Avantor Inc (AVTR) 2025 Q3 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 third-quarter 2025 earnings results conference call. (Operator Instructions)

早安.我叫艾米麗，今天我將擔任你們的會議接線生。在此，我謹代表 Avantor 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給全球傳播資深副總裁艾莉森‧霍薩克。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 Emmanuel Ligner, President and Chief Executive Officer; and Brent Jones, Executive Vice President and Chief Financial Officer.

早安，感謝各位的參與。今天的演講嘉賓是總裁兼首席執行官伊曼紐爾·利格納 (Emmanuel Ligner) 和執行副總裁兼首席財務官布倫特·瓊斯 (Brent Jones)。

The press release and a presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. 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.

本次電話會議的新聞稿和簡報可在我們投資者關係網站ir.avantorsciences.com上查閱。電話會議結束後，本次網路直播的錄影也將在我們網站上提供。在我們發言結束後，我們將開放提問環節。

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.

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聲明，包括有關我們認為或預期未來可能發生的事件或發展的聲明。這些前瞻性陳述受到許多風險和不確定因素的影響，包括我們在提交給美國證券交易委員會的文件中列出的風險和不確定因素。

Actual results might differ materially from any forward-looking statements that we make today. 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.

實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。這些前瞻性聲明僅代表其發布之日的情況。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 the 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GAAP財務指標。有關非GAAP指標的調節表，請參閱新聞稿和我們投資者關係網站上的補充揭露文件。

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

接下來，我將把電話交給伊曼紐。

Thank you, Ali. And good morning, everyone. I appreciate you joining us today. As you know, I joined Avantor a little more than two months ago. I came on Board because I believe this company has a tremendous potential.

謝謝你，阿里。大家早安。感謝您今天蒞臨。如你所知，我加入 Avantor 已經兩個多月了。我加入這家公司是因為我相信它擁有巨大的潛力。

I spent my entire carrier in pharma and life science industries, spending meaningful time on three different continents. I was fortunate to spend two decades at GE Life Sciences and Danaher, where I build out the Cytiva business, significantly accelerated the growth trajectory of the platform and led its integration with Pall Life Sciences.

我的整個職業生涯都在製藥和生命科學行業度過，在三大洲都積累了豐富的經驗。我很幸運能在 GE 生命科學和丹納赫工作二十年，在那裡我建立了 Cytiva 業務，顯著加快了平台的成長軌跡，並領導了它與 Pall 生命科學的整合。

During that time, I had a front row seat to Avantor trajectories as a customer and supplier. I believe this experience enabled me to step into this role 10 weeks ago with a unique perspective on the company's strengths and area for improvement.

在那段時間裡，我作為客戶和供應商，親眼見證了 Avantor 的發展軌跡。我相信這段經歷使我能夠在 10 週前勝任這個職位，並對公司的優勢和需要改進的方面有獨特的見解。

Throughout my carrier, the primary lessons I've learned is that there is no substitute for going to Gemba. This concept literally means visiting the place where work is done and value is created to learn and determine how to best improve our organization. And for the past two months, this is exactly what I have been doing.

在我的職業生涯中，我學到的最主要的經驗是，去現場（Gemba）是無可取代的。這個概念的字面意思是，實地考察工作發生和價值創造的地方，學習並確定如何才能最好地改進我們的組織。過去兩個月，我一直都在做這件事。

I have dedicated my time towards visiting our sites, meeting our people, speaking with dozens of our customers and supplier across Asia, Europe, and North America. This not only sharpened my initial instincts but also provided invaluable insights as we map out our strategy moving forward. I want to personally thank all the stakeholders for the warm welcome, open dialogue, and trust that demonstrated for my first day in the role.

我投入了大量時間走訪我們的各個站點，與我們的員工見面，並與遍布亞洲、歐洲和北美的數十位客戶和供應商進行了交流。這不僅增強了我的最初直覺，也為我們制定未來的策略提供了寶貴的見解。我要親自感謝所有利害關係人在我上任第一天給予的熱情歡迎、坦誠對話和信任。

Here are some of the important learnings. First, this is a great industry with strong secular tailwinds. Scientific collaboration is more important than ever. If you talk to any pharma or biotech company right now, you will hear about the multitude of ways in which they are harnessing the power of technology and AI to accelerate the next breakthrough discovery. That gives us a tremendous amount of confidence in the long-term trajectory of the end markets we serve and reinforces the importance of our positioning within the industry.

以下是一些重要的經驗教訓。首先，這是一個前景看好的產業，擁有強勁的長期發展動力。科學合作比以往任何時候都更重要。如果你現在和任何一家製藥或生技公司交談，你會聽到他們正在利用科技和人工智慧的力量來加速下一個突破性發現的多種方式。這讓我們對所服務的終端市場的長期發展軌跡充滿信心，並強化了我們在產業中定位的重要性。

Our recent announcement with Bluewell Bio is a perfect demonstration of how Avantor is advancing innovation through collaboration, and we are committed to continue to do our part to facilitate the research, development, manufacturing, and delivery of next-generation therapies.

我們最近與 Bluewell Bio 的合作公告完美地展現了 Avantor 如何透過合作推進創新，我們將繼續盡我們所能，促進下一代療法的研究、開發、生產和交付。

Second, Avantor has a solid portfolio, a committed global team, and an incredible customer reach, serving more than 300,000 customers location across approximately 180 countries. As someone that has spent considerable time in recent years working to scale life science businesses, those attributes will be the envy of most companies. We have significant untapped potential and numerous opportunities in front of us, and we need to capitalize on those opportunities.

其次，Avantor 擁有強大的產品組合、敬業的全球團隊和令人難以置信的客戶覆蓋範圍，為遍布約 180 個國家的 30 多萬客戶提供服務。對於近年來致力於擴大生命科學企業規模的人來說，這些特質會讓大多數公司羨慕不已。我們擁有巨大的未開發潛力和眾多機遇，我們需要抓住這些機會。

Third, and most importantly, there are many things we can and should do better, and we are taking immediate action to turn the business around and all ourselves accountable for rewarding the trust our investors place in Avantor.

第三，也是最重要的一點，我們有很多事情可以而且應該做得更好，我們正在立即採取行動扭轉業務局面，我們所有人都要承擔起責任，以回報投資者對 Avantor 的信任。

Starting from a commercial perspective, I believe our business is overly complex with unnecessary centralization, which inhibits frontline staff from most effectively meeting our customers and supplier needs and expectations. Customers buy from Avantor because of the quality and service heritage of our incredible brands, VWR, GentiBaker, Masterflex, NuSil, those are some of the best-known names in the industry, and our commercial team are not being sufficiently empowered to leverage the equity of those brands.

從商業角度來看，我認為我們的業務過於複雜，存在不必要的集中化，這阻礙了一線員工最有效地滿足客戶和供應商的需求和期望。顧客選擇從 Avantor 購買產品，因為我們旗下擁有 VWR、GentiBaker、Masterflex、NuSil 等眾多知名品牌，這些品牌擁有卓越的品質和服務傳承。然而，我們的商業團隊並沒有得到足夠的授權來充分利用這些品牌的價值。

On the operation and supply chain side, I believe we need to make some investment and process enhancement to improve our ability to consistently serve our customers. Overall, I believe those challenges are generally sales inflicted. And the good news is that they are fixable with determination, focus and time.

在營運和供應鏈方面，我認為我們需要進行一些投資和流程改進，以提高我們持續服務客戶的能力。總的來說，我認為這些挑戰通常是銷售方面造成的。好消息是，只要有決心、有專注力、有時間，這些問題都可以解決。

At the conclusion of this call, I will share my preliminary thoughts on our plan for doing just that, which we are calling Avantor Revival. With those initial finding in mind, we strongly believe that our current share price does not reflect the long-term value of our platform. To demonstrate our long-term conviction in the prospect of this business, our Board of Directors has authorized a $500 million share repurchase program with immediate effect, which we will pursue opportunistically moving forward, while also delivering on our commitment to decrease net leverage.

在本次通話結束時，我將分享我對我們實現這一目標的計劃的初步想法，我們稱之為 Avantor 復興計劃。基於這些初步發現，我們堅信目前的股價並不能反映我們平台的長期價值。為了表明我們對這項業務前景的長期信心，我們的董事會已批准一項 5 億美元的股票回購計劃，立即生效。我們將抓住機會，在未來繼續推進該計劃，同時履行我們降低淨槓桿率的承諾。

Now, I would like to turn it over to Brent for a more detailed overview of our third quarter financial results and our updated full year guidance. Brent?

現在，我想把發言權交給布倫特，讓他更詳細地概述一下我們第三季的財務業績和更新後的全年業績預期。布倫特？

Thank you, Emmanuel. And good morning, everyone. I'm starting with slide 4. For the quarter, reported revenue was $1.62 billion, which was down 5% year-over-year on an organic basis. This reflects weaker-than-expected top line performance primarily in lab. Adjusted EBITDA margin was 16.5% and adjusted EPS for the quarter was $0.22. Free cash flow was $172 million with adjusted conversion at 124%.

謝謝你，伊曼紐。大家早安。我從第4張投影片開始。本季報告營收為 16.2 億美元，以有機成長計算年減 5%。這反映出其主要在實驗室方面表現弱於預期。調整後的 EBITDA 利潤率為 16.5%，經調整後的每股盈餘為 0.22 美元。自由現金流為 1.72 億美元，經調整後的轉換率為 124%。

Turning to slide 5. Adjusted gross profit for the quarter was $527 million, representing a 32.4% adjusted gross margin. This is a decline of 100 basis points year-over-year, driven mainly by price actions in lab to protect and grow market share.

