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

In context

“a year-over-year headwind of $1.46 billion on revenue or 3.7%. The FX headwind on adjusted EPS in 2022 is now expected to be $0.77 for the full year or 3.1%. Should FX rates stay the same as they are right now, we estimate the impact on FX in 2023 would be a year-over-year headwind of approximately $1 billion on revenue and $0.75 on adjusted EPS. Our guidance now assumes net interest expense of approximately $440 million in 2022. We continue to assume an adjusted income tax rate of 13.2% in 2022, which includes a 13.6% tax rate in Q4. We now expect net capital expenditures of approximately $2.3 billion to $2.5 billion. For free cash flow, we see $7 billion at the high end of the range of outcomes for the year. The actual free cash flow will depend on the year-end level of working capital. Our guidance still assumes $2.5 billion of capital deployment, which is the $2 billion of share buybacks that we completed in January and $475 million of capital returned to shareholders through dividends. Our guidance also continues to assume the full year average diluted share count will be between 394 million and 395 million shares. And to conclude, we delivered another excellent quarter in Q3. We’re 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 the Q&A portion of the call. Operator: Thank you. [Operator Instructions] Our first question today comes from Jack Meehan with Nephron Research. Jack, please go ahead. Jack Meehan: Thank you. Good morning. So the big debate of the last week has been bioprocessing ordering and stocking trends. Marc, I was curious if you’ve seen any normalization of ordering patterns from your customers. The quarterly growth, obviously strong, but how do yo”