Good morning. I'm Rafael Tejada, Vice President of Investor Relations at Thermo Fisher Scientific. I want to welcome you to our 2023 Investor Day. It's so great to be back in my hometown of New York City and to see so many familiar faces. We have an amazing program for you today. Let me start by briefly covering our agenda. Marc Casper, our Chairman, President, and CEO, will start off with a strategic view of how we consistently create value for all of our stakeholders. Next, Michel Lagarde, Executive Vice President and Chief Operating Officer, and Gianluca Pettiti, Executive Vice President, will provide an overview of the leading businesses within our four segments. After a short break, Michel Lagarde will share a view from a customer lens and demonstrate how our trusted partner status really comes to life. Stephen Williamson, our CFO, will then discuss our incredible financial track record and attractive long-term outlook. After the formal presentations conclude, we will open it up for Q&A, and we expect to wrap up a little bit after 11:00 A.M. Before we begin the presentations, let me cover our safe harbor statement. Various remarks that we may make in these presentations 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 and quarterly reports under the caption Risk Factors, which are on file with the Securities and Exchange Commission and available in the investor section of our website under the heading SEC Filings. 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, and therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. Also, during the presentations today, we'll be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP, including adjusted EPS, adjusted operating income, adjusted operating margin, adjusted ROIC, free cash flow, organic revenue growth, core revenue, and core organic revenue growth. The non-GAAP financial measures of our results of operations and cash flows included in today's presentations are not meant to be considered superior to or a substitute for Thermo Fisher Scientific's results of operations prepared in accordance with GAAP. Definitions of these non-GAAP financial measures and for historical purposes, a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the appendix of today's presentations. With that, let's get started. At Thermo Fisher Scientific, the power and possibility of science has always been what motivates us. We have been pushing the frontiers of science for decades, helping to make the impossible possible. We are built to serve science. Because our mission is our purpose, we enable our customers to make the world healthier, cleaner, safer. Through our unparalleled customer relationships, we have the ability to generate unique insights that allow us to drive scientific advancement forward in areas where it matters most. Areas like precision medicine, where we can help predict disease risk and understand drug response in order to improve outcomes and manage costs. Clean energy, where we are helping our customers accelerate innovation and enhance productivity to support their zero emissions goals as well as ours. Science is advancing at an incredible pace, and we are living in the golden age of biology and part of the evolution that blends enabling cutting-edge research with efficiencies around time and cost that will have a remarkable impact on society. Through our insights and our investments in innovation and new capabilities, we continue to be at the intersection of scientific advancement and human impact. We have the reach and depth of capabilities to be there in moments that matter, enabling breakthroughs that improve human health, the health of our planet, and the safety of our communities, and we're just getting started. Please welcome Chairman, President, and CEO, Marc Casper. Good morning and welcome. It is great to see everybody here in New York City for our Investor Day. I think you'll get a sense of our enthusiasm this morning for the progress we've made over the past year as a company and why we're so excited for the future. I'd like to start by thanking our board of directors for being here today with us, as in years past, for their guidance and ensuring the long-term success of Thermo Fisher Scientific. The takeaways for the day, right? As you go through in the materials and the dialogue, these are the key messages that we want you to take away. The first of which is we're an incredibly well-positioned industry leader, and our businesses are also industry-leading businesses. The reason for that is they enable and we enable our customer success. They choose to work with us and have built those positions over time. Our markets are excellent. Science continues to evolve and advance at a rapid pace, and the life sciences industry is both resilient, as well as having strong long-term growth prospects. Third, our growth strategy is proven. It drives share gain, and we have a capital deployment approach that creates tremendous value for our shareholders, both of which are powered by our PPI Business System. Our experienced leadership team delivers differentiated value creation for all of our stakeholders, we have an ESG strategy that drives competitive advantage. Finally, you know us for our outstanding track record of delivering financial performance as well as the excellent outlook that we have for value creation and performance going forward. In my presentation this morning, I'm gonna focus on two topics. I'm gonna update you on the company and orient you to who Thermo Fisher Scientific is today. I'm gonna talk about how incredibly well-positioned we are for a terrific future. Thermo Fisher Scientific, it all starts with our mission. It's our purpose. We enable our customers to make the world healthier, cleaner, and safer. If you pause on that and you think about the impact of that statement, and you think about healthier, our diagnostic products give the information to the medical community to make incredibly important decisions in patient care. In this past week, you saw the FDA clear our preeclampsia assay, which really gives information to allow a doctor to decide whether a pregnant woman or mother is going to have to stay in the hospital for the remainder of her pregnancy or be able to safely go home. It makes a huge difference in the safety for both her and the baby. When you think about the role we play in a healthier world from the pharmaceutical industry, we help our customers go all the way from a scientific idea through an approved medicine, and in every step along the way, the customer can choose to work with us. From a cleaner perspective, you hear about the work we're doing to enable a transition from a carbon-based to a less carbon-based world through the role we play in advancing battery technology. From a safer perspective, we enable law enforcement to ensure that our communities and we are safe. Every day, that mission inspires all of us to bring our best to Thermo Fisher and our customers. Looking at the company on a snapshot, a single slide, this is Thermo Fisher Scientific today. We're the world leader in serving science. Our customers know us for our industry-leading brands. With $44 billion in revenue, 125,000 truly amazing colleagues, and a billion and a half dollars that we invest every year in research and development, and $2 billion that we invest every year in capital to ensure a bright future. That translates for our customers to see us as having both industry-leading scale and unmatched depth of capabilities, and for all of our stakeholders, a deep understanding of how we do this in a sustainable way. We're powered by our PPI Business System. It enables our success, and it certainly has delivered incredible competitive advantage for Thermo Fisher Scientific. When you look at our revenue profile, it's incredibly attractive. I'm just gonna focus on our end markets. Stephen will talk more about this in his presentation a little bit later. When you think about our end markets, incredibly strong and growing end markets. When you look at pharmaceutical, biotech, and the academic and government, the role that we play is we're powering the golden age of biology. When you think about diagnostics and healthcare, we're enabling precision medicine. When you look at industrial and applied, we're helping to move advanced materials to power the digital economy, as well as ensure that the clean energy transition happens. All of the major societal themes that are critical to society, of which Thermo Fisher Scientific is right there, making that a reality, and you'll hear more about that through the morning. When you look at our business segments, each of them have industry-leading businesses. Our four segments are incredibly strong, starting with Life Sciences Solutions, where we have a leading portfolio serving the life science, research, bioproduction, and clinical markets. In Specialty Diagnostics, we have leadership positions in specialty diagnostics to help cost-effectively deliver patient care. In Analytical Technologies or Analytical Instruments, we have the leading analytical technologies to enable scientific breakthroughs on some of the toughest challenges, as well as solve those challenges. In the Laboratory Products and Biopharma Services, we enable the biopharma industry with our leading laboratory products as well as our clinical research, development, and manufacturing services. Those businesses are benefited by the total company scale and capabilities. Our growth strategy underpins those businesses. The benefits of high impact innovation, being the trusted partner, the unparalleled commercial engine, complemented with our proven M&A approach, creates an ecosystem with these businesses that really creates strength going forward in terms of our growth and share prospects. Of course, PPI plays a key role in our success. When you think about how we've been able to consistently create value and differentiated value for all of our stakeholders, it's a key characteristic of the company, right? Our stakeholders know this. They understand what we're focused on, and it starts with our customers. Our customers know that we exist to enable their success. We are a trusted partner that accelerates our customers' innovation and enhance their productivity. Our colleagues are inspired by that actually, in terms of the role that we all play in the success of our customers. Thermo Fisher is truly an amazing place to have a mission-driven career. Being at an industry leader, success breeds success. The opportunities of a growing, vibrant company just makes an incredible place for our colleagues to work. We care about the communities that we live and work in. We give back to those communities. We make sure that the world is on a path to be a better place, and we take that as a serious responsibility. Finally, from a shareholder perspective, you know of our track record of delivering excellent results, and our outlook for value creation is incredibly bright. While we do that, we reinvest for the future to keep that flywheel going and keep the sustainable value creation going for all of our stakeholders. The financial results are impressive. We're consistently delivering very strong financial performance. When you look at our revenue, adjusted EPS, and free cash flow growth, we've been able to compound those results year in and year out to deliver incredible value creation. When you think about it, that 10-year period, the world was incredibly different, right? It wasn't one monolithic environment, but so many different environments of coming out of a recession, you know, a period of slow growth, fast growth, a pandemic, the post-pandemic, and throughout it, outstanding financial performance. That track record, you know, is all about looking to the future as well. We are exceptionally positioned to succeed in whatever the environment throws at us and shape the world to our advantage. The reason that we've been able to deliver that track record is we have a very clear set of guiding principles about how we manage the company. It starts with customer success, that we operate in whatever the environment is to enable our customer success. Because if our customers are winning, we know that we're gonna win over time. We hold ourselves to an incredibly high standard of performance. Success for us is about delivering differentiated performance in the short term. At the same point in time, every minute we wake up and we're trying to enhance our long-term position. That very clear sense of what we're trying to accomplish, no matter what the environment is, has allowed us to deliver superior results over long periods of time. When I think about the environment today, I'm very excited about what's ahead. Our end markets are resilient. They've got great growth characteristics. You'll hear about that today. I think it's worthwhile just reminding you about as science advances, the funding follows, and the science right now is spectacular. When you think about large pharma, you think about the venture capital industry, there's incredible amount of funding available to fuel the pharmaceutical and biotech industry over the long term. Very exciting about the end markets. Our view is our track record is unparalleled. Whatever it is, we'll navigate it well, and at the most basic level, we're essential to the success of our customers, and we're their trusted partner. Our PPI Business System allows us to deliver operational excellence, and we benefit from the deep and experienced management team, of which you'll get to see or hear from a few of us this morning. Let me now turn to the future, with that being the orientation to who Thermo Fisher Scientific is today. Wow, I'm excited for what's ahead. The future has got five great drivers for us in why we're so well positioned to succeed. It starts with our industry leadership, serving very attractive and resilient end markets. I'll talk about how our growth strategy continues to drive meaningful share gain. Update you on capital deployment and the approach that we've been taking to create tremendous value, update you on our PPI Business System and how it enables outstanding execution, and then wrap up with ESG in terms of how our strategy here drives competitive advantage. Let's turn to our leadership in the very attractive and resilient end markets that we serve. The best way to start is, first, it's an active sport. We've actively shaped the end markets that we've participated in. If you look back over the past 10 years, we've been able to triple the size of the served market that we have, all serving the same customer base, right? We're focused on a certain set of customers. We've been able to significantly expand that, and the market has got incredibly good growth prospects for the long term. The investments that we've made has increased our relevance to our customers, both through the products and services that we've launched, as well as the new capacity and capabilities that we've brought online. We've been able to further expand our capabilities to our customers through M&A to continue to build our strength and have an incredibly attractive end market that we play in. When you look at that end market, $240 billion, 4%-6% long-term organic growth, or market growth for that business or that end market, it's strong and it's durable. You look at some of the drivers, it actually starts with unmet healthcare needs, right? If you think about an aging population, right, the consumption of healthcare, the need for new medicines, it's incredible, and that creates just, you know, a very strong long-term tailwind. When you think about the scientific advances that complement that, the potential of what can be brought to bear is impressive. Those two factors drives very strong long-term growth. As you've seen complex therapeutic modalities come to the market and become a reality, customers are looking to partner, right? They're actually looking to partner with us because of the depth of the expertise that we have. That creates an ecosystem that really ensures both strong growth for the end market, but puts us in a very advantaged position. When you turn toward the material science side of our business, the breakthroughs that are happening there is enabling rapid growth in the long term for semiconductors, advanced materials, as well