Good morning. I'm Rafael Tejada, Vice President of Investor Relations for Thermo Fisher Scientific, and I wanna welcome you to our 2024 Investor Day. I'm very happy to be back in my hometown of New York City and see so many familiar faces once again. We have an amazing program for you today, so let me briefly cover our agenda. Marc Casper, our Chairman, President, and Chief Executive Officer, will start off with a strategic view of how we consistently create value for all our stakeholders. Next, Michel Lagarde, Executive Vice President and Chief Operating Officer, will provide an overview of our leading businesses. After a short break, we will turn to our proven growth strategy. Gianluca Pettiti, Executive Vice President, will provide an overview of our approach to high-impact innovation. Next, Mike Shafer, Executive Vice President, will describe how we are the trusted partner to our customers. And then Fred Lowery, Executive Vice President, will present on how our unparalleled commercial engine drives deep engagement with customers around the world. Concluding our formal presentations will be Stephen Williamson, Senior Vice President and Chief Financial Officer, who will discuss our incredible financial track record and attractive long-term outlook. We will then take questions from the audience, and we expect to wrap up shortly after 11 A.M. Next, let me point you to our safe harbor statement. Various statements made by management during this meeting, including the accompanying presentations, may contain forward-looking statements or financial measures that are not prepared in accordance with generally accepted accounting principles, or GAAP. I refer you to the details on this page. So with that, let's get started. At Thermo Fisher Scientific, advancing science has always been what motivates us. Through our unparalleled relationships, we have the ability to generate unique insights, insights that allow us to drive scientific advancement forward in areas where it matters most, and our goal is to always enable our customers' success, providing the capabilities, innovation, and insights to help our customers make the world a better place. This is how we live our mission of enabling our customers to make the world healthier, cleaner, and safer. We work with our customers to produce life-saving medicines, and we develop and produce diagnostics products to help keep people healthier, and through our customers, we contribute to a cleaner planet by supporting clean air initiatives in more than seventy-five countries globally. We're also helping our customers advance clean energy, using our instruments to help develop more efficient and powerful batteries. And we're enabling a safer world by supporting food safety testing and detection of controlled substances in more than 50 countries. We have the breadth and depth of capabilities and the reach 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 because we have the best team in the industry, our more than 120,000 colleagues make this a reality each and every day. Please welcome Chairman, President, and CEO, Marc Casper. Good morning. I'd like to add my words of welcome to each of you to being here and spending the morning with us to get updated on Thermo Fisher Scientific and why we're so excited for the future. I'd like to start by thanking our board of directors, who are here with us today, as in years past, for their guidance, their oversight, and just the tremendous value add that they bring to the company every day. So what I'm gonna focus on today is how we consistently create value for all of our stakeholders, and to do that, I'm gonna actually start with a few minutes on orienting you to the company, and then I'm gonna look to the future and talk about why we're so excited for what's ahead, to help set up the rest of the presentations for the day. The video, it's super compelling, right? That we just watched. When you look at the company's mission, it's our purpose, right? We enable our customers to make the world healthier, cleaner, and safer. What that really means is none of us are allowed to have a bad day at work. A hundred and twenty thousand colleagues that are absolutely focused on making an impact for our customers because they're changing the world, right, in terms of the work that they do. It's super exciting, and every day we have examples of that impact, and I thought that I would just pick three, right, in terms of, you know, us in action, in terms of supporting our customers, right? From a healthier perspective, last year, we launched the only cleared FDA test for the risk stratification of preeclampsia, right? When you think about that, it really allows for an expecting mom to know whether she and her baby is at risk, or she can safely be at home through the remainder of the term of the pregnancy. It is an incredibly profound impact on human health. From a clinician's perspective... ... You know, our technologies are used around the world to help governments control air pollution. You know, we are ubiquitous and have been for decades in terms of providing those capabilities from a cleaner perspective. From a safer perspective, we enable our customers and regulators to ensure that the food that we eat, the medicines that we take, are safe, and that the supply of those are unadulterated. These are different things that we do which really talks about the responsibility that we have as a company. When you think about that responsibility, now we turn to what are we trying to accomplish today in the meeting. These are the key takeaways of the day. You know, straightforward, right? As a company, we're an incredibly well-positioned industry leader. We have leading businesses that enable our customer success. The second thing is that we serve attractive end markets and that those markets are fueled by enduring long-term trends. We have a proven growth strategy that drives share gain. We have a capital deployment approach that creates tremendous value, and both of which are powered by our PPI Business System. You can think about that as the essence of how we run our company. How do we gain share? What do we do with our capital? And then how do we operate so that we can deliver superior performance? Our experienced leadership team consistently ensures that the company is delivering differentiated value for all of our stakeholders. And then we have our views on the financials, both in terms of our track record, but more importantly, the excellent long-term outlook that we have. So you'll get a good sense of that through the presentations, and I'm looking forward to the Q&A later this morning. Looking at the company and a quick update on the company as of today, we're the world leader in serving science. Incredibly strong brands, respected by our customers. Industry-leading scale, whether it's revenue, colleagues, R&D budgets, and our customers understand the unmatched depth of capabilities that we have. We do this and run the company in a way that we're sustainably creating value. We have a deeply ingrained Corporate Social Responsibility strategy that differentiates us and creates competitive advantage. Our company benefits from the deeply ingrained Practical Process Improvement business system, or PPI. When you look at the revenue profile that we have, it's incredibly attractive. We have leadership in fast-growing end markets. We have a very strong recurring revenue mix, and we have an unparalleled commercial engine that's able to reach customers wherever they are in the world, and really support them in a way that we're able to grow our business globally. We have four amazing segments with industry-leading businesses. Michel Lagarde, our Chief Operating Officer, will take you not into just the segments, but a click down into the major businesses within the segments and why they're so incredibly well-positioned for the future. When you look at them, Life Sciences Solutions, a leading portfolio which serves life sciences research, bioproduction, and the clinical markets. Analytical Instruments, leading analytical technologies to enable scientific breakthroughs and solve the analytical challenges that our customers have. Specialty Diagnostics, leadership in cost-effective improvement of patient care through diagnostics. And Laboratory Products and Biopharma Services, we enable the biopharma industry with our lab products as well as our Clinical Research, Development and Manufacturing services. These four businesses are leaders in their own right, and when you look at the foundation that brings them all together, we have the unique scale that we have that adds value to one another, and the foundation of our growth strategy around high-impact innovation, the trusted partner, unparalleled commercial engine, as well as our M&A strategy that takes very strong individual segments and makes them even more competitive, and sets us up for the long term. And of course, our foundation is outstanding execution every day, which benefits from the PPI Business System. So we'll dive into this in some detail, a little bit later in the day. The other part of orientation of the company is value creation, right? And we're focused on creating value for all of our stakeholders, whether it's our shareholders, with an outstanding track record, financially in terms of performance, as well as the outlook that we have for value creation. From a customer perspective, we're a trusted partner, and what that really means is that we understand their biggest challenges, and we help them navigate them, accelerating their innovation, increasing their productivity, so that they're able to be successful in their quest to be great companies as well. From a colleague perspective, a great place to have a mission-driven career. And we care deeply about the communities that we live and work, and we view it as our responsibility to enhance those communities, and we do that, for the current and future generations. This is well ingrained with an incredible track record, and I'll highlight just one example now, which is the financial aspects from the shareholder perspective in terms of our track record. When I look back over the last 10 years, we've been able to be a consistent compounder, right, in terms of revenue growth at a 13% growth, translating into 15% EPS growth and a 14% growth in adjusted free cash flow. If you go back longer, it would be similar trends. A very strong, consistent track record of creating, you know, exceptional return for our shareholders. With that as orientation, let's look to the future, right, which is incredibly exciting. When I think about what gets us excited every day about the future, it's, you know, really around five points. We have industry leadership serving very attractive end markets. Secondly, we have a proven growth strategy that drives share gain. Third, we have a capital deployment approach that creates tremendous value. Our PPI Business System enables outstanding execution. We have a CSR strategy that delivers competitive advantage. What I thought I would do is I'd dive into a little bit of detail, and then some of the subsequent presentations will take that, a click further. So starting with the industry leadership and very attractive end markets, we serve a large end market, about $235 billion. The long-term growth, 4%-6% in terms of the market growth. And I'm going to spend a moment or two here talking about that, because if I think about the many investor interactions we have, we get lots of questions about: What is the long-term prospects for the industry, and what are the shorter-term prospects as well? So when you look at the 4%-6% market growth, and if you go back to the last decade, pre-pandemic, 2010 to 2019, that was the rate of market growth that you saw through that decade. And if you think about that decade, coming out of the financial crisis, you had sequestration, you had many headaches and many wonderful recovery opportunities, but consistently through that period, the markets grew at that rate. You went into the pandemic, and you had two years of a multiple of the market growth, right? For us, our organic growth in the first two years of the pandemic was 25% organic growth and 17% organic growth. You had two years of unwind of the pandemic, not just on our industry, but across the economy, and you see that in different sectors. You saw market declines, and now you're seeing a period of stability, where we would expect the market to decline slightly this year, and trending that each quarter is getting better than the previous. We're now back to a stable period, and in the long term, and none of us are smart enough to say exactly what year is the long term, the enduring trends that I'm about to talk about gives us incredible confidence in the 4% to 6% growth, right? That's the context. So when I think about the future, what's driving that 4-6% growth, not only historically, but also to the future? It starts out with demographics. And what I'm going to do is I'm going to hit the bullets, and then I'm going to flash up some of the supporting, you know, data, if you will, behind it. You know, we're all getting older, and as you look around the world, that is driving healthcare demand at an incredible rate. In our industry, in terms of the life sciences, the scientific advances are unlocking huge opportunity. We live in the golden age of biology, and that is just amazing about what the new insights that are happening and the quest for more research, as well as the impact on the pharmaceutical industry. When you think about biotech and pharmaceutical, you're seeing the pipeline increase, you're seeing an increased mix of biologics. Biologics are more Life Science tools intensive than small molecules. So that slow shift from small molecule to large molecule actually drives an increase in demand in our industry. When you look at the new modalities that have come out in recent years, they're much more complicated. Customers are partnering much more extensively to get the expertise that they need, and that also drives long-term growth. And then finally, outside of the Life Sciences and the pharmaceutical and biotech industry, there are amazing breakthroughs going on in material sciences that are enabling rapid growth in semiconductors, advanced materials, and the clean energy transition, and all of these trends are driving that growth. And when you look at it with just some of the vignettes around aging population, the growth in biologics and the drug pipeline, the scale of academic funding to support research around the world, or even just in the U.S., you know, $750 billion being earmarked for investments in electric vehicles, clean energy, semiconductors. These are huge markets. They're growing, and the future is incredibly bright. The second aspect of our future is our growth strategy. So we serve good markets, and how do we go out and consistently drive share gain? Which is what our track record is. When you look at our growth strategy, it's really based on three pillars: high-impact innovation, the trusted partner status with industry-leading products, services, and expertise, and the unparalleled commercial engine that we have. Our three Executive Vice Presidents are going to go through each of the elements of our growth strategy in some detail to bring it to life to you, for you today. That growth strategy drives share gain. It has consistently for more than a decade, and in the normal market conditions, that means our long-term growth prospects are seven to nine% in terms of what organic growth goals are for the company. When you look at the elements of our growth strategy, starting with innovation, we have a proven approach here. Scale, both in investments, scientists, engineers, and our IP portfolio, and a proven methodology. Because of the level of customer insights that we have, we're able to really understand what the priorities are for our product development roadmap. We take those priorities because we have such amazing scientists in our businesses. We're able to develop outstanding products and collaborate with our customers to really drive adoption of those products. We leverage the total company capabilities and expertise to differentiate ourselves, and our track record here is unparalleled, driving strong returns on innovation investment. When you look at what we have launched in the past year, this is just a small segment of those products in the last year, and you'll hear more about them from Gianluca Pettiti, our Executive Vice President, who will focus on this in his presentation. We enable the golden age of biology by further advancing proteomics, by enabling cutting-edge research and discovery, by fueling discovery and development of advanced therapies.... We're enabling precision medicine, whether it's through our risk stratification assay, or it's the work we're doing in clinical sequencing to do therapy guidance for oncologists, or how we enable advanced materials and the impact we are in supporting the semiconductor industry, as well as enabling breakthrough technologies. And you'll get a sense of all of that, in a subsequent presentation. So innovation is one of the core elements of our growth strategy. The second is the trusted partner. When you look at that, the combination of our industry-leading product, services, and expertise with our scale and depth of capabilities, builds a track record of experience that is, you know, that customers just know that we are there side by side, helping them achieve their goals, that has them be incredibly open with us on