安捷倫 (A) 2024 Q4 法說會逐字稿

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agilent Technologies, Inc. fourth-quarter 2024 earnings conference call. (Operator Instructions)

午安.我叫羅布，今天我將擔任你們的會議操作員。現在，我歡迎大家參加安捷倫科技公司 2024 年第四季財報電話會議。（操作員說明）

Parmeet Ahuja, you may begin your conference.

Parmeet Ahuja，您可以開始會議了。

Thank you, and welcome, everyone, to Agilent's conference call for the fourth quarter of fiscal year 2024. I'm sure you have seen our press release earlier today regarding our new market-focused organizational structure, which we will talk about in more detail. These changes have no impact on our company's consolidated financial statements. All financial metrics and guidance during this call will be shared under our historical structure. We will provide recast historical segment information to reflect these changes ahead of our upcoming Investor Day.

謝謝並歡迎大家參加安捷倫 2024 財年第四季的電話會議。我相信您已經看到了我們今天早些時候發布的有關我們以市場為中心的新組織結構的新聞稿，我們將更詳細地討論這一結構。該等變更對本公司合併財務報表無影響。本次電話會議期間的所有財務指標和指導都將在我們的歷史結構下共享。我們將在即將到來的投資者日之前提供重鑄的歷史分部信息，以反映這些變化。

Now, on to our quarterly results. With me are Padraig McDonnell, Agilent's President and CEO; and Bob McMahon, Agilent's Senior Vice President and CFO. Joining in the Q&A will be Phil Binns, President of the former Life Sciences and Applied Markets Group; Simon May, President of the newly formed Life Sciences and Diagnostic Markets Group; and Angelica Riemann, President of the expanded Agilent CrossLab Group. Also joining the call is Mike Zhang, President of the newly formed Applied Markets Group.

現在，我們來看看我們的季度業績。和我在一起的還有安捷倫總裁兼執行長 Padraig McDonnell；以及安捷倫資深副總裁兼財務長 Bob McMahon。前生命科學與應用市場集團總裁 Phil Binns 也將參與問答環節； Simon May，新成立的生命科學與診斷市場集團總裁；以及擴大後的安捷倫 CrossLab 集團總裁 Angelica Riemann。新成立的應用程式市場集團總裁 Mike 張也加入了這場電話會議。

This presentation is being webcast live. The news release for our fourth quarter financial results, investor presentation, and information to supplement today's discussion, along with the recording of this webcast are available on our website at www.investor.agilent.com.

該簡報正在網路直播。有關我們第四季度財務業績的新聞稿、投資者介紹、補充今天討論的資訊以及本次網路廣播的錄音均可在我們的網站 www.investor.agilent.com 上取得。

Today's comments will refer to non-GAAP financial measures. You will find the most directly comparable GAAP financial metrics and reconciliations on our website.

今天的評論將涉及非公認會計準則財務指標。您可以在我們的網站上找到最直接可比較的 GAAP 財務指標和調整表。

Unless otherwise noted, all references to increases or decreases in financial metrics are year over year and references to revenue growth are on a core basis. Core revenue growth excludes the impact of currency and any acquisitions and divestitures completed within the past 12 months. Guidance is based on forecasted exchange rates.

除非另有說明，所有提到的財務指標的增加或減少都是逐年計算的，而提到的收入成長都是以核心為基礎的。核心收入成長不包括貨幣以及過去 12 個月內完成的任何收購和剝離的影響。指導基於預測匯率。

During this call, we will also make forward-looking statements about the financial performance of the company. These statements are subject to risks and uncertainties and are only valid as of today. The company assumes no obligation to update them. Please look at the company's recent SEC filings for a more complete picture of our risks and other factors.

在本次電話會議中，我們也將對本公司的財務表現做出前瞻性陳述。這些聲明存在風險和不確定性，並且僅截至今日有效。公司不承擔更新它們的義務。請查看該公司最近向 SEC 提交的文件，以更全面地了解我們的風險和其他因素。

And now, I'd like to turn the call over to Padraig.

現在，我想將電話轉給 Padraig。

Great. Thank you, Parmeet. Hello, everyone, and thank you for joining today's call. Before I begin, I would like to welcome new AMG President, Mike Zhang.

偉大的。謝謝你，帕米特。大家好，感謝您參加今天的電話會議。在開始之前，我要歡迎新任 AMG 總裁 Mike 張。

While Mike is new to this role, he is not new to Agilent. Mike joined Agilent more than 20 years ago as a manufacturing engineer in China and most recently was Vice President and General Manager of the GC and GCMS business within our former Life Sciences and Applied Markets Group. With his broad experience in both manufacturing and in the business, Mike will be an incredible asset in this role. I'm very much looking forward to him moving AMG and Agilent forward.

雖然 Mike 是這個職位的新手，但他對安捷倫並不陌生。Mike 於 20 多年前加入安捷倫，擔任中國製造工程師，最近擔任我們前生命科學和應用市場集團 GC 和 GCMS 業務的副總裁兼總經理。麥克在製造和業務方面擁有豐富的經驗，他將成為這個職位上令人難以置信的資產。我非常期待他推動 AMG 和安捷倫向前發展。

I also want to take a moment to wish Phil Binns a wonderful retirement in advance of them leaving Agilent. Phil joined Agilent with the Varian acquisition in 2010, all told, Phil is celebrating just over 40 years of service with Agilent and Varian. Although Phil is retiring from the Business President role, he has graciously agreed to serve as a special adviser through April 2025. All of us at Agilent wish Phil the very best and look forward to working with him during the last five months at Agilent.

在 Phil Binns 離開安捷倫之前，我還想花點時間祝福他們退休後生活愉快。Phil 於 2010 年隨著瓦里安收購而加入安捷倫，總而言之，Phil 正在慶祝在安捷倫和瓦里安工作 40 多年。儘管菲爾即將辭去業務總裁一職，但他慷慨地同意擔任特別顧問直至 2025 年 4 月。安捷倫全體員工祝福 Phil 一切順利，並期待在安捷倫的最後五個月與他合作。

Now on to our high-level Q4 results. I'm happy to share, not only our solid fourth quarter results that point to continued steady market recovery, but also our outlook and drivers for 2025 fiscal year. I am especially excited to talk about Agilent's customer first strategy evolution and our aggressive transformation ambition that led to the news you read ahead of the call; a new market-focused organizational structure to become a nimbler, even more customer-centric company to accelerate our performance.

現在來看我們第四季的高水準結果。我很高興與大家分享，不僅是我們第四季度的穩健業績表明市場將持續穩定復甦，而且還有我們對 2025 財年的前景和驅動因素。我特別興奮地談論安捷倫客戶至上的策略演變和我們積極的轉型雄心，這導致了您在電話會議之前閱讀的新聞；一個新的以市場為中心的組織結構，成為更靈活、更以客戶為中心的公司，以提高我們的表現。

In the fourth quarter, the Agilent team delivered revenue of $1.701 billion, roughly 1% reported growth with a flat core growth. This represents a sequential improvement of over 400 basis points from Q3.

第四季度，安捷倫團隊營收 17.01 億美元，成長約 1%，核心成長持平。這意味著較第三季連續改善了 400 多個基點。

In addition, our total company book-to-bill was greater than one. This points to a steady market improvement we're seeing, and we expect it to continue in 2025.

此外，我們公司的總訂單出貨量大於一。這表明我們看到市場正在穩步改善，我們預計這種情況將在 2025 年持續下去。

We also gained share in all our geographies, evidence that even in challenging CapEx environment, customers trust Agilent. As we evolve, we are confident this will only accelerate. Bob will provide deeper details on our Q4 results and our outlook for Q1 and FY25.

我們還在所有地區獲得了市場份額，這證明即使在充滿挑戰的資本支出環境中，客戶也信任安捷倫。隨著我們的發展，我們相信這只會加速。Bob 將提供有關我們第四季度業績以及第一季和 2025 財年展望的更深入詳細資訊。

Now I'd like to spend some time talking about our new organizational structure we announced earlier today. Our new market-focused organizational structure is a result of our customer-centric market first strategy and an important step in our organizational transformation work, which we have named, Ignite. This is a product of our enterprise-focused strategy that drives our evolution to become a nimbler, even more customer-centric company to accelerate our performance.

現在我想花一些時間談談我們今天早些時候宣布的新組織結構。我們新的以市場為中心的組織結構是我們以客戶為中心的市場優先策略的結果，也是我們組織轉型工作的重要一步，我們將其命名為「Ignite」。這是我們以企業為中心的策略的產物，該策略推動我們發展成為一家更靈活、更以客戶為中心的公司，從而加快我們的績效。

The new market-focused organization structure is one of the most significant changes Agilent has seen in a decade and continues the work we did creating our commercial organization three years ago. The commercial organization doubled down on our customer-first approach in the field and is a critical competitive advantage in supporting our customers.

新的以市場為中心的組織結構是安捷倫十年來最重大的變化之一，它延續了我們三年前創建商業組織的工作。該商業組織加倍致力於我們在該領域的客戶至上方法，並且是支持我們客戶的關鍵競爭優勢。

At that time, we started by creating a singular commercial leadership structure. We then created a foundational infrastructure and intensified our focus on digital capabilities, accelerated an end-to-end customer experience, and ensure sales channels were customer and market centric. So the changes you see today are part of the successful journey we started three years ago.

當時，我們首先創造了一個單一的商業領導結構。然後，我們創建了基礎設施，並加強了對數位能力的關注，加速了端到端客戶體驗，並確保銷售管道以客戶和市場為中心。因此，您今天看到的變化是我們三年前開始的成功旅程的一部分。

With the new structure, we are aligning business units to our markets, facilitating close collaboration among the businesses like never before, and enabling better execution on cross-division customer first priorities. We are combining the strength of our three businesses, as well as our portfolios, so that we can offer end-to-end solutions and workflows that revolve around our customers and markets.

透過新的結構，我們正在根據市場調整業務部門，以前所未有的方式促進業務之間的密切合作，並更好地執行跨部門的客戶至上優先事項。我們正在整合三大業務以及產品組合的優勢，以便能夠提供圍繞客戶和市場的端到端解決方案和工作流程。

The life sciences and diagnostics markets groups, or LDG, represents $2.5 billion in annual revenue and is primarily focused on our pharma, biopharma and clinical diagnostics end markets. LDG provides a comprehensive portfolio of leading technology platforms and solutions to serve Agilent's customers value chain, including research and discovery, development and scale-up, production of therapeutics, and development of critical cancer diagnostics.

生命科學和診斷市場集團 (LDG) 的年收入為 25 億美元，主要專注於我們的製藥、生物製藥和臨床診斷終端市場。LDG 提供全面的領先技術平台和解決方案組合，為安捷倫的客戶價值鏈提供服務，包括研究和發現、開發和放大、治療藥物的生產以及關鍵癌症診斷的開發。

LDG includes and LC/MS, cell analysis as well as CDMO capabilities, which include NASD and BIOVECTRA The business also includes pathology, companion diagnostics and genomics. Simon May will serve as President of LDG. Prior to joining Agilent earlier this year, Simon was Executive Vice President and President of Life Science Group at Bio-Rad Laboratories.

LDG 包括 LC/MS、細胞分析以及 CDMO 功能，其中包括 NASD 和 BIOVECTRA。西蒙·梅 (Simon May) 將擔任 LDG 總裁。在今年稍早加入安捷倫之前，Simon 曾擔任 Bio-Rad Laboratories 執行副總裁兼生命科學部總裁。

The Applied Markets Group, or AMG represents $1.3 billion in annual revenue and is focused on food, environmental, forensics, chemicals and advanced materials markets. AMG includes GC and GCMS, spectroscopy, vacuum technology platforms and certified preowned business. AMG will focus on growing Agilent's strong leadership in these markets and accelerating growth in new areas of the market. Mike Zhang, a 22-year veteran of Agilent has been promoted to President of AMG. Most recently, Mike was Vice President and General Manager of our GC and GCMS product lines.

