Charles River Laboratories International Inc (CRL) 2025 Q2 法說會逐字稿

Please stand by. Your program is about to begin.

請稍候。您的程式即將開始。

Ladies and gentlemen, thank you for standing by, and welcome to the Charles River Laboratories second-quarter 2025 earnings conference call. This call is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Charles River Laboratories 2025 年第二季財報電話會議。此通話正在錄音。（操作員指示）

I would now like to turn the conference over to our host, Todd Spencer, Vice President of Investor Relations. Please go ahead, sir.

現在，我想將會議交給我們的主持人、投資者關係副總裁 Todd Spencer。先生，請繼續。

Good morning, and welcome to Charles River Laboratories second quarter 2025 earnings conference call and webcast. This morning, I am joined by Jim Foster, Chair, President and Chief Executive Officer; and Flavia Pease, Executive Vice President and Chief Financial Officer. They will comment on our results for the second quarter of 2025. Following the presentation, they will respond to questions.

早安，歡迎參加 Charles River Laboratories 2025 年第二季財報電話會議及網路廣播。今天上午，與我一起出席的還有董事長、總裁兼執行長 Jim Foster 和執行副總裁兼財務長 Flavia Pease。他們將對我們 2025 年第二季的業績發表評論。演講結束後，他們將回答問題。

There is a slide presentation associated with today's remarks, which will be posted on the Investor Relations section of our website at ir.criver.com. A replay of this call will be available beginning approximately 2 hours after the call today and can also be accessed on our Investor Relations website. The replay will be available through next quarter's conference call.

今日演講的幻燈片簡報將發佈於我們網站 ir.criver.com 的投資者關係板塊。本次電話會議的重播將於今日電話會議結束後約兩小時開始提供，您也可以在我們的投資者關係網站上存取。重播將透過下個季度的電話會議提供。

I'd like to remind you of our safe harbor. All remarks that we make about future expectations, plans and prospects for the company constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated.

我想提醒你我們的安全港。我們對公司未來預期、計畫和前景所做的所有評論均構成 1995 年《私人證券訴訟改革法案》下的前瞻性陳述。實際結果可能與所示結果有重大差異。

During the call, we will primarily discuss non-GAAP financial measures, which we believe help investors gain a meaningful understanding of our core operating results and guidance. The non-GAAP financial measures are not meant to be considered superior to or a substitute for results from operations prepared in accordance with GAAP. In accordance with Regulation G, you can find the comparable GAAP measures and reconciliations on the Investor Relations section of our website.

在電話會議中，我們將主要討論非公認會計準則財務指標，我們相信這有助於投資人深入了解我們的核心經營績效和指引。非公認會計準則財務指標並不意味著優於或取代依照公認會計準則編制的經營績效。根據 G 規則，您可以在我們網站的投資者關係部分找到可比較的 GAAP 指標和對帳。

I will now turn the call over to Jim Foster.

現在我將電話轉給吉姆·福斯特。

Thank you, Todd, and good morning. We reported another solid financial performance in the second quarter, meaningfully exceeding our prior outlook due primarily to favorable DSA results. The DSA business benefited from the strong booking activity that was recorded in the first quarter, and the corresponding lift in first half results is the primary driver leading us to raise our financial guidance for the year.

謝謝你，托德，早安。我們報告了第二季度再次穩健的財務業績，顯著超出了我們先前的預期，這主要得益於良好的 DSA 結果。DSA 業務受惠於第一季強勁的預訂活動，上半年業績的相應提升是我們提高全年財務預期的主要驅動力。

To a lesser extent, favorable movements in foreign exchange also contributed to the outperformance in the second quarter and to our increased outlook for the year. We have continued to see clear signs that the demand environment is stabilizing. Over the past several quarters, global biopharmaceutical demand trends appear to have bottomed, and we believe they are beginning to slowly move upward as more clients have progressed through their restructuring activities and getting back to work.

在較小程度上，外匯的有利走勢也促成了第二季的優異表現，並增強了我們對今年的展望。我們繼續看到需求環境正在穩定的明顯跡象。在過去的幾個季度中，全球生物製藥需求趨勢似乎已經觸底，我們相信，隨著越來越多的客戶完成重組活動並恢復工作，需求趨勢將開始緩慢上升。

The biotech environment is stable but mixed with smaller biotechs still being more cash constrained due in part to the slowdown in biotech funding, whereas midsized biotechs are performing better as many are able to support their own R&D programs without external funding.

生物技術環境穩定，但好壞參半。小型生物技術公司仍然受到現金限制，部分原因是由於生物技術資金放緩，而中型生物技術公司表現更好，因為許多公司能夠在沒有外部資金的情況下支持自己的研發項目。

Key DSA demand trends, coupled with constructive discussions with our biopharmaceutical clients, have also reinforced our belief that the preclinical demand environment is stabilizing. In the second quarter, both gross and net DSA bookings increased at mid-single-digit rates year-over-year, resulting in a solid 6% and 13% increases in first half gross and net bookings, respectively.

主要的 DSA 需求趨勢，加上與我們的生物製藥客戶的建設性討論，也強化了我們的信念，即臨床前需求環境正在穩定。第二季度，DSA 總預訂量和淨預訂量均較去年同期成長中個位數，導致上半年總預訂量和淨預訂量分別穩定成長 6% 和 13%。

While this bookings performance reflected an improving demand environment in the first half, the net book-to-bill dipped back below 1 times in the second quarter to 0.82 times, which we had anticipated and was largely driven by a sequential increase in cancellations and the DSA revenue outperformance. We never expected a straight-line recovery in the net book-to-bill or broader DSA demand trends and, in fact, have often said that the sustained improvement in our businesses will not be linear.

雖然這項預訂業績反映了上半年需求環境的改善，但第二季淨訂單出貨比回落至 1 倍以下，為 0.82 倍，這已是我們預料到的，主要是由於取消訂單數量連續增加以及 DSA 收入表現優異。我們從未期望淨訂單出貨比或更廣泛的DSA需求趨勢會出現直線復甦，事實上，我們經常說，我們業務的持續改善不會是線性的。

However, we are pleased that the net book-to-bill trends over the past 18 months have reflected a steady upward trajectory, starting with a net book-to-bill of 0.80 times in the first half of 2024 to 0.85 times in the second half and most recently improved to 0.93 times in the first half of this year.

然而，我們很高興看到，過去 18 個月的淨訂單出貨比趨勢呈現穩定上升的趨勢，從 2024 年上半年的 0.80 倍上升到下半年的 0.85 倍，最近又提高到今年上半年的 0.93 倍。

The DSA business and our overall non-GAAP financial results continue to significantly outperform our expectations, and we are making gradual progress towards achieving a return to organic revenue growth. We recognize that some uncertainty persists across the broader health care landscape.

DSA 業務和我們的整體非 GAAP 財務表現繼續大幅超出我們的預期，我們正在逐步實現恢復有機收入成長。我們認識到，更廣泛的醫療保健領域仍然存在一些不確定性。

And as a result, we continue to take a measured and prudent approach to our outlook. While we have not factored in further demand improvements this year, it is encouraging that the overall demand environment shows signs of stabilization. To date, we have not observed any meaningful impact on client spending patterns stemming from tariffs or drug pricing concerns. Additionally, the effects of covering at the NIH have been minimal, which I will address further in the context of RMS results.

因此，我們將繼續採取審慎和審慎的態度來看待我們的前景。雖然我們還沒有考慮到今年需求的進一步改善，但令人鼓舞的是，整體需求環境顯示出穩定的跡象。到目前為止，我們還沒有觀察到關稅或藥品定價問題對客戶支出模式有任何有意義的影響。此外，NIH 的覆蓋效果微乎其微，我將在 RMS 結果的背景下進一步討論這個問題。

Before I provide more details on these trends, let me provide highlights of our second quarter performance and updated outlook for the year. We reported revenue of $1.03 billion in the second quarter of 2025, a 0.6% increase over last year with nearly half of the revenue outperformance driven by foreign exchange.

在我提供有關這些趨勢的更多細節之前，讓我先介紹一下我們第二季的業績亮點以及今年的最新展望。我們報告稱，2025 年第二季的營收為 10.3 億美元，比去年成長 0.6%，其中近一半的營收成長是由外匯推動的。

On an organic basis, revenue declined 0.5% driven by a low single-digit decline in the DSA segment, partially offset by low single-digit revenue increases in the RMS and Manufacturing segments. By client segment revenue for small and midsized biotech clients improved slightly for a third consecutive quarter. Revenue for global biopharmaceutical clients remained below last year's level but did improve sequentially from the first quarter.

從有機基礎來看，收入下降了 0.5%，原因是 DSA 部門的收入出現了低個位數下降，但 RMS 和製造部門的收入出現了低個位數成長，部分抵消了下降。按客戶細分，中小型生技客戶的收入連續第三個季度略有改善。全球生物製藥客戶的收入仍低於去年的水平，但較第一季有所改善。

Revenue for global academic and government clients increased at a mid-single-digit rate in the quarter. The operating margin was 22.1%, an increase of 80 basis points year-over-year, with margin improvement across all three segments primarily reflecting the benefit of cost savings from our previous restructuring actions and operating leverage from better-than-expected first half sales volume.

本季度，全球學術和政府客戶的收入以中等個位數的速度成長。營業利益率為 22.1%，比去年同期成長 80 個基點，三個部門的利潤率均有所提高，主要反映了我們先前的重組行動帶來的成本節約以及上半年銷量好於預期帶來的營業槓桿效應。

You may recall that we are on pace to generate a run rate of over $175 million in cost savings this year. In addition, the CDMO business benefited from revenue and payments from commercial clients, most of which will not repeat in the second half of this year, as we previously disclosed. Earnings per share were $3.12 in the second quarter, an increase of 11.4% from the second quarter of last year.

您可能還記得，我們今年的成本節約預計達到 1.75 億美元以上。此外，CDMO業務受益於來自商業客戶的收入和付款，正如我們之前披露的那樣，其中大部分不會在今年下半年重複。第二季每股收益為3.12美元，較去年第二季成長11.4%。

Operating margin improvement was the primary driver of this robust earnings growth. Most of the earnings outperformance versus our prior outlook was operationally driven with an additional $0.12 benefit from a lower-than-expected tax rate. Flavia will provide more details on the tax rate shortly, including the second half tax headwind from the new US legislation.

營業利潤率的提高是獲利強勁成長的主要驅動力。與我們先前的預期相比，大部分獲利表現優異是由於營運因素，以及低於預期的稅率帶來的額外 0.12 美元收益。弗拉維亞很快就會提供有關稅率的更多細節，包括美國新立法帶來的下半年稅收阻力。

We are raising our revenue and non-GAAP earnings per share guidance, largely to reflect the outperformance in the quarter. We are increasing our 2025 organic revenue guidance by 150 basis points to a 1% to 3% decrease and raising our non-GAAP earnings per share guidance by $0.55 at midpoint to $9.90 to $10.30.

我們正在提高收入和非公認會計準則每股收益預期，主要是為了反映本季的優異表現。我們將 2025 年有機收入預期上調 150 個基點，至下降 1% 至 3%，並將非 GAAP 每股收益預期中位數上調 0.55 美元，至 9.90 美元至 10.30 美元。

In addition to the DSA-driven operational outperformance, full year guidance will benefit by $0.14 from more favorable FX rates versus our May outlook. Below the line items will largely offset each other as the second half tax headwind that I just mentioned will be offset by lower interest expense for the year.

除了 DSA 驅動的營運績效優異之外，與 5 月的預測相比，更有利的外匯匯率將使全年指引上漲 0.14 美元。由於我剛才提到的下半年稅收逆風將被今年較低的利息支出所抵消，因此以下項目將在很大程度上相互抵消。

I will now provide details on the second quarter segment performance, beginning with the DSA segment. Revenue for the DSA segment was $618 million in the second quarter, a 2.4% decrease year-over-year on an organic basis, driven by lower revenue for both Discovery and Safety Assessment services.

