安捷倫 (A) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Q1 2026 Agilent Technologies Inc. Earnings Conference Call. (Operator Instructions) I will now hand the conference over to Tejas Savant, Vice President, Investor Relations. Tejas, please go ahead.

女士們、先生們，感謝各位的到來，歡迎參加安捷倫科技公司2026年第一季財報電話會議。（操作員指示）現在我將把會議交給投資者關係副總裁 Tejas Savant。Tejas，請繼續。

Thank you, and welcome, everyone, to Agilent's conference call for the first quarter of fiscal year 2026. With me on the line are CEO, Padraig McDonnell; and CFO, Adam Elinoff. Joining for 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. This presentation is being webcast live. The press release for our first 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.

謝謝大家，歡迎參加安捷倫2026財年第一季電話會議。與我一同在線的還有首席執行官帕德里克·麥克唐納和首席財務官亞當·埃利諾夫。參與問答環節的有：生命科學與診斷市場集團總裁 Simon May；安捷倫 CrossLab 集團總裁 Angelica Riemann；以及應用市場集團總裁 Mike Zhang。本次演講正在進行網路直播。我們第一季財務業績的新聞稿、投資者簡報以及補充今天討論的信息，以及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. Non-GAAP measures are supplemental and should not be considered a substitute for GAAP results. You'll find the most directly comparable GAAP financial metrics and reconciliations in the press release and 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. All references to profitability metrics are on a non-GAAP basis.

今天的發言將涉及非GAAP財務指標。非GAAP指標是補充訊息，不應被視為GAAP結果的替代。您可以在新聞稿和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。所有獲利能力指標均以非GAAP準則為基礎。

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. During this call, we will 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.

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。在本次電話會議中，我們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。

Please refer to the company's recent SEC filings for a more detailed description of the risks and other factors that would cause our performance to differ from these forward-looking statements.

有關可能導致我們的業績與這些前瞻性聲明有差異的風險和其他因素的更詳細描述，請參閱本公司最近向美國證券交易委員會提交的文件。

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 welcome, everyone. It was a solid start of year with the Agilent team executing well in a generally improving, albeit dynamic market environment. For the first quarter, Agilent reported $1.8 billion in revenue, growing 4.4% on a core basis within our November guidance range. End market conditions were largely consistent with our expectations with top line results affected by the winter storm in the US during the last week of January.

謝謝 Tejas，也歡迎各位。今年開局穩健，安捷倫團隊在整體好轉但充滿活力的市場環境中表現出色。安捷倫第一季營收為 18 億美元，以核心業務計算成長 4.4%，符合我們 11 月的預期範圍。終端市場狀況基本上符合我們的預期，但1月最後一週美國冬季風暴對營收業績造成了影響。

The storm drove roughly a $10 million revenue impact with the majority recovered at the beginning of February. The impact primarily came from our logistic providers not being able to ship products from our main America Logistics Center in Memphis, Tennessee for three days. This is typically the busiest shipping week of the quarter. Despite the weather, operating margins of 24.6% were in line with our expectations, setting a solid jumping off point for the remainder of the fiscal year.

這場風暴造成了大約 1000 萬美元的收入損失，其中大部分損失在 2 月初得到彌補。這次事件的主要影響來自我們的物流供應商連續三天無法從位於田納西州孟菲斯的美國主要物流中心出貨。這通常是本季發貨最繁忙的一周。儘管天氣不佳，但 24.6% 的營業利潤率符合我們的預期，為本財年剩餘時間奠定了堅實的基礎。

Moving forward, we anticipate benefiting from leverage on increasing volumes, and we expect to see tariff headwinds continuing to decrease, as well as incremental benefits from our Ignite operating system that together will drive sequential margin improvement throughout the rest of the year.

展望未來，我們預計將受益於銷售成長帶來的槓桿效應，並預期關稅不利因素將繼續減少，以及我們的 Ignite 營運系統帶來的額外收益，這些因素共同推動今年剩餘時間內利潤率的環比提升。

First quarter EPS of $1.36, also was within expectations. Adjusted for the impact of the storm, our first quarter revenue, operating margin and EPS all would have been above the midpoint of our November guidance ranges. A healthy underlying outcome. Throughout the quarter, the Agilent team remained as always committed to delivering for our customers. Before getting into the specifics of our first quarter results, I would share my thoughts on three key business initiatives that are fueling our growth.

第一季每股收益為1.36美元，也符合預期。剔除風暴的影響後，我們第一季的營收、營業利潤率和每股盈餘都將高於我們 11 月預期範圍的中點。良好的潛在結果。整個季度，安捷倫團隊一如既往地致力於為客戶提供優質服務。在詳細介紹我們第一季的業績之前，我想先分享一下我對推動我們成長的三項關鍵業務舉措的看法。

These include our highly differentiated service organization that reinforces our customer intimacy, a theme you've heard me talk about frequently. An update on recent innovations. And finally, how the Ignite Operating System continues to drive Agilent's transformation. I want to start by talking about our differentiated customer intimacy. Last quarter, I highlighted our field service engineers outsized contribution to our deal funnel and conversion rates.

其中包括我們高度差異化的服務組織，它加強了我們與客戶的親密關係，你們經常聽到我談到這個主題。近期創新成果的最新進展。最後，Ignite 作業系統如何持續推動安捷倫的轉型。我想先談談我們與眾不同的客戶親密度。上個季度，我重點介紹了我們的現場服務工程師對我們的交易管道和轉換率做出的巨大貢獻。

This time, I want to focus our enterprise services business where we had several marquee customer wins with major pharma accounts. Our enterprise services offerings allow us to cement our extraordinary customer intimacy and is a key strategic differentiator for Agilent that unlocks significant downstream value. This business represents roughly 10%of our total services revenue today and has grown nicely at a low double-digit CAGR.

這次，我想專注於我們的企業服務業務，我們在這個領域贏得了幾家知名製藥公司客戶。我們的企業服務產品使我們能夠鞏固與客戶的密切關係，這是安捷倫的關鍵策略差異化因素，能夠釋放巨大的下游價值。該業務目前約占我們總服務收入的 10%，並以較低的兩位數複合年增長率實現了良好的成長。

Beyond the direct revenue contribution, the relationship we build with our customer creates tremendous long-term value for Agilent and uniquely positions us to gain wallet share over time. The offering includes embedding our expert on-site support technicians and customer sites and leveraging digital capabilities through CrossLab Connect that provide monitoring, alerting and performance analytics.

除了直接的收入貢獻之外，我們與客戶建立的關係為安捷倫創造了巨大的長期價值，並使我們擁有獨特的優勢，隨著時間的推移贏得更多市場份額。我們的服務包括將我們專業的現場支援技術人員和客戶現場人員整合到一起，並透過 CrossLab Connect 利用數位功能提供監控、警報和效能分析。

This allows us to gain unique insights and visibility into lab operations and critically deliver improved efficiency and economics for our customer labs. These successful outcomes position us as a trusted partner, one customers can count on to provide critical data and insights that inform their future technology needs and instrument purchasing decisions.

這使我們能夠獲得對實驗室運作的獨特見解和可視性，並顯著提高客戶實驗室的效率和經濟效益。這些成功案例使我們成為值得信賴的合作夥伴，客戶可以依靠我們提供的關鍵數據和見解，為他們未來的技術需求和儀器購買決策提供資訊。

We have agreements with nearly all of the top 20 biopharma companies. In addition, we’ve won 18 competitive displacements across our end markets over the past three years. End customer feedback from a recent marquee win reinforces the value of having our specialists on site, including faster response times, improve parts availability and better advice and consumable and system usage.

我們與排名前 20 的生物製藥公司幾乎都達成了協議。此外，在過去三年中，我們在終端市場贏得了 18 個競爭性產品替代訂單。最近一次重大專案的成功，最終客戶的回饋進一步證實了我們專家駐場的價值，包括更快的回應時間、更好的零件供應以及更好的建議和耗材及系統使用。

The insights that we gain from our leading services team are a key success factor in driving customer-focused innovation that underpins durable long-term growth at above market rates. I want to highlight several recent examples that are resonating particularly well with our customers. Starting with our Altura ultra-inert column portfolio. In October, we launched our first Altura column to support biopharma workflows, including GLP-1s. Already, 50% of the top 20 biopharma companies have ordered these columns since we launched.

我們從領先的服務團隊獲得的洞察力是推動以客戶為中心的創新，從而實現高於市場水平的持久長期成長的關鍵成功因素。我想重點介紹幾個最近引起客戶共鳴的例子。首先介紹我們的 Altura 超惰性層析管柱產品系列。10 月，我們推出了第一款 Altura 專欄，旨在支援生物製藥工作流程，包括 GLP-1 類產品。自從我們推出這些色譜柱以來，前 20 名的生物製藥公司中已有 50% 訂購了這些色譜柱。

And Altura has more than doubled our biocolumn growth to over 30%, a testament to Altura’s competing performance. Just last month, we launched our next column in the Altura family, focused on improving PFAS workflows. These columns are specifically developed to solve key workflow challenges and address new EU regulations. Plus the double throughput for customers by enabling separation of both short and long chain PFAS in a single workflow. The launch is off to an excellent start with strong demand out of the gate and extremely positive customer feedback versus competitor offerings.

Altura 讓我們的生物柱成長率提高了一倍多，達到 30% 以上，這證明了 Altura 的競爭優勢。就在上個月，我們推出了 Altura 系列的下一個專欄，重點是改善 PFAS 工作流程。這些專欄文章是專門為解決關鍵工作流程難題和應對歐盟新法規而開發的。此外，透過在單一工作流程中分離短鏈和長鏈 PFAS，可為客戶實現雙倍吞吐量。產品上市開始時就取得了巨大成功，市場需求強勁，客戶回饋也比競爭對手的產品更積極。

You can expect continued expansion of the Altura family for new use cases later this year and beyond. Next, I want to highlight the Pro iQ LC/MS, which continues to build momentum since its mid-summer launch. We're seeing a robust uptake, with growth of our single-quad family exceeding 40% in the quarter. The value proposition of an advanced single-quad LC/MS with expanded mass ranges resonating and is particularly compelling for pharma customers who are transitioning from small molecule to biologics and monoclonal antibodies. Our cancer diagnostics business also is innovating to meet customer needs.

預計今年稍後及以後，Altura 系列產品將持續擴展，以滿足新的應用場景。接下來，我想重點介紹 Pro iQ LC/MS，自夏季中期推出以來，該產品持續獲得市場認可。我們看到市場需求強勁成長，單四核心系列產品在本季成長超過 40%。具有擴展質量範圍的先進單四極桿液相層析/質譜儀的價值主張引起了共鳴，並且對於正在從小分子藥物過渡到生物製劑和單株抗體的製藥客戶來說，尤其具有吸引力。我們的癌症診斷業務也不斷創新，以滿足客戶需求。

Last quarter, I talked about the expansion of our most advanced automated platform, Omnis to a broader set of customers. This launch is off to a very strong start, offering medium throughput labs access to the latest technology with attractive economics. Also within cancer diagnostics is a new S-540-MD slide scanner system, which we announced in late January as part of our continued effort to enable the latest digital tools for our cancer diagnostic customers.

上個季度，我談到了將我們最先進的自動化平台 Omnis 擴展到更廣泛的客戶群。此次發布取得了非常強勁的開局，為中等通量實驗室提供了以極具吸引力的經濟效益獲得最新技術的機會。此外，在癌症診斷領域，我們也推出了新的 S-540-MD 玻片掃描器系統。我們在 1 月下旬宣布了該系統，這是我們持續努力為癌症診斷客戶提供最新數位工具的一部分。

Finally, early in the quarter, our market-leading spectroscopy business announced the release of a Raman Insight BRT Series alarm-resolution system. The new system offers next-generation throughput and sensitivity to enhance safety and streamline operations at airport security checkpoints.

