安捷倫 (A) 2025 Q3 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 Agilent Technologies, Inc., third quarter 2025 earnings conference call. (Operator Instructions) Thank you. Parmeet Ahuja, you may begin the conference.

午安.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 年第三季財報電話會議。（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 third quarter of fiscal year 2025. With me are Padraig McDonnell, Agilent President and CEO; and Rodney Gonsalves, Agilent Vice President and Interim CFO.

感謝大家，歡迎大家參加安捷倫 2025 財年第三季電話會議。和我一起的還有安捷倫總裁兼執行長 Padraig McDonnell 和安捷倫副總裁兼臨時財務長 Rodney Gonsalves。

Joining the Q&A will be Simon May, President of the Life Sciences and Diagnostics Markets Group; Angelica Riemann, President of the Agent 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、Agent 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 third quarter financial results, investor presentation and information to supplement today's discussion along with a recording of this webcast are available on our website at investor.agilent.com.

本次演講正在進行網路直播。我們的第三季財務業績新聞稿、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均可在我們的網站 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 quarter basis.

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按季度計算。

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.

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

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。該等變更對我們公司的合併財務報表沒有影響。

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 outstanding results of $1.74 billion in revenue in the third quarter, exceeding our guidance, while continuing to transform our enterprise operating model in a highly dynamic environment.

大家好，感謝大家參加今天的電話會議。安捷倫第三季取得了出色的業績，營收達到 17.4 億美元，超出了我們的預期，同時在高度動態的環境中繼續轉變我們的企業營運模式。

We also delivered $1.37 earnings per share in the quarter. Thank you to the Agilent team, who has remained laser-focused on our customers and committed to our mission of advancing the quality of life. Our fiscal 2025 third quarter marks our fifth consecutive quarter of sequential core revenue acceleration, a testament to how we've evolved our enterprise strategy to be market first and then realign our businesses to our markets.

本季我們也實現了每股 1.37 美元的收益。感謝安捷倫團隊，他們始終專注於我們的客戶並致力於提高生活品質的使命。我們的 2025 財年第三季標誌著我們核心收入連續第五個季度加速成長，這證明了我們如何將企業策略發展為以市場為先，然後根據市場調整業務。

For this fiscal year, we've gone from 1.2% in Q1 to 5.3% in Q2 and now 6.1% in Q3. Just as important, our two year growth stack also is improving, showing that this is a durable momentum, not just a short-term balance. The two year stack is a summation of our growth over two consecutive years, providing a clear view of sustained performance by smoothing out short-term quarterly fluctuations.

本財年，我們的成長率從第一季的 1.2% 上升到第二季的 5.3%，現在第三季達到 6.1%。同樣重要的是，我們兩年的成長堆疊也在改善，顯示這是一個持久的勢頭，而不僅僅是短期的平衡。兩年的疊加是我們連續兩年成長的總結，透過平滑短期季度波動，可以清楚了解持續的表現。

Given this strength, we are raising our fiscal 2025 full year revenue guidance to the range of $6.91 billion to $6.93 billion, representing a core growth of 4.5% at the midpoint. This is a $150 million increase from our prior range at the midpoint and 1.5 percentage points of additional core growth, a clear step-up in our growth outlook heading into Q4. This upgrade reflects our confidence in delivering another step-up in revenue into Q4, even as we absorb the impact of tariffs this year.

有鑑於此優勢，我們將 2025 財年全年營收預期上調至 69.1 億美元至 69.3 億美元之間，中間值核心成長率為 4.5%。這比我們之前的中間值高出 1.5 億美元，核心成長增加 1.5 個百分點，這對我們進入第四季的成長前景來說是一個明顯的提升。此次升級反映了我們對在第四季度再次實現收入成長的信心，儘管我們今年承受了關稅的影響。

Our momentum is broad-based and led by our two largest end markets, pharma and chemicals and advanced materials. In Q3, both grew 9% and 10%, respectively. In pharma, small molecule grew double digits, fueled by demand in downstream QA/QC and strong adoption of our Infinity III LC platform. GLP-1s also continue to drive demand, both for our leading analytical lab solutions and the unique capabilities we bring with BIOVECTRA.

我們的發展勢頭是廣泛的，並由我們最大的兩個終端市場——製藥和化學品以及先進材料所主導。第三季度，兩者分別成長了9%和10%。在製藥領域，小分子實現了兩位數成長，這得益於下游 QA/QC 的需求以及我們 Infinity III LC 平台的廣泛採用。GLP-1 也持續推動需求，包括對我們領先的分析實驗室解決方案以及 BIOVECTRA 帶來的獨特功能的需求。

In chemicals and advanced materials, demand rebounded across all major geographies. This was supported by new investments in the semiconductor and chemical sector with robust uptake in our GC and GC/MS platforms.

在化學品和先進材料領域，所有主要地區的需求均反彈。這得益於半導體和化學領域的新投資以及我們 GC 和 GC/MS 平台的強勁成長。

We also saw healthy contributions from our food and diagnostics and clinical end markets. And the academia and government end market returned to modest growth despite continued funding pressures in the US. Environmental and forensics was the only market to decline as changes in the US EPA led to some cautiousness on new capital spending.

我們也看到了食品、診斷和臨床終端市場的健康貢獻。儘管美國持續面臨資金壓力，但學術界和政府終端市場仍恢復了溫和成長。由於美國環保署的變化導致對新資本支出採取一些謹慎態度，環境和法醫市場是唯一下滑的市場。

Despite this temporary headwind, our market-leading PFAS business grew low double digits globally during the quarter against the tough compare of nearly 50% growth last year. Demand outside the Americas continued to be excellent with broad-based growth in the low 30s.

儘管面臨暫時的逆風，但我們市場領先的 PFAS 業務在本季度在全球範圍內實現了低兩位數增長，而去年同期的增長率接近 50%。美洲以外地區的需求持續表現優異，普遍成長 30% 左右。

PFAS remains an excellent opportunity with strong long-term demand drivers intact globally. Powering the strength of our execution is our Ignite enterprise operating model. This year, our value-driven approach to pricing delivered results that were twice the impact of last year.

由於全球長期需求驅動力強勁，PFAS 仍然是一個絕佳的機會。我們的執行力源自於我們的 Ignite 企業營運模式。今年，我們以價值為導向的定價方法所產生的效果是去年的兩倍。

At the same time, we streamlined the enterprise by reducing management layers by more than 15%. That didn't just remove cost, it gives us speed. We're making decisions faster and empowering our teams to be agile.

同時，我們精簡了企業，減少了15%以上的管理階層。這不僅降低了成本，還提高了速度。我們正在更快地做出決策並增強團隊的敏捷性。

We're also taking a consistent enterprise-wide approach to manufacturing and procurement. These efforts already are delivering double-digit savings in key cost categories, and we see even greater opportunities ahead as we scale these practices globally.

我們也在整個企業範圍內採取一致的製造和採購方法。這些努力已經在關鍵成本類別中實現了兩位數的節省，隨著我們在全球推廣這些做法，我們看到了更大的機會。

Our Ignite tariff task force has shown the power of the model in action. In a highly dynamic environment, we reorganized supply chains, shift the production across our global footprint and implemented targeted pricing actions. Giving us confidence we can fully mitigate the impact of tariffs in 2026 at current rates.

我們的 Ignite 關稅工作小組已經展示了該模型的實際威力。在高度動態的環境中，我們重組了供應鏈，將生產轉移到全球範圍內，並實施了有針對性的定價行動。讓我們有信心按照目前的稅率，我們可以完全減輕 2026 年關稅的影響。

Ignite continues to be a differentiating growth driver for Agilent. It is proving that by embedding new tools, enhanced capabilities and smarter ways of operating across the company, we unlock the full scale of our enterprise. That means stronger performance today and resilience and growth for tomorrow.

Ignite 繼續成為安捷倫差異化的成長動力。事實證明，透過在整個公司範圍內嵌入新工具、增強功能和更聰明的營運方式，我們可以充分發揮企業的能力。這意味著今天將有更強勁的表現，明天也將有更強的韌性和成長。

Innovation also continues to be a major driver. Our Infinity III LC platform delivered mid-teens growth, with early adopters coming back for a larger follow-on purchase based on a superior performance and productivity gains.

創新也持續成為主要驅動力。我們的 Infinity III LC 平台實現了中等程度的成長，早期採用者基於其卓越的效能和生產力提升而再次購買更大規模的產品。

And the Pro iQ LC/MS system is tracking well ahead of our launch forecast winning key accounts at major pharma customers. The new systems performance benchmarks open new application possibilities across pharma and biopharma and are resonating strongly with customers as evidenced by strong formal growth during the quarter.

Pro iQ LC/MS 系統的運作遠遠超出了我們的發布預測，贏得了主要製藥客戶的關鍵客戶。新的系統性能基準為製藥和生物製藥領域開闢了新的應用可能性，並引起了客戶的強烈共鳴，本季強勁的正式成長就是明證。

Also, the newly launched Dako Omnis family brings our gold standard fully automated pathology platform through a broader range of lab sizes, capturing a new market segments and strengthening our diagnostics portfolio.

此外，新推出的 Dako Omnis 系列將我們的黃金標準全自動病理平台帶入更廣泛的實驗室規模，佔領新的細分市場並增強我們的診斷產品組合。

Together, these platforms are not just driving near-term revenue they are continuing to build the foundation for sustained growth into FY26 and beyond. This growth is supported by a strong funnel and accelerating customer adoption across our portfolio, demonstrated by an instrument book-to-bill above 1 for the last six quarters.

這些平台不僅共同推動了短期收入，而且還在為 2026 財年及以後的持續成長奠定基礎。這一成長得益於我們強大的通路和客戶對我們產品組合的加速採用，過去六個季度我們的訂單出貨比超過 1 就證明了這一點。

Importantly, we expect Q4 to be our largest revenue quarter of the year, with core growth of 5.4% and revenue of nearly $100 million higher than Q3 at the midpoint of our guidance. Our sequential momentum and two year growth back remains solid. And combined performance of the second half provides a sound foundation as we look into FY26.

重要的是，我們預計第四季度將成為我們今年收入最高的季度，核心成長率為 5.4%，收入比我們預期中位數的第三季度高出近 1 億美元。我們的連續成長動能和兩年的成長動能依然強勁。下半年的綜合表現為我們展望26財年奠定了良好的基礎。

The growth we expect in Q4 is underpinned by healthy demand for key platforms, strong form of conversion and broad-based strength across our end markets. The latest industry data is evidence of our continued superior commercial execution with market share gains across all major geographies.

我們預計第四季度的成長將受到主要平台的健康需求、強勁的轉換形式以及終端市場的廣泛實力支撐。最新的行業數據證明我們的商業執行力持續卓越，所有主要地區的市場份額都在增長。

The combination of strong top line performance as stable operating margin means we have successfully delivered to our bottom line commitments throughout the year. However, we did have higher expectations for margin improvement in the quarter. The increasing revenue growth also comes with additional tariff expenses and higher variable pay. We've invested in our commercial capabilities to support our growth now and into the future.