翻到第5張投影片。本季調整後毛利為 5.27 億美元，調整後毛利率為 32.4%。這比去年同期下降了 100 個基點，主要原因是實驗室為保護和擴大市場份額而採取的價格行動。

We had another quarter of solid cost control with adjusted SG&A expense better than plan and prior year. Our results also benefit from reductions in incentive compensation accruals. We remain on track with our cost transformation program and continue to expect $400 million in run rate savings by the end of 2027.

我們又一個季度實現了穩健的成本控制，調整後的銷售、一般及行政費用優於計劃和去年同期。我們的績效也受惠於激勵性薪酬提列的減少。我們的成本轉型計劃仍在按計劃進行，並繼續預計到 2027 年底將實現 4 億美元的年度節省。

Adjusted EBITDA was $268 million in the quarter, representing a 16.5% margin, better than our expectations. Adjusted operating income was $237 million at a 14.6% margin.

本季調整後 EBITDA 為 2.68 億美元，利潤率為 16.5%，優於我們的預期。調整後的營業收入為 2.37 億美元，利潤率為 14.6%。

Interest and tax expense were in line with our expectations. As a result, adjusted earnings per share were $0.22 for the quarter, a $0.04 year-over-year decline. Our adjusted EPS performance in the quarter reflects the flow-through of our adjusted EBITDA results.

利息和稅項支出符合我們的預期。因此，本季調整後每股收益為 0.22 美元，年減 0.04 美元。本季調整後的每股盈餘表現反映了調整後的 EBITDA 結果的傳遞。

Our cash generation was particularly strong with $172 million in free cash flow in the quarter. When adjusted for transformation-related payments, our free cash flow conversion was 124% of adjusted net income for the quarter.

本季我們的現金流表現尤為強勁，自由現金流達到 1.72 億美元。扣除轉型相關支出後，我們本季的自由現金流轉換率為調整後淨收入的 124%。

In terms of our GAAP results, we took a $785 million impairment to the goodwill associated with our lab distribution business. This noncash charge was necessitated in large part by the continued weakness in our share price as well as the margin headwinds this business is facing. Our adjusted net leverage ended the quarter at 3.1 times adjusted EBITDA, down 0.1 times from Q2 as our strong cash generation enabled us to reduce net debt.

根據我們的 GAAP 結果，我們對與實驗室分銷業務相關的商譽提列了 7.85 億美元的減損準備。這項非現金支出主要是由於我們的股價持續疲軟以及該業務面臨的利潤率逆風所致。本季末，我們調整後的淨槓桿率為調整後 EBITDA 的 3.1 倍，較第二季下降 0.1 倍，這得益於我們強勁的現金流，使我們能夠減少淨債務。

Finally, we recently effected a very attractive refinancing of our near-term maturities and upsized our revolving credit facility to $1.4 billion and extended its maturity to 2030. Other than modest required term loan amortization, we now do not have any debt maturities before 2028 and all of our debt is either prepayable at par or at very modest call premium. Our debt is approximately 75% fixed rate, and our current weighted average cost of debt is just over 4%.

最後，我們最近對近期到期債務進行了非常有吸引力的再融資，並將循環信貸額度增加到 14 億美元，並將到期日延長至 2030 年。除了適度的定期貸款攤銷外，我們在 2028 年之前沒有任何債務到期，而且我們所有的債務要么可以按面值提前償還，要么可以以非常低的贖回溢價提前償還。我們的債務約有 75% 是固定利率債務，我們目前的加權平均債務成本略高於 4%。

Let's now take a closer look at each of our segments on slide 6. In Laboratory Solutions, revenue was $1.1 billion. On an organic basis, we declined 5% versus prior year, below our expectations of negative 2% to negative 4%. The market backdrop in Lab is largely stable, and Cory Walker and his team have done a great job defending and expanding business at our largest accounts.

現在讓我們仔細看一下第 6 張投影片上的每個部分。實驗室解決方案業務的收入為 11 億美元。以有機成長計算，我們比去年下降了 5%，低於我們預期的下降 2% 至 4%。Lab 的市場環境整體穩定，Cory Walker 和他的團隊在捍衛和拓展我們最大客戶的業務方面做得非常出色。

The share losses we mentioned on our Q1 call have been phasing in over the past several quarters. The good news is that since Cory joined us in late March, we haven't lost any key customer accounts, and, in fact, we have won about $100 million in business at two top 15 global pharma customers, which will start phasing in, in 2026.

我們在第一季財報電話會議上提到的股價下跌，在過去的幾個季度一直在逐步顯現。好消息是，自從 Cory 在 3 月下旬加入我們以來，我們沒有失去任何重要的客戶帳戶，事實上，我們已經贏得了兩家全球排名前 15 的製藥客戶約 1 億美元的業務，這些業務將於 2026 年開始逐步開展。

With that said, customer activity continues to be at lower levels than our original expectations for the year, driven by ongoing end market uncertainty related to basic research funding. Each of our lab businesses faced similar mid-single-digit headwinds on a year-over-year basis. Our distribution channel, which accounts for approximately two-thirds of segment revenue was primarily impacted by weakness in consumables and equipment and instrumentation while our chemicals and reagents were essentially flat.

儘管如此，由於基礎研究資金相關的終端市場持續存在不確定性，客戶活躍度仍然低於我們年初的預期水準。我們各個實驗室業務都面臨類似的個位數中段較去年同期下滑。我們的分銷管道約佔該部門收入的三分之二，主要受到耗材、設備和儀器疲軟的影響，而我們的化學品和試劑基本上持平。

Our services business, approximately 20% of segment revenue, saw greater-than-expected headwinds due to the aforementioned share loss, and our proprietary business the balance of Labs revenue was significantly impacted by our science education business. However, our attractive proprietary lab chemicals grew mid-single digits in the quarter and similarly year-to-date.

我們的服務業務（約佔部門收入的 20%）由於上述市場份額的損失而遭遇了比預期更大的不利影響，而我們專有的實驗室業務（剩餘收入）則受到了科學教育業務的重大影響。然而，我們極具吸引力的專有實驗室化學品在本季度實現了中等個位數的成長，今年迄今也實現了類似的成長。

The primary drivers of our miss to expectations were headwinds in services and higher education and K-12. While market softness is a key factor in the quarter's performance, we also continue to navigate competitive pressures. These need to be better mitigated by improved commercial and operational execution, which, as Emmanuel noted at the outset, is one of our key priorities as part of Avantor Revival.

導致我們未能達到預期目標的主要原因是服務業、高等教育和 K-12 教育領域面臨逆風。儘管市場疲軟是影響本季業績的關鍵因素，但我們仍在應對競爭壓力。這些問題需要透過改進商業和營運執行來更好地緩解，正如 Emmanuel 在一開始就指出的那樣，這是我們 Avantor Revival 計劃的關鍵優先事項之一。

Adjusted operating income for Lab Solutions was $124 million for the quarter with an 11.3% margin. The softer demand environment has pressured our ability to get price, which has meaningfully impacted margins year-over-year. On a sequential basis, the primary driver of the margin decline was lower volumes and related absorption.

實驗室解決方案部門本季調整後營業收入為 1.24 億美元，利潤率為 11.3%。疲軟的需求環境給我們的價格獲取能力帶來了壓力，這對年比利潤率產生了顯著影響。從環比來看，利潤率下降的主要原因是銷量下降和相關的吸收率降低。

Turning to Bioscience Production. Revenue was $527 million in Q3, down 4% organically on a year-over-year basis and at the low end of expectations. Bioprocessing was down low single digits year-over-year versus our expectation of flat.

轉向生物科學生產。第三季營收為 5.27 億美元，年減 4%，處於預期範圍的下限。生物加工業務年減個位數百分比，而我們先前預期為持平。

Within bioprocessing, process chemicals was up low single digits but was lower than expectations. The planned maintenance downtime that impacted Q2 was remedied during the quarter. But as Emmanuel mentioned, we continue to face other operational headwinds that are impacting our throughput, including raw material availability and equipment uptime.

在生物加工領域，製程化學品價格小幅上漲，但低於預期。影響第二季度的計劃內維護停機已在本季度解決。但正如伊曼紐爾所提到的，我們仍然面臨其他影響我們產量的營運逆風，包括原料供應和設備正常運作時間。

As an example, downtime at several of our plants prevented us from shipping several orders that were due for delivery in Q3. Absent these issues, we would have delivered our bioprocessing guide for the quarter. Single use largely performed as expected and CEC was somewhat weaker than expected, down mid-single digits due to commercial execution and competitive dynamics.

例如，由於我們幾家工廠停工，導致我們無法按時交付原定於第三季交付的幾筆訂單。如果沒有這些問題，我們本可以按時交付本季度的生物工藝指南。一次性使用情況基本上符合預期，而 CEC 則略弱於預期，由於商業執行和競爭動態，下降了個位數百分比。

Year-to-date, and in Q3, our book-to-bill is 1.0 for bioprocessing with particularly strong performance in process chemicals, where order rates were up high single digits in Q3 and year-to-date, while billings are only up low single digits, indicating a solid trend.

今年迄今為止，第三季度我們的生物加工訂單出貨比為 1.0，其中工藝化學品表現尤為強勁，第三季度和今年迄今為止的訂單率均實現了接近兩位數的增長，而出貨量僅實現了接近兩位數的增長，這表明這是一個穩健的趨勢。

Our bioprocessing order backlog reduced modestly from Q2 to Q3 but still is too high. The team is working hard to reduce this as much as possible by the end of the year.

我們的生物工藝訂單積壓量從第二季到第三季略有下降，但仍然過高。團隊正在努力爭取在年底前將這一數字降至最低。

For the balance of the segment, silicones performed as expected and Applied Solutions had a stronger-than-expected quarter, up low single digits on significant strength in electronic materials that we expect to continue in Q4.