最後，在本季初，我們市場領先的光譜業務宣布推出拉曼 Insight BRT 系列警報解析度系統。新系統具備新一代的吞吐量和靈敏度，可提高機場安檢點的安全性並簡化營運。

This new instrument helped secure a $9 million TSA contract during the quarter, and we are confident that we are well positioned to win larger aviation security tenders in the coming years. The last topic I want to focus on is our Ignite operating system. As you know, we launched Ignite at the beginning of 2025 to drive execution excellence, accelerate decision-making and unlock the full value of Agilent as an integrated enterprise.

這項新舉措幫助我們在本季度獲得了價值 900 萬美元的 TSA 合同，我們有信心在未來幾年贏得更大的航空安全招標。我想重點介紹的最後一個主題是我們的 Ignite 作業系統。如您所知，我們在 2025 年初推出了 Ignite，旨在推動卓越執行、加速決策，並釋放安捷倫作為綜合性企業的全部價值。

Over the past year, Ignite has evolved into our enterprise operating system, a core differentiator that align strategy, resources and accountability to drive sustainable growth, margin expansion and long-term shareholder value. Ignite has already delivered clear financial results in its first 12 months, including doubling our pricing realization, generating substantial procurement savings, simplifying our organization structure, and launching our tariff mitigation program.

在過去一年中，Ignite 已發展成為我們的企業作業系統，這是一個核心差異化因素，它將策略、資源和責任統一起來，以推動永續成長、利潤率擴張和長期股東價值。Ignite 在成立後的前 12 個月裡已經取得了明顯的財務成果，包括價格實現翻倍、大幅節省採購成本、簡化組織結構以及啟動關稅緩解計畫。

Also Ignite demonstrated its effectiveness in M&A execution through the successful BIOVECTRA integration, establishing a repeatable playbook to accelerate value capture in future transactions. In this [first] quarter (corrected by company after the call) alone, Ignite delivered nearly 200 basis points of pricing, continued tariff expense reductions, and a very successful launch of our new Agilent.com website that help drive growth in digital orders at more than 2 times of our overall order book. Looking ahead to the remainder of FY26, we are expanding Ignite into new value creation work streams and leveraging a portion of savings to reinvest in the business.

此外，Ignite 透過成功整合 BIOVECTRA 證明了其在併購執行方面的有效性，建立了一套可重複的操作指南，以加速未來交易中的價值獲取。僅在本季度（該公司在電話會議後進行了更正），Ignite 就實現了近 200 個基點的價格下調、持續降低關稅支出，並成功推出了我們全新的 Agilent.com 網站，這些都有助於推動數位訂單增長，其增速超過我們整體訂單量的 2 倍。展望 2026 財年剩餘時間，我們將把 Ignite 擴展到新的價值創造工作流程，並利用部分節省的資金對業務進行再投資。

These work streams include increasing returns and innovation investments by improving speed to market, advancing digital and e-commerce capability to enhance commercial productivity, and deploying targeted artificial and intelligence initiatives with clear ROI to enhance customer insights, automate routine work and compress manufacturing cycle times. We are also accelerating software development and enhancing our supply chain capabilities by executing no regret investments that improve efficiency, resilience and proximity to customers in an evolving geopolitical environment.

這些工作流程包括：透過加快產品上市速度來增加回報和創新投資；推進數位化和電子商務能力以提高商業生產力；以及部署具有明確投資回報率的目標明確的人工智慧和智慧計劃，以增強客戶洞察力、自動化日常工作並縮短製造週期。在不斷變化的地緣政治環境中，我們也在加速軟體開發，並透過實施無悔投資來增強供應鏈能力，從而提高效率、韌性和與客戶的距離。

Now let me share some additional details about our Q1 results, starting with our end markets. The improvement that we saw in our end markets across last year was generally maintained throughout the first quarter. Overall, we are seeing underlying momentum in our markets. Importantly, secular trends in our largest end markets remain on a strong footing. That includes reshoring of pharma and semiconductor manufacturing, GLP-1 uptake and LCN GC instrument replacement cycles.

現在讓我分享我們第一季業績的更多細節，首先從我們的終端市場開始。去年我們在終端市場看到的改善動能在第一季基本上得以維持。總體而言，我們看到市場存在潛在的成長動能。重要的是，我們最大終端市場的長期趨勢仍然保持強勁勢頭。這包括製藥和半導體製造的回流、GLP-1 的採用以及 LCN GC 儀器的更換週期。

Pharma growth was 7% in line with expectations with double-digit growth in the biotech space supported by increased funding and M&A activity late in the calendar year. Mid-single-digit small molecule growth was also solid showing continued momentum from 2025. The quarter saw a modest benefit from continued normalization in the calendar year-end budget flush in line with our expectations. We delivered excellent GLP-1 growth of 50%, with healthy contributions coming from our specialty CDMO as well as our analytical lab business. Our specialty CDMO business grew low double digits during the quarter, and we continue to expect mid-teens growth for the year.

醫藥產業成長7%，符合預期，其中生物技術領域在年底資金增加和併購活動推動下實現了兩位數成長。小分子藥物的成長率也保持穩健，達到個位數中段水平，並有望從 2025 年開始繼續保持成長動能。本季受惠於日曆年末預算資金持續正常化，符合我們的預期。我們實現了 50% 的優異 GLP-1 成長，這主要得益於我們的特種 CDMO 和分析實驗室業務的穩健貢獻。本季我們的特種CDMO業務實現了兩位數低成長，我們繼續預計全年將實現兩位數中段成長。

We saw continued strength in Chemicals and Advanced Materials market. The 9% growth in CAM was above our expectations with exceptional strength on the material side of the business with growth more than 20%. This strong result in Advanced Materials demonstrates our leadership in providing solutions for the top semiconductor manufacturers globally. The current shortage of memory chips and a global effort to achieve semiconductor supply chain independence has driven investment by these firms in our leading atomic spectroscopy tools. With support from the recent Omnis family launch, the Diagnostics and Chemical business continued to perform well, growing at 7% again this quarter.

我們看到化學品和先進材料市場持續強勁成長。CAM 業務成長 9%，超越我們的預期，其中材料業務表現尤為強勁，成長超過 20%。這項在先進材料領域取得的優異成績，證明了我們在全球頂級半導體製造商解決方案領域的領先地位。目前儲存晶片短缺，以及全球為實現半導體供應鏈獨立所做的努力，促使這些公司投資於我們領先的原子光譜工具。由於近期 Omnis 系列產品的推出，診斷和化學品業務持續表現良好，本季再次成長 7%。

Environmental and forensics was flat, with continued softness in government funding in the U.S. and China offset by growth in the rest of Asia and Europe. In Q1, the food business declined 4%, which outperformed our expectations with strong low double-digit growth ex China. As a reminder, the food market was the primary beneficiary of the large China stimulus that boosted growth in the first quarter of FY25. And finally, academia and government, our smallest market, was down 8%, more than expected in the quarter.

環境與法醫領域表現平平，美國和中國政府資金持續疲軟，但亞洲和歐洲其他地區的成長抵消了這一影響。第一季度，食品業務下降了 4%，但除中國以外，該業務實現了強勁的低兩位數成長，超出了我們的預期。需要提醒的是，食品市場是中國大規模刺激計畫的主要受益者，該計畫推動了 2025 財年第一季的成長。最後，學術界和政府是我們最小的市場，該季度下降了 8%，比預期要多。

Academia and government conditions in the U.S. continue to be soft, with customers using available funding to keep their labs running as opposed to investing in new capital equipment. Excluding academia and government, our instruments grew at a healthy mid-single-digit rate. Our instrument book-to-bill has now been at or above one for the eighth consecutive quarter. The Infinity Tree HPLC continues to delight our customers.

美國學術界和政府的財政狀況仍然疲軟，客戶將現有資金用於維持實驗室運轉，而不是投資新的資本設備。除學術界和政府部門外，我們的工具以健康的中等個位數速度成長。我們的票據訂單出貨比已連續第八個季度達到或超過 1。Infinity Tree HPLC 持續為我們的客戶帶來愉悅的體驗。

The LC instrument replacement cycle momentum built by our differentiated Infinity III system during FY25 continued through the first quarter of FY26. And with LC growth in the high single digits, we are gaining share globally versus our competition. On the GC side of the replacement cycle, we saw low single-digit growth, a strong result considering the tough year-over-year compare from significant volumes associated with last year's China stimulus. Ex China, GC instrument growth was mid-single digits, in line with our expectations of around 100 basis points of lift during the GC replacement cycle. And even with these strong results, the upside from Pharma reshoring has yet to impact our numbers.

2025 財年，我們以差異化的 Infinity III 系統建立的 LC 儀器更換週期勢頭，一直延續到 2026 財年第一季。LC業務實現了接近兩位數的成長，我們在全球範圍內相對於競爭對手正在獲得更大的市場份額。在GC替換週期方面，我們看到了個位數低成長，考慮到去年中國刺激計畫帶來的大量銷量，年比基數較高，這是一個強勁的結果。除中國以外，GC儀器的成長為個位數中段，符合我們對GC更換週期內成長約100個基點的預期。即使取得了這些強勁的成果，製藥業回流的好處尚未對我們的業績產生影響。

We're seeing increased activity in U.S.-based pharmaceutical manufacturing as companies rethink resilience and capacity. Based on announced investments and recent customer activity, we estimate this will represent a $1 billion addressable market opportunity through 2030. We continue to expect the forced orders from reshoring to book late this year and the revenue impact from those orders to bolster top line growth in FY27 and beyond. As we look to the rest of the year, our priorities remain unchanged. Advance our Ignite operating system, further enhance commercial execution, and capture opportunities from improving end markets, innovative new products and a multipronged replacement cycle.

我們看到，隨著企業重新思考韌性和產能，美國製藥業的活動日益活躍。根據已公佈的投資和近期的客戶活動，我們估計到 2030 年，這將代表一個價值 10 億美元的潛在市場機會。我們仍然預計，由於生產回流而被迫下的訂單將在今年稍後到賬，這些訂單帶來的收入影響將提振 2027 財年及以後的營收成長。展望今年餘下的時間，我們的工作重點依然不變。推動我們的 Ignite 作業系統，進一步提升商業執行力，並從不斷改善的終端市場、創新的新產品和多管齊下的更新換代週期中抓住機會。

With a stellar start to the year and the outlook for end markets broadly consistent with our original expectations, we are maintaining our expected core growth range of 4% to 6% for the full year. We now expect between $5.90 and $6.04 of earnings per share in FY26, with a $0.04 increase due to favorable currency impact. For Q2, early trends are encouraging, and we are expecting core growth of approximately 4% to 5.5%, which includes a majority of the $10 million storm impact from late in the first quarter. EPS is expected to be between $1.39 and $1.42, representing a 7% growth at the midpoint of our range. We remain highly disciplined around capital deployment, investing for organic growth through innovation and capacity expansion.

今年開局良好，終端市場前景與我們最初的預期基本一致，因此我們維持全年核心成長預期在 4% 至 6% 之間。我們現在預計 2026 財年每股收益將在 5.90 美元至 6.04 美元之間，其中 0.04 美元是由於有利的匯率影響而增加。第二季的早期趨勢令人鼓舞，我們預期核心成長率約為 4% 至 5.5%，其中包括第一季末 1,000 萬美元風暴影響的大部分損失。預計每股收益在 1.39 美元至 1.42 美元之間，以我們預測範圍的中點計算，成長幅度為 7%。我們在資本部署方面保持高度自律，透過創新和產能擴張進行投資，以實現內生成長。

Simultaneously, we are focused on M&A targets that are both a strategic fit and financially attractive. Now let me hand it over to Adam, who will provide details on the quarter and our financial outlook.

同時，我們專注於那些既符合策略又具有財務吸引力的併購目標。現在我把麥克風交給亞當，他將詳細介紹本季的情況和我們的財務展望。

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 updated full year and second quarter guidance. Starting with Q1. Revenue was $1.8 billion.