強勁的營收表現和穩定的營業利潤率相結合意味著我們全年成功兌現了我們的獲利承諾。不過，我們確實對本季利潤率的提高抱持更高的期望。收入成長也伴隨著額外的關稅支出和更高的浮動工資。我們已經投資了我們的商業能力來支持我們現在和未來的成長。

For the fourth quarter, we expect to deliver significant sequential margin improvement as increasing revenue combined with additional Ignite benefits will result in accelerated profit leverage. Rodney will provide some additional details in his remarks.

對於第四季度，我們預計利潤率將實現顯著的連續改善，因為增加的收入加上額外的 Ignite 收益將加速利潤槓桿的提升。羅德尼將在他的演講中提供一些額外的細節。

Now let me tell you more about why our Q3 was so strong. Starting in our largest end market, pharma, we grew 9% during the quarter and continued to see steady improvements we referenced for seven quarters now. This quarter, we saw positive momentum in formal conversion as lab managers are increasingly able to access and spend our available capital budgets.

現在讓我告訴你為什麼我們的第三季表現如此強勁。從我們最大的終端市場製藥業開始，我們在本季度成長了 9%，並且繼續保持了我們已經連續七個季度保持的穩定成長。本季度，我們看到正式轉換的積極勢頭，因為實驗室管理人員越來越有能力獲得和使用我們可用的資本預算。

There is reduced dependence on executive level approvals that have slowed or stopped spending in the recent past. Our long-time lab-wide enterprise service relationships with large pharma enable us to capitalize on these improving conditions with deeper visibility into customer needs.

近期，對高階主管批准的依賴有所減少，這些批准已經減緩或停止了支出。我們與大型製藥公司建立了長期的實驗室範圍的企業服務關係，這使我們能夠利用這些不斷改善的條件，更深入地了解客戶需求。

This ensures we are in the right place at the right time with the right solution when lab managers are looking to replace aging instruments and expand capacity. In our second largest end market, chemical and advanced materials, we delivered 10% growth with broad strength globally.

這確保當實驗室管理人員希望更換老化儀器並擴大容量時，我們能夠在正確的時間出現在正確的地點並提供正確的解決方案。在我們的第二大終端市場——化學和先進材料市場，我們在全球範圍內實現了 10% 的成長，並且表現強勁。

Growth was balanced between two submarkets. We saw increased capital investment from chemical customers and robust demand in advanced materials space and investments in new semiconductor fab facilities globally continue to progress.

兩個子市場之間的成長保持平衡。我們看到化學品客戶的資本投資增加，先進材料領域的需求強勁，全球對新半導體製造廠的投資持續取得進展。

Our market leadership in key product platforms for these markets position us well to capture the significant instrument replacement opportunity in a market that has seen several years of underinvestment. All our business segments delivered revenue growth that exceeded guidance for the quarter.

我們在這些市場的關鍵產品平台上佔據市場領先地位，使我們能夠在這個多年來投資不足的市場中抓住重要的儀器替代機會。我們所有業務部門的營收成長均超出了本季的預期。

The life science and diagnostics market grew 7% core. Growth was led by excellent low double-digit performance for LC and LC/MS instruments, leveraging our recent Infinity III launch and focused LC/MS solutions for key applications across both pharma and the applied markets.

生命科學和診斷市場核心成長7%。成長主要得益於 LC 和 LC/MS 儀器出色的低兩位數性能，這得益於我們最近推出的 Infinity III 以及針對製藥和應用市場關鍵應用的專注 LC/MS 解決方案。

LPG also saw another strong quarter from our CDMO business, NASD and BIOVECTRA. NASD grew in the high 20s as we see continued growing demand for siRNA modalities in clinical and commercial programs. BIOVECTRA also delivered on expectations while executing a planned facility shutdown to work with a key customer to transition to a higher throughput process.

我們的 CDMO 業務、NASD 和 BIOVECTRA 的 LPG 業務也迎來了另一個強勁的季度。隨著我們看到臨床和商業項目中對 siRNA 模式的需求持續增長，NASD 增長了 20 倍以上。BIOVECTRA 在執行計畫中的設施關閉以便與關鍵客戶合作過渡到更高吞吐量流程的同時，也實現了預期目標。

In the applied markets group, growth of 5% was also ahead of expectations. Breaking down the performance, our market-leading platforms, GC, GC/MS and spectroscopy delivered strong growth in Q3 with encouraging momentum in the chemicals and advanced materials, food and pharma markets.

在應用市場領域，5%的成長率也超出了預期。從業績表現來看，我們市場領先的平台 GC、GC/MS 和光譜在第三季度實現了強勁增長，化學品和先進材料、食品和製藥市場呈現出令人鼓舞的發展勢頭。

Geographically, all regions delivered growth led by Asia, ex China and EMEA. The geographic growth in AMG was driven by investment from supply chain reshoring, greenfield opportunities, capacity expansion and replacement from our large installed base.

從地理上看，所有地區均實現了成長，其中亞洲（中國除外）和歐洲、中東和非洲地區 (EMEA) 領先。AMG 的地理成長是由供應鏈回流、綠地投資機會、產能擴張和龐大安裝基礎的替換所推動的。

Also, our recent launch new products, including the 8850 GC continue to ramp up ahead of expectations as customers are attracted by their exceptional performance, superior lab productivity gains and leading sustainability benefits.

此外，我們最近推出的新產品（包括 8850 GC）繼續超出預期，因為客戶被其卓越的性能、卓越的實驗室生產力提升和領先的可持續性優勢所吸引。

The Agilent CrossLab Group delivered 5% growth in Q3, better than we had guided. The CrossLab team drove mid-single-digit consumables and supported by our focus on e-commerce and digital. This was a strong result despite the $50 million tariff-driven pull forward of sales into Q2 that we mentioned during our last call.

安捷倫 CrossLab 集團第三季​​實現了 5% 的成長，好於我們的預期。CrossLab 團隊推動了中等個位數的消耗品，並得到了我們對電子商務和數位的關注的支持。儘管我們在上次電話會議上提到，由於關稅原因，第二季的銷售額提前了 5,000 萬美元，但這一結果仍然強勁。

The services business grew mid-single digits, led by strength in the applied markets in Europe. Agilent service continues to delight our customers, achieving greater than 90% customer satisfaction and meeting our vision of our customers to feel confident valued and inspired.

受歐洲應用市場強勁表現的帶動，服務業務實現了中等個位數成長。安捷倫的服務持續令客戶滿意，客戶滿意度達到 90% 以上，並實現了我們的願景，讓客戶感到自信、受到重視和受到啟發。

Lab activity remains strong, giving us confidence in the fundamental strength of this business, plus the increasing pace of instrument sales for replacement of aging fleets and labs where capital budgets have been reduced or withheld expansion for new capacity and growing demand for automation bodes well for CrossLab business into the future.

實驗室活動仍然強勁，這讓我們對該業務的基本實力充滿信心，此外，由於老化儀器的更換和資本預算的減少或暫停新產能擴張，儀器銷售速度不斷加快，以及對自動化的需求不斷增長，這些都預示著 CrossLab 業務未來的良好發展。

It provides a cycle to generate customer lifetime value through connections of high-quality consumables software services and automation to maximize instrument utilization and overall lab productivity.

它透過連接高品質的耗材、軟體服務和自動化來提供一個循環，以產生客戶終身價值，從而最大限度地提高儀器利用率和整體實驗室生產力。

Turning now to our geographic results. We saw a broad-based growth with all regions growing at least mid-single digits during the quarter. Our business in Asia ex China continues to capitalize on opportunities from reshoring of supply chains growing 10%. And we saw increasing safety regulations across the region to drive an excellent mid-20%s growth for our food markets.

現在來談談我們的地理結果。我們看到了廣泛的成長，本季所有地區的成長率都至少達到中等個位數。我們在中國以外亞洲地區的業務持續利用供應鏈回流帶來的機遇，成長 10%。我們看到整個地區的安全法規不斷加強，推動我們的食品市場實現了 20% 左右的良好成長。

Within the region, India continued to lead the way with broad strength across our end markets, resulting in 20% overall growth. We are seeing great success with the Infinity III as existing and new customers in pharma QA/QC environments look to benefit from its productivity improvements.

在該地區，印度繼續在我們的終端市場中佔據領先地位，並表現出廣泛的實力，導致整體成長 20%。我們看到 Infinity III 取得了巨大的成功，因為製藥 QA/QC 環境中的現有客戶和新客戶都希望從其生產力改進中受益。

As the country invests to build domestic semiconductor and EV manufacturing capabilities, we are seeing increased demand for our solutions in these markets. India is a strategic growth market for Agilent. As part of our increasing investments there, I visited India in July to open Agilent's Biopharma Experience Center in Hyderabad.

隨著國家投資建立國內半導體和電動車製造能力，我們看到這些市場對我們的解決方案的需求不斷增加。印度是安捷倫的策略成長市場。作為我們增加在那裡的投資的一部分，我於7月訪問了印度，在海得拉巴開設了安捷倫生物製藥體驗中心。

This center will bring together advanced lab technologies, expert training and regulatory-ready workflows to help researchers scientists and companies develop high-quality life-saving medicines faster and more efficiently.

該中心將匯集先進的實驗室技術、專家培訓和符合監管要求的工作流程，幫助研究人員、科學家和公司更快、更有效率地開發高品質的救命藥物。

In Europe, growth of 7% was also broad-based, with double-digit growth in pharma and food, and high single-digit results in chemicals and advanced materials and academia and government. In China, results continue to be stable as expected, growing 4% during Q3.

在歐洲，7% 的成長也是廣泛存在的，其中製藥和食品產業實現了兩位數成長，化學品和先進材料以及學術界和政府產業實現了較高的個位數成長。在中國，業績持續保持穩定，符合預期，第三季成長 4%。

We saw some government funding flow to some of our academia and government customers during the quarter. Based on our interactions with customers and local efficiency, we continue to expect a more meaningful stimulus impact towards the end of this calendar year, primarily in our applied markets.

本季度，我們看到一些政府資金流向我們的一些學術界和政府客戶。根據我們與客戶的互動和當地的效率，我們繼續預計今年年底將產生更有意義的刺激影響，主要是在我們的應用市場。

In the US, the challenging conditions for biopharma spending and an academia and government space persisted. Outside of those areas, we saw a nice low double-digit growth in small molecule pharma and chemicals and advanced materials. Improved capital spending has driven instrument placements leading to a 5% growth in the Americas in the quarter.