Applied Markets Group (AMG) 年收入達 13 億美元，專注於食品、環境、法醫學、化學品和先進材料市場。AMG 包括 GC 和 GCMS、光譜學、真空技術平台和經過認證的二手業務。AMG 將專注於增強安捷倫在這些市場的強大領導地位，並加速市場新領域的成長。在安捷倫工作了 22 年的老員工 Mike 張已晉升為 AMG 總裁。最近，Mike 擔任我們 GC 和 GCMS 產品線的副總裁兼總經理。

At the Agilent CrossLab Group, or ACG, represents $2.7 billion in annual revenue and is focused on supporting our customers in all our end markets. The group is uniquely positioned to leverage its comprehensive portfolio and capabilities to further enhance the installed base of instruments with targeted workflows and applications that drive critical outcomes and productivity in labs.

安捷倫 CrossLab 集團 (ACG) 的年收入為 27 億美元，致力於為所有終端市場的客戶提供支援。該集團擁有獨特的優勢，可以利用其全面的產品組合和功能，透過有針對性的工作流程和應用程式進一步增強儀器的安裝基礎，從而推動實驗室的關鍵成果和生產力。

ACG includes services, software and informatics, automation and consumables. This business will accelerate and strengthen customer relationships across all end markets. Angelica Riemann, a 25-year veteran of Agilent will continue to serve as President of ACG.

ACG 包括服務、軟體和資訊學、自動化和消耗品。該業務將加速並加強所有終端市場的客戶關係。在安捷倫工作了 25 年的資深人士 Angelica Riemann 將繼續擔任 ACG 總裁。

Prior to her current role, she served as Vice President and General Manager of the ACG Services business. This change is one of the many that demonstrate how we're becoming nimbler and accelerating the pace of innovation.

在擔任現職之前，她曾擔任 ACG 服務業務副總裁兼總經理。這項變化是我們如何變得更加靈活並加快創新步伐的眾多變化之一。

And you can see that with the Q4 launch of the exciting Agilent Infinity III LC series that harnesses our 50 years of LC expertise and leadership. The Infinity III Series has advanced automation that simplifies our customers' daily routines and is compatible with the previous generation, which allows for seamless upgrades and technology refreshes.

您可以看到，第四季度推出的令人興奮的 Agilent Infinity III 液相層析系列充分利用了我們 50 年的液相層析專業知識和領先地位。Infinity III 系列具有先進的自動化功能，可簡化客戶的日常工作，並與上一代產品相容，從而實現無縫升級和技術更新。

An Agilent InfinityLab LC solutions are certified by my green lab. These instruments optimize lab space and they reduce water, solvent, and energy consumption while also minimizing waste. While just launched in October, early traction from customers has been very positive.

Agilent InfinityLab 液相層析解決方案已通過我的綠色實驗室認證。這些儀器優化了實驗室空間，減少了水、溶劑和能源的消耗，同時也最大限度地減少了浪費。雖然 10 月才剛推出，但早期客戶的吸引力非常正面。

Also in Q4, we closed our acquisition of BIOVECTRA demonstrating our commitment to providing customers the most advanced capabilities to accelerate their therapeutic programs. With BIOVECTRA now being part of Agilent, we expand our portfolio of CDMO services beyond our market-leading oligonucleotide production at NASD. We're adding more rapidly growing therapeutic modalities like peptide census market expected to continue to expand rapidly over the coming years and bringing world-class capabilities to support gene editing therapies.

同樣在第四季度，我們完成了對 BIOVECTRA 的收購，這表明我們致力於為客戶提供最先進的能力來加速他們的治療計劃。隨著 BIOVECTRA 現在已成為安捷倫的一部分，我們將 CDMO 服務組合擴展到 NASD 市場領先的寡核苷酸生產之外。我們正在增加更多快速成長的治療方式，例如肽普查市場，預計將在未來幾年繼續快速擴張，並帶來世界一流的能力來支持基因編輯療法。

Just last month, my leadership team and I visited BIOVECTRA to welcome our new team members to Agilent and we became even more accelerated by the capabilities we would be able to harness. Plus both Agilent BIOVECTRA is focused on putting customers first and accelerating the pace of innovation so we can add to and capitalize on opportunities was abundantly clear as I spoke to dozens of BIOVECTRA employees. Separately, during the quarter, we had another important milestone.

就在上個月，我和我的領導團隊參觀了 BIOVECTRA，歡迎我們的新團隊成員加入安捷倫，我們能夠利用的能力變得更加加速。此外，當我與數十名 BIOVECTRA 員工交談時，安捷倫 BIOVECTRA 專注於將客戶放在第一位並加快創新步伐，以便我們能夠增加和利用機會，這一點非常清楚。另外，在本季度，我們又實現了另一個重要的里程碑。

For the full year, we passed the $1 billion mark in digital orders for the first time across the company. This is a result of our investment in our digital ecosystem to ensure our customers can do business with us in ways that meet their needs.

全年，我們全公司的數位訂單首次突破 10 億美元大關。這是我們對數位生態系統進行投資的結果，以確保我們的客戶能夠以滿足其需求的方式與我們開展業務。

To reinforce what I've stated in previous calls, we're sharply focused on key growth vectors such as biopharma, PFAS and advanced materials. And the Agilent team is mobilized to accelerate value creation through our Ignite transformation program. The objective of Ignite is to drive revenue growth and margin expansion by increasing our execution capabilities. The world is moving faster than ever, and so are we.

為了強調我在之前的電話會議中所說的內容，我們將重點放在生物製藥、PFAS 和先進材料等關鍵成長載體。安捷倫團隊積極行動起來，透過我們的 Ignite 轉型計畫加速價值創造。Ignite 的目標是透過提高我們的執行能力來推動營收成長和利潤擴張。世界的發展速度比以往任何時候都快，我們也是。

That's exactly why we introduced our new market-focused organization structure. We are laser-focused on winning in the marketplace and adding value to our customers and shareholders. We will dive more deeply into these details, including our evolved strategy and the Ignite transformation that will help us execute on that strategy at our Investor Day on December 17 in New York.

這正是我們引進新的以市場為中心的組織結構的原因。我們專注於贏得市場並為我們的客戶和股東增加價值。我們將更深入地探討這些細節，包括我們不斷發展的策略和 Ignite 轉型，這將有助於我們在 12 月 17 日於紐約舉行的投資者日上執行該策略。

Bob will now provide the details of our results as well as our outlook for the fiscal year of 2025 and the first quarter. After Bob delivers his comments, I will be back for some closing remarks. Over to you, Bob.

鮑伯現在將提供我們業績的詳細資訊以及我們對 2025 財年和第一季的展望。鮑伯發表評論後，我將回來發表一些結束語。交給你了，鮑伯。

Thank you, Padraig. And good afternoon, everyone. In my remarks today, I will provide some additional details on fourth quarter revenue and take you through the income statement and other key financial metrics. I'll then cover our guidance for fiscal year 2025 and the first quarter of 2025. Unless otherwise noted, my remarks will focus on non-GAAP results.

謝謝你，帕德萊格。大家下午好。在今天的演講中，我將提供有關第四季度收入的一些其他詳細信息，並帶您了解損益表和其他關鍵財務指標。然後，我將介紹我們對 2025 財年和 2025 年第一季的指導。除非另有說明，我的評論將重點放在非公認會計原則的結果上。

As Padraig said, we are pleased with our Q4 results. Agilent finished the fourth quarter with core growth in line with our expectations, while EPS exceeded our expectations as we executed well against a challenging, albeit improving market. Q4 revenue was $1.701 billion, a decline of 0.3% core with a sequential improvement of over 400 basis points.

正如 Padraig 所說，我們對第四季的業績感到滿意。安捷倫第四季的核心成長符合我們的預期，而每股收益超出了我們的預期，因為我們在充滿挑戰但不斷改善的市場中表現出色。第四季營收為 17.01 億美元，核心下降 0.3%，季增超過 400 個基點。

On a reported basis, our revenues were up 0.8% as we benefited from 50 basis points of currency and BIOVECTRA contributed 60 basis points.

根據報告，我們的收入成長了 0.8%，因為我們受益於 50 個基點的貨幣升值，而 BIOVECTRA 則貢獻了 60 個基點。

Looking at our Q4 performance by business unit, the life sciences and applied markets group reported $833 million in revenue. That represents a 1% decline as instrument volumes continue to be constrained by conservative customer CapEx spending while consumables grew mid-single digits.

以業務部門劃分的第四季業績來看，生命科學和應用市場部門的收入為 8.33 億美元。這代表著 1% 的下降，因為儀器銷售繼續受到保守的客戶資本支出支出的限制，而消耗品則實現了中個位數的成長。

Having said that, for our instruments business, our orders grew year on year, and for the third consecutive quarter, our book-to-bill was once again greater than one. We see this as positive evidence of an ongoing steady instrument recovery.

儘管如此，對於我們的儀器業務來說，我們的訂單同比增長，並且連續第三個季度我們的訂單出貨比再次大於一。我們認為這是工具持續穩定復甦的正面證據。

Moving on to Agilent CrossLab Group. The business delivered revenue of $426 million for the quarter, up 5%. ACG grew in every market and in every region except China, where it was flat year over year, but up sequentially.

轉至安捷倫 CrossLab 集團。該業務本季實現營收 4.26 億美元，成長 5%。ACG 在每個市場和每個地區都有成長，但中國除外，中國的銷量同比持平，但環比上升。

The contracts business, including our fast-growing enterprise services business, grew double digits again in Q4 as it has every quarter this year. Our largest customers continue to maximize utilization of their assets, right size our operations and leverage OpEx budgets to deliver on their productivity goals and outcomes. We recently received a top supplier award from one of our largest strategic customers in the applied markets as a recognition of our long-standing and beneficial partnership throughout the years.

合約業務，包括我們快速成長的企業服務業務，在第四季度再次實現兩位數成長，與今年每季相同。我們最大的客戶繼續最大限度地利用他們的資產，調整我們的營運規模，並利用營運支出預算來實現他們的生產力目標和成果。最近，我們從應用市場最大的策略客戶之一獲得了頂級供應商獎，以表彰我們多年來的長期、有益的合作夥伴關係。

The diagnostics and genomics group posted $442 million in revenue, representing a 3% decline that was slightly above expectations. Pathology saw solid growth globally and was offset by expected softness in NASD and cell analysis instruments.

診斷和基因組學集團的收入為 4.42 億美元，下降 3%，略高於預期。病理學在全球範圍內實現了穩健增長，但被 NASD 和細胞分析儀器的預期疲軟所抵消。

Now looking at our end markets and geographies. Our largest end market pharma declined 1%, slightly better than what we expected. Within pharma, biopharma declined mid-single digits, while small molecule grew low single digits. Encouragingly, all regions, except for the Americas, grew in the quarter.

現在看看我們的終端市場和地區。我們最大的終端市場製藥公司下跌 1%，略優於我們的預期。在製藥業，生物製藥出現中個位數下降，而小分子藥物則出現低個位數成長。令人鼓舞的是，除美洲外，所有地區本季均實現成長。

The Americas region was pressured by the expected decline of NASD. We expect both the Americas region and NASD to return to growth in fiscal year 2025.

美洲地區因 NASD 預期下跌而承壓。我們預計美洲地區和 NASD 都將在 2025 財政年度恢復成長。

In chemicals and advanced materials, revenue grew 1% and with our advanced materials submarket growing mid-single digits, driven by our business in the semiconductor market. Our business in the diagnostics and clinical end market performed strongly, growing 7%, driven by pathology and improved performance in genomics.

在化學品和先進材料領域，收入成長了 1%，在半導體市場業務的推動下，我們的先進材料子市場實現了中個位數成長。在病理學和基因組學業成績改善的推動下，我們在診斷和臨床終端市場的業務表現強勁，成長了 7%。

In environmental and forensics, we declined 6%, although dollars were roughly flat sequentially. All regions grew, except for the US, related to timing of orders. That being said, we continue to see very strong growth in PFAS solutions with our business growing more than 40% in Q4 across multiple end markets. Now wrapping up our end markets. Food was down 3% versus last year, while our academia and government market was down 1%.

