“This is 60 basis points lower than 2022, driven by two elements, a 40 basis points of core margin expansion and a 100 basis point headwind from the runoff of testing revenue.”

In context

“ting with revenue. Our initial guidance for 2023 assumes 7% core organic revenue growth, $400 million in testing revenue, $250 million of revenue from acquisitions and a tailwind of $100 million from FX. This all assumes a return to more normal market growth conditions in 2023 in the range of 4% to 6%. Within our core revenue, we expect $500 million of vaccines and therapies revenue in 2023. This is $1.2 billion less than 2022, a 3% impact on core organic growth. Even with this headwind, we’re expecting to deliver 7% core organic revenue growth in 2023, demonstrating the strength of our initial outlook, the agility with which we’re managing the business and the ongoing benefits of our growth strategy. Turning to profitability, in 2023, we’re assuming an adjusted operating margin of 23.9%. This is 60 basis points lower than 2022, driven by two elements, a 40 basis points of core margin expansion and a 100 basis point headwind from the runoff of testing revenue. The year-over-year margin change is consistent with the comments I have made on the last earnings call were not [ph] described have to model a margin impact to the different elements of the year-over-year change in revenue. In 2023 with a pandemic related testing revenue behind us, I thought this would be a good opportunity to take a step back and take a multi-year view on our meaningful margin expansion progression. Starting in 2019, pre pandemic, excluding the impact of PPD, we’re on track to expand operating margins, 60 basis points a year on average through 2023 and 250 basis point improvement over the full year period. It’s a great progress on margin expansion. Turning to adjusted EPS. We expect to deliver $23.70 in 2023. This is a 2% year-over-year increase consisting of a 10% headw”