安捷倫 (A) 2025 Q2 法說會逐字稿

Good afternoon, my name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2025 Agilent Technologies Inc earnings conference call.

下午好，我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加安捷倫科技公司 2025 年第二季財報電話會議。

(Operator Instructions) Thank you. Parmeet Ahuja, you may begin the conference.

（操作員指示）謝謝。Parmeet Ahuja，你可以開始會議了。

Thank you and welcome everyone to Agilent's conference call for the second quarter of fiscal year 2025. With me are Padraig McDonnell, Agilent President and CEO; and Bob McMahon, Agilent Senior Vice President and CFO.

感謝並歡迎大家參加安捷倫 2025 財年第二季電話會議。和我一起的還有安捷倫總裁兼執行長 Padraig McDonnell 和安捷倫資深副總裁兼財務長 Bob McMahon。

Joining the Q&A will be Simon May, President of the Life Sciences and Diagnostics Markets Group; Angelica Riemann, President of the Agilent CrossLab Group; and Mike Zhang, President of Applied Markets Group.

參加問答環節的嘉賓包括生命科學與診斷市場集團總裁 Simon May、安捷倫 CrossLab 集團總裁 Angelica Riemann 和應用市場集團總裁 Mike Zhang。

This presentation is being webcast live. The press release for our second 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.

本次演講正在進行網路直播。我們第二季財務業績的新聞稿、投資者介紹和補充今天討論的資訊以及本次網路廣播的錄音都可以在我們的網站 www.investor.agilent.com 上找到。

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. 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 is adjusted for the impact of currency exchange rates and any acquisitions and divestitures completed within the past 12 months. Guidance is based on forecasted exchange rates.

今天的評論將參考非公認會計準則財務指標。您將在我們的網站上找到最直接可比較的 GAAP 財務指標和對帳。除非另有說明，所有提及的財務指標增減均為年比增減，所有提及的收入成長均為核心成長。核心收入成長根據貨幣匯率的影響以及過去 12 個月內完成的任何收購和資產剝離進行了調整。指導基於預測匯率。

As a reminder, beginning in the first quarter of fiscal 2025, we implemented certain changes to our reporting structure related to the reorganization of our three business segments. We have recast our historical segment information to reflect these changes and have provided the financial details on our website.

提醒一下，從 2025 財年第一季開始，我們對與三個業務部門重組相關的報告結構實施了一些變更。我們已重塑歷史分部資訊以反映這些變化，並在我們的網站上提供了財務詳細資訊。

These changes have no impact on our company's consolidated financial statements. 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.

該等變更對我們公司的合併財務報表沒有影響。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。這些聲明受風險和不確定性的影響，並且僅在今天有效。本公司不承擔更新這些內容的義務。請查看公司最近向美國證券交易委員會提交的文件，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，我想把電話轉給帕德萊格。

Hello, everyone, and thank you for joining today's call. Agilent delivered strong second quarter results in a highly dynamic market environment. Revenue of $1.67 billion for the second quarter represented growth of 6% reported and up 5.3% core compared with the second quarter of 2024. Operating margin was a solid 25.1% as we absorbed some incremental tariff costs. We also delivered EPS of $1.31, growing 7% compared with the second quarter of 2024. Though revenue and EPS exceeded our expectations marking the fourth consecutive quarter of accelerating growth.

大家好，感謝大家參加今天的電話會議。在高度活躍的市場環境下，安捷倫第二季度取得了強勁的業績。第二季營收為 16.7 億美元，與 2024 年第二季相比，報告營收成長 6%，核心營收成長 5.3%。由於我們吸收了一些增量關稅成本，營業利潤率達到了 25.1%。我們的每股盈餘還達到 1.31 美元，與 2024 年第二季相比成長了 7%。儘管營收和每股盈餘超出了我們的預期，但這標誌著連續第四個季度加速成長。

Our performance was driven by growth across markets and regions, speaking to the diversity of our business. We also saw another quarter of building momentum in instruments with our book-to-bill ratio again greater than one. Thank you to the Agilent team for delivering these results by tirelessly going above and beyond for our customers. No matter where I travel in the world, our customers consistently say the same thing. The Agilent team is second to none and for that reason, they want to increase their partnership and collaboration with us even more, even during a challenging macro environment.

我們的業績受到跨市場和跨地區成長的推動，體現了我們業務的多樣性。我們也看到儀器業務又一個季度呈現成長勢頭，訂單出貨比再次超過 1。感謝安捷倫團隊孜孜不倦地為客戶提供超出預期的服務，以取得這些成果。無論我去世界何處，我們的客戶總是說同樣的話。安捷倫團隊是首屈一指的，因此，即使在充滿挑戰的宏觀環境下，他們也希望進一步加強與我們的夥伴關係和協作。

These conditions have proved the efficacy of our three-year Ignite transformation, which is the execution of our strategy. We're already leveraging Ignite to create an enterprise operating model that has resulted in multiple early wins, including tariff mitigation. More on that in a moment.

這些情況都證明了我們三年Ignite轉型的有效性，也就是我們策略的執行。我們已經利用 Ignite 創建了一個企業營運模式，並取得了多項早期成果，包括降低關稅。稍後將對此進行詳細介紹。

First, let me tell you why our Q2 was so strong. All regions grew in the quarter, Americas grew low single digits, EMEA grew mid-single digits, and China led the way at 10% growth, exceeding our expectation, while the rest of Asia grew high single digits. China saw stable demand conditions sequentially, while a favorable Lunar New Year comparison helped year-on-year growth.

首先，讓我告訴你為什麼我們的第二季表現如此強勁。本季所有地區均實現成長，美洲地區實現低個位數成長，歐洲、中東和非洲地區實現中等個位數成長，中國地區以 10% 的成長率領先，超出我們的預期，而亞洲其他地區則實現高個位數成長。中國的需求狀況較上季保持穩定，而農曆新年的利多因素則推動了年成長。

In Asia, India delivered high teens growth, India is a long-term high-growth, innovation-driven market, which is why we've opened our first India solution center there this month. The center showcases Agilent's expertise across disciplines to deliver end-to-end solutions in sectors such as GLP-1 analysis, emerging food and environmental contaminant analysis and PFAS detection. We also delivered mid- to high single-digit growth in all end markets, except academia and government, which declined modestly with strong results in Asia moderating the expected softness in the US.

在亞洲，印度實現了高十幾歲的成長率，印度是一個長期高成長、創新驅動的市場，這就是我們本月在那裡開設第一個印度解決方案中心的原因。該中心展示了安捷倫跨學科的專業知識，為 GLP-1 分析、新興食品和環境污染物分析以及 PFAS 檢測等領域提供端到端解決方案。除了學術界和政府外，我們在所有終端市場都實現中高個位數成長，而學術界和政府市場略有下降，亞洲的強勁業績緩和美國預期的疲軟。

Pharma grew 6% at the high end of expectations, led by small molecule growing low double digits. Biopharma continues to recover at a slower pace, growing low single digits as we continue to see funding challenges in small and midsized biotech, primarily in the US. Within biopharma, NASD was a standout, growing high single digits in Q2 and we're looking forward to double-digit growth from NASD in the second half of the year.

製藥業成長 6%，超出預期，其中小分子藥物成長較低，達到兩位數。生物製藥行業繼續以較慢的速度復甦，成長率保持在個位數低位，因為我們繼續看到中小型生物技術公司（主要是在美國）面臨融資挑戰。在生物製藥領域，NASD 表現突出，第二季度實現了高個位數成長，我們期待 NASD 在下半年實現兩位數成長。

In addition, while not yet part of core growth, our BIOVECTRA business performed well, exceeding guidance. BIOVECTRA's capabilities are in the sweet spot of tremendous markets. For example, GLP-1s and compact chemistries with terrific medium and long-term growth potential. We are very excited about the combined offerings of NASD and BIOVECTRA. Diagnostics and Clinical grew 8% ahead of expectations on strong performance of our pathology business in the Americas and Europe.

此外，儘管尚未成為核心成長的一部分，但我們的 BIOVECTRA 業務表現良好，超出了預期。BIOVECTRA 的能力正處於龐大市場的最佳位置。例如，GLP-1 和緊湊化學品具有極佳的中長期成長潛力。我們對 NASD 和 BIOVECTRA 的聯合發行感到非常興奮。由於我們在美洲和歐洲的病理學業務表現強勁，診斷和臨床業務成長超過預期 8%。

Environmental and Forensics grew 6% on strong PFAS testing demand globally. PFAS testing remains strong for Agilent globally, and we see it continuing to expand into other end markets such as food and chemical and advanced Materials.

由於全球 PFAS 檢測需求強勁，環境和法醫產業成長了 6%。安捷倫在全球範圍內的 PFAS 測試依然表現強勁，我們預計將繼續擴展到食品、化學品和先進材料等其他終端市場。

In Q2, PFAS grew more than 70% year-over-year globally, with Europe and China more than doubling their business. PFAS provided an incremental 80 basis points to our growth in the quarter and is now annualizing to well over $100 million. We continue to be very optimistic about the long-term growth prospects globally in PFAS as regulations and standards continue to be put in place.

第二季度，PFAS 全球業務年增超過 70%，其中歐洲和中國的業務成長了一倍以上。PFAS 為我們本季的成長提供了 80 個基點的增量，目前年化金額已超過 1 億美元。隨著法規和標準的不斷實施，我們仍然對全球 PFAS 的長期成長前景非常樂觀。

For PFAS testing, our Infinity III and our 6495D system is the most sensitive and robust solution. The Agilent team has deep understanding of customer challenges and how we can help them with their testing needs through delivering integrated workflow solutions, productivity and new modality application development. We are tracking over 350 regulations globally and are very confident in the continued momentum in this emerging $1 billion addressable market by 2030.

對於 PFAS 測試，我們的 Infinity III 和 6495D 系統是最靈敏和最強大的解決方案。安捷倫團隊深刻地理解客戶面臨的挑戰，並了解如何透過提供整合的工作流程解決方案、生產力和新模態應用開發來幫助他們滿足測試需求。我們正在追蹤全球 350 多項法規，並對這個到 2030 年新興的 10 億美元潛在市場的持續發展勢頭充滿信心。

In Chemicals and Advanced Materials, revenue grew 4% with high single-digit growth in Advanced Materials, while Chemical and Energy was up low single digits globally. Overall, we saw growth ex China offset by low single-digit decline in China. Lower oil prices are net positive to the CAM business, given it drives lower input prices to our chemical business, which is 4 times bigger than energy. Food grew 8%, benefiting from strength in Asia through government-funded technology refresh.

在化學品和先進材料領域，收入成長了 4%，其中先進材料實現了高個位數成長，而全球化學品和能源收入則實現了低個位數成長。總體而言，我們看到中國以外的成長被中國國內的個位數低幅下降所抵消。較低的油價對 CAM 業務來說是淨利好，因為它會降低我們化學業務的投入價格，而化學業務的規模是能源業務的 4 倍。食品成長了 8%，受益於政府資助的技術更新帶來的亞洲強勁成長。

Our smallest end market, academia and government declined only 2% in the quarter, better-than-expected performance in the US and globally. Given we were ahead of others talking about potential US funding impacts in our first quarter earnings call and did better than expected in Q2, we feel we already have adequately captured any variability looking forward.

