安捷倫 (A) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Q3 2026 Agilent Technologies Inc earnings conference call. (Operator Instructions) I will now hand the call over to Tejas Savant, Head of Investor Relations. You may begin.

各位女士、先生，感謝各位加入，歡迎參加安捷倫科技公司（Agilent Technologies Inc.）2026 會計年度第三季（Q3）財報電話會議。（接線員指示）現在我將把電話交給投資人關係主管 Tejas Savant。您可以開始了。

Thank you, and welcome, everyone, to Agilent's conference call for the third 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.

謝謝，並歡迎各位參加安捷倫 2026 會計年度第三季的電話會議。與我一同在線上的有執行長 Padraig McDonnell，以及財務長 Adam Elinoff。問答環節將由生命科學與診斷市場事業群總裁 Simon May、Agilent CrossLab 事業群總裁 Angelica Riemann，以及應用市場事業群總裁 Mike Zhang 一同參與。

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

本次簡報將進行網路直播。我們第三季財務結果的新聞稿、投資人簡報，以及補充今日討論的相關資訊，連同本次網路直播的錄音，皆可於我們網站 investor.agilent.com 取得。

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.

今天的發言將引用非 GAAP 財務衡量指標。非 GAAP 指標屬補充性資訊，不應視為 GAAP 結果的替代。您可在新聞稿與我們網站上找到最直接可比的 GAAP 財務指標及其調節表。

Unless otherwise noted, all references to increases or decreases in financial metrics are year-over-year and references to revenue growth are on a core or organic constant currency basis. All references to profitability metrics are on a non-GAAP basis.

除非另有說明，所有財務指標的增減皆為年對年比較；而營收成長的提及則以核心（core）或有機（organic）的固定匯率基礎計算。所有獲利能力指標的提及皆以非 GAAP 基礎呈現。

Core or organic constant currency 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.

核心或有機固定匯率營收成長已調整匯率變動影響，以及過去 12 個月內完成的任何併購與處分影響。財測係以預估匯率為基礎。

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.

在本次電話會議中，我們將就公司財務表現作出前瞻性陳述。這些陳述受風險與不確定性影響，且僅以今日為準。安捷倫不承擔更新這些陳述的義務。

Please refer to the company's recent SEC filings for a more detailed description of the risks and other factors that could cause our performance to differ from these forward-looking statements. And now I'd like to turn the call over to Padraig.

請參閱公司近期向美國證券交易委員會（SEC）提交的文件，以取得更詳細的風險說明及其他可能導致我們表現與這些前瞻性陳述不同的因素。接下來我想把電話交給 Padraig。

Thanks, Tejas, and welcome, everyone. We delivered an excellent third quarter with strong performance in both the top and bottom lines. Our results clearly demonstrate the sustained momentum unlocked by our exceptional commercial and operational execution and the Ignite operating system against the backdrop of steadily improving end markets.

謝謝你，Tejas，也歡迎各位。我們交出一個非常出色的第三季，在營收與獲利兩端皆表現強勁。在終端市場穩步改善的背景下，我們的成果清楚展現了卓越的商業與營運執行力，以及 Ignite 營運系統所釋放的持續動能。

For the third quarter, Agilent reported $1.88 billion in revenue, growing 7.3% on a core basis. And exceeding the high end of our guidance by 140 basis points. Our operating margin of 27.2%, excluding the net benefit from tariff refunds, was 80 basis points ahead of our implied guidance of 26.4%, providing further evidence of the strong operating leverage and execution discipline embedded in the business.

第三季，安捷倫營收為 18.8 億美元，以核心基礎成長 7.3%。並且較我們財測區間上緣高出 140 個基點。在不含關稅退稅淨收益的情況下，我們的營業利益率為 27.2%，較我們隱含財測的 26.4% 高出 80 個基點，進一步證明本業所具備的強勁營運槓桿與嚴謹的執行紀律。

Including the net benefit from tariff refunds of $20 million, our operating margin was 28.3%. Our earnings per share of $1.56 on an ex-refund basis were $0.06 above the high end of our guidance range of $1.48 to $1.50, representing robust year-over-year growth of 14%. Including the net benefit from tariff-free funds, our earnings per share were $1.62. Make no mistake, our extraordinary Q3 results are no accident, nor are they purely a function of improving end markets.

若包含 2,000 萬美元的關稅退稅淨收益，我們的營業利益率為 28.3%。以不含退稅的基礎計算，我們每股盈餘（EPS）為 1.56 美元，較財測區間 1.48 至 1.50 美元的上緣高出 0.06 美元，年對年成長 14%，表現強勁。若包含關稅退稅淨收益，我們每股盈餘為 1.62 美元。請不要誤會，我們第三季的卓越成果絕非偶然，也不僅僅是終端市場改善所致。

Rather, they reflect the momentum created by our four key elements of our strategy. First, we continue to build on our unparalleled customer intimacy and trust. This differentiation is increasingly translating into sheer gains across key workflows and geographies. Second, that customer intimacy informs our innovation engine resulting in distinct solutions that drive success for our customers and Agilent.

相反地，這反映了我們策略四大關鍵要素所創造的動能。第一，我們持續建立無可匹敵的客戶貼近度與信任。這項差異化正日益轉化為在關鍵工作流程與各地區的實質市占提升。第二，這種客戶貼近度也為我們的創新引擎提供指引，進而產出具差異化的解決方案，推動客戶與安捷倫的成功。

Third, at the core of our success is a deep and increasingly capable bench of talent. As our organization capabilities continue to strengthen, we are improving speed, agility, and operational discipline, resulting in a step function improvement in execution. And finally, the compounding benefits of Ignite are now increasingly visible.

第三，我們成功的核心在於深厚且日益強大的人才梯隊。隨著組織能力持續強化，我們在速度、敏捷性與營運紀律上不斷提升，帶來執行力的躍升式改善。最後，Ignite 的複利效益如今也愈發清晰可見。

I want to take a moment to reflect on our transformation journey. We announced our Ignite transformation in late 2024. Our earliest efforts emphasized strategic pricing, procurement, and tariff mitigation. Since then, Ignite has broadened and now underpins every aspect of how Agilent operates.

我想花一點時間回顧我們的轉型歷程。我們在 2024 年底宣布啟動 Ignite 轉型。最初的工作重點放在策略性定價、採購，以及關稅影響的緩解。自那之後，Ignite 的範疇已擴大，並且如今支撐安捷倫營運方式的每一個面向。

This includes reinvigorating our innovation engine, strengthening our supply chain agility and operational discipline, and streamlining our structure and unlocking greater value through our integrated business model, which drives meaningful cross-selling of our LC and GC solutions across our pharma and applied customers.

這包括重新激活我們的創新引擎、強化供應鏈敏捷性與營運紀律、精簡組織架構，並透過整合式商業模式釋放更大價值；該模式推動我們的 LC 與 GC 解決方案在製藥與應用客戶之間進行有意義的交叉銷售。

The enterprise capabilities we have developed with Ignite across commercial execution, innovation, manufacturing, supply chain and digital have strengthened the business and created inherent resiliency throughout the organization. All this positions us to deliver superior performance and navigate uncertainty in any environment.

我們透過 Ignite 在商業執行、創新、製造、供應鏈與數位化等面向所建立的企業能力，已強化業務並在整個組織中形成內建韌性。這一切使我們能在任何環境下交出更優異的表現，並在不確定性中從容應對。

Before providing specifics on our third quarter results, I want to talk about Agilent's key growth drivers going forward. These include stronger commercial execution against improving conditions across our largest end markets, renewed momentum in China, innovation, the instrument replacement cycle, pharma and semiconductor reshoring and Ignite's compounding impact on our results.

在說明第三季結果細節之前，我想先談談安捷倫未來的主要成長驅動因素。這些包括：在我們最大終端市場改善的情況下更強的商業執行力、中國市場動能再起、創新、儀器汰換週期、製藥與半導體回流（reshoring），以及 Ignite 對我們成果的複利式影響。

Starting with our end markets, our largest end markets continue to improve, and our teams are converting that improvement into results through strong commercial execution, while a differentiated portfolio and best-in-class service drive share gain. Pharma grew 12% in the quarter, well ahead of our high single-digit expectations and growth rates reported by our peers.

先從終端市場談起，我們最大的終端市場持續改善，而我們的團隊透過強勁的商業執行將這些改善轉化為成果；同時，差異化的產品組合與同級最佳的服務也帶動市占提升。製藥在本季成長 12%，明顯高於我們原先預期的高個位數成長，也高於同業所報告的成長率。

As our large customers remain on a sound footing, we are starting to see stronger funding environment translating to improved spending from our small and mid-cap biotech customers, which is reflected in our excellent results.

在大型客戶基本面仍然穩健之際，我們開始看到更佳的資金環境帶動中小型生技客戶支出回升，並反映在我們優異的業績表現中。

Our Advanced Therapeutics division, which includes NASD and BIOVECTRA specialty CDMO operations, grew nearly 30%. ATD's performance reflect strong demand and disciplined execution as we expand our capacity and prepare for the next phase of our growth.

我們的先進治療（Advanced Therapeutics）事業部（包含 NASD 與 BIOVECTRA 的專業 CDMO 營運）成長接近 30%。ATD 的表現反映了強勁需求與嚴謹執行力，因為我們正擴充產能並為下一階段成長做準備。

Like pharma, we saw particularly strong demand across our Applied Markets portfolio. Chemicals and Advanced Materials grew 7% ahead of our mid-single-digit guide. Growth was led by an outstanding performance in Advanced Materials despite a low double-digit year-over-year compare.

如同製藥市場，我們在應用市場（Applied Markets）產品組合也看到特別強勁的需求。化學品與先進材料成長 7%，高於我們中個位數的財測指引。成長主要由先進材料的傑出表現所帶動，儘管其年對年比較基期為低雙位數成長。

Our leadership across the Applied Markets and the strength of our install base positions us well to benefit from semiconductor investment and a broader AI infrastructure buildout over the near and medium term. Diagnostics and clinical grew at the high end of the mid-single-digit range, slightly below our high-single-digit guide.

我們在應用市場的領導地位以及強大的裝機基礎，使我們在短中期能充分受惠於半導體投資與更廣泛的 AI 基礎設施建置。診斷與臨床業務成長落在中個位數區間的高端，略低於我們高個位數的財測指引。

However, underlying orders grew at a robust double-digit rate, giving us confidence in the durability of the business and its growth outlook. The improving end market picture was complemented by a notable step up in China, which grew 9%, well ahead of our flat expectation.

然而，基礎訂單以強勁的雙位數速度成長，讓我們對業務的持久性與成長前景更具信心。終端市場改善的態勢，也伴隨著中國市場明顯升溫；中國本季成長 9%，大幅優於我們原先預期的持平表現。

Our long-standing presence and deep customer relationships in the country, along with localized manufacturing, go-to-market capabilities and exposure to attractive end markets underpinned our exceptional performance in the quarter.

我們在當地長期深耕與深厚的客戶關係，加上在地化製造、上市推廣（go-to-market）能力，以及對具吸引力終端市場的布局，共同支撐了本季的卓越表現。

Importantly, we delivered this performance despite minimal China stimulus benefit and see the momentum continuing into year-end. The upside was driven by strong execution with commercial accounts, especially within the pharma and food end markets.

重要的是，即使中國刺激政策帶來的助益有限，我們仍交出這樣的表現，並且看到動能將延續至年底。上行表現主要來自對商業客戶的強力執行，尤其是在製藥與食品等終端市場。

We saw competitive wins in China that highlight the strength of our differentiated portfolio and services offering. Those wins include two leading CXOs and an enterprise service contract win with a marquee local pharma customer. In Applied, a leading commercial testing lab chose us over the competition to serve their increasing PFAS testing needs.

