Danaher Corp (DHR) 2025 Q2 法說會逐字稿

(Operator Instructions)

（操作員指示）

My name is Margo, and I'll be your conference facilitator this morning. At this time, I'd like to welcome everyone to Danaher Corporation's second-quarter 2025 earnings results conference call.

我叫瑪戈，今天早上我將擔任你們的會議主持人。現在，我歡迎大家參加丹納赫公司 2025 年第二季收益業績電話會議。

(Operator Instructions)

（操作員指示）

I will now turn the call over to John Bedford, Vice President of Investor Relations. Mr. Bedford, you may begin your conference.

現在我將電話轉給投資者關係副總裁約翰貝德福德。貝德福德先生，您可以開始您的會議了。

(technical difficulty) and required by SEC Regulation G relating to any non-GAAP financial measures provided during the call and a note containing details of historical and anticipated future financial performance are all available on the Investors section of our website, www.danaher.com, under the heading Quarterly Earnings.

（技術難題）以及美國證券交易委員會 G 條例所要求的與電話會議期間提供的任何非 GAAP 財務指標相關的資訊以及包含歷史和預期未來財務業績詳情的說明均可在我們網站 www.danaher.com 的「投資者」部分中的「季度收益」標題下找到。

The audio portion of this call will be archived on the Investors section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call. A replay of this call will also be available until August 5, 2025.

本次電話會議的音訊部分將於今天稍後存檔在我們網站的「活動和演示」標題下的「投資者」部分，並將一直存檔到我們下次季度電話會議為止。本次通話的重播也將保留至 2025 年 8 月 5 日。

During the presentation, we will describe certain of the more significant factors that impacted year-over-year performance. Our Form 10-Q and the supplemental materials describe additional factors that impacted year-over-year performance. Unless otherwise noted, all references in these remarks and supplemental materials to company-specific financial metrics relate to the second quarter of 2025 and all references to period-to-period increases or decreases in financial metrics are year over year.

在演示過程中，我們將描述影響同比業績的一些更重要的因素。我們的 10-Q 表和補充資料描述了影響同比業績的其他因素。除非另有說明，這些評論和補充資料中對公司特定財務指標的所有引用均與 2025 年第二季度有關，並且對財務指標的同期增減的所有引用均與去年同期有關。

We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals or are available only in certain markets.

我們也可能描述某些已提交申請並正在等待某些監管部門批准或僅在某些市場上銷售的產品和設備。

During the call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding events or developments that we believe or anticipate will or may occur in the future.

在電話會議中，我們將根據聯邦證券法做出前瞻性陳述，包括有關我們相信或預期未來會發生或可能發生的事件或發展的陳述。

These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and 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, and we do not assume any obligation to update any forward-looking statements, except as required by law.

這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述的風險和不確定性，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。這些前瞻性陳述僅代表其作出之日的觀點，除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務。

And with that, I'd like to turn the call over to Rainer.

說完這些，我想把電話轉給雷納。

Thank you, John, and good morning, everyone. We appreciate you joining us on the call today.

謝謝你，約翰，大家早安。感謝您今天參加我們的電話會議。

Now before we get into the details of the quarter, I'd like to touch briefly on the announcement we made this morning regarding our CFO succession plan. As I'm sure many of you saw, we announced that Matt Gugino, the current Group CFO of our Life Sciences Innovation Group and Vice President of Corporate FP&A will succeed Matt McGrew as Chief Financial Officer of Danaher at the end of February 2026.

在我們討論本季度的細節之前，我想簡單談談我們今天上午宣布的有關首席財務官繼任計劃的消息。我相信很多人都已經看到，我們宣布，現任生命科學創新集團首席財務官兼企業財務規劃與分析副總裁馬特·古吉諾 (Matt Gugino) 將於 2026 年 2 月底接替馬特·麥格魯 (Matt McGrew) 擔任丹納赫首席財務官。

As we've done with past transitions, Matt McGrew will continue on as an Executive Vice President as he begins his gradual path to retirement. Matt, it's been a privilege working with you for more than two decades, we've all benefited from your outstanding financial leadership, your thoughtful guidance and trusted partnership.

正如我們過去的過渡一樣，馬特·麥格魯將繼續擔任執行副總裁，並開始逐步走向退休。馬特，與您共事二十多年是我的榮幸，我們都受益於您傑出的財務領導力、周到的指導和值得信賴的合作關係。

Since stepping into the CFO role in 2019, you've helped guide Danaher through pivotal moments, including launching Envista and Veralto as public companies. The acquisition of Cytiva and the challenges of the pandemic, all while developing an exceptional internal finance talent pipeline.

自 2019 年擔任財務長以來，您幫助丹納赫度過了關鍵時刻，包括將 Envista 和 Veralto 上市。收購 Cytiva 以及應對疫情的挑戰，同時建立卓越的內部財務人才管道。

Matt, Danaher simply would not be the company it is today without your leadership, strategic vision, and humility. Thanks, buddy, for everything.

馬特，如果沒有你的領導力、策略眼光和謙遜，丹納赫公司就不會擁有今天。謝謝你，朋友，謝謝你所做的一切。

Now many of you know Matt Gugino from his time as Vice President of Investor Relations, Matt has had a number of important roles during his past 12 years with Danaher. And throughout Matt's time at Danaher, he has gained extensive experience in several key areas, including Investor Relations, FP&A mergers and acquisitions, talent development, and most recently, operational experience as Group CFO.

現在，你們中的許多人都知道馬特古吉諾 (Matt Gugino) 曾擔任投資者關係副總裁，馬特在丹納赫工作的過去 12 年裡擔任過許多重要職務。在馬特就職於丹納赫期間，他在多個關鍵領域積累了豐富的經驗，包括投資者關係、FP&A 併購、人才發展，以及最近擔任集團首席財務官的營運經驗。

He has consistently demonstrated exceptional leadership and has played a central role in shaping our financial strategy and portfolio evolution. I know he'll be an outstanding CFO as we continue to grow Danaher into one of the most respected science and technology leaders. We look forward to helping him transition to his important role at the end of February 2026.

他始終展現出卓越的領導能力，並在製定我們的財務策略和投資組合發展方面發揮了核心作用。我知道，隨著我們繼續將丹納赫發展成為最受尊敬的科技領導者之一，他將成為一位出色的財務長。我們期待在2026年2月底幫助他過渡到他的重要角色。

So with that, let's get to our results. Our team's strong execution with the Danaher Business System drove solid second-quarter results in what remains a dynamic operating environment. Strong growth in our bioprocessing business, paired with disciplined cost management, enabled us to exceed both our adjusted operating profit margin and cash flow expectations for the quarter.

那麼，就讓我們來看看結果吧。在一個依然充滿活力的營運環境中，我們的團隊透過丹納赫業務系統的強大執行力推動了第二季的穩健業績。生物加工業務的強勁成長，加上嚴格的成本管理，使我們本季的調整後營業利潤率和現金流都超出預期。

While global trade tensions have led to some uncertainty, market conditions in the second quarter were generally consistent with what we saw in the first quarter.

儘管全球貿易緊張局勢導致了一些不確定性，但第二季的市場狀況與第一季基本一致。

In Pharma, global production of monoclonal antibodies where the majority of our exposure lives remains robust, and we continue to see a modest recovery in Pharma R&D spending. Academic and government demand remains soft as expected with ongoing uncertainty around research funding. Clinical diagnostics and applied markets, meanwhile, remained stable.

在製藥業，我們接觸最多的單株抗體的全球產量依然強勁，我們繼續看到製藥研發支出的小幅復甦。由於研究經費持續存在不確定性，學術界和政府的需求一如預期依然疲軟。同時，臨床診斷和應用市場保持穩定。

Now while the macro environment remains fluid, we're intensely focused on what we can control, and that's to continue delivering for our customers, associates and shareholders. Now our team has done a nice job running the DBS playbook to offset cost pressures from tariffs, deliver meaningful productivity gains and turn challenges into opportunities. At the same time, we're taking thoughtful actions to protect our financial and competitive positioning, including addressing structural costs while continuing to invest in innovation for the long term.