我們最小的終端市場——學術界和政府——本季僅下降了 2%，在美國和全球的表現都比預期好。鑑於我們在第一季財報電話會議上領先於其他人談論美國融資的潛在影響，並且在第二季的表現優於預期，我們認為我們已經充分掌握了未來的任何變化。

When looking holistically across Agilent, we continue to make investments in our digital ecosystem, such as our next-generation e-commerce platform so that we can offer an outstanding customer experience. Those investments are paying off as we grew digital orders by 12% year-over-year to $295 million.

縱觀安捷倫整體情況，我們持續投資於我們的數位生態系統，例如我們的下一代電子商務平台，以便我們能夠提供卓越的客戶體驗。這些投資正在獲得回報，我們的數位訂單年增 12%，達到 2.95 億美元。

I also want to highlight ACG's 9% growth this quarter, which exceeded expectations. ACG's performance was led by strong growth in automation, services and consumables. For the first time in several quarters, we saw both on-demand and installation services return to growth. These results keep us on track with the long-term commitments we outlined at our Analyst and Investor Day in December, including 5% to 7% core revenue growth, expanding margins 50 basis points to 100 basis points-plus annually and driving double-digit EPS growth.

我還想強調 ACG 本季 9% 的成長，這超出了預期。ACG 的業績主要得益於自動化、服務和消耗品的強勁成長。這是幾個季度以來我們首次看到按需服務和安裝服務同時恢復成長。這些結果使我們順利實現了 12 月在分析師和投資者日上提出的長期承諾，包括核心收入增長 5% 至 7%，利潤率每年擴大 50 個基點至 100 個基點以上，並推動每股收益實現兩位數增長。

We have momentum at Agilent. Over the past 12 months, my first year as CEO, the Agilent team has accomplished a lot. We built a formidable senior leadership team that is working in lockstep to maximize Agilent resources to drive shareholder value. We've evolved our enterprise strategy to be market first and realigned our businesses to our markets. We acquired BIOVECTRA for roughly $1 billion to expand our CDMO capabilities, and we have moved from planning to execution in Ignite.

安捷倫擁有強勁的發展勢頭。在過去的 12 個月裡，也就是我擔任執行長的第一年，安捷倫團隊取得了許多成就。我們建立了一支強大的高階領導團隊，齊心協力，最大限度地利用安捷倫資源來提升股東價值。我們已經將企業策略調整為以市場為先，並根據市場調整了業務。我們以約 10 億美元收購了 BIOVECTRA，以擴大我們的 CDMO 能力，並且我們已經從 Ignite 的規劃轉向執行。

Before providing further details on Ignite, I want to pause here and thank our Agilent team members for how quickly they have adapted to change and the company's higher ambition. It is no small feat to transform a company and I've been impressed by our colleagues' passion for our mission and vision and to increase zeal to delight customers so that Agilent continued to win in the market. These team members are leading Ignite, an initiative that is already yielding incredible results.

在提供更多有關 Ignite 的細節之前，我想先在此暫停一下，感謝安捷倫團隊成員如此迅速地適應變化和公司的更高抱負。改造一家公司絕非易事，同事們對公司使命和願景的熱情以及不斷提高的取悅客戶的熱情給我留下了深刻的印象，從而使安捷倫繼續在市場上獲勝。這些團隊成員正在領導 Ignite，這是一項已經取得令人難以置信的成果的計畫。

Those incredible results include: strengthening our strategic pricing capabilities and implementing enterprise-wide pricing initiatives. In six months, we already have exceeded the full year price contribution from last year and are expecting at least 100 basis points of price realization in 2025, with expectations for an even greater impact in 2026 and beyond. Improving organization agility and efficiency by flattening management layers and increasing spans of control by 30% to improve our organization health and become a nimbler company. Additionally, we expect to deliver annualized savings of about $80 million starting in the second half of the fiscal year.

這些令人難以置信的成果包括：加強我們的策略定價能力和實施企業範圍的定價計畫。六個月內，我們的價格貢獻已超過去年全年的水平，預計 2025 年的價格實現量將至少達到 100 個基點，預計 2026 年及以後的影響將更大。透過扁平化管理層級、將控制範圍擴大 30% 來提高組織敏捷性和效率，從而改善組織健康狀況並成為一家更靈活的公司。此外，我們預計從本財年下半年開始每年可節省約 8,000 萬美元。

Centralizing our procurement under a Chief Procurement Officer and adopting an integrated enterprise-wide approach to vendor management, we already see strong momentum exceeding our internal savings targets, ramping in the second half of this year while being essentially in mitigating tariff expense with our suppliers. This is with projected procurement annualized savings exceeding $50 million by the end of 2025 and establishing a strong foundation for additional gains in 2026.

在首席採購官的領導下集中進行採購，並採用企業範圍的整合方法進行供應商管理，我們已經看到強勁的勢頭，超過了我們的內部節約目標，並在今年下半年大幅增加，同時基本上減輕了與供應商的關稅費用。預計到 2025 年底，採購年度節省將超過 5,000 萬美元，並為 2026 年的額外收益奠定堅實的基礎。

Ignite has become the backbone of our operating system, enabling faster decision-making, more scalable growth and over $130 million of profit for fiscal year 2025. It is our institutional engine for long-term value creation. Center to value creation is our continued commitment to innovation. I'm proud to share three impactful new products that demonstrate that commitment.

Ignite 已成為我們作業系統的支柱，使我們能夠更快地做出決策、實現更具可擴展性的成長，並在 2025 財年實現超過 1.3 億美元的利潤。這是我們創造長期價值的製度引擎。以價值創造為中心是我們對創新的持續承諾。我很自豪地與大家分享三款體現這項承諾的有影響力的新產品。

In our cell analysis portfolio, we just launched the Seahorse XF Flex Analyzer, with its world-class leading sensitivity, versatility, intuitive design and compatibility with 3D models, the XF Flex empowers more researchers than ever before to explore cellular metabolism with confidence.

在我們的細胞分析產品組合中，我們剛剛推出了 Seahorse XF Flex 分析儀，憑藉其世界一流的靈敏度、多功能性、直觀的設計和與 3D 模型的兼容性，XF Flex 使比以往更多的研究人員能夠滿懷信心地探索細胞代謝。

And at the 73 ASMS conference next week, we will launch our latest innovation in Liquid Chromatography Mass Detection, our new InfinityLab Pro iQ Series offers unparalleled sensitivity, speed and efficiency making it the ideal choice for customers analyzing complex biomolecules in settings where performance and lab productivity are key.

在下週舉行的第 73 屆 ASMS 會議上，我們將推出液相層析質譜檢測領域的最新創新，我們的新款 InfinityLab Pro iQ 系列提供無與倫比的靈敏度、速度和效率，使其成為在性能和實驗室生產力至關重要的環境中分析複雜生物分子的客戶的理想選擇。

At ASMS, we will also showcase our enhanced 8850 GC now coupled with the power of our market-leading GC/MS that enables our customers to do more with less. We've reduced the 8850s' footprint by 50% and increased throughput up to 5 times while lowering its energy usage by 45% compared with a conventional benchtop GC.

在 ASMS 上，我們還將展示增強型 8850 GC，它結合了我們市場領先的 GC/MS 的強大功能，使我們的客戶能夠以更少的投入實現更多的成果。與傳統桌上型氣相層析儀相比，我們將 8850 的佔地面積減少了 50%，吞吐量提高了 5 倍，同時能耗降低了 45%。

We also continue to have success with our Infinity 3 LC in orders, funnel and our attach rates of service and consumables. We're seeing this success, both geographically with robust growth in India, a particular highlight and across all end markets. With our top customers calling out the Infinity 3 superior performance, intelligence and task automation capabilities.

我們的 Infinity 3 LC 在訂單、通路以及服務和耗材的附加率方面也持續取得成功。我們看到這一成功，無論是在地理上還是在印度，尤其是印度的強勁成長，還是在所有終端市場。我們的頂級客戶稱讚 Infinity 3 具有卓越的效能、智慧和任務自動化功能。

To help further drive Agilent's internal and external innovation engine, I'm delighted to announce August Specht is joining Agilent next month as our Chief Technology Officer. August has spent over 25 years in senior R&D roles in the life sciences industry, welcome August.

為了進一步推動安捷倫的內部和外部創新引擎，我很高興地宣布 August Specht 將於下個月加入安捷倫，擔任我們的技術長。August 在生命科學產業擔任高階研發職務超過 25 年，歡迎 August。

Ignite also gave us a significant head start on tariff mitigation enabling the immediate creation of our tariff task force that has allowed us to make changes that will maintain our market strength regardless of tariff rates.

Ignite 也使我們在降低關稅方面取得了顯著的領先優勢，使我們能夠立即成立關稅工作小組，從而做出改變，無論關稅稅率如何都能保持我們的市場實力。

We are proactively managing tariff exposure by taking several targeted actions, including focusing on specific product lines and production sites rather than adopting a one-size-fits-all approach, further diversifying our supply chain by leveraging our extensive global sourcing capabilities and manufacturing network ensuring we're geographically even closer to customers, implementing strategic pricing initiatives around the globe that protect our market competitiveness. While we remain vigilant amid geopolitical developments, our localized manufacturing proactive tariff mitigation and a diversified customer base gives us greater resilience and agility globally than many of our peers.

我們正採取多項有針對性的措施來積極管理關稅風險，包括專注於特定的產品線和生產基地，而不是採用一刀切的做法；利用我們廣泛的全球採購能力和製造網絡進一步實現供應鏈多樣化，確保我們在地理位置上更貼近客戶；在全球範圍內實施戰略定價舉措，以保護我們的市場競爭力。雖然我們對地緣政治發展保持警惕，但我們的在地化製造、積極的關稅減免和多元化的客戶群使我們在全球範圍內比許多同行具有更大的彈性和敏捷性。

Through our tariff task force enabled by our Ignite operating model, we feel that we are able to mitigate most of the impact in 2025 and fully mitigate in 2026 even when considering recent developments on the US EU tariffs. With the task force, we can create targeted analytics in a matter of hours, not days that identify key supply chain and commercial opportunities that will allow us to maximize our tariff mitigation efforts. Our top priority is ensuring we minimize tariff impacts on our customers and that our customers have the trusted Agilent products, solutions and services they need.

我們認為，透過我們的 Ignite 營運模式支援的關稅工作小組，我們能夠在 2025 年減輕大部分影響，並在 2026 年完全減輕影響，即使考慮到美國和歐盟關稅的最新發展。在該工作小組的幫助下，我們可以在數小時內（而不是數天）創建有針對性的分析，以確定關鍵的供應鏈和商業機會，使我們能夠最大限度地降低關稅。我們的首要任務是確保最大限度地減少關稅對客戶的影響，並確保客戶擁有他們所需的值得信賴的安捷倫產品、解決方案和服務。

Looking ahead, we are confident that the long-term fundamentals and secular growth drivers of our markets remain strong. For the year, we are maintaining our core growth rate of 2.5% to 3.5% while incorporating favorable currency movements. And leveraging our Ignite program, we are fully absorbing all unmitigated FY25 tariff costs and maintaining our full year EPS guidance.

