賽默飛世爾科技 (TMO) 2021 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2021 Third Quarter Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations. Mr. Tejada, you may begin the call.

女士們先生們，早上好，歡迎來到 Thermo Fisher Scientific 2021 年第三季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我想介紹一下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，你可以開始通話了。

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 November 12, 2021. A copy of the press release of our third quarter 2021 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；高級副總裁兼首席財務官 Stephen Williamson。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”部分的“新聞和事件”標題下，截止日期為 2021 年 11 月 12 日。我們 2021 年第三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 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，在我們開始之前，讓我簡要介紹一下我們的安全港聲明。我們可能就公司的未來預期、計劃和前景發表的各種評論構成根據 1995 年《私人證券訴訟改革法案》的安全港條款的前瞻性陳述。實際結果可能與這些前瞻性陳述所表明的結果存在重大差異由於各種重要因素而產生的報表，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，這些內容已提交給美國證券交易委員會，並可在我們網站的投資者部分獲得在財務 SEC 文件標題下。

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 third quarter 2021 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的某個時候更新前瞻性陳述，但我們特別聲明不承擔任何義務，即使我們的估計發生變化也是如此。因此，您不應依賴這些前瞻性陳述來代表我們截至今天之後的任何日期的觀點。此外，在此次電話會議中，我們將提及某些未根據公認會計原則或 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 2021 年第三季度收益的新聞稿中找到，也可以在我們網站的“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，我現在將電話轉給馬克。

Thanks, Rob. Good morning, everyone, and thanks for joining us today for our third quarter call. We delivered another outstanding quarter, achieving exceptional financial performance while continuing to effectively execute our growth strategy to make Thermo Fisher Scientific an even stronger partner for our customers.

謝謝，羅布。大家早上好，感謝今天加入我們的第三季度電話會議。我們又交付了一個出色的季度，實現了卓越的財務業績，同時繼續有效地執行我們的增長戰略，使 Thermo Fisher Scientific 成為我們客戶更強大的合作夥伴。

As I reflect on the year so far, 3 things -- Our proven growth strategy powered by our PPI business system is driving outstanding financial performance; our base business is performing very well, and we are playing a leading role in our industry's response to COVID-19; and we continue to build on our trusted partner status with innovative new products and expanded capabilities to further enhance our unique customer value proposition. 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 will get into more detail on these in my remarks later. But first, let me recap the financials.

回顧今年到目前為止，有 3 件事——我們經過驗證的增長戰略由我們的 PPI 業務系統提供支持，正在推動出色的財務業績；我們的基礎業務表現非常好，我們在行業應對 COVID-19 方面發揮著主導作用；我們將繼續通過創新的新產品和擴展的能力來鞏固我們值得信賴的合作夥伴地位，以進一步提升我們獨特的客戶價值主張。隨著我們繼續為所有利益相關者創造可持續價值，所有這一切讓我對一個非常光明的未來充滿信心。我將在稍後的評論中詳細介紹這些內容。但首先，讓我回顧一下財務狀況。

Our revenue in Q3 increased to $9.33 billion, growing 9% year-over-year. Our adjusted operating income for the third quarter was $2.78 billion, and our adjusted operating margin was 29.8% for the quarter. Finally, we increased adjusted EPS by 2% to $5.76 per share. So another outstanding quarter.

我們在第三季度的收入增至 93.3 億美元，同比增長 9%。我們第三季度調整後的營業收入為 27.8 億美元，本季度調整後的營業利潤率為 29.8%。最後，我們將調整後每股收益提高 2% 至 5.76 美元。所以又是一個出色的季度。

Turning to our end markets. In Q3, market conditions were strong, and our team executed well to deliver another fantastic quarter. Starting with pharma and biotech. We continue to have outstanding performance in this end market with growth of just over 20%, driven once again by strong market dynamics our unique customer value proposition and our leading role in supporting our customers across a wide range of exciting therapeutic areas, including our significant role in supporting COV19 vaccines and therapies.

轉向我們的終端市場。在第三季度，市場狀況強勁，我們的團隊表現出色，創造了另一個出色的季度。從製藥和生物技術開始。我們在這一終端市場繼續保持出色的表現，增長率超過 20%，再次受到強勁市場動態的推動，我們獨特的客戶價值主張以及我們在廣泛的令人興奮的治療領域為我們的客戶提供支持的領導作用，包括我們重要的在支持 COV19 疫苗和治療方面的作用。

Our trusted partner status earned over many years with these customers continues to drive robust growth. In this end market, we saw broad-based strength including in 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 grew in the mid-single digits in the quarter with very good growth in Biosciences and the research and safety market channel.

我們多年來在這些客戶中贏得的值得信賴的合作夥伴地位繼續推動強勁增長。在這個終端市場，我們看到了廣泛的實力，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渠道。在學術和政府部門，我們在本季度實現了中等個位數的增長，生物科學以及研究和安全市場渠道的增長非常好。

Turning to industrial and applied, we grew in the mid-teens. In Q3, we had particularly strong growth in our electron microscopy business and in the research and safety market channel. Finally, in diagnostics and health care, we declined 11%. Performance in our base business was strong driven by immunodiagnostics, clinical diagnostics and transplant diagnostics. The team also executed very well to support customers' COVID-19 testing needs, delivering $1.55 billion of revenue this quarter versus $1.8 billion in Q3 last year.

轉向工業和應用，我們在十幾歲的時候成長起來。在第三季度，我們的電子顯微鏡業務以及研究和安全市場渠道的增長特別強勁。最後，在診斷和醫療保健方面，我們下降了 11%。我們基礎業務的業績主要受到免疫診斷、臨床診斷和移植診斷的推動。該團隊在支持客戶的 COVID-19 測試需求方面也表現出色，本季度實現了 15.5 億美元的收入，而去年第三季度為 18 億美元。

Before I move on to our growth strategy, let me provide a few comments on our industry-leading role in the pandemic response. In the quarter, we generated $2.05 billion in COVID-19 response-related revenue. With the surge in the Delta variant, we saw strong testing demand around the world in Q3. We also played a very meaningful role in vaccines and therapies for COVID-19, generating just over $500 million in the quarter from these activities. The underlying demand for our product and service offerings used in the production and development of vaccines is very robust, and over time, we expect this demand to transition to non-COVID revenue.

在我繼續討論我們的增長戰略之前，讓我就我們在大流行應對中的行業領先作用發表一些評論。本季度，我們產生了 20.5 億美元的 COVID-19 響應相關收入。隨著 Delta 版本的激增，我們在第三季度看到了全球強勁的測試需求。我們還在 COVID-19 的疫苗和療法方面發揮了非常重要的作用，這些活動在本季度產生了超過 5 億美元的收入。對我們用於疫苗生產和開發的產品和服務的潛在需求非常強勁，隨著時間的推移，我們預計這種需求將轉變為非 COVID 收入。

Our industry-leading response to the pandemic has enabled us to accelerate our growth strategy, strengthening customer relationships and accelerate investments which contributed to our ability to raise our long-term core organic growth guidance to 7% to 9% as we communicated at our recent Investor Day.

我們對大流行的行業領先反應使我們能夠加快我們的增長戰略，加強客戶關係並加速投資，這有助於我們將長期核心有機增長指導提高到 7% 至 9%，正如我們在最近的會議上所傳達的那樣投資者日。

Let me now give you an update on our growth strategy, which consists of 3 elements: continuously 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. Let me provide a few examples of how we're delivering on our growth strategy. Starting with innovation. We launched a number of new products across our businesses to further strengthen our industry leadership and enabling our customers to accelerate scientific breakthroughs and make the world a better place. In our genetic sciences business, we launched the Applied Biosystems QuantStudio Absolute Q Digital PCR System. This is the first fully integrated digital PCR System featuring simplified workflows and designed to provide highly accurate results in only 90 minutes. This system will help advance our customers' innovation efforts in areas like oncology and cell and gene therapy.

現在讓我向您介紹我們的增長戰略的最新情況，該戰略由三個要素組成：持續開發具有高影響力的創新新產品，利用我們在高增長市場和新興市場的規模，並為我們的客戶提供獨特的價值主張。讓我舉幾個例子來說明我們如何實現我們的增長戰略。從創新開始。我們在我們的業務中推出了許多新產品，以進一步加強我們的行業領導地位，並使我們的客戶能夠加速科學突破，讓世界變得更美好。在我們的基因科學業務中，我們推出了 Applied Biosystems QuantStudio Absolute Q 數字 PCR 系統。這是第一個完全集成的數字 PCR 系統，具有簡化的工作流程，旨在僅在 90 分鐘內提供高度準確的結果。該系統將有助於推動我們客戶在腫瘤學、細胞和基因治療等領域的創新努力。

In chromatography and mass cytometry, we launched 3 new Thermo Scientific TSQ Plus Triple Quadrupole mass spectrometers to address the growing need for faster throughput and increased sensitivity across a range of applications in biopharma and applied settings, including clinical research for larger small molecules, toxicology, food safety and environmental analysis. We also launched the Thermo Scientific Vanquish Neo UHPLC system and the Thermo Fisher Scientific PepMap Neo UHPLC Columns designed for use in proteomics, precision medicine and translational research.

在色譜和質譜流式分析方面，我們推出了 3 款新的 Thermo Scientific TSQ Plus 三重四極桿質譜儀，以滿足生物製藥和應用環境中對更快通量和更高靈敏度的日益增長的需求，包括大分子、毒理學的臨床研究，食品安全和環境分析。我們還推出了專為蛋白質組學、精準醫學和轉化研究而設計的 Thermo Scientific Vanquish Neo UHPLC 系統和 Thermo Fisher Scientific PepMap Neo UHPLC 色譜柱。

Turning to the second pillar of our growth strategy. We continue to leverage our scale to create an outstanding experience for customers in high-growth and emerging markets. This has contributed to the excellent performance we are delivering across Asia Pacific, where we delivered growth in the low double digits during the quarter. We continue to build our presence and capabilities in the region. During the quarter, we opened a bioprocess design center in South Korea. This facility features laboratory and educational space and more than 100 instruments that support pharmaceutical research and manufacturing processes. This center will help our pharma and biotech customers advance their important work.