在環境和法證領域，我們下降了 6%，儘管美元環比基本持平。除美國外，所有地區的成長都與訂單時間有關。話雖如此，我們繼續看到 PFAS 解決方案的強勁成長，我們的業務在第四季度在多個終端市場成長了 40% 以上。現在結束我們的終端市場。食品價格比去年下降了 3%，而我們的學術界和政府市場則下降了 1%。

Geographically, Asia ex China grew high single digits, and Europe grew low single digits in the quarter, while the Americas and China declined as expected. China was down only 3% and exceeded our expectations. We also booked our first China stimulus orders in October and anticipate much more in fiscal year 2025.

從地理上看，本季亞洲（中國除外）成長高個位數，歐洲成長低個位數，而美洲和中國則如預期下降。中國僅下跌 3%，超出了我們的預期。我們也在 10 月預訂了第一批中國刺激訂單，並預計 2025 財年會有更多訂單。

Now let's move to the rest of the P&L. Gross margin was 55.1% in the quarter, down 70 basis points versus last year driven by lower volume and mix. Our operating margin was 27.4%, as our productivity initiatives and the cost actions we took earlier in the year were fully recognized this quarter. The annualization of these savings, coupled with the market recovery and the initial returns from the Ignite transformation give us confidence in driving EPS growth in fiscal year 2025.

現在讓我們來看看損益表的其餘部分。由於銷售量和產品組合下降，本季毛利率為 55.1%，較去年下降 70 個基點。我們的營業利潤率為 27.4%，因為我們的生產力計劃和今年早些時候採取的成本行動在本季度得到了充分認可。這些節省的年化成本，加上市場的復甦和 Ignite 轉型的初步回報，讓我們有信心推動 2025 財年每股收益的成長。

In addition, we continue to look for ways to drive EPS growth below the line. Our net interest income was in line, while we benefited from a lower tax rate in the quarter and our share count was 287 million diluted shares outstanding.

此外，我們繼續尋找推動每股收益成長低於線下的方法。我們的淨利息收入符合預期，同時我們受益於本季較低的稅率，我們的稀釋後流通股數為 2.87 億股。

Now putting it all together, Q4 earnings per share was $1.46, that was ahead of our expectations and up 6% from a year ago. Now let me turn to cash flow and the balance sheet. We continue to enjoy a very strong balance sheet and healthy cash flows.

現在綜合起來，第四季度每股收益為 1.46 美元，超出了我們的預期，比一年前增長了 6%。現在讓我談談現金流和資產負債表。我們繼續享有非常強勁的資產負債表和健康的現金流。

Operating cash flow was $481 million in the quarter, and we invested $93 million in capital expenditures. For the year, we well exceeded our operating cash flow expectations, with operating cash flow of $1.75 billion. During the quarter, we returned over $400 million to shareholders, consisting of $335 million in share repurchases and $68 million in dividends.

本季營運現金流為 4.81 億美元，我們投資了 9,300 萬美元的資本支出。今年，我們的經營現金流量遠超預期，達到 17.5 億美元。本季度，我們向股東返還了超過 4 億美元，其中包括 3.35 億美元的股票回購和 6,800 萬美元的股息。

For the year, we returned over $1.4 billion to shareholders through repurchasing shares and dividends. Looking forward, you may have also seen recently, we announced a 5% increase in our quarterly dividend, marking another year of increases in advancing our industry-leading dividend yield.

今年，我們透過回購股票和股利向股東返還超過 14 億美元。展望未來，您最近可能還看到，我們宣布將季度股息增加 5%，標誌著我們行業領先的股息收益率又迎來了一年的成長。

We ended the quarter with a net leverage ratio of 1.1, a very strong number even as we acquired BIOVECTRA in the quarter. Our strong cash flow and healthy balance sheet provide us with plenty of opportunity to invest in the business going forward. In summary, we performed well and saw steady market improvement in the quarter. We are executing well, staying disciplined and investing in high-growth opportunities.

本季結束時，我們的淨槓桿率為 1.1，即使我們在本季度收購了 BIOVECTRA，這也是一個非常強勁的數字。我們強勁的現金流和健康的資產負債表為我們提供了大量投資未來業務的機會。總而言之，本季我們表現良好，市場穩定改善。我們執行良好，保持紀律並投資於高成長機會。

Now let's move on to our outlook for the upcoming fiscal year and first quarter. We expect the recovery that we have seen the past few quarters to continue throughout fiscal 2025. While we expect the market to grow slower than historical rates for the full year, we expect improvement throughout the year with the second half of the year, returning to more traditional levels of growth. We expect our results to mirror that cadence of improvement on a core basis.

現在讓我們繼續展望下一財年和第一季。我們預計過去幾季的復甦將持續到 2025 財年。雖然我們預計全年市場成長速度將低於歷史水平，但我們預計下半年市場將有所改善，並恢復到更傳統的成長水平。我們希望我們的結果能夠反映核心基礎上的改進節奏。

As Padraig noted earlier, we exited Q4 with a book-to-bill ratio over 1 for the company, and greater than 1 for instruments. In addition, Q4 was the first quarter in 2024 that instrument orders grew year-on-year. While one quarter does not a trend make, it is certainly encouraging.

正如 Padraig 之前指出的那樣，我們在第四季度結束時，公司的訂單出貨比超過 1，而儀器的訂單出貨比則大於 1。此外，Q4是2024年第一個儀器訂單年增的季度。雖然四分之一不算趨勢，但它確實令人鼓舞。

For the full year guide, we expect revenue in the range of $6.79 billion to $6.87 billion. This represents a reported growth range of 4.3% to 5.5%. Currency is a slight headwind of 0.2 points, while M&A related to BIOVECTRA contributes 2% at the low end, and 2.2% at the high end. This translates to a core growth of 2.5% to 3.5%.

對於全年指南，我們預計收入在 67.9 億美元至 68.7 億美元之間。據報道，這表示增長範圍為 4.3% 至 5.5%。貨幣略有阻力，為 0.2 個點，而與 BIOVECTRA 相關的併購在低端貢獻了 2%，在高端貢獻了 2.2%。這意味著核心成長率為 2.5% 至 3.5%。

To start the year, we think this is a prudent way to plan given the near-term dynamics in the US. From a geographic perspective, we expect modest growth in the Americas and Europe. While we see funnel activity increasing in China, we're taking a conservative approach on the timing of revenue associated with the stimulus. We expect to see recovery over the course of the year in China, resulting in slightly positive growth for the full year.

在今年伊始，考慮到美國的近期動態，我們認為這是一種謹慎的規劃方式。從地理角度來看，我們預期美洲和歐洲將出現溫和成長。雖然我們看到中國的漏斗活動有所增加，但我們對與刺激措施相關的收入時機採取了保守的態度。我們預計中國將在年內復甦，從而實現全年小幅正成長。

From a business group perspective, we expect to return to growth in all three groups led by ACG. As a note, this statement is true under the new structure as well. As Parmeet mentioned earlier, we will provide recast historical segment information to reflect these changes ahead of our upcoming Investor Day.

從業務集團的角度來看，我們預計以 ACG 為首的所有三個集團都將恢復成長。請注意，這一說法在新結構下也適用。正如 Parmeet 之前提到的，我們將在即將到來的投資者日之前提供重鑄的歷史細分信息，以反映這些變化。

In terms of phasing, we expect improvement throughout the year with more normalized growth expected in the second half of the year. We are projecting roughly 50 to 70 basis points of operating margin expansion for the year. Below the line, we expect net interest expense of $25 million due to the financing of BIOVECTRA versus the net interest income this year.

就分階段而言，我們預計全年都會有所改善，預計下半年成長將更加正常化。我們預計今年營業利潤率將擴大約 50 至 70 個基點。在此線之下，我們預計由於 BIOVECTRA 融資而產生的淨利息支出為 2,500 萬美元，而今年的淨利息收入則為 2,500 萬美元。

In addition, we expect a tax rate of 13% and 286 million shares outstanding. Fiscal 2025 non-GAAP EPS is expected to be in the range of $5.54 to $5.61,and incorporates the planned $0.05 a year one dilution from BIOVECTRA. This range represents a 5% to 6% growth rate and if excluding the (inaudible) dilution, a growth rate of 6% to 7% year on year.

此外，我們預計稅率為 13%，流通股數為 2.86 億股。2025 財年非 GAAP 每股盈餘預計在 5.54 美元至 5.61 美元之間，並包含 BIOVECTRA 計劃每年稀釋 0.05 美元。此範圍代表 5% 至 6% 的成長率，如果排除（聽不清楚）稀釋，則年成長率為 6% 至 7%。

We expect cash flow to remain strong in fiscal year 2025. We are expecting roughly $1.65 billion in operating cash flow and $450 million in CapEx as 2025 is the peak spending year for the NASD expansion.

我們預計 2025 財年現金流將保持強勁。由於 2025 年是 NASD 擴張的支出高峰年，我們預計營運現金流約為 16.5 億美元，資本支出為 4.5 億美元。

Looking to Q1, we expect revenue in the range of $1.65 billion to $1.68 billion. Our forecast assumes no significant budget flush during the end of this calendar year. This represents a reported decline of 0.5% to growth of 1.3%. Currency is a 30 basis point headwind, while M&A is expected to contribute 1.8 points of growth. We are expecting core growth between a decline of 2% to flat at the upper end.

展望第一季度，我們預計營收在 16.5 億美元至 16.8 億美元之間。我們的預測假設今年底不會出現重大預算充裕。據報道，這意味著下降 0.5%，而成長 1.3%。匯率是 30 個基點的逆風，而併購預計將貢獻 1.8 個基點的成長。我們預計核心成長將下降 2% 至持平於上限。

It's important to note that we estimate our projected Q1 year-over-year results will be negatively impacted this year by roughly 2 percentage points due to timing of the Lunar New Year, which occurs in late January versus February of last year. This includes the additional $15 million in revenue pull forward we communicated in Q1 of last year.

值得注意的是，由於農曆新年發生在 1 月底，與去年的 2 月相比，我們預計今年第一季的年比業績將受到約 2 個百分點的負面影響。這包括我們在去年第一季通報的額外 1500 萬美元的收入拉動。

Adjusting for the Lunar New Year impact, we are expecting continued sequential growth improvement. First-quarter 2025 non-GAAP earnings per share are expected to be between $1.25 and $1.28, lower than the full year growth rate due to the Lunar New Year timing.

在調整農曆新年的影響後，我們預期季增將持續改善。2025 年第一季非 GAAP 每股收益預計在 1.25 美元至 1.28 美元之間，由於農曆新年的原因，低於全年增長率。

Looking into 2025 and beyond, we remain incredibly optimistic about the future of our markets and our long-term prospects. We are confident in our new market-focused approach and the Ignite transformation will propel us to accelerate growth, and we will become a stronger company.

展望 2025 年及以後，我們對市場的未來和長期前景仍然非常樂觀。我們對以市場為中心的新方法充滿信心，Ignite 轉型將推動我們加速成長，我們將成為更強大的公司。

With that, I'll turn it back over to Padraig for some closing comments. Padraig?

至此，我會將其轉回給 Padraig 進行一些總結評論。帕德萊格？

I've said it before and I want to say it again, these are exciting times at Agilent. Over the last several months, we've been focused on evolving our strategy, transforming our processes, and empowering our people while continuing to win in the marketplace. Already, we've made bold moves that have created momentum.

我以前說過，現在我想再說一遍，這是安捷倫激動人心的時刻。在過去的幾個月裡，我們一直專注於發展我們的策略、轉變我們的流程、賦予我們的員工權力，同時繼續贏得市場。我們已經採取了大膽的舉措，創造了動力。

We've developed our future strategy. We've kicked off our Ignite transformation to help execute on that strategy. And along the way, we've made moves to create new growth vectors. We are making acquisitions that will contribute to our growth and we are strengthening our capability to efficiently and effectively integrate those acquisitions that will lay the foundation for future M&A.