展望未來，我們相信，我們市場的長期基本面和長期成長動力依然強勁。今年，我們將維持 2.5% 至 3.5% 的核心成長率，同時考慮有利的貨幣走勢。利用我們的 Ignite 計劃，我們將完全吸收所有未緩解的 FY25 關稅成本，並維持全年 EPS 指引。

While our results this quarter exceeded expectations, we believe it's important to remain disciplined in our outlook given the ongoing uncertainty in macro environment and geopolitical landscape. We are committed to maintaining guidance that is both credible and achievable, and we continue to prioritize long-term value creation.

雖然本季的業績超出預期，但我們認為，鑑於宏觀環境和地緣政治格局的持續不確定性，保持嚴謹的展望至關重要。我們致力於保持可信賴且可實現的指導，並繼續優先考慮長期價值創造。

Bob will now share further details about our Q2 guidance. Bob?

鮑勃現在將分享有關我們第二季度指導的更多細節。鮑伯？

Thanks, Padraig, and good afternoon, everyone. In my remarks today, I'll provide additional details on revenue in the quarter as well as take you through the income statement and other key financial metrics. I'll then cover our full year and third quarter guidance.

謝謝，帕德萊格，大家下午好。在今天的演講中，我將提供有關本季度收入的更多詳細信息，並向您介紹損益表和其他關鍵財務指標。然後我將介紹我們的全年和第三季指導。

As Padraig mentioned, Q2 revenue was $1.67 billion, above the high end of our guidance. On a core basis, we posted growth of 5.3% while reported growth was 6%. Currency had a negative impact of 1.6%, which was 0.5 point better than estimated as the dollar weakened during the quarter. M&A also contributed 2.3% coming in nicely ahead of expectations.

正如帕德萊格所提到的，第二季的收入為 16.7 億美元，高於我們預期的最高值。從核心基礎來看，我們公佈的成長率為 5.3%，而報告的成長率為 6%。貨幣產生了 1.6% 的負面影響，比預期好 0.5 個百分點，因為本季美元走弱。併購也貢獻了 2.3%，遠高於預期。

Now let me talk about our performance by business group. The Agilent CrossLab Group reported revenue of $713 million, growing 9% which was ahead of our expectations, double-digit growth in consumables and automation and high single-digit growth in services drove ACG's performance.

現在我來介紹一下我們各業務集團的業績。安捷倫 CrossLab 集團報告營收為 7.13 億美元，成長 9%，超出我們的預期，耗材和自動化業務的兩位數成長以及服務業務的高個位數成長推動了 ACG 的業績。

Our Life Sciences and Diagnostics Market Group reported revenue of $654 million in the quarter, growing 3%. Core growth was driven by our Pathology business and NASD, both which delivered high single-digit growth in our LC and LC/MS instruments that grew mid-single digits. Our cell analysis business returned to growth, up low single digits.

我們的生命科學和診斷市場集團報告本季營收為 6.54 億美元，成長 3%。核心成長由我們的病理學業務和 NASD 推動，這兩項業務均實現了高個位數成長，我們的 LC 和 LC/MS 儀器實現了中等個位數成長。我們的細胞分析業務恢復成長，成長率達到個位數。

Performance was partially offset by an expected mid-single-digit decline in our NGS business. And our Applied Markets Group reported $301 million in the quarter, flat versus last year on a core growth basis. Growth in spectroscopy and GC/MS was offset by some timing-related declines in gas chromatography.

我們的業績因 NGS 業務預期的中等個位數下滑而被部分抵消。我們的應用程式市場集團本季報告顯示核心成長收入為 3.01 億美元，與去年持平。光譜學和 GC/MS 的成長被氣相層析法隨時間推移而出現的下降所抵消。

Before getting into the rest of the P&L, I want to cover additional details on Q2 revenue that were influenced by the April tariff announcements, primarily in China. While there was no revenue impact to Agilent overall, we did see some shifts by group in the quarter. Specifically, we saw roughly $15 million of in-country ACG lab consumables revenue pulled forward into Q2 from Q3.

在介紹其餘損益表之前，我想先介紹一下受 4 月關稅公告影響（主要是在中國）的第二季收入的更多細節。雖然這對安捷倫整體收入沒有影響，但我們確實看到本季各集團的收入有所變化。具體來說，我們發現國內 ACG 實驗室耗材收入約有 1,500 萬美元從第三季提前到第二季。

However, this was offset by longer processing time through customs on some select instrumentation in both AMG and LDG. Again, this did not impact our overall revenue for Q2 or our Q3 outlook but we have taken that into account by group looking forward, which I'll talk to in a minute. It is also important to note, we've seen a return to normal customs processing times here in May.

然而，這被 AMG 和 LDG 中部分特定儀表的海關處理時間延長所抵消。再次強調，這並沒有影響我們第二季的整體收入或第三季的前景，但我們已經將這一點考慮在內，我將在稍後討論。值得注意的是，五月我們的海關處理時間已恢復正常。

Now let's move on to the rest of the P&L. Gross margin was 54.1% in the quarter, roughly in line with our expectations after accounting for 55 basis points of incremental tariff costs. It is down versus last year, with the delta being equally distributed among tariffs, currency and product mix. We drove operating margins of 25.1%, while flat versus last year, excluding the 55 basis points of incremental tariffs, it would have been an increase year-on-year. So overall, a strong showing.

現在讓我們繼續討論損益表的其餘部分。本季毛利率為 54.1%，在計入 55 個基點的增量關稅成本後，大致符合我們的預期。與去年相比有所下降，差異在關稅、貨幣和產品組合之間平均分配。我們的營業利潤率達到 25.1%，與去年持平，若不計入 55 個基點的增量關稅，則較去年同期成長。整體而言，表現強勁。

Below the line, we had $2 million of income while our tax rate of 11.5% was better than expected. And we had 285 million diluted shares outstanding in the quarter. Putting it all together, Q2 earnings per share were $1.31, that was ahead of our expectations and up 7% from a year ago, growing faster than core revenue. This is a very good result in the face of the dynamic macro environment which is a testament to the Agilent team, forging close collaborative partnerships with our customers.

低於這項標準，我們的收入為 200 萬美元，而我們的稅率為 11.5%，比預期好。本季我們的流通股數為 2.85 億股稀釋股。綜合起來，第二季每股收益為 1.31 美元，超出我們的預期，比去年同期成長 7%，成長速度快於核心收入。在動態的宏觀環境下，這是一個非常好的成績，證明了安捷倫團隊與客戶建立了密切的合作關係。

Now let me turn to cash flow and the balance sheet. Operating cash flow was $221 million in the quarter and we invested $114 million in capital expenditures. We purchased $165 million in shares and paid out $70 million in dividends during the quarter. And we ended the quarter with a net leverage ratio of 1, so we continue to have a very strong balance sheet.

現在讓我來談談現金流和資產負債表。本季經營現金流為 2.21 億美元，資本支出為 1.14 億美元。我們在本季購買了價值 1.65 億美元的股票，並支付了 7,000 萬美元的股息。本季末我們的淨槓桿比率為 1，因此我們的資產負債表仍然非常強勁。

Now let's move on to our outlook for the fiscal year and third quarter. As Padraig mentioned earlier, we are maintaining our core growth outlook for the year, and increasing our reported revenue guidance by $50 million to reflect incremental FX benefit since our last guide. This results in an increase to our full year reported revenue to be in the range of $6.73 billion to $6.81 billion, increasing reported growth to 3.4% to 4.6%.

現在讓我們來談談本財年和第三季的展望。正如帕德萊格先前提到的，我們維持今年的核心成長前景，並將報告的收入預期提高 5000 萬美元，以反映自上次預期以來增量的外匯收益。這導致我們的全年報告收入增加到 67.3 億美元至 68.1 億美元之間，報告成長率提高到 3.4% 至 4.6%。

Currency is now expected to represent a 1.1 percentage point headwind for the year versus a prior 1.9% headwind, while our M&A guidance is unchanged at plus 2% to 2.2% revenue impact for the year. Core growth is still expected to be between 2.5% to 3.5% for the year. We believe this is a prudent way to manage considering the dynamic macro environment.

目前預計貨幣因素將對今年的收入造成 1.1 個百分點的不利影響，而先前的不利影響為 1.9%，而我們的併購指導保持不變，仍為對今年收入產生 2% 至 2.2% 的影響。預計全年核心成長率仍將在 2.5% 至 3.5% 之間。我們認為，考慮到動態的宏觀環境，這是一種審慎的管理方式。

Now to help you with your models, I wanted to provide some additional perspective on our end markets. In Pharma, we are monitoring the progress of US pricing policy proposals but are not seeing a change in customer behavior.

現在，為了幫助您建立模型，我想提供一些有關我們終端市場的額外觀點。在製藥業，我們正在監測美國定價政策提案的進展，但沒有看到客戶行為的變化。

As a result, we continue to expect low to mid-single-digit growth for the year with the second half of the year continuing to show steady improvement versus the first half. For Diagnostics and Clinical, given Q2's performance, we now expect growth to be towards the upper end of mid-single digits. And we expect growth for both Chemicals and Advanced Materials and Food to continue to be in the range of low to mid-single digits, while the Environmental and Forensics market is a solid mid-single-digit growth on PFAS strength.

因此，我們繼續預期今年的成長率將維持在低至中個位數之間，下半年的成長率將比上半年繼續穩定改善。對於診斷和臨床，鑑於第二季度的表現，我們現在預計成長率將達到中等個位數的上限。我們預計化學品和先進材料以及食品的成長將繼續保持在低至中等個位數的範圍內，而環境和法醫市場將憑藉 PFAS 的強勁增長實現穩健的中等個位數增長。

And lastly, as a reminder, Academia and Government is our smallest market at 8% of total revenue, with NIH-related research representing only about 1% of revenue. We are maintaining our outlook from Q1 of a mid-single-digit decline in total with the US market being the driver. While we performed much better than we expected in Q2, we feel this is a prudent approach for the year. We are also maintaining our full year EPS guidance of $5.54 to $5.61 while covering the incremental tariff costs that I'll explain in more detail in a moment. This represents a year-on-year increase of 4.7% to 6%.

最後，提醒一下，學術界和政府是我們最小的市場，佔總收入的 8%，而與 NIH 相關的研究僅佔收入的 1% 左右。我們維持第一季的預測，即整體將出現中等個位數的下滑，而美國市場是主要原因。雖然我們在第二季的表現遠勝於預期，但我們認為這是今年的審慎做法。我們還維持全年每股收益預期 5.54 美元至 5.61 美元，同時涵蓋增量關稅成本，稍後我將詳細解釋。這意味著同比增長4.7%至6%。

For clarity, let me briefly summarize the tariff assumptions we've incorporated into our FY25 guidance. Based on the tariff rates that are currently in place, we estimate that the gross incremental tariff exposure in the second half of our fiscal year is $50 million. This is on top of the roughly $10 million we have already absorbed in the first half of our fiscal year, 30% of the exposure is represented by trade between the US and China, about evenly split. Of the remaining 70%, 30 percentage points is from the EU into the US and the remaining 40% is from the rest of the world into the US.

為了清楚起見，讓我簡單總結一下我們在 FY25 指導中納入的關稅假設。根據目前實施的關稅稅率，我們估計本財政年度下半年的總增量關稅風險為 5,000 萬美元。這是我們在本財年上半年已經吸收的約 1000 萬美元的基礎上的，其中 30% 的風險敞口來自美國和中國之間的貿易，兩者大致平均分配。剩下的70%中，30%是從歐盟流入美國的，剩下的40%是從世界其他地區流入美國的。

As Padraig mentioned, we have mobilized our team using the Ignite operating model to quickly move our procurement and supply chains to minimize the tariffs and build inventory. We are using a combination of supply chain moves like moving LC production into the US, surcharges and some of the Ignite driven savings that or previously highlighted to offset the incremental costs.

