Avantor Inc (AVTR) 2025 Q2 法說會逐字稿

Good morning. My name is Emily, and I will be your conference operator today. At this time, I would like to welcome everyone to Avantor's second-quarter 2025 earnings results conference call. (Operator Instructions)

早安.我叫艾米麗，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Avantor 2025 年第二季收益業績電話會議。（操作員指示）

I will now turn the call over to Allison Hosak, Senior Vice President of Global Communications. Ms. Hosak, you may begin the conference.

現在我將把電話轉給全球通訊資深副總裁 Allison Hosak。霍薩克女士，您可以開始會議了。

Good morning and thank you for joining us. Our speakers today are Michael Stubblefield, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer. The press release, as well as a presentation and supplemental disclosure package accompanying this call, are available on our Investor Relations website at ir.avantorsciences.com.

早安，感謝您加入我們。今天的演講者是總裁兼執行長 Michael Stubblefield 和執行副總裁兼財務長 Brent Jones。新聞稿以及本次電話會議附帶的簡報和補充揭露包可在我們的投資者關係網站 ir.avantorsciences.com 上查閱。

A replay of this webcast will also be made available on our website after the call. Following our prepared remarks, we will open the line for questions.

通話結束後，我們也將在網站上提供該網路廣播的重播。在我們準備好發言之後，我們將開放提問熱線。

During this call, we will be making forward-looking statements within the meaning of the US Federal Securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results might differ materially from any forward-looking statements that we make today.

在本次電話會議中，我們將根據美國聯邦證券法做出前瞻性陳述，包括有關我們認為或預期未來可能發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述。實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events, or other developments.

這些前瞻性陳述僅代表其作出之日的觀點。我們不承擔因新資訊、未來事件或其他發展而更新這些前瞻性聲明的任何義務。

This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our investor relations website.

本次電話會議將討論非公認會計準則衡量指標。這些非公認會計準則 (non-GAAP) 指標的對帳可以在新聞稿和我們投資者關係網站的補充揭露包中找到。

With that, I will now turn the call over to Michael.

說完這些，我現在將電話轉給麥可。

Thank you, [Alli], and good morning, everyone. I appreciate you joining us today. Before we discuss our second-quarter results, I want to briefly address the leadership transition we announced last week. As many of you saw, Emmanuel Ligner has been appointed of Avantor's next CEO effective August 18. Emmanuel brings over 30 years of deep experience in the life sciences industry and is eager to hit the ground running.

謝謝你，[Alli]，大家早安。感謝您今天加入我們。在我們討論第二季業績之前，我想先簡單談談我們上週宣布的領導層變動。正如大家所看到的，Emmanuel Ligner 已被任命為 Avantor 的下一任首席執行官，任期自 8 月 18 日起。Emmanuel 在生命科學產業擁有超過 30 年的豐富經驗，並渴望立即開始工作。

While I will continue to serve as CEO until his official start date, today marks my final earnings call with Avantor. It has been an honor to lead this organization for the past 11 years and I want to sincerely thank all of you on the call today for your partnership and support.

雖然我將繼續擔任執行長直至正式上任，但今天是我與 Avantor 的最後一次財報電話會議。我很榮幸在過去的 11 年裡領導這個組織，我要真誠地感謝今天在座的所有人對我的合作和支持。

Let's now move on to our second-quarter results, beginning on slide 3. Despite ongoing challenges in the operating environment, we remain laser-focused on executing the strategic initiatives we outlined last quarter, driving growth, improving operating efficiency, strengthening execution, and delivering long-term value.

現在讓我們從投影片 3 開始討論第二季的業績。儘管經營環境持續面臨挑戰，我們仍將專注於執行上個季度提出的策略性舉措，推動成長，提高營運效率，加強執行力，實現長期價值。

For the quarter, organic revenue growth improved sequentially by 200 basis points and was flat year-over-year. Adjusted EBITDA margin contracted to 16.6%.

本季度，有機營收成長季增 200 個基點，較去年同期持平。調整後的 EBITDA 利潤率收縮至 16.6%。

Adjusted EPS for the quarter was $0.24, and free cash flow was $125 million, with adjusted conversion at 100%. We remain on track with our cost transformation program and continue to expect $400 million in run rate savings by the end of 2027.

本季調整後每股收益為 0.24 美元，自由現金流為 1.25 億美元，調整後轉換率為 100%。我們的成本轉型計畫仍在按計畫進行，預計到 2027 年底將節省 4 億美元的營運成本。

In Laboratory Solutions, which makes up roughly two-thirds of our business, organic revenue growth was in line with expectations, increasing sequentially compared to Q1 and finishing modestly down year-over-year. As previously shared, Corey Walker joined us in late March as President of the segment.

實驗室解決方案約占我們業務的三分之二，其有機收入成長符合預期，與第一季相比有所成長，但較去年同期略有下降。正如之前所分享的，Corey Walker 於三月底加入我們，擔任該部門的總裁。

His early focus has been a comprehensive review of the business, assessing strategy, execution, and opportunities to grow and retain key accounts, while aggressively pursuing new ones in partnership with the commercial team. I'd like to highlight a few of the findings and action plans from Corey's early efforts.

他早期的重點是全面審查業務，評估策略、執行情況以及發展和保留關鍵客戶的機會，同時與商業團隊合作積極尋找新客戶。我想強調一下 Corey 早期努力的一些發現和行動計劃。

Corey has spent significant time with customers and heard consistently about the power of our channel. Customers recognize our unique scope, reach, and engagement. And most importantly, they value the solutions we deliver and enjoy doing business with us.

Corey 花了大量時間與客戶交流，並不斷了解我們管道的力量。客戶認可我們獨特的範圍、影響力和參與度。最重要的是，他們重視我們提供的解決方案並樂於與我們做生意。

At the same time, these conversations revealed opportunities for improvement and ways we can strengthen our offerings for our customers. Corey and team are fully focused on executing an action plan to implement these initiatives while continuing their comprehensive review.

同時，這些對話也揭示了改進的機會以及我們可以加強為客戶提供的服務的方式。Corey 和團隊全力專注於執行行動計劃以實施這些舉措，同時繼續進行全面審查。

For example, service levels are an essential part of our value proposition. We've driven substantial improvements in recent quarters, and the team is executing an aggressive plan to further differentiate our delivery performance going forward.

例如，服務水準是我們價值主張的重要組成部分。我們在最近幾季取得了實質的進步，團隊正在執行一項積極的計劃，以進一步區分我們未來的交付表現。

Corey's deep dive into the business also validated the investments we are making to enhance our digital platform. As we discussed last quarter, we are focused on empowering self-service simplifying ordering, and providing greater visibility into order status and fulfillment, enhancing every step of the customer journey.

Corey 對業務的深入研究也證實了我們為增強數位平台所做的投資。正如我們上個季度所討論的那樣，我們專注於增強自助服務，簡化訂購流程，並提供更高的訂單狀態和履行情況的可視性，從而增強客戶旅程的每一步。

One of the tools being rolled out is Avantor Navigator, our first AI application developed completely in-house, which helps customers discover products and services matched to their research needs. Another is a digital buying experience platform designed to unify customer intelligence and provide a seamless, personalized experience across web and mobile channels.

正在推出的工具之一是 Avantor Navigator，這是我們第一個完全內部開發的 AI 應用程序，它可以幫助客戶發現符合其研究需求的產品和服務。另一個是數位購買體驗平台，旨在統一客戶情報並在網路和行動管道上提供無縫的個人化體驗。

We also made significant progress with pricing optimization, including the development of a new pricing tool that increases agility, speed, and competitiveness. At its core, it ensures our customers see market-relevant list prices when they engage with us through our digital sales channel, which not only makes their buying experience more efficient, but also reduces abandonment rates and significantly increases conversion.

我們在定價優化方面也取得了重大進展，包括開發了一種可提高靈活性、速度和競爭力的新定價工具。其核心在於確保我們的客戶在透過我們的數位銷售管道與我們互動時看到與市場相關的標價，這不僅使他們的購買體驗更加高效，而且還降低了放棄率並顯著提高了轉換率。

These efforts are already driving results. In a competitive market, we were awarded contract extensions with several top 15 global pharma accounts in the quarter. These awards will result in more than $100 million in share gains, which we expect to realize once fully commercialized.

這些努力已經初見成效。在競爭激烈的市場中，我們在本季與全球排名前 15 位的製藥公司續簽了合約。這些獎項將帶來超過 1 億美元的股份收益，我們預計一旦全面商業化就能實現。

We also executed a five-year extension of our contract with BIO Business Solutions, the largest cost savings purchasing program for the life sciences industry. Over 10,000 companies have access to purchase of Avantor's laboratory and production products and services through this agreement.

我們還與 BIO Business Solutions 簽訂了為期五年的續約合同，這是生命科學行業最大的成本節約採購計劃。透過該協議，超過 10,000 家公司可以購買 Avantor 的實驗室和生產產品和服務。

Collectively, BIO is our largest customer, and this extension ensures we are uniquely positioned to benefit when funding levels return to historical norms across the biotech industry. These are significant wins, particularly as competitive intensity remains high across our industry.

總的來說，BIO 是我們最大的客戶，此次延期確保了當整個生物技術行業的資金水平恢復到歷史正常水平時，我們處於獨特的優勢地位，可以從中受益。這些都是重大勝利，特別是在整個行業競爭仍然激烈的情況下。

Our priority in this environment is to protect and grow share, while preserving absolute profitability as volumes recover and the benefits of our delivery, digital, and pricing initiatives take hold. As a result, our full-year outlook contemplates pressured margin rate assumptions through the balance of the year. However, we remain confident in our ability to expand margins over time.