as enabling the clean energy transition. Finally, the learnings of the pandemic. Governments are investing in infrastructure and supporting it, as well as supporting scientific investments. When I look at that, the tailwinds here will be very strong over the long term. Our position historically in serving these end markets is impressive. We have decades of success in enabling the key scientific advances. If you think about it, the genomics revolution, we played a huge role in unleashing it, right? We enabled the human genome project with the first DNA sequencer, right? We've been democratizing gene editing. When you think about the understanding of biological molecules, do you need to hear anything more than Orbitrap and Cryo-EM to understand the role that we play? Taking those scientific breakthroughs and transforming them into affordable medicines, we pioneered single-use technologies for the production of biologics. These historical drivers are incredibly relevant today, there's new ones that add to the future as well. When you think about the areas that we're enabling today and the future success, the golden age of biology, we're enabling cutting-edge research, as well as focused on reducing the time and cost of commercializing advanced therapeutics. In precision medicine, bringing out highly relevant diagnostics to be able to, you know, cost effectively, improve patient care. From advanced materials, supporting the next node of semiconductors or the next generation of batteries, all rely on our capabilities going forward. The world is incredibly bright and we're gonna be there. There'll be other trends, and Thermo Fisher Scientific will be behind the scenes, making them a reality. The second reason we're so excited for the future is our growth strategy. It's a proven strategy that drives share gain. It's really based on three elements, and you're aware of them, and you're also aware of what the growth that we're able to deliver in that period of time. In the normal 4%-6% market growth, our expectations, our aspirations, is consistently to deliver 7%-9% long-term core organic revenue growth. When you think about the elements of the strategy, I'm gonna update you on the progress in all three. High impact innovation. The trusted partner status with industry-leading products, services, and expertise. For the last 10 plus years, you've heard us talk about our unique customer value proposition, doing things differently, bringing a different set of capabilities to our customers. That same theme has morphed into what it is today, which is our customers see us as their trusted partner. You've heard us talk about the unparalleled commercial engine. For many years, we talked about how that applied in the high growth, and emerging markets. It's still relevant today there, but it's relevant in every geography around the world, and you'll get a sense of the strength of our commercial engine to driving long-term growth. Starting with innovation, terrific track record here, right? When you look at it, I'll highlight some of the products on the next slide. One of the things that may be less apparent is in our businesses, we have the scientific thought leaders. Our customers come to our team in mass spectrometry, electron microscopy, molecular biology, 'cause they wanna interact with our scientists. Those dialogues, those collaborations, give us unique insights about where the world's going and allows us to inform what are our R&D priorities. Ultimately, because of the unique scale and depth of capabilities we have, we can apply those capabilities in unique ways to bring out solutions that is much easier for us to do than for anybody else to do. We do it at scale with $1.5 billion of investment, over 7,000 phenomenal R&D scientists and engineers, a very deep and robust intellectual property base to support our efforts. That positions us to deliver very strong returns on investment for our R&D dollars. Our track record here is very strong. If you look at some of the recent launches in the last 12 months, just a few examples about how we're enabling the golden age of biology, whether it's the advancements in our Orbitrap technology. The new chromatographs that we launched to understand biopharma drug analysis, or even helping our customers do research in a more sustainable way through our Invitrogen Dynabeads magnetic beads, all examples of how we're powering the golden age of biology. On precision medicine, it's helping oncologists be able to match the right therapy for their patient. In terms of enabling advanced materials, examples of how our electron microscopes are being used to push the art of what's possible. The second element of our growth strategy is being the trusted partner with industry-leading products, services, and expertise. We have a unique scale and depth of capabilities. We have an accumulated experience in deep applications expertise for our customers and a track record of impact. Unparalleled customer access within those customers, and ultimately, we're continuing to offer new capabilities that are relevant to our customers' success. When you look at it in the biopharma industry, and you take it as an example, and you kind of just boil it down to its essence, we're highly relevant. We have a track record of helping the customer be successful. We have strong senior executive relationships, and we're continuously bringing new capabilities to enable their success. That has resulted in very strong growth over an extended period of time. Over the last 10 years, in the first part of that period, 9% organic growth. In the latter part of that 10-year period, 16% organic growth in serving the pharmaceutical and biotech industry. Incredible share gain. We have great momentum going forward. Our expectations is not at the 16% level going forward, but it's continuing to be long-term, very strong growth. That's a key part of our 7% to 9% growth for the company going forward. Very well-positioned. It's complemented by the third element of our growth strategy, which is our unparalleled commercial engine. You'll get examples of that in the next presentation. When you look at it, we have unmatched commercial reach in terms of the scale of our commercial team. We have industry-leading websites and e-commerce capabilities. We have customer experience centers strategically placed around the world, and you'll get a sense of that. Then you complement it with a deep technical support team and ultimately thousands of colleagues that are working with our customers every day, either in their R&D labs or at clinical trial sites, actually enabling their success day in and day out. That creates a huge cycle of commercial advantage for Thermo Fisher Scientific. That's our growth strategy in essence. You'll get some of the examples of it as we dive into our businesses. Turning to the third aspect of why we're so exceptionally positioned for a terrific future, capital deployment. We have an approach that creates tremendous value. This slide's an oldie but goodie. Nothing's changed. You don't have to read through the details. Literally, even the graphics are the same. The point here is that the application of how we're gonna apply our capital going forward, roughly 60%-75% on M&A and 25%-40% return of capital, right. When you look at the M&A portion of that strategy, it's a proven approach that, you know, delivers value. When you look at that, we see every transaction, right. We have the ability to pick and choose where we wanna play. We have a very rigorous selection of methodology, right. It's around will our customers appreciate the acquisition? Will they see the benefit of it? Will the company be stronger for the acquisition? Can we create meaningful shareholder value through deploying capital on a transaction? We have very disciplined decision-making. You know that what we do is we manage risk. We look at the different scenarios of how an acquisition can work out so that we ensure we don't do bad deals. Our track record here, and I'll highlight that in a minute, is really unparalleled. Then we have a proven integration process to make sure that what we create in the combination is a meaningfully better business. We're able to enhance the financial and operational performance of the acquired company, as well as deliver on the cost and revenue synergies to create value and make the businesses better by helping with the strategic decision-making. I'm often asked about, is the market fragmented enough? Is there opportunities? There's a huge number of opportunities going ahead. A $240 billion market, the top three players have well below 50% of the market and great, you know, hundreds of smaller companies that we can continue to add to the company over time. When you look at the track record, you know that we do scale deals, we do bolt-on deals. We even do some strategic investments, minority investments, to get a look into the future. I thought it would be good to just highlight some of the progress over that same 10-year period, just on the scale transactions today. You'll get an update on a couple of the transactions, one scale in terms of PPD and one bolt-on in terms of The Binding Site in the next presentation. When you look at the track record here, Life Technologies, what was the strategic rationale in the essence? To establish a leadership position in enabling life sciences research. The result was we totally revitalized the growth of the company, right? We were able to scale this business to 2.6 times the size of what it was then, and that's not even counting the many billions of dollars of COVID-related testing revenue that it generated during the pandemic. When you look at FEI, we acquired a leading electron microscopy company. Our goal here was to really penetrate the life sciences and material sciences applications outside of semiconductor, and we've made huge progress there. The business is 2.3 times the size of what it was at acquisition. Patheon, to expand our CDMO capabilities. We accelerated our path. We are the leading CDMO today, and the business is also 2.3 times the size of what it was when we acquired it. PPD is off to an awesome start, adding leading CRO capabilities. Customers are incredibly excited by what we have brought to the company. When you look at the performance about the ability to accelerate growth and achieve the synergies, an incredible track record there, right? Those are the large deals and the track record, and the small deals are also incredibly relevant. Looking to the fourth element of the future, the PPI Business System actually makes most of what we do happen, right? When you look at it, right, it just enables outstanding execution, right? It's the culture of the company. It's the mindset of the company. We come to work every day. With the expectation that we're gonna make the company better. We're gonna find a better way every day. That's what all of us do. That's incredible because what it prevents is complacency, right? We're expected to make the company better and be better for our customers, to be better for in the quality we have, the productivity that we have. You know, those things create a virtuous cycle for the company. Ultimately, what PPI has allowed us to do is have competitive advantage. We successfully integrate acquisitions. It enables differentiated financial performance. Stephen will give you some more of the details on this. Finally, our ESG strategy delivers competitive advantage. You know the focus areas, right? Safeguarding the planet from an environmental perspective. Enabling our customer sustainability goals as well in the products and services that they work with us on. From a social perspective, just a great place for our colleagues, empowering them and supporting our communities. From a governance perspective, ensuring good governance as well as reporting with transparency. When you look at the progress in the last year, it's impressive. I'll just highlight a few of the points, right? On the environmental front, we're making great progress on our reduction goals of 50% carbon reduction in Scope 1 and 2 during the course of this decade, as well as progress towards net zero. In fact, through this decade, we've reduced our emissions by 25% at this point, and we'll keep on, you know, driving that further down. From the social perspective in our team, as you know, during the earlier parts of the inflationary process that we all were experiencing, we were able to do incremental compensation for our colleagues. We also really have created an incredibly vibrant culture, an inclusive culture, and we get recognized for our, you know, over and over in terms of what it's like to work at Thermo Fisher Scientific. We're active in our communities. From a governance perspective, we have an awesome board. Thank you to all of our board members. We report with transparency. I encourage you to read our corporate social responsibility report that we just launched for last year just a couple weeks ago, and take a look at it. It gives you a sense of the data with incredible transparency on the progress that we're making and the work that we're doing. I think you got a sense from me about why we're so excited, so well-positioned for the future, and the five themes that will ensure that Thermo Fisher Scientific has a bright decade or more ahead. Very excited to introduce our next topic, which is our leading businesses, where Gianluca Pettiti, our Executive Vice President, Michel Lagarde, our Executive Vice President, Chief Operating Officer, will dive deeper into our businesses. Gianluca, have you come on up. Thank you, Marc, and it is great to be back in New York. Also because I have to admit that we thought for a second to do this event via Twitter. Seems to be pretty popular these days. But I'm glad that we get to meet face to face and share the work that our 125,000 colleagues at Thermo Fisher are doing for our customers every day. Let me start with few key takeaway. As you think at what we've done over the last few years, we've built an industry-leading businesses in very attractive end markets. That through our best-in-class products that are serving our customers every day, they're enabling the work they do, they're enabling their success. That through accelerating their innovation with cutting-edge technology, as well as enhancing their productivity with choice and convenience. Due to that, our businesses had a very strong track record of success and value creation over the years. The company is positioned for an excellent long-term outlook. In his opening, Marc shared with you the company strategy. In this section, Michel and I will drive you through how that same strategy is delivered across our segments. In this page, you have our four business segments: our Life Sciences Solutions, Specialty Diagnostics, Analytical Instruments, and Laboratory Products and Biopharma Services. As you can tell from the scale and reach of these segments and their businesses, they're all leading in their markets. The combination of the four is creating unique differentiation for our customers every day. We also get the benefit from terrific brand equity in our markets. These are incredibly well-established and recognized brands that are synonymous of reliability, quality, innovation. Brands that our customer have used throughout their career. We have a lot to share today, so let's dig right in and start with our Life Sciences Solutions segment. It is a great business, not only because it is a leader in the life science space, but more importantly because it has something unique. In fact, we start to work with our customers very early on when they have a scientific idea. We stay with them as they develop that idea through R&D. We hold their hand, supporting them in product development, and likely we're with them as they scale up manufacturing. This is a very unique trait to have as we serve our customers across the continuum of what they do and across their journey to success. With that, we build the leading portfolio serving life science, research, bioproduction, and the clinical markets. Our Life Sciences Solutions segment is comprised of three businesses, our biosciences business, our bioproduction business, and our genetic sciences business. It is $11.9 billion in revenue. As you can tell from the right