正如帕德萊格所提到的，我們已經動員我們的團隊使用 Ignite 營運模式來快速轉移我們的採購和供應鏈，以盡量減少關稅並建立庫存。我們正在採用多種供應鏈舉措，例如將信用證生產轉移到美國、附加費以及一些 Ignite 驅動的節省措施（或先前強調的節省措施），以抵消增量成本。

Importantly, we expect our actions to fully mitigate the cost in fiscal 2026. The tariff landscape continues to be dynamic and hard to predict. However, given the recent news of potentially increasing tariffs on EU sourced products to 50% as early as July 9, we felt it is important to frame that exposure. If implemented on July 9 we estimate that would add another $40 million in gross exposure in the second half of the year. But through additional pricing mitigations and the inventory we've built up, we anticipate the net impact would be minimal for the year.

重要的是，我們預計我們的行動將在 2026 財政年度完全降低成本。關稅情勢持續變化且難以預測。然而，鑑於最近有消息稱，歐盟產品的關稅最早可能在 7 月 9 日提高到 50%，我們認為有必要明確這一風險。如果在 7 月 9 日實施，我們估計下半年的總風險敞口將再增加 4,000 萬美元。但透過額外的價格緩解措施和我們建立的庫存，我們預計今年的淨影響將很小。

This is the power of our tariff task force. It enables us to address tariffs at the enterprise level and align Agilent's key senior leaders so we can quickly leverage our strong and diverse supply chain footprint and adjust to the market-driven approach of our unified commercial team. Finally, for your modeling, we are now projecting an increase in other income and expenses to $15 million in income along with a 12% tax rate for the year and 285 million diluted shares outstanding.

這就是我們的關稅工作小組的力量。它使我們能夠在企業層面解決關稅問題，並協調安捷倫的主要高級領導人，以便我們能夠快速利用我們強大而多樣化的供應鏈足跡，並適應我們統一的商業團隊的市場驅動方法。最後，對於您的建模，我們現在預測其他收入和支出將增加到 1500 萬美元，同時年度稅率為 12%，流通稀釋股數為 2.85 億股。

Moving to the third quarter, we are guiding to revenue of $1.645 billion to $1.675 billion. This range represents an increase of 1.7% to 3.6% growth on a core basis and an increase of 4.2% to 6.1% growth on a reported basis. Currency is a 0.6% tailwind and M&A impact is expected to be a 1.9% benefit in the quarter.

展望第三季度，我們預計營收為 16.45 億美元至 16.75 億美元。此範圍代表核心成長率為 1.7% 至 3.6%，報告成長率為 4.2% 至 6.1%。貨幣是 0.6% 的順風，併購影響預計將在本季帶來 1.9% 的收益。

Again, while the Q2 stocking the logistics dynamics I mentioned earlier do not affect the total revenue in Q3, we do see it playing out differently by group. For that reason, we thought it helpful to provide a perspective on group core growth guidance in Q3.

再次，雖然我之前提到的第二季庫存物流動態不會影響第三季的總收入，但我們確實看到不同集團的表現有所不同。因此，我們認為提供有關第三季度集團核心成長指引的觀點是有幫助的。

Given the Q2 impacts, we see LDG growing mid-single digits and both ACG and AMG growing low single digits. Third quarter non-GAAP earnings per share are expected to be between $1.35 and $1.37, representing growth of 2.3% to 3.8%.

考慮到第二季的影響，我們預計 LDG 將實現中等個位數成長，而 ACG 和 AMG 都將實現低個位數成長。預計第三季非公認會計準則每股收益在 1.35 美元至 1.37 美元之間，成長 2.3% 至 3.8%。

Now I'd like to turn the call back to Padraig for closing comments. Padraig?

現在我想把電話轉回給帕德萊格，請他發表最後評論。帕德萊格？

Thanks, Bob. Before I close, I want to thank our retiring Board member, Heidi Kunz, for many years of service with Agilent, and I want to welcome Pascal Soriot and Judy Gawlik Brown to the Board. Pascal is CEO of AstraZeneca; and Judy is currently Founder and CEO of Downtown Advisory after holding senior leadership positions at Amgen and Perrigo. Both bring decades of global leadership experience from the pharmaceutical, biotechnology and health care sectors with a proven track record in strategy, innovation, operations and finance. I look forward to working with you both.

謝謝，鮑伯。在結束之前，我要感謝即將退休的董事會成員 Heidi Kunz 多年來為安捷倫服務，並歡迎 Pascal Soriot 和 Judy Gawlik Brown 加入董事會。帕斯卡是阿斯特捷利康公司的執行長；朱迪曾在安進公司和百利戈公司擔任高階領導職務，目前是 Downtown Advisory 公司的創辦人兼執行長。兩人均擁有製藥、生物技術和醫療保健領域數十年的全球領導經驗，並在策略、創新、營運和財務方面擁有良好的業績記錄。我期待與你們合作。

It's an exciting time to be part of the Agilent growth story, to be part of building on our foundational strength of being an established leader in $80 billion markets driven by secular growth. Having leading market share and sustainable competitive advantage to our intense customer focus and reaccelerating growth through innovation and market share gains.

能夠參與安捷倫的成長歷程，成為由長期成長驅動的 800 億美元市場中的領導者，這是一個令人興奮的時刻。擁有領先的市場份額和可持續的競爭優勢，高度關注客戶，並透過創新和市場份額的成長重新加速成長。

And we continue to look at the long term. As Bob mentioned, we have strong balance sheet and remain focused on augmenting our internal innovation with external growth opportunities. We have a robust pipeline of opportunities of all sizes that are aligned with our strategy we explained in December and will further build this great company.

我們將繼續著眼於長遠。正如鮑伯所提到的，我們擁有強大的資產負債表，並將繼續專注於利用外部成長機會來增強內部創新。我們擁有大量各種規模的機遇，這些機會與我們 12 月闡述的策略一致，並將進一步打造這家偉大的公司。

In a highly dynamic macro environment, Agilent is excelling. We remain confident in our ability to deliver on our full year 2025 commitments and in our long-term trajectory towards financial framework we explained at Investor Day, with Ignite scaling and our pace of innovation accelerating, Agilent is well positioned to outperform regardless of the near-term market dynamics. After one year as CEO, I'm even more energized by what we're accomplishing at Agilent, and we're only getting started.

在高度動態的宏觀環境中，安捷倫表現出色。我們仍然有信心實現 2025 年全年承諾，並對我們在投資者日解釋的財務框架的長期發展軌跡充滿信心，隨著 Ignite 的擴大和創新步伐的加快，無論短期市場動態如何，安捷倫都處於有利地位，能夠表現出色。在擔任執行長一年後，我對安捷倫所取得的成就感到更加振奮，而這只是個開始。

Thank you for your attention. I'll now hand it over to Parmeet to kick off our Q&A. Parmeet?

感謝您的關注。現在我將把時間交給 Parmeet 來開始我們的問答環節。帕爾米特？

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

謝謝，帕德萊格。里賈納，請您現在提供問答的說明。

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）花旗銀行的 Patrick Donnelly。

Hey, guys. Thank you for taking the questions. Maybe one just on the order trends that you guys saw in the quarter. Can you just give us some color how those progress as the quarter progressed? I mean you guys are unique with the timing, probably saw a little bit of the pharma tariffs, the actual tariffs come in, just curious if you're willing to talk about April, certainly, May would be welcomed as well.

嘿，大家好。感謝您回答這些問題。也許只是你們在本季看到的訂單趨勢。您能否向我們介紹一下本季的進展？我的意思是，你們的時間安排很獨特，可能看到了一點製藥關稅，實際關稅已經到位，只是好奇你是否願意談論四月份的情況，當然，五月也會受到歡迎。

But what you saw on the order front, did you see any pull forward around the pharma tariffs? I know you talked about the ACG pull forward on the consumables. But just curious what you're hearing from customers. And again, what you thought on the order front versus the revenue side would be helpful as well?

但是從訂單方面來看，您是否看到藥品關稅有任何上漲？我知道您談到了 ACG 對消耗品的推動。但我只是好奇你從客戶那裡聽到了什麼。再說一次，您認為訂單方面與收入相比有什麼幫助嗎？

Yes. Thanks, Patrick. So I can start here. So first of all, our book-to-bill was greater than 1. And our orders grew low single digits in Q2 and overall for the first half, orders grew mid-single digits. So in terms of pull forward from pharma, we haven't seen anything. We've seen actually a very stable business across the regions, of course, as Bob talked about in the script, we did see a pull forward in consumables, but that comes out in the wash, given some of the issues we had with customs, et cetera, in April, but that's back to normal now.

是的。謝謝，派崔克。所以我可以從這裡開始。首先，我們的訂單出貨比大於1。我們第二季的訂單量成長了低個位數，而上半年整體訂單量成長了中個位數。因此，就製藥業的拉力而言，我們還沒有看到任何進展。當然，我們看到各個地區的業務實際上都非常穩定，正如鮑勃在腳本中提到的那樣，我們確實看到了消耗品的拉動，但考慮到我們在四月份遇到的一些與海關等有關的問題，這種情況最終會顯現出來，但現在已經恢復正常了。

So what I would say is peak pharma customers are in particular, still spending on key projects and replacement cycle continues. So no changes there. And we do expect this gradual recovery to continue in the second half.

所以我想說的是，尤其是製藥業的高峰客戶，仍然在關鍵項目上投入資金，更換週期仍在繼續。因此那裡沒有變化。我們確實預計下半年這種逐步復甦的勢頭將會持續下去。

Okay. That's helpful. And then maybe just on the NASD BIOVECTRA piece. It sounds like those performed quite well in the quarter. Can you talk about, I guess, expectations for the rest of your year? It sounds like NASD is maybe creeping a little bit higher, which is great. Can you talk about the visibility there? I know sometimes you get orders well out a few quarters? I mean are you into '26 on some of these order books? Maybe just talk about the visibility and what you're seeing in those businesses would be helpful.

好的。這很有幫助。然後也許只是關於 NASD BIOVECTRA 的部分。聽起來這些在本季的表現相當不錯。您能談談對今年剩餘時間的期望嗎？聽起來 NASD 可能正在緩慢上漲，這很好。你能談談那裡的可見度嗎？我知道有時您會在幾個季度後才收到訂單？我的意思是，您是否對這些訂單簿中的某些內容感興趣？也許僅僅談論可見性以及您在這些業務中看到的情況就會有所幫助。

Yes, I'll start and I'll hand it over to Simon. So first of all, really, really pleased by the progress in our CDMO business and NASD with high single-digit growth and with BIOVECTRA into high teens, we're seeing the combination of these businesses right in the sweet spot of really important therapeutic areas coming together, but I'll hand it over to Simon for more color on that.