what they're trying to accomplish and creates a virtuous cycle for us. And because we can reach customers anywhere in the world, it really makes a huge difference, and what's amazing is that tomorrow we have even more capabilities than we do today through the track record of execution, through the organic investments, and the periodic M&A that we do, so customers are super excited to hear about what's new at Thermo Fisher Scientific, because they want to know why we're doing what we're doing and how they can apply that at their company. Mike Shafer is going to give you, you know, the more details around this, and he's going to really give you an update on what's going on in our services business and bring that to life for you in terms of how they enhance our trusted partner status, and then the final element of our proven growth strategy is the unparalleled commercial engine. Our unique scale, our industry-leading websites, our customer enablement centers around the world, deep application support, and thousands of Thermo Fisher Scientific colleagues that are working on-site every day at our customers' facilities. And Fred Lowery is going to walk you through how this comes to life in terms of our growth strategy and highlight some of the work we're doing in our Customer Channels business to help enable our customer success. So our growth strategy works, it drives share gain, and continues to build competitive advantage for Thermo Fisher Scientific. The third element of our future is our capital deployment approach and how it creates tremendous value. The strategy is unchanged. You don't have to read the words because it's consistent with years past. There's no nuance differences. Stephen Williamson is going to walk you through this, and remind you of the details of what the strategy is, what the mix of capital deployment is, and how within that strategy, M&A approach, he'll walk you through the strategy here, again, identical to years past, and that's because it works, it differentiates us, and we'll hide that in some more detail. What I'm going to focus on is the proven track record, right? And some of the things that we've accomplished with M&A since 2021. These are the larger transactions that we've done over the last few years, and I thought I'd give you an update on three of them. So PPD, our largest transaction by size, closed just under three years ago, right? A $20 billion acquisition. It's been spectacular, right? It really has. We knew we were buying an industry leader. We knew we were buying a great business. It has blossomed and thrived under Thermo Fisher Scientific, right? And it's been phenomenal, right? It's established us as a global leader in the attractive clinical trials research space. It's further enhanced our trusted partner status. And when you look at the performance, it's straight across the board, green check marks. And when you look at that, you know, you always start with your customers. What are they saying? They're extraordinarily happy, right? And they're giving us more opportunities to work with them in this space. We're winning multiple new large customers. From a colleague perspective, it's a people business, right? It's incredibly dependent on the excitement and energy of our colleagues, and it's fantastic, right? Our turnover rates in terms of retention is industry-leading. We have an incredibly loyal, capable team that are making a huge difference for our customers. The financial track record here is outstanding. We've delivered very strong growth over multiple years now, and the outlook here is excellent, and we've achieved our synergy targets. As you know, we raised our synergy targets a little after a year after the acquisition. We're just about complete with year three, and we'll exceed the $200 million of synergy targets that we had for this year. So really, it's been an incredible success, and the best is actually yet to come. I feel like we're just getting started. That's the amazing thing in terms of what's ahead of us for the combination of our Clinical Research business as part of Thermo Fisher Scientific. We bought The Binding Site just under two years ago to add to our Specialty Diagnostics portfolio. And when you look at this business, it makes a huge difference for a multiple myeloma patient in terms of being able to diagnose and monitor the progression of the disease. And when you look at what we've done, we've been able to drive adoption so that there's better patient care. We're innovating with new products so that we have even more sensitive capabilities for oncologists. And then ultimately, the financial performance here has been outstanding, running ahead of the deal models. And this is a double-digit organic growth business, so it's really been a fantastic addition to the capabilities of Thermo Fisher Scientific. And then the newest member of the family, it's about two months old, right? So, we didn't put any green check marks because we still got lots of things to do to make that a reality. But when you look at that, Olink, you know, it's to expand our capabilities in the high-growth proteomics segment. Gianluca will go through this in more detail about the rationale and how it fits. It's incredibly complementary to our capabilities. The business this year is on track to deliver for the full year, about $200 million of revenue, including the period that we didn't own the business through the end of the year... which is in line with our expectations. This is a long-term, mid-teens organic growth business, right? Which is, this is a high-growth business. It's got a great track record of that and a bright future, and we expect to deliver about $125 million of adjusted operating income in year five. A year from now when we're together, our expectation is that you'll see a lot of green check marks on the slide, and that's how we think about it, but the early days have been fantastic. Turning to our PPI Business System, Michel Lagarde is going to bring this to life in terms of some of the details. When you look at PPI, it's our culture. What is PPI? It's an expectation, and it's a culture that we need as a colleague base to make the company better today than it was yesterday, and come to work tomorrow passionate that tomorrow is going to be better today, that we're constantly making the company more effective and never satisfied with our performance. It shows up in our productivity, our quality, our customer allegiance, and what it results in is competitive advantage. It allows us to successfully acquire companies and ultimately deliver differentiated financial performance. We are celebrating our twenty-second year of PPI at the company, and it's amazing in terms of the impact that it has each and every day. The final element for the future is a corporate social responsibility strategy that delivers competitive advantage. So when you have a mission that says, "We enable our customers to make the world healthier, cleaner and safer," you're on the right track from a corporate social responsibility perspective. But there's a complement to that, which is how do you run the company, right? And does the actions of how we run the company support that incredible mission? And the answer is absolutely. Through how we operate the company, the environment we create for our colleagues, the impact that we have on our communities, and our environmental responsibility. And what I thought I would do is highlight just two of those and a little bit of the progress in the last year. So from a community perspective, over 100,000 students have benefited from the STEM programs that we have done in our communities, right? In terms of being able to increase education for children in our communities. We're huge advocates for global health equity, whether that is access to products in low-income countries, or whether that is ensuring that clinical trials for medicines actually represent the populations that are going to use the medicines so that the medicines are effective for those populations. We champion this and make sure this is a reality every day. From an environmental perspective, we're good stewards of the planet, right? We set ambitious goals in terms of our carbon emissions, and we're well on track to achieve them. If you think about our 2030 targets of a 50% reduction in Scope 1 and 2 emissions, or using 80% of electricity from renewable sources, you can see the progress as we sit here in 2024. 30% reduction, just under half of our energy is renewable at this point in time, and we'll achieve those goals as well as our net zero objectives as well. Not only are we doing that on how we run the company, but our products. We're launching products that are greener by design to effectively help our customers meet their objectives as well from a sustainability perspective, so incredibly important to our success. So we are exceptionally positioned for a terrific future as a company, and I'll end with where I started, right? We're a well-positioned industry leader, and we enable our customers' success. We serve great end markets. We have a proven growth strategy and a capital deployment approach that creates tremendous value. It's powered by PPI, an experienced leadership team focused on delivering differentiated value creation for all of our stakeholders. Our financial track record is unparalleled looking backwards and incredibly compelling looking forward. With that, I'm going to turn it over to our Chief Operating Officer, Michel Lagarde, who's going to discuss our leading businesses. Michel. Good morning, everybody. Whoop! Delighted to be here with you today. Let's see if I broke it. I'll take you through our leading businesses, and let me start with the key takeaways. Undoubtedly, when I'm through my presentation, you will conclude with me that we've built industry-leading businesses that serve incredibly attractive end markets. These businesses provide important products and services to our customers. They really depend on us and rely on us to do their most important work. Individually, they're awesome businesses. Combined in this company, they get amplified, and they get these superpowers to continuously move further ahead of their market peers. We run these businesses incredibly well by applying our PPI Business System. And then if you take all those things together, industry-leading businesses, exciting end markets, this amplification that happens when they're part of the Thermo Fisher company, that's why we're proud of our track record, but more excited about what's ahead. The structure of my presentation is just going through the four segments, and I'll go through the specifics of each and give you some insight on some of the key businesses, starting with Life Sciences Solutions. So here we have a leading portfolio serving life sciences research, bioproduction, and clinical markets. We have here three main businesses that generate $9.5 billion of revenue, 20,000 super passionate colleagues, and as you can see, a business mix really towards the consumable side. It speaks to how our products here are embedded in sort of the workflows, the experiments that scientists use every day.... high-margin segment. Why is that? Because the products that we provide here are incredibly valuable to the work of our customers, and we have market-leading positions in these businesses. Let me introduce you to the three businesses that make up this business segment. First, Biosciences, gold standard business. Truly, scientists grow up on our platforms and stay loyal throughout. We do that by making sure that we continuously innovate and have the right products and solutions for the work they do. The middle, Bioproduction, where we are leaders in single-use technologies and cell culture media, and a fast-growing business in purification and pharma analytics. And on the right, Genetic Sciences, where we have leading technologies for applied markets and, of course, are democratizing the use of NGS. These businesses operate in very attractive end markets, and here you can see a couple of the reasons that drive those market fundamentals. First, scientific advances. Marc spoke about this. We're in an era of incredible scientific advancement, and that fuels the demand for our products and services. That environment, those breakthroughs, are in part created because we are finding ourselves in a very robust funding environment. Governments, now more than ever, particularly post-pandemic, have understood that having a thriving life sciences industry in your country is really important, and they support science and allocate, prioritize funding in that area. Private investors continue to be significantly attracted to put money to work here, given the return profiles that can be generated. So that funding environment, those scientific breakthroughs, have delivered what is now the largest ever drug development pipeline. More molecules being worked on today than ever in history, more of that being in the biologics space, more of that being in advanced therapy space, which all drives increased product demand for our products and services, and then in clinical translation, obviously, the growth of clinical applications and trying to be more precise in the delivery of those is another big driver of growth here. Let me get a little bit more specific on some of the businesses. Here you see some highlights of our Biosciences business. As I mentioned, it's a gold standard business. The portfolio of products in the space, by far the largest market participant. Customers, scientists, grow up on our products. When they do their undergraduate work, the first time they enter the lab, they'll start working and using our products, and they stay loyal to us throughout their lifetime. Their most important work, their life's work, a biotech's most important product, a pharma company's most exciting product, based on our components here. And we earn that loyalty throughout each engagement, through the quality of our products, to the way that's delivered to them, and importantly, our innovation engine. Because we engage customers early on when they first start working on their scientific ideas, we can anticipate what the challenges are that they are faced with and make sure that we launch products that are purposely fit for solving those important challenges. So really an amazing business here in Biosciences. Bioproduction, as mentioned, we have leadership positions here in single-use technologies and cell culture media. Innovation here is, again, an important driver of continued growth and share gain. We think about how to make the production of biologics drugs more reliable, of higher quality, better yield, and of course, more sustainable. Those are the inputs that go into our innovation roadmap. We get that feedback from all of our customers that we have the opportunity to hang out with all the time, but we also have a secret weapon here, which is the fact that in our Pharma Services business, we have an internal, very large user of these products. And I don't know how it's in your family, but when my sister gives me feedback, it tends to be more to the point, more concrete, and certainly very persistent in its follow-up. And so we really benefit from having that internal customer. And then our Genetic Sciences business, again, leading positions in a number of super relevant, technologies. We continue to really come out with the right applications for the right, scientific challenges. We've, over time, built here a really vast installed base of instrumentation that then drives, obviously, the consumable piece of the business, and again, a really exciting track record and roadmap of innovation in this business as well. So that's our Life Sciences Solutions segment. Let me now switch to our Analytical Instruments segment, where we're focused on providing analytical technologies to enable scientific breakthroughs and solve the hardest analytical challenges. Here, too, three businesses generating $7 billion-almost $7.5 billion of annual revenues, 16,500 passionate colleagues to work here, and as you can see, obviously, a focus on instruments, but also a pretty large services and consumables piece, and that piece continues to be important to the overall growth rate of this segment. Again, a very attractive margin segment because the tools that we provide, and importantly, the insights that our tools deliver, are incredibly relevant to our customers, and they continue to invest in making sure they have the very best tools. And then we run these businesses incredibly well, which contributes to the margin profile here, too. Let me introduce you to the three businesses. So first, our Chromatography and Mass Spec business. Industry-leading, right? Industry-leading because of its incredible history and continued development of truly innovative products, both on the hardware side, but also on all the software that enables it. In the middle, our Electron Microscopy business, amazing scientific breakthroughs generated on the use of this technology, and here, too, we're the innovation leader, constantly coming out with products that allow our scientists to use this in a much broader application. Then on the right, Chemical Analysis. Everyday analytical tools, but important ones, right? They make sure that your food is safe, they make sure the air quality is controlled, they make sure that the integrity of raw materials is exactly where it needs to be. So an important set of tools used by our customers on a daily basis. In this segment, too, we're really benefiting from attractive