我們在中國取得了具競爭力的勝利，凸顯我們差異化產品組合與服務方案的實力。這些勝利包括兩家領先的 CXO 客戶，以及與一家知名本土製藥客戶簽下的企業服務合約。在應用領域，一家領先的商業檢測實驗室在其日益增加的 PFAS 檢測需求上選擇了我們而非競爭對手。

As we look ahead, we are well positioned to benefit from three emerging growth drivers in the region. First, biotech innovation in China, combined with investment from global pharma companies, is creating meaningful demand for our CXO customers. Our customer support and service infrastructure continues to differentiate Agilent, and our unparalleled customer intimacy positions us as a trusted strategic partner for these CXOs.

展望未來，我們已做好準備，將受惠於該區域三項新興成長動能。首先，中國的生技創新，加上全球製藥公司的投資，正為我們的 CXO 客戶創造具實質意義的需求。我們的客戶支援與服務基礎設施持續使安捷倫脫穎而出，而我們無與倫比的客戶貼近度，使我們成為這些 CXO 值得信賴的策略夥伴。

Second, we are seeing an inflection in contract testing laboratory volumes, particularly testing activity related to food safety and materials exports. Demand for our differentiated PFAS testing solutions is strong. Our complete end-to-end workflows from sample preparation and analytical instrumentation through application and regulatory expertise is enabling us to win against the competition.

第二，我們看到委外檢測實驗室的量能出現轉折點，尤其是與食品安全及材料出口相關的檢測活動。市場對我們差異化的 PFAS 檢測解決方案需求強勁。我們從樣品前處理與分析儀器，到應用與法規專業的完整端到端工作流程，正協助我們在競爭中勝出。

And finally, the AI capital investment build-out in China plays directly into our strengths in GC, GCMS and spectroscopy. The recently launched 9,500 triple quad ICP-MS is off to a strong start in the region with semiconductor supply chain customers already contributing to a robust order funnel.

最後，中國 AI 資本投資的擴建，正好直接契合我們在 GC、GCMS 與光譜領域的優勢。近期推出的 9,500 三重四極桿 ICP-MS 在該區域開局強勁，半導體供應鏈客戶已開始貢獻，帶動強勁的訂單漏斗。

Last quarter, we announced the launch of our China Innovation Center and are now in the early phase of lab automation software co-development with a leading commercial testing customer ahead of building a fully automated lab.

上季我們宣布成立中國創新中心，目前正與一家領先的商業檢測客戶進入實驗室自動化軟體共同開發的早期階段，為建置全自動化實驗室做準備。

We're also partnering with a cutting-edge local biotech company that is leveraging AI to automate drug discovery workflows on our instrument platforms. These partnerships are generating positive momentum for us in the region by strengthening our R&D capabilities in AI and automation to better support our customers.

我們也正與一家前沿的本土生技公司合作，該公司運用 AI 在我們的儀器平台上自動化藥物發現工作流程。這些合作透過強化我們在 AI 與自動化方面的研發能力，為我們在該區域帶來正向動能，並能更好地支援客戶。

Even as instruments such as the Infinity III LC continue to drive our performance, we're looking forward to contributions from the next wave of innovations that will strengthen our install base. And support recurring consumables and service pull-through.

即使 Infinity III LC 等儀器持續帶動我們的表現，我們也期待下一波創新帶來的貢獻，進一步強化我們的裝機基礎。並帶動耗材與服務的持續性拉動效應。

Our recent product launches at the ASMS conference in June are all off to a strong start. The 9,500 ICP-MS, the flagship GC systems and our Altura column family are tracking ahead of plan simultaneously. This shows our innovation engine working across the portfolio, reducing our reliance on any single star product. We are seeing strong demand across all regions for the 9500.

我們在 6 月 ASMS 會議上的近期產品發表，皆有強勁的起步。9,500 ICP-MS、旗艦 GC 系統以及我們的 Altura 色譜柱系列，同步進度均優於計畫。這顯示我們的創新引擎在整個產品組合中運作良好，降低對任何單一明星產品的依賴。我們看到各區域對 9500 的需求都很強勁。

And already have exceeded our ramp-to-volume target despite beginning shipments in late July. The funnel now exceeds $60 million. The 9500's value proposition, increased productivity, lower cost of ownership and ease of use is resonating strongly while supporting customer technology migration from single quad to triple quad systems.

儘管 7 月下旬才開始出貨，我們已超越量產爬坡目標。目前訂單漏斗已超過 6,000 萬美元。9500 的價值主張——更高生產力、更低總持有成本與更易使用——引起強烈共鳴，同時也支持客戶技術從單四極桿系統升級至三重四極桿系統。

We have also received excellent customer feedback on our new 8890B and 8860B flagship GCs. Customers are excited about the productivity and GC-assist intelligence features on the systems, which started to ship in July.

我們也收到客戶對新款 8890B 與 8860B 旗艦 GC 的極佳回饋。客戶對系統的生產力與 GC-assist 智慧功能感到振奮，該系統已於 7 月開始出貨。

Orders over the first two months exceeded expectations by more than 2x with strong demand across all regions. Turning to our consumables portfolio, we further expanded the Altura family at ASMS by launching columns for analytical workflows in protein peptide therapeutics, large oligonucleotides, gene therapy and vaccines. We have seen fantastic customer response to date since shipments began last month.

前兩個月的訂單超出預期逾 2 倍，且各區域需求強勁。談到耗材產品組合，我們在 ASMS 進一步擴展 Altura 家族，推出用於蛋白/胜肽治療、大型寡核苷酸、基因治療與疫苗等分析工作流程的色譜柱。自上月開始出貨以來，我們已看到非常出色的客戶反應。

The increasing set of high-profile applications that our growing Altura portfolio is addressing has resulted in land and expand dynamic in customer accounts. We saw 28% quarter-over-quarter growth in the number of new accounts adopting Biopharma Altura columns. In multiple Biopharma accounts, we have seen the initial adoption of one Altura column for a single application translate into the customer purchasing multiple Altura column chemistries for different applications. And we're not done yet. Expect continued expansion of the Altura family for new use cases in the quarters ahead.

我們持續成長的 Altura 產品組合所涵蓋的高知名度應用日益增加，帶動客戶帳戶的「先導入、再擴張」動態。採用 Biopharma Altura 色譜柱的新客戶帳戶數量，季對季成長 28%。在多個生物製藥客戶帳戶中，我們看到最初為單一應用導入一支 Altura 色譜柱，進而轉化為客戶針對不同應用購買多種 Altura 色譜柱化學鍵結。而我們還沒結束。未來幾季 Altura 家族將持續擴展，以支援新的使用情境。

In pathology, expansion of the Omnis family continues to bring laboratory automation to an entirely new customer set. Moreover, the recent close of the BioCare transaction in late June builds on that momentum by expanding our clinically focused antibody menu and complementing our pathology offering. The business is off to a solid start, and the integration is progressing well. Turning to spectroscopy, we continue to build momentum with the RAM and Insight series.

在病理領域，Omnis 家族的擴展持續將實驗室自動化帶給全新的客戶群。此外，6 月下旬完成 BioCare 交易交割，延續此一動能，透過擴充我們以臨床為重點的抗體品項，並補強我們的病理產品方案。該業務開局穩健，整合進展順利。談到光譜，我們持續在 RAM 與 Insight 系列上累積動能。

Following the initial $9 million contract win with the TSA we mentioned earlier this year. We've seen use cases expand from airport security checkpoints at FIFA World Cup host cities to other cities in the US. Both the new Insight BRT and Insight 300 aviation security products have achieved major milestones this quarter and are now certified to variants of the latest US and European detection standards respectively.

繼今年稍早我們提到與 TSA 簽下最初 900 萬美元合約後。我們看到使用情境從 FIFA 世界盃主辦城市的機場安檢關卡，擴展到美國其他城市。本季新款 Insight BRT 與 Insight 300 航空安檢產品皆達成重大里程碑，並分別取得最新美國與歐洲偵測標準不同版本的認證。

Both systems contain truly first of its kind technology to enhance safety and streamline operations as security checkpoints. We continue to be optimistic that the opportunity could expand through further RFPs in the US and adoption in Europe and beyond.

兩套系統皆包含真正首創的技術，可提升安全性並簡化安檢關卡的作業流程。我們仍對此機會抱持樂觀，認為可透過美國後續 RFP 以及在歐洲及其他地區的採用而進一步擴大。

Turning to the instrument performance in Q3, we had another very strong quarter of instrument revenue, delivering high single-digit growth against a high single-digit comparison as we continue to reap the dual benefit of our LC and GC replacement cycles.

談到第三季的儀器表現，我們再次迎來非常強勁的儀器營收季度；在高個位數的比較基期下仍交出高個位數成長，持續受惠於 LC 與 GC 汰換週期帶來的雙重利多。

LC revenue grew low double-digits despite a mid-teens comparison. This is a truly outstanding result reflecting strong customer response to the Infinity III LC and the value customers are seeing in upgrading fleets to improve productivity, reliability and workflow efficiency. On the GC side, we saw low single-digit growth, a strong result considering the high single-digit year-over-year compare.

LC 營收在中十位數的比較基期下仍成長低雙位數。這是極為出色的成果，反映客戶對 Infinity III LC 的強烈回應，以及客戶在升級機隊以提升生產力、可靠性與工作流程效率方面所看到的價值。在 GC 方面，我們看到低個位數成長；考量到年對年高個位數的比較基期，這是相當強勁的結果。

Q3 book-to-bill came in above one, marking the 10th consecutive quarter where instrument orders met or grew faster than revenue. Our healthy book-to-build supports near-term demand, and our LC and GC replacement cycles come with an ample runway ahead.

第三季接單出貨比（book-to-bill）高於 1，為連續第 10 季儀器訂單達到或成長快於營收。健康的接單出貨比支撐短期需求，而我們的 LC 與 GC 汰換週期仍有充足的成長跑道。

The excellent momentum we are seeing across the portfolio is also reflected in our latest Agilent customer experience survey, with more than 85% of our customers rated their experience as highly favorable in relation to purchasing decisions, onboarding, solution use, and support.

我們在整體產品組合所看到的優異動能，也反映在最新的安捷倫客戶體驗調查中：超過 85% 的客戶在購買決策、導入上線、解決方案使用與支援等面向，給予高度正向的評價。

I'm especially delighted that we saw our highest score ever for onboarding support with a satisfaction rate at or above 95%. Beyond the instrument replacement cycle, early gains from reshoring dynamics are now beginning to materialize, underpinning a sustainable multi-year instrument growth opportunity ahead of us.

我尤其欣喜的是，我們在導入上線支援方面創下歷史最高分，滿意度達到或高於 95%。除了儀器汰換週期之外，回流生產（reshoring）動態帶來的早期成果也開始顯現，為我們未來可持續的多年期儀器成長機會奠定基礎。

In pharma, we booked our initial reshoring orders in Q3 ahead of our expectations, and the funnel continues to build. The steady increase in the number of active construction sites following the 17 pharmaceutical manufacturer agreements announced under the Trump administration's MFN program reinforces our top-stand view of the pharma reshoring opportunity we laid out last year.

在製藥領域，我們於第三季取得初步的回流生產訂單，且早於預期，訂單漏斗也持續擴大。在川普政府 MFN 計畫下宣布的 17 項製藥商協議之後，活躍施工據點數量穩步增加，強化了我們對製藥回流生產機會的長期觀點（top-down view），這也是我們去年所提出的論點。

Moreover, our commercial teams are now engaging in meaningful dialogue with most of these customers, three-quarters of whom happen to be part of our strategic customer program. In fact, we have secured reshoring orders from five of the TOP10 pharma companies in the world in the third quarter alone.

此外，我們的商業團隊目前正與其中大多數客戶進行具實質意義的對話，而其中四分之三恰好屬於我們的策略客戶計畫。事實上，僅在第三季，我們就已從全球 TOP10 製藥公司中的五家取得回流生產訂單。

We continue to expect more meaningful order benefit from pharma reshoring around year-end, with revenue contributions building in fiscal 2027 and beyond. Further, the reshoring opportunity for Agilent extends beyond pharma to semiconductor, a key differentiator for us compared to our peers.