謝謝帕德里克，大家下午好。在今天的演講中，我將提供本季收入的更多細節，並詳細分析損益表，介紹其他關鍵財務指標。接下來，我將介紹我們更新後的全年和第二季業績預期。從問題1開始。營收為18億美元。

On a core basis, we posted growth of 4.4%, while reported growth was 7%. Currency had a favorable impact of 2.6%, in line with our November guidance. At a business segment level, ACG grew 6%. That's in line with expectations, driven by strong consumables growth in the high single digits, solid performance in services and balanced growth globally with all regions growing mid-single digits or better. AMG grew 4% ahead of expectations.

核心業務成長4.4%，而報告成長率為7%。匯率產生了2.6%的有利影響，與我們11月份的預期一致。從業務部門層級來看，ACG 成長了 6%。這符合預期，主要得益於消費品強勁成長（接近兩位數）、服務業表現穩健以及全球均衡成長（所有地區均達到個位數中段或更高成長）。AMG的業績成長超出預期4%。

Growth was led by double-digit performance in spectroscopy, fueled by the excellent results in the semiconductor space that Padraig mentioned earlier. LDG grew 3%, a bit below expectations. In addition to the weather impact, we saw softness in academia and government that challenged our cell analysis and genomics results. On a geographic basis, we saw our strongest growth in Asia, with China growing 6% and the rest of Asia growing a robust 13%. Europe was a bit slower than expected with 4% growth as transient discussions around higher tariffs caused some customers to slow purchasing decisions late in the quarter.

光譜學領域實現了兩位數的成長，這主要得益於帕德里克先前提到的半導體領域的出色業績。LDG成長3%，略低於預期。除了天氣的影響外，我們還發現學術界和政府的軟弱態度對我們的細胞分析和基因組學結果提出了質疑。從地理上看，我們在亞洲實現了最強勁的成長，其中中國成長了 6%，亞洲其他地區則成長了 13%。歐洲經濟成長速度略低於預期，僅為 4%，原因是圍繞關稅上漲的短暫討論導致一些客戶在本季度末放緩了購買決策。

Americas growth 1% was directly impacted by the weather as well as pockets of softness in our smaller end markets. Q1 gross margins were 53.7%. On a year-over-year basis, they were down by 100 basis points, primarily due to tariff headwinds. Operating margin was 24.6%, in line with our expectations, and down 50 basis points year-over-year on increased tariff expenses and normalized performance-based pay in the current year. Now moving below the line.

美洲地區的成長1%直接受到天氣以及較小終端市場疲軟的影響。第一季毛利率為53.7%。與去年同期相比，下降了 100 個基點，主要原因是關稅方面的不利因素。營業利益率為 24.6%，符合我們的預期，但年減 50 個基點，原因是本年度關稅支出增加和績效工資正常化。現在移到線以下。

We had $10 million of other income, while our tax rate was 14.5% as expected. Finally, we had 284 million diluted shares outstanding in the quarter, slightly better than expected with some incremental share repurchases during the quarter. Putting it all together, Q1 earnings per share were $1.36 and grew 4%. Adjusted for the weather, we would have been above the midpoint of our first quarter guidance range. We are confident we will see improved earnings growth through the remainder of the year, driven by improving volumes and easier tariff and performance-based pay compares.

我們有 1000 萬美元的其他收入，而我們的稅率正如預期的那樣為 14.5%。最後，本季我們共有 2.84 億股稀釋後流通股，略好於預期，這得益於本季的一些額外股票回購。綜合來看，第一季每股收益為 1.36 美元，成長了 4%。如果將天氣因素考慮在內，我們的業績將高於第一季預期範圍的中點。我們有信心在今年剩餘時間內實現獲利成長，這得益於銷售量的提升以及關稅和績效薪酬比較機制的簡化。

Now let me turn to cash flow and balance sheet. Operating cash flow was $268 million in the quarter, and we invested $93 million in capital expenditures. We purchased $152 million in shares and paid $72 million in dividends during the quarter. And we ended the quarter with a net leverage ratio of 0.8 turns, maintaining our strong balance sheet. Now let me share some additional details on the updated outlook for the year and the guidance for our second quarter.

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 2.68 億美元，資本支出為 9,300 萬美元。本季我們購入了價值 1.52 億美元的股票，並支付了 7,200 萬美元的股利。本季末，我們的淨槓桿比率為 0.8 倍，維持了強勁的資產負債表。現在讓我分享一些關於今年最新展望和第二季業績指引的更多細節。

Because of changes in FX, we now expect fiscal year '26 revenue to be in the range of $7.3 billion to $7.5 billion on a reported basis. This continues to represent growth of 4% to 6% on a core basis, as currency is now expected to be a 1.5% tailwind during the year. This revenue guidance embeds full year business segment, end market and geographic growth assumptions that are consistent with what we shared in November.

由於匯率變動，我們現在預計 2026 財年的營收（以報告基準計算）將在 73 億至 75 億美元之間。這仍然代表著核心業務4%至6%的成長，因為預計匯率將在年內帶來1.5%的成長利好。此收入預期包含了全年業務部門、終端市場和地理成長假設，與我們在 11 月公佈的預期一致。

Our largest end markets, pharma, CAM and diagnostics and clinical are all off to a strong start. Across our smaller end markets, we saw some pockets of softness relative to our expectations in the first quarter, especially in our cell analysis business where academic customer budgets are most heavily indexed to government funding.

我們最大的終端市場，包括製藥、補充和替代醫學以及診斷和臨床領域，都取得了強勁的開局。在我們較小的終端市場中，第一季我們看到一些地區的表現與預期相比有所下滑，尤其是在細胞分析業務方面，學術客戶的預算與政府撥款的相關性最高。

Going forward, we continue to expect low single-digit full year decline in academia and government, flat performance in food, and low single-digit growth in environmental and forensics, partially helped by easier comps for the remainder of the year. Moving down the P&L.

展望未來，我們繼續預期學術界和政府部門全年將出現個位數低幅下滑，食品業表現持平，環境和法醫行業將出現個位數低幅增長，部分原因是今年剩餘時間的基數較低。向下移動損益表。

We continue to expect to deliver 75 basis points of operating margin expansion at the midpoint. And while we continue to evaluate the evolving tariff situation in light of recent developments, this guide does not incorporate material changes in tariff rates relative to our view at the start of the year. While we still await the details, we do not expect a meaningful change to our outlook based on the high-level proposals that have been discussed.

我們仍預期營業利潤率將提高 75 個基點（以中間值計算）。儘管我們將繼續根據最近的發展評估不斷變化的關稅形勢，但本指南並未納入與我們年初觀點相比的關稅稅率的實質變化。雖然我們仍在等待具體細節，但根據已討論的高級別提案，我們預計我們的看法不會發生實質改變。

Our expected tax rate for fiscal year '26 is unchanged at 14.5%. We also expect $22 million of other income and $283 million diluted shares outstanding for the year. Fiscal year non-GAAP earnings per share are now expected to be between $5.90 and $6.04, representing earnings growth of 5.5% to 8% with the $0.04 increase due to a favorable currency outlook versus our original guide. For your modeling, let me share some additional expectations we have incorporated into our guidance for the year. We continue to expect pricing growth of at least 100 basis points, supported by Ignite.

我們對 2026 財年的預期稅率保持不變，為 14.5%。我們也預計今年將有 2,200 萬美元的其他收入和 2.83 億股稀釋後流通股。本財年預計為非GAAP每股盈餘將在5.90美元至6.04美元之間，收益將成長5.5%至8%，其中0.04美元的成長是由於匯率前景優於我們最初的預期。為了方便你們進行建模，我想和你們分享一些我們已納入年度指導方針中的額外要求。我們繼續預期價格將至少上漲 100 個基點，Ignite 計畫將對此提供支持。

Although the tariff situation is evolving, we expect to fully offset tariff impact over the course of the year through a combination of cost savings and pricing actions. The tariff dynamics will drive a modestly more than typical sequential improvement in operating margin over the course of the year. As we have said before, this translates into a slight second half weighting on operating profit and EPS versus what we typically see. There is no change to our operating cash flow range of $1.6 billion to $1.7 billion, and we are still expecting to invest approximately $500 million in capital expenditures. Now moving to the second quarter.

儘管關稅情況瞬息萬變，但我們預計透過節省成本和價格措施相結合的方式，將在年內完全抵消關稅的影響。關稅動態將推動營業利潤率在年內實現略高於往常的環比增長。正如我們之前所說，這意味著下半年的營業利潤和每股盈餘將略高於我們通常看到的水平。我們的營運現金流預期範圍仍為 16 億美元至 17 億美元，我們仍預期將在資本支出方面投資約 5 億美元。現在進入第二節。

We expect our reported revenue to be in the range of $1.79 billion to $1.82 billion. This represents growth of roughly 4% to 5.5% on a core basis, while currency is expected to be approximately a 3% tailwind. This outlook includes weather delayed revenue from Q1. It also assumes our academia and government end market declines in the mid-single digits in Q2. We expect our operating margin to improve by approximately 100 basis points relative to the first quarter.

我們預計公佈的收入將在 17.9 億美元至 18.2 億美元之間。這相當於核心經濟成長約 4% 至 5.5%，而匯率預計將帶來約 3% 的成長利好。該展望包含了因天氣原因導致的第一季收入延遲。它也假設我們學術界和政府終端市場在第二季出現中等個位數的下滑。我們預計營業利潤率將比第一季提高約 100 個基點。

Our guide assumes 283 million diluted shares outstanding in the second quarter. Second quarter EPS guidance is $1.39 to $1.42, representing growth of 6% to 8%. With that, I'll turn the call back over to Padraig for closing comments.

我們的預測假設第二季稀釋後流通股數為 2.83 億股。第二季每股收益預期為 1.39 美元至 1.42 美元，年增 6% 至 8%。接下來，我將把電話轉回給帕德里克，請他做總結發言。

Thanks, Adam. As you've heard, FY26 is off to a good start. Our unique growth drivers, including superior customer intimacy developed by our best-in-class services team, a healthy innovation pipeline to deliver products that solve real-world customer problems, and the Ignite operating system that brings together our best attributes for the benefit of all stakeholders, combined to drive growth and operational leverage that fuels our success.

謝謝你，亞當。正如你所聽到的，2026財年開局良好。我們獨特的成長驅動力包括：一流的服務團隊所打造的卓越客戶關係；健康的創新管道，能夠提供解決客戶實際問題的產品；以及將我們最佳優勢整合在一起，造福所有利益相關者的 Ignite 操作系統。這些因素共同推動成長和營運槓桿，從而助力我們取得成功。

As the year falls, we are well positioned to benefit from the instrument replacement cycle and continuing recovery across our largest end markets, to win share and deliver resilient above-peer growth and margin performance over the long term. I also wanted to take this opportunity to express my gratitude to the Agilent team for their exceptional efforts throughout the quarter.

隨著年末的到來，我們已做好充分準備，從儀器更換週期和我們最大終端市場的持續復甦中受益，從而贏得市場份額，並在長期內實現高於同行的穩健增長和利潤率表現。我也想藉此機會向安捷倫團隊表達我的感謝，感謝他們在本季所付出的卓越努力。

I especially want to recognize our global operations and logistics colleagues who worked tirelessly to meet the challenges presented by the weather and deliver for our customers. Thank you for your attention. I'll turn it back over to Tejas for Q&A. Tejas?

我特別要感謝我們的全球營運和物流同事，他們不懈努力，克服天氣帶來的挑戰，為我們的客戶提供服務。感謝您的關注。我將把問題交還給 Tejas 進行問答。德州？

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

謝謝你，帕德里克。妮可，請問能分享問答環節的說明嗎？

(Operator Instructions) Tycho Peterson, Jefferies.

（操作說明）泰科·彼得森，傑富瑞。

Yes, hi, this is Jacob on for Tycho. Just wanted to walk through the impact of the snowstorm and expectations for catch-up there. I appreciate you said $10 million in revenues. Just curious if that's already in hand for 2Q, or something that's still being recouped? And then any color on margin impact that would have had in the quarter gross margins and operating if it would have been without of snowstorm. Thanks.