market fundamentals. First, of course, all the things you just heard about life science solutions applies here, too. Very quickly, our tools have moved to the center of drug development and really applied broadly as these analytical tools are providing insights, but also are used to ultimately release these exciting medicines. In addition to that, we benefit here from the growth in advanced materials. The incredible investments in semiconductor infrastructure around the globe, all of the focus on finding ways to improve batteries, these are all end markets that significantly consume Analytical Instruments, and then lastly, in the Chemical Analysis business, we're finding more regulation. Governments are around the world getting more serious around making sure they can control impacts to the environment and more complex production processes, which really require sort of real-time, in-line measurement, and our tools, both our portable and stationary tools, are a great fit for that need, so a couple of highlights. First, on our Chromatography and Mass Spec business. As I said, you know, this is the industry's giant. We generate $3 billion of revenue, with an incredible track record of breakthroughs. What you see here is a constant opportunity to deliver tools that give our scientists better results, more precise, faster insights. And you just need to look at the last couple of products that we've launched to see the incredible impact that we have. And later on, Gianluca will talk about proteomics, which is one example, exciting area of science, where these tools are at the very core. We engage our customers on a global basis through all of our customer enablement centers and make sure that we can continue to build trusted relationships with them around the important global markets. Then our Electron Microscopy business, another really awesome business, another $3 billion industry leader, and this has really, by us pioneering this technology, has really led to incredible scientific breakthrough in a pretty wide array of applications. You know, what we really have found that in drug development, in semiconductor development, as well as manufacturing, in the battery workflow, these tools are really at the very core of these processes, and we continue to innovate in making sure that these tools become easier to use. This is the place in the company where we probably have the most advanced application of artificial intelligence to enable just better results, quicker. And these are expensive tools. They're important to our customers' work, so you can imagine that the customer intimacy here is high, right? It's a real great opportunity for us to move even closer to our customers, by delivering these incredibly important tools to them. So that's Analytical Instruments. Hopefully, you get a better understanding on when you benchmark us, you can see us continuously gaining share against other market participants. Now, let's switch to Specialty Diagnostics. Here, we are fortunate to have leadership positions in Specialty Diagnostics to cost-effectively improve patient care. We have four diagnostics businesses and our healthcare channel business in this segment, generating close to $4.5 billion of revenue and 8,500 really passionate colleagues here. Obviously, as you can imagine, very much towards the consumable side of things in terms of product mix, and again, a very attractive margin profile. Let me walk you through the different businesses here. On Clinical Diagnosis, we're the leaders in sepsis and the leaders in multiple myeloma through the acquisition of The Binding Site. In Immunodiagnostics, we lead in Allergy Diagnostics, and in Microbiology, we're the leader in pathogen detection. Very important business in Transplant Diagnostics, where we really have leadership positions in the entire journey of a transplant patient. And then our Healthcare Market Channel business, where we provide all of the required products that labs in North America need to conduct their work, and we provide that with the broadest assortment and the highest level of convenience. Here, too, we benefit from serving very attractive end markets. First of all, it's around demographics. As we all get older, we all consume more healthcare, we all consume more diagnostics, and so you can imagine the sort of secular tailwind that sits behind this business.... increased focus on precision medicine. Physicians now need to have a much more precise diagnosis so that they can select the very best therapy for their patients. That really continues to drive significant demand for our solutions. And then affordability. Around the globe, in markets that are developing, there is the need for more diagnostics solutions, and that's another driver of attractive end markets. Some highlights for this business: so we have assembled, built, and extended our leadership positions in selected niches. In those areas that we've chosen to participate, we are the expert, and we extend that expertise by deep educational programs with the relevant, key opinion leaders, and people come to us for advice in these spaces. We continue to develop these capabilities, and that allows us, again, in those chosen niches, to extend our leadership position. So this really is a curated portfolio of industry-leading businesses. They provide significant value to our customers and in return, give us a very attractive financial profile. So that's on Specialty Diagnostics. Let me now move to the final segment, which is our Laboratory Products and Biopharma Services segment, where we enable biopharma with our Laboratory Products and provide Clinical Research, Development, and Manufacturing Services. Four businesses make up this segment. We generate close to $23 billion of revenue here, and we have 69,500 colleagues going to work. Obviously, it's a services-heavy business, and therefore, you see the recurring nature in the product mix, and here we drive important growth for the company. We do that at industry-appropriate margins, and as a result, this segment contributes very meaningful operating income dollars to our company's bottom line. Let me walk you through the businesses here. First, our Pharma Services business. With Patheon, we have the industry's largest CDMO, broadest set of capability, offered at the highest quality. Any dosage form, any type of modality, delivered through the largest network of global sites. In PPD, we have a leading CRO that has real expertise accumulated over many years in the relevant therapeutic areas. Additionally, we have an important lab services business, as well as leadership in the exciting area of real-world evidence. In our Laboratory Products business, we provide essential products to every lab or every day. These really form the basis of these labs in terms of their operation. They're the most critical elements to get the high science going, and as a result, they really enable science on a daily basis. And then finally, we have our Research, Safety and Market Channel business, where we are the marketplace for scientific supplies. Broadest assortment, best delivery, as well as a purposely built supply chain. Again, we have the big benefit of participating and serving what is in a very attractive end market. First, you heard obviously about the incredible, golden age of biology that we're in, that has resulted in the largest pipeline of molecules under development. As these molecules make it through the journey to become a medicine, they consume an incredible amount of products and services from this segment, and so as you look at that pipeline today, you can see that we will have very robust growth here for the years to come, then our customers are looking for productivity. How do they find productivity? They wanna simplify their supply chains, and so increasingly, they wanna consolidate their activities with fewer suppliers, and as a result, the larger market participants are continuously gaining share, and then finally, they depend more and more on outsourcing. That was always true for the biotechs. That's increasingly true for the larger pharma companies. They now have all experienced the benefits of outsourcing, whether that's better economics, more flexibility, and increasingly important, actually, the ability to access world-class capabilities that now exist on the service provider side and no longer inside these large pharma companies. And so we're super excited about the continued trend towards more outsourcing as yet another driver of end market growth. Couple of highlights here. So on Patheon, with $7 billion, we clearly have the leading business in the space. The scale here really matters because the scale represents accumulated experience, right? Accumulated experience and the best quality record, those are really the two selection criteria our customers look for the most when they look for a manufacturing or development partner. And so to give you some dimension of what that scale entails, we are now involved in about 70% of all of the FDA-approved products, right? It gives you a good sense of the importance of this business in this industry. Customers now, more than ever, want a global partner. They want somebody who can secure their supply chains, that can deliver regionally redundant manufacturing capacity and that's exactly why our global network of sites fits that need so perfectly, which is why we continue to see material share gain in this business. Leadership is also important in Clinical Research. It's an $8 billion business for us, at the very top of the CRO industry, and has a track record of delivering ahead of schedule. Super important experience accumulated in the relevant therapeutic areas, and again, that's how we get selected by customers. "What have you done in this specific area? Have you run clinical trials with this, with these characteristics?" and the fact that we've accumulated all of this experience is why increasingly people choose us, and why we continue to gain meaningful share. Add the lab capabilities, our leadership position in real-world evidence, those are pretty exciting elements of the growth here in this business, and Mike, later on, on both these businesses I just highlighted, will give you more details, then our research and safety market channel business. This is a simple drop-the-mic, this-is-it kind of business, right? We really offer the broadest assortment, all of our Thermo Fisher products, but also we represent nine thousand other suppliers on that marketplace. We really have made sure that it's convenient for our customers to transact with us digitally, but importantly, that's amplified by 3,500 super passionate folks that work here in this business and engage our customers on a daily basis. For many, that's really how our customers are experiencing Thermo Fisher. Our colleagues live at their sites, engage them every day, navigating them through exactly the products and services that they need to do their work, and Fred will come back on this business in his presentation. So those are our segments, and as I said, hopefully, you will conclude that these are indeed industry-leading businesses, and hopefully, you have a better sense on how we compete and, you know, how we're constantly able to strengthen this business over time. The brands on the page matter because our customers are brand loyal. These are, as I said at the beginning, incredibly important products and services that we deliver, and so there's real trust embedded in our relationship with our customers. They continuously rely on it, and we earn it every day, their loyalty, through every interaction and through every engagement with our customers. That really has allowed us to accelerate away from the rest of the pack and really continually gain share and extend to our leadership positions. Individually, these are awesome businesses. When they're put together in this company, they get superpowers, right? They get to leverage the scale of the company and the customer relationships that we have in being able to attract, retain, and grow the very best talent this industry has, by our ability to forward invest to the most exciting areas that will come next, and most importantly, by our unique ability to take products and services from these different segments, put them together in a unique offering to our customers, and deliver value to them that way. That is why, in combination in this company, these businesses are unstoppable. We deliver that growth through our growth strategy that you see here on the chart, and the rest of the presentations will walk you through each of these steps. Stephen will talk about our proven M&A approach, so I will finish with giving you a little bit more detail on what underpins it all, which is our PPI Business System. This is not some poster on the wall, or a set of tools, but this is very core to the company. This is our culture. This is our discipline on how we operate. It's been perfected over a long period of time. You heard it. It's older than my children, right? And so we've really been able, over a long period of time, to drive towards outstanding execution. It's a mindset, and it's embedded in 120,000 people around the globe, and I have the opportunity to visit Thermo Fisher colleagues everywhere. I haven't met all 120,000, but I'm on my way, and the things that always stands out whenever you walk into one of our facilities or engage with one of our colleagues, is this mindset of, "I'm gonna find a better way tomorrow, today. I'm gonna constantly improve what I have. I'm not satisfied with the status quo." And that's what our customers feel it. They know it. They smell it. That's why they want to engage with us, because they know that a relationship with us and engagement with us will constantly drive our business forward, their business forward. That is what delivers competitive advantage. That delivers competitive advantage to the businesses we have, and it delivers increased competitive advantage to the companies we buy, whether that's Life Technologies, FEI, Patheon, PPD. All these companies accelerated their revenue growth once they joined Thermo Fisher and once we implemented the approach of, PPI to them. It really allows us to continue to deliver outstanding performance and differentiated performance in our marketplace. Again, it's hard to capture sort of the scope and awesomeness of PPI on a slide, but here you see an example of how it's applied in operations. And the things I think you wanna take back is, it applies broadly in all of the aspects of how we operate our company. And then you can see that AI and increased use of data obviously amplifies these capabilities and allows us then to constantly drive better performance in these businesses. And the impacts, as you can see, are meaningful. We're not talking about, you know, some third decimal point improvement, very meaningful contributions to the work of PPI consistently. This ultimately drives customer engagement, right? Because customer allegiance, because this is how they see that in addition to accelerating their innovation, we also are their partner on productivity, and so artificial intelligence has allowed us to raise the bar on what's possible in PPI. Fits super well with this notion of always finding a better way and using the very best tools, and artificial intelligence is one of those, and you can see here that we have applied it broadly across the company. The scale of the company is another huge advantage here. We have 60,000 users on our internal GenAI platform, and so we have the ability to drive top-down initiatives on the areas that we've selected, but additionally, we benefit just from an enormous bottoms-up effort around best practices, ideas that ultimately generate real productivity and improve our customer and colleague experience. So we're super excited about the benefits as we will see it be delivered here. So we're back to where I started, and hopefully, you agree with me that you've seen that we've built industry-leading businesses. They serve these attractive end markets. The products and services that we have here, they matter. They're critical. They are enabling a scientist's life's work or the most important medicine one of our customers will deliver. And individually, they're awesome. Together, they're unstoppable. We run them incredibly well by applying PPI, delivering outstanding execution, outstanding execution that our customers feel. And so, as a result, we have a strong track record of performance, but more exciting is what lies ahead. Because in a way, it feels that we're just getting started. With that, you've earned a break. We'll see you back in fifteen minutes, when Gianluca will take you to high-impact innovation. Thank you very much. Now, please welcome Executive Vice President, Gianluca Pettiti. Welcome back, and good morning again. I hope you're having as much fun as we're having this morning. As we get into the second part of the Investor Day, Mike, Fred, and myself will give you an update on our proven growth strategy. Then we have the most awaited session of the day, with Stephen giving us an update on our track record from a financial standpoint, and then Marc will be back for Q&A. Let me start with high impact innovation. As you know, innovation is at the center in engaging with our customers every day. Also, it has been a key driver for our growth in the past and will be a key driver for our long-term organic revenue growth. In fact, innovation has been part of our proven growth strategy for many years. It's a key pillar driving both