是的，我先開始，然後交給西蒙。因此，首先，我們非常非常高興看到我們的 CDMO 業務和 NASD 取得了高個位數增長，BIOVECTRA 也進入了十幾歲的高增長階段，我們看到這些業務的結合正處於真正重要的治療領域的最佳結合點，但我會將時間交給 Simon 來詳細介紹這一點。

Yes. I'd say, overall, in the CDMO businesses, we were pleased on a couple of major fronts for the quarter just passed. We saw progression of some early commercial programs in the NASD business. We've talked about that a few times previously. And we're now starting to see the revenue mix to evolve more from 50/50 towards 60/40 in favor of commercial, we think that bodes well for the future.

是的。我想說，總體而言，在 CDMO 業務中，我們對剛剛過去的這個季度的幾個主要方面感到滿意。我們看到 NASD 業務中一些早期商業項目的進展。我們之前已經討論過這個問題幾次了。現在，我們開始看到收入結構從 50/50 轉變為 60/40 ，商業收入佔比更大，我們認為這對未來來說是個好兆頭。

And then in the BIOVECTRA business, there was also some really notable progress, our GLP-1 manufacturing programs. We saw a successful scale up there, we saw some nice process efficiency gains, and that's now beginning to become a pretty meaningful contributor to the CDMO business overall.

在 BIOVECTRA 業務中，我們的 GLP-1 製造專案也取得了一些非常顯著的進展。我們看到了成功的規模，看到了一些不錯的流程效率提升，現在這開始成為整個 CDMO 業務的一個非常有意義的貢獻者。

As we think about going forward in the near term, I'd say we're pretty confident about the second half of the year as we look at NASD in particular, we've got very clear line of sight to the double-digit growth that was mentioned in the script. So I'd say we've got the orders in-house that we need to fulfill that. And then longer term, we continue to think we're extremely well positioned in this space.

當我們考慮短期內的發展時，我想說我們對下半年非常有信心，特別是當我們看 NASD 時，我們非常清楚地看到了腳本中提到的兩位數增長。所以我想說我們已經獲得了完成這項任務所需的內部訂單。從長遠來看，我們仍然認為我們在這個領域處於非常有利的地位。

And again, these combined capabilities of NASD and BIOVECTRA really put us in the sweet spot of advanced therapeutic modalities and particular areas that really excite us like oligos and antibody drug conjugates and bioconjugation generally is a really high-growth area where we've got real strong capability in BIOVECTRA.

再次，NASD 和 BIOVECTRA 的綜合能力確實使我們處於先進治療方式和真正令我們興奮的特定領域的最佳位置，例如寡核苷酸和抗體藥物偶聯物和生物偶聯通常是一個非常高增長的領域，我們在 BIOVECTRA 方面擁有真正強大的能力。

So a lot to be pleased about in the quarter. As always, I’ll caveat it, this business is lumpy. It will continue to be lumpy, but we're on a clear foot forward trajectory here. We feel like we're nicely positioned, and we've got a good line of sight to the rest of the year.

本季有很多值得高興的事情。像往常一樣，我要提醒大家，這項業務並不順利。雖然過程仍會坎坷，但我們的前進軌跡十分清晰。我們感覺自己處於有利位置，並且對今年剩餘時間的前景有很好的預期。

Great. Thank you, guys.

偉大的。謝謝你們。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Thank you. Good afternoon. To follow up on Patrick's first question, just around the in-quarter impact you saw on ordering just around the tariffs. The $15 million of consumables that got pulled forward? What were you hearing from customers is just the reason for why that happened?

謝謝。午安.為了回答帕特里克的第一個問題，您剛剛看到了關稅對本季訂單的影響。價值 1500 萬美元的消耗品提前了？您從客戶那裡聽到的是什麼原因導致這種情況發生？

Just curious about that. And then on the instrument side, does the guide assume you recapture that in the fiscal third quarter? Or do you think that could come later in the year?

只是對此感到好奇。然後在工具方面，指南是否假設您在第三財季重新獲得此數據？或者您認為這可能會在今年稍後實現？

Jack, this is Bob. I'll take that. And as you can imagine, in China, given the high tariff rates that were being proposed at the time at mid-April, there was a desire to try to get ahead of that from some of our customers, and we had inventory in country. And so we just saw stocking of orders that would normally be throughout Q3 being pulled into Q2 and being delivered.

傑克，這是鮑伯。我會接受的。你可以想像，在中國，考慮到 4 月中旬提出的高關稅稅率，我們的一些客戶希望能夠搶得先機，而且我們在國內有庫存。因此，我們看到通常在第三季完成的訂單被拉到第二季並交付。

On the flip side, because of the changing tariffs, there were a number of longer delivery times and logistics activities that were happening at the ports in China as well that primarily impacted our instrument business because we bring those in. And so that offset in total that in China.

另一方面，由於關稅的變化，中國港口的交貨時間和物流活動也變得更長，這主要影響了我們的儀器業務，因為這些業務是我們引進的。這樣就完全抵銷了中國的損失。

And so when we look at that, we would expect no change. We didn't see any change to our overall revenue in Q2. There's some moves between instruments and consumables and that will reverse itself, we expect here in Q3. But again, in total for Q2 and Q3, the total results are fine.

因此，當我們審視這一點時，我們預計不會有任何變化。我們沒有看到第二季的整體收入有任何變化。我們預計，儀器和消耗品之間存在一些變動，但這種變動將會在第三季發生逆轉。但總體而言，第二季和第三季的整體結果還不錯。

Got it. That makes sense. And I think that explains where I was going to go with my second question as to why China was much better than I was thinking. So I do have one other follow-up, which is Bob, just can you boil it all down now on the margin side for the year, kind of what the guide implies for operating margins?

知道了。這很有道理。我想這解釋了我的第二個問題：為什麼中國比我想像的要好得多。所以我還有一個後續問題，鮑勃，您能否將今年的利潤率全部歸結起來，指南對營業利潤率意味著什麼？

Yes. So the margin, given obviously, the cost associated with the incremental tariffs, we are covering that with a combination of tariff mitigation activities as well as some pricing surcharges and then some of the Ignite. But given the impact of that, it will be closer to flat versus year ago if you took that out, we would still be on track for the margin expansion similar to what we saw here in Q2 as an example. So we were flat year-on-year. But if you took out that 55 basis points, we've been right on track.

是的。因此，顯然考慮到與增量關稅相關的成本，我們將透過關稅減免活動以及一些價格附加費和一些 Ignite 來彌補這一差距。但考慮到其影響，如果將其剔除，利潤率將接近與去年同期持平，我們仍將保持利潤率擴張的軌道，類似於我們在第二季度看到的情況。因此我們的業績與去年同期持平。但如果你去掉那 55 個基點，我們就走在正確的軌道上了。

So we still feel good about that cadence going forward, particularly when we talk about 2026. When we talk about mitigations, that means that we will eliminate the gross impact of the tariffs through some of the supply chain moves that are already ongoing.

因此，我們仍然對未來的節奏感到滿意，特別是當我們談論 2026 年時。當我們談論緩解措施時，這意味著我們將透過一些已經在進行的供應鏈措施來消除關稅的整體影響。

Okay, thank you.

好的，謝謝。

Matt Sykes, Goldman Sachs.

高盛的馬特·賽克斯 (Matt Sykes)。

Hi this is Evian on for Matt. So the first one, in the past, you've noted that the majority of your exposure within your Pharma business is in clinical versus earlier stage research. Have you seen any differences between the ordering patterns of these two applications, especially with the recent uncertainty in the research spend from these customers?

大家好，我是 Evian，為 Matt 獻聲。首先，您過去曾指出，您在製藥業務中的大部分接觸都是在臨床研究而不是早期研究階段。您是否發現這兩個應用程式的訂購模式有任何差異，尤其是最近這些客戶的研究支出存在不確定性？

Yes. No, I would say the lion's share of our business is actually on the QA/QC and development side, and we saw small molecule actually grow 10% in the quarter, which was a fantastic result. So we see across pharma, that actually that's the part that's more resilient currently, and particularly in the future where you see potential reshoring that may happen over a few years, of course, QA/QC testing benefits from that and, of course, benefits by the way, from supply chain changes with pharma around the globe as they look to mitigate things themselves.

是的。不，我想說我們業務的最大份額實際上是在 QA/QC 和開發方面，我們看到小分子在本季度實際上增長了 10%，這是一個了不起的結果。因此，我們看到整個製藥行業實際上目前是更具彈性的部分，特別是在未來，你會看到幾年內可能會發生潛在的回流，當然，QA/QC 測試會從中受益，當然，順便說一下，隨著全球製藥公司的供應鏈變化，他們希望自己減輕影響，它們也會受益。

So overall, I would say, a very strong quarter on that side, and we continue to expect. We do actually, of course, serve our customers on the R&D side and the development side, but the vast majority would be on the QA/QC side.

所以總體而言，我想說，這是一個非常強勁的季度，我們將繼續期待。當然，我們確實在研發和開發方面為客戶提供服務，但絕大多數是在品質保證/品質控制方面。

Okay. Great. And then within PFAS, we've seen some potential easing of regulation within water in the US. Have you seen this impact of orders as customers work through the uncertainty? And then how much can growth in food and product testing offset potential weakness in the water regulation?

好的。偉大的。在 PFAS 領域，我們看到美國對水資源的監管可能有所放鬆。當客戶努力克服不確定性時，您是否看到了訂單的影響？那麼，食品和產品檢測的成長能在多大程度上抵消水資源監管的潛在弱點？

Yes. So first of all, just a tremendous result in PFAS. In Q2, we grew 75% year-over-year and also saw tremendous growth around consumables and connect rates with our systems give a little bit of color as well. Europe and China really grew well and of course, with EMEA. So a lot to like about it. If you think about some of the recent announcements, it's actually very -- it's sometimes it's hard to get some of the details in those announcements with the restructuring that's going on but I think you're going to see water to water testing continue over the next few quarters, especially in the broader area outside the US.

是的。首先，PFAS 取得了巨大的成果。在第二季度，我們年增了 75%，消耗品和系統連接率也出現了大幅成長。歐洲和中國確實發展得很好，當然還有歐洲、中東和非洲地區。有很多值得喜歡的地方。如果你考慮一下最近的一些公告，你會發現，由於正在進行重組，有時很難從這些公告中獲得一些細節，但我認為你會看到水對水測試在接下來的幾個季度繼續進行，特別是在美國以外的更廣闊地區。

I think the larger part of our PFAS business in the US over the next year or the next half is going to come from industrial-based testing that's around wastewater silo discharges. That's where you see people worried about litigation. You'll see a lot from the EPA coming out to pay for any infringements.

我認為，未來一年或下半年，我們在美國 PFAS 業務的大部分將來自圍繞廢水筒倉排放的工業測試。這就是人們擔心訴訟的地方。你會看到環保署出台了很多措施來賠償任何違法行為。

So we also see that material testing globally and water testing in EMEA, APAC to drive business over the next two quarters. So I would say we're very -- we're expecting very strong results for the year, but beyond the year extremely strong as well.

因此，我們也看到，全球材料測試和歐洲、中東和非洲地區、亞太地區的水測試將在未來兩個季度推動業務發展。所以我想說，我們非常——我們預計今年的業績會非常強勁，但今年以後的業績也會非常強勁。

There's also one emerging thing that's coming up quite a bit is that PFAS testing is going to start more into air and volatile PFAS, which is right in our sweet spot for GCMS. Currently, that's about, I would say, 2% to 3% of the market. But over the next 12 to 18 months, we expect that to go to 80-- or sorry, 8% to 12% of the market, where we will have a very high market share win rate on that. So that gives a color around PFAS.

