong Q1 start. Maybe one on guidance. You're perhaps -- for Stephen, I think your prior guidance called for high singles and that high singles was consistent across base vaccine and PPD. Just given your vaccine outlook is now, I think, down 15%, 20% versus last year. How much is the core base going up? And how much is PPD going up under new guidance assumptions?

祝賀第一季度開局非常強勁。也許一個關於指導。你也許 - 對於斯蒂芬，我認為你之前的指導要求高單打並且高單打在基礎疫苗和 PPD 中是一致的。考慮到你們的疫苗前景，我認為現在比去年下降了 15%、20%。核心基數漲了多少？在新的指導假設下，PPD 會上升多少？

Yes. So Vijay, so as we outlined in the prepared remarks, the strength of the PPD business that's going up to 11% for the year. So that would be a strong contribution. And you can characterize the vaccines and therapies. And then we're offsetting that -- all of that from vaccine therapy actually increasing our guidance. So the core business is increasing, $350 million in the rate. So going up to 8% to 9%. So strong performance. And that's obviously taking into account that switch from vaccine therapies to core and offsetting the impact of the macroeconomic implications in China and situation in Ukraine.

是的。所以維杰，正如我們在準備好的評論中概述的那樣，PPD 業務的實力今年將增長 11%。所以這將是一個很大的貢獻。您可以描述疫苗和療法的特徵。然後我們正在抵消這一點 - 所有這些來自疫苗治療實際上增加了我們的指導。因此，核心業務正在增加，以 3.5 億美元的速度增長。所以上升到 8% 到 9%。這麼強的表現。這顯然是考慮到從疫苗療法向核心療法的轉變，並抵消了中國宏觀經濟影響和烏克蘭局勢的影響。

That's helpful, Stephen. And Marc, maybe one for you here. I know that the Street is worried about the outlook, just given the macro. The 16% core in Q1 versus a 13% comp, and we're looking at stack comp of close to 30%. I mean these are really, really strong. And I understand pharma biotech perhaps being strong, but it looks like all segments are on fire. Maybe just talk about end markets health of end markets. And when you think about the upcoming Analyst Day, right, what kind of approach should we expect from Thermo? Will vaccines be derisked and -- will it be a derisked approach? Or any thoughts on what we can expect into the Analyst Day would be helpful.

這很有幫助，斯蒂芬。還有 Marc，也許在這裡給你一個。我知道華爾街對前景感到擔憂，只是考慮到宏觀。第一季度 16% 的核心與 13% 的比較，我們正在查看接近 30% 的堆棧比較。我的意思是這些真的，真的很強大。我知道製藥生物技術可能很強大，但看起來所有領域都在火上澆油。也許只是談論終端市場的終端市場健康。當您考慮即將到來的分析師日時，對，我們應該期待 Thermo 採取什麼樣的方法？疫苗會被取消風險嗎？這會是一種被取消風險的方法嗎？或者對分析師日的預期有任何想法都會有所幫助。

Yes. I mean I can't wait until May 18. It's going to be super cool. We're going to have it back in-person. It will be a great way to showcase our team and showcase the great things going on at the company. And we'll explain some of the stuff today and some more detail. So it'll be very positive from that perspective. When I think about the business, right? We highlighted some of the macroeconomic dynamics, right?

是的。我的意思是我不能等到 5 月 18 日。這會非常酷。我們將親自取回它。這將是展示我們的團隊和展示公司正在發生的偉大事情的好方法。今天我們將解釋一些內容和一些更詳細的內容。所以從這個角度來看，這將是非常積極的。當我想到業務時，對嗎？我們強調了一些宏觀經濟動態，對吧？

Because if you watch TV, you read the papers, you're on the Internet, whatever it is that you get the external world, it's a bumpy time in the world. But when you get within our 4 walls right now, it is awesome. I mean it is an amazing time of the company. The momentum is huge. The customers are doing well. We are gaining market share, and it is super cool. So when I think about that environment of delivering 16% core growth against a very challenging comparison, right?