是的，你好，我是雅各布，代表泰科。只是想簡單介紹暴風雪的影響以及預期的後續工作安排。感謝您提到1000萬美元的營收。我只是好奇這筆款項是否已經落實到第二季度，還是仍在回收中？然後，如果沒有暴風雪，該季度毛利率和營業利潤率會受到怎樣的影響？謝謝。

Yes. So I'll start off, and I'll hand it over to Adam. So first of all, a really solid finish all with 4.4% growth in high single digits in our three markets. But Adam, can you give some color around the weather?

是的。那我先開始，然後交給亞當。首先，我們三個市場都取得了非常穩健的成績，成長率達到 4.4%，屬於高個位數。亞當，你能說說天氣狀況嗎？

Yes. So thanks. And I'd first like to say I didn't think I'd be on this call talking about the weather. So it's always fun to do that. So when you think about the impact of the weather, we said it was about $10 million.

是的。謝謝。首先我想說，我沒想到我會在這次電話會議上談論天氣。所以這樣做總是很有趣。所以，考慮到天氣的影響，我們估計損失約為 1000 萬美元。

We've already seen that come back with the majority of it. There are some pieces of it that will take a little longer, and that's really related to services and things like that, that don't happen instantly. So we've already recovered the vast majority of it. Then to your second question related to margin, it would have been a very modest impact to margin. So what we delivered in the quarter was a reasonable proxy for what we actually -- the actual performance.

我們已經看到大部分都恢復了原狀。有些部分需要更長時間才能完成，這主要與服務之類的事情有關，這些事情不會立即發生。所以我們已經追回絕大部分了。至於你提出的第二個與利潤率相關的問題，對利潤率的影響非常有限。因此，我們本季的業績可以合理地代表我們實際的業績。

Okay. That's helpful. And then sticking on margin. I appreciate you're still guiding to 75 bps for the year. Can you just give a little bit more color on the cadence from here in the bridge to that improvement after being down a little bit in 1Q?

好的。那很有幫助。然後貼在邊距上。感謝您仍將今年的指導目標定在75個基點。能否再詳細說說從這裡到過渡段的節奏變化，以及在第一節稍微落後之後的進步？

I think you said slight second half weighting. I guess just what's baked in for 2Q versus the second half? And then what do you see as the biggest swing factors to that step-up? Thanks.

我想你說過下半場權重會稍微增加。我想了解第二節和下半場相比有哪些固有特點？那麼，你認為影響這項轉變的最大因素是什麼？謝謝。

Yes. So I'll take this one. So from a year-over-year basis, we expect the second quarter to be a 50 basis point improvement, and that's really driven by pricing volume and then Ignite savings. And then that's offset by performance-based pay and once again the tariffs. And as you know, the tariffs, or as we've talked about, the tariffs are fully mitigated by the second half of the year.

是的。那我就選這個吧。因此，從同比來看，我們預計第二季將改善 50 個基點，這主要是由定價和銷售以及 Ignite 節省的費用所驅動的。然後，績效工資和關稅會抵消這些損失。正如您所知，關稅，或者正如我們之前討論過的，關稅將在下半年完全取消。

Then when you move through the rest of the year, that's where you start to see the acceleration in our margin expansion. And then that's driven by continued volume and leverage -- volume leverage, pricing in Ignite. And then it's slightly offset by some of the people costs and growth in investments that we're making through the year.

然後，到了今年的剩餘時間裡，你會開始看到我們利潤率擴張的加速。然後，這又是由持續的交易量和槓桿作用——交易量槓桿作用，以及 Ignite 的定價——所驅動的。然後，部分人力成本和我們全年進行的投資成長會稍微抵消這些影響。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Hey guys, thank you for taking my question. Maybe, Padraig, my first one, high level. When I look at the cadence of the year -- first half versus back half, your guidance for first half implies slightly less than 5 in the back half. To hit the midpoint it needs to be about 5. Can you just talk about what drives the back half step up comps to get tougher? Is this some new product cycles? Or is there something else that's going on in the business that gives us this back half visibility?

各位好，感謝你們回答我的問題。也許吧，帕德里克，我的第一個，高水準的。當我從全年的節奏來看——上半年與下半年，你對上半年的預測意味著下半年將略低於 5。要達到中點，數值應該在 5 左右。您能否談談是什麼促使後半程球員參加更高水準的比賽？這是新的產品週期嗎？或者，公司內部還有其他因素導致我們能夠看到後半段的業績？

Yes. I mean the underlying -- we see a really strong underlying momentum in our businesses in our key biggest markets. You can see that in pharma were driven by GLP-1s, but also the replacement cycle going extremely well. You see our Infinity III number growing in double digits, I think, and we're seeing from our latest market share report that we're taking oversized share in that area. And then, of course, you can go down through our CAM markets as well, where you can see a lot of secular drivers.

是的。我的意思是，從根本上看——我們在主要市場中看到了業務的強勁成長勢頭。你可以看到，製藥業是由 GLP-1 驅動的，但替代週期也進展得非常順利。我認為，您可以看到我們的 Infinity III 銷量以兩位數的速度成長，而且從我們最新的市佔率報告來看，我們在該領域佔據了相當大的份額。當然，您也可以瀏覽我們的 CAM 市場，在那裡您可以看到許多長期驅動因素。

We grew 20% Advanced Materials from the semiconductor onshoring and so on. So underlying momentum in the markets, we have very good visibility in funnels. We're seeing very strong win loss rates. And of course, we're going to watch that as we go forward, but we see that continued momentum to improve.

我們先進材料業務成長了 20%，這主要得益於半導體產業的本土化等等。因此，從市場的潛在動能來看，我們在市場漏斗圖中能夠非常清楚地看到市場趨勢。我們看到勝率非常高。當然，我們會繼續關注事態發展，但我們看到這種改善的勢頭仍在持續。

And then I would just jump in. The step-up between the first half and the second half isn't that big. It's really 49 in the first half and then 51 in the second half on revenue.

然後我就直接跳進去。上半場和下半場的差距並不算大。上半年營收為 49，下半年為 51。

Understood. And then maybe one on tariffs, just given the Supreme Court ruling. How are you thinking about the tariff assumptions, right? Are you assuming now a global minimum of 15%? And how does that change versus your prior assumptions?

明白了。然後，鑑於最高法院的裁決，或許還可以討論一下關稅問題。您對關稅假設有什麼看法？你現在假設全球最低成長率為 15% 嗎？那麼，這與你之前的假設有何不同？

Adam, I'll give this one to you.

亞當，這個任務交給你了。

Sure. So I guess the first thing is, one, the situation continues to be dynamic. And we don't know that much information about what the 15% would look like and exactly how it's going to play out. But if you assume that the 15% is on the surface, what it says across all different markets, what I would say is we wouldn't change our guide on it. And it really comes down to a couple of things, is, one, we made a series of no regret moves.

當然。所以我想說的第一點是，情勢依然瞬息萬變。我們對這 15% 的具體情況以及它將如何實施知之甚少。但如果你假設 15% 這個數字是表面上的，是所有不同市場普遍存在的，那麼我想說的是，我們不會改變我們對此的指導方針。歸根究底，有兩件事：第一，我們採取了一連串不後悔的行動。

And that was really about leveraging our supply chain, bringing our manufacturing closest to the customer. So that wouldn't change. The second is we've been utilizing pricing and surcharges, really as appropriate and be very thoughtful about that. So that also helps us. And I guess the third piece I would add is in any dynamic market -- in any dynamic market conditions as you see and we're living in.

這實際上是為了充分利用我們的供應鏈，讓我們的生產製造離客戶最近。所以這一點不會改變。第二點是，我們一直在合理運用定價和附加費，並且對此非常謹慎。所以對我們也有幫助。我想補充的第三點是，在任何動態市場中──在任何動態的市場條件下，就像你們所看到的，也是我們現在所處的市場環境。

What gives me a confidence is I look at how the Ignite operating system is able to allow us to react and be resilient as things change. So right now, we wouldn't change any of our guide based on what we know. That said, we're ready to react and we're ready to respond as things evolve.

讓我感到自信的是，我看到 Ignite 作業系統能夠讓我們在情況改變時做出反應並保持韌性。所以就目前我們所知，我們不會改變任何指南內容。也就是說，我們已做好準備，隨時根據事態發展做出反應和應對。

Yes. I would just close it off by saying the actions we've taken to bring manufacturing close to our customers and strengthen supply chains are no regret moves. We have that plan for a long time now. And outside of surcharges, we would not expect to reverse them in any way.

是的。最後我想說，我們為使生產更貼近顧客、加強供應鏈所採取的行動，都是我們絕不後悔的舉措。我們早就有了這個計劃。除了附加費之外，我們預計不會以任何方式退還這些款項。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good afternoon guys, and thank you for taking my questions. Two topics I wanted to address. One is the capital equipment environment and then the second is M&A. So on the first topic, how would you describe demand month-by-month going back to, say, November and December and through the beginning of the calendar year? I ask because some of your peers have suggested that demand may have slowed a bit over the past several weeks. And I'm just trying to get at whether or not this is just, kind of, normal typical seasonality or if there's anything you're seeing from an environmental standpoint, meaning uncertainty related to things from a policy dynamics that are flaring up again and selling things down?

各位下午好，感謝你們回答我的問題。我想談兩個話題。一是資本設備環境，二是併購。那麼關於第一個問題，您會如何描述從 11 月和 12 月到年初的每月需求情況？我這麼問是因為你們的一些同行表示，過去幾週需求可能會放緩。我只是想弄清楚這是否只是正常的季節性現象，或者從環境角度來看，你是否看到了什麼，例如政策動態方面的不確定性再次爆發並導致物價下跌？

Or again, whether this is just kind of normally what you would see going from calendar Q4 to calendar Q1? The second question is -- or second topic is really on M&A. And simply put, how would you describe the environment, your readiness and your appetite to do a multibillion dollar deal? Thank you.

或者說，這只是從日曆年第四季到日曆年第一季通常會看到的現象？第二個問題是──或者說第二個主題其實是關於併購的。簡而言之，您會如何描述當前環境、您的準備以及您完成數十億美元交易的意願？謝謝。

Thanks, Doug. I'll take the first one, and Adam can take the second one. So if you look at a proxy -- and you look at our replacement cycle, we had a very strong quarter. Biotech led that business. And of course, it was what we saw was a reasonable budget flush, it wasn't over the top but a reasonable -- at the end of December.

謝謝你，道格。我拿第一個，亞當拿第二個。所以，如果你看一下指標——看看我們的更新換代週期，我們本季表現非常強勁。生物技術引領了這個行業。當然，我們看到的是一筆合理的預算支出，雖然不算過分，但還算合理──那是在十二月底。

I think January, you saw -- we talked about some of the disruption we saw intra-quarter in Europe, for example, and the weather impact. But I would say it's been very, very steady. We've seen our funnels continue to be steady in a lot of cases, growing. And why is that? I think CapEx conditions continue to improve with the MFN deals reducing the tariff uncertainty.

我想一月份，你們也看到了——例如，我們討論過歐洲季度內出現的一些混亂情況以及天氣的影響。但我認為它一直都非常非常穩定。我們看到，在許多情況下，我們的銷售漏斗持續穩定成長。這是為什麼呢？我認為隨著最惠國待遇協定降低關稅不確定性，資本支出狀況將持續改善。

That's been very big for our pharma customers. You see the strong GLP-1 growth and our CDMO -- the base in CDMO growing extremely well. And I think we're very pleased to see how the trajectory of orders continue to go on the CapEx side. Now of course, we're watching our funnels as we go forward on it. So I wouldn't say there's anything that we see any deterioration in terms of CapEx.

這對我們的製藥客戶來說意義重大。您可以看到 GLP-1 的強勁成長，以及我們的 CDMO—CDMO 業務基礎成長非常良好。我認為我們非常高興地看到資本支出方面的訂單軌跡繼續保持良好勢頭。當然，現在我們正在密切關注銷售漏斗的進展。所以，就資本支出而言，我不會說我們看到任何惡化的跡象。

And on the capital allocation, which is a big question. I'm sure we get it a few times today. I'm going to get Adam to answer that one.