我現在將從 DSA 部分開始，詳細介紹第二季的分部業績。DSA 部門第二季的營收為 6.18 億美元，年比有機下降 2.4%，原因是發現服務和安全評估服務的收入均下降。

Lower sale volume was partially offset by favorable mix of higher-priced, longer duration and specialty studies again this quarter. Consistent with our commentary in May, the favorable mix does not signal a broader improvement in the pricing environment as we continue to believe that spot pricing remains stable overall.

本季度，較高的價格、較長的期限和專業研究的有利組合部分抵消了較低的銷售量。與我們 5 月的評論一致，這種有利的組合並不意味著定價環境的更廣泛改善，因為我們仍然認為現貨價格總體保持穩定。

Moving to the DSA demand KPIs. The DSA backlog was $1.93 billion at the end of the second quarter, a slight decline from $1.99 billion last quarter. As I mentioned, gross and net bookings both improved at mid-single-digit rates year-over-year in the second quarter but declined sequentially primarily for global biopharma clients.

轉向 DSA 需求 KPI。第二季末，DSA 積壓訂單為 19.3 億美元，較上一季的 19.9 億美元略有下降。正如我所提到的，第二季度的總預訂量和淨預訂量同比均以中等個位數的速度增長，但環比下降，主要針對全球生物製藥客戶。

The sequential decline in the net book-to-bill was not a surprise. We had previously said that global biopharmaceutical clients started the year strong with the resurgence of booking activity for projects that they had delayed or deprioritized at the end of last year and wanted to start quickly.

淨訂單出貨比的連續下降並不令人意外。我們之前曾說過，全球生物製藥客戶今年開局表現強勁，他們希望盡快啟動去年年底推遲或降低優先級的項目的預訂活動重新活躍起來。

However, we did not expect the first quarter booking strength to continue through the remainder of the year proposal activity for global biopharmaceutical companies increased at a healthy pace in the second quarter, both year-over-year and sequentially, which reinforces, I believe that demand for this client base has stabilized.

然而，我們並不認為第一季的預訂熱度會持續到今年剩餘時間，因為第二季度全球生物製藥公司的提案活動同比和環比均呈現健康增長，這進一步證明，我相信該客戶群的需求已經穩定下來。

Demand KPIs for small and midsized biotech clients remain consistent with the overall trends that we described in the first quarter with little change aside from a moderate decline in proposal activity, supporting our belief that demand for this client base is also stable. We also experienced an increase in DSA cancellations in both client segments to levels consistent with the first half of 2024, but higher than the last three quarters.

中小型生技客戶的需求 KPI 與我們在第一季描述的整體趨勢保持一致，除了提案活動適度下降外，幾乎沒有變化，這支持了我們的信念，即對該客戶群的需求也是穩定的。我們也發現兩個客戶群的 DSA 取消量均增加，與 2024 年上半年的水準一致，但高於前三個季度。

The higher cancellations were more focused on longer term post-IND work. These trends have cumulatively resulted in quarterly net bookings of $506 million and a net book-to-bill of 0.82 times. While below 1 times for the quarter, our first half net book-to-bill was at its highest level since the end of 2022 and reflects an upward demand trajectory compared to recent years.

取消的訂單較多，主要集中在 IND 之後的長期工作。這些趨勢累計導致季度淨預訂額為 5.06 億美元，淨訂單出貨比為 0.82 倍。雖然本季的淨訂單出貨比低於 1 倍，但我們上半年的淨訂單出貨比達到了 2022 年底以來的最高水平，反映出與近年來相比需求呈上升趨勢。

Reflecting our solid second quarter performance and the DSA KPIs that underpin our outlook, we now expect DSA organic revenue will decline at a low to mid-single-digit rate in 2025, an improvement from our prior outlook of a mid-single-digit decline. The demand environment continues to support our outlook for the year, which is not predicated on the net book-to-bill returning to 1 times.

考慮到我們第二季度的穩健業績以及支撐我們前景的 DSA KPI，我們現在預計 2025 年 DSA 有機收入將以低至中等個位數的速度下降，這比我們之前預測的中等個位數下降有所改善。需求環境持續支持我們對今年的展望，但這並不以淨訂單出貨比恢復到 1 倍為前提。

Furthermore, we believe the DSA business has stabilized and is beginning to show signs of gradual progress. In support of our improved demand outlook, we have begun to modestly increase staffing levels in the DSA segment. We are doing so to ensure we can fully support our clients' programs and to position resources appropriately for the second half of this year.

此外，我們相信DSA業務已經穩定下來，並開始顯示出逐步進展的跡象。為了支持我們改善的需求前景，我們已經開始適度增加 DSA 部門的人員配置水準。我們這樣做是為了確保我們能夠全力支持客戶的計劃，並為今年下半年合理配置資源。

Due to the increased hiring, DSA headcount costs are expected to create a headwind of approximately $10 million in the second half when compared to first half levels, which is one of the factors contributing to the company's second half operating margin outlook.

由於招聘人數增加，預計下半年 DSA 員工成本將比上半年減少約 1,000 萬美元，這也是影響公司下半年營業利潤率前景的因素之一。

For the second quarter, the DSA segment reported another solid operating margin, increasing by 30 basis points year-over-year to 27.4% in the second quarter. This was primarily a result of the operating leverage from better-than-expected demand that we accommodated without meaningful headcount increases in the quarter as well as the benefit of prior cost savings actions.

第二季度，DSA 部門報告了再次穩健的營業利潤率，年增 30 個基點至 27.4%。這主要是由於我們在本季沒有大幅增加員工人數的情況下滿足了好於預期的需求，並獲得了經營槓桿，以及先前採取的成本節約措施帶來的好處。

Before I provide commentary on the RMS and Manufacturing segments, I would like to provide an update on our NAMs strategy, or new approach methods. We recently updated the Board on our road map and strategic imperatives to continue to build our growing NAMs portfolio.

在我對 RMS 和製造業部門發表評論之前，我想先介紹一下我們的 NAM 策略或新方法的最新情況。我們最近向董事會更新了我們的路線圖和策略要點，以繼續建立我們不斷成長的 NAM 產品組合。

As we said last quarter, we firmly believe that utilizing more NAMs-enabled approaches will be a gradual long-term transition by our clients and that the scientific capabilities to fully replace animal models do not exist today. As the leader in preclinical drug development, we have the scientific capabilities, regulatory expertise and access to data that make us the logical partner for biopharmaceutical companies to advance their use of NAMs and alternative technologies over time.

正如我們上個季度所說，我們堅信，利用更多支持 NAM 的方法將是我們的客戶逐步進行的長期轉變，並且目前還不存在完全取代動物模型的科學能力。作為臨床前藥物開發領域的領導者，我們擁有科學能力、監管專業知識和數據存取權限，這使我們成為生物製藥公司推進其對 NAM 和替代技術的使用的合理合作夥伴。

We already have a growing NAMs portfolio that has generated a meaningful amount of revenue or approximately $200 million in annual DSA revenue and increased interest from our clients. In addition to some of the well-established capabilities that we discussed in May, we are also working on enhancing our NAMs solutions across many of our DSA sites.

我們的 NAM 產品組合已不斷增長，創造了可觀的收入，即每年約 2 億美元的 DSA 收入，客戶的興趣也不斷增加。除了我們在五月討論過的一些成熟的功能之外，我們還致力於增強許多 DSA 站點的 NAM 解決方案。

For example, in Montreal, we are working on developing an in vitro liver-on-a-chimp assay to replace in vivo gene tox testing. Our site in Hungary is working on a number of in vitro models for advanced modalities, including using steroids for long-term metabolism studies. Our team in Den Bosch continues to develop and validate a growing number of in vitro assays for regulated safety assessment, and our Retrogenix business has generated considerable interest for their in vitro off-target screening platform.

例如，在蒙特利爾，我們正在開發一種體外黑猩猩肝臟試驗來取代體內基因毒性測試。我們在匈牙利的站點正在研究多種先進模式的體外模型，包括使用類固醇進行長期代謝研究。我們在斯海爾托亨博斯的團隊繼續開發和驗證越來越多的用於受監管安全評估的體外檢測方法，我們的 Retrogenix 業務已經引起了人們對其體外脫靶篩選平台的極大興趣。

Overall, clients interested in our NAMs portfolio continues to build. One of our top priorities in the coming years will be to continue expanding this portfolio of premier NAMs capabilities through a combination of partnerships, selective M&A and internal development. We look forward to continuing to update you on our progress towards the NAMS-enabled future.

總體而言，對我們的 NAM 產品組合感興趣的客戶持續增加。未來幾年，我們的首要任務之一是透過合作、選擇性併購和內部開發等方式繼續擴大 NAM 的頂級能力組合。我們期待繼續向您通報我們在實現 NAMS 未來方面取得的進展。

RMS revenue was $213.3 million, an increase of 2.3% on an organic basis compared to the second quarter of 2024. The year-over-year revenue increase was primarily driven by the timing of NHP shipments and higher revenue for research model services including in the GEMS and Insourcing Solutions business.

RMS 營收為 2.133 億美元，與 2024 年第二季相比有機成長 2.3%。營收年增率主要得益於 NHP 出貨時間的安排以及包括 GEMS 和內部採購解決方案業務在內的研究模型服務收入的增加。

The overall trends in the RMS segment are consistent from our commentary last quarter as little has changed aside from the typical quarterly modulations in the timing of NHP shipments to third-party clients in China and for Noveprim. As a result, we are maintaining our RMS revenue outlook for the year of flat to slightly positive organic growth. The third quarter is expected to be an even stronger quarter for NHP revenue due to the acceleration of certain shipments from the fourth quarter.

RMS 部門的整體趨勢與我們上個季度的評論一致，除了 NHP 向中國第三方客戶和 Noveprim 發貨的時間進行典型的季度調整外，幾乎沒有什麼變化。因此，我們維持今年 RMS 營收持平或略微正成長的預期。由於第四季度某些出貨量的加速，預計第三季 NHP 收入將更加強勁。

Revenue from both our academic and government client segments increased in the second quarter despite frequent headlines of our potential NIH budget cuts. To date, we have only experienced a small impact from the uncertainty in Washington due to a modest reduction in scope of an in-sourcing solutions contract for the NIH's National Institute on Aging, totaling an expected revenue loss of approximately $3 million annually.

儘管有關我們可能削減 NIH 預算的新聞頻頻見諸報端，但第二季度我們來自學術和政府客戶部門的收入均有所增長。到目前為止，由於美國國立衛生研究院國家老化研究所內部採購解決方案合約範圍略有縮小，我們僅受到華盛頓不確定性的輕微影響，預計每年總收入損失約為 300 萬美元。

Beyond that, we have not experienced any meaningful revenue loss related to NIH budgets to date. As a reminder, north American academic and government client base represents just over 20% of total RMS revenue or approximately 6% of total company revenue.

除此之外，迄今為止我們還沒有經歷與 NIH 預算相關的任何重大收入損失。提醒一下，北美學術和政府客戶群佔 RMS 總收入的 20% 多一點，或占公司總收入的約 6%。

In addition, demand for Insourcing Solutions CRADL operations is tracking as planned and occupancy remained stable since our last update. CRADL revenue increased slightly in the second quarter versus the prior year, but as we discussed in May, demand from early-stage biotech clients for our CRADL services remains constrained this year due to funding challenges.

此外，內部採購解決方案 CRADL 營運的需求正在按計劃進行，自上次更新以來入住率保持穩定。CRADL 收入在第二季度較上年略有增長，但正如我們在 5 月所討論的那樣，由於資金挑戰，今年早期生物技術客戶對我們的 CRADL 服務的需求仍然受到限制。

Revenue for small research models in all geographic regions was relatively flat overall as higher pricing continued to offset unit volume declines. China was an exception as volume continued to increase albeit at a more moderate pace than historical levels.

由於更高的定價繼續抵消了單位銷售的下降，所有地理區域的小型研究模型的收入總體上相對持平。中國是個例外，儘管成長比歷史水準要溫和，但產量仍在持續成長。

In the second quarter, the RMS operating margin increased by 220 basis points to 25.3%. The improvement was primarily due to a favorable mix resulting from higher NHP revenue and higher revenue from research model services as well as the benefit of cost savings resulting from our restructuring initiatives.

