賽默飛世爾科技 (TMO) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2021 Fourth Quarter Conference Call. My name is Katie, and I'll be coordinating your call today. (Operator Instructions)

早安，女士們、先生們，歡迎參加賽默飛世爾科技 2021 年第四季電話會議。我叫凱蒂，今天我將協調您的電話。 （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.

我想介紹我們的電話會議主持人，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.

早安，感謝您加入我們的通話。今天和我在一起的是我們的董事長、總裁兼執行長 Marc Casper；和資深副總裁兼財務長史蒂芬·威廉森。

Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading News and Events until February 11, 2022. A copy of the press release of our fourth quarter 2021 earnings is available in the Investors section of our website under the heading Financials.

請注意，本次電話會議正在進行網路直播，並將在2022 年2 月11 日之前存檔在我們網站Thermofisher.com 投資者部分的新聞和活動標題下。我們提供2021 年第四季度收益新聞稿的副本在我們網站的“投資者”部分的“財務”標題下。

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

因此，在開始之前，讓我先簡單介紹一下我們的安全港聲明。我們可能對公司的未來預期、計劃和前景所做的各種評論構成前瞻性陳述，以符合1995 年《私人證券訴訟改革法案》中的安全港條款。實際結果可能與這些前瞻性陳述所表明的結果存在重大差異由於各種重要因素而導致的報表，包括公司最近的10-K 表格年度報告和隨後的10-Q 表格季度報告中討論的內容，這些因素均已向SEC 備案，並可在我們網站的投資者部分查看在財務標題下，向 SEC 提交文件。

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 -- subsequent to today.

雖然我們可能選擇在未來某個時候更新前瞻性陳述，但我們特別聲明不承擔任何這樣做的義務，即使我們的估計發生變化。因此，您不應依賴這些前瞻性陳述來代表我們今天之後的任何觀點。

Also, during this call, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is available in the press release of our fourth quarter and full year 2021 earnings and also in the Investors section of our website under the heading Financials.

此外，在本次電話會議中，我們將提及某些未依照公認會計原則或公認會計準則制定的財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表可在我們第四季度和 2021 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」標題下找到。

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

因此，我現在將把電話轉給馬克。

Thank you, Raf. Good morning, everyone, and thanks for joining us today for our fourth quarter call and a wrap-up of a truly exceptional year for Thermo Fisher Scientific.

謝謝你，拉夫。大家早安，感謝您今天參加我們的第四季電話會議，並對賽默飛世爾科技真正非凡的一年進行總結。

We delivered another quarter of very strong results. And as I reflect on the year, three things stand out to me. Our proven growth strategy, powered by our PPI Business System, continues to drive outstanding financial performance. Customer demand is strong. Our core business is performing very well. We're gaining market share. And we continue to play a leading role in the societal response to COVID-19. And finally, we continue to build on our trusted partner status with our customers.

我們又一個季度取得了非常強勁的業績。當我回顧這一年時，有三件事對我來說很突出。我們經過驗證的成長策略在 PPI 業務系統的支持下，持續推動出色的財務表現。客戶需求強勁。我們的核心業務表現非常好。我們正在贏得市場份額。我們將繼續在社會應對新冠肺炎 (COVID-19) 疫情方面發揮主導作用。最後，我們持續與客戶建立值得信賴的合作夥伴地位。

All of this gives me great confidence in a very bright future as we continue to create sustainable value for all of our stakeholders. I'll get into more detail in my remarks later, but first, let me recap the financials. Starting with the quarter. Our revenue was $10.7 billion. Adjusted operating income was $3.16 billion, and our adjusted operating margin was 29.5%. Adjusted EPS was $6.54 per share.

所有這些都讓我對光明的未來充滿信心，因為我們將繼續為所有利害關係人創造可持續的價值。我稍後會在發言中詳細介紹，但首先讓我回顧一下財務狀況。從季度開始。我們的收入為 107 億美元。調整後營業收入為 31.6 億美元，調整後營業利益率為 29.5%。調整後每股收益為 6.54 美元。

Turning to our results for the full year. We grew revenue by 22% to $39.21 billion in 2021. Adjusted operating income increased 27% to $12.14 billion. We expanded our adjusted operating margin by 130 basis points to 31%. And we delivered a 28% increase in adjusted EPS to $25.13 per share. Building on the tremendous success that we had in 2020, I'm incredibly proud of our team's stellar performance in 2021. It's really a testament to the strength of our global team and our proven growth strategy, resulting in another year of exceptional financial results and share gain.

轉向我們全年的業績。 2021 年，我們的營收成長 22%，達到 392.1 億美元。調整後營業收入成長 27%，達到 121.4 億美元。我們將調整後的營業利益率擴大了 130 個基點，達到 31%。我們的調整後每股收益成長了 28%，達到每股 25.13 美元。在我們2020 年取得巨大成功的基礎上，我對我們團隊在2021 年的出色表現感到無比自豪。這確實證明了我們全球團隊的實力和行之有效的成長策略，導致又一年取得了出色的財務績效和分享收益。

Let me now give you a color on the results for the quarter and the year, starting with pharma and biotech. We had outstanding performance, delivering growth over 20% in the fourth quarter and over 25% for the full year. In addition to strong market dynamics, these results were driven by our unique customer value proposition and our leading role in supporting our customers across a wide range of exciting therapeutic areas, including our role in supporting COVID-19 vaccines and therapies.

現在讓我從製藥和生物技術行業開始介紹本季和本年度的業績。我們的業績表現出色，第四季成長超過20%，全年成長超過25%。除了強勁的市場動態之外，這些成果還得益於我們獨特的客戶價值主張以及我們在廣泛令人興奮的治療領域為客戶提供支持的主導作用，包括我們在支持COVID-19 疫苗和療法方面的作用。

During the year, we saw broad-based strength across our businesses in this end market, including our bioproduction, pharma services, biosciences, chromatography and mass spectrometry businesses as well as in the research and safety market channel. In academic and government, we declined in the low single-digits during the quarter against strong demand in the year-ago period and grew in the low double digits for the full year. During the year, we saw very good growth across a range of our businesses, particularly biosciences, electron microscopy and our research and safety market channel.

今年，我們在這項終端市場的業務中看到了廣泛的優勢，包括我們的生物生產、製藥服務、生物科學、色譜和質譜業務以及研究和安全市場管道。在學術和政府領域，由於去年同期的強勁需求，本季度我們的業績出現了較低的個位數下降，而全年則出現了較低的兩位數增長。在這一年裡，我們的一系列業務都取得了非常好的成長，特別是生物科學、電子顯微鏡以及我們的研究和安全市場管道。

Turning to industrial and applied. We grew in the low teens during the quarter, and we grew in the high teens for the full year. During the year, we saw strong growth in our electron microscopy and chromatography and mass spectrometry businesses as well as in the research and safety market channel.

轉向工業和應用。本季我們的成長幅度為十幾歲，全年的成長幅度為十幾歲。這一年，我們的電子顯微鏡、色譜和質譜業務以及研究和安全市場管道實現了強勁成長。

Finally, in diagnostics and health care, Q4 revenue was 30% lower than the prior year quarter and revenue grew in the high single digits for the full year. Throughout the year, the team executed really well to support customers' testing needs. And in the base business, we had strong growth in our immunodiagnostics and transplant diagnostics businesses.

最後，在診斷和醫療保健領域，第四季營收比去年同期下降 30%，全年收入以高個位數成長。在這一年裡，該團隊的表現非常出色，能夠滿足客戶的測試需求。在基礎業務中，我們的免疫診斷和移植診斷業務成長強勁。

Before I move to our growth strategy, let me provide a few comments on our role in the pandemic response. In the quarter, we generated $2.45 billion in COVID-19 response-related revenue. This was driven by the emergence of the Omicron variant, which led to strong testing demand, as well as our significant role in enabling vaccine and therapy production.

在討論我們的成長策略之前，讓我對我們在應對大流行病中的作用發表一些評論。本季度，我們產生了 24.5 億美元的 COVID-19 響應相關收入。這是由 Omicron 變體的出現所推動的，它帶來了強勁的測試需求，以及我們在疫苗和治療生產方面發揮的重要作用。

Throughout 2021, we continue to operate with speed at scale to meet our customers' needs related to COVID-19 and generated total response revenue of over $9 billion, of which $2 billion were from vaccines and therapies. I'm very proud of the role that we continue to play around the world to enable our customers and governments to fight the pandemic.

在整個 2021 年，我們繼續大規模運營，以滿足客戶與 COVID-19 相關的需求，並產生了超過 90 億美元的總響應收入，其中 20 億美元來自疫苗和療法。我對我們在世界各地繼續發揮的作用感到非常自豪，幫助我們的客戶和政府對抗這場流行病。

At the same time, we're executing our core business strategy incredibly well. Let me provide you an update on the progress we made in 2021 executing our proven growth strategy, which consists of three elements, as you know: developing high-impact innovative new products, leveraging our scale in the high-growth and emerging markets and delivering a unique value proposition to our customers.

同時，我們的核心業務策略執行得非常好。讓我向您介紹我們在2021 年執行行之有效的成長策略所取得的進展，如您所知，該策略由三個要素組成：開發高影響力的創新新產品、利用我們在高成長和新興市場的規模以及交付為我們的客戶提供獨特的價值主張。

We made outstanding progress in 2021. Let me share a few of the highlights. Starting with the first pillar. It was a fantastic year of high-impact innovation. In 2021, we launched a number of new products across our businesses, strengthening our industry leadership and enabling our customers to advance their important work.

2021 年我們取得了顯著進展。讓我分享一些亮點。從第一個支柱開始。這是具有高影響力的創新的美好一年。 2021 年，我們在各個業務領域推出了許多新產品，增強了我們的行業領導地位，並使我們的客戶能夠推進他們的重要工作。

In our bioproduction business, we launched the HyPerforma DynaDrive Single-Use Bioreactor. Available in sizes up to 5,000 liters, this latest advancement in our DynaDrive Single-Use Bioreactor technology brings the benefits of single-use technologies to unprecedented volumes and performance and ensures consistent scalability from pilot scale studies through commercial production.

在我們的生物生產業務中，我們推出了 HyPerforma DynaDrive 一次性生物反應器。我們的 DynaDrive 一次性生物反應器技術的最新進展可提供高達 5,000 公升的尺寸，將一次性技術的優勢帶來前所未有的容量和性能，並確保從中試規模研究到商業生產的一致可擴展性。

In chromatography and mass spectrometry, we continue to innovate across life sciences research and biopharmaceutical development. During the year, we extended the impact of our industry-leading Orbitrap platform to bring high-resolution analysis to a range of applications, including toxicology and metabolomics. And during the fourth quarter, we launched the Thermo Scientific Orbitrap Exploris MX mass detector, providing high-throughput analysis to improve the development and production of biopharmaceuticals.