我們仍預期，製藥回流生產在年底前後將帶來更顯著的訂單挹注，營收貢獻則將在 2027 會計年度及之後逐步累積。此外，對安捷倫而言，回流生產機會不僅限於製藥，也延伸至半導體；相較同業，這是我們的重要差異化優勢。

Semiconductor customers continue to invest in regional supply chain capacity. Which in combination with AI CapEx buildout should underpin the robust growth in our advanced materials end market over the medium term. The Ignite operating system is powering our commercial and operations organization as well as accelerating innovation momentum. The scope and impact of ignite once again clearly visible in the third quarter. Our strategic pricing initiatives delivered approximately 200 basis points in Q3. We have now surpassed our initial full year target of more than 100 basis points.

半導體客戶持續投資於區域供應鏈產能。再加上 AI 資本支出（CapEx）建置，應可在中期支撐我們先進材料終端市場的強勁成長。Ignite 作業系統正驅動我們的商務與營運組織，同時加速創新動能。第三季再次清楚展現 Ignite 的範疇與影響力。我們的策略性定價措施在第三季帶來約 200 個基點的貢獻。我們目前已超越原先全年超過 100 個基點的初始目標。

While strategic pricing supported the topline, our operating profit is growing faster than sales. Operating margin in the quarter excluding the tariff refund net benefit of approximately 110 basis points, expanded by over 210 basis points year over year.

雖然策略性定價支撐了營收，但我們的營業利益成長速度快於銷售成長。本季營業利益率（不含約 110 個基點的關稅退稅淨利益）年增擴張超過 210 個基點。

We're generating more returns on every incremental revenue dollar, giving us financial flexibility. This traces back to Ignite, the engine at the heart of our company-wide operating system. Another shining example of Ignite in action is our push for manufacturing excellence.

我們在每一美元新增營收上創造更多報酬，讓我們具備財務彈性。這可追溯至 Ignite——我們全公司營運系統的核心引擎。Ignite 發揮效用的另一個亮眼例子，是我們推動製造卓越的努力。

There, we are being front-footed in building resilience across our business. And setting up the organization to deliver durable long-term growth while nimbly navigating shifts in end markets, trade and geopolitical dynamics. And our internally developed AI-enabled supply chain control tower is improving prediction and enabling adaptive calibration of supply and demand plans.

在那方面，我們以前瞻姿態在全業務範圍內建立韌性。並讓組織在靈活因應終端市場、貿易與地緣政治動態變化的同時，交付可持續的長期成長。我們內部開發、AI 賦能的供應鏈控制塔正在提升預測能力，並使供需計畫得以自適應校準。

During the quarter, our order-to-shipment conversion rate improved meaningfully year-over-year, reinforcing the agility we have built in operations. Enhanced shipment prediction and greater risk visibility ensure ability to rapidly flex supply across our instruments and consumables portfolio in lockstep with customer demand.

本季我們的接單到出貨轉換率較去年同期顯著改善，強化了我們在營運上建立的敏捷性。更精準的出貨預測與更高的風險可視性，確保我們能依客戶需求，快速在儀器與耗材產品組合間同步彈性調整供應。

Rapid factory turnaround is also helping us respond to demand faster, with the customer requested delivery date performance reaching a record 95%. As part of our global operations transformation, we've moved to a more agile, regionally led distributed manufacturing model.

快速的工廠周轉也幫助我們更快回應需求，客戶要求交期達成率創下 95% 的新高。作為全球營運轉型的一部分，我們已轉向更敏捷、由區域主導的分散式製造模式。

This structure enabled our regional hubs in Asia to respond quickly during the quarter to strong demand conditions. Importantly, we did so without adding headcounts and despite having to navigate rising material costs and supply chain headwinds.

此一架構使我們在亞洲的區域樞紐於本季能迅速回應強勁需求。重要的是，我們在未增加人力編制的情況下做到這點，且同時必須因應材料成本上升與供應鏈逆風。

As Ignite strengthens our operations, we are applying the same disciplined approach to building our next generation digital and AI capabilities. Our digital initiative continues to make it easier for customers to do business with Agilent while lowering our cost per transaction. Customers' overall experience on Agilent.com continues to track ahead of our targets with new online orders growing into the low teens in Q3.

隨著 Ignite 強化我們的營運，我們也以同樣嚴謹的方式打造下一代數位與 AI 能力。我們的數位化計畫持續讓客戶更容易與安捷倫（Agilent）往來，同時降低每筆交易成本。客戶在 Agilent.com 的整體體驗持續優於我們的目標，第三季新增線上訂單成長達到低十位數百分比。

Starting last quarter, we have moved our enterprise AI strategy into execution. We mobilized our partnership with OpenAI and BCGX, advanced solutions focused on the commercial customer journey, and continued building the Agilent AI Center of Excellence to help us move from individual initiatives to repeatable enterprise delivery.

自上季起，我們已將企業 AI 策略推進到執行階段。我們啟動與 OpenAI 與 BCGX 的合作，推進聚焦於商務客戶旅程的解決方案，並持續建置安捷倫 AI 卓越中心，協助我們從單點專案走向可重複的企業級交付。

While AI capability is advancing quickly and becoming broadly available, our differentiation lies in how we apply it. Combining AI with Agilent's proprietary data, scientific knowledge, and customer understanding enables us to redesign workflows, improving how decisions are made and how work gets done. This is how we move beyond isolated productivity gains to create durable value that is difficult to replicate.

儘管 AI 能力快速進展並日益普及，我們的差異化在於如何應用它。將 AI 與安捷倫的專有資料、科學知識與客戶洞察結合，使我們能重新設計工作流程，改善決策方式與工作完成方式。這正是我們如何超越零散的生產力提升，創造難以複製的持久價值。

We are leveraging AI to transform software development to create highly integrated enterprise solutions that deliver a seamless and superior customer experience. Our use of AI is not simply about helping the developers code faster but will shorten the software development life cycle from planning and design through development, testing and deployment.

我們正運用 AI 轉型軟體開發，以打造高度整合的企業解決方案，提供無縫且更優質的客戶體驗。我們使用 AI 不僅是協助開發人員更快寫程式碼，更將縮短軟體開發生命週期，涵蓋從規劃與設計到開發、測試與部署。

Our targeted approach will accelerate the pace of which we bring differentiated software releases to market. In parallel, we are focused on delivering near-term value in priority workflows, including the commercial customer journey and our manufacturing operations.

我們的聚焦式方法將加速把具差異化的軟體版本推向市場的速度。同時，我們也專注於在優先工作流程中交付短期價值，包括商務客戶旅程與我們的製造營運。

We continue to scale our AI investments with discipline based on our demonstrated customer outcome, adoption and business value. Before I turn to sharing financial details of our Q3 results, I want to highlight the marked progress we have made in the area that is important to our customers, employees and shareholders.

我們將依據已證實的客戶成果、採用情況與商業價值，以紀律性方式持續擴大 AI 投資。在我分享第三季財務結果細節之前，我想先強調我們在一個對客戶、員工與股東都很重要的領域所取得的顯著進展。

Sustainability. This quarter, we continue to programmatically embed sustainability in everything we do, facility design, engineering projects and product design and are making excellent progress to our committed pledges. Through a formal structure, dedicated leadership within our global operations function and a thoughtful roadmap, we're seeing the impact of our efforts.

永續發展。本季我們持續以系統化方式把永續嵌入我們所做的一切，包括設施設計、工程專案與產品設計，並在達成我們承諾的目標方面取得極佳進展。透過正式的架構、全球營運職能中的專責領導，以及周延的路線圖，我們正看見努力所帶來的影響。

Agilent was named to Times World's Most Sustainable Companies and Newsweek's World's Greenest Companies in 2026. Further, our latest MSCI ESG assessment resulted in an upgrade from AA to AAA.

安捷倫於 2026 年入選《Times》全球最永續企業，以及《Newsweek》全球最綠企業。此外，我們最新的 MSCI ESG 評等也從 AA 升級至 AAA。

We also joined the United Nations Global Compact and received My Green Lab's 2025 Sustainable Lab Product Innovation Award for our flagship Infinity III LC. These achievements reflect the collective efforts of the teams across Agilent to strengthen our sustainability programs.

我們也加入聯合國全球盟約，並以我們的旗艦產品 Infinity III LC 獲得 My Green Lab 2025 年永續實驗室產品創新獎。這些成就反映了安捷倫各團隊共同努力，強化我們永續計畫的成果。

I'm delighted to see that progress recognized externally. Now, let me share some additional details on our Q3 results, starting with our end markets. As I mentioned earlier, pharma grew 12% this quarter. Within pharma, biotech grew double-digits and small molecule grew mid-single-digits.

我很高興看到這些進展獲得外部肯定。接下來，我將分享第三季業績的更多細節，先從終端市場談起。如我先前提到，本季製藥（pharma）成長 12%。在製藥領域內，生技（biotech）呈雙位數成長，小分子（small molecule）則為中個位數成長。

Our GLP-1 momentum continues, delivering more than 70% year-over-year growth in the quarter with a robust contribution from both our CDMO and analytical lab businesses. CAM grew 7% and environmental forensics delivered 5% growth, both exceeding our expectations. Importantly, PFAS grew 20% despite a low double-digit compare.

我們在 GLP-1 的動能持續，本季年增超過 70%，且我們的 CDMO 與分析實驗室業務皆有強勁貢獻。CAM 成長 7%，環境鑑識（environmental forensics）成長 5%，兩者皆超出我們預期。重要的是，PFAS 儘管面臨低雙位數的比較基期，仍成長 20%。

Diagnostics and clinical grew 6%, just shy of our expectations. Robust double-digit order growth in pathology in the quarter gives us confidence in the underlying demand and health of this business. Food was roughly flat in the quarter, ahead of our expectations for a low single digit decline. Academic and government, our smallest end market, declined 3% moderately below our expectations.

診斷與臨床（Diagnostics and clinical）成長 6%，略低於我們預期。本季病理（pathology）訂單呈現強勁雙位數成長，讓我們對此業務的基本需求與健康度更具信心。食品（Food）本季大致持平，優於我們原先預期的低個位數下滑。學術與政府（Academic and government）作為我們最小的終端市場，本季下滑 3%，略低於我們預期。

However, on an ex China basis, the end market was up low single digits. Most importantly, our customer-centric approach is working, and we continue to win against the competition in all major geographies. Turning to updated guidance, building on an excellent third quarter. And with the outlook for our end markets broadly continuing to improve, we now expect core growth of 5.8% to 6% for the full year.

然而，若排除中國（ex China），該終端市場呈低個位數成長。最重要的是，我們以客戶為中心的方法正在奏效，我們持續在所有主要地區贏過競爭對手。接著談更新後的財測指引，建立在優異的第三季表現之上。且隨著終端市場前景整體持續改善，我們現在預期全年核心成長為 5.8% 至 6%。

At the midpoint, this represents an increase of 65 basis points versus our prior guide. Our full year growth is now poised to approach the midpoint of our long-range plan. Moreover, on a two-year stack basis, our revised guide implies the core growth has now accelerated from flat in 2025 to almost 11%. An exceptional outcome separating us from our peers.

以中位數計，這較先前指引提高 65 個基點。我們的全年成長如今有望接近長期計畫的中位數。此外，以兩年疊加（two-year stack）基礎來看，我們修訂後的指引意味著核心成長已從 2025 年的持平加速至接近 11%。這是使我們與同業拉開差距的卓越成果。

Importantly, our robust topline performance is translating into excellent operating leverage. We're increasing our EPS expectations to a range of $6.18 to $6.21 for the full year, $0.15 higher than our prior forecast at the midpoint.

重要的是，我們強勁的營收表現正轉化為優異的營運槓桿。我們將全年每股盈餘（EPS）預期上調至 6.18 至 6.21 美元區間，以中位數計較先前預測提高 0.15 美元。

Excluding the net benefit of tariff-free funds of approximately $0.06 in the third quarter. Earnings per share of $6.12 to $6.15 are now expected to grow at 10% at the midpoint for the full year, in line with a long-range plan of double-digit EPS growth. And with that, let me hand over to Adam, who will provide additional details on the quarter and our financial outlook for the remainder of the year.