在這種環境下，我們的首要任務是保護和擴大市場份額，同時隨著銷量的回升以及我們的交付、數位和定價舉措帶來的好處的顯現，保持絕對盈利能力。因此，我們的全年展望考慮了全年餘額的壓力保證金率假設。然而，我們仍然對我們隨著時間的推移擴大利潤率的能力充滿信心。

Turning to Bioscience Production, where our Bioprocessing performance fell short of our expectations this quarter. While demand for our core monoclonal antibody platform remains strong, results were negatively affected by two discrete headwinds.

談到生物科學生產，本季我們的生物加工業績未達到我們的預期。儘管對我們的核心單株抗體平台的需求依然強勁，但業績受到兩個離散不利因素的負面影響。

First, quarterly throughput was impacted by planned maintenance efforts at one of our manufacturing facilities that extended longer than planned and led to an increase in back orders. Second, and more significantly, a few of our large customers faced major unexpected headwinds during the quarter, which slowed the rate of recovery in controlled environment consumables and impacted demand in other elements of our offering.

首先，我們一家製造工廠的計畫維護工作比計畫延長了一段時間，導致季度產量受到影響，積壓訂單也隨之增加。其次，更重要的是，我們的一些大客戶在本季面臨意想不到的重大阻力，減緩了受控環境消耗品的復甦速度，並影響了我們產品其他部分的需求。

Specifically, a leading gene therapy platform encountered regulatory and patient safety setbacks, a key mRNA platform scaled back their outlook, and one of our long-standing MABS customers had a negative Phase 3 readout and other commercial challenges. We expect these headwinds to persist through the balance of the year. Brent will discuss the impact to our guidance.

具體來說，一個領先的基因治療平台遇到了監管和患者安全方面的挫折，一個關鍵的 mRNA 平台縮減了他們的前景，而我們的一個長期 MABS 客戶在第 3 階段的讀數為負面，並面臨其他商業挑戰。我們預計這些不利因素將持續至今年底。布倫特將討論對我們指導的影響。

(inaudible) and the Bioprocessing team are taking decisive actions to offset these headwinds and strengthen our market-leading platform. And Emmanuel's expertise will be additive here when he joins the company later this month.

（聽不清楚）生物加工團隊正在採取果斷行動來抵消這些不利因素並加強我們市場領先的平台。本月晚些時候，Emmanuel 加入公司後，他的專業知識將發揮重要作用。

The team's efforts are centered on three priorities: optimizing our supply chain to enhance delivery performance and improve operational efficiency across our manufacturing and planning functions; increasing field intensity through new sales leadership and sharper execution discipline; and expanding our product offering through ongoing innovation and customer-focused development. Outside of Bioprocessing, the other key components of the Bioscience Production segment performed in line with expectations.

團隊的努力集中在三個優先事項上：優化我們的供應鏈，以提高交付績效並提高整個製造和規劃職能的營運效率；透過新的銷售領導力和更嚴格的執行紀律來提高現場強度；透過持續創新和以客戶為中心的開發來擴大我們的產品範圍。除生物加工外，生物科學生產部門的其他關鍵組成部分的表現符合預期。

We delivered particularly strong performance in our new still branded silicones platform, which grew low double digits. Year-to-date growth of the medical platform is running well ahead of patient procedure accounts, so we expect demand in our new cell platform to moderate in the second half of the year.

我們的新品牌有機矽平台表現特別強勁，實現了兩位數的低成長。今年迄今為止，醫療平台的成長速度遠遠超過患者手術帳戶的成長速度，因此我們預計新細胞平台的需求將在下半年放緩。

With that, I'll now turn it over to Brent to discuss the second-quarter results in more detail and to walk through our outlook for the second half and full year.

現在，我將把時間交給布倫特，讓他更詳細地討論第二季的業績，並介紹我們對下半年和全年的展望。

Thank you, Michael, and good morning, everyone. I'm starting with the numbers on slide 4. Second-quarter reported revenue was $1.68 billion, which was flat year-over-year on an organic basis.

謝謝你，邁克爾，大家早安。我從幻燈片 4 上的數字開始。第二季報告的營收為 16.8 億美元，與去年同期持平。

Adjusted gross profit for the quarter was $554 million, representing a 32.9% adjusted gross margin. This is a decline of 130 basis points year-over-year driven primarily by price actions and lab to protect and grow market share, unfavorable product mix, and increased supply chain expense in the form of higher-than-expected freight expense and fixed cost under absorption.

本季調整後毛利為 5.54 億美元，調整後毛利率為 32.9%。與去年同期相比，這一下降幅度為 130 個基點，主要原因是價格行動和實驗室為保護和增加市場份額而採取的措施、不利的產品組合以及以高於預期的運費和吸收的固定成本形式增加的供應鏈費用。

As expected, we were able to fully offset the dollar impact of tariffs on cost of goods sold through targeted pricing actions and sourcing agility. We had another quarter of solid cost control with adjusted SG&A expense better than planned and prior year, and we continue to identify meaningful additional cost opportunities to help offset the margin pressure we are facing.

正如預期的那樣，我們能夠透過有針對性的定價行動和採購彈性完全抵消關稅對銷售成本的美元影響。我們又一個季度實現了穩健的成本控制，調整後的銷售、一般及行政費用好於計劃和去年同期，並且我們繼續尋找有意義的額外成本機會，以幫助抵消我們面臨的利潤壓力。

Adjusted EBITDA was $280 million in the quarter, representing a 16.6% margin. Our shortfall in adjusted EBITDA margin was driven by the headwinds to gross profit and margin and only modestly offset by SG&A savings.

本季調整後的 EBITDA 為 2.8 億美元，利潤率為 16.6%。調整後 EBITDA 利潤率的缺口是由於毛利和利潤率受到不利因素的影響，而銷售、一般及行政費用的節省僅略微抵消了這一缺口。

Our multiyear cost transformation initiative continues ahead of plan, and we remain on track to deliver in excess of our commitments for 2025 and the entire $400 million program. Adjusted operating income was $252 million at a 15% margin.

我們的多年成本轉型計畫繼續提前進行，我們仍有望超額完成 2025 年和整個 4 億美元計畫的承諾。調整後的營業收入為 2.52 億美元，利潤率為 15%。

Interest and tax expenses were in line with our expectations. As a result, adjusted earnings per share were $0.24 for the quarter, a $0.01 year-over-year decline. Our adjusted EPS performance in the quarter reflects the flow-through of our adjusted EBITDA results, as well as continued reductions in net interest expense.

利息和稅金支出符合我們的預期。因此，本季調整後每股收益為 0.24 美元，年減 0.01 美元。我們本季調整後的每股盈餘表現反映了調整後的 EBITDA 結果的流轉，以及淨利息支出的持續減少。

Our cash generation was strong with $125 million in free cash flow in the quarter. When adjusted for cash costs related to the transformation initiative, our free cash flow conversion was 100% of adjusted net income for the quarter.

我們的現金產生能力強勁，本季自由現金流為 1.25 億美元。經與轉型計畫相關的現金成本調整後，我們的自由現金流轉換佔本季調整後淨收入的 100%。

Our adjusted net leverage ended the quarter at 3.2 times adjusted EBITDA, unchanged from Q1 as cash generation was largely offset by FX impacts on our euro-denominated debt. Deleveraging remains our top capital allocation priority, and we continue to target adjusted net leverage sustainably below 3 times.

本季末，我們的調整後淨槓桿率為調整後 EBITDA 的 3.2 倍，與第一季持平，因為現金產生量很大程度上被外匯對我們以歐元計價的債務的影響所抵消。去槓桿仍然是我們資本配置的首要任務，我們將繼續致力於將調整後的淨槓桿率持續控制在 3 倍以下。

Let's now take a closer look at each of our segments on Slide 5. Lab Solutions revenue was in line with our expectations at $1.122 billion. On an organic basis, we declined 1% versus prior year but grew 2% on a sequential basis.

現在讓我們仔細看看幻燈片 5 上的每個部分。實驗室解決方案收入符合我們的預期，達到 11.22 億美元。從有機成長來看，我們比去年同期下降了 1%，但比上一季成長了 2%。

As Michael noted, we continue to navigate increased competitive intensity as a result of funding and policy-related headwinds many of our customers are facing. In this environment, we are focused on not just retaining but growing share.

正如邁克爾所指出的，由於我們的許多客戶面臨資金和政策相關的阻力，我們繼續應對日益激烈的競爭。在這種環境下，我們不僅注重保留市場份額，還專注於擴大市場份額。

A particular bright spot was our self-manufactured lab chemicals, which continued its track record of growth. On a regional basis, our European business was nearly flat, outperforming the Americas and Asia, which felt a greater brunt of policy headwinds.

一個特別的亮點是我們自行生產的實驗室化學品，其繼續保持增長勢頭。從地區來看，我們的歐洲業務幾乎持平，表現優於受到政策逆風更大衝擊的美洲和亞洲。

Adjusted operating income for Lab Solutions was $133 million for the quarter with an 11.9% margin. Although we were able to implement pricing and sourcing actions to offset tariff cost headwinds, the competitive actions to drive share have come at the cost of margin. Mix was also a negative contributor to margin.

本季實驗室解決方案調整後的營業收入為 1.33 億美元，利潤率為 11.9%。儘管我們能夠實施定價和採購行動來抵銷關稅成本的不利影響，但推動份額的競爭行動卻是以利潤為代價的。混合也對利潤率產生了負面影響。

Bioscience Production revenue was $561 million in Q2, up 2% organically on a year-over-year basis and up 7% sequentially. Silicones had another strong quarter, up low double digits, and our Applied Solutions business was down low single digits, both in line with expectations.