在色譜和質譜領域，我們在生命科學研究和生物製藥開發領域不斷創新。在這一年中，我們擴大了業界領先的 Orbitrap 平台的影響力，為毒理學和代謝組學等一系列應用帶來高解析度分析。在第四季度，我們推出了 Thermo Scientific Orbitrap Exploris MX 品質檢測器，提供高通量分析，以改善生物製藥的開發和生產。

In electron microscopy, we introduced the Helios 5EXL Wafer DualBeam scanning electron microscope to support the development of increasingly smaller and more complex semiconductors. And in genetic sciences, our new Applied Biosystems QuantStudio 7 Pro Dx Real-Time PCR system launched during Q4 enables clinical testing laboratories to accelerate molecular diagnostics.

在電子顯微鏡方面，我們推出了 Helios 5EXL Wafer DualBeam 掃描電子顯微鏡，以支援越來越小、越來越複雜的半導體的開發。在遺傳科學領域，我們在第四季度推出的全新 Applied Biosystems QuantStudio 7 Pro Dx 實時 PCR 系統使臨床檢測實驗室能夠加速分子診斷。

The second pillar of our growth strategy is leveraging our scale in the high-growth emerging markets to create a differentiated experience for our customers. We continue to strengthen our capabilities serving these markets, and I'll highlight a few examples.

我們成長策略的第二個支柱是利用我們在高成長新興市場的規模為客戶創造差異化的體驗。我們將繼續加強服務這些市場的能力，我將重點介紹幾個例子。

To increase our capacity for single-use technology, we opened new manufacturing sites in China and Singapore to serve both local and global demand from biopharma customers. In South Korea, we continue to enhance on our local capabilities with customer-focused innovation centers for both the semiconductor industry and our biopharma customers. These additional capabilities positions us really well to support our customers' needs.

為了提高一次性技術的產能，我們在中國和新加坡開設了新的生產基地，以滿足本地和全球生物製藥客戶的需求。在韓國，我們透過半導體產業和生物製藥客戶的以客戶為中心的創新中心，持續增強我們的本地能力。這些附加功能使我們能夠很好地滿足客戶的需求。

The third pillar of our growth strategy is our unique customer value proposition. We've continued to significantly accelerate organic investments in our capabilities and added capacity to be an even better partner for our customers. In 2021, we invested $2.5 billion in capital to meet short- and long-term customer demand. Highlights included expansion of our sterile fill-finish network, bioproduction, enzymes, nucleotides, plasmids and lab products capacity.

我們成長策略的第三個支柱是我們獨特的顧客價值主張。我們持續大幅加速對能力的有機投資，並增加能力，成為客戶更好的合作夥伴。 2021年，我們投資了25億美元資本來滿足短期和長期客戶需求。亮點包括擴大我們的無菌填充-完成網絡、生物生產、酶、核苷酸、質粒和實驗室產品產能。

As always, our PPI Business System and our mission-driven culture were major factors in our success during the year. They enable the rapid execution of our capital investments and help us find a better way every day so we can continue to bring innovative new solutions to our customers, work more efficiently and effectively, and operate with speed at scale to create even greater value for all of our stakeholders.

一如既往，我們的 PPI 業務系統和使命驅動的文化是我們這一年成功的主要因素。它們使我們能夠快速執行資本投資，並幫助我們每天找到更好的方法，以便我們能夠繼續為客戶帶來創新的新解決方案，更有效率、更有效地工作，並大規模快速運營，為所有人創造更大的價值我們的利害關係人。

Turning to capital deployment. We were very active again this year, which further strengthened our customer value proposition. We continue to successfully execute our disciplined capital deployment strategy, which is a combination of strategic M&A and returning capital to our shareholders.

轉向資本配置。今年我們再次非常活躍，這進一步強化了我們的顧客價值主張。我們繼續成功執行嚴格的資本部署策略，該策略是策略併購和向股東返還資本的結合。

In 2021, we were very active, investing $24 billion in M&A and completing 10 transactions to further strengthen our customer value proposition. This was highlighted by the addition of PPD, which we closed in December. We're super excited to have our PPD colleagues as part of the company and share their expertise as we work together to enhance innovation and productivity for our pharma and biotech customers.

2021年，我們非常活躍，投資了240億美元進行併購，完成了10筆交易，以進一步強化我們的客戶價值主張。我們在 12 月關閉的 PPD 的加入凸顯了這一點。我們非常高興 PPD 同事成為公司的一部分，並在我們共同努力提高製藥和生物技術客戶的創新和生產力時分享他們的專業知識。

PPD is performing at a very high level. The business delivered great results in 2021 and is entering 2022 with outstanding momentum, significantly ahead of our original expectations at the time of the deal announcement. The customer feedback has been extremely positive, and we're excited about the pipeline of opportunities that we're building.

PPD 的表現非常高。該業務在 2021 年取得了出色的業績，並以出色的勢頭進入 2022 年，大大超出了我們在宣布交易時的最初預期。客戶的回饋非常積極，我們對我們正在建立的機會管道感到興奮。

We're executing our proven integration methodology, which is a key element of our PPI Business System, to create value for all of our stakeholders. We're well positioned to deliver year 3 cost synergies of $75 million and $50 million in operating income from revenue synergies. And we're on track to deliver $40 million in cost synergies in 2022.

我們正在執行經過驗證的整合方法，這是我們 PPI 業務系統的關鍵要素，旨在為所有利害關係人創造價值。我們完全有能力在第 3 年實現 7,500 萬美元的成本綜效和 5,000 萬美元的收入綜效營業收入。我們預計在 2022 年實現 4,000 萬美元的成本綜效。

At the end of the year, we completed the acquisition of PeproTech, a leading provider of recombinant proteins, which is an excellent complement to our industry-leading biosciences business. In 2021, we also returned $2.4 billion of capital to our shareholders through stock buybacks and dividends.

去年年底，我們完成了對重組蛋白領先供應商 PeproTech 的收購，這對我們行業領先的生物科學業務來說是一個極好的補充。 2021年，我們也透過股票回購和股利向股東返還了24億美元的資本。

Turning to a brief update on the progress of our ESG priorities. I'm very proud that over the past year, we significantly advanced our environmental, social and governance initiatives. Our mission to enable our customers to make the world healthier, cleaner and safer has never been more relevant. Highlights this year include our commitment to achieve carbon neutrality by 2050.

接下來簡要介紹我們的 ESG 優先事項的進展。我感到非常自豪的是，在過去的一年裡，我們顯著地推動了我們的環境、社會和治理措施。我們的使命是幫助我們的客戶讓世界更健康、更乾淨、更安全。今年的亮點包括我們承諾在 2050 年實現碳中和。

This builds on our earlier goal to reduce greenhouse gas emissions by 30% across our operations by 2030, enhancing the reporting and transparency through our expanded corporate social responsibility report and alignment of multiple ESG reporting frameworks. And we're actively engaging in our community. Our Foundation for Science reached more than 100,000 students globally through our STEM education programs. Our goal is to make a very positive impact in the communities in which we live and work.

這個目標建立在我們先前的目標之上，即到 2030 年將我們營運中的溫室氣體排放量減少 30%，透過擴大企業社會責任報告和協調多個 ESG 報告框架來提高報告和透明度。我們正在積極參與我們的社區。我們的科學基金會透過我們的 STEM 教育計畫涵蓋了全球超過 10 萬名學生。我們的目標是對我們生活和工作的社區產生非常積極的影響。

With that, I'd like to now review our 2022 guidance at a high level, and then Stephen will take you through the details. We're significantly raising both our revenue and earnings guidance. This increase is a result of both the strong performance of our core business and an increase in the assumption for COVID-19 testing-related revenue. We're raising our 2022 full year revenue guidance by $1.5 billion to $42 billion, which would result in 7% revenue growth over 2021. And we're increasing our 2022 adjusted EPS guidance by $1.07 to $22.43 per share.

說到這裡，我現在想從高層次回顧我們的 2022 年指南，然後史蒂芬將帶您了解詳細資訊。我們正在大幅提高收入和獲利指導。這一成長是我們核心業務的強勁表現以及與 COVID-19 測試相關的收入假設增加的結果。我們將 2022 年全年營收指引提高 15 億美元，達到 420 億美元，這將導致 2021 年營收成長 7%。我們將 2022 年調整後每股盈餘指引提高 1.07 美元，達到每股 22.43 美元。

So to summarize our key takeaways from 2021. We executed very well to continue our growth momentum and deliver outstanding financial performance. Our business is performing very well, and we're gaining market share. Our exceptional performance in 2021 and momentum entering 2022 enables us to raise our outlook for 2022. And we're incredibly well positioned for the future. Our proven growth strategy positions us to deliver long-term core organic revenue growth of 7% to 9%.

總結我們 2021 年的主要收穫。我們執行得很好，延續了成長動能並實現了出色的財務表現。我們的業務表現非常好，我們正在獲得市場份額。我們在 2021 年的出色表現和進入 2022 年的勢頭使我們能夠提高 2022 年的前景。而且我們為未來做好了令人難以置信的準備。我們行之有效的成長策略使我們能夠實現 7% 至 9% 的長期核心有機收入成長。

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

現在，我將把電話轉交給我們的財務長史蒂芬威廉森。史蒂芬？

Thanks, Marc, and good morning, everyone. As you saw in our press release, in Q4, we delivered an excellent quarter, capping off another outstanding year.

謝謝，馬克，大家早安。正如您在我們的新聞稿中看到的，在第四季度，我們交付了出色的季度，為另一個出色的一年畫上了句號。

For the full year 2021, we delivered 17% organic growth that included 14% organic base business growth and $9.2 billion of COVID-19 response revenue. We delivered 28% growth in adjusted earnings per share in 2021 and over $7 billion of free cash flow, all while significantly investing in our company to enable a really bright future. I'm very proud of what the team accomplished this year.

2021 年全年，我們實現了 17% 的有機成長，其中包括 14% 的有機基礎業務成長和 92 億美元的 COVID-19 回應收入。 2021 年，我們的調整後每股盈餘成長了 28%，自由現金流超過 70 億美元，同時對我們的公司進行了大量投資，以實現真正光明的未來。我對團隊今年的成就感到非常自豪。

These results are significantly ahead of our prior guidance. So let me walk you through the key elements of the beat. We delivered $2.1 billion more revenue than included in our prior guide. This included $1.5 billion higher COVID-19 response revenue, $375 million of revenue from the PPD acquisition and $200 million higher base business revenue.