因為如果你看電視、讀報紙、上網，無論你得到外部世界是什麼，這都是世界上顛簸的時期。但是，當您現在進入我們的 4 堵牆時，真是太棒了。我的意思是這是公司的一個了不起的時期。勢頭是巨大的。客戶做得很好。我們正在獲得市場份額，這非常酷。因此，當我考慮在一個非常具有挑戰性的比較中實現 16% 的核心增長的環境時，對嗎？

I think from recollection, we had 53% organic growth last year, and I think 13% base growth. And we had bookings that were even stronger than our revenue. So it gives you a sense of how good things are. And all of the geographies, all of the end markets were actually quite good, right? So I feel good about the outlook. I feel good about the momentum. We were able to derisk the vaccines and therapies, even though I think there were scenarios that it was going to be above that sort of derisked level.

回想起來，我認為去年我們有 53% 的有機增長，我認為基礎增長為 13%。我們的預訂量甚至超過了我們的收入。因此，它讓您了解事物的美好程度。所有的地區，所有的終端市場實際上都非常好，對吧？所以我對前景感覺良好。我對勢頭感覺很好。我們能夠取消疫苗和療法的風險，儘管我認為在某些情況下它會超過那種被取消風險的水平。

And so I think the world is super positive. And when I think about the macro, I worry about our colleagues. I worry about our colleagues in China, I worry about our 300 colleagues in Ukraine. That's the kind of stuff that -- when I read about macro, that's really where my concern is. It's less about the business itself associated with it.

所以我認為這個世界是超級積極的。當我想到宏觀時，我擔心我們的同事。我擔心我們在中國的同事，我擔心我們在烏克蘭的 300 名同事。這就是——當我讀到宏時，這才是我真正關心的地方。它與與之相關的業務本身無關。

And our next question comes from Rachel Vatnsdal of JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

Congrats on the quarter. So question on China. You flagged the guidance incorporates the $350 million headwind from Ukraine and China. So could you just break out how much of that is specifically in China? And then can you talk about your approach to guidance just in terms of future lockdowns, and how we should think about China growth returning in 2023?

祝賀本季度。所以問中國。您指出該指南包含來自烏克蘭和中國的 3.5 億美元逆風。那麼，您能否具體說明其中有多少是在中國？然後你能否談談你在未來封鎖方面的指導方法，以及我們應該如何看待中國在 2023 年恢復增長？

Yes. So roughly -- Rachel, roughly half of that is related to China. And as Marc said earlier on, China bounced back from the original depth of the pandemic pretty fast. And it's pretty resilient economy. So we've learned from that to help our customers get back up and running where they've been out of the workplace, and we're very focused on enabling that success when they're able to get back to positions of work.

是的。粗略地說——Rachel，其中大約一半與中國有關。正如馬克早些時候所說，中國從最初的大流行深度反彈得相當快。這是相當有彈性的經濟。因此，我們從中吸取了教訓，以幫助我們的客戶在他們離開工作場所的地方重新開始並運行，我們非常專注於在他們能夠回到工作崗位時實現成功。

Our guidance assumes it's all in Q2 in terms of constructions for China.

我們的指導假設就中國的建設而言，這一切都在第二季度。

Great. And then could you spend a minute talking about what you're seeing in the clinical environment in terms of hospital capacity constraints, and how funding is trending as well?

偉大的。然後您能否花一點時間談談您在臨床環境中看到的醫院容量限制以及資金趨勢如何？

Yes. So in terms of healthcare and diagnostics, the core there was actually quite good. When I think about -- we had broad-based strength in terms of core growth there in the high single digits. So I feel good about that. And there was obviously some level of COVID disruptions and things of that sort. But in aggregate, the results were strong across health care and diagnostics. And obviously, we had less revenue in the testing, which is why the customer base is down roughly 15%. But underlying at the core was quite good, and feels like that outlook will continue to be positive.