第二季生物科學生產收入為 5.61 億美元，年增 2%，季增 7%。有機矽業務再創佳績，實現了兩位數的小幅增長，而應用解決方案業務則出現了個位數的小幅下滑，但均符合預期。

The key disappointment in the quarter was Bioprocessing which, as a reminder, comprises roughly two-thirds of our revenues in Bioscience Production. Although Bioprocessing grew 5% sequentially, it was flat year-over-year, with declines across the business driven by the customer headwinds and the longer-than-expected maintenance at our manufacturing facility.

本季最令人失望的是生物加工業務，值得提醒的是，它約占我們生物科學生產收入的三分之二。儘管生物加工業務環比增長 5%，但同比持平，整個業務的下滑是由於客戶逆風和製造工廠的維護時間長於預期。

Within Bioprocessing, CEC was down mid-single digits year-over-year but grew sequentially, benefiting from commercial actions taken by the team. Single-use also grew sequentially but was flat year-over-year after increasing high teens in the first quarter. Lastly, Process Ingredients and Excipients grew high-single digits sequentially and low single digits year-over-year.

在生物加工領域，CEC 年比下降中個位數，但環比成長，受益於團隊採取的商業行動。一次性用品的銷量也環比增長，但在第一季出現高位增長後，同比持平。最後，製程成分和輔料的環比成長為高個位數，年成長為低個位數。

While we have limited control over the customer headwinds, the team is actioning on the initiatives Michael outlined to improve execution and performance. Adjusted operating income for Bioscience Production was $140 million for the quarter, representing a 24.9% margin. While this represents a 100-basis-point sequential improvement, margin was down year-over-year, largely due to under-absorption and manufacturing-related expense.

雖然我們對客戶不利因素的控制有限，但團隊正在按照邁克爾概述的舉措採取行動，以提高執行力和績效。本季生物科學生產部門的調整後營業收入為 1.4 億美元，利潤率為 24.9%。雖然這代表著連續 100 個基點的改善，但利潤率較去年同期下降，主要是由於吸收不足和製造相關費用。

Given our first-half performance and current visibility to the business, we are reducing our full-year organic revenue growth expectation to negative 2% to flat versus prior guidance of negative 1% to plus 1%. And year-to-date, our organic growth was negative 1%, so this updated midpoint reflects a continuation of current trends.

鑑於我們上半年的業績和當前的業務前景，我們將全年有機收入成長預期下調至負 2% 至持平，而先前的預期為負 1% 至正 1%。今年迄今為止，我們的有機成長率為負 1%，因此更新後的中點反映了當前趨勢的延續。

To bridge to actuals, there is a 2% headwind due to the clinical services divestiture and approximately 1% tailwind due to FX, resulting in reported revenue growth at the midpoint of negative 2%. This assumes a euro-dollar rate of 1.15 for the back half of the year and a 1.12 blended rate for the entire year.

為了與實際情況保持一致，由於臨床服務剝離，收入成長出現 2% 的逆風，而外匯因素則出現約 1% 的順風，導致報告收入成長率中位數為負 2%。假設今年下半年歐元兌美元匯率為 1.15，全年混合匯率為 1.12。

On a segment basis, we now expect Lab Solutions growth to be minus low single digits, down from minus low single digits to flat. This assumes a continuation of first-half performance in the back half of the year. Conversion associated with the recent share gains described earlier will be a tailwind to our outlook as they are implemented.

從細分市場來看，我們現在預期實驗室解決方案的成長率將為負低個位數，從負低個位數降至持平。這意味著下半年的表現將延續上半年的動能。隨著前面描述的近期股價上漲，相關轉換的實施將對我們的前景產生正面影響。

Consistent with our Q2 performance, we are assuming no material top line impact from tariffs. We now expect Bioscience Production to be flat, down from up mid-single digits driven by our performance in the first half and headwinds in both Bioprocessing and in our medical-grade Silicones platform.

與我們第二季的業績一致，我們假設關稅不會對營收產生重大影響。我們現在預計生物科學產量將持平，從中個位數的上升下降，這受到上半年業績以及生物加工和醫療級有機矽平台的阻力的影響。

We expect Bioprocessing to be flat to up low single digits, down from up mid-single digits. This reflects our expectation that despite continued strong underlying demand for our core monoclonal antibody platform, we will continue to face the headwinds we described earlier.

我們預期生物加工產業將從中個位數成長持平至低個位數成長。這反映了我們的預期，儘管我們的核心單株抗體平台的潛在需求持續強勁，但我們將繼續面臨我們先前描述的阻力。

Single-use is expected to increase mid-single digits for the second half and the year. And we expect Process Ingredients to be up low single digits for the second half and the year.

預計下半年和今年一次性使用量將以中位數個位數成長。我們預計下半年和今年的工藝成分價格將出現個位數的低幅成長。

In CEC, we expect performance to continue to improve modestly on a sequential basis as we move through the second half of the year, translating to a low single-digit decline for the year. After mid-teens growth in the first half of the year, our medical-grade Silicones platform will take a step back in the second half of the year as customers rebalanced inventory to bring full-year growth in line with patient procedure count.

在 CEC 方面，我們預計下半年業績將繼續環比小幅改善，全年將出現較低的個位數下滑。在經歷了上半年的十五六倍增長之後，我們的醫用級矽膠平台將在下半年放緩，因為客戶需要重新平衡庫存，使全年增長與患者手術數量保持一致。

Accordingly, we expect mid-single-digit decline in the second half, resulting in modest growth for the full year. We are updating our adjusted EBITDA margin expectations to between 16.5% and 17%, and our adjusted EPS guidance range to between $0.94 and $0.98.

因此，我們預計下半年將出現中等個位數的下降，導致全年實現溫和成長。我們將調整後的 EBITDA 利潤率預期更新至 16.5% 至 17% 之間，並將調整後的 EPS 指導範圍更新至 0.94 美元至 0.98 美元之間。

We are also reducing our free cash flow expectations to $550 million to $600 million before transformation expenses. The reduction in free cash flow is a result of the significant contract extensions in the Lab business that Michael discussed earlier.

我們也將扣除轉型費用後的自由現金流預期下調至 5.5 億至 6 億美元。自由現金流的減少是由於邁克爾之前討論過的實驗室業務的重大合約延期造成的。

While we are excited about these awards, some come with meaningful prepaid rebates, which are accounted for in our updated guidance. In terms of Q3, we expect organic revenue growth of minus 4% to minus 2%, with both segments down similarly.

雖然我們對這些獎項感到興奮，但有些獎項也附帶有意義的預付返利，這在我們更新的指南中有所體現。就第三季而言，我們預期有機收入成長率為-4%至-2%，兩個部門的降幅相似。

Our clinical services divestiture represents a 3% headwind. And based on current spot rates, we expect a 2% tailwind from FX. This leads to reported revenue growth of negative 4% year-over-year at the midpoint. We expect adjusted EBITDA margins to be somewhat lower than Q2 in the low 16% range.

我們的臨床服務剝離代表 3% 的逆風。根據目前的現貨匯率，我們預計外匯匯率將上漲 2%。這導致報告的收入成長率中位數為年減 4%。我們預計調整後的 EBITDA 利潤率將略低於第二季度，在 16% 左右。

With that, I will turn the call back to Michael.

說完這些，我就把電話轉回給麥可。

Thank you, Brent. Before we move into Q&A, I would like to briefly recap today's key takeaways and reiterate our priorities moving forward. In a challenging operating environment, we are successfully executing the strategic initiatives we outlined last quarter.

謝謝你，布倫特。在進入問答環節之前，我想先簡單回顧一下今天的要點，並重申我們未來的優先事項。在充滿挑戰的營運環境中，我們正在成功執行上個季度概述的策略性舉措。

In our Lab Solutions segment, we are pleased to deliver sequential revenue growth and we are committed to protecting key accounts and competing hard-to-win market share. These efforts resulted in several significant contract extensions in the quarter.

在我們的實驗室解決方案部門，我們很高興看到收入持續成長，並且我們致力於保護關鍵客戶和爭奪難以贏得的市場份額。這些努力使得本季度的幾份重要合約得以延期。

Our Bioprocessing performance fell short of our expectations this quarter, primarily due to discrete customer headwinds. We are taking action to offset the impact and demand for our core monoclonal antibody platform remains strong.

本季我們的生物加工業表現未達預期，主要原因是客戶面臨離散阻力。我們正在採取行動來抵消影響，對我們核心單株抗體平台的需求依然強勁。

As I reflect on 11 years leading this business, I am incredibly proud of all that we have achieved, including the acquisition of VWR, a successful IPO, navigating the COVID-19 pandemic and its aftermath, and the implementation of a new operating model. Despite recent performance headwinds, I could not be more confident in the strength of our platform and Avantor's future success under Emmanuel's leadership. You'll hear more from Emmanuel at the Q3 earnings call where I expect he will share some of his early observations and priorities for the business.

回顧領導這項業務的 11 年，我為我們所取得的所有成就感到無比自豪，包括收購 VWR、成功 IPO、應對 COVID-19 疫情及其後果以及實施新的營運模式。儘管最近業績不佳，但我對我們平台的實力以及在 Emmanuel 的領導下 Avantor 未來的成功充滿信心。您將在第三季財報電話會議上聽到 Emmanuel 的更多消息，我預計他將分享他對業務的一些早期觀察和優先事項。

With that, I'll now turn the call over to the operator to begin the Q&A session.

現在，我將把電話轉給接線員，開始問答環節。

(Operator Instructions) Vijay Kumar, Evercore.

（操作員指示） Vijay Kumar，Evercore。

Michael, wishing you the best as you transition here. I -- maybe on the guidance here. Your third quarter organic of minus 3%, what is that assuming for the segments? And particularly, in Bioprocessing, it feels like it should step down both Bioprocessing and Lab, it worsens from second quarter trends? Maybe talk about what changed versus 2Q?

