安捷倫 (A) 2025 Q4 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 fourth quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫雷吉娜，今天我將擔任你們的會議接線生。在此，我謹代表安捷倫科技公司歡迎各位參加2025年第四季財報電話會議。（操作說明）

Thank you. Tejas, you may begin the conference.

謝謝。Tejas，你可以開始會議了。

Thank you and welcome, everyone, to Agilent's conference call for the fourth quarter of fiscal year 2025. As many of you know, I recently joined Agilent after a fun 15-year stint on Wall Street, and I’d just like to say how excited I am to be joining the team at such a pivotal time in our journey.

感謝各位參加安捷倫2025財年第四季電話會議。正如你們許多人所知，我最近在華爾街度過了愉快的 15 年後加入了安捷倫，我只想說，能夠在我們發展歷程的這個關鍵時刻加入這個團隊，我感到非常興奮。

With me on the line are President and CEO, Padraig McDonnell; CFO, Adam Elinoff; and Rodney Gonsalves, Vice President, Controller and Principal Accounting Officer who served as interim CFO until Adam’s arrival.

與我一同在線的有總裁兼首席執行官帕德里克·麥克唐納；首席財務官亞當·埃利諾夫；以及副總裁、財務總監兼首席會計官羅德尼·貢薩爾維斯，他在亞​​當到任之前擔任臨時首席財務官。

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 the Applied Markets Group

參與問答環節的有：生命科學與診斷市場集團總裁西蒙·梅；安捷倫CrossLab集團總裁安吉莉卡·里曼；以及應用市場集團總裁麥克·張。

This presentation is being webcast live. The press release for our fourth-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。我們第四季度財務業績的新聞稿、投資者演示文稿以及補充今天討論的信息，還有本次網絡直播的錄像，都可以在我們的網站 investor.agilent.com 上找到。

Today's comments will refer to non-GAAP financial measures. You'll 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.

今天的發言將涉及非GAAP財務指標。您可以在我們的網站上找到最直接可比較的 GAAP 財務指標和調整表。除非另有說明，所有財務指標的成長或下降均指同比，收入成長均指核心收入成長。

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.

核心收入成長已根據匯率的影響以及過去 12 個月內完成的任何收購和剝離進行調整。該指引是基於對匯率的預測。

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. Agilent 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 factor

在本次電話會議中，我們也將對本公司的財務表現做出前瞻性陳述。這些聲明存在風險和不確定性，且僅截至今日有效。安捷倫公司不承擔更新這些資訊的義務。請查閱公司近期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.

現在我想把電話交給帕德里克。

Thanks, Tejas, and hello, everyone. Thank you for joining today’s call. Before I talk about our results, I want to start by introducing Adam Elinoff, our new CFO, who officially joined Agilent last week. Adam joins us after a distinguished tenure at Amgen, where he advanced through a series of finance, strategy, and transformation leadership roles over a total of 19 years, most recently serving as Vice President of Investor Relations and Treasurer. I am looking forward to leveraging Adam’s expertise in strategic planning and M&A. And his commitment to cross functional collaboration will be invaluable to Agilent in the years ahead.

謝謝 Tejas，大家好。感謝您參加今天的電話會議。在談到我們的業績之前，我想先介紹一下我們的新任財務長 Adam Elinoff，他上週正式加入安捷倫。Adam 在加入我們之前，曾在安進公司擔任要職，在長達 19 年的時間裡，他先後擔任過一系列財務、策略和轉型領導職務，最近擔任投資者關係副總裁兼財務主管。我期待利用 Adam 在策略規劃和併購方面的專業知識。他對跨部門協作的重視，對安捷倫未來的發展將具有不可估量的價值。

Adam, would you like to say a few words?

亞當，你想說幾句話嗎？

Thanks, Padraig. I am thrilled to join Agilent at such an exciting time. My interactions with the leadership team over the past few weeks both within the finance function as we contemplated the guide and with the broader team, have only reinforced my optimism for what lies ahead. I’m looking forward to working with the team to drive growth and innovation, advance operational excellence, and preserve Agilent’s history of financial discipline.

謝謝你，帕德里克。我很高興能在這樣一個激動人心的時刻加入安捷倫。過去幾週，我與領導團隊的互動，無論是財務部門內部討論指南時，還是與更廣泛的團隊互動，都更加堅定了我對未來前景的樂觀態度。我期待與團隊合作，推動成長和創新，提升營運效率，並維持安捷倫一貫的財務紀律。

Great to have you on board, Adam. I also want to take this moment to express my sincere appreciation for Rodney stepping in as interim CFO the past four months. His long distinguished career at Agilent demonstrated he was more than capable of helping us bridge this important transition.

亞當，很高興你能加入我們。我還要藉此機會對羅德尼在過去四個月裡擔任臨時財務長表示衷心的感謝。他在安捷倫公司漫長而傑出的職業生涯證明，他完全有能力幫助我們順利度過這一重要過渡期。

Now, let me talk about our Q4 results. It was another strong quarter. The Agilent team executed exceptionally well, delivering the solutions our customers need in a market that is showing continuing signs of normalization. In the fourth quarter, Agilent reported $1.86 billion in revenue, growing 7.2% on a core basis, our sixth consecutive quarter of core-growth acceleration. This performance came in above the high end of our guidance.

現在，讓我來談談我們第四季的業績。又是表現強勁的季度。安捷倫團隊表現出色，在市場持續呈現正常化跡象的情況下，交付了我們客戶所需的解決方案。第四季度，安捷倫公佈營收為 18.6 億美元，核心業務成長 7.2%，這是我們連續第六個季度核心業務成長加速。這一表現超出了我們預期的上限。

Our customer-first approach is paying dividends with excellent top-line results that compare very favorably with our peers. Momentum remained broad-based across the portfolio, supported by strong LC and LC/MS demand and share gains, CDMO upside, solid double-digit contributions in key regions and a replacement cycle that continues to accelerate. These trends reflect our structurally resilient portfolio and performance that tracks above the broader market.

我們以客戶為先的經營理念獲得了豐厚的回報，取得了優異的業績，與同行相比毫不遜色。整個產品組合的成長動能依然強勁，這得益於 LC 和 LC/MS 的強勁需求和市場份額增長、CDMO 的增長潛力、關鍵地區兩位數的穩健貢獻以及持續加速的更新換代週期。這些趨勢反映了我們結構穩健的投資組合和優於大盤的績效。

At the same time, our Ignite Operating System continues to improve the effectiveness and efficiency of our organization. Ignite helped deliver more than 200 basis points of sequential margin improvement compared with last quarter while funding incremental performance-driven variable pay. The bottom-line result was fourth-quarter earnings per share of $1.59 above the midpoint of our guidance.

同時，我們的 Ignite 作業系統不斷提高我們組織的效率和效能。Ignite 協助實現了與上一季相比超過 200 個基點的環比利潤率提升，同時也為增量績效驅動型浮動薪酬提供了資金。最終結果是，第四季每股收益比我們預期的中位數高出 1.59 美元。

Simply stated: In a dynamic environment that continues to evolve, the Agilent team delivered for our customers and our shareholders. As we close the 2025 fiscal year, I want to highlight four key dimensions where we made exciting progress this year and that will drive our growth for the future.

簡而言之：在不斷變化的動態環境中，安捷倫團隊為我們的客戶和股東創造了價值。在 2025 財年即將結束之際，我想重點介紹我們今年取得令人振奮的進展的四個關鍵領域，這些進展將推動我們未來的成長。

First, the innovative products and services that we develop with a customer lens to create differentiated value. Second, the extraordinary customer intimacy and trust our unified sales-and-service organization creates that unlocks high-quality lead generation and funnel conversion. Third, the increased capabilities and level of talent throughout Agilent. Fourth, the Ignite Operating System that enables us to effectively combine these elements to drive long-term growth and maximize value for customers, shareholders, and employees.

首先，我們以客戶為中心開發創新產品和服務，創造差異化價值。其次，我們統一的銷售和服務組織創造了非凡的客戶親密度和信任，從而釋放了高品質的潛在客戶開發和銷售漏斗轉換能力。第三，安捷倫整體能力和人才水準的提升。第四，Ignite 作業系統使我們能夠有效地將這些要素結合起來，從而推動長期成長，並為客戶、股東和員工創造最大價值。

Let’s start with innovative products and services. The success of our customer-focused innovation was on display throughout the year with products and services that differentiate us from the competition and drive our growth by solving real customer problems. This includes our next-generation Infinity III that is delivering as much as a 30% improvement in productivity for our customers. Infinity III drove double-digit LC growth in the second half of the year. That is underpinned by customers RETURNING to buy large volumes of additional units because of their great experiences.

讓我們從創新產品和服務開始。全年，我們以客戶為中心的創新都取得了成功，我們的產品和服務使我們從競爭對手中脫穎而出，並透過解決客戶的實際問題推動了我們的成長。這其中包括我們的下一代 Infinity III，它能為我們的客戶帶來高達 30% 的生產力提升。Infinity III 在下半年推動了 LC 達到兩位數成長。這一點可以從顧客因良好的體驗而再次購買大量額外產品來印證。

Our Pro iQ LC/MS also has seen an amazing ramp. Its unique value proposition for Pharma and Biotech is driving strong customer interest, as well as sales that are well ahead of our already-robust expectations. The summer launch of the Pro iQ drove overall single-quad LC/MS growth of more than 50% in its first full quarter.

我們的 Pro iQ LC/MS 也取得了驚人的成長。其獨特的價值主張為製藥和生技產業帶來了強烈的客戶興趣，銷售額也遠遠超出了我們原本就十分強勁的預期。Pro iQ 的夏季上市推動了單四極桿液相層析/質譜儀在第一個完整季度內的整體成長超過 50%。

And last month we introduced our Altura bio-inert column. Customers are rapidly adopting the Altura column, and the column’s ramp is an order of magnitude greater than past column launches. This is a clear indication of just how important increased sensitivity and resolution are in key applications that support oligos and GLP-1s. These results also highlight new product launch excellence across the organization.

上個月我們推出了 Altura 生物惰性層析管柱。客戶正迅速接受 Altura 色譜柱，該色譜柱的斜坡比以往推出的色譜柱大一個數量級。這清楚地表明，在支持寡核苷酸和 GLP-1 的關鍵應用中，提高靈敏度和解析度是多麼重要。這些結果也凸顯了公司在新產品上市方面的卓越表現。

When it comes to artificial intelligence, we are actively using AI to accelerate our innovation engine and drive operational excellence. For example, AI generates 80% of our engineering drawings based on product specifications and customer needs, thereby increasing design productivity and reducing custom-design cycle times by 75% for our GC products.

在人工智慧方面，我們正在積極利用人工智慧來加速我們的創新引擎並推動卓越營運。例如，人工智慧根據產品規格和客戶需求產生了我們 80% 的工程圖紙，從而提高了設計效率，並將我們 GC 產品的客製化設計週期縮短了 75%。

In our operations, our order-fulfillment team is leveraging agentic AI for testing, inspection, and control to eliminate redundant shifts, reduce downtime, and improve quality. Our second key dimension, extraordinary customer intimacy centers on a cornerstone of our continued success: leveraging our unified sales-and-service model to maintain lasting customer relationships.

在我們的營運中，我們的訂單履行團隊正在利用智慧人工智慧進行測試、檢查和控制，以消除冗餘班次、減少停機時間並提高品質。我們的第二個關鍵維度，非凡的客戶親密度，其核心是我們持續成功的基石：利用我們統一的銷售和服務模式來維持持久的客戶關係。

Our commercial team members are uniquely positioned as trusted customer partners. Agilent’s commercial model is a unified end-to-end organization that provides pre-sales consultation, a modern and easy-to-use e-commerce platform, and highly experienced, highly technical post-sales service and support that ensures customer success.