還有一種新興趨勢正在出現，那就是 PFAS 測試將更多地針對空氣和揮發性 PFAS，這正好是 GCMS 的最佳應用領域。目前，我認為這大約佔市場的 2% 到 3%。但在接下來的 12 到 18 個月內，我們預計市佔率將達到 80%（抱歉，是 8% 到 12%），屆時我們的市佔率將非常高。這樣就為 PFAS 賦予了顏色。

Rachel Vatnsdal, JP Morgan.

摩根大通 (JP Morgan) 的 Rachel Vatnsdal。

Good afternoon. Thanks so much for taking the question. I want to follow up on your comments there and Evie's question regarding reshoring. You've had a few of your peers called this out as a potential tailwind just given a number of capacity announcements that we've heard from pharma companies in recent months.

午安.非常感謝您回答這個問題。我想跟進您的評論以及 Evie 關於回流的問題。鑑於近幾個月來我們從製藥公司聽到的大量產能公告，您的一些同行認為這是一個潛在的順風。

So can you walk us through, have you had any concrete conversations with customers regarding these capacity buildouts? And how do we think about the timing of when we could see any tailwinds related to onshoring?

那麼，您能否向我們介紹一下，您是否與客戶就這些產能建設進行過具體的對話？我們如何看待何時能看到與在岸外包相關的順風？

Yes, great question, Rachel. So having spent three decades in this industry, and actually, the earlier parts of those decades in Ireland, when there was a lot of pharmaceutical being built in Ireland in terms of capacity. Generally, the way these things happen, it takes quite a bit of time. What we're leading with is our strategic account program. So we're at the very highest levels with our pharma customers, discussions are extremely early. So I wouldn't say any concrete out of that yet.

是的，問得好，Rachel。因此，我在這個行業工作了三十年，實際上，這三十年的前半段是在愛爾蘭，當時愛爾蘭在產能方面有很多製藥廠在建設中。一般來說，這些事情發生需要相當長的時間。我們所引領的是戰略客戶計畫。因此，我們與製藥客戶的聯繫處於最高水平，討論還處於非常早期的階段。因此我目前還不能透露任何具體資訊。

But generally, what happens is you see the plans for the site being put up. You also see qualification plans for the site generally construction tenders are out. And then from the construction tenders, people think about lab capacity. And that is the point which is really critical to be in, and we're -- we feel very good about our position with the strategic accounts.

但一般來說，你會看到該網站的計劃被提出來。您還可以看到現場的資格計劃，一般來說，建築招標已經出爐。然後從建設招標中，人們考慮實驗室的容量。這就是真正關鍵的一點，我們對我們在策略帳戶方面的地位感到非常滿意。

Also, by the way, you hear of methods moving early, so maybe it moves from EMEA to the US. So we find out from our large installed base is where those methods are going to go. But we don't expect anything, I would say you're going to see something maybe at the end of two to three years, but it will be a tailwind for us given the amount of systems and also the proportion of QA/QC in those systems.

另外，順便說一句，您聽說方法很早就轉移了，所以也許它從 EMEA 轉移到了美國。因此，我們從龐大的安裝基礎中發現這些方法將會走向何方。但我們並不期待任何事情，我想說你可能會在兩到三年後看到一些東西，但考慮到系統的數量以及這些系統中 QA/QC 的比例，這對我們來說將是一個順風。

Great. And then just for my follow-up, I wanted to ask on pricing. Can you talk about your ability to pass on price in this environment, given the dynamic environment that we're seeing in light of tariffs. And in general, what's embedded for pricing for the rest of the year and for guidance?

偉大的。然後，為了跟進，我想問價格。鑑於我們所看到的關稅動態環境，您能否談談您在這種環境下轉嫁價格的能力？整體而言，今年剩餘時間的定價和指導包含哪些內容？

I'll take the first part and give the second part to Bob on it. So we have enterprise pricing capability that we built through Ignite. So we do it in a very -- we do surcharges in a very structured way. We actually -- clearly, we're looking at our competitive situation around in different regions and making sure we stay focused on the customers. So based on the work we're already optimizing our pricing and we have -- it's been quite a big part of our mitigation going forward. But Bob, I don't know if you want to talk about guide?

我將負責第一部分，並將第二部分交給鮑伯。因此，我們擁有透過 Ignite 建構的企業定價能力。因此，我們以非常結構化的方式收取附加費。實際上——顯然，我們正在關注不同地區的競爭形勢，並確保我們始終專注於客戶。因此，基於我們已經在進行的工作，我們正在優化我們的定價，這是我們未來緩解措施的相當重要的一部分。但是鮑勃，我不知道你是否想談談指南？

Yes. Rachel, it's Bob to build on what Padraig had said, just to reiterate what we said in the prepared remarks, we've already achieved what we achieved all of last year through the first six months of this. So a very good performance there.

是的。雷切爾，鮑勃，我想根據帕德萊格所說的話，重申一下我們在準備好的發言中所說的內容，透過今年的前六個月，我們已經實現了去年全年所取得的成就。所以那裡的表現非常出色。

If you recall, in our guide, we had about 100 basis -- we had 100 basis points of price. We're on track for that for the year, probably a little bit higher with the pricing mitigation activities that are being established as a result of tariffs. As you can imagine, depending on the competitive nature there, the type of pricing that we would have vis-a-vis the supply chain activities, which would be a permanent mitigation. We're balancing all of those as well as the Ignite pricing activities as well -- or excuse me, savings activity.

如果你還記得的話，在我們的指南中，我們有大約 100 個基點——我們有 100 個基點的價格。今年我們的目標已經確定，隨著關稅的實施，價格緩解活動可能會略有提高。你可以想像，根據那裡的競爭性質，我們針對供應鏈活動所採取的定價類型將是一種永久性的緩解措施。我們正在平衡所有這些以及 Ignite 定價活動——或者對不起，是儲蓄活動。

So we are not taking all of the mitigation from tariffs out of price. We think that is something that will help us with our customers as well and looking to move things around to have what we would call internally kind of no regrets moves to be able to manage our supply chain globally, given the dynamic nature of how these rates are moving back and forth. So that's kind of how we're thinking about the second half of the year. And again, in 2026, we would expect to have all of the tariff rates being mitigated.

因此，我們不會將關稅的所有緩解措施都從價格中剔除。我們認為這也有助於我們更好地服務客戶，並希望改變現狀，採取我們內部所謂的“無悔舉措”，以便能夠在全球範圍內管理我們的供應鏈，因為這些費率是動態變化的。這就是我們對下半年的思考。我們預計到 2026 年，所有關稅稅率都將降低。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi, Padraig and team. Thanks for taking my question. First one on the replacement cycle. You talked about book-to-bill being more than one. Just trying to understand how should we think about the Infinity III replacement cycle? How is it doing in the environmental labs versus the pharma labs? What are you seeing in the field, early traction? Maybe just help us understand how should we think about the anatomy of this replacement cycle for Agilent?

是的，嗨，Padraig 和他的團隊。感謝您回答我的問題。更換週期中的第一個。您談到訂單出貨比不只一個。只是想了解我們應該如何看待 Infinity III 更換週期？環境實驗室和製藥實驗室的表現如何？您在該領域看到了什麼早期的進展？也許只是幫助我們理解我們應該如何看待安捷倫的這個更換週期的結構？

Yes, I'd be happy to go through some details. So the Infinity 3 ramp continues extremely well. We see a lot of very strong adoption and customer feedback continues to be very positive. Our order funnel is really growing nicely with the Infinity 3, and we're really pleased with market acceptance. What we're actually seeing with Infinity 3 on the replacement cycles, we're seeing actually a higher connect rate and service and consumers with that system, which really bodes well for the future.

是的，我很樂意了解一些細節。因此，Infinity 3 的進展非常順利。我們看到了很多非常強勁的採用，並且客戶回饋仍然非常積極。隨著 Infinity 3 的推出，我們的訂單管道確實成長順利，我們對市場接受度感到非常滿意。實際上，我們在 Infinity 3 的更換週期中看到，該系統的連接率、服務和消費者實際上都有所提高，這對未來來說確實是個好兆頭。

But overall, replacement cycles on the LC side, I'll focus on that first and then maybe talk sort of broader portfolio. We've been seeing a continuous ramp on that. We expect that to continue over the next few quarters. We have thousands of 1,100, we have 1260,1290s. We're moving through that replacement cycle but of course, it doesn't happen in one quarter, it doesn't happen sequentially quarter after quarter, you see it gradually build.

但總的來說，我會先關注信用證方面的更換週期，然後再討論更廣泛的產品組合。我們看到這一趨勢持續上升。我們預計這種情況將在未來幾季持續下去。我們有千位 1,100，也有 1260、1290。我們正在經歷更換週期，但當然，它不會在一個季度內發生，也不會逐季連續發生，你會看到它是逐漸形成的。

And generally, I would say the funnel to close is about six to nine months to close an LC order. So we continue to see that increase, but very pleased with the adoption. And of course, there's a much broader continuum around our replacement cycle, given our GC, GC/MS and our LC/MS installed bases that are already I think, continuing to start to replace.

一般來說，我認為關閉信用證訂單的時間大約是六到九個月。因此，我們繼續看到這種成長，但對採用率感到非常滿意。當然，考慮到我們的 GC、GC/MS 和 LC/MS 安裝基礎已經在繼續更換，我們的更換週期有一個更廣泛的連續性。

Yes. Puneet, just to build on that, just to reiterate some of the proof points that you talked about when we talk about small molecule QA/QC, which is the lion's share of the installed base that grew double digits in Q2 from a revenue all-in inclusive of service, consumables and instrumentation. So it speaks to the full workflow solution. And to your question about environmental, that's our sweet spot, and we grew in PFAS over 70%. So I think it can kind of tell how well that's being adopted in the environmental space as well.

是的。Puneet，在此基礎上，重申您在我們談論小分子 QA/QC 時提到的一些證明點，小分子 QA/QC 佔據了安裝基數的最大份額，其收入（包括服務、消耗品和儀器）在第二季度實現了兩位數的增長。因此它代表了完整的工作流程解決方案。關於環境的問題，這是我們的最佳點，我們在 PFAS 方面的成長超過 70%。所以我認為這也可以說明它在環境領域的應用。

Got it. And my follow-up is can you size how much of the China growth in the quarter was from the sort of the Lunar New Year timing perspective, how Lunar New Year played out this year versus last year versus the sort of the consumable pull forward that you saw? And what was the China stimulus in the quarter?

知道了。我的後續問題是，您能否從農曆新年的時間角度來衡量本季度中國經濟成長的程度，今年農曆新年與去年相比如何，以及您所看到的消費品提前增長情況如何？本季中國推出了哪些刺激措施？

Yes, I'll start on that, Puneet. So the pull forward of the consumables that we were talking about actually had nothing to do with Lunar New Year, it was really driven by the tariffs. So that, I think, is an idiosyncratic activity that wouldn't continue.

是的，我就從那開始，Puneet。因此，我們談論的消耗品提前實際上與農曆新年無關，而是由關稅推動的。所以，我認為，這是一種不會持續下去的特殊活動。

The Lunar New Year played out the way we expected it to for the full year guide. So it was roughly about 2 points of total company. When you look at the change year-on-year and it kind of played out the way we expected it to. And so if you look at our revenue dollars in China sequentially, it's actually a very good performance, still well above $300 million speaks to the stability in that market.