這些結果大大超越了我們先前的指導。那麼讓我帶您來了解節拍的關鍵要素。我們的收入比先前指南中的收入多了 21 億美元。其中包括增加 15 億美元的 COVID-19 響應收入、收購 PPD 帶來的 3.75 億美元的收入以及增加 2 億美元的基礎業務收入。

On our last earnings call, we derisked testing response revenue in our guidance. And we said that if there were any additional opportunities to support customers' testing needs, we'll be ready to do so and flow the benefits through our P&L, and that's exactly what we did in Q4.

在我們上次的財報電話會議上，我們在指導中避免了測試回應收入的風險。我們表示，如果有任何其他機會來支持客戶的測試需求，我們將做好準備，並透過我們的損益表來體現收益，而這正是我們在第四季度所做的。

Let me turn to the base business. In Q4, we delivered 8% base business organic growth, which was 3 percentage points higher than assumed in the prior guide. This is very good performance particularly given the 4 fewer selling days in the quarter. So excellent momentum on the top line. Our core business is on a great growth trajectory, and we continue to step up and meet our customers' testing needs.

讓我談談基礎業務。第四季度，我們實現了 8% 的基本業務有機成長，比先前指南中的假設高出 3 個百分點。這是非常好的表現，特別是考慮到本季銷售天數減少了 4 個。頂線上的勢頭如此出色。我們的核心業務正處於良好的成長軌道，我們不斷加強並滿足客戶的測試需求。

Our PPI Business System enabled us to generate great pull-through on the very strong revenue performance in Q4, leading to excellent adjusted EPS performance. We delivered $6.54 of adjusted EPS in the quarter and $25.13 for the full year. This was $1.76 ahead of our prior guide. So a broad-based beat to round out an outstanding year.

我們的 PPI 業務系統使我們能夠在第四季度非常強勁的收入表現的基礎上產生巨大的拉動，從而帶來出色的調整後每股收益表現。我們本季調整後每股收益為 6.54 美元，全年調整後每股收益為 25.13 美元。這比我們之前的指南高出 1.76 美元。因此，基礎廣泛的節奏為出色的一年畫上了圓滿的句號。

Let me now provide you with some more details on our performance. Beginning with our earnings results, and as I mentioned, we delivered $6.54 of adjusted EPS in the quarter. And for the full year, adjusted EPS was $25.13, up 28% compared to last year. GAAP EPS in the quarter was $4.17. And for the full year 2021, GAAP EPS was $19.46, up 22% versus the prior year.

現在讓我向您提供有關我們表現的更多詳細資訊。從我們的獲利結果開始，正如我所提到的，我們在本季度實現了 6.54 美元的調整後每股收益。全年調整後每股收益為 25.13 美元，比去年增長 28%。本季 GAAP 每股收益為 4.17 美元。 2021 年全年，GAAP 每股收益為 19.46 美元，比上年增長 22%。

On the top line, our Q4 reported revenue grew 1% year-over-year. The components of our Q4 revenue increase included a 4% organic revenue decrease, a 6% contribution from acquisitions and a headwind of 1% from foreign exchange. And as I mentioned, the base business organic revenue growth in the quarter was 8%.

在營收方面，我們第四季的營收年增 1%。第四季營收成長的組成部分包括 4% 的有機收入下降、6% 的收購貢獻以及 1% 的外匯阻力。正如我所提到的，本季基本業務有機收入成長率為 8%。

For the full year 2021, reported revenue increased 22%. This includes 17% organic growth, a 3% contribution from acquisitions and a 2% tailwind from foreign exchange. The full year base business organic growth was 14%. And in 2021, we delivered $9.23 billion of COVID-19 response revenue, which includes $2 billion of vaccines and therapies support revenue.

2021 年全年，報告營收成長 22%。其中包括 17% 的有機成長、3% 的收購貢獻以及 2% 的外匯推動。全年基本業務有機成長率為 14%。 2021 年，我們交付了 92.3 億美元的 COVID-19 應對收入，其中包括 20 億美元的疫苗和治療支持收入。

Turning to our performance by geography. The organic growth rates by region are skewed by the response revenue in the current and prior year as well as 4 fewer selling days in Q4 '21 versus the prior year quarter. For Q4, North America declined in the low teens; Europe grew high single digits; Asia Pacific and China grew in the high single digits; and rest of the world grew mid-single digits. For the full year, North America grew low double digits; Europe grew over 25%; Asia Pacific grew over 20%, including just under 20% growth in China; and rest of the world grew mid-teens.

轉向我們的地理表現。按地區劃分的有機成長率受到當前和去年的回應收入以及 21 年第 4 季比去年同期減少 4 個銷售天數的影響。第四季度，北美地區的下降幅度為十幾歲；歐洲實現高個位數成長；亞太地區和中國實現高個位數成長；世界其他地區的成長率為中個位數。北美地區全年實現低兩位數成長；歐洲成長超過25%；亞太地區成長超過 20%，其中中國成長略低於 20%；世界其他地方的人都在十幾歲左右。

Turning to our operational performance. Q4 adjusted operating income decreased 10% and adjusted operating margin was 29.5%, 380 basis points lower than Q4 last year. For the full year, adjusted operating income increased 27% and adjusted operating margin was 31%, which is 130 basis points higher than 2020.

轉向我們的營運績效。第四季調整後營業收入下降 10%，調整後營業利益率為 29.5%，比去年第四季下降 380 個基點。全年調整後營業收入成長27%，調整後營業利益率為31%，較2020年高130個基點。

In the quarter, our PPI Business System enables to deliver strong volume leverage on the base business and strong productivity. This was more than offset by the impact of lower testing response revenue and our ongoing strategic investments across our business to support our near- and long-term growth. For the full year, we drove positive volume leverage and productivity. We also had favorable business mix. This was partially offset by our strategic investments.

本季度，我們的 PPI 業務系統能夠對基礎業務提供強大的銷售槓桿和強大的生產力。這被較低的測試響應收入的影響以及我們為支持我們的近期和長期成長而進行的整個業務的持續策略投資所抵消。全年，我們推動了積極的銷售槓桿和生產力。我們也擁有有利的業務組合。這被我們的策略投資部分抵消。

Moving on to the details of the P&L. Total company adjusted gross margin in the quarter came in at 50.5%, 340 basis points lower than Q4 last year. And for the full year, adjusted gross margin was 51.6%, up 40 basis points versus the prior year. For both the fourth quarter and full year, the change in gross margin was due to the same drivers as those for our adjusted operating margin.

繼續討論損益表的詳細資訊。該季度公司調整後總毛利率為 50.5%，比去年第四季低 340 個基點。全年調整後毛利率為51.6%，較上年增加40個基點。對於第四季和全年來說，毛利率的變化與我們調整後的營業利潤率的驅動因素相同。

Adjusted SG&A in Q4 was 17.3% of revenue. And for the full year, adjusted SG&A was 17.1% of revenue, an improvement of 80 basis points compared to 2020. Total R&D expense was approximately $390 million in Q4. And for the full year, R&D expense was $1.4 billion, representing growth of 19% over the prior year, reflecting our ongoing investments in high-impact innovation to fuel future growth.

第四季調整後的 SG&A 佔營收的 17.3%。全年調整後的 SG&A 佔營收的 17.1%，與 2020 年相比提高了 80 個基點。第四季的總研發費用約為 3.9 億美元。全年研發費用為 14 億美元，比上年成長 19%，反映出我們對高影響力創新的持續投資，以推動未來成長。

Looking at our results below the line for the quarter. Our net interest expense was $150 million, $16 million higher than Q4 last year, largely due to the PPD financing activities. Net interest expense for the full year was $493 million, an increase of $5 million from 2020.

看看我們本季的線下業績。我們的淨利息支出為 1.5 億美元，比去年第四季增加了 1,600 萬美元，這主要歸功於 PPD 融資活動。全年淨利息支出為4.93億美元，較2020年增加500萬美元。

Adjusted other income and expense was a net income in the quarter of $7 million, $8 million higher than Q4 2020, mainly due to changes in nonoperating FX. For the full year, adjusted other income and expense was a net income of $38 million, which is $8 million lower than the prior year.

調整後的其他收入和支出為本季淨利潤為 700 萬美元，比 2020 年第四季高出 800 萬美元，主要是由於非經營性外匯的變化。全年調整後的其他收入和支出淨利為 3,800 萬美元，比前一年減少 800 萬美元。

Our adjusted tax rate in the quarter was 13.8%. This was 220 basis points lower than Q4 last year, mainly due to the different levels of pretax profitability year-over-year. For the full year, the adjusted tax rate was 14.6% or 30 basis points higher than 2020.

本季調整後的稅率為 13.8%。這比去年第四季低 220 個基點，主要是由於稅前獲利能力比去年同期不同。全年調整後稅率為14.6%，比2020年增加30個基點。

Average diluted shares were 398 million in Q4, approximately 2 million lower year-over-year, driven by share repurchases, net of option dilution. And for the full year, the average diluted shares was 397 million.

第四季平均稀釋後股票為 3.98 億股，年減約 200 萬股，這是由於股票回購（扣除選擇權稀釋）所推動的。全年平均攤薄股數為3.97億股。

Turning to cash flow and the balance sheet. Cash flow was another great highlight for the year. Cash flow from operating activities in 2021 was $9.5 billion, up 15% over the prior year. And free cash flow for the year was $7 billion after investing $2.5 billion of net capital expenditure. This reflects strong returns we're generating in the short term and the investments that we're making for the long term. During the year, we returned approximately $2.4 billion of capital to shareholders through stock buybacks and dividends, and we ended Q4 with $4.5 billion in cash.

轉向現金流和資產負債表。現金流是今年的另一個亮點。 2021年經營活動現金流量為95億美元，較上年成長15%。投資 25 億美元的淨資本支出後，全年自由現金流為 70 億美元。這反映了我們在短期內產生的強勁回報以及我們正在進行的長期投資。這一年中，我們透過股票回購和股利向股東返還了約 24 億美元的資本，第四季結束時我們擁有 45 億美元的現金。

Our total debt at the end of Q4 was $34.9 billion, up $13.2 billion sequentially from Q3, largely as a result of the financing activities related to the PPD acquisition. Our leverage ratio at the end of the quarter was 2.7x gross debt-to-adjusted EBITDA and 2.3x on a net debt basis. And concluding my comments on our total company performance, adjusted ROIC was 19.8%, up 180 basis points from Q4 last year, as we continue to generate exceptional returns.