我們的銷售團隊成員擁有獨特的優勢，是值得信賴的客戶合作夥伴。安捷倫的商業模式是一個統一的端到端組織，提供售前諮詢、現代化且易於使用的電子商務平台，以及經驗豐富、技術精湛的售後服務和支持，以確保客戶成功。

Our field service engineers build long-term relationships with our customers by partnering with them to solve their most critical problems. Those relationships provide highly valuable insights that fuel a vital and growing portion of our demand-generation programs. Insights from our service team now accounts for 30% of all sales leads. And these leads come with an order conversion rate that is more than double that associated with the rest of the sales funnel. Because of our uniquely deep connection with our customers, it will come as no surprise that they consistently rate Agilent services as best-in-class.

我們的現場服務工程師透過與客戶合作解決他們最關鍵的問題，與客戶建立長期合作關係。這些關係提供了極具價值的見解，為我們日益重要的需求創造計畫提供了動力。我們服務團隊提供的洞察資訊目前佔所有銷售線索的 30%。而這些潛在客戶的訂單轉換率是銷售漏斗中其他潛在客戶的兩倍以上。由於我們與客戶之間有著獨特而深厚的聯繫，因此客戶始終將安捷倫的服務評為一流也就不足為奇了。

We don’t take this privileged position for granted. That’s why we continuously implement new ways to enhance customer intimacy.

我們不會將這種優越地位視為理所當然。這就是為什麼我們不斷推出新方法來增強客戶親密度的原因。

In terms of AI and customer intimacy, we are working to deploy AI within our CRM to support our sales teams with predictive insights, automating tasks, and proposing personalized content in service to our customers. We’re also using virtual agents to complement on-site support in select markets to resolve customer issues more quickly.

在人工智慧和客戶親密度方面，我們正在努力將人工智慧部署到我們的客戶關係管理系統中，以透過預測性見解來支援我們的銷售團隊，實現任務自動化，並提供個人化內容來服務我們的客戶。我們還在一些特定市場使用虛擬代理來補充現場支持，以便更快地解決客戶問題。

Our third key dimension is our increased capabilities and level of talent throughout Agilent. We’ve leveraged our deep bench of in-house talent and complemented it with key external hires that bring fresh perspectives and domain expertise

我們的第三個關鍵維度是安捷倫公司整體能力和人才水準的提升。我們充分利用了公司內部的人才儲備，並輔以關鍵的外部招聘，從而帶來了全新的視角和領域專業知識。

At an executive level, in addition to Adam, we brought on Meghan Henson to lead our HR team and help us build on our strong culture. August Specht, who joined us from Thermo Fisher as our Chief Technology Officer, brings deep scientific knowledge in analytical technologies and a proven ability to lead innovative R&D teams. And, most recently, Joydeep Ganguly joined us from Gilead to drive world-class manufacturing while leveraging our global scale to realize increased efficiency. While these individuals are important and visible additions to our leadership team, all Agilent employees are focused on accelerating the pace of innovation, driving superior execution, and, most importantly, delighting our customers.

在管理階層方面，除了 Adam 之外，我們還聘請了 Meghan Henson 來領導我們的人力資源團隊，幫助我們鞏固強大的企業文化。August Specht 從 Thermo Fisher 加入我們，擔任技術官，他在分析技術領域擁有深厚的科學知識，並且擁有領導創新研發團隊的卓越能力。最近，Joydeep Ganguly 從吉利德加入我們，致力於推動世界一流的製造，同時利用我們的全球規模實現更高的效率。雖然這些人員是我們領導團隊的重要且引人注目的新成員，但所有安捷倫員工都專注於加快創新步伐、推動卓越執行，最重要的是，讓我們的客戶滿意。

Finally, we are bringing together these foundational strengths through our Ignite Operating System, our fourth key dimension. We launched Ignite at the start of the year to improve the pace and quality of our execution and to usher in a new mindset that leverages the power of the enterprise to maximize both growth and stakeholder value.

最後，我們將這些基礎優勢整合到我們的 Ignite 作業系統中，這是我們的第四個關鍵維度。今年年初，我們推出了 Ignite，旨在提高執行速度和質量，並引入一種新的思維模式，利用企業的力量最大限度地提高成長和利害關係人的價值。

Some examples of Ignite’s early success include enhanced top-line growth through the creation and implementation of an enterprise pricing program that drove performance across the year more than doubling our price growth compared with FY24, faster decision-making and improved efficiency by reducing layers of bureaucracy, meaningful procurement cost savings through globalization of vendor contracts that leveraged increased scale for additional negotiating power, and we saw the power of Ignite in real-time this year as it enabled the immediate creation of our Tariff Task Force to drive our rapid and coordinated response to global tariff changes.

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The cross-functional task force rapidly developed a unified strategy and executed a suite of interconnected projects that greatly accelerated our tariff-mitigation efforts. As a result, we are highly confident that we will fully mitigate current tariffs in FY26.

跨職能工作小組迅速制定了統一策略，並執行了一系列相互關聯的項目，大大加快了我們的關稅緩解工作。因此，我們非常有信心在 2026 財政年度完全消除目前的關稅。

All told, Ignite already has delivered well over $150 million in annualized savings. The Ignite Operating System is able to quickly assemble knowledge from across the organization, develop a thorough and actionable enterprise plan, and actively drive implementation and quantify outcomes. This is critical as Agilent continues to evolve.

總的來說，Ignite 已經實現了超過 1.5 億美元的年度節省。Ignite 作業系統能夠快速匯集整個組織的知識，制定全面且可行的企業計劃，並積極推動實施和量化結果。這一點至關重要，因為安捷倫公司仍在不斷發展。

Finally, and this is important; Ignite has strengthened our organizational readiness to identify, acquire, and integrate attractive assets. Our integration of BIOVECTRA is one example. It has been a highly productive year for Agilent. We’ve laid a robust foundation upon which we can drive long-term differentiated growth and value.

最後，也是非常重要的一點：Ignite 增強了我們組織識別、獲取和整合有吸引力資產的能力。我們整合 BIOVECTRA 就是一個例子。對安捷倫來說，這是碩果累累的一年。我們已經奠定了堅實的基礎，可以在此基礎上推動長期差異化成長和價值創造。

Now, let me share additional details on our Q4 results, starting with our end markets. We continued to see signs of improvement in the Pharma market. The Agilent team was able to leverage those conditions and our customer-centric solutions into excellent 12% growth during the quarter. We also saw a nice pickup in spending among our biotech customers. That spending grew in the low 20s during the quarter, and low double-digits ex-CDMO, which was led by large accounts.

現在，讓我來分享我們第四季業績的更多細節，首先從我們的終端市場開始。我們持續看到醫藥市場出現好轉跡象。安捷倫團隊利用這些有利條件和我們以客戶為中心的解決方案，在本季實現了 12% 的優異成長。我們也發現，生技客戶的支出也有了顯著成長。該季度支出增加了 20% 左右，若不計入 CDMO 支出，則成長了兩位數左右，這主要得益於大客戶的推動。

Our customer-focused solutions for oligo therapeutic-development, peptides like GLP-1, and Infinity III drove our performance in Pharma, contributing to low double-digit growth in LC and mid-teens growth in LC/MS platforms. That performance is above that of our peers and points to share-gain across both replacement and greenfield opportunities.

我們以客戶為中心的寡核苷酸治療開發解決方案、GLP-1 等勝肽類藥物以及 Infinity III 推動了我們在製藥領域的業績，促成了 LC 平台的低兩位數增長和 LC/MS 平台的中兩位數增長。這項業績優於同行，顯示我們在替換專案和新建專案中都能獲得市場份額成長。

Our specialty CDMO business continues to be a differentiated growth driver. It represents nearly 20% of LDG revenue and grew more than 40% on a core basis during Q4. During the quarter, commercial programs drove 60% of our NASD revenue. The capacity increases we implemented at BIOVECTRA in the third quarter enabled a record fourth quarter that was in line with our elevated expectations even as the intra-quarter cadence shifted revenue to October.

我們的專業CDMO業務仍然是差異化成長的驅動力。它佔 LDG 收入的近 20%，並且在第四季度核心業務基礎上成長了 40% 以上。本季度，商業項目為我們貢獻了 60% 的 NASD 收入。我們在第三季度對 BIOVECTRA 實施的產能提升，使得第四季度業績創下歷史新高，符合我們較高的預期，儘管季度內節奏將收入轉移到了 10 月份。

Chemicals and Advanced Materials grew 7% as we continued to see strong demand in the Americas and Europe. Chemicals customers continue to invest in capital equipment to meet demand driven by reshoring of downstream customers in the semiconductor market, increasing global competition for critical resources, and an enhanced focus on regional supply-chain security.

由於美洲和歐洲的需求持續強勁，化學品和先進材料行業增長了 7%。為滿足半導體市場下游客戶回流、全球關鍵資源競爭加劇以及對區域供應鏈安全日益重視等因素推動的需求，化學客戶繼續投資資本設備。

Diagnostics and Clinical continues to be a durable, mid-to-high single-digit performer with 7% growth in the quarter. We are excited about the upside potential here as our new Dako Omnis family penetrates medium- and low-throughput labs. Environmental and Forensics grew 9% as the approaching implementation of revised EU drinking-water directives drives investment in new capabilities.

診斷和臨床業務持續保持穩健成長，季度成長率達到7%，達到中高個位數。我們對 Dako Omnis 系列新產品在中低通量實驗室的應用前景感到非常興奮。隨著歐盟修訂飲用水指令即將實施，環境和法醫領域投資於新的能力，成長了 9%。

Also, commercial labs and forensics customers in the Americas are moving quickly to spend capital budgets before year-end, even as US government spending in this end market remains muted. Our market-leading PFAS business grew high-single digits in Q4 and almost 40% for the year, despite meaningfully tougher comps and the US EPA headwind we mentioned last quarter.

此外，儘管美國政府在該終端市場的支出仍然低迷，但美洲的商業實驗室和法醫客戶正在迅速行動，爭取在年底前花掉資本預算。儘管面臨更嚴峻的同比形勢以及我們上個季度提到的美國環保署的不利影響，我們市場領先的 PFAS 業務在第四季度仍實現了高個位數增長，全年增長近 40%。

Environmental use cases remain the bulk of our PFAS revenue, though growth is increasingly coming from other end markets, such as Food and CAM. Our business in the Food market finished a strong year with growth of 7% in the quarter.

環境應用案例仍然是我們 PFAS 收入的主要來源，但成長越來越多來自其他終端市場，例如食品和 CAM。我們在食品市場的業務表現強勁，本季成長了7%。

Finally, Academia and Government our smallest end market at 7% to 8% of annual revenue declined 10% in the quarter. To no one’s surprise, federal-spending reductions had an increased impact on instrument spending in the US.

最後，學術界和政府是我們最小的終端市場，佔年收入的 7% 到 8%，該季度下降了 10%。不出所料，聯邦支出削減對美國的樂器支出產生了更大的影響。

In summary, our growth across major end markets continued to run ahead of our peers, supported by stronger LC and LC/MS adoption, healthy contributions from our specialty CDMO platforms, and solid traction in applied workflows. We continue to see nice momentum in our instrument portfolio, with instrument book-to-bill exceeding one for the seventh consecutive quarter. We are in the early stages of a normalized replacement cycle and gaining share against the competition. Plus, the growth of our installed base enables robust attach rates for our consumables-and-service offerings to lend meaningful durability to our topline via strong recurring revenue.

