Thanks, Marc, and everyone. morning, good
off capping As our QX, in saw press another quarter, delivered in release, we you excellent year. outstanding an
$X per full organic year share we flow, billion XXXX of cash and prior this I'm over in that significantly the ahead growth earnings XXXX, of the response delivered free XX% all team company are of growth and enable organic guidance. year. included revenue. These of XX% to really a For business delivered $X.X adjusted COVID-XX base We while what significantly proud billion future. results XX% in accomplished investing our in very bright our growth
So billion and let ready earnings that's derisked beat. testing COVID-XX did our P&L, prior in We last exactly support guide. This to key $XXX we more our response flow On through delivered for included $X.X so said than walk elements $XXX do revenue the through of you needs, call, what revenue that and benefits to response any included million we opportunities QX. we'll guidance. revenue business revenue, if and testing me be the revenue. And acquisition million customers' the of the additional in our higher we base billion PPD our in higher from $X.X
business. organic the we selling base X than assumed points is This guide. the days was prior QX, the particularly in percentage fewer which performance, given the In to base turn growth, me delivered in quarter. good very business four X% higher Let
momentum excellent on So the top line.
business to and core step on up growth needs. trajectory, continue we our testing a meet customers' Our and is great
us System excellent this the adjusted our to performance pull-through quarter and generate very $X.XX EPS adjusted performance. QX, year; enabled on Our We delivered for strong $XX.XX great to leading of the of was PPI revenue the $X.XX in in ahead prior guide. full EPS Business
outstanding to out So round a broad-based beat an year.
EPS the the in year, XX% versus $X.XX quarter. now And GAAP And was the Let for results, more adjusted I compared EPS our quarter in the on performance. GAAP delivered some we with with as adjusted was provide prior XXXX, Beginning our full $XX.XX, up last year. the of EPS was to for year earnings $X.XX. me mentioned up EPS full you year. and XX% $XX.XX, details
revenue included from decrease, components grew On the reported increase a our year-over-year. revenue QX in of X% X% X%. a The organic of and organic the And quarter headwind exchange. our mentioned, X% QX I as the contribution acquisitions top line, revenue revenue a X% from business base was foreign growth
and $X For the acquisitions support contribution XX%. base a X% exchange. The revenue. was year XX% organic XX%, billion from delivered and $X.XX increased a we X% therapy vaccines includes full COVID-XX organic foreign year in XXXX, And revenue of from includes tailwind billion this of response which full growth, reported business XXXX, growth revenue,
and skewed rates in by by growth performance revenue in our well year to as organic Turning geography. versus prior The four prior the response by quarter. selling region as current the the are fewer days QX XXXX year
declined single in For low teens. America grew QX, Europe North the digits. high
grew Asia grew the And single digits. Pacific mid-single digits. and rest world China of in the high
XX%. For America the Europe full double low North grew over digits. grew year,
XX%, Pacific over China. Asia mid-teens. grew growth of grew world in under the including XX% And rest just
decreased basis last operational operating operating our year. income and QX margin XX.X%, QX to Turning XXX was performance. adjusted lower XX% than adjusted points
than basis adjusted leverage income was was and investments points business, year, full XXX This Business on margin the volume and XX% higher quarter, is long-term testing our deliver PPI impact which System the to strong For by our In base operating strong XXXX. enables and our adjusted support XX%, increased business than our operating more the across lower growth. and to ongoing near- offset revenue response of strategic productivity. the
full the productivity. positive leverage year, volume For we drove and
investments. favorable had business also by mix. offset our partially strategic This was We
the at the basis in of the gross last up lower year. XX.X%, P&L. XX.X%, details year, prior Total margin Moving QX for the quarter points year. was on adjusted than came points the margin And in to versus gross adjusted XX full basis Company XXX
XX% prior Total high-impact XX investments $XXX of to R&D in adjusted the full improvement growth margin. of future was operating QX. innovation quarter those the adjusted for million revenue. to due for was QX and an Adjusted full And in representing $X.X same XXXX. ongoing of year, For over XX.X% basis was to our the points XX.X% our revenue, fuel was as fourth of margin both the in And approximately the for billion, SG&A gross drivers year, expense growth. reflecting SG&A change compared year, expense year, full R&D the was in
from at and million, in of $XXX in than income other to below Looking non-operating $X an was higher $XXX expense million quarter expense for largely for mainly million, our increase XXXX, due $XX $X Net QX million, a Adjusted to full was due interest year higher interest XXXX. the the QX expense the year, the PPD net $X financing income line changes million net and last quarter activities? FX. million of was the than results
and was is year, full than expense which year. the the $X of For lower million, other million net $XX a income income adjusted prior
in rate basis QX XXX different was points mainly year, lower tax adjusted pretax was of levels profitability Our the This XX.X%. last to quarter year-over-year. the than due