轉向我們增長戰略的第二個支柱。我們繼續利用我們的規模為高增長和新興市場的客戶創造卓越的體驗。這促成了我們在亞太地區的出色表現，我們在本季度實現了低兩位數的增長。我們繼續在該地區建立我們的影響力和能力。本季度，我們在韓國開設了一家生物工藝設計中心。該設施設有實驗室和教育空間以及 100 多台支持藥物研究和製造過程的儀器。該中心將幫助我們的製藥和生物技術客戶推進他們的重要工作。

Our performance across the region demonstrates that we're creating a differentiated experience for our customers and the significant investments we've made in these markets are fueling growth. The third pillar of our growth strategy is our customer value proposition, and we continue to increase our capabilities and capacity to be an even better partner for our customers to help them achieve their goals faster and more efficiently. As I mentioned last quarter, we're executing on over $2.5 billion in CapEx this year. Let me give you a brief update on our progress.

我們在該地區的表現表明，我們正在為我們的客戶創造差異化的體驗，而我們在這些市場所做的重大投資正在推動增長。我們增長戰略的第三個支柱是我們的客戶價值主張，我們不斷提高我們的能力和能力，成為我們客戶更好的合作夥伴，幫助他們更快、更有效地實現他們的目標。正如我上個季度提到的，我們今年的資本支出超過 25 億美元。讓我向您簡要介紹一下我們的進展情況。

Building our pharma services capabilities in Q3, we brought additional capacity online to support vaccine and therapy production. And as part of the previously announced strategic partnership with CSL Limited, we assumed operating responsibility for a new state-of-the-art biologics site in Lengnau, Switzerland. This site will feature highly flexible bioproduction technologies, including single-use and stainless steel to provide a pathway from development to large-scale production as customers' needs evolve.

在第三季度建立了我們的製藥服務能力，我們帶來了額外的在線能力來支持疫苗和治療的生產。作為先前宣布的與 CSL Limited 戰略合作夥伴關係的一部分，我們承擔了在瑞士 Lengnau 新建的最先進的生物製劑基地的運營責任。該站點將採用高度靈活的生物生產技術，包括一次性和不銹鋼，以便隨著客戶需求的變化提供從開發到大規模生產的途徑。

To support growing demand in the biopharmaceutical industry, we now have plans to open a new bioproduction facility in Nashville, Tennessee to manufacture single-use technologies. The facility will be one of our largest SUT sites in the world. In addition to support disease research and diagnostic testing, we announced our commitment to co-invest with the U.S. government in building the state-of-the-art facility to manufacture pipette tips. The new facility will be located in North Carolina and designed in line with Thermo Fisher Scientific's carbon neutrality goals. These investments in our value proposition demonstrate our commitment to our customers who rely on us as an essential partner in network.

為了支持生物製藥行業不斷增長的需求，我們現在計劃在田納西州納什維爾開設一家新的生物生產設施，以生產一次性技術。該設施將成為我們在世界上最大的 SUT 站點之一。除了支持疾病研究和診斷測試外，我們還宣布承諾與美國政府共同投資建設最先進的移液器吸頭製造設施。新設施將位於北卡羅來納州，設計符合 Thermo Fisher Scientific 的碳中和目標。這些對我們價值主張的投資表明了我們對依賴我們作為網絡重要合作夥伴的客戶的承諾。

Now let me give you a brief update on capital deployment. We continue to successfully execute our disciplined strategy for capital deployment, which is a combination of strategic M&A and returning capital to our shareholders. In terms of M&A, we are super excited for our acquisition of PPD. The business is performing well. The regulatory process is on track, and we expect to close by year-end. As a reminder, PPD will establish Thermo Fisher as a leader in attractive and high-growth clinical research services industry and add highly complementary services for our fastest-growing end market. Integration planning is going very well, financing is largely complete, and we're looking forward to welcoming our PPD colleagues to Thermo Fisher later this year.

現在讓我簡要介紹一下資本配置的最新情況。我們繼續成功地執行我們嚴格的資本配置戰略，該戰略結合了戰略併購和向股東返還資本。在併購方面，我們對收購 PPD 感到非常興奮。業務表現良好。監管程序正在按計劃進行，我們預計將在年底前完成。提醒一下，PPD 將把 Thermo Fisher 打造成具有吸引力和高增長的臨床研究服務行業的領導者，並為我們增長最快的終端市場增加高度互補的服務。整合計劃進展順利，融資基本完成，我們期待著在今年晚些時候歡迎我們的 PPD 同事加入 Thermo Fisher。

Before I turn to our guidance, let me update you on the progress we're making on our ESG initiatives. As the world leader in service science, we know we have the responsibility to use our industry leadership position to make the world a better place. And to that end, we continue to advance our sustainability and social impact initiatives.

在我轉向我們的指導之前，讓我向您介紹我們在 ESG 計劃方面取得的最新進展。作為服務科學領域的世界領導者，我們知道我們有責任利用我們的行業領導地位讓世界變得更美好。為此，我們繼續推進我們的可持續性和社會影響計劃。

During the quarter, we committed to expand our use of ACT product labeling to include our entire cold storage portfolio by the end of the year. ACT labeling clearly details the environmental impact of the product empowering our customers to make sustainable choices and ultimately helping them achieve their own goals for environmental stewardship.

在本季度，我們承諾在年底前擴大 ACT 產品標籤的使用範圍，以涵蓋我們的整個冷庫產品組合。 ACT 標籤清楚地詳細說明了產品對環境的影響，使我們的客戶能夠做出可持續的選擇，並最終幫助他們實現自己的環境管理目標。

Our 90,000 colleagues are also passionate about the difference they can make, and our local site-based community action council support a number of charitable and STEM education activities throughout the year. We have amplified and supported our efforts by investing an additional $15 million in our foundation for science. And we continue to support the historically black colleges and universities to deliver accurate COVID testing to students and staff, helping to ensure campus safety and the ability to confidently deliver in-person learning.

我們的 90,000 名同事也熱衷於他們可以做出的改變，我們當地的現場社區行動委員會全年支持許多慈善和 STEM 教育活動。我們通過向我們的科學基金會額外投資 1500 萬美元來擴大和支持我們的努力。我們繼續支持歷史悠久的黑人學院和大學向學生和教職員工提供準確的 COVID 測試，幫助確保校園安全和自信地進行面對面學習的能力。

With that, I'd like to review our guidance at a high level, and then Stephen will take you through the details. As you saw in our press release, we are raising both our revenue and earnings guidance for the full year. This increase is a result of our strong Q3 operational performance in our base business and the continued strength of our COVID-19 response revenue. We're raising our revenue guidance by $1.2 billion to $37.1 billion, which would result in 15% revenue growth over 2020. In terms of adjusted EPS, we're raising our guidance by $1.30 to $23.37 per share, which represents 20% growth year-over-year. The 2022 guidance raise reflects the increased outlook for the core business and add to the very strong outlook that we shared with you at our Investor Day.

有了這個，我想回顧一下我們的高層次指南，然後 Stephen 將帶您了解細節。正如您在我們的新聞稿中看到的那樣，我們正在提高全年的收入和盈利預期。這一增長是由於我們在基礎業務中強勁的第三季度運營業績以及我們 COVID-19 響應收入的持續增長。我們將收入指引上調 12 億美元至 371 億美元，這將使 2020 年的收入增長 15%。就調整後的每股收益而言，我們將每股指引上調 1.30 美元至 23.37 美元，這意味著每年增長 20% -超過一年。 2022 年的指引提高反映了核心業務前景的增加，並增加了我們在投資者日與您分享的非常強勁的前景。

We're raising our 2022 full year revenue guidance by $200 million to $40.5 billion and increasing our 2022 adjusted EPS guidance by $0.20 to $21.36. So to summarize our key takeaways from Q3. We executed very well to continue our growth momentum and deliver excellent revenue and earnings performance. Our business is performing very well, and we continue to play a leading role in the pandemic response. We continue to expand our trusted partner status with innovative new products and expanded capabilities to further enhance our customer value proposition. And our exceptional performance through the third quarter enabled us to raise our outlook for the year and sets us off for an even broader future. With that, I'll now hand the call over to our CFO, Stephen Williamson. Stephen?

我們將 2022 年全年收入指引提高 2 億美元至 405 億美元，並將 2022 年調整後每股收益指引提高 0.20 美元至 21.36 美元。因此，總結一下我們從第三季度獲得的主要收穫。我們執行得非常好，可以繼續我們的增長勢頭，並提供出色的收入和盈利表現。我們的業務表現非常好，我們繼續在大流行應對中發揮主導作用。我們通過創新的新產品和擴展的能力繼續擴大我們值得信賴的合作夥伴地位，以進一步提升我們的客戶價值主張。我們在第三季度的出色表現使我們能夠提高對今年的展望，並讓我們邁向更廣闊的未來。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. Before we get into the details of the quarter, I'd like to begin with a quick reminder about the definition of core business. This is a term we introduced at our recent Investor Day. Core includes our base business and the vaccines and therapies response revenue and post close, it will also include the PPD acquisition.

謝謝，馬克，大家早上好。在我們進入本季度的細節之前，我想首先快速提醒一下核心業務的定義。這是我們在最近的投資者日引入的一個術語。核心包括我們的基礎業務和疫苗和療法的響應收入，收盤後，還將包括 PPD 收購。

So moving on to the details of Q3. It was another excellent quarter. Let me provide a high-level view of how the quarter played out versus our expectations at the time of our last earnings call in July. We had a broad-based beat versus the prior guide. Revenue was $1.2 billion higher, driven by $900 million higher testing response revenue, $250 million higher core business revenue and $50 million more favorable core FX. On our last earnings call, our guidance derisked testing response revenue, 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. That's exactly what we did in Q3. In total, delivering $1.55 billion of testing response revenue in the quarter.