邁克爾，祝你在這裡的過渡一切順利。我——也許是這裡的指導。你們第三季的有機成長率為-3%，這對各個細分市場有何假設？特別是在生物加工領域，感覺應該同時降低生物加工和實驗室的水平，這比第二季的趨勢更糟了？也許可以談談與第二季相比有什麼變化？

Yes. Thanks for the question. It's Brent here. So we see about ratable performance in each segment, along with the full company there. The dynamic there is really consistency in Lab, by and large, with what we've seen in Q2 and the first half of the year. There is some seasonality with the vacation times in the Q2.

是的。謝謝你的提問。我是布倫特。因此，我們可以看到每個部門以及整個公司的可評估績效。總體而言，實驗室的動態與我們在第二季和今年上半年看到的情況一致。第二季的假期時間有一定的季節性。

And then in in Bioprocess and Bioscience, we still have the recovery on the headwinds due to the manufacturing in that. And there is some timing slowness in Silicones there. So that's really how you tie that math together.

然後在生物工藝和生物科學領域，由於製造業的原因，我們仍然面臨復甦的阻力。且矽酮存在一定的時間延遲現象。這就是真正將數學聯繫在一起的方法。

Understood. I'll let others jump on on the segments, but maybe on margins here, Brent, EBITDA margins came down 125 basis points. How much of this was mix volume impact versus some of the pricing commentary you made on initiatives to gain share within Lab?

明白了。我會讓其他人跳到各個部分，但也許在這裡的利潤率上，布倫特的 EBITDA 利潤率下降了 125 個基點。其中混合量影響有多大，與您為在實驗室內獲得份額而採取的舉措所做的一些定價評論相比，這有多大？

Yes. So the dynamic in the quarter was really a combination of price and mix, price being the most significant piece of that. And largely in the Lab business there when you when you somewhat underperform in Bioprocessing, that's also dilutive to margin as well, but it's largely a price and then mix dynamic.

是的。因此，本季的動態實際上是價格和產品組合的結合，其中價格是最重要的部分。在很大程度上，在實驗室業務中，當您在生物加工方面表現不佳時，這也會稀釋利潤，但這在很大程度上是一個價格和混合動態的問題。

Sorry. Are these expected to continue into fiscal '26 should pricing actions annualize? Any thoughts on the margin cadence here, how we should think about for fiscal '26?

對不起。如果定價行動年度化，這些情況預計會持續到 26 財年嗎？對於這裡的利潤節奏有什麼看法？我們該如何考慮 26 財年？

Yes, I think that's probably a bit in the future there. What I -- going to some of Michael's comments on the intensity, winning the contracts, incremental revenue that comes from that. Once we get on those contracts, where it would show or extend them in these instances, we show the ability to accrete margin as well as we absorb better with volume there. So probably, wouldn't get ahead of ourselves on '26 here, but certainly, we're going to see impacts through the balance of the year.

是的，我認為這可能還在未來。我想談談邁克爾關於強度、贏得合約以及由此帶來的增量收入的一些評論。一旦我們簽訂了這些合同，在這些情況下就會顯示或延長這些合同，我們顯示出增加保證金的能力，並且我們能夠更好地吸收那裡的交易量。因此，我們可能不會在 26 日就超前做出決定，但可以肯定的是，我們將在今年餘下的時間裡看到影響。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

I want to dig into Bioprocess first. You've had a couple of really idiosyncratic challenges this year, the controlled room consumables, the site shutdown running along, some of the customer-specific in gene and cell therapy. But certainly, much more disappointing Bioprocess number for the year than what we previously talked about and what we're seeing us here in the market.

我想先深入研究生物過程。今年你遇到了一些非常特殊的挑戰，控制室消耗品，現場關閉，以及一些針對特定客戶的基因和細胞療法。但可以肯定的是，今年的生物製程數據比我們之前談論的以及我們在市場上看到的要令人失望得多。

Just wanted to get your thoughts on that business, longer-term. Do you still feel like a Bioprocess is high single-digit, long-term grower? A number of one-off issues that keep propping up that point to, maybe, some underlying problems. I just want to gauge your confidence that these are one-time and that once you resolve these, the business is as strong as we previously thought it was.

只是想了解您對該業務的長期看法。您是否仍然覺得生物工藝是高個位數的長期成長者？一些一次性問題不斷出現，也許表明存在一些潛在的問題。我只是想衡量你們的信心，這些都是一次性的，一旦解決了這些問題，業務就會像我們之前想像的一樣強勁。

Good morning, Michael. This is Michael. A couple of thoughts on that. Firstly, when you look into the second quarter, absent a couple of these discrete headwinds, but the business really did want to perform in that mid- to high single-digit range in line with the rest of the market.

早上好，麥可。這是邁克爾。對此我有一些想法。首先，當你觀察第二季時，雖然沒有遇到幾個離散的不利因素，但該業務確實希望與其他市場保持一致，在中高個位數範圍內表現。

And we're to underscore that the demand for our [Labs] platform, which is the biggest part of our Bioprocessing business, remains incredibly strong and, certainly, in line with what we see in a recovering end market. No doubt, fell short of expectations in the quarter with this facility maintenance, this is something you do periodically every few years as we got into the turnaround a bit longer than we had anticipated.

我們要強調的是，我們的[實驗室]平台（這是我們生物加工業務中最大的部分）的需求仍然非常強勁，並且肯定與我們在復甦的終端市場中看到的一致。毫無疑問，本季的設施維護工作沒有達到預期，這是每隔幾年定期進行的工作，因為我們進入周轉期的時間比我們預期的要長一些。

The plant came back online before we ended the quarter and the team is working hard to restore normal backlog levels. These customer headwinds that we encountered in the quarter were certainly unexpected and developed as we got into the quarter for very specific discrete customer-related headwinds, particularly in these emerging modalities, which I don't know that it's all that surprising that the industry itself is going through the normal growing pains of launching new technologies, the FDA processes, and some of the concerns around patient safety that are top of mind certainly have to be a consideration there.

該工廠在本季結束前恢復運營，團隊正在努力恢復正常的積壓水平。我們在本季度遇到的這些客戶阻力無疑是出乎意料的，並且是在本季度因非常具體的離散客戶相關阻力而出現的，特別是在這些新興模式中，我不知道這是否令人驚訝，因為該行業本身正在經歷推出新技術、FDA 流程的正常成長陣痛，而一些圍繞患者安全的擔憂肯定必須得到考慮。

And as demand fell off for some of our key customers in that space, it impacted the quarter. Fortunately, it was contained to just two or three customers, overall.

由於該領域一些主要客戶的需求下降，對本季產生了影響。幸運的是，總共只有兩、三個顧客。

And when we look at the broader platform that we run there, the platform is incredibly well positioned. We've got a great pipeline, long-standing customer relationships. And I would expect, particularly as Emmanuel comes in with his background in this space, this business will, as we work through some of these headwinds, will continue to grow at or above market over the long term.

當我們審視我們在那裡運行的更廣泛的平台時，我們發現該平台的定位非常好。我們擁有優秀的管道和長期的客戶關係。而且我預計，特別是隨著 Emmanuel 憑藉其在該領域的背景加入進來，隨著我們克服一些不利因素，這項業務將在長期內繼續保持或超過市場水平的成長。

Okay. And then one follow-up on earlier point in terms of the guide for the second half. Brent, you called it out, it looks like you're assuming pretty much very consistent numbers, 1H versus 2H both on organic and on margins. But the 3Q to 4Q split really surprised us, down 2% to down 4% organic and 3Q implies plus [1%] or better in the fourth quarter.

好的。然後就下半部分的指南，跟進前面提到的要點。布倫特，你說得對，看起來你假設的數字非常一致，上半年和下半年無論是在有機成長還是利潤率方面。但第三季至第四季的分化確實讓我們感到驚訝，有機下降 2% 至 4%，而第三季意味著第四季將成長 [1%] 或更好。

Just both on a percentage basis and on a dollar basis, really big step-up. Just can you talk about extent of conservatism in 3Q? Is there anything you're seeing a month into the quarter? Or just any incremental things, just keep in mind in 4Q, that will give us confidence in that ramp?

無論從百分比還是美元計算，這都是一個很大的進步。能談談第三季的保守程度嗎？進入本季後，您看到了什麼變化嗎？或者只是任何增量的事情，只要記住在第四季度，這將讓我們對這種成長充滿信心嗎？

Yeah. No, absolutely fair observation, Michael. At the -- I would say, we're being careful in Q3 there. I mean we are assuming a continuation of the trends in Lab. There is some timing in Silicones, which if you were to relatively smooth that out, that would make that step up look less as much there.

是的。不，這絕對是公正的觀察，麥可。我想說的是，我們在第三季會非常謹慎。我的意思是我們假設實驗室的趨勢會持續下去。矽酮中存在一些時間問題，如果你將其相對平滑化，那麼這種上升趨勢看起來就不會那麼明顯。

And frankly, just the timing of what we know on the seasonality in the order books and the expectations, if we meet or beat in Q3, that will certainly make the ramp on Q4 much lower there.

坦白說，就我們對訂單簿的季節性和預期所了解的時間而言，如果我們在第三季度達到或超過預期，那麼肯定會使第四季度的增長速度低得多。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Michael, obviously, all the best to you. Maybe just on the pricing environment, which you guys called out competitive intensity throughout the prepared remarks. And obviously, you're taking down the free cash flow guide as you lock in some of these contracts.