第二季度，RMS營業利益率增加220個基點，達25.3%。這項改善主要歸功於 NHP 收入增加、研究模型服務收入增加帶來的良好組合，以及重組措施帶來的成本節約效益。

We expect the third quarter RMS operating margin will also be robust due to the favorable timing of NHP shipments that are accelerating into the third quarter, followed by the moderation of the fourth quarter operating margin due to the timing of NHP revenue and normal seasonality in the small models business.

我們預計第三季 RMS 營業利潤率也將保持強勁，因為 NHP 出貨量的時機有利，第三季出貨量正在加速成長，而第四季營業利潤率將因 NHP 收入時機和小型機型業務的正常季節性而有所放緩。

Revenue for the Manufacturing segment was $200.8 million, a 2.9% increase on an organic basis from the second quarter of last year. The revenue improvement was driven by another solid quarter from our Microbial Solutions business as well as revenue from commercial CDMO clients, most of which will not repeat in the second half of the year as one relationship has wound down, creating an anticipated revenue and margin headwind.

製造部門的營收為 2.008 億美元，較去年第二季有機成長 2.9%。收入的成長得益於我們微生物解決方案業務又一個強勁的季度以及來自商業 CDMO 客戶的收入，由於一種合作關係已經結束，其中大部分收入在下半年不會重複，從而產生了預期的收入和利潤阻力。

The Biologics Testing business had another slow quarter due to project delays associated with regulatory or funding issues for several clients. Collectively, we continue to expect Manufacturing revenue will be essentially flat on an organic basis this year, which is similar to the first half performance.

由於多個客戶的監管或資金問題導致專案延遲，生物製劑測試業務又經歷了一個緩慢的季度。總體而言，我們仍然預計今年製造業收入將基本保持平穩，與上半年的表現相似。

The Microbial Solutions business reported another quarter of robust growth, led by our Accugenix microbial identification services and Celsis microbial detection platform. Endosafe also performed well as clients continue to choose our leading portfolio of rapid manufacturing quality control testing solutions. We believe Microbial Solutions is well positioned to grow at a high single-digit revenue growth rate for the year as it did in the first two quarters.

微生物解決方案業務報告稱，本季實現了強勁成長，主要得益於我們的 Accugenix 微生物鑑定服務和 Celsis 微生物檢測平台。由於客戶繼續選擇我們領先的快速製造品質控制測試解決方案組合，Endosafe 的表現也很好。我們相信，微生物解決方案公司今年的營收成長率將達到較高的個位數，就像前兩季一樣。

The Cell and Gene Therapy CDMO business reported essentially flat revenue, principally related to work for one commercial cell therapy client to wind down and transfer their program, and revenue from our gene therapy offering also continued to be strong. While our CDMO relationship with one commercial client has ended, we look forward to continuing to work on our other commercial cell therapy program going forward.

細胞和基因療法 CDMO 業務報告的收入基本上持平，主要與為商業細胞治療客戶逐步結束和轉移其計畫有關，而我們基因治療產品的收入也持續強勁。雖然我們與一位商業客戶的 CDMO 關係已經結束，但我們期待繼續進行其他商業細胞治療計畫。

Collectively, we expect the loss of commercial CDMO revenue will reduce the Manufacturing Solutions growth rate by less than 500 basis points for the year. However, CDMO revenue grew nicely in the second quarter when normalized for the commercial cell therapy revenue impact. We are continuing to enhance the quality of our operations, build our gene therapy presence and reinforce our healthy pipeline of biotech clients with early-stage clinical candidates and are continuing to gain traction with those clients.

總的來說，我們預計商業 CDMO 收入的損失將導致今年製造解決方案的成長率降低不到 500 個基點。然而，當考慮到商業細胞治療收入的影響時，第二季的 CDMO 收入成長良好。我們正在繼續提高營運質量，建立我們的基因治療業務，並透過早期臨床候選藥物加強我們健康的生物技術客戶管道，並繼續吸引這些客戶的注意。

The Manufacturing segment's operating margin increased by 620 basis points to 32.8% in the second quarter, due principally to revenue and payments from commercial CDMO clients as well as operating leverage from Microbial Solutions robust growth. Due to the fact that revenue from one commercial CDMO client will not repeat, we do not expect the manufacturing operating margin to be above 30% level for the second half of the year.

製造部門的營業利潤率在第二季度增加了 620 個基點，達到 32.8%，這主要歸功於來自商業 CDMO 客戶的收入和付款，以及微生物解決方案強勁增長帶來的營業槓桿。由於來自一個商業 CDMO 客戶的收入不會重複，我們預計下半年製造營業利潤率不會超過 30%。

However, we believe the progress we have made on the cost structure and the operating leverage that we are able to generate from the robust growth in the Microbial Solutions business will result in a higher manufacturing operating margin for the year. Before I conclude, I would like to briefly address our ongoing strategic review and also provide a positive update on NHP supply.

然而，我們相信，我們在成本結構方面取得的進展以及我們能夠從微生物解決方案業務的強勁增長中產生的營運槓桿將導致今年的製造營業利潤率更高。在結束之前，我想簡要介紹我們正在進行的策略審查，並提供有關 NHP 供應的積極更新。

First, the strategic review is well underway, and I am encouraged by the progress that we have made so far. This thorough process takes time, but we are moving forward with a sense of urgency and do not intend to provide updates until the strategic review has been completed.

首先，戰略審查正在順利進行，我對迄今為止的進展感到鼓舞。這個徹底的過程需要時間，但我們正帶著緊迫感向前邁進，並且在策略審查完成之前不打算提供最新消息。

This is a comprehensive process that is evaluating multiple avenues for value creation, including a strategic review of our portfolio, capital allocation strategy and market position while balancing it with the understanding that the strength and value of Charles River lies within our broad scientifically distinguished portfolio and leading nonclinical market position that truly differentiates us from the competition.

這是一個全面的過程，正在評估多種價值創造途徑，包括對我們的產品組合、資本配置策略和市場地位進行戰略審查，同時平衡這些審查與以下認識：Charles River 的優勢和價值在於我們廣泛的、科學上卓越的產品組合和領先的非臨床市場地位，這真正使我們在競爭中脫穎而出。

Our goal is to further enhance long-term shareholder value, and we continue to believe that the company remains undervalued. We are pleased with the progress that we have made this year at the company, including the substantially better performance of the DSA segment and actions to unlock value through stock repurchases and cost savings, which we believe leaves us well positioned for the future.

我們的目標是進一步提高長期股東價值，我們仍然相信公司仍然被低估。我們對公司今年的進展感到滿意，包括 DSA 部門的業績大幅改善以及透過股票回購和成本節約釋放價值的舉措，我們相信這讓我們為未來做好了準備。

With regards to the NHP supply update, in July, the Department of Interior and US Fish and Wildlife Service cleared for legal entry into the United States all of the NHP shipments from Cambodia from late 2022 and early 2023 that were under investigation. In addition, we have been informed that the US Department of Justice is no longer conducting investigations into these shipments. These positive developments validate what we have said from the start.

關於 NHP 供應的最新情況，7 月份，美國內政部和美國魚類及野生動物管理局批准所有正在接受調查的 2022 年底至 2023 年初來自柬埔寨的 NHP 貨物合法進入美國。此外，我們獲悉，美國司法部不再對這些貨物進行調查。這些正面的發展證實了我們一開始所說的話。

Once the DOJ investigated, they would conclude that any concerns with respect to Charles River's conduct are without merit. I would like to thank our shareholders, clients and employees for their patience, trust and support as we navigated this process. Now Flavia will provide additional details on our second quarter financial performance and updated 2025 guidance.

一旦司法部展開調查，他們就會得出結論：對 Charles River 行為的任何擔憂都是毫無根據的。我要感謝我們的股東、客戶和員工在我們完成這個過程期間的耐心、信任和支持。現在，Flavia 將提供有關我們第二季度財務業績和更新的 2025 年指引的更多詳細資訊。

Thank you, Jim, and good morning. Before I begin, may I remind you that I'll be speaking primarily to non-GAAP results, which exclude amortization and other acquisition-related adjustments, costs related primarily to restructuring actions, gains or losses from certain venture capital and other strategic investments and certain other items.

謝謝你，吉姆，早安。在我開始之前，我想提醒大家，我將主要談論非公認會計準則的結果，其中不包括攤銷和其他與收購相關的調整、主要與重組行動相關的成本、某些風險資本和其他策略投資的收益或損失以及某些其他項目。

Many of my comments will also refer to organic revenue growth, which excludes the impact of acquisitions, divestitures and foreign currency translation. We are pleased with our second quarter performance, which included revenue and non-GAAP earnings per share exceeding the outlook provided in May.

我的許多評論還將涉及有機收入成長，其中不包括收購、資產剝離和外幣折算的影響。我們對第二季的業績感到滿意，其中包括收入和非公認會計準則每股收益超過了 5 月給出的預期。

This outcome was primarily driven by operational improvement from better-than-expected DSA results and, to a lesser extent, a $0.12 benefit from lower tax rate and a $0.03 benefit from favorable FX rates in the quarter. As a result of the second quarter outperformance, we're raising our revenue and non-GAAP earnings per share guidance.

這項結果主要得益於 DSA 結果優於預期帶來的營運改善，以及本季較低稅率帶來的 0.12 美元收益和有利外匯匯率帶來的 0.03 美元收益（二者影響較小）。由於第二季的出色表現，我們提高了收入和非公認會計準則每股收益預期。

We now expect full year reported revenue will decline 0.5% to 2.5% and organic revenue will decline 1% to 3%. Non-GAAP earnings per share are now expected to be in a range of $9.90 to $10.30. The $0.55 guidance raise for 2025 at midpoint is expected to be driven by two main components: operational outperformance in the second quarter and a favorable movement in foreign exchange rates from our forecast in May.

我們現在預計全年報告收入將下降 0.5% 至 2.5%，有機收入將下降 1% 至 3%。目前預計非公認會計準則每股收益在9.90美元至10.30美元之間。 2025年指引中位數上調0.55美元，預計將受到兩個主要因素的推動：第二季度營運業績優異，以及外匯匯率走勢優於我們5月份的預測。

As you may recall, we forecast FX based on recent bank forecast rates rather than current rates. Based on the continued weakness of the US dollar, we now expect foreign exchange will represent an approximate 50 basis points tailwind to 2025 revenue compared to our prior outlook of an approximate 1% headwind. This 150 basis points revenue benefit translates into about a $0.14 contribution to EPS, with most of this EPS benefit in the second half of the year.

您可能還記得，我們根據最近的銀行預測利率而不是當前利率來預測外匯。基於美元持續疲軟，我們現在預計外匯將對 2025 年的收入產生約 50 個基點的順風，而我們先前預測的逆風約為 1%。這 150 個基點的收入收益相當於每股盈餘 (EPS) 約 0.14 美元的貢獻，其中大部分 EPS 收益將出現在下半年。

Our outlook for the tax rate and interest expense have also been updated since May, but the net EPS impact will largely offset each other. I'll discuss each of these items shortly. Our updated EPS guidance implies that the second half operating margin will be below the first half level of 20.7%.

自五月以來，我們對稅率和利息支出的展望也已更新，但淨每股收益的影響將在很大程度上相互抵消。我將很快討論這些項目中的每一個。我們更新的每股盈餘指引意味著下半年的營業利潤率將低於上半年的 20.7%。

This is largely for reasons consistent with our expectations at the start of the year, and the gap was further widened by our first half outperformance. For the year, we now expect the consolidated operating margin will be in a range between flat and a 30 basis points decline, which represents an improvement from our prior expectations of a 20 to 50 basis points decline due to our outperformance to date and operating leverage from the increased revenue outlook.