農曆新年正如我們在全年指南中所預期的那樣。因此，這大約是整個公司的 2 個點。當你觀察逐年的變化時，你會發現它正如我們預期的那樣。因此，如果你連續查看我們在中國的收入，你會發現這實際上是一個非常好的表現，仍然遠高於 3 億美元，這說明該市場的穩定性。

And in terms of the last question that you had around stimulus, we continue to be pleased about the performance. If you look at the applied markets, we had some very good performance in food some of the other applied markets.

關於您關於刺激計劃的最後一個問題，我們仍然對刺激計劃的表現感到滿意。如果你看一下應用程式市場，你會發現我們在食品和其他一些應用市場都有非常好的表現。

Most of our stimulus was actually in Q1, but we're very optimistic about the funnel activity right now for the next stimulus, which we are starting to work with our customers and putting together bids for the second half of this year probably will be revenue at the end of our calendar year here, potentially in Q4, that would be upside. If it is in Q4, we haven't built that into our numbers but feel very optimistic about our ability to do that given our made in China capabilities.

我們的大部分刺激措施實際上都在第一季度，但我們對下一輪刺激措施的漏斗活動非常樂觀，我們正開始與客戶合作，並為今年下半年制定出價，這可能會在我們日曆年末，也就是第四季度，帶來收入，這將是一個上行空間。如果是在第四季度，我們還沒有將其計入我們的數據，但考慮到我們在中國製造的能力，我們對我們做到這一點的能力非常樂觀。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hey, guys, congrats on a nice execution here. And thanks for taking my question. Maybe my first one on the guidance here. You look at ACG, I think at the [XB] pull forward, it was still a pretty healthy 6-plus maybe high singles kind of number. Why is it slowing down to low signals we see those, I think you said in 3Q?

嘿，夥計們，恭喜你們的出色表現。感謝您回答我的問題。這可能是我第一次在這裡得到指導。你看 ACG，我認為在 [XB] 向前拉時，它仍然是一個相當健康的 6 以上甚至是高單打的數字。為什麼我們看到的訊號變慢到低訊號，我想您在第三季說過？

And when you apply that to overall company right? I think it's stepping down by 250 basis points sequentially. I know like on a year-on-year basis, like the comps maybe explains that. We in the stack comp basis, it looks maybe a little conservative. So maybe talk about the third quarter assumptions.

當您將其應用到整個公司時，對嗎？我認為它將連續下降 250 個基點。我知道，從年比來看，類似情況也許可以解釋這一點。我們在堆疊補償基礎上，看起來可能有點保守。所以也許可以談談第三季的假設。

Yes, thanks. I'm going to hand over to Angelica now to give some color on that one.

是的，謝謝。我現在要把時間交給安潔莉卡來對此進行解釋。

Yes. Thanks for the question. I think coming back to the tariff -related consumables pull forward, right, we made those adjustments. And so we make those adjustments for the quarter-on-quarter growth rates and normalize them, the guide is in the mid-single-digit range. So that's really accounting for it. But when you look more holistically, the fundamentals of ACG remain incredibly strong as we look towards the rest of the year.

是的。謝謝你的提問。我認為回到與關稅相關的消耗品拉動，對的，我們做出了這些調整。因此，我們對季度環比成長率進行了調整，並使其正常化，指導值處於中等個位數範圍內。這確實能解釋這一點。但如果你從更全面的角度來看，展望今年剩餘時間，ACG 的基本面依然非常強勁。

We're well positioned to continue to support customers as they're maximizing the assets in their laboratory through the broad portfolio, whether that's consumables services as well as some of the other offerings in the ACG portfolio. So we just suggested and still a healthy growth rate across ACG for full year.

我們已做好準備，繼續為客戶提供支持，幫助他們透過廣泛的產品組合最大限度地利用實驗室的資產，無論是耗材服務還是 ACG 產品組合中的其他一些產品。因此，我們只是建議，ACG 全年仍將保持健康的成長率。

Understood. And then maybe one on the P&L. I think on the margins, I thought I heard you say gross margins just in line, it looks like versus three , maybe numbers came down. Sequentially, gross margins were down. Maybe talk about what happened on gross margins. Was that a mix impact?

明白了。然後也許還有一個關於損益表的內容。我認為就利潤率而言，我想我聽到您說毛利率剛好一致，看起來與三季相比，數字可能下降了。隨之而來的是毛利率下降。也許可以談談毛利率方面的情況。這是混合影響嗎？

And I think you had a restructuring charge which wasn't there in prior quarters. Is this some new cost actions that Agilent has initiated?

我認為你們有一項重組費用，而前幾個季度並沒有這項費用。這是安捷倫採取的一些新的成本措施嗎？

Yes. When we were talking about the gross margins, if you look at it year-on-year, we did have the unplanned tariff activity, which was about 55 basis points in gross margin that hit in Q2. If you look at it versus a year ago, there was a combination of tariffs, product mix, which we had incorporated as well as some currency-related activities.

是的。當我們談論毛利率時，如果按年來看，我們確實存在計劃外的關稅活動，這導致第二季的毛利率下降了約 55 個基點。如果與一年前相比，我們會發現我們納入了關稅、產品組合以及一些與貨幣相關的活動。

So I feel good about kind of where that is in terms of restructuring, that's probably more on a GAAP basis, Vijay and we would have taken that out from the numbers that I was just referencing on a non-GAAP basis. But that would have been part of some of the organizational health activities that Padraig had mentioned as part of Ignite.

因此，我對重組的情況感到滿意，這可能更多地是基於 GAAP 的，Vijay，我們會將其從我剛才引用的非 GAAP 基礎上的數字中剔除出來。但這本來是帕德萊格在 Ignite 活動中提到的一些組織健康活動的一部分。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. I want to go back to NASD. The comps get easier here in the back half, so presumably double-digit growth, could that business be double digit for the full year? Or should we think about high single digit for NASD? Also, can you talk about capacity utilization as we think about Train C and D and then also BIOVECTRA fill finish.

嘿，謝謝。我想回到 NASD。下半年的業績比較好，所以大概會實現兩位數的成長，那麼全年業務能達到兩位數的成長嗎？或者我們應該考慮 NASD 的高個位數？另外，當我們考慮 C 和 D 系列以及 BIOVECTRA 填充完成時，您能否談談產能利用率。

And then third question on that is just with the onshoring theme, are you seeing more interest from pharma given that most of that business is US and then some in Canada, has that kind of peaked and picked up interest from some pharma companies?

第三個問題是，僅就國內業務而言，考慮到大部分製藥業務在美國，還有一些在加拿大，您是否看到製藥公司對此有更多的興趣，這種興趣是否已經達到頂峰並引起了一些製藥公司的興趣？

I'm going to give that to Simon?

我要把它給西蒙嗎？

Yes. So as we think about the back end of the year and NASD, and we've been saying all along that we, envision high single-digit growth and nudging double-digit growth. I'd say there's a growing confidence that we can nudge that double-digit growth as we look at the forecast that we're seeing begin to crystallize for Q3 and Q4.

是的。因此，當我們考慮今年年底和 NASD 時，我們一直在說，我們預計將實現高個位數成長和推動兩位數成長。我想說，隨著我們對第三季和第四季的預測開始逐漸明朗，我們越來越有信心推動兩位數的成長。

And then as far as BIOVECTRA goes, I think we're going to see a sequential dip in the third quarter. We're looking at some planned equipment shutdowns there. And as those come online, again, which we anticipate in Q4, provided that all goes to plan, and I think we'll be back to firing on all cylinders where that's concerned.

就 BIOVECTRA 而言，我認為我們將在第三季度看到連續下滑。我們正在考慮那裡的一些設備關閉計劃。隨著這些產品再次上線，我們預計在第四季度，如果一切按計劃進行，我認為我們將重新全力以赴。

As for Trains, Train D, we've been through this dynamic for a while now where we were coming through the back end of the IRA impacts, and then we started to see our order insight really improve in 2024 that's continued through to 2025. Again, I think we've got pretty much all of the orders in hand now to deliver on 2025, so that utilization of Train C, Train D is starting to become another positive tailwind driver for us now.

至於列車，列車 D，我們已經經歷了這種動態一段時間，我們正經歷 IRA 影響的後端，然後我們開始看到我們的訂單洞察力在 2024 年真正改善，並持續到 2025 年。再說一次，我認為我們現在幾乎已經拿到了所有訂單，將在 2025 年交付，因此 C 列車和 D 列車的利用現在開始成為我們的另一個積極的順風驅動力。

Yes. And I would say we haven't seen any impact at all from potential tariffs and pharma, et cetera, reshoring or shifts at all in that business and any conversations we have with our pharma partners.

是的。我想說的是，我們根本沒有看到潛在關稅和製藥業等回流或轉移對該業務以及我們與製藥合作夥伴進行的任何對話造成的任何影響。

No changes in behavior thus far -- watching it very closely.

到目前為止，行為沒有改變——密切觀察。

Okay. And then follow-up on replacement cycle. I appreciate the commentary and color you gave previously. Are you able to give us what percentage of LC systems are Infinity III at this point? Is it 15%, 20% of the mix? And then you haven't talked much about the GC replacement cycle, you did kind of allude to that. How are you thinking about that as well?

好的。然後跟進更換週期。我很欣賞您之前給予的評論和見解。您能告訴我們目前 LC 系統中 Infinity III 所佔的百分比嗎？是佔混合物的 15% 還是 20%？然後您還沒有談論太多關於 GC 替換週期的事情，您確實提到了這一點。您對此有何看法？

Yes. I mean it's steadily growing. I mean we're six months into the launch or a little bit more than that on the Infinity III. So it's building over time, but we don't go out the exact percentage of our installed base that one, but I can assure you it's going extremely well, Tycho.

是的。我的意思是它正在穩步增長。我的意思是，Infinity III 的發布已經過去了六個月或更久一點。所以它是隨著時間的推移而建造的，但我們不會公佈安裝基數的確切百分比，但我可以向你保證，它進展得非常順利，Tycho。

And given what we're seeing on the cadence from our older systems and even up to the 1260 and 1290 customers are really voting for the Infinity 3 when they -- when they replace. I'm going to ask Mike Zhang here on the GC replacement cycle.

考慮到我們從舊系統甚至 1260 和 1290 中看到的節奏，客戶在更換 Infinity 3 時確實會投票支援。我要在這裡向 Mike Zhang 詢問 GC 更換週期的問題。

Yes, Padraig, definitely. We're the leader in the DC and also DCMS and we have a very large installed base and we've been working with our customers. And I can tell you, yes, we have a large installed base. We have some very significant aging service as well. We're actually very excited to see some strong momentum with our customers about the GC and also GCMS. If you look at our order pace, I think it's very encouraging.

是的，帕德萊格，確實如此。我們是 DC 和 DCMS 領域的領導者，擁有非常龐大的安裝基礎，並且一直與客戶合作。我可以告訴你，是的，我們擁有龐大的安裝基礎。我們也提供一些非常重要的老化服務。事實上，我們非常高興看到我們的客戶對 GC 和 GCMS 表現出強勁的發展勢頭。如果你看看我們的訂單速度，我認為這是非常令人鼓舞的。

And we also have been exciting new innovations. We just launched a new GC and we have other exciting innovations as well. What I can tell is in the next few quarters, in the next few years, we're going to see a significant opportunity coming to materialize.

