Quarterly guidance

Quarterly guidance
No specific formal quarterly guidance figures were provided for the fourth quarter.

Annual guidance

Revenue
$17,350 billion to $17,500 billion, representing year-over-year growth of 6.4% to 7.3%.
Adjusted EBITDA
$4.025 billion to $4.055 billion, growing 6.3% to 7% year-over-year.
Adjusted Diluted EPS
$12.90 to $13, up 8.2% to 9.1% versus prior year.

Outlook

Biotech funding
The biotech funding environment continues to be very strong, reaching $90 billion year-to-date and up more than 85% year-over-year.
Commercial demand
The demand outlook remains favorable with new drug launches up more than 40% year-to-date and decision timelines continuing to shorten.
Clinical demand
Clinical trial starts year-to-date are up high single digits and RFP flow continued to grow at a healthy rate at high single digits.
Below the line items
For the fourth quarter, net interest expense is expected to be around $210 million, depreciation and amortization just over $160 million, and weighted average diluted share count approximately 169 million shares.