就該業務板塊的其他部分而言，矽膠的表現符合預期，而應用解決方案業務的季度業績強於預期，實現了低個位數的增長，這主要得益於電子材料業務的強勁表現，我們預計這種強勁勢頭將在第四季度繼續保持。

Adjusted operating income for bioscience production was $128 million for the quarter, representing a 24.2% margin. Margin was down year-over-year largely due to lower volumes and related under-absorption as well as higher expense related to our operational challenges. On a sequential basis, volume was the primary headwind, only partially offset by price and lower operating expense.

本季生物科學生產調整後營業收入為 1.28 億美元，利潤率為 24.2%。利潤率較去年同期下降，主要原因是銷量下降和相關的消化不足，以及與營運挑戰相關的支出增加。從環比來看，銷售量是主要的不利因素，價格和較低的營運費用只能部分抵銷此不利因素。

Slide 7 shows our full year 2025 guidance. This has been updated to reflect Q3 performance as well as our best assessment of the current environment. We now expect full year organic revenue growth of negative 3.5% to negative 2.5%.

第 7 張投影片展示了我們 2025 年全年業績指引。這些數據已更新，以反映第三季業績以及我們對當前環境的最佳評估。我們現在預計全年有機收入成長率為-3.5%至-2.5%。

Based on current FX rates, we expect a modest tailwind from FX of approximately 1.5%, along with the 2% headwind from the Clinical Services divestiture, this leads to reported revenue growth of negative 4% to negative 3%.

根據目前的匯率，我們預計匯率將帶來約 1.5% 的適度利好，加上臨床服務剝離帶來的 2% 的不利影響，這將導致報告的收入增長為 -4% 至 -3%。

On a segment basis, we expect Laboratory Solutions full year revenue growth to be minus mid-single digits to minus low single digits organically, down modestly from previous expectations of minus low single digits. This implies Q4 organic performance of down mid-single digits. This change is due to the impact of Q3 performance as well as expectations for continued softness in consumables and in our lab services business.

從業務板塊來看，我們預期實驗室解決方案業務全年營收有機成長率將為負個位數中段至負個位數低段，略低於先前預期的負個位數低段。這意味著第四季有機成長將出現個位數中段下滑。這項變更是由於第三季業績的影響，以及對耗材和實驗室服務業務持續疲軟的預期。

We also expect additional headwinds due to the impact of the US federal government shutdown. We expect Bioscience Productions full year revenue growth to be minus low single digits organically, down from previous expectations of approximately flat. This implies Q4 organic performance of down mid-single digits to down high single digits. This change is largely due to reductions in our outlook for bioprocessing as well as customer pushouts in our silicones business.

我們也預計，美國聯邦政府停擺的影響將帶來額外的不利因素。我們預期 Bioscience Productions 全年營收有機成長將出現個位數負成長，低於先前預期的持平水準。這意味著第四季有機成長將出現中個位數至高個位數的下滑。這項變更主要是由於我們對生物加工前景的預期下調，以及我們在矽膠業務中遭遇的客戶流失。

Bioprocessing is expected to be down low single digits through the year organically, down from previous expectations of flat to plus low single digits. This implies Q4 organic performance of down high single digits to low double digits. Recognizing this is a meaningful change, I want to break down our expectations across bioprocessing in a bit more detail.

預計生物加工產業全年有機成長率將出現個位數百分比的下降，低於先前預期的持平或略微成長的個位數百分比。這意味著第四季有機成長將出現高個位數至低兩位數的下滑。認識到這是一個意義重大的變化，我想更詳細地闡述我們對生物工藝的期望。

We believe process chemicals in Q4 will be flat sequentially versus Q3 and down double digits year-over-year despite solid year-to-date order book performance. We previously expected a mid-single-digit contraction in Q4 for process chemicals. This change is largely due to higher-than-expected backlogs as a result of the ongoing challenges previously discussed.

我們認為，儘管今年迄今的訂單表現穩健，但第四季度工藝化學品業務將與第三季度相比持平，同比將出現兩位數的下降。我們先前預期第四季度製程化學品產業將出現中等個位數的萎縮。這項變更主要是由於先前討論過的持續挑戰導致積壓工作量高於預期。

Q4 is also a particularly tough comparable as process chemicals grew meaningfully in the double digits in Q4 last year. We anticipate single use to be up low single digits, both sequentially and year-over-year in the fourth quarter. We previously anticipated high single-digit growth in Q4 for single use.

第四季也是一個比較難度特別大的季度，因為去年第四季製程化學品產業實現了兩位數的顯著成長。我們預計第四季一次性使用量將實現個位數小幅成長，無論環比還是同比都是如此。我們先前預期第四季一次性使用產品將實現高個位數成長。

Controlled environment consumables are expected to be flat sequentially and down low single digits year-over-year. We previously anticipated this business to grow modestly in Q4. This business is being impacted by the competitive pressures and the general demand weakness we are seeing in consumables.

受控環境耗材預計環比持平，年減個位數百分比。我們此前預計該業務在第四季度將實現小幅增長。該業務正受到消費品市場競爭壓力和整體需求疲軟的影響。

Moving to profitability. We expect our strong cost controls and favorable compensation accrual impact to continue into Q4. As such, we expect full year adjusted EBITDA margins in the mid-16s. We have reduced our adjusted EPS guidance range to between $0.88 and $0.92.

邁向盈利。我們預計，我們強而有力的成本控制和有利的薪酬提列影響將持續到第四季。因此，我們預計全年調整後 EBITDA 利潤率將在 16% 左右。我們將調整後的每股盈餘預期範圍下調至 0.88 美元至 0.92 美元之間。

We still expect free cash flow performance of $550 million to $600 million before any onetime cash expenses associated with our cost savings initiative. The reduction in earnings from our previous guidance should be offset with strong working capital performance, and we now expect about half of the prepaid payments anticipated for the fourth quarter to push into fiscal year '26.

我們仍然預計，在扣除與成本節約計劃相關的任何一次性現金支出之前，自由現金流將達到 5.5 億美元至 6 億美元。獲利較之前預期有所下降，但強勁的營運資本表現應該可以抵消這一下降，我們現在預計第四季度預計的預付款項中約有一半將延至 2026 財年支付。

I also want to address near-term capital allocation. Much of our debt complex is prepayable at par, and we will continue to reduce outstanding debt as we generate cash. At the same time, with our new share repurchase authorization, we intend to buy shares opportunistically without increasing leverage. We ended the quarter at 3.1 times adjusted net leverage and will continue to move towards our leverage target of sustainably below 3 times.

我還想談談近期資本配置問題。我們的大部分債務都可以以面額提前償還，隨著現金的產生，我們將繼續減少未償債務。同時，憑藉我們新的股票回購授權，我們打算在不增加槓桿的情況下擇機買入股票。本季末，我們調整後的淨槓桿率為 3.1 倍，並將繼續朝著可持續低於 3 倍的槓桿率目標邁進。

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

這樣，我就把電話轉回伊曼紐了。

Thank you, Brent. Clearly, we are disappointed with those results. And I am not here to make excuses of our underperformance. My focus is on addressing the root cause of those persisting challenges and implementing appropriate course correction quickly.

謝謝你，布倫特。顯然，我們對這些結果感到失望。我來這裡不是為了替我們表現不佳找藉口。我的重點是解決這些持續存在的挑戰的根本原因，並迅速實施適當的糾正措施。

At the beginning of this call, I introduced the concept of Avantor Revival. Our Board and management team are fully aligned with this effort, which will initially focus on five key pillars. First, our go-to-market strategy. We need to evolve our approach to ensure customers and suppliers, clearly understand our value proposition and complete product and servicing offering.

在本次通話開始時，我介紹了 Avantor Revival 的概念。我們的董事會和管理團隊完全支持這項工作，這項工作最初將重點放在五個關鍵支柱上。首先，我們的市場進入策略。我們需要改進我們的方法，以確保客戶和供應商清楚地了解我們的價值主張以及完整的產品和服務。

As I mentioned in my opening remarks, we have an incredible roster of brands. Advancing VWR heritage as a leading distributor and a company heritage as a leading provider of fine chemicals and specialty materials, for example, is essential to drive growth. So we are carefully evaluating our brand architecture, and we are going to give more prominence to key product and channel brands moving forward.

正如我在開場白中提到的，我們擁有一系列非常優秀的品牌。例如，推進 VWR 作為領先分銷商和公司作為精細化學品和特殊材料領先供應商的傳統，對於推動成長至關重要。因此，我們正在認真評估我們的品牌架構，並且我們將更加突出重點產品和通路品牌。

We also intend to refocus attention to our distribution business and our value proposition to supplier and customers. We also have worked on the way to analyze our end, evolve our customer service and commercial organization. This work is really focused on empowering our sales representative to better serve our customers however and wherever they want to be served. This includes enhancing our e-commerce platform.

我們還計劃重新聚焦於我們的分銷業務以及我們為供應商和客戶創造的價值主張。我們也致力於分析自身狀況，改善客戶服務和商業組織。這項工作的重點在於賦能我們的銷售代表，讓他們更能以客戶希望的方式和地點為他們提供服務。這包括改進我們的電子商務平台。

Second, we need to invest strategically in our manufacturing and supply chain organization. Brent noted the operational issue we are having. In bioprocessing chemicals, the demand is there, and we need to be better positioned to meet that demand at all times. The current state of our manufacturing and supply chain organization varies with some facilities that are world-class, while others are in need of investment.

