“Revenue adjusted operating margin and adjusted EPS are all expected to ramp up as we go through the year.”

In context

“ng Site acquisition. We assume that the adjusted income tax rate will be 11% in 2023. The improvement from 2022 is driven by a tax planning initiative. We’re expecting net capital expenditures will be approximately $2 billion in 2023 and free cash flow is assumed to be $6.9 billion for the year. In terms of capital deployment, our guidance assumes $3 billion for share buybacks, which were already completed in January. We estimate the full year average diluted share count were approximately 388 million shares. We’re assuming that we’re return approximately $540 million of capital to shareholders this year through dividends. And as is our normal convention, our guidance does not assume any future acquisitions or divestitures. And finally, I wanted to touch on quarterly phasing for the year. Revenue adjusted operating margin and adjusted EPS are all expected to ramp up as we go through the year. This is due to several factors. Core organic revenue growth is expected increase as we go through the year, largely due to the comps related to vaccines and therapies as well as the expected phasing of economic activity in China. The impact of the runoff in testing revenue is most pronounced in Q1 and the benefits of the offsetting cost actions are spread over the year. From a foreign exchange standpoint while a slight tailwind for the year as a whole in Q1, FX is expected to be a year-over-year headwind of approximately $200 million of revenue and $80 million of adjusted operating income. Below the line, net interest expense is expected to decrease during the year as we generate free cash flow and interest on that cash build. Putting all this together for Q1, we expect core organic reven”