是的。所以在醫療保健和診斷方面，那裡的核心實際上相當不錯。當我想到 - 我們在高個位數的核心增長方面擁有廣泛的實力。所以我對此感覺很好。顯然存在某種程度的 COVID 中斷和類似的事情。但總的來說，醫療保健和診斷領域的結果都很強勁。顯然，我們在測試中的收入減少了，這就是客戶群下降約 15% 的原因。但核心基礎相當好，感覺前景將繼續樂觀。

And our next question comes from Puneet Souda of SVB Leerink Securities.

我們的下一個問題來自 SVB Leerink 證券的 Puneet Souda。

Marc, first one, really from your vantage point, which is obviously fairly large across pharma end markets. Could you provide us a view into this growing question that investors have been asking around biotech funding overall? I mean if you look at the quarter and what you're projecting in the outlook, one would say that's not the case at all. There are no questions on biotech funding. But if you look at the early stages of preclinical and clinical, and maybe clinical trials were all. Maybe could you outline for us what you're seeing here near to midterm? And Patheon, Brammer, PPD and other businesses across the board?

馬克，第一個，從你的角度來看，這在整個製藥終端市場顯然相當大。您能否為我們提供一個關於投資者一直在圍繞生物技術融資整體提出的日益增長的問題的看法？我的意思是，如果您查看該季度以及您對前景的預測，人們會說根本不是這種情況。沒有關於生物技術資金的問題。但如果你看一下臨床前和臨床的早期階段，也許臨床試驗都是如此。也許你能為我們概述一下你在中期看到的情況嗎？而Patheon、Brammer、PPD等全線業務？

Yes. So Puneet, what I would say is the end market, pharma biotech, incredibly strong with the mid-teens growth organically. And if you -- because we do everything on an organic basis as our -- end market description as opposed to a core organic because it gets too confusing to think about all of the history. But if you included the PPD numbers in that end market, it would be even better than the mid-teens. So very strong orders, which is a good indication of the future. It was really strong, right? So the activity level is very good, and the outlook is very strong. And when we have our -- we've completed all of our business reviews, and we talk about what are they seeing within those different customer base, actually, the outlook is good.

是的。所以 Puneet，我要說的是終端市場，製藥生物技術，在青少年中期有機增長的情況下非常強勁。如果你 - 因為我們在有機基礎上做所有事情作為我們的 - 最終市場描述而不是核心有機，因為它太混亂而無法考慮所有歷史。但是，如果您將 PPD 數字包括在該終端市場中，它甚至會比十幾歲的中期更好。如此強勁的訂單，這很好地預示了未來。它真的很強大，對吧？所以活動水平非常好，前景非常強勁。當我們完成所有業務審查時，我們會討論他們在這些不同客戶群中看到的情況，實際上，前景是好的。

So one way to think about it is at a company level, if you take a long-term perspective, right, we say our 7% to 9% core organic growth. Pharma and biotech will be above that. But when you kind of work your way through the math, around the assumptions, it doesn't nearly need to be the rate that it's growing at to drive 7% to 9% growth, right? We had a 15% growth in pharma and biotech, and we grew 16% in the quarter, right?

所以考慮它的一種方式是在公司層面，如果你從長遠的角度來看，對，我們說我們的核心有機增長是 7% 到 9%。製藥和生物技術將高於此。但是，當您圍繞假設進行數學運算時，幾乎不需要它的增長速度來推動 7% 到 9% 的增長，對吧？我們的製藥和生物技術增長了 15%，本季度增長了 16%，對吧？

So when you have strong growth in that end market given that it's a little more than half our revenue, it really flows through hugely. And given the last 10-plus years, even longer than that of the growth we've been able to deliver in pharma and biotech, I'm super bullish about what our outlook is.

因此，當您在該終端市場實現強勁增長時，考慮到它僅占我們收入的一半多一點，它確實會大量流入。鑑於過去 10 多年，甚至比我們能夠在製藥和生物技術領域實現的增長還要長，我非常看好我們的前景。

And I can even remember I was here with the patent cliffs like years and years and years and years ago, and we actually grew well through those because we helped our customers navigate productivity challenges that they were facing. That was a large pharma dynamic, and a long time ago. But we're so attuned to our customer needs. We help them through it. So that's how I think about it, and I feel great about what the outlook is.