若排除第三季約 0.06 美元的免關稅資金淨利益。目前預期全年每股盈餘為 6.12 至 6.15 美元，以中位數計全年成長 10%，符合我們長期計畫的雙位數 EPS 成長目標。接下來，我把時間交給 Adam，他將提供本季與今年剩餘期間財務展望的更多細節。

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

謝謝你，Padraig，各位下午好。在我今天的發言中，我將就本季營收提供更多細節，並帶大家走過損益表，同時涵蓋其他關鍵財務指標。接著我會說明我們更新後的全年與第四季指引。

Starting with Q3, revenue was $1.88 billion. On a core or organic constant currency basis, we posted growth of 7.3%, while reported growth was 8.1%. Currency had a favorable impact of 0.2%, a lower tailwind than our May guidance. LDG revenue grew 10% on a core basis, nicely ahead of expectations.

先從第三季開始，營收為18.8億美元。以核心或有機的固定匯率基礎計算，我們實現7.3%的成長，而按報告口徑的成長為8.1%。匯率帶來0.2%的正面影響，低於我們5月指引所預期的順風幅度。LDG營收以核心口徑成長10%，明顯優於預期。

Low double-digit growth in LC and nearly 30% growth in our specialty CDMO Advanced Therapeutic division drove performance. We expect flattish growth in ATD in the fourth quarter. When the segment lapsed a tough year-over-year compare of over 40%.

LC的低雙位數成長，以及我們專業CDMO先進治療事業部（Advanced Therapeutic division）的近30%成長，帶動了整體表現。我們預期ATD在第四季的成長將大致持平。因為該事業部將面臨超過40%的艱難年對年比較基期。

As you might recall, we achieved mechanical completion of our train C buildout last quarter, positioning us well to begin revenue generation at the new facility next spring. Our cancer diagnostics business was driven by strong growth in companion diagnostics and genomics.

各位可能還記得，我們在上季完成了C產線（train C）擴建的機械完工，使我們具備良好條件，於明年春季開始在新廠房創造營收。我們的癌症診斷業務則受惠於伴隨式診斷與基因體學的強勁成長。

Biocare delivered $10 million in Q3, following close of the transaction. We are excited by the solid start and look forward to the impact of BioCare's clinically focused antibody menu on our pathology business. AMG grew 7% in the quarter on a core basis, well ahead of our low single-digit expectations. Growth was led by a high single digit increase in spectroscopy in addition to double-digit performance in vacuum.

Biocare在第三季貢獻了1,000萬美元，係於交易完成後入帳。我們對這個穩健的開局感到振奮，並期待BioCare以臨床為導向的抗體產品組合，對我們病理業務帶來的影響。AMG本季以核心口徑成長7%，大幅優於我們原先低個位數的預期。成長主要由光譜業務的高個位數增幅帶動，並加上真空業務的雙位數表現。

Like last quarter, those businesses continue to see strong demand for their market-leading tools to support semiconductor production. ACG grew north of 5% in the quarter on a core basis, modestly ahead of our forecast, driven by strong performance in consumables. Looking ahead, our ongoing installed base expansion will fuel consumables uptake in addition to service revenue growth following the initial warranty period.

如同上季，這些業務持續看到強勁需求，市場領先的工具用以支援半導體生產。ACG本季以核心口徑成長超過5%，略優於我們的預測，主要由耗材的強勁表現所帶動。展望未來，我們持續擴大裝機基礎，將推動耗材採用率提升，並在初始保固期結束後帶動服務營收成長。

On a geographic basis, the biggest driver of upside in the quarter was China, where we grew 9%, well ahead of our flat expectations, driven by double-digit growth in pharma and food. Asia ex China revenue also grew 9%, with robust double-digit growth in pharma and CAM.

以地區來看，本季超預期的最大驅動因素是中國，我們成長9%，明顯優於原先持平的預期，主要由製藥與食品的雙位數成長帶動。不含中國的亞洲地區營收亦成長9%，其中製藥與CAM呈現強勁的雙位數成長。

Americas grew 10%. The growth was broad-based with low to mid-teens performance in pharma. Diagnostics and clinical, and environmental and forensics. Europe grew low single-digits on a tough year-over-year compare, with mid-single-digit growth in diagnostics and clinical, CAM, and academic and government.

美洲地區成長10%。成長動能廣泛，其中製藥業務呈現低至中十位數的表現。診斷與臨床，以及環境與法醫領域亦有成長。歐洲在艱難的年對年比較基期下，成長為低個位數；其中診斷與臨床、CAM，以及學術與政府領域為中個位數成長。

Q3 gross margins were 56.4%, excluding an approximately 160 basis point net benefit from tariff-free funds, gross margins were 54.9%. This represents a healthy 180 basis point improvement year-over-year from strong leverage on incremental volumes in Ignite momentum.

第三季毛利率為56.4%；若排除約160個基點的免關稅資金淨受益，毛利率為54.9%。在Ignite動能帶來的增量出貨量強勁槓桿效應下，毛利率年對年提升180個基點，表現健康。

Operating margin was 28.3% in the quarter. Excluding an approximately 110 basis point net benefit from tariff-free funds, operating margin was 27.2%, an increase of 210 basis points year-over-year, driven by our healthy gross margin performance and compounding Ignite efficiencies.

本季營業利益率為28.3%。若排除約110個基點的免關稅資金淨受益，營業利益率為27.2%，年對年提升210個基點，主要由健康的毛利表現與Ignite效率的持續累積所驅動。

Moving below the line, we had $5 million of other income, while our tax rate of 14.5% was as expected. Finally, we had 283 million diluted shares outstanding in the quarter, in line with expectations. Putting it all together, Q3 earnings per share were $1.62, which includes a $0.06 net benefit from tariff refunds.

在營業利益以下，我們有500萬美元的其他收益，而14.5%的稅率符合預期。最後，本季稀釋後流通股數為2.83億股，與預期一致。綜合以上，第三季每股盈餘為1.62美元，其中包含關稅退稅帶來的0.06美元淨受益。

Excluding this impact, earnings per share of $1.56 grew 14% year-over-year, a reflection of our superior execution, and Ignite led structural improvement in our operations. Now let me turn to the cash flow and balance sheet.

若排除此影響，每股盈餘1.56美元年對年成長14%，反映我們卓越的執行力，以及Ignite帶動的營運結構性改善。接下來我將談談現金流與資產負債表。

Operating cash flow in the quarter was $519 million, and we invested $80 million in capital expenditures. The strong operating cash flow performance reflects operational excellence and improved collections, as well as the net benefit of tariff refunds. Our free cash flow of $439 million represents a non-GAAP net income conversion ratio of 96%.

本季營運現金流為5.19億美元，我們投入8,000萬美元的資本支出。強勁的營運現金流表現反映營運卓越與收款改善，以及關稅退稅的淨受益。我們的自由現金流為4.39億美元，代表非GAAP淨利轉換率為96%。

We purchased $78 million in shares and paid $72 million in dividends in Q3. Finally, in conjunction with the Biocare acquisition, we successfully completed our $600 million senior notes offering in late June. We ended the quarter with a net leverage ratio of one turn. Maintaining our strong balance sheet.

第三季我們回購7,800萬美元的股票，並支付7,200萬美元股利。最後，配合Biocare收購案，我們於6月下旬成功完成6億美元的優先票據發行。本季結束時，我們的淨槓桿比率為1倍。並維持我們強健的資產負債表。

Now let me share some additional details on the updated outlook for the year and the guidance for the fourth quarter. Based on the strong performance, we now expect fiscal year '26, revenue to be in the range of $7.49 billion to $7.51 billion on a reported basis. This range represents growth of 5.8% to 6% on a core or organic constant currency basis, an increase of 65 basis points at the midpoint versus the prior guide.

接下來我將分享更新後的全年展望與第四季指引的更多細節。基於強勁表現，我們目前預期26財年按報告口徑的營收將落在74.9億至75.1億美元之間。此區間代表以核心或有機固定匯率口徑計算成長5.8%至6%，在中點較先前指引上調65個基點。

Currency is now expected to be a 1.6% tailwind during the year. Turning to our end markets, business segment and geographic growth assumptions. Based on strong results year-to-date and our outlook for the fourth quarter, we are raising our full-year expectations for CAM from mid to high to high single-digit growth.

目前預期匯率在全年將帶來1.6%的順風。接著談我們對終端市場、事業部門與地區成長的假設。基於年初至今的強勁結果以及我們對第四季的展望，我們將CAM的全年預期由中至高個位數成長，上調至高個位數成長。

Our growth assumptions across the rest of our end markets remain unchanged. Turning to our segments, we now expect mid to high single-digit growth for both AMG and LDG versus our prior mid-single-digit forecast to reflect our strong year-to-date performance and continuing momentum into year-end.

其餘終端市場的成長假設維持不變。就各事業部門而言，我們目前預期AMG與LDG皆為中至高個位數成長，較先前中個位數的預測上調，以反映年初至今的強勁表現與年底前的持續動能。

We continue to expect mid-single-digit growth for ACG. Regionally, we are increasing our expectations for China and Asia ex China. We now expect China to grow at mid-single-digits, while Asia ex China is expected to grow double-digits. In Europe, we now expect low-single-digit growth for the full year, while our growth assumption for the Americas remains unchanged at mid to high-single-digit.

我們仍預期ACG為中個位數成長。在地區方面，我們上調對中國與不含中國的亞洲之預期。我們目前預期中國將以中個位數成長，而不含中國的亞洲預期為雙位數成長。在歐洲，我們目前預期全年為低個位數成長；而美洲的成長假設維持不變，仍為中至高個位數。

Moving down the P&L. On an ex-tariff refund basis, we are increasing our full year operating margin expansion target to over 100 basis points at the midpoint of our revenue guidance versus our prior forecast of 85 basis points.

接著往下看損益表。在排除關稅退稅的基礎上，我們將全年營業利益率擴張目標上調至在營收指引中點超過100個基點，較先前預測的85個基點提高。

Including the tariff refunds we received in the third quarter; this represents operating margin expansion of over 130 basis points. Our expected tax rate is unchanged at 14.5%. We continue to expect $31 million in other income and 283 million diluted shares outstanding for the year.

若包含我們在第三季收到的關稅退稅，則代表營業利益率擴張超過130個基點。我們的預期稅率維持不變，為14.5%。我們仍預期全年其他收益為3,100萬美元，稀釋後流通股數為2.83億股。

On an ex-tariff refund basis, fiscal year '26, earnings per share are now expected to be between $6.12 and $6.15, an increase of $0.09 at the midpoint, representing robust earnings growth of 10%, including the net benefit of refunds received in Q3, earnings per share are expected to be between $6.18 and $6.21, representing growth of 11%. For your modeling, let me share some additional expectations we have incorporated into our guidance for the year.

在排除關稅退稅的基礎上，26財年每股盈餘目前預期介於6.12至6.15美元之間，中點上調0.09美元，代表強勁的10%獲利成長；若包含第三季收到退稅的淨受益，每股盈餘預期介於6.18至6.21美元之間，代表11%的成長。為便於各位建模，我再分享一些我們已納入全年指引的其他預期。

While the Middle East conflict and demand for memory chips continue to pressure our costs. We are confident that the Ignite operating system will deliver meaningful efficiencies and help absorb those inflationary impacts within our Q4 outlook.

儘管中東衝突以及記憶體晶片需求持續對我們的成本造成壓力。我們有信心 Ignite 作業系統將帶來顯著的效率提升，並在我們第四季展望中協助吸收這些通膨影響。

There is no change to our operating cash flow range of $1.6 billion to $1.7 billion. And we expect to invest approximately $450 million in capital expenditures. The updated full year guidance implies that reported revenue in the fourth quarter will be in the range of $1.98 billion to $2 billion. This represents growth of roughly 5.2% to 6.2% on a core or organic constant currency basis, while currency is expected to be a 10 basis point headwind.