其次，我們需要對我們的製造和供應鏈組織進行策略性投資。布倫特注意到了我們遇到的營運問題。在生物加工化學品領域，需求一直存在，我們需要隨時做好準備，以滿足這種需求。我們目前的製造和供應鏈組織狀況參差不齊，有些設施是世界一流的，而有些則需要投資。

Third, we will be carefully scrutinizing our portfolio to ensure our focus on our core business. We are going to hold each of our businesses accountable for delivering clear growth, profitability, and return on investment targets. We are approaching this process with an open mind, but if any of those businesses are not capable of delivering those targets in a reasonable time frame, we are going to scrutinize whether we are the right owner for them.

第三，我們將仔細檢視我們的投資組合，以確保我們專注於核心業務。我們將要求旗下每個業務部門對實現明確的成長、獲利和投資回報目標負責。我們以開放的心態對待這個過程，但如果其中任何一家企業無法在合理的時間範圍內實現這些目標，我們將仔細審查我們是否是適合收購它們的合適所有者。

Fourth, we need to drive net cost savings and simplify processes across the organization. We are committed to being a business that generates strong operating leverage even as we invest in accelerating growth, and our ongoing $400 million cost transformation program is an important step in that direction. However, we recognize that those savings today are not adequately falling through to the bottom line.

第四，我們需要推動整個組織實現淨成本節約並簡化流程。我們致力於成為一家能夠產生強大營運槓桿的企業，同時我們也投資加速成長，而我們正在進行的 4 億美元成本轉型計畫是朝著這個方向邁出的重要一步。然而，我們也意識到，目前這些節省下來的成本並沒有充分轉化為實際的利潤。

Part of this is because we are still operating with far too much competitive today. We need to simplify our operating processes to remove buyer that present us from executing efficiently. Gaps in certain operating processes are contributed to inventory and forecasting changes, preventing us from serving our customers at the on-time rates they expect.

部分原因是因為我們如今仍面臨過於激烈的競爭。我們需要簡化營運流程，以減少買家對我們高效執行的影響。某些營運流程中的缺陷導致庫存和預測發生變化，使我們無法按時為客戶提供他們期望的服務。

To address this, we are focused on improving leadership accountability across the businesses. We are establishing new operating norms and cadence that will ensure the leaders across our organization are aligned and focused on top business priorities.

為了解決這個問題，我們致力於提升各業務部門的領導責任感。我們正在建立新的營運規範和節奏，以確保組織內的所有領導者步調一致，並專注於最重要的業務優先事項。

Finally, to help to do this, we must strengthen our talent and improve accountability in a few key areas. Very encouragingly, most of the associates I have met are deeply engaged and passionated about the work they do each day. They want the company to succeed. They are prepared to work hard and be part of the solution. They are looking for leadership and guidance on how to do that.

最後，為了實現這一目標，我們必須加強人才隊伍建設，並在幾個關鍵領域提高問責制。令人鼓舞的是，我遇到的大多數同事都全心投入他們每天的工作中，並且充滿熱情。他們希望公司能成功。他們準備努力工作，成為解決方案的一部分。他們正在尋求領導和指導，以了解如何做到這一點。

To support those efforts and accelerate improvement, we will be bringing on new talent in a few key areas: a new Chief Operating Officer, a critical role that will report to me, and reinforce consistent manufacturing, supply chain excellence, and lean operations across the organization. A new executive leadership position dedicated to the quality and regulatory function, reporting directly to me, a strategic move, reflecting the critical role quality and regulatory play in safeguarding patient safety, ensuring regulatory compliance and driving operational integrity across our global business.

為了支持這些努力並加速改進，我們將在幾個關鍵領域引進新人才：一位新的首席營運官，這是一個至關重要的職位，他將向我匯報，並加強整個組織的持續製造、卓越的供應鏈和精益運營。設立一個新的高階主管領導職位，專門負責品質和監管職能，直接向我報告。這是一個策略性舉措，體現了品質和監管在保障患者安全、確保合規性以及推動我們全球業務營運誠信方面發揮的關鍵作用。

We are also hiring a new Chief Digital Officer to help strengthen digital commerce capabilities with our Laboratory Solutions segments. Avantor Revival will initiatively be targeted toward addressing each of those focus areas. So important action will help us drive meaningful changes and improvement across our organization over the next several quarters.

我們也正在招募一位新的首席數位官，以幫助加強我們實驗室解決方案部門的數位商務能力。Avantor Revival 將積極致力於解決上述每個重點領域的問題。因此，採取重要行動將有助於我們在未來幾季推動整個組織發生有意義的變革和改進。

But we are not stopping here. It is important to stress that those initial steps are based on my observation following about two months in the role. I'm committed to continue to meet with and learn from all our stakeholders. And as I do, rest reassures, those plans will continue to evolve with a renewed focus on getting our performance back on track and created value for our shareholders.

但我們不會就此止步。需要強調的是，這些初步措施是基於我擔任該職位約兩個月後的觀察。我承諾將繼續與所有利害關係人會面並向他們學習。讓我保證的是，隨著我的努力，這些計劃將繼續發展，我們將重新聚焦於使我們的業績重回正軌，並為我們的股東創造價值。

Clearly, turning business performance around will take some time, but we are confident the actions we are taking will have an impact that will continue to grow over time. It's about driving simplification, process improvement, and accountability across the organization.

顯然，扭轉業務頹勢需要一些時間，但我們相信，我們正在採取的行動將會產生影響，而這種影響會隨著時間的推移而擴大。它旨在推動整個組織的簡化、流程改進和問責制。

As I noted a moment ago, our Board and management team are 100% behind this effort. The recently announced addition of Greg Laser to our Board and the elevation of Greg Sumi as our next Board Chairman are demonstrative of our Board active oversight and engagement in this project.

正如我剛才提到的，我們的董事會和管理團隊百分之百支持這項工作。最近宣布 Greg Laser 加入董事會，以及 Greg Sumi 晉升為下一任董事會主席，都反映了董事會對該項目的積極監督和參與。

I know we must rebuild our credibility with the investment community and accountability will be my North Star. You can expect regular updates on our progress against those objectives.

我知道我們必須重建在投資界的信譽，而問責制將是我的指路明燈。您可以期待我們定期收到關於實現這些目標進展的最新資訊。

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

接下來，我將把電話轉交給接線員，開始問答環節。

(Operator Instructions) Vijay Kumar, Evercore ISI.

（操作說明）Vijay Kumar，Evercore ISI。

Emmanuel, welcome to the Avantor earnings call. Maybe high level, as you've reviewed the business, right, and you come with bioprocessing background, when you look at these declines, right, what is your confidence that these are fixable, solvable issues.

Emmanuel，歡迎參加 Avantor 財報電話會議。或許從宏觀層面來說，正如您審查了業務之後，並且您擁有生物工藝背景，當您看到這些下滑時，您對這些問題是否可修復、可解決有多大信心？

And I'm curious on how the quarter played out, it relatively to prior expectations? Was the quarter progress in line and did things worsened in September, October? I'm curious when did these issues crop up.

我很想知道本季業績如何，與之前的預期相比如何？本季進展是否符合預期？ 9月和10月情況是否有惡化？我很想知道這些問題是什麼時候出現的。

Thanks, Vijay. Thanks for the kind welcoming world. Look, first of all, I'm confident that it's flexible. Over the last two months, I really spent a lot of time on the field with the people, with our customers, dozen of customers and supplier. And I think the first thing, which I was really, really super pleased about is the conviction by the people that they have the passion about the brand, they have the passion about the product, they have the passion about the customers. What the team need is really leadership.

謝謝你，維傑。感謝這個熱情友善的世界。首先，我很有信心它很靈活。在過去的兩個月裡，我真的花了很多時間在現場與大家在一起，與我們的客戶、數十位客戶和供應商在一起。我覺得最讓我非常非常高興的第一點是，人們對這個品牌充滿熱情，對產品充滿熱情，對顧客充滿熱情。團隊真正需要的是領導力。

And I think on the quarter, look, it is a very disappointed numbers. There is absolutely no doubt about this. And there's no excuses about the fact that we just dropped the ball on a couple of areas. And again, I think I share that around the (inaudible). It's really about a better communication. It's about visibility, it's about execution, it's about accountability, and that's why Brent and myself are putting new norms, new cadence to make sure that the team is really working together.

我認為本季的數據非常令人失望。這點毋庸置疑。我們在某些​​方面犯了錯誤，這是沒有任何藉口的。而且，我認為我在周圍也有同感。（聽不清楚）其實關鍵在於更好地溝通。關鍵在於透明度、執行力和責任感，也因為如此，布倫特和我正在製定新的規範和節奏，以確保團隊真正齊心協力。

I think, again, it is fixable. Those are just the five pillars that I had just identified in my first eight weeks. Then of course, we'll continue to learn. We'll continue to speak with a key shareholder and we -- this plan will evolve without any doubt.

我認為，這個問題是可以解決的。以上只是我在前八週內確定的五大支柱。當然，我們還會繼續學習。我們將繼續與一位重要股東進行溝通，毫無疑問，這項計劃將會持續發展完善。

Understood. And then Brent, maybe one for you on when you look at '26, some of your peers have given outlooks right in the low single-digit range. Is -- can the business grow in 2026? You mentioned $100 million of lab contribution. On paper looks like lab shore in bioprocessing it feels like some of these were unique customer situations that was largely tied to fiscal '25, and it should grow, but can the business grow at a high level in 2016?

明白了。還有布蘭特原油，也許你應該關註一下 2026 年的情況，你的一些同行給出的展望都在個位數低點。這家企業在 2026 年還能成長嗎？你提到實驗室貢獻了1億美元。從紙面上看，生物加工領域的實驗室似乎有些獨特的客戶狀況，這在很大程度上與 2025 財年有關，而且應該會成長，但該業務在 2016 年能否實現高水準成長？

Vijay, Emmaneul, again. look, I'm taking a fresh look at all the numbers, all right, because I want accuracy. And so let me look at those numbers again and then we'll come back to you when we have a good understanding of 2026.