總而言之，在 LC 和 LC/MS 的更廣泛應用、我們專業 CDMO 平台的良好貢獻以及應用工作流程的穩步推進的支持下，我們在主要終端市場的成長繼續領先於同行。我們的金融工具組合持續保持良好的成長勢頭，金融工具訂單出貨比連續第七個季度超過 1。我們正處於正常更新換代週期的早期階段，並在與競爭對手的較量中不斷擴大市場份額。此外，我們不斷成長的裝置容量使我們的耗材和服務產品能夠獲得強勁的附加率，從而透過穩定的經常性收入為我們的收入帶來持久的效益。

As we look to FY26, our priorities remain clear, advance our Ignite Operating System, sharpen commercial execution, capture opportunities from improving end markets, innovative new products, and a multi-pronged replacement cycle. In our end markets, we expect the continuation of positive trends in Pharma. This will be enabled by improved visibility around pricing and a stabilizing tariff environment as well as the very early stages of Pharma reshoring that we anticipate could start to materialize in orders toward the end of the year.

展望 2026 財年，我們的優先事項依然明確：推動 Ignite 作業系統，提升商業執行力，抓住終端市場改善、創新產品和多管齊下的更新換代週期帶來的機會。在我們的終端市場中，我們預期醫藥產業的正面趨勢將持續保持。這將得益於價格透明度的提高、關稅環境的穩定，以及我們預計今年年底前可能開始體現在訂單中的醫藥產業回流的早期階段。

And while it’s too soon to call an inflection, the accelerating pace of M&A and an improving funding environment into October bodes well for our small and mid-size biotech customers in FY26. We remain bullish on the demand outlook for our specialty CDMO pharma services. With strong market momentum in our key modalities like siRNA and GLP-1s, we expect to drive mid-teens growth in the coming year as we get ready for opening new capacity in 2027.

雖然現在斷言出現轉捩點還為時過早，但併購步伐加快以及10月份融資環境的改善，對於我們2026財年的中小型生物技術客戶來說都是一個好兆頭。我們依然看好我們專業CDMO製藥服務的需求前景。憑藉siRNA和GLP-1等關鍵療法的強勁市場勢頭，我們預計在未來一年將實現兩位數以上的成長，同時為2027年開放新產能做好準備。

We expect the Applied Markets will continue to grow even as customers adapt to shifting macro conditions. And structural drivers like the expansion of PFAS testing and semiconductor reshoring support durable longer-term demand. In Diagnostics and Clinical, we see continued strength as testing demand grows and our expanded Dako Omnis offering enables new placement opportunities.

我們預計，即使客戶適應不斷變化的宏觀環境，應用市場仍將持續成長。而 PFAS 檢測範圍擴大和半導體生產回流等結構性因素則支撐了長期的持久需求。在診斷和臨床領域，隨著檢測需求的成長，我們看到了持續強勁的成長勢頭，而我們擴展的 Dako Omnis 產品組合也帶來了新的就業機會。

In our smallest end market of Academia and Government, we are not expecting a meaningful recovery in FY26 as ongoing US federal spending headwinds seem unlikely to abate soon. Putting it all together and incorporating the stronger baseline comparison for FY26, we are starting the year with an expectation of 4% to 6% core growth. We believe this range is a prudent initial guide that takes into account secular growth drivers. This includes instrument-replacement cycles, demand for our specialty CDMO services, modality-specific needs in GLP-1s and PFAS, and pharma and semiconductor reshoring this allows for unevenness in ongoing recovery dynamics across our markets.

在我們最小的終端市場——學術界和政府——我們預計 2026 財年不會出現實質復甦，因為美國聯邦支出持續面臨的阻力似乎不太可能很快減弱。綜合所有因素，並考慮到 2026 財年更強勁的基準線，我們預計今年核心成長率將達到 4% 至 6%。我們認為，這一範圍是一個審慎的初步指導，它考慮了長期成長的驅動因素。這包括儀器更換週期、對我們專業 CDMO 服務的需求、GLP-1 和 PFAS 的特定模式需求，以及製藥和半導體產業回流，這使得我們各個市場持續復甦的動態存在不平衡。

We anticipate these growth drivers, reinforced by Ignite to provide continued momentum. We also expect to deliver 75 basis points of operating-margin expansion in FY26 at the midpoint. This target allows us to make critical investments to drive innovation, expand our digital commercial capabilities, and prepare for the opening of new CDMO capacity in 2027, all while absorbing incremental material costs driven by tariffs and assumptions for a steady end-market recovery. This margin expansion translates into 9% operating-profit growth at the midpoint, demonstrating the strong operating leverage inherent to our model.

我們預計這些成長動力，加上 Ignite 的推動，將持續保持成長動能。我們也預計，2026 財年營業利潤率將達到 75 個基點的成長（取中間值）。這一目標使我們能夠進行關鍵投資，以推動創新，擴大我們的數位商業能力，並為 2027 年新 CDMO 產能的開放做好準備，同時吸收因關稅和對終端市場穩步復甦的假設而增加的材料成本。此利潤率擴張轉化為中點9%的營業利潤成長，證明了我們模式固有的強大經營槓桿作用。

For FY26 earnings per share, we’re guiding 5% to 7% that includes an EPS growth headwind of 3 percentage points from the one-time step-up in tax rate reflecting the new global minimum-tax regulations. Adjusted for this tax dynamic, underlying EPS growth would be in the high-single to low double-digit range.

對於 2026 財年每股收益，我們預計將增長 5% 至 7%，其中包括由於反映新的全球最低稅收規定的稅率一次性上調而導致的每股收益增長 3 個百分點的不利因素。考慮到這種稅收因素，潛在的每股盈餘成長將在個位數高點到兩位數低點之間。

Our financial discipline remains unchanged. We are deploying capital where it delivers the highest long-term value balancing investment in innovation, M&A opportunities, as well as strategic capacity expansion while returning capital to shareholders.

我們的財務紀律維持不變。我們將資本部署到能夠帶來最高長期價值的地方，在創新投資、併購機會以及策略產能擴張之間取得平衡，同時向股東返還資本。

Now, let me turn it over to Rodney, who will provide additional details on fourth-quarter results and our guidance for next year

現在，我把麥克風交給羅德尼，他將提供第四季度業績的更多細節以及我們對明年的展望。

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 new full year and first-quarter guidance.

謝謝帕德里克，大家下午好。今天我將在評論中提供本季營收的更多細節，並詳細分析損益表，介紹其他關鍵財務指標。接下來，我將介紹我們新的全年和第一季業績預期。

Q4 revenue was $1.86 billion above the high end of our guidance. On a core basis, we posted growth of 7.2%, while reported growth was 9.4%. Currency had a favorable impact of 0.9%, while M&A contributed 1.3%; the BIOVECTRA acquisition is reflected in core growth starting in October. At a business segment level, LDG grew 11%, well ahead of guidance bolstered by the strong performance of our LC and LCMS instruments and robust CDMO results.

第四季營收比我們預期的上限高出 18.6 億美元。核心業務成長7.2%，而報告成長率為9.4%。匯率帶來了 0.9% 的有利影響，而併購貢獻了 1.3%；BIOVECTRA 的收購從 10 月開始反映在核心成長中。從業務部門層級來看，LDG 成長了 11%，遠超預期，這主要得益於我們的 LC 和 LCMS 儀器的強勁表現以及穩健的 CDMO 表現。

AMG grew 3% as expected, led by high single-digit growth in GC and GC/MS as we see increasing benefit from the instrument-replacement cycle in those platforms as well. ACG grew 6% in line with our guidance with high single-digit growth in the rest of the world offset by mid-single-digit declines in China.

正如預期的那樣，AMG 成長了 3%，其中 GC 和 GC/MS 實現了高個位數成長，因為我們也看到這些平台從儀器更換週期中獲益越來越多。ACG 成長 6%，符合我們的預期，世界其他地區的高個位數成長被中國地區的中個位數下降所抵消。

On a geographical basis, both the Americas and Europe saw healthy 11% growth with broad end market strength outside of Academia and Government. China declined 4%, and the rest of Asia ex-China grew 4%. Results in China were below our low-single-digit growth expectations, though revenue contributions remain stable around $300 million per quarter.

從地理上看，美洲和歐洲都實現了 11% 的健康成長，學術界和政府以外的終端市場表現強勁。中國經濟下降了 4%，而除中國以外的亞洲其他地區經濟成長了 4%。儘管中國市場的業績低於我們預期的個位數低成長，但營收貢獻仍穩定在每季 3 億美元左右。

India grew in high teens in Q4 with double-digit growth in Pharma and greater-than-20% growth in each of our applied markets. This balanced strength across our geographies which saw us deliver double-digit growth ex-China remains a key differentiator of our performance profile.

印度第四季實現了兩位數以上的成長，其中醫藥產業實現了兩位數的成長，我們所有應用市場的成長率均超過 20%。我們在各個地區保持均衡實力，在中國以外的地區實現了兩位數的成長，這仍然是我們業績表現的關鍵差異化因素。

Gross margins in Q4 improved sequentially by 100 basis points and came in at 54.1%. On a year-over-year basis, they were down by 100 basis points due to tariff headwinds. Operating margin was 27.2% up more than 200 basis points sequentially, driven by leverage on volume, strong pricing, and tariff mitigation.

第四季毛利率較上季提高 100 個基點，達到 54.1%。受關稅不利因素影響，較去年同期下降了 100 個基點。營業利潤率為 27.2%，季增超過 200 個基點，主要得益於銷售成長、強勁的定價策略和關稅減免。

We delivered this result despite absorbing an incremental 60-basis-point sequential headwind from performance-driven variable pay. Absent the variable-pay dynamic that reflects better business conditions and our strong execution, operating margins would have expanded by 270 basis points over the prior quarter, well above our guide for 230 basis points of sequential expansion.

儘管業績驅動型浮動薪酬帶來了 60 個基點的周期性不利影響，我們仍然取得了這一成果。如果沒有反映業務狀況改善和我們強勁執行力的浮動薪酬因素，營業利潤率本應比上一季增長 270 個基點，遠高於我們此前預期的環比增長 230 個基點。

On a year-over-year basis, operating margins were down only slightly due to tariffs. Now moving below the line, we had $10 million in other income, while our tax rate of 12% was as expected. Finally, we had 284 million diluted shares outstanding in the quarter. Putting it all together, Q4 earnings per share was $1.59. That was above the midpoint of our guidance and grew 9% from a year ago

由於關稅的影響，營業利潤率較去年同期僅略有下降。現在來看收入明細，我們有 1000 萬美元的其他收入，而我們的稅率為 12%，這與預期相符。最後，本季我們共有 2.84 億股稀釋後流通股。綜合來看，第四季每股收益為1.59美元。這高於我們先前預期的中位數，並且比去年同期成長了9%。

Now let me turn to cash flow and the balance sheet. Operating cash flow was $545 million in the quarter, and we invested $93 million in capital expenditures. We purchased $85 million in shares and paid $70 million in dividends during the quarter. More recently, we increased our industry-leading dividend by 3%. And we ended the quarter with a net leverage ratio of 0.8, pointing to our robust balance sheet that leaves ample room for capital deployment optionality.

現在讓我來看看現金流量表和資產負債表。本季經營現金流為 5.45 億美元，資本支出為 9,300 萬美元。本季我們購入了價值 8,500 萬美元的股票，並支付了 7,000 萬美元的股利。最近，我們將業內領先的股息提高了 3%。本季末，我們的淨槓桿比率為 0.8，這表明我們擁有穩健的資產負債表，為資本部署提供了充足的選擇空間。

Now, let me share some additional details on the outlook for next year and the guidance for our first quarter. We expect FY26 revenue to be in the range of $7.3 billion to $7.4 billion on a reported basis. This represents an increase of 4% to 6% on a core basis as currency is expected to be a 1% tailwind during the year. To help with your models, I wanted to provide you with additional details on expectations for growth in our end markets during the year.

現在，讓我來分享一下明年的展望以及我們第一季的業績指引的一些細節。我們預計 2026 財年營收（以報告資料計算）將介於 73 億至 74 億美元之間。這相當於核心經濟成長4%至6%，因為預計匯率將在年內帶來1%的利多。為了幫助您建立模型，我想向您提供一些關於我們今年終端市場成長預期的更多細節。

Starting with Pharma, we anticipate high single-digit growth, improving market conditions, and the strength of our offerings in key, high-demand applications create a favorable environment. In the applied markets, we expect mid-single-digit growth in Chemical and Advanced Materials, low-single digit growth in Environmental and Forensics, and flat growth from Food, where we have an especially difficult year-on-year compare against a strong China stimulus tailwind in FY25.