所以繼續討論第三季度的細節。這是另一個出色的季度。讓我提供一個高層次的觀點，說明本季度的表現與我們在 7 月份的最後一次財報電話會議時的預期。與之前的指南相比，我們有一個基礎廣泛的節拍。收入增加了 12 億美元，這是由於測試響應收入增加了 9 億美元，核心業務收入增加了 2.5 億美元，核心外匯收入增加了 5000 萬美元。在我們上次的財報電話會議上，我們的指導降低了測試響應收入的風險，我們表示，如果有任何額外的機會來支持客戶的測試需求，我們將準備好這樣做，並通過我們的損益錶帶來收益。這正是我們在第三季度所做的。總的來說，本季度提供了 15.5 億美元的測試響應收入。

We also had a great strength in the core business. In Q3, the base business organic growth was 10%, which is 3% or $190 million higher than included in our prior guide. Also in the core, vaccines and therapies response revenue was $60 million higher than in that prior guide and was $510 million for the quarter. So excellent momentum on the top line. Our PPI business system enabled us to generate excellent pull-through on the very strong top line performance. And at the same time, execute really well and have significant growth investments. And as a result, adjusted EPS in Q3 was $1.30 higher than included in our prior guide. And the component of this overachievement are $1 from testing response revenue, $0.20 from the core business and $0.10 from FX on the base business. Overall, another excellent quarter.

我們在核心業務方面也有很強的實力。第三季度，基礎業務有機增長率為 10%，比我們之前的指南高出 3% 或 1.9 億美元。同樣在核心方面，疫苗和治療反應收入比之前的指南高出 6000 萬美元，本季度為 5.1 億美元。頂線如此出色的勢頭。我們的 PPI 業務系統使我們能夠在非常強勁的頂線業績上產生出色的拉動。同時，執行得非常好，並有顯著的增長投資。因此，第三季度調整後的每股收益比我們之前的指南中包含的每股收益高 1.30 美元。而這一超額成就的組成部分是來自測試響應收入的 1 美元，來自核心業務的 0.20 美元和來自基礎業務 FX 的 0.10 美元。總體而言，又是一個出色的季度。

Let me now provide some color on our Q3 performance. Beginning with our Q3 earnings results. As you saw in our press release, we grew adjusted EPS by 2% to $5.76. GAAP EPS in the quarter was $4.79, down 1% from Q3 last year. On the top line, our Q3 reported revenue grew 9% year-over-year. The components of our Q3 reported revenue increase included 7% organic growth, a tailwind of 1% from foreign exchange and 1% contribution from acquisitions. As I mentioned, the baseline organic growth in the quarter was 10%.

現在讓我提供一些關於我們第三季度表現的顏色。從我們第三季度的收益結果開始。正如您在我們的新聞稿中看到的那樣，我們調整後的每股收益增長了 2% 至 5.76 美元。本季度 GAAP 每股收益為 4.79 美元，比去年第三季度下降 1%。最重要的是，我們第三季度報告的收入同比增長 9%。我們報告的第三季度收入增長的組成部分包括 7% 的有機增長、1% 的外匯增長和 1% 的收購貢獻。正如我所提到的，本季度的基準有機增長率為 10%。

Turning to our performance by geography during the quarter. North America was flat, Europe grew over 20%, Asia Pacific grew low double digits. China grew in the low single digits and rest of the world declined in the high single digits. The organic growth rates by geo are skewed by the response revenue in the current and prior quarters as well as the scale of the impact of the pandemic on the base business in the prior year.

轉向我們在本季度按地域劃分的表現。北美持平，歐洲增長超過 20%，亞太地區增長低兩位數。中國以低個位數增長，而世界其他地區則以高個位數下降。按地區劃分的有機增長率受到當前和上一季度的響應收入以及上一年大流行對基礎業務的影響規模的影響。

Since our operational performance, Q3 adjusted operating income decreased 1% and adjusted operating margin was 29.8%, 310 basis points lower than Q3 last year. In the quarter, our PPI business system enabled us to deliver strong productivity, which is more than offset by unfavorable business mix and the ongoing strategic investments across our businesses, including investments in our colleagues. All of these are being made to support our near- and long-term growth.

由於我們的經營業績，第三季度調整後的營業收入下降了 1%，調整後的營業利潤率為 29.8%，比去年第三季度低 310 個基點。在本季度，我們的 PPI 業務系統使我們能夠提供強大的生產力，這被不利的業務組合和我們業務的持續戰略投資所抵消，包括對我們同事的投資。所有這些都是為了支持我們的近期和長期增長。

Moving on to the details of the P&L. Total company adjusted gross margin in the quarter came in at 51.4%, 90 basis points lower than Q3 last year. The decrease in gross margin has similar drivers to those I just mentioned for our adjusted operating margin in the quarter. Adjusted SG&A in the quarter was 17.9% of revenue, an increase of 190 basis points versus Q3 2020. Total R&D expense was approximately $350 million, representing growth of 19% versus Q3 2020 and reflects our ongoing investments in high-impact innovation to fuel future growth.

轉到損益表的詳細信息。本季度公司調整後的總毛利率為 51.4%，比去年第三季度低 90 個基點。毛利率的下降與我剛才提到的本季度調整後營業利潤率的驅動因素相似。本季度調整後的 SG&A 佔收入的 17.9%，比 2020 年第三季度增加 190 個基點。總研發費用約為 3.5 億美元，比 2020 年第三季度增長 19%，反映了我們為推動未來發展而對高影響力創新的持續投資生長。

Looking at our results below the line for the quarter and net interest expense was $119 million, $17 million lower than Q3 last year, largely due to lower average interest rates on our debt. Adjusted other income and expense was net income in the quarter of $9 million, $7 million higher in Q3 2020, mainly due to changes in nonoperating FX. Adjusted tax rate in the quarter was 14.2%, down 150 basis points versus Q3 last year due to the benefits of our tax planning initiatives. Average diluted shares were $397 million in Q3, $2 million lower year-over-year, driven by the share repurchases net of option dilution.

看看我們本季度線下的業績，淨利息支出為 1.19 億美元，比去年第三季度低 1700 萬美元，這主要是由於我們的債務平均利率較低。調整後的其他收入和支出為本季度的淨收入 900 萬美元，比 2020 年第三季度增加 700 萬美元，這主要是由於非經營性外彙的變化。由於我們的稅收籌劃舉措帶來的好處，本季度調整後的稅率為 14.2%，比去年第三季度下降 150 個基點。第三季度平均攤薄後的股份為 3.97 億美元，同比減少 200 萬美元，這主要是由於扣除期權攤薄後的股票回購。

Turning to cash flow and the balance sheet. The cash flow performance enabled by our PPI Business System continued to be very strong. Year-to-date cash flow from continuing operations was $6.9 billion, up 38% from the same period last year. Year-to-date free cash flow was $5.2 billion, up 27% from the same period last year, and that's after investing $1.7 billion of net capital expenditure. This reflects the strong returns we're generating in the short term and the investments we're making for the long term.

轉向現金流和資產負債表。我們的 PPI 業務系統帶來的現金流表現繼續非常強勁。年初至今來自持續經營業務的現金流為 69 億美元，比去年同期增長 38%。年初至今的自由現金流為 52 億美元，比去年同期增長 27%，這是在投資 17 億美元的淨資本支出之後。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。

We returned over $100 million to shareholders through dividends in the quarter. This reflects an 18% dividend increase we announced in February. And during the quarter, we issued $3.1 billion in new debt as part of the prefinancing for the PPD acquisition. We ended Q3 with $12 billion in cash and $21.7 billion of total debt. Our leverage ratio at the end of the quarter was 1.6x gross debt to adjusted EBITDA and 0.7x on a net debt basis.

我們在本季度通過股息向股東返還了超過 1 億美元。這反映了我們在 2 月份宣布的 18% 的股息增長。在本季度，我們發行了 31 億美元的新債，作為 PPD 收購預融資的一部分。我們以 120 億美元的現金和 217 億美元的總債務結束了第三季度。我們在本季度末的槓桿率為調整後 EBITDA 的總債務的 1.6 倍和淨債務的 0.7 倍。

Concluding my comments on our total company performance, adjusted ROIC was 22.3%, up 740 basis points from Q3 last year as we continue to generate exceptional returns.

總結我對公司整體業績的評論，調整後的 ROIC 為 22.3%，比去年第三季度高 740 個基點，因為我們繼續產生卓越的回報。

I'll now provide some color on the performance of our 4 business segments. Similar to last quarter, I'll start with some framing thoughts on the impact of COVID-19 response in our segments. From a revenue standpoint, as was the case in the past quarters, the majority of our COVID-19 response revenue was recognized in Life Sciences Solutions, with the remainder recognized in Laboratory Products and Services and Specialty Diagnostics. From a margin standpoint, the impact of COVID-19 differed across the segments based on the scale of the response revenue and the different levels of profitability on that revenue. In addition, during the quarter, we continued to make strategic investments across all of our businesses. The size of those investments does not necessarily align with the COVID-19 response revenue in each segment but that does skew some of the reported segment margins.

我現在將提供一些關於我們 4 個業務部門的表現的顏色。與上個季度類似，我將從一些關於 COVID-19 響應對我們細分市場的影響的構想開始。從收入的角度來看，與過去幾個季度的情況一樣，我們的大部分 COVID-19 響應收入都在生命科學解決方案中得到確認，其餘部分在實驗室產品和服務以及專業診斷中得到確認。從利潤率的角度來看，COVID-19 的影響因響應收入的規模和該收入的不同盈利水平而異。此外，在本季度，我們繼續對所有業務進行戰略投資。這些投資的規模不一定與每個細分市場的 COVID-19 響應收入一致，但這確實扭曲了部分報告的細分市場利潤率。

Moving on to the segment details, starting with Life Sciences Solutions. Q3 reported revenue in the segment increased 9% and organic growth was 4%. In the quarter, we delivered very strong growth in our bioproduction and Bioappliances businesses. Q3 adjusted operating income in Life Science Solutions decreased 3% and adjusted operating margin was 48.9%, down 600 basis points year-over-year. In the quarter, we saw positive volume leverage, which is more than offset by strategic investments and unfavorable business mix.