我什至還記得我在幾年前和幾年前一樣處於專利懸崖，實際上我們在這些方面發展得很好，因為我們幫助我們的客戶應對他們所面臨的生產力挑戰。那是很久以前的大型製藥動態。但我們如此適應客戶的需求。我們幫助他們度過難關。所以我就是這麼想的，我對前景感覺很好。

That's super helpful, Marc. Just a clarification, Stephen, on the analytical technologies obviously came in strong. You pointed to electron microscopy, chromatography as an aspect of those elements. But maybe could you elaborate what's driving this growth? I mean when we looked at it even with the normal seasonality of the fourth quarter to first quarter, this was meaningfully strong. So what's driving the strength of the instruments in the first quarter when you look at the end markets, end customers.

這非常有幫助，馬克。斯蒂芬，只是對分析技術的澄清顯然很強大。你指出電子顯微鏡、色譜是這些元素的一個方面。但也許你能詳細說明推動這種增長的原因是什麼？我的意思是，即使我們從第四季度到第一季度的正常季節性來看，這也是非常強勁的。那麼，當您查看終端市場和終端客戶時，是什麼推動了第一季度儀器的實力。

Yes. So Puneet, it's a great question. So I think about Analytical Instruments is we've had great bookings for few quarters now for the business. And as Marc mentioned at the beginning, there's really strength across all 3 aspects of that segment. And then I highlighted the 2 those, the most significant contributors electron microscopy is in a great position in terms of serving life science customers as well as material science applications, including very strong growth in semiconductor applications for that customer set and had a great growth in chromatography and mass spectrometry as well. So it's really broad-based strength across there, and funding environment is being good for those end markets.

是的。所以Puneet，這是一個很好的問題。所以我認為 Analytical Instruments 是我們現在已經有幾個季度的大量預訂。正如馬克在開頭提到的那樣，該細分市場的所有三個方面都非常強大。然後我強調了這兩個，最重要的貢獻者電子顯微鏡在服務生命科學客戶以及材料科學應用方面處於有利地位，包括該客戶群的半導體應用的強勁增長，並且在色譜法和質譜法也是如此。因此，那裡確實具有廣泛的實力，並且融資環境對這些終端市場有利。

And our next question comes from Dan Arias of Stifel.

我們的下一個問題來自 Stifel 的 Dan Arias。

Marc, on bioproduction beyond COVID, are there any shifts or noticeable trends that are taking place when it just comes to upstream versus downstream work, and the portfolios that you have there? I mean obviously, the cell culture piece is driving a lot of what's going on, but just across the portfolio. I'm curious whether there's any nuance to what you're seeing.

馬克，關於 COVID 之外的生物生產，當涉及到上游與下游工作以及您在那裡的投資組合時，是否正在發生任何變化或明顯趨勢？我的意思很明顯，細胞培養部分推動了很多正在發生的事情，但只是在整個產品組合中。我很好奇你所看到的是否有任何細微差別。

No. Actually, the performance was very strong. I looked at obviously the other companies that reported. I feel good about our performance in the -- bioproduction define that way. And we had good strength in cell culture media, purification resins, pharma analytics and single-use technology. So actually, no, there's nothing there that sort of we cleaned in terms of that -- some difference. So actually, it's quite broad-based this time.

不，實際上，性能非常強。我顯然查看了其他報告的公司。我對我們在生物生產定義方面的表現感覺良好。我們在細胞培養基、純化樹脂、藥物分析和一次性技術方面擁有強大的實力。所以實際上，不，就這一點而言，我們沒有清理任何東西——有些不同。所以實際上，這次它的基礎相當廣泛。

Yes. Okay. And then maybe just on the share gains that you mentioned, how does China stack up there in terms of the opportunity, and what you've seen just with the thought being that sometimes these global disruptions tend to shake out some of the smaller or the less agile players. I'm wondering if regionally, that's becoming more noticeable or whether it's just sort of the baseline operating scenario that you see.