還有資本配置問題，這是一個大問題。我敢肯定我們今天會遇到好幾次這種情況。我打算讓亞當來回答這個問題。

So thanks for the question. And I think it's important that we always start with our capital allocation priorities, which aren't changing. So one, we're prioritizing investments in growth, and that's through innovation -- internal innovation. Second thing is M&A. And the third is investments in strategic capacity expansion.

謝謝你的提問。我認為，我們始終應該從資本配置優先事項入手，而這些優先事項並沒有改變。所以，第一，我們優先投資成長，而成長是透過創新——內部創新來實現的。第二件事是併購。第三點是對策略產能擴張的投資。

And at the same time, we're going to continue to return excess capital to shareholders, and that's through a growing dividend in share repurchases. The next thing I want to say is context is we like our organic business, and we like our plan. We don't need to do any transformative deals or -- any transformative transaction to achieve those growth ambitions. Now we don't have any arbitrary size filter in our deal funnel, but I want to be very, very, very deliberate about this. The bar is very high for a transformative deal, and there aren't that many of those out there.

同時，我們將繼續把多餘的資本回饋給股東，具體做法是透過不斷增加的股利和股票回購來實現。接下來我想說的是，我們喜歡我們目前的有機商業模式，也喜歡我們的計畫。我們不需要進行任何變革性交易或任何變革性交易來實現這些成長目標。現在我們的交易流程中沒有任何任意的尺寸篩選條件，但我希望在這方面非常、非常、非常謹慎。具有變革意義的交易門檻很高，而且這樣的交易並不多見。

So we're really focused on making sure that any deal that we do is aligned to our enterprise pillars, that we're focused on opportunities where we have a right to win. We're able to integrate whatever asset we're buying, and that we pay the right price for it so that we're creating -- generating cash-on-cash returns above our hurdle rate. So we think the market out there, there's some nice opportunities, and we're continuing to evaluate those. But we're looking at them against the filter that I just said and once again, we like our organic business, and we don't need to do any kind of transformative transaction to achieve our ambitions.

因此，我們真正關注的是確保我們達成的任何交易都符合我們的企業支柱，確保我們專注於我們有把握獲勝的機會。我們能夠整合我們購買的任何資產，並且支付合適的價格，從而創造——產生高於我們最低收益率的現金回報率。所以我們認為目前市場上存在一些不錯的機會，我們正在繼續評估這些機會。但是，我們是根據我剛才說的這個標準來看待它們的，而且我們再次強調，我們喜歡我們有機成長的業務，我們不需要進行任何變革性的交易來實現我們的目標。

Thank you again.

再次感謝。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Thank you for taking the questions. Padraig, I wanted to focus on the LDG segment. I understand the weather impact. It did come in light, even backing that out. It sounds like it's around the cell analysis and genomics piece, maybe some softer purchasing in Europe. It does sound like LC/MS and the CDMO overall held in well.

感謝您回答這些問題。帕德里克，我想重點關注LDG細分市場。我了解天氣的影響。即使把這一點排除在外，它最終還是出現了。聽起來像是和細胞分析和基因組學有關，可能是在歐洲進行一些較為寬鬆的採購。聽起來LC/MS和CDMO整體表現都不錯。

Can you just expand on what you saw there? And then also staying in the LDG segment, just the profitability probably for Adam. What drove the softness there? Is that just mix with the cell analysis? I wanted to get a little more color there.

能詳細說說你​​在那裡看到了什麼嗎？而且，留在 LDG 領域，可能只是為了亞當的獲利能力。是什麼造就了那裡的柔軟？那隻是細胞分析的混合嗎？我想在那裡增添一些色彩。

Yes. Thanks, Patrick. And I think LDG grew 3% in the quarter. It was a bit below our mid- to high-digit expectations. And I think in addition to the weather impact, we saw softness, I think, in academia and government that challenged our cell analysis and genomics business.

是的。謝謝你，派崔克。我認為LDG本季成長了3%。這比我們預期的中高位數略低一些。我認為，除了天氣的影響之外，學術界和政府的軟弱態度也對我們的細胞分析和基因組學業務構成了挑戰。

But our larger end markets, pharma biotech and diagnostics grew high single digits. But Simon, do you want to give some more color on the LDG what you saw in the quarter, particularly on those businesses?

但我們的大型終端市場，如製藥、生物技術和診斷領域，實現了接近兩位數的成長。但是西蒙，你能否更詳細地介紹一下你在本季看到的LDG情況，特別是那些業務方面的情況？

Yes. Thanks, Padraig. As Padraig already mentioned there, we were challenged by the weather situation and also the ongoing softness that we're seeing in academic research markets, most notably in the U.S. And in our cell analysis portfolio as well, we've got a relatively lower portion of recurring revenue mix than we have elsewhere in our portfolio when we've got a bit more exposure on the smaller capital equipment side there. So as we think about the macro situation going forward, the exposure to academic and government is always going to be there.

是的。謝謝你，帕德里克。正如 Padraig 剛才提到的，我們面臨著天氣狀況的挑戰，以及學術研究市場（尤其是美國）持續疲軟的局面。此外，在我們的細胞分析產品組合中，經常性收入佔比也相對較低，這與我們在其他產品組合中對小型資本設備的投資比例較高有關。因此，當我們展望未來的宏觀情況時，與學術界和政府的接觸將始終存在。

And we still see a lot of cautious spending. But we also think we've got reasons to believe we're at or near the bottom. US academic science budgets are compared to the plateauing. Europe is more stable.

我們仍然看到很多謹慎的消費行為。但我們也認為我們有理由相信我們已經跌至谷底或接近谷底。美國高校科研預算與停滯不前的情況進行了比較。歐洲更加穩定。

I think we're anticipating some modest incremental improvement in academia and government in Europe. And also the feedback I've been getting from the teams is been seeing customers and attending the sales meetings over the past few weeks is that there's a sense of optimism in the field. We've got a strong portfolio. We've got very strong conviction in the portfolio on a medium, long-term basis, and I think we'll see that improvement begin to unfold as time passes.

我認為我們預期歐洲學術界和政府部門將會出現一些小幅的漸進式改善。此外，過去幾週我與客戶見面並參加銷售會議後，從團隊那裡得到的回饋是，市場整體瀰漫著樂觀情緒。我們擁有強大的投資組合。我們對投資組合的中長期前景非常有信心，我認為隨著時間的推移，我們會看到這種改善開始顯現。

The only thing I'd add on margin is beyond the weather, the academic and government softness is there's the CDMO batch cadence that also impacts the margin in the first quarter. With CDMO, obviously, a batch is not a batch is not a batch--. They're all a little bit different and have different revenue profiles and different timing. So just given the cadence we had in Q1 that also impacted the margin.

關於利潤率，我唯一要補充的是，除了天氣因素外，學術界和政府的疲軟也會影響第一季的利潤率，此外還有 CDMO 批次節奏的影響。對 CDMO 來說，顯然，一批貨並不是另一批貨。它們各有不同，收入模式和上市時間也各不相同。所以，考慮到我們第一季的節奏，這也影響了利潤率。

Okay. That's helpful. And then, Adam, I wanted to pick up right there in terms of CDMO. Can you guys just talk about NASD, BIOVECTRA, what you saw in the quarter? It sounded like overall, it was low double-digit growth for specialty CDMO.

好的。那很有幫助。然後，亞當，我想就CDMO方面繼續探討一下。你們能不能聊聊納斯達克、百威英博，以及你們在本季看到的情況？聽起來，整體而言，專業CDMO的成長幅度為兩位數偏低。

Can you just give a bit more color? And again, it sounds like the mid-teens, still very much on the table. So just the visibility and pacing of those businesses as we work our way forward. Thank you guys.

能不能再加點顏色？而且，聽起來十幾歲中期仍然是一個很有可能的選擇。所以，在我們推動各項工作的過程中，關鍵在於這些企業的可見度和發展速度。謝謝大家。

Yes. So I'll start off and then I'll pass it over to Simon if he has anything to add. But yes, absolutely. So we saw low double-digit growth in the first quarter as expected. And once again, it really is about the batch cadence, and it's the normal kind of quarter-over-quarter revenue variance that you'd expect.

是的。那我先開始，如果西蒙有什麼要補充的，我會把麥克風交給他。是的，絕對沒錯。正如預期，我們在第一季實現了兩位數的低成長。再次強調，這確實與批次節奏有關，而且季度收入的波動也是正常的，正如你所預期的那樣。

We continue to expect mid-teens growth for the full year, and that's based on our production schedules and the demand dynamics we're currently seeing in the market. And I guess the only other thing I would add that may be helpful for you is our mix of business in NASD continues to skew towards larger commercial batches with about 60% coming from commercial programs. And then on the other hand, commercial programs represent about only 1/3 of the BIOVECTRA revenue. So they have a little bit different profile. But we expect, based on what we have now, that it will continue to ramp through the year.

我們仍然預計全年將實現兩位數以上的成長，這是基於我們的生產計劃和我們目前在市場上看到的需求動態。我想補充一點，或許對您有所幫助，那就是我們在 NASD 的業務組合仍然偏向於較大的商業批次，其中約 60% 來自商業項目。另一方面，商業項目僅佔 BIOVECTRA 收入的約 1/3。所以他們的背景略有不同。但根據我們目前掌握的情況，我們預計這一趨勢將在今年繼續加速發展。

I think Adam covered most of it there. Just to add a couple of points. We did see strong year-over-year order intake in the first quarter. As Adam said, an [ASD] continues to skew favorably towards commercial programs. And as we look to the rest of the year, we've got good visibility to the pipeline, and we see revenue ramp in the second half of the year.

我覺得亞當已經涵蓋了大部分內容。補充幾點。第一季訂單量較去年同期成長強勁。正如亞當所說，[ASD] 仍然對商業節目有有利的傾向。展望今年剩餘時間，我們對專案儲備情況有清楚的了解，預計下半年營收將會成長。

Great. Thank you.

偉大的。謝謝。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Great, thank you. Maybe just to start off, I understand if you back out the $10 million, the growth would have been right in line with the 5% and you kind of walked through all the puts and takes. But just kind of stepping back, you guys have been on a pretty consistent pace of like coming in ahead of guidance. 5% growth is still solid in this environment. Just wondering how we might think about the rest of your guidance in terms of what would drive here to the higher end to lower end, given that trend of consistently beating numbers and now it looks like in line this quarter?

太好了，謝謝。首先，我明白，如果扣除那 1000 萬美元，成長率就會與 5% 完全一致，你也算是把所有的買賣都考慮進去了。但總的來說，你們的業績一直保持著相當穩定的成長速度，基本上超出了預期。在當前環境下，5%的成長仍然相當可觀。我想知道，鑑於公司一直以來都超額完成業績目標，而且現在看來本季也符合預期，我們應該如何看待您接下來的業績指引，是什麼因素導致業績預期從高到低波動？

Yes. I think -- I'm just talking at a high level, we're really set up for success, Dan. You look at the innovative products really going extremely well, Infinity III and the -- replacement cycles Pro iQ. The strong commercial team, good connection with customers and our enterprise service capabilities that I talked about in my prepared remarks. And I think it was a solid Q1, and excellent growth despite the weather. And the top line, we're confirming it, I think it's prudent but appropriate given the macro uncertainty that's around as always.

是的。我認為——我只是從宏觀層面來說——我們已經為成功做好了充分的準備，丹。看看那些創新產品，它們真的非常成功，例如 Infinity III 和 -- 更換週期 Pro iQ。我在準備的演講稿中提到的強大的商業團隊、與客戶的良好關係以及我們的企業服務能力。我認為第一季業績穩健，儘管天氣不佳，但成長依然出色。而最重要的是，我們確認這一點，我認為考慮到當前宏觀經濟一如既往的不確定性，這樣做是謹慎而恰當的。

And I think the operating profit growth of 10% and 75 bps margin expansion at the midpoint is really well. I have to say, we've had a number of sales kickoffs around the globe in the last month, funnels -- are very robust. The thing we've seen almost our best market share report seeing to date. So everything is moving in the right direction, so that gives us positivity as we go through the year.