side of the slide, it has fairly attractive revenue profile, with most of the revenue coming from services and consumables, so highly recurring in nature, and the rest coming from high innovation, instrumentation and platform. Don't get confused from the mix on the pie chart. Over the years, our scale allow us to build the largest instruments install base in the space. It's pulling through a lot of consumables day in and day out, and that generates a very attractive profitability for the segment with 36% adjusted operating margin. Really a great business. Now allow me to do a click down and share with you some more specifics of the businesses that are within the Life Sciences Solutions segment. Starting from the biosciences business, a leading portfolio of reagents, instruments, and consumables. It's really ubiquitous. It has presence in almost every lab. When you think of the brands within that business, Invitrogen for molecular biology and synthetic biology or Gibco, really the gold standard in cell biology and cell analysis, brands that our customers are incredibly familiar with. It has strong track record of innovation that keeps the vitality of the product within the bioscience business incredibly high. Moving to the middle of the page, our bioproduction business. The way that we think of that business is when our customers are in need of scaling up their manufacturing, they rely on our expertise, and not only because we have best in class bioprocess products with a global footprint, but also because of that familiarity with the product that they developed over years using our research products. We have a leadership position in single-use technology, large bioreactors, the consumables that go with them, as well as the reagents that are used to manufacture biologic and drugs at scale. Over the years, we also built a rapidly growing purification business that today is serving our customers in their downstream need as well. On the right of the slide, you have our genetic sciences business. Thinking a gold standard in genetic analysis, well, you have to think of Applied Biosystems. Whether it's sequencing technologies, whether it's real-time PCR, microarray, you name it, all of these platforms have been developed and introduced over decades to our customers. These platforms are used both in the life science space as well as in many applied markets like food and animal health and more. Over the years, within our genetic sciences business, we've also had the opportunity to develop a world leading franchise in Next-Generation Sequencing targeting the clinical oncology market. I'll talk a little bit more about that and how that is democratizing NGS in the clinical space. During his opening, Marc shared with you the company strategy, and what we thought would be helpful is to handpick few selected areas of the company strategy that are particularly relevant for our Life Sciences Solutions segment. Here there are four. We serve very attractive end markets, and we're enabling cutting-edge advances in those markets. We do that with an unparalleled commercial engine that is really industry leading. It helps us to actually give access to our customers to the high impact innovation that we develop based on their insight as we talk to them every day, and we do that with an eye to the environment, with our design for sustainability that I'll talk about in a second. Let me start from the attractive end markets and share with you why we're so excited about that. We're living an unparalleled time in our end markets. We like to refer to it as the golden age of biology that is fueled from innovation in areas like synthetic biology and advanced next generation cell analysis that are powering solutions like advanced therapeutic modalities and the development of those, as well as the scale up. We're seeing our customers being very active in scaling up manufacturing in advanced therapeutics and biologics. When it's time to deliver those novel therapies and drugs to patients, it's so critical that the quality and the processes are in check, and our customers are really relying on our genetic analysis solutions, so another relevant driver of growth. When it's time to deliver those medicine to individuals, precision medicine comes into play as being targeted in the way that drugs are prescribed using highly relevant diagnostic that are more personalized and based on the genetic profiles of patients. It's becoming very relevant to identify the right drug at the right time. Obviously, this comes after detection of a potential challenge from a health standpoint, we're very active in enabling early disease detection with many of our technologies. It's incredibly exciting time for our end markets. Now, if you combine the scale of our business with the many application that we serve, it takes a village to support our customers. We have thousands of colleagues, incredibly talented, they're serving our customers every day with an unparalleled commercial engine. Whether you think at the way that we support them to design their experiments, design their processes with our technical team, or how we enable them to procure and buy our products through market-leading e-business capability, e-commerce capability. Whether you think at our team being at our customer side, helping them managing their stockroom, their supply, or their fleet of instrument. This creates literally thousands of touchpoints with our customers every day, millions every month if you consider our digital reach, that deliver to us incredible insight on how our customers operate. That's so informative as we get to know them very intimately in many areas of the work they do. What we do with all of this insight? Well, actually, we create g reat products. On this page, you do have few example, not much about the product, but on the process that we use to translate those insights into relevant innovation for our customers, high-impact innovation. Starting on the left from our cell therapy workflow, we heard our customers, they want modular solution fit for purpose, cutting-edge innovation they can. That they can use in their customized workflows, we deliver just that in the cell therapy space. As Marc highlighted, we pioneered single-use technology for commercial scale with our DynaDrive single-use bioreactors now available in large-scale capacity. Finally, as you think of precision medicine, it's about getting those solutions to community hospitals, to hospitals across the globe that don't benefit from what we have as an example here in the U.S., large reference center with a lot of technical capability. To do that, we actually developed the first of its kind walk away Next-Generation Sequencing that can be used in remote settings to actually deliver relevant information to oncologists to define which is the best therapy for a specific cancer patient. That's really transformative in the way that many doctors are able to diagnose and treat patients. Finally, as you think at the way we innovate, we clearly want to do right by our customers, we also wanna do right by the environment. Marc alluded to the fact that we just published our corporate social responsibility annual report. I encourage all of you to go and have a pick at it. Our team is doing an excellent job on that front. Here you have an example on how we bring sustainability into the design of our products, making it a competitive advantage, whether you think at the way that we drive reduction in hazard and waste, or whether you think at how we continue to reduce the energy consumption, increase energy efficiency of our instrumentation, or the effort that we do in making our product more recyclable with better and innovative packaging over time. You get a sense of our effort from a sustainability standpoint. That's $11.9 billion of highly attractive business in 5 minutes. Hopefully, you are as excited as we are on the prospect that our end markets represent. We're operating in very attractive end market with an unparalleled commercial reach. We have high-impact innovation that is essential to our customer success, and we do that with an eye to sustainability. That's our Life Sciences Solutions segment. Let me move to our next segment, is the Specialty Diagnostics segment. Over the years, we built a very differentiated portfolio serving Specialty Diagnostics segment across the globe. We complement that with a channel that serves clinical customers here in the U.S., large reference lab and hospital, creating a really strong combination. That created leadership in Specialty Diagnostics with the focus of improved patient care, enabling our customers to do that, and do it at cost-effective way. Our Specialty Diagnostics segment is made of four product businesses. Our clinical diagnostic, immunodiagnostic, microbiology and transplant diagnostic, and our healthcare market channel. It is $4.4 billion in revenue. It has an equally appealing revenue profile, with the majority of the revenue coming from services and consumables, highly recurring in nature, very specialized instrument. Both our product businesses as well as our channel have very attractive profitability in their own segment and a blended 22% adjusted operating margin. When you think of the six businesses within our Specialty Diagnostics segment, I have to say that we added here protein diagnostic with the acquisition of The Binding Site. The way that we think at these businesses, they're all very specialized, whether you think at our clinical diagnostic, serving doctors to do detection of infection and management of infection, as well as a leading portfolio in toxicology. The acquisition of The Binding Site, I'll talk a little bit about that, allowing us to create leadership in multiple myeloma diagnostic. Our well-established immunodiagnostic business with very unique solutions for allergy and autoimmune disorder detection. On the bottom of the slide with our microbiology business is a world leading portfolio for pathogen detection. Our transplant diagnostic business, helping doctors to match donor and recipient of transplant organs, as an example. Our healthcare market channel. Let me share with you, as we did for the Life Sciences Solutions segment, how our strategy is actually executed and delivered through our Specialty Diagnostics. First, we benefit from very resilient and attractive markets. Because of the relevance of our products, we get to benefit from those market condition. We continue to innovate. Innovation in diagnostic is very resilient. We have great platform, we are adding more and more content for our customers. When we decide not to build organically, then we put our capital at work. The acquisition of The Binding Site is a great example. Let me start with the end markets. Allergy is an area of focus. It has been for many years for us. If you sneezed in the last couple of weeks, we're in high pollen season, so I encourage all of you to go and get tested for allergy. If you do so, ask to your doctor the ImmunoCAP test. It's a simple blood test. You can test for hundreds of allergens at once. It's non-invasive. It's nothing like skin prick testing, low sensitivity. It's really neat. When you think at that market potential, there's 1 billion people across the globe suffering from allergy. Great opportunity. Second, as you think at the transplant diagnostic market, with an increased incidence of chronic disease, we're seeing more and more demand for transplantation and more and more demand for typing. You look at the different dynamic in that market, there's gonna be need of continuous support for doctors, both from a diagnostic standpoint as well as monitoring standpoint. When you think of areas like sepsis, with more than 30 million individuals across the globe suffering from sepsis every year, being effective in manage that dynamic, that is one of the leading cause of death across the globe, will make a true difference in managing the economic of health system, something that has been so much under pressure over the last few years. We're very active in all of these areas with our portfolio. Again, targeting improved patient care, enabling our customer to improve patient care at a cost-effective way. As you think of the way that we do that is through high impact innovation. You do have three examples in this page. I alluded at the challenge with sepsis. We continue to add to that portfolio. Now we have markers that can help doctors do a much better job in managing organ dysfunction with early detection. Again, a very critical driver of cost for the health system. In the middle of the page, you have example now within our transplant business, our team is innovating and starting to support patients throughout the patient journey with post-transplant monitoring capability. On the right of the page, as you think at the autoimmune disorder detection, we introduced high-throughput solutions in the U.S. market to allow doctors to actually detect autoimmune disorders at a cost-effective rate. These are all market trend that we're serving throughout innovation and a few selected example. Finally, let me close with a great example on how we put our capital at work with our capital deployment strategy that Marc discussed with the bolt-on acquisition in the Specialty Diagnostics segment that we closed in the first quarter with the acquisition of The Binding Site. It's an excellent business. It's a world-leading franchise for multiple myeloma testing. Multiple myeloma is the second most common form of blood cancer. The portfolio is also used to detect monoclonal gammopathies that are known to be correlated with multiple myeloma, and millions of people are suffering from that across the globe. Really a great business, off to a great start, and a good example on how we put capital at work to add leadership within a specialty where we had limited participation. It's incredibly exciting what we can do by adding to this portfolio with additional technologies like mass spectrometry and next-generation sequencing over time. That's the Specialty Diagnostics segment. Again, I hope that you are as excited as we are on our capability to make a difference for our customers in the way that they improve patient care, the many doctors out there, with our high-impact innovation and our capability to add to our portfolio over time, allowing them to do that in a cost-effective way. Without further ado, let me now introduce Michel Lagarde, our Executive Vice President and COO, to cover the Analytical Instruments segment and the Laboratory Products and Biopharma Services. Michel. Very much, sir. The next accent we will be introducing is my Dutch accent, to all of you at the United Nations of Thermo Fisher, and I'm excited to take you through the final two segments of our awesome company. Starting with Analytical Instruments, where we provide leading analytical technologies that enable scientific breakthroughs and solve analytical challenges. We have three market-leading businesses in this segment: our chromatography and mass spec business, our electron microscopy business, and our chemical analysis business. Together, generating about $7 billion of revenue with a revenue mix towards instruments, but we're very excited about the growth rates we're seeing in our services, software, and consumables part of the business. Let me introduce the businesses in a little bit more detail on this slide. First, our chromatography and mass spec business. You know that we're the leader in mass spec, really an awesome business for us. We have a very strong position in chromatography that's growing very fast. These businesses are further accelerated by our focus on providing consumables, services, and software. It's really an important enabler of the growth strategy for these businesses. In the middle are electron microscopes. Don't be fooled by the picture. These things are 10 feet tall, right? These are not microscopes you use in your science class in high school. Really amazing tools that provide revolutionary insights for scientists in Life Sciences and advanced materials. Here as well, the focus on providing software, consumables, and services, another critical part of the fast growth in that business. On the right, our chemical analysis business. Really a leading portfolio of everyday tools scientists use