我們已經制定了未來的戰略。我們已經啟動了 Ignite 轉型，以幫助執行該策略。一路走來，我們已經採取措施創造新的成長載體。我們正在進行的收購將有助於我們的成長，我們正在加強我們高效整合這些收購的能力，這將為未來的併購奠定基礎。

These initial actions position us well for the journey ahead. They ensure we are building the capability, strength and speed to reinvigorate our culture and enable us to thrive while delivering outstanding results for our customers and for our shareholders. And amid all this change, Fortune Magazine this month named Agilent number 11 among the world's best workplaces 2024, a list that only includes 25 companies.

這些初步行動為我們未來的旅程做好了準備。他們確保我們正在建立能力、實力和速度，以重振我們的文化，使我們能夠蓬勃發展，同時為我們的客戶和股東提供卓越的業績。在所有這些變化中，《財富》雜誌本月將安捷倫評為 2024 年全球最佳工作場所排名第 11 位，該名單僅包括 25 家公司。

This is yet another recognition of what we already know internally. The Agilent team is the best in the industry. This is not only a recognition of our outstanding company culture, but of the talented professionals we have; ones who are ambitious, resilient and high performing. This is exactly the team we need to evolve Agilent to build an enduring company that sets the standard for excellence with our customers and creates value for our shareholders.

這是對我們內部已經了解的情況的另一個認可。安捷倫團隊是業界最優秀的團隊。這不僅是對我們優秀企業文化的認可，也是對我們擁有的才華橫溢的專業人士的認可；那些雄心勃勃、有韌性、表現出色的人。這正是我們發展安捷倫所需的團隊，以打造一家持久的公司，為我們的客戶樹立卓越標準，並為我們的股東創造價值。

Thank you again for joining today's call. I couldn't be more energized by the momentum we have, the opportunities we will see and the history we will make.

再次感謝您參加今天的電話會議。我們擁有的動力、我們將看到的機會以及我們將創造的歷史，讓我無比振奮。

Now I look forward to answering your questions. Parmeet?

現在我期待著回答您的問題。帕米特？

Thanks, Padraig. Operator, if you could please provide instructions for Q&A now.

謝謝，帕德萊格。接線員，如果可以的話，請立即提供問答說明。

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）Patrick Donnelly，花旗銀行。

hey, guys, thanks for taking the questions. Padraig, maybe one for you, just on the instrument side. I know you guys touched on the book-to-bill over 1 for three quarters now, a little bit of interest growth on the order side year over year. Can you just talk about where we are in the cycle, what your expectations are? As you guys know, there's a debate in the market about what the cycle looks like?

嘿，夥計們，感謝您提出問題。Padraig，也許適合你，只是在樂器方面。我知道你們三個季度以來都在談論訂單出貨比超過 1，訂單方面的興趣逐年增長。您能否談談我們處於週期中的哪個位置，您的期望是什麼？如你們所知，市場上對於週期是什麼樣子存在爭論？

Does it overcorrect to the upside as we work our way through the next year or so? How are you guys framing that up? What's the right way to think about this replacement cycle, where we are and the size of it as we go forward here?

當我們在明年左右努力時，它是否過度修正了上行趨勢？你們是如何建構這個框架的？思考這個更換週期的正確方法是什麼？ 我們現在所處的位置以及我們在此前進的過程中的規模？

Yeah. Thanks, Patrick. Great question. So clearly, we're seeing a steady recovery in instruments and our book-to-bill was greater than 1, which is really great to see. In terms of replacement cycle, what you would see across the industry is that it's not uniform, it's across different vendors.

是的。謝謝，派崔克。很好的問題。很明顯，我們看到儀器的穩定復甦，我們的訂單出貨比大於 1，這真是太好了。就更換週期而言，整個產業的情況並不統一，而是由不同的供應商進行。

It's at different speeds. And of course, at different times. But what we do see is that we have -- we're probably median way through the expected timing on where we -- where we expect that replacement cycle to be.

這是不同的速度。當然，在不同的時間。但我們確實看到的是，我們可能正處於我們預期的更換週期的預期時間的中間位置。

We see competitors are probably benefiting from a refresh of their own installed base with some new systems. But what you would see from our side is our Infinity trade that we announced last month. We expect to start seeing an increased demand for our solutions, and we're seeing a lot of excitement with our customer base, and we've already seen tens of millions of dollars in orders there. So, what we expect in that replacement cycle is to be slow and steady, but really kicking off in Q1.

我們看到競爭對手可能會受益於透過一些新系統更新自己的安裝基礎。但你從我們這邊看到的是我們上個月宣布的無限交易。我們期望開始看到對我們的解決方案的需求增加，我們看到我們的客戶群非常興奮，並且我們已經在那裡看到了數千萬美元的訂單。因此，我們期望更換週期緩慢而穩定，但真正在第一季開始。

Okay. That's helpful. And then maybe on China, always a focus with you guys. Sounds like slight growth for '25 is the right way to think about it. Can you just talk about what you guys are seeing there and hearing there.

好的。這很有幫助。然後也許是中國，你們總是關注的焦點。聽起來 25 年的輕微增長是正確的思考方式。您能談談你們在那裡看到和聽到的事情嗎？

Bob, helpful to hear that you guys got your first new orders there in October. What's the expectation as we move forward here? It sounds like a steady recovery. Are you still seeing -- I know you guys were kind of hovering around that $300 million revenue a quarter stability. So it sounds like continued and maybe a little bit of improvement as we work our way through the year. Are there different segments that are maybe picking up a little bit would be helpful to talk through that?

鮑勃，聽說你們十月在那裡收到了第一批新訂單，這對我很有幫助。我們在這裡前進的期望是什麼？聽起來像是在穩定復甦。你是否還在看到——我知道你們在季度收入 3 億美元的穩定水平上徘徊。因此，在我們這一年的工作中，這聽起來像是持續的，甚至可能是一點點的改進。是否有一些不同的部分可能會有所幫助，以便討論這個問題？

Yes. Thanks, Patrick. So performance was a bit better than expected, and it was also really encouraging to see lab activity to continue to improve across our services and consumables. So we actually have seen quite dramatic share gains within China, which is also a really good point. So what I would say is it's steadily improving, talking to the teams.

是的。謝謝，派崔克。因此，性能比預期要好一些，看到實驗室活動繼續改進我們的服務和消耗品也非常令人鼓舞。所以我們實際上在中國看到了相當大的份額成長，這也是一個非常好的一點。所以我想說的是，透過與團隊交談，它正在穩步改進。

And I would say on the stimulus side, we talked in the call about we've already had some stimulus orders in. We expect much more in Q1. That will, of course, translate to revenue. And this is a really, really good sign as we see momentum both from the direct input of more confidence in the market and, of course, getting the dollars -- getting the dollars in. So steadily improving.

我想說，在刺激方面，我們在電話中談到我們已經收到了一些刺激訂單。我們對第一季的期望更高。當然，這將轉化為收入。這是一個非常非常好的跡象，因為我們看到了動力，這既來自對市場信心增強的直接投入，當然還有資金投入。就這樣穩步提升。

And we expect that through the year, Patrick. We expect as we go through the stimulus orders and we go forward, expect that to improve. The one area that was a real standout for us was PFAS in China. It was the fastest-growing business for us across the globe or region, across the globe. And that just goes to show the durable nature of some of these growth factors that are happening where you have the emergent Pollutants act moving.

我們預計這一年都會如此，派崔克。我們預計，當我們通過刺激令並繼續前進時，預計情況會有所改善。對我們來說真正突出的一個領域是中國的 PFAS。這是我們在全球或全球地區成長最快的業務。這正好顯示了在新出現的污染物移動的情況下發生的一些增長因素的持久性。

And what we've seen in China is that our great technical expertise, coupled with our great solutions already there to pick up the business. So that was one really a clear standout.

我們在中國看到的是，我們擁有出色的技術專業知識，加上我們已經在那裡開展業務的出色解決方案。所以這確實是一個明顯的突出。

Yeah. Hey, Patrick, just want to add on to what Padraig is saying. You're absolutely right. We ended the quarter with roughly $310 million, $312 million to be precise in China, which was a nice sequential increase from Q3, and it was down 3%, as I mentioned.

是的。嘿，派崔克，我只想補充帕德萊格所說的內容。你是絕對正確的。本季結束時，我們的銷售額約為3.1 億美元，準確地說是在中國的3.12 億美元，這與第三季度相比是一個不錯的環比增長，但正如我提到的，下降了3 %。

In addition to the PFAS, both chemical and advanced materials actually grew in the quarter. We have a leadership position and pharma was flat, which was actually a very nice thing. And we're taking a kind of a conservative approach, as I mentioned, in terms of the stimulus orders, but we are seeing quite active funnel from the standpoint of bidding activity there here in the first half of this quarter as well as -- and expect that to continue throughout the course of '25.

除了 PFAS 之外，化學和先進材料在本季度實際上都有所成長。我們處於領先地位，而製藥業表現平平，這實際上是一件非常好的事情。正如我所提到的，在刺激訂單方面，我們採取了一種保守的方法，但從本季度上半段的投標活動的角度來看，我們看到了相當活躍的漏斗，以及——並預計這種情況將持續到整個25 年。

Matt Sykes, Goldman Sachs.

馬特·賽克斯，高盛。

Maybe the first one just on DGG, which has been sort of weighing on growth over the course of the year, but noticeably strong quarter. You had called out Cancer DX as well as genomics. Could you just provide a little bit more color on what's driving that growth? And how sustainable do you think that growth is, particularly in genomics as we move through '25?

也許第一個是關於 DGG 的，它在這一年中一直在某種程度上拖累成長，但季度表現明顯強勁。您提到了 Cancer DX 和基因組學。您能否提供更多關於推動這項成長的因素？您認為成長的可持續性如何，特別是在我們進入 25 世紀的基因組學領域？

Yeah. I'll just start off, and I'll kick it over to Simon. We really are seeing nice growth in our pathology business, which grew high single digits in Q4 and is slightly ahead of expectations, a highly durable business in any market. What we're seeing in genomics, while it's a still challenging market, we posted low single-digit growth, which was also ahead of expectations.

是的。我先開始，然後把它交給西蒙。我們確實看到了我們的病理學業務的良好成長，該業務在第四季度實現了高個位數成長，略高於預期，在任何市場中都是一項高度耐用的業務。我們在基因組學領域所看到的，雖然它仍然是一個充滿挑戰的市場，但我們發布了較低的個位數成長，這也超出了預期。

But Simon, I don't know if you want to add some color?

不過西蒙，不知道你是否想加點色彩？

Yeah. Just a couple of quick points to add. As Padraig mentioned, we were pretty pleased with the high single-digit growth that we saw in pathology in the quarter. And in particular, the blend and the mix between instruments and consumables there. We continue to be really healthy with our instrument placements, and we think that tees us up quite nicely going into 2025.

是的。只需添加幾個要點即可。正如 Padraig 所提到的，我們對本季病理學領域的高個位數成長感到非常滿意。特別是儀器和消耗品之間的混合和混合。我們的樂器佈局仍然非常健康，我們認為這為我們進入 2025 年做好了很好的準備。

On the genomics side, it was really notable because it's the first time that we've seen growth in genomics for quite a while now. I'd say we've had a bit of a pivot in our strategy there to really double down on the growth drivers that we see in genomics, where we've got clearly differentiated value propositions. And in particular, our Magnus automated NGS library prep continues to see fantastic traction.

在基因組學方面，這確實值得注意，因為這是我們長期以來第一次看到基因組學的增長。我想說，我們的策略已經有了一些關鍵點，可以真正加倍我們在基因組學領域看到的成長動力，我們在基因組學領域擁有明顯差異化的價值主張。特別是，我們的 Magnus 自動化 NGS 文庫製備繼續受到極大的關注。

We're also very encouraged by the pipeline that we're seeing for our Avida NGS chemistry. And again, this gives us a lot of hope going into FY25. And as I think about both pathology and genomics and these growth vectors that we see here, we do believe that the durable given the macro conditions and the competitive position that we enjoy.

