“We expect the adjusted income tax rate will be 10.5% in 2024.”

In context

“ase in the guidance outlook. We remain well positioned to continue to deliver differentiated performance. I thought it would be helpful to remind you of some of the key underlying assumptions behind the guide that remain unchanged from the previous guidance. In 2024, we're assuming 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. We see that FX will be roughly neutral year-over-year to both revenue and adjusted EPS. Given recent FX rate changes, we're assuming that the $0.07 beat that we saw in Q1 is offset in the remainder of the year, leading to no change for the year as a whole for FX versus our prior guide. We expect the adjusted income tax rate will be 10.5% in 2024. And we're assuming between $1.3 billion and $1.5 billion of net capital expenditures and free cash flow in the range of $6.5 billion to $7 billion. In terms of capital deployment. We're assuming $3 billion of share buybacks, which were completed in January. We expect to return approximately $600 million of capital to shareholders this year through dividends, we continue to see [ we will close ] the Olink acquisition by midyear. Full year average diluted share count is assumed to be approximately 383 million shares. And finally, I wanted to touch on quarterly phasing. In Q2, we expect revenue dollars to step up from the first quarter, and organic growth will likely be 2 points better than Q1. And we expect Q2 adjusted EPS to be similar to Q1. This reflects the revised view of the pha”