“The guidance assumes 3% to 4% organic revenue growth, a $300 million revenue tailwind from foreign exchange, and 50 basis points of adjusted operating margin expansion.”

In context

“arma services, and clinical research businesses. For the full year, reported revenue grew 4% and organic revenue was 3% higher year over year. Q4 adjusted operating income in the segment increased 12%, adjusted operating margin was 14.5%, 50 basis points higher than Q4 2024. In the quarter, we delivered very strong productivity and good volume leverage. It is partially offset by unfavorable mix, strategic investments, and headwinds from foreign exchange. For the full year, adjusted operating income increased 8% and adjusted operating margin was 14%, 70 basis points higher than 2024. Turning now to guidance, as Marc outlined, we're initiating a 2026 revenue guidance range of $46.3 billion to $47.2 billion and an adjusted EPS guidance range of $24.22 to $24.80, representing 6% to 8% growth. The guidance assumes 3% to 4% organic revenue growth, a $300 million revenue tailwind from foreign exchange, and 50 basis points of adjusted operating margin expansion. All of this will enable a really strong 6% to 8% growth in adjusted EPS. This guidance is consistent with the financial framing for '26 and '27 that we shared with you back on our Q2 earnings call. It reflects the continued improvement in our organic growth in 2026 coupled with very strong earnings growth. The strength of our guidance reflects our industry-leading position, our proven growth strategy, and the power of our PPI business system. Let me now provide some detailed context behind the guide. The midpoint of our guidance assumes organic revenue growth is slightly above 3%. This is a step up from 2025. We think this is appropriate to start at 3% at the beginning of the year. And as we progress through 2026, we can retire risk as we go and progress higher in the range. As is our nor”