在美國，生物製藥支出以及學術界和政府空間的挑戰性條件仍然存在。除這些領域外，我們還看到小分子製藥、化學品和先進材料領域實現了良好的兩位數低成長。資本支出的增加推動了儀器配置，導緻美洲本季成長了 5%。

We continue to meet the challenge presented by the dynamic environment for global trade. Tariff expenses were higher than our prior expectations as we saw a meaningful increase in shipment volumes and increased inventory to support Q4 growth.

我們持續應對全球貿易動態環境帶來的挑戰。由於我們看到出貨量大幅增加且庫存增加以支持第四季度的成長，關稅支出高於我們先前的預期。

We continue to leverage our unique Ignite enterprise operating model to optimize our use of global production networks, manage our diversified supply chain to optimize materials costs and where required, make pricing adjustments to offset added costs. Leveraging Ignite, we still expect that we will fully mitigate the impact of tariffs, either through avoidance or other offsetting opportunities in FY26.

我們繼續利用我們獨特的 Ignite 企業營運模式來優化我們對全球生產網路的使用，管理我們多樣化的供應鏈以優化材料成本，並在必要時進行價格調整以抵消增加的成本。利用 Ignite，我們仍然預計我們將在 26 財年透過避免或其他抵消機會完全減輕關稅的影響。

And before I hand it over, I want to take a moment to introduce Rodney. Some of you might know him from a period where he led Agilent's Investor Relations team. For those who do not, Rodney has been an integral part of the finance leadership team at Agilent for many years.

在交接之前，我想花點時間介紹一下羅德尼。你們中的一些人可能認識他，因為他曾領導安捷倫的投資者關係團隊。對於那些不了解的人來說，羅德尼多年來一直是安捷倫財務領導團隊不可或缺的一部分。

He has been a principal accounting officer for the last 10 years while also leading our FP&A team. I am delighted at how he's been able to seamlessly step in and lead our finance organization while we conduct a thorough search for our next CFO.

過去 10 年，他一直擔任首席會計官，同時領導我們的 FP&A 團隊。我很高興他能夠在我們全面尋找下一任財務長的同時無縫介入並領導我們的財務部門。

Rodney will share further details about our Q3 results and guidance for Q4 and the full year.

羅德尼將分享更多有關我們第三季業績以及第四季和全年業績指引的細節。

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

謝謝，帕德萊格，大家下午好。在今天的評論中，我將提供有關本季度收入的更多詳細信息，並介紹損益表並涵蓋其他關鍵財務指標。然後我將介紹我們更新的全年和第四季度指導。

Q3 revenue was $1.74 billion, above the high end of our guidance. On a core basis, we posted growth of 6.1%, while reported growth was 10.1%. Currency had a favorable impact of 2.1%, which was 1.5 better than what we estimated as part of our guidance. M&A contributed 1.9%, in line with our expectations.

第三季營收為 17.4 億美元，高於我們預期的最高值。從核心基礎來看，我們的成長率為 6.1%，而報告的成長率為 10.1%。貨幣產生了 2.1% 的有利影響，比我們指導意見中估計的數值高出 1.5%。併購貢獻了 1.9%，符合我們的預期。

Gross margins in Q3 came in at 53.1%, down year-on-year, driven by currency, tariffs and the impact of downtime to expand capacity of BIOVECTRA, as Padraig mentioned earlier. Operating margin was 25.1% in Q3 and has been consistent across the year in increasingly challenging conditions.

第三季的毛利率為 53.1%，年減，正如 Padraig 先前所提到的，這是受貨幣、關稅以及 BIOVECTRA 產能擴大停工的影響。第三季的營業利潤率為 25.1%，並且在日益嚴峻的市場環境下全年保持穩定。

Ignite is enabling us to translate top line growth into bottom line results while we continue to invest in innovation and growth. As Padraig indicated, margins were below expectations. We've seen roughly equal impact from three areas.

Ignite 讓我們能夠將營收成長轉化為利潤，同時我們繼續投資於創新和成長。正如帕德萊格所指出的，利潤率低於預期。我們看到三個領域的影響大致相同。

First, our higher revenue volume drove up net tariff costs as we shipped additional products and backfill logistics centers to support Q4 growth, even while full tariff mitigation is still on track for FY26. Next, we increased variable pay expectations with higher awards driven by stronger business performance consistent with our pay-for-performance culture.

首先，儘管 2026 財年仍有望全面降低關稅，但由於我們運送了更多產品並補充了物流中心以支持第四季度的成長，我們的收入增加推高了淨關稅成本。接下來，我們提高了浮動薪酬預期，以更強勁的業務績效為驅動力，提供更高的獎勵，這與我們的績效工資文化一致。

Finally, we invested incremental commercial spend required to support short and long-term revenue growth, including for critical product launches and improving our geographical coverage. For Q4, we are targeting a sequential operating margin improvement of approximately 230 basis points.

最後，我們投入了支援短期和長期收入成長所需的增量商業支出，包括關鍵產品的發布和改善我們的地理覆蓋範圍。對於第四季度，我們的目標是將營業利潤率較上季提高約 230 個基點。

We expect most of this improvement to come from leveraging our fixed costs as we drive another sequential increase in volume. We are also getting meaningful contribution from both excellent margin conversion on the significant step-up in CDMO revenue in Q4 and delivering another step-up in Ignite benefits with a partial offset due to higher tariff costs.

我們預計，隨著銷售再次持續成長，這項改善將主要來自於利用我們的固定成本。我們也從第四季度 CDMO 收入大幅增加帶來的出色利潤轉換以及 Ignite 收益的再次提升（部分抵消了關稅成本的提高）中獲得了有意義的貢獻。

Now moving below the line, we had $6 million of income, while our tax rate of 12% was as expected, and we had 285 million diluted shares outstanding in the quarter. Putting it all together, Q3 earnings per share were $1.37. That was at the high end of our expectations and grew 4% from a year ago.

現在低於該線，我們的收入為 600 萬美元，而我們的稅率為 12%，符合預期，本季我們有 2.85 億股稀釋流通股。綜合來看，第三季每股收益為1.37美元。這符合我們的預期，年增4%。

Now let me turn to cash flow and the balance sheet. Operating cash was $362 million in the quarter, down versus last year as working capital was up on volume growth and tariff-related inventory build. We also incurred severance costs related to our organizational efficiency efforts.

現在讓我來談談現金流和資產負債表。本季營運現金為 3.62 億美元，較去年同期下降，原因是銷售成長和關稅相關庫存增加導致營運資本增加。我們也產生了與組織效率努力相關的遣散費用。

Additionally, we invested $103 million in capital expenditures. We purchased 85 million shares and paid out $71 million in dividends during the quarter. And we ended the quarter with a net leverage ratio of 0.9, so we continue to have a very strong balance sheet.

此外，我們還投資了 1.03 億美元的資本支出。我們在本季購買了 8,500 萬股股票並支付了 7,100 萬美元的股息。本季末我們的淨槓桿比率為 0.9，因此我們的資產負債表仍然非常強勁。

Now let's move on to the outlook for the fourth quarter. We expect Q4 revenue to be in the range of $1.82 billion to $1.84 billion. This represents an increase of 4.8% to 6% on a core basis, and 7.1% to 8.3% on a reported basis. Currency and M&A are expected to be 0.2% and 2.1% tailwinds, respectively.

現在我們來談談第四季的展望。我們預計第四季營收將在 18.2 億美元至 18.4 億美元之間。這意味著核心基礎成長了 4.8% 至 6%，報告基礎成長了 7.1% 至 8.3%。預計貨幣和併購將分別帶來 0.2% 和 2.1% 的順風。

Also, to help you with your models, I want to provide you with additional details on expectations for growth in our end markets during the fourth quarter. In pharma, we're expecting mid to high single-digit growth with stable to improving conditions. In chemicals and advanced materials, we're guiding high single-digit growth with another quarter of healthy capital investment expected.

此外，為了幫助您建立模型，我想向您提供有關第四季度終端市場成長預期的更多詳細資訊。在製藥領域，我們預計將實現中高個位數成長，且情勢將趨於穩定和改善。在化學品和先進材料領域，我們預計實現高個位數成長，並有望實現另一個季度的健康資本投資。

In diagnostics and clinical, as well as in food, we expect mid-single-digit growth. Finally, we expect very low single-digit growth in environmental and forensics and mid-single-digit decline in academia and government as those markets face a difficult compare for US federal spending at the end of the fiscal year.

在診斷和臨床以及食品領域，我們預期會出現中等個位數的成長。最後，我們預期環境和法醫領域的成長率將非常低，而學術界和政府領域的成長率將出現中等個位數下降，因為這些市場在財政年度結束時面臨著與美國聯邦支出進行艱難比較的困難。

Fourth quarter non-GAAP earnings per share are expected to be between $1.57 and $1.60 ,representing leveraged earnings growth of 7.5% to 9.6%. We expect a 12% tax rate, $9 million in other income and 284 million diluted shares outstanding.

預計第四季非公認會計準則每股收益在 1.57 美元至 1.60 美元之間，相當於槓桿收益將成長 7.5% 至 9.6%。我們預計稅率為 12%，其他收入為 900 萬美元，流通股數為 2.84 億股稀釋股。

Turning to the full year. As Padraig mentioned earlier, we are raising our revenue outlook. We now expect our full year reported revenue to be in the range of $6.91 billion to $6.93 billion. This represents an increase of 4.3% to 4.6% on a core basis, and 6.2% to 6.5% on a reported basis. Currency is now expected to represent a small headwind for the year, while we expect a 2% revenue impact from M&A.

展望全年。正如帕德萊格之前提到的，我們正在提高我們的收入預期。我們現在預計全年報告收入將在 69.1 億美元至 69.3 億美元之間。這意味著核心基礎成長了 4.3% 至 4.6%，報告基礎成長了 6.2% 至 6.5%。目前預計貨幣因素將成為今年的一個小小的阻力，而我們預計併購將對收入產生 2% 的影響。

Our full year EPS guidance is now $5.56 to $5.59, unchanged at the midpoint versus our prior guidance, and we continue to offset additional tariff costs across the second half. This represents a year-on-year increase of 5.1% to 5.7%.

我們全年每股收益預期目前為 5.56 美元至 5.59 美元，與先前預期的中位數持平，我們將繼續在下半年抵消額外的關稅成本。這意味著同比增長5.1%至5.7%。

For clarity, let me briefly summarize the updated tariff assumptions that we incorporated in our FY25 guidance. Based on the rates currently in place, we are now anticipating $20 million net cost for the year, up from the minimal impact we guided in May.

為了清楚起見，讓我簡要總結一下我們在 FY25 指導中納入的更新後的關稅假設。根據目前的費率，我們預計今年的淨成本為 2000 萬美元，高於我們 5 月預測的最低影響。

This increase is due to our better-than-expected revenue performance across the second half as well as the 50% tariff increase on imports from Europe announced at the beginning of the month. Strong demand for our LC products that are currently produced in Europe until US-based production begins to scale later this quarter, also amplifies the impact of the recent European tariff increase.