這在很大程度上與我們年初的預期一致，而我們上半年的優異表現進一步擴大了差距。對於今年，我們目前預計合併營業利潤率將在持平至下降 30 個基點之間，這比我們之前預期的下降 20 至 50 個基點有所改善，這是由於我們迄今為止的優異表現以及收入前景增加帶來的營業槓桿。

Our full year operating margin outlook also includes several headwinds, which are occurring in the second half of the year. The first headwind is in the CDMO business and primarily relates to commercial cell therapy revenue that will not repeat in the second half since one commercial relationship has ended. The CDMO revenue generated from this client was sizable in the first half at approximately $20 million.

我們對全年營業利潤率的展望也涵蓋了下半年將出現的一些不利因素。第一個不利因素是 CDMO 業務，主要涉及商業細胞治療收入，由於一項商業關係已經結束，這種情況在下半年不會重演。上半年來自該客戶的 CDMO 收入相當可觀，約 2,000 萬美元。

The second is hiring in the DSA segment, where we need more people in order to accommodate the current and forecasted demand. As Jim mentioned, additional DSA staffing in the second half represents an approximate $10 million cost headwind versus the first half. And finally, the timing of annual merit increases for our employees was at the beginning of July this year in most geographies, which creates a headwind when comparing to the first half.

第二是在 DSA 部門招聘，我們需要更多人員來滿足當前和預測的需求。正如 Jim 所提到的，下半年增加 DSA 人員意味著與上半年相比將產生約 1000 萬美元的成本壓力。最後，今年大多數地區員工年度績效加薪的時間是在 7 月初，與上半年相比，這帶來了一些阻力。

To be clear, the CDMO and merit timing-related headwinds were known and contemplated in our initial outlook. Our decision to begin investing back into DSA headcount was a result of the improved demand trajectory this year and to appropriately position staffing levels for the remainder of 2025 and as we move into next year.

需要明確的是，我們在最初的展望中已經了解並考慮了 CDMO 和與優點時機相關的不利因素。我們決定開始重新投資 DSA 員工隊伍，這是今年需求趨勢改善的結果，也是為了在 2025 年剩餘時間以及明年適當地安排人員配備水準。

By segment, our updated revenue outlook for 2025 can be found on Slide 33. Aside from FX modifications to the reported growth rates, the only change to our segment revenue outlook is that due primarily to the second quarter outperformance, we now expect DSA organic revenue to decline at a low to mid-single-digit rate, better than our prior outlook of a mid-single-digit decline.

按細分市場劃分，我們對 2025 年的最新收入展望可在第 33 張幻燈片上找到。除了對報告成長率的外匯修改外，我們部門收入前景的唯一變化是，主要由於第二季度的優異表現，我們現在預計 DSA 有機收入將以低至中等個位數的速度下降，好於我們之前預測的中等個位數下降。

And as a reminder, this does not require an improvement in our net book-to-bill metrics. And for the RMS and Manufacturing segments, those outlooks remain unchanged. Unallocated corporate costs totaled $60.7 million in the second quarter or 5.9% of revenue compared to 4.9% of revenue last year.

需要提醒的是，這並不要求我們改善淨訂單出貨比指標。對於 RMS 和製造業部門，這些前景保持不變。第二季未分配企業成本總計 6,070 萬美元，佔營收的 5.9%，去年同期為 4.9%。

The increase was primarily due to higher performance-based compensation. The higher bonus accruals will also result in an incremental earnings headwind in the second half, which is the opposite impact of last year when bonuses were a tailwind. As a result, for the full year, we now expect unallocated corporate costs will be at approximately 5.5% of total revenue or the upper end of our prior outlook of 5% to 5.5%.

成長的主要原因是績效薪酬增加。更高的獎金應計額也將導致下半年獲利出現增量逆風，這與去年獎金順風時的影響截然相反。因此，就全年而言，我們現在預計未分配的企業成本將佔總收入的約 5.5%，或達到我們先前預測的 5% 至 5.5% 的上限。

I will now provide an update on the nonoperating items, starting with our favorable outlook for interest expense and our higher tax rate expectations for the year. As I mentioned, these items will largely offset each other and not have a meaningful impact on our EPS guidance. Total adjusted net interest expense was $28.9 million in the second quarter, representing an increase of $2.4 million sequentially.

我現在將提供非營業項目的最新情況，首先是我們對利息支出的樂觀展望和今年更高的稅率預期。正如我所提到的，這些項目將在很大程度上相互抵消，不會對我們的每股盈餘指引產生重大影響。第二季調整後淨利息支出總額為 2,890 萬美元，季增 240 萬美元。

This increase was primarily driven by the impact from short-term borrowing to facilitate the first quarter stock repurchases. For the full year, we now expect total net interest expense will be in the range of $100 million to $105 million or approximately $7 million to $12 million lower than our prior outlook. This improvement will primarily be a result of our diligent capital activity including shifting that to lower interest rate geographies.

這一增長主要得益於為促進第一季股票回購而進行的短期借款的影響。就全年而言，我們現在預計總淨利息支出將在 1 億美元至 1.05 億美元之間，比我們先前的預測低約 700 萬至 1,200 萬美元。這種改善主要歸功於我們勤勉的資本活動，包括將其轉移到低利率地區。

At the end of the second quarter, we had outstanding debt of $2.3 billion with approximately 65% at a fixed interest rate compared to $2.5 billion at the end of the first quarter. As a result of that repayment, the gross and net leverage ratios also declined to 2.3 times at the end of the second quarter. The non-GAAP tax rate in the second quarter was 22.7%, representing an increase of 160 basis points year-over-year. The increase was primarily due to the impact from stock-based compensation.

截至第二季末，我們的未償還債務為 23 億美元，其中約 65% 為固定利率債務，而第一季末為 25 億美元。由於此次還款，第二季末的總槓桿率和淨槓桿率也下降至 2.3 倍。第二季非公認會計準則稅率為22.7%，較去年同期增加160個基點。成長主要是由於股票薪酬的影響。

However, the second quarter tax rate was more favorable than our prior expectation; benefiting EPS by approximately $0.12 because of the timing of the enactment of certain global minimum tax provisions as well as an increase in foreign tax credits.

然而，第二季的稅率比我們先前的預期更為優惠；由於某些全球最低稅條款頒布的時間以及外國稅收抵免的增加，每股收益約為 0.12 美元。

For the full year, the tax rate will now be an earnings headwind that had not been anticipated at the beginning of the year. This will more than offset the second quarter favorability because of US tax legislation changes enacted on July 4 as part of the One Big Beautiful Bill Act, or OB3, which allows for accelerated bonus depreciation and expensing for domestic R&D expenditures.

對於全年而言，稅率將成為年初未曾預料到的獲利阻力。這將遠遠抵消第二季度的有利因素，因為美國 7 月 4 日頒布的稅收立法變化是「一項偉大的美麗法案」（OB3）的一部分，該法案允許加速獎金折舊和國內研發支出的費用化。

These changes will increase the effective tax rate in the short term but generate over $40 million of cash tax savings this year and, therefore, increase free cash flow. We expect the non-GAAP tax rate in the third quarter will be elevated to the 25% to 30% range due to the enactment of OB3 and expected enactment of certain global minimum tax provisions.

這些變化將在短期內提高有效稅率，但今年將產生超過 4,000 萬美元的現金稅收節省，從而增加自由現金流。我們預計，由於 OB3 的頒布以及某些全球最低稅條款的預期頒布，第三季的非 GAAP 稅率將升至 25% 至 30% 的區間。

And for the full year, we now expect our non-GAAP tax rate outlook will increase by approximately 100 basis points to a range of 23.5% to 24.5%. Free cash flow for the second quarter remained strong at $169.3 million, an increase from a $154 million. The improvement was primarily driven by higher earnings and improved working capital. CapEx was $35.3 million or approximately 3% of revenue in the second quarter compared to $39.5 million last year, reflecting our focus on disciplined capital spending.

對於全年而言，我們現在預計非公認會計準則稅率前景將增加約 100 個基點，達到 23.5% 至 24.5% 的範圍。第二季的自由現金流保持強勁，達到 1.693 億美元，高於去年同期的 1.54 億美元。這項改善主要得益於更高的收益和更好的營運資本。第二季的資本支出為 3,530 萬美元，約佔營收的 3%，而去年同期為 3,950 萬美元，這反映出我們對嚴格資本支出的關注。

For the year, we expect that free cash flow will be $430 million to $407 million(sic - see press release, "$470 million" ) an increase from our prior outlook of $350 million to $390 million, primarily driven by stronger earnings, anticipated cash tax savings resulting from the recent tax legislation changes and continued working capital management. CapEx will be approximately $230 million, consistent with our prior outlook, and continues to be well below our peak capital spending in recent years.

我們預計今年的自由現金流將達到 4.3 億美元至 4.07 億美元（原文如此 - 參見新聞稿「4.7 億美元」），高於我們先前預測的 3.5 億美元至 3.9 億美元，這主要得益於更高的盈利、近期稅法變化帶來的預期現金稅收節省以及持續的營運資本管理。資本支出約為 2.3 億美元，與我們先前的預期一致，並且遠低於我們近年來的峰值資本支出。

Strong free cash flow generation is one of the hallmarks of Charles River, and the increase this year will enable us to repay debt more quickly and position us to continue investing in our strategic priorities. A summary of our 2025 financial guidance can be found on Slide 39.

強勁的自由現金流生成是 Charles River 的標誌之一，今年的成長將使我們能夠更快地償還債務，並使我們能夠繼續投資於我們的戰略重點。我們的 2025 年財務指導摘要可在第 39 張投影片上找到。

Looking ahead to the quarter, we expect reported and organic revenue will decline between 2% to 4% year-over-year. As I mentioned earlier, we expect manufacturing and DSA revenue will decrease moderately in the third quarter, partially offset by higher RMS revenue due to the favorable timing of NHP shipments in the quarter, a portion of which accelerated from the fourth quarter.

展望本季度，我們預計報告收入和有機收入將年減 2% 至 4%。正如我之前提到的，我們預計第三季度製造和 DSA 收入將適度下降，但由於本季度 NHP 出貨時機有利（其中一部分從第四季度開始加速），RMS 收入將有所增加，從而部分抵消了這一下降。

Non-GAAP earnings per share are expected to decline at a low double-digit rate year-over-year, reflecting the impact of lower commercial revenue and associated client payments in the CDMO business and increased staffing in the DSA segment as well as the meaningfully higher tax rate within the 25% to 30% range for the quarter.

非公認會計準則每股收益預計將同比出現低兩位數下降，反映出 CDMO 業務商業收入和相關客戶付款減少、DSA 部門人員增加以及本季稅率在 25% 至 30% 範圍內大幅提高的影響。

In conclusion, we are pleased with our performance through the first half of the year, which reflects stronger-than-expected demand and solid operational execution. Our restructuring program, the goal of which has been to reduce our cost structure by over 5%, is on track to deliver annualized cost savings of over $175 million in 2025 and approximately $225 million in 2026.

總之，我們對上半年的業績感到滿意，這反映出需求強於預期，營運執行穩健。我們的重組計畫的目標是將成本結構降低 5% 以上，預計到 2025 年可節省年度成本超過 1.75 億美元，到 2026 年可節省約 2.25 億美元。

In addition, the repurchase of $350 million in shares during the first quarter reinforces our commitment to maximize shareholder value and diligently deploy capital. We remain confident in the resilience of our business and are committed to be financially disciplined as we drive long-term value creation. Thank you.

此外，第一季回購價值 3.5 億美元的股票強化了我們實現股東價值最大化和認真部署資本的承諾。我們對業務的韌性充滿信心，並致力於在推動長期價值創造的同時嚴格財務紀律。謝謝。

That concludes our comments. We will now take your questions.

我們的評論到此結束。我們現在將回答大家的提問。

(Operator Instructions)

（操作員指示）

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Hi guys, thanks for the question and congrats on the quarter. I was wondering if you could sort of talk about the current demand environment, I think for the commentary about the differentiation between the different biotech segments, that was helpful. But maybe could you hit upon sort of how pharma is thinking about the current demand environment? And then anything that you've seen in July and early August would be very helpful.

大家好，感謝您的提問，並祝賀本季取得佳績。我想知道您是否可以談談當前的需求環境，我認為對於不同生物技術領域之間的差異的評論，這很有幫助。但也許您能談談製藥公司如何看待當前的需求環境嗎？那麼，您在七月和八月初看到的任何情況都會非常有幫助。

Thank you.