以製藥業為例，我們預期該產業將實現高個位數成長，市場狀況的改善以及我們在關鍵、高需求應用領域的強大實力，將創造一個有利的環境。在應用市場方面，我們預計化學和先進材料領域將實現中等個位數增長，環境和法醫領域將實現低個位數增長，而食品領域將保持平穩增長，這是因為在 2025 財年，由於中國強勁的刺激政策帶來的利好，食品領域的同比基數尤其高。

In Diagnostics and Clinical, we anticipate mid-single-digit growth. In Academia and Government, we are guiding to a low-single-digit decline as we don’t foresee meaningful recovery in the US. By business segment, we are guiding both the Life Sciences and Diagnostics Markets Group and the Agilent CrossLab Group to grow mid-single digits, and the Applied Markets Group to grow low-single digits in FY26.

在診斷和臨床領域，我們預期成長幅度為個位數中段。學術界和政府部門預計會出現個位數低幅的下滑，因為我們預期美國經濟不會出現實質復甦。按業務部門劃分，我們預計生命科學和診斷市場集團以及安捷倫 CrossLab 集團在 2026 財年將實現中等個位數成長，應用市場集團將實現低個位數成長。

Finally, by geography, we expect the Americas to lead the way with mid-to-high single-digit growth, while Europe and Asia ex-China to grow mid-single digits building on the momentum we saw in the back half of the year.

最後，從地理來看，我們預期美洲將引領經濟成長，實現中高個位數成長，而歐洲和除中國以外的亞洲地區將實現中個位數成長，延續我們在今年下半年看到的成長動能。

In China, we are incorporating a flat assumption for FY26, consistent with what we saw in China this year. Based on our latest expectations around stimulus timing, we are taking a prudent approach and substantially removing stimulus benefits from our FY26 revenue guidance.

在中國，我們對 2026 財年做出了平穩的假設，這與今年我們在中國看到的情況一致。根據我們對刺激措施出台時間的最新預期，我們採取了謹慎的做法，大幅削減了 2026 財年收入預期中的刺激措施收益。

Moving down the P&L, we expect to deliver 75 basis points of operating-margin expansion in FY26 at the midpoint. We anticipate a more gradual start given typical seasonality and the lack of a tariff headwind in the first-half of FY25 with momentum building through the year.

從損益表來看，我們預期 2026 財年營業利益率將成長 75 個基點（取中間值）。鑑於典型的季節性因素以及 2025 財年上半年沒有關稅方面的阻力，我們預計成長將是一個較為緩慢的過程，並且全年成長勢頭將逐漸增強。

Reflecting the latest global tax regulations, we see our tax rate increasing to 14.5%, a 2.5% increase compared with last year. We also expect $30 million in other income, and we are planning anti-dilutive repurchases to maintain 284 million diluted shares outstanding for the year. Putting this all together, FY26 non-GAAP earnings per share are expected to be between $5.86 and $6.00, representing earnings growth of 5% to 7%.

根據最新的全球稅收法規，我們的稅率將提高到 14.5%，比去年提高了 2.5%。我們也預計會有 3,000 萬美元的其他收入，並且我們計劃進行反稀釋性回購，以維持本年度 2.84 億股稀釋後流通股。綜合以上因素，預計 2026 財年非 GAAP 每股盈餘將在 5.86 美元至 6.00 美元之間，收益將成長 5% 至 7%。

For your P&L modeling, let me share additional expectations we have incorporated into our guidance for the year. Because of Ignite, we expect pricing to continue to improve with an opportunity to grow well above 100 basis points. This guidance also incorporates achieving full mitigation of existing tariffs over the course of the year, using cost savings and pricing actions. As is typical, we expect to see substantial sequential improvement in operating margin over the course of the year.

為了方便您進行損益建模，我想分享我們已納入年度業績預期中的其他一些預期。由於 Ignite 的推出，我們預計價格將繼續改善，並有機會成長超過 100 個基點。該指導原則還包括透過節省成本和採取定價措施，在一年內全面緩解現有關稅。與往年一樣，我們預計今年營業利潤率將逐年大幅提升。

Finally, we anticipate operating cash flow will be in a range of $1.6 billion to $1.7 billion and expect to invest $500 million in capital expenditures. To help with phasing, we are expecting revenue seasonality similar to FY25. Meanwhile, earnings will be slightly more biased toward the second half given the tariff impacts on the P&L in the first half.

最後，我們預計營運現金流將在 16 億美元至 17 億美元之間，並計劃投資 5 億美元用於資本支出。為了方便分階段實施，我們預期營收季節性將與 2025 財年類似。同時，鑑於關稅對上半年損益表的影響，下半年的獲利情況將略微偏向下半年。

Now moving to the first quarter, we expect our reported revenue to be in the range of $1.79 billion to $1.82 billion. This represents an increase of 4% to 6% on a core basis, while currency is expected to be a 2.5% tailwind. First quarter EPS guidance is $1.35 to $1.38 with 285 million diluted shares outstanding.

現在來看第一季度，我們預計報告營收將在 17.9 億美元至 18.2 億美元之間。這意味著核心經濟成長率將成長 4% 至 6%，而匯率預計將帶來 2.5% 的成長利好。第一季每股收益預期為 1.35 美元至 1.38 美元，稀釋後流通股數為 2.85 億股。

Now, I would like to turn the call back to Padraig for closing comments. Padraig?

現在，我想把電話轉回給帕德里克，請他做總結發言。帕德里克？

Thanks, Rodney. As you've heard, we’ve built excellent momentum across FY25 in a dynamic environment. Our distinct growth drivers and our Ignite Operating System are fuel for success. We are poised to benefit from a broadening end-market recovery, win share, and deliver resilient above-peer growth and margin performance over the long-term.

謝謝你，羅德尼。正如您所聽到的，在充滿活力的環境中，我們在 2025 財年取得了良好的發展勢頭。我們獨特的成長驅動因素和我們的 Ignite 營運系統是成功的燃料。我們已做好準備，從不斷擴大的終端市場復甦中受益，贏得市場份額，並在長期內實現高於同行的穩健成長和利潤率表現。

With our innovation engine accelerating, our focus on customers intensifying, and our best-in class commercial team executing, we are entering FY26 from a position of strength.

隨著我們的創新引擎加速運轉，我們對客戶的關注度不斷提高，以及我們一流的商業團隊高效執行，我們以強勁的勢頭進入了 2026 財年。

Thank you all for your attention. I’ll turn it back over to Tejas for Q&A. Tejas?

謝謝大家的關注。我將把問題交還給 Tejas 進行問答。德州？

Thanks, Padraig. Operator, can you please share the instructions for the Q&A?

謝謝你，帕德里克。操作員，請問能否提供問答環節的操作說明？

(Operator Instructions) Tycho Peterson, Jefferies.

（操作說明）泰科·彼得森，傑富瑞。

Padraig, I'm wondering if you can comment on BIOVECTRA. You guys had guided, I think, closer to $35 million and came in around $22 million. So maybe just talk about dynamics there. And then you're taking CapEx up $100 million. Is that all CDMO?

Padraig，我想請你談談 BIOVECTRA。我認為你們之前的預期成交價接近 3500 萬美元，而最終成交價約為 2200 萬美元。所以或許可以談談這方面的動態變化。然後你們就要增加 1 億美元的資本支出。這就是全部的CDMO嗎？

Yeah. So we're very pleased with the BIOVECTOR came in strong for the year, driven by GLP business. So Q4 good -- it was good, was an easy comparable pleasing, never, nevertheless. So we came in against what we thought for the year.

是的。因此，我們對BIOVECTOR今年的強勁表現非常滿意，這主要得益於GLP業務的推動。所以第四季度不錯——確實不錯，很容易進行比較，令人滿意，儘管如此。所以，我們最終的結果和我們年初的預期有所不同。

We have key molecules planned for '26. We're very happy about the book of business we have for BIOVECTRA . It was an outstanding integration from our side which bodes well for the future, for future M&A as well. But on the CapEx side, Adam, do you want to give some color?

我們計劃在 2026 年推出一些關鍵分子。我們對BIOVECTRA的業務進展非常滿意。。我們這邊的整合非常出色，這對未來，包括未來的併購活動來說，都是一個好兆頭。但是，亞當，關於資本支出方面，你想透露一些細節嗎？

Sure. Thanks. So the incremental $100 million investment is really around incremental NASD capacity as well as incremental consumable expansion.

當然。謝謝。因此，新增的 1 億美元投資實際上是為了增加 NASD 產能以及增加耗材供應。

Okay. And then follow-up on margins, obviously a focal point, especially coming out of the last quarter, maybe just talk on the 75 basis points you're guiding to, the gives and takes there and, if the top-lines ends up at the high end, could you do better?

好的。然後跟進利潤率，這顯然是一個重點，尤其是在上一季之後，也許可以談談你預期的 75 個基點，其中的利弊，以及如果營收最終達到高端水平，你能否做得更好？

Yeah. So on margin, I think, we have a prudent margin for '26 set in, and we're going to go through some of the differences on the call. But Adam, do you want to go through some of the ideas you have on margin?

是的。所以關於保證金，我認為我們已經為 2026 年設定了一個合理的保證金，我們將在電話會議上討論一些差異。但是亞當，你想不想談談你關於利潤的一些想法？

Sure. So, if you think about the margin for '26 at the midpoint we're guiding 75 bps improvement on a year by year basis, and that's really driven by Ignite pricing optimization and operational efficiencies that you see in the number. And that includes some of the tariff mitigations and then volume growth. The other piece which I think is important, which I want to highlight is this more than offsets inflationary impact, and we're making incremental investments in growth and innovation as well as adding strategic capacity. So let me just quickly talk about those incremental investments in growth, because I think it's something that Padraig has talked about with our capital allocation strategy.

當然。因此，如果您考慮 2026 年的利潤率中點，我們預計每年將提高 75 個基點，這實際上是由 Ignite 定價優化和營運效率提高所驅動的，您可以在數字中看到這一點。這其中包括一些關稅減免措施以及銷售成長。我認為另一點也很重要，我想強調的是，這不僅抵消了通貨膨脹的影響，而且我們還在成長和創新方面進行逐步投資，並增加戰略能力。那麼，讓我快速談談這些用於成長的增量投資，因為我認為這是帕德里克在我們的資本配置策略中談到的內容。

So one, we're making digital advancements for our commercial teams and customers. The second, adding AI across the enterprise and we're really being focused there on a number of projects. And then importantly, we're continuing to invest in our core R&D portfolio for our products and with August coming on, we're trying to make sure that we're investing in the most high impact projects.

第一，我們正在為我們的商業團隊和客戶推動數位化發展。第二，在整個企業中引進人工智慧，我們目前正專注於多個相關專案。更重要的是，我們將繼續投資於我們產品的核心研發組合，隨著八月的臨近，我們正努力確保將資金投入最具影響力的項目。

Patrick Donnelly, Citi

花旗銀行的派崔克唐納利

Padraig maybe just on the general tone from biopharma customers in recent months? Obviously, there's some big announcements, sounds like things picked up a little bit both on Pharma and Biotech. Can you talk about maybe specifically on the instrument side, what you've been seeing, again it does sound like biotech is loosening up a little bit for you guys. It sounds like pharma is maybe a little more constructive. Let me just talk about what you're seeing there and then even if you get into year-end here, is there already signs of what the budget flush could look like? What are you guys seeing there? Could that be a little more normal than past years? What are the conversations look like there?