differentiation and share gain. And not only we have a proven track record in launching incredible and innovative products for our customers, but they also consistently deliver differentiated return on investment. We also play a crucial role in enabling our customers every day in the development and scaling of their most important scientific advances, in markets, as Marc highlighted, that are incredibly attractive. And we do that at scale. We invest about $1.3 billion in R&D every year. We do that through incredibly talented scientists and engineers in our R&D and innovation teams, and that led over the years to the creation of a portfolio that is world-leading from an IP and patent standpoint. As Marc highlighted, everything we do starts with our customers, and innovation is no different. In fact, with the insights that we get from our customers every day, with the talent that we have within our businesses, with world-leading scientists in each one of our businesses, that have the benefit not only of innovating within their businesses, but also leveraging the total company capability, we have a proven track record of best-in-class innovation, and this continue to position the company uniquely to drive high return and deliver high return on innovation investments. It's enough to look at the past, with a very strong track record of best-in-class innovation, where our products and scientists and our customers not only had an impact on the world of science, but they were integral part of establishing entire field of science. Think of proteomics, where our Orbitrap technology over the last two decades has been the main enabler for the advances in the field, helping create what today is known as modern proteomics. Or in structural biology, where our Nobel-winning technology is integrated within our cryo-electron microscope has changed forever the way that biological structures are studied and discovered. Or in genomics, we actually were there when the first human genome was sequenced twenty-plus years ago, and we're still innovating today with our ultra-fast next-generation sequencing, changing the way that diagnostics is performed every day. Or in fields like synthetic biology, where our reagents and platforms are enabling the development of advanced therapies. As Marc highlighted, incredibly important for the future of medicine. Finally, in bioproduction, we're the partner of choice for our customers to enabling them scaling at a cost-effective way, the manufacturing processes for medicine and therapeutics. The past and the present is incredibly bright, but the future is even more exciting. In a time where innovation, including AI, is powering progress at truly an unprecedented speed in areas like life science, where we are living the golden age of biology, or in diagnostics, with precision medicine and early detection, or in areas like semiconductors and battery renewables, where we support our customers and enable them for advanced material study and manufacturing. So let me start with the golden age of biology and the life science, where our customers are looking for cutting-edge, ultra-sensitive technologies, because they are trying to find the needle in the haystack, the protein of interest that is underlying a disease progression or the disease itself, and then they're trying to map the whole haystack. Perhaps large population study, where they're trying to understand the prevalence of those proteins, and finally, develop innovative and cost-effective medicine and therapeutics. Well, we're there with them every day, enabling their discovery and research with cutting-edge tools like mass spectrometry and cryo-electron microscopes. We're there with them, powering their high-throughput application in translational medicine with technologies like Olink, as innovation is organic, but also goes through acquisition, and I'll talk more about that. Finally, in enabling the future of medicine with solutions like our single-use bioreactors and cell culture media, enabling customers to scale their manufacturing needs at a speed and a cost that is unprecedented. Truly enabling groundbreaking advances in life sciences every day. Allow me to do a quick rundown. As you know, we launch hundreds of products every year. Now, I don't have hundreds of slides, I have one, so I'll walk you through a couple of examples. Like the Gibco OncoPro Tumoroid Culture Medium Kit. I know it's a mouthful, but this is an incredible product. It is incredibly high fidelity, allowing our customers to grow tumor models in vitro at an unprecedented speed and fidelity, so they can do high-throughput screening of those tumor models, really transforming the way that cancer research is working. Or our Gibco CTS Detachable Dynabeads platform, consistently used in cell therapy manufacturing, providing unprecedented yield to the cell therapy manufacturing process. Also, we continue to innovate from a platform standpoint. On the top of this slide, we have an example of a recent, recent launch. We're very excited about it, the Thermo Scientific KingFisher Plasmid Pro. Scientists are spending hours to purify their plasmid. It's hours of hands-on time. This is transforming the way that they'll do that process going forward, having them just spending minutes, and then the technology will do it for them. So truly transformational technology and innovation impacting the way that our customers work every day. But what we are very excited about is proteomics. In fact, proteins are critical in understanding how biology works, how disease progress, and how to ultimately prevent and treat them, and scientists have a tremendous interest in that field. In fact, they're trying to understand the mechanism, the underlying those diseases, the focus on discovering novel proteins, how to target them, and new drug candidates, and developing new diagnostic biomarkers so they can better match patients and therapies. And they do that through protein discovery, as I highlighted earlier, trying to find a needle in the haystack. They're then running large studies, large population study, with screening and high-throughput solutions. They're looking at the structure of those proteins, and finally, they are trying to understand how this complex systems interact with each other in a spatial sense, with spatial proteomics. So this is truly a fast-growing, multi-billion dollar area of focus for our customers and a great opportunity for us. And we are incredibly excited about the ecosystem, I would say a cutting-edge proteomics ecosystem, that we assembled over many years. In fact, we serve our customers in everything they do every day, starting from their sample preparation needs, both with reagents as well as platform, that are enabling them to automate and drive more efficiency in how they prepare sample. Incredibly important as you look at some of the high-throughput needs in this field. With cutting-edge and truly unique detection technologies, I'll spend a little bit of time on those in the next slide, and finally, this is all about data and being able to analyze the insights that you get from those experiment, and today, we provide to our customers a suite of software tools, both to manage their data, extracting them from the instruments, organizing them, but also allowing them running advanced analytics with tools that are powered by AI technology more and more. We also allow partners to participate in this ecosystem so that our customers really can get the best software available. So it's truly in a market leadership position with an incredibly comprehensive portfolio across all areas of proteomics research and translational as well. Now, allow me to do a drill down in the detection side of the slide. You might remember last year at Investor Day, we gave you a hint that something special was coming at ASMS that year. And in fact, we launched our Thermo Scientific Orbitrap Astral mass spectrometer. Since then, the Astral has been the high-resolution mass spec with the highest number of publications in the first year of launch of any mass spectrometer ever. What does that mean? That our customers love it and it's doing great. It's truly transforming the way that they do science. We follow up this year with the launch of the Stellar mass spectrometer, with a suite of tool for our customers in proteomics. We're also incredibly excited about the addition to the family with Olink and the platform that allow our customers to run high-throughput proteomics in, with a multiplex solution, incredibly differentiated. Think at the possibility of running in a single run, hundreds of samples, mapping thousands of proteins per each sample, getting millions of data. This is the gold standard, and we're the partner of choice for any large population study that is run out there. Incredibly exciting and totally complementary to our mass spectrometry offering. As you move to the right, you look at structural biology with product like our Thermo Scientific Krios G4 Cryo-TEM. This has revolutionized the way the biological structure are analyzed, with the first ever determination of protein structure at atomic resolution. Let me give you an example. If we were on the moon, with this sensitivity, we would be able to see a tennis ball in high definition from the moon. It's gonna open up a new audience for U.S. Open next year. This is a truly spectacular technology. And finally, in spatial proteomics, when you have to understand protein-to-protein interaction, perhaps in the microenvironment of a tumor, it's incredibly important that you have the right suite of reagents, and we have an exquisite portfolio of reagent that we assembled over many decades, that our customers are using. So truly, from a scientific and technical standpoint, we have a very strong leadership position across all proteomics research and translational application. But when you think at medicine and therapies and powering the golden age of biology, that's only part of the equation in ultimately having impact to patients. In fact, enabling precision medicine and better diagnostics is the other part of the equation. As Marc alluded to, by 2035, we're gonna have more than 1.3 billion people on Earth north of 65 years old, and our customers are looking for diagnostics that are more personalized and precise to allow for therapy selection, but also more sensitive solutions for early detection and recurrence monitoring. You have few examples on this slide on how our portfolio and solutions are enabling doctors to do just that. As an example, in precision oncology, with highly automated next-generation sequencing platform, it's ultra-fast technology that allows oncologists to match patients with therapies in hours and days, as opposed to weeks, it was taking time ago. You can see on the slide, the preference that we get from the pharma industry, where they consistently choose our technology for their companion diagnostic needs, or most recently, the NCI choosing us as a partner for the MyeloMatch program. Another great example is in transplant diagnostic, where our technology have been used for years to match patients and donor of organ, organ donors, an incredibly important part of the equation to allow for a transplant to ultimately be successful. Now we're developing solutions to do post-transplant monitoring, to have earlier sign of potential rejection, and again, improve patients' life through the work that doctors are doing. The last two examples on the page, Marc highlighted that earlier, our multiple myeloma diagnostic solution, coming with the acquisition of The Binding Site, was the first to market, is now included in global guidance for multiple myeloma diagnostic, and we continue to innovate with higher sensitivity solution, now mass spec-based, to allow doctors to do earlier detection and recurrence monitoring. Finally, the award-winning preeclampsia diagnostic is a risk stratification tool, having a tremendous impact on how pregnancies are managed here in the U.S. We continue to bring products and innovation to the market that are really helping doctors to be more precise in early detection of disease and more precise in matching patients and the right therapy. Finally, we live in an economy that is becoming more and more digital with the advent of AI, and you see the incredible demand for semiconductor, battery, and more. In this field, our customers are looking for high resolution and exceptional precision to integrate tools in their manufacturing lines and be able to improve their yield of manufacturing. It's a very, very big, pressing issue within our semiconductor and battery manufacturing customers, and we do have an exquisite portfolio to support those needs. Whether you look at our electron microscopes, with unmatched sensitivity, and now with automation, they start to be more and more integrated in our customers' manufacturing processes, or whether you look at our Chemical Analysis solutions, they're actually integrated in line, so you get to test at point of manufacturing. Imagine the simplification of the quality control process for many of our customers, so incredibly exciting and enabling semiconductor development and the clean energy transition at a level that was never possible before without this kind of innovation, so let me close with where I started. High-impact innovation is a key pillar of our proven growth strategy, driving differentiation and share gain consistently. We have an incredible track record of launching innovative products, but not only that, also consistently delivering high return on investment, and yes, we do play a crucial role every day with our customers in enabling the development and scaling of their major scientific advances, and allowing them, enabling them, to make a true difference. That's also what fuels some of the passion that we bring at work every day, so with that, let me introduce Mike Shafer. Mike is gonna give you an update on our trusted partner status. Mike. Thank you for your attention. Good morning, everybody, and thank you, John. So I'll talk about the critical part of our growth strategy, the trusted partner with industry-leading products, services, and expertise. So the key takeaways I'm hoping you get from this discussion is that we are the trusted partner to our customers, with a strong track record of enabling their success and an excellent reputation and credibility built over a long period of time. This trusted partner status enables us to create new opportunities and drive share gain across all of our end markets. And I'll talk towards the end of the presentation about the powerful combination of our leading CRO and CDMO businesses that create unique value for our pharma and biotech customers. So let's delve into a little bit the definition of the trusted partner. So we have this set of industry-leading products, services, and expertise that our customers rely on to drive their scientific breakthroughs. Our unique scale and depth of capabilities makes us very relevant together to our customers. In fact, there's no other provider in the industry that has such a set of capabilities across all of our business. The accumulated experience and deep application expertise that we built up drives a track record of enabling our customers' success, and that unparalleled customer access that we get gets us closer to the customer's needs and ensures that we're always on top of it. Ultimately, we help our customers accelerate innovation and enhance productivity. So this trusted partner status helps us to create and drive customer intimacy and delivering differentiated growth. It actually position us to create this, what we refer to as the customer-centric flywheel approach. It starts with our industry-leading scale, unmatched depth of capabilities across best-in-class products and services, and a track record for strong innovation in our products and services. It requires exceptional execution because our customers are facing challenges in the environment that they work in, and they're looking to us to support them through execution. We do that with our PPI Business System and this mindset of finding a better way every day to meet or exceed their increasing expectations. Our customers also value our deep expertise and accumulated experiences. They depend on this insight because we're in a unique position where we're supporting them across all phases of their workflow, which gives us insights that enable us to address their biggest challenges. That, in turn, gives us unparalleled customer access, from the shop floor, the laboratory, all the way to the C-suite, and over time, we're able to scale these relationships with each customer in a way in which gives us a differentiated understanding of their needs, and that, in turn, enables us to translate it into new products and services to meet their future needs. So it gives you a little bit of a sense for how this trusted partner status creates this customer-centric flywheel and helps us deliver differentiated growth. So we do this for all of our end markets, but I'm gonna feature today our pharma and biotech end market. So I think a lot of us know that on average, it can take up to 10 years and $2 billion to bring a new drug to market, and the processes and technologies that are used in these drugs are becoming increasingly more complex to develop and manufacture. Customers are obviously trying to accelerate the speed to market and reduce the development and manufacturing costs, and they need and want partners that have that deep expertise to complement their in-house