謝謝。

Sure. We'll stay away from July, but suffice to say that, that's baked into our guidance going forward. We're pleased with the demand situation. It's definitely stabilizing for pharma. We feel that these -- some of the demand trends have bottomed. Revenue is up sequentially, proposals are up year-over-year and sequentially and so is cancellations, but that's sort of a commentary on the longer-term post-IND work for some of these programs.

當然。我們將避開 7 月份，但可以說，這已融入我們未來的指導中。我們對需求狀況感到滿意。這對製藥業來說無疑是一種穩定。我們認為這些——一些需求趨勢已經觸底。收入連續上升，提案數量逐年上升，取消數量也連續上升，但這是對其中一些項目 IND 後長期工作的一種評論。

We had this big resurgence of bookings in the first quarter, having to do with projects that clearly were delayed at the end of 2024. So we've got a bunch of bookings in the first quarter, which helped us significantly in the second quarter but won't necessarily repeat. But pharma feels stable and improving and a lot of the improvements and changes in the cost structure and drug development sort of product lines have been skimmed back.

第一季度，我們的預訂量大幅回升，這與 2024 年底明顯被推遲的項目有關。因此，我們在第一季獲得了大量預訂，這對我們在第二季有很大幫助，但不一定會重複。但製藥業感覺穩定且不斷改善，成本結構和藥物開發產品線的許多改進和變化已被削減。

And biotech is just a tale of two cities. Also, the demand seems stable, but it's a bit mixed. The smaller companies continue to be cash constrained, and until the IPO market and secondary market opens up, that probably is a continuing scenario -- not probably. I think definitely that's a continuing scenario.

生物技術只是兩個城市的故事。此外，需求看似穩定，但有點混亂。規模較小的公司仍然受到現金限制，在 IPO 市場和二級市場開放之前，這種情況可能會持續下去——但可能性不大。我認為這肯定會是一個持續的現象。

Mid-tier biotech companies seem to be performing better and seem to have enough money to sort of prosecute and develop the drugs that they have in their portfolios. Revenue improved slightly year-over-year for the third consecutive quarter. Also cancellations were also pretty much for the same reasons.

中型生物技術公司似乎表現更好，並且似乎有足夠的資金來起訴和開發他們投資組合中的藥物。收入連續第三個季度同比略有改善。取消的原因也基本相同。

And I think we're most pleased -- if you take a look at the DSA net book-to-bill, it sort of had a steady upward trajectory for the last 18 months. So I guess the bottom line is that we have stabilization across all client bases, Pharma seems stronger right now just given their access to capital, for instance.

我認為我們最高興的是——如果你看一下 DSA 淨訂單出貨比，你會發現它在過去 18 個月中一直呈穩步上升趨勢。因此，我猜底線是我們所有客戶群都趨於穩定，例如，製藥業現在似乎更強大，因為他們可以獲得資本。

Aspects of biotech are strengthening as well, but we have to watch the ones that are cash constrained. And I think we've called it well, there's the amount of uncertainty out there in the marketplace and with the government and obviously with access to capital as well. And we feel good about our guidance for the balance of the year.

生物技術領域也在不斷加強，但我們必須關注那些資金緊張的領域。我認為我們已經說得很好了，市場上、政府中以及資本取得方面都存在著很大的不確定性。我們對今年剩餘時間的預期感到滿意。

Got it. No, that's very helpful. And maybe just one further clarifying question. You mentioned that for the new revenue guide, you don't need book-to-bill to go back above one. Is it fair to say that it should be sort of at current levels going forward in terms of how you're thinking about that?

知道了。不，這非常有幫助。也許還有一個進一步澄清的問題。您提到，對於新的收入指南，您不需要訂單出貨比回到 1 以上。就您的想法而言，是否可以說它應該保持目前的水平？

Or it's fair to say that maybe we just like look at sort of the general seasonality and improved DSA revenue performance, and that's kind of the way to think about it in the back half of the year.

或者公平地說，也許我們只是喜歡看看一般的季節性和改善的 DSA 收入表現，這就是在下半年思考這個問題的方式。

Want to take that, Flavia.

想拿走那個嗎，弗拉維亞。

Sure. Elizabeth, I think you should think of the current code for the first half is continuation towards the second half. I know you talked a little bit about the second quarter being seasonally lower and we did see that for the last two years. And then things rebound a little bit. But I think overall, we have seen this steady improvement for the last 18 months, as Jim said, right?

當然。伊莉莎白，我認為你應該認為前半部分的當前程式碼是後半部分的延續。我知道您談到了第二季的季節性下滑，過去兩年我們確實看到了這種情況。然後情況就會稍微回升。但我認為總體而言，正如吉姆所說，我們在過去 18 個月中看到了這種穩定的改善，對嗎？

And we're not, as you pointed out, expecting book-to-bill to recur to above 1 to meet our guidance. But to stay within -- over the last 18 months, we've been between 0.8 and 9.3 -- 0.93, excuse me for the first half of this year. So in that general range is, I think, what you can continue to expect.

正如您所指出的，我們並不期望訂單出貨比重回 1 以上來滿足我們的預期。但要維持在這個範圍內——在過去的 18 個月裡，我們的比率一直在 0.8 到 9.3 之間——對不起，今年上半年是 0.93。所以我認為，在這個大致範圍內，你可以繼續期待。

Got it. Thank you, very helpful.

知道了。謝謝，非常有幫助。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Thanks very much. Let's see here. I'm toggling a couple of things this morning. So hopefully, these aren't too off base. But on the CDMO, I'm just wanting to dissect the 2Q performance. It feels like maybe there's some extra twist with the revenue that came in, in the quarter.

非常感謝。我們來看一下。我今天早上正在切換一些事情。所以希望這些不會太離譜。但對於 CDMO，我只是想分析一下第二季的表現。感覺本季的收入可能會有一些額外的變化。

I know you quantified one client at $20 million, but was it just that there was particularly high margin on that amount, like less work, but final payouts? I'm just hoping you can help us understand the actual impact of the CDMO performance in the quarter versus what's expected in the back half.

我知道您為一位客戶定下了 2000 萬美元的金額，但這是否只是因為這個金額的利潤率特別高，例如工作量較少，但最終能得到賠付？我只是希望您能幫助我們了解本季 CDMO 業績的實際影響與下半年預期的影響。

And then if I might, is there any technical impact of US Fish and Wildlife clearing the Cambodian NHPs? I mean, what actually happens at this point now that, that has occurred? Are there financial benefits or other operational changes that come as a result of that?

那麼，如果可以的話，美國魚類和野生動物管理局清除柬埔寨非人靈長類動物會造成任何技術影響嗎？我的意思是，既然已經發生了這樣的事情，那麼現在到底發生了什麼事？這樣做是否會帶來財務利益或其他營運變化？

Thank you very much.

非常感謝。

Let me take the last part first. Obviously, we're thrilled with this and we're thrilled that we've been able to evidence the fact that the alleged concerns that anybody has with us were without merit. But what it does is it gives us an enormous amount of flexibility to utilize animals that were already in the country for work, but also to take Cambodian animals into wherever we would like, including the United States.

我先講最後一部分。顯然，我們對此感到非常興奮，我們很高興能夠證明任何人對我們的擔憂都是毫無根據的。但它的作用是讓我們能夠非常靈活地利用已經在該國工作的動物，也可以將柬埔寨動物帶到我們想要的任何地方，包括美國。

So NHP -- access to NHPs, sufficient numbers from multiple countries is an important aspect of managing the business given the proliferation and increase in NHP toxicology work. And obviously, Cambodia is a big source of high-quality NHP. So we're really pleased to have this sort of, I don't know, regulatory yolk lifted from our next year. And I think it provides us great facilities that do better planning for the not just the back half of this year but for next year as well. So we're thrilled with this noise -- this information from these agencies.

因此，鑑於 NHP 毒理學工作的激增和增加，獲得來自多個國家的足夠數量的 NHP 是管理業務的一個重要方面。顯然，柬埔寨是優質 NHP 的重要來源。因此，我們真的很高興這種監管限制從明年開始解除。我認為它為我們提供了很好的設施，不僅可以為今年下半年而且可以為明年做出更好的規劃。因此，我們對這些機構所發出的信息感到非常興奮。

Yes. Eric, I'll take on the CDMO. So just a couple of things. The $20 million, as you pointed out, that's the wind down of revenue for the first half, not just the second quarter, and that's what will become the headwind in the second half of the year as we don't -- we'll no longer be manufacturing for this client. And yes, the margin on this work throughout the first half is, I would say, it's a little bit higher than normal margin.

是的。艾瑞克，我將負責 CDMO。僅舉幾例。正如您所指出的，這 2000 萬美元是上半年收入的減少，而不僅僅是第二季度的收入減少，這將成為下半年的阻力，因為我們將不再為該客戶生產產品。是的，我想說，上半年這份工作的利潤率比正常利潤率高一點。

And so second quarter as well as the first half of the year in CDMO was a little bit buoyed by the continuation of this work as we wind down the client. And then I think we also talked about there was revenue and also a payment that we received. That payment in the second quarter only, that also helped the margin in the second quarter.

因此，隨著我們逐漸減少客戶數量，CDMO 的第二季度以及上半年因這項工作的繼續而受到了一些鼓舞。然後我想我們也討論了我們收到的收入和付款。僅在第二季支付的款項也有助於提高第二季的利潤率。

Did you quantify that payment, Flavia?

弗拉維亞，你量化了那筆付款嗎？

We did not, we did not.

我們沒有，我們沒有。

Okay. Thank you.

好的。謝謝。

Dave Windley, Jefferies.

戴夫·溫德利（Dave Windley），傑富瑞集團（Jefferies）。

Hi, thanks for taking the questions. I'll follow up on Eric. So cadence-wise, Flavia, do I understand on the CDMO, you quantified in the prepared remarks that the headwind to full Manufacturing Solutions for this year is 500 basis points? I calculate that to be about $38.5 million. So is it right to think that something a little south of $60 million is your comp number from last year? You've got $20 million in the first half.

你好，謝謝你回答這個問題。我會跟進 Eric 的情況。那麼從節奏上來說，弗拉維亞，我是否理解在 CDMO 方面，您在準備好的評論中量化了今年全面製造解決方案面臨的阻力是 500 個基點？我估算了一下，大約是 3850 萬美元。那麼，您認為去年的補償金額略低於 6,000 萬美元，這種想法正確嗎？上半年你已經賺了 2000 萬美元。

You don't have anything in the second half that, that overall headwind for the year is that $38 million, $39 million. Is that the right kind of framing for the CDMO client that you're losing?

下半年不會有任何情況，全年整體逆風是 3,800 萬美元、3,900 萬美元。對於您正在失去的 CDMO 客戶來說，這是正確的框架嗎？

Yes. I would just clarify a couple of things. Yes, in the beginning of the year, you might recall we talked about a $40 million headwind from changes into our CDMO client base. We spoke about two commercial clients, one that had terminated the relationship with us, and then another one that we were adjusting the level of work that we were going to be doing for them. On that second client, I think in Jim's prepared remarks, talked about doing some level of work for them this year.

是的。我只想澄清幾件事。是的，您可能還記得，在今年年初，我們談到了 CDMO 客戶群變化給我們帶來的 4000 萬美元的逆風。我們談到了兩個商業客戶，一個已經終止了與我們的關係，另一個我們正在調整為他們所做的工作水平。關於第二位客戶，我認為吉姆在準備好的發言中談到了今年為他們所做的某種程度的工作。

So that's what adjusted original guidance, I think, to your point, Dave, we said about 500 basis points, and now we said slightly below 500. So it's a little bit better. But your math that you just described is in the right zip code.