Vijay，Emmaneul，再說一次。聽著，我正在重新審視所有數據，好嗎？因為我需要準確無誤的數據。那麼，讓我再看一下這些數字，等我們對 2026 年的情況有了更清晰的了解之後，我們再來和你們討論。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Appreciate all the candid color during the prepared remarks. You touched on share losses and competitive dynamics briefly in the prepared remarks, but just talking about 1Q, Q2 dynamics. Can you talk about that a little bit deeper? I mean, I think it's pretty evident based on the results over the last couple of years, especially in the Lab Solutions segment, but also in Bioscience. There's been pretty deep share losses to your competitors.

請欣賞發言中所有自然生動的表達。您在準備好的發言稿中簡要提到了市場份額損失和競爭動態，但只談到了第一季和第二季的動態。能再深入談談這個問題嗎？我的意思是，我認為根據過去幾年的結果來看，這一點非常明顯，尤其是在實驗室解決方案領域，以及生物科學領域。你們的市佔率已經被競爭對手大幅蠶食。

I appreciate all your color on operational steps to fix that. But given the portfolio and given the markets you play in, how do you plan to stem that tide of share loss? And just could you just give us some confidence in the visibility to correct that because that seems to be sort of the biggest structural challenge you're facing?

非常感謝您詳細介紹解決該問題的具體操作步驟。但考慮到你的投資組合以及你所處的市場，你打算如何阻止股價下跌的趨勢？您能否讓我們對解決這個問題所需的能見度更有信心？因為這似乎是您目前面臨的最大結構性挑戰？

Yes, Michael. Look, this is my understanding, I think we've lost some share without any doubt in the lab services business. Here's why I'm super encouraged is we have Cory that took the lead of this business six, seven months ago.

是的，邁克爾。你看，我的理解是，我認為我們在實驗室服務業務方面無疑失去了一些市場份額。我感到非常鼓舞的原因是，六、七個月前，科里接手了這項業務。

And what is -- what him and the team is doing is really having, I will say, a fighting spirit back. And what we have observed over the last six to seven months is that we have not lost any new renewal of any large key account contract. And I think this is really important for us. And on the contrary, we have the opportunity to grow our share of wallet in those accounts.

而他和球隊正在做的，可以說是真正地重拾了戰鬥精神。在過去的六、七個月裡，我們觀察到，我們沒有失去任何大客戶合約的續約。我認為這對我們來說非常重要。相反，我們有機會增加我們在這些帳戶中的份額。

Now, we have some area that we need to fix and some challenges. I mean, e-commerce is one of them, and this is why we're taking really a quick action to recruit digital officer to help us to really get this e-commerce platform to engage with our customers in a much more leaner way to provide not only product, but really workflow, which is so important for the customers.

現在，我們有一些方面需要改進，也面臨一些挑戰。我的意思是，電子商務就是其中之一，這就是為什麼我們要迅速採取行動，招募數位專員，幫助我們真正讓這個電子商務平台以更精簡的方式與我們的客戶互動，不僅提供產品，而且提供對客戶來說非常重要的工作流程。

On bioprocessing, my view is the following. Really, our key product line in the bioprocessing is our bioprocessing chemicals. And when we look at our order intake year-to-date, our order intake is on a high single-digit level. So we're there. I met customers that clearly said to us, we want to work with you, we want to do better.

關於生物加工，我的看法如下。實際上，我們在生物加工領域的核心產品線是我們的生物加工化學品。從今年迄今的訂單量來看，我們的訂單量處於接近兩位數的水平。我們到了。我遇到一些客戶，他們明確地告訴我們，我們想和你們合作，我們想做得更好。

We can give you more businesses. We need to fix a couple of things like our service level, in particular, on-time delivery. And this is why it's so important to work on the SNOP to look from the different plants that need upgrade. And that's what we're doing, and we are doing as fast as possible on this.

我們可以為你帶來更多業務。我們需要改進一些方面，例如我們的服務水平，特別是準時交貨。因此，對 SNOP 進行研究，從需要升級的不同工廠入手，就顯得特別重要。這就是我們正在做的，而且我們正在以最快的速度完成這項工作。

Okay. And if I can have a follow-up. On the Avantor Revival dynamic, I mean, I think it's certainly but you called out a couple of times that you believe the business has overly complex unnecessary centralization. We've heard that from a number of our channel checks as well. What are the steps to fixing that, right?

好的。如果可以的話，我想跟進一下。關於 Avantor 復興的動態，我的意思是，我認為這當然是，但你曾多次指出，你認為該業務存在過於複雜且不必要的集中化。我們從多個管道也聽到了類似的說法。那麼，要解決這個問題該怎麼做呢？

I mean it's a huge organization. There's a lot of levels. It seems like there's going to be some deep changes there. But from an operational perspective, that seems to be the easiest fix. But could you talk us through the process to get there, and how long that could take?

我的意思是，這是一個龐大的組織。這裡有很多層級。看來那裡將會發生一些深刻的變化。但從操作角度來看，這似乎是最簡單的解決方法。您能否詳細介紹實現這一目標的過程，以及這需要多長時間？

It's really early days for me, you have to remember. So look, we're going to start to really work on the go-to-market, really understand how we can decentralize more of the decision-making closer to the customers. And as you know, there's different regions with different dynamics. And so we really need to empower the local team to really drive the decision.

對我來說，現在還只是起步階段，你要記住這一點。所以，我們接下來要真正著手研究市場推廣策略，真正了解如何將更多決策權下放給更貼近客戶的決策者。如你所知，不同地區有著不同的發展動態。因此，我們真的需要賦予本地團隊權力，讓他們真正主導決策。

I think the other thing is, look, we have two really important business. One is our Lab Services, it's VWR, it's a distribution business. We have a very strong brand there. And then the other one is bioscience business with brands like JT Baker. I think we need to make sure that those brands are more, I would say, front at the customer's level to make sure that we engage with the customers with the brand they want to work with.

我認為還有一點是，你看，我們有兩項非常重要的業務。一個是我們的實驗室服務，它是 VWR，它是一家分銷公司。我們在那裡擁有非常強大的品牌影響力。另一類是生技企業，旗下品牌包括 JT Baker。我認為我們需要確保這些品牌更直接地與客戶接觸，確保我們能夠與客戶建立他們想要合作的品牌之間的聯繫。

The observation that I have, Michael, is, many customers told me, we love VWR. We want to continue to work with VWR, some even say, well, we didn't know that VWR was part of Avantor. And that's why I'm talking about brand revival and really making sure that we are improving our engagement with the customers.

邁克爾，我的觀察是，很多顧客告訴我，我們很喜歡VWR。我們希望繼續與 VWR 合作，甚至有人說，我們之前並不知道 VWR 是 Avantor 的一部分。所以，我才談到品牌復興，並真正確保我們能夠改善與客戶的互動。

Service level is very, very important, okay? And this is why we are looking at what do we need to do in the plant, which are in need of investment to make sure that we raise our service level on the bioprocessing. Again, as we said earlier, the demand is there, it's for us to really make sure we operate better.

服務水準非常非常重要，懂嗎？因此，我們正在研究工廠需要做些什麼，哪些方面需要投資，以確保我們提高生物加工的服務水準。正如我們之前所說，需求就在那裡，我們需要確保我們運作得更好。

Dan Brennan, TD Cowen.

丹·布倫南，TD Cowen。

Maybe just to start on the lab side of the business, could you just describe -- I know you discussed pricing in the opening remarks. Just give us a sense in 3Q and kind of 4Q how we think about that price volume mix, if you will? And then kind of any thoughts, I know you're not ready to talk about '26, but is the assumption that price gets better? Just any visibility on that?

或許我們可以先從實驗室業務方面談起，您能否簡單介紹一下——我知道您在開場白中談到了定價問題。請您大致談談我們對第三季和第四季價格和銷售組合的看法？然後，您有什麼想法嗎？我知道您還沒準備好談論 2026 年，但您是否認為價格會變得更好？有任何相關資訊嗎？

And then maybe the second part would just be, more strategically, as you've looked at -- since you've been on board, you've looked at the lab market. Obviously, you've talked about share loss, but you studied that now recently. Any way to characterize in that context, like how much share you think VWR has lost over the last two or three years, just to give us a framework for if you're able to kind of regain that or stabilize at what the opportunity might be?

然後，第二部分或許可以更具策略性地進行，正如你所看到的——自從你加入公司以來，你已經研究過實驗室市場。顯然，你之前談到過市場佔有率下降的問題，但你最近才研究過這個問題。能否從這個角度來描述一下，例如您認為VWR在過去兩三年裡失去了多少市場份額，以便我們了解您是否能夠重新奪回市場份額或穩定下來，以及可能的機會是什麼？

Okay. So on the price volume dynamic, I mean, certainly in connection with the comments and share on that, there is some down volume. We are getting price, not exactly the levels we'd like to see, but we're certainly seeing price coming through and we expect a similar dynamic in Q4 on that.

好的。所以就價格成交量動態而言，我的意思是，當然，結合評論和分享來看，成交量確實有所下降。價格確實在回落，雖然還沒達到我們理想的水平，但我們確實看到了價格回落的跡象，預計第四季也會有類似的趨勢。

So when you look at Q3 performance sequentially to -- the main dynamic in lab is a modest increase really related to number of days and seasonality in Europe there. So what you're really hearing from us is stability through to Q4, and that dynamic will continue on the pricing side as well. Do you want to hit this share?