這一增長是由於我們下半年的收入表現優於預期，以及本月初宣布對來自歐洲的進口產品提高 50% 的關稅。我們的液晶產品目前在歐洲生產，直到本季稍後美國的生產開始擴大規模，這些產品的需求強勁，也放大了近期歐洲關稅上調的影響。

Finally, for your modeling, we are now projecting an increase of other income and expense to $26 million in income, along with a 12% tax rate for the year and 285 million diluted shares outstanding.

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 2,600 萬美元，同時年度稅率為 12%，流通稀釋股數為 2.85 億股。

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, Rodney. These strong results are a testament to the progress we've made as a company over the past year. We are encouraged by the growth momentum we have created and look forward to building on that success next quarter and into the future. Thank you for your attention. I'll hand over now to Parmeet to kick off for Q&A. Parmeet?

謝謝，羅德尼。這些強勁的業績證明了我們公司在過去一年中取得的進步。我們對所創造的成長動能感到鼓舞，並期待在下個季度及未來繼續取得成功。感謝您的關注。現在我將把時間交給 Parmeet 開始問答環節。帕爾米特？

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

謝謝，帕德萊格。接線生，現在可以提供問答的說明嗎？

(Operator Instructions) Dan Brennan, TD Cowen.

（操作員說明）Dan Brennan，TD Cowen。

Great, thank you. Thanks for the questions. Maybe just the first one on the margins since obviously, top line really strong, but the margins were like as you kind of spoke to them. Can you just unpack the three variables you kind of highlighted?

太好了，謝謝。感謝您的提問。也許只是邊緣上的第一個，因為顯然，頂線確實很強勁，但利潤就像你對他們說的那樣。您能解釋一下您強調的三個變數嗎？

Kind of how much are you spending -- how much are you buying more inventory for yourselves? How much was that a factor in question, the topic number two and three variable pay incremental spend. I'm just wondering what the return on that is as we think about the 4Q guidance and we think about jumping off into '26, to that. Do some of those investments benefit you in '26? So any help on kind of unpacking those? And then I have a follow-up.

你們花了多少錢──你們為自己買了多少錢？這是問題中的一個因素，即第二和第三個主題的浮動工資增量支出。我只是想知道，當我們考慮第四季度的指導並考慮跳入 26 年時，這樣做的回報是多少。這些投資中有一些會為你帶來 26 年的利益嗎？那麼，有誰能幫忙解開這些包包嗎？然後我有一個後續問題。

Yeah, thanks, Dan. So first of all, really committed to our long-term commitment goals around margins. And as the tariffs along with related logistics costs were the biggest single impact that we had in '25. And I want to kind of be clear that the headwind will peak in Q4 and the net impact in dollars will trend downwards at the start of '26, and we'll fully mitigate tariffs in '26.

是的，謝謝，丹。因此，首先，我們真正致力於實現圍繞利潤的長期承諾目標。關稅及相關物流成本是我們在 25 年受到的最大單一影響。我想明確指出的是，逆風將在第四季度達到頂峰，美元的淨影響將在 26 年初呈下降趨勢，我們將在 26 年全面降低關稅。

But to your question about the area, so it's higher tariffs driven by higher-than-expected volumes, incremental commercial investments and higher variable pay and equal measure. Let me talk a little bit about the commercial investments and why we're doing it.

但對於您關於該地區的問題，更高的關稅是由於高於預期的產量、增量商業投資和更高的浮動工資和平等衡量標準所致。讓我簡單談談商業投資以及我們這樣做的原因。

So you see the demand and the revenue demand for the replacement cycles and our markets are going up. We've, of course, did a lot of work on our commercial org over the years and making it effective, but now is the time to invest for this demand that's going to go into '26 to make sure we can capture it and increase our market share, which we're already doing on it.

因此，您會看到更換週期的需求和收入需求以及我們的市場正在上升。當然，多年來，我們在商業組織方面做了很多工作，並使其變得有效，但現在是時候對這一需求進行投資了，這將持續到26年，以確保我們能夠抓住它並增加我們的市場份額，我們已經在這樣做了。

So I don't know, Rodney, if you want to give any more color on that, but that's how it breaks out.

所以我不知道，羅德尼，你是否想對此做出更多的解釋，但事情就是這樣發生的。

No, I think, Padraig, those are very good points in terms of why we were below our expectation for the quarter. When we look at it from a year-on-year basis, we were down about 230 basis points. Again, the big thing was tariffs and logistics-related costs associated with those tariffs. And that totaled to be about 200 basis points on a year-on-year basis. It was pretty significant.

不，帕德萊格，我認為，關於為什麼我們本季的業績低於預期，這些觀點都非常正確。從年比來看，我們下降了約 230 個基點。再次強調，最重要的是關稅以及與關稅相關的物流成本。與去年同期相比，這一數字總計約為 200 個基點。這非常重要。

On top of that, we saw unfavorable -- we saw the effects of currency and also the effects of the BIOVECTRA shutdown. So when you look at all those pieces together, that's why we saw our operating margins decline about 230 basis points year-on-year.

除此之外，我們還看到了不利的因素——我們看到了貨幣的影響以及 BIOVECTRA 停產的影響。因此，當你把所有這些因素放在一起看時，你會發現我們的營業利潤率比去年同期下降了約 230 個基點。

Got it. Okay, I know there'll be a bunch of more questions there. But maybe just a second one, just on pharma. Super strong. I think I heard NASD growing kind of north of 20%. And so can you just unpack a little bit on what the outlook calls for NASD kind of in the back half of the year and as we look ahead?

知道了。好的，我知道還會有更多問題。但也許只是第二個，僅針對製藥業。超強。我聽說 NASD 的成長率大概在 20% 以上。那麼，您能否稍微解釋一下 NASD 對今年下半年和未來的前景有何展望？

And then I know you gave some color on large pharma being strong, but it sounds like there's still some headwinds with biologics. Maybe just some more color underneath the hood, what you're seeing in pharma and kind of how we think about the pharma outlook from here.

然後我知道您談到了大型製藥公司的強大實力，但聽起來生物製劑領域仍然存在一些阻力。也許只是一些隱藏在幕後的細節，你在製藥業看到了什麼，以及我們如何看待製藥業的前景。

No problem, Dan. I'll kick it off, and I'll hand over to Simon about NASD. So pharma, it's our largest end market, grew 9% overall. Small molecule grew double digits. And that was really fueled by demand for downstream QA/QC and strong adoption and increasing replacement cycle of the Infinity III, which is now mid-teens in terms of growth.

沒問題，丹。我將開始討論，並將 NASD 事宜交給西蒙。製藥業是我們最大的終端市場，整體成長了 9%。小分子成長兩位數。這實際上是受到下游 QA/QC 需求以及 Infinity III 的強勁採用和不斷增加的更換週期的推動，目前 Infinity III 的成長速度已達到十幾歲。

And what we're seeing from the Infinity III is actually early adopters coming back for larger purchases, which is really positive. On the biopharma side, we saw high single digits overall, ex NASD were flat. And that's really around US biopharma spending continues to be muted, which was expected.

我們從 Infinity III 中看到的是早期採用者實際上又回來購買更多產品，這確實是積極的信號。在生物製藥方面，我們看到整體呈現高個位數成長，但 NASD 除外，則持平。這其實是因為美國生物製藥支出持續低迷，這也是意料之中的。

But what we're seeing really in the market is we're not seeing any concerns translate into negative impact around MFN or tariffs at all. But we have early indications of a standard year end in terms of customer spend in pharma. So customer budgets have really started to normalize, and customers are asking for larger quotes to spend by the year-end.

但我們在市場上真正看到的是，我們並沒有看到任何擔憂轉化為對最惠國或關稅的負面影響。但我們已初步預示，就製藥業的客戶支出而言，年底將呈現標準水準。因此，客戶預算確實開始正常化，並且客戶要求在年底前提供更大的報價。

And if you think about the three major drivers in pharma, really you're seeing three big areas: global redistribution of small molecule supply chain, which is a net tailwind for us, which is really important on downstream manufacturing capacity investments, we're seeing that in Americas, Asia and in Europe driven by blockbuster success and GLP-1s, et cetera, but also macroeconomic conditions.

如果你思考製藥業的三大驅動力，你實際上會看到三大領域：小分子供應鏈的全球重新分配，這對我們來說是一個淨順風，對下游製造能力投資非常重要，我們看到在美洲、亞洲和歐洲，受重磅藥物的成功和 GLP-1 等的推動，但也有宏觀經濟條件的影響。

And you do see capital budgets in biopharma remain conservative with venture capital funding. But we do think over time as interest rates come down, that will be released steadily over time. But on the NASD part, I'm going to hand it over to Simon.

而且你確實會看到生物製藥產業的資本預算在創投資金方面保持保守。但我們確實認為，隨著時間的推移，隨著利率下降，這個數字將會穩定釋放。但就 NASD 部分而言，我將把它交給西蒙。

Yeah, thanks, Padraig. I'd say for NASD, we were very happy with the quarter overall, and we continue to be very happy with the momentum we see for NASD both as we move towards the end of the year and into 2026. As I think we mentioned in the script, we saw really robust revenue growth well into the 20s per NASD. It was also another really solid quarter with orders.

是的，謝謝，帕德萊格。我想說，對於 NASD 來說，我們對整個季度的表現非常滿意，而且我們對 NASD 在接近年底和 2026 年時的發展勢頭繼續感到非常高興。我認為，正如我們在腳本中提到的那樣，我們看到 NASD 的收入成長確實非常強勁，達到 20 多美元。本季的訂單量也十分穩健。

And as we look at some of the macros that we're seeing out in the field as well, it was a very notable quarter in terms of some approvals and label expansions that we saw out in the marketplace, which really just emphasize the confidence that we have in this therapeutic modality and also our capabilities to capitalize therein.

當我們觀察該領域中出現的一些宏觀因素時，我們發現，就市場上的一些批准和標籤擴展而言，這是一個非常值得注意的季度，這實際上強調了我們對這種治療方式的信心以及我們利用這種治療方式的能力。

So as we put it all together, we're happy with the momentum that we have coming into the end of the year. I think we've said previously for the full year, we're looking at high single digit nudging double digit. I'd say we're increasingly confident now where the double-digit full year outlook is concerned. A bit too early to call FY26. But I'd say we're also sensitively confident about the momentum carrying forward there and stay tuned for more over the coming weeks.

因此，當我們把所有事情放在一起時，我們對年底的勢頭感到滿意。我想我們之前已經說過，對於全年而言，我們預計會實現高個位數接近兩位數的成長。我想說，我們現在對全年兩位數的前景越來越有信心。現在預測 FY26 還為時過早。但我想說，我們對那裡繼續發展的勢頭也非常有信心，並請繼續關注未來幾週的更多動態。

Terrific. Thank you.