所以我認為這就是對原始指導的調整，就你的觀點而言，戴夫，我們說的是大約 500 個基點，現在我們說的是略低於 500。所以情況稍微好一點。但是您剛才描述的數學運算是正確的郵遞區號。

Yes. Back to DSA and thinking about the cadence of revenue, Jim, appreciate the kind of 6-month sequential progression here. I guess the factor that kind of supports the near-term revenue is really conversion. And in your preclinical history, backlog conversion has varied quite widely. It went down a lot when you were booking so much during and immediately after the pandemic.

是的。回到 DSA 並思考收入的節奏，Jim，欣賞這裡 6 個月的連續成長。我認為支持短期收入的因素實際上是轉換率。在您的臨床前歷史中，積壓轉換差異很大。在疫情期間和疫情剛結束後，預訂量就大幅下降。

It's kind of on its way back up. Now this comment that you made about some cancellations in the longer-term study arena probably actually serves to increase the burn rate in the near term as well. I just wondered, the bottom-line question here is, where can that go, both near term and long term, I guess, to support a revenue base despite a backlog decline?

它正在逐漸恢復。現在，您就長期研究領域的一些取消事項所發表的評論實際上可能也有助於增加短期內的燒錢率。我只是想知道，這裡的底線問題是，儘管積壓訂單減少，但這些資金在短期和長期內可以流向哪裡，以支持收入基礎？

We think the backlog is in a robust place. It's about 10 months, and it's been sort of stable there for a while. So that should allow us to continue to draw from a current backlog replaced study for that is slip or cancel. Cancellation rate, sort of an interesting one, you don't get to sort of pick and design the study in advance.

我們認為積壓訂單量很大。大約有 10 個月了，並且已經穩定了一段時間。因此，這應該使我們能夠繼續從當前積壓的替代研究中汲取經驗，以應對滑倒或取消的情況。取消率是一個有趣的問題，你無法事先選擇和設計研究。

And we had a fairly large number of really complex large dollar studies that typically are connected with sort of later stage phase of drug development process. So that can be offset by other types of studies, things like in general toxicology and earlier studies in the late Stage 1.

我們進行了相當多非常複雜且耗資巨大的研究，這些研究通常與藥物開發過程的後期階段有關。因此，這可以透過其他類型的研究來抵消，例如一般毒理學和第一階段後期的早期研究。

So I think that we are in good shape from a physical point of view. As we indicated in the prepared remarks, we actually are performing meaningfully ahead of our operating plans. We actually have to hire some people now to make sure that the work is done both in timing and high-quality fashion.

所以我認為從身體角度來看我們的狀態很好。正如我們在準備好的演講中所指出的，我們的業績實際上遠遠超出了我們的營運計劃。事實上，我們現在必須僱用一些人來確保工作按時高品質地完成。

It feels like pharma is -- has strengthened meaningfully and sort of getting through some of the issues that they have to protect themselves against the patent lift and that bigger biotech companies are stable as well. When we begin to see capital markets opening up for the smaller folks, I think that will also enhance demand. So we feel that the -- both the backlog and our current capabilities are in a pretty good place right now.

感覺製藥業已經顯著增強，並正在解決一些問題，以保護自己免受專利解除的影響，而且大型生物技術公司也很穩定。當我們開始看到資本市場向小型企業開放時，我認為這也會增強需求。因此，我們認為，無論是積壓訂單還是我們目前的能力，目前都處於相當良好的狀態。

Got it thank you.

明白了，謝謝。

Patrick Donnelly, Citi.

花旗銀行的 Patrick Donnelly。

Hey guys, thank you for taking the questions. Jim, maybe a follow-up on that, to you point feeling a little bit better in terms of the hiring piece. You've seen a lot of these cycles. I guess, just the confidence that stepping in this hiring, the confidence that we are turning the corner here, and again, I think the some of the other questions, if you have this book-to-bill of, let's call it, 0.9 area for the rest of the year, does that support DSA growth next year?

嘿夥計們，感謝你們回答問題。吉姆，也許可以繼續跟進一下，就招募而言，你感覺好一點了。您已經看到很多這樣的循環。我想，只是對這次招聘充滿信心，對我們即將扭轉局面充滿信心，再次，我認為其他一些問題是，如果今年剩餘時間的訂單出貨比為 0.9，這是否支持明年的 DSA 增長？

Just trying to square up what book-to-bill, if that's the right metric, is necessary to think about launching to positive growth next year just given you're hiring and, again, I'm pretty constructive, particularly on the large pharm piece.

如果這是正確的衡量標準，那麼嘗試平衡訂單出貨比是必要的，考慮到你正在招聘，那麼明年就有必要考慮實現正增長，而且，我再次持建設性態度，特別是在大型製藥部分。

We'll stay away for next year because we have a lot more this year to accomplish. But both the book-to-bill and the overall demand curve, I think are improving in the right direction. We're not getting ahead of ourselves on the hiring, if that's sort of the essence of your question. We're really catching up with where we need to be given the current level of activity vis-a-vis our operating plan.

明年我們將不再參加，因為今年我們還有很多事情要做。但我認為訂單出貨比和整體需求曲線都在朝著正確的方向改善。如果這是您問題的本質，那麼我們在招募方面不會操之過急。就我們的營運計劃而言，我們確實正在趕上目前的活動水平。

And so this is very much a totally a people-related enterprise. We're engaged in the quality of the work and the speed of the work is essential. I think the things that will help the growth in development next year is access to capital for the biotech folks and some settling down of some of the things that were going on in Washington, I think, will be helpful as well.

所以這完全是與人相關的事業。我們致力於工作的質量，工作速度至關重要。我認為，有助於明年發展成長的因素是生物技術人員獲得資金，而華盛頓發生的一些事情的解決也會有所幫助。

As we said, we do think that pharma is moving slowly but nicely in the right direction, so is large biotech. So the trajectory is positive, but we'll stop short of trying to give any indications of what we think the growth rate of DSA might be in the next fiscal year.

正如我們所說，我們確實認為製藥業正在朝著正確的方向緩慢但順利地發展，大型生技公司也是如此。因此軌跡是正面的，但我們不會試圖給出任何跡象表明我們認為下一個財政年度 DSA 的成長率可能是多少。

Understood. Okay. And then maybe just on the pricing side. It seems like it continues to be stable and you guys sound pretty good on that. Can you just talk through that?

明白了。好的。然後可能只是在定價方面。看起來它繼續保持穩定，你們對此感覺很好。你能簡單談談這個嗎？

And then what -- maybe it's one for Flavia on the back end, what that implication means for margin, certainly understand the hiring piece, moving some of margins in the second half, maybe just the moving pieces on margins between pricing, headcount, et cetera, would be helpful.

然後什麼 - 也許這對後端的 Flavia 來說是一個問題，這對利潤意味著什麼，當然要了解招聘部分，在下半年移動一些利潤率，也許只是定價、員工人數等之間的利潤率移動部分，都會有所幫助。

Thank you, guys.

謝謝你們。

Why don't we both take that? So price particularly in DSA is also stable. Stock pricing seems to be pretty solid. We definitely have competitors. I would say most, if not all of our competitors are using the price card to compete with us. Sometimes those are very small companies that just don't have any choice but to go to where the lowest provider is.

我們為什麼不都接受這個呢？因此，特別是 DSA 的價格也很穩定。股票定價似乎相當穩健。我們肯定有競爭對手。我想說，我們的大多數競爭對手（如果不是全部的話）都在使用價格牌與我們競爭。有時，這些公司規模很小，它們別無選擇，只能選擇價格最低的供應商。

Having said that, I think anybody that can afford it and really want speed, quality and regulatory prowess will work with us. So the mix seems to be enriching nicely, and we'll use price intermittently and necessary to either protect or it take share.

話雖如此，我認為任何有能力並且真正追求速度、品質和監管實力的人都會與我們合作。因此，這種組合似乎正在很好地豐富，我們將間歇性地使用價格，並根據需要進行保護或占領份額。

But it feels like there is reasonable stability in the marketplace given the fact that the capital markets are a little bit sluggish and demand has been off for a while. That seems to be coming back. And we need to distinguish ourselves on our science and the quality of our work and our geographic proximity more than anything and sharpen our pencils periodically.

但考慮到資本市場略顯低迷且需求低迷了一段時間，市場似乎處於合理的穩定狀態。這種情況似乎又回來了。我們最需要的是在科學、工作品質和地理位置上脫穎而出，並定期磨礪我們的鉛筆。

And I'll add on the price. I think what we have seen in the first half, as we said, especially in the DSA was mix favorability that has helped with the price/mix equation. So price has been stable to slightly better than we anticipated coming into the year because of mix.

我還會加上價格。我認為，正如我們所說，我們在上半年看到的，特別是在 DSA 中，混合偏好有助於價格/混合方程式。因此，由於混合因素，價格一直保持穩定，甚至比我們預期的今年的情況略好。

Again, as we said in Q1 and again in Q2, we don't count on mix being favorable. So that can play into a little bit of the margin dynamics that you described, Patrick, in the second half. But spot price is stable at this time and mix has been what has enhanced the price/mix dynamics in DSA.

再次，正如我們在第一季和第二季所說的那樣，我們並不指望混合會是有利的。因此，帕特里克，這可以對您在下半年描述的利潤動態產生一些影響。但目前現貨價格穩定，而產品組合增強了 DSA 中的價格/產品組合動態。

Casey Woodring, JPMorgan.

摩根大通的凱西‧伍德林。

Great, thank you for taking my questions. So you noted the higher cancellations this quarter and were focused on longer-term post-IND work. Can you just elaborate on what's driving that? What sort of margin differential in the work that's getting canceled looks like? And then how should we think about this dynamic moving forward? Do you expect that to continue in the second half?

太好了，謝謝你回答我的問題。因此，您注意到本季度取消的數量較高，並且專注於長期的 IND 後工作。能否詳細說明一下造成這現象的原因？被取消的工作的利潤差異是什麼樣的？那我們該如何看待這動態的發展呢？您預計下半年這種情況會持續下去嗎？

I have a huge difference in margin, both the price and the margin profile for different types of work, both earlier and later are often comparable. Some of the specialty work is perhaps slightly higher margins and it's a little less competitive but not significantly.

我的利潤率有很大差異，不同類型的工作的價格和利潤率概況，早期和晚期通常都是可比的。一些專業工作的利潤率可能略高一些，競爭也稍弱一些，但差異並不大。

So we're -- we don't -- it's tough to predict how long this will continue. It seems to be just a point in time. Very much the nature of the bolus of work that we had booked in the quarter that -- you don't necessarily get the same type of work to book the next quarter, the quarter after that.

所以我們——我們不知道——很難預測這種情況會持續多久。這似乎只是一個時間點。我們在本季度預訂的大量工作本質上是——你不一定會獲得相同類型的工作來預訂下個季度或下個季度。

It's just the way the studies fall. So I don't think it portends really much of anything. It's prioritization of portfolio by our clients. It's what they have ready. It's what they are moving -- emphasizing more work in the clinic, what they're trying to push forward much more quickly. So we'll obviously continue to watch that and provide clarity on that. But I don't think this is something that will continue.

這就是研究失敗的方式。所以我並不認為這預示著什麼。這是我們的客戶對投資組合的優先排序。這是他們準備好的。這就是他們正在採取的行動——強調在診所進行更多工作，他們正試圖更快地推進這項工作。因此，我們顯然會繼續關注此事並澄清。但我不認為這種情況會持續下去。

Got it. That's helpful. And then just on the large pharma piece, last week, we saw the administration set a 60-day deadline for pharma to implement pricing. There's noise around tariffs. You talked in your prepared remarks about not really seeing any impact on either of these dynamics from pharma company spending currently. But just on the forward outlook, how should we think about potential headwinds here for large pharma demand?

知道了。這很有幫助。就大型製藥公司而言，上週，我們看到政府為製藥公司設定了 60 天的定價期限。關稅問題引發了爭議。您在準備好的發言中談到，目前製藥公司的支出對這兩種動態實際上並沒有產生任何影響。但僅從未來展望來看，我們該如何看待大型製藥需求面臨的潛在阻力？

Thank you.