截至第四季末，我們的總債務為 349 億美元，比第三季末增加 132 億美元，這主要是由於與 PPD 收購相關的融資活動。截至本季末，我們的槓桿率為總負債與調整後 EBITDA 的 2.7 倍，淨負債的槓桿率為 2.3 倍。最後我對公司整體業績的評論是，調整後的投資回報率為 19.8%，比去年第四季上升 180 個基點，因為我們繼續創造卓越的回報。

So I'll now provide some color on the performance of our four business segments, and let me start with a few framing comments. The scale and margin profile of our COVID-19 response revenue varies by segment, but it's been consistent throughout the year. We continue to make strategic investments across all of our businesses. The size of those investments does not necessarily align with the response revenue in each segment, but does skew some of the reported segment margins.

因此，我現在將提供一些關於我們四個業務部門的業績的信息，並讓我從一些框架性評論開始。我們的 COVID-19 響應收入的規模和利潤狀況因細分市場而異，但全年保持一致。我們繼續對所有業務進行策略性投資。這些投資的規模不一定與每個細分市場的回應收入一致，但確實會扭曲一些報告的細分市場利潤。

And during Q4, we had 4 fewer selling days than the year-ago quarter. And finally, we recently renamed Laboratory Products segment to reflect the inclusion of the PPD acquisition. It's now Laboratory Products and Biopharma Services segment. And also, going forward, we'll refer to PPD as our clinical research business within this segment.

第四季度，我們的銷售天數比去年同期減少了 4 天。最後，我們最近將實驗室產品部門重新命名為反映 PPD 收購的納入。現在是實驗室產品和生物製藥服務部門。此外，展望未來，我們將 PPD 稱為我們在該細分市場中的臨床研究業務。

Moving on to the segment details, starting with Life Sciences Solutions. Q4 reported revenue in this segment decreased 5% and organic revenue was 8% lower than the prior year quarter. In the quarter, we delivered very strong growth in our bioproduction and biosciences businesses. This was offset by lower revenue in the genetic sciences business, driven by lower testing revenue versus the year-ago quarter.

繼續討論細分市場的詳細信息，從生命科學解決方案開始。第四季該部門的收入下降了 5%，有機收入比去年同期下降了 8%。本季度，我們的生物生產和生物科學業務實現了非常強勁的成長。這被基因科學業務收入下降所抵消，原因是檢測收入較上年同期下降。

For the full year, reported revenue in this segment increased 28% and organic revenue increased 23%. Q4 adjusted operating income in Life Sciences Solutions decreased 14%. And adjusted operating margin was 48.2%, down 490 basis points year-over-year.

全年，該部門的報告收入成長了 28%，有機收入成長了 23%。第四季生命科學解決方案調整後營業收入下降 14%。調整後營業利益率為 48.2%，較去年同期下降 490 個基點。

In the quarter, we delivered strong productivity, which is more than offset by unfavorable business mix and strategic investments. And for the full year, adjusted operating income increased 28% and adjusted operating margin was 50%, a decrease of 20 basis points versus 2020.

本季度，我們實現了強勁的生產力，但不利的業務組合和策略投資足以抵消這一影響。全年調整後營業收入成長 28%，調整後營業利益率為 50%，較 2020 年下降 20 個基點。

In the Analytical Instruments segment, reported revenue increased 5% in Q4 and organic growth was 6%. Growth in this segment this quarter was driven by electron microscopy and chromatography and mass spectrometry businesses. For the full year, reported revenue in this segment increased 18% and organic revenue increased 17%. Q4 adjusted operating income in this segment increased 15% and adjusted operating margin was 22.1%, up 190 basis points year-over-year.

在分析儀器領域，第四季度報告營收成長了 5%，有機成長為 6%。本季該領域的成長是由電子顯微鏡、色譜和質譜業務推動的。全年，該部門的報告收入成長了 18%，有機收入成長了 17%。該部門第四季調整後營業收入成長 15%，調整後營業利益率為 22.1%，較去年同期成長 190 個基點。

During the quarter, we saw favorable business mix and delivered strong volume pull-through and productivity enabled by our PPI Business System. That was partially offset by the strategic investments we're making across this segment. For the full year, adjusted operating income increased 48% and adjusted operating margin was 19.7%, an increase of 390 basis points versus 2020.

本季度，我們看到了良好的業務組合，並透過我們的 PPI 業務系統實現了強勁的銷量拉動和生產力。我們在該領域進行的戰略投資部分抵消了這一影響。全年調整後營業收入成長 48%，調整後營業利益率為 19.7%，較 2020 年成長 390 個基點。

Turning to Specialty Diagnostics. In Q4, reported revenue and organic revenue were both 26% lower than the year-ago quarter. In the quarter, we saw a strong growth in our transplant diagnostics and immunodiagnostics businesses, which was offset by lower COVID-19 testing revenue versus the year-ago quarter. For the full year, reported revenue in this segment increased 6% and organic revenue increased 5%. Q4 adjusted operating income decreased 43% in the quarter and adjusted operating margin was 20.5%, down 590 basis points from the prior year.

轉向專業診斷。第四季度，報告收入和有機收入均比去年同期下降 26%。本季度，我們的移植診斷和免疫診斷業務強勁成長，但被 COVID-19 檢測收入較去年同期下降所抵銷。全年，該部門的報告收入成長了 6%，有機收入成長了 5%。第四季調整後營業收入下降 43%，調整後營業利益率為 20.5%，較上年同期下降 590 個基點。

In Q4, we drove positive productivity enabled by our PPI Business System. This is more than offset by unfavorable volume mix and strategic investments in the segment. For the full year, adjusted operating income decreased 6% and adjusted operating margin was 22.6%, a decrease of 300 basis points versus 2020.

在第四季度，我們透過 PPI 業務系統實現了積極的生產力提升。這被該領域不利的銷售組合和策略投資所抵消。全年調整後營業收入下降 6%，調整後營業利益率為 22.6%，較 2020 年下降 300 個基點。

Then finally, Laboratory Products and Biopharma Services segment. In Q4, reported revenue in this segment increased 16% and organic revenue growth was 5%. During Q4, we saw strong growth in the pharma services and laboratory products businesses, and we recognized $375 million of revenue for PPD, the clinical research business. For the full year, reported revenue in this segment increased 21% and organic revenue increased 15%.

最後是實驗室產品和生物製藥服務部分。第四季度，該部門的報告收入成長了 16%，有機收入成長了 5%。第四季度，我們看到製藥服務和實驗室產品業務強勁成長，我們確認臨床研究業務 PPD 的收入為 3.75 億美元。全年，該部門的報告收入成長了 21%，有機收入成長了 15%。

Q4 adjusted operating income in this segment increased 42% and adjusted operating margin was 11.5%, which is 210 basis points higher than the prior year. In the quarter, we drove strong productivity by our PPI Business System and saw a favorable business mix, partially offset by strategic investments. For the full year, adjusted operating income increased 45% and adjusted operating margin was 12.4%, an increase of 200 basis points versus 2020.

第四季該部門調整後營業收入成長 42%，調整後營業利益率為 11.5%，比上年同期高 210 個基點。本季度，我們透過 PPI 業務系統推動了強勁的生產力，並看到了有利的業務組合，但策略投資部分抵消了這一影響。全年調整後營業收入成長 45%，調整後營業利益率為 12.4%，較 2020 年成長 200 個基點。

Let me now turn to our updated 2022 guidance. Before I get into the details, I'd like to begin with a quick reminder about our definition of core business, which we introduced at our Investor Day last year and notably transitioned to it in 2022. Core includes our base business, the vaccines and therapies response revenue and the PPD acquisition.

現在讓我談談我們更新的 2022 年指南。在詳細介紹之前，我想先快速提醒一下我們對核心業務的定義，我們在去年的投資者日上介紹了這一定義，並在 2022 年進行了重大轉變。核心包括我們的基礎業務、疫苗和治療反應收入和PPD 收購。

Given the scale of the PPD acquisition, our core organic growth calculation will include PPD on a full year basis as we think that gives you the best view of how to look at the total company business and how it's performing. For full transparency, we'll also continue to provide total company organic growth when reporting our actual performance in '22.

考慮到 PPD 收購的規模，我們的核心有機成長計算將包括全年的 PPD，因為我們認為這可以讓您最好地了解如何看待公司的整體業務及其表現。為了完全透明，在報告 22 年的實際業績時，我們也將繼續提供公司整體有機成長。

So moving on to our guidance. As Marc mentioned, we're significantly increasing our full year 2022 revenue and adjusted EPS outlook. We're raising our full year '22 revenue guidance by $1.5 billion to $42 billion, and we're raising our adjusted EPS guidance by $1.07 to $22.43. This very strong raise reflects the excellent strength of the business. And we continue to expect 8% core organic revenue growth in 2022.

因此，繼續我們的指導。正如 Marc 所提到的，我們將大幅增加 2022 年全年營收並調整每股盈餘前景。我們將 22 年全年營收指引提高 15 億美元，達到 420 億美元，調整後每股盈餘指引提高 1.07 美元，達到 22.43 美元。此次大幅提升反映了該公司的卓越實力。我們繼續預期 2022 年核心有機收入將成長 8%。

Let me now provide you with additional details on the updated guidance, starting with revenue, where there are four elements driving the $1.5 billion raise: a $1 billion increase in the COVID-19 testing assumption; a $900 million increase for the core business; a $500 million decrease due to the change in FX rates; and $100 million increase to reflect the PeproTech acquisition, which closed just before the year-end.

現在讓我向您提供有關更新指南的更多詳細信息，從收入開始，其中有四個因素推動了 15 億美元的融資：COVID-19 測試假設增加 10 億美元；核心業務增加9億美元；由於匯率變化，減少了 5 億美元；並增加 1 億美元，以反映年底前完成的 PeproTech 收購。

In terms of our COVID-19 testing revenue assumption, we're continuing the same derisked approach to guidance under a range of outcomes for the year. Our guidance now assumes $1.75 billion of testing revenue in 2022. 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. And as we did in 2021, we'll flow the benefits of that through our P&L. But for now, we thought it was prudent to continue to take a derisked approach to the outlook.

就我們的 COVID-19 測試收入假設而言，我們將在今年的一系列結果下繼續採用相同的去風險方法來提供指導。我們的指導現在假設 2022 年測試收入為 17.5 億美元。在某些情況下，測試需求可能會高於此水準。如果是這樣的話，我們就能很好地支持客戶的需求。正如我們在 2021 年所做的那樣，我們將透過損益表體現這一優勢。但就目前而言，我們認為繼續對前景採取規避風險的態度是謹慎的做法。

In terms of the core revenue raise, $600 million relates to PPD and reflects the excellent strength of that business and, to a lesser extent, the recent GAAP changes around deferred revenue measurement for acquisitions. We now expect PPD, our new clinical research business, to deliver $6.5 billion in revenue in full year 2022. This represents 8% organic growth on a full year basis, on top of 30% growth it delivered in 2021. And the remaining $300 million of the core revenue raise is to reflect the strong finish to 2021 by the rest of the core business.