我們也對 Avida NGS 化學的管道感到非常鼓舞。這再次讓我們對 25 財年充滿希望。當我思考病理學、基因組學以及我們在這裡看到的這些生長載體時，我們確實相信，鑑於宏觀條件和我們享有的競爭地位，這種持久性是持久的。

Great. And maybe just for my follow-up, a high-level question for you, Padraig, on the re-segmentation. It makes sense from a go-to-market strategy for some of these segments to put them together. I'm wondering from an R&D development and new product innovation, how this might help. I mean, you referenced the LC replacement cycle accelerating faster for competitors as they refresh their installed base.

偉大的。也許只是為了我的後續行動，Padraig，我想向您提出一個關於重新細分的高級問題。從進入市場策略來看，將其中一些細分市場整合在一起是有意義的。我想知道這對研發和新產品創新有何幫助。我的意思是，您提到，隨著競爭對手更新其安裝基礎，LC 更換週期會加快。

Should we start to see a faster cycle of new product introductions due to the re-segmentation? Or is it going to be similar to the pace that we've seen in the past and re-segmentation really doesn't necessarily inform R&D direction?

由於重新細分，我們是否應該開始看到更快的新產品推出週期？或者它會與我們過去看到的速度相似，而重新細分確實不一定能告知研發方向？

Yeah. Well, look, I think we're refocusing the groups really for a few reasons. We want to be closer to our customers, but also understanding where do we want to make our biggest investment or most asymmetric investments that are going to accelerate innovation in key areas.

是的。嗯，聽著，我認為我們重新調整小組的重點確實有幾個原因。我們希望更貼近客戶，但也了解我們希望在哪些方面進行最大的投資或最不對稱的投資，以加速關鍵領域的創新。

And when I talk about focus, it's really three things. Its the energy, the time but also the capital allocation. And what you will see from this refocusing of our segments, we're going to be able to do that. You're going to see programs accelerate. But also, we don't want to be 2 inches deep across the company, we want to be focused on our key growth factors and making sure we accelerate.

當我談論焦點時，實際上是三件事。它是精力、時間，也是資本配置。您將從我們細分市場的重新聚焦中看到，我們將能夠做到這一點。您將看到程式加速。而且，我們不想在整個公司內陷於 2 英寸的深度，我們希望專注於我們的關鍵成長因素並確保我們的加速發展。

We have a huge amount of product lines. And of course, we can have incremental additions to product lines across the board. But from this new structure, you're going to see an acceleration of R&D, no doubt about it.

我們擁有大量的產品線。當然，我們可以全面增加產品線。但從這個新結構中，你將看到研發的加速，這是毫無疑問的。

Rachel Vatnsdal, JPMorgan.

雷切爾·瓦特斯達爾，摩根大通。

Perfect. Thank you for taking the question guys. Good afternoon. So I wanted to follow up on Patrick's question on China. I appreciate that it's early days, but how are you guys thinking about the risk of potential tariff impact on Agilent's business at this point in China and in rest of world? Is there anything embedded in guidance currently from a tariff standpoint? And then can you remind us what was the tariff impact Agilent from the First Trump administration?

完美的。謝謝你們提出問題。午安.所以我想跟進帕特里克關於中國的問題。我知道現在還為時過早，但是你們如何看待關稅對安捷倫在中國和世界其他地區的業務造成潛在影響的風險？從關稅的角度來看，目前的指導是否包含任何內容？那麼您能否提醒我們川普第一屆政府對安捷倫的關稅影響是什麼？

Rachel, this is Bob. I'll take that question. As you can imagine, there's been a fair amount of work that we've been doing on this exact question. What I would take is -- if I took it into two chunks, actually, we've been working on diversifying our supply chain, particularly within China back in '18, '19 when the first tariffs came and then obviously doubled down on that resiliency with COVID.

雷切爾，這是鮑伯。我來回答這個問題。正如您可以想像的那樣，我們在這個問題上做了相當多的工作。我的看法是——如果我把它分成兩部分，實際上，我們一直在努力實現我們的供應鏈多元化，特別是在18、19 年的中國境內，當時第一批關稅來了，然後顯然加倍了。

And so it is $10 million to $15 million existing today, and we think that the future potential magnitude of this is certainly manageable with us with additional mitigation activities. Obviously, with something that would be more broad-based than that it would be more material. But to just give you a frame of reference, roughly two-thirds of our business in the US comes from a product that's sourced in the US.

因此，目前的金額為 1000 萬至 1500 萬美元，我們認為，透過額外的緩解活動，未來的潛在規模肯定是可以控制的。顯然，如果有一些基礎更廣泛的東西，它會更物質。但僅供參考，我們在美國的業務大約有三分之二來自美國採購的產品。

Great. That's helpful. And then just on my follow-up. You mentioned that chemical and advanced materials grew 1% this quarter. I was wondering, can you just break down some of the trends that you saw within that?

偉大的。這很有幫助。然後就是我的後續行動。您提到化學和先進材料本季成長了 1%。我想知道，您能分解一下您在其中看到的一些趨勢嗎？

You mentioned that semiconductors drove some of the performance that you saw on the advanced materials side. And actually, I have one of your peers call out some weakness in semis this quarter. So just talk to us about what you're seeing from an underlying perspective on that side. And then again, just on the Industrial business as well. Thanks.

您提到半​​導體推動了您在先進材料方面看到的一些性能。事實上，我有一位同行指出了本季半決賽的一些弱點。因此，請與我們談談您從這方面的基本角度所看到的情況。話又說回來，還有工業業務。謝謝。

Yeah. So in the chemical and advanced materials, we grew 1%, and we saw 4% materials, and that's driven a lot by our battery business that we have and, of course, semiconductor. We saw a slight decline in chemical and energy. But overall, we're very happy with the growth that we've seen in Asia -- ex-China, by the way, was driven and also low single digits in China.

是的。因此，在化學和先進材料領域，我們成長了 1%，材料成長了 4%，這在很大程度上是由我們擁有的電池業務以及半導體業務推動的。我們看到化學品和能源略有下降。但總體而言，我們對亞洲的成長感到非常滿意——順便說一下，中國以外的地區的成長是受到推動的，而且中國的成長也很低。

So the one thing that I would note about this industry is that we've got the broadest platform and solutions around it. And CAM is returning to positive year-on-year growth for the first time since Q2 and '23. So that really bodes well for the future.

因此，關於這個行業，我要注意的一件事是，我們擁有最廣泛的平台和解決方案。自第二季和 23 年以來，CAM 首次恢復年比正成長。所以這對未來來說確實是個好兆頭。

Yeah. Rachel, and maybe just for the benefit of you and the rest of the folks on the call, I talked about guidance. If you look at it by end market, just to kind of give everyone a frame. For the full year FY25 we're expecting pharma to return to growth. So low to mid-single-digit growth there. Academia and government roughly flat.

是的。雷切爾，也許只是為了你和電話中其他人的利益，我談到了指導。如果你從終端市場來看，只是為了給每個人一個框架。我們預計 2025 財年全年製藥業將恢復成長。那裡的成長率如此之低到中等個位數。學術界和政府大致持平。

Actually, expect the diagnostics and clinical that Simon just talked about to continue and be the highest growth end market, at least to start off the year here in FY25 at mid-single digit. CAM, also low to mid, given the work and the discussion that Padraig just gave.

實際上，預計西蒙剛才談到的診斷和臨床將繼續發展，並成為成長最快的終端市場，至少在 2025 財年開始時將達到中個位數。考慮到 Padraig 剛才所做的工作和討論，CAM 也屬於中低水準。

And then food and environmental, both low single digits with pockets of very strong growth. And really food, there is a potential where that actually could accelerate throughout the course of the year given some of the potential changes in the administration coming up.

然後是食品和環境，兩者都較低個位數，但有一些區域增長非常強勁。事實上，考慮到政府即將發生的一些潛在變化，食品業的發展有可能在這一年中加速。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hey, guys. Thanks for taking my question. Maybe Bob, off of the last question here on the drivers of fiscal '25. When you look at the first half versus second half, it does assume a back half step up. I'm just curious, is that being driven by end markets normalizing? Maybe if you could just walk us through from first half versus back half dynamics in fiscal '25?

嘿，夥計們。感謝您提出我的問題。也許是鮑勃，關於 25 財年驅動因素的最後一個問題。當你對比上半場和下半場時，你會發現後半場確實有所上升。我只是好奇，這是由終端市場正常化所推動的嗎？或許您可以向我們介紹一下 25 財年上半年與下半年的動態？

Yeah. Vijay, that's exactly right. So obviously, our first quarter is, what I would call, artificially depressed just because of the way of the nature of our timing of our fiscal year relative to Lunar New Year. But if you look at first half versus second half, we're expecting this continued recovery throughout the course of the year and with a more normalized growth in the back half of the year.

是的。維傑，完全正確。很明顯，我們的第一季度，我所說的，是人為的蕭條，只是因為我們的財政年度相對於農曆新年的時間安排的性質。但如果對比上半年和下半年，我們預計全年經濟將持續復甦，下半年成長將更加正常化。

And so where does that show up? It shows up in a couple of areas, obviously, with the potential for China getting better throughout the course of the year, as Padraig mentioned, certainly stimulus can help that.

那麼這體現在哪裡呢？顯然，這體現在幾個領域，正如帕德萊格所提到的，中國在這一年中可能會變得更好，刺激措施當然可以幫助實現這一點。

We've taken a conservative approach on that and not fully baked in with all the activity that we talked about. We'll see how that plays out. But certainly, early days are very positive from that standpoint. And then also from a pharma perspective, we're also expecting to see that recovery particularly on the back of Infinity III, as Padraig just mentioned, and that replacement cycle accelerating.

我們對此採取了保守的態度，並沒有完全融入我們所討論的所有活動。我們將看看結果如何。但當然，從這個角度來看，早期是非常正面的。然後，從製藥業的角度來看，我們也期望看到這種復甦，特別是在 Infinity III 的支持下，正如 Padraig 剛才提到的那樣，並且更換週期正在加速。

So you're actually seeing those would be the two biggest and then continued biotech recovery on the small biotech side as well throughout the course of next year.

因此，您實際上會看到這將是最大的兩個，然後小型生物技術方面的生物技術將在明年持續復甦。

Understood. And then one on maybe margins, free cash flow side. Pretty impressive free cash execution in fiscal '24. I just want to make sure I had the numbers right. Is the guide assuming if we cash step down above, is that a timing element and on the margin sort of similar cadence question.

明白了。然後可能是利潤率，自由現金流方面。24 財年的自由現金執行相當令人印象深刻。我只是想確保我的數字正確。該指南是否假設我們兌現上述步驟，是一個時間因素，並且在邊緣排序類似的節奏問題。

What is Q1 assuming and what drives the back half step-up in margins?

第一季的假設是什麼？

Yeah. So Q1 -- so let me answer your question around free cash flow. Yeah, we are expecting a slight slip down really as a result of a step-up in CapEx spending this year versus last year as we finish the heavy levels of spending for the NASD expansion for [trains DND] I don't expect that to continue into 2026 and '27. So you would see that step back down so that free cash flow is really a timing issue.

是的。那麼第一個問題——讓我回答你關於自由現金流的問題。是的，我們預計今年的資本支出會略有下滑，因為我們完成了 NASD 擴張 [火車 DND] 的大量支出，因此今年的資本支出比去年有所增加，我不認為會出現這種情況繼續到2026年和27 年。因此，你會發現這一點有所下降，因此自由現金流實際上是一個時間問題。

In terms of Q1, profitability with the lower revenue, we typically have higher expenses in Q1 as some of the merit resets. We've got our sales meetings and kickoff meetings there, and then you've got some -- January typically is a very light month, but we have a full amount of expenses in there.