capabilities. Our trusted partner status puts us in a unique position with a highly relevant set of products and services that actually work across their entire workflow, from discovery to clinical to commercialization, which gives us that unique insight that enables them to accelerate their new drug development efforts. So this is why it kind of uniquely positions us to serve their needs. Oh. Sorry. I'm gonna do a deep dive here into an important part that enhances our overall trusted partner status, our industry-leading CDMO and CRO services, which you heard a little bit from Michel on. So our pharma services business, branded Patheon, is the leading global CDMO with a strong reputation for speed, flexibility, and quality. Our Clinical Research business, branded PPD, is a leading global CRO with an outstanding reputation for innovation, quality, and delivery. The third element here is we're in a position, and we're the only ones in the industry, that can combine these two remarkable businesses in unique and different ways that create even more value for our customers. But let me give you a little more color on each of the businesses first. So our pharma services business, as Michel mentioned, is a $7 billion business. We're the largest end-to-end CDMO service provider in the industry, with a comprehensive set of offerings around development and manufacturing for drug substance, which includes the active pharmaceutical ingredients that go into drugs, drug product, which is related to the form that those drugs get delivered, whether that's a pill, a vial, or a syringe, and then the clinical trial supply services that bring those drugs to the clinical trial sites. We have expertise across small molecules, biologics, and advanced therapies. We have a tremendous manufacturing presence in all the key geographies, complemented by a leading global network of clinical trial supply sites. When I think from a differentiation standpoint, a couple of points to highlight here. We have the world's largest sterile fill finish network, which is super important to our customers, because it's super important to the manufacturing process for biologic-based medicines, which you've heard a lot about here today, one of the faster-growing categories. From a clinical trial supply network perspective, we have the largest network in that regard, which means to customers is we are bringing our supply capabilities close to where these trials are being conducted. Underpinning all of this is an exceptional execution and track record of quality driven by our PPI Business Systems. Our Clinical Research business is an $8 billion business leader with an outstanding reputation for innovation and quality, and again, a comprehensive offering, set of offerings around clinical trial management, analytical testing services, real-world evidence, and digital capabilities. And the combination of insights that are developed around these three feed our consulting services. We built industry-leading scale of scientific and technical capability and expertise across different therapeutic areas, advanced modalities, and multiple trial types, which is super important to our clients because they need to know we have the scale and the expertise to understand their most pressing challenges. We recognized early on, too, that biotech customers have unique needs that differ significantly from larger pharma customers. So we've tailored our engagement, designed that engagement, around the specific needs of each. And then we leverage our digital and data capabilities to really drive productivity for our customers. The differentiating piece I want to call out here, these trials are so incredibly important to our customers and to patients. We are known as the best at executing on these Clinical Research programs. Our execution is unparalleled, and it goes across the entire process, from patient enrollment to post-approval services. I thought that I'd bring this to life with some of the numbers for the combination of these two businesses. We have over 50,000 colleagues that come together to serve our biotech and pharma customers. Our presence is global across all the key regions that we operate, that our customers operate in. And importantly, our expertise and experience that we have accumulated has been across multiple therapeutic areas, thousands of clinical trials conducted. We've gotten experience on what it takes to conduct these trials efficiently, and we've been involved with hundreds and hundreds of new drug approvals, which, if you think about a customer bringing a new drug to market, they want to know that their partner knows how to get it done. The customer reach that we have is unparalleled. We've worked with all of the top fifty pharmas and over twenty-five hundred biotech companies over the years. So when you think about this combination of these two businesses, they are focused on simplifying that interaction with the customer. We typically will put a point person in contact for that customer across all of the capabilities that we're working with them on. We try to reduce the number of handoffs they get if they were working with multiple other suppliers, and that, in turn, reduces the potential for errors and waste in the process. It also enables us to create greater supply chain agility and support them in their processes and then drive faster scale-up of clinical and commercial production. So ultimately, they're able to experience a combination of value creation that helps them accelerate their programs to market and reduce costs for doing that. So it's not just theory. We have hundreds of examples we could talk about today. I've picked three that kind of represent three different types of customers. This first one, emerging biotech. So this emerging biotech customer. They were early in their founding. They have one very unique technology and capability. They have a program they wanna launch, and they, time and cost were really of the essence to them. They couldn't afford to go work with two, three, four different suppliers. We were able to work with them to provide a combination of technology that could support the scale-up of their manufacturing and support their clinical trials, so that they could move through their key milestone processes faster, faster than they could have ever done if they wouldn't worked with two or three other partners. This mid-sized biotech, this was a huge program, a huge trial for them. It was a Phase III trial with thousands of patients worldwide, and they needed to get this through the trial process as quickly as possible. They worked with us, combining their clinical supply and the clinical trial development efforts to drive 50% acceleration of their Phase III trial startup. Super critical to the success of that program. The third category is a large pharma, one of the top 20, and they had a very large pipeline of innovative new drugs. They couldn't bring all of them to market as quickly as they wanted, and they needed help in transforming their Clinical Research productivity. By again, combining our clinical supply capability with our Clinical Research capability, we were able to drive 30% improvement in the productivity of those programs. You can see, you can get a sense for why this is in theory, across hundreds of different customers, we're doing similar things, delivering meaningful impact and driving share gain. So with that, I'll finish where we started on our key takeaways. We're the trusted partner for customers, and you get a sense for why that is the case and how we create that. When we deliver on these things, we create this opportunity to find new opportunities and create unique solutions for our customers, and then the powerful combination of our service businesses create really unique value for our pharma and biotech customers. Wanted to leave you with those three key points, and with that, I'll turn it over to Fred, who will talk about our unparalleled commercial engine. Good morning! It's great to be with you this morning. As I was sitting there, listening to the presentation this morning, and maybe whenever I think about what differentiates us from our competitors, I always think about our colleagues. You know, the fact that our 120,000 colleagues wake up every morning thinking about how to deliver better for our customers and how to enable their success, is really the key behind just about everything that we do. There's no difference than that as it relates to the third leg of the proven growth strategy that I'm gonna talk about today, and that is our unparalleled commercial engine. More importantly, how it allows us to gain insight, support our customers better, and ultimately drive growth. A couple things to take away from my discussion today. Our commercial engine is unparalleled because it allows us to drive commercial advantage. How do we do that? We do it by driving deep engagement with our customers that allows us to develop insights, and those insights allow us to support our customers better and ultimately align our commercial efforts with our customers' priorities, which ultimately allows us to drive growth. And then secondly, I'm gonna give you an example of our commercial engine in action, and I'm gonna do that through our Research and Safety Market Division, which is the ultimate channel partner and the channel of choice for our customers. Let's dive in. Marc showed you earlier a slide that shows the components of our commercial engine. Our unparalleled commercial engine is unparalleled because of these components, our unmatched commercial scale and reach, and that's supported by our industry-leading websites, our e-commerce capability, and our digital capabilities. But beyond our extensive virtual presence, we also have thousands of touch points with our customers at our customer enablement centers and through our customer and technical support teams that are engaged with our customers, sometimes on-site, sometimes off-site. The final place where we're engaged with our customers is on-site, though, through our applications and our service colleagues. And these colleagues are truly embedded in our customers' operations, whether it's in their laboratories, whether it's in their operations, or whether it's in their clinical operations, or at their manufacturing sites. We are truly engaged with our customers wherever they are globally. I'm gonna take a step in my presentation and go another click deeper on each of these components of our customer enablement, our unparalleled commercial engine. If you start on this slide at the bottom of this slide and focus on our frontline leaders, our unmatched scale and reach starts there. By our frontline leaders, I mean these are our over 9,500 commercial colleagues who are engaged with the front line or with the user community at our customers. By that user community, I mean those are the people who actually use our products, the scientists, the clinicians. And at this level, our teams are leveraging that deep scientific knowledge, that medical expertise, that application support that supports our customers every day from our business-specific sales teams, whether it's from our instrumentation - one of our instrumentation businesses that you heard about, or from one of our life science businesses, or one of our lab products businesses, et cetera. But at this level, we also have our channel-specific sales teams, and they're also working with that user community, but they're also working with, say, the lab managers or the procurement teams or the operations managers, and they're focused on things like product selection, making sure that customers have what they need, like the logistics, making sure the product's there when they need them. If you go to the top of the slide, though, the efforts of these frontline colleagues is really being supported, and I would say enhanced, by what you see at the top of the slide, and that is our senior executive engagement with customers and our strategic account teams' engagement with customers, and that could be in the global pharma space, it could be in the biotech space, it could be in the end market of healthcare. But these teams, or our senior executives and these strategic account teams, are engaged at the highest levels of our customers, starting at the C-suite levels. They're not only engaged there. They're also engaged with the key decision makers at our customers, whether it's the head of R&D, or the head of clinical development, or the chief procurement officer, or the senior leaders in operations. You know, our scale and depth of capability makes us really relevant to this group of people. You know, it's the importance of what we do or the role that we play, that allows them to create value, that gives us this unique level of access, which is truly differentiated. It allows us to really understand what their needs are, understand what their priorities are, and then position ourselves from a commercial standpoint to meet those priorities, ultimately allowing us to perform better and ultimately drive greater growth. But we're not just supporting our customers on site. We're also supporting them well virtually. We have the industry-leading websites in the thermofisher.com site and the Fisher Scientific websites. These sites are massive from a scale standpoint, with over 100 million visits annually and over $9 billion in revenue coming from these sites. What you would see on Thermo Fisher, thermofisher.com would be our deep scientific content and application support. On fishersci.com, you would see our breadth of portfolio, whether it's our proprietary products or our franchise products or our third-party products. Both sites offer a seamless execution as it relates to customers finding, selecting, and buying the products that they're looking for. We're also able to direct customers to products that they may have an interest in. For example, our Greener Choice program focuses on products that are more sustainable, and that's very important for many of our customers. But these sites are not just great sites from a transactional standpoint. They actually generate a lot of data. And through that data, we're able to create really tailored engagements for our customers. In these tailored engagements for our customers, we use AI data tools to create personalized experiences for our customers, so they have a better virtual experience with us, and we can develop better offers for our customers. I like to call it the digital flywheel. Industry-leading websites, significant scale and traffic, driving a personalized experience using AI tools that engages our customers in a way where they wanna spend more time on our websites. It creates stickiness, it creates demand, and ultimately, it allows us to gain share. Remember, these websites have significant scale, over $9 billion in annual revenue, and think about how that compares to our competition. We also have thousands of physical engagements with our customers every day, and we leverage our customer enablement centers to do that. We use these centers not only to educate our customers through training, but we also use them to really showcase our products and allow our customers to connect with our products, to have hands-on interactions with our products, but also with our technical teams, hands-on interactions with our technical teams. This drives adoption. We also have the ability to create curated experiences with industry-leading key opinion leaders, and that's a real attraction for our customers engaging with us at these sites all around the world. And not only can they, you know, touch and feel and get to know our products and learn from our technicians, but they're also able to use their real-world samples or bring their own samples and run them in our relevant workflows to get exposed to our entire portfolio, a real enabler of adoption of our products. But the place where we are most engaged with our customers, and maybe the most exciting place we're engaged with our customers, is at their locations, is on-site, in their labs, in the clinical operations at their manufacturing sites. We are truly embedded with our customers in this way. You know, I spend a lot of time with customers. As we mentioned earlier, a lot of our senior leaders do as well. It's interesting to me, when I go see a new customer, or maybe I go to a new site of a customer that I've been to before, and I don't know the colleagues there. When I walk in the room or walk in the lab, it's hard to tell who works for Thermo Fisher and who works for the customer, because these teams are so well aligned, and they're working together as one team. It's quite remarkable, and I would argue that it's not really alignment, there's a level of intimacy that's develops over a period of time, and that intimacy creates trust, and through that trust that we earn from our customers, we're able to have access, we're able to earn the right to compete for more business. And through that, we're able to grow our market share. But it's not just the colleagues that are on site. We also have customer service and technical support teams who are engaged with our customers daily. Some are on site, some are off, some are offsite. But I've noticed that they have that same level of intimacy as our on-site colleagues. As a matter of fact, if you look at our, our customer feedback surveys, one of the common themes that you would see is that our customers really appreciate our customer service and technical support teams. So much so, that in most cases, they will list them by name. They