我們的營運現金流區間維持不變，仍為 16 億至 17 億美元。我們預期資本支出約為 4.5 億美元。更新後的全年指引意味著第四季的報告營收將落在 19.8 億至 20 億美元之間。以核心或有機的固定匯率基礎計算，這代表約 5.2% 至 6.2% 的成長，而匯率預期將帶來 10 個基點的不利影響。

It is important to note that this growth represents continued structural acceleration on a two-year stack basis, excluding ATD. Which we expect will be flattish this quarter, as I stated earlier. Our fourth quarter guide also includes revenue contribution of approximately $23 million from Biocare.

需要特別注意的是，在排除 ATD 的情況下，這項成長在兩年疊加（two-year stack）基礎上代表結構性加速的延續。如我先前所述，我們預期 ATD 本季將大致持平。我們第四季指引亦包含 Biocare 約 2,300 萬美元的營收貢獻。

Together, EPS is expected to be in the range of $1.71 to $1.74, representing growth of 8% to 9%, assuming 283 million diluted shares outstanding. And finally, I wanted to be clear that our fourth quarter guide does not include any future benefit from potential tariff refunds. With that, I'll turn the call over to Padraig for closing comments.

綜合而言，預期每股盈餘（EPS）將落在 1.71 至 1.74 美元之間，假設稀釋後流通股數為 2.83 億股，代表 8% 至 9% 的成長。最後，我想明確說明，我們第四季指引未包含任何來自潛在關稅退稅的未來利益。接下來我把電話交給 Padraig 做結語。

Thanks, Adam. Our third quarter performance once again demonstrates the accelerating momentum of the business and the quality of Agilent's execution. We delivered excellent top and bottom-line results. While continuing to invest in capabilities that will drive profitable above market growth years ahead.

謝謝你，Adam。我們第三季的表現再次展現業務動能正在加速，以及 Agilent 執行力的品質。我們在營收與獲利兩端都交出優異成果。同時持續投資於將在未來多年推動高於市場、且具獲利性的成長之能力。

Our value proposition remains highly differentiated: a broad and resilient portfolio across attractive end markets and geographies, leadership in essential analytic and clinical workflows, an innovation engine grounded in customer intimacy, commercial and operations excellence, and best-in-class service, all underpinned by the Ignite operating system, which is raising performance across every facet of Agilent.

我們的價值主張仍具高度差異化：在具吸引力的終端市場與地理區域中擁有廣泛且具韌性的產品組合；在關鍵分析與臨床工作流程中具領導地位；以貼近客戶為基礎的創新引擎；商務與營運卓越；以及同級最佳的服務；而這一切皆由 Ignite 作業系統所支撐，正全面提升 Agilent 各個面向的績效。

Together these strengths give us multiple avenues to succeed and position Agilent to sustainably outperform the competition. We are looking forward to finishing the year on a strong note and entering 2027 from a position of strength.

這些優勢結合在一起，讓我們擁有多條成功路徑，並使 Agilent 能夠持續性地優於競爭對手。我們期待以強勁的態勢完成今年，並以優勢地位邁入 2027 年。

Before we close, I want to thank our customers for the trust and express my gratitude to the Agilent team. Their commitment, customer focus and our exceptional execution made these results possible. And with that, I'll turn back to Tejas.

在結束之前，我要感謝客戶的信任，並向 Agilent 團隊表達我的感謝。他們的投入、以客戶為中心的精神，以及我們卓越的執行力，讓這些成果成為可能。接下來我把電話交回 Tejas。

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

謝謝你，Padraig。接線員，請分享問答環節的指示，好嗎？

(Operator Instructions)

（接線員指示）

Jack Meehan, Operon.

Jack Meehan，Operon。

Wanted to focus on the specialty CDMO business. So strong growth, nearly 30% in the quarter. That was ahead of what I was expecting. Can you talk about the visibility on this business into 2027. Obviously, the GLP-1 demand has been very strong, but I get a lot of questions about some of your top customers in NASD as well. I was just wondering if you could talk about the outlook for this business?

我想聚焦在專業 CDMO 業務。本季成長非常強勁，接近 30%。這高於我的預期。你們能談談這項業務到 2027 年的能見度嗎？顯然 GLP-1 的需求非常強，但我也收到很多關於你們在 NASD 的一些主要客戶的問題。我想請你們談談這項業務的展望？

Yeah, thanks, Jack. I'll pass it over to Adam here in a second. But first of all, really pleased with the performance of nearly 30% growth. Which was really within our expectations and moving along nicely. But Adam, do you want to add some detail on that?

好的，謝謝你，Jack。我等一下把問題交給 Adam。不過首先，我們對接近 30% 的成長表現非常滿意。這其實在我們的預期之內，而且進展相當順利。Adam，你要不要補充一些細節？

Sure. Thanks, Padraig. Thanks, Jack. Effectively, as you think about the CDMO business over the longer-term, we've talked about mid-teens growth over the LRP period, and we still feel very confident about that. The second piece is we have Train C coming online, and that's in the spring. And so as you think about that will start generating revenue in that period. And then over. The next six to eight quarters, that's when we expect it to ramp up to full capacity.

當然。謝謝你，Padraig。謝謝你，Jack。基本上，從較長期來看 CDMO 業務，我們在長期規劃（LRP）期間談到的是中十位數（mid-teens）的成長，我們對此仍非常有信心。第二點是，我們的 C 產線（Train C）將在春季上線。因此你可以預期它將在那段期間開始產生營收。接著在。未來六到八個季度，我們預期它將逐步爬升至滿載產能。

The other piece, and you asked about our confidence and how we're thinking about the business, our order book is really building very nicely, and we have the majority of our capacity available in Train C spoken for already.

另外一點，你問到我們的信心以及我們如何看待這項業務，我們的訂單簿正在非常良好地累積，而且 C 產線（Train C）可用產能的大部分目前已經被預訂。

And then just as the last piece, as you're thinking about the business, just recognize as we start to bring Train C online, we'll start our capacity in the base CDMO business will start to hit full capacity. So then that incremental train C will allow us to grow again. So feel very confident going forward.

最後，當你思考這項業務時，請注意：隨著我們開始讓 C 產線（Train C）上線，我們基礎 CDMO 業務的產能將開始達到滿載。因此新增的 C 產線將使我們能再次成長。所以我們對未來非常有信心。

Excellent. And then just to stick on this topic, I was wondering if you could talk about margin dynamics related to the specialty CDMO business. I was just trying to figure out, obviously, 27.2% strip out the tariff dynamics in the quarter. It was a very healthy result.

很好。同樣延續這個主題，我想請你們談談與專業 CDMO 業務相關的毛利率動態。我想了解的是，顯然本季若剔除關稅因素，毛利率為 27.2%。這是非常健康的結果。

Was wondering how much the CDMO business contributed to that because I know it can be healthy margins and what's contemplated in terms of the phasing into 4Q?

我想知道 CDMO 業務對此貢獻了多少，因為我知道它的毛利率可能相當不錯；以及在第四季的分期（phasing）方面是如何規劃的？

Yeah, so in general terms, we don't break out the CDMO business, but in general terms, the way we think about it is, it should be roughly aligned to our broader business when it's running at full capacity. Then if you think about next year, especially as we're bringing on Train C, we'll be hiring staff in advance and we'll start depreciating the facility in the early part of the year and then starting to get revenue later part of the year. That said, any margin, negative margin impact we've committed to mitigating through our Ignite operating system.

是的，整體而言，我們不會單獨揭露 CDMO 業務，但我們的看法是：當它以滿載產能運行時，其毛利率應大致與我們更廣泛的業務一致。再來看明年，特別是我們在導入 C 產線（Train C）時，我們會提前招募人員，並在年初開始對該設施提列折舊，而營收則會在年後段才開始進來。即便如此，任何毛利率上的負面影響，我們都承諾會透過 Ignite 作業系統加以抵銷。

Vijay Kumar, Evercore.

Vijay Kumar，Evercore。

Congratulations on a nice print here. Maybe, Padraig, my first one was on your comment on reshoring was interesting. You noted five customers, you received orders and this is ahead of expectations, right? So is there any way to quantify what the order size is, any change in your $1 billion, expectations for the industry and how to think about contribution for fiscal '27?

恭喜這次交出漂亮的成績。Padraig，我第一個問題是關於你提到的回流生產（reshoring），這點很有意思。你提到有五位客戶，你們已收到訂單，而且這超出預期，對吧？那有沒有辦法量化訂單規模？你們對產業 10 億美元的預期是否有任何變化？以及該如何看待對 2027 會計年度的貢獻？

Yeah, so I think we've sized the opportunity at about $1 billion through 2030, and we expect to at least win one-third of that. We feel really good about that. Vijay, having visited a number of these sites over the last few months, it's been great to see the momentum and how we're moving with setting up, getting ready to get it ready to put its systems in, et cetera.

是的，我們評估到 2030 年的機會規模約為 10 億美元，而我們預期至少能拿下其中三分之一。我們對此感覺非常好。Vijay，過去幾個月我走訪了其中一些據點，很高興看到這股動能，以及我們在建置、準備把系統導入等方面的推進情況。

So one of the things that's kind of probably good to say is the broader benefit versus peers, we include LC services and GC in these companies where we've seen 45 onshoring sites that have been designated, we see that we have about 15,000 instruments installed globally. So we have a large install base that reflects future going forward on the reshoring sites.

另外，可能值得一提的是，相較同業的更廣泛優勢：在我們看到已被指定的 45 個在岸化（onshoring）據點中，我們在這些公司涵蓋了 LC 服務與 GC；我們在全球已安裝約 15,000 台儀器。因此我們擁有龐大的裝機基礎，可反映未來在這些回流生產據點上的後續機會。

And it's going to take a bit of time, we already have some orders coming in, which is great to see, and these are in forward stocking locations ready to go into sites. And of course, our teams are helping plan how the labs are set up, et cetera on it. So I think we feel very good about it, we're going to see the revenues start to come in in 2027.

而且這需要一點時間；我們已經看到一些訂單進來，這很令人振奮，而且這些產品已在前置備貨（forward stocking）地點就緒，隨時可以送進各個工地。當然，我們的團隊也在協助規劃實驗室如何設置等等。所以我認為我們對此感覺非常好，我們將在 2027 年開始看到營收進來。

It's going to be not linear, I think you're going to see differences in different quarters as we go forward, but I think it's going to be really important. And one of the things that's been very compelling to us is that out of the first onshore or reshoring orders that we've done, it includes five out of the TOP10 global pharma companies in Q3 alone.

這不會是線性的；我想你會看到我們往前走時，不同季度之間會有差異。但我認為這會非常重要。而且有一點對我們來說非常有吸引力：在我們完成的第一批在岸化或回流（reshoring）訂單中，光是第三季就包含了全球前十大藥廠中的五家。

And what you will see going forward is that we expect that to continue. One of the things that we invested in in the company a number of years ago, which is really playing dividends is our strategic customer program, and 75% of the MFN signatories are in that strategic customer program. So that's what means we have a global read on what's happening. So that's how we read it, so we feel really good about it.

而你接下來會看到的是，我們預期這種情況會持續。我們在幾年前於公司投入的一項投資，如今確實正在帶來回報，那就是我們的策略客戶計畫；而 MFN 簽署方中有 75% 都在該策略客戶計畫內。這也就意味著我們能以全球視角掌握正在發生的事情。所以我們就是這樣解讀的，因此我們對此感覺非常好。

That's helpful. And then maybe one more follow-up Padraig, what gets when you think about fiscal '27, we're exiting Q4 at 6% organic, high level, what gets better, what gets worse when you think about GLP-1s, PFAS, new products, China, et cetera., any high-level comments on what gets better versus worse?

這很有幫助。然後也許再追問一個，Padraig：當你思考 2027 財年時，我們在第四季結束時有 6% 的有機成長（高層次來看），那麼在你考量 GLP-1、PFAS、新產品、中國等等時，哪些會變好、哪些會變差？有沒有任何高層次的評論，關於哪些因素會改善、哪些會惡化？

Yeah, I mean, I knew you had to ask the question, but I think we'll wait till the next quarter to talk about '27, in detail. But what I can say is that we're going in Q4 with a lot of momentum. You see the progress in China was very positive, a step up. We see that continuing. Might be linear through next year, but we see that continuing. So we're really feeling good about the momentum in Q3 going into Q4.