從生命科學解決方案開始，繼續細分細節。第三季度報告該部門的收入增長了 9%，有機增長為 4%。本季度，我們的生物生產和生物電器業務實現了非常強勁的增長。生命科學解決方案第三季度調整後營業收入下降 3%，調整後營業利潤率為 48.9%，同比下降 600 個基點。在本季度，我們看到了積極的銷量槓桿，這被戰略投資和不利的業務組合所抵消。

In the Analytical Instruments segment, reported revenue increased 11% in Q3 and organic growth was 9%. Growth in the segment this quarter was driven by electromicroscopy and chromatography and mass spectrometry businesses. Q3 adjusted operating income in analytical instruments increased 54% and adjusted margin was 17.8%, up 500 basis points year-over-year.

在分析儀器領域，第三季度報告的收入增長了 11%，有機增長為 9%。本季度該部門的增長是由電子顯微鏡、色譜和質譜業務推動的。第三季度分析儀器調整後營業收入增長 54%，調整後利潤率為 17.8%，同比增長 500 個基點。

During the quarter, we delivered very strong volume pull-through and productivity, which is partially offset by the strategic investments we're making across thse segments. Turning to Specialty Diagnostics. In Q3, reported revenue decreased by 5% and the segment declined organically by 5%. In the quarter, we saw a strong growth in our immunodiagnostics, clinical diagnostics and transplant diagnostics businesses, which is offset by lower COVID-19 testing revenue versus the year ago quarter. Adjusted operating income decreased 22% in the quarter, and adjusted operating margin was 22.7%, down 520 basis points from the prior year.

在本季度，我們提供了非常強勁的銷量拉動和生產力，這部分被我們在這些領域進行的戰略投資所抵消。轉向專業診斷。第三季度，報告收入下降了 5%，該部門自然下降了 5%。本季度，我們的免疫診斷、臨床診斷和移植診斷業務實現了強勁增長，這被 COVID-19 檢測收入與去年同期相比下降所抵消。本季度調整後營業收入下降 22%，調整後營業利潤率為 22.7%，較上年同期下降 520 個基點。

In Q3, we drove positive productivity, enabled by our PPI Business System. This is more than offset by unfavorable volume mix and strategic investments in the quarter. Finally, in the Barge Products and Services segment. Q3 reported revenue increased 12% and organic growth was 10%. In the quarter, we saw very strong growth in all of our businesses in this segment. Adjusted operating income in the segment increased 8%, and adjusted operating margin was 11%, which is 40 basis points lower than the prior year. In the quarter, we drove good volume pull-through and productivity by our PPI business system, which is more than offset by strategic investments.

在第三季度，我們的 PPI 業務系統推動了積極的生產力。這被本季度不利的銷量組合和戰略投資所抵消。最後，在駁船產品和服務部分。第三季度報告的收入增長了 12%，有機增長為 10%。在本季度，我們在該領域的所有業務中都看到了非常強勁的增長。該部門調整後營業收入增長 8%，調整後營業利潤率為 11%，比上年下降 40 個基點。在本季度，我們的 PPI 業務系統推動了良好的銷量和生產力，這被戰略投資所抵消。

With that, let me now turn to our updated guidance. And as Marc mentioned, we're increasing full year guidance for both 2021 and 2022. For 2021, we're banking the Q3 beat and maintaining our prior guidance assumptions for Q4. Then for 2022, we're carrying over the base business and vaccines and therapies beat from Q3 '21 into the 2022 full year numbers. This is enabling a strong beaten raise for both years, reflecting the continued excellent strength of the business. Let me now provide you with a more detailed study with 2021. In terms of revenue, we're raising our full year '21 guidance by $1.2 billion to $37.1 billion and increasing our full year organic growth outlook from 9% to 12%. That includes an increase in the base business organic growth outlook for the full year from 12% to 13% and an increase in the COVID-19 response revenue for the year from $6.7 billion to $7.7 billion, which represents $5.8 billion of testing response revenue and $1.9 billion of vaccines and therapies response revenue.

有了這個，讓我現在轉向我們更新的指南。正如 Marc 所提到的，我們正在增加 2021 年和 2022 年的全年指導。對於 2021 年，我們預計第三季度將超過預期，並維持我們之前對第四季度的指導假設。然後到 2022 年，我們將從 21 年第三季度的基礎業務以及疫苗和療法轉移到 2022 年全年的數字。這使得這兩年都實現了強勁的增長，反映了該業務持續的卓越實力。現在讓我為您提供一份關於 2021 年的更詳細的研究報告。在收入方面，我們將 21 年全年的指導目標提高 12 億美元至 371 億美元，並將全年有機增長預期從 9% 提高至 12%。這包括將全年基本業務有機增長前景從 12% 增加到 13%，以及將全年 COVID-19 響應收入從 67 億美元增加到 77 億美元，這代表了 58 億美元的測試響應收入和19 億美元的疫苗和療法響應收入。

As I mentioned previously, there are no changes in the revenue assumptions for Q4 and our revised 2021 guidance. We're continuing the same derisked approach to guidance for COVID-19 testing response revenue and continue to assume $450 million of testing-related revenue in Q4. There continues to be a range of outcomes for testing in the fourth quarter and for 2022. There are scenarios where testing demand could be higher than that included in our guidance. Should that be the case, we'll be well positioned to support customer needs -- And as we did in Q3, we will 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. And as a reminder, there are 4 fewer selling days in Q4 '21 and versus the same period last year.

正如我之前提到的，第四季度的收入假設和我們修訂後的 2021 年指引沒有變化。我們將繼續採用相同的去風險方法來指導 COVID-19 測試響應收入，並繼續假設第四季度與測試相關的收入為 4.5 億美元。第四季度和 2022 年的測試將繼續取得一系列結果。在某些情況下，測試需求可能會高於我們指南中包含的需求。如果是這樣的話，我們將能夠很好地支持客戶的需求——正如我們在第三季度所做的那樣，我們將通過損益表從中獲益。但就目前而言，我們認為繼續對前景採取降低風險的方法是謹慎的。提醒一下，與去年同期相比，21 年第四季度的銷售天數減少了 4 天。

Incorporating our very strong Q3 performance into the revised '21 guidance, we now expect that adjusted operating margin for the full year will be approximately 30.4%, 70 basis points higher than both our prior guide and 2020. Then in terms of adjusted EPS by banking the Q3 beat, we're raising our full year '21 adjusted EPS guidance by $1.30 to $23.37, which would result in 20% growth over 2020. The revised guidance assumes an adjusted income tax rate of 14.3% in 2021, slightly higher than the prior guide to reflect the marginal tax rate and our increased profitability. The rest of the assumptions underlying the 2021 guidance remain the same. And to call out a few of those, we've not included any operational benefit in 2021 for the acquisition of PPD, which is assumed to close at the end of the year. We expect full year net interest costs to be approximately $510 million. We're assuming net capital expenditures of approximately $2.5 billion to $2.7 billion and free cash flow of approximately $7 billion in 2021.

將我們非常強勁的第三季度業績納入修訂後的 '21 指引，我們現在預計全年調整後的營業利潤率將約為 30.4%，比我們之前的指引和 2020 年高出 70 個基點。然後就銀行業調整後的每股收益而言第三季度，我們將 21 年全年調整後每股收益指引提高 1.30 美元至 23.37 美元，這將導致 2020 年增長 20%。修訂後的指引假設 2021 年調整後的所得稅率為 14.3%，略高於先前的指南以反映邊際稅率和我們增加的盈利能力。 2021 年指南所依據的其餘假設保持不變。並指出其中的一些，我們沒有包括 2021 年收購 PPD 的任何運營收益，該收購預計將在今年年底完成。我們預計全年淨利息成本約為 5.1 億美元。我們假設 2021 年的淨資本支出約為 25 億至 27 億美元，自由現金流約為 70 億美元。

Our guidance still includes $3.8 billion of capital deployment, which is $2 billion of share buybacks, $1.4 billion of completed M&A and $400 million of capital return to shareholders through dividends. And we estimate the full year average diluted share count will be 397 million shares.

我們的指引仍包括 38 億美元的資本配置，即 20 億美元的股票回購、14 億美元的已完成併購和 4 億美元的資本通過股息返還給股東。我們估計全年平均攤薄股數將為 3.97 億股。

Now moving on to the 2022 guidance range. As I mentioned, we're carrying over the base business and facing from therapy per of Q3 '21 into the 2022 full year numbers. In terms of revenue, we're raising our full year 2022 guidance by $200 million to $40.5 billion. That reflects a $250 million increase in core revenue, offset partially by $50 million less FX tailwind for the year. The guidance for 2022 continues to assume core organic growth of 8% and $750 million of testing response revenue for the year. In terms of adjusted EPS, we're raising our full year 2022 guidance by $0.20 to $21.36. And as Marc mentioned, the 2022 guidance increase reflects the increased strength of our core business, adding to the already very strong outlook for 2022 that I shared with you at the recent Investor Day.

現在轉向 2022 年指導範圍。正如我所提到的，我們正在繼承基礎業務，並面臨從 21 年第三季度到 2022 年全年數字的治療。在收入方面，我們將 2022 年全年的指引提高了 2 億美元，達到 405 億美元。這反映出核心收入增加了 2.5 億美元，部分被當年外匯順風減少 5000 萬美元所抵消。 2022 年的指導方針繼續假設當年的核心有機增長為 8%，測試響應收入為 7.5 億美元。就調整後的每股收益而言，我們將 2022 年全年指引提高 0.20 美元至 21.36 美元。正如 Marc 所提到的，2022 年指引的增加反映了我們核心業務實力的增強，增加了我在最近的投資者日與大家分享的 2022 年已經非常強勁的前景。

So to conclude, we're delivering another -- we delivered another excellent quarter, and we're in a great position to achieve both our '21 and 2022 goals. With that, I'll turn the call back over to Raf.

因此，總而言之，我們正在交付另一個——我們交付了另一個出色的季度，我們處於實現 21 年和 2022 年目標的有利位置。有了這個，我會把電話轉回給拉夫。

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

謝謝你，斯蒂芬。接線員，我們準備好接受提問了。

(Operator Instructions) Our first question comes from the line of Patrick Donnelly of Citi.