現在，儘管宏觀環境仍然不斷變化，但我們仍高度關注我們能夠控制的事情，那就是繼續為我們的客戶、同事和股東提供服務。現在，我們的團隊已經出色地執行了星展銀行的策略，抵消了關稅帶來的成本壓力，實現了顯著的生產力成長，並將挑戰轉化為機會。同時，我們正在採取深思熟慮的措施來保護我們的財務和競爭地位，包括解決結構性成本，同時繼續長期投資於創新。

Our second quarter results also highlight the strength and resilience of our portfolio. We're well positioned in attractive end markets, driven largely by nondiscretionary health care needs and supported by strong secular growth drivers. Our businesses share a common set of relatively durable, high recurring revenue business models with the majority of our revenues being consumables that are specified into regulated manufacturing processes or specific to the equipment that we supply.

我們第二季的業績也凸顯了我們投資組合的實力和彈性。我們在具有吸引力的終端市場中佔據有利地位，主要受非自由支配的醫療保健需求驅動，並受到強勁的長期成長動力的支持。我們的業務共享一套相對持久、高經常性收入的商業模式，其中大部分收入來自指定用於受監管製造流程或特定於我們提供的設備中的消耗品。

On top of this, our strong balance sheet and free cash flow generation positions us well to further enhance our portfolio going forward.

除此之外，我們強勁的資產負債表和自由現金流創造能力使我們能夠進一步增強未來的投資組合。

So with that, let's take a closer look at our second quarter 2025 results. Sales were $5.9 billion in the second quarter, and we delivered 1.5% core revenue growth. Geographically, core revenues in developed markets were up low single digits, with North America up slightly and a high single-digit increase in Western Europe. Core revenues in high-growth markets were flat overall as solid performance outside of China was offset by a mid-single-digit decline in China.

因此，讓我們仔細看看 2025 年第二季的業績。第二季銷售額為 59 億美元，核心營收成長 1.5%。從地理來看，已開發市場的核心收入成長較低個位數，其中北美略有成長，西歐則出現較高個位數成長。高成長市場的核心收入總體持平，因為中國以外的穩健表現被中國國內中等個位數的下滑所抵消。

Growth in our biotechnology and life sciences businesses in China was more than offset by declines in Diagnostics due to volume-based procurement and reimbursement changes implemented in late 2024. Our gross profit margin for the second quarter was 59.3%. Our adjusted operating profit margin of 27.3% was flat year-over-year as the favorable impact of higher volume leverage, product mix and disciplined cost management were offset by productivity investments to reduce our structural costs.

由於 2024 年底實施的批量採購和報銷變化，我們在中國生物技術和生命科學業務的成長被診斷業務的下滑所抵消。我們第二季的毛利率為59.3%。我們的調整後營業利潤率為 27.3%，與去年同期持平，因為更高的銷售槓桿、產品組合和嚴格的成本管理帶來的有利影響被生產力投資所抵消，從而降低了我們的結構性成本。

Adjusted diluted net earnings per common share of $1.80 were up approximately 5% year over year. We generated $1.1 billion of free cash flow in the quarter and $2.2 billion in the first half of the year, resulting in a year-to-date free cash flow to net income conversion ratio of 143%.

調整後每股普通股攤薄淨收益為 1.80 美元，較去年同期成長約 5%。我們在本季產生了 11 億美元的自由現金流，在今年上半年產生了 22 億美元的自由現金流，導致年初至今的自由現金流與淨收入的轉換率為 143%。

Now as I mentioned earlier, we're continuing to make significant investments in long-term growth initiatives across Danaher. In the second quarter alone, those investments translated into several important new product and technology launches, each reinforcing our long-term competitive position while delivering meaningful benefits to our customers.

正如我之前提到的，我們將繼續對丹納赫的長期成長計畫進行大量投資。僅在第二季度，這些投資就轉化為幾項重要的新產品和技術的發布，每一項都增強了我們的長期競爭地位，同時為我們的客戶帶來了有意義的利益。

Let me highlight a few of these key introductions and how they're designed to help customers improve quality and yields, reduce costs and bring new therapies and diagnostic tests to market more efficiently.

讓我重點介紹其中的一些關鍵介紹，以及它們如何幫助客戶提高品質和產量、降低成本並更有效地將新的治療方法和診斷測試推向市場。

In biotechnology, Cytiva expanded its comprehensive purification portfolio with the launch of two new protein A resins. MabSelect Sure 70 and MabSelect PrismA X. Each stage of drug development presents unique purification needs. And these resins are designed to offer cost-effective solutions for preclinical and clinical production without compromising on quality.

在生物技術領域，Cytiva 推出兩種新型蛋白質 A 樹脂，擴展了其綜合淨化產品組合。MabSelect Sure 70 和 MabSelect PrismA X。藥物開發的每個階段都有獨特的淨化需求。這些樹脂旨在為臨床前和臨床生產提供經濟高效的解決方案，同時不影響品質。

They also underscore Cytiva's commitment to delivering innovative solutions to help customers reduce manufacturing costs, increased flexibility and maintain the high-performance standards they expect to cross all stages of the drug development process.

它們還強調了 Cytiva 致力於提供創新解決方案，幫助客戶降低製造成本、提高靈活性並保持他們期望在藥物開發過程的所有階段達到的高性能標準。

Now life sciences, SCIEX reinforced their leadership position in mass spectrometry with the introduction of the ZenoTOF 8600 at June's American Society of Mass Spectrometry Meeting. The XenoTOF 8600 expands SCIEX's high-resolution mass spectrometry footprint and delivers tangible performance improvements across proteomics, lipidomics, metabolomics and small molecule workflows.

如今，在生命科學領域，SCIEX 在 6 月的美國質譜學會會議上推出了 ZenoTOF 8600，鞏固了在質譜領域的領導地位。XenoTOF 8600 擴展了 SCIEX 的高分辨率質譜範圍，並在蛋白質組學、脂質組學、代謝組學和小分子工作流程中帶來了切實的性能改進。

The 8600 offers competitive molecular identification and superior quantification compared to other leading high-end platforms, helping scientists better understand molecular structures and measure more targets in complex samples with greater speed and confidence with the ultimate goal of accelerating drug development times.

與其他領先的高端平台相比，8600 具有競爭力的分子識別和卓越的定量分析能力，可幫助科學家更好地了解分子結構，以更快的速度和信心測量複雜樣本中的更多目標，最終目標是加快藥物開發時間。

And in Diagnostics, we announced a new partnership with AstraZeneca to develop diagnostic tools that help clinicians identify which patients are most likely to benefit from precision medicine treatments. This collaboration is leveraging the newly launched Danaher Centers for enabling precision medicine to support a more streamlined end-to-end development process.

在診斷領域，我們宣布與阿斯特捷利康建立新的合作關係，開發診斷工具，幫助臨床醫生確定哪些患者最有可能受益於精準醫療。此次合作將利用新成立的丹納赫中心來實現精準醫療，以支援更簡化的端到端開發流程。

The first product in development uses technologies from Leica Biosystems with a focus on digital and computational pathology, including AI-assisted algorithms to improve diagnosis and enable more targeted therapy decisions.

正在開發的第一款產品採用了徠卡生物系統公司的技術，專注於數位和計算病理學，包括人工智慧輔助演算法，以改善診斷並做出更有針對性的治療決策。

So now let's take a closer look at our results across the portfolio and give you some color on what we're seeing in our end markets today. Core revenue in our Biotechnology segment increased 6% with file processing up high single digits and Discovery and Medical down low single digits.

現在讓我們仔細看看我們整個投資組合的業績，並讓您了解我們今天在終端市場看到的情況。我們生技部門的核心收入成長了 6%，其中文件處理成長了高個位數，而發現和醫療保健下降了低個位數。

In bioprocessing, we were pleased to see the positive trends in our order book continue through the second quarter. Revenue growth was led by low double-digit growth in consumables with particularly robust demand for commercialized therapies. Equipment declined as expected as customers continue to absorb capacity added over the past several years and global trade uncertainty contributed to delays in some larger capital investment decisions.

在生物加工領域，我們很高興看到訂單的正面趨勢持續到第二季。營收成長主要得益於消耗品的低兩位數成長，尤其是對商業化療法的需求強勁。由於客戶持續吸收過去幾年增加的產能，且全球貿易不確定性導致一些較大資本投資決策的延遲，設備產量如預期下降。

In addition to strong demand for commercial production, the number of therapies in development and clinical trials remains robust. Monoclonal antibodies, which comprise more than 75% of our bioprocessing revenues remain the largest investment area for our customers and there is a healthy pipeline of new molecules in development.