就核心收入成長而言，6 億美元與 PPD 相關，反映了該業務的卓越實力，並在較小程度上反映了最近 GAAP 圍繞收購遞延收入計量的變化。現在，我們預計新的臨床研究業務 PPD 將在 2022 年全年實現 65 億美元的收入。這意味著在 2021 年實現 30% 的成長基礎上，全年有機成長 8%。剩下的 3 億美元核心收入成長的一部分是為了反映其餘核心業務到2021 年的強勁表現。

Our core business is in great shape. It ended 2021 with even more scale and, as I mentioned earlier, we continue to expect that it will grow 8% organically in 2022. So a very strong raise overall for our revenue guidance, and we will use our PPI Business System to generate strong pull-through on that revenue.

我們的核心業務狀況良好。它在2021 年結束時規模更大，正如我之前提到的，我們繼續預計2022 年它將有機增長8%。因此，我們的收入指導總體上大幅提高，我們將利用我們的PPI 業務系統產生強勁的收入拉動該收入。

And we now expect adjusted operating margin to be 25.4% in 2022, that's 20 basis points higher than what we assumed in our prior guidance. In terms of adjusted EPS. Our stronger business outlook is enabling us to raise the 2022 adjusted EPS guidance from $21.36 to $22.43, further building on an already very strong outlook for the year.

我們現在預期 2022 年調整後營業利益率為 25.4%，比我們先前指引中的假設高 20 個基點。就調整後每股收益而言。我們更強勁的業務前景使我們能夠將 2022 年調整後每股收益指引從 21.36 美元提高到 22.43 美元，進一步鞏固今年已經非常強勁的前景。

Let me now provide you with a couple of other details on the 2022 guidance to help you with your models. So I mentioned PPD is expected to deliver $6.5 billion of revenue and $1 billion of adjusted operating income in 2022. This acquisition is now expected to contribute $1.90 to adjusted EPS in the year. PeproTech is expected to deliver revenue of just over $100 million in 2022 and $0.05 of adjusted EPS. FX is now expected to be a year-over-year headwind of $500 million in revenue or 1.3% and $0.31 from adjusted EPS.

現在讓我為您提供有關 2022 年指南的一些其他詳細信息，以幫助您建立模型。所以我提到 PPD 預計將在 2022 年實現 65 億美元的收入和 10 億美元的調整後營業收入。目前預計此次收購將為當年調整後每股收益貢獻 1.90 美元。 PeproTech 預計 2022 年營收略高於 1 億美元，調整後每股收益為 0.05 美元。目前預計外匯收入將年減 5 億美元，即 1.3%，調整後每股收益將下降 0.31 美元。

We continue to assume an adjusted income tax rate of 13% in 2022. We now expect full year net interest cost to be approximately $490 million and other income to be $10 million. We continue to assume net capital expenditures of approximately $2.5 billion to $2.7 billion and free cash flow of approximately $7 billion.

我們繼續假設 2022 年調整後所得稅率為 13%。我們現在預計全年淨利息成本約為 4.9 億美元，其他收入為 1,000 萬美元。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。

Our guidance still assumes $2.5 billion of capital deployment, which is $2 billion of share buybacks to be already completed in January and $475 million of capital returned to shareholders through dividends. We now estimate that the full year average diluted share count will be between 395 million and 396 million shares.

我們的指引仍假設資本部署為 25 億美元，即 1 月已完成 20 億美元的股票回購，並透過股利向股東返還 4.75 億美元的資本。我們現在估計全年平均稀釋股數將在 3.95 億股至 3.96 億股之間。

And finally, a couple of comments on phasing to help you with your modeling. In terms of revenue dollars, the assumption in the guide is the revenue dollars are fairly linear for the year, with Q1 and Q4 being slightly higher than Q2 and Q3. The derisked assumption for COVID-19 testing used in this guidance assumes that this revenue is very front-end loaded in the first half of the year and then as an assumed endemic run rate level of $100 million of revenue per quarter in the second half of the year.

最後，關於分階段的一些評論可以幫助您進行建模。就收入而言，指南中的假設是全年收入相當線性，第一季和第四季略高於第二季和第三季。本指南中使用的 COVID-19 測試的去​​風險假設假設該收入在上半年的前端負載很大，然後假設下半年的流行運行率水準為每季 1 億美元。那一年。

Organic growth of the core business is expected to be fairly consistent throughout the year. And then in terms of adjusted EPS phasing, this guidance assumes slightly more weighting towards the first half of the year than the phasing we had last year, with Q1 being about the same percentage of the full year as we had in 2021.

核心業務的有機成長預計全年將相當穩定。然後就調整後每股盈餘分階段而言，本指引假設上半年的權重略高於去年的分階段，第一季佔全年的比例與 2021 年的比例大致相同。

To conclude, we delivered another outstanding year, and we're in a great position to achieve our 2022 goals. With that, I'll turn the call back over to Raf.

總而言之，我們又度過了出色的一年，而且我們完全有能力實現 2022 年的目標。這樣，我會將電話轉回給 Raf。

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

謝謝你，史蒂芬。接線員，我們準備好回答問題了。

(Operator Instructions) We take our first question from Jack Meehan from Nephron Research.

（操作員說明）我們回答 Nephron Research 的 Jack Meehan 提出的第一個問題。

Wanted to start with PPD and the higher 2022 growth trajectory here. Can you provide some more color around just your confidence in the handoff from the COVID-related work last year to other projects? PPD has been one of the leaders in biotech. So was curious to get your thought if some of that confidence is driven by some of the large Phase III mRNA studies, which are getting kicked off?

希望從 PPD 和 2022 年更高的成長軌跡開始。您能否提供更多關於您對去年與新冠相關的工作移交至其他項目的信心？ PPD 一直是生物技術領域的領導者之一。那麼，我很想知道您的想法，這種信心是否是由一些正在啟動的大型 III 期 mRNA 研究所驅動的？

So Jack, thanks for the question. The -- our clinical research business, PPD, has really had a really excellent 2021 with 30% growth. And it was broad-based strength across biotech, biopharma, all the very important therapy areas that they're focused on, including work in the support of COVID-19 vaccines and therapies.

傑克，謝謝你的提問。我們的臨床研究業務 PPD 在 2021 年的表現確實非常出色，成長了 30%。這是他們在生物技術、生物製藥以及他們所關注的所有非常重要的治療領域的廣泛優勢，包括支持 COVID-19 疫苗和療法的工作。

As we look at the authorizations, we're very strong last year, which gives the business great momentum coming into 2022 and 2023. And we feel good to be able to grow that business in line with our core average of about 8% this year. So we feel very good about the outlook for the business.

從授權來看，我們去年的表現非常強勁，這為 2022 年和 2023 年的業務帶來了巨大動力。我們很高興能夠按照今年約 8% 的核心平均成長率來發展該業務。因此，我們對業務前景感到非常樂觀。

Great. And then for both you and Stephen, a big area of focus has been inflation in the market. So was wondering what your assumption is for pricing for 2022, where you're able to capture that across the portfolio. And how is that translating to revenue and earnings growth for the year?

偉大的。對你和史蒂芬來說，一個重要的關注領域是市場的通貨膨脹。因此，我想知道您對 2022 年定價的假設是什麼，您可以在整個投資組合中捕捉到這一點。這如何轉化為今年的營收和獲利成長？

Yes. So Jack, so we have been very active on using the pricing lever as part of our PPI Business System, and we have a great team that helps our businesses do that in a very appropriate way. And we've seen, basically, in the second half of 2021, and as we project forward to '22, pricing around about 2x the normal level given the inflationary environment that we're facing.

是的。傑克，我們一直非常積極地使用定價槓桿作為我們 PPI 業務系統的一部分，我們擁有一支優秀的團隊，可以幫助我們的企業以非常適當的方式做到這一點。基本上，我們已經看到，在 2021 年下半年，當我們預測到 22 年時，考慮到我們面臨的通膨環境，定價約為正常水平的 2 倍。

So that's in aggregate across the whole portfolio. It's different by different areas of the business, but that's the aggregate result. And we're offsetting the impact of inflation through that pricing activity.

這是整個投資組合的總體情況。不同業務領域的情況有所不同，但這是整體結果。我們正在透過定價活動抵消通貨膨脹的影響。

We take our next question from Patrick Donnelly from Citi.

我們接受花旗集團 Patrick Donnelly 提出的下一個問題。

Marc, maybe just on the guidance raise, that core $400 million raise or so. Can you just talk through, I guess, the end markets that you're seeing, where you're feeling incrementally better going into '22 versus a few months ago at the Analyst Day and then, obviously, the 3Q update as well? Just kind of curious of the confidence level going into '22. You guys obviously sound quite bullish for the year. But maybe if you can just talk through some of the upside levers as we go into this year.

馬克，也許只是指導性的融資，核心融資約 4 億美元。我想，您能談談您所看到的終端市場嗎？與幾個月前的分析師日相比，您在進入 22 年時感覺逐漸好轉，然後顯然還有第三季度的更新？只是對 22 年的信心水準有點好奇。你們聽起來顯然對今年相當樂觀。但也許你能在我們進入今年時談談一些上行槓桿。

Yes. So Patrick, we really ended the year with really strong performance. And you see that in the 17% organic growth that we delivered for the full year. You see that in the very strong base business growth of 14%. And bookings in the fourth quarter was once again ahead of revenue. So we enter the year with very strong momentum.

是的。派崔克，我們確實以非常強勁的表現結束了這一年。您可以在我們全年實現 17% 的有機成長中看到這一點。您可以看到，基礎業務成長率非常強勁，達到 14%。第四季的預訂量再次領先營收。因此，我們以非常強勁的勢頭進入了這一年。

As we thought about the outlook for the year, obviously, we were quite bullish with the 8% back in September with the Analyst Day. And the way that we thought about it was all of the additional revenue in the core, we're basically going to grow that. We're going to keep that and then grow that by 8% as well. And that's sort of what's implied in the guidance. So we feel very well positioned given what our outlook was in September, how the business finished the fourth quarter, the strength of the bookings, and therefore, '22 should be another great year for the company.

當我們思考今年的前景時，顯然，我們對 9 月分析師日的 8% 表現感到非常樂觀。我們考慮的方式是核心的所有額外收入，我們基本上會增加它。我們將保留這一點，然後再將其成長 8%。這就是指南中暗示的內容。因此，考慮到 9 月的前景、第四季的業務完成情況、預訂量的強勁程度，我們感覺自己處於非常有利的位置，因此，22 年應該是公司又一個偉大的一年。

Yes. And Patrick, about that -- the extra [resting] days was pretty broad across the business when I think about the impact in Q4.