Padraig或許只是在表達近幾個月來生物製藥客戶的整體態度？顯然，有一些重大消息要宣布，聽起來製藥和生技領域的情況都有所改善。能否具體談談儀器方面的狀況？您觀察到了什麼？聽起來生物科技產業對你們來說似乎正在逐漸放鬆一些。聽起來製藥公司可能更願意提出一些建設性意見。讓我談談你在那裡看到的情況，即使到了年底，預算削減的跡像是否已經顯現？你們在那邊看到了什麼？這是否比往年更正常？那裡的對話是什麼樣的？

Yeah, thanks, Patrick. So, pharma, our largest market grew 12% overall in the quarter, and what we're seeing is the MFN tariff deals have really reduced uncertainty for our customers, our biotech grew in the low 20s, or I would say low double-digits ex-CDMO, and the US biotech recovery is starting in well-funded large caps, releasing capital spend. I think what you're seeing in the small to mid-biotech, you're seeing improved funding backdrop. And you're seeing that with like in recent M&A exits, although it really is too early to call it an inflection point on that side.

謝謝你，派崔克。因此，醫藥產業是我們最大的市場，本季整體成長了 12%。我們看到，最惠國待遇關稅協定確實降低了客戶的不確定性。我們的生技業務成長了 20% 左右，或者說，如果排除 CDMO 業務，成長了兩位數左右。美國生技產業的復甦始於資金雄厚的大公司，釋放了資本支出。我認為，在中小型生技公司中，我們看到的是融資環境的改善。從最近的併購退出案例中也可以看到這一點，儘管現在就稱之為該領域的轉折點還為時過早。

But what's driving this is really, I would say, our really strong momentum and our innovation around affinity III is coming in extremely well and Pro IQ LC/MS resonating extremely well. We had 50% growth for the single quad in Q4 and all of these things bode well for the future, and that was backed up with our Altura bio-inert column. So, I would say on the in terms of the budget flush we are we have good visibility and it's more of a typical calendar year in budget flush. So, we're expecting that to be more normalized.

但我認為，真正推動這一切的是我們強勁的發展勢頭，以及我們在親和力 III 方面的創新取得了非常好的成果，Pro IQ LC/MS 也獲得了非常好的反響。我們在第四季實現了單四極桿50%的成長，所有這些都預示著美好的未來，而我們的Altura生物惰性柱也印證了這一點。所以，就預算充裕程度而言，我認為我們有良好的前景，而今年的預算充裕程度也更接近往年。所以，我們預期這種情況會變得更加正常化。

And then maybe on the NASD business, sounds like that's doing well. Double-digit growth, pretty safe for '26, I guess, given what you're seeing. Can you just talk about the visibility there that's fully booked out through '26?

然後，關於 NASD 的業務，聽起來進展順利。考慮到目前的情況，2026 年實現兩位數成長應該相當穩健了。你能談談那裡的曝光率嗎？那裡的檔期已經全部預訂到 2026 年了。

And then you talked about the expansion, the capacity expansion plans as the year goes. Can you talk about, I think it's Train C and Train B, when those come online, where those are leaning towards in terms of market need, market indications. Is there an impact of margins of those ramp? I know NASD, is included on the op margin side, but as those trains open up, does that change anything? I know there's a few questions on NASD in there, but that color would be great.

然後您談到了擴張，以及隨著年數的推移而製定的產能擴張計劃。您能否談談，我認為是C列車和B列車，當它們投入運作時，根據市場需求和市場跡象，它們的發展方向是什麼？這些斜坡的利潤率會受到影響嗎？我知道 NASD 包含在營運利潤率中，但隨著這些列車的開通，這會改變什麼嗎？我知道裡面有一些關於NASD的問題，但那個顏色就太好了。

Yeah, thanks, Patrick. So I'm going to start off and hand it over to Simon. So we're really pleased with our CDMO results in FY25. And we're excited how the book of business is building for '26 with recent wins and we're seeing movements towards commercial programs. But Simon, do you want to give some more color on that?

謝謝你，派崔克。那我就先開始，然後把麥克風交給西蒙。我們對2025財年的CDMO表現非常滿意。我們很高興看到 2026 年的業務儲備隨著最近的成功而不斷增長，並且我們看到了商業項目的轉變。西蒙，你想再詳細說說嗎？

Yeah, again, I think we've had a very strong year here in FY25, we've been very pleased with the execution, very pleased with the way that the order book has been developing, we've seen a lot of further reasons to validate the sIRNA modality. Just in the last couple of weeks there was another FDA approval, so we think that we are really well positioned here in coinciding the strength of the modality, the future outlook of the modality, and our competitive position in the markets.

是的，我認為我們在 2025 財年取得了非常強勁的成績，我們對執行情況非常滿意，對訂單簿的發展情況也非常滿意，我們看到了許多進一步驗證 sIRNA 模式的理由。就在最近幾週，FDA又批准了一項新療法，因此我們認為，我們目前處於非常有利的地位，能夠將該療法的優勢、該療法的未來前景以及我們在市場上的競爭地位結合起來。

So as we look ahead to FY26, I'd say we've got a very robust order book as we enter the year for pretty much the full year, so I think it's mainly a case of execution on existing capacity in FY26, but then as the question indicated, we've got the capacity expansion, starting to see the finish line coming to sight there towards the end of '26, and we're looking to go live in early mid part of '27 with Train C.

展望 2026 財年，我認為我們進入這一年時訂單量非常充足，幾乎可以保證全年訂單。因此，我認為 2026 財年的主要任務是利用現有產能，但正如問題所指出的，我們還有產能擴張計劃，預計在 2026 年底前就能看到完工的跡象，我們計劃在 2027 年中期開始投產 C 列車。

And as is always the case with the capacity expansion, there'll be dynamics there around amortization and growing into the skin. I think we've got the basis pretty well covered there in 26, and we're well ahead in our thinking where that's in that respect in '27.

產能擴張總是會帶來各種問題，包括攤提和發展壯大等。我認為我們在 26 年已經很好地打好了基礎，而且在 27 年，我們在這方面的想法也遠遠領先。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

My first question is on China. Can you talk about the downside variance on China in the quarter? What were the drivers of that in performance by end market perhaps?

我的第一個問題是關於中國的。能談談本季中國市場的下行波動情況嗎？終端市場績效的驅動因素可能有哪些？

Yeah, thanks, Dan. So yeah, Q4 in China was, we're down 4% and that was below our low single-digit August guide, but all markets were down low to mid singles except A&G, which was up 5% benefiting for some academic stimulus. But comp with peers, I think was in line with key peers. But mix I think is an important factor, Dan. So first of all, we saw growth in biopharma and CAM, but we saw declines in food and environmental.

謝謝你，丹。是的，中國第四季我們下降了 4%，低於我們 8 月份個位數的預期，但除 A&G 外，所有市場都下跌了 5%，A&G 受益於一些學術刺激措施。但與同行相比，我認為與主要同行基本一致。但我認為混合搭配是一個重要因素，丹。首先，我們看到生物製藥和補​​充替代醫學領域有所成長，但在食品和環境領域出現了下滑。

And I would say pharma small molecule was stable. But overall, it's a very stable business. You're going to have quarters, some swings or variance between quarters, but we're seeing sustainable $300 million per quarter as we go forward, and we expect FY26 to be flat, like, FY 2025 was flat. I will say though, if you look at our business, given our long standing customer relationships, our recent win rate scale and our scale. And our visibility into our direct channel. We're very confident in terms of what our market share being stable in '25 and of course we're going to continue with that in '26.

我認為這種小分子藥物是穩定的。但總體而言，這是一個非常穩定的行業。季度之間肯定會有一些波動或差異，但我們預計未來每季都能保持 3 億美元的可持續收入，我們預計 2026 財年將保持平穩，就像 2025 財年一樣。不過，我想說的是，如果你看看我們的業務，考慮到我們與客戶之間長期的合作關係、我們最近的成交率以及我們的規模。以及我們對直接管道的可見性。我們對2025年市佔率的穩定非常有信心，當然，我們也會在2026年繼續保持這種狀態。

I appreciate that. And then a follow-up Padraig, I think you mentioned that there was some pharma reshoring assumption in your guidance for 2026. How important is that to your forecast? Any way to put some context or dimensions around that?

我很感激。帕德里克，我想你之前提到過，你在對 2026 年的預測中做出了一些關於製藥業回流的假設。這對你的預測有多重要？有什麼辦法能為這件事提供一些背景資訊或具體細節嗎？

So we're in a lot of conversations with some key pharma companies around reshoring and talking about what what it means for their R&D and tech investments. They're focusing on shovels in the ground and their lab equipment needs, and we expect by the end of '26 that we'll get some orders in that area. So, we're estimating the opportunity of about $1 billion by 2030. But we're limited in seeing the order benefited at the end of '26.

因此，我們正在與一些重要的製藥公司就生產回流問題進行深入探討，並討論這對他們的研發和技術投資意味著什麼。他們正專注於動工建設和實驗室設備需求，我們預計到 2026 年底，我們將在該領域獲得一些訂單。因此，我們預計到 2030 年，市場機會將達到約 10 億美元。但我們無法保證該秩序在 2026 年底能夠從中受益。

We see an overall $1 billion addressable market opportunity for Agilent -- by 2030, and we expect about third of that. But overall, I think there's upside in the forecast around reshoring.

我們認為到 2030 年，安捷倫將擁有 10 億美元的潛在市場機會，我們預計到 2030 年，我們將實現其中的三分之一左右。但總體而言，我認為有關製造業回流的預測是正面的。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

I just wanted to start on GLP-1s. How big is this business? I'm thinking it's probably around $100 million coming out of last year, and then I guess if that's right, how much of it is LC versus services? What's your positioning with generics coming online in different geographies like in India and China, Canada, just to name a few, and how should we think about the growth outlook for '26?

我只是想開始服用GLP-1。這家公司規模有多大？我估計去年的收入大概在 1 億美元左右，如果真是這樣，那麼其中有多少是信用證，又有多少是服務費呢？隨著仿製藥在印度、中國、加拿大等不同地區陸續上市，你們的市場定位是什麼？我們該如何看待2026年的成長前景？

Yeah, thanks, Doug. So Agilent 's GLP benefit really comes for two forms or CDMO business largely run by BioVectra, where we're working on synthetic peptide manufacturing and our analytical tools like our LCMS and Altura columns supporting QA/ QC solutions. So we're actively involved with many of the GLP-1 manufacturers and of course on the analytical tool side, Infinity III is a really key component.

是啊，謝謝你，道格。因此，安捷倫的 GLP 優勢實際上體現在兩個方面：一是 CDMO 業務，主要由 BioVectra 營運；二是合成勝肽生產；三是我們的分析工具，如 LCMS 和 Altura 色譜柱，支援品質保證/品質控制解決方案。因此，我們積極與許多 GLP-1 生產商合作，當然，在分析工具方面，Infinity III 是一個非常關鍵的元件。

If you look at Q4 revenue was about $40 million for GLP-1, that's split about 60% for BioVectra and 40% for the analytical lab, and I would say we saw about a 20% growth rate in the analytical lab in Q4 and BioVectra added about $25 million. If you look overall in '25, I think the GLP-1 revenues about $130 million, split evenly between both the both the BioVectra and the analytical lab. And if you think about the analytical lab, we grew 40% in the analytical lab and the GLP-1 Altura columns really helping towards the end and of course the infinity III.

如果你看一下第四季的收入，GLP-1 的收入約為 4000 萬美元，其中 BioVectra 佔 60%，分析實驗室佔 40%。我認為我們在第四季度看到了分析實驗室約 20% 的成長率，而 BioVectra 增加了約 2500 萬美元。如果縱觀 2025 年的整體情況，我認為 GLP-1 的收入約為 1.3 億美元，BioVectra 和分析實驗室各佔一半。再想想分析實驗室，我們的分析實驗室成長了 40%，GLP-1 Altura 色譜柱在最後階段確實起到了很大的幫助作用，當然還有 Infinity III。

So overall, it's a really important business for us and we're seeing a long runway into '26 on both sides of the business. India is a particularly interesting part of where you see the GLP-1, where you see the patent cliff coming and we've been doing a lot of investment in India around our experience center for customers, workflow help for customers. So we expect in India, we're going to take a lot of share as it goes into goes into '26.