除了對商業生產的強勁需求外，處於開發和臨床試驗階段的療法數量也保持強勁。單株抗體占我們生物加工收入的 75% 以上，仍然是我們客戶最大的投資領域，並且有一系列新的分子正在開發中。

At the same time, biosimilar development in production and demand for our solutions are increasing as patents on high-volume therapies expire, making life-saving treatments more accessible and driving broader adoption.

同時，隨著大容量療法專利到期，生物相似藥的生產開發和對我們解決方案的需求正在增加，這使得挽救生命的治療方法更容易獲得併推動更廣泛的採用。

With our comprehensive portfolio and an innovation engine geared towards increasing yields and enhancing manufacturing efficiencies, we're well positioned to support our customers as they advance these therapies through development and into commercial production. The strength of the development pipeline paired with consistent growth in commercial production also reinforces our conviction in the high single-digit long-term growth outlook for our leading bioprocessing franchise.

憑藉我們全面的產品組合和旨在提高產量和增強製造效率的創新引擎，我們能夠很好地支持我們的客戶推進這些療法的開發和商業化生產。強大的開發管道加上商業生產的持續成長也增強了我們對領先的生物加工特許經營的高個位數長期成長前景的信心。

Now turning to our Life Sciences segment. Core revenue decreased by 2.5%. The Core revenue in our life sciences instrument businesses collectively declined low single digits in the quarter. Looking across our end markets, clinical and applied markets held up well globally while demand from academic and government customers remained weak. As I mentioned earlier, we continued to see modest recovery in Pharma spending with revenue from these customers growing in the quarter.

現在轉向我們的生命科學領域。核心收入下降2.5%。本季度，我們生命科學儀器業務的核心收入總體下降了個位數。縱觀我們的終端市場，全球臨床和應用市場表現良好，而學術和政府客戶的需求仍然疲軟。正如我之前提到的，我們繼續看到製藥支出的小幅復甦，來自這些客戶的收入在本季度有所增長。

In China, we saw an improvement in demand at stimulus-related funding translated into new customer orders and revenue. Core revenue in our genomics consumables business declined in the quarter, driven by lower demand for plasmids and mRNA from two of our larger customers, along with funding pressure across early-stage biotech and academic research customers.

在中國，我們看到刺激相關資金需求的改善轉化為新客戶訂單和收入。本季度，我們基因組學耗材業務的核心收入有所下降，原因是我們的兩個較大客戶對質粒和 mRNA 的需求下降，以及早期生物技術和學術研究客戶的資金壓力。

Now you likely saw IDT and Aldevron in the headlines this quarter for their groundbreaking role in helping develop the world's first on-demand mRNA-based personalized in vivo CRISPR therapy. This achievement marks a major milestone for in vivo CRISPR-based therapies and serves as a powerful example of how our genomics businesses are helping advance the future of personalized medicine.

現在，您可能會在本季度的頭條新聞中看到 IDT 和 Aldevron，因為它們在幫助開發世界上第一個基於按需 mRNA 的個人化體內 CRISPR 療法方面發揮了開創性的作用。這項成就標誌著基於 CRISPR 的體內療法的一個重要里程碑，也是我們的基因組學業務如何幫助推動個人化醫療未來發展的有力例證。

Now moving to our Diagnostics segment. Core revenue increased 2%. The Core revenue in our clinical diagnostics businesses was up low single digits, with mid-single-digit growth outside of China. Beckman Coulter Diagnostics led the way with high single-digit growth outside of China and notable strength in instrumentation. This marks Beckman's fourth consecutive quarter of mid-single-digit or better core growth outside of China.

現在轉到我們的診斷部分。核心收入成長2%。我們的臨床診斷業務的核心收入成長了低個位數，中國以外的地區實現了中等個位數的成長。貝克曼庫爾特診斷公司在中國以外地區以高個位數成長和儀器儀表領域的顯著優勢領先。這標誌著貝克曼連續第四個季度在中國以外地區實現中等個位數或更高的核心成長。

And is a direct result of good traction from recent innovations such as the DxC 500 integrated clinical chemistry and immunoassay analyzer and the DxI 9000 high-resolution immunoassay analyzer and continued momentum in commercial execution.

這是 DxC 500 綜合臨床化學和免疫分析儀以及 DxI 9000 高分辨率免疫分析儀等最新創新的良好發展勢頭以及商業執行的持續勢頭的直接結果。

In Molecular Diagnostics, Cepheid's respiratory revenue was modestly better than expected, though slightly below prior year levels. Cepheid's core non-respiratory revenue grew double digits, including double-digit or better growth in sexual health, urology and hospital-acquired infections. This sustained growth in non-respiratory revenue reflects increasing menu adoption and system utilization across our installed base, along with continued strength from newer assays, such as the multiplex vaginitis panel, which grew over 75% in the US this quarter.

在分子診斷領域，Cepheid 的呼吸系統收入略優於預期，但略低於去年同期水準。Cepheid 的核心非呼吸系統收入實現了兩位數成長，其中性健康、泌尿科和醫院內感染收入均實現了兩位數或更高的成長。非呼吸道收入的持續成長反映了我們安裝基礎上菜單採用率和系統利用率的提高，以及新檢測方法的持續強勁增長，例如多重陰道炎檢測組，本季度在美國增長了 75% 以上。

Now Cepheid continues to expand its global installed base of more than 60,000 instruments. This expansion has been driven by notable wins across large health care systems and integrated delivery networks that are standardizing testing on the gene expert platform.

目前，Cepheid 繼續擴大其全球安裝量，目前已超過 60,000 台儀器。這項擴展是由大型醫療保健系統和綜合交付網路的顯著勝利所推動的，這些系統正在標準化基因專家平台上的測試。

As these customers look to allocate resources more efficiently, Cepheid's point-of-care molecular testing is proving increasingly valuable, helping deliver greater efficiency through fewer total tests higher rates of correct treatment and ultimately, lower overall treatment cost compared to other testing strategies.

隨著這些客戶尋求更有效地分配資源，Cepheid 的即時分子檢測被證明越來越有價值，與其他檢測策略相比，它可以透過更少的總檢測次數實現更高的效率，從而提高正確治療率，並最終降低整體治療成本。

So with that, now let's frame how we're thinking about the third quarter and the full year 2025. For the full year 2025, we continue to expect core revenue growth of approximately 3%. We Additionally, we're raising our full year adjusted diluted net EPS guidance to a range of $7.70 to $7.80 versus our previous range of $7.60 to $7.75. In the third quarter, we expect core revenue to grow in the low single-digit percent range. And additionally, we expect the third quarter adjusted operating profit margin of approximately 25.5%.

因此，現在讓我們來構思一下我們對 2025 年第三季和全年的看法。對於 2025 年全年，我們繼續預期核心收入將成長約 3%。此外，我們將全年調整後稀釋每股淨收益預期上調至7.70美元至7.80美元，先前預期為7.60美元至7.75美元。我們預計第三季核心收入將實現低個位數百分比成長。此外，我們預計第三季調整後的營業利潤率約為 25.5%。

So to wrap up, we're encouraged by the momentum we've generated in the first half of the year, particularly in our bioprocessing business. Our team's focused execution and a dynamic operating environment enabled us to deliver financial results ahead of our expectations while advancing solutions that are at the forefront of improving patient and health care outcomes.

總而言之，我們對今年上半年所取得的進展感到鼓舞，特別是在生物加工業務方面。我們團隊的專注執行和充滿活力的營運環境使我們能夠提供超出預期的財務業績，同時推進處於改善患者和醫療保健結果前沿的解決方案。

Our solid second quarter results also underscore the unique positioning of our portfolio. Our businesses are well positioned in end markets with long-term secular growth drivers and our business models are resilient with more than 80% of our sales today comprised of consumables and service revenue, which is typically highly recurring.

我們第二季的穩健表現也凸顯了我們投資組合的獨特定位。我們的業務在終端市場佔據有利地位，擁有長期的持續成長動力，我們的業務模式具有彈性，目前我們 80% 以上的銷售額由消耗品和服務收入組成，這些收入通常具有高度的經常性。

At the same time, the strength of our balance sheet and financial position allows us to invest for the future, both organically and through strategic capital deployment to further enhance our long-term competitive advantages.

同時，我們強勁的資產負債表和財務狀況使我們能夠透過有機投資和策略資本部署進行未來投資，以進一步增強我們的長期競爭優勢。

So looking ahead, we remain focused on what we can control in what has become a more complex macro environment since the start of the year. We believe the combination of our talented team, the differentiation of our portfolio and our strong financial profile, all powered by the Danaher Business System, will enable us to continue delivering strong results for the remainder of 2025 and beyond.