是的。帕特里克，關於這一點——當我考慮第四季度的影響時，額外的[休息]天數在整個業務中相當廣泛。

Understood. Okay. And then maybe just one on the capital deployment side. Obviously, you guys have been very active, another $2 billion to start the year here on the share repo. You kind of talked about the $7 billion free cash flow for the year. Can you just talk about the pipeline of opportunities on the deal side?

明白了。好的。然後也許只是資本部署方面的一個。顯然，你們一直非常活躍，另外 20 億美元用於股票回購以開啟新年。您談到了今年 70 億美元的自由現金流。能談談交易方面的機會嗎？

Again, PeproTech seems like a nice fit. How active we should expect you to be -- again, leverage seems manageable at 2.3 coming out. So maybe just talk about the pipeline and the expectations for the year there.

同樣，PeproTech 似乎是個不錯的選擇。我們應該期望你有多活躍——同樣，槓桿在 2.3 的水平上似乎是可控的。所以也許只是談談管道和對今年的期望。

Yes. So if you reflect back on last year, right, very active year with 10 transactions. And the bolt-ons -- about $4 billion worth of transactions, $20 billion roughly for PPD. So actually, a really nice year of bolt-on activity. And if this was any other quarter in the fourth quarter, we actually were talking about PeproTech quite a bit, right, in terms of classic bolt-on, great growth prospects, good technology that is already performing well and will flourish under our ownership and the strength of our biosciences business. So that's kind of the look back, right? And it gives you a sense that there's plenty of opportunity.

是的。所以，如果你回顧去年，對，這是非常活躍的一年，有 10 筆交易。還有附加費用——價值約 40 億美元的交易，其中 PPD 大約價值 200 億美元。事實上，這是補強活動非常好的一年。如果這是第四季度的任何其他季度，我們實際上談論了相當多的PeproTech，對吧，就經典的補充、巨大的增長前景、已經表現良好並將在我們的所有權下蓬勃發展的良好技術而言，我們生物科學業務的實力。這就是回顧，對吧？它讓你感覺有很多機會。

Our pipeline is busy, right? We have plenty of financial capacity. We'll be incredibly disciplined to make sure that it fits our strict criteria, it creates shareholder value and that it really is additive to the portfolio. But we're actively looking at a number of transactions, and we'll see how they play out. Return of capital is also an important part of our strategy. And as you noted, we deployed already $2 billion on buybacks in the beginning of the year, and we're excited to be able to do that for our shareholders as well.

我們的管道很忙，對嗎？我們有充足的財力。我們將非常自律，以確保它符合我們嚴格的標準，它創造股東價值，並且它確實是投資組合的附加價值。但我們正在積極關註一些交易，我們將看看它們的結果如何。資本回報也是我們策略的重要組成部分。正如您所指出的，我們在年初已經投入了 20 億美元用於回購，我們很高興能夠為我們的股東做到這一點。

Our next question comes from Dan Arias from Stifel.

我們的下一個問題來自 Stifel 的 Dan Arias。

So marc, maybe just following up on Patrick's M&A question there. I'm just curious about whether or not you're actually seeing assets become more attractive these days given the market moves. I mean, we've all seen valuations in the public markets come in. So it feels tempting to say yes, but I imagine that the management teams of these companies remember their stocks being a lot higher not too long ago. And on the private side, maybe sort of a similar thing relative to the last raise or something. So I guess, the question is, are assets any more approachable than they used to be in reality or not really?

馬克，也許只是跟進帕特里克的併購問題。我只是好奇，鑑於市場走勢，您是否真的看到這些天資產變得更具吸引力。我的意思是，我們都看到了公開市場的估值。所以很想答應，但我想這些公司的管理團隊記得不久前他們的股票還高得多。在私人方面，也許與上次加薪或其他類似的事情類似。所以我想，問題是，資產是否比現實中更容易接近？

Yes. I think it's early to see that, that changes -- increases the pool, if you will, of potential actionable transactions, right? And because it takes a while for valuation expectations to really settle down. And obviously, the stock market has bounced around a bunch. So it's -- I think it will take a while for expectations to change.

是的。我認為現在看到這種變化還為時過早——如果你願意的話，增加潛在可操作交易的池子，對吧？因為估值預期需要一段時間才能真正穩定下來。顯然，股市已經大幅反彈。所以我認為期望需要一段時間才能改變。

Our pipeline is busy, right? And we are extremely disciplined. And you've heard me say in the past, right, when valuations are more elevated, you're going to think about businesses that have a very favorable risk reward profile. So you don't have scenarios where the businesses that you acquire aren't creating shareholder value.

我們的管道很忙，對嗎？我們非常遵守紀律。你過去曾聽我說過，對，當估值更高時，你會考慮具有非常有利的風險回報狀況的企業。因此，您收購的企業不會不創造股東價值。

And obviously, if you get in a period where valuations are more favorable from an M&A perspective, then that's going to open up the pool, right? But I don't think that happens in the first month or 2 of the year. I think it's more of a we'll see how the year plays out.

顯然，如果你進入一個從併購角度來看估值更有利的時期，那麼這將打開資金池，對嗎？但我認為這種情況不會發生在今年的第一個月或第二個月。我認為更多的是我們將看看今年的情況如何。

Yes. Okay. That makes sense. And then maybe on the clinical channel, how would you describe the spending environment in the hospital landscape right now when it just comes to sort of non-COVID-related items as we start off the year? It seems like things were normalizing, but then we did get some hospital capacity constraints as Omicron surged. So just curious how you're seeing things trend and how spending priorities are looking in demand overall in the clinical segment?

是的。好的。這就說得通了。然後，也許在臨床管道上，當我們新年伊始時，當涉及到與新冠病毒無關的項目時，您會如何描述目前醫院環境的支出環境？事情似乎正在正常化，但隨著 Omicron 的激增，我們確實遇到了一些醫院容量限制。那麼只是好奇您如何看待事物趨勢以及臨床領域整體需求的支出優先事項如何？

Yes. So when I think about the core health care and diagnostics portion of the business, I look back at last year, we had solid growth in the -- in that routine activity or Specialty Diagnostics. What I would say is it's better than -- it's growing again, but there's still some level of noise in terms of volume disruption, right?

是的。因此，當我想到業務的核心醫療保健和診斷部分時，我回顧去年，我們在常規活動或專業診斷方面取得了穩健的成長。我想說的是，它比它再次增長要好，但在數量中斷方面仍然存在一定程度的噪音，對嗎？

So it's not at the consistent growth that you would have seen in 2018, 2019. It's -- you lose 2 or 3 weeks because of Omicron, that has some minor effect. It's fully baked into our numbers, and it would be truly in the noise level for us in terms of what our outlook is. But you're not yet at sort of maximum diagnostic growth outside of COVID testing until you really have no capacity utilization in the hospitals.

因此，這不是你在 2018 年、2019 年看到的持續增長。而是——因為 Omicron，你損失了 2 到 3 週，這會產生一些輕微的影響。它完全融入我們的數據中，就我們的前景而言，它確實屬於我們的噪音水平。但除非醫院確實沒有產能利用率，否則除了新冠病毒檢測之外，診斷成長還沒有達到最大。

The next question comes from Derik De Bruin from Bank of America.

下一個問題來自美國銀行的 Derik De Bruin。

So Marc, I don't know if you can do this, but it's the question we're getting from investors. But if you look at that 25.4% operating margin guide for '22, what's the -- I guess, can you do the -- can you talk to the push and takes on contributions or -- what's the FX headwind? What's the decrease from PPD? And just -- and basically, in COVID, sort of walk through the basis on what's sort of like the underlying margin. I think we're getting a lot of questions on that as people sort of think about sort of like a future trajectory.

馬克，我不知道你是否能做到這一點，但這是我們從投資者那裡得到的問題。但如果你看一下 22 年 25.4% 的營業利潤率指南，我想你能做到嗎？你能談談推動力並承擔貢獻嗎？或者——外匯逆風是什麼？ PPD 減少了多少？基本上，在新冠疫情中，我們會根據基礎利潤來了解基礎。我認為，當人們思考未來的軌跡時，我們對此提出了許多問題。

Yes. Let me give you the 80,000 foot I will not bridge yet and Stephen will . We increased our operating margin outlook from the Investor Day. Actually, I think at the Investor Day, we did a really nice job of explaining. You bring PPD in at a lower margin in year 1 then margins expand. We talked a little bit about what the -- how the COVID would unwind, but also actually the longer-term view. So we're kind of, in a way, so let's go to the endpoint in the next 3-year model or 4-year model and so that you can take all of the COVID out and you see the growth in margins off of that level. So actually, I'm super excited because we've come here and, actually, we've been able to increase it.

是的。讓我告訴你 80,000 英尺，我還不會架橋，而史蒂芬會。我們從投資者日起上調了營業利益率預期。事實上，我認為在投資者日，我們做了很好的解釋。您在第一年以較低的利潤引入 PPD，然後利潤就會擴大。我們討論了新冠疫情將如何緩解，但實際上也討論了長期觀點。所以，在某種程度上，讓我們進入下一個 3 年模型或 4 年模型的終點，這樣你就可以把所有的新冠病毒排除在外，你會看到利潤率的成長等級。所以實際上，我非常興奮，因為我們來到這裡，實際上，我們已經能夠增加它。

But Stephen, maybe you might want to add a little bit more.

但是史蒂芬，也許你可能想補充一點。

Yes. So in terms of the long-term model, we said margins are greater than 26%. And that's all incorporated in this guidance as we think about '22 as the year in that 3-year long-term model. So we raised our guidance for revenue. PPD is part of that, which is kind of mid-teens margin. FX is slightly more of a hurt in terms of the change versus the prior guide.

是的。因此，就長期模型而言，我們說利潤率大於 26%。當我們將「22」視為 3 年長期模型中的一年時，這些都已納入本指南中。因此我們提高了收入指引。 PPD 是其中的一部分，這是一種十幾歲左右的利潤。與先前的指南相比，外匯在變化方面受到的傷害稍大一些。

And then the higher testing and the higher core business growth is coming through with a decent margin. So that's the kind of puts and takes that gets you to 20 basis point increase and it's all in line. In fact, it's slightly higher than that included in that full year model that we gave out at the Investor Day.

然後，更高的測試和更高的核心業務成長將帶來可觀的利潤。因此，這種看跌期權和看跌期權可以讓你的利率上漲 20 個基點，而且一切都符合預期。事實上，它略高於我們在投資者日發布的全年模型中包含的數據。

Great. And Marc, you had -- you ended -- your APAC and China business actually ended the year quite strong. Can you sort of like give us your current thoughts on sort of like how you see China moving forward in '22 and '23? And just your high-growth markets in general, just how things are tracking there.