to make the world healthier, cleaner, and safer. Just like Gianluca did, I also picked a couple of highlights that I think demonstrate well why the prospects for our businesses in this segment are so incredibly bright. First, I'll take you through the attractive end markets they serve in life sciences and advanced material. I'll talk about one of the superpowers of this segment, which is our ability to continuously have high-impact innovation. I'll describe a bit how we go to market and how we have unrivaled commercial presence that further accelerates our business and enables this consistent performance of above-market growth, revenue growth. First on the attractive end markets. As mentioned, we are supporting here the golden age of biology. Our tools are used by scientists for the most important work that they do, really providing the foundation for the scientific breakthroughs that they enable. In life sciences, for instance, that's all around understanding the structure and function of molecules better or cutting-edge research in areas such as proteomics. In pharmaceutical manufacturing, it's all about making sure that the products that are being produced meet the very highest of standards when it comes to quality, and our tools are used in the QA and QC. Very important end markets that have incredible growth profiles on the life sciences side. On the advanced materials side, similarly, we are enabling this accelerated growth around the application and the broad application of semiconductors, as well as the transition into clean energy. For instance, the whole battery workflow is enabled for making sure that the natural resources that are at the very start of that workflow are of high purity. Our products are used in QA/QC, where you make batteries, then our tools are again used in the recycling of that workflow. Incredibly strong end markets really driven by secular fundamental growth trends. If you go to the next slide. Battery must be dead. Here are the examples on innovation. This is a mass spec example, right? A leading business for us where we have a multi-decade long track record of really step change in innovation, constantly resetting the bar. We did that back in 2005 when we launched Orbitrap, which was a revolution in mass spec. As you can see, we've consistently updated and upgraded our instrumentation ever since. Now in a couple of weeks' time at ASMS, we will once again completely revolutionize the field and have a breakthrough platform instrument that will again reset the bar. I had the opportunity a couple of weeks ago to quietly sit in the back of the room when we previewed this instrument at a sort of, elite gathering, or 30 or 40 of the sort of most sophisticated mass spec users in the world. It was amazing to see, once our team demonstrated the instrument, the reaction from these top scientists, and their eyes lit up thinking about a whole new paradigm in which they can conduct their research. To just give you a sense, we will be launching this on Sunday morning at 7:30 A.M. in Houston in a room about this size. There will be 1,000 people there, standing room only, just waiting to hear from our team what this innovation is all about. It's a really excellent testament to the rock star R&D people we have in our business here. Another example of a high impact innovation is in our Cryo-EM business, where in life sciences, our customers are constantly looking for better insights, really understanding the structure and functioning of proteins better so that they can design therapeutics that work better or design therapeutics that previously could not have been invented. That's really what they need, and that's really what our tool delivers. Unprecedented atomic-level insights. We constantly make it easier for our scientist customers to use these by automation of the sample process, for instance. This is one of the businesses where we have the most advanced application of AI in our company, that the AI helps the scientists to do the work, enhances the resolutions, fixing errors that might have occurred in the process and really targeting the areas of focus. This really has become the go-to instrument in early pharma research because it enables these cutting-edge breakthroughs in structural biology. Similarly, on the material sciences side, the advanced materials side, where we obviously are in this revolution when it comes to the application of semiconductors. As consumers, we benefit from that in the cars we drive and the phones we use. For the makers of these chips, it's actually quite a challenge because they need to pack in more and more into these chips. They need very advanced tools to make sure that they can verify that the chips they design actually work. Once they produce them, are they actually meeting their quality standards? In the past, you take a simple picture from the top of the wafer, and you would see that the design works, and when you produce it, you'd be able to understand whether it meets the requirements. Now, these are 3D structures, and so you need to have a complete 3D view of the wafer to determine whether what you developed work and what you made, in fact, meets the specifications. You can imagine how critical our tools are in the workflows here. The last highlight for Analytical Instruments is about our unparalleled commercial engine. We really have thousands and thousands of customer-facing people, whether that's in service, whether that's in sales, whether that's in technical applications. These are passionate people. They're there to enable our customer success, and we continue to think about the best ways for them to engage our customers. Here's an example of the investments we've made in state-of-the-art customer experience centers. In fact, last Friday, I had the opportunity to open our newest experience center in Singapore. Really an amazing place to see all of the awesomeness of Thermo Fisher in one spot. All of our instruments, all of the workflows we support. We engage customers here in these environments to really get them hands-on experience with our instruments. They often bring their own precious samples to see how, by applying these instruments, they can get better insights, and they get to see the entire portfolio, which obviously often inspires really attractive cross-sell. They come there too, to learn and to continuously learn, where we host workshops and engage with key opinion leaders so that they continue to allow to get smarter and smarter and use our tools even more effectively. This creates incredible customer intimacy, right? Where our folks really are able to develop these really strong relationships, which is the basis of why we're able to continue to grow these businesses faster than the market. That's our Analytical Instruments segment. Really an awesome set of businesses. On to the final segment here, our Laboratory Products and Biopharma Services segment, where we enable our biopharma customers with our leading laboratory products and our clinical research development and manufacturing services. We have four really awesome businesses here: our clinical research business, our CRO, our pharma services business, which is our CDMO, our research and safety channel business, and our laboratory products business. Together, they generate about $23 billion of revenue, about half of the company's overall revenue, and a revenue mix very much towards the recurring services piece. Here are the businesses in a little bit more detail. In clinical research, we have a global scaled CRO with all of the relevant capabilities for people to organize and run phase I to IV clinical trials. In addition, we have all of the capabilities to analyze the data and results that come out of those clinical trials so that we can help our customers prepare the right data package that they use to get their products approved. We have our pharma services business where we build out what is now the leading CDMO, both in breadth and in scale, where we offer drug substance, drug product for large molecules, small molecules, and importantly, starting with development services all the way to commercial scale-up, offered through a global network of best-in-class quality sites. Our research and safety market channel, which is really the industry-leading marketplace where scientists go to procure anything they need to conduct their work. Right? We have really built out the largest assortment here. This has all of our own products, but we also represent 10,000 other suppliers to make for a complete assortment, one place people will go and get all of their supplies. It's enabled by world-class e-commerce and a purposely built supply chain. This is critical. Many of these products here require very specific handling. On the right, our leading laboratory products portfolio, where we offer lab products, chemicals, and consumables to our customers there. Here, I also picked three of the highlights that, again, I think represent really well why we're so excited about growth and continued growth here in this segment. I'll give you two examples of what trusted partner really looks like for our Fisher Scientific channel, as well as our pharma services business. I'll give you an example of how we apply PPI in our CDMO and how that has created real differentiation on quality, reliability, and productivity in that business. Finally, I'll talk about capital deployment and use the PPD example to showcase how we create tremendous value from the way we deploy M&A capital. Trusted partnership. Here's our Fisher Scientific channel. R eally an amazing business because it allows us to engage our customers every day in every lab. We do that by offering the broadest portfolio of products that they need and a long list of value-added services. That's then all supported by an incredible group of customer and technical support people. You know, this is not a customer helpdesk you call to ask whether it also comes in green. This is a helpdesk you engage scientifically to help you solve your problems, design your workflow, make sure you have sort of the very best components to run your experiment. It's really an amazing group of colleagues that hangs out with these customers every day. We have thousands of Fisher Scientific colleagues that are located permanently at our customer sites. They live, they're Thermo Fisher colleagues, but they live in the R&D centers of our customers. Our customers love their Fisher Scientific reps because they are the ones that keep science moving, keep the lab going and the stock rooms filled. That creates an incredible level of intimacy with our customers, and it gives us incredible data on what they are procuring. Through that purchasing data, we can anticipate what they need next. We now see that you've run these experiments. That tells us you're ready for a clinical trial. Let me introduce you to my colleague who can tell you all about our clinical trial services. The integration of the capabilities here are really quite spectacular. You know, this is another example of trusted partnership in our pharma services business, where we build out an end-to-end, sort of molecule to medicine CDMO, where we help customers with the development of their drug substance and their drug product. We manufacture their clinical trial material. We ship that all around the globe to effectuate the clinical trial and scale up drug substance and drug product manufacturing when they go commercial. We do that, as I mentioned earlier, across all of the modalities that our customers work in. The numbers on the page give you a sense of scale. That's really very relevant because our customers are trying to do something here that's complicated. Scale represents aggregated experience. When they engage us, they access that aggregated experience, and that really allows them to be successful here. That has made us, you know, the preferred partner, either as a sort of complement to people's in-house production or in many cases as their primary manufacturing partner. The most important thing they look for is the experience set and our quality record, right? Our best-in-class quality record is the reason why people continue to choose us over, you know, other solutions. PPI. You hear us talk a lot about PPI. I really think it's part of the secret sauce of Thermo Fisher, and we've applied this business system consistently and for a very long period of time. That has now resulted in 125,000 people thinking about how they find a better way every day. It really is our culture, right? That really has allowed us to create such value through the engagement of that PPI Business System for our customers. Here's an example on how this works in pharma services. You know, that business has a strong record of using PPI for process improvement, cost reduction, capacity debottlenecking, and the teams now are aggressively focused here on manufacturing automation, digitization, and connectivity. This really creates competitive differentiation because it allows us to be better at quality, to be better at productivity and be better at reliability. That really is the source of why we are able to continue to gain share in these businesses by applying the PPI Business System. The final example in this segment is around capital deployment. You heard Marc talk about how important capital deployment is in our overall strategy to create value. The three main filters we apply at the very top when we start to think about M&A, d oes it enhance the strategic position of the Company? Does it strengthen the relationships we have with customers? Does it drive a whole lot of shareholder value? Those are the things we talk about, and those are the things we firmly checked the box on when we acquired PPD. It made our Company strategically unique by having this capability added to the set of capabilities we have already in Thermo Fisher. It significantly strengthened our customer relationships because a decision on who to use as your CRO is a very critical one for our customers. There's a lot of dollars associated with that decision, but more importantly, you need to get good clinical results because that ultimately allows you to launch a product. Strategically, it really strengthened our customer relationship, and as I'll demonstrate through our results, we've created incredible shareholder value. A little bit more detail on our performance here. We obviously were very compelled when we acquired PPD that adding the CRO capabilities would be compelling. At close, I was completely prepared with my pitch to convince our customers that this would be compelling to them. Frankly, most of the meetings were sort of boring because they ended up a little bit like, "Yeah, Michel, we get it. You're our trusted partner. You now add these capabilities. Let's go expand our relationship." As a result of that, we've seen very quickly, much faster than we anticipated, customers choosing us for their clinical research activities. As a result, we have won very significant new work from existing customers, where we increased the share of wallet, but also from lots of new customers. That's, I think, a real testament to our customers seeing the value in us being their trusted partner. This is a people business. When we designed the integration plan, we were very focused on the new colleagues coming over to Thermo Fisher and making sure that for them it was a really exciting moment. In the 18 months that we've owned it, retention has gone up in every month. We're really very excited about that prospect. Recently, some industry data was published. All of us in CRO land contribute our data, and somebody sort of packages it and puts it out. What the data tells us very clearly is that we have retention at the very top of the industry, and there's a very big gap in retention rates with the other market participants. Why is that important? Because it's one of the most critical selection criteria for our customers. These clinical trials take three, four, five years to run. You want stability in your CRO team. If we can demonstrate that retention is so much higher with us, it's one of the sources of real continued business growth. When you do well for your customers and you treat your colleagues well, you're gonna have outstanding financial results. Th at's what we have realized. You