了不起。謝謝。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, thanks. I want to probe a little more on the pharma comments, just kind of reduce dependency on sign-offs that you noted. I'm just curious how widespread is that? Is that globally? Is it CDMOs, just large pharma? And how much pent-up demand, I guess, do you think there is that could come through with this change in sign-off dependency?

嘿，謝謝。我想進一步探究製藥業的評論，只是想減少對您所指出的簽署的依賴。我只是好奇這有多普遍？這是全球性的嗎？它是 CDMO 嗎，只是大型製藥公司嗎？我想，您認為隨著簽字依賴性的改變，有多少被壓抑的需求能夠被滿足？

Yeah, no, we've really noted that across all geographies, actually within -- particularly within small molecule, but in large pharma, of course, small to medium biopharma is slightly different in that regard. But what we're seeing, Tycho, is really that replacement cycle that we've talked about.

是的，不，我們確實注意到，在所有地區，實際上特別是在小分子領域，但在大型製藥公司，當然，中小型生物製藥公司在這方面略有不同。但是，第谷，我們看到的其實就是我們談論過的替代週期。

We've always talked about it being gradual moving ahead and people are releasing budgets for it. I would say the velocity has improved in that, and we're releasing larger quotes for the end of the year.

我們一直在談論逐步推進，人們正在為此發布預算。我想說速度已經提高了，我們將在年底發布更大的報價。

So that always bodes very well for the end of the year. And when you have approvals not going to executive or even higher levels in the company that's given into the hands of lab managers or site managers, that makes a big difference in momentum.

所以這對年底來說總是一個好兆頭。當審批不是交給公司主管或更高層，而是交給實驗室經理或現場經理時，這會對發展動能產生很大的影響。

Okay. And then a follow-up on PFAS. Was that a little bit softer in the US? I know you talked about it being up 10% overall, but it seems to imply that US was maybe down or pretty soft in the quarter. I'm just curious if there's something going on there. Did you get that?

好的。然後對 PFAS 進行跟進。美國的情況是不是稍微溫和一點？我知道您說的是整體上漲了 10%，但這似乎意味著美國本季可能出現下滑或相當疲軟。我只是好奇那裡是否發生了什麼事。你明白了嗎？

Sorry, sorry, maybe you can't hear me now, but I'll repeat that. So low double-digit growth overall in Q3, which is a solid result, 50% year-to-date growth. It remains a really strong opportunity. In Americas, we were down 20%, and that was really around the US EPA changes that drove impact.

抱歉，抱歉，也許您現在聽不到我說話，但我會重複一遍。因此，第三季整體成長率較低，為兩位數，這是一個穩健的結果，年初至今成長率為 50%。這仍然是一個非常好的機會。在美洲，我們的產量下降了 20%，這主要是由於美國環保署的變化造成了影響。

No policy change that impacts the volume of testing, but uncertainty around CapEx spend and increasing clarity around the EPA changes will mean there's a little bit of a question over Q4 and Q1. But overall, I would say PFAS is going extremely well around the globe.

沒有影響測試量的政策變化，但圍繞資本支出的不確定性和圍繞 EPA 變化的日益清晰意味著第四季度和第一季存在一些疑問。但總體而言，我認為 PFAS 在全球範圍內發展非常順利。

Okay. Maybe just one last quick one. The commercial investments that you flagged, when do you decide to move forward with those? And why weren't they baked into the guide?

好的。也許只是最後一個快速的。您所提到的商業投資，您是什麼時候決定要推進這些投資？為什麼它們沒有被納入指南中？

Yeah. So look, you deal with what's in front of you and where you see your momentum in terms of orders, and we had -- we spent many years transforming our commercial organization into one central area globally. We have a number of product launches that are coming out, and we are way ahead of our ramp-up volumes, both on the Infinity III. And for example, in the Pro IQ LC/MS.

是的。所以你看，你要處理你面前的事情，以及你在訂單方面看到的發展勢頭，我們花了很多年將我們的商業組織轉變為全球的一個中心區域。我們即將推出多款產品，而且我們的產量成長速度遠遠領先 Infinity III。例如，在 Pro IQ LC/MS 中。

So it was really a dynamic situation. And having come from commercial and experience over many, many years, you need to get investment in early when the markets start to come back and you have opportunities because it's a very competitive place. We want to gain share not only in our accounts, but in competitor accounts. And we want to continue to raise our ability to have technical expertise in the field to really help with that.

所以這確實是一個動態的情況。憑藉多年商業經驗，當市場開始復甦並有機會時，你需要儘早進行投資，因為這是一個競爭非常激烈的市場。我們不僅希望在自己的帳戶中獲得份額，還希望在競爭對手的帳戶中獲得份額。我們希望繼續提高我們在該領域的技術專長，以真正幫助實現這一目標。

Okay, thanks.

好的，謝謝。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

Perfect. Good afternoon. Thanks so much for taking the questions. I just wanted to push on 2026 expectations here. If we look at your fourth quarter guide, the midpoint really implies around like a 5.5% organic growth rate at the midpoint.

完美的。午安.非常感謝您回答這些問題。我只是想在這裡推動 2026 年的期望。如果我們看一下您的第四季指南，中點實際上意味著中點的有機成長率約為 5.5%。

And it looks like consensus is right around that number for next year as well. So can you just walk us through the moving pieces on 2026? Is taking that fourth quarter number and rolling it into next year, a reasonable starting point? Or are there other things that we should be thinking of?

看起來大家對明年的共識也大致如此。那麼，您能向我們簡單介紹一下 2026 年的進展嗎？將第四季的數字計入明年是否是一個合理的起點？或者我們還應該考慮其他事情嗎？

Yeah, I'll start off, and I'll hand it over to Rodney. I think of course, it's too early to give out any detail on the guide for '26. But on the revenue side, let me talk about revenue and margins. Revenue in the second half of '25 was meaningfully stronger than the first, and that provided really -- that provides a really positive indication momentum into '26. While, of course, we need to remain mindful of the broader economic environment and more challenging comps, we do see this as a solid foundation for growth.

是的，我先開始，然後把它交給羅德尼。我認為，當然，現在透露 26 年指南的任何細節還為時過早。但在收入方面，讓我談談收入和利潤。25 年下半年的收入明顯高於上半年，這為 26 年的成長提供了真正積極的勢頭。當然，我們需要時刻關注更廣泛的經濟環境和更具挑戰性的競爭對手，但我們確實認為這是成長的堅實基礎。

And on the margin side, we've addressed many of the challenges in '25 and tariffs being the largest, and we expect tariffs to be fully mitigated within the year and that should provide a tailwind. And of course, we have Ignite that's going to drive us forward on it.

在利潤方面，我們已經解決了 25 年的許多挑戰，其中最大的挑戰是關稅，我們預計關稅將在年內完全取消，這將帶來順風。當然，我們還有 Ignite 來推動我們前進。

But Rodney, I don't know if you want to give more color around '26.

但羅德尼，我不知道你是否想對 26 年左右的情況給予更多的描述。

Yeah. Yeah, Padraig, I think you mentioned some of the tailwinds that we saw, particularly on the margin side, both as we continue to mitigate tariffs, we will see improvement from a margin perspective as we go into '26. I think the other thing is look, as you mentioned, we'll continue to see savings associated with Ignite. One of the things we still need to be factoring in is what kind of cost increases we may be seeing from our suppliers. So that would be a bit of a [headwind] (corrected by company after the call) that we're still looking at.

是的。是的，帕德雷格，我想你提到了我們看到的一些順風，特別是在利潤方面，隨著我們繼續降低關稅，我們將在進入26年時看到利潤率的改善。我認為另一件事是，正如您所提到的，我們將繼續看到與 Ignite 相關的節省。我們仍然需要考慮的因素之一是，我們的供應商可能會出現什麼樣的成本增加。因此，這將是一個[逆風]（電話會議後公司進行了糾正），我們仍在關注。

Great. And then just as my follow-up here. I wanted to ask around budget flush assumptions. Padraig, you mentioned a little bit how pharma companies are putting in some larger orders before year-end and that they have some more visibility on budgets overall. So are you embedding any budget flush assumptions into that fourth quarter guide? Or would that be upside? Thank you.

偉大的。然後就像我的後續行動一樣。我想詢問有關預算充足假設的問題。帕德萊格，您稍微提到了製藥公司如何在年底前下達一些更大的訂單，以及他們對整體預算有了更多的了解。那麼，您是否將任何預算沖洗假設嵌入到第四季度指南中？或者說這有好處嗎？謝謝。

Yeah. So I think we -- what we're seeing is quotes actually at this stage, not orders for the end of the year and the early indication is that it's more of a standard year-end in terms of budget flush. And I think it's been quite a few years since we've seen that and everybody knows the history in our markets, but customers are starting to budget start to normalize and seeing larger value quotes is what we've seen. And so we're guiding with what we see at the moment.

是的。所以我認為，我們看到的實際上是現階段的報價，而不是年底的訂單，早期跡象表明，就預算充裕而言，這更像是一個標準的年底。我認為我們已經好幾年沒有看到這種情況了，每個人都知道我們市場的歷史，但是我們看到客戶開始將預算正常化，看到更大的價值報價。因此，我們根據目前看到的情況進行指導。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, thanks for taking the question. I want to touch on chemicals and advanced materials, really strong quarter there and kind of on it being pretty broad-based. We've had some more mixed data points there. So that was a little bit of surprise. Could you just talk a little bit more about where you saw it geographically sort of what gives you confidence that there was no pull forward and that's a little bit more sustainable going forward?

太好了，謝謝你回答這個問題。我想談談化學品和先進材料，這兩個季度的業績確實非常強勁，而且基礎相當廣泛。我們在那裡得到了一些混合數據點。所以這有點令人驚訝。您能否再多談談從地理位置上看，是什麼讓您有信心認為這種趨勢不會提前，而且會更具可持續性？

Yeah, thanks for the question. I think it's been fantastic in terms of growth, 10% growth in Q3, broad-based, 10% in chemicals and advanced materials. And our strong position in our leadership in our platforms is really important than our really strong connection with customers, but really driven by three areas, I would say, in Q3. I think capacity growth from supply chain regionalization is very true for that market, greenfield investments, by the way, in both broad chemicals and advanced materials.

是的，謝謝你的提問。我認為從成長角度來看，它的成長非常出色，第三季成長了 10%，包括廣泛的成長，化學品和先進材料的成長也達到了 10%。我們在平台上的領導地位比我們與客戶的緊密聯繫更為重要，但我認為，在第三季度，這主要受到三個領域的推動。我認為，供應鏈區域化帶來的產能成長對該市場來說是非常真實的，順便說一下，綠地投資包括廣泛化學品和先進材料。

And actually replacement momentum. We've often talked about this that is not only LC replacement cycles that are important, but we're now starting to see replacement investments as we go forward on it. And it's driven, I would say, by the chemical sector continuing to lead by driving demand in downstream industries like semiconductor.