因此，當你按順序查看第三季業績時——實驗室的主要動態是適度成長，這實際上與歐洲的天數和季節性有關。因此，我們真正想傳達的訊息是，市場將保持穩定直至第四季度，而且這種趨勢也將在價格方面延續。你想買這支股票嗎？

On the market share, look, I think we've lost a couple of large accounts, and we know them, and that's something which is tracking -- and I think what is important to understand is when you lose a key account contract, the time that it takes to lose this account as there is many, many different sites around the world, it takes time.

關於市場份額，我認為我們失去了幾個大客戶，我們也知道這些客戶的情況，而且我們正在追蹤這些客戶——我認為重要的是要明白，當你失去一個關鍵客戶合約時，失去這個客戶需要時間，因為世界各地有很多不同的站點，這需要時間。

On the same way when you renew a contract and then you have an opportunity to grow your share of wallet, it also takes time to ramp up. This is where the commercial effectiveness is very important because you go at every single lab convert the customers. So either from a loss standpoint or from a gain standpoint, the dynamic drag on several quarters. And I think that's where we are. So this is sometimes where it's difficult to really evaluate the amount of market share that we've lost. But we know the contract that we've lost in the past.

同樣，當你續約後，有機會增加你的錢包份額時，也需要時間來逐步實現成長。這就是商業效益非常重要的地方，因為你要去每個實驗室轉換客戶。因此，無論是從虧損的角度來看，還是從獲利的角度來看，動態拖累都會影響幾個季度。我認為這就是我們目前的處境。所以有時候很難真正評估我們失去了多少市場佔有率。但我們知道過去我們失去的那份合約。

And maybe just on bioprocessing manual since you've got such significant domain experience there. Just kind of how would you characterize the Avantor portfolio today? I mean when you think about this market recovery in consumables that they have been growing double digits, equipment is still under pressure from a market basis. How do you think of Avantor's position with their current portfolio as we look ahead into, say, in the next 12 to 24 months? Can they get back to market growth above or below? Just what are the key variables there?

或許可以就生物工藝手冊方面寫一些文章，因為你在該領域擁有非常豐富的經驗。您如何概括Avantor目前的投資組合？我的意思是，考慮到消耗品市場已經實現了兩位數的成長，設備市場仍然面臨來自市場層面的壓力。展望未來 12 至 24 個月，您如何看待 Avantor 目前的投資組合狀況？他們能否恢復到高於或低於市場平均的成長？關鍵變數究竟是什麼？

That's a great question. Look, I'm super excited about the portfolio we have, in particular, around the chemicals, as (inaudible), we have adjuvant, we have also viral inactivation product, which are proprietary. So we have really good portfolio, and I think we have a good commercial team.

這是一個很好的問題。你看，我對我們的產品組合感到非常興奮，特別是圍繞化學品的部分，因為（聽不清楚），我們有佐劑，我們還有病毒滅活產品，這些都是專有的。所以我們擁有非常優秀的投資組合，而且我認為我們擁有一支優秀的商業團隊。

And again, as I said, our order intake year-to-date is high single digit. So basically, it gives me the confidence that the demand is there. It's for us to make sure that we serve the customers better and all the customers that have made are super satisfied with that part of the portfolio.

正如我之前所說，我們今年迄今的訂單量只有接近兩位數。所以基本上，這讓我確信市場需求是存在的。我們有責任確保更好地服務客戶，所有購買過我們產品組合的客戶都對這部分產品非常滿意。

So I'm confident that the portfolio is good. And also the recent announcement we've made like Bluewell is very encouraging about the fact that we will continue to collaborate with strategic innovation that will give us a differentiated portfolio in the future. So quite exciting about the bioprocessing portfolio.

所以我相信這個投資組合是不錯的。此外，我們最近發布的與 Bluewell 的合作公告也令人鼓舞，顯示我們將繼續與策略創新領域合作，這將使我們在未來擁有差異化的產品組合。生物工藝產品組合確實令人振奮。

Luke Sergott, Barclays.

盧克·瑟戈特，巴克萊銀行。

I appreciate like all the updates and everything you're thinking about, but as you think about when you're looking at '26 and the overall market rate in just relation to how you guys are going to grow, what's your outlook for the market, I guess, given that the underlying demand that you've seen, especially across what your peers have said so?

我很感謝你們提供的所有資訊和想法，但是，考慮到你們在展望2026年以及整體市場利率時，以及你們未來的發展方向，你們對市場前景有何看法？特別是考慮到你們所看到的潛在需求，以及你們同行們的看法？

I think on the peer's comment, we need to look at apples-to-apples. And again, I think what is important for me is to make sure that I remind everybody that our portfolio on bioprocessing is really primarily around chemicals in case it's a unique differentiated portfolio especially from the company that I'm coming from.

我認為對於這位同行的評論，我們需要進行同類比較。再次強調，我認為對我來說重要的是要提醒大家，我們在生物加工領域的產品組合主要圍繞著化學品展開，因為這對我所在的公司來說是一個獨特的差異化產品組合。

And so I think it's very important that we think that it -- as of today, year-to-date, direction is order intake, high single digits. What I need to do is I really need to take a fresh look at the 2026 numbers, the market, what do we -- we think we can do, what's going to be the impact of the five pillar of revival plan, how fast we can get some impact on this? Some will have an impact quickly, some will take more time, and I'll come back to you as soon as I have a better view.

所以我認為非常重要的一點是，我們認為——截至目前，今年迄今為止，訂單量將保持個位數成長。我需要做的就是重新審視一下 2026 年的數據、市場狀況，我們——我們認為我們能做什麼，五大支柱復興計畫會產生什麼影響，我們能多快產生一些影響？有些事情會很快產生影響，有些事情需要更多時間，等我有了更清晰的認識，我會盡快回覆你。

Okay. I was just trying to figure out what your overall outlook for the -- for your particular market look like? And then we can kind of make the assumption there on what you guys can do from a growth perspective, but that's fine. I guess just from a follow-up here, you talked about the bioprocessing plant, the downtime there.

好的。我只是想了解一下您對您所在市場的整體展望如何？然後我們可以對你們在發展方面能做的事情做一些假設，但這沒關係。我想透過後續問題，您提到了生物加工廠以及那裡的停工。

Is this -- what does this do to? Is this just like a planned regular maintenance downtime that you guys had? And do you need -- you talked a little bit about kind of building some redundancies. Is this what you're kind of referring to so that you don't like miss out on the quality and the the reliability that, that market completely relies on is number one.

這是——這會造成什麼影響？這是你們之前規劃好的例行維修停機嗎？你需要──你剛才稍微提到了建立一些冗餘機制。你是不是想說，這樣你就不會錯過那個市場完全依賴的首要品質和可靠性。

Look, I visited several of our chemical plants. We have really world-class plants, super modern, very well run with a very, I would say, dedicated team. Some are just in need of upgrade, okay? And so some of the tools are a bit old and so therefore, they break down. So they gave us a bit of an unreliability of on-time delivery.

你看，我參觀過我們幾家化工廠。我們擁有世界一流的工廠，超級現代化，管理得非常好，並且擁有非常敬業的團隊。有些東西只需要升級改造，好嗎？所以有些工具比較老舊，因此會發生故障。所以他們在準時交貨方面有點不太可靠。

So service level for some plants are excellent, some are not where we should be. And this is what I'm talking about strategic investment. There is some investments that are needed. We need to be very surgical about this. And that's just, I will say, on the plant themselves.

所以有些工廠的服務水準非常出色，有些則沒有達到應有的水準。這就是我所說的戰略投資。需要進行一些投資。我們需要非常謹慎地處理這件事。我只能說，這只是指工廠本身的情況。

The second thing is about the processes. It's about how do we give visibility to the plant, what's going to be the demand, having a good understanding that the plants are putting in place, the planning to make sure that the product will be delivered as the customers requested.

第二點是關於流程的。關鍵在於如何讓工廠的運作清晰可見，預測市場需求，充分了解工廠正在採取的措施，並製定計劃以確保產品能夠按照客戶要求交付。

And then, of course, at the quality which is requested. So it's really around the processes that today are not as simple as they should be, not as smooth as they should be and with a bit also of lack of accountability. So strategic investment on one side, and I think it's also about talent.

當然，也要達到客戶要求的品質標準。所以問題的關鍵在於，如今的流程不夠簡單，不夠順暢，也缺乏一些問責機制。一方面是策略投資，我認為另一方面也是人才問題。

One of my remarks was about the fact that the team is super passionated and want to do well and they want to fix the issue and they want to do better. They need direction. They need someone which is going to help them to focus and they need leadership.

我曾說過，這個團隊充滿熱情，渴望成功，他們想要解決問題，並且做得更好。他們需要指引。他們需要有人幫助他們集中精力，他們需要領導。

And this is also why we are far advanced into a recruit of a Chief Operating Officer, someone which have a global experience, a long-term experience of leading different type of plants, including chemistry plants, someone which is a black bear, someone that has a lean mindset of productivity mindset. And we are on the final stage of that recruitment. That will really help as well the team to drive and improve plant performance.

這也是為什麼我們目前正處於營運長招募的後期階段，我們需要一位擁有全球經驗、長期領導不同類型工廠（包括化工廠）經驗的人才，一位像黑熊一樣勇猛、具有精實生產思維的人才。我們目前正處於招募的最後階段。這也將有助於團隊推動和提高工廠績效。

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

I want to go back to the pricing question earlier because I think it's an important point. I think the message coming out of last quarter and admittedly Emmanel, was before you started was that onto is willing to trade price to hold share. That's not what we heard from Brent a minute ago. So I guess are you committing to actually taking price in the lab market next year? And can you maybe quantify what you're expecting there? Because I think that was a very different message than we heard coming out of 2Q.