（操作員說明）我們的第一個問題來自花旗的 Patrick Donnelly。

Marc, maybe one for you just on the guidance. Obviously, encouraging to see you raise the '22 guidance going to flow through to beat so soon after providing at the Analyst Day. Can you just talk about not bumping the 4Q number? Obviously, again, the core seems a bit stronger in 3Q. The end market recovery seems well on its way. I certainly understand keeping the testing conservative. But maybe just on the core business, what kept you guys from flowing through a bit of that strength into 4Q?

馬克，也許一個給你的只是指導。顯然，令人鼓舞的是看到你在分析師日提供後很快就提出了 22 年的指導意見。你能談談不影響第 4 季度的數字嗎？顯然，核心在 3Q 似乎又更強了一些。終端市場的複蘇似乎正在順利進行。我當然理解保持測試保守。但也許只是在核心業務上，是什麼讓你們無法將這種實力帶入第四季度？

Patrick, thanks for the question. So obviously, really outstanding Q3. When I think about the momentum in the core business in the fourth quarter. We obviously entered the fourth quarter with very strong performance. As I look at the look at the outlook for Q4, first of all, we thought it was prudent to keep it the same that we did last quarter. There's nothing particularly deep about that. We have 4 less selling days. So when you look at the base business results, it's very similar, right? It implies about 9% growth, about 5% reported and you had about 4 points for the day.

帕特里克，謝謝你的提問。很明顯，非常出色的第三季度。當我想到第四季度核心業務的勢頭時。我們顯然以非常強勁的表現進入了第四季度。當我審視第四季度的前景時，首先，我們認為保持與上一季度相同的前景是謹慎的。沒有什麼特別深刻的。我們少了 4 個銷售日。因此，當您查看基本業務結果時，它非常相似，對嗎？這意味著大約 9% 的增長，大約 5% 的報告，你當天有大約 4 個點。

So you are about 9% growth. So very similar to what you saw in Q3. And when you look at the other part of core, which is the vaccine and therapy numbers, similar levels of revenue to what you saw in Q3 there. So we thought that was a prudent view. On the testing response, we kept the derisked number. We're obviously going to shift whatever our customers need and if you think about sort of the true visibility is for testing response, right, which is we derisked at the end of July. And by the time we got into August, the Delta variant had created huge demand for testing. So we feel like a 450 number is we have an incredibly high likelihood of achieving and we'll obviously ship meaningful work than that if customers need it, right? So that's how we thought about it. And as we talk about 2022, we carry forward the core revenue beat into the year. And as we sit here at the end of January, when we give our full year -- final guidance for the year, we'll look at what is the right level of assumptions and make adjustments as appropriate.

所以你大約有 9% 的增長。與您在第三季度看到的非常相似。當你查看核心的另一部分時，即疫苗和治療數量，收入水平與你在第三季度看到的相似。所以我們認為這是一個謹慎的觀點。在測試響應中，我們保留了降低風險的數字。我們顯然會改變客戶的任何需求，如果您考慮某種真正的可見性是為了測試響應，對，我們在 7 月底取消了風險。當我們進入八月時，Delta 變體已經產生了巨大的測試需求。所以我們覺得 450 這個數字是我們實現的可能性非常高，而且如果客戶需要的話，我們顯然會交付比這更有意義的工作，對吧？這就是我們的想法。當我們談論 2022 年時，我們將核心收入節拍結轉到今年。當我們在 1 月底坐在這裡，當我們給出全年的最終指導時，我們將研究什麼是正確的假設水平，並進行適當的調整。

Okay. That's helpful. Makes sense.

好的。這很有幫助。說得通。

And then maybe just a quick follow-up on China. Low single-digit growth for you guys are. A lot of noise in the regions or between the tender process, general macro headlines. Can you just expand a bit on what you guys are seeing there. Again, it's always hard to remove a little bit of the comp noise and COVID noise. So I would love just your thoughts on China and what you're expecting on the go forward.

然後也許只是對中國的快速跟進。對你們來說，低個位數的增長是。地區或招標過程之間存在很多噪音，一般是宏觀頭條新聞。您能否稍微擴展一下你們在那裡看到的內容。同樣，總是很難消除一點 comp 噪音和 COVID 噪音。所以我很想知道你對中國的看法以及你對未來的期望。

Yes. I think the fresco that question sort of for us explains what's going on, right, which is we had low single-digit growth. In the year ago period, we had an incredibly strong COVID response revenue in China. So that drives that. When I look at bookings, which gives you a sense of kind of new orders, that grew about 10% in the quarter. So that activity was good. We have a strong backlog there. And then reviewing what's going on with our local team, conditions actually continue to be good, and the government is focused on some of the initiatives that would drive strong long-term growth, the focus on biotech industry and food safety, those kinds of things. So I think China ultimately continues to be a nice strong growth market for the company going forward.

是的。我認為壁畫對我們來說是個問題，它解釋了正在發生的事情，對，我們的增長率很低。去年同期，我們在中國的 COVID 響應收入非常強勁。所以這驅動了它。當我查看預訂量時，它讓您感覺到某種新訂單，該季度增長了約 10%。所以那個活動很好。我們在那裡有大量積壓。然後回顧我們當地團隊的情況，情況實際上繼續良好，政府專注於一些將推動強勁長期增長的舉措，關註生物技術行業和食品安全，諸如此類的事情.因此，我認為中國最終將繼續成為公司未來發展的強勁增長市場。

Your next question comes from the line of Tycho Peterson of JPMorgan.

你的下一個問題來自摩根大通的第谷彼得森。

Marc, first question on supply chain. I don't think anybody -- it's a huge risk for you guys. You obviously can handle these things well. But can you maybe just give us some color on what's going on in the ground? Like are you able to pass on higher resin costs? Are there component shortages? And do you have to kind of work down inventory. Just kind of curious on some of the gives and takes around supply chain for you guys right now.

馬克，關於供應鏈的第一個問題。我不認為任何人 - 這對你們來說是一個巨大的風險。你顯然可以很好地處理這些事情。但是你能不能給我們一些關於地面上發生的事情的顏色？比如你能轉嫁更高的樹脂成本嗎？是否存在組件短缺？您是否必須減少庫存？只是對你們現在供應鏈中的一些贈與感到好奇。

Thanks for the question. Yes, so supply chain, as you step back and I'll start a level above Thermo Fisher and then get to Thermo Fisher, right? The world is clearly experiencing supply chain disruptions, right? And really as the pandemic is unwinding, we're all seeing that. And the duration and the impact of that still to be determined, right? And as I think about our company, it's really -- the scale advantages we have and the incredibly strong execution capabilities we have because of our PPI Business System, it's a real competitive advantage, right? And we're well positioned to navigate these environments better than the smaller, less capable companies. So that's how I think about it.

謝謝你的問題。是的，所以供應鏈，當你退後一步，我會開始高於 Thermo Fisher 的水平，然後到達 Thermo Fisher，對嗎？世界顯然正在經歷供應鏈中斷，對吧？實際上，隨著大流行病的消退，我們都看到了這一點。持續時間和影響仍有待確定，對吧？當我想到我們公司時，這真的是 - 我們擁有的規模優勢和我們擁有的令人難以置信的強大執行能力，因為我們的 PPI 業務系統，這是一個真正的競爭優勢，對吧？與規模較小、能力較差的公司相比，我們有能力更好地駕馭這些環境。這就是我的想法。

As I think about Q3, there was no material impact in our results based on supply chain challenges. The areas that you see them there being managed things like freight and logistics, delivery times a little bit slower. So you have things like that, that you have to manage through. And electronic components, things of that. So we're managing through those things effectively. And I've accomplished our team's ability to navigate it and a very well in a very strong way. And I think we'll be talking about this in some fashion across the world and across specific with life science tools and diagnostics probably into 2022.

當我想到第三季度時，基於供應鏈挑戰的結果對我們的結果沒有實質性影響。您看到的區域正在管理貨運和物流等事務，交貨時間有點慢。所以你有這樣的事情，你必須設法解決。還有電子元件之類的。所以我們正在有效地管理這些事情。而且我已經實現了我們團隊的導航能力，並且以一種非常強大的方式做得很好。我認為我們可能會在 2022 年以某種方式在世界範圍內討論這個問題，具體涉及生命科學工具和診斷。

Okay. That's helpful. And then a follow-up on PPD. Last quarter, you talked about the second question from the FTC. Since then, you guys have reached the CMA developments. I know you reiterated the time line to close by year-end. But can you maybe just update us on how that process is going? And was the CMA development expected in your view?

好的。這很有幫助。然後是 PPD 的後續行動。上個季度，您談到了 FTC 提出的第二個問題。從那時起，你們已經達到了 CMA 的發展。我知道你重申了年底前結束的時間表。但是您能否向我們介紹一下該過程的進展情況？您認為 CMA 的發展是否符合預期？

Yes. So Tycho, in terms of PPD, it's going well and on track. So we're largely complete with the U.S. FTC process. And we -- there's no surprises on the remaining couple of filings, including working with the U.K. government. So those are all -- were anticipated when we announced the transaction. So that's all progressing well, and we feel confident in our ability to have the opportunity to welcome our new colleagues during the fourth quarter to Thermo Fisher Scientific.

是的。因此，就 PPD 而言，Tycho 進展順利且步入正軌。所以我們基本上完成了美國聯邦貿易委員會的程序。而且我們 - 剩下的幾份文件並不令人意外，包括與英國政府的合作。所以當我們宣布交易時，這些都是預期的。所以這一切進展順利，我們有信心在第四季度有機會歡迎我們的新同事加入 Thermo Fisher Scientific。

Your next question comes from the line of Jack Meehan of Nephron Research.

您的下一個問題來自 Nephron Research 的 Jack Meehan。

Marc, can you maybe give us an update on the durability of the investments that you've been making in testing? I know you want to stay conservative around the outlook for COVID, but just -- how are you feeling about the durability on the PCR side? Any updates you can provide around uptake at Mesa? And just a clarification, the M&A in the quarter, was that the contingent payment for Mesa?