我們也一直在不斷推出令人興奮的新創新。我們剛剛推出了一款新的 GC，並且還有其他令人興奮的創新。我可以說的是，在接下來的幾季、接下來的幾年裡，我們將會看到一個重大機會的實現。

Brandon Couillard, Wells Fargo.

布蘭登‧庫亞爾 (Brandon Couillard)，富國銀行。

Hey, thanks. Good afternoon. Bob, you took down the operating cash flow guidance for the year. Is that driven by tariffs and maybe inventory builds and can you quantify the impact of currency on EPS in 2Q and then what's embedded for the full year now?

嘿，謝謝。午安.鮑勃，你記下了今年的經營現金流指引。這是由關稅和庫存增加所推動的嗎？您能否量化貨幣對第二季每股收益的影響以及對全年的影響？

Yes. So you're spot on it from a cash flow perspective, that is, in fact, what we have done is looked at building inventory, which is impacting our cash flow. It's kind of a onetime activity as well as some capital equipment as well as building up we didn't change our overall capital forecast, but there is some working capital there as well.

是的。因此，從現金流的角度來看，您說得對，事實上，我們所做的就是研究建立庫存，這會影響我們的現金流。這是一種一次性活動，以及一些資本設備以及建設，我們沒有改變我們的整體資本預測，但那裡也有一些營運資金。

So that's what we have on -- in terms of the EPS, it's close to, I'm just looking at my notes here, it's about 1 point or 2 from an EPS standpoint for the full year impact, Brandon. And we can get you the details post call.

這就是我們所得到的 - 就每股收益而言，它接近，我只是在這裡查看我的筆記，從每股收益的角度來看，對於全年的影響大約是 1 點或 2 點，布蘭登。我們可以在通話後向您提供詳細資訊。

Okay. And Padraig, I mean big picture, balance is very clean right now. Are you less likely to consider a larger deal right now, given the macro tariffs, interest rate volatility? Or are you seeing more attractive valuations for assets? And how do you think about those trade-offs?

好的。帕德萊格，我的意思是，從整體來看，目前的平衡非常清晰。考慮到宏觀關稅和利率波動，您現在是否不太可能考慮更大的交易？或者您看到了更具吸引力的資產估值？您如何看待這些權衡？

Yes. I mean we don't make any decisions based on the news that we see every week around how we're going to deploy capital going forward. But I can say a few things. We have a very strong list of opportunities. It's wedded in our strategy so we have done a lot of work on that. Of course, valuations are down a little bit. But of course, we're going to remain very disciplined in what we do going forward. But I will say that M&A will become a bigger part of our story over the next few years.

是的。我的意思是，我們不會根據每週看到的新聞來做出有關未來如何部署資本的任何決定。但我可以說幾件事。我們擁有大量的機會。它與我們的策略緊密結合，因此我們在這方面做了很多工作。當然，估值略有下降。但當然，我們在未來的工作中仍將保持高度自律。但我想說，未來幾年，併購將成為我們故事中更重要的一部分。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for taking the question, guys. I'll focus both on the margins and sort of the cadence through the year. Bob, you talked a lot about the impact of tariffs on 2Q, the 55 bps but just looking at the gross margin guide, I think sort of -- not the guide, but the implied number is kind of flat for throughout the rest of the year, maybe down 100 bps year-over-year.

偉大的。謝謝大家回答這個問題。我將重點放在全年的利潤和節奏。鮑勃，你談了很多關於關稅對第二季度的影響，55 個基點，但僅看毛利率指南，我認為 - 不是指南，而是隱含的數字在今年剩餘時間內基本持平，可能同比下降 100 個基點。

So the implied OpM step-up in 3Q and 4Q especially. It seems like it's coming a lot from the SG&A side. Could you just talk through how much of that is just whether that's volume leverage or the Ignite transformation coming through?

因此，隱含的 OpM 將在第三季和第四季特別增加。看起來這主要來自於銷售、一般及行政費用 (SG&A) 方面。您能否談談其中有多少是數量槓桿還是 Ignite 轉型帶來的？

Hi Mike, this is Bob. Yes. It's a little of both, as you could probably imagine, if you look at our kind of normal seasonality kind of first half to second half, we do have a step-up in margin. Some of that's related to volume. We also have more holidays and lower spending in the second half of the year. And then you've got the full impact of Ignite transformation that Padraig talked about.

你好，麥克，我是鮑伯。是的。兩者都有一點，正如您可能想像的那樣，如果您看一下我們上半年到下半年的正常季節性，我們的利潤率確實有所提高。其中一些與音量有關。下半年我們的假期也更多，支出也更少。然後你就會感受到 Padraig 所說的 Ignite 轉型的全部影響。

We talked about this $80 million of annualized, $40 million of that will happen here in the second half of the year, which will help us offset some of the tariffs. So you're right, more of our margin improvement in the second half was actually going to show up in the OpEx because tariffs show up in the gross margin. And so we've got some mitigation in the gross margin side, but also the mitigation activities in the OpEx side as well.

我們談到了每年 8000 萬美元的支出，其中 4000 萬美元將在今年下半年實現，這將幫助我們抵消部分關稅。所以你說得對，下半年我們的利潤率提高實際上更反映在營運支出中，因為關稅體現在毛利率中。因此，我們在毛利率方面採取了一些緩解措施，但在營運支出方面也採取了一些緩解措施。

Okay. And then on the tariff side, your point on, like you just said, partially offsetting as you go through the year on the growth side, but then fully offsetting in 2026. So how do we think about gross margins either as a percent or whatever for '26, what's the right jumping off point?

好的。然後，在關稅方面，正如您剛才所說，隨著經濟成長，關稅將在一年內部分抵消，但在 2026 年將完全抵消。那麼，我們如何看待 26 年的毛利率（百分比或其他數字），正確的起點是什麼？

Because optically, you're going to have a really easy compare of 54.5, 55 for the year, but a lot of that is artificially depressed. So are we going to expect like a nice gross margin jump in '26 because those offsets and that mitigation kicks in for next year?

因為從視覺上看，你可以很容易地比較全年的 54.5 和 55，但其中很多都是人為壓低的。那麼，我們是否會預期 26 年的毛利率會大幅成長，因為這些抵銷和緩解措施將在明年生效？

Yes. I would say if I could forecast what tariffs are going to be here by '26, that would be something. But that being said, if they stayed the way they are I would expect us to be able to have an improved gross margin next year for a couple of reasons. One is exactly what you just talked about, the gross will be eliminated. It's not just a mitigation that we will eliminate it through the resourcing or reshoring of our supply chain, you'll have the benefit of volume as well.

是的。我想說，如果我能預測 26 年這裡的關稅是多少，那就很有意義了。但話雖如此，如果他們保持現狀，我預計明年我們的毛利率會有所提高，原因有二。一個就是你剛才講的，毛利會被消除。我們不僅會透過資源配置或供應鏈回流來消除這種影響，而且還會為您帶來數量上的好處。

And then we also talked about the pricing capabilities that we would expect to have more price next year through price realization than we had here as a result of some of the pricing capabilities that Padraig talked about. So still early days, so I don't want to -- we're not giving guidance here for 2026, but certainly, there's some opportunities more from a tailwind perspective in gross margin going into 2026.

然後，我們也討論了定價能力，由於 Padraig 談到的一些定價能力，我們預計明年透過價格實現的價格將比現在更高。所以現在還為時過早，所以我不想——我們不會在這裡給出 2026 年的指導，但可以肯定的是，從順風角度來看，2026 年的毛利率還有更多機會。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you. I was hoping you could perhaps elaborate on trends you're seeing in China by end market. I think you mentioned Industrial was down low single digits, but just elsewhere between pharma, environmental, et cetera?

謝謝。我希望您能詳細說明您所看到的中國終端市場的趨勢。我認為您提到工業下降了個位數，但製藥、環境等其他行業的情況如何？

Yes. So I think in China, we've seen a pretty -- very stable business. I mean except for that pull forward on it, I would say that you see that industrials are down a little bit, but pharma is pretty stable. And I would say that there's a lot of excitement, I would say, building in China around the second phase of the stimulus, which is going to be more broader based. It's actually going to be much more broader based than it was the last time the funnels are looking extremely strong for that. But I would say, overall, it's stable.

是的。所以我認為在中國，我們看到了相當穩定的業務。我的意思是，除了這種提前之外，我想說你會看到工業有所下降，但製藥業相當穩定。我想說的是，中國對第二階段刺激計畫感到非常興奮，該計畫的範圍將更加廣泛。事實上，與上次相比，這次的管道範圍更加廣泛，看起來非常強勁。但我想說，總體而言，它是穩定的。

Yes, I would agree. If you look across, Dan, pharma, academia and government, food and environmental and forensics were up, diagnostics clinical to our smallest market is flat and then CAM was down just slightly. And some of that had to do with some of the instrumentation delays through customs that happened.

是的，我同意。如果你縱觀全局，你會發現，製藥、學術和政府、食品和環境以及法醫市場都在成長，而對於我們最小的市場來說，診斷臨床市場則持平，而 CAM 則略有下降。其中一些原因與儀器在海關的延誤有關。

Now you may ask, why in China? Because actually, even though it was made in China, it has to go through a bonded warehouse, and that still has to go through customs and it actually takes a little longer time. So tariff impact from that standpoint, but it's still required going through customs. And so we expect that to come back here in Q3.

現在你可能會問，為什麼是在中國？因為實際上，即使是中國製造，也必須經過保稅倉庫，而且還要經過海關，這實際上需要更長的時間。從這個角度來看，關稅是有影響的，但仍需要通過海關。因此我們預計這一情況將在第三季恢復。

Okay. And then, Bob, a follow-up on Q3 guidance overall it looks like the midpoint of organic revenue growth is about 2%, and that is a sequential step down from the 5% you just reported. I know there's some China timing issue there, but can you walk me through the main bridge factors between the Q2 result and the lower Q3 guide?

好的。然後，鮑勃，關於第三季指引的後續問題，總體來看，有機收入成長的中點約為 2%，這比您剛才報告的 5% 有所下降。我知道這其中存在一些中國時機問題，但您能否向我介紹一下第二季度業績與第三季較低預期之間的主要橋樑因素？

Yes. So a couple of things. I think we're taking a prudent approach given some of the still uncertainty in the tariff announcements here. Feel very good about our momentum going into Q4, maybe -- or excuse me Q3. And we also have a little more difficult comp in Q3 than we have in Q2. So I wouldn't read too -- too much into it when I look at sequential numbers in Q3 versus Q2.

是的。有幾件事。鑑於關稅公告中仍存在一些不確定性，我認為我們正在採取謹慎的態度。對我們進入第四季的勢頭感到非常滿意，也許——或者對不起，是第三季。而且與 Q2 相比，我們在 Q3 的競爭要困難一些。因此，當我查看第三季與第二季的連續數字時，我不會過度解讀它。

And Mr. Ahuja, I will turn the call back over to you.

阿胡賈先生，我將把電話轉回給您。

Thanks, Regina, and thanks, everyone, for joining the call today. With that, we'd like to end the call. Have a good rest of the day everyone.

謝謝 Regina，也謝謝大家今天參加電話會議。我們就此結束通話。祝大家今天過得愉快。

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。