我認為，營業利潤成長 10%，利潤率中點擴張 75 個基點，這確實非常不錯。我必須說，上個月我們在全球各地舉辦了多場銷售啟動儀式，銷售漏斗非常強大。這是我們迄今為止看到的市佔率報告中最令人滿意的一份。所以一切都在朝著正確的方向發展，這讓我們在這一年中保持積極的態度。

Got it. Thank you.

知道了。謝謝。

Sure. No, I can just give you a little bit more detail on what would be -- push us to the upside versus -- pushes to the downside of the guide, if that's helpful. And it's really around three things. One is a pickup in the small and mid-cap biotech sector. All of the green shoots are still there, but then there's that time lag between how does all the incremental investment, IPOs and M&A convert into actual spending investment.

當然。不，我可以再詳細解釋一下是什麼因素會推動我們向上發展，又是什麼因素會推動我們向下發展，如果這有幫助的話。其實主要圍繞著三件事。其中之一是中小市值生技產業的投資。所有的好兆頭都還在，但從新增投資、IPO 和併購到實際支出投資之間存在時間延遲。

The second is academia and growth if we start to see more stability there that can push us to the upside. And then the third, while China remains stable or we believe it will be stable about that $300 million per quarter run rate. If there was a stimulus, a bigger stimulus toward the end of the year, that would be an upside. What I will say is there was a small stimulus in the first quarter, which we did very well in that offering. And so that would give us confidence if there was a second SAMR stimulus that happened later in the year, we would perform well in that.

第二點是學術界和發展，如果我們開始看到學術界更加穩定，這就能推動我們走向進步。第三，只要中國保持穩定，或者我們認為它將保持每季 3 億美元的運行速度。如果年底前有經濟刺激計劃，而且規模更大，那將是一件好事。我想說的是，第一季出現了一個小規模的經濟刺激計劃，我們在那次計劃中表現得非常好。因此，如果今年稍後推出第二輪 SAMR 刺激計劃，我們將有信心能夠取得好成績。

So that's what pushed us to the upside. The downside is just then the opposite. If small and mid-cap remain pressured, academia government continues to get worse. And then China, we see a decline in the low single-digit range versus our flat assumption.

這就是推動我們走向成功的原因。缺點則恰恰相反。如果中小市值企業持續承壓，學術界的治理狀況將持續惡化。然後是中國，我們看到經濟出現個位數低幅下滑，而我們先前的假設是持平。

And maybe a second one, just on CAM. Obviously, super important business, really strong quarter. You gave some color, but just a little bit more there in terms of why it came in better. I know you addressed it in the prepared remarks, maybe a little bit more color on how you're thinking about that going forward for the rest of the year? Thank you.

或許還會再來一個，就用 CAM 平台。顯然，這是非常重要的業務，本季業績非常強勁。你已經添加了一些細節，但還需要更詳細地解釋為什麼效果更好。我知道您在準備好的發言稿中提到了這一點，能否再詳細談談您對今年剩餘時間如何看待這個問題？謝謝。

Yes, sometimes an underappreciated part of our business. It's our core business, our heritage is in the applied markets and CAM, 9% growth. And of course, the Advanced Materials subsegment, which grew at 20%. We saw really robust demand because of our leading position around semiconductor. And you see there's a lot of reshoring going on that.

是的，這有時是我們業務中被低估的一部分。這是我們的核心業務，我們的傳統在於應用市場和CAM，成長了9%。當然還有先進材料子領域，其成長率達到了 20%。由於我們在半導體領域處於領先地位，我們看到了非常強勁的需求。你可以看到，這方面有很多製造業回流的現象。

I think our spectroscopy and our GCMS tools are critical manufacturing supply chain and of course, for chemical plants that are around helping on that. So the ongoing reshoring really helps in that space. And I think also the increased clarity on tariff policies, if there is that in East US-China tensions and strong demand for memory chips. We're number one by a long way in the CAM market by far. Our leadership positions and our market shares are unmatched in that.

我認為我們的光譜分析和 GCMS 工具對於製造業供應鏈至關重要，當然，對於周圍的化工廠來說，它們也扮演著重要角色。因此，持續的製造業回流對這方面確實很有幫助。我還認為，如果中美關係緊張，關稅政策更加明朗，以及對記憶體晶片的強勁需求，也是原因之一。我們在CAM市場遙遙領先，穩居第一。我們在行業領先地位和市場份額方面無人能及。

So you put it all together, it's a very important secular driver for us, and we could see that continuing throughout the year.

綜上所述，這對我們來說是一個非常重要的長期驅動因素，我們預計這種情況將持續一整年。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

Thank you for taking the question. And I'll pick up right where you left off, Padraig. You talked about atomic spectroscopy upside in the quarter due to the memory shortage. Its not something you talk about a lot. So how are you framing that opportunity?

感謝您回答這個問題。帕德里克，我會接著你未完成的工作繼續。你提到由於記憶體短缺，原子光譜學在本季有上漲空間。這不是人們經常談論的話題。那麼，你是如何看待這個機會的呢？

Yes. I mean it's not just memory shortage, but it's the reshoring of fabrications -- fabs that you see that globally. You can see in India where fabs are being set up also in Asia and the Americas. So I think that has been -- it's been really a mix of all that together and a lot of demand on that side . Also on the chemical side, you have downstream processes that are needed for AI that supports that in terms of it, and that really bolsters a lot of demand.

是的。我的意思是，這不僅僅是記憶體短缺的問題，而是製造環節回流到國內的問題——你在全球範圍內都能看到這種情況。在印度，你可以看到晶圓廠正在興建中，亞洲和美洲也在建造晶圓廠。所以我覺得，這其實是所有這些因素綜合起來的結果，而且那方面也存在著很大的需求。。在化學領域，人工智慧也需要下游製程來支持，這確實提振了很大需求。

And just to give a bit of color our chemical business is about 2/3 Advanced Materials, about 1/3 of of the CAM business. So we expect that to continue to see that growing. And of course, the Energy business, where we're working on the battery side is naturally head against oil volatility as well. So we continue to see good strength in that. So it's a mixture of all of the above.

為了讓大家更清楚地了解情況，我們的化學業務大約 2/3 是先進材料業務，大約 1/3 是電腦輔助製造 (CAM) 業務。因此，我們預計這種成長勢頭會持續下去。當然，能源業務，也就是我們目前從事電池研發的領域，自然也會受到石油價格波動的影響。因此，我們繼續看到這方面的優勢。所以它是以上所有因素的混合。

And just a follow-up on what you're seeing in pharma. You mentioned a mid-single-digit growth in small molecule. Is that all GLP-1s? And can you talk about the situation in pharma outside of GLP-1s?

還有一點關於您在製藥領域看到的情況的後續問題。您提到小分子藥物領域實現了中等個位數的成長。這就是全部的GLP-1嗎？能否談談GLP-1以外的製藥業現況？

Yes. So biotech kind of grew low double digit for us. That's really around our specialized CDMO core growth of low double digits. -- what we see as the US biotech recovery is starting in well-funded large caps.

是的。所以，生物科技在我們這裡實現了兩位數的低成長。這實際上與我們專業CDMO核心業務的低兩位數成長相符。 ——我們認為美國生技產業的復甦始於資金雄厚的大型企業。

We see that continuing small and mid-caps. Improved funding backdrop is really helping. And breaking it down, if you look at our -- if you look at our small molecule business, which is very solid at mid-single-digit growth, you kind of see Asia leading the way in small molecules with low double-digit growth. We see that continuing. And of course, we're very well hedged on the GLP-1 side both from our CDMO side, but also our analytical side, we are testing both on the orals and on the injectable side.

我們看到小型股和中盤股繼續上漲。資金環境的改善確實有了很大的幫助。進一步分析，如果你看一下我們的小分子業務，它非常穩健，實現了中等個位數的增長，你會發現亞洲在小分子領域處於領先地位，實現了低兩位數的增長。我們看到這種情況還會持續下去。當然，我們在 GLP-1 方面也做了充分的準備，無論是我們的 CDMO 部門還是分析部門，我們都在進行口服和注射方面的測試。

And as we go forward on a GLP grew at 50% in the quarter and that was 7% for the analytical labs and on the CDMO side 120% growth. So I think you underpin all of that in the market conditions. And then you look at our replacement cycle moving forward, 40% growth in our single quad, which is right at the sweet spot of QA/QC. So it's a really, really strong momentum in that market as we -- and we see that continuing for the rest of the year.

隨著我們繼續推進，GLP 在本季度成長了 50%，分析實驗室成長了 7%，CDMO 方面成長了 120%。所以我認為這一切都建立在市場狀況之上。然後，看看我們未來的更換週期，我們的單四極桿增長了 40%，這正好處於品質保證/品質控制的最佳平衡點。所以，這個市場的發展勢頭非常強勁，而且我們預計這種勢頭將在今年餘下的時間裡持續下去。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

Thank you. Good afternoon.

謝謝。午安.

Operator, can we go to the next question, and we'll circle back to Jack once he's back on.

接線員，我們可以進入下一個問題，等傑克重新連線後我們再回來問他。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Hey guys, thanks for the question. Hope you can hear me. I want to follow up on what -- I think Patrick was asking about earlier about some of the moving pieces in the quarter, especially with the $10 million weather ship. I just want to make sure we're understanding the dynamics correctly. My read of it is it sounds like you've had a slightly slower start to the year than you anticipated in select markets like cell analysis, like AMG specifically. Maybe a little bit on food. I just want to make sure I'm understanding that correctly.

嘿，各位，謝謝你們的提問。希望你能聽到我說話。我想跟進一下帕特里克之前問到的關於本季度一些變動事項的問題，特別是關於那艘價值 1000 萬美元的氣象船的問題。我只是想確保我們對其中的動態理解正確。我的理解是，聽起來你今年的開局在某些市場（例如細胞分析，特別是AMG）比你預期的要慢。或許可以稍微談談食物。我只是想確認一下我的理解是否正確。

Again, I don't want to put out a proportion, especially with the $10 million in shipped. Just wanted to make sure we get that. And then a follow-up to that is obviously, you're maintaining your full year core guide. Is there something that's offsetting that where you're talking about GLPs, you talked about CAM. Is the strength there offsetting it?

再次聲明，我不想透露具體比例，尤其是考慮到已經發貨了價值 1000 萬美元的產品。只是想確認一下我們是否理解了。接下來很顯然，你要維護你的全年核心指南。有沒有什麼因素抵消了你提到的 GLP 和 CAM 的影響？那裡的優勢能否抵消這種劣勢？

Is it just sort of like you had buffer in the model built in and you're absorbing some of these hits and you expect to recoup it later in the year? Maybe an easier way to ask all of this is you've given us sort of -- it's going to give us an end market breakout for the year in terms of core growth, if you can run through that compared to where you were a quarter ago, that might be helpful.

是不是就像你在模型中預留了一些緩衝空間，正在吸收這些衝擊，並期望在今年稍後收回成本？或許問這個問題更簡單的方法是，您已經為我們提供了一些資訊——這將為我們帶來今年核心成長方面的最終市場細分數據，如果您能將其與上個季度的情況進行比較，那可能會有所幫助。

Thanks. Adam, you want to take this one and I'll take the second part of that question?

謝謝。亞當，你想回答這個問題，我來回答問題的第二部分？

Yes. So I think just in the dynamics of the quarter, there was minor differences in our small markets, but our key markets actually performed quite well. So if you think about pharma, CAM and then our Diagnostics business, they all performed very well. And then we had small pockets of slight differences from where we guided. And overall, we are actually doing well.

是的。所以我認為，就本季的動態而言，我們的小市場存在一些細微的差異，但我們的主要市場實際上表現得相當不錯。所以，如果你看看製藥、補充和替代醫學以及我們的診斷業務，它們都表現得非常好。然後，我們發現了一些與我們指導區域略有不同的小區域。總的來說，我們做得還不錯。

And then the unfortunate was the storm hit in the last three days of the quarter, which are our biggest days in the quarter, and we weren't able to recognize the revenue, which we've since recognized the following actually Monday, so. And then I'll pass it over to Padraig.