邁克爾，顯然，祝你一切順利。也許只是在定價環境中，你們在整個準備好的發言中都提到了競爭激烈程度。顯然，當您鎖定其中一些合約時，您會取消自由現金流指南。

I'm just wondering, could you give us a sense of: a, just how much worse this is right now? -- any color within your Lab business? What volume and price looks at and see? Is this a new directive?

我只是想知道，您能否讓我們了解一下：a，現在情況到底有多糟？ ——您的實驗室業務有什麼特色嗎？量價齊觀又有何看頭？這是一條新指令嗎？

I mean, we understand you guys are trying to be competitive and you've called out some pricing headwinds in the past, but it just seems like things have accelerated here? I'm just trying to get our arms around what changed.

我的意思是，我們知道你們正在努力提高競爭力，而且你們過去也曾指出過一些定價方面的阻力，但現在看來事情似乎已經加速了？我只是想讓我們了解發生了什麼變化。

Yes. Thanks, Dan. I think it's important to acknowledge it is a dynamic environment and the choppiness of the macro environment, we have seen a step up in competitive intensity, particularly in our Lab business, not necessarily broad-based across all customer segments.

是的。謝謝，丹。我認為重要的是要承認這是一個動態的環境和宏觀環境的波動性，我們已經看到競爭強度的上升，特別是在我們的實驗室業務中，並不一定在所有客戶群體中都廣泛存在。

We probably see it most pronounced with our larger biopharma accounts. And we've seen that intensifying as we moved through the year.

我們可能在較大的生物製藥帳戶中看到最明顯的表現。我們看到，隨著時間的推移，這種現象愈演愈烈。

And we're just underscore our strategy here is to protect and grow our share. We have a differentiated platform. The work that Corey and his team have done as he's leaned in here, certainly, have validated the strength of the platform and the -- how much our customers want to do business with us.

我們只是強調我們的策略是保護和擴大我們的份額。我們有一個差異化的平台。科里和他的團隊在這裡所做的工作無疑驗證了該平台的實力以及我們的客戶多麼希望與我們做生意。

And so we're being reactive to the environment and ensuring that we've got a strong platform and basis to grow farm as these end markets recover, and as the actions that Cory and his team are taking begin to take hold. We had a terrific quarter, really a terrific quarter with a number of really meaningful account awards, where we were able to not only protect our share, but also grab substantial market share, as we discussed more than $100 million of incremental revenue will flow into this business in the coming quarters on the back of those efforts.

因此，我們對環境做出反應，並確保隨著這些終端市場的復甦以及科里和他的團隊採取的行動開始發揮作用，我們擁有強大的平台和基礎來發展農場。我們度過了一個非常棒的季度，真的是一個非常非常棒的季度，我們獲得了許多非常有意義的客戶獎項，我們不僅能夠保住我們的份額，而且還能搶佔相當大的市場份額，正如我們所討論的，在這些努力的支持下，未來幾個季度將有超過 1 億美元的增量收入流入該業務。

That will do a lot of good things for absorption, and we've got a long track record of expanding margins. And of course, you can't do that if you don't have the account to begin with. But we think we're as well positioned as anybody out there to compete aggressively for this business, and you see that playing through in the quarter.

這對於吸收量來說將帶來許多好處，而且我們在擴大利潤率方面有著悠久的記錄。當然，如果您一開始就沒有帳戶，您就無法做到這一點。但我們認為，我們與其他公司一樣，都已做好準備，積極參與這項業務的競爭，而這一點將在本季度得到體現。

And is there any color just on volume price or just in the Lab business? I mean, that's something you guys can break out?

是否有任何僅針對批量價格或僅針對實驗室業務的顏色？我的意思是，這是你們可以打破的東西嗎？

And then just as a follow-up to beyond that, just wondering, you guys typically give end market color. There's a lot of focus on what the economic environment is like in the US and also pharma, so would you be willing to share how trends performed versus expectations there?

然後作為後續問題，我只是想知道，你們通常會給出終端市場的顏色。人們非常關注美國和製藥業的經濟環境，那麼您願意分享那裡的趨勢與預期相比如何嗎？

Let me take the last part of that question, and Brent can give you some color on price volume, Dan.

讓我來回答這個問題的最後一部分，丹，布倫特可以給你一些關於價格成交量的資訊。

From an end-market perspective, I would say, as we've moved through the year, we see the end market conditions largely stable as we sit here today, particularly in like academia and government following the big step down in February. We've seen that end-market perform relatively stable.

從終端市場的角度來看，我想說，隨著我們度過這一年，我們看到終端市場狀況今天基本穩定，特別是在學術界和政府領域，在二月大幅下滑之後。我們看到終端市場表現相對穩定。

The funding headwinds for biotech persist and our large pharma customers continue to be pressured by inflation and other policy-related headwinds. So we haven't really seen, what I would say, a pronounced change here in the quarter. And when we look at the second half, we're assuming that those conditions persist.

生技產業的融資阻力持續存在，我們的大型製藥客戶繼續面臨通貨膨脹和其他政策相關阻力的壓力。因此，我想說，我們在本季並沒有真正看到明顯的變化。當我們展望下半年時，我們假設這些情況將會持續下去。

One, maybe, additional commentary on our performance relative to those end-market trends, if you look into our supplemental disclosure, you'll see a particularly strong quarter for us in academia and government. And consistent with the action plan that we outlined for Corey and his team, I think that's a great data point on the benefits -- the early benefits that we're seeing of a step-up in commercial intensity, as well as just the relevance of our platform.

也許，關於我們相對於這些終端市場趨勢的表現的額外評論，如果您查看我們的補充披露，您會發現我們在學術界和政府領域的表現特別強勁。與我們為 Corey 和他的團隊制定的行動計劃一致，我認為這是一個很好的數據點，顯示了商業強度提升以及我們平台相關性帶來的早期好處。

We grew that business mid-single digit. And in end-market, that probably was down mid- to high- single digits. So you're starting to see some of these benefits that Corey and his team are driving, and for me, it just underscores the strength of our platform.

我們的業務實現了中等個位數的成長。在終端市場，這一數字可能下降了中高個位數。因此，您開始看到 Corey 和他的團隊正在推動的一些好處，對我來說，這只是強調了我們平台的實力。

Yes, following up on the price volume comment there. So maybe rewind to where we entered the year, just frankly, thinking of the enterprise and Lab in particular, for flattish volumes and then a modest amount of price; fast forward to here, certainly, due to the end-market challenges.

是的，正在跟進那裡的價格數量評論。因此，也許回顧一下我們進入今年的時候，坦白說，特別是考慮到企業和實驗室，銷量持平，價格適中；快進到這裡，當然，這是由於終端市場的挑戰。

There has been some pressure on volume, but that is not most of the story. It's primarily on the price side there. So when you look at our attainment, a little bit of pressure on volume and then the price headwind is the main drop through. And that goes directly to the margin story.

銷量方面確實存在一些壓力，但這並不是主要原因。這主要與價格方面有關。因此，當你看到我們的業績時，你會發現交易量有一點壓力，而價格逆風則是主要原因。這直接關係到邊際故事。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

So first off, I just wanted to ask on the Lab Solutions comments. So you noted that those were in line with expectations. We chose to take down guidance for the full year for Lab Solutions by a few points.

首先，我只是想詢問有關實驗室解決方案的評論。所以您指出這些符合預期。我們選擇將 Lab Solutions 全年績效指引下調幾個百分點。

So can you walk us through what drove the decision to take down the guide there, if it truly did play out as expected? Is this just a function of conservatism? Is it underpinned by trends that you've seen throughout July so far? Or are you assuming that the competitive intensity steps up even further in the back half for Lab Solutions?

那麼，如果事情確實如預期的那樣發展，您能否向我們解釋一下是什麼促使您決定刪除該指南？這僅僅是保守主義的作用嗎？它是否受到您七月迄今為止所看到的趨勢的支持？或者您認為實驗室解決方案的後半段競爭強度會進一步加劇？

No, good note of the detail there, Rachel. And look, we -- when we look at the lab performance, minus low single digits for the first half of the year, somewhat better performance in Q2, we just don't see the environment changing. So the prior guide was minus LSC to flat.

不，Rachel，很好地註意到了這一點。看看，我們 - 當我們查看實驗室表現時，發現上半年的表現低於個位數，而第二季度的表現略有好轉，我們只是沒有看到環境變化。因此先前的指導是減去 LSC 至持平。

So just -- I don't know that it's conservatism, I would probably just call it prudence or a very realistic outlook on that. We don't see the environment changing materially there. So we just extended that for the year. And two other comments on bridging it, it makes the math make the most sense.

所以只是——我不知道這是保守主義，我可能只會稱之為謹慎或非常現實的觀點。我們沒有看到那裡的環境發生實質變化。因此，我們將其延長至今年。另外兩篇關於彌合這一差距的評論，使得數學計算最有意義。

Great. Then maybe shifting over to Bioprocessing. So you called out the planned maintenance took a little bit longer than expected and created this backorder dynamic with some customers. So can you quantify for us how much of the headwind those back orders were within the quarter?

偉大的。然後也許轉向生物加工。因此，您指出計劃維護的時間比預期要長一些，並導致一些客戶出現這種延期交貨的情況。那麼，您能否為我們量化本季積壓訂單帶來的阻力有多大？

And then is the plant fully back up and running at this point? And if that issue is resolved, when should we expect to see a tailwind from those backwards coming back into the model?

那麼，工廠現在是否已經完全恢復運作了？如果這個問題得到解決，我們什麼時候才能看到那些倒退的順風重新回到模型中？

Yes, Rachel, when I think of the Bioprocessing underperformed in Q2, 1 points to 2 points of growth were related to the increase in the back order and the the timing of the maintenance completion. The balance was related to the customer headwinds that Michael cited there. So that walked that -- [century] walks you from the mid-single-digit guide to the flat where we ended up there.