實際上是替代動量。我們經常談論這一點，不僅 LC 替換週期很重要，而且隨著我們不斷推進，我們現在開始看到替換投資。我想說，這是由化學工業繼續引領半導體等下游產業的需求所推動的。

And of course, energy growth in April, which is going to continue in the Americas that's going to continue. So I think overall, I think we're really pleased with the results. We see that continuing, and we see that continuing, particularly in both of those areas as we go forward.

當然，四月美洲的能源成長趨勢還會持續。所以我認為總的來說，我們對結果非常滿意。我們看到這種情況還在繼續，我們看到這種情況還在繼續，特別是隨著我們前進，在這兩個領域。

Okay. And then following up on Rachel's question just now and kind of taking it back to the margin topic. I know you quantified tariffs for third quarter. Could you remind us what the tariff hit is on the margin line for all of fiscal year '25.

好的。然後跟進 Rachel 剛才提出的問題，並將其帶回邊緣話題。我知道您量化了第三季的關稅。您能否提醒我們整個 25 財年的邊際關稅是多少？

And then when you talk about fully mitigating for next year, is just making sure the simple math is we're just kind of assuming that at least that much is how much comes back next year on the gross margin line. Is that the right way to think about when you talk about being able to offset for next year?

然後，當您談到明年的全面緩解時，只是確保簡單的數學計算是我們只是假設至少那麼多是明年毛利率的回報。當您談到能夠抵消明年的損失時，這是正確的思考方式嗎？

Yeah. So I think you're thinking about it the right way. I think we focused in three areas on the tariff side with mitigation, leveraging existing manufacturing footprint around the globe, working with suppliers to relocate manufacturing locations to minimize tariffs, and of course, targeted pricing changes.

是的。所以我認為你的想法是正確的。我認為我們在關稅方面的重點是三個方面：緩解關稅、利用全球現有的製造足跡、與供應商合作遷移製造地點以最大限度地降低關稅，當然還有有針對性的價格調整。

And we see the most critical activities implemented by Q4 and ramping through '26. But the key element of our mitigation is that it will be implemented by the end of fiscal '25 and would ramp through '26. So I think, Rodney, I don't know if you want to add any color to that, but that's how we see.

我們看到最關鍵的活動在第四季度實施並將持續到26年。但我們緩解措施的關鍵要素是，它將在 25 財年末實施，並將在 26 財年逐步實施。所以我認為，羅德尼，我不知道你是否想對此添加任何色彩，但這就是我們所看到的。

Yeah. Yeah. I think the only other point, Padraig, is that, yeah, we recognized about $35 million -- we were originally looking at about $25 million in tariff costs in the third quarter. That's up about $10 million, and we expect the same level in the fourth quarter. So $70 million for the second half.

是的。是的。帕德萊格，我認為唯一的另一點是，是的，我們確認了約 3500 萬美元——我們最初預計第三季的關稅成本約為 2500 萬美元。這一數字增加了約 1000 萬美元，我們預計第四季度的水平將保持不變。所以下半年是 7000 萬美元。

And again, we have a lot of our actions. We are -- most of our planned mitigation actions will be implemented by the end of this quarter. And so we should start seeing that those -- the impact to our gross margins as we start moving into Q1 and through '26.

再說一次，我們採取了很多行動。我們計劃的大部分緩解措施將在本季結束時實施。因此，當我們進入第一季並持續至 26 年時，我們應該開始看到這些對我們的毛利率的影響。

Okay. So $70 million for the year for '25. All right. Thanks.

好的。因此 25 年全年的收入為 7,000 萬美元。好的。謝謝。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Thanks for taking the questions. Maybe just stay on that same topic there that Mike was on, on the margin side. I guess given that tariff piece, given Ignite, obviously, some temporary costs in this quarter impacting the margins.

感謝您回答這些問題。也許只是停留在 Mike 所討論的同一主題上，在邊緣方面。我想，考慮到關稅部分，考慮到 Ignite，本季的一些臨時成本顯然會影響利潤率。

Padraig, I know when we've talked in the past, you've always going to say, hey, there's a reason we put the plus sign on the margin algorithm for the out years. I guess is next year setting up that it has that potential to be an outsized margin year given kind of the headwinds this year that will not recur next year.

帕德雷格，我知道我們以前談話時，你總會說，嘿，我們在未來幾年的保證金演算法上加上加號是有原因的。我猜想明年有可能成為利潤豐厚的一年，因為今年遇到的不利因素明年不會再出現。

Just try to frame that, if you are able to grow, call it, over 100%, it feels like it has that potential, but I just want to see if that makes sense and if you can throw some numbers around it.

試著這樣想，如果你能夠成長，稱之為超過 100%，感覺它有這個潛力，但我只是想看看這是否有意義，以及你是否可以提供一些數字。

Yeah, look, there's three really key tailwinds. I think Ignite continues to drive gains. We've delivered a lot of gains over tariff mitigations will be higher and will ramp through the year and the volume should be really a helper on it.

是的，看，有三個非常關鍵的順風。我認為 Ignite 將繼續推動收益。我們在關稅減免方面已經取得了很大進展，而且全年的減免力度還會加大，而數量應該會對此起到很大的幫助。

So overall, I think we're in good shape. Of course, it's too early to guide on it and to say what it's going to be. But Ignite is there for a reason. We put out 100 basis points plus for a reason, and we still feel very, very good about that as we go forward.

所以總的來說，我認為我們狀況良好。當然，現在就對此做出指導並說出它將會是什麼還為時過早。但 Ignite 的存在是有原因的。我們出於某種原因推出了 100 多個基點，隨著我們繼續前進，我們對此仍然感到非常非常滿意。

I will say also, if you look at Q4 margins, Patrick, it's something to be really clear about is that are expected to really increase versus Q3, where we're expecting a 200 basis point sequential margin improvement from Q3 to Q4 when Q2 to Q3 was flat.

我還要說的是，帕特里克，如果你看一下第四季度的利潤率，那麼需要非常清楚的是，預計利潤率將比第三季度大幅增加，我們預計第三季度到第四季度的利潤率將環比提高 200 個基點，而第二季度到第三季度的利潤率則持平。

And that's going to be driven by leverage on sequential uptick in revenue in Q4, which we have a good line of sight of. And I think while the increase -- while revenue increased sequentially, the full quarter tariffs along with currencies were headwinds that offset against it and the incremental Ignite savings. But I think for next year, we're in good shape.

這將受到第四季度收入連續上升的槓桿作用的推動，我們對此有著良好的預期。我認為，雖然收入連續增加，但整個季度的關稅以及貨幣都是抵消收入和增量 Ignite 節省的阻力。但我認為明年我們的狀態會很好。

Okay. That's helpful. And then I guess maybe just in the quarter, what you saw on kind of the pricing side, it's definitely a question we get. I think people are just seeing the margins. I'm wondering if pricing is a part of that. So if you could just talk about what you saw on predicting gross volume in the quarter and expectations going forward, that would be helpful. Thanks.

好的。這很有幫助。然後我想也許就在本季度，您在定價方面看到了什麼，這絕對是我們遇到的問題。我認為人們只看到了邊緣。我想知道定價是否是其中的一部分。因此，如果您能談談您對本季總銷量預測以及未來預期的看法，那將會很有幫助。謝謝。

Yeah, Rodney, you want to take this one?

是的，羅德尼，你想拿這個嗎？

Yeah, I'll take this one . Yeah, we're actually starting to see some more movement in our pricing. And for the quarter, we saw about 100 bps improvement in pricing.

是的，我想要這個。是的，我們實際上開始看到定價方面出現了一些變化。本季度，我們看到價格上漲了約 100 個基點。

Okay, thanks.

好的，謝謝。

Jack Meehan, Nephron Research.

傑克·米漢（Jack Meehan），腎元研究。

Thank you. Good afternoon. Wanted to ask about how you think the trade tariff dynamics are influencing your customer buying behavior. Last quarter, you talked about the $15 million of consumable pull forward, $15 million instrument push out. Did that play out as expected? And then just anything incremental that you saw in terms of stocking, destocking? Thank you.

謝謝。午安.想問一下您認為貿易關稅動態如何影響客戶的購買行為。上個季度，您談到了 1500 萬美元的消耗品提前支出和 1500 萬美元的儀器支出。事情是否如預期的發展？那麼，您在庫存增加和去庫存方面看到了什麼增量嗎？謝謝。

Yeah, I mean, Jack, thanks for the question on that side. nothing. We did talk about that pull forward in consumables last quarter, which worked itself out very, very quickly. And maybe I'll ask Angelica to add more color on this in a second.

是的，我的意思是，傑克，謝謝你提出這個問題。沒什麼。我們確實在上個季度討論了消耗品的提前銷售，這一舉措很快就見效了。也許我會要求安吉麗卡對此進行更多的闡述。

But we have seen no pull forward. We've seen nothing in terms of stocking. We monitor that quite closely. So nothing on that side. And I would say lab activity remains very, very strong. But Angelica, on the consumable side, maybe you can give some color.

但我們並未看到任何進展。我們沒有看到任何庫存。我們對此進行了密切監控。所以那邊什麼都沒有。我想說實驗室活動仍然非常非常活躍。但是安吉麗卡，在消耗品方面，也許你可以給一些解釋。

Yeah, thanks, Padraig, and thanks Jack for the question. As Padraig already said, we had the pull through in Q2, but we had mid-single-digit growth in Q3, which is no indication of any further pull forward. The lab activity we're seeing is continuing to support the demand here, no doubt about it.

是的，謝謝帕德萊格，也謝謝傑克提出這個問題。正如帕德萊格所說，我們在第二季度實現了扭虧為盈，但在第三季度實現了中等個位數的成長，這並不表示我們會進一步向前發展。我們看到的實驗室活動正在繼續支持這裡的需求，毫無疑問。

We had good growth across all of our end markets and across our regions. So we're continuing to see strong lab activity driving strong recurring revenue demand. And we expect that to continue.

我們所有的終端市場和地區都實現了良好的成長。因此，我們繼續看到強勁的實驗室活動推動強勁的經常性收入需求。我們預計這種情況將會持續下去。

And then an unrelated question. I was curious about the China diagnostics market, saw the reference to Dako, ex China. Getting a lot of questions around VBP and DRG just for the universe, broadly speaking. Do you mind just reminding us what your exposure is to China diagnostics? And what, if any, you're seeing in regard to those topics?

然後是一個不相關的問題。我對中國診斷市場很好奇，看到了對 Dako（前中國）的提及。廣義上講，針對宇宙，有很多關於 VBP 和 DRG 的問題。您介意提醒我們一下您對中國診斷的了解嗎？那麼，關於這些主題，您看到了什麼（如果有的話）？

Yeah. So I mean our exposure is very low in China in terms of diagnostics. It's a very stable business as we go forward on it. But Simon, do you want to give some color on the China story with VBP. We're not really being impacted by it.