不幸的是，這場風暴襲擊了季度末的最後三天，而這三天正是我們季度中最重要的幾天，因此我們無法確認收入，但我們實際上已經在接下來的星期一確認了這筆收入。然後我會把它交給帕德里克。

Yes. It's -- I don't want to kind of -- if you're looking at the academia and government side, it's the smallest part of our business. NIH is 1% of our funding. So it's slightly less than what we expected. But it is really the smallest part of our business.

是的。我不想這麼說——如果你只看學術界和政府方面，那隻是我們業務中最小的一部分。美國國立衛生研究院（NIH）的經費占我們總經費的1%。所以比我們預期的略少。但這實際上是我們業務中最小的一部分。

And I think I described the real momentum we have in the key markets, continued improvement in pharma. We're seeing spend in biotechs. GLP-1 business continues to be extremely strong. CDMO continues to move forward, and CAM strength. And you put that all together with the funnels that we're seeing and our outsized growth on our Infinity III.

我認為我已經描述了我們在關鍵市場中擁有的真正發展勢頭，以及醫藥行業的持續改善。我們看到生物科技領域的投資正在增加。GLP-1業務持續強勁成長。CDMO持續發展，CAM實力不斷增強。把所有這些因素，包括我們看到的銷售漏斗以及我們在 Infinity III 上的超額成長，結合起來。

If you look at that compared to our peers, we're almost 2x in terms of the quarter, and that's driving to replace that cycle. So all of those things moving together, we're very positive about the rest of the year.

與同業相比，我們季度業績幾乎是他們的兩倍，這促使我們改變目前的周期。綜上所述，我們對今年餘下的前景非常樂觀。

And then I'd just remind you that for the full year, we're maintaining our end market guide. We expect them to land in roughly the same place.

最後，我想提醒各位，我們全年都會維持終端市場指南。我們預計它們會大致落在同一地點。

Okay. All right, I appreciate it. I'll, that was a long one, so I'll just leave it there. Thanks.

好的。好的，謝謝。好了，說了這麼多，我就說到這裡吧。謝謝。

Jack Meehan, Nephron Research.

Jack Meehan，腎單位研究。

Thank you. Hopefully, you can hear me now?

謝謝。現在你聽得到我說話了嗎？

Yes.

是的。

I wanted to follow up on the M&A question because this is the number one debate we've been fielding. You talked a lot about how Ignite has improved your capabilities around M&A execution. I was just wondering if you could elaborate on that?

我想就併購問題進行後續討論，因為這是我們目前面臨的最熱門的辯論話題。您多次提到 Ignite 如何提升了您在併購執行方面的能力。我只是想問一下，能否詳細說明一下？

That's number one. And then number two is just from a product area. I was curious your take on diagnostic assets. You have a unique position with Dako that seems to be doing pretty well. Just where does that -- like the IVD market stack up on your pecking order as kind of an industry of interest?

這是第一點。第二點則來自產品領域。我很好奇您對診斷資產的看法。你在 Dako 擔任一個獨特的職位，而且看起來發展得相當不錯。那麼，體外診斷 (IVD) 市場在你感興趣的行業排名中處於什麼位置？

Yes, Adam, maybe you can talk about Ignite on what we're seeing on the integration capability side, and I'll take the second one.

是的，亞當，也許你可以談談我們在整合能力方面看到的 Ignite 的情況，我來回答第二個問題。

Sure. So there's a couple of pieces to why Ignite gives us the confidence that we'll be able to integrate an asset effectively. If you look at what the Ignite program is, it's really about a management system and how do you bring a bunch of different functions together to execute on a project in an efficient way. And that's exactly what an integration is. As you -- and you think about managing tariffs, that's a cross-functional activity where you need people moving in coordination and to achieve an outcome, that's what an integration is.

當然。所以，Ignite 之所以讓我們有信心能有效整合資產，原因有以下幾點。如果你了解 Ignite 計劃，你會發現它實際上是一個管理系統，以及如何將許多不同的職能部門整合在一起，以高效的方式執行專案。這就是整合的本質。當你思考關稅管理時，你會發現這是一項跨職能活動，需要人們協調行動才能達成成果，這就是整合的意義。

So that would be the first point I'd make is just running through the Ignite program and using the Ignite system that we've now implemented, it gives us confidence we can execute integration. The other piece I'd point out is BIOVECTRA is we've leveraged that capability to integrate BIOVECTRA into our network. And so that's another proof point to our readiness to integrate the right asset.

所以，我要說的第一點就是，只要順利完成 Ignite 程序，並使用我們現在已經實施的 Ignite 系統，就能讓我們有信心執行整合。我還要指出的是，我們利用了 BIOVECTRA 的這項能力，將其整合到我們的網路中。因此，這再次證明了我們有能力整合合適的資產。

Yes. I think Adam talked about our capital allocation philosophy. I won't go back over that one. But we're focused on increasing our service and recurring revenue mix. I think we've been very clear around that.

是的。我想亞當當時談到了我們的資本配置理念。我不想再回頭討論那件事了。但我們專注於提高服務收入和經常性收入的佔比。我認為我們在這一點上已經表達得非常清楚了。

When you see software and automation also content on systems, et cetera. And we have many high-growth adjacent markets where we would have examples in all of that. Specifically about diagnostics is one of our businesses. That's not excluded, of course, but it's a very durable market. We have a 7% growth in Q1 and pathologies mid-single-digit grower as we've seen over time with a lot of long-term growth drivers.

當你看到軟體和自動化以及系統等內容。我們有許多高成長的鄰近市場，在這些領域我們都能找到例子。具體來說，診斷是我們的業務之一。當然，這種情況並非完全排除，但這是一個非常穩定的市場。第一季我們實現了 7% 的成長，病理學業務也實現了中等個位數的成長，正如我們長期以來所看到的，這得益於許多長期成長驅動因素。

So it's an area where we will continue to look in all those spaces. But again, where do we have a right to win does it link with the strategy within that segment, does it increase our recurring revenue. That's very important to us as we go forward. And of course, then we have the Ignite operating system to allow us to integrate it very quickly as well.

所以我們會繼續在所有這些領域進行研究。但話說回來，我們有什麼理由贏得這場競賽？它是否與該細分市場的策略相符？它是否能增加我們的經常性收入？這對我們未來的發展至關重要。當然，我們還有 Ignite 作業系統，可以讓我們非常快速地進行整合。

Thank you.

謝謝。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Yeah, hi, Padraig and Adam and team. Thanks for taking my question. First one, again, GLP-1 growth there is strong, but my question is more on the utilization on theoligo side on the NASD side. Any update on -- to the full utilization of [Train C], which I think is anticipated in 2027. The question is really around the margin impact in light of this utilization, where it stands today, how it ramps up? And how should we think about the commercial batches versus the early-stage pipeline work that you're seeing?

是的，嗨，Padraig、Adam和團隊。謝謝您回答我的問題。首先，GLP-1 的成長勢頭強勁，但我的問題更多是關於 NASD 方面寡核苷酸藥物的使用情況。關於 C 線列車全面投入使用（我認為預計在 2027 年）有任何最新進展嗎？問題實際上在於，在這種利用率下，利潤率會受到怎樣的影響，目前的利用率水準如何，以及它將如何提高？我們應該如何看待商業批次和您目前看到的早期研發工作？

Yes. I'll start off, and I'll hand it over to Adam for some more color. We have a very strong order backlog, and we're confident in the FY26 outlook continuing to ramp. Of course, you have month-to-month variances, but we have train C&D coming online. I have to say we're delighted to have that capacity coming online where it is because we're booked out for '26, and now we're booking into '27 with larger commercial batches. So it's at the right time. But Adam, do you want to give more color on the cadence?

是的。我先開始，然後交給亞當補充一些細節。我們目前訂單儲備非常充足，並且我們有信心2026財年業績將持續成長。當然，每個月都會有波動，但我們有 C 型和 D 型列車即將投入使用。我必須說，我們很高興看到這個產能投入使用，因為我們 2026 年的訂單已經全部訂滿了，現在我們正在接受 2027 年更大批量的商業訂單。所以時機正好。但是亞當，你想在節奏上添加更多色彩嗎？

Yes. So thanks for the question. And I think at steady state, the specialty CDMO business will return above our operating margin -- above the corporate operating margin. So it's a good business to be in. Specific to 2027, Train C and Train D will be ramping through the year.

是的。謝謝你的提問。我認為，在穩定狀態下，特種CDMO業務的利潤率將高於我們的營業利潤率—高於公司營業利潤率。所以，從事這個行業是個不錯的選擇。2027 年，C 列車和 D 列車將在年內逐步增加運能。

And so there will be a negative margin impact. However, we'll offset that through other activities within the business. Mainly through Ignite.

因此，利潤率將受到負面影響。但是，我們將透過公司內部的其他活動來彌補這一損失。主要透過 Ignite。

Got it. Okay. I see. That's helpful. And then just a follow-up on -- you made a comment about the small biotech capital raises and capitalization is driving growth. Just as you see that across the business, just wondering maybe if you can double-click and where are you seeing that?

知道了。好的。我懂了。那很有幫助。然後，我想就您剛才提到的小型生物技術融資和資本化正在推動成長的問題進行後續討論。正如你在整個業務中看到的那樣，我想知道，如果你雙擊查看，你在哪裡看到這種情況？

Is that more on the LC/MS instrumentation side cell analysis? Or is it more on the CDMO side of the business side, where you're seeing the uptick from the emerging and small biotechs.

這更多是液相層析質譜儀方面的細胞分析嗎？或者，這更體現在 CDMO 業務方面，也就是新興小型生技公司帶來的成長方面。

So let me -- I think I just need to clarify because it was said in the context of what would be the upside to the forecast. So it was really set around, hey, if we see a meaningful uptick in the small and mid-cap biotech when we would start to see upside to our forecast. So while we have seen the capital market profile improving, we have yet to see a meaningful uptick in the small and mid-cap investments.

所以，讓我——我想我需要澄清一下，因為這是討論預測結果的利好因素時說的。所以，我們當時的想法是，如果中小市值生技公司出現實質成長，我們就會開始看到預測上調。雖然我們看到資本市場狀況有所改善，但尚未看到中小市值投資出現實質成長。

Yes. If you look at small and medium-sized biotech, we have a relatively small exposure, but we're actually encouraged by improving biotech funding and increased M&A. You see that a lot. If you look at the macros in January, total biopharma financing rose about $11 billion, that's a two year high. So we watch that.

是的。如果觀察中小型生物技術公司，我們目前的投資相對較少，但生技融資的改善和併購活動的增加確實讓我們感到鼓舞。這種情況很常見。如果看一下1月的宏觀經濟數據，生物製藥融資總額增加了約110億美元，這是兩年來的最高水準。所以我們會關注這件事。

You have the patent cliff that's looming, of course, with heightened pharma focus on M&A. And I think '25 is one of the strongest years in M&A for pharma, which, of course, I think about $240 billion. I think it's too early to call an inflection on it. And there's a lag, I think, between improving funding environment and customer spending. But we're extremely well placed with our tools.

當然，專利懸崖即將到來，製藥公司也更加重視併購。我認為 2025 年是醫藥產業併購最強勁的年份之一，當然，我認為該產業的併購額約為 2,400 億美元。我認為現在就斷言形勢出現轉折還為時過早。我認為，融資環境的改善與消費者支出的增加之間存在滯後關係。但我們擁有非常強大的工具，這讓我們處於非常有利的地位。

If you look at the Pro-iQ LC/MS on that side, also on our Infinity III. And of course, we'll see a recovery in our cell analysis business for those two as we go forward on it. So that's the way I would say that it's really a relatively small exposure for us, but we're really encouraged by the improvement forming environment.

如果您看一下那一側的 Pro-iQ LC/MS，它也在我們的 Infinity III 上。當然，隨著我們不斷推進，這兩項細胞分析業務也將迎來復甦。所以，我認為對我們來說，這確實是一個相對較小的風險敞口，但我們對這種不斷改善的形成環境感到非常鼓舞。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Hey, thanks guys. Good afternoon. The 6% growth in China, was that all stimulus related and would be helpful if you can just touch on a couple of the end markets there. Curious if you're seeing any of the turn more positively or if it's really just still status quo?

