“And then we're going to have $2.5 billion of testing follow-up as we think we get to a more endemic state on Cepheid testing.”

In context

“ssing, the other EAS diagnostics. I mean... Matthew McGrew: I'm sorry. I'm sorry. Okay. Everything outside of bioprocessing. Got you. So let me start with the margin question first because I think that's one that's topical here, too. So if you think about margins for the full year, and then I can kind of touch on '21 or Q1 as well. When you look at margins, we're talking about kind of 31% adjusted margin. And that's going to be a bit lower than we were in '23 on the margin, if you will, with the biggest factor going to be the value of leverage, like you alluded to there. We're going to lose, call it, $3.2 billion of COVID headwinds in the year, $700 million from the vaccines and therapeutics as we go from, call it, $800 million to a little over $150 million or a little under $150 million. And then we're going to have $2.5 billion of testing follow-up as we think we get to a more endemic state on Cepheid testing. So the margin profile on that stuff on the headwinds is basically the fleet average. I'd say that probably falls through at 40%. So kind of in line with our normal fall through, but that volume is pretty meaningful at $3.2 billion as you talked about. So we will offset some of that. High single-digit core and base business is going to be $1.7 billion in change, let's call it, falling through 35% to 40%, but just not enough to fully compensate what's happening with our COVID headwinds here. So I think you combine that the volume with sort of an overall macro backdrop, Vijay, that I still want to kind of be prudent here from a planning perspective as we head into the year. I want to see how the inflation of the supply chain kind of progresses through the year. China is still a bit of an un”