偉大的。馬克，你的亞太和中國業務實際上在這一年結束時相當強勁。您能否為我們介紹一下您目前的想法，例如您如何看待中國在 22 世紀和 23 世紀的發展？以及總體上的高成長市場，以及那裡的情況如何。

Yes. So Derik, thanks for the question. So we had very strong growth in APAC, about 20% for the year, and China just below, I think, 19%. So it's kind of in the same range. When I look at the outlook, China being the largest of the countries in that region, it represents about 8% of our total revenue just by context. We expect it to be and continue to be one of our fastest-growing end markets.

是的。德里克，謝謝你的提問。因此，我們在亞太地區的成長非常強勁，全年成長約 20%，而我認為中國的成長略低於 19%。所以它在同一範圍內。當我展望前景時，中國是該地區最大的國家，僅從背景來看，它就占我們總收入的 8% 左右。我們預計它將成為並將繼續成為我們成長最快的終端市場之一。

Significant investment in pharma and biotech, biotech in particular, in the country. We're well positioned to continue to serve that very well. So the team in China is bullish about the outlook. There are clearly geopolitical tensions, and we'll navigate those appropriately. And so that's part of it. And so we feel good about what the outlook is there.

該國對製藥和生物技術，特別是生物技術進行了大量投資。我們處於有利位置，可以繼續提供良好的服務。因此中國團隊對前景持樂觀態度。顯然存在地緣政治緊張局勢，我們將適當地應對這些緊張局勢。這就是其中的一部分。因此，我們對那裡的前景感到滿意。

And then we've had really good strength beyond China, right? South Korea continues to perform at a really good level. We played a very strong role in India, and that's expanding nicely. So it's -- the region has been good for us, and I'm very proud of how the team has performed in Asia Pacific and obviously around the world.

然後我們在中國以外擁有非常強大的實力，對吧？韓國繼續保持著非常好的水平。我們在印度發揮了非常重要的作用，而且這種作用正在很好地擴展。所以，這個地區對我們來說是件好事，我對團隊在亞太地區乃至全世界的表現感到非常自豪。

Great. And if I can sneak one more in. The academic and government number in Q4, was that 4 less selling days and people not being back in the lab, some COVID lockdown headwinds? Just sort of talking -- would you sort of talk about that number?

偉大的。如果我能再偷偷地講一下。第四季的學術和政府數據是，銷售天數減少了 4 天，人們沒有回到實驗室，這是一些新冠封鎖帶來的不利因素嗎？只是談談——你能談談這個數字嗎？

Yes. So obviously, for the year, with the low double-digit growth, very strong. We had low single-digit decline, as you said, in the fourth quarter. Really, it's a combination, as you said, 4 selling days less. We also had a very strong comparison in academic and government in the prior year period. So that's probably the other factor, beyond any Omicron-type disruption. So as I thought about it, there was not much to read into it in terms of what the activity level was, what customers are talking about. The pipelines obviously seem fairly normal.

是的。很明顯，今年的兩位數成長非常強勁。正如您所說，第四季度我們的跌幅較低，為個位數。確實，正如您所說，這是一個組合，減少了 4 個銷售天數。上一年我們在學術和政府方面也進行了非常強烈的比較。所以這可能是除了任何 Omicron 類型的破壞之外的另一個因素。因此，當我思考這個問題時，就活動水平以及客戶正在談論的內容而言，沒有太多可解讀的內容。管道顯然看起來相當正常。

And then, Derik, just reflecting on the margin, right, just reflecting on your margin question. When I think about the additional guide in terms of revenue for testing, that's assumed to come through at the average for the pull-through of the rest of the company as well. So not a significantly high margin profile, so I guess it's a 25.4%.

然後，德瑞克，只是反思利潤率，對吧，只是反思你的利潤率問題。當我考慮測試收入方面的附加指南時，假設該收入也以公司其他部門的平均水準實現。所以利潤率並不是很高，所以我猜是 25.4%。

We'll take our next question from Luke Sergott from Barclays.

我們將回答巴克萊銀行盧克·瑟戈特的下一個問題。

I think everybody right now is trying to figure out the industry's capacity to absorb the COVID vaccine roll off. And given you guys supply also manufacture and then do the clinical side, your thoughts here would be really helpful. But really, just trying to figure out what indications or technologies are really -- are you guys are looking at that can replace any of that roll off?

我認為現在每個人都在試圖弄清楚該行業吸收新冠疫苗投放的能力。鑑於你們還提供製造，然後進行臨床方面，你的想法將會非常有幫助。但實際上，只是想弄清楚什麼是真正的跡像或技術——你們正在尋找可以取代任何滾動的東西嗎？

Luke, thanks for the question. So when I think about the demand profile and capacity expansions, obviously, there's been very significant demand across the industry for supporting all of the COVID therapy and vaccine activity. And the industry, obviously, utilization went up hugely, probably unsustainably high. So some of the investments you're seeing within our own company and sure, across others, is to bring utilization rates back to normal, right? So that's the first thing to remind.

盧克，謝謝你的提問。因此，當我考慮需求概況和產能擴張時，顯然，整個產業對支持所有新冠治療和疫苗活動有非常巨大的需求。顯然，該行業的利用率大幅上升，可能高到不可持續。因此，您在我們自己的公司以及其他公司中看到的一些投資是為了使利用率恢復正常，對吧？所以這是首先要提醒的事情。

Within our own business, if I think about the investments, I think about the nature of the customer contracts, I think about who the customers are, what else they have in their pipelines, our ability to transition the COVID-related activity to other therapeutic areas is something that we have a high degree of confidence in the ability to do that.

在我們自己的業務中，如果我考慮投資，我會考慮客戶合約的性質，我會考慮客戶是誰，他們的管道中還有什麼，我們將與新冠病毒相關的活動轉變為其他治療的能力我們對能夠做到這一點的能力充滿信心。

You don't do it necessarily in 1 quarter, right? It takes a few quarters to get all of that smoothed out. But we have good line of sight in terms of how to backfill when COVID demand is, God willing, less needed around the world, right, and as we all hope that it's something that, at some point, wanes to a certain extent.

你不一定要在 1 季度內完成，對吧？需要幾個季度的時間才能解決所有問題。但是，當上帝願意，當世界各地對新冠病毒的需求減少時，我們對如何回補有很好的視野，因為我們都希望這種需求在某個時候會在某種程度上減弱。

So our ability to do that -- and you can think about -- you can visualize, right, sterile fill-finish activities, really all of the biologics that are used for any indication run through that capacity, right? So we've added capacity, and we're running flat out. And if there's less of a need longer term for vaccines, then you would see that capacity go to other critical areas. So that would be -- you can visualize it that way. The capacity is truly generic to all of the indications out there.

所以我們有能力做到這一點——你可以想一想——你可以想像，對吧，無菌灌裝-完成活動，實際上所有用於任何適應症的生物製劑都通過這種能力運行，對吧？因此，我們增加了產能，但現在已經快用完了。如果從長遠來看疫苗的需求減少，那麼你會發現這些產能會流向其他關鍵領域。所以那就是──你可以這樣想像。該能力對於所有的適應症來說都是真正通用的。

All right. That's really helpful. And then lastly, as you guys look at that $1.75 billion on testing, Mesa had a -- appears to have had a really strong quarter. Can you just give us a sense of the number of customers there? I know it's such a small product line, but it's a key new platform for you. So as you think about number of customers, placements and as the menu kind of expands there.

好的。這真的很有幫助。最後，當你們看到 17.5 億美元的測試費用時，Mesa 的季度表現似乎非常強勁。能給我們大概介紹一下那裡的顧客數量嗎？我知道它的產品線很小，但對您來說是一個重要的新平台。因此，當你考慮客戶數量、展示位置以及菜單的擴展時。

Yes. So you have two different things going on with our rapid diagnostic systems and in our PCR that we acquired early in 2021. You have the long-term menu, and it should be on the respiratory panel and the COVID-19 test. That's a multiyear investment that really leverages the technology for the long term. And we're excited about that, right?

是的。因此，我們的快速診斷系統和我們在 2021 年初獲得的 PCR 中發生了兩種不同的情況。您有長期菜單，它應該在呼吸面板和 COVID-19 測試上。這是一項多年投資，真正能長期利用該技術。我們對此感到興奮，對吧？

When I think about -- the second aspect of it is the role in COVID response. Demand there has been very, very high. And while I could say the exact number of customers, you would see it in the pharmacies, is a natural application where it's been used. You see it in the doctor offices as well as in number of back-to-life settings.

當我想到時，第二個面向是在新冠疫情應對中的作用。那裡的需求非常非常高。雖然我可以說出確切的客戶數量，但您會在藥房看到它，這是使用它的自然應用程式。您可以在醫生辦公室以及許多恢復生活的環境中看到它。

I've been to meetings where that technology has been used to clear people to be able to attend the meeting and you get a result in 30 minutes. So it's an exclusive technology to get a PCR result that quickly. So I feel good about the acquisition, how the technology road map is developing and how it's performing.

我參加過一些會議，其中使用該技術來確保人們能夠參加會議，並且您可以在 30 分鐘內獲得結果。因此，這是一項能夠快速獲得 PCR 結果的獨家技術。因此，我對這次收購、技術路線圖的發展以及它的表現感到滿意。

The next question comes from Vijay Kumar from Evercore.

下一個問題來自 Evercore 的 Vijay Kumar。

Stephen, maybe one on the guidance here. The guidance here, 8% core. I guess, I heard you say, your core revenues was raised by $300 million, $400 million-ish. Shouldn't your core be 9%? Like it feels like it's improved versus your last guidance. Is that the right way to think about your core accelerating?

史蒂芬，也許是這裡的指導者之一。這裡的指導是8%核心。我想，我聽到你說，你的核心收入增加了 3 億美元、4 億美元左右。你的核心不應該是9%嗎？感覺與您上次的指導相比有所改進。這是思考核心加速的正確方法嗎？

So Vijay, the raise is because of the scale of the business has gotten larger in '21, and then we're growing that at 8% going forward in '22. So the growth rate is still the same as our prior guidance for core, which is a very strong 8%. But the base in which it's growing is actually larger because of the way that we finished in the end of 2021.

Vijay，加薪是因為 21 年業務規模擴大了，然後我們將在 22 年以 8% 的速度成長。因此，成長率仍然與我們先前的核心指導相同，即非常強勁的 8%。但由於我們 2021 年底的完成情況，其成長的基礎實際上更大。

Understood. And then one on margins, in bioprocessing. Did your COVID testing margin assumptions change? I'm curious in, Marc, on this DynaDrive single-use bioprocessing reactor. Do you expect any share shift in the industry? It looks like you guys are quite optimistic about this product. So I'm curious if this is a share gain opportunity for Thermo?