總的來說，這對我們來說是一項非常重要的業務，我們看到這項業務在 2026 年之前，無論在業務的哪個方面，都有很長的發展前景。印度是一個特別有趣的地方，因為在這裡可以看到 GLP-1 的發展，也看到了專利懸崖的到來。我們一直在印度進行大量投資，圍繞著我們的客戶體驗中心和工作流程幫助。因此我們預計，隨著2026年的到來，我們在印度將佔據很大的市場份額。

One more on a completely unrelated topic, the academic and government end market. I think you guys were down 10%, constant currency in the quarter if I updated the model right. I think this is a little bit surprising given seasonality and the fact that there was a little more certainty about the funding environment.

再補充一點，雖然這個主題與主題完全無關，那就是學術界和政府終端市場。如果我沒記錯的話，你們本季以固定匯率計算的業績下降了 10%。考慮到季節性因素以及融資環境相對穩定的局面，我認為這有點出乎意料。

Maybe the offset was the government shutdown. I'm just curious if you could tell us a little bit about what you saw over the course of the quarter and heading into calendar year end. Thanks again and Happy Thanksgiving, everyone.

或許政府停擺起到了抵消作用。我只是好奇您能否跟我們談談您在本季度以及臨近年底時所看到的一些情況。再次感謝，祝大家感恩節快樂。

Yeah, thanks, Doug. So academic and government declined about 10% for Q4. That was a slightly bigger decline that we put out in guidance. I would say ex-US a very stable sequentially and however, we, I think we faced tougher year over year comps with America's down mid-teens, and I would say the rest of the world was down mid-single-digits.

是啊，謝謝你，道格。因此，第四季學術界和政府部門的收入下降了約 10%。這比我們之前發布的預期降幅略大一些。我認為除美國以外，其他地區的經濟狀況非常穩定，但是，我認為我們面臨著更嚴峻的同比形勢，美國經濟同比下降了15%左右，而世界其他地區的同比降幅也達到了個位數。

US federal spending reductions, was really the material impact, the instruments were down mid-twenties for the Americans. While I would say chemistries and or chemistries and services were resilient, low single-digits for the Americas, so we're seeing a reasonable lab usage.

美國聯邦政府削減開支，這才是真正的實質影響，對美國人來說，各項指標都下降了二十幾個百分點。雖然我認為化學品和/或化學品及服務具有韌性，美洲的成長率僅為個位數，因此我們看到實驗室的使用率還算合理。

I would say on the US government shutdown that you described there Doug, we had saw no material impact from that, and we're expecting continued softness in FY26 and America's. As US federal spending reductions continue as we go forward, but I will say it's our smallest market, and it's about 1% of our overall business in US and the NIH spending.

關於你剛才描述的美國政府停擺，Doug，我想說，我們沒有看到它產生任何實質影響，我們預計2026財年和美國經濟將繼續疲軟。隨著美國聯邦政府支出持續削減，但我想說，這是我們最小的市場，約占我們在美國整體業務和美國國立衛生研究院 (NIH) 支出的 1%。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Padraig , I mean, if we look at the ACG business, you said all reasons that ex-China grew high single-digits in the fourth quarter, but I think you only talked about mid-single-digit growth in '26. Do you expect to see a little bit of it as the instrument cycle continues to escalate next year or you just sort of being conservative here unpack how you're thinking that ACG in '26.

帕德里克，我的意思是，如果我們看一下 ACG 業務，你說了所有關於中國以外地區在第四季度實現高個位數增長的原因，但我認為你只談到了 2026 年的中個位數增長。你預計明年隨著儀器週期的持續升級，你會看到一些這種情況嗎？還是你只是比較保守？請詳細解釋一下你對 2026 年 ACG 的看法。

I'm going to kick it off and I'm going to hand it over to Angelica. So, we saw healthy high single-digit growth ex-China in ACG. We continued growth in our install base and ramping attachment rates, and we're confident that ACG is well positioned to really sustain the long-term recurring revenue ramp. It was really a solid quarter, and we saw 6% growth in Q4 at the high end of our guidance, and that was 8% ex-China. But Angelica, do you want to give some more color?

我先開始，然後把麥克風交給安吉莉卡。因此，我們看到除中國以外，ACG 實現了健康的高個位數成長。我們的安裝基礎持續成長，附加率不斷提高，我們有信心 ACG 已做好充分準備，真正實現長期經常性收入的成長。這是一個非常穩健的季度，第四季度我們實現了 6% 的成長，達到了我們預期的上限，如果排除中國地區，這一數字為 8%。但是安吉莉卡，你想再添加一些色彩嗎？

Yeah, sure. Hi, Brandon. So, you know we're very excited by the continued growth that we're seeing in ACG, largely driven by the size of our install base, but also the customers' utilization of assets in their laboratory. We've seen some great adoption of our recent chemistry launch, the Altura column.

當然可以。你好，布蘭登。所以，你知道，我們對ACG的持續成長感到非常興奮，這主要得益於我們龐大的安裝基礎，以及客戶在其實驗室中對資產的利用。我們最近推出的化學產品 Altura 專欄獲得了非常正面的迴響。

We also launched recently a remote plus services offering which allows us to support customers and build stronger relationships with customers that may have capabilities in-house but want to leverage the capabilities and the know-how of the Agilent field service engineers to be able to get them back up and running when they have unplanned or unexpected downtime.

我們最近也推出了遠端服務產品，這使我們能夠為客戶提供支持，並與那些可能擁有內部能力但希望利用安捷倫現場服務工程師的能力和專業知識的客戶建立更牢固的關係，以便在發生計劃外或意外停機時能夠恢復運作。

And we're still seeing a great amount of interest in improving lab productivity, so we're seeing continued adoption of our open lab chromatography data system and our enterprise content management capabilities as customers are looking to better manage the data coming out of their instruments, and we're seeing some good growth in our automation.

我們仍然看到人們對提高實驗室生產力有著濃厚的興趣，因此，隨著客戶尋求更好地管理儀器輸出的數據，我們的開放式實驗室色譜數據系統和企業內容管理功能得到了持續的採用，同時，我們的自動化業務也取得了良好的增長。

So when you look across Portfolio we have a lot of things to take as momentum going into FY26 and certainly as we see tech refresh and see we see replacements of instruments in the laboratory, those provide long-term growth as those instruments continue to be used and we'll be connecting to those with our recurring revenue streams accordingly.

因此，縱觀整個投資組合，我們有很多因素可以作為進入 2026 財年的發展動力，當然，隨著技術更新和實驗室儀器的更換，這些都將帶來長期增長，因為這些儀器將繼續被使用，我們將相應地利用我們的經常性收入流與這些增長聯繫起來。

And then, I'm not sure if this is better for Rodney or Adam. Just a clarification, what was the net pricing in the fourth quarter, and I think you talked about 100 basis points in fiscal '26, but that there could be an upside to that, maybe from some of the AI tools. Can you just clarify what you're penciling in for pricing, next year? Thanks.

然後，我不確定這對羅德尼還是亞當更有利。我再澄清一下，第四季的淨定價是多少？我記得您提到過 2026 財年有 100 個基點，但可能會有上漲空間，也許來自一些人工智慧工具。能否說明一下明年的定價方案？謝謝。

North of 100 basis points.

高於 100 個基點。

In the fourth quarter, Rodney?

第四節，羅德尼？

In the fourth quarter, we were closer to 150 basis points.

第四季度，我們接近 150 個基點。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a nice print here. Hey, my first one on order commentary here in the quarter, hybrid orders in a backlog. I'm curious. I know that last quarter you were speaking about stimulus in the China-related stimulus, maybe some pharmacopeia updates out there, so I'm curious if any of that is showing up in orders.

恭喜你印出這麼棒的作品。嘿，這是我本季第一次對訂單進行評論，積壓訂單中有混合型訂單。我很好奇。我知道上個季度您談到了與中國相關的刺激措施，可能還有一些藥典更新，所以我很好奇這些措施是否在訂單中有所體現。

Yeah. So I can talk, a book to build was greater than one, orders continue to, I would say continue to be positive as we go through the quarter, and it's been very stable through the quarter in terms of our order rate and of course a win loss ratio, etc.

是的。所以我可以說，要建立的訂單量大於1，訂單量繼續保持正增長，我認為在本季度會繼續保持正增長，而且就我們的訂單率和勝負比等而言，本季度一直非常穩定。

I will talk a little bit about stimulus, the first one, the SAMR tender, it shifted, I would say from Q1 to later in the year in '26. And we're expecting roughly about 10 million GACC orders in Q1 of '26, which was smaller than expected, but that is excluded from our '26 guide, anything on the, I think the abundance of caution, we're excluding it from the '26 guide. So if anything comes in on that side, it will be upside. And I will say that we have a very strong track record and a win rate with stimulus in China, winning 50% of the first round tenders. So we're seeing how the year plans out and staying very close to our customers on that.

我將談談刺激措施，第一個是國家市場監督管理總局（SAMR）的招標，它從2026年第一季推遲到了下半年。我們預計 2026 年第一季 GACC 訂單量約為 1000 萬份，比預期要少，但這部分訂單已從我們的 2026 年業績指南中排除。出於謹慎考慮，我們決定將這部分訂單從 2026 年業績指南中排除。所以如果那邊有任何進展，都會是利好。我還要說，我們在中國刺激經濟項目方面有著非常強勁的業績記錄和很高的中標率，在第一輪招標中贏得了 50% 的訂單。所以我們正在密切關註今年的計劃安排，並就此與客戶保持緊密聯繫。

Then maybe might my follow-up, on margins, gross margins is a little light in in Q4. What do you assuming for gross margins in, fiscal 26? Should we see gross margin expansion? Could you just quantify what is tariff versus FX dynamics and gross margins?

那麼，我的後續報告可能會指出，第四季的毛利率略低。您對2026財年的毛利率有何預期？我們會看到毛利率擴張嗎？能否具體說明關稅與外匯動態和毛利率之間的關係？

Rodney, you want to take this one?

羅德尼，你想接這個嗎？

Yeah, I'll take this one. So we're not guiding gross margins, but we should see gross margin expansion again from a tariff standpoint.

好的，我要這個。因此，我們不會對毛利率進行預測，但從關稅角度來看，我們應該會看到毛利率再次擴張。

We do think we'll be fully mitigated on tariffs in the second half, and that'll be a mix of both pricing and cost reduction activities. So that in itself will be helping, help the margin picture along with pricing and leverage. The other thing that was impact for this year has been BIOVECTRA. Now that that's been annualized, it won't be a, it won't be a drag to the gross margin line.

我們認為下半年將完全消除關稅影響，這將透過價格調整和成本削減措施相結合的方式來實現。因此，這本身就有助於改善利潤率狀況，同時也有助於定價和槓桿。今年另一個產生影響的因素是 BIOVECTRA。既然已經按年計算，就不會對毛利率造成拖累了。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

I have a couple of questions. Just wanted to unpack some of the competitive dynamics going on in the LC business. So the first one is in LDG. There were a few stats thrown around. I think I heard double-digit growth in the second half for LC, LC/MS instruments. What was the fourth quarter number? Was it also double-digit? And I heard the Pharma data point. Can you just talk about how that business is doing and some of the other end markets?