馬克，您能否向我們介紹一下您在測試方面所做投資的最新情況？我知道您想對 COVID 的前景保持保守，但您對 PCR 方面的耐用性有何看法？您可以提供有關 Mesa 吸收情況的任何更新嗎？只是澄清一下，本季度的併購是 Mesa 的或有付款嗎？

Certainly, in the quarter, that's just continued revenue from Mesa. That dose when we were performing well.

當然，在本季度，這只是 Mesa 的持續收入。當我們表現良好時的劑量。

Yes. So in terms of the durability, embedded in our outlook from a derisk perspective for next year is $750 million of COVID testing-related revenue, and we'll obviously refine that when we give our when we start the year to see what the world looks like. There's obviously certain aspects of our response on the testing side that will have some level of durability, but it's a relatively modest number compared to the billions of dollars of COV-19 PPCR test and sample products that we provided. The areas that you would expect to have long longevity is going to be the increased installed base of QPCR instruments and sample prep instruments, which will get repurposed for other testing.

是的。因此，就持久性而言，從去風險的角度來看，我們對明年的展望中嵌入了 7.5 億美元的 COVID 測試相關收入，當我們在年初給出我們的時間以了解世界的情況時，我們顯然會對其進行改進喜歡。顯然，我們在測試方面的響應的某些方面將具有一定程度的耐用性，但與我們提供的數十億美元的 COV-19 PPCR 測試和样品產品相比，這是一個相對適度的數字。您希望長壽的領域將是 QPCR 儀器和样品製備儀器的安裝基礎增加，這些儀器將重新用於其他測試。

We've obviously developed respiratory panels as well. So likely for the future, you'll see some level of people presenting with an upper respiratory infection. And doctors will want to know whether it's COVID or flu or RSV. So you'll have some of that duration. And customer feedback on the as the biotech technology, super positive as turning to a large customer a couple of days ago, and they did a head-to-head versus some other technologies and basically said the users just love it and are excited about working on developing a broader menu over time as well. So those are some of the things that will increase our share of business post-COVID or more endemic COVID base. And that's a business that we really didn't have pretty pendant I think that's pretty cool. But relative to the $1 billion dollars of revenue, it'll be a more modest number.

我們顯然也開發了呼吸板。所以很可能在未來，你會看到一定程度的人出現上呼吸道感染。醫生會想知道它是 COVID、流感還是 RSV。所以你會有一些持續時間。客戶對生物技術的反饋非常積極，幾天前轉向一個大客戶，他們與其他一些技術進行了正面交鋒，基本上說用戶只是喜歡它並且對工作感到興奮隨著時間的推移開發更廣泛的菜單。因此，這些是將增加我們在 COVID 後或更流行的 COVID 基礎上的業務份額的一些事情。這是一項我們真的沒有漂亮吊墜的業務，我認為這很酷。但相對於 10 億美元的收入，這將是一個更溫和的數字。

Great. And then my second question is on analytical instruments. I hate to nitpick small numbers, the compounded growth, by my math, stepped down from like 4.5% to maybe 3% in the quarter. Just curious how the order book there is shaping up. And can you give any color on what the guidance implies for the fourth quarter for that segment?

偉大的。然後我的第二個問題是關於分析儀器的。我討厭挑剔小數字，根據我的計算，複合增長率在本季度從 4.5% 左右下降到 3% 左右。只是好奇那裡的訂單簿是如何形成的。您能否就該部門第四季度的指導意義給出任何顏色？

Yes. So Jack, you can nitpick anything you want. It's good to focus on the areas that aren't clear. So I call want to step back and look at analytical instruments. Actually, a very solid quarter, very strong performance in electro microscopy, very well. We're super excited about ASMS, which is just the planes and exciting product launches. I highlight a few of them on the call with the TSQ Quadropole mass spectrometers all 3 or new PLC system. So when you actually look and say, you look at the details of the numbers, we saw softness in parts of chemical analysis. That's really what's in there. And you haven't seen a full recovery in some of the industrial end markets. You see great strength in things that are semiconductor, materials finance related that shows through across our businesses. But in some of the -- what I call historically core industrial, you haven't seen a full recovery over the last couple of years. So that's what is kind of embedded in the numbers.

是的。所以傑克，你可以挑剔任何你想要的。把注意力集中在不清楚的地方是很好的。所以我打電話想退後一步，看看分析儀器。實際上，一個非常堅實的季度，在電鏡方面表現非常強勁，非常好。我們對 ASMS 感到非常興奮，這只是飛機和令人興奮的產品發布。我在 TSQ 四極桿質譜儀所有 3 或新 PLC 系統的電話會議上強調了其中的一些。因此，當您實際查看並說出數字的細節時，我們看到了部分化學分析的柔軟性。這真的是裡面的東西。而且你還沒有看到一些工業終端市場的全面復甦。您會在我們的業務中看到與半導體、材料金融相關的強大實力。但在某些——我稱之為歷史核心工業的領域，過去幾年你還沒有看到全面復甦。這就是數字中嵌入的內容。

Got it. Steve, and any color on 4Q for the segment?

知道了。史蒂夫，該細分市場的第四季度有什麼顏色嗎？

No, just continued good performance of that business and bookings grew strong in the quarter and outlook for Q4 and '22 looks very positive.

不，只是該業務的持續良好表現和預訂在本季度強勁增長，第四季度和 22 年的前景看起來非常樂觀。

Your next question comes from the line of Derik De Bruin of Bank of America.

你的下一個問題來自美國銀行的 Derik De Bruin。

A couple of questions. So just to take it a little bit a follow-up on Jack's question there. And any sort of issues in shipping analytical instruments in the quarter and getting these installed. I mean just getting into labs or logistics are moving around. Just wondering if -- I mean 3Q is always a little bit of squirly quarter anyway, given seasonality. I just was wondering if there is also something compared just in terms of not being able to ship some products and get things out the door, fits in revenues recognized because of the current situation?

幾個問題。所以只是想稍微跟進一下傑克的問題。以及本季度運送分析儀器和安裝這些儀器的任何問題。我的意思是剛進入實驗室或物流正在四處移動。只是想知道是否 - 我的意思是 3Q 無論如何總是有點不穩定，考慮到季節性。我只是想知道是否還有一些東西可以比較，只是不能運送一些產品和把東西運出門外，適合由於當前情況而確認的收入？

Yes, nothing that jumped out me as being significant, Derik. When I think about bookings were stronger and maybe shipping to a day or 2 longer. So there could be some math in that. But none of our teams talked about lab not ready, shipping delays. Nobody used -- this is a discussion topic in our deep reviews with the business. So is it possible, yes, but nothing that jumped out as being material from that perspective. Bookings are strong. So I think that's encouraging for the upcoming few quarters.

是的，沒有什麼讓我覺得很重要，德里克。當我想到預訂量更大時，可能會運送一兩天。所以這裡面可能有一些數學。但我們的團隊都沒有談論實驗室未準備好、運輸延遲。沒有人使用——這是我們對企業進行深入審查時的一個討論主題。那麼有可能嗎，是的，但是從那個角度來看，沒有什麼是重要的。預訂量很大。所以我認為這對接下來的幾個季度來說是令人鼓舞的。

Okay. And Marc, how are you thinking about wage inflation and retention. And particularly, this as it relates to -- as you think about PPD, I mean, obviously, there's a big war for talent in the clinical research associate population, transitions between acquisitions of CROs tend to create some volatility in terms of headcount. And I'm just sort of thinking about on your Biopharma Services segment, how you're sort of dealing with potential disruptions or trying to stem off some of the headwinds you could see there?

好的。馬克，你如何看待工資上漲和留任率。特別是，這與——當你想到 PPD 時，我的意思是，很明顯，在臨床研究助理人群中存在著一場爭奪人才的大戰，收購 CRO 之間的過渡往往會在員工人數方面造成一些波動。我只是在考慮你的生物製藥服務部門，你是如何處理潛在的中斷或試圖阻止你在那裡看到的一些不利因素的？

Yes. So when I think about our team. Let's start with the Thermo Fisher Scientific team and make a brief comment about PPD. We have a terrific team, right? They have delivered the spectacular results for year in, year out, quarter in, quarter out, including in very trying times of the pandemic. And they make a difference. And we have really -- we've really focused on ensuring that this is the best place to work. And we've rewarded our teams.

是的。所以當我想到我們的團隊時。下面先從Thermo Fisher Scientific團隊說起，簡單點評一下PPD。我們有一個很棒的團隊，對吧？他們年復一年、每季度、每季度都取得了驚人的成果，包括在大流行病非常艱難的時期。他們有所作為。我們真的 - 我們真的專注於確保這是最好的工作場所。我們已經獎勵了我們的團隊。

We talked last quarter about some of the additional compensation actions we've taken. We continue to do that to recognize the strong performance. We've invested in our facilities, training. We are recognized for world-class development training business things that we continue to focus on. And that really has allowed us to have very, very strong retention of our teams.

我們在上個季度討論了我們採取的一些額外補償措施。我們繼續這樣做是為了認可強勁的表現。我們已經投資於我們的設施和培訓。我們以世界一流的發展培訓業務而聞名，我們將繼續關注這些業務。這確實讓我們能夠非常、非常強烈地保留我們的團隊。

PPD is a very well-run business with a great leadership team that's navigating the environment well, the business is performing very well. There is no disruption to the integration, right? We're literally is lifting it as it is and running it as it is going forward. And over time, we're going to come up with some great new solutions that will make a difference for customers. But this is a growth-oriented customer-oriented patients benefit acquisition. So the feedback that the PPD team that's getting on their colleagues is super positive and super excited, and we're looking forward to the transition to our company on -- in the fourth quarter.