hear Marc and Stephen on our quarterly results call talk about revenue performance growth in this business, it's very clear that we've gained very significant share. It's going really well from a top-line perspective. We continuously get more excited about the synergy opportunity. Again today, we're raising our outlook for synergies to $200 million now by year 3 of the acquisition, which is next year. Really very exciting results and a great example of how we deploy capital. Here, I'm gonna try to answer a question that all of you have on your minds. I'm a bit of a mind reader. One of the questions you all have is, how is it possible that Thermo Fisher continues to buy these good businesses, and then they join the Thermo Fisher family, and they accelerate? That's exactly what has happened at Life Technologies, at FEI, at Patheon, and now at PPD. I experienced that firsthand. I joined Thermo Fisher through the acquisition of Patheon, and how does that happen? Well, it happens because we do run the businesses better. The PPI Business System applied, access to the world's best talent, does make these businesses better post-acquisition. Most importantly, we get to connect it to the rest of the company's capabilities. It's really the way to harness the power that's embedded in the total company capabilities. That's obviously all of the customer access and the trusted partner relationship that the new business that is acquired gets the benefit from. It's also by making these unique connections with capabilities from across the company, and therefore, we can come up with unique products, solutions, and services that ultimately drive this sort of accelerated revenue growth and allows us to take these good businesses and make them even better. The example here is on PPD. We have countless of in-flight examples. This is one that happens to be somewhat easy to explain. In clinical research, our customers are solely focused on speed. It's all about how you can get to your answer as quick as you can because they need to collect the data that tells them the drug is safe and it works. The speed at which you get those answers is most important. Historically, the people that designed clinical trials and ran them were completely disconnected from the supply chain people that make clinical trial material. In large pharma, they don't know each other's name, and in biotech companies, these activities are outsourced to different service providers, so completely disconnected. When we bought PPD, the first thing we did is we connected those two worlds, we took the people from PPD that design and run these clinical trials, and we connected them with the folks in Patheon that create all the clinical trial material. As a result, we now are able to make sure that there's never a patient visit without the relevant material being at the right site. Retention, apart from patient recruitment, retention in clinical trial is the most important value driver. Then we avoided incredible waste because historically, we would send clinical trial material all over the globe, but not necessarily to the places that saw the most patient recruitment, right? By combining these capabilities, we uniquely, because we're the only market participant that has these capabilities in-house, we uniquely provide better patient retention and incredible waste reduction. This is an example on why good businesses come to Thermo Fisher and accelerate, and PPD is a great example of that. That's the Laboratory Products and Biopharma Services segment. With that, you have earned a break. I'll end with the key takeaways, the ones that Gianluca started with. We have four segments with amazing market-leading businesses. T hey really provide critical products and services to our customers. Really, we've been able to build an outstanding track record of performance. Our customers continue to come to us for more because we accelerate their innovation and drive productivity. That gives us really an incredible insight into being able to continue to grow these businesses faster than the attractive market growth in which they participate. We'll give you 15 minutes to caffeinate, and then we'll see you back. Thanks. Looking to the sea. Crowds of people wait for me. Seagulls scavenge, still ice cream. She was a queen. She a queen. She had a house. She was a fighter. She was a queen. Had a blue car. Called me her rider. She was a queen. Very wide and loud. She kept me classified. She wasn't crying. She was a queen. The day she was gone, she died in a fight. She was a fighter. She was a queen. She was a queen. Everything I dreamed, everything I realized of infinity starts falling from your mouth in a fluid dream. In a a fluid dream. In a memory all uncertainty leads to eternity. With With all I feel, she's forever missed Ladies and gentlemen, please take your seats. The program will begin in a few moments. Now please welcome back Executive Vice President and Chief Operating Officer, Michel Lagarde. Okay. Good break. Next up is trusted partnership. Before the break, Gianluca and I previewed with you our four segments, and hopefully you've got a good sense that we operate really businesses in attractive end markets. We run them really well, applying our PPI Business System, and then we supercharge them with our growth strategy. That really has been the recipe on why we've been able to consistently deliver above market growth. Then I thought in this next presentation, I'll take a few minutes to try to give you a sense on what this feels like if you're a customer of Thermo Fisher, right? We talk about trusted partnership, and we're excited about that. What does it really look like from a customer standpoint, and why is it that they rationally conclude that expanding their relationships with Thermo Fisher is so valuable for them? This is a slide that Marc showed that sort of defines trusted partnership and shows that we really uniquely occupy this position because we're the only market participant with this type of scale and this type of depth. Both things are important. The scale piece means that from a dollar standpoint, for most of our customers, we are their single largest supplier. That makes us relevant. The depth is really, I think, what is the even more important differentiator. Take your typical pharma company. If you are the head of R&D at a pharmaceutical company, you care deeply about the relationship with Thermo Fisher because we provide your teams with the very best tools to deliver the scientific breakthroughs. Our channel business makes sure that your scientists are actually productive, and so you wanna make sure that you have an excellent relationship with Thermo Fisher. If you're the head of manufacturing at that same company, you care deeply about your relationship with Thermo Fisher, because if you sit on a large internal network, you need all of our equipment, you need all of our materials to do production, and additionally, you might wanna benefit from the CDMO activities that we have and outsource some of the manufacturing to us. If you're the head of clin ops, you care deeply because you need to get clinical results, and for that, you need the very best CRO. If you're the CFO of this place, you care deeply because, one, we're your largest supplier, but we're also the source of productivity for you, and so you hang out with us a lot. Ultimately, the CEOs care deeply because we enable to accelerate their innovation. It's really core to these companies' strategies. The scale and the depth really make it such that we're so relevant, you know, to these customers. We have to back it up with performance, and we have. We have a unprecedented track record of performance with them. We're not some startup with some fancy pitch. They have seen us perform. They have seen our customer-centric culture show up in the daily engagements our colleagues have with their teams. They have seen us solve the problems that they encounter. They have seen us consistently perform in a wide variety of market conditions, right? That really has built that track record. That's how we think of it. We need to earn it every day. We might have great capabilities. It needs to be delivered to our customer satisfaction every day. That gives us incredible customer access, right? Now it's logical for all of these people at this company to spend time with us. It makes their jobs better and allows them to be successful. You know, this moat that we've created around our business, we keep digging it deeper and making it wider because we keep investing in additional capabilities and do that organically and inorganically. That is why our business is so incredibly resilient. That's why our business is so incredibly powerful because we have this unique position of trusted partnership. That is the case in all of the end markets we serve, particularly evident in biopharma, where we have highly relevant capabilities, an incredible track record of delivering customer success, very strong senior customer relationships, and this is clearly an area where we continuously invest so that we have the most relevant, the best capabilities available for our customers. That's why this has been such a successful environment for us to continuously gain share. You saw some of the growth rates in biopharma that Marc presented. The growth accelerates because it acts as a flywheel, right? The more we do, the more successful we are, the more capabilities we add. That's how this becomes a sort of never-ending story of success. The example I'll take you through is with one of our top 10 pharma companies. You know, very scaled company, one of the world's largest pharmaceutical makers. Because of their scale, as you would imagine, we have a very large, long-standing relationship with them. They call us up, and they say, "Hey, we have this advanced therapeutic that we wanna bring to market." That's already important differentiator in the way we engage them. They don't call us for something very narrow and specific. They tell us strategically what they're trying to achieve, and then they include us as partners in that conversation. That provides us the ability to support them in early research, support them in development and clinical trials, and then ultimately we scaled up this specific therapeutic commercially for them. That really is a great example of trusted partnership. Through this engagement, again, we earn it through performance. We now are in an even better situation with them. The relationship has been strengthened multiple times through multiple projects. I was with this customer yesterday for three hours, where their most senior manufacturing people and our most senior CDMO folks sat together in a workshop that was called Bold Ideas to Enhance Our Manufacturing Partnership. These are the type of discussions we're uniquely having with our customer base. Let me walk you through what support looks like. In early research, we made our most advanced equipment available to give them the relevant critical insights to design their therapy around, and they standardized on some of our biosciences products that Gianluca previewed earlier. They did that because they knew that these were the types of reagents and consumables that ultimately would scale into the commercial grade. Our channel business made sure that all of the R&D centers that were involved, and there were various around the globe, were well-stocked, and the scientists could be productive. Making sure that we have available all of the right tools. That's how we supported them on this project in the early phases. It moved to development, and we helped with process characterization. We came out with a customized resin, which is a great example. Had they called us just and said, "Hey, we need some resin," we would have said, "Okay, here's some resin." The fact that we were involved in the project on a holistic basis, we knew that they needed yield to bring the cost of this product down. Our team developed a custom resin that provided them significant benefits in terms of yield. That was not a big commercial opportunity for us, but it enhanced the customer relationship significantly because they see us show up as their true partner rather than just a supplier. We helped them in clinical trials, in this case, particularly with making sure that there was very diverse participation in the clinical trial so that the data package ultimately would be very representative and ultimately resulted in a very successful set of clinical trials. Because of the good clinical results, they then move it into commercial production. They're launching this product. Again, we're helping them with our launch expertise. This was both a product that was made in-house, we provided all of the equipment needed to scale up. Again, remember, they standardized on our biosciences portfolio, those we could now scale up into GMP quality commercial scale. They accessed our CDMO network, we provided them drug substance capacity, drug product capacity around the globe, which allowed them to accelerate their launch much quicker than they would have if they had just relied on their internal capacity. A great example on how trusted partnership shows up and delivers value because it accelerates our customers' innovation and gives them, you know, better economics. This is really, I think, the summary of what trusted partnership look like, and really a position we uniquely possess here. As I mentioned, continuously think about earning it increasingly with these customers, but also enhancing it by the investments we make in both organic and inorganic, and having the relevant capabilities to them so that this position that we've created for ourselves continuously get enhanced and really widens our position away from the other market positions. Hopefully that was a helpful overview of how the customer experiences at Thermo Fisher. With that, I'll hand it over to our brilliant CFO, Stephen. Thanks, Michel. Good morning, everybody. It's a pleasure to be here today to give you an update on the company. You heard from Marc, a very compelling strategy. A strategy that's consistently delivered in the past and has a long runway to go in the future. Gianluca and Michel gave you just a taste of how awesome our individual businesses are. Then how when we bring those together with the company strategy, it makes a huge difference. Michel then rounded that out with what does that mean from a huge different standpoint for our customers, the trusted partner. Let me now round that out with the financial prospects for the company. It's a really bright financial future once again. Take you through the key things you're going to hear from my presentation today. We have an incredible record of executing in many different types of macroeconomic environments and providing differentiated outcomes for all of our stakeholders. We have a proven growth strategy focused on the customer that enables us to drive compounding share gains and differentiated long-term organic revenue growth. It's powered by the PPI Business System. That's how we execute day in, day out at the company. That enables really strong organic execution, and it also enables very significant execution and value creation through M&A. All of this coming together is a really attractive financial outlook for the company. Before I get to my presentation, I'm gonna quickly go through the track record of the company. I can give you a couple examples on PPI to bring that to life a little bit for you. Quick recap on the guidance that I gave just last month on the earnings call for Q1, and then give you some framing thoughts on the long-term financial outlook for the company as well. Starting with the track record, it continues to speak for itself. Across multiple dimensions, incredibly strong performance over extended periods of time, and as Marc said, under different macroeconomic situations. Organic growth, share gain, compounding organic growth, really strong. Couple that with M&A, that generates very significant increases in revenue over the years. PPI Business System enables us to execute at a high level and generate really strong profitability and cash flow at the same time, all while investing in the business for a really bright future going forward. At the bottom, it says about different macroeconomic