明白了。然後是生物加工領域的一個邊緣領域。您的新冠病毒檢測裕度假設有變化嗎？ Marc，我對這個 DynaDrive 一次性生物處理反應器很好奇。您預計該行業的份額會發生變化嗎？看來大家對這個產品還蠻看好的。所以我很好奇這對 Thermo 來說是否是一個分享收益的機會？

Yes. So Vijay, in terms of the bioproduction activity. So in that, when we say the word bioproduction, what we're meaning here is our cell culture media, our single-use technologies, our purification resins. That's part of a much bigger set of production activities for pharma and biotech, which includes pharma services and our bioscience reagents, some of those activities.

是的。就生物生產活動而言，維傑也是如此。因此，當我們說生物生產這個詞時，我們的意思是我們的細胞培養基、我們的一次性技術、我們的純化樹脂。這是製藥和生物技術更大的生產活動的一部分，其中包括製藥服務和我們的生物科學試劑，其中一些活動。

I called out the DynaDrive specifically because, today, when you think about a customer choice, for most, probably 70% to 75% of medicines and indications that are biologics, you can use single-use technology. That doesn't mean that that's the share that is used, but you can, economically, and the alternative is stainless steel. And that's a 2,000-liter scale. Our technology allows you to go to 5,000-liter scale. That effectively opens it up for almost all medicines could be made. And it's probably a couple of very high volume ones that you want to do a stainless deal.

我特別提到 DynaDrive 是因為，今天，當您考慮客戶選擇時，對於大多數（可能是 70% 到 75%）的生物製劑藥物和適應症，您可以使用一次性技術。這並不意味著這就是所使用的份額，但您可以，經濟地，替代方案是不銹鋼。這是 2,000 公升的秤。我們的技術可讓您達到 5,000 公升的規模。這實際上為幾乎所有藥物的製造打開了大門。您可能想要進行不銹鋼交易的是幾個非常大批量的產品。

Now how fast customers will ultimately adopt it will take some time. We've obviously adopted it in one of our biologics facilities. And we're super excited about the capability because the economics and the quality is fantastic. So I think the technology is exquisite, and it's unique to us. So yes, I think it allows us to grow our share over time.

現在客戶最終採用它的速度有多快還需要一些時間。顯然我們已經在我們的一個生物製品設施中採用了它。我們對這種能力感到非常興奮，因為它的經濟性和品質都非常好。所以我認為這項技術很精湛，而且對我們來說是獨一無二的。所以，是的，我認為這可以讓我們隨著時間的推移增加我們的份額。

Basically, it expands our served end market in effect.

基本上，它實際上擴大了我們所服務的終端市場。

Yes.

是的。

Got you. And Stephen, sorry, did your COVID testing margin assumptions change versus the last guide?

明白你了。史蒂芬，抱歉，您的新冠病毒檢測裕度假設與上一份指南相比是否發生了變化？

In terms of the '22 version, no. This is an assumption that it's kind of contributed -- come in the contribution margin around about the company average.

就 '22 版本而言，沒有。這是一個假設，它是一種貢獻——貢獻邊際約為公司平均。

The next question is from Dan Brennan from Cowen.

下一個問題來自 Cowen 的 Dan Brennan。

Marc, I just wanted to ask a question on the base biologics business ex COVID. I didn't hear it in the prepared remarks, but you may have discussed it. So how did that business grow in the quarter? Could you give some color on what the bookings trends were in the quarter? And kind of what's assumed -- implied in the '22 growth for that business?

馬克，我只是想問一個關於新冠疫​​情期間的基礎生物製品業務的問題。我在準備好的發言中沒有聽到，但你可能已經討論過。那麼該業務在本季的成長情況如何？您能否介紹本季的預訂趨勢？以及該業務 22 年成長中隱含的假設是什麼？

Yes. So Dan, when I think about our biologics, our production activities, I think it's probably good to put it into the macro context. Roughly $20 billion of our revenue today, including PPD, serves pharma and biotech. About half of it is in the production part of the business, right? And in general, the production goes a little faster than the other activities we do in pharma and biotech.

是的。因此，丹，當我想到我們的生物製品、我們的生產活動時，我認為將其置於宏觀背景下可能是件好事。目前，我們大約 200 億美元的收入（包括 PPD）為製藥和生物技術服務。大約一半是在業務的生產部分，對嗎？一般來說，生產速度比我們在製藥和生物技術領域進行的其他活動要快一些。

And when you look at the company's long-term 7% to 9% core organic growth outlook, pharma and biotech will be the fastest of the growing end markets or growing faster than that on average going forward so we entered the year, obviously with very strong momentum, right, with 25% growth in pharma and biotech for the full year, a very special year. And we're excited about the growth prospects we have this year with the 8% core growth.

當你看看公司7% 到9% 的長期核心有機成長前景時，製藥和生物技術將是成長最快的終端市場，或成長速度超過未來的平均水平，所以我們進入了這一年，顯然有非常多的成長。勢頭強勁，對吧，製藥和生物技術全年增長 25%，這是非常特殊的一年。我們對今年 8% 的核心成長前景感到興奮。

Got it. And then maybe as a follow-up, just on the diagnostic testing side. You guys are obviously tremendously successful with COVID testing. I'm just wondering if you can comment on all the PCR platforms that you've expanded globally. What's the strategy? And what's some of the revenue contribution as COVID flows? To kind of monetize maybe some content on those boxes, is there something baked into the base business? Or just how do we think about that opportunity for Thermo?

知道了。然後也許作為後續行動，只是在診斷測試方面。你們顯然在新冠病毒檢測方面取得了巨大成功。我只是想知道您是否可以對您在全球擴展的所有 PCR 平台發表評論。策略是什麼？隨著新冠疫情的蔓延，收入貢獻有哪些？為了將這些盒子上的某些內容貨幣化，基礎業務中是否有一些內容？或者我們如何看待 Thermo 的這個機會？

Yes. So Dan, one of the things that we get questions -- your question we get periodically. So we try to, at least, frame it a bit in Stephen's remarks, where we expect, in an endemic phase of COVID, about $100 million a quarter, $400 million a year of molecular diagnostics revenue related to the increased installed base supporting COVID testing, the increased sample prep installed base.

是的。丹，我們收到的問題之一——我們定期收到你的問題。因此，我們至少嘗試在史蒂芬的演講中進行一些闡述，我們預計，在新冠病毒流行階段，每季度約 1 億美元，每年 4 億美元的分子診斷收入與支持新冠病毒檢測的安裝基礎的增加有關，增加了樣品製備安裝基礎。

So that's a rough number. We'll give it more precision when we're actually in the endemic phase, but that's the view. When that exactly happens, we just assume that, that starts in Q3. But that's an assumption, just like all of our testing things. It's -- we'll update that as we see how the pandemic plays out.

所以這是一個粗略的數字。當我們實際上處於流行階段時，我們會給出更精確的訊息，但這就是我們的觀點。當這種情況發生時，我們只是假設從第三季開始。但這只是一個假設，就像我們所有的測試一樣。當我們看到大流行如何發展時，我們會更新這一點。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

So our final question comes from Tejas Savant from Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Tejas Savant。

Marc, one question for you on the M&A pipeline. I know it came up earlier in the call as well. But just curious as to philosophically get your view on how do you think about growth assets. Specifically if an asset is not sort of margin or EPS accretive near term, is that still sort of something that you would look at over here? Or would you sort of prefer kind of like the more PPD flavor of M&A?

馬克，有一個關於併購通路的問題想問你。我知道它也在電話會議的早些時候出現過。但只是想從哲學上了解您如何看待成長型資產。具體來說，如果一項資產在短期內無法增加利潤或每股收益，那麼您是否仍會在這裡關注它？或者您喜歡 PPD 風格的併購？

Yes. So it's a great question, right? The way we think about acquisitions is really along our criteria, right? We start with, if we strengthen the company strategically, would our customers value it? And ultimately, does it create shareholder value?

是的。所以這是一個很好的問題，對吧？我們考慮收​​購的方式確實符合我們的標準，對吧？首先，如果我們從策略上加強公司，我們的客戶會重視它嗎？最終，它是否創造股東價值？

We start with the return on invested capital, the internal rate of returns. Before we get into the EPS or any of that stuff, we'll just say, is this a good long-term investment, right? And if it is, then we'll look at the shorter-term financials and say, is that an acceptable risk reward to us to take the activity?

我們從投資資本報酬率，即內部報酬率開始。在我們討論每股收益或任何其他東西之前，我們只想說，這是一項很好的長期投資，對吧？如果是的話，那麼我們會看看短期財務狀況，然後說，這對我們來說是可接受的風險回報嗎？

So as you know, if you think about the many deals we have done, we actually haven't focused on, is it accretive to our organic growth? Or we've actually just focused on, is it a really strategic fit that strengthens the company that will create shareholder value? And we have an incredible track record of accelerating the growth of the businesses we acquire, right? So that's the cool thing.

如您所知，如果您考慮我們已經完成的許多交易（實際上我們沒有關注），它是否會促進我們的有機成長？或者我們實際上只是關注，這是否是真正的策略契合，可以增強公司實力，創造股東價值？我們在加速收購的業務成長方面擁有令人難以置信的記錄，對吧？這就是很酷的事情。

And you've seen us where -- over the years, we bought businesses like Life Technologies that was growing slower than the company average. Obviously, it's been unbelievable in terms of how fast it's grown in terms of at scale. And we're excited about PeproTech, which is a higher growth business, and we're excited about the prospects around PPD. So thank you for the question.

你也見過我們——多年來，我們收購了像 Life Technologies 這樣成長速度低於公司平均的企業。顯然，其規模成長速度令人難以置信。我們對 PeproTech 感到興奮，這是一項成長更快的業務，我們對 PPD 的前景感到興奮。謝謝你的提問。

So let me wrap up and thank everybody for participating. We're obviously pleased with how we performed in 2021. We're in a really great position to achieve another excellent year in 2022. And as always, thank you for your support of Thermo Fisher Scientific, and we look forward to updating you as the year progresses. Thanks, everyone.

讓我總結一下並感謝大家的參與。我們顯然對 2021 年的表現感到滿意。我們處於非常有利的位置，可以在 2022 年再創輝煌。一如既往，感謝您對 Thermo Fisher Scientific 的支持，我們期待向您通報最新情況這一年在進步。感謝大家。

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

感謝大家參加今天的電話會議。現在結束了。現在您可以斷開線路。