是的，我的意思是，我就知道你一定會問這個問題，但我想我們會等到下一季再更詳細談 2027。不過我可以說的是，我們帶著很強的動能進入第四季。你看到中國的進展非常正面，有所提升。我們也看到這會持續。可能在明年會是線性推進，但我們看到它會持續。所以我們對第三季延續到第四季的動能感到非常樂觀。

Tycho Peterson, Jefferies.

Tycho Peterson，Jefferies。

Maybe just starting with the CDMO guide here. So you're guiding 12% had been mid-teens. So how much of what you saw in this quarter was kind of a timing issue? And I appreciate, Adam, the comments on Train C. I'm just curious if you can quantify anything around bookings or how much of the expected growth is being driven by existing programs versus new demand? I know you've talked about multiple high-growth indications in the pipeline for Train C as we think next year.

也許先從這裡的 CDMO 指引談起。你們指引是 12%，原本是中十幾%。所以你們在本季看到的情況，有多少算是時點（timing）問題？我也很感謝 Adam 對 Train C 的評論。我只是好奇你能否量化一下訂單（bookings）相關的任何數字，或是預期成長中有多少是由既有專案帶動、多少來自新需求？我知道你們談過 Train C 的管線中有多個高成長適應症，當我們思考明年時。

So why don't I start, and I'll just give you some more color on the 2026 guide. So once again, 30% growth we saw in the quarter and then year-to-date we're at about 16% growth. And where we're calling for flattish, that's really driven by the timing of.

那我先開始，我會再補充一些關於 2026 年指引的細節。再次強調，我們本季看到 30% 的成長，而年初至今大約是 16% 的成長。而我們所說的持平（flattish），主要是由於時點所驅動。

Some regulatory related submissions of our customers. And so those are expected to have responses right toward the end of the quarter. So depending on where those come out, that's how the full year guide will play out. And then specifically for 2027, and I'll pass it over to Simon in a moment just to talk a little bit more about the longer-term view of the business.

一些與法規相關的客戶申報（submissions）。因此，預期會在季度末左右收到回覆。所以依據那些結果落點如何，全年指引就會那樣展開。至於 2027 年的部分，我稍後會把話題交給 Simon，請他再談一點對業務較長期的看法。

Like I said, we have more than majority of the capacity filled with bookings from a variety of different customers. Importantly, though, these are some larger scale programs, and we're excited about where they'll go and the opportunity for the future. So with that, I'll pass it over to Simon.

如我所說，我們有超過一半的產能已由來自各類不同客戶的預訂（bookings）填滿。重要的是，這些是一些較大規模的專案，我們對它們的發展方向以及未來機會感到興奮。所以接下來我把話題交給 Simon。

Yeah, just a couple of quick things to add, I'd say, in terms of the FY27 ramp, we've continued to make good progress, with the endeavor mechanical completion and marching towards the next spring go live. And we're focused there initially on a high volume commercialization process implementation in Train C. So of the available capacity that we're going to have in FY27, I'd say 75% of that is currently spoken for with POs. We've also had a couple of other notable process validations for larger indications in the last quarter alone. And I think this just really reinforces the medium long-term view that we've got on this business and how well positioned siRNA is as a modality with these larger indications. The pipeline is very strong.

是的，我再快速補充幾點。我會說，就 FY27 的爬坡（ramp）而言，我們持續取得良好進展，Endeavor 已完成機械完工（mechanical completion），並朝著明年春季上線（go live）邁進。我們初期會聚焦在 Train C 導入一個高產量的商業化製程實施。因此，就 FY27 我們將擁有的可用產能而言，我會說其中 75% 目前已由採購訂單（POs）預訂。此外，僅在上一季我們也完成了幾項針對較大適應症的顯著製程驗證（process validations）。我認為這進一步強化了我們對這項業務的中長期觀點，以及 siRNA 作為一種治療模式（modality）在這些較大適應症上的良好定位。管線非常強勁。

The demand signals that we're seeing from our customers are very strong. And I think the timing of Train C is really well timed.

我們從客戶那裡看到的需求訊號非常強。而我認為 Train C 的時點也非常到位。

That's great, Simon. Just wanting to remind everybody as well, Q4 '26, we expect flat growth, but it's over a very challenging 40% year-over-year comparison.

很好，Simon。也想提醒大家，2026 年第四季我們預期成長持平，但那是在一個非常具挑戰性的年對年 40% 比較基期之上。

That's helpful. And then follow-up just on margins, understand you don't want to talk a lot about '27, at this point, but you'll do over 130 bps this year, you've made a lot of progress on Ignite. As we think about next year, you don't have the tariff or refund impact, you've been pretty clear on kind of the pricing strategy.

這很有幫助。接著追問一下毛利率（margins）：我理解你們此刻不想多談 2027，但今年你們會改善超過 130 個基點（bps），在 Ignite 上也取得了很大進展。當我們思考明年時，你們沒有關稅或退款（refund）影響，而且你們對定價策略也講得很清楚。

So I guess any color or comments you're willing to say on margins for next year? I mean the Street said 80 bps, I mean it feels like you could do north of 100. How do you think about just the margin trajectory over the next year?

所以我想問的是，你們願意對明年的毛利率提供任何補充或評論嗎？華爾街預估是 80 個基點，但感覺你們可能可以做到超過 100。你們如何看待未來一年毛利率走勢（trajectory）？

Yeah, so I'll take this one. Thanks, Tycho, for the question. We're not going to be guiding for 2027 as you would expect, but I would say that we do feel very good about the momentum of the business, but also about our Ignite program, which we've talked about.

好的，這題我來回答。謝謝你，Tycho，提出這個問題。如你所預期，我們不會對 2027 提供指引，但我會說，我們對業務動能感覺非常好，同時也對我們一直在談的 Ignite 計畫很有信心。

And that gives us confidence in the long-range plan we have in place now. And as we work through the numbers here in preparation for our Q4 call, we're in a good position and I feel very good about both 2027 and beyond.

而這讓我們對目前已就位的長期計畫更有信心。當我們在準備第四季電話會議、把數字梳理過一遍時，我們處於良好位置，我對 2027 以及更長遠的表現都感到非常樂觀。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行（Bank of America）。

Great. Thanks for taking the question. Maybe I'll start on China. You kind of called out the strength there and you bumped the guide on that. And that's on China A&G being a little bit weaker. And as you called out, the stimulus was not having a big impact yet.

很好。謝謝讓我提問。也許我先從中國談起。你們特別點出那邊的強勁表現，並且上調了那部分的指引。而這是在中國 A&G 稍微偏弱的情況下達成的。而且如你所提到，刺激措施目前還沒有帶來很大的影響。

So just like to unpack that a little bit more. I mean, I think you called a pharma and food. Maybe go into a little more detail on where you saw that, if that's more local customers, multinationals, biotech or more like the CDMO side. Just want to get a little better sense of how China has turned around so much this quarter. I got to follow-up.

所以想再把這點拆解得更清楚一些。我的意思是，我想你提到了製藥與食品。也許可以更詳細說明你們在哪些地方看到這些表現，是更多來自本地客戶、跨國公司、生技公司，還是更像 CDMO 端？我只是想更清楚了解，中國在本季為何能有這麼大的回升。我還有一個追問。

And just recently back as well, which was great to be there opening our innovation center and seeing the pace of the business there was great and also meeting the teams and customers. I think if you look at our pharma strong double-digit growth.

而且我們最近也再次回到那裡，能夠出席並啟用我們的創新中心非常棒，也看到那裡業務推進的速度很快，同時也與團隊和客戶見面。我認為如果你看我們的製藥業務，呈現強勁的兩位數成長。

You see, first of all, our GLP-1 and peptide testing, we see continued adoption of innovative therapies and increased investments from biotech. Biotech grew double-digits, and that was due to the influx of investment into China by pharma.

你看，首先是我們的 GLP-1 與胜肽測試，我們看到創新療法持續被採用，且生技領域的投資增加。生技業務成長達兩位數，這是因為製藥公司對中國的投資大量湧入所致。

Everybody can see that from the large pharma investments. But also, I would say you have R&D coming in, but also, you have homegrown innovative drugs that are really taking shape now. And momentum is really driven by that new R&D and new modalities.

大家都能從大型藥廠的投資看出這一點。但我也會說，你不僅看到研發投入進來，同時也看到本土自研的創新藥現在正真正成形。而動能確實是由新的研發與新的治療模式（modalities）所驅動。

One thing that we were very pleased about is our small molecule grew mid-teens, and that's growing investment in the R&D pipeline for novel first-in-class small molecule drugs. And that, of course, benefits us because we're downstream with our tools on that side. And you can see that China is becoming more a continuing important region for drug development.

有一點讓我們非常滿意的是，我們的小分子業務成長了十幾個百分點（mid-teens），這反映出對新型、同類首創（first-in-class）小分子藥物研發管線的投資增加。而這當然對我們有利，因為在那一端我們以工具產品處於下游。你也可以看到，中國正持續成為藥物開發更為重要的地區。

And just moving along, if you look along the businesses. Our CAM business grew high single-digits, and that's over a really tough compare of low double-digits year over year. And you see that driven by really a number of things. First of all, the AI infrastructure expansion and our advanced materials business in China grew high teens.

接著往下看，如果你沿著各個業務來看。我們的 CAM 業務成長了高個位數，而這是在去年同期低兩位數成長、基期非常艱難的情況下達成的。你會看到這是由多項因素所驅動。首先，AI 基礎設施擴張，以及我們在中國的先進材料業務成長了高十幾個百分點（high teens）。

Although we saw a little bit of a bit softer in C&E. Due to macroeconomic pressures. We're also seeing our spectroscopy and vacuum products growing double-digit. Again, food, a really bright spot for us, robust mid-teens growth in food, and again, that's really great across testing volumes that we're seeing. So I think growth is driven by broad-based government contract labs, Academia and research lab investments.

雖然我們在 C&E 看到稍微偏弱一些。這是因為總體經濟壓力。我們也看到光譜與真空產品呈現兩位數成長。同樣地，食品對我們而言是一個非常亮眼的亮點，食品業務有強勁的十幾個百分點（mid-teens）成長，而這也與我們看到的檢測量全面提升密切相關。所以我認為成長是由廣泛的政府合約實驗室、學術界以及研究實驗室投資所帶動。

And what we're seeing is a number of competitive wins in the quarter because of the strength of our portfolio. We see the Alturo columns doing well and really strong, I would say, demand for PFAS, which continues to grow in that area. So I think we won a number of really key marquee wins with a competitive win with two leading CXOs.

而我們看到的是，本季因為我們產品組合的強勁而拿下多個競爭性勝利。我們看到 Alturo 色譜柱表現良好，而且我會說，對 PFAS 的需求非常強勁，且在該領域持續成長。因此我認為我們拿下了多個非常關鍵、具指標性的勝利，包括與兩家領先 CXO 的競爭性得標。

And, of course, winning in PFAS. So I think we're very bullish about China for the future. Again, we were stable at about $300 million a quarter. You see the inflection point now. Of course, there's a long way to go, but in Q4, we're guiding strongly as well. But we see strong momentum with China continuing to the year-end and we're increasing our guide from high mid-single-digits to from flat and our Q4 guidance is high-single-digits.

當然，也在 PFAS 方面獲勝。所以我認為我們對中國的未來非常樂觀。同樣地，我們每季大致穩定在約 3 億美元。你現在可以看到拐點。當然，還有很長的路要走，但我們對第四季的指引也相當強勁。我們看到中國的強勁動能將延續到年底，我們也把全年指引從原先的持平上調至高個位數到中個位數（high mid-single-digits），而我們第四季的指引是高個位數成長。

Okay. And my follow-ups on CAM, actually, you touched on it a little bit in your comments right there. You talked about Applied Materials, Advanced Materials being a little bit stronger, C&E being a little bit softer because the macro would just love to unpack that a little bit more. I mean, expectations for that to continue. Do you see sort of a light at the end of the tunnel there, or do you expect more of the same going forward? And then that's on the C&E side.

