“And finally, I wanted to touch on phasing for Q1. Embedded in the guidance is the assumption that Q1 organic revenue growth will be a couple of points lower than the full year 2026.”

In context

“l assumptions behind the guide. We expect approximately $500 million of net interest expense in 2026. We assume that the adjusted income tax rate will be 11.5% in 2026, largely driven by the increased earnings. We're expecting between 1.8% and $2 billion of net capital expenditures in 2026. The increase over '25 is driven by our investments in US manufacturing. In terms of free cash flow, we're expecting that to be in the range of $6.8 billion to $7.3 billion for the year. In terms of capital deployment, we're assuming $3 billion of share buybacks which were already completed in January. We estimate a full-year average diluted share count will be between 370 and 375 million shares. I'm assuming we'll return approximately $700 million of capital to shareholders this year through dividends. And finally, I wanted to touch on phasing for Q1. Embedded in the guidance is the assumption that Q1 organic revenue growth will be a couple of points lower than the full year 2026. This is largely driven by selling days and the expected phasing of our revenue in our pharma services business over the course of 2026. And we're expecting low single-digit adjusted EPS growth in Q1. So in conclusion, Q4 capped off a very successful 2025. The team is focused on continuing to maximize share gain, delivering very strong earnings growth, and generating great returns from our capital deployment. Also enable an excellent 2026 and advance our strategy for an even brighter future. With that, I'll turn the call back over to Marc. Marc Casper: Thanks, Steven. So before we turn to Q&A, I just want to say a few words. As you know, Steven will retire in March. Let me start with thank you to Steven for all of your contributions to the success of Thermo Fisher and the deep friendship w”