XX by million the the shares adjusted points diluted for or X XX.X% XXXX. diluted year, in And net Average shares option dilution. repurchases, higher driven year, million than approximately share were average was rate full tax For the the full XXX year-over-year of million. lower basis XXX were QX,
flow investing Turning another year. was the year. and for year and from billion activities sheet. operating generating the Cash the to free And the the reflects $X for prior in long-term. expenditure. flow net cash we're $X.X XX% we'll up over great $X.X flow strong flow the returns short-term billion, the highlight billion that in XXXX investments capital This Cash balance of make for cash after was was
$X.X we shareholders through we year, $X.X buybacks million returned QX the and ended to dividends capital billion cash. with approximately stock During and of in
acquisition. was billion of related up of financing billion, QX, $XX.X the result a as to PPD the at QX debt $XX.X total sequentially largely from Our activities the end
total times EBITDA exceptional And times up XX.X%, debt basis last my QX generate from the on was returns. basis. net year we concluding our XXX was of at performance, debt-to-adjusted the adjusted and gross to X.X X.X as comments on ROIC a end company ratio leverage Our points continue quarter
the our me segments, throughout So comments. of The and response start by let performance I'll now business with four the segments revenue varies on consistent scale provide some color few our and been margin framing year. has COVID-XX of that a profile
We continue QX, to investments recently selling Services in segment the of to during And those And does the with investments Biopharma response some that in reported skew revenue does make we as our clinical quarter. strategic year-ago not going segment size reflect The to align fewer of four It's businesses. margins. segment. necessarily inclusion acquisition. this had forward, PPD Laboratory Products across each segment. our segment we all Laboratory the days of PPD finally, Products we'll now And than renamed within the also research the business refer of
Moving the by and X% the prior quarter the Science revenue and down year-over-year. testing than operating electron the was QX our XX% and revenue is was growth productivity, quarter. X% full driven increased quarter, XXXX. adjusted decreased income strong in lower bioproduction spectrometry reported Sciences in points XXX chromatography versus the basis a segment, operating adjusted segment offset mass was investments. more starting in adjusted the growth with Analytical segment Solutions basis for was of This And in adjusted quarter details, and versus reported on decreased revenue and was year, margin delivered businesses. operating the this we revenue biosciences and organic decrease year Growth mix in XX%. full this segment the the margin by was the QX offset income Life and lower strategic businesses. increased Solutions. unfavorable Instruments and increased lower driven very segment microscopy X% In business XX%, in In we For X%. business revenue genetic to by strong increased operating Life revenue reported organic In XX sciences XX% which QX organic by and than delivered revenue in XX.X%, the points year-ago year, XX%, quarter,
segment revenue XX% and XXX adjusted points QX increased increased increased XX% margin year-over-year. and was organic full the revenue XX%. segment basis year, XX.X%, For adjusted the this operating reported in income operating in up
our and partially by investments segment. mix business favorable offset and PPI saw delivered pull-through we're we quarter, making volume was Business productivity the That enabled strong System. this strategic the across by During
For an points the operating full year, adjusted was XX% versus of XX.X%, operating basis increase adjusted margin income XXXX. XXX and increased
a both QX, In Turning businesses, lower we our COVID-XX XX% strong transplant to organic lower revenue in were versus and testing than and growth quarter. Specialty In by Diagnostics. revenue the reported diagnostics quarter. which the year-ago was the revenue year-ago quarter, immunodiagnostics offset saw
investments segment X%. XXX this down For the in organic and full was operating XX% operating the adjusted and year, QX revenue decreased from quarter positive margin reported income increased adjusted XX.X%, more the is drove year. revenue in QX, prior and unfavorable than X% increased points segment. This by productivity enabled Business basis our mix strategic volume PPI we In by the offset System. in
and adjusted income year, a decreased segment. XX% and segment XX.X%, full basis organic XXX revenue margin Then versus Laboratory reported In operating revenue the Services adjusted in decrease XXXX. points finally, this X% of Biopharma For increased growth operating was was X%. Products and QX,
Laboratory Products During saw the Services research revenue and clinical strong we we recognized $XXX in of PPD million business. to QX, and Pharma businesses for growth
offset For which XX%. segment year, margin adjusted was income in adjusted XX% strategic in year. the saw a investments. basis In and productivity revenue XX.X%, the prior segment favorable operating partially our increased QX increased is revenue full the higher by strong increased reported quarter, organic business System XX% drove PPI the we and mix, points than this and operating XXX Business by
margin operating of increased the was operating points XX%, For versus an XX.X%, year, adjusted full basis and adjusted XXXX. XXX income increase
updated to me now Let our turn XXXX guidance.