是的，Rachel，當我想到生物處理在第二季度表現不佳時，1 到 2 個百分點的增長與積壓訂單的增加和維護完成的時間有關。這種平衡與邁克爾提到的客戶阻力有關。所以就這樣走了——[世紀] 從中位數指南走到了我們最終到達的水平。

The operational recovery, the plant is absolutely back where it needs to be. That operational recovery and driving down that backlog does take time, so we expect that will feather in through the rest of the year.

運作恢復後，工廠絕對恢復到了應有的狀態。營運恢復和減少積壓確實需要時間，因此我們預計這將在今年剩餘時間內逐漸顯現。

So I would not -- you noticed from Michael's questions, we're being careful about timing of that for Q3. And I would -- we're just feathering that in through the second half of the year.

所以我不會——你從邁克爾的問題中註意到了，我們對第三季的時間安排非常謹慎。我會的——我們只是在今年下半年逐步實現這個目標。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

I was just hoping you could size the different headwinds, I'm not going to the specific customer exposure, but really just from the headwinds you saw in 2Q and then from what's baked into the guide cut for Biosciences, really just trying to figure out what was in your control. So if you could help size what those related due to the extended site maintenance costs or versus the issues you have with the customers?

我只是希望您能夠衡量不同的不利因素，我不會針對特定的客戶風險，而只是從您在第二季度看到的不利因素以及生物科學指南中所包含的內容來判斷，只是想弄清楚您能控制什麼。那麼，您是否能協助確定這些與延長的網站維護成本或與您與客戶之間的問題相關的因素是什麼？

Look, we started a couple of discrete headwinds for the quarter. Brent just sized for you the impact of the extended maintenance audits think about that as 1 points to 2 points in the quarter, which leaves 2 points to 3 points for the two to three customers that encountered significant challenges we progressed through the quarter.

你看，我們在本季遇到了一些離散的阻力。布倫特剛剛為您評估了延長維護審計的影響，認為這在本季度為 1 分到 2 分，而對於在本季度遇到重大挑戰的兩到三位客戶，則為 2 分到 3 分。

The plant is fully online, and we don't expect that maintenance headwind to impact the second half. So when we look into the outlook for the last couple of quarters here, what you're really seeing reflected here is a full quarter's impact of these discrete customer headwinds, both in Q3 and Q4 as our current assumption is that those headwinds don't unwind as we move through the year. And we don't necessarily comment on specific customer detail there, but of the two or three accounts, they all contributed, roughly, equal to the headwind there.

該工廠已全面投入運營，我們預計維護方面的不利因素不會對下半年造成影響。因此，當我們回顧過去幾季的前景時，您真正看到的是這些離散客戶逆風對整個季度的影響，無論是在第三季度還是第四季度，因為我們目前的假設是，這些逆風不會隨著一年的推移而消散。我們不一定會對那裡的具體客戶細節發表評論，但在這兩個或三個帳戶中，他們做出的貢獻大致相當於那裡的逆風。

The other dynamic impacting the BPS outlook for the second half was our new Sil platform. We're off to an incredibly strong start, particularly in our medical implant part of that business, growing mid-teens year-to-date, which is well ahead of procedure count. And so not unusual for that business.

影響 BPS 下半年前景的另一個動態是我們的新 Sil 平台。我們的開局非常強勁，特別是在醫療植入部分，年初至今的成長率達到了十幾歲，遠遠超過手術數量。對於該行業來說這並不罕見。

You see that the customers normalizing inventories to bring full-year purchases more in line with, in this case, patient procedure count. And so that creates a little bit of a headwind for us in the second half of the year.

您會看到，客戶正在規範庫存，以使全年採購量更符合（在本例中為患者手術數量）的情況。所以這給我們下半年帶來了一些阻力。

But that end-market is incredibly strong, and our value proposition there remains fully intact. We're going to have a great year overall and the setup into '26 will be very favorable.

但終端市場非常強勁，我們在那裡的價值主張仍然完好無損。整體來說，我們將會度過美好的一年，26 年的準備工作也會非常有利。

Great. Sorry for the doubling up on that question. I missed it was asked earlier. And I guess just a follow-up here. Thinking about the business overall, how integrated are the two segments when you think about like your -- I understand from a channel perspective, you got a lot of third party, but you also have a lot of proprietary and white label stuff that goes in there. So how integrated are the two manufacturing facilities or the manufacturing between the two segments? And I'll just leave it with that.

偉大的。抱歉，我重複問了這個問題。我錯過了之前問過的問題。我想這只是一個後續問題。從整體考慮業務，當你考慮時，這兩個部分的整合程度如何——我從管道角度理解，你有很多第三方，但你也有很多專有和白標的東西。那麼這兩個製造工廠或兩個部門之間的製造整合程度如何？我就不多說了。

Yes. Thanks. When we put these platforms together more than seven, eight years ago now, there were pretty significant number of synergies that were implemented and recognized at that time. Obviously, full integration of the back offices and the, particularly, the IT infrastructure and such.

是的。謝謝。當我們在七、八年前將這些平台整合在一起時，當時就實現並認識到了相當多的協同效應。顯然，後台辦公室和 IT 基礎設施等的全面整合。

The manufacturing facilities, particularly for our proprietary content, are fully integrated. One of the important value elements of our offering, particularly in the GMP environment, is being able to supply research grade quantities of products coming from a GMP line.

製造設施，特別是我們專有內容的製造設施，已經完全整合。我們提供的產品的一個重要價值要素（特別是在 GMP 環境中）是能夠提供來自 GMP 生產線的研究級數量的產品。

And then as those programs scale up to commercial scale, the customer isn't having to requalify a new production line. It's all produced on the same line. So there's quite some nice synergies there. And then we have an integrated account structure and both segments leverage the common channel here.

然後，隨著這些專案擴大到商業規模，客戶就不必重新認證新的生產線。全部都是在同一生產線上生產的。因此，這其中存在著相當不錯的綜效。然後我們有一個整合的帳戶結構，並且兩個部分都利用這裡的公共管道。

So yes, there's certainly some synergies that are important to the business. But as we think about running the businesses, as you can see, both segment leaders are squarely focused on accelerating the growth of each segment independently.

所以是的，確實存在一些對業務很重要的綜效。但當我們考慮經營業務時，如您所見，兩個部門的領導者都專注於獨立加速每個部門的成長。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I appreciate you've had a number of questions on the Lab dynamics on pricing. But can you help us bridge the free cash flow cut? How is that tied to the $100 million of wins on the Lab side?

我很感激您對實驗室定價動態提出了許多問題。但是您能幫助我們彌補自由現金流的削減嗎？這與工黨贏得的 1 億美元有何關係？

Are there mechanics around the rebates here? Should we be worried about channel stuffing effectively giving away some inventory here? And then what really is the path to margins bottoming in lab? I think that's a key question people are trying to get a handle on.

這裡有關於回扣的機制嗎？我們是否應該擔心渠道堵塞會有效地洩漏一些庫存？那麼實驗室利潤率觸底的真正途徑是什麼呢？我認為這是人們試圖理解的關鍵問題。

Obviously, there are some new initiatives by Corey but then you've got these new pricing headwinds. And I also didn't hear you quantify anything around pricing. So any color there would be helpful, too.

顯然，科里採取了一些新舉措，但又面臨新的定價阻力。而且我也沒有聽到您對定價做出任何量化。所以任何顏色都會有幫助。

Yes, Tycho, let me start and then Mike will add some other color on that. So the significant piece of the free cash flow range was related to the prebate dynamic. There is a piece of it that's the lower EBITDA dynamic.

是的，Tycho，讓我開始，然後 Mike 會添加一些其他顏色。因此，自由現金流範圍的很大一部分與預付款動態相關。其中一部分原因是 EBITDA 動態較低。

Now, we're working all the harder on working capital to try and mitigate pieces of that. But that's how I would click that together. I don't exactly follow your channel stuffing notion there but --

現在，我們正在加倍努力地籌集營運資金，試圖減輕這種影響。但這就是我將它們組合在一起的方式。我不太明白你關於頻道填充的想法，但是--

When you talked about $100 million of benefit from new wins. Are you -- you talked about the $100 million of benefits from new wins. Are you giving away inventory upfront, I guess, is the question.

當您談到從新勝利中獲得 1 億美元的收益時。您談到了新勝利帶來的 1 億美元收益。我想，問題在於您是否會預先贈送庫存。

Absolutely not. These are --

絕對不是。這些都是--

Yes. What I would say about that, Tycho, is those are share gains. Those are -- that's incremental business that will transfer from our competitors to us on top of the business that we have been able to retain.

是的。關於這一點，Tycho，我想說的是，這些都是股票報酬。這些都是增量業務，將在我們能夠保留的業務的基礎上從我們的競爭對手轉移到我們身上。

The contracts that go around that will incorporate significant upfront rebate payments. And I think that's all Brent's reflecting there in the outlook is just the timing of those that will get paid here in the second half of those contracts are implemented need to be taken into account. But the demand dynamics associated with those -- there's nothing unusual associated with that, Tycho.

簽訂的合約將包含大筆預付回扣。我認為布蘭特原油價格在前景中所反映的只是那些將在合約實施後下半年獲得付款的人的時間需要考慮在內。但與此相關的需求動態 - 並沒有什麼不尋常的，Tycho。

And then just to click on the path to margins bottoming in Lab between some of the initiatives Corey's identified? And then again, anything around pricing numbers you can give us? We haven't heard anything around -- to quantify the pricing headwind.