因此，展望未來，我們將繼續關註今年以來變得更加複雜的宏觀環境中我們能夠控制的事情。我們相信，在丹納赫業務系統的支持下，我們優秀的團隊、差異化的產品組合和強大的財務狀況將使我們能夠在 2025 年剩餘時間及以後繼續取得強勁的業績。

So with that, I'll turn the call back over to John.

因此，我將把電話轉回給約翰。

Thank you, Rainer. Operator, that concludes our formal comments. We're now ready for questions.

謝謝你，雷納。操作員，我們的正式評論到此結束。我們現在準備好回答問題了。

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行 Michael Ryskin。

I want to be the first to congratulate both Mats on current and future roles. (inaudible) be great working with both of you and look forward to it. Ryan, I want to start on just -- I want to start on the order trends commentary real quick on bioprocess. You had some really positive commentary in terms of positive trends in the order book continuing, especially in the consumables.

我想先祝賀 Mats 兩位現任和未來的職位。 （聽不清楚）很高興與你們兩位合作，我對此充滿期待。瑞安，我想開始——我想快速開始對生物過程的順序趨勢評論。您對訂單簿持續呈現正面趨勢給出了非常正面的評價，尤其是在消耗品方面。

I was wondering if you could dive into that a little bit more in terms of what the book-to-bill was, whether you saw orders accelerate from the first quarter, just sort of expectations for order trends in the third quarter. Or any color you can provide maybe by biotech versus Pharma? Just any additional color you can provide on bioprocess trends?

我想知道您是否可以更深入地談論訂單出貨比，您是否看到訂單量從第一季開始加速，以及對第三季訂單趨勢的預期。或者您可以提供任何顏色，可能是生物技術還是製藥？您能提供有關生物過程趨勢的任何其他資訊嗎？

Thanks, Mike. And let me put the order trend right into the context here of some of our comments. I think, first, it's important to note that our Biotechnology segment consists of two businesses. One is the bioprocessing business, which is the $6 billion annual revenue business that you were just asking about. And then the other is the Discovery and Medical business, which is a $1 billion basis. And that business, the Discovery in Medical behaves a lot more like a life science tools business.

謝謝，麥克。讓我將訂單趨勢放入我們的一些評論的背景中。我認為，首先，值得注意的是，我們的生物技術部門由兩項業務組成。一是生物加工業務，也就是您剛才問到的年收入 60 億美元的業務。另一個是發現和醫療業務，其基礎是 10 億美元。而醫療發現業務更像是生命科學工具業務。

Now to your point here, let's talk about bioprocessing and work through to the orders development here. So first of all, the performance and trends in Q2 were very consistent with what we saw in Q1. Consumables continued to lead the way globally with low double-digit growth in consumables really driven by commercial demand and large Pharma CDMO customers.

現在回到您的觀點，讓我們來討論一下生物加工以及這裡的訂單開發。首先，第二季的表現和趨勢與我們在第一季看到的非常一致。耗材繼續在全球範圍內處於領先地位，其低兩位數成長主要由商業需求和大型製藥 CDMO 客戶推動。

Smaller customers, while they were stable, are still below historical trends or historical levels. Now equipment remains below those historical trends with improving. So we're seeing better funnel activity, but we continue to see order delays with trade policy, creating some incremental noise here and probably slowing some decision making.

較小的客戶雖然穩定，但仍低於歷史趨勢或歷史水準。現在設備仍然低於歷史趨勢，但仍在不斷改進。因此，我們看到了更好的漏斗活動，但我們繼續看到貿易政策的訂單延遲，從而產生了一些增量噪音，並可能減慢一些決策。

Now overall, our book-to-bill was consistent with prior quarters and around one, with some lumpiness in equipment orders. And overall order activity in the first half and second quarter are fully supportive of a high single-digit core growth in the second half.

總體而言，我們的訂單出貨比與前幾季一致，約為 1，但設備訂單有些波動。上半年和第二季的整體訂單活動完全支持下半年核心業務的高個位數成長。

So if you put all that together here, and I think it's important to also comment on the top line performance here, which continues to drive strong profitability with fall-through of over 50% and in bioprocessing in the first half. So when you put all that together, we're really encouraged by the strong first half. We expect high single-digit growth in the second half of the year. And all of this reaffirms our belief that bioprocessing is a high single-digit grower, both in 2025 and the long term.

因此，如果將所有這些放在一起，我認為對這裡的營收表現進行評論也很重要，營收表現繼續推動強勁的盈利能力，上半年生物加工業務的盈利能力下降了 50% 以上。所以，當你把所有這些因素綜合起來時，我們真的對上半年的強勁表現感到鼓舞。我們預計下半年將實現高個位數成長。所有這些都再次證實了我們的信念：無論在 2025 年還是長遠來看，生物加工都將保持高個位數成長。

Okay. And I want to touch on something you also brought up a couple of times. You mentioned global trade tensions a few times in the prepared remarks. You just touched on it in your prior answer. If you could expand on that, where you're seeing it?

好的。我想談談您多次提到的一個問題。您在準備好的發言中多次提到全球貿易緊張局勢。您剛才在先前的回答中提到了這一點。如果您可以進一步闡述這一點，您在哪裡看到它？

Is it sort of what regions geographically and also what customer segments, whether it's Pharma or some of the more industrial or applied markets. Is it pausing of orders? Is it cancellations of orders? Is it delays of new orders? Just sort of how are you seeing those dynamics play out? And do you expect a recovery in that or improvement in that as we go through the rest of the year and we have sort of continued discussion on the tariff front?

它是否與地理位置和客戶群有關，是製藥業還是一些工業或應用市場。是暫停接單嗎？是取消訂單嗎？是新訂單延遲嗎？您如何看待這些動態的發生？隨著我們度過今年剩餘時間並繼續就關稅問題進行討論，您是否預計這種情況會復甦或改善？

So Mike, I mean I think there's a general overlay here of trade uncertainty as it relates to how the tariffs will play out. If we think about the different end markets. In Pharma, certainly, as we pointed out, this market continues to grow over time. There is going to be a need for capacity expansions and now Pharma companies have to ask themselves the critical question as to where they're going to build that new capacity.

所以麥克，我的意思是，我認為這裡存在著與關稅如何實施有關的貿易不確定性。如果我們考慮不同的終端市場。當然，正如我們所指出的，在製藥領域，這個市場會隨著時間的推移而持續成長。需要擴大產能，現在製藥公司必須問自己一個關鍵問題：在哪裡建立新的產能。

And of course, that's hard to do if you don't know yet what the tariff situation ultimately plays out to be. But we would expect that, that overhang here clears here certainly in the next 6 to 12 months, that's certainly our planning assumption. So that isn't overly on Pharma.

當然，如果你還不知道關稅情況最終會如何發展，那麼這將很難做到。但我們預計，這裡的過剩肯定會在未來 6 到 12 個月內消除，這當然是我們的規劃假設。所以這對製藥業來說並不算過分。

As it relates to the applied and clinical markets, I think that's less of a factor. So clinical markets, we see volumes remaining fairly consistent capacity increases are more incremental in that regard. And as it relates to Applied markets, I would say the same thing.

由於它與應用和臨床市場相關，我認為這不是一個重要因素。因此，在臨床市場上，我們看到產量保持相當穩定，容量成長在這方面更為漸進。至於應用市場，我也會說同樣的話。

Doug Scheknel, Wolfe Research.

道格‧謝克內爾（Doug Scheknel），沃爾夫研究公司。

Matt and Matt, congrats and thanks for all the help, and thanks to the broader team for giving us some time this morning. So I just want to talk about bioprocessing a little bit more and I really just want to clarify your bioprocessing assumptions that are embedded into guidance. So first, you had previously told us to expect high single-digit bioprocessing revenue growth for the year. Is that still the case?

馬特和馬特，恭喜你們，感謝你們所有的幫助，也感謝全體團隊今天早上給我們時間。因此，我只想再多談一點關於生物加工的事情，我真的只是想澄清一下你們在指導中所包含的生物加工假設。首先，您之前曾告訴我們，預計今年生物加工收入將實現高個位數成長。現在還是這樣嗎？

Second, you got 2.5 points of price in the biotech segment in Q2. What is your assumption for pricing for the second half within the segment? And what does that imply regarding volume pacing? And then third, really more to the point, it seems like you may have increased bioprocessing guidance while reducing D&M assumptions? And you kind of referenced this in your response to Mike, I just want to see if that's the case.