will list the Thermo Fisher colleague by name and talk about how great they are. So it's really critical for us that these on-site colleagues and these customer support, tech support colleagues, help our customers drive productivity by managing the things that our customers don't have to manage. Meaning allowing our customers to focus on the higher order work or the most important work that they have for themselves. As a matter of fact, one of the things I say to my team all the time is: one of the best ways to judge the customer experience is if our customers actually think about us less and not more, and let us manage the small details for them. So let's shift toward an example of our unparalleled commercial engine in practice, and that is in our Research, Safety and Market Divisions, as I mentioned. Externally, we call it the Fisher Scientific Channel. It is truly the channel of choice for our customers, and I would argue, the channel of choice for our suppliers as well. What do we do in this channel? We provide choice and convenience for our customers. The largest portfolio at 2.5 million SKUs, over nine thousand suppliers, and the very best brands in the industry, whether it's our proprietary brands, things like Thermo Scientific, Applied Biosystems or Invitrogen, or our franchise partners, like Corning or Kimberly-Clark, RBD. But we are not only giving choice to our customers, but we're also helping them aggregate their spend, helping them drive productivity based on the leverage that we have from a purchasing standpoint, and then we're transacting with them in a seamless way. We've already talked about the Fisher Sci websites, but remember, over 80%, over 80% of the orders and the transactions in this channel go through our Fisher Scientific website. So, a very significant channel to market. But our channel is more than just the portfolio and an ease of use from a transaction standpoint. It comes back down to the people. Over 3,500 commercial colleagues that are calling on these customers, supporting these customers daily, making sure that we understand their requirements and that their needs are met, hopefully before they even have to ask us for anything. That's supported by our purpose-built supply chain, so we're delivering to these customers same day, next day, or whatever their requirements might be, and also managing their specialized needs, whether it's moving cold chain storage or cold chain supply chain or hazardous materials, et cetera. And then we're also managing their stores on site most often, and making sure that they're getting the deliveries that are required. So in practice, what does this look like? You know, if you're a procurement manager, what are you worried about? You want a better price, you want seamless logistics, you want fewer suppliers, and we're helping you manage that. We're leveraging our scale and helping you from a productivity standpoint, from a pricing standpoint. We're leveraging our purpose-built supply chain and making sure that the products are delivered on time, and that you don't have to worry about that. If you're a lab manager, what do you want? You want your lab to work well. You're thinking about lab productivity, you're thinking about uptime of your equipment, and we're right there with you. We're on site. Our on-site service teams are there, focused on doing preventive maintenance or fixing things that might break in your lab, and then you're supported by our applications teams and our technical support teams, who may or may not be on site, who are focused on your lab productivity daily, and if you're a scientist, what is a scientist wanna do? You wanna do science. You wanna do more science, and you need the tools to do that, right? So you need the right instrumentation, equipment, you need the right supplies and consumables, and, you know, we're able to make sure that you have what you need, and it's easy for you to get those things through fishersci.com, but also through our on-site management of your stores and supply chains. Maybe it's even our products might even be in a product vending machine that's right there near your desk. So we truly are the ultimate channel partner, and it's a truly amazing set of capabilities that we have in this channel, and we continue to take share in this market as a channel. So finally, our unparalleled commercial engine. We have an unparalleled commercial engine that provides a unique level of access to our customers. This gives us commercial advantage through deep engagement with our customers, wherever they are. It allows us to glean insights that helps us perform better for those customers, earning their trust and earning the right to compete for more business. And as we do that, we gain share, we gain commercial advantage, and we continue to grow our business. So thank you for that. And with that, I'm going to. That ends our discussion on our proven growth strategy, and I'm gonna invite Stephen up to the stage to discuss how we consistently deliver exceptional financial results. Thanks, Fred, and good morning, everybody. It's great to be here today to showcase the company, our growth strategy, and our really bright prospects. So you heard from Marc the compelling strategy that we have. Then you heard from Michel, just a taste of how good our leading businesses are. We could have had twelve investor days just to really cover those in the right depth that they would really deserve. But we just gave you a taste today about how good they are individually, but they're even better together as part of the company as well. And part of that glue as to why they're better together was the PPI Business System, and Michel took you through that. Then Gianluca, Mike, and Fred gave you a very good flavor for the growth strategy and why we're so excited about the future prospects of the company. From a financial context, it's a very attractive future. These are the key framing from my presentation, kind of key takeaways. We have an incredible track record. We have a unique and proven growth strategy that drives share gain. PPI Business System drives outstanding execution across the company, and then you couple that organic approach with really disciplined capital deployment that's generating spectacular returns. It really is a very attractive financial outlook for the company and consistently delivering exceptional financial results. I'll quickly take you through the track record, recap on the guidance that we gave back in Q2, and then I'll reiterate our conviction in our long-term financial outlook, that long-term financial formula for success. On the track record, you saw the slide earlier on from Marc. This is a decades-long track record. This is just a 10-year snapshot of that track record. And when you think about it, it starts with this excellent top-line growth, 13% CAGR over a 10-year period. That's a CAGR over a 10-year period. It's a combination of very strong organic growth, that growth strategy and strong markets, creating really good, really good organic growth, coupled with really good M&A, gives you 13% CAGR on the top line. Using PPI to execute really well, that's enabling us to deliver very strong EPS growth and really strong free cash flow growth, and that's all after reinvesting in the business, so this is making sure that we're continuing to strengthen the unique position that we have and strengthen the growth strategy that we have, and so that's a ten-year snapshot. We're super excited about the multi-decades of continuing this track record going forward with the strategy that we've just outlined today, and that's our excitement about the future. It starts with the revenue base that we have today. It's not really about the numbers, the scale of the revenue or the percentages on the page. It's the why is it, why is it there? It's there because we are super relevant for our customers. Our customers are not buying from us cause they have to. They're buying from us 'cause they actually need to and want to, to advance their needs, and that's what's so, so exciting about this profile. It starts with leadership in fast-growing end markets, with, as Marc mentioned, you know, enduring long-term demand in those end markets. What our customers do really matters, and what we do uniquely is enable their productivity and their innovation to make that happen. And so from an end market perspective, it's a really strong, attractive revenue profile. And then from a recurring nature, 83% of our revenue's recurring in nature in terms of services and consumables. That's another strong position to be in. And then, as Fred just mentioned, the unparalleled commercial engine isn't just a slogan. This is a reality. This is, we're there to enable the success of our customers wherever they are, in a way that best suits their needs. How can they tap into such a large company as ours to be really successful, whether a large pharma or a very small biotech or a very small diagnostics company? That ability to be able to tap into who and what we are to enable their success is a really excellent part of this attractive revenue profile. So great track record. We've been continuously delivering differentiated financial performance, and we're continuing to do that in 2024. This is a recap on the guidance we gave back in July. The market conditions still remain muted in 2024, and our customers are unwinding from the pandemic. The good news is, a lot of that noise is behind us, and as we think about going forward, our growth is increasing as we go through this year. We're managing our costs appropriately. That's enabling us to deliver another year of differentiated financial performance. I'm not gonna cover this page in detail. It's just a quick summary of the assumptions that outlined the guidance back in Q2. So the track record is great. Future, super exciting. Best way to frame it up is this slide. Covers a lot of the things you've heard today. Really well-positioned industry leader serving attractive end markets. The growth strategy is unique. Everyone can talk a good game about it, but are you actually delivering share gain? That's what we're doing, and that's what our growth strategy is enabling us to do. We have a proven capital deployment approach. I'll cover this over the next couple of slides. And then all of this is powered by the PPI Business System. This is 120,000 outstanding colleagues driving outstanding execution. The industry leader has industry-leading talent that just knows how to execute. And when you bring all this together, that creates huge value for all our stakeholders. Enables our customer success, enables compounding share gains, and enables compounding returns for our shareholders, too. So in terms of the proven capital deployment strategy, before I get into the detail of this slide, it actually starts with having substantial capital to deploy. And the basis of that is the very strong free cash flow generation that we have as a company and the strength of our balance sheet. And we will lever up our balance sheet as appropriate for a capital deployment, but we'll maintain our investment-grade rating. That's what we've done successfully for many years, and use the flexibility of the balance sheet at the right time. And that combination gives substantial capital to deploy. Now, the first bullet on this page is really important because that's after you've actually appropriately invested in the right high return on investment, OpEx and CapEx investments, to maintain that unique nature of the company and fuel that growth strategy going forward. And after that, we have substantial capital to deploy. Now, that's your capital. We are stewards of your capital, and we don't take that responsibility lightly. We're constantly looking at the right way to deploy it, and we have strong conviction that M&A remains the primary focus. We're good at doing that. We're good at picking the right things, and as you heard from the examples that Marc gave, we're really good at executing against the M&A that we do. But we'll also return substantial amounts of capital to shareholders through share buybacks and a growing dividend, a dividend likely to be growing in line with our free cash flow growth. And that's a model that's, that's held us in good stead for many years, and we expect that to continue going forward. The exact mix of the capital deployment will vary in a particular year, but as you see on the right-hand side of this slide, it gives an indication of the rough split of that over an extended period of time. So a proven capital deployment strategy will enable us to continually to effectively deploy substantial amounts of capital over time. Then clicking down into the M&A strategy, it starts with really rigorous selection criteria. What we're buying, does it strengthen our customer offering? And does it enhance our strategic position? And those two things, that makes it very relevant for our customers. So the acid test is: Do our customers know what we're buying, and they get why we're buying it and why they will be more successful because what we're buying is now in our hands? That's a really critical part of this selection process. And then making sure that we're getting the right returns for shareholders as well. This is not about marginal return deals, it's not about high-risk deals. It's about buying great companies and making them even better and driving spectacular returns. Another key aspect of the M&A strategy is rigorous decision-making. Spending our time on the right things, knowing when to walk away, and then knowing when to execute. And then when we do execute, we have a proven integration process that creates substantial value. And each of these three things, the rigorous selection criteria, disciplined decision-making, and the proven integration process, they're all underpinned by PPI. We're even better on the next deal because of the continuous learnings of every other deal we've ever done before. What does all of that bring us, though? Well, that brings exceptional performance. We enhance the financial and operational performance of the acquired companies. We have excellent cost and revenue synergies on top of that. And then it's not just operational improvements of these acquired companies, it's improved strategic decision-making as well, enhancing their long-term success. When you bring all that together, that generates great returns for our shareholders and real vitality in the businesses that we buy. And I think the three examples that Marc gave of the recent acquisitions and where we are with those and the progress we're making shows the proven M&A approach is really creating significant value. So you bring all this together, great strategy, great execution, growth strategy that works, M&A that works, and then you put that in a financial formula, and we still believe this is the right way to think about the company for the long term. Very attractive formula for long-term financial success. It starts with normal market growth of 4%-6%. I think Marc outlined that well in his presentation in terms of where we think the market growth is appropriate for the assets that we have today in the company and the addressable market growth for the long term, 4-6%. Right now, we're not in that situation. We're trending back towards this level, but we expect to get back to the 4-6% level. The growth strategy is clear. This is not about promising growth in the future and share gain in the future. We're delivering share gain right now. We've been delivering share gain for many years. We're very excited about the continuation of that. The great thing about the growth strategy is that, see, that flywheel, it, the better you are with your customers, the more likely to do more business with you, the more intimacy you have, that just generates more share gain over time. So the combination of those two things drives the 7-9% organic revenue growth as the profile for the company. PPI will then enable great execution to deliver 40-50 basis points off that 7-9% organic growth from an organic viewpoint on the company. 