謝謝。

We've tried to be prudent and thoughtful on what our prognosis is for the balance of the year given the significant amount of uncertainty in the world and in the country, particularly some of the things coming out of Washington with regard to drug pricing. What will the NIH do or not do going forward, what will the FDA do or not do going forward. So as we said in our prepared remarks, we have had a miniscule adverse impact from any of this so far. We're not really hearing about the tariffs from our clients. That doesn't mean that won't change.

鑑於全球和國內存在大量不確定性，特別是華盛頓在藥品定價方面傳出的一些消息，我們對今年剩餘時間的預測一直保持謹慎和深思熟慮。NIH 未來會做什麼或不做什麼，FDA 未來會做什麼或不做什麼。因此，正如我們在準備好的發言中所說的那樣，到目前為止，我們受到的不利影響微乎其微。我們並沒有從客戶那裡聽到有關關稅的真正消息。這並不意味著它不會改變。

We've had a very small amount of NIH work that we know has been canceled, but we are hearing about that clearly often from particularly academic clients, that they do have concern about when the next two will fall. So we believe that our guidance accommodates for things to be rougher and that we've been thoughtful and prudent about that. And probably if the shoe does fall in any of the sort of three buckets that I just outlined, it's likely to have a greater impact on us in 2026 and for the balance of this year.

我們知道有極少量的 NIH 工作被取消了，但我們經常從學術客戶那裡聽到這個消息，他們確實擔心接下來的兩項工作何時會取消。因此，我們相信，我們的指導能夠適應更為嚴峻的情況，我們對此已經深思熟慮並十分謹慎。如果情況確實符合我剛才概述的三個條件中的任何一個，那麼它很可能會在 2026 年以及今年餘下的時間裡對我們產生更大的影響。

Yes. And just to echo that, I think when we've been talking about the net book-to-bill ranges and, again, my earlier question to Elizabeth around it staying in this sort of 0.8-ish level that we had seen over the last 18 months with sequential improvement over the last three halves of the year.

是的。為了呼應這一點，我認為當我們談論淨訂單出貨比範圍時，以及我之前向伊麗莎白提出的問題，該範圍是否保持在過去 18 個月中看到的 0.8 左右的水平，並且在今年最後三個半年中有所改善。

Again, the second half book-to-bill will actually be more relevant to next year's performance, as Jim just said. So I think we feel that we are well positioned for the guidance that we're providing this year given what we have visibility to at this point.

再次，正如吉姆剛才所說，下半年的訂單出貨比實際上與明年的業績更為相關。因此，我認為，考慮到我們目前的狀況，我們已經為今年提供的指導做好了準備。

Charles Rhyee, TD Cowen.

查爾斯·瑞伊（Charles Rhyee），考恩（Cowen）TD。

Yeah, thanks for taking the question. Maybe just touching on the margins in the back half just to make sure I'm understanding really sort of the headwinds as we think about it. Is it really just, one, in DSA, we have some headwinds from extra hiring? I would imagine that's a little bit of a temporary issue as you kind of ramp up ahead of expected demand. And then secondly, we just had better margins in CDMO in the second quarter which don't persist.

是的，感謝您提出這個問題。也許只是觸及後半部的邊緣，只是為了確保我真正理解我們思考時的阻力。真的只是，首先，在 DSA，我們遇到了額外招募的一些阻力嗎？我想這只是一個暫時的問題，因為你的產量超過了預期的需求。其次，我們第二季的 CDMO 利潤率有所提高，但這種狀況並沒有持續下去。

And so it's really more of a kind of going back to what maybe more normalized margins for CDMO is? Just want to make sure, is there anything else that I'm missing? Or as I think about sort of the factors driving that, as we think about first half versus second half.

所以這其實更像是一種回歸，也許 CDMO 的利潤率會更加正常化？只是想確認一下，我還遺漏了什麼嗎？或者當我思考推動這現象的因素時，我們會思考上半年與下半年。

Yes, Charles, I think you're thinking about it correctly. I think the last component is also, I think I talked about the timing of our merit this year was July 1. So you have that a little bit playing into the first half, second half comp as you can expect about 3.5% increase in our, let's say, salary and labor cost pool base when you compare the two halves of the year. But yes, the DSA and the CDMO comments that you made are spot on.

是的，查爾斯，我認為你的想法是正確的。我認為最後一個部分也是，我想我談到了我們今年的功績時間是 7 月 1 日。因此，當你比較今年上下半年時，你可以預期上半年和下半年的薪資和勞動成本池基數將增加約 3.5%。但是，是的，您對 DSA 和 CDMO 的評論是正確的。

Got it. And is there any benefits to DSA margins with the DOJ investigation concluding? Or were any of those legal expenses considered onetime and not really in the numbers?

知道了。司法部調查結束後，DSA 利潤率會有什麼好處嗎？或者這些法律費用是否被視為一次性費用而實際上並未計入數字？

Yes. At the time, both the legal expenses as well as we actually did write off the inventory of those NHPs. And we both -- we non-GAAP both expenses. Now that we will be able to use these NHPs for their intended purposes will expense them as we incur the costs as we run the studies, and so essentially unwinding the non-GAAP expense we had done for the inventory. So they will be treated as a normal cost, yes.

是的。當時，我們確實因法律費用以及實際費用而註銷了這些 NHP 的庫存。而且我們兩項費用均為非 GAAP 費用。現在，我們將能夠將這些 NHP 用於其預期用途，因為我們在進行研究時會產生成本，因此基本上可以取消我們為庫存所做的非 GAAP 費用。所以它們將被視為正常成本，是的。

I appreciate it. Thank you.

我很感激。謝謝。

Max Smock, William Blair.

馬克斯史莫克、威廉布萊爾。

Hey, good morning. Thanks for taking our questions. Maybe just a little bit of a technical one here on DSA. You mentioned that the outperformance was driven by strong bookings activity in the prior quarter. But -- and I think something that kind of new at the time of the first quarter earnings call.

嘿，早安。感謝您回答我們的問題。也許這只是 DSA 上的一點技術問題。您提到，這一優異表現是受上一季的強勁預訂活動所推動的。但是——我認為在第一季財報電話會議上會出現一些新鮮事。

So I'm kind of wondering how that exactly drove the outperformance in the second quarter. Is it just that, that work burn faster than expected? Or is there something else beyond the strong bookings in the first quarter that helped explain why DSA outperformed in 2Q?

所以我有點想知道這究竟是如何推動第二季表現優異的。難道只是工作比預期的快嗎？或者，除了第一季強勁的預訂量之外，還有其他因素可以解釋為什麼 DSA 在第二季表現出色？

It's a significant amount of work as a result of pent-up demand by our clients, the things that they paused in the back half of last year. And again, the mix of that work is not something that we can predetermine or form a size. So both a healthy mix and a significant amount of work with clients that want to move quickly and get a positive price mix as a result of that as well.

這是一項巨大的工作量，因為我們的客戶有被壓抑的需求，他們在去年下半年暫停了這些事情。再說一次，這些工作的混合不是我們可以預先決定或形成規模的。因此，既要有一個健康的組合，又要與那些希望快速行動並因此獲得積極價格組合的客戶進行大量工作。

And that was a little bit of -- sorry, I was just going to add. There's a little bit also a benefit of FX if you're looking at it just on a pure dollar basis versus guidance before. So about half and half of the beat were operational versus FX, and that applies to DSA as well.

這有點——抱歉，我只是想補充一下。如果僅從純美元角度而非先前的指導來看，外匯也有一定的優勢。因此，大約一半的節拍是針對 FX 進行操作的，這也適用於 DSA。

And to Jim's point, yes, we had strong bookings in Q1. But operationally in Q2, we -- while we always have changed orders and we always have slippage, those were let's say, better, to a certain extent, that also helped with the beat in Q2.

正如吉姆所說，是的，我們在第一季的預訂量很高。但從第二季的營運來看，雖然我們總是會改變訂單，也總是會出現延誤，但這些情況在某種程度上可以說是更好的，這也有助於第二季的業績成長。

Understood. Thanks, Flavia. That's helpful. Maybe just going back to one more on the headcount growth. I'm wondering if you could put some numbers around kind of how you're thinking about head count growth in total for this year? And then whether or not it's fair to think about headcount growth in DSA as a reasonable proxy for that segment growth in 2026?

明白了。謝謝，弗拉維亞。這很有幫助。也許我們再來談談員工人數成長的問題。我想知道您是否可以提供一些數字來說明您對今年員工總數成長的看法？那麼，是否可以將 DSA 的員工人數成長視為 2026 年該部門成長的合理代表？

I don't think we can necessarily put numbers around that. We have to size out with current demand -- anticipated demand for the rest of the year. And I think we've done that well over the last decade. We had areas of significant high growth, so we had to get ahead of it. And we've obviously had some workforce reductions. So we're being very careful about adding it back. And we're guardedly optimistic that we're seeing the demand stabilize across our client base and a little more pronounced in pharma.

我認為我們無法用數字來說明這一點。我們必須根據當前需求——今年剩餘時間的預期需求——進行評估。我認為過去十年我們在這方面做得很好。我們擁有顯著高成長領域，因此我們必須走在前面。我們顯然已經裁減了一些員工。因此我們在將其添加回來時非常小心。我們謹慎樂觀地看到，我們的客戶群中的需求趨於穩定，而製藥業的需求則更為明顯。

So we want to be able to react relatively quickly as the demand improves. So it feels like an appropriate and thoughtful way to address headcount. It's the principal limiting factor. I think our space is in a good place to accommodate more work, but we simply can't even contemplate taking it on without a sufficient number of people. We also have to get them in early enough to train them. A lot of people come in as unskilled labor. And so we're -- it actually feels good to get on with that.

因此，我們希望能夠隨著需求的增加而相對快速地做出反應。因此，這似乎是解決員工人數問題的一個合適且周到的方法。這是主要的限制因素。我認為我們的空間適合容納更多的工作，但如果沒有足夠的人手，我們根本無法考慮承擔這項工作。我們還必須儘早讓他們來接受培訓。許多人都是以非技術勞動力的身份來到這裡。所以我們——繼續這樣做實際上感覺很好。

Yeah, thanks again for taking. Yes. Just going to add again, I think the quantification that we tried to provide was -- as a headwind to the margin in the second half versus the first half, the $10 million that we both spoke about. And this is -- you got to think about it as twofold. It's -- yes, it's a little bit higher hiring when you compare to the two quarters. But we were also very prudent in not starting that too soon in the first half until we really felt strongly that the demand signals were robust and stable.

是的，再次感謝您的接納。是的。我再補充一下，我認為我們試圖提供的量化是——作為下半年與上半年利潤率的阻力，我們都談到了 1000 萬美元。這是——你必須從兩方面來考慮它。是的，與前兩季相比，招募人數略高一些。但我們也非常謹慎，在上半年沒有過早開始，直到我們真正強烈地感受到需求訊號強勁而穩定。

And so it's a comp also of maybe we were lighter in the first half even to deliver the level of revenue that we did. And then we have to kind of pick up on that and could to deliver the continuation of that demand. So I don't think head count is going to be up year-over-year if you ask me at the end of the year, given that we still have a declining revenue, but it's certainly an increase versus the beginning of the year when we came into a guidance that was much worse than we're now looking at. So I think very positive signal.

因此，也許我們上半年的業績較弱，但實現了我們設定的收入水準。然後我們必須意識到這一點，並且能夠滿足持續的需求。因此，如果你問我，考慮到我們的收入仍在下降，我認為到年底員工人數不會同比增長，但與年初相比肯定有所增加，當時我們的預期比現在糟糕得多。所以我認為這是非常積極的信號。

Understood. Thanks again for taking our questions.

明白了。再次感謝您回答我們的問題。

(Operator Instructions)

（操作員指示）

Josh Waldman, Cleveland Research.

克利夫蘭研究公司的喬許‧沃爾德曼。

Hey, thanks for taking my questions. I had two that I'll ask then hop off. First, Jim, it sounds like you think the KPIs point to an improving trend in DSA. But I wondered if you could comment on how visibility has evolved in the business. Does it seem like visibility on bookings and cancellations is improving at all? Or is it still challenging versus what you were accustomed to historically?