是的。所以我的意思是，就診斷而言，我們在中國的應用非常低。隨著我們不斷前進，這是一個非常穩定的業務。但是西蒙，你想用 VBP 來解釋中國的故事嗎？我們實際上並沒有受到它的影響。

I think the long story short is that we've seen minimal impact so far as we look at our diagnostic tools in China, we do see some local vendors there. But where Agilent's products offering is concerned, we're really serving more unstaining applications. And I think we've got a pretty easy tariff product offering and menu there. So there's pressure, but I don't think we've really seen that trickle through in a meaningful way.

我認為長話短說，就我們在中國的診斷工具而言，我們看到的影響很小，我們確實在那裡看到了一些本地供應商。但就安捷倫的產品而言，我們實際上服務於更多的無污染應用。我認為我們提供的資費產品和菜單相當簡單。因此存在壓力，但我認為我們還沒有真正看到這種壓力以有意義的方式顯現出來。

All right, thank you guys.

好的，謝謝大家。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hi Padraig. Thanks for taking my question. Congrats on a nice topline print here, maybe on the top line, question here. I think last quarter, in second quarter, there was some instrument impact, if memory serves me correct. Did 3Q benefit from timing element here on the instrument side?

你好，Padraig。感謝您回答我的問題。恭喜您在這裡獲得了不錯的頭條新聞，也許在頭條新聞上，這裡有問題。如果我沒記錯的話，我認為上個季度，也就是第二季度，出現了一些儀器影響。3Q 是否受益於儀器方面的計時元素？

The sort of another related to the top line question is you mentioned tariff rate. When you say pricing benefit, are you including surcharges as part of pricing? Could that explain part of what we're seeing here in margins? How much of this core beat was a tariff surcharge related in the instrument catch-up from prior quarter?

與最重要的問題相關的另一個問題是您提到的關稅稅率。當您說定價效益時，是否將附加費也包含在定價中？這可以解釋我們在邊緣看到的部分現象嗎？這一核心業績有多少是與上一季儀器追趕中的關稅附加費有關的？

Yeah, no, thanks, Vijay. Just a few points on the instrument side. Firstly, I think we've seen a steady improvement in replacements. Total instruments grew high single digits. And LC/MS grew low double digits. And we're very, very pleased with LC and LC/MS growth and the Infinity III, of course, where we're seeing on the replacement cycle of aging fleets and of course, new sites.

是的，不，謝謝，維傑。儀器方面只有幾點。首先，我認為我們已經看到替代品的穩定改善。儀器總量實現了高個位數成長。LC/MS 成長率達到兩位數。我們對 LC 和 LC/MS 以及 Infinity III 的成長感到非常非常滿意，當然，我們也看到了舊設備以及新網站的更換週期。

In terms of pricing and surcharges, that hasn't been realized yet. That takes a while to go through the system. We have a tariff task force that is second to none that's run through the Ignite program here where we look at data analytics. So we do it in a very structured way, but that takes time to go through. So we'll see those pricing in Q4 and '26 and beyond.

就定價和附加費而言，這一目標尚未實現。這需要一段時間才能通過系統。我們擁有一支首屈一指的關稅工作小組，透過這裡的 Ignite 計畫來研究數據分析。因此，我們以非常結構化的方式進行操作，但這需要時間。因此，我們將在第四季、26 年及以後看到這些定價。

That's helpful. And off of the topic on fiscal '26 common part, it one of your peers, they sort of hinted at end market growth, perhaps being in the low single-digit range, maybe with some share gains, perhaps pointing to like [4] plus.

這很有幫助。關於 26 財年普通部分的話題，您的一位同行暗示了終端市場的成長，可能處於低個位數範圍內，可能有一些份額增長，或許指向 [4] 以上。

How -- like is that a reasonable framework on how we should think about Agilent? Or are there anything that's unique, whether it's our chemical exposure or China, anything that makes Agilent different versus how some of your peers have commented about fiscal '26?

這是否是我們該如何看待安捷倫的合理框架？或者有什麼獨特之處，無論是我們的化學品業務還是中國業務，有什麼讓安捷倫與一些同行對 26 財年的評論有所不同嗎？

Yeah. Look, I think we feel very positive about '26 across all of our markets. You see the momentum this time through applied on the pharma side, driven by the top line. We think we're going to see that continue over time.

是的。看，我認為我們對所有市場 26 年的前景都非常樂觀。您可以看到，這次的勢頭是透過應用於製藥領域，由營業收入所推動的。我們認為，隨著時間的推移，這種情況將會持續下去。

I think as you look at different areas, what makes us different, I think China, there's going to be a large stimulus order coming towards the end of the year. We've been highly successful in that in the past. We've kept very focused with our teams there. So we expect China to kind of continually improve through '26. And of course, that area is really important.

我認為，當你觀察不同的領域時，你會發現我們的不同之處，我認為中國將在年底前推出大規模刺激計畫。我們過去在這方面取得了巨大的成功。我們一直高度關注那裡的團隊。因此我們預計中國將在26年持續改善。當然，那個區域確實很重要。

And I think as well, CDMO mix is very different. 20% growth in NASD. BIOVECTRA, we prime the pumps for '26. That's going to be a high grower and some of the indications are really great on it. So I think that's really important. And you see our results in our chemicals and applied materials.

而且我認為，CDMO 組合也非常不同。 NASD 成長了 20%。BIOVECTRA，我們為 26 年做好了準備。這將是一次高成長，而且一些跡象表明它確實非常好。所以我認為這非常重要。您可以在我們的化學品和應用材料中看到我們的成果。

These are secular drivers where we have significantly high market share, and that's going to continue because of reshoring our fabs about where they're being built course, battery investment in EVs technology, and that makes us, I would say, a very differentiated as well.

這些都是長期驅動因素，使我們擁有相當高的市場份額，而且這種趨勢還將繼續，因為我們將工廠遷回原產地，當然，我們還對電動車技術的電池進行了投資，我想說，這也使我們變得非常與眾不同。

Understood, thank you.

明白了，謝謝。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hey, good afternoon, everybody, and thank you for taking my questions. I want to start on guidance philosophy. So on one hand, I know you guys know that it's particularly important to set financial targets at levels that are especially derisked given how difficult the last few years have been across the tool space.

嘿，大家下午好，感謝你們回答我的問題。我想開始談指導哲學。因此，一方面，我知道你們知道，考慮到過去幾年整個工具領域的困難程度，設定特別低風險的財務目標尤其重要。

On the other hand, you clearly had a lot of strength in the quarter, and you seemingly have really strong momentum heading into year-end. How do you balance momentum and strength with the goal of maybe skewing the error bars around your guidance targets to the upside? Maybe asked a different way, how would you describe your visibility on hitting these targets heading into year-end?

另一方面，您在本季度顯然表現出色，而且在年底前似乎擁有非常強勁的勢頭。您如何平衡動力和實力，以便將指導目標周圍的誤差範圍向上傾斜？換一種問法，您如何描述在年底前實現這些目標的前景？

So heading into year-end, we have very good visibility. I think particularly on the order book and what we put out on our guide, both on revenue and margins. I think '26 we don't give out guidance, no, Doug and (inaudible) but we do see that this positive momentum is not going to just stop at the end of '25, we're going to continue to see it.

因此，進入年底，我們的前景非常好。我認為特別是訂單簿和我們在指南中提到的收入和利潤率。我認為 26 年我們不會給予指導，不，道格和（聽不清楚）但我們確實看到這種積極勢頭不會在 25 年底停止，我們會繼續看到它。

Now what that relates to guide and of course, a lot can happen between now and the end of our fiscal year in the macro environment, tariffs, et cetera. So we'll be giving guidance in the next half. But it is something we want to be as usual and agilent. We want to be very clear about what we're putting out at the end of the year that it’s clear and it’s achievable and going forward on it. So we'll have more next quarter on that one.

現在這與指南有關，當然，從現在到我們的財政年度結束，在宏觀環境、關稅等方面可能會發生很多事情。因此我們將在下半年提供指導。但我們希望它能像往常一樣，並且保持敏捷。我們希望非常清楚地了解我們在年底要推出的目標，這些目標清晰、可實現，並且可以繼續前進。因此，下個季度我們將對此進行更多報道。

Okay, thank you very much for that. And then the next topic I wanted to talk about is capital deployment. So I think your net leverage ratio was 0.9 times, just under 1. How are you thinking about capital deployment? It seems like you're feeling better about what you can control and maybe even your ability to navigate some of the things that are outside of your control from a policy standpoint.

好的，非常感謝。然後我想談的下一個主題是資本部署。所以我認為你的淨槓桿是0.9倍，略低於1。您對於資金配置是怎麼考慮的？看起來，您對於自己能夠控制的事情感覺更好了，甚至從政策角度來說，您能夠處理一些超出您控制範圍的事情。

So if that's right, how does that impact your thoughts on M&A and/or accelerating buybacks beyond dilution mitigation? And kind of related to that, how would you describe organizational readiness for something bigger given how many changes have occurred in leadership over the past year? Thank you.

那麼，如果這是正確的，那麼這對您對併購和/或加速回購（除了稀釋緩解之外）的想法有何影響？與此相關的是，考慮到過去一年領導層發生的許多變化，您如何描述組織對更大事件的準備？謝謝。

Yeah. So let me talk about the last one first because I think it's a great point. If you see how Ignite is running inside and about how we're being able to execute inside, I think that has usages beyond Agilent if we do acquisitions in the future, whatever size there will be. So I think our readiness is extremely high on it.

是的。因此，讓我先談論最後一個觀點，因為我認為這是一個很好的觀點。如果您了解 Ignite 在內部的運作方式以及我們在內部的執行方式，我認為如果我們將來進行收購，無論規模大小，它的用途都會超越安捷倫。所以我認為我們對此的準備程度非常高。

Our priorities are not overall changing, but we do expect M&A to be a more meaningful part of our capital deployment going forward. But I want to be clear on treating, Doug, is that it's going to be a disciplined approach that's going to be aligned to our pillars of our strategy. So you won't see a far distant areas that are not linked to the strategy.

我們的優先事項並沒有整體改變，但我們確實希望併購成為我們未來資本配置中更有意義的一部分。但道格，我想明確指出的是，這將是一個嚴謹的治療方法，並將與我們的策略支柱保持一致。因此，您不會看到與該戰略無關的遙遠區域。

We're going to be focusing on growth opportunities. And of course, value to shareholders. So if you came into our business development sections, we have a small list of very high-quality topics we're talking about. But also internally, we're investing back in the business.