其次，第二季生技領域的價格上漲了 2.5 個百分點。您對該領域下半年的定價有何假設？那麼這對音量起搏意味著什麼呢？第三，更重要的是，似乎您可能增加了生物加工指導，同時減少了 D&M 假設？您在回覆麥克時提到了這一點，我只是想看看是否如此。

Yes, Doug. Maybe I'll take a first stab at it. So kind of to your first part of the question on bioprocessing. I think the simple answer is yes, high single digits is still our guide for the year for the bioprocessing piece. Again, just for folks, that's that $6 billion of the $7 billion in the segment.

是的，道格。也許我會先試試看。這有點像您關於生物加工問題的第一部分。我認為答案是肯定的，高個位數仍然是我們今年生物加工部分的指導。再說一次，僅供大家參考，這就是該部分 70 億美元中的 60 億美元。

So that -- we are still expecting to see high single digits. I think your second question was around price and what we saw here. So I think we saw about -- call it the first half, 1.5%, 2% kind of price is what we saw in the segment. I think we're probably going to do roughly the same, maybe a little bit better here in the second half from a price perspective in the segment.

因此——我們仍然預計會看到較高的個位數成長。我認為您的第二個問題是關於價格以及我們在這裡看到的情況。所以我認為我們看到了——稱之為上半年，1.5%、2% 的價格是我們在該領域看到的。我認為，從該領域的價格角度來看，下半年我們可能會取得大致相同的成績，甚至可能更好。

And so from a volume pacing perspective, which I believe you asked about as well, we really -- we will see Q2 kind of step down in Q3, very traditional for us to have a kind of a volume step-down we do some work on some of our plants, and we typically, Q3 is our lowest volume quarter.

因此，從產量節奏的角度來看，我相信您也問過這個問題，我們確實會看到 Q2 的產量在 Q3 有所下降，這對我們來說非常傳統，我們會在一些工廠做一些工作，通常情況下，Q3 是我們產量最低的季度。

And you see that both in -- you see it really in the margins to in bioprocess in Q2 to Q3. But then you separate back up, Q4 is our best quarter in bioprocessing. So I would expect to see the same kind of cadence on that.

並且您可以看到，在第二季到第三季的生物過程利潤率中確實存在這種情況。但再分開來看，第四季是我們生物加工領域中最好的一個季度。因此我希望看到同樣的節奏。

And then lastly, I think it was on just sort of maintaining the full margin -- the full guide for the year on the segment. I think that's right. I think on the margin, you're probably a little bit lower at D&M, but we're probably a little bit better here in bioprocessing in that $6 billion piece. So again, it's on the margin. It's not huge, but we are -- we would maintain the guide for the full year for the segment.

最後，我認為這只是為了維持全部利潤——該細分市場全年的完整指南。我認為那是對的。我認為，從利潤率來看，D&M 的利潤率可能稍微低一些，但在生物加工領域，就那 60 億美元而言，我們的利潤率可能稍微高一些。所以再說一遍，它處於邊緣。雖然規模不大，但我們會維持該細分市場的全年指導價。

little better in bioprocessing, maybe a touch worse in D&M. And as Rainer said, that D&M piece is very different than bioprocessing. It kind of acts almost like a life science tools business to some degree.

在生物加工方面稍好一些，在 D&M 方面可能稍差一些。正如雷納所說，D&M 部分與生物加工非常不同。在某種程度上，它就像是一家生命科學工具公司。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

I'll echo my congrats. Rainer, you're lucky to have two rock stars with you there three, including John sorry, John.

我會再次表達我的祝賀。雷納，你很幸運能有兩位搖滾明星和你在一起，包括約翰，對不起，約翰。

I totally agree. Thanks, Scott.

我完全同意。謝謝，斯科特。

Just first just to clarify something. Is the structural cost out part of the story, is that behind us now?

首先要澄清一些事情。結構成本是否是問題的一部分，現在已經解決了嗎？

Yes. I mean I think it's -- we feel very comfortable and confident that we are going to get all of that $150 million. I think we've probably got about half already, Scott, and the other half will come as we work through the second half. It's -- but I feel very comfortable.

是的。我的意思是，我認為——我們非常放心並且有信心我們將獲得全部 1.5 億美元。斯科特，我想我們可能已經完成了一半，而另一半將在我們完成下半部分時完成。是的——但我感覺很舒服。

Okay. And I'm actually just kind of curious of your view here. I mean early-stage biotech. I'm just trying to get a sense of what you think the -- this is going to -- how this is going to play out in the next couple of years. But is this a case of where kind of AI spend is crowding out perhaps some of the opportunities? Is there pent-up demand here? I mean just kind of -- are we still going to be talking about this in 12 months, I guess, is my question. I'm just kind of curious how you guys view the market.

好的。我其實只是有點好奇你的觀點。我指的是早期生物技術。我只是想了解一下您認為這在未來幾年將如何發展。但這是否說明人工智慧支出可能會擠佔一些機會？這裡是否存在著被壓抑的需求？我的意思是──我想，我的問題是，12 個月後我們還會談論這個問題嗎？我只是有點好奇你們如何看待這個市場。

I would say that if we just look where we are today, biotech is at lower activity levels, but stable. The investment environment has been tough here with the amount of venture capital that goes into these biotechs flowing and those that are already out there, really needing to focus on those therapeutic programs that show the best data.

我想說，如果我們只看目前的情況，生物技術的活動量較低，但穩定。這裡的投資環境一直很艱難，大量創投湧入這些生技公司，而那些已經存在的公司確實需要專注於那些顯示最佳數據的治療項目。

And I think that is representative of what has been going on here more generally in the sector that the enormous wave of investment that we saw during and just after the pandemic has waned. And the market is now finding its footing.

我認為這代表了該行業普遍發生的情況，即我們在疫情期間和疫情剛結束後看到的巨大投資浪潮已經消退。市場現在正在站穩腳跟。

Now as it relates to AI, we really see that ultimately as a tailwind because we see them less money being spent on getting to compound ideas, if you will, and more money being spent taking great ideas, which have been validated in silico as they say, through the development pipeline, ultimately driving more manufactured and commercialized therapies.

現在，就人工智慧而言，我們確實將其視為一種順風，因為我們看到他們在獲得複合創意方面花費的資金減少了，而將更多的資金投入到實現偉大的創意上，這些創意已經通過開發渠道得到了計算機模擬驗證，最終推動了更多製造和商業化的療法。

And of course, that's where our business is. where we have the most volume, of course, the most share. And so we view this really positively. But we have to say that we're at a low activity level currently in the discovery phase of the biotech market.

當然，這就是我們的業務所在。我們的業務量最大，當然，我們的份額也最大。因此我們對此持非常正面的看法。但我們不得不說，目前我們處於生物技術市場探索階段的較低活動水平。

Okay. Good color. All right. I'll pass it on. Congrats again, Matt and Matt.

好的。顏色不錯。好的。我會傳達的。再次恭喜，馬特和馬特。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

I want to probe a little bit on the guide. You're not flowing through the entire EPS beat. I'm just curious if there are areas of maybe incremental caution in the back half of the year.

我想對這個指南進行一些探究。您沒有順暢地完成整個 EPS 節拍。我只是好奇今年下半年是否有可能需要逐步謹慎的領域。

And then on 4Q specifically, you've got a step-up in Life Sciences, I think kind of ramping to mid to high single digits and the comps there are more difficult. So, just curious if you can get us more comfortable with that in particular. Is that contribution from the new SCIEX launches at ASMS.

然後具體到第四季度，生命科學領域取得了進展，我認為成長速度將達到中高個位數，而那裡的比較則更加困難。所以，我只是好奇您是否可以讓我們對此更加放心。這是來自 ASMS 上新推出的 SCIEX 的貢獻嗎？

Yes, that's a piece of it. And maybe I'll let Rainer kind of take the second half piece because you can talk about some of -- like you said, some of the new stuff that's out there, but maybe I'll take the first question, which is sort of on the guide and the flow-through.

