“We're currently assuming that the first half of the year represents approximately 48% of our full year revenue dollars and 44% of our full year adjusted EPS dollars.”

In context

“changed. As I mentioned earlier, our FX assumption for the year has changed. We still expect FX to be a tailwind to revenue of approximately $100 million or 0.2%. However, we now expect it to be a headwind to adjusted EPS of $0.06. That's $0.10 more of a headwind than the previous guidance due to changes in rates and the expected mix of our currencies. Guidance assumes adjusted operating margins for 2023 to be in the range of 23.8% to 23.9% for the year. The adjusted tax rate assumption has improved slightly from our initial guide. We now expect it to be 10.8% for the full year. And finally, I wanted to touch on quarterly phasing for the year. Compared to our initial phasing assumptions, we now expect a slightly higher weighting of revenue and adjusted EPS in the second half of the year. We're currently assuming that the first half of the year represents approximately 48% of our full year revenue dollars and 44% of our full year adjusted EPS dollars. Q2 core organic growth is expected to be mid-single digits, probably best to model at a slightly lower than Q1. To conclude, we delivered a very strong start to the year and we're in great position to deliver differentiated performance for all our stakeholders in 2023. 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 comes from Jack Meehan of Nephron Research. Jack, your line is open. Please go ahead. Jack Meehan: Thank you. Good morning. So my question is focused on lab products, biopharma services. First is on PPD. So we've been getting some mixed signals so far this earnings around biotech customer demand. Marc, I would love to get you”