“From a phasing standpoint, FX is expected to be a slight headwind in Q1 and an offsetting tailwind in the second half.”

In context

“itial 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 aggressively manage our cost base, and that's reflected in this margin outlook. In terms of the range for the margins, that's driven by the revenue range that I provided. We'll continue to use the PPI Business System to not only manage costs very carefully, but also continue to make the right long-term investments to enable us to further advance our industry leadership. Strong underlying productivity and cost controls, including the carryover benefit from the cost actions put in place last year, are expected to largely offset the runoff in the remaining pandemic-related revenue inflation and a normalization of incentive compensation across the company to appropriat”