40-50 basis points takes into account the mix of the businesses that we have. Some businesses have more margin expansion opportunities, some have less than the average. Blended average together is very achievable, 40-50 basis points. As a reminder, that also includes the right level of reinvestment in the business on an organic basis to continue it, continue the growth strategy as well. That combination of 7-9% top line growth, 40-50 basis points of expansion, will generate roughly 10% adjusted operating income dollar growth a year when you do the math on what that means. It is a very strong organic outlook for the company. You couple that with very strong, you know, substantial capital deployment with great returns, and that drives mid-teens adjusted EPS growth and mid-teens free cash flow growth for the company. We are a unique industry leader with a proven strategy. We know how to execute, excited about the prospects of deploying capital. All of that is a very attractive long-term financial profile. Thanks for your attention today. We will wrap it up here. I'm gonna bring Marc back onto the stage, and we can start the Q&A session. Look forward to interacting with you during that session. Thank you. Over to you, Marc. So Raf and Aileen will be walking around with the microphones. Michael, I think you have the first question, so look forward to the discussion. Great. Thanks, Marc. Appreciate it. Mike Ryskin, Bank of America. Maybe just to open, Marc, I think it's something you talked about in the opening remarks in terms of what's underpinning the 4-6 market growth. You talked about in terms of broader themes, demographics, innovation, but I kinda wanna break it down in a different way. Mm-hmm. -in terms of thinking about it, in terms of specific markets and customers, and just thinking about the bridge from the current, you know, muted market conditions to getting back to that 4-6 that you outlined- ... in the long term. So if we think about it, there's usually moving pieces from a customer basis. You have a couple of years where pharma's a little bit better, maybe academics weaker, then maybe applied's a little bit stronger. Geographies too, there's swings every year, but thinking about the next couple of years- Mm-hmm ... you know, that bridge, that return back to 4-6 at some point. Sure. What gives you confidence in that? What markets are you looking at, where you see the biggest potential for re-acceleration? And then, on the other hand, what are the one or two markets or geos where you're a little bit worried they could be a little bit softer or a little bit slower to get back? Yeah. So, Mike, when I think about the markets, right? And if you say, let's stay out of the current day for a moment, just think about what's kind of normal within the 4-6, right? Pharma and biotech generally growing, you know, well above that over the long term, right? And academic and government, typically a low to mid-single digits. So, you know, probably on the low end of the four, maybe it's three, something like that is kind of the long-term view. Diagnostics, right in that range, and, you know, in the industrial and applied, also a little bit towards the higher end of the range or the more cyclical component to it, depending on GDP growth. So that's kind of the where you get the 4-6, and it varies, obviously, in a given year. If you look at the environment today, and you say: Where are we? You know, pharma and biotech obviously has the most significant impact of the unwind of the pandemic in terms of their business, so it's a market that is, you know, recovering but still, you know, working directly through the pandemic. You see that in a few of the companies that, you know, what they're doing for changing their pipelines, et cetera. And that's the one that, in a way, their comparisons start to get easier, as you get into next year, and, we're seeing excitement in terms of some of the investments. So if I say, which market is likely to have the biggest change in trajectory over the next couple of years relative to what we see today? It's gonna be pharma and biotech. When you look at the geographic lens to the question, right now China is well below the historical rates of growth, as well as well below what I think the kind of consensus long-term growth is for the market, and having just spent a week in China in late August, the economy is quite challenged. It would be, you know, nothing profound in that statement, but the high-tech focus on the economy, the innovation-driven economy, is very, very important to the country's strategy, so I actually think the long term is gonna be fine. There'll be geopolitical tensions and other things that make the growth in the market slower than it was in the previous decade, but still actually above the 4%-6% growth, so those would be the things that I would think about what will change over time. Thanks. If I can- Sure. Squeeze in a follow-up. So one other thing I wanted to dig on was pharma R&D. Mm-hmm. Obviously, it's been very topical the last couple of weeks, last couple of months. You have a lot of exposure there, a number of different ways your businesses interact with that customer. But if we just think about the major announcements, you know, the Pfizer cost cuts that were announced last year and earlier this year, and Moderna got a lot of attention last week. Can you talk about how you can navigate that, and if that end market is a little bit more choppy, what specific that you bring to the table in terms of trusted partner that allows you to continue to perform even in a challenging pharma R&D? Yeah. So, Mike, when I think about the industry on. Let's just focus on large pharma, right? What you have is, a, I think, actually a relatively normal distribution, of where companies are in terms of their investments, right? And you have a couple companies, too, that you mentioned, that have the largest sort of pandemic unwind, right? And they're, you know, effectively focusing on their best opportunities for the future. And whether it was patent cliffs of years ago or the current environment, we're super engaged in helping those customers, right? About how do you get more done productively so that you can create a bright future. You also have two companies on the exact opposite end of the spectrum, where, bringing out, you know, transformative, medicines in the GLP-1s that are really investing at an incredible rate. So you've got kind of the bookends in terms of that, and then you have the companies spread out across the range. And we help our customers, you know, navigate their productivity opportunities, as well as bringing cutting-edge innovation and thinking to help them capitalize on what the future holds. So thanks, Mike. Hi, this is Rachel Vatnsdal from JPMorgan. Thanks so much for taking the questions. So- Where are you, Rachel? Just wave to -- Oh, there. Thank you. Hi. Right in front of you. Yeah. So, I wanted to follow up on your comments there in regards to Mike's first question on China. Mm-hmm. So this market has been really volatile in recent years. At your last Analyst Day, you talked about how China would grow above corporate average- ... long term, but below that historical 15% growth in the region that you used to grow at. So we've had a few moving pieces since then- Yes ... at last May. Whether that's, you know, macro has been pretty weak on one hand, which you highlighted, but we've also had some announcements on the long-term stimulus programs as well. So can you walk us through what's your latest expectation embedded in that long-term framework for China from a growth perspective? And are there certain business segments- Mm-hmm ... where you feel more confidence in that growth or other areas that seem more volatile? Yeah. So Rachel, when I think about China and how the market's playing out, right? The economy is challenged. The government, on the flip side, has announced quite a substantial stimulus program and deliberately did a multi-year program, right? So we've over many, you know, the decades we've been there, there are times where they do short-term programs, which was actually the previous one. This one's multi-year 'cause it gives customers the view that, you know, they can get access to additional funding and know that there'll be additional funding down the road as well, which actually helps in terms of the sentiment. My expectation is that that really does help for our instruments business, for Thermo Fisher, as well as somewhat for the industry in terms of demand picking up, largely in 2025 and beyond, right? You'll see a lot of orders and activity happening as the last few months of this year unwind, but effectively, the results will really affect 2025 in a more meaningful way. When I think about how China fits into sort of our own growth aspirations, you know, historically, China was, you know, in the previous decade maybe was a 15% growth market for us, and what I've said and continue to believe in is that long term, you know, it's roughly a 10% growth market for us in terms of what the outlook is. You know, it's hard to call when that actually materializes, you know, but what I would say is stimulus will be a step in a positive direction, but really, economic business confidence is gonna be what's required to get back to that rate of growth, and we'll see how long that takes. Perfect. And then just squeezing in my follow-up. On the CDMO front, we've also had a number of structural changes there in that industry in recent years, whether that was the capacity brought online for COVID, but also now we have Biosecure Act, and then one of your competitors was recently acquired by large pharma. So how should we think about capacity in this market over the long term, and what type of opportunity does that create for Patheon, even more in the near term as well? Yeah. So I think between Michel and Mike, you got a sense of how strong our capabilities are as the leading CDMO. When you think about capacity, and you look at our two largest businesses within that, we are the standard, right? In sterile fill finish, we are the standard in clinical trial supply, so the dynamics of who's invested in what isn't particularly relevant to the capabilities of that. Where a lot of the investments have happened is in biologic drug substance, of which we play in a very narrow spot and have a very strong position. So when I think about the industry dynamics on investments, I don't worry about the supply side. Very important capacity is coming out of the market, with Novo's proposed acquisition of Catalent's sterile fill finish network that eliminates a choice for others, and given our leadership position, that should. You know, we're serving customers well there. So, you know, that business is well positioned. It's a high-growth business, totally focused on good execution, and we're gonna support our customers or whatever the demand might be. So thank you. Sure. Who's got the Thank you. Jack Meehan- Hey, Jack. with Nephron Research. Thanks, Marc. I wanted to talk about share gains, so the 3% assumption that you have in the LRP. As you think about the next few years, what's your degree of confidence in this number? And the reason I ask is it feels like you actually have some Thermo-specific tailwinds at your back next year- Mm-hmm ... notably in pharma services. So if market growth were slower as we're returning to this normal period- ... your ability to offset that with share gains, your thoughts on that? Yeah. So when I think about our view, in normal market conditions, the 7%-9% is a number we feel very good about. We don't constrain ourselves on the high end, right? In terms of, we certainly have delivered growth above that, and we're in a period where we're delivering growth below that, where the market is more challenged. But actually, our share gain has been consistent in terms of, you know, the delta, if you will, between market growth and so forth. I believe that every day as a company, and I think you got a sense from the presentations today, we're getting stronger. And if you think about the journey of our share gain targets, right? You know, there was a time when, you know, we talked about growing a point faster than the market, and we did that for a while, and then we talked one to two, and now we talk, you know, two to three, and we have very high confidence. We don't sit there and say, "All right, we hit 3%, we're gonna stop," right? That's not the way we're wired at all. But we're very well-positioned with our customers to grow our business, and we'll hold ourselves to a very high standard of what good looks like. Sure. Let's get the next one. Hey, Marc. Doug, how are you? I'm doing well. How are you doing, Marc? Good. All right. Thanks for this. Two things I wanna talk about. One's kind of a modeling question, and one's a longer-term topic that- Sure ... I don't think came up today. So just first on modeling, we've talked a lot about seven-to-nine- Mm-hmm ... as expected. You also, and the team talked about, you know, improvement being gradual. You know, little by little, things are slow but steady- Mm-hmm ... improving. Just to be clear, I think mathematically, if we just see a continuation of trend- Mm-hmm ... that would mean you're probably a point or two below the low end of the LRP next year. Mm-hmm. At least that's a good way of maybe starting to think about things- Mm-hmm ... heading into next year, but then mathematically, maybe coming out of next year- Mm-hmm ... you're kinda getting back into the range. Again, just not asking about guidance- Sure ... just thinking mathematically about continuation of trend. Is that reasonable? Stephen, what do you think? Doug, I'm not asking about guidance, but I'm asking about guidance. Yeah, that's right. So- Pretty slick, right? No, we will give detailed guidance at the right time, and we believe the right time is in January when we give our Q4 earnings call. We'll know how to finish the year, we'll know where the market is, and we'll be very transparent, and we'll give you the right viewpoint on it. We're trending in the right direction in terms of the some of the pandemic unwind is behind us, and I think we're executing well. But exactly where we are on that journey will be much clearer when we get to January. So give us the time to execute this year really well and deliver differentiated performance, and we'll hold ourselves to that standard next year as well. Okay, but, but not illogical. I- All right, next topic. I could repeat my answer. I know, I know. But, Doug, it's super important because, again, it's. This is not the right time for us to actually be giving the viewpoint on 2025. I don't think that holds any of our shareholders' best interest to be able to do that. So we need to execute well this year and see where the markets are and make sure that we're executing the right pace in 2024 to 2025 as well. Okay, understood. The other topic I wanted to talk about is succession planning. Sure. Listen, there's a lot of great observations from today, and you guys did a fantastic job, as usual. You know, two observations are, you know, one, you guys look fantastic. I don't know what's in the water at headquarters, but you guys aren't aging. Mm-hmm. That's one thing. The second thing is, you have a really deep bench. Mm-hmm. With that in mind, you know, you know, you guys are doing great. You've accomplished a lot. Mm-hmm. But we are all getting older. Mm-hmm. Marc, you've been at the company, I think, for 23 years. Mm-hmm. What you've accomplished already is just remarkable. Mm. It doesn't seem like you're losing steam- Mm ... but how are you thinking about, you know, basically the future, your future, the future of Thermo, especially keeping in mind there have been some notable changes in leadership across the group over the last couple of years? Yeah. So, Doug, thanks for the question, and so it's an important one, right? The first thing is, as you said, we have an incredibly talented executive team, and you got to see the senior-most team, and in years past, you've seen other members of the team. So we have an incredibly strong team, and the success of the company is based on just a really capable, broad team that is passionate about doing great work for our customers, and that is exciting. When I think about succession, you know, I'm very proud of the years in the twenty-three years. I'm much more excited for the future, and we have great things ahead of us, and I think I'm young at fifty-six. You know, and that's exciting, and, and so I always view it as I have to earn this one day at a time, right? I have no entitlement other than I've got to do my absolute best every single day, and then I'll keep stringing those days together. That's exactly what I said on the first day I got promoted to the job in 2009. I said, you know, I said, "My view is I'm gonna earn today, and keep doing it." And, and I'm passionate about the company and super energetic about it, and then my wife reminds me to keep myself out of the house. So that's another thing, too. But, you know, so hopefully that's helpful. Sure. Hey, Tycho, good to see you. Good to see you. Tycho Peterson from J.P. Morgan. Question on the CRO front. I think your comments lately have been maybe different than some of your peers that have been kind of saying '2025 will be a below average year for CRO growth. Is that a function of share gains from your perspective, maybe different mix? And then how are you thinking about, you know, PPD margins as wage inflation and costs come down? Does that drop through, or have those typically been passed through, so maybe less impact? Yeah. So Tycho, when I think about the Clinical Research space, clearly our business is performing, you know, at an excellent level, right? And we had actually an incredibly large role in the pandemic response. And we actually grew our non-pandemic response even faster, right? So you have this dynamic. So, you know, our growth has come down because we're unwinding the pandemic activities, but that core activity has been quite strong, so we've been gaining market share. And we'll still have another year of the pandemic-related activities, you know, coming out of the numbers in 2025, and then it'll be behind us in terms of the final follow-on study. So relative to, you know, the best growth years for the CRO, I still think you're not at sort of peak growth yet in terms of that dynamic. You know, our authorizations activity has really been picking up, which is good. It means that customers are, you know, when they do a new study, they're selecting us, and that will flow through the business. So I feel good about the outlook for our CRO business. On the margins? So, yeah. So on margins, we've been able to meaningfully expand the margins of that business since the ownership. Right? It's been a great contributor to our earnings growth, and the team is incredibly passionate about productivity, right? It's amazing about just taking out any non-value-added activity out of the cost structure so that we can continue