然後只需點擊 Corey 確定的一些舉措之間的實驗室利潤率觸底路徑？那麼，您能告訴我們有關價格方面的任何資訊嗎？我們還沒有聽到任何關於量化定價逆風的消息。

When we look at the gross margin performance in the second quarter, Tycho, being down 100, 140 basis points wherever it's landed there, there's a price and mix component to that. But most of that is price that we see living through into the second half.

當我們查看第二季的毛利率表現時，Tycho 的毛利率下降了 100 到 140 個基點，無論它下降到哪裡，這都有價格和產品組合因素的影響。但我們認為，其中大部分價格將持續到下半年。

In an environment where volume growth is relatively muted, of course, absorption becomes an issue with winnings. One of the things that we're excited about is we don't have it built into the outlook and will be a tailwind to the to the prints going forward. But as this -- the share gains materialize, those will fall through disproportionately and you'll see some nice things happening there due to better absorption.

當然，在交易量成長相對緩慢的環境下，吸收量就成了獲利的問題。令我們興奮的事情之一是，我們並沒有將其內置到展望中，並且它將成為未來印刷業的順風。但隨著這一份額增長的實現，這些份額將不成比例地下降，並且由於吸收率的提高，你會看到一些好事發生。

I think it's important to note and go back to -- look, this business has a long-standing track record of margin expansion. We have a very disciplined approach to offsetting inflation and you see the actions we're taking on cost. Corey and his team, as you noted, are driving some aggressive actions to continue to lean in to accelerate the growth of the business and improve the operating leverage in the business.

我認為需要注意並回顧的是——看，這項業務長期以來一直保持著利潤率擴張的記錄。我們採取了非常嚴謹的方法來抵消通貨膨脹，你可以看到我們在成本方面採取的行動。正如您所說，Corey 和他的團隊正在採取一些積極的行動，繼續努力加速業務成長並提高業務的營運槓桿。

And the strategy we're deploying in this environment is to protect and grow our shares so that we have the opportunity to expand these margins as we move forward. I don't think our view on long-term margins for this business are impacted by the outlook we have here for the second half.

在這種環境下，我們部署的策略是保護和增加我們的份額，以便我們有機會在未來擴大利潤率。我認為，我們對該業務長期利潤率的看法不會受到下半年前景的影響。

Okay. And then just last one on Bioprocessing. I want to make sure I understand the dynamics. I mean the Sarepta headline was in March. You guys guided late April. MRA demand has been falling off, really, a lot this year and end of last year as well.

好的。最後再說一下生物加工。我想確保我理解其中的動態。我的意思是 Sarepta 的頭條新聞是在三月。你們在四月下旬進行了指導。今年和去年年底，MRA 需求確實大幅下降。

So I guess, did this come as a surprise to you post guidance? And then also, what actions, specifically, are you taking, you flagged -- you are taking actions in Bioprocessing. What are you actually doing here to improve visibility?

所以我猜，這對您的發布指導來說是一個驚喜嗎？然後，您具體採取了哪些行動，您標記了—您正在生物加工領域採取行動。您實際上在這裡做了什麼來提高知名度？

Yes, a couple of things on that, Tycho. Firstly, the headwinds that impacted us in the quarter, certainly, were unexpected and materialized, probably, halfway through the quarter. And given that we're talking just, really, a couple of customers there, we had -- given the relationships that we have there, we have a pretty tight contractions to our team and they came to us middle of the quarter and substantially cut their outlooks to us at that time.

是的，關於這一點，有幾件事，Tycho。首先，本季對我們造成影響的不利因素肯定是出乎意料的，而且很可能在本季中期就出現了。考慮到我們實際上只談論那裡的幾個客戶，考慮到我們在那裡建立的關係，我們的團隊收縮得相當緊，他們在本季度中期找到我們，並大幅下調了當時對我們的預期。

We benefit from being in a heavily regulated environment where we're specked in. The downside to that, of course, is trying to offset unexpected headwinds in the near-term can be a bit of a challenge.

我們受益於處於嚴格監管的環境中，並且受到嚴格監管。當然，這樣做的缺點是，試圖抵消短期內意外的逆風可能會有點困難。

But nevertheless, consistent with our our theme of controlling the things that we can control. Benoit and his team really are leaning in aggressively on the things that they can action.

但儘管如此，這與我們控制我們能夠控制的事情的主題是一致的。Benoit 和他的團隊確實在積極地致力於他們可以採取行動的事情。

The specific things I'd point you to, Tycho, firstly, both for Lab as well as Bioprocessing, our delivery performance is one of the key differentiators of the platform. And Benoit and his team have some really aggressive actions that they're taking there to continue to push us towards best-in-class. Similar to the actions that Corey have taken on ramping commercial intensity, particularly in certain segments.

我想向您指出的具體事項，Tycho，首先，無論是對於實驗室還是生物加工，我們的交付性能都是該平台的關鍵區別之一。Benoit 和他的團隊正在採取一些非常積極的行動，繼續推動我們達到一流的水平。類似於 Corey 為提高商業強度而採取的行動，特別是在某些領域。

We see Benoit and his team doing that as well, think about areas like bio similars, some of the newer modalities, antibody drug conjugates, for example. So really doubling down in some of the more attractive growth opportunities.

我們看到 Benoit 和他的團隊也在這樣做，例如考慮生物相似藥、一些較新的治療方式、抗體藥物偶聯物等領域。因此，我們確實加倍努力抓住一些更具吸引力的成長機會。

And then lastly, this is an innovation-driven business. Incredible focus on continuing to extend the technology and make sure that we have relevant content to offer our customers. So those are the, probably, the three most important areas that Benoit and his team are focused on here in the near term.

最後，這是一項由創新驅動的業務。我們非常注重持續擴展技術並確保我們能夠為客戶提供相關內容。因此，這些可能是 Benoit 和他的團隊近期重點關注的三個最重要的領域。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Michael, maybe just on the Bioprocessing business. Obviously, you certainly understand the company or the customer-specific issues there. Can you just talk broadly on the business in terms of what you saw or maybe if you can, a little bit ex some of the onetime issues? Where lead times are? Just curious what you're seeing in that business outside of the -- from the near-term noise here.

邁克爾，也許只是談論生物加工業務。顯然，您肯定了解該公司或客戶的具體問題。您能否根據您所看到的情況大致談談業務情況，或者如果可以的話，稍微談談一些曾經出現的問題？交貨時間在哪裡？我只是好奇除了近期的噪音之外，您對該業務有何看法。

Yes. Our perspective on the Bioprocessing business is that we continue to be extremely encouraged by the ongoing recovery and strengthening of the end-market. Consistent with the industry or end-market exposure here, most of the revenue is coming from monoclonals.

是的。我們對生物加工業務的看法是，終端市場的持續復甦和加強繼續令我們感到非常鼓舞。與此產業或終端市場曝光一致，大部分收入來自單株抗體。

And the demand for our solutions for that platform remain incredibly strong. And we'll just reiterate that had we not run into these couple of discrete headwinds, our platform would have performed very much in line with the end-market, as well as some of the other prints that you've seen here.

而且，針對該平台我們解決方案的需求依然十分強勁。我們只想重申，如果我們沒有遇到這些離散的阻力，我們的平台的表現將與終端市場以及您在此處看到的其他一些印刷品非常一致。

One of the things that we have been doing over the last number of years is leaning in on some of these new modalities. Our revenue exposure there would be probably consistent with the number of approvals you see overall in that end-market relative to the [Labs]. It's to say it's probably less than 10% of our total platform.

過去幾年我們一直在做的事情之一就是依靠一些新的模式。我們在那裡的收入敞口可能與你在該終端市場看到的總體批准數量一致，相對於[實驗室]。也就是說它可能還不到我們整個平台的 10%。

But one of the attributes of developing technology set like that is there's not a lot of approvals out there. And we have benefited from putting more content on those new modalities and, say, we have historically just given some of the strengths of our platform and innovation model.

但開發此類技術的一個特點是，獲得的批准並不多。我們從在這些新模式中投入更多內容中受益匪淺，而且，從歷史上看，我們只是賦予了我們平台和創新模式的一些優勢。

And so when you have a customer or two encounter some challenges, some growing pains, if you will, it does have a bit of an outsized impact on us. So wouldn't use the print in the quarter or the outlook for the back half of the year to read through our -- a, the strength and relevance of our platform or our view on the end market. We remain incredibly bullish about the ongoing recovery.

因此，當你有一兩個客戶遇到一些挑戰、一些成長的煩惱時，如果你願意的話，它確實會對我們產生一些巨大的影響。因此，我們不會使用本季的印刷品或下半年的展望來了解我們的平台的優勢和相關性，或我們對終端市場的看法。我們對目前的復甦仍然非常樂觀。

And you asked a little bit about lead times there. Our supply chain has been transacting normally now for quite a number of quarters, which for us, means we probably have two- to three-month lag from order to delivery, on average.

您詢問了一些有關交貨時間的問題。我們的供應鏈現在已經正常交易了好幾個季度，對我們來說，這意味著從訂單到交貨平均可能有兩到三個月的延遲。

Okay. That's helpful. And then obviously, new CEO coming in, we'll wait to hear from him directly obviously. But just in terms of the hiring process, what attracted you guys to have (technical difficulty)? And again, any changes we should expect (technical difficulty) capital allocation, the approach to the business. I'm curious, just the overall view on that front would be helpful.

好的。這很有幫助。顯然，新任執行長即將上任，我們將等待他的直接回覆。但就招募流程而言，是什麼吸引你們（技術難度）？再次強調，我們應該預料到任何變化（技術難度）、資本配置、業務方法。我很好奇，光從這方面的整體看法就會有所幫助。

I would reiterate, Emmanuel start here in a couple of weeks, August 18. And as we've indicated, I'll continue to stay fully engaged and direct the business up until then. The Board led a very thorough process.

