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

In context

“again enabling us to take share. Our updated 2024 guidance continues to assume an adjusted operating income margin between 22.5% and 22.8%. And we now expect net interest cost to be in the range of $340 million to $380 million for the year. So another strong quarter, enabling an increase in the guidance outlook for the year. We remain well-positioned to continue to deliver differentiated performance. So it would be helpful to remind you 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 between $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 continue to expect the adjusted income tax rate will be 10.5% in 2024. And for the year, we're assuming between $1.3 billion and $1.5 billion in 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 already completed in January. We returned $600 million of capital to shareholders this year through dividends and in Q3, we deployed $3.1 billion to acquire Olink. Full-year average diluted share count is assumed to be approximately 383 million shares. And finally, as you think about the outlook for the year, you should consider the midpoint of our guidance range as the current view of the most likely outcome for the year. Implied in that midpoint is Q4 revenue of $11.3 billion and adjusted EPS of $5.96. That would reflect 2.5% organic revenue”