to reinvest in the business, and that really sets it up well. So it's a business that, you know, expands its margins and contributes to the 40 to 50 basis points of expansion a year. Great. And then follow-up was just on the SAM. Maybe it's splitting hairs, but it did go down from last year. It was $240 billion last year. It's $235 billion now. Exactly. What changed? Yeah, so that is consistent with the. And thank you for pointing it out, because when you think about, we're saying that the market is declining in the low single digits, if you take the 2%, which is, you know, the approximation of what we think the market will decline this year, that's how you get from one number to the other, so we want to be truly intellectually honest about the served market size, and when you look at it from year to year, that's what it reflects. Hey, Marc, how you doing? Dan Brennan here from TD Cowen. Maybe just on M&A cap deployment. You know, I think last year you kind of gave a number, you know, around $50 billion by 2025, within the context of your long-term plans, you know? And certainly looks like, you know, you probably won't get to that number. Who knows? But can you just speak to your confidence in deploying this much capital, towards M&A, and any color you can provide, like, maybe on the funnel today and how interest rates and the cuts in interest rates could maybe open things up? Yeah. So Dan, thanks for the question. So when I think about the deployment of capital, right, over long periods of time, we've been steady deployers of capital, right? And the mix has been pretty consistent with the numbers that Stephen has outlined. All of the M&A that we do has got to meet the criteria, right? You know, M&A is hard work. You got to pick the right things, you got to execute flawlessly, and you always have to create shareholder value. And when I look at our pipeline, we are super busy. Like, our pipeline is incredibly full. We're active. That doesn't mean we'll get a deal done or not. We'll only do the right deals at the right economics, but there are a lot of companies very interested in the dialogue, and that's super exciting. So we believe, you know, with great confidence that we'll deploy substantial capital over time, and we'll continue to return capital as well. So when I think about the five-year view of the capital deployment goals, you know, we'll be able to do what we say we're gonna do there. And then maybe one just back on the 4-6, since, you know, you spoke to it earlier and wanted to provide some additional color there. You know, when do you think? I mean, can you just give us a sense on the return to that 4-6? I mean, I know you're not going to address twenty-five now, but maybe zero in on a few of the KPIs you think investors and us can monitor to kind of get a sense of when that 4-6 comes back into play. Yeah, it's you and Doug have worked, you know, in this industry a while together, so it's a nice way of asking the question. So what I would say, Dan, is the following: comparisons for some of the businesses get meaningfully easier, right? So you don't need to have a big step up in the end market growth to get some of the headwinds out of the numbers, but you also then need to have activity pick up as well, right? So my take on the view is the way the market's behaving now, it's a continual gradual recovery as opposed to, I've heard, you know, giant spring back or some other thing. That doesn't mean that there aren't scenarios that could happen. I'm sure they can happen. But I would say you're in that period where you're seeing one quarter slightly better than the next and stepping up. So, you know, exactly when that gets to the 4-6, you know, I'm not smart enough to call it, but it's not in the sort of, "My god, it's so far, we can't think about it." It's, you know, we're working our way towards it. Thanks, Marc. Quite a discussion about proteomics today. Just a question on that. I mean, when you look at proteomics the last two decades, you had a remarkable run with Orbitrap platform. Now Olink, you have PeproTech as well, and the past Invitrogen capabilities and reagents there. Mm-hmm. So how should we think about the overall near to medium term, you know, sort of growth in proteomics, and how does that stack into the overall growth for the company overall? And then how do you think about the overall opportunity base today? Mm-hmm ... versus the longer term? Yeah. So, so Puneet, I'll say a couple sentences on it, and then maybe, Gianluca, if you wanna, add to it. So I, I'll use the Olink example, right? If I say that's a business that's gonna grow mid-teens organically. Obviously, from a organic perspective, it doesn't show up for the numbers until, you know, after July of next year, but we're still gonna grow at that kind of rate, right? So it gives you a sense for that business, the rate of growth, and things like mass spectrometers, you know, strong growing in terms of that application. But maybe, Gianluca, you can talk more about how you see the end market and how we play in it. ... Sure, thanks for the question. It's definitely an end market we're focusing quite materially, and as you pointed out, when you think about proteomics over the last two decades, it was a lot about core research. We're now seeing more activities in translational and higher throughput applications, and thus the move with Olink. You noted probably on the presentation, we do have a very comprehensive ecosystem, and so it's well differentiated and really allow us to capture value in many different areas of proteomics. So it's very exciting, and the data aspect of it is also very important for our customers, so does the comprehensiveness of what we've built over the years. Okay, well, very helpful. And just for the webcast, I just want to say, Puneet Souda at Leerink Partners. Just a follow-up question, Marc. If you look at the concentration of the life science tools industry today- Mm-hmm. Can you elaborate on the sort of... When you think about the opportunity set going ahead- Mm-hmm ... and the areas that are important in life science tools, where you want to position and your ability to continue to pursue those areas? Right. because just asking that because we get questions around Olink took a little bit longer- Mm-hmm ... to close than we had expected. Thank you. Yeah. So, Puneet, thanks for the question. So in terms of the regulatory environment, you know, we have a good track record of navigating it. We nailed it to within, I think, like a week in terms of what the timeframe was, at the time of the announcement to actually when it actually got completed. You know, deals take a lot longer to close, right? That's. But it's not a surprise. It's just the environment that we're in. And we understand the areas that, you know, regulators would be not comfortable, so we don't spend time on it, right? And so when I think about our ability to deploy capital and the scale of the market, it's still an incredibly fragmented market with many things that we can add to the portfolio that are very logical, fit our criteria, and ultimately create shareholder value. Thanks. Marc, Dan Arias from Stifel. I wanted to ask a two-parter about biopharma, if I could. The first is on the IRA, because you are one of the guys having good high-level conversations. How do those conversations sound with accounts when it comes to just adjusting the investment outlook to account for what's going on? Mm-hmm. Does it feel like 2024 was the big adjustment year that was needed in order to sort of put investment on a particular trajectory? Mm. Or is it more about annually a new level of unpredictability? Mm-hmm. And then the follow-up question is on large pharma, specifically, and your outlook there. It's not hard to understand why small and mid-sized biotech struggled, but large pharma spending pullback was a bit of a surprise. Mm ... to a lot of us this year. How has your confidence trended in large pharma next year, having a better spending year than this year? Yeah. So in terms of the IRA, and the implications of that on portfolio prioritization, I feel like that's largely been implemented at this point in the industry, so that in 2023 and 2024, you really saw the, you know, the decision making, the effects, programs getting shelved, and doubling down in others, and the companies going through that prioritization and thinking about what's the mix of large molecule, small molecule, and economically rational approach. So I think that's largely been now in execution mode, and there may still be some working through all of the programs that move around, but I don't think there's like... It's not like an annual revisit. It's part of now the decision making going forward. So I feel that that is, you know, kind of in the environment. When I think about the spend, you know, what's going on in large pharma and what's going on in the emerging biotech, emerging biotech is strengthening, right? And funding has started to improve in the beginning of the year. M&A activity picked up at the end of 2023 into 2024, so confidence is much higher. So if I think about the dialogue that we all have with the emerging biotech companies, much more confidence in the ability to actually raise capital, which is you're seeing much more interest in what's the next clinical study we're running and all of that work. So that's good. In large pharma, I think you saw part of the, you know, reprioritizing of the portfolio. Like, you know, had companies say, "All right, in this environment, where's the best return on where they want to spend their money?" but when you then look at the array of the companies, it was like the first question, which is, you have some companies that are really dramatically reducing costs, and you have other companies that are growing at an incredible rate, and that actually feels pretty normal to me. So, I feel like that industry is on a trajectory of improvement, in the not-distant future. So thank you. I was expecting Aileen to take the microphone after a two-parter- Right ... but she didn't, so I'm just gonna hold on to it for a second. Yeah. Just maybe, you and Stephen have been talking about the long-term growth outlook for a long time at these analyst days. Sure. At this point, do you see seven to nine as a CAGR or an average, or is it more like, this is what Thermo can do in a given year if market growth is 4-6? And I ask that not to be sort of pedantic- Sure ... but it's like if what we're realizing is that a 0% growth year obviously makes you realize what you have to average into in order to get to seven, nine- Mm-hmm ... if it's a CAGR. Yeah. So when I think about the environment, and Stephen, if you want to add, feel free. You know, I don't think about it as much as CAGR, then I think about it as what's normal, right? And in a normal year, which most years are, you should think of us as growing seven to nine. You should always be holding us to the standard. At the end of the year, you'll say, "Boy, Thermo Fisher did a really good job in terms of what its market share was relative to all my other choices," right? That's the standard we hold ourselves to. And if I think about the long term, the growth prospects are incredibly strong. But Stephen, is there anything else you wanna- No, I think that's the right framing, and just would make a couple of comments about the focus on pharma spending, 'cause the other aspect to this is: What share of wallet are we driving? And then, what's happening with outsourcing as well, particularly on the CDMO side? That can make a difference. And I think about the long term, look back on where pharma's been spending dollars. It's been relatively flat for an extended period of time, but the market growth and opportunity for the assets that we have has been in that 4-6% range, and so there's an aspect of that we need to take into consideration when you look forward as well in terms of what pharma customers are doing. Yeah. Well, we have time for one last question. Hi, thank you. Matt Sykes from Goldman Sachs. I just wanna focus back on proteomics, just given the amount of detail you gave, and maybe for Gianluca as well. But I'm just curious, now, with the addition of Olink, you've got kind of a distinct NGS technology, and you've obviously- Mm-hmm. Got the leadership position in Mass Spec. As you think about the synergies you could create on the customer side, do you see those two customer bases as mutually exclusive? Mm-hmm. Or is there a part of the customer journey where you can take someone who's been a traditional Mass Spec user and move to NGS? I understand there's different use cases. Mm-hmm ... for different throughputs, and things like that, but it just seems like you've got a very unique position. Mm-hmm ... with both of those technologies, and I'm just curious- Sure ... about how you're thinking about strategizing in terms of market share gains? Yeah, and Gianluca, I'll turn to you for a sec. What I would say is, our job is to have the right solutions for what the customer is trying to accomplish. So if the customer is satisfied with their NGS system, we're perfectly happy to support it in their workflow. On the qPCR platforms that are used, we're by far the market leader in that space and, pretty much in every lab from a qPCR. So when they're using that as a methodology, we're well positioned. And then, for those customers that wanna use the Ion Torrent technology and the linkages there, we're obviously focused on that as well. But Gian, anything you wanna add? Yeah, Matt, I'll give you a recent customer example as well as a benchmark. Emerging biotech company in Boston, large user of our Orbitrap technology with the Astral for proteomics and discovery. They're using our cryo-electron microscope as well as a service for structure analysis, and they are considering Olink. So we are seeing more convergence, if you wish, with different modalities coming into play, really depending on the maturity of the customers and where they are in their development cycle, and that's where I think the strength of our offering comes into play. Because being able to serve our customer across multiple modality will allow us to actually help them create more value over time with an integrated solution. That's the way that we think about it, and we think is a tremendous opportunities going forward. Got it. And then just one quick follow-up, probably for Stephen. Just looking at that, the forty to fifty basis point margin expansion algorithm, just curious, over time, like, how dependent is that upon a normal market growth rate? Meaning, how much of that forty to fifty could be under your control, and as we look into next year, if it's a different market growth expectation than we have, can you still drive that 40-50? Yeah. So, the 40-50 is off the 7%-9% top line growth. If growth is below or above that, we'll assess the right way to run the company and think about how we're spending, what the priorities are, and how we actually spend time on the productivity levers that we have. And there's more juice that we can drive out of productivity for certain periods of time, so it's more about where are you spending your time and to drive different elements of the P&L. So it can be higher, so I feel good about. The 40-50 is based off the 7%-9% when I think about our long-term algorithm. Should growth be lower than that? Yes, we'll look to maximize the opportunities we have, and it could be higher than that. Yeah, I think our productivity levers are clear across the company. It's just a matter of how much time you want to prioritize over those different levers versus growth. Thanks. Yeah, what I would say, Matt, what I would add is, you know, we not only look at our top-line performance in terms of how we measure what success is, but we also look at what is appropriate on the bottom line as well. So if the environment is robust, we'll decide what's the right reinvestment rate and what's the right success on margins, and if the market is tighter, we'll hold ourselves to a high standard as well. So it really is a judgment, and I would say the long historical view, we've been able to expand margins at that rate or greater over a very, very long period of time. So, it's a good rule of thumb to use. So let me wrap up with a couple things. First, is the thank you's, right? First, thanks for your participation today. It's great to have had the opportunity to spend the morning with you. Secondly, to thank the executive team and all of the colleagues that, you know, participated and pulled together, the materials. But most importantly, to thank all of our colleagues, because we serve them, and the only reason we're able to be here today is 'cause of their passion of helping their customer, you know, helping our customers be successful every day and earning that business, and it's a real privilege. So, I think you came away with a good sense of our end markets and our view on it, how strong our leading businesses are, how the way we run the company with a proven growth strategy, complemented with our capital deployment approach, how PPI pulls that all together to deliver an incredible set of performance, that we are holding ourselves to a standard of differentiated performance in terms of what we view as success. And we do that in a way that all of our stakeholders see the value creation, and we're very passionate about being a great company, making a positive contribution to society. Once again, thank you for the interest and for being shareholders in Thermo Fisher Scientific. Thanks, everyone.