就第一季的獲利能力和較低的收入而言，隨著一些優點的重置，我們通常在第一季的費用較高。我們在那裡舉行了銷售會議和啟動會議，然後還有一些——一月通常是一個非常輕鬆的月份，但我們在那裡有全額費用。

And then you then also look at the Ignite transformation that Padraig talked about, many of those activities that are -- we've been kicking off will come into play in the second half of the year, which will generate incremental savings both on the top line and the bottom line. And you'll hear more about some of those details at the Investor Day in mid-December.

然後你也看看 Padraig 談到的 Ignite 轉型，我們一直在啟動的許多活動將在今年下半年發揮作用，這將在頂部產生增量節省線和底線。您將在 12 月中旬的投資者日聽到更多有關其中一些細節的資訊。

Jack Meehan, Nephron Research.

傑克·米漢，腎單位研究。

Thank you. Good afternoon. Bob, I was wondering if you could just walk us through for the 2025 guide? What this assumes for each of the segments? Not sure if you can provide it under the old method or just the new method, but any color would be great.

謝謝。午安.鮑勃，我想知道您是否可以向我們介紹 2025 年指南？每個細分市場的假設是什麼？不確定您是否可以在舊方法或新方法下提供它，但任何顏色都很棒。

Yeah, I could do that. So if you think about this at, I'll call it, legacy numbers. So LSAG kind of low-single digits with the consumables business being kind of mid-single digits and slower the instrument throughout the course of the year. That's probably our area where we've taken a prudent approach as we go through the course of the year. It could be more than that depending on the uptake of the replacement cycle for Infinity III. But low single digits there.

是的，我可以做到。因此，如果您考慮一下這一點，我將其稱為“遺留數字”。因此，LSAG 處於低個位數，而消耗品業務則處於中個位數，且該儀器在一年中的運行速度較慢。這可能是我們在這一年中採取謹慎態度的領域。根據 Infinity III 更換週期的採用情況，這個數字可能不只如此。但那裡的個位數很低。

ACG continues to be very strong with mid- to high-single digits as the instrumentation and recovery and then continued double digit on the services business just continues to be a real stalwart of growth, and we still have a lot of opportunity there around connect rate.

ACG 繼續非常強勁，達到中高個位數，因為儀器和恢復以及服務業務持續兩位數的成長仍然是成長的真正支柱，而且我們在連接率方面仍然有很多機會。

And then for DGG, kind of low- to mid-single-digit growth going forward, which is a recovery, the continued performance of pathology in the genomics business, as Simon mentioned, and then a return to growth really for NASD.

然後，對於 DGG 來說，未來將出現低到中個位數的成長，這是一種復甦，正如西蒙所提到的，基因組學業務中病理學的持續表現，然後 NASD 真正恢復成長。

Great. Okay. And then I was wondering if you could just talk a little bit more just what your expectations are for LC, LC/MS? I think everybody is trying to benchmark expectations for next year. And one of your peers is sounds a little bit more bullish as it pertains to the cycle.

偉大的。好的。然後我想知道您是否可以多談談您對 LC、LC/MS 的期望是什麼？我認為每個人都在嘗試衡量明年的期望。你的一位同行聽起來更樂觀，因為它與週期有關。

I don't know if you have any thoughts as we try and compare and contrast some of these results? Any color would be great. And maybe just off of that, any comments you can share around GLP-1 contribution? I think that might be a factor, but any color would be great. Thank you.

不知道當我們嘗試比較和對比其中一些結果時，您是否有什麼想法？任何顏色都會很棒。也許除此之外，您可以分享任何有關 GLP-1 貢獻的評論嗎？我認為這可能是一個因素，但任何顏色都很棒。謝謝。

Yes. So there is a lot of dynamism in terms of replacement cycle. It doesn't happen at any time, as I said before, any one time, but it's across the board in different industries in different times.

是的。因此，更換週期方面存在著很大的活力。正如我之前所說，它不會在任何時候發生，任何時候都會發生，但在不同的行業、不同的時間，它是普遍存在的。

From our perspective, our LC and LC/MS orders are improving. There's no doubt about that. And we have a huge amount of excitement around our Infinity III. We have a lot of focus programs with our customers around that. So what you will see next year is, I think, is a steady increase in cadence of that replacement cycle.

從我們的角度來看，我們的 LC 和 LC/MS 訂單正在改善。毫無疑問。我們對 Infinity III 感到非常興奮。我們與客戶圍繞這一點開展了許多重點項目。因此，我認為明年您將看到更換週期的節奏穩定增加。

It's a little bit too early to call. Will that be gradual over a number of quarters or a bolus in one quarter maybe then a slowdown and again on the next quarter. But we're really watching that as we go forward. I think we're being very conservative around what we're seeing on that because of a lot of turbulence, as everybody has seen in the last few years in the market, but I would say customer sentiment is steadily improving.

現在打電話有點太早了。這會在幾個季度內逐漸進行，還是在一個季度內進行一次推注，然後可能會放緩，然後在下一個季度再次出現。但我們在前進的過程中確實在關注這一點。我認為我們對我們所看到的情況非常保守，因為正如過去幾年市場上每個人都看到的那樣，存在著許多動盪，但我想說客戶情緒正在穩步改善。

And on the GLP-1 side, we had a really fantastic year. We grew 30% in GLP-1 this year. We're involved in a lot of new site build-outs in QA/QC departments and actually getting closer to production as well with systems. So a very, very strong year.

在 GLP-1 方面，我們度過了非常美好的一年。今年我們的 GLP-1 成長了 30%。我們參與了 QA/QC 部門的許多新站點建設，並且實際上越來越接近生產以及系統。這是非常非常強勁的一年。

And actually, one thing that's really interesting is through the acquisition of BIOVECTRA, we of course have a healthy pipeline of GLP-1 and synthetic peptides within their CDMO capability. We're seeing a lot of requests from both sides of the business about how we can help customers both on the analytical side and on the CDMO side.

事實上，真正有趣的一件事是透過收購 BIOVECTRA，我們當然在其 CDMO 能力範圍內擁有了健康的 GLP-1 和合成勝肽管道。我們看到來自業務雙方的大量請求，詢問我們如何在分析方面和 CDMO 方面為客戶提供協助。

So we're seeing a huge amount of synergies there. So this is a market that's going to continue very strongly and we're going to be really there to take the business.

所以我們看到了巨大的協同效應。因此，這是一個將持續強勁發展的市場，我們將真正在那裡開展業務。

Jack, just to build on what Padraig is saying on the LC replacement cycle. I think one of the things is the -- we're taking a more conservative approach, as Padraig mentioned. And I think if that happens, we will get that business rest assured. I would also say, if we look at the age of our installed base, it is continuing to get old. It's well beyond the median now and throughout the course of next year.

Jack，只是以 Padraig 關於 LC 更換週期的說法為基礎。我認為其中一件事是——正如帕德萊格所提到的那樣，我們正在採取更保守的方法。我認為如果這種情況發生，我們將讓該業務放心。我還想說，如果我們看看我們的安裝基礎的年齡，它會繼續變老。現在和明年的整個過程都遠遠超出了中位數。

So we would expect that to continue to be able to be replaced because when we look at the instrumentation through our consumables business and our services business, the activity continues to be there. So these instruments are being used and so it's only a matter of time to be able to do that replacement.

因此，我們預計這種情況將繼續被取代，因為當我們透過我們的消耗品業務和服務業務來審視儀器儀表時，這種活動仍然存在。因此，這些儀器正在被使用，因此更換只是時間問題。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Hi, thank you. Just to clarify on instruments one last time. Is your expectation that instrument growth is flat in 2025, in aggregate across all platforms?

你好，謝謝。只是最後一次澄清一下儀器。您是否預期 2025 年所有平台的工具成長將持平？

Our expectation is that will grow low single digits, Dan.

丹，我們的預期是成長幅度較低。

Okay. And then my follow-up. You mentioned, I think, something about the administration and changes in your food forecast. Are there any other areas where you think the change in US administration? Any other areas that you were sensitive to when putting together your forecast for '25?

好的。然後是我的後續行動。我想，你提到了一些有關行政管理和食品預測變化的事情。您認為美國政府還有哪些其他方面的改變？在對 25 年的預測進行總結時，您對其他敏感領域也感興趣嗎？

Yes. Look, there's a lot of changes that can happen at this time. There's a lot of people expecting a lot of change we have yet to see what those changes will be. Of course, you can see maybe some changes in the NIH funding, which is very low for us as a percentage of the business. We actually expect the PFAS spending will actually increase as it goes forward on it.

是的。看，此時可能會發生很多變化。很多人期待很多改變，但我們還沒看到這些改變會是什麼。當然，您可能會看到 NIH 資金的一些變化，這對我們來說佔業務的百分比非常低。我們實際上預計 PFAS 支出將隨著其進展而實際增加。

The area to watch, I would say, is, of course, tariffs, which Bob talked about, we are ready for that, ready for any scenario on that side. But also on biopharma, I think is the IRA is also -- continues to move forward the international pricing index seeing what happens on biopharma is going to be really important.

我想說，值得關注的領域當然是鮑伯談到的關稅，我們已為此做好準備，為這方面的任何情況做好準備。但在生物製藥方面，我認為 IRA 也持續推動國際定價指數的發展，看看生物製藥領域發生的情況將非常重要。

So that's why we're taking a kind of conservative prudent approach. So lots going on. But what I would say is from the strategy work with in Agilent, we're ready for all outcomes.

這就是為什麼我們採取保守審慎的態度。發生了很多事情。但我想說的是，從安捷倫的策略合作來看，我們已經為所有結果做好了準備。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi, Padraig, Bob. Thanks for taking my questions. First one, I just wanted to clarify on the tariff side. I mean, if there was there were any retaliatory tariffs, could you elaborate on your manufacturing and final assembly positions just globally so we can understand sort of how much of the product is sort of China for China, made in China versus made in other Asian countries and not coming from US?

是的，嗨，帕德萊格，鮑伯。感謝您回答我的問題。首先，我想澄清一下關稅方面的問題。我的意思是，如果存在任何報復性關稅，您能否詳細說明您在全球範圍內的製造和組裝情況，以便我們能夠了解有多少產品是中國製造的、中國製造的，而不是其他亞洲製造的國家而不是來自美國？

Yeah. Maybe I can start off by talking about our US supply chain in there. About 60%, as Bob said, is produced in the United States, about 35% is the rest of the world. So it's actually a small percentage that's produced in China. But of course, we have mitigations and step there.

是的。也許我可以先談談我們的美國供應鏈。正如鮑伯所說，大約 60% 是在美國生產的，大約 35% 是在世界其他地方生產的。所以其實只有一小部分是在中國生產的。但當然，我們有緩解措施並採取措施。

We have many supply chain areas across the globe that we can move around, and we've done that before since 2018. We expect the impact probably in a quarter, $4 million to $5 million, we can probably mitigate that within a few months. So I would say we're waiting to see how that all plays out, but we're already taking steps across potential tariffs.

我們在全球擁有許多可以移動的供應鏈區域，自 2018 年以來我們就已經這樣做了。我們預計影響可能會在一個季度內達到 400 萬至 500 萬美元，我們可能會在幾個月內減輕這種影響。所以我想說，我們正在等待這一切如何展開，但我們已經針對潛在關稅採取了措施。

The big question for everybody is that will it be beyond China? I think everybody is waiting to see what that is. But even in that case, we're ready with mitigations.

對每個人來說，最大的問題是它會超越中國嗎？我想每個人都在等著看那是什麼。但即使在這種情況下，我們也準備好採取緩解措施。

Yes, Puneet, to build on what Padraig is saying, particularly for retaliatory tariffs in China, very little of our revenue now is produced in the US that goes into China. We've spent a lot of time and effort building in China for China. And we have a full portfolio of capabilities there, which is actually really important for us to be able to take full advantage of the stimulus products today. So I think that that number will be relatively small from the standpoint of retaliatory impact from China exports from the US.