是的，這是其中的一部分。也許我會讓雷納來回答後半部分，因為你可以談論一些——就像你說的，一些新的東西，但也許我會回答第一個問題，也就是關於指南和流程的問題。

So maybe I'm kind of sort of thinking about the guide like this. So we got off to a pretty good start in the first half, both on the cost actions, like I said to Scott earlier, I feel very comfortable where we are on those. We had a little bit better FX as well. Probably FX was maybe a $0.05 better for us. And like I said, I think we get the full cost actions, which is probably $0.15 or so.

所以也許我正在考慮這樣的指南。因此，我們在上半年取得了相當不錯的開局，無論是在成本行動方面，就像我之前對斯科特說的那樣，我對我們目前的狀況感到非常滿意。我們的 FX 效果也稍微好一點了。FX 可能對我們來說好 0.05 美元。正如我所說的，我認為我們獲得了全部成本行動，大概是 0.15 美元左右。

And so I kind of look at that, say, $0.20, and that's what we flowed through to the full year. So all the cost actions and the better first half FX. So we started in January, we call it, [760] as sort of the range, put the $0.20 on top of that, and that's how you get to kind of the high end of the range now at [780].

因此，我將其視為 0.20 美元，這就是我們全年的支出。因此，所有成本行動和上半年的外匯表現都較好。因此，我們從 1 月開始，將其稱為 [760] 範圍，在此基礎上加上 0.20 美元，這就是現在達到範圍高端的方式。[780]。

So but there are two other things here that I think you're right, we have not flowed through fully. And I think maybe the easiest way to think about it is, one, we had a good start in respiratory in Q1 and Q2. And two, FX. In the second half, that's going to be much more favorable than we thought in January. And so I think the combination of those two maybe probably other $0.15, $0.20, that has not flowed through.

但這裡還有另外兩件事，我認為你是對的，我們還沒有完全講清楚。我認為也許最簡單的思考方式是，第一，我們在第一季和第二季的呼吸系統方面有一個很好的開始。其次，FX。下半年的情況將比我們一月預想的要有利得多。因此，我認為這兩者加起來可能還有 0.15 美元、0.20 美元尚未流入。

And the reason we haven't flowed it through is one, we're going to maintain the full year respiratory guide at $1.7 billion to see how that plays out in Q3 to Q4, that is a variable number. And that FX is the same, right? That could fluctuate and come back. That has made a significant movement since January, and could very well come back.

我們尚未將其流通的原因是，我們將維持全年呼吸指南在 17 億美元，以觀察其在第三季至第四季的表現，這是一個可變的數字。FX 也是一樣的，對嗎？這可能會波動並再次出現。自一月份以來，這一趨勢已經出現顯著變化，而且很有可能再次出現。

And so we've decided now to hold back on respiratory, hold back on the second half FX and just kind of see what happens, especially in a pretty dynamic policy and operating environment just felt like we'll sit and see how things play out before we commit to that final $0.15, $0.20.

因此，我們現在決定暫停呼吸機，暫停下半年的外匯交易，只是看看會發生什麼，特別是在一個相當動態的政策和運營環境中，感覺我們會坐下來看看事情如何發展，然後再承諾最後的 0.15 美元、0.20 美元。

And to the second part, Tycho, I mean, what we're really saying is the first half in the Life Science segment was down low singles. We expect the full year to be flat. So the second half needs to be up positive low singles. And what we're really seeing there is the impact of three factors. The first is -- and we're actually not assuming a significantly improved activity level.

至於第二部分，Tycho，我的意思是，我們真正想說的是生命科學部分的前半部分是低調的單打。我們預計全年將持平。因此下半場需要積極向上的低位單打。我們真正看到的是三個因素的影響。首先是──我們其實並沒有假設活動水準會顯著提高。

So in genomics, we expect to see better comps as an example. So in China, we're seeing -- it's incrementally firmer with some stimulus following through. And then as you suggested, we have a number of new product introductions that are gaining traction in our funnels here in the first half, including SCIEX and Beckman Coulter Life Sciences, and some others. And so we expect those to gain traction here in the second half.

因此，在基因組學中，我們期望看到更好的同類產品作為範例。因此，在中國，我們看到，隨著一些刺激措施的實施，經濟正在逐步走強。正如您所說，我們上半年推出了一些新產品，這些產品在我們的銷售管道中越來越受歡迎，其中包括 SCIEX、Beckman Coulter Life Sciences 和其他一些產品。因此，我們預計這些因素將在下半年獲得推動。

Maybe to put some numbers around to [40], Tycho, your sort of best step up from 12 to 22 to go from down low single to up low single life sciences. Call it, the $150 million roughly. And I think if you are kind of trying to bridge that, I would say that genomics, again, remember the first half, we had those two large customers really fall off. I think that's probably a third of it. I would say that we are assuming China -- especially China tools with some comps -- easier comps and a better funding environment.

也許把一些數字放到 [40] 左右，Tycho，你最好的進步是從 12 到 22，從低單身到低單身生命科學。大概是 1.5 億美元。我認為如果你想彌補這一點，我會說基因組學，再次記住上半年，我們的那兩個大客戶真的失敗了。我認為這可能是其中的三分之一。我想說的是，我們假設中國——尤其是具有一些可比性的中國工具——擁有更容易的可比性和更好的融資環境。

There's another a third of it. And then lastly, new products and kind of other things is the final one-third. So one-third, one-third, one-third between China, genomics, new products, other. That's sort of what we're assuming and are baked into the model from step-up from [1/2 to 2/2] of roughly $150 million.

還有另外三分之一。最後，新產品和其他東西佔最後三分之一。因此，三分之一、三分之一、三分之一屬於中國、基因組學、新產品和其他。這就是我們的假設，並且已納入模型中，從 [1/2 到 2/2] 逐步增加到大約 1.5 億美元。

Okay. That's helpful. And then one quick follow-up. It sounds like you're not flagging any incremental headwinds on volume-based procurement. Obviously, one of your peers did last week. Maybe just get us comfortable that, that's not a lingering issue that could get worse.

好的。這很有幫助。然後進行一次快速跟進。聽起來您並沒有指出批量採購方面存在任何增量阻力。顯然，你的一位同事上週就這麼做了。也許只是讓我們感到安心，這不是一個可能變得更糟的揮之不去的問題。

In China, volume-based procurement and the reimbursement changes was essentially what we thought in Q2 and for the first half of the year. In fact, volume was consistent with Q1 and our expectations. So there's really no change to our expectations of $150 million adverse impact from volume-based procurement in 2025.

在中國，基於數量的採購和報銷變化基本上與我們在第二季和上半年的想法一致。事實上，交易量與第一季和我們的預期一致。因此，我們對 2025 年批量採購將造成 1.5 億美元不利影響的預期實際上並沒有改變。

Now under the hood there, there's been some recent policy changes, which largely did not affect us because they're really geared to different aspects of the testing menu which we actually don't have. So it's possible that different companies experience different things here. But for us, we saw the quarter develop as expected. Volumes were consistent with Q1, and we don't have a different perspective on the $150 million here for the year on volume-based procurement.

現在，內部出現了一些最近的政策變化，但這對我們基本上沒有影響，因為它們實際上針對的是測試菜單的不同方面，而我們實際上並沒有。因此，不同的公司可能會遇到不同的情況。但對我們來說，我們看到本季的發展符合預期。採購量與第一季一致，我們對今年 1.5 億美元的大量採購沒有不同看法。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Congrats to both Gugino and McGrew. Maybe one on biotech for you, Rainer, guidance, 7% was maintained. You look at your second quarter and third quarter assumptions here for 6% implied growth for Q4 should accelerate to high singles, maybe 8% to 9%-ish. What is the guide assuming for Q4 acceleration in biotech? Is that maybe China coming back small biopharma coming back or maybe exiting turning around?

恭喜 Gugino 和 McGrew。也許對你來說，生物技術領域的一個指導是，雷納，維持 7%。您可以看一下第二季和第三季的假設，其中隱含的 6% 成長率第四季應該會加速至高位，大概是 8% 到 9% 左右。該指南對生物技術第四季加速發展有何假設？這是否意味著中國小型生物製藥公司正在捲土重來，或正在扭虧為盈？

No. I would -- I think I would say that we've got high single-digit core for both Q3 and Q4. I don't know if there's any real material changes that we have tried to bake in a certain geography or in equipment or anything like that. I would say it's -- we're just assuming a fairly steady environment, which is -- we've seen really good double-digit type growth out of s equipment has been pretty muted, and we expect that to continue here throughout the back half of the year as we work through. So I don't think it's a massive change for us.