是的。好的。然後也許就您提到的份額收益而言，中國在機會方面如何疊加，以及您所看到的只是想法是有時這些全球性破壞往往會撼動一些較小或不太敏捷的玩家。我想知道在區域範圍內，這是否變得更加明顯，或者它是否只是您所看到的基線運營情景。

Yes. We're still looking at how others performed in China in the quarter. So I feel good about our double-digit growth, and the team is doing a nice job, and the momentum is broad-based. So our customers do value the scale and the depth of the capabilities that we have, like we really create a spectacular experience for our customers in China. And so it doesn't surprise me that the business is performing well. And will help them navigate the very challenging time with the pandemic, and then get back to business as usual as that wanes.

是的。我們仍在關注本季度其他公司在中國的表現。所以我對我們兩位數的增長感覺很好，團隊做得很好，而且勢頭廣泛。因此，我們的客戶確實重視我們所擁有的能力的規模和深度，就像我們真正為中國客戶創造了壯觀的體驗一樣。因此，業務表現良好並不令我感到驚訝。並將幫助他們度過非常具有挑戰性的大流行時期，然後在疫情消退時恢復正常營業。

Our last question today comes from Matt Sykes of Goldman Sachs.

我們今天的最後一個問題來自高盛的馬特賽克斯。

Marc, Stephen, congrats on the quarter. I just want to drill down a little bit more on the industrial, applied end market as it relates to instruments. You had another strong quarter. Are there some secular growth drivers that you think are being underappreciated by the market, driving this growth above and beyond maybe some of the pent-up demand we saw last year? And maybe just maybe talk about some of the secret growth drivers, if you can identify them?

馬克，斯蒂芬，祝賀本季度。我只想深入了解與儀器相關的工業應用終端市場。你有另一個強勁的季度。您認為是否有一些長期增長驅動因素被市場低估，推動這種增長超出了我們去年看到的一些被壓抑的需求？如果你能確定它們，也許只是談論一些秘密的增長驅動因素？

Yes. So Matt, thanks for the final question. Yes. So as Stephen said, the Analytical Instruments business had a really good start to the year, good growth in revenue and really strong growth in bookings. I would say that the one end market that's really, really humming is what I call broadly the material science applications, semiconductor, advanced materials, battery technologies really very strong growth. That's not implying that -- the life science is very healthy and doing well, and the businesses are doing really well.

是的。所以，馬特，感謝最後一個問題。是的。正如斯蒂芬所說，分析儀器業務今年開局非常好，收入增長良好，預訂量增長非常強勁。我想說的是，真正非常活躍的終端市場是我廣義上所說的材料科學應用、半導體、先進材料、電池技術的增長非常強勁。這並不意味著——生命科學非常健康並且做得很好，企業也做得很好。

But I'd say the continued demand and outlook for the material science related business is really strong and that bodes really well for the growth of our instruments business this year and into next. So that would be the thing I'd probably highlight.

但我想說，材料科學相關業務的持續需求和前景非常強勁，這對我們今年和明年儀器業務的增長來說是個好兆頭。這就是我可能要強調的事情。

Thanks for the question today. And let me do a quick wrap-up. So thanks, everyone, for joining the call. We're very pleased with the strong start, and we're in a very good position to achieve another excellent year. And I look forward to updating you at our upcoming Investor Day on May 18. And as always, thank you for your support of Thermo Fisher Scientific. Thanks, everyone.

感謝今天的提問。讓我快速總結一下。非常感謝大家加入電話會議。我們對強勁的開端感到非常高興，我們處於一個非常好的位置，可以實現又一個出色的一年。我期待在即將到來的 5 月 18 日投資者日上為您提供最新信息。一如既往，感謝您對賽默飛世爾科技的支持。謝謝大家。

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

謝謝你們，女士們，先生們。今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開線路。