我想重申一下，Emmanuel 將在幾週後，也就是 8 月 18 日，開始在這裡工作。正如我們所指出的，在那之前我將繼續全力投入並指導業務。董事會領導了一個非常徹底的流程。

And I think Emmanuel's background speaks for itself. He's an industry veteran with over 30 years of experience in this space. And with a particular strength in Bioprocessing, given the work that he did at first GE, and then ultimately over at Cytiva within Danaher. I know that he's incredibly excited to get started. And with his experience and familiarity with the space, he'll no doubt hit the ground running.

我認為伊曼紐的背景是不言而喻的。他是一位行業資深人士，在該領域擁有 30 多年的經驗。他在生物加工領域擁有特別強的優勢，他最初在通用電氣公司工作，後來在丹納赫旗下的 Cytiva 工作。我知道他非常興奮能夠開始這項工作。憑藉他的經驗和對該領域的熟悉，他無疑會迅速取得成功。

We do have a very good process in place to ensure a smooth transition. And I'm confident that that will indeed occur. Certainly, wouldn't want to get ahead of the work he'll do here and setting his agenda for him.

我們確實有一個非常好的流程來確保平穩過渡。我相信這確實會發生。當然，不想搶先完成他在這裡要做的工作並為他制定議程。

I know in the early days, he'll be very focused on engaging with our customers, with our team, with our Board, and you'll hear from him at least in the third quarter call. And as his agenda and priorities develop, I'm sure he'll be anxious to share those with you all.

我知道在早期，他會非常專注於與我們的客戶、我們的團隊、我們的董事會互動，您至少會在第三季的電話會議上聽到他的消息。隨著他的議程和優先事項的發展，我相信他會急切地想與大家分享。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

So a couple on VWR. First, I believe you mentioned a major contract extension as you talked about future share gains. I just want to better understand why are those share gains if they are extensions? Are you getting commitments from some existing customers more and/or are these becoming exclusives? Again, I just want to better understand the link between those comments. So that's the first thing.

VWR 上有一對。首先，我相信您在談論未來股價上漲時提到了重大合約延期。我只是想更好地理解，如果它們是擴展，為什麼這些份額會成長？您是否從一些現有客戶那裡獲得了更多承諾，或者這些承諾是否正在成為獨家承諾？再次強調，我只是想更能理解這些評論之間的關聯。這是第一件事。

Second, it sounds like you're using price as part of a share gain strategy. That's obviously come up a lot this morning. How does this impact near- and long-term margin targets? And I guess, cutting to the chase, does that mean that LSS margin should stay in the low double digits for the foreseeable future? So those are the two questions VWR.

其次，聽起來你正在將價格作為份額成長策略的一部分。顯然，今天早上這種情況已經出現了很多次。這對近期和長期利潤目標有何影響？我想，長話短說，這是否意味著 LSS 利潤率在可預見的未來應該保持在兩位數的低點？這就是 VWR 提出的兩個問題。

Last one, and then I'll go back into the queue and listen. On margins, your fiscal year and Q3 guidance implies around an 18% EBITDA margin number in the fourth quarter. Given the Bioprocessing challenges and what we just ran through on the VWR side, I'm just wondering what gives you conviction in getting back to that level, just given how many headwinds you're facing right now?

最後一個，然後我會回到隊列中聽。關於利潤率，您的財政年度和第三季指引意味著第四季度的 EBITDA 利潤率約為 18%。考慮到生物加工挑戰以及我們剛剛在 VWR 方面遇到的情況，我只是想知道，考慮到您現在面臨的多少阻力，是什麼讓您有信心回到那個水平？

I'll be happy to give you some color on the account wins and share gains in the quarter, and Brent can weigh in on your questions around margin.

我很樂意向您介紹本季的帳戶收益和份額收益，布倫特可以回答您關於利潤率的問題。

So a couple of things on the account wins there. We do have a very clear strategy here of protecting and growing share, and that was part of the agenda that we outlined for Corey as he stepped in and leaned in aggressively with our commercial team to protect our business. And in the quarter, we had a number of large pharma accounts, several, in fact, where the business was being competitively up for bid.

因此，帳戶上有幾件事是成功的。我們確實有一個非常明確的保護和增加份額的策略，這是我們為科里概述的議程的一部分，當時他介入並積極與我們的商業團隊合作以保護我們的業務。本季度，我們擁有多個大型製藥客戶，事實上，其中幾個業務正在進行競標。

And we were able to retain the existing business that we had, as well as grab some of the business at those accounts that we didn't have. And the net impact of the success we had in the quarter was a net increase as the conversion occurs over the next couple of quarters of more than $100 million. So substantial share gains there.

我們不僅能夠保留現有的業務，還能從那些我們沒有的帳戶中搶佔一些業務。我們在本季取得的成功所帶來的淨影響是，隨著接下來幾季的轉換，淨成長將超過 1 億美元。因此，那裡的份額獲得了顯著增長。

And I'd also note, I think we probably drove some nice share gains in the academia market given the mid-single growth there that we that we printed. We also announced that we extended prematurely our relationship with BIO, which is the largest purchasing consortium, serving biopharma and biotech with more than 10,000 customers, collectively, making it our largest account.

我還要指出的是，考慮到我們印刷的中等單成長，我認為我們可能在學術市場獲得了不錯的份額成長。我們也宣布提前延長與 BIO 的合作關係，BIO 是最大的採購財團，為生物製藥和生物技術產業提供服務，共有超過 10,000 名客戶，是我們最大的客戶。

And so I think you put all that together and you see a couple of things. One, we are eager to invest and continue to grow our business and ensure that we have a customer base to do that off of. But I think more importantly, you see just the relevance and strength of the platform and customers voting to do business with us.

所以我認為你把所有這些放在一起，你會看到一些事情。首先，我們渴望投資並繼續發展我們的業務，並確保我們擁有一個可以依靠的客戶群。但我認為更重要的是，您看到的只是平台的相關性和實力，以及客戶投票與我們做生意。

We offer a lot of efficiency, a lot of optionality, certainly, a broad portfolio and a best-in-class supply chain here. So really pleased to see the differentiation of the platform coming through, and we'll continue to execute on that strategy.

我們提供高效率、高可選性、廣泛的產品組合和一流的供應鏈。很高興看到平台的差異化發展，我們將繼續執行這項策略。

Of course, it is coming at the expense of margin rate, but we're we're keenly focused on preserving absolute margin dollars overall. And over the long-term, no doubt, we'll have an opportunity to improve the margins as we execute our playbook here.

當然，這是以犧牲保證金率為代價的，但我們非常注重整體上保持絕對保證金。從長遠來看，毫無疑問，當我們執行我們的策略時，我們將有機會提高利潤率。

Doug, jumping off Michael's comments there. I mean your -- I think your observation in the near-term on Lab Solutions segment operating margin is correct. We need to play through these contract extensions. We need the absorption from the additional volume here. There absolutely is a price share dynamic here.

道格，跳過邁克爾的評論。我的意思是——我認為您對實驗室解決方案部門近期營業利潤率的觀察是正確的。我們需要完成這些續約事宜。我們需要從這裡吸收額外的體積。這裡絕對存在著價格份額動態。

But I think the share is super important to us. So that is a necessary consequence of it. We get volume. We'll continue to be vigilant on our own cost, and then we'll have a path to accruing that and we'll talk more about that when Emmanuel is here and in future quarters looking into '26.

但我認為份額對我們來說非常重要。所以這是它的必然結果。我們得到了音量。我們將繼續對自己的成本保持警惕，然後我們將找到一條途徑來累積這些成本，當 Emmanuel 來到這裡時以及在未來幾個季度展望 26 年時，我們將更多地談論這一點。

But look, we are not excited about the margin piece of it, but we are excited about the wins and what they mean for the prospects of that business. Your comments to Q4, that observation is true if you get to the very high end of it.

但是，你看，我們對它的利潤部分並不感到興奮，但我們對勝利以及它們對該業務前景的意義感到興奮。您對 Q4 的評論，如果您達到它的最高端，那麼這個觀察是正確的。

When I think about organic growth and on a margin basis, if we're at the low end, it's very consistent with where we're tracking. This goes back to Mike Ryskin's question as well, where we'd be tracking, you not have dissimilar growth.

當我考慮有機成長和利潤率時，如果我們處於低端，那麼這與我們的追蹤位置非常一致。這也回到了 Mike Ryskin 的問題，我們追蹤哪裡，不會有不同的成長。

In the mid, you need some of that in Q4. And the important point there that we expect more Silicones in Q4, as well as some additional Bioprocessing there. So you get that in the mix up.

在中期，你需要在第四季度實現其中的一些。重點是，我們預計第四季將有更多的有機矽，以及一些額外的生物加工。所以你就把它混在一起了。

And then at the high end, you'd approach margin rates that you were citing. But also happy to follow up on any of the arithmetic alignment there. So thank you.

然後在高端，你會接近你所引用的保證金率。但也很高興跟進那裡的任何算術對齊。所以謝謝你。

Thank you. Those are all the questions we have time for today, and so I'll turn the call back over to Michael for closing remarks.

謝謝。這些就是我們今天有時間回答的所有問題，因此我將把電話轉回給邁克爾進行結束語。

Yes. Thank you, everyone, for joining us today. Thank you for your partnership and support over the years. That will conclude our call today. Hope you all have a great day, and be well, everyone. Thank you.

是的。感謝大家今天加入我們。感謝您多年來的合作與支持。今天的通話就到此結束。祝大家有個愉快的一天，一切安好。謝謝。

Thank you everyone for joining us today. This concludes our call and you may now disconnect your line.

感謝大家今天的參與。我們的通話到此結束，您可以掛斷電話了。