不。我想說的是，我們在第三季和第四季都獲得了高個位數的核心收入。我不知道我們是否嘗試在某個地理位置、設備或類似的東西上做出任何真正的物質改變。我想說的是 - 我們只是假設一個相當穩定的環境，也就是說 - 我們已經看到設備實現了非常好的兩位數增長，但增長速度相當緩慢，我們預計這種情況將在今年下半年繼續下去。所以我不認為這對我們來說是一個巨大的改變。

Yes. This is not about a step-up in activity level. This is just the normal seasonality, Vijay, that you see with Q3 being sort of the lowest level of activity in bioprocessing and some other markets as well. And then as the fourth quarter kicks in, that's always been and continues to be the largest quarter for us from an activity level.

是的。這與活動水準的提高無關。維傑，這只是正常的季節性現象，您會發現第三季是生物加工和其他一些市場活動水平最低的時期。然後，隨著第四季度的開始，從活動水平來看，這一直是並將繼續是我們最大的季度。

Understood. Then maybe my follow-up sort of related question here. Was there any pull forward either in academic channels or biopharma channels, I think that question comes up because of tariffs. Was there any customer of change in customer behavior. And I think given all of these macro situations, right, is this bioprocessing sort of high single sites now a sustainable number? Or this macro dose or sort of overhang when you think about '26?

明白了。那麼也許我的後續相關問題就在這裡。學術管道或生物製藥管道是否有任何推動作用，我認為這個問題是由於關稅而產生的。客戶的行為是否有改變？我認為，考慮到所有這些宏觀情況，這種生物加工類型的高單一站點現在是否是一個可持續的數量？或者當您想到 26 時，這種大劑量或某種懸垂？

So Vijay, we haven't seen any meaningful pull forward. We just haven't -- we're often asked and our numbers and our surveys and our customer conversations don't indicate that. We think the bioprocessing market at for years and the activity levels continue to confirm that this is a high single-digit growth market and that will continue now.

所以，維傑，我們還沒有看到任何有意義的進步。我們只是沒有——我們經常被問到這個問題，但我們的數字、調查和客戶對話都沒有表明這一點。我們認為生物加工市場多年來一直處於活躍狀態，其活動水平繼續證實這是一個高個位數成長的市場，而且這種成長趨勢還將繼續。

As it relates to 2026, we obviously have still half a year ahead of us in what is a pretty dynamic operating environment with some questions that still need to be answered as I spoke to earlier, but it is our plan to provide some preliminary thoughts on 2026 for Danaher overall during our October earnings call. So we just want to see here how the third quarter plays out. And then in October, October will give you our preliminary thoughts on '26.

就 2026 年而言，我們顯然還有半年的時間，而且營運環境也相當動態，正如我之前提到的，還有一些問題需要解答，但我們計劃在 10 月份的收益電話會議上對丹納赫 2026 年的整體情況提出一些初步想法。所以我們只是想看看第三季的表現如何。然後在十月，十月我們會給你我們對 26 年的初步想法。

Puneet Soudo, Leerink Partners.

Puneet Soudo，Leerink 合夥人。

Just wondering, I know you talked about tariffs, but just I wanted to clarify, you previously sized at about $350 million in tariff costs with room to mitigate is supply chain and optimization. Can you talk to us about the updated number there? And just given the intra-quarter changes with US-China trade policy and the $145 million tariffs going to now 30%.

只是想知道，我知道您談到了關稅，但我只是想澄清一下，您之前估計的關稅成本約為 3.5 億美元，還有緩解供應鏈和優化的空間。您能跟我們談談那裡更新的數字嗎？考慮到中美貿易政策在本季內的變化，1.45 億美元的關稅現在將達到 30%。

Yes. I would say that from a number perspective, we're still at kind of a couple of hundred million dollars of exposure right now today. That's what we would think of -- as far as -- versus the $350 million, I mean, that obviously could change in very short order.

是的。我想說，從數字角度來看，我們目前的風險敞口仍然有幾億美元。這就是我們所想的——就 3.5 億美元而言，我的意思是，這顯然可能在很短的時間內發生變化。

As far as kind of China and the tariff there, we've got a lot of different things that we can do, both internally that we have control over and also other levers that were available to us within the quarter that we were able to use to effectively not have to charge our customers and tariff. And so we took advantage of those levers.

就中國和那裡的關稅而言，我們可以做很多不同的事情，既包括我們可以控制的內部措施，也包括我們在本季度可以使用的其他手段，我們可以使用這些手段有效地避免向客戶收取關稅。因此我們利用了這些槓桿。

And so therefore, from our perspective, as we've always said, we plan on offsetting all the tariffs and we only plan on offsetting them. if we have to pay it, we will try and pass that along somehow some way. But if we don't pay it, we're not going to try and pass. So that was a net neutral event for us in China.

因此，從我們的角度來看，正如我們一直所說的那樣，我們計劃抵消所有關稅，而且我們只計劃抵消它們。如果我們必須支付，我們將嘗試以某種方式將其轉嫁出去。但如果我們不支付，我們就不會嘗試通過。所以這對我們中國來說是一個網路中立事件。

Got it. And then just briefly on a question that is on minds of investors, just given the impact that has happened in the gene therapy market. One of your customers have seen suspension of their therapies from FDA on safety concerns. The question is how broad is the exposure to gene therapies. And I totally recognize that innovation doesn't come with risk without risk. So just how are you thinking about this risk overall and the exposure that you have with respect to Aldevron and also your -- the Cytiva segment as well?

知道了。然後，我們簡單回答一個投資人關心的問題，看看基因治療市場是否受到了影響。您的一位客戶因安全問題被 FDA 暫停了其治療。問題在於基因療法的普及範圍有多廣。我完全體認到，沒有風險，創新就不會有風險。那麼，您如何看待這種整體風險以及您對 Aldevron 和 Cytiva 部門的風險敞口？

Gene therapy, so AAV-based gene therapy, as you were just suggesting is really in the early innings, Puneet. And this is going to have its vacillations, two steps forward, one step back. Of course, what we just saw here in the news is a step back.

基因治療，基於 AAV 的基因治療，正如您剛才所說，還處於早期階段，Puneet。這必定會有動搖，前進兩步，後退一步。當然，我們剛才在新聞中看到的是一種倒退。

But it's not to say that, that therapy is not a very interesting and important alternative here for all kinds of different disease forms that are out there. So specifically some genetic diseases. So I think as we think of the broader picture genomics is in the early innings and has the potential to be an exciting and effective treatment regimen.

但這並不是說，對於各種不同類型的疾病來說，這種療法不是一種非常有趣且重要的替代方法。具體來說就是一些遺傳疾病。因此我認為，從更廣泛的角度來看，基因組學還處於早期階段，並且有可能成為一種令人興奮且有效的治療方案。

Now as we think about our own exposure here across Danaher, we're not talking about more than a couple of hundred dollars. Keep in mind, we're a protein house here with really 85% of what we do focused on proteins.

現在，當我們考慮自己在丹納赫的風險敞口時，我們談論的不會超過幾百美元。請記住，我們是一家蛋白質公司，我們所做的 85% 的工作都集中在蛋白質上。

And of course, that's a well-established market, and that's what drives our business and our earnings. Now we typically talk about these things more narrowly. But if we think about our guidance, and you mentioned Sarepta here in Aldevron.

當然，這是一個成熟的市場，也是推動我們業務和獲利的動力。現在我們通常更狹隘地談論這些事情。但如果我們考慮我們的指導，你提到了 Aldevron 的 Sarepta。

Our guidance in the market is essentially playing out as we expected, but the Aldevron Sarepta revenue, we expect to be $30 million for the full year with a minimal contribution here in the second half. So our guide contemplated and did not expect significant revenue contribution from that particular therapy.

我們對市場的指導基本上符合我們的預期，但我們預計 Aldevron Sarepta 全年的收入將達到 3000 萬美元，下半年的貢獻將很小。因此，我們的導遊考慮了一下，並沒有期望該特定療法能帶來顯著的收入貢獻。

Dan Leonard, UBS.

瑞銀的丹·倫納德（Dan Leonard）。

I was hoping, Rainer, that you could elaborate on trends in China outside of diagnostics. It is that business turning a corner? And if you could elaborate further because you touched on it briefly a few times in the prepared remarks.