PPD 是一家經營良好的企業，擁有一支出色的領導團隊，能夠很好地駕馭環境，業務表現非常好。集成沒有中斷，對嗎？我們實際上是按原樣提升它並在它前進時運行它。隨著時間的推移，我們將提出一些偉大的新解決方案，這些解決方案將為客戶帶來不同。但這是一個以增長為導向、以客戶為導向的患者利益獲取。因此，PPD 團隊對他們的同事的反饋是非常積極和非常興奮的，我們期待著在第四季度向我們公司的過渡。

And if I can squeeze one more in on China. How much of your portfolio is manufactured in China that would not be subjected to -- or would sort of -- would be part of the buy local sort of like push there. Just sort of some idea on your manufacturing footprint there and what we consider as being outside versus inside China?

如果我能再擠一個關於中國的。你的投資組合中有多少是在中國製造的，它們不會受到——或者某種程度上——會成為購買本地產品的一部分，就像在那裡推動一樣。關於你們在那裡的製造足跡以及我們認為是在中國境外還是在中國境內的一些想法？

Yes. I mean we have a very scaled manufacturing facilities in China for China. And we also import a number of products into the market. And the way you can almost think about it is, if there is no local alternative for the products, you often see them imported into the country. If there is local alternatives, they often come from either our Chinese operations or other low-cost regions around the world, right? That's the way to think about it. It's not 100% accurate because I'm sure there's some things that have local compensation that could shift into the country. But that's the strategy at a high level. And that served us well. I mean we're well positioned to support our Chinese customers and in areas where the Chinese customers really want a high degree of supply chain assuredness, things like single-use technologies, we build a very scaled facility in Suzhou to be able to meet those needs.

是的。我的意思是我們在中國有一個非常大規模的製造設施。我們還進口了一些產品進入市場。你幾乎可以想到的方式是，如果產品沒有本地替代品，你經常會看到它們被進口到該國。如果有本地替代品，它們通常來自我們的中國業務或世界其他低成本地區，對嗎？這就是思考它的方式。它不是 100% 準確的，因為我確信有些東西有可能轉移到該國的當地補償。但這是高層次的戰略。這對我們很有幫助。我的意思是，我們有能力支持我們的中國客戶，在中國客戶真正需要高度供應鏈保障的領域，比如一次性技術，我們在蘇州建立了一個規模非常大的設施，以滿足這些需求需要。

Next question comes from the line of Dan Arias of Stifel.

下一個問題來自 Stifel 的 Dan Arias。

Marc, 2 questions for you, 1 on biopharma and 1 on the NIH, if I can. On biopharma, I'm just curious what your expectations are for watch spending at the end of the year here. obviously playing nuances in that segment. So do you feel like it's more or less likely to be just sort of similar to what we've seen in non-pandemic years?

馬克，如果可以的話，有 2 個問題要問你，1 個關於生物製藥，1 個關於 NIH。在生物製藥方面，我只是想知道您對今年年底的支出有何期望。顯然在該部分中存在細微差別。那麼，您是否覺得它或多或少可能與我們在非大流行年份看到的情況有點相似？

Yes. So in terms of for biotech, business performed really well, right, in terms of the growth that we are delivering with the 20% -- 20% growth in the quarter. What we're assuming is the convention we use every year, we're assuming an average year-end spend across our customer base. And we really don't get visibility until right after the Thanksgiving holiday. So we use that convention and that served us well.

是的。因此，就生物技術而言，就我們在本季度實現的 20% - 20% 的增長而言，業務表現非常好，對。我們假設的是我們每年使用的慣例，我們假設我們的客戶群的平均年終支出。直到感恩節假期過後，我們才真正獲得知名度。所以我們使用那個約定，這對我們很有幫助。

I think most years, it's been average or above average, as of you that are below average from our collection over the last number. So that's how we think about it.

我認為大多數年份，它一直是平均水平或高於平均水平，因為你們在過去的數字中低於我們收集的平均水平。這就是我們的想法。

Okay. And then maybe on the NIH funding dynamic, which you've usually got a pretty decent line of sight into. As we head into next year, I'm just curious if you have a view on the budget in a way that it looks like it might be allocated just given that you have that core budget and that ARPA-H component. Are you hearing anything about the ARPA-H funding and whether it will sort of just be accessible to basic researchers. I mean, I don't want -- I don't feel I don't want to come out of left deal with that one if that's what it sounds like. But it seems like that is sort of a question in the academic world, and there really aren't too many good people to ask about that. So I figure I'd throw it out there.

好的。然後也許是關於 NIH 的資助動態，你通常對它有一個相當不錯的視線。當我們進入明年時，我很好奇您是否對預算有一個看法，即在您擁有核心預算和 ARPA-H 組成部分的情況下，它看起來可能會被分配。您是否聽說過有關 ARPA-H 資金的任何消息，以及它是否僅供基礎研究人員使用。我的意思是，我不想——我不覺得我不想從左處理中脫穎而出，如果這聽起來像的話。但這似乎是學術界的一個問題，而且真的沒有太多好人可以問這個問題。所以我想我會把它扔出去。

So Dan, it's not clear yet. And I think that ARPA-H concept is a really important concept for the U.S. right the way to think about it is you have defense spending, right? And defense spending prepares for all of the what could happen, right, and you invest in different technologies to defend the country. ARPA-H is the health care equivalent, right? It's investments and things to anticipate future challenges, right, as opposed to typically a research is solving clearly known challenges that you have now, right? And so I think the fact that we're going to have longer-term funding that will prepare for the next pandemic or other future challenges, I think it's fantastic, and will spur great research.

所以丹，目前還不清楚。而且我認為 ARPA-H 概念對美國來說是一個非常重要的概念。正確的思考方式是你有國防開支，對吧？國防開支為所有可能發生的事情做準備，對吧，你投資不同的技術來保衛國家。 ARPA-H 相當於醫療保健，對吧？這是預測未來挑戰的投資和事物，對，而不是通常的研究正在解決你現在所面臨的明確已知的挑戰，對吧？因此，我認為我們將獲得長期資金來為下一次大流行或其他未來挑戰做準備，我認為這太棒了，並將激發偉大的研究。

How much exactly is going to be allocated? I haven't seen a have come out, but I haven't seen the details of how that's going to be done. And I know that the U.S. is not the only country that's talking about using vehicles like this. So I think this is one of the reasons that we're so excited about what the scientific funding is going to be like going forward in our industry, and we're incredibly well positioned to serve that.

具體要分配多少？我還沒有看到已經出來，但我還沒有看到如何完成的細節。而且我知道美國並不是唯一一個在談論使用這種車輛的國家。因此，我認為這是我們對科學基金在我們行業中的發展前景感到如此興奮的原因之一，而且我們已經做好了充分準備為之服務。

Your next question comes from the line of Vijay Kumar of Evercore.

你的下一個問題來自 Evercore 的 Vijay Kumar。

Congrats on a nice print. Marc, maybe one on the fiscal '22 guidance raise here by a couple of hundred million looks like the base came up by $250 million. I'm curious where the strength is coming from. Would you say that's coming from biopharma across the board? Or what is driving that base improvement?

恭喜印刷精美。馬克，也許這裡的 22 財年指導意見中的一個增加了兩億美元，看起來像基數增加了 2.5 億美元。我很好奇力量來自哪裡。你會說這是全面來自生物製藥嗎？或者是什麼推動了基礎改進？

Yes. So Vijay, thanks for the question. As I thought about the 2022, we have seen sort of strength across our company in Q3 and in the core, and we flowed that entirely into the next year. And obviously, very strong performance in pharma biotech so that's very encouraging, and it is obviously a large driver of that. But we saw we could sell the performance actually across the different parts of our business. So I only say it reflects the portfolio of activities that we have is so when you think about the strength of the quarter.

是的。 Vijay，謝謝你的提問。當我想到 2022 年時，我們在第三季度和核心看到了整個公司的實力，我們將其完全流入明年。顯然，製藥生物技術領域的表現非常強勁，這非常令人鼓舞，這顯然是其中的一個重要推動力。但我們看到我們實際上可以在我們業務的不同部分銷售業績。所以我只說它反映了我們所擁有的活動組合，當你考慮本季度的實力時。

And just, I think, to clarify that more I think the base now includes vaccine contribution. But this is -- I guess what you're saying is this is across the board. This is not just waxing out improvement, correct?

我想，我想澄清的是，我認為該基地現在更多地包括疫苗捐助。但這是——我想你的意思是這是全面的。這不僅僅是改善，對嗎？

Yes, but just to clarify, so we got core base. So within the guidance rate for next year, it's basically up $250 million, which includes $190 million from the base plus $60 million more vaccine and therapy. So combination of all of that is $250 million for the core and then slightly decrease because of FX less tailwind. So it's kind of strengthen the base business and the vacuum therapy that's been carried forward into '22.

是的，但只是為了澄清，所以我們得到了核心基礎。因此，在明年的指導率內，它基本上增加了 2.5 億美元，其中包括來自基礎的 1.9 億美元以及 6000 萬美元的疫苗和治療。因此，所有這些的總和為核心業務 2.5 億美元，然後由於外匯減少順風而略有減少。因此，它加強了基礎業務和一直延續到 22 年的真空療法。

That's helpful, Stephen. And then just one quick one on the tax side. How should we think about any potential tax reform changes in that impact to Thermo?

這很有幫助，斯蒂芬。然後只是一個關於稅收方面的快速問題。我們應該如何考慮任何可能對 Thermo 產生影響的稅收改革變化？

Yes. So the guidance we've given here doesn't assume many significant U.S. tax reform or other tax reform across the world. And we continue to monitor the changing dynamics closely in D.C. and advocate for change needs to happen with the right change happens without unintended consequences so that we actually understand revenue raise has been paid for, but let's make sure that's been done in a logical way.

是的。因此，我們在此給出的指導並未假設美國的許多重大稅制改革或世界各地的其他稅制改革。我們將繼續密切關注 D.C. 不斷變化的動態，並倡導變革需要發生，而正確的變革不會產生意外後果，以便我們真正了解已經為增加收入付出了代價，但讓我們確保以合乎邏輯的方式完成。

The company has a competitive advantage in our tax position versus other well-run companies, and we expect that competitive advantage to be continued forward through whatever changes potentially can happen. So that's the best way to think about tax for the company.