好的。我對 CAM 的追問，其實你剛才的評論已稍微提到。你談到應用材料、先進材料稍微更強，而 C&E 因為總體環境而稍微偏弱，我很想再把這部分拆解得更清楚一些。我的意思是，你預期這種情況會持續嗎？你是否看到隧道盡頭的曙光，還是你預期未來會大致維持同樣的狀況？這是針對 C&E 這一端。

And then on the other side, on the advanced materials, just talk a little bit about the strength there. You called out some of the reshoring initiatives and semi there too. Just would love to see how much traction, how much runway you think you have there.

另外一端，關於先進材料，請再多談一點那裡的強勁表現。你也提到一些回流（reshoring）倡議以及半導體相關。很想了解你認為那裡目前有多少進展、以及你覺得還有多長的成長跑道。

Thanks for the question. So CAM grew 7% in the quarter, and that was above our mid-single-digit guide and robust growth from advanced materials. We had double-digit growth in advanced materials. And that was really important across all geographies, more or less. C&E grew low single-digits, but that again was against a tough compare of low double-digits. And across the C&E business on a regional basis, you see APAC, our Asia business led by refining and base chemical business.

謝謝你的問題。所以 CAM 本季成長 7%，高於我們中個位數的指引，主要來自先進材料的強勁成長。我們在先進材料實現了兩位數成長。而這在幾乎所有地區都很重要、也都表現不錯。C&E 成長低個位數，但同樣是對比去年同期低兩位數成長的艱難基期。而在 C&E 業務的區域面向，你會看到亞太地區，我們的亞洲業務主要由煉油與基礎化學品業務帶動。

China benefited from specialty chemical business, so overall pretty solid, but I will say going forward in CAM, we see that we see the semi opportunity, a really important opportunity over the long-term. Just to put it into context, the semi opportunity is about 3% to 4% of Agilent's revenue. We see fabs instrument demand 18 to 24 months after the fab. And there's really kind of a number of drivers, first of all, investment in the semiconductor space, you can see that across the globe and as you see tariff policies and, of course, geopolitical reshoring in a number of areas. And we typically see instrument demand 18 to 24 months after the fab. But again, you see after that, you see advanced technology nodes and production volumes. So what comes from this actually in these fabs, et cetera, is PFAS testing, which is going to be a long tail of growth for us. So overall, we're very pleased with the business and we expect to continue to see it growing.

中國則受惠於特用化學品業務，因此整體相當穩健；但我會說，展望未來在 CAM，我們看到半導體是一個非常重要的長期機會。為了提供一些背景，半導體機會約占安捷倫營收的 3% 到 4%。我們看到晶圓廠（fab）在建成後 18 到 24 個月會出現儀器需求。背後有幾個驅動因素：首先是半導體領域的投資，你可以在全球各地看到；再加上關稅政策，以及當然在多個領域的地緣政治回流（reshoring）。而我們通常在晶圓廠之後 18 到 24 個月看到儀器需求。但同樣地，在那之後，你會看到更先進的製程節點與產量。因此，這些晶圓廠等帶來的其實是 PFAS 檢測，這將成為我們長尾的成長動能。總體而言，我們對業務表現非常滿意，也預期將持續看到成長。

Dan Leonard, RBC.

RBC 的 Dan Leonard。

Thank you very much. I'm trying to think further on the sustainability of that double-digit growth rate in pharma. How dependent is double-digit growth in that end market on your CDMO business? In other words, what would you have grown without the Advanced Therapeutics business 30% growth rate?

非常感謝。我想再深入思考一下製藥端市場兩位數成長率的可持續性。在這個終端市場中，兩位數成長有多大程度取決於你們的 CDMO 業務？換句話說，如果沒有先進療法（Advanced Therapeutics）業務 30% 的成長率，你們原本會成長多少？

Yes, so look, we're really pleased with our biopharma and pharma business. And biopharma, at the end, we grew by 12% overall, 9% ex CDMO. And you can see the overhang from the MFN deals really help. And the biotech grew double-digits.

是的，所以你看，我們對生物製藥與製藥業務的表現非常滿意。在生物製藥方面，整體成長 12%，若排除 CDMO 則成長 9%。你也可以看到 MFN 交易帶來的壓力消退（overhang）確實有所幫助。而生技業務成長達兩位數。

And of course, you see CDMO growing nearly 30%. So I think, and again, you underpin that with a really strong GLP result of 70% growth. So overall, we see a lot of reasons to see this market continuing to grow. You think about a replacement cycle, which is crucial, it's a big part of this business, continue to hum along, look at our instrument business on the LC side.

當然，你也看到 CDMO 成長接近 30%。而且我認為，再加上 GLP 非常強勁的結果、達到 70% 成長作為支撐。因此整體而言，我們看到許多理由相信這個市場會持續成長。你想想設備汰換週期，這非常關鍵，也是這門生意的重要組成，仍在持續運轉；再看看我們在 LC 端的儀器業務。

And also, you see that you talked Simon and Adam talked about the demand on the CDMO side and what we're planning for train C, et cetera, next year, and then you underpin that with restoring, so you see that pharma, I think we feel really good about the future on that in Q4 and of course going forward.

另外，你也提到 Simon 和 Adam 談到 CDMO 端的需求，以及我們明年對 train C 等的規劃；再加上回流（reshoring）作為支撐，所以我們對製藥業務在第四季、以及當然往後的前景都感到非常樂觀。

And then my follow-up question, Padraig, is on that reshoring point. So now that you have some early proof points and wins, do you have any sense for how much of the reshoring demand is incremental versus substitution? And really what I'm trying to balance here is that low single-digit growth rate in Europe with all the positive reshoring commentary around your America's business.

接著我的追問，Padraig，是關於你提到的回流（reshoring）。既然你們已經有一些早期的驗證點與勝利，你是否能判斷回流需求有多少是增量、又有多少只是替代？我真正想平衡的是：在你們美洲業務對回流有許多正面評論的同時，歐洲卻只有低個位數成長率。

Yeah, it's pretty straightforward. I would say instruments and services are all incremental. Consumables is a little bit different by the nature of it, but I would say you can take it that the instrument and service business is all incremental.

是的，這相當直接明瞭。我會說儀器與服務基本上都是增量貢獻。耗材因其性質稍有不同，但我會說你可以把儀器與服務業務都視為增量。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

I just wanted to see if you could parse out a bit about the pharma versus SMID biotech versus small biotech. I think you talked about small biotech was still lagging last quarter. Could you talk about how did that fare in the quarter? And I'll just ask my second question here.

我想請你們再細分一下製藥（pharma）相較於SMID生技以及小型生技的情況。我記得你們提到上季小型生技仍然落後。能否談談這一季表現如何？我也會在這裡一併問第二個問題。

The mRNA personalized cancer vaccine had quite a remarkable data. The category is expected to expand with further indication expansion. Just wondering, how are you thinking about the opportunity there for Agilent? Obviously, you've gone into new modalities and in the expanded positions with CDMO. So just wondering, how are you thinking about that?

mRNA個人化癌症疫苗的數據相當亮眼。隨著適應症進一步擴大，預期這個類別也會擴張。想請教你們如何看待這對安捷倫（Agilent）的機會？顯然你們已進入新的治療模式（modalities），並透過CDMO擴大布局。所以想了解你們怎麼思考這個機會？

Yeah, I'll take the first part, and I'll hand over to Simon on the mRNA side. So we have a relatively small exposure, but I would say encouraging uptick in small to mid-size biotech. And you can see that in general if you look at the macros in H126, the total biopharma financing rose to $60 billion, doubling from $30 billion. So there's a huge amount of money going into the space. And you have underpinned that with a looming patent cliff, which is heightened demand, focused on M&A.

好的，我先回答第一部分，然後把mRNA的部分交給Simon。我們在那一塊的曝險相對不大，但我會說小到中型生技出現令人鼓舞的回升。如果你看H126的總體數據，整體生物製藥融資升至600億美元，從300億美元翻倍。所以有大量資金流入這個領域。再加上即將到來的專利懸崖，帶動需求升溫，並聚焦在併購（M&A）。

You see a lot of the licensing deals that are going in. So we're beginning to see the small and mid-sized biotech spending return. We expect that's going to continue over the next few quarters, given the macros that we talked about. So we feel that's going to be an important part of it. But again, we have a relatively small exposure to that area. But Simon, maybe you can talk a little bit about the new drug modality.

你也看到很多授權交易正在進行。因此我們開始看到小型與中型生技的支出回流。基於我們提到的總體環境，我們預期未來幾季這個趨勢會延續。所以我們認為這會是其中一個重要部分。但再次強調，我們在該領域的曝險相對不大。不過Simon，也許你可以談談新的藥物治療模式。

Yes. Certainly, we saw a pretty pivotal clinical trial readout in the very recent past year around mRNA that very much caught our attention. I think we obviously view it as really positive news, but I'd say it's going to be delayed impacts.

是的。確實，在過去一年非常近期，我們看到一項關於mRNA相當關鍵的臨床試驗讀出結果，這非常引起我們注意。我想我們顯然把它視為非常正面的消息，但我會說其影響會有延遲。

The mRNA modality has been in the trough for a number of years now for quite a few reasons that I think we probably understand quite well. But I think what this did is really validated real-world potential of mRNA as a modality in oncology applications.

mRNA這種治療模式這幾年一直處於低谷，原因有不少，我想大家大概都很清楚。但我認為這次的結果，真正驗證了mRNA作為腫瘤學應用治療模式的真實世界潛力。

And we think that's ultimately going to mean good news both for analytical lab and for CDMO. We've got strong capabilities in both areas. But to be clear, I don't think we'll see any immediate material impact there, but something to look out for, for the future.

我們認為這最終對分析實驗室以及CDMO都會是好消息。我們在這兩個領域都有很強的能力。但要說清楚，我不認為短期內會看到任何立即且重大的實質影響，不過值得作為未來的觀察重點。

Dan Brennan, TD Cowan.

Dan Brennan，TD Cowan。

Great. Maybe just going back to China for my first one. So just China was substantially above what you guys expected 9% versus flat. So on 20% of your revenues, that's almost the whole level of the beat. Obviously, you guys are pointing to strength throughout the whole business.

很好。我第一個問題想回到中國。中國的表現大幅高於你們預期：9%成長而不是持平。以你們20%的營收占比來看，這幾乎就是整體超預期（beat）的全部幅度。當然你們也指出整個業務面都很強勁。

But I'm just wondering like outside of China, when you think about -- I know Europe was a bit weaker than expected in kind of North America. Like how would you characterize the trends outside of China, just given how strong China was?

但我想問的是：在中國以外，當你們思考——我知道歐洲比預期弱一些，北美也是——你們會如何描述中國以外的趨勢，尤其考量到中國如此強勁？

Yeah, I mean China was -- we're really pleased to see what happened there in the businesses. And Americas, growing at 10%, really exceeding our high single-digit expectations, really, really strong. And again, that's without any reshoring benefit yet, et cetera, on that side.

是的，我是說中國——我們對那邊業務的表現非常高興。美洲地區成長10%，大幅超出我們原先高個位數成長的預期，真的非常、非常強勁。而且那還沒有任何回流生產（reshoring）帶來的效益等等。

In Americas, we saw high teens in biotech and mid-single digits in small molecule. So overall, I think, again, on Americas, A&G slightly declined, but a relatively small business for us. In Europe, again, in Europe, I wouldn't read too much into that number. It grew 2%, but that was over a really tough compare. Diagnostics, clinical and CAM and academia and government all grew mid-single digits.

在美洲，我們看到生技成長達十幾個百分點，小分子則是中個位數成長。所以整體來看，在美洲，A&G略有下滑，但對我們而言那是相對較小的業務。至於歐洲，我不會對那個數字做太多解讀。它成長2%，但那是在非常艱難的比較基期之上。診斷、臨床、CAM，以及學術與政府端都呈現中個位數成長。

And pharma grew low single digits, but that was against a low double-digit compare in the side of it. Of course, on the academia side and government, we see some funding going into defense, and that's normal to see. I think you can expect that to continue, but again, a relatively small part of the business.