我有幾個問題。只是想分析LC產業的一些競爭動態。所以第一個在 LDG 中。會上提到了一些統計數據。我聽說下半年液相層析、液相層析/質譜儀器的銷售量實現了兩位數的成長。第四季的數據是多少？也是兩位數嗎？我聽到了製藥公司的數據點。您能談談這家公司的經營狀況以及其他一些終端市場嗎？

Yeah. So in the fourth quarter we saw low double-digit growth in LC and actually mid-teens growth in LC/MS, so a very strong performance. And as we talked about the replacement cycle before, we're in the early innings of a replacement cycle, and that's accelerating with a lot of adoption of the infinity III , some initial purchases a number of quarters ago and customers coming back for more on that one.

是的。因此，在第四季度，我們看到液相層析實現了兩位數的低成長，而液相層析/質譜聯用實現了兩位數的中段成長，這是一個非常強勁的業績。正如我們之前討論過的更換週期，我們正處於更換週期的早期階段，而且隨著 Infinity III 的廣泛採用，更換週期正在加速，一些客戶在幾個季度前進行了初步購買，現在又有客戶再次購買該產品。

I would say when you look at the independent market share data, we're gaining share in both those areas. So that's very good to see as we go forward on it, and I would say overall it's the new innovation, but execution by the team, but also an improving pharma sentiment, particularly with having reducing in certainty around the MFN and tariffs.

我認為，從獨立的市場份額數據來看，我們在這兩個領域都獲得了市場份額。所以，看到這種情況在我們推進這項工作的過程中非常令人欣慰。我認為，總的來說，這得益於新的創新，也得益於團隊的執行，以及醫藥行業的信心正在改善，尤其是在最惠國待遇和關稅方面不確定性降低的情況下。

The other thing that we're really seeing in in pharma across the globe is reshoring is not just happening in the US, but supply chains are being consolidated in different geographies. People are looking for capacity expansion. We're the benefactor of that in QA, QC downstream testing. And that will continue, I think, throughout the year and of course as reshoring comes on online in '27, but I don't know if you want to add any more color on that Simon.

我們在全球製藥業看到的另一個現像是，生產回流不僅發生在美國，不同地區的供應鏈也不斷整合。人們正在尋求產能擴張。我們在品質保證、品質控制下游測試中受益匪淺。我認為這種情況會持續一整年，當然也會隨著 2027 年製造業回流上線而繼續下去，但西蒙，我不知道你是否想對此補充更多細節。

Yeah. I think you covered pharma really well Padraig, a few other key markets, mid-single-digit growth in food. We saw declines in academia and government consistent with what we've been seeing elsewhere. Environmental and forensics was growth in the 20s. And again, in terms of the growth drivers, all the key things that we've talked about already, the continuing traction we see with Infinity III is just phenomenal.

是的。帕德里克，我認為你對醫藥行業的分析非常到位，對其他一些關鍵市場也有所涉及，食品行業實現了中等個位數的增長。我們看到學術界和政府部門的下滑與我們在其他領域看到的情況一致。環境科學和法醫學在 20 世紀 20 年代蓬勃發展。再說一遍，就成長動力而言，我們已經討論過的所有關鍵因素，I​​nfinity III 持續的成長勢頭簡直令人驚嘆。

Likewise, the Pro IQ market acceptance is really terrific and in terms of replacement cycle, we still see that we're early to mid-inning here, I think we've knocked off the lowest hanging fruit, but as we continue to iterate the productivity features of our lab assist software, we see that the Infinity III value proposition will continue to be very strong, and we think there's still plenty more legs left in that.

同樣，Pro IQ 的市場接受度非常高，就更換週期而言，我們仍然處於早期到中期階段，我認為我們已經完成了最容易實現的目標，但隨著我們不斷迭代實驗室輔助軟體的生產力功能，我們認為 Infinity III 的價值主張將繼續非常強勁，我們認為它還有很大的發展空間。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Congrats on the quarter. Maybe Padraig when you think about the guide for '26 at the high level, the 4% to 6%, you've given a lot of color on segments and customers. But if you zoom out, I think you finish this year around 5%, the guide next year incorporates that at the midpoint again, and you've discussed a lot of momentum building. So, do you feel like the guide fairly balances the puts and takes around the globe, or do you think there's some conservatism more so baked in? Just can you give a sense on the overall 4% to 6% guide?

恭喜你本季取得佳績。帕德里克，也許當你從宏觀層面思考 2026 年的指導方針時，例如 4% 到 6%，你已經對細分市場和客戶進行了很多描述。但從長遠來看，我認為今年年底的成長幅度在 5% 左右，明年的指導方針會在年中再次納入這一目標，而且您也討論了很多關於成長勢頭的討論。那麼，您覺得這份指南是否公平地平衡了全球各地的投資和投資機會，還是您認為其中存在一些保守主義傾向？您能否大致說明一下4%到6%這個指導原則？

Yeah, so I think first of all, we're set up for success really by innovative products coming online, and the ones that have come online are unified sales and service connection with the customers, the winning team and Ignite wrapping together. So, as you said, we have good momentum coming out of the year. Key markets are improving.

是的，所以我認為首先，我們之所以能夠成功，是因為創新產品不斷上線，而已經上線的產品實現了與客戶的統一銷售和服務連接，將制勝團隊和 Ignite 整合在一起。正如你所說，我們今年的發展勢頭良好。主要市場正在改善。

The top-line 4% to 6% is prudent, but I think it is appropriate given macro uncertainty and of course we're coming into some tougher compares, and I would say, if you look at the high end of our guide. If you see the expecting biopharma recovery to continue and broaden, that's going to be positive. As I said before, the China stimulus is not in the guide, so that would be positive as well. And we're making investments in the business, right? So, we've invested a lot in the business and we're going to continue to do that, particularly in innovation as digital as Adam talked about.

4% 到 6% 的整體成長率是謹慎的，但考慮到宏觀經濟的不確定性，我認為這是合適的，當然，我們即將面臨一些更艱難的比較，而且我想說，如果你看看我們指導方針的高端部分。如果預期生物製藥行業的復甦能夠持續並擴大，那將是積極的。正如我之前所說，中國的刺激措施不在指引之列，所以這也是個好消息。我們正在對公司進行投資，對吧？所以，我們已經對這項業務進行了大量投資，我們將繼續這樣做，尤其是在創新方面，就像亞當談到的那樣，是數位化創新。

So, but we want to see a small to mid-size cap biotech’s to continue to improve. We're seeing the early shoots on that one. And of course, ANG is academia and government is an area that we're watching. We want to see that stabilize and relative to our current expectations of a low single-digit decline. So overall, when you put it together, strong momentum coming out of '25 and in '26 we're watching the different portions of it.

所以，我們希望看到中小市值生技公司繼續進步。我們已經看到它初露端倪了。當然，ANG 代表學術界，而政府是我們關注的領域。我們希望看到經濟趨於穩定，並符合我們目前對個位數低跌幅的預期。所以總的來說，綜合來看，2025 年勢頭強勁，2026 年我們將密切關注其中的各個方面。

Great, thanks for that. And then maybe just one on the GC upgrade cycle, just, your 10% growth in the quarter overall, which is solid. I think you said mid-single-digit for '26 and you gave some color. Just any more color on the upgrade cycle as it progressing versus expectations? Is it rate able in '26? What's assumed on that front.

太好了，謝謝。然後，或許只需要一次 GC 升級週期，就能實現本季整體 10% 的成長，這很穩健。我想你之前說過 2026 年的成長率會是中位數，你還做了一些描述。能否再詳細介紹一下升級週期進度與預期的差異？它在 2026 年能被評級嗎？這方面有哪些假設？

Yeah, no thanks. I'm going to start off and hand over to Mike here in the room. So first of all, I think we had high single-digit growth in GC, which was really great. We talked in the last quarter about the start of a GC replacement cycle, which is generally a longer replacement cycle than the LC. But Mike, do you want to give some color on the replacement cycle?

不用了，謝謝。我先開始，然後把麥克風交給房間裡的麥克。首先，我認為我們在 GC 方面實現了接近兩位數的成長，這真的很棒。我們在上個季度討論了氣相層析儀更換週期的開始，氣相層析儀的更換週期通常比液相層析儀的更換週期要長。但麥克，你想詳細介紹一下更換週期嗎？

Yes, Padraig , first of all, I thank you again for your question. The replacement cycle for the GC and the GCMS is very important for us, and here's what we're seeing. First of all, I think the cycle is being normalized. It was under pressure for the last few years because of the global challenges uncertainty, but we're seeing the pace is coming back and normalized. That's number one. Number two, I just want to let you know we are the market leader. We have got a very large install base and as you can imagine, it's actually aging and we have a lot of demand, which will create a sustainable tailwind for us in the coming, year.

是的，帕德里克，首先，我再次感謝你的提問。GC 和 GCMS 的更換週期對我們來說非常重要，以下是我們目前看到的情況。首先，我認為這個週期正在趨於正常化。過去幾年，由於全球挑戰和不確定性，它一直承受著壓力，但我們看到它的發展速度正在恢復正常。這是第一點。第二，我只想讓你們知道，我們是市場領導者。我們擁有非常龐大的用戶群，正如你所想，這些用戶群實際上正在老化，而我們又有很多需求，這將為我們在未來一年帶來持續的順風。

Last thing I want to highlight, now under Ignite transformation we accelerate our innovation. So we are excited about the new product coming out and that it will further sustain this cycle. So in short, I think there are big opportunities, and the cycle has been normalized and we have tremendous innovation on our way to sustain it.

最後我想強調的是，在 Ignite 轉型計畫的推動下，我們正在加速創新。因此，我們對即將推出的新產品感到興奮，並相信它將進一步延續這個良性循環。簡而言之，我認為存在著巨大的機遇，週期已經正常化，我們正在進行巨大的創新以維持這種正常化。

Michael Ryskin, BofA.

Michael Ryskin，美國銀行。

Maybe first one on tax rate. You talked about the higher tax rate for 2026. Talked about global tax. Just curious, we've been talking about tax rate potentially drifting higher for a while. It seems like it's a pretty big jump this year. Is this something new that's developed recently, or is this just the same global tax, because we've been talking about for a while and then just any potential to offset that as you go through the year, just how do we think about that going forward?

或許首先是關於稅率的。您提到了2026年更高的稅率。討論了全球稅收問題。只是好奇問，我們已經討論稅率可能上升的問題一段時間了。今年似乎會有相當大的飛躍。這是最近發展起來的新事物，還是只是同樣的全球稅收？因為我們已經討論這個問題一段時間了，那麼在這一年中，是否有任何抵消這種稅收的可能性？我們該如何看待這個問題？

Yeah, thanks, Michael, for the question. I'm going to hand this one over to Adam for some commentary.

是的，謝謝你的提問，麥可。我會把這個問題交給亞當做些評論。

Sure, and thanks. So our tax rates are increasing 250 basis points, and it's really driven by a combination of things that, they take time to come together and now they have. One of them is Pillar 2, the other is OB3, and then there's other jurisdictional changes. And so, as we've kind of put them together.

當然，謝謝。因此，我們的稅率提高了 250 個基點，這實際上是由多種因素共同作用的結果，這些因素需要時間才能匯聚在一起，而現在它們已經匯聚在一起了。其中之一是第二支柱，另一個是OB3，此外還有其他管轄權變更。所以，我們就這樣把它們組合在一起了。

In our tax provision we've now solidified on this 250 basis point increase. I would, as you think about it going forward, we have no information that this would change meaningfully going forward, but the thing I want to highlight and point out is that we're more than offsetting this incremental tax burden, and that's really through operating performance above the line.

我們在稅務準備金中已確定增加 250 個基點。展望未來，我們目前沒有任何資訊表明這種情況會在未來發生實質改變，但我想要強調的是，我們正在透過優異的經營績效來抵銷這項新增的稅收負擔。

And so we'll continue to seek ways to further mitigate the P&L impact via Ignite in our global network strategy. So if you think about the business being able to offset such an impact below the line, above the line is really something that gives me a lot of confidence in this organization and shows the agility of the organization to navigate uncertainty.