environments, and I think a good example of that is the past four years. Our outsized performance during the pandemic, I think, is well documented. At a time of societal need, when others were hunkered down, we stepped up to the societal challenge, and we were there helping the world through the pandemic, and we ran our core business incredibly well as well. The outsized performance within those four years is well documented. Now, this slide is different. This is the pre-pandemic 2019 and coming out in an endemic phase in 2023, how much we've scaled the company. This isn't the pandemic benefit. This is how much the company scaled during that period of time. We've significantly invested in the company over this four years. You see the scale increase in R&D and the increase we've put in place in terms of CapEx. That really helps drive a really bright future for long-term organic growth. The final bullet on the page is critically important. We were really well positioned back in 2019 with strong outlook for a long-term organic growth of 5%-7%. Right now, we've got a very differentiated outcome from the 7%-9% long-term core organic growth outlook. We did exactly what we said we would do, which is exit the pandemic an even stronger industry leader. One last slide in terms of the history, this is the where we are now in terms of the very attractive revenue profile. Marc showed you the slide earlier on. He talked about the end market. Really strong long-term end market growth driven by the advances in science. We are there and being very relevant for our customers to help them tap into those advances in science. Science is advancing at a rapid pace, and we will continue to be there for them and tap into that great market growth across these four end-to-end markets. The middle pie is a really attractive profile from a type of revenue as well, with over 80% of our revenue is recurring in nature from services and consumables. Let's not dismiss the instrument side of the business. You saw from Michel the excitement around the Analytical Instruments business and how relevant the instrumentation we have is for those scientific advances that are going on. Great combination of instrumentation and services and consumables in terms of our product mix. The unparalleled commercial reach. This is not just about geography and being there in different geographies. This is about being there at any time for any customer in a way that suits them best to enable their success. That's the unparalleled commercial engine in terms of the breadth that we have as a company. Super attractive revenue profile is a great jumping off point thinking forward in terms of strong growth going forward. PPI Business System. It's one thing to have a great strategy. You actually have to be able to execute, and this is how we execute as a company, this PPI Business System. Marc showed you this slide earlier on. I'm going to give you some thoughts on PPI in a little bit more depth. I'm going to start with culture. Here's the CFO starting with culture. I will get to the financial elements of it as well. Culture is super important 'cause it's ingrained in the 125,000 people in the company. The expectation is set that you can be better today than you were yesterday. It's not just an expectation. It's scaffolded with the right training, tools, techniques, and reinforcing management mechanisms. That means that you can go very quickly from an expectation to an idea to be better, to an impact to be better. The speed in which you do that, and you have all 125,000 colleagues doing that's super powerful execution. Let me give you 2 examples to bring that to life. I'll start at the factory floor in Greenville at one of our pharma services site. Operator making a medicine for a customer. She's doing her job. She's doing the job, and she's thinking. She has an expectation that she has to think about, "How can I be doing this better? How can I do this more cost-effectively? How can we be doing this at a higher level of quality?" She takes that idea that she has and posts it to the daily tier board. That idea is quickly escalated up to a team that can assess all similar ideas across that site and assess what's the set of priorities. 'Cause PPI is also about prioritization. There's lots of things we can be doing. Are we actually doing the right things? Very quickly then turning that, if it's a good idea, turning it into specific action. Maybe that operator needs to do something differently, or she needs somebody else in that business to be doing something differently, or they need to learn something from somewhere else in the company. The concept here is you quickly go from expectation set of an individual to an idea to impact super fast. When the operator sees that change, that's really empowering. That's one example of culture and why it's so important to drive execution this way. The other example of culture is really kind of management interaction. Sounds really boring. How we interact with each other at the company, super important to reinforce the concepts around PPI. It's about setting the right culture of continuous improvement. An example here is we recently had a business review at our biosciences site in Carlsbad. The team started the review with a very quick recap of what didn't go well since the last review. What didn't go well. Then they go into what did go well. Not a long list, but a very short list of what did go well. Very quickly gets into what's the key set of priorities that I have and whether I need help. That in a microcosm is the PPI Business System. This is being humble and knowing that you can be better today than what you were yesterday. Reflecting and saying, "I could be doing things differently." It's about what strengths do I have that I can supersize for me to be better or something that you as the person I'm interacting with, you could be better and kind of use that more across the rest of the company. It's not a long list of here's everything I've done well. Expectation is you're executing really well. It's about how can you be better going forward. That clear prioritization of action and that vulnerability that it's okay to ask for help. You don't expect to have all of the answers. You should know what you should know. We have a high bar expectation on that one, but where can I tap into the rest of the company to make myself better and my team better? I think that one really encapsulates, again, the essence of PPI and the reinforcing mechanism that goes behind it that allows us to drive outstanding execution. I'm the CFO as well. The numbers matter. Organic growth, the share gain, that's PPI. That's being better today than we were yesterday for our customers. From marketing teams, our sales teams, our operations teams. It's about our R&D leaders having the right product at the right time to enable our customer success, and it's about operating at the right level of quality consistently for our customers. PPI is growth and profitability and cash flow. Help us set the right set of priorities, so we can then spend our dollars in the best place possible. Invest heavily where we should. Prioritization is key in that. Be incredibly frugal with everything else and lean out everything else that shouldn't be spent. Enabling the organization to constantly do that, so we're spending our money in the best possible place to get the right set of returns, both profit and cash flow. PPI enables M&A. We're better today on the deal we're working on because of all the other deals that we've done. We've been constantly learning in terms of target selection, deal execution, integration, and ultimately synergy realization. PPI is ingrained in how we execute on all of that. That's how you go from strategy to execution to great sets of financials going forward. Financials going forward. Let me just quickly recap on 2023 guidance. As I mentioned, this is the 2023 guidance that we gave on the call just last month. Really strong outlook for the year. $45.3 billion of revenue. That includes 7% core organic revenue growth. A 7% core is a really strong growth because it includes over $1 billion less vaccines and therapies revenue year-over-year. We're managing through the economic situation well. We are dealing with the runoff of the pandemic revenue, and we're managing our costs appropriately. A combination between that plus the top-line growth is gonna get us to $23.70 adjusted EPS for the year. Not gonna go through this slide in detail. It's there for reference. This is some of the key assumptions that underpin that guidance that we gave back in April. Think about the long-term financial outlook for the company. At this meeting last year, I gave you very detailed numbers for 2025 as a long-term outlook. We're tracking well to that long-term outlook. Revenue, adjusted operating income, adjusted EPS are all within the range of the outcomes that we provided in the meeting last year. When I think about where we'll actually end up in 2025 in terms of the numbers, there are two key swing factors when I think about that. The macroeconomic environment and how that plays out. Do major geographies go into recession? What's the impact of federal policy, interest rates, FX rates? That will need to be played out. We know that we will provide you with differentiated outcomes no matter what the economic situation is. Our job is to be differentiated in front of the customers and be differentiated to our shareholders as well. Scale and timing of capital deployment. We have substantial capital to deploy. We don't deploy capital to make a short-term number. We're deploying capital, as Marc said, to make the business stronger, to enable our customer success and drive spectacular long-term returns. The exact timing of that will play out. We know that we're gonna be deploying very effectively substantial amounts of capital going forward. You heard the strategy today in terms of that incredible well-positioned in terms of industry leader and in resilience and really excellent growth long-term end markets. With that proven growth strategy, proven capital deployment executed through PPI, good experienced team with great depth of talent that knows what to do at the right time. All of that from a financial perspective means it's a really bright financial future with substantial share gains and long-term organic growth that's very differentiated and really excellent long-term returns in terms of organic and inorganic investments. Putting that into a formula for success, assuming 4%-6% market growth, that means relatively normal market conditions and a relatively stable macro environment, we'll be delivering 7%-9% core organic revenue growth. The ability to take long-term share gain from the great strategy that we've got. Using the PPI Business System, we'd expect to deliver about 10% growth in adjusted operating income dollars from that 7%-9%. That's roughly 40-50 basis points of margin expansion. We don't need new M&A to do that. That's what we have as a company today, the strategy we have, the capabilities we have, the position we have as the industry leader, we can drive that level of returns. We will be delivering substantial returns in terms of capital deployment going forward as well. The combination of those two things drives mid-teens adjusted EPS growth for the long term for the company. As you think about your modeling for the next five years, give some thoughts here in terms of things and factors to consider. Our current vaccine and therapy revenue, should that not be needed for an endemic use by our customers, we'll very quickly switch that to other core revenue over time. A reminder, majority of that revenue is pharma services, sterile fill finish revenue, which is very valued by our customers. Mentioned the capital deployment capacity. This is a five-year view. I think a good place to start is at least $75 billion of capital to be deployed over that period of time. As Marc said, over an extended period of time, roughly two-thirds going to M&A and a third going to return of capital. In that return of capital, dividends growing in the mid-teens, in line with adjusted EPS and in line, as you see on the bottom of the page, in terms of free cash flow growth. We'd expect the tax rate to increase modestly over time. From a debt perspective, the assumption is that we'll flex up the balance sheet where we need it. We're not managing to a specific ratio, but we will be making sure that we're maintaining investment grade going forward. I hope that helps in terms of modeling as you think about the long-term future for the company. Let me finish where I started, a really attractive long-term financial profile. We've got an awesome track record. We've got a great strategy, execution capability through PPI, coupled with substantial capital deployment, means we'll be consistently delivering exceptional financial returns going forward. With that, I'm now gonna call back Marc up to the stage. We'll do some final thoughts, and then we'll get into detailed Q&A. Thanks for your time today. We're looking forward to the Q&A session. Raph, Eileen, are in the back, and when you raise your hands, they'll bring the mic to you. Then we'll do that first, and then I'll make some summary comments at the end. Go ahead. Perfect. Hi. Thank you for putting on this analyst day today. Great as always. First up, just a question on trusted partner status. You spoke a lot about today how Thermo's being the provider from molecule to medicine and highlighted connecting PPD and Patheon really early on in the process. Can you talk about how owning and integrating those services assets has impacted your visibility into the pipeline for pharma biotech? As a follow-up on PPD, it's continued to perform, you know, well beyond expectations. You raised the synergies today to $200 million on that asset. You know, you initially expected high single-digit growth for PPD. Can you give us an update, just given the performance the last 18 months, on what's assumed within the 7%-9% top line guide for PPD growth as well? Rachel, in terms of one of the benefits from being a trusted partner, one of the benefits from interacting with clients, small and large, is you get a sense of their sentiment, what are their priorities, what's the environment, and that allows us to also do the planning. We have pretty solid visibility into what our individual customers are thinking and how they're navigating, and therefore, that gives us a pretty good view, right? In terms of the world. In terms of the growth rates for, you know, our clinical research business. You know, I'd say the industry over the full long cycle is probably a mid to high single-digit growth industry. When we acquired the business, we expected it to be, you know, high single-digit growth business. In line with the, you know, the 7%-9% outlook for the business, and it's likely to actually be slightly accretive to that in the long term, meaning that it's probably a high single digit, low double digit grower firm. It should be a tailwind. It's performing better than we expected. The adoption rate has been faster, as Michel said. It is a really, a very positive contributor to our success. Great. Within pharma biotech, those large pharma customers are typically viewed as more stable, especially just in today's environment with emerging biotech funding being pressured. But we've also had some negative updates from peers in recent weeks around pharma spending. One peer said delayed decision making pharma around analytical instruments could be a 12-18 month cycle before spending returns. Two questions really around this dynamic. Can you walk us through your visibility in pharma spending, your confidence that some of the delays that we're hearing from peers around, you know, delayed decision making is truly just administrative timing issues, needing more signatures on things, versus the risk of budgets actually getting cut later this year within pharma. My second question is just around your instrumentation portfolio. You've noted some of the innovation today. Looking forward to the product release at ASMS in a few weeks. you know, as you mentioned, you were the pioneer in Orbitrap, really became a staple at Biopharma. Can you walk us through which markets do you really play in within LC-MS? How does