製藥端是低個位數成長，但那是對照先前低雙位數的比較基期。當然，在學術與政府端，我們看到部分資金流向國防，這是正常現象。我認為你可以預期這會持續，但同樣地，這在我們業務中占比相對不大。

And then Asia doing extremely well as well as we go forward. So overall, we feel really good about it. I wouldn't read too much into Europe, and I think China was a real standout for us and a step up.

另外，亞洲其他地區在往前看也表現非常好。所以整體而言，我們感覺非常良好。我不會對歐洲做過度解讀，而中國對我們來說確實是非常突出的亮點，也是明顯的升級。

Terrific. And then maybe just a follow-up just on CAM. Just on the chemical and energy side of that business. I know last quarter was better than expected, and you talked about a conservative guide given the volatile macro.

太好了。接著可能追問一下CAM。關於該業務中的化學與能源（chemical and energy）部分。我知道上季表現優於預期，而你們也提到在總體環境波動下給了較保守的指引。

Like what do you -- just how would you characterize the outlook today? It's oil is off the highs, PMIs are still expansionary, but the 10-year is north of 5%. Just wondering, are those customers, is it stable? Is it a little weakening? Is a little strengthening? Any way to characterize the health of that kind of customer base? Obviously, you guys have a lot of idiosyncratic drivers there, but just overall from a demand perspective.

那你們——你們會如何描述目前的展望？油價已從高點回落，PMI仍在擴張區間，但10年期殖利率在5%以上。想請問這些客戶端是穩定？有點轉弱？還是有點轉強？有沒有方式可以描述這類客戶基礎的健康狀況？當然你們那邊有很多特定（idiosyncratic）的驅動因素，但就需求面整體而言。

If you go -- if we kind of double-click on C&E, we grew low single digits on a tough compare. But looking at C&E on a regional basis, I talked a little bit about the Asia demand that we saw in refining and base chemical demand. China is benefiting from specialty chemical growth.

如果我們——如果我們更深入看C&E，我們在艱難的比較基期下仍有低個位數成長。但以區域來看C&E，我先前提到我們在亞洲看到的需求，包括煉油與基礎化學品需求。中國則受惠於特用化學品成長。

AFO was flat, but in the downturn in specialty chemical and EMEA was down due to -- amid the geopolitical disruption and delayed CapEx. But the way to look at it, we're the beneficiary on the production side and a little bit of headwind on the refining side, but we haven't seen any change in that.

AFO持平，但特用化學品處於下行週期；而EMEA因地緣政治干擾與資本支出（CapEx）延後而下滑。但換個角度看，我們在生產端是受益者，而在煉油端則有些逆風，不過我們沒有看到這方面有任何變化。

So we're actually pretty -- really pleased with 7% growth in Q3 and above our mid-single-digit guide. And we feel for Q4, despite the high single-digit compares that we have, we expect growth to continue in the high single-digit range overall for CAM and chemical and energy will be an important part of that, too.

所以我們其實對第三季7%的成長非常——非常滿意，而且高於我們中個位數的指引。我們認為第四季，儘管比較基期是高個位數，我們預期CAM整體仍會維持高個位數的成長，而化學與能源也會是其中重要的一部分。

(Operator Instructions)

（接線員指示）

Kallum Titchmarsh, Morgan Stanley.

Kallum Titchmarsh，Morgan Stanley。

I wanted to dig a little more into some of the pricing initiatives that seem to be tracking ahead of the initial road map. Would love just a little more color on where you're perhaps being more proactive with taking price across the business. And then how you're just thinking about that price contribution across the midterm, particularly if we're looking -- if we're working through that period of end markets themselves improving?

我想再深入一點了解一些定價措施，看起來進度似乎超前最初的路線圖。希望你們能多分享一些細節：在哪些地方你們可能更積極主動地在各項業務中調整價格？另外，你們如何看待在中期（midterm）價格貢獻的走勢，特別是如果我們正在度過終端市場本身逐步改善的那段期間？

I'll kick it off, and I'll hand it over to Adam on this one. I think strong pricing year-to-date. It's one of the amazing compounding factors of the Ignite Operating System that we've seen. We've already -- we've exceeded our initial full year guide of 100 bps plus for '26.

我先開個頭，這題我會交給 Adam。我認為年初至今的定價表現強勁。這是我們所看到 Ignite 營運系統令人驚豔的複利因素之一。我們已經——我們已超越原先對 '26 全年的初始指引，也就是 100 個基點以上。

And we expect pricing momentum to continue into the year-end. And if you look back on our quarters in FY25, we're well north of 100 bps. That's 2 times the pricing power over the previous year. Q1 was 200 bps of pricing.

而且我們預期定價動能會延續到年底。如果回頭看 FY25 的各季，我們遠高於 100 個基點。這是相較前一年 2 倍的定價能力。Q1 的定價是 200 個基點。

Q2 was 200 bps and Q3 was 200 bps. So we see that continuing to go forward. And of course, that's really important as we deal with inflationary pressure and Ignite is really helping on that response as well as we go forward. But anything to add, Adam?

Q2 是 200 個基點，Q3 也是 200 個基點。所以我們看到這個趨勢會持續往前。當然，這在我們應對通膨壓力時非常重要，而 Ignite 也確實在這方面幫助我們做出回應並持續向前。不過 Adam，你還要補充什麼嗎？

The only piece I would add is that pricing isn't our only way that we're managing the inflationary pressures. We're also doing a lot around our supply chain management, looking at productivity across the business. And then the other piece is we're really focused on making sure that we're managing our inventory appropriately. So you'll see that our inventory went up a little bit, but that's just in response to some of the inflation that we're seeing and making sure that we have a resilient supply.

我唯一想補充的是，定價並不是我們管理通膨壓力的唯一方式。我們也在供應鏈管理上做了很多工作，並檢視整個業務的生產力。另外一點是，我們非常專注於確保以適當方式管理庫存。所以你會看到我們的庫存略有上升，但那只是因應我們所看到的一些通膨，並確保我們有具韌性的供應。

Luke Sergott, Barclays.

Luke Sergott，巴克萊。

Moving on.

繼續下一位。

Evie Koslosky, Goldman Sachs.

Evie Koslosky，高盛。

So we had several quarters of really impressive instrument growth. So how should we think about the lag time between when the instrument is placed and then when you would actually expect to see the service contract booked related to that placement?

我們已經連續好幾季看到非常亮眼的儀器成長。那麼，我們應該如何看待儀器裝機之後，到實際看到與該裝機相關的服務合約入帳之間的時間落差？

Yes, So very pleased with our growth in Q3, modestly ahead of what we put out in our guide. We had service growing at mid-single digits and consumables growing at high single digits across all regions. But in terms of the lag time and what we see, maybe Angelica, you can add a little bit of color on this.

是的，我們對 Q3 的成長非常滿意，略高於我們指引所給出的水準。我們的服務在所有地區以中個位數成長，耗材以高個位數成長。但就時間落差以及我們所看到的情況而言，Angelica，也許你可以補充一些說明。

Yeah, thanks, Padraig, and thanks, Evie, for the question. We certainly see the increased demand for instruments translating to increased lab productivity. So it bodes well for ACG overall. As we look specifically at the instrument growth that's also new demand as well as tech refresh, there is a bit of a lag because the first 12 months are under warranty.

好的，謝謝 Padraig，也謝謝 Evie 的提問。我們確實看到儀器需求增加，轉化為實驗室生產力提升。因此，這對 ACG 整體而言是個好兆頭。當我們特別看儀器成長（包含新需求以及技術汰換）時，確實會有一些落差，因為前 12 個月是在保固期內。

So we really start to see the cumulative effect of the opportunities to turn that into recurring ACG revenue about 12 to 18 months. And that continues to roll, obviously, as more and more of those instruments are turning from warranty to fully functional and absolute connect rate opportunities to ACG as a whole.

因此，我們大約在 12 到 18 個月後，才會真正開始看到把這些機會轉化為經常性 ACG 營收的累積效果。而且隨著越來越多儀器從保固轉為完全運作狀態，並帶來絕對連接率（connect rate）的機會，這個效應也會持續滾動，進而帶動 ACG 整體。

Casey Woodring, JP Morgan.

Casey Woodring，摩根大通。

Great. Thank you for squeezing me in as well. So diagnostics grew 6% this quarter. You noted it was a little bit below your expectations. Obviously, diagnostics growth of 11% last quarter, surprised to the upside. So maybe just walk through some of the dynamics you're seeing there.

很好。也謝謝你們把我加進來。診斷本季成長 6%。你們提到這略低於你們的預期。顯然，上季診斷成長 11%，表現超出預期。所以能否請你們說明一下目前看到的一些動態？

You mentioned underlying orders grew double digits. So just where are you seeing that strength in orders? And would be curious also to hear how the Omnis platform contributed as I know you called that out last quarter as a strong growth contributor also.

你們提到基本面訂單成長達到雙位數。所以你們在哪些地方看到訂單的強勁？另外也想了解 Omnis 平台的貢獻，因為我知道你們上季也特別提到它是強勁成長的貢獻來源。

Yeah, So I'll start at a high level, and I'll bring Simon in. So 6% growth in the quarter. We saw robust double-digit growth in pathology, which gives us really confidence in the underlying health of the business. CDx grew mid-teens, and we have a really unique position in that business and genomics grew high single digits. And that's all underpinned by the expanded Dako Omnis family. But maybe you can provide more detail, Simon.

好的，我先從較高層次開始，然後請 Simon 補充。本季成長 6%。我們在病理看到強勁的雙位數成長，這讓我們對業務基本面的健康狀況非常有信心。CDx 成長中十位數，而我們在該業務中擁有非常獨特的定位；基因體學成長高個位數。而這一切都由擴展的 Dako Omnis 產品家族所支撐。不過 Simon，也許你可以提供更多細節。

Yes. So I think overall for Q3, we continue to be really pleased with the momentum that we saw in pathology. We exited the quarter with a robust backlog in our core pathology business. We had very strong order entry in the third quarter, and we continue to see really strong adoption of the Omnis family. The installed base there that we're seeing is well on track, and we think that's a really good leading indicator as we go into fiscal year '27.

是的。我認為整體而言，在 Q3 我們仍對病理所展現的動能感到非常滿意。我們在核心病理業務於季末帶著強勁的積壓訂單（backlog）。第三季的接單非常強勁，而且我們持續看到 Omnis 產品家族的採用度非常高。我們所看到的裝機基礎（installed base）進展非常順利，我們認為這是我們邁入 '27 會計年度時一個非常好的領先指標。

At the same time, as Padraig mentioned, we also saw robust continuing growth in companion diagnostics with mid-teens. And I think we've just got really solid momentum there between the secular drivers that we see with modalities like ADCs, Agilent's capabilities, and the very strong installed base and underlying reputation that we've got. It was also nice to see return to growth in genomics there with high single-digit growth.

同時，如 Padraig 所提到的，我們也看到伴隨式診斷持續強勁成長，達到中十位數。我認為在那裡我們有非常扎實的動能，來自我們在 ADC 等治療模式所看到的長期趨勢驅動因素、安捷倫的能力，以及我們非常強大的裝機基礎與既有聲譽。另外也很高興看到基因體學回到成長軌道，達到高個位數成長。

So you put it all together, we were a shade light on revenue for the quarter, driven, I'd say, primarily by that backlog that we carry into Q4, but the order entry was really strong, and we're very confident about the fourth quarter and the underlying momentum in the business.

所以綜合來看，我們本季營收略低於預期，我會說主要是因為我們把部分積壓訂單帶入 Q4；但接單非常強勁，我們對第四季以及業務的基本動能非常有信心。

This concludes the question-and-answer session. Mr. Tejas, I will turn the call back over to you.

問答環節到此結束。Tejas 先生，我把電話會議交回給您。

Thank you, everyone, for joining us. We look forward to speaking with you soon.

感謝各位參與。我們期待很快再與各位交流。

This concludes today's call. Thank you for attending.

今天的電話會議到此結束。感謝各位出席。