因此，我們將繼續尋求透過 Ignite 在我們的全球網路策略中進一步減輕損益影響的方法。因此，如果你考慮到企業能夠抵銷線下營運中如此巨大的影響，線上營運確實讓我對這家公司充滿信心，也展現了公司應對不確定性的敏捷性。

And then for the follow-up, I want to touch on M&A and capital deployment. Padraig, you've talked about, the health of the balance sheet and maybe looking to do a couple more deals, bolster on the portfolio could just talk about what the deal funnel looks like now, appetite for deploying cash next year, what deals you're looking at in terms of size and any specific areas you're focused on. Thanks.

接下來，我想談談併購和資本部署。帕德里克，你談到了資產負債表的健康狀況，以及可能考慮再進行幾筆交易來加強投資組合。我們可以談談目前的交易管道情況，明年部署現金的意願，你正在考慮哪些規模的交易，以及你關注的任何具體領域。謝謝。

Yeah. So we -- I'm going to start off and then hand over to Adam here. So our capital allocation priors are not changing, and if you think about M&A, we have capacity to do M&A, but we're going to remain very disciplined, linked with our strategy. We don't talk really about size, we talk about fit and shareholder return on M&A about how it's going to drive us forward.

是的。那麼——我先開始，然後把麥克風交給亞當。因此，我們的資本配置原則不會改變，如果你考慮併購，我們有能力進行併購，但我們將保持高度自律，與我們的策略保持一致。我們並不真正談論規模，我們談論的是併購的契合度和股東回報，以及它將如何推動我們前進。

What I will say about our M&A target list, it's a very -- it's a shorter, very high-quality list that we continue to develop. And of course, we continue to keep everybody updated as we go through the through the year and we're looking for growth opportunities where we have a right to win. And of course, the bio vector integration having been such a great integration this year bodes extremely well for the future. But Adam, do you want to give some broader capital allocation color?

關於我們的併購目標名單，我想說的是，這是一份非常精簡、品質非常高的名單，我們會繼續完善這份名單。當然，我們會持續向大家通報最新進展，並尋找我們有把握取得勝利的成長機會。當然，生物載體整合在今年取得如此巨大的成功，這預示著未來將有非常好的發展前景。但是亞當，你想從更廣泛的角度談談資本配置嗎？

Sure. Thank you. So our capital allocation priorities aren't changing as Padraig said, and I think that's very important. We're going to continue to invest in innovation as you hear in our guide. We're going to, use our balance sheet to invest in M&A and then make strategic capacity and expansion.

當然。謝謝。正如帕德里克所說，我們的資本配置優先事項並沒有改變，我認為這非常重要。正如您在指南中聽到的那樣，我們將繼續加大對創新的投入。我們將利用資產負債表進行併購投資，然後進行策略產能擴張。

The other piece I'd highlight is we're going to continue to return excess capital to shareholders as you see in our guide as well. And then the one note I would highlight in addition to what Padraig said about remaining disciplined, it's about the right opportunity. It's about making sure we understand the value drivers and how we can maximize on those. Then it comes down to making sure that we pay the right price so that we're disciplined about price.

我想強調的另一點是，我們將繼續把多餘的資本還給股東，正如您在我們的指南中看到的那樣。然後，除了帕德里克所說的保持自律之外，我還想強調一點，那就是要抓住正確的機會。關鍵在於確保我們了解價值驅動因素，以及如何最大限度地利用這些因素。關鍵在於確保我們支付的價格合理，這樣我們才能在價格方面保持自律。

And then focusing on integration up front. In my experience, I've lived through integrations, and the best are those that you plan for up front, and it's not an afterthought, and I can assure you it won't be here. The Ignite operating system, as I've dug into it gives me a lot of confidence. And then, as Padraig said, the recent experience with BIOVECTRA gives me more confidence. So I think we're ready to go, and you should expect to see consistency with what we've said on our capital allocation priorities.

然後重點放在前期整合。以我的經驗來看，我經歷過各種整合，最好的整合都是事先做好計劃，而不是事後才考慮的，我可以向你保證，這次也不會是這樣。我對 Ignite 作業系統進行了深入研究，它給我留下了非常深刻的印象。正如帕德里克所說，最近使用 BIOVECTRA 的經驗讓我更有信心。所以我認為我們已經準備就緒，你們應該會看到我們在資本配置優先事項方面與我們之前所說的保持一致。

Regina, to help us get to as many analysts as possible, could we please limit it to one question per analyst for the remainder of the call?

Regina，為了幫助我們盡可能接觸分析師，能否請各位分析師在本次電話會議的剩餘時間內，每人只提一個問題？

Dan Arias, Stifel.

Dan Arias，Stifel。

Padraig, you mentioned upside potential for the Omni franchise. Is that more of a placement comment or a pull through comment? Where do you think the opportunity is strong as there?

帕德里克，你提到了 Omni 特許經營權的巨大潛力。這是位置建議還是推廣建議？你認為哪裡的機會最強？

On the Omnis, yes, so, I'm going to hand it over to Simon for some color on the Omnis franchise.

關於 Omnis，是的，那麼，我會把麥克風交給 Simon，讓他來談談 Omnis 系列。

Yeah. It's a bit of both. We've recently launched the on Omni's Family, and we've been very happy with the uptake from those systems and if we look year over year across the entire on this instruments franchise, we've seen double-digit growth in instrument placements. We're also focused on menu expansion; that's a key product development initiative here over the next 12 to 24 months.

是的。兩者兼而有之。我們最近推出了 On Omni's Family，我們對這些系統的市場反應非常滿意。如果我們逐年觀察整個 On Omni 儀器系列，我們會發現儀器安裝量達到了兩位數的成長。我們也專注於菜單拓展；這是我們未來 12 至 24 個月的關鍵產品開發計畫。

And I think we're going to see momentum from both of those. We're seeing momentum already on the instrument placements, so I think it bodes well for the future. We've talked a few times about this franchise now, how we see really durable mid-high single-digit growth through a combination of these portfolio investments, but also the very strong macros that underpin this business with aging populations, cancer incidents, and so on, not to mention the emerging therapeutics that support seeing diagnosis and therapy guidance. So we put all that together and we're bullish about the future.

我認為這兩方面都會帶來發展動能。我們已經看到樂器配置方面出現了一些趨勢，所以我認為這預示著未來會很好。我們已經多次談到這個特許經營權，我們看到透過這些投資組合的組合，以及支撐這項業務的非常強勁的宏觀因素（例如人口老齡化、癌症發病率等），以及支持診斷和治療指導的新興療法，實現了真正持久的中高個位數增長。綜合所有因素，我們對未來充滿信心。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

I guess, within pharma in the quarter, excluding the CDMO, could you break down the large molecule for small molecule growth? Last quarter you talked about you did biopharma spend ex NASD. Sounds like that got a lot better this quarter, specifically in biotech, and then, maybe what's factored into the guide for large molecule versus small molecule in 2026, excluding the CDMO. Thanks.

我想，在本季度，在製藥業（不包括CDMO），您能否將大分子藥物的成長細分為小分子藥物的成長？上個季度你提到你在生物製藥領域（不包括NASD）的支出。聽起來本季情況好轉了很多，尤其是在生物技術領域，那麼，這或許會影響到 2026 年大分子與小分子藥物的指導方針，不包括 CDMO。謝謝。

Yeah. So I think we saw growth on both sides. I would say, we were equally placed both large molecule was about 10% growth, a small molecule in around the same area in around the same growth rate. It's a roughly 50% split for Agilent. We saw that in the quarter. We expect that to continue.

是的。所以我認為雙方都取得了成長。我認為，我們處於同一水平，大分子增長了約 10%，小分子在同一區域內增長速度也差不多。安捷倫的份額大約是 50%。我們在季度中看到了這一點。我們預計這種情況會持續下去。

Catherine Schulte Baird.

凱瑟琳·舒爾特·貝爾德。

I guess, I'll ask the annual Lunar New Year timing question. I think that was a 2-point headwind in the first quarter last year, but it's back to falling in February this year. So, if we think about the 4% to 6% guide for Q1, does that mean more like 2 to 4 ex Lunar new year and if so, what's kind of driving that sequential flow down there?

我想，我還是問問每年農曆新年具體時間的問題。我認為去年第一季這造成了 2 分的不利影響，但今年二月又開始下滑了。所以，如果我們考慮第一季 4% 到 6% 的成長預期，那是不是意味著扣除農曆新年因素後，實際成長率會更接近 2% 到 4%？如果是這樣，是什麼因素導致了這種連續下降的趨勢？

Yeah. So I think, if you look at our Q1 guiders, we're assuming low single-digit growth for China on a reduced stimulus volume. That's about a negative 700 basis point year over year impact, and that's offset by the favorable lunar year timing, which is about 800 basis points, but the Q2 will be, I would say, meaningfully impacted by Lunar New Year timing and the, I would say a tougher comp. But overall I think it balances out over those quarters.

是的。所以我認為，如果你看一下我們第一季的預期，我們假設中國在刺激規模縮減的情況下，經濟成長率將達到個位數低點。這相當於同比下降了約 700 個基點，而有利的農曆新年時間抵消了約 800 個基點的影響，但我認為第二季度將受到農曆新年時間以及更嚴峻的同比基數的顯著影響。但總的來說，我認為這幾季下來基本上已經平衡了。

Luke Sergott, Barclays.

盧克·塞爾戈特，巴克萊銀行。

I just wanted to follow-up on [Donnelly's] question earlier in the call about and you guys were talking about, keeping the flywheel going and investing back in R&D as the top in the top-line continues the accelerator or be strong. So, after you, you're pretty much done, you guys had a pretty big launch here across many different platforms. So, where are you looking to deploy that R&D. What are the new high growth areas that you guys would like to be bigger in or is this just updating parts of the portfolio that have been underinvested?

我只是想跟進唐納利在電話會議早些時候提出的問題，以及你們剛才討論的，保持飛輪運轉並重新投資研發，因為營收成長的頂端將繼續加速或保持強勁勢頭。所以，在你們之後，你們就差不多完成了，你們在許多不同的平台上都進行了一次非常大規模的發布。那麼，你們打算把這些研發成果應用在哪裡呢？你們希望在哪些新的高成長領域加大投入？還是只是想更新投資組合中投資不足的部分？

Yeah, what I would say is that we have a very key innovation focus with our new CTO August, and what we're looking at is really looking at our portfolio of innovation across the company. We simplified the company structure where we went from, about 20 product lines to 9, so ability to get the right, innovation dollars into the right place is much clearer and faster now.

是的，我想說的是，我們新任技術長 August 將重點放在創新上，我們正​​在著眼於公司內部的創新組合。我們簡化了公司結構，將產品線從大約 20 條減少到 9 條，因此現在能夠更清晰、更快速地將正確的創新資金投入到正確的地方。

So what you're going to see is that you're going to see that in a number of platform launches over the next year, next coming years, but also areas where we need to accelerate in certain areas like oligos, GLP-1s and workflows around that side. And I would say software is a key area for us. It's an area where we have a lot of focus across the company in the ACG group. We're going to be asymmetrically investing in our software products and also making sure we have the right, software for particular workflows. So overall I would say it's a refocusing, but I would very agile refocusing of our R&D dollars.

因此，您將會看到，在未來一年、未來幾年內，我們將推出多個平台，同時也將在某些領域加快步伐，例如寡核苷酸、GLP-1 以及相關的工作流程。我認為軟體是我們公司的關鍵領域。這是ACG集團旗下整個公司非常重視的領域。我們將對軟體產品進行不對稱投資，並確保我們擁有適合特定工作流程的合適軟體。所以總的來說，我認為這是一種重新調整，但我會非常靈活地重新調整我們研發資金的用途。

I'll turn the call back to you, Tejas.

泰賈斯，我把電話轉回給你。

Thank you. Thanks everyone for joining us and happy holidays and happy Thanksgiving.

謝謝。感謝大家的參與，祝大家節日快樂，感恩節快樂。

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了。