to it into Core vaccines revenue our the definition base business, like year the the and therapies quick to Day core of begin which our business, acquisition. with transitioned PPD in response details, I'd a at and includes we introduced XXXX. last about our get notably reminder Investor and I Before
the the of how business best of include to basis, on and the will it's year organic our at performing. a gives you growth PPD the full look core calculation total scale view Given acquisition, if how we company PPD that think
we'll when our also reporting company XXXX. growth to For continue actual in total performance provide organic transparency, full
guidance, we're year full and We're by as outlook. mentioned to moving So to guidance revenue our Marc revenue EPS our we're the significantly XXXX. $XX EPS core X% $X.XX we business strength increasing adjusted our This $XX.XX. the billion, XXXX and strong revenue raise organic billion raising XXXX excellent continue in to and adjusted growth year expect reflects on very by full $X.X raising our of guidance to
$XXX Let raise. details provide additional decrease increase updated a reflect driving increase revenue, to are business, you for Starting FX core A in before million four billion where $XXX the and change billion the increase me assumption, due now on $XXX year-end. with the the which $X $X.X a the guidance. million closed the acquisition, elements with there in rates, to million the testing PeproTech COVID-XX just
terms to same the range guidance our testing approach outcomes assumption, for continuing derisked the a year. of COVID-XX revenue we're under of In
well flow XXXX, benefits take that outlook. a But Our in of be of revenue case, to needs. and be assumes could the we prudent it for in that should billion thought support higher to guidance we're approach are this testing continue And now did to customer as $X.XX derisked we than XXXX. P&L. testing was we'll scenarios demand the level now, our to positioned There the where through
PPD, a relates of rest in organic XX% on our new represents business. a by around it top delivered reflects XXXX year recent finish and the full GAAP year revenue growth clinical revenue business deferred XXXX. now In raise terms billion X% expect million of the And to growth This PPD extent reflect the changes of full strong business the deliver research to million that core basis strength $XXX XXXX. measurement the excellent $XXX $X.X the for acquisitions. to of core in of the core raise, remaining in revenue We lesser revenue is the to to and on
expect with business as It we to earlier, is great ended scale in XXXX and that it in core even mentioned more XXXX. X% I will grow shape. continue organically Our
generate System that our we adjusted So use PPI in our guidance. points guidance. a XXXX, what And to overall a will very be assumed And than prior strong Business margin for on strong our XX operating we pull-through we revenue now raise in to higher revenue. basis that's expect XX.X%
In terms adjusted EPS. of
business $XX.XX year. building stronger very XXXX from EPS enabling Our further on outlook $XX.XX, an the to already to outlook is guidance strong for raise adjusted us the
your Let provide the of with help models. on a with you now me guidance couple details XXXX to you other
revenue of I to in operating PPD in $X.X the $X to billion adjusted mentioned of is to is now and XXXX. revenue contribute PeproTech income acquisition billion EPS deliver As expected $X.XX This is year. adjusted a expected now expected deliver adjusted headwind adjusted just $XXX of in EPS. is XXXX to FX and to expected $XXX $X.XX over EPS. million and from in year-over-year be X.X% of of $X.XX or million revenue
other We income to expect assume rate XXXX. be of We and million. income million continue in net to $XX full tax XX% an adjusted now to year interest cost be $XXX approximately
capital billion flow approximately expenditures $X $X.X $X.X billion and free of net cash billion. to continue to of assume approximately We
returned of $XXX between million $X.X still completed Our finally, deployment, of guidance and $X XXX your modeling. and capital in couple a million share January assumes And capital billion dividends. already to is full buybacks now through We to on billion shareholders be which be you will share comments that of the XXX shares. million phasing diluted estimate help count average of with year to
In the position in half level the and quarter assumes in QX guidance linear and towards the with this be is in phasing, consistent assumption the half weighting more dollars endemic And year we run as is the year. year, dollars, being of assumes of is conclude, QX the the year. year, COVID-XX QX. XXXX. QX terms of in With achieve to that derisked the than the business the the per loaded in revenue EPS year, in half fairly first another second delivered testing core Organic first being over full this front-end to this year, expected higher of outstanding Raf. rate with goals. used of turn for the assumed year great we as revenue the than for throughout about we guidance and of The back the call adjusted QX to percentage had and fairly an then I'll of guide last To then very phasing the of are revenue slightly revenue had terms XXXX that, of assumption same growth the in our $XXX million we're slightly
