“We're assuming that the market declines in the low single digits this year, our growth strategy and PPI Business System execution will enable us to continue to take share once again this year.”

In context

“declined 4% and adjusted operating margin was 14%, which is 10 basis points lower than Q4 2022. In the quarter, we delivered strong productivity, which is more than offset by unfavorable volume mix. For the full year, adjusted operating income was 17% higher than the prior year and adjusted operating margin was 14.6%, an increase of 180 basis points versus 2022. Let me now turn to guidance, and as Marc outlined, we're initiating a 2024 revenue guidance range of $42.1 billion to $43.3 billion and adjusted EPS guidance range of $20.95 to $22. Our guidance assumes core organic revenue growth in the range of minus 1% to positive 1% for 2024. Our view on the expected market conditions in 2024 has not changed significantly from our initial framing for the year shared on the last earnings call. We're assuming that the market declines in the low single digits this year, our growth strategy and PPI Business System execution will enable us to continue to take share once again this year. Our current estimate of pandemic-related revenue in 2024 is just under $100 million of testing revenue and $300 million to $400 million of vaccines and therapies-related revenue. In total, this represents a year-over-year headwind of $1.3 billion to $1.4 billion or 3% of revenue. M&A is expected to increase revenue by $175 million year-over-year, the combination of six months of Olink revenue and the inorganic portion of CorEvitas revenue in 2024. At current rates, we expect FX to be neutral year-over-year to both revenue and adjusted EPS. From a phasing standpoint, FX is expected to be a slight headwind in Q1 and an offsetting tailwind in the second half. Turning to margins, our 2024 guidance range assumes adjusted operating income margins between 22.3% and 22.8%. We continue to aggressi”