是的，普尼特，根據帕德萊格的說法，特別是針對中國的報復性關稅，我們現在在美國生產的收入中很少有進入中國的。我們花了很多時間和精力在中國為中國建設。我們在那裡擁有完整的功能組合，這對於我們能夠充分利用今天的刺激產品實際上非常重要。所以我認為，從中國對美國出口的報復性影響來看，這個數字會相對較小。

That's helpful. And then I have a question on Infinity III series. Just wondering, given the launch timing, was there any pause that you saw on the instrumentation and the ordering side prior to October? And what is the order book telling you? Do you think this is what's driving -- is it a major driver of instrumentation orders in the quarter being positive, as you pointed out?

這很有幫助。然後我有一個關於 Infinity III 系列的問題。只是想知道，考慮到發佈時間，您在 10 月之前是否在儀器和訂購方面看到任何暫停？訂單簿告訴您什麼？您認為這就是推動因素嗎？

Yeah. We had a minimal effect, to be honest. We really planned around that. And of course, we are very careful with our customers to make sure we bring them through the cycle of replacement. So minimal impact.

是的。老實說，我們的影響力微乎其微。我們確實圍繞這一點進行了計劃。當然，我們對客戶非常謹慎，以確保他們順利完成更換週期。所以影響很小。

We're very extremely excited about it. It's a system that not only -- will be best-in-class in terms of performance, but also in terms of productivity, and that's what we're hearing loud and clear from our customers. It's about productivity and how it lands for labs to be more productive going forward.

我們對此感到非常興奮。該系統不僅在性能方面是一流的，而且在生產力方面也是一流的，這也是我們從客戶那裡聽到的響亮而明確的聲音。它關係到生產力以及實驗室如何提高未來的生產力。

We're extremely pleased with the order book that we've seen so far, and we expect that, that will continue to ramp. And customers are really voting with their orders on that. So we're excited about that ramp for next year.

我們對迄今為止所看到的訂單非常滿意，我們預計訂單將繼續增加。客戶確實對此進行了投票。因此，我們對明年的成長感到興奮。

Tycho Peterson, Jefferies.

第谷·彼得森，杰弗里斯。

I want to probe on pharma a little bit. Are you able to delineate what LC did and what mass spec did in the quarter? And then just thinking a little bit about the new administration. I know you're not guiding for any budget flush here, but is there any risk of kind of a pause in spending given all the moving pieces around pharma? What are you hearing from customers at this point?

我想稍微探討一下製藥業。您能否描述一下本季 LC 和質譜儀做了什麼？然後稍微思考一下新政府。我知道您不會在這裡指導任何預算充裕，但是考慮到製藥業的所有變化，是否存在支出暫停的風險？此時您從客戶聽到了什麼？

Yes. Maybe I can start with the second part, Tycho. We're not seeing a pull from pharma [validating]. We're actually seeing a little bit more activity. So we're not seeing that across the board. And that's about the US and globally. And of course, that's something we really want to watch with the new administration coming in and what transpires over the next few weeks.

是的。也許我可以從第二部分開始，第谷。我們沒有看到製藥公司的拉動[驗證]。我們實際上看到了更多的活動。所以我們並沒有全面看到這一點。這涉及美國和全球。當然，隨著新政府的上任以及未來幾週將發生的事情，這是我們真正希望看到的。

But in terms of the LC, LCMS, Bob, I don't know if you have any color on that?

但說到LC、LCMS，Bob，我不知道你有沒有什麼顏色？

Yeah. Hey, Tycho, just to give you a couple of different kind of pieces of data. If I look at our pharma business overall, it was down low single digits. Pharma small molecule was actually up 3% overall with biotech or biopharma being down.

是的。嘿，第谷，只是給你一些不同類型的數據。如果我看一下我們的整體製藥業務，就會發現它下降了低個位數。製藥小分子實際上總體上漲了 3%，而生物技術或生物製藥則下跌。

If we look at specifically LC, LC/MS, within pharma, it was up low single digits.

如果我們特別關注製藥業的 LC、LC/MS，就會發現其增幅僅為個位數。

Okay. That's helpful. And then the follow-up on NASD, I know I think you're talking about back to growth in '25. Can you maybe just talk a little bit about your ability to cross-sell with BIOVECTRA? And then how are you thinking about clinical versus commercial customers?

好的。這很有幫助。然後是 NASD 的後續行動，我知道我認為你正在談論回到 25 年的成長。您能否簡單談談您與 BIOVECTRA 交叉銷售的能力？那麼您如何看待臨床客戶和商業客戶呢？

Yeah, I'll start off, Tycho, and I'll hand it over to Simon. First of all, we are extremely pleased on the cross-selling ability between the two businesses. It was one of a key source of value about why we did the over acquisition that customers were asking us for this capability, a broader range of capability, and we've seen that actually accelerate from both sides.

是的，我先開始，第谷，然後我會把它交給西蒙。首先，我們對兩家公司之間的交叉銷售能力感到非常滿意。這是我們進行過度收購的關鍵價值來源之一，客戶要求我們提供這種能力，更廣泛的能力，我們已經看到這實際上從雙方都加速了。

But Simon, I don't know if you want to add more color on NASD?

不過Simon，不知道你是否想為NASD增添更多色彩？

Yeah. Just to build on what Padraig said, with BIOVECTRA and the NASD cross-pollination, there's been really strong engagement between the teams. In fact, they spent several days together in our Boulder facility last week, and I'd say they came away really energized that the portfolio complementarity fit between the businesses is exactly as we expected, in fact, maybe a little bit more so.

是的。在 Padraig 所說的基礎上，透過 BIOVECTRA 和 NASD 的異花授粉，團隊之間的互動非常緊密。事實上，他們上週在我們的博爾德工廠一起度過了幾天，我想說，他們離開時真的很興奮，因為業務之間的投資組合互補性完全符合我們的預期，事實上，也許更是如此。

Then, as we think about NASD going into FY25, I think as Bob mentioned earlier, we're projecting high single-digit growth for the business. The order book looks really strong in NASD, but it's important to understand the nuances of the mix in that order book.

然後，當我們考慮 NASD 進入 2025 財年時，我認為正如鮑勃之前提到的，我們預計該業務將實現高個位數成長。NASD 的訂單簿看起來確實很強大，但了解訂單簿中混合的細微差別很重要。

We've got a number of commercialization qualifications going on right now. So in terms of FY25 revenue, there's a lot of energy going into that with relatively limited revenue upside and a lot of that is going to actually hit towards FY26. But again, the order book overall is very healthy.

我們目前正在進行多項商業化資格認證。因此，就 25 財年的收入而言，有大量的精力投入其中，但收入成長相對有限，其中很大一部分實際上將在 2026 財年實現。但同樣，訂單整體上非常健康。

And as we think about 12, 18, 24 months view, we're really bullish about what we're seeing. But once again, high single-digit growth, maybe we'll nudge double-digit in NASD in FY25.

當我們考慮 12、18、24 個月的觀點時，我們對所看到的情況非常樂觀。但再一次，高單位數成長，也許我們會在 2025 財年將 NASD 推至兩位數。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾，富國銀行。

Yeah. Thanks, good afternoon. Just on the Infinity III launch, can you remind us when the Infinity II -- I think it was the 1290 system rolled out? And is there ASP premium and is there an ASP kicker to this replacement cycle this time as well in terms of the III versus the legacy II system? Thanks.

是的。謝謝，下午好。就在 Infinity III 發佈時，您能提醒我們 Infinity II 是什麼時候推出的嗎？與舊的 II 系統相比，III 系統是否有 ASP 溢價？謝謝。

Yeah, we don't talk about a difference in pricing on it. But I think we've had a number of years, of course, very, very successful years with the Infinity II, and this builds on the success. I will say that the installed base for Agilent is way broader than the Infinity II.

是的，我們不談論定價上的差異。但我認為我們已經在 Infinity II 上度過了很多年，當然，非常非常成功，而這是建立在成功的基礎上的。我想說的是，Agilent 的安裝基礎比 Infinity II 廣泛得多。

We have 1100sthat are very, very prominent out there. We have a lot of labs with 1100s and those are the labs first, I think that are going to be talking about replacement. But we also have seen significant interest from Infinity II customers because the CDx productivity capability is really going to help them in the lab. So I would say it's not just one series to the next is a broad installed base replenishment cycle we're going to see.

我們有 1100 個非常非常突出的產品。我們有很多擁有 1100 的實驗室，這些是首先的實驗室，我認為我們將討論更換。但我們也看到了 Infinity II 客戶的濃厚興趣，因為 CDx 生產力能力確實會在實驗室中為他們提供幫助。所以我想說，這不僅僅是一個系列到下一個系列，而是我們將看到的廣泛的安裝基礎補充週期。

Yes. All I would say is pricing is -- has held up very nicely, early days.

是的。我想說的是，定價在早期一直保持得很好。

Okay. And then Mike -- or excuse me, Mike -- Bob, how much of the CapEx in next year is tied to the Train B and C build-out for NASD? When do you expect those to come online? And what does maintenance CapEx looks like in fiscal '26?

好的。然後麥克——或者對不起，邁克——鮑勃，明年的資本支出有多少與 NASD 的 B 列和 C 列建設有關？您預計這些內容什麼時候會上線？26 財年的維護資本支出是什麼樣的呢？

Yeah, that's a great question. So roughly half is NASD between the continued build-out and the validation activities of that $450 million. If I look at kind of maintenance CapEx, think about it in kind of like 2.5 to 3x sales range on a go-forward basis.

是的，這是一個很好的問題。因此，在這 4.5 億美元的持續擴建和驗證活動之間，大約有一半是 NASD。如果我考慮維護資本支出，可以考慮未來 2.5 到 3 倍的銷售範圍。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good afternoon, guys. Thanks for taking my questions. I just want to start first with a question on guidance philosophy. Just to be clear, it sounds like you're trying to factor in a degree of conservatism on China base, China stimulus, the impact of uncertainty as it relates to the new administration. Conservatism on a potential LC replacement cycle.

下午好，夥計們。感謝您回答我的問題。我只想先提出一個關於指導理念的問題。需要澄清的是，聽起來你正試圖考慮對中國基礎、中國刺激措施以及與新政府相關的不確定性影響的某種程度的保守主義。對潛在的 LC 更換週期持保守態度。

Hopefully, I'm not missing anything there. But is it fair to say that error bars around your assumptions are wider than normal heading into a new fiscal year and your intent across the board was to make assumptions that were consistently on the lower end of those [error bars]?

希望我沒有遺漏任何東西。但可以公平地說，在進入新的財政年度時，您的假設周圍的誤差線比正常情況下更寬，並且您的總體意圖是做出始終處於這些假設下限的假設[誤差線]？

I think you said it well. We were very conservative on that because of those reasons. What is the expected LC replacement cycle recovery? Is it faster? Is it a little bit less than that? The China stimulus, which is very early days, I think we want to make sure that we're continuing to monitor that.

我覺得你說得很好。由於這些原因，我們對此非常保守。預期的 LC 更換週期恢復是多少？更快嗎？是不是比這個少了一點？中國的刺激計劃還處於早期階段，我認為我們希望確保繼續監控這種情況。

And of course, whether we see improved conditions or not in terms of sentiment in the US. So all of these things are factoring into this. So it is conservative in what we're guiding. But also, I'd say here, the bars are wider than normal.

當然，無論我們是否看到美國的情緒有所改善。所以所有這些因素都會影響到這一點。因此，我們的指導方針是保守的。而且，我在這裡要說的是，條形比正常情況更寬。

Okay. And just as always, correct me if I'm wrong, but I believe in your prepared remarks, you indicated that small molecule was up low single digits, while biopharma was down mid-singles. If I have that right, is that comp effect? Or are you seeing more of a recovery in demand amongst small versus large molecule applications?

好的。一如既往，如果我錯了，請糾正我，但我相信您準備好的言論，您指出小分子的漲幅為低個位數，而生物製藥的漲幅為中個位數。如果我沒說錯的話，那是補償效應嗎？或者您看到小分子應用與大分子應用之間的需求復甦更多？

And I guess, finally, if so, why that seems to be a little contradictory to what we've heard from some others. So just curious if you could give us a little more there.