that differ from peers, and why does that really lead to the robust strength that you've seen that you talked about on your 1Q call? In terms of the performance, in terms of large pharma and, you know, our visibility and sort of how the instruments are. You know, when I think about what's going on in the industry, a lot about, you know, the messaging is really about what is versus one company's expectations, right? When I think about the dynamic in our instruments business in large pharma, it's been good, right? I, you know, I don't know if it's that folks had different expectations than what's playing out, but we've seen good, robust growth. I mean, 17% growth in the quarter, very strong momentum on orders, and that was broad-based. I think that, you know, plays well. In terms of, I think our instrument business broadly, including, you know, our position LC-MS, you know, our business is skewed towards cutting-edge research, right? Cutting-edge enablement, right? That's the bulk of what we do, right? If you want to understand the latest in protein research, the most insights into biology, you actually have to buy the next generation, or literally your work is wasted, right? That's whether it's at a biotech company or a pharma company or an academic lab. We drive innovation. It's also true in semiconductor. It's true in material science, which is literally if you want to be at the cutting edge, we provide the cutting edge tools. That cycle has been very strong for us, and I feel very well positioned there. Jack. Thank you. I wanted to ask about the factors driving some of the differentiated performance we've seen. For Marc, just is it possible to frame out some of this elevated investment that's taken place the last few years? How much of that might be contributing to new product vitality and market share? For Stephen, if the macro does get choppier, some of this elevated investment, how much leeway does that give you to manage cost and preserve EPS? Jack, when I think about the pandemic, right? When we said differentiated performance, right? We delivered incredible impact to society, right? We enabled molecular diagnostic testing across the world, right? We enabled, you know, the therapies and the vaccines, right? Part of that impact of just focusing on what our customers needed and what society needed is we wound up with a much bigger business during the middle of the pandemic that we've already worked our way through, right? That gave us a lot more financial power, and some of that we put to the bottom line, and some of that we actually reinvested in the business. We reinvested in colleagues, right? That allowed us to have lower turnover, a more engaged team that actually performing better. We also invested very heavily in accelerating R&D and new capabilities. That is, sustained. We're not continuing to accelerate our investment rate off of that, but actually, you know, actually just kinda growing it with revenue, right. From that perspective, we're getting a huge advantage. You'll see it in some of the products that we've launched, and you'll see it in the products coming up. Is the ability to actually spend more during a downturn really has set us up, you know, for an incredibly bright future. Stephen, did you wanna? Yeah. Mic's still on. Great. In terms of the cost management, when I think about what we did at t he beginning of the pandemic and how we very quickly looked at our businesses and understood what level of spending should we have. We've got a good line of sight as to how to operate in different challenging environments. Should there be a challenging environment come up, we will appropriately do the same thing again. We're very actively managing the cost base with the run of the pandemic revenue and appropriately dealing with that. That's part of the, you know, the benefit of PPI Business System is it enables you to do that. Now, we'll also have an understanding of where do you wanna not stop and send those cost actions to make sure that you can still preserve the great, you know, exciting outlook that we have. Investing appropriately in the right places, but making sure we're managing the P&L appropriately given whatever environment that we're operating in. Great. Then one more Analytical Instruments question. Just talk about the growth at FEI. I think it's eye-opening how that's grown since you were part of the business. Is there any color you can share now in the mix of life sciences, material sciences versus semiconductor, and just what the outlook looks like for each of these customer classes? Yeah. If you think about the growth that we've been able to drive in the electron microscopy business, right? We've got a great business, right? The business was historically fairly cyclical and mid-single-digit growth business, right? It's been much less cyclical through actually seven-year period, and it's been a high-single to low-double-digit growth. What we've been able to do through the investments and the strategy that we've been put together is it used to have a very small material science business, fairly large semiconductor business, and a growing but relatively small life sciences business. Today, it has a much larger life science, material science business than it did back then, and still an incredibly strong semiconductor business in terms of the tool. The reason you have all three is the engine, if you will, that is the same effectively across the three end markets. It's been an awesome business. It has great growth prospects, and it is a absolutely essential tool. It's becoming actually an essential tool in drug discovery as Michel highlighted as well. Thank you for the question. Sure. Hey, Marc. Derik de Bruin from Bank of America. Marc, the last couple of years, the tools, life sciences tools market's been a little frothy. We've had a lot of people spending, you know, 17% in analytical instrumentation growth is not normal for this market. Your guide is predicated on 4%-6% market growth. How do you sort of think about the market in 2024? I mean, is there gonna be a hangover effect that's gonna linger from the spending patterns in COVID? I mean, is that market growth lower next year, right? Just sort of thinking about p ercent. Looking about your guide of 7% to 9% within the context of the market. Like, I got a follow-up. Derik, when I think about the market growth, right, if you take, you know, a long-term historical perspective, and you exclude the pandemic period, right. Just kind of say, what was it like for the previous 8-10 years, you know, coming out of the financial crisis. In that range of 4% to 6% is pretty consistent, right. If you think about the last couple of years, clearly quite elevated, you know, across the rates of growth, and, you know, we grew much faster than the 7%, right. If I think to the next 5-10 years, I think just given where the drivers are, I think the 4% to 6%, you know, is a reasonable assumption in terms of what it is. In terms of what the specifics are in a given year, whether it's 2023 or 2024, you know, our default starting point is it'll be 4%-6%, right? That's the sort of it's normal. What are the factors that could make it better or worse, right? It's really right now, I don't think it's a life science tools thing or, you know, or a pharma services thing. I think it really is what's the macro, right? The macro of, you know, what's inflation gonna look like? You know, are we gonna see recession? Those factors. If you do, rates of growth will be a little bit lower. This industry is incredibly resilient, so it's not. Usually doesn't change wildly off of that, but could you see a couple points lower? Sure. Can you make a bull case in our industry if you see, you know, some of the funding improve and some of the biotech that actually is the higher end? Yeah, you can make that case as well. You know, we'll keep sharing our views on it, you know, as we get more insight. I'd say, you know, I start with the default that it's gonna be in that 4%-6% range, and we'll adjust it based on whatever the realities are in the short term. Got it. I guess some questions this morning. I mean, historically, Thermo's given very specific numbers on their three-year outlooks. I guess why the change in methodology now versus what you've historically done? Thank you. Sure. Stephen, I mean, why don't you share your thoughts on, why we took the approach we did today? Yeah. Derik, you're down there. I can't see you, so there you are. Yeah, you know the company well. We give, you know, we give guidance, and we give long-term reviews like this. We give a lot of transparency and a lot of detail, and we give you the facts that we think that are most relevant for you to consider and assess the company. That's exactly what we did today. I gave you a detailed formula for success and some modeling factors, and I think that level of transparency is higher than pretty much most other companies. We'll consistently, you know, do that going forward and give you lots of information, and look forward to giving you know, the updates on that progress as we go against over the next couple of years. It's recent. I think our transparency and clarity is what we're trying to do here. Okay. Great. Great. Thank you. Marc. Marc, over here. Dan from Stifel. Sure. Wanted to ask about bioprocess, which has obviously been a pretty heavy source of debate this year. One of the questions that we get is just the outlook on this industry going forward. When you think about the puts and takes that are in place today, some of which feel like they're kind of temporary, destocking, et cetera, but then others which feel like they might last a little longer in terms of their impact, fewer small biotech companies, China just on the growth journey that it's on, do you think that it's appropriate to model or to think about bioprocess market growth in line with historical levels pre-COVID, obviously? When you think about the bioprocess segment, right, and that part of it is a phenomenal segment, right? I think sometimes with, you know, all of the noise that goes on at any particular time, one gets lost with sort of the trend towards large molecule is incredibly intensive on the life science tools industry in terms of the techniques and capabilities there. The demographics of the industry in this case is a hugely positive business. You know, if I think about the last decade, it has its lumps, right? It typically is the fastest growing business, but there's sometimes it's, you know, grows faster, sometimes it grows slower, but it typically does incredibly well. When I think to the long term, I don't think that trend changes, right, at all in terms of it being super attractive. I think when you think about the short term, and it's, you know, this incredible level of discussion on the topic, I think a lot of it is each company had a different percentage of a COVID exposure and different assumptions about what COVID demand was gonna be going forward, right? This sort of pandemic unwind has created an incredible level of noise. I think for us, though, is to frame it, the total revenue in bioproduction is a little bit less than 10% of our revenue. We had a spectacular 2022. We were the fastest growing of the companies in the field. You know, we're excited about the business. We expect the first half to be weak, and that is starts to improve in the second half. You know, at some point in the not too distant future, gets back to an incredibly bright long-term trajectory. Hopefully that's helpful. Yeah. Definitely makes sense. Can I just maybe sneak one more in from a strategic perspective? Just curious about your thoughts on participation in the genomics industry. You know, you highlighted the genomics revolution that's going on. Are you more interested in that field just given where the technologies have gone and maybe where some of the assets are? Are you maybe less interested just given the maturity of some of these businesses and you know what it means to take them on at this point in their own journeys? When I think about our capabilities in genetic sciences is unbelievable, right? Which is, you know, leading Sanger sequencing capabilities, leading qPCR capabilities, one of the top two in microarray, in the top two in next-gen sequencing and, you know, kind of co-leader in clinical sequencing. It's a really important business to us. It performs incredibly well. It's great. It's a very profitable business, and we invest for a bright future there. There are many new technologies that come, and we always take a look at them. The challenge for some of the new entrants is that you typically burn an incredible amount of money before you scale anything. We like our portfolio. We're always looking about other things we should be doing differently to make it even stronger. We have a really good position, and it really contributes to our company's success. Thank you. Hey, Marc. It's Dan Brennan, TD Cowen. How are you? Good. You termed your guidance, I think, as ambitious at the first quarter call, and since then I know it's come up a few times here. A few peers have talked about delayed budgets, and they've cut their guidance, granted they're much more instrument-oriented than you are. I'm just wondering if you would provide any kind of update since the quarter, kind of any conditions, you know, business conditions, how they've evolved. Then kind of when we think about the error bars around the guidance mark, I think it's the uncertainty over maybe the magnitude and/or duration of how this weakness might impact you that's, you know, kind of weighing on the stock and a critical investor question. You know, can you help us think through, like, the sensitivity of that guide and what you're seeing? Dan, thanks for the question. You know, when I think about today, the focus is really, you know, primarily on the long term, right? It's really to help frame what's the next few years look like and why the company is so well positioned and why this is such an attractive place to invest. When I think about the short-term environment, you know, nothing new on sort of what happened versus three weeks ago in terms of our results, and we look forward to updating you in July on Q2 from that perspective. Maybe the contextual thing that I can say that might be helpful, when I think about our view, it starts with we hold ourselves to deliver differentiated performance, right? At the end of the day, we wanna be able to deliver results that we're proud of, right? That's what we're gonna focus on doing. We focused on this for many years, 2023 will be no exception, right? When I think about, you know, what's going on in the industry more broadly and certainly, a noisier period of time, I do think a lot of it is around, you know, what was a company's expectations? What were their comparisons? What was their role in the pandemic? I think when you start to get that level of variables during a period of a pandemic unwind, I do think you get more noise, which you're clearly seeing in the first quarter. You know, for our business, as we reiterated back, you know, at the end of April, instruments actually were stronger, right, than we had originally expected, as was our diagnostic business. Bioproduction, a bit weaker, and that netted to a position where we felt good about our outlook as of the end of April. We'll update you again as the year unfolds. Our philosophy on all of this is differentiated performance, right? When there have been periods that the market growth has been stronger than 4%-6%, the last couple of years that case, we didn't constrain ourselves on 7%-9%. We grew much faster than that. Right. If ultimately the market growth is slower than the 4%-6%, then you'll see us adjust appropriately at what is the right level of, you know, outstanding performance. At this point in time, we felt good about where we are in terms of delivering on our results. Great. Then maybe just one on M&A. When we think about your four business segments, just how should we think about, you know, the opportunity set that you're seeing today for Thermo Fisher in terms of either, you know, bolt-on or big deals? In terms of your financial profile for a deal, like, are you willing to accept kind of near-term dilution for maybe a company that might fit into, you know, the strategic areas