嘿，謝謝大家。午安.中國6%的成長是否完全與刺激政策有關？如果您能簡要介紹一下當地的幾個終端市場，那就太好了。很好奇你是否看到了任何積極的轉變，還是說一切仍然維持現狀？

Yes. I mean we were very pleased with our 6% growth. We're better than expected. If you look at them compared to peers also very expected. And that's -- there was a slight bit of more spending -- before Lunar New Year, but not too much.

是的。我的意思是，我們對6%的成長非常滿意。我們比預期表現更好。如果將他們與同儕相比，這也完全在意料之中。而且，在農曆新年之前，消費略有增加，但不多。

And I think we saw an outside -- last year, we saw a very strong [GACC] stimulus business. We saw a small one this year. We won about 30% of that. And I think as we go through the year, we expect it to be a $300 million quarter business on it. But if you look at, I think, overall in the business, we're under-indexed, DX and pharma.

我認為我們看到了外部因素——去年，我們看到了非常強勁的[GACC]刺激業務。我們今年看到了一隻小的。我們贏得了其中大約30%。我認為，隨著今年的推進，我們預計該業務的季度營收將達到 3 億美元。但如果你縱觀整個產業，我認為，我們在診斷和製藥領域都被低估了。

We are over-indexed the applied markets. and we see continued strength on that side. So we expect China to grow mid- to high single digits over the long term. Not the double-digit rates we saw 10 years ago, up mid- to high single digits. And our track record how our ability to manufacturing in China and our commercial teams -- very close to the customers is really important.

我們超配了應用型市場，我們認為這方面會持續走強。因此，我們預期中國經濟長期將維持中高個位數成長。雖然不像 10 年前那樣高達兩位數，但現在也只有個位數中高段位了。我們在中國的生產能力以及我們與客戶保持密切聯繫的銷售團隊的過往業績非常重要。

And of course, Adam talked about the larger stimulus that's looming towards the end of the year. We're not counting that in our guide. But if that comes in, it's going to be significantly more than the [GACC] stimulus, and we expect an outside win in it. But to be honest, if you look at the -- we look at very -- we're optimistic about China. We have the largest installed base, look at the pace of innovation in life science and the applied markets supports demand for instruments and our solutions is very strong.

當然，亞當也談到了年底即將出台的更大規模的經濟刺激計畫。我們的指南中沒有把這部分計算在內。但如果這項措施實施，其規模將遠遠超過[GACC]刺激計劃，我們預計它將取得微弱優勢。但說實話，如果我們仔細觀察——我們非常——我們對中國持樂觀態度。我們擁有最大的裝機量，生命科學領域的創新速度以及應用市場對儀器的需求都支撐著我們的解決方案，因此我們的解決方案非常強大。

And if you look at the China 15, 5 year plan, whether it's rapid application on AI, health care, green sustainable developments and new regulations for pollutants like PFAS. We're right in the sweet spot in terms of those priorities. So we feel very good about China.

如果你看看中國的「十五」和「五年」規劃，無論是人工智慧的快速應用、醫療保健、綠色永續發展，還是針對 PFAS 等污染物的新法規。就這些優先事項而言，我們正處於最佳位置。所以我們對中國感覺非常好。

That's helpful. And then, Adam, it'd be great to get some color on the A&G markets by region. I think Simon said Europe was pretty solid. So just curious where you're seeing the weakness visits all in the Americas? Any color would be helpful by region.

那很有幫助。然後，亞當，如果能按地區劃分，提供一些關於A&G市場的具體資訊就太好了。我覺得西蒙說過歐洲情勢相當穩固。所以我很好奇，你為什麼說所有弱點訪問都集中在美洲？根據地區不同，任何顏色都有幫助。

Yes. So the softness we've been seeing is really primarily in the Americas. And I guess there's reason to be optimistic. The NIH budget came in, in line with flat to slightly up. The 15% cap on overhead research cost was blocked.

是的。所以，我們看到的這種疲軟態勢主要出現在美洲。我想我們有理由保持樂觀。美國國立衛生研究院的預算結果與預期相當或略有成長。研發間接成本15%的限制被否決了。

That said, it goes back to what Simon talked about, which is we're still seeing a little bit of hesitancy in our customers to make bigger investments as they're really focused on operating their labs.

也就是說，這又回到了西蒙剛才談到的內容，那就是我們的客戶仍然有些猶豫，不願意進行更大的投資，因為他們真正專注於經營自己的實驗室。

And just to clarify the Europe comment, that was a forward-looking comment that we envision more stability in Europe than in the Americas with academic and government, and cautious optimism around incremental improvement. That was a forward-looking statement.

澄清一下關於歐洲的評論，那是一項前瞻性的評論，我們認為歐洲在學術界和政府方面比美洲更加穩定，並且對逐步改善持謹慎樂觀態度。那是一項前瞻性聲明。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

I'll ask my two upfront. The first is just on LC and LC/MS pacing over the course of the year. LC grew high singles in 1Q. Can you just talk about what LC/MS grew in the quarter and walk through the growth phasing for LC and LC/MS over the course of the year? And then secondly, Padraig, you called out the three marquee enterprise service wins in ACG, and you talked a little bit about it in your script.

我會先問我的兩個孩子。第一個問題是關於全年 LC 和 LC/MS 的配速。LC在第一季實現了高單曲成長。您能否談談本季 LC/MS 的成長情況，並回顧一下 LC 和 LC/MS 在一年中的成長階段？其次，Padraig，你提到了 ACG 的三項標誌性企業服務勝利，並在你的演講稿中對此進行了一些討論。

Can you maybe just elaborate on what the financial impact could look like from those contracts and how we should think about the impact to the model and how those ramp over time? Thank you.

您能否詳細說明這些合約可能帶來的財務影響，以及我們應該如何看待這些影響對模型的影響，以及這些影響如何隨著時間的推移而增加？謝謝。

Yes. Let me talk about the Enterprise Services, and I'll comment -- on the LC/MS. I think on the enterprise services side, it is a really important flywheel for the future because we're really -- fully working with customers under lab management and productivity. You can imagine the insights we get off replacement cycle through that and how do we move forward on it. So it's not just about the services.

是的。讓我談談企業服務，並就 LC/MS 發表一些評論。我認為在企業服務方面，這對未來來說是一個非常重要的推動力，因為我們確實在實驗室管理和生產力方面與客戶充分合作。你可以想像，透過這種方式，我們可以從更新換代週期中獲得哪些啟示，以及我們如何繼續推進這項工作。所以，這不只是服務的問題。

It's about the consumables and it's about the instrument replacements that we can go going forward on it. We've had a significant displacement in competitive accounts. We're kind of unique in how we're doing that in the market, and we're seeing that as a flywheel to continue going forward. And of course, we see in accounts where we do have enterprise service agreement, we have a higher consumables attach rate. We have a higher services attach rate.

這關係到耗材，也關係到我們未來可以進行的儀器更換。我們在競爭對手的客戶群中遭遇了重大損失。我們在市場上採取的方式比較獨特，我們認為這會成為我們繼續前進的動力。當然，在與我們簽訂企業服務協議的帳戶中，我們發現耗材附加率更高。我們的服務附加率較高。

And actually, we have an early warning system around replacement cycles that we have early conversations about. On the LC side of things, I think it's been a steady pace, really good quarter. And I think on the LC/MS side, I don't know if you --

實際上，我們針對產品更新周期建立了一個預警系統，我們會及早進行相關討論。就LC方面而言，我認為一直保持著穩定的節奏，這是一個非常好的季度。至於液相層析質譜聯用方面，我不知道你是否…--

Yes. Well, just to reiterate on LC, we saw high single-digit growth in the quarter, particular strength in China and APAC. And as we've mentioned already, very strong performance in Infinity III. Customers continue to love it, and I still think we're relatively early mid on the replacement cycle there. Win loss rates continue to be positive, notable share gains based on the industry data, and we're now seeing additional tailwind there with the Altura columns.

是的。再重申一下LC的情況，我們本季實現了接近兩位數的成長，尤其是在中國和亞太地區表現強勁。正如我們之前提到的，Infinity III 的表現非常出色。顧客們依然很喜歡它，而且我認為我們目前還處於換代週期的中早期階段。勝率持續保持正值，根據行業數據，市佔率顯著成長，而 Altura 專欄的推出也為我們帶來了額外的利多因素。

On the LC/MS side, we were in line with expectations in the first quarter. So coming off so sequential and year-over-year compare, it has to be said. But again, we were very pleased with Pro iQ with a 40% growth, really exceptional adoption there. And then LC/MS, similar story with respect to win loss rates and the industry data, which signify some notable share gains. And then beyond the Pro iQ, which is off to a very strong start, we're also very encouraged by our broader LC/MS innovation pipeline.

在液相層析/質譜聯用方面，我們第一季的表現符合預期。因此，在進行連續性和同比比較之後，必須指出這一點。但再次強調，我們對 Pro iQ 的成長率高達 40%，表現非常出色，我們對此感到非常滿意。然後是 LC/MS，就勝率和行業數據而言，情況類似，這表明市場份額有所顯著增長。除了開局非常強勁的 Pro iQ 之外，我們更廣泛的 LC/MS 創新產品線也讓我們倍感鼓舞。

Yes. Just going back to the Enterprise Services part. I just want to bring in Angelica because she's been very close to some of these marquee wins under the growth trajectory and what you're seeing with the customer.

是的。回到企業服務部分。我之所以想請安吉莉卡來，是因為她參與了公司發展軌跡中的一些重要勝利，而且她也了解客戶的需求。

Thanks, Padraig, thanks for the question, Casey. I think we're very excited about the enterprise business and the opportunity that unlocks. I think Padraig used the word flywheel earlier. And when you think about it, it allows us to really embed our service into the accounts, and they're looking at managing assets across the laboratory. So not only does it give us the opportunity to help customers with their lab operations and keep their labs up and running and producing those scientific results.

謝謝帕德里克，也謝謝你的提問，凱西。我認為我們對企業業務及其帶來的機會感到非常興奮。我認為帕德里克之前用過“飛輪”這個詞。仔細想想，這使我們能夠真正將我們的服務融入帳戶中，而他們正在考慮管理整個實驗室的資產。因此，這不僅讓我們有機會幫助客戶進行實驗室運營，保持實驗室正常運作並產出科學成果。

It gives us visibility and access more broadly in these laboratory environments so that we're not only looking at our own replacement cycles, but we're also looking at competitive displacement opportunities. We're looking for incremental wallet share opportunities. And over the course of time, the relationships that we're building, they compound. They compound from a growth perspective, but they also compound from insights that we get from customers and how we bring that back into the innovation muscle that we have here at Agilent, and how we can continually grow, evolve and continue to serve our customers on all different levels, whether it's lab operations scientific outcomes or its ongoing value over time.

它讓我們在這些實驗室環境中擁有更廣泛的視野和機會，這樣我們不僅可以專注於我們自己的更新換代週期，還可以專注於競爭性的替代機會。我們正在尋找增加客戶錢包份額的機會。隨著時間的推移，我們建立的關係會不斷增值。從成長的角度來看，它們會不斷累積；但我們從客戶那裡獲得的洞察也會不斷累積，我們將這些洞察融入到安捷倫的創新實力中，從中不斷成長、發展，並在各個層面繼續為客戶提供服務，無論是實驗室營運、科學成果，還是其隨時間推移的持續價值。

Evie Koslosky with Goldman Sachs (Operator Instructions)

Evie Koslosky，高盛員工（操作說明）

Operator, if Evie is not there, I think we can leave it there. It's all the time we have for this afternoon, and thank you to everyone for joining us. We look forward to speaking with you soon.

接線員，如果伊薇不在，我想我們可以就此作罷。今天下午的時間就到這裡了，感謝大家的參與。我們期待盡快與您聯繫。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。