“Our guidance still assumes $2.5 billion of capital deployment, which is a $2 billion of share buybacks to be completed in January and $475 million of capital returned to shareholders through dividends.”

In context

“proven strategy and our PPI business system execution. Let me now provide you with a couple of other details on the 2022 guidance. PPD, our clinical research business is now expected to deliver $6.8 billion of revenue in 2022, which represents 12% core organic revenue growth on a full year basis for this business, up 1% from our previous guidance. We now expect the business to contribute just over $2 to adjusted EPS in the year, up $0.03 from our prior guidance. Our guidance now assumes net interest expense of approximately $460 million for the year. We’re assuming an adjusted income tax rate of 13.2% in 2022, slightly higher than the prior guidance. We continue to assume net capital expenditures of approximately $2.5 billion to $2.7 billion and free cash flow of approximately $7 billion. Our guidance still assumes $2.5 billion of capital deployment, which is a $2 billion of share buybacks to be completed in January and $475 million of capital returned to shareholders through dividends. And we continue to assume the full year average diluted share count will be between 394 million and 395 million shares. And finally, I wanted to touch on spacing of the P&L to help you with your modeling. When I think about the revenue dollars in Q3 and Q4, we expect Q4 to contribute just under 52% of the second half total. And looking at adjusted EPS on that same basis, we expect the second half total to be weighted a couple of percentage points more to Q4 than the revenue. To conclude, we delivered another excellent quarter and in a great position to achieve our 2022 goals. With that, I’ll turn the call back over to Raf. Rafael Tejada: Thank you, Stephen. Operator, we’re ready for Q&A. Operator: [Operator Instructions] The first question comes from the line of Jack Meehan with Nephron R”