我想回到之前提到的定價問題，因為我認為這很重要。我認為上個季度以及坦白說，在你開始之前，Emmenel 傳遞出的訊息是，公司願意為了持有股票而進行價格交易。我們剛才從布倫特那裡聽到的可不是這樣。所以，我猜你打算明年正式進軍實驗室市場了嗎？能否具體說明一下您的預期？因為我認為這與我們從第二季聽到的信息截然不同。

Yes. Tycho, just to be clear that, I mean, we I mean there are raw materials and there are -- there's inflation in the channel. We are getting priced against that. The margin pressure you're seeing is a differential from the price to the COGS. I mean there -- so when we've talked about also giving price to drive share in that, it's relative to the inflation against the products we're selling. So it actually is the same message, but I take your point on the nuance.

是的。泰科，說清楚點，我的意思是，我們，我的意思是，有原料，而且──通路裡有通貨膨脹。我們的定價是基於這個因素。你看到的利潤率壓力是價格與銷售成本之間的差額。我的意思是——所以當我們談到透過價格來推動市場份額時，價格是相對於我們所售產品的通貨膨脹而言的。所以實際上意思是一樣的，但我明白你說的細微差別。

And look, it's in the lab, we've continued to say that we're about accreting operating income there. And we absolutely are doing the actions to drive volume, to drive share in that connection. The new contracts, which, as Emmanuel made the comments, we're seeing the impact of the contract losses on share there. It will take time, both on the defense and the new contract wins to see those come in there. But we absolutely are looking to accrete operating income and then obviously, over time, margin.

而且，我們一直在實驗室裡努力，爭取提高那裡的營業收入。我們絕對會採取相應措施來提高銷量，提高市場佔有率。正如伊曼紐爾所說，我們正在看到新合約帶來的損失對市場份額的影響。無論是防守端還是新合約的簽訂，都需要時間才能看到這些成果。但我們絕對希望提高營業收入，然後隨著時間的推移，提高利潤率。

Okay. And then a capital deployment question. I mean given everything going on, and it's still early days, Emmanuel, why is this the right time to be buying back stock? It's a little bit confusing given that you're just kind of stepping in here. There's a lot of moving pieces. It's still a volatile backdrop. Maybe talk to the rationale of the buyback right now.

好的。接下來是一個資金部署問題。我的意思是，考慮到目前的情況，而且現在還處於早期階段，伊曼紐爾，為什麼現在是回購股票的合適時機？鑑於你只是剛剛涉足其中，這確實有點令人困惑。牽涉的環節很多。當前局勢依然動盪不安。或許現在應該談談回購的理由。

Well, look, Tycho, we believe our current share price really does not reflect the long-term value of the company, especially in the turnaround. So the program is just basically to make sure that we demonstrate our commitment to the long-term value of the company, okay? And we are confident to the business, the confidence about the fact that we can turn around the performance with Revival plan.

嗯，Tycho，我們認為我們目前的股價並沒有真正反映公司的長期價值，尤其是在公司轉型期間。所以這個計畫的目的基本上就是為了確保我們展現出對公司長期價值的承諾，好嗎？我們對公司充滿信心，相信透過復興計劃能夠扭轉業績。

We -- look, in terms of capital allocation, M&A is always an opportunity, but when you bring M&A, you need to make sure that you're going to bring the company into a company which is operating really, really well, right? Integration of an acquisition needs to be done with a team which have simple processes, which have really great talent in that are going to be able to execute the acquisitions and the integration super well. And so I think right now, it's just a conviction that the business is going to do better, that we are going to turn it around. And I think it was the right message and the right thing to do.

我們——你看，就資本配置而言，併購始終是一個機會，但是當你進行併購時，你需要確保你收購的公司是一家運營非常非常良好的公司，對吧？收購整合需要由一支流程簡單、人才濟濟的團隊來完成，這樣才能出色地執行收購和整合工作。所以我覺得現在大家只是堅信公司會越來越好，我們會扭轉局面。我認為這是正確的訊息，也是正確的做法。

Okay. And then the last one on Bioscience. You quoted a number of kind of shipping timing issues. Are you assuming those come back in the fourth quarter? It was a little bit unclear what's actually baked into guidance from a kind of timing and recapture perspective.

好的。最後一篇是關於生物科學的。您提到了一些運輸時間的問題。你認為這些球員會在第四季回歸嗎？從時機把握和重新掌握的角度來看，指導中究竟包含了哪些內容，這一點還不太清楚。

Yes. I think the team has already started to do some good job in Q3, but not enough, and will continue to do so. So yes, we are going to see some improvement in Q4. But as I said as well, some of the plants need some equipment investment and you know those things sometimes take some time. So we're working as fast as possible. You have my commitment to really focus on executing the demand as much as possible and as fast as possible.

是的。我認為球隊在第三季已經開始取得一些不錯的成績，但還不夠，他們將繼續努力。所以，是的，我們將在第四季度看到一些改善。但正如我之前所說，有些工廠需要一些設備投資，你也知道這些事情有時需要一些時間。所以我們正在盡最大努力加快速度。我承諾會全力以赴，盡可能快地滿足你們的需求。

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Brent, maybe a follow-up on the pricing side, certainly understand some of the cadence there. Can you just talk about, I guess, the moving pieces on margins just high level as we get into next year in terms of what pricing rolls through next year, and how to annualize pressures margins versus some of the offsets? What levers do you guys have to pull? Obviously, you've done some cost out initiatives over the last couple of years. How much more room is there on macro versus some of the pricing pressures? Maybe just a high-level one piece on margins would be helpful.

布蘭特原油價格方面或許需要跟進一下，我當然了解其中的一些規律。您能否簡要談談明年利潤率方面的變化，例如明年的價格走勢，以及如何應對年度利潤率壓力及其抵銷因素？你們有什麼辦法？顯然，在過去幾年裡，你們開展了一些成本削減措施。與一些價格壓力相比，宏觀層面還有多少調整空間？或許一篇關於利潤率的高屋建瓴的文章會很有幫助。

Well, we'll -- an important question, Patrick, and I -- per other comments here, probably won't make significant comment into '26. But when you -- when you think about our margin dynamics broadly here, gross margin down year-over-year, largely driven, and following on the Tyco question, we are getting modest price against it, but we're absorbing more inflation. So that's been the primary driver of the lab pricing into the gross margin.

嗯，帕特里克，這是一個重要的問題，而我——根據這裡的其他評論，可能不會對 2026 年發表重大評論。但是，當你——當你從整體上考慮我們的利潤率動態時，毛利率同比下降，這主要是由於泰科事件的影響，我們雖然獲得了適度的價格，但卻承受了更多的通貨膨脹。因此，實驗室定價是影響毛利率的主要因素。

Now, on a sequential basis, you saw pressure in gross margin. That was more just mix of the relative businesses because we didn't have the same level of growth in bioscience as well as primarily there on the business basis and continuing on that.

現在，從環比來看，毛利率面臨壓力。那更多的是相關業務的組合，因為我們在生物科學領域的成長水平不如其他領域，而且主要是從業務層面來看，我們也繼續保持這種成長勢頭。

Look, Emmanuel made the comments that we need to continue to drive at cost broadly and get net cost out rather than offset inflation and offset FX. And the -- but when you think about key drivers here, obviously, getting price and getting price against COGS are really important in the business. The differential segment mix is really, really important. And that hurt us in Q3.

你看，伊曼紐曾說過，我們需要繼續全面降低成本，消除淨成本，而不是抵銷通貨膨脹和外匯波動。但是——當你思考這裡的關鍵驅動因素時，顯然，獲得價格以及根據銷售成本獲得價格在業務中非常重要。差異化細分市場組合真的非常非常重要。這給我們的第三季造成了影響。

And then finally, productivity, which to project Revival, Chief Operating Officer, driving better productivity in plants, those will be key parts of it. And when we come with the views on '26, that will certainly be wrapped in our commentary.

最後，生產力，根據營運長預測，提高工廠的生產力將是復興的關鍵部分。而當我們對 26 年的選舉結果發表看法時，這肯定會反映在我們的評論中。

Can I just add something? I'm absolutely committed to really improve not only the top line but also the bottom line, right? We need to be an operation which is leveraged, and so this is what we're going to do. So part of the Revival of course, we talked about simplification processes. It also means productivity gain. That is going to be very, very important. And I think that we will make sure that the entire leadership is really focused behind it.

我可以補充一點嗎？我絕對致力於真正提高公司的營收和利潤，對吧？我們需要成為一個能夠有效利用資源的營運機構，所以這就是我們要做的事情。當然，在復興運動中，我們也討論了簡化流程。這也意味著生產力的提升。那將非常非常重要。我認為我們會確保整個領導階層都全力支持這項工作。

Understood. And maybe just a quick one on the academic government side. You touched a little bit on the prepared remarks. What are the expectations there? Obviously, you had the government shutdown, you guys have some exposure. But maybe just talk about what you're seeing on that front, and what the expectations are going forward for that market, a lot of noise there? Appreciate it.

明白了。或許還可以簡單談談學術界和政府方面的問題。你稍微談到了事先準備好的發言稿。那裡的預期是什麼？很顯然，政府停擺讓你們面臨一些風險。但或許可以談談你在這方面看到的現象，以及對未來該市場的預期，目前這方面有許多雜音？謝謝。

Yes, Patrick, you saw we were down in academic and government in Q1. We had a nice up mid-single digits in Q2 and then down double digits in Q3. And I think, frankly, we saw some of the pent-up concerns come through in Q3.

是的，派崔克，你也看到了，我們在第一季學術界和政府部門的支出都下降了。第二季我們實現了個位數的良好成長，但第三季卻出現了兩位數的下降。坦白說，我認為我們在第三季看到了部分積壓的擔憂顯現出來。

Significant impact was K-12 before the school season started there as well as other softness that we saw through consumables in the form of higher ad there. We -- the US government shutdown is certainly going to exacerbate that. That is really a key driver of the reduction of the lab guidance for Q4 and for the year down to the mid-single digits, that differential as well as the headwinds to consumables. But we're certainly forecasting that continue to be somewhat challenged.