與其他經營良好的公司相比，該公司在我們的稅收狀況方面具有競爭優勢，我們希望通過可能發生的任何變化繼續保持競爭優勢。所以這是為公司考慮稅收的最佳方式。

Your next question comes from the line of Dan Brennan of Cowen.

你的下一個問題來自 Cowen 的 Dan Brennan。

It's hard to find anything positive to shout after the (inaudible) at this point. So the first question is just on bio -- is on bioproduction. So maybe I missed it in the prepared remarks. Can you just discuss what the base growth did this quarter. So ex the COVID contribution and kind of what's implied in 4Q and '22? And any color on trends there?

在這一點上（聽不清）很難找到任何積極的東西可以大喊大叫。所以第一個問題只是關於生物——關於生物生產。所以也許我在準備好的評論中錯過了它。你能談談本季度的基本增長嗎？那麼，除了 COVID 的貢獻以及 4Q 和 '22 中暗示的是什麼？那裡的趨勢有什麼顏色嗎？

Yes. So Dan, thanks for the question. And in terms of -- the Jets is just painful for sure. In terms of bioproduction, exactly the opposite of that, which is things that are extremely robust and doing very well. So when I think about the -- I'll give it at the sort of the biotech and pharmaceutical level, right, with a little bit over 20% growth in the quarter. You had the $510 million of vaccine and therapy revenues. So you saw very strong growth, excluding the contribution from vaccines and therapies as well.

是的。丹，謝謝你的提問。就-噴氣機隊來說肯定是痛苦的。就生物生產而言，恰恰相反，這是非常強大並且做得很好的東西。因此，當我考慮 - 我會在生物技術和製藥層面給出它，正確的，本季度增長略高於 20%。你有 5.1 億美元的疫苗和治療收入。所以你看到了非常強勁的增長，也排除了疫苗和療法的貢獻。

When you look to the out of the ball, we don't guide, obviously by segment, we would expect that from continues to be very strong. And we're expecting a meaningful level of growth coming from that in 2022 as well. The end market looks very robust. The scientific discoveries are very strong. Customer demand is good. We're seeing strong interest in our clinical trials, packaging and logistics capabilities, so that bodes well. So I say the cycle is very good, and we're well positioned to capitalize on. I think one of the things that maybe investors don't have 100% understanding of, if you think about what the company looks like upon close of PPD, we have about $20 billion of revenue serving pharmaceutical and biotech. But half of that is actually serving production. And when you think about that, that is the largest position in certainly the production market by far. And then we obviously have very attractive positions in serving both clinical trials and the research activities as well. So we're well positioned to deliver great cost in those future investments.

當你看到球的出局時，我們顯然不按部分進行指導，我們預計從繼續非常強勁。我們預計 2022 年也將實現有意義的增長。終端市場看起來非常強勁。科學發現非常強大。客戶需求良好。我們看到人們對我們的臨床試驗、包裝和物流能力表現出濃厚的興趣，這是個好兆頭。所以我說這個週期非常好，我們已經做好了利用的準備。我認為投資者可能沒有 100% 了解的一件事是，如果你想想公司在 PPD 結束時的樣子，我們有大約 200 億美元的收入服務於製藥和生物技術。但其中一半實際上是在為生產服務。當你想到這一點時，這肯定是迄今為止生產市場中最大的位置。然後我們顯然在為臨床試驗和研究活動提供服務方面具有非常有吸引力的地位。因此，我們有能力在這些未來的投資中付出巨大的代價。

Great. And maybe just a high-level follow-up. At the Analyst Day, obviously, the 7% to 9% growth outlook was stronger than expected. And I know at the time you discussed execution, healthy end markets to support that outlook. We certainly feel the questions from investors regarding Thermo typically has set a reasonably conservative bar and executed well against that. So just maybe just wondering the 7% to 9%, should we think about that similarly having any conservative bias? If so, can you just help us think through any of the drivers or details of that guidance?

偉大的。也許只是一個高級別的跟進。顯然，在分析師日，7% 至 9% 的增長前景強於預期。我知道你當時討論了執行、健康的終端市場來支持這一前景。我們當然覺得投資者關於 Thermo 的問題通常設定了一個相當保守的標準，並且執行得很好。所以也許只是想知道 7% 到 9%，我們是否應該考慮類似的保守偏見？如果是這樣，您能否幫助我們思考該指南的任何驅動因素或細節？

So you maybe smiled, which is good. We haven't even gotten into the period yet, which we'll get there in terms of still working on 2021 right now. But when I think about the philosophy around the 7% to 9%. It's the exact same philosophy that we had when we had the continued increase in growth over time in the company, which is you sign up for targets when you're able to -- when you've demonstrated, you're delivering it, right? And you have confidence in your ability to do that. And we have great confidence in our ability to deliver the 7% to 9% growth. We're not going to cap ourselves at the 7% to 9%, right? So we're going to focus on delivering as much as we can, right, and deliver great performance. And we'll look at the strength of our end markets and what's our share gains look like and set the appropriate annual targets, but we felt that 7% to 9% was an appropriate number, one that we have a high degree of confidence in the ability to deliver and with the goal to work to the biggest possible number we can over time.

所以你可能會微笑，這很好。我們甚至還沒有進入這個時期，我們現在仍然在 2021 年工作。但是當我想到圍繞 7% 到 9% 的哲學時。這與我們在公司隨著時間的推移持續增長時所擁有的理念完全相同，那就是當你能夠時，你就可以簽署目標——當你展示了，你就實現了，對吧？而且您對自己的能力充滿信心。我們對我們實現 7% 至 9% 增長的能力充滿信心。我們不會將自己限制在 7% 到 9%，對嗎？因此，我們將專注於盡可能多地交付，並提供出色的性能。我們將研究我們終端市場的實力以及我們的份額增長情況，並設定適當的年度目標，但我們認為 7% 至 9% 是一個合適的數字，我們對此有很高的信心隨著時間的推移，交付的能力和目標是盡可能多地工作。

Your next question comes from the line of Puneet Souda of Leerink.

您的下一個問題來自 Leerink 的 Puneet Souda。

First one, just a clarification. I know 5 to 11-year-olds vaccinations were voted positively by the; panel yesterday. So just wondering if that's already contemplated into this guidance. I know that was a little bit later in the day, so likely not, but I just want to confirm. And also on the boosters, I wanted to confirm if that is also contemplated in the fourth quarter and increase for vaccines in 2022?

第一個，只是一個澄清。我知道 5 到 11 歲的孩子接種疫苗得到了積極的投票；昨天面板。所以只是想知道本指南是否已經考慮到了這一點。我知道那是當天晚些時候，所以可能不會，但我只是想確認一下。還有關於助推器，我想確認第四季度是否也考慮了這一點並在 2022 年增加疫苗？

So Puneet, when I think about how we've done our outlook on vaccine and therapy it really is based on dialogue with our customers and orders that they have given us. So it's not 100% on words to so to say, we're going to give you our work on the paper work and some of it is maybe worse. So it's less about children or boosters of those things and actually what our customers are saying the activity that they want. But obviously, things like vaccine mandates and booster shots and children adds to the durability of the demand for vaccines and therapies.

所以 Puneet，當我想到我們如何完成對疫苗和治療的展望時，它實際上是基於與客戶的對話以及他們給我們的訂單。所以這不是 100% 可以這麼說，我們將向您提供我們在文書工作上的工作，其中一些可能更糟。因此，它不是關於孩子或這些東西的助推器，而是實際上我們的客戶所說的他們想要的活動。但顯然，疫苗強制接種、加強注射和兒童等因素增加了對疫苗和療法需求的持久性。

We're largely operating with our capacity. So you don't get short-term swings in the volumes based on new pronouncements, right, you get them over time. So that's how we thought about it.

我們主要是在以我們的能力運作。因此，您不會根據新的聲明獲得交易量的短期波動，對，隨著時間的推移，您會得到它們。這就是我們的想法。

Great. And the last question for me. Just on capacity expansion. Could you provide a view into the need for further capacity expansion in bioproduction at this point? You opened a Sidolin site for biologics production larger vessels, pipette tip production as well. That's coming on board, key facility expansions that have happened. So overall, just wondering what you're hearing from the biotherapeutic customers overall and from the C-suites there in terms of the demand and your need to further expand the capacity at this point in the cycle of sort of post-COVID?

偉大的。最後一個問題問我。只是產能擴張。您能否就目前進一步擴大生物生產能力的必要性發表看法？您開設了一個 Sidolin 站點，用於生產更大的生物製劑容器，還生產移液器吸頭。這即將到來，已經發生的關鍵設施擴建。所以總的來說，只是想知道你從整體生物治療客戶和那裡的 C-suites 那裡聽到了什麼需求以及你需要在 COVID 後周期的這一點上進一步擴大產能？

In general, Puneet, we have in-flight the activities that we need to meet the anticipated demand. Obviously, we're going to complete a lot of these projects during the course of 2022, a little bit goes into 2023, but it's largely what we have started already.

總的來說，Puneet，我們正在進行滿足預期需求所需的活動。顯然，我們將在 2022 年期間完成很多此類項目，2023 年會完成一些項目，但這在很大程度上是我們已經開始的。

If there are specific opportunities that are part of our longer-term road map that makes a difference, you may see us evaluate them, but. There's not a long list of those, right? We've been very aggressive to position ourselves to meet our customers' future' needs and the commitments we've got, and that puts us in a great spot. So that's how we thought about it.

如果我們的長期路線圖中有特定機會產生影響，您可能會看到我們對其進行評估，但是。沒有一長串這些，對吧？我們一直非常積極地定位自己以滿足客戶未來的需求和我們所做的承諾，這使我們處於有利地位。這就是我們的想法。

So let me wrap it up here. I want to thank everybody for participating and with a strong 9 months behind us, we're in a great position to achieve another excellent year. As always, thank you for your support of Thermo Fisher Scientific, and we look forward to updating you early in 2022. Thanks, everyone.

所以讓我在這裡總結一下。我要感謝大家的參與，在我們過去 9 個月的強勁表現之後，我們有能力再創輝煌的一年。一如既往，感謝您對 Thermo Fisher Scientific 的支持，我們期待在 2022 年初為您更新。謝謝大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。