我們將重點關注成長機會。當然，還有對股東的價值。因此，如果您進入我們的業務發展部分，我們有一個正在討論的非常高品質的主題的小列表。但就內部而言，我們也在對業務進行重新投資。

We invested heavily in digital this year, in a new CRM system, new online capabilities, and we're investing back in commercial that goes along hand-in-hand with that. So I think it's going to be a very disciplined approach, but we're ready as we go into '26.

今年，我們在數位領域投入了大量資金，包括新的 CRM 系統和新的線上功能，我們正在對與之相輔相成的商業進行再投資。所以我認為這將是一種非常嚴謹的方法，但我們已經為進入26年做好了準備。

I don't know, Rodney, if -- okay, that's fine.

我不知道，羅德尼，如果──好的，沒問題。

Okay, thank you again, Padraig.

好的，再次感謝你，帕德萊格。

Thanks, Doug.

謝謝，道格。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi Padraig and team. Thanks for taking my questions. First one, really on the momentum or a change in momentum if you saw that between July and August. You are clearly pointing to a strong book-to-bill for the last couple of quarters.

是的，你好，Padraig 和他的團隊。感謝您回答我的問題。首先，如果你在七月和八月之間看到的話，你會發現動量確實在改變。您明確指出了過去幾季的訂單出貨比強勁。

But just trying to get a sense of if there is an acceleration in the near term. And obviously, you're seeing a normal budget flush replacement cycle is working. So I just want to get a sense of is there something you saw differently in August? And if you could double click on the pharma versus the CAM side of the end markets where you're seeing more stronger pickup. Thank you.

但只是想了解短期內是否會出現加速。顯然，您會看到正常的預算沖洗更換週期正在發揮作用。所以我只是想了解一下您在八月是否看到了一些不同的東西？如果您可以雙擊終端市場的製藥業與 CAM 方面，您會看到更強勁的成長。謝謝。

Yeah. So I think we definitely saw a pickup and it's reflected, of course, in the numbers that we've seen. We've seen a pickup in quoting activity. We saw a significant pickup in replacement cycle, although it's gradual over time. We did see that in July and August that people are replacing their systems, aging fleets.

是的。所以我認為我們確實看到了回升，當然這也反映在我們所看到的數字上。我們看到報價活動有所回升。我們看到更換週期明顯回升，儘管這個過程是逐漸加快的。我們確實看到，七月和八月人們正在更換他們的系統和老化的車隊。

And then, of course, this new greenfield opportunity that you see in both markets, pharma and in chemicals and advanced materials benefiting from that. So I would say that overall, really good our book-to-bill is greater than 1 that continues on that side.

當然，你在兩個市場都能看到新的綠地機遇，製藥、化學品和先進材料領域都將從中受益。所以我想說，總體而言，我們的訂單出貨比大於 1，而且這一情況還在繼續。

Our win rates are extremely good. Our market share gain, which is a little bit offset a few months ago, we're gaining across the board in all platforms and geographies. So it is positive. Now of course, people have quotes for the end of the year, and we expect we weight those quotes in terms of what we expect to come in and that's leading to more of a standard year-end CapEx area on it.

我們的勝率非常好。我們的市佔率成長與幾個月前相比有所抵消，但我們在所有平台和地區的市佔率都在全面成長。所以這是積極的。當然，現在人們對年底有報價，我們預計我們會根據預期收入對這些報價進行加權，這將導致更標準的年底資本支出領域。

And so -- and just to finish off, I would say, if you look at pharma and chemical and applied -- or chemicals and advanced materials applied it's actually the momentum in both of those major markets is pretty similar. You've got a replacement cycle starting on the applied side probably a bit later than the pharma side and then you're into -- well into the first innings of the replacement cycle on the LC side.

最後，我想說，如果你看一下製藥、化學和應用——或者化學品和先進材料應用，你會發現這兩個主要市場的勢頭實際上非常相似。應用方面的替換週期可能比製藥方面的替換週期開始得晚一些，然後您就進入了 LC 方面的替換週期的第一階段。

So that's what we're seeing. But driven as well by adoption of our new platforms, the new LC/MS, Pro IQ and the Infinity III really making a difference in customer spending patterns.

這就是我們所看到的。但是，由於採用了我們的新平台，新的 LC/MS、Pro IQ 和 Infinity III 確實改變了客戶的消費模式。

Got it. And then just a follow-up on China. Can you just elaborate a bit on what you're seeing in the quarter in China in third quarter? And you talked about stimulus coming through. Maybe just give us a sense of the -- is that driven by more from quoting activity? Is that -- what gives you that confidence and sort of the magnitude of that? Thank you.

知道了。接下來是關於中國的後續問題。您能否詳細說明一下您對中國第三季的情況的看法？您也談到了刺激措施的實施。也許只是讓我們了解一下——這是否是由引用活動驅動的？那是什麼給了你這樣的信心和力量呢？謝謝。

Yeah. So I'll start off and I'm going to hand over to Mike on the stimulus topic because he's quite close to it. So two of the largest end markets led the results in the quarter. We saw a small molecule continues to grow. We grew about 6%.

是的。因此，我首先將把刺激計劃話題交給麥克，因為他對此非常了解。因此，兩個最大的終端市場在本季引領了業績。我們看到小分子不斷生長。我們成長了約6%。

Biopharma grew mid-single digits. And we saw that through particular focus on innovative biopharma, right? So ADCs, oligos and GLP-1s. The CAM market in China grew low teens, and that was led in two areas. Petrochemicals continued to benefit from lower crude oil prices.

生物製藥業實現了中等個位數的成長。我們透過特別關注創新生物製藥看到了這一點，對嗎？因此是 ADC、寡核苷酸和 GLP-1。中國的 CAM 市場成長率低於百分之十幾，主要得益於兩個領域。石化產品繼續受益於原油價格下跌。

So that's very beneficial to it. And with advanced materials, China continues to build out the domestic semiconductor ecosystem, which is really important.

所以這對它非常有益。借助先進材料，中國將繼續建構國內半導體生態系統，這非常重要。

There is a new development within China where there's unleashing what is called a new quality product -- productive forces policy, which is around innovation and investing in innovation. And that's going to be launched by central government that's going to increase the pace of innovation across many industries.

中國正在推行一項新的優質產品——生產力政策，該政策以創新和投資創新為中心。這項計劃將由中央政府啟動，旨在加快許多行業的創新步伐。

And we're extremely well poised to benefit from that because we've invested in a solution center and a lab productivity center that really fits in that. And we've actually seen some of the orders or quotes for that going out. But overall, I think China is stable. We see that kind of improving as we go into '26 because of those drivers.

我們已做好充分準備從中受益，因為我們已經投資了一個真正適合的解決方案中心和一個實驗室生產力中心。我們實際上已經看到了一些訂單或報價已經發出。但總體來說，我認為中國是穩定的。由於這些驅動因素，我們在進入 26 年時看到了這種情況的改善。

But on the stimulus, Mike, do you want to talk a little bit about what you're seeing right now?

但是關於刺激計劃，麥克，你想談談你現在看到的情況嗎？

Yeah, Padraig. First of all, we have a very strong relationship with customers and we are working with customers very closely continue to support the customer as we prepare for the investment, and we continue to build strong funnels. Obviously, it takes time to materialize, but we're still very excited about the potential. And if you look at the track record, we have a very strong and high win rates. So we're very excited about that potential.

是的，帕德萊格。首先，我們與客戶的關係非常密切，我們與客戶密切合作，在投資準備過程中繼續為客戶提供支持，並繼續建立強大的管道。顯然，這需要時間來實現，但我們仍然對其潛力感到非常興奮。如果你看一下過去的紀錄，你會發現我們的勝率非常高。因此，我們對這種潛力感到非常興奮。

Okay. Thank you.

好的。謝謝。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

Thank you. My first question is a clarification on the pricing front. Rodney, I think you said pricing was a 100 basis point year-over-year tailwind. But Padraig, you also mentioned that value-driven pricing was double the impact of the prior year. So can you help me reconcile those two comments. I thought pricing might have been a bit better a year ago.

謝謝。我的第一個問題是澄清定價方面的問題。羅德尼，我想你說過定價比去年同期上漲了 100 個基點。但是帕德萊格，您也提到價值驅動定價的影響是去年的兩倍。那麼你能幫我調和這兩則評論嗎？我認為一年前的價格可能會更好一些。

This is Rodney. No. It was about 50 bps last year year-on-year. And as I said earlier, about 100 bps this year.

這是羅德尼。不。去年較去年同期成長約50個基點。正如我之前所說，今年約為 100 個基點。

Okay, that's square. Thank you. And then just my follow-up question here. I don't think I've heard you talk so much about the replacement opportunity in the chemical market since the launch of the Intuvo and that was a very long time ago. So can you maybe help frame that replacement opportunity that you're alluding to, Padraig?

好的，這是正方形的。謝謝。接下來是我的後續問題。自從 Intuvo 推出以來，我想我還沒有聽過您如此多地談論化學市場的替代機會，而且那已經是很久以前的事了。那麼，帕德萊格，您能否幫助建立您所暗示的替代機會？

Yeah, for sure. I'm going to bring in Mike here on the AMG slide to talk about that.

是的，當然。我將請 Mike 來 AMG 幻燈片討論這個問題。

Yeah, first of all, as Padraig just highlighted, we have a very strong market share in this market, and we have a very large installed base. Intuvo certainly is a great innovation, but we continue to evolve innovation that we have treated from Intuvo.

是的，首先，正如帕德萊格剛才所強調的那樣，我們在這個市場擁有非常強大的市場份額，並且擁有非常龐大的安裝基礎。Intuvo 無疑是一項偉大的創新，但我們將繼續改進從 Intuvo 中汲取的創新。

We continue to put that into the current platforms. And we are seeing a lot of momentum as you can tell because the customer continue to improve the productivities, they're embracing the new technologies.

我們將繼續將其融入當前的平台中。如您所見，我們看到了很大的發展勢頭，因為客戶不斷提高生產力，他們正在接受新技術。

But I think what's more important, let me take the new GC we just launched, as an example, like 8850 GC. It's a perfect replacement to advance the technologies and the productivity, sustainability the customers are looking for from us.

但我認為更重要的是，讓我以我們剛推出的新款 GC 為例，例如 8850 GC。它是客戶期望我們推動的技術進步、生產力和永續性的完美替代品。

So overall, I think you have to respect our strong position in the market, our very strong portfolios, our continuous innovation. But what's more exciting that we have a strong pipeline innovation to drive as this replacement cycle continue to accelerate.

所以總的來說，我認為你必須尊重我們在市場上的強勢地位、我們非常強大的產品組合以及我們持續的創新。但更令人興奮的是，隨著這個替代週期的不斷加速，我們擁有強大的管道創新能力。

Mr. Ahuja, I'll turn the call back over to you.

阿胡賈先生，我把電話轉回給您。

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。