最後，我想，如果是這樣，為什麼這似乎與我們從其他人那裡聽到的有點矛盾。所以只是好奇你是否能給我們更多的資訊。

Yeah, Doug. No, you heard it right. Our small molecule business was up low single digits across both instruments. It was the combination of instruments and in services. And our biotech or large molecule was down mid singles.

是的，道格。不，你沒聽錯。我們的小分子業務在這兩種工具上均實現低個位數成長。它是工具和服務的結合。我們的生物技術或大分子在單打中處於下降狀態。

Now if you took out NASD, which shows up in the large molecule, it was down low single digits. So better recovery than the mid-single digits. And it actually speaks to, I think, that continuation of volume in small molecule. If you look at pill count, it continues to go up. And these are well-capitalized companies.

現在，如果你去掉 NASD（它以大分子形式出現），它就會下降到低個位數。因此恢復效果比中個位數更好。我認為，它實際上說明了小分子體積的延續。如果你看一下藥丸數量，它會繼續增加。這些都是資本雄厚的公司。

They have probably the older fleet when you just think about kind of the replacement versus kind of the biotechs of the world. And so we're expecting that to continue. And it was the first to kind of come down. And so we're in the cycle, and I think we're expecting it to be the first moving positive.

當你考慮替代品與世界生物技術的種類時，他們可能擁有較舊的艦隊。所以我們預計這種情況會持續下去。它是第一個倒下的。所以我們正處於這個週期中，我認為我們預計這將是第一個積極的進展。

Now we think there's more upside in biotech than there is in small molecule, but it certainly is a nice leading indicator around the idea around this replacement cycle.

現在我們認為生物技術比小分子有更多的優勢，但它無疑是圍繞這個替代週期的想法的一個很好的領先指標。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Great. Thanks for taking my questions, guys. First, I want to ask a quick follow-up on China stimulus. I know you just kind of touched on them in a couple of different questions. But early in the prepared remarks, you did make some comments of seeing some initial China stimulus orders come in. I think China in the quarter exceeded your expectations. I know there's not a lot of embedded directly into the guide.

偉大的。謝謝你們回答我的問題，夥伴們。首先，我想詢問有關中國刺激計劃的快速後續行動。我知道您只是在幾個不同的問題中觸及了它們。但在準備好的演講中，您確實發表了一些關於看到一些初步的中國刺激訂單出台的評論。我認為本季的中國超出了您的預期。我知道指南中沒有直接嵌入很多內容。

But could you just walk us through sort of how China stimulus could play out next year? And I'm asking this from a perspective of gradual ramp as you go through the year? Is it sort of going to be a trickle? Could it be very back-end loaded? Just trying to think through the various scenarios and what you're looking for there once these initial orders clear?

但您能否向我們介紹一下明年中國的刺激計畫將如何發揮作用？我是從一年中逐漸增加的角度來問這個問題的？是不是有點像涓涓細流？它的後端負載會很大嗎？只是想仔細考慮一下各種場景，以及一旦這些初始訂單明確後您在那裡尋找什麼？

Yeah. Look, I think what we've seen is that it's much broader, the stimulus in terms of range. We spoke about that before. We see it both on commercial and government accounts. Our first orders have actually come in from government accounts. We've been highly successful in those overall tenders, and we're in the low millions range, low single-digit millions range of orders were in. We're expecting to close much more this quarter. A

是的。聽著，我認為我們看到的是它的範圍更廣泛，刺激範圍也更大。我們之前談過這一點。我們在商業和政府帳戶上都看到了這一點。我們的第一批訂單實際上來自政府帳戶。我們在這些總體招標中非常成功，我們的訂單量處於數百萬個低個位數的範圍內。我們預計本季將完成更多交易。一個

And one thing that's really playing into our favor is our broad platform capabilities, including the technical capabilities of our teams up and running. And you couple that with our [made in China] initiatives that we really invested over the last year. It puts us in a very, very strong position to capitalize.

真正對我們有利的一件事是我們廣泛的平台能力，包括我們團隊的組建和運作的技術能力。再加上我們去年真正投資的[中國製造]措施。它使我們處於非常非常有利的資本位置。

But it will be interesting to see how that's launched. Past the first quarter, we don't have great visibility yet, but of course, a lot of deal activity, but the first quarter is looking very strong in terms of orders.

但看看它是如何啟動的將會很有趣。第一季過去了，我們還沒有很好的能見度，但當然，有很多交易活動，但第一季的訂單量看起來非常強勁。

Yeah. Hey, Mike, just kind of framing kind of how we're thinking about China, to your point. If we took Q4 and just divide it by -- or multiplied by four, that would get you to that low single-digit growth. Now we're expecting a recovery through throughout the course of the year, but that kind of gives you a sense for what we put in the initial guide.

是的。嘿，麥克，就你的觀點而言，這只是我們如何看待中國的框架。如果我們將第四季的資料除以或乘以四，就會得到較低的個位數成長。現在，我們預計全年都會出現復甦，但這可以讓您了解我們在初始指南中的內容。

And we'll know a lot more about those timing of the stimulus revenues going forward. oOnce we actually get those awarded and then the delivery dates and so forth. But we do think that, that will occur throughout the course of the year.

我們將更了解未來刺激收入的時機。 o一旦我們真正獲得獎勵，然後是交付日期等等。但我們確實認為，這將在全年發生。

Okay. That's helpful. And then, Bob, maybe for you. Just on the margin guide for next year, 50 to 70 bps. It's a really impressive starting point, honestly, better than, I think, a lot expected, especially given still a little bit of a subdued top line environment.

好的。這很有幫助。然後，鮑勃，也許適合你。明年的保證金指引為 50 至 70 個基點。老實說，這是一個非常令人印象深刻的起點，我認為比許多人預期的要好，特別是考慮到營收環境仍然有點低迷。

How much of that can you attribute to Ignite and maybe some part of the transformation or onetime cost savings, how much is just the underlying strength of the business, maybe we start to price some mix shift next year? Just a little bit of what's going into that margin expansion for next year?

其中有多少可以歸因於 Ignite，也許是轉型的一部分或一次性成本節省，有多少只是業務的潛在優勢，也許我們明年開始為一些混合轉變定價？明年的利潤率擴張有何影響？

Yeah. What I would say, Mike, is it's a little of all those things. So maybe stay tuned, and we'll give you a little more meat on the bones here, come mid in December. But we certainly have some incremental opportunities, both in price and cost efficiencies associated with the Ignite transformation. And those things will start to feather into the second half of this year, as I mentioned before.

是的。麥克，我想說的是，這只是所有這些事情的一小部分。所以也許請繼續關注，我們將在 12 月中旬為您提供更多詳細內容。但我們當然有一些增量機會，無論是在與 Ignite 轉型相關的價格和成本效率方面。正如我之前提到的，這些事情將在今年下半年開始顯現。

If you recall, the first half of this year also has the annualization of the savings and the actions that we had to take in the June, July timeframe as well. So we're benefiting from that in the first half. That somewhat gets anniversaried and then you also have the merit increases and so forth that gets reset.

如果你還記得的話，今年上半年也有儲蓄的年化以及我們必須在六月、七月的時間範圍內採取的行動。因此，我們在上半年受益匪淺。這在某種程度上是周年紀念日，然後你的功績也會增加，等等都會被重置。

And so you'll actually see this throughout the course of the year through a series of initiatives that have already been kicked off, so.

因此，您實際上會在這一年中透過一系列已經啟動的舉措看到這一點。

And I would say just following off at, we're very excited to meet everybody in December and the New York to talk about it. So an extremely well thought out program. It's across the board, and it's ultimately going to help us to invest for growth in key areas as well as margin expansion. So stay tuned.

我想說的是，我們很高興能在 12 月和紐約與大家見面並討論這個問題。這是一個經過深思熟慮的計劃。它是全面的，最終將幫助我們投資於關鍵領域的成長以及利潤率的擴張。所以請繼續關注。

Dan Brennan, TD Cowen.

丹布倫南，TD·考恩。

Great. Thanks for taking my questions here. Maybe the first one just on pharma in the Americas. I think you called that in the prepared remarks, Americas Pharma, ex-NASD was kind of maybe a weaker spot. Can you just unpack a little bit what's happening in US versus say Europe, rest of world? And kind of what's kind of assumed from what happened in 4Q end of '25?

偉大的。感謝您在這裡提出我的問題。也許是美洲第一個關於製藥的。我想你在準備好的發言中稱，美洲製藥公司（前 NASD）可能是一個弱點。您能否簡單介紹一下美國與歐洲以及世界其他地區發生的情況？從 25 年第四季末發生的情況可以推測出什麼？

Yeah. I mean, look, we saw a lot of strength in Europe in terms of pharma. I wouldn't read too much into the American numbers. I think there is, of course, companies wondering about their CapEx budgets. And that comes at different phases but we expect pharma to continue next year in the growth rates that Bob laid out in terms of our guide.

是的。我的意思是，我們看到了歐洲在製藥方面的強大實力。我不會過度解讀美國的數據。我認為當然，有些公司想知道他們的資本支出預算。這發生在不同的階段，但我們預計明年製藥業將繼續保持鮑勃在我們的指南中列出的成長率。

Okay. That's helpful. And then maybe just one on -- if I can just go into the broader market. I know you talked over the prepared remarks, Bob and a few times it came up like you're expecting a below-trend market, at least, it sounds like for the first half of the year, can you just remind us in terms of your kind of growth algorithm?

好的。這很有幫助。然後也許只是一件事——如果我能進入更廣闊的市場的話。鮑勃，我知道您討論了準備好的言論，有幾次您似乎預計市場將低於趨勢，至少聽起來是今年上半年，您能提醒我們一下嗎？

Maybe like what is your assumptions based upon for market growth typically kind of what are you assuming? And kind of specifically, is it just pharma that's weaker? Or are there other spots that you're pointing to that are below trend? Any color on that would be helpful.

也許您對市場成長的假設通常是基於什麼？具體來說，是不是只有製藥公司的實力較弱？或者您指出還有其他低於趨勢的地方嗎？任何顏色都會有幫助。

Yeah, Dan, if we looked at the long-term growth rates of our markets, we believe those are in mid-single digits, 4% to 6%. When you look at the aggregate across we're obviously not expecting that for the full year here. We are expecting that we're doing better than the market.

是的，丹，如果我們看看我們市場的長期成長率，我們相信這些成長率處於中等個位數，4% 到 6%。當你查看全年的整體情況時，我們顯然不會預期全年的情況會如此。我們預計我們的表現會比市場好。

If you look at how we exited here, roughly flat on a core basis, if you adjust for the timing of Lunar New Year, at the midpoint, 1% and expect that performance to continue that cadence. And so you would have the second half of the year a more normalized kind of growth rates. And so it's really across the board.

如果你看看我們是如何退出這裡的，在核心基礎上大致持平，如果你根據農曆新年的時間進行調整，在中點，1%，並預計這種表現將繼續這種節奏。因此，今年下半年的成長率將會更加正常化。所以這確實是全面的。

We're seeing some of the industrial or applied markets, things like CAM being a little ahead of the curve. And certainly, our diagnostics and clinical business continues to be strong. It has been throughout the course of this year, exiting at a very healthy rate, and I would expect that to continue. The big ones or pharma coming in and then some of the other applied markets as well, so.

我們看到一些工業或應用市場，例如 CAM 有點領先。當然，我們的診斷和臨床業務仍然強勁。今年一整年，它都以非常健康的速度退出，我預計這種情況會持續下去。大公司或製藥公司進來，然後其他一些應用市場也進來了，所以。

And this concludes the question-and-answer session. Mr. Ahuja. I turn the call back over to you.

問答環節到此結束。阿胡賈先生。我把電話轉回給你。

Thanks, Rob, and thanks, everyone, for joining the call today. Before we sign off, I'd like to wish everyone a happy Thanksgiving. Have a good rest of the day and week, everyone.

謝謝羅布，謝謝大家今天加入電話會議。在我們結束之前，我想祝大家感恩節快樂。大家這一天、一週好好休息。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。