嘿，謝謝你回答我的問題。我有兩個問題，我會問一下然後跳下去。首先，吉姆，聽起來你認為 KPI 顯示 DSA 呈現改善趨勢。但我想知道您是否可以評論一下業務的可見性是如何發展的。預訂和取消的可見性是否有所改善？或者與您過去習慣的相比，這是否仍然具有挑戰性？

And then related question. I wondered if you could comment to drivers on the increased cancellations of the longer-term post-IND studies and whether you've seen increased cancellations in DSA and what the guide assumes for cancellations going forward? Do they increase or remain stable from here?

然後是相關問題。我想知道您是否可以向駕駛員評論一下長期 IND 後研究取消數量增加的情況，以及您是否看到 DSA 中取消數量增加的情況，以及指南對未來取消數量有何假設？從現在起它們會增加還是保持穩定？

So I think we do have better visibility and better clarity from our clients, particularly as hopefully they're coming out of a pretty cautious period, both pharma and biotech. So -- and we're trying not to overread that just given the role that we play in helping these companies get drugs into the clinic and ultimately to the market.

因此，我認為我們確實對客戶有了更好的了解和更清晰的認識，特別是希望他們能夠走出相當謹慎的時期，無論是製藥業還是生物技術業。所以——我們試著不去過度解讀這一點，因為我們在幫助這些公司將藥物引入診所並最終推向市場方面發揮作用。

And as I said earlier, the cancellation, difficult to predict how that continues and rolls out to the balance of the year. We had a fair number of very large complex and expensive studies that seem to have canceled different clients for totally different reasons, usually, an emphasis in the clinic to slow down some of the preclinical work.

正如我之前所說，取消這項計劃很難預測其將如何持續下去並延續到今年年底。我們進行了相當多的非常大型、複雜且昂貴的研究，這些研究似乎因為完全不同的原因而取消了不同的客戶，通常是為了強調臨床研究而減緩一些臨床前工作。

The flip side of that is that we've had a lot of post-IND work for now, I don't know, probably a year or 1.5 years. General toxicology work was stronger in the quarter. That's a really good thing. You want to balance of general work and specialty work because the general work feeds into specialty work. And so that -- I think that's an important indicator perhaps.

另一方面，我們目前有很多 IND 後的工作要做，我不知道，大概是一年或一年半。本季的一般毒理學工作更加強勁。這真是一件好事。您需要平衡一般工作和專業工作，因為一般工作會影響專業工作。所以——我認為這也許是一個重要指標。

Again, we're always cautious and careful to say that our business isn't linear, that one quarter, whether it's particularly strong or particularly concerning, is not necessarily predictive. So we'd like to see what the cadence is of our clients going forward. We're also going to move into [aeliur] soon where our clients are beginning to put together the 2026 operating plans, as will we build that up on a case-by-case basis on a zero basis with all of our clients.

再次強調，我們始終謹慎而小心地說，我們的業務並不是線性的，一個季度，無論是特別強勁還是特別令人擔憂，都不一定具有預測性。因此，我們希望了解我們的客戶未來的節奏。我們也將很快進入 [aeliur]，我們的客戶將開始製定 2026 年營運計劃，我們將與所有客戶一起在零基礎上逐案製定該計劃。

And so we'll get a really good sense of how they're thinking about spending, what concerns they really have about Washington and the capital markets. what they're prioritizing and whether there's any sort of meaningful swing back balanced spending between development and the clinic.

這樣，我們就能真正了解他們是如何考慮支出的，他們對華盛頓和資本市場真正擔心什麼，他們優先考慮什麼，以及在開發和診所之間是否有任何有意義的平衡支出。

And that's -- when we've had quarters of extraordinary strong growth over years, we've had that balance of spending, obviously, for these companies to have a good pipeline several years from now, they have to get back to discovery spending and get their INDs filed. So we're hopeful that, that will happen but we're careful of what we built into our guidance for the year.

那就是——當我們多年來經歷了幾個季度的異常強勁增長時，我們就有了這樣的支出平衡，顯然，為了讓這些公司在幾年後擁有良好的渠道，他們必須重新回到發現支出並提交他們的 IND。因此，我們對此充滿希望，但我們會謹慎制定今年的指導方針。

And just to add on the cancellations. The cancellation rate this quarter in Q2, so think of it as a percent of bookings, it wasn't actually too dissimilar from the last 18 months. And if anything, it was more that Q1 was really favorable, which we didn't necessarily expect to continue. So I think maybe this is another way to think about it.

並補充取消的情況。本季第二季的取消率，可視為預訂量的百分比，實際上與過去 18 個月並沒有太大差別。如果有什麼不同的話，那就是第一季的表現確實非常有利，但我們並不期望這種情況會持續下去。所以我認為這也許是另一種思考方式。

Yeah, got it. So thanks guys.

是的，明白了。所以謝謝大家。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Hi guys, this is [Anna Krasinski] on for Luke. Just one from us actually. Can you talk about the sales cycle timing from RFP to reward and then converting into revenues? And just has this changed or gotten better at all? Any color you can share?

大家好，我是 [Anna Krasinski]，為《盧克》節目主持。實際上，我們只有一個。您能談談從 RFP 到獎勵再轉換為收入的銷售週期時間嗎？那麼，情況有改變嗎？或有改善嗎？有啥顏色可以分享嗎？

Any particular business that you're talking about? Or

您談論的是哪項特定業務？或者

Within DSA.

在 DSA 內。

Talking about DSA. I don't think the sales cycle has changed. And I think we we've done some structural change of our sales organization and our marketing organization as well. I think we're much more client centric. I think we're doing a much better job selling from discovery into safety and are much more focused.

談 DSA。我認為銷售週期沒有改變。我認為我們也對銷售組織和行銷組織進行了一些結構性變革。我認為我們更加以客戶為中心。我認為我們在從發現到安全的銷售方面做得更好，而且更加專注。

So I would imagine, if anything, our sales cycle is more focused and elegant and probably yielding good results. As I said earlier, we got to be careful about if and when we use price. It's typically not something that we are the first people to use as a lever, but usually in response to anticipation of our clients using that as their only lever.

因此我想，如果有的話，我們的銷售週期會更加專注和優雅，並且可能會產生良好的結果。正如我之前所說，我們必須謹慎考慮是否以及何時使用價格。通常，我們不會先使用它作為槓桿，但通常是為了回應客戶的預期，將其作為唯一的槓桿。

So look, the cadence and the speed with which we get the studies done and report out to our clients is really everything for them. Everyone's going to race to market regardless of whether the clients are large or small. And so we're always looking to both enhance, accelerate and refine that process, both with the digitization of our capabilities, and as I said a moment ago, it's kind of the amalgamation of our sales force. So I would say it's somewhat improved and enhanced over perhaps what it was last year.

所以，我們完成研究並向客戶報告的節奏和速度對他們來說真的很重要。無論客戶規模大小，每個人都會競相進入市場。因此，我們一直在尋求增強、加速和完善這一流程，既透過我們能力的數位化，也正如我剛才所說，這是我們銷售團隊的融合。所以我想說它比去年有所改進和提高。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, thanks for squeezing me in it's a long call so I'll just ask one. Jim, maybe sort of a big picture thematic question in terms of how we should think about book-to-bill being a leading indicator for revenue growth. And what I'm getting at is traditionally, it's a pretty good leading indicator, at least the underlying bookings, and I'm focusing on DSA specifically here.

太好了，謝謝你抽出時間，通話時間很長，所以我只問一個問題。吉姆，也許這是一個宏觀的主題問題，即我們應該如何看待訂單出貨比作為收入成長的領先指標。而我所指的是，傳統上，這是一個相當不錯的領先指標，至少是基礎預訂量，而我在這裡特別關注 DSA。

But you've also got the backlog sitting there, right? And as you answered to an earlier question, I think it was Dave Windley's question about the tenth month of backlog gives you some buffer.

但是您那裡還有一些積壓的工作，對嗎？正如您回答之前的問題一樣，我認為 Dave Windley 提出的問題是關於第十個月的積壓為您提供了一些緩衝。

Can you talk about how that can be used to offset the below one book-to-bill and what that might translate to next 10 months? How easy it is to convert that? Just sort of given the backlog that is there, what level of book-to-bill you think is sufficient to get positive or at least flat revenue growth?

您能否談談如何使用它來抵消低於 1 的訂單出貨比以及這對未來 10 個月可能產生的影響？轉換起來有多容易？考慮到現有的積壓訂單，您認為什麼水準的訂單出貨比足以實現正成長或至少持平的營收成長？

I think first off, we're pleased that the last 18 months has had a steady upward trajectory of net book to bill. So that's positive. We'd like an above line, yes, but it's really not essential to get there. I mean the backlog -- both the duration of the backlog and the nature of the backlog is important.

我認為首先，我們很高興看到過去 18 個月淨帳面餘額與帳單餘額之比一直穩步上升。這是積極的。是的，我們想要一條上面的線，但這確實不是到達那裡的必要條件。我的意思是積壓——積壓的持續時間和積壓的性質都很重要。

So I would say as a -- for the basic proposition, particularly for non-NHP studies, we can almost slot in and say it's backlog for something that's slipped or canceled, not always but almost always, obviously depends on whether the client has a predisposition on a particular geographic locale or not.

因此我想說，作為一個基本命題，特別是對於非 NHP 研究，我們幾乎可以插入並說它是某些被推遲或取消的事情的積壓，雖然並不總是如此，但幾乎總是如此，這顯然取決於客戶是否對特定地理位置有傾向。

But it's a bit easier. And with appropriate notice, we can do a similar thing with the NHP studies, which tend to be more costly and more complex to set up. So it does depend on the mix of the backlog and the certainty of the backlog, as you may recall from, I don't know, it's probably three years.

但它稍微容易一些。並且，透過適當的通知，我們可以對 NHP 研究做類似的事情，這些研究往往更昂貴、更複雜。因此，這確實取決於積壓的混合和積壓的確定性，正如您可能記得的，我不知道，大概是三年。

Now the backlog, which we enjoyed for a while actually elongated too much and there was less of a certainty from the clients in terms of actually initiating study. So we like where it is now. While some things do cancel or slip, we typically can slot something in.

現在，我們曾經享受過的積壓工作實際上已經延長太多，而且客戶對於實際啟動研究的確定性也降低了。所以我們喜歡它現在的狀態。儘管有些事情確實會取消或推遲，但我們通常可以安排一些事情。

And so I think that backlog is in a good place for us right now as we go forward. We had several years where it was kind of six to nine months or 10 months, sort of feels like we're in the ballpark to have a sufficient backlog to be able to seed any potential gaps we have in the portfolio and make sure that we keep our people busy.

因此，我認為，就我們目前的進展而言，積壓訂單情況良好。我們有好幾年的時間，大概是六到九個月或十個月，感覺我們大概有足夠的積壓，能夠彌補我們投資組合中任何潛在的缺口，並確保我們的員工忙碌。

And I think just as a reminder, the preclinical space, the turnaround time is much shorter than clinical, right? So our cycle was more like 6 to 9 months. And so I think that also plays into how you rebuild that backlog. And as you start to look ahead of 10 months ahead, there's plenty of time to increase the bookings in that period as well.

我想提醒一下，臨床前空間的周轉時間比臨床短很多，對嗎？所以我們的周期更像是 6 到 9 個月。所以我認為這也跟如何重建積壓工作有關。當您開始展望未來 10 個月時，您會發現，那段時期還有足夠的時間來增加預訂。

Sorry, I was going to say thank you. I think that's all the questions that we have. Thanks for joining us this morning, and we look forward to seeing you at an upcoming investor conference in September. And this concludes the call.

抱歉，我本來想說謝謝的。我想這就是我們的全部問題。感謝您今天早上加入我們，我們期待在 9 月即將舉行的投資者會議上見到您。通話到此結束。

Thank you. This does conclude today's Charles River Laboratories second quarter 2025 earnings call. Thank you again for your participation, and you may now disconnect.

謝謝。這確實結束了今天的 Charles River Laboratories 2025 年第二季財報電話會議。再次感謝您的參與，現在您可以斷開連接了。