在學年開始之前，K-12 教育受到了顯著影響，此外，我們還透過消費品（例如廣告）看到了其他方面的疲軟。美國政府停擺肯定會加劇這種情況。這確實是導致第四季和全年實驗室業績預期下調至個位數中段的主要原因，此外還有耗材價格上漲帶來的不利影響。但我們預測這種情況仍將面臨一定程度的挑戰。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

A few questions. Emmanuel, it's only been eight weeks. There's a lot going on here. Is it reasonable to expect you to outline your full assessment and strategic framework by early Q1? Or is that too aggressive? So that's my first question.

幾個問題。伊曼紐爾，才過了八周而已。這裡發生了很多事。是否可以合理地要求您在第一季初概述您的完整評估和策略框架？或者這樣做是否太過激進？這是我的第一個問題。

My second is really for Brent. Emmanuel talked a lot about new hires and investments. Revenue growth is likely to remain challenging for the next several quarters. Margin comparisons are notably tough in the first half of next year. So when I just look at that fact pattern, my words not yours given you don't want to talk too much about 2026, but it just seems hard to see a scenario where we would get meaningful EBITDA expansion in 2026, maybe no expansion at all given those three observations. Is there anything you think I'm missing?

我的第二個其實是給布倫特的。伊曼紐爾談了很多關於新員工招募和投資的事情。未來幾個季度，營收成長可能仍將面臨挑戰。明年上半年利潤率比較將非常困難。所以，當我審視這些事實情況時（這是我的話，不是你的，因為你不想過多談論 2026 年），我很難想像在 2026 年會出現有意義的 EBITDA 擴張，考慮到這三點觀察，甚至可能根本不會出現擴張。你覺得我漏掉了什麼嗎？

And then really, the last one is for both of you. Recognizing it's been a tough period for tools in terms of downward estimate revisions. I think the challenge is, to be fair, have lingered a bit more for Avantor than for most of the group. Clearly, visibility and forecasting has been a challenge for you guys for the past few quarters. Do you think this is systems that requires more investment? Or is this more a function of just competitive dynamics maybe evolving in a way that you didn't anticipate?

最後一點，其實是給你們兩個的。意識到對於工具而言，這段時間是艱難的，因為估算值不斷下調。公平地說，我認為 Avantor 面臨的挑戰比團隊中的大多數成員都要持續更長時間。顯然，在過去的幾個季度裡，你們在視覺性和預測方面一直面臨挑戰。你認為這樣的系統需要更多投資嗎？或者，這更多是由於競爭動態朝著你未曾預料的方向演變所致？

Doug, thanks for your question. Look, I think, in terms of timing, when I came, I spoke with the Board, I spoke with the team and I said I needed 100 days to really learn the business, meet everybody that include all the stakeholders, our people, the customers and a few main investors. And look, after 60 days, I already need to be in action because, first of all, there are some few things which are absolutely obvious, some challenges that we need to fix. And that's what I shared with you.

道格，謝謝你的提問。我覺得，就時間安排而言，我來的時候，和董事會談過，和團隊談過，我說我需要 100 天的時間來真正了解業務，見見所有人，包括所有利益相關者、我們的員工、客戶和一些主要投資者。你看，60 天過去了，我已經需要採取行動了，因為首先，有些事情是顯而易見的，有一些挑戰需要我們解決。這就是我跟你分享的內容。

And indeed, in Q1, I'll come back with you with further thoughts and with further strategic vision, absolutely. I'll let Brent answer the question and then I'll come back to the other part.

的確，在第一季度，我一定會帶著更深入的想法和更具體的策略構想與大家分享。我先讓布倫特回答這個問題，然後再回來處理另一部分。

Yes. Look, like you're -- I mean, you're absolutely there on the facts and those are the harder comparators if you look at the trend of this year. I would just go back to one, we don't want to signal a lot about '26 now because there's more work to do there.

是的。你看，就像——我的意思是，你對事實的理解完全正確，如果你看看今年的趨勢，這些才是更難比較的因素。我只想回到第一個選項，我們現在不想談太多 2026 年，因為那裡還有更多工作要做。

But again, it's about driving Revival and not just how it impacts operations, but also purely on the cost to serve. And getting to the top line and the conversion. And beyond that, we'll update you when we talk about '26.

但話說回來，關鍵在於推動復興，不僅要考慮它對營運的影響，還要考慮服務成本。最終達到最高點和轉換率。除此之外，當我們談到 2026 年的時候，我們會及時通知大家。

And Doug, on the market, my sense is the following. I think production is solid. I think in the R&D aspect from an academic standpoint and even from a pharma, there is some uncertainty, and uncertainty is never good. So I would say it's a mixed market dynamic.

至於道格，就市場而言，我的感覺是這樣的。我認為製作方面很紮實。我認為，從學術角度來看，甚至從製藥業的角度來看，研發方面都存在一些不確定性，而不確定性從來都不是好事。所以我認為這是一個混合的市場動態。

Dan Leonard, UBS.

丹‧倫納德，瑞銀集團。

My first question is on the Revival program. Emmanuel, can you the cost impacts of that program? It seems like there's a lot of extra money to be spent on e-commerce, on investment needs in manufacturing on new hires. And I'm just trying to think about how to balance that with margin objectives?

我的第一個問題是關於復興計劃的。伊曼紐爾，你能估算一下該專案的成本影響嗎？似乎有很多額外的資金可以用於電子商務、製造業投資以及新員工招聘。我正在努力思考如何平衡這一點與利潤目標之間的關係？

Dan, thanks for your question. Look, I think it's early days for me to really put a number to it. We're really pushing the program as soon as possible and making sure we make our plan. I don't want also to rush on giving you a number, which is not accurate.

丹，謝謝你的提問。我覺得現在就給出確切的數字還為時過早。我們正在盡快推進該項目，並確保我們的計劃得以實施。我也不想倉促地給你一個不準確的數字。

Look, I really want to gain accuracy about numbers, any numbers that we're going to put in front of you. So let us put the plan together, let's say, review the plant. Let's make sure that the plant will have an impact.

聽著，我真的希望確保所有呈現在你們面前的數字都是準確的。那麼，讓我們一起制定計劃，比如說，審查一下工廠。讓我們確保該工廠能夠產生影響。

And I think it's back to a further question earlier, I really want to give you answers about how much, when, what we will see by when, it will take several quarters without any doubt, but it's early days for me. So let me come back to you when we have a precise plan and accurate number.

我覺得這又回到了之前提出的問題，我真的很想回答你們關於數量、時間、以及我們何時會看到什麼的問題，毫無疑問，這需要幾個季度的時間，但對我來說，現在還處於早期階段。所以，等我們有了具體的計畫和準確的數字，我再來跟你聯絡。

Understood. And then a follow-up. You referenced a couple of large clients you lost from a share loss perspective. How would you characterize the risk of further big share loss? I can't imagine you have large contracts that turn over every year. Are we in a period of stability now for some time? Or are there further just big opportunities ahead in either direction?

明白了。然後還有後續報道。你提到了從市佔率損失的角度來看，你失去了幾個大客戶。您如何評價股價進一步大幅下跌的風險？我無法想像你們會有每年都需要更換的大額合約。我們現在是否處於一段相對穩定的時期？或者說，未來無論哪個方向，都存在著巨大的機會？

Great question, Dan. Look, what I've discussed with Cory and what we've discussed with the team is that most of our very large key account contract has been renewed. We've kept them. And on the contrary, we have opportunity to gain share of wallet in those accounts. So I think we are in a much more stable position right now.

丹，問得好。你看，我和科里討論過，我們也和團隊討論過，我們的大部分大客戶合約都已續約。我們把它們留下來了。相反，我們有機會在這些帳戶中獲得一定的市場份額。所以我覺得我們現在的處境穩定得多。

However, as I explained earlier, the loss that we've seen in the past, they're still having an impact on us, okay? It takes time for those large contracts to switch over the same way that it takes time for us to ramp up the share of wallet games. So I think we are in a much more stable area. I think Cory is a very good leader that is bringing a lot of rigor in the business, and for that standpoint, I'm confident about the future of the lab business.

但是，正如我之前解釋的那樣，我們過去所經歷的損失，仍然對我們產生影響，好嗎？這些大型合約的轉換需要時間，就像我們提高錢包遊戲份額也需要時間一樣。所以我認為我們現在所處的地區要穩定得多。我認為科里是一位非常優秀的領導者，他為公司帶來了嚴謹的工作作風，從這個角度來看，我對實驗室業務的未來充滿信心。

Those are all the questions we have time for today. And so I'll now turn the call back over to Emmanuel for closing remarks.

今天我們只能回答這些問題了。現在我將把電話交還給伊曼紐爾，請他作總結發言。

Thank you, Emily. And thank you, everybody, for joining us. Today, we just outlined the beginning of our, I will say, next chapter called Avantor Revival.

謝謝你，艾米麗。謝謝大家的參與。今天，我們剛剛概述了我們下一個篇章的開端，我稱之為「Avantor復興」。

I want you guys to remember and to know that we are moving with urgency to improve our performance. I want to regain your trust. I want to be accurate. I want us to be accurate, and I'm looking forward to give you a further update on our progress in the next quarter. Be well, everybody. Thank you.

我希望你們記住並明白，我們正在緊急採取行動，以提高我們的表現。我想重新獲得你的信任。我想做到準確無誤。我希望我們能夠做到準確無誤，我期待在下一季向您報告我們的進展。祝大家身體健康。謝謝。

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

謝謝各位今天蒞臨。通話到此結束，您可以掛斷電話了。