that you're looking at that might offer even more attractive long-term growth? Yeah. Dan, first of all, the pipeline's busy. We're gonna be disciplined. There are very few things of any significance of any significant size that are dilutive, right, in terms of a transaction. Could we do something that's very small, the technology or something nascent that doesn't contribute in the first year or two? Yeah. Would it be meaningful in terms of our financial outlook? No. I mean, the, you know, even with our cost of capital and so forth, the transactions we look at will be, you know, contributing to the, to the earnings growth of the company, should we close on them. I think that's the view. you know, we're gonna follow the methodology, which is characterize risks, understand them well, select the deals that we believe, you know, we're uniquely the right owner and, you know, go after those, close those, and create huge value for our shareholders. Thanks, Marc. Vijay Kumar from Evercore ISI. Marc, thanks for hosting this and taking my question. I did wanna follow up on the M&A strategy. I mean, it's obviously been a huge value creator. When you think about the current regulatory regime, is that a cause for concern? I did see it's a five-year outlook on capital deployment. Is that time horizon contemplating perhaps maybe the regulatory regime would change or maybe more amenable to larger deals? Vijay, thanks for the question. You know, when we think about the factors on risk, right, and selection, we've always incorporated the latest views on what's the regulatory environment for the type of transactions that we're looking at, right? You know, depending on what's going on in the world, you may do deals that are have less focus from a regulator versus some other deals that might have more. That factors into it. Given the size of the served market that we're in, we feel good about our ability to deploy very substantial capital. Stephen wanted to give you sort of the magnitude of it, because as you think about modeling, at least gives you the framework of, you know, how much you should expect on return of capital and roughly what we expect on the M&A. We'll be busy over the next five years. That's helpful to know. Maybe one for Stephen. Stephen, I think you've reiterated your prior fiscal 2025, revenue and margin, operating income numbers. That implies a margin of north of 26%. Given we're sub 24 in fiscal 2023, where is the triple-digit margin expansion coming from? Thank you. My words were actually around the revenue, adjusted operating income dollars and adjusted EPS within the ranges. I gave a very specific range for it, adjusted to the operating margin at that point in time. When you do the math on that, it's actually below that number, but that's okay because adjusted operating in dollars are actually in line and within that range. It's not at that level. It's just really what matters is adjusted operating income in dollars. That's what's driving adjusted EPS, and that's what creates the cash flow for the future as well. I hope there wasn't any confusion there. In terms of what's in the range is revenue, adjusted operating income dollars and adjusted EPS. I said that was within the range of outcomes that I provided last time. Yes. Thanks. Tejas Savant from Morgan Stanley. Thanks for the time here today. Maybe, one sort of, long-term one on China for you. As you think about that 7%-9% over the next five years, is there an expectation for moderation in China a little bit versus historical growth trends? And can you walk us through, you know, is there anything additional to that in China for China policy that you're contemplating as you think about navigating some of the crosscurrents geopolitically? Yeah. In terms of China, if you think back, in the previous decades, say the 2010s, China would have been, you know, a very meaningful contributor to the growth, probably growing around 15% over that period of time. Our expectations for the coming years, is that China will grow faster than the company average, but the gap will narrow in terms of it. That's what's assumed. I think that's just, you know, there's definitely more of a focus for within China to be more, you know, independent and less, and more resilient. Therefore, we have continued to, where appropriate, strengthen our local presence to serve the Chinese market. In, you know, in certain technologies that we're comfortable having locally, we've been able to expand our presence, which secures a, you know, a strong position going forward. I expect China to be a good market for us. There'll be challenges and certainly geopolitical challenges that will exist, but we'll do the best to navigate them as appropriate. I got it. Then one on the services side and specifically some of Michel's commentary on PPI and what you've been able to accomplish there. One of the things that stood out to me was this, you know, capability of providing real-time visibility for customers on the manufacturing side. Is that something that you envision sort of rolling out more broadly over the next couple of years here? On that sort of, you know, advanced modality therapeutic for the top 10 customer example that you guys provided, is that end-to-end capability something you formally offer that comes with bundle pricing? Is that some, you know, essentially an ad hoc sort of situation where you grow with your customer as the molecule moves down the pipeline? Sure. Michel, do you want to talk a little bit about? Visibility is important, right? One of the reasons we focused on it early on is because we thought one of the enablers of more outsourcing is making sure that the visibility we provide on the products we make for our customers should be the same as the visibility they have on products they would produce themselves. We were very early in our endeavors on that and invested heavily in it. mysupply is what we named it. We're not the world's best advertisers, but mysupply is our platform. If you're a customer of our CDMO, you log in, you see all of the quality data, where the batch is, how is it going, full transparency. That's important because that's the source of continuous improvement. If you're super transparent on where you are on performance, that gives you then the basis to improve on it. It's already very well embedded in our CDMO business and an important reason I think customers are also comfortable in outsourcing. On the advanced therapeutics, on sort of the integrated offerings, we have many of them that we've packaged, right? Quick to Clinic, Quick to Care. These are sort of integrated, well-developed workflows that people can just connect to and say, "Hey, that's my fastest way to do the work." Then we have many customers that say, "I only want a component of it." So we're equally flexible in providing an end-to-end integrated solution or help customers in sort of the more individual tasks. I think in the advanced modalities, we see more of the integrated, because very few of the customers have sort of a developed point of view on how they wanna design their workflows, and they're actually quite eager to benefit from our, sort of accumulated experience in those. We think it's important not to try to trap people in just one approach. It really depends on the specific project. Hey, Marc, Patrick Donnelly from Citi. Maybe just to follow up on Tejas question on China there. You know, a little more near term, you know, we've heard from some peers, including last night, you know, that region is slowing a little bit. You have an increase in COVID cases. Chinese CDMOs seem to be a little noisy. The pharma business in general, pharma sector in general, a little noise on the spend side. Can you just refresh us on kind of what you're seeing there? I know you're incredibly close to kind of the China-US piece. We'd love just maybe a little more near-term thoughts in terms of how you guys are playing out there and what you're seeing in that market. Yeah. Patrick, when I think about China, it's about 9% or so of our revenue. First quarter played out exactly as we expected, right? Which is we expected the first part of the quarter to have some of the end of the disruptions from the, you know, relaxing of the zero COVID policies. We saw the business strengthen. We saw a lot of stimulus $, which was embedded in our expectations that we capture that will help us with growth throughout the year in terms of those programs that have run its course, but most of the product actually ships as the year unfolds. In terms of, you know, the short-term activity in China, that's something that we'll talk more about in a month or two when we do the results. So far it's been playing out as we expected. Okay. No, that's helpful. Then maybe just in terms of the long-term guide, can you just talk a little bit about, you know, the pricing assumptions? Obviously, pricing's been a nice tailwind, bigger tailwind than typical over the past couple years. You know, areas like bioprocessing, when this market does come back, I think there's just some concern that all this capacity's been built out. Is pricing gonna be as firm as it has been, you know, over the past couple years? What does that look like for you guys as you go forward? Yeah. When you think about our long-term view and what's embedded in the 7%-9%, what's effectively in there is about, you know, three quarters of a point to one point of price. In a normal year, that's about what pricing is, you know, therefore, volume is, you know, 6%-8%, something like that. I would expect by, certainly by 2025, you're at that level back to normal. You know, from my own experiences in the 20-plus years that I've been in the industry, I really have not seen pricing, you know, be irrational, right? I haven't seen periods. You know, it's funny, pre the sort of inflationary period, actually, the strongest year of pricing that I can remember was actually during the financial crisis, right? Which is, you know, there wasn't a lot of, you know, there was less demand, but the customers that had money, they weren't looking for a bargain, right? I mean, so it's a dynamic that the industry is incredibly stable, and I would expect that it remains stable and that you see pricing come from last year was probably the highest, it'll come down a little bit this year in terms of +2 for us, and maybe it's somewhere between +2 and +1 next year and +1 after that, something like that. Hey, Marc, Luke Sergott from Barclays. I wanna talk a little about the instrument environment. Right now you guys play mostly in the high-res discovery business. Talk about the opportunity you see to take that further in the QA/QC on the manufacturing side, you know, as those workflows start to become standardized more on the biologics side. Yeah. Luke, it's a great question. If you think about what we've done in the evolution of the Orbitrap, going from first a discovery tool and then moving it to be more and more routine, we were the company that pioneered sort of the multi-attribute method for biologics in terms of actually doing it from a QA/QC perspective. You're seeing our technology get adopted more and more in the QA/QC, which means larger fleets of instruments that will get bought. We obviously have the benefit of our pharma services business and the labs there, so that we can actually work on the methods development, apply it, learn it, and then, you know, the instrument business can sell it to other customers. We're doing the same thing actually in our labs in our CRO business, where we're expanding those capabilities, learning from our in-house labs and making the applications better. We've been able to deliver great growth on both mass spec and chromatography, and we're well-positioned to continue our share gain momentum. Awesome. another question on M&A. As you look at your pharma services portfolio, the one piece that's sort of missing there is the pre-clinical testing services. There's a lot of different areas that you can play there. Talk about how you guys see, you know, eventually adding those technologies or capabilities. Yeah, you know, in terms of, you know, we like our served market within our CRO capabilities. You may see us expand some capabilities and strengthen where we play today in the view, but probably in the animal side of the equation, less of a focus in terms of how we're thinking about it. Maybe time for one last question. Hi, Matthew Sykes from Goldman. Thanks for doing this. Just in the context of that 40 to 50 basis point margin expansion on an annual basis, how are you thinking about in the context of the lab product segment? Just given the size of it, I think you've mentioned in the past that you can envision PPD margins in high teens. Just wondering if we can assume that 40 to 50 basis points in expansion for the lab product segment. Sure. Stephen, you wanna talk a little bit how you think about margins on the various parts of the company? Obviously, the number is an aggregation of the different segments. You just stole my thunder. Yeah. I'd say to read it back to your point earlier on about the margin profile for 25, the long-term financial model I gave was kind of the 40-50 basis points. Use that as the 23 jumping off point and do 40-50 basis points from there going forward as the viewpoint for the company. In terms of how we get there in a specific year, it really does depend on the opportunities that arise and which parts of our business are we heavily investing in, which ones are we actually then just, you know, happy with the investment that we have, and that's generating great returns. That kind of changes as we go year by year. I think there are opportunities to expand in all of our segments in terms of the margin profile. Will it be exactly 40-50 basis points in each one? Probably not. I think on the Laboratory Products and Biopharma Services, to your specific question, there's still lots of good opportunities to get benefits of scale and keep getting the benefits of the synergies and the integration that's gone on. I think there's still some good opportunities to expand. On the long term, it's probably less likely to be significant in that segment. We'll still be expanding, but not at that high level, and probably more on the kind of consumables and products businesses and Analytical Instruments and Life Sciences Solutions in particular, where you get more expansion in the long term. Got it. Just on M&A, a high-level question. Has, you know, the $44 billion revenue base caused you to reprioritize how you think about M&A in terms of size, margin growth, going forward? No, not really. When I think about our criteria, it's never been a focus on, is something gonna grow faster or be accretive or a headwind to margins? It's really been about, are we uniquely gonna add value to what we acquire, right? Because, you know, we're always clear about if we buy something that has higher margins, we say, "Hey, this is the weighted average math." If we buy something with lower margins, here's the math. Or if it's something faster growing or lower or slower growing, we articulate all of those things and adjust the targets to be appropriate. It's gonna be what are the right businesses that we can create value with and strengthen the company for the long term. Hopefully that helps you think about the role of M&A. It's about creating a brighter future. It's not about the exact financials that come out of them. Let me, wrap up with a couple thoughts. You know, when I think about the day, first of all, thank you for, the, you know, the interest and for spending the time with us. We are, you know, incredibly excited by what the future holds, right? We have built a unique position, and we will deliver, you know, differentiated performance while continuing to strengthen, the long-term outlook of the company. It's been a noisy period, right, in the industry. You know, what I would say is, if you take away some of the takeaways, this is an incredibly good industry, especially in volatile times. We are by far the best-positioned company in this industry and have a track record that is truly unique. We're excited about continuing to build on that track record and creating substantial value for all of our shareholders. Thanks, everyone. We look forward to updating you on our progress in our Q2 call.