雷納，我希望您能詳細說明中國診斷以外的趨勢。那項業務正在轉折嗎？如果您能進一步闡述一下，因為您在準備好的發言中已經幾次簡要地提到了這一點。

So our China business outside of diagnostics has been firming up the bioprocessing business has shown a slight growth here in the quarter. And we see the biotech and Pharma market there showing some more solid activity levels. So we do see that in bioprocessing.

因此，我們在中國除診斷以外的業務一直在鞏固，生物加工業務在本季呈現略微成長。我們看到那裡的生物技術和製藥市場表現出更強勁的活動水平。我們確實在生物加工中看到了這一點。

As we think of life science tools, we did see more stimulus activity and that's flowing through, not just to orders and revenues. It's still not at normal activity levels, but we do see it firming up. So we're encouraged by what we see here for those two businesses, and that's reflected here in our second half view. You'll recall Tycho's question here, the firming up of China in life science tools. is a part of that.

當我們想到生命科學工具時，我們確實看到了更多的刺激活動，而且這種刺激活動不僅僅流向訂單和收入。雖然它仍未達到正常活動水平，但我們確實看到它正在加強。因此，我們對這兩家企業的表現感到鼓舞，這也反映在我們對下半年的展望中。您會記得 Tycho 在這裡提出的問題，中國在生命科學工具方面的增強就是其中的一部分。

And just a clarification question for Matthew McGrew. Matt, did I hear you correctly that at current foreign exchange rates that your guide would be $0.15 higher?

我只是想向馬修麥格魯 (Matthew McGrew) 提出一個澄清問題。馬特，我是否聽得沒錯，按照目前的外匯匯率，您的指導價將上漲 0.15 美元？

With both the respiratory and the current FX, probably $0.15, $0.20. I'm not sure I'd say the guidance higher, but that's what the math would imply that we have not, if you would, not flowed through. between those two $0.15 to $0.20, and we haven't flowed that.

考慮到呼吸系統疾病和目前的外匯風險，大概是0.15美元到0.20美元。我不確定指導價是否會更高，但從數學上講，我們還沒有（如果你願意的話）流過。介於0.15美元到0.20美元之間的區間，我們還沒流過。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Ryan, I wanted to just go back to bioprocess orders, if you don't mind. I just wanted to confirm sort of Mike's earlier question. I think you said the book-to-bill was around one equipment more lumpy? Because I mean if I look back at the first quarter trends, I think you talked about the seventh consecutive quarter of a book-to-bill that was solidly over 1. I'm not trying to nitpick just trying to clarify maybe that was related to consumables. Just maybe if you can expand upon that a bit.

瑞安，如果你不介意的話，我想回到生物加工訂單。我只是想確認一下麥克之前提出的問題。我認為您說過訂單出貨比大約有一台設備比較不均勻？因為我的意思是，如果我回顧一下第一季的趨勢，我認為您談到的是訂單出貨比連續第七個季度穩居 1 以上。我並不是想吹毛求疵，只是想澄清一下這可能與消耗品有關。也許你可以稍微擴展一下這一點。

This is -- so the trends are really very comparable here. I would tell you that this book-to-bill is not a perfect measure. And that lumpiness, especially with larger orders, sometimes does not play through. So what we see here is consistent with what we've seen in prior quarters. It's around 1. And yes, we saw some lumpiness here in equipment and some larger orders. the activity level will be very comp.

這是——所以這裡的趨勢確實非常具有可比性。我想告訴你，訂單出貨比並不是一個完美的衡量標準。而這種不穩定性，尤其是對於較大的訂單，有時並不會顯現出來。因此，我們在這裡看到的情況與前幾季看到的情況一致。大約是 1。是的，我們看到這裡的設備和一些較大的訂單存在一些不平衡。活動水平將非常緊湊。

Okay. And then maybe moving over to Cepheid. I know you had a nice quarter I think it was low double digits, ex COVID. Could you just speak to kind of what's baked in for the '25 guide? How we think about that low double digits continuing or changing as we get into the back half of the year? I know you gave some color in the prepared remarks, but any further color there would be great. Sure.

好的。然後也許會轉向造父變星。我知道您度過了一個不錯的季度，我認為除 COVID 外，成長率是兩位數以下。能否簡單介紹一下 25 版指南包含哪些內容？當我們進入下半年時，我們如何看待這種低兩位數的成長趨勢會持續下去還是會改變？我知道您在準備好的發言中給了一些說明，但如果能進一步闡述就更好了。當然。

Well, as you said, overall, Cepheid had exceeded our expectations on a little bit better respiratory and double-digit non-respiratory growth. And in fact, the non-respiratory reagents grew low double digits in the quarter, second quarter. And we did see strength across the test menu with double-digit or better to say, or better growth in sexual health urology and hospital-acquired infections.

嗯，正如你所說，總體而言，Cepheid 的呼吸功能略有改善，非呼吸功能也實現了兩位數的增長，這超出了我們的預期。事實上，第二季非呼吸試劑的成長率達到了兩位數。我們確實看到了整個測試菜單的強勁表現，性健康、泌尿科和醫院內感染的檢測結果都呈現兩位數甚至更好的成長。

And we actually expect that strong non-respiratory demand to continue in the low to mid-teens for the full year. And the reason is we continue to expand that installed base, particularly at large IDNs that are standardizing across their network as they go a little bit closer to patients in their satellite settings.

實際上，我們預計強勁的非呼吸需求將在全年持續保持在十幾到十幾之間的水平。原因是我們繼續擴大安裝基礎，特別是大型 IDN，它們正在整個網路中進行標準化，因為它們在衛星設定中更接近患者。

And it just shows how Cepheid's strategy is playing out. I mean we see increasing menu adoption and utilization of the existing installed base, and we continue to expand that. And then with that, we see the pull-through of assays such as the hospital-acquired infections and urology.

這只是展示了 Cepheid 的策略如何發揮作用。我的意思是，我們看到現有安裝基礎的選單採用率和使用率不斷提高，並且我們將繼續擴大這一範圍。然後，我們看到了醫院獲得性感染和泌尿科等檢測的進展。

And then lastly, this recent menu expansion around our MVP, so that's the multiple vaginitis test. That's up over 75% in the US. So we feel very good about the non-respiratory portfolio continuing to track at higher growth levels, mid-teens.

最後，最近圍繞我們的 MVP 擴展了菜單，即多種陰道炎測試。在美國，這一數字上漲了 75% 以上。因此，我們對非呼吸產品投資組合繼續保持較高的成長水準（即十幾歲）感到非常滿意。

Rachel Vatnsdal, JPMorgan.

摩根大通的 Rachel Vatnsdal。

I wanted to echo everyone's earlier comments and congratulations to both of the maps here. So my first question, I just wanted to dig on to some of the trends on bioprocessing equipment. You've highlighted that revenues were weak and orders were lumpy in the quarter, given some of that global trade uncertainty. But you said that the funnel remains strong as well.

我想回應大家之前的評論，並對這裡的兩張地圖表示祝賀。所以我的第一個問題是，我只是想深入了解一些生物加工設備的趨勢。您曾強調，由於全球貿易的不確定性，本季營收疲軟，訂單不穩定。但您說漏斗仍然很強大。

So if we look at some of these press releases on companies building on additional capacity, I just wanted to get your thoughts on how are you thinking about the timing of recovery in bioprocessing equipment given those dynamics? Are you assuming recovery in equipment in the back half of the year, on a revenue basis? And then how are you thinking about the opportunity for onshoring and reinsuring longer term?

因此，如果我們看一下有關公司增加產能的一些新聞稿，我只是想了解一下，考慮到這些動態，您如何看待生物加工設備復甦的時機？從收入角度來看，您是否認為下半年設備銷售會復甦？那麼，您如何看待長期在岸和再保險的機會？

Thanks, Rachel. Well, it is, as you suggested here that larger projects are in discussion. And there -- the decisions are being delayed certainly for the reason I talked earlier, trade policy, tariffs, a couple of other points.

謝謝，Rachel。嗯，正如您在這裡所說的，更大的項目正在討論中。而這些決定肯定是因為我之前談到的貿易政策、關稅和其他一些原因而被推遲的。

What's also important to note is that the reality of this is that it takes a number of years to build new Pharma manufacturing plants. And that building that capacity is going to take some time. So it's really too early to determine what all these large announcements will -- how they play out and when that money flows.

同樣值得注意的是，現實情況是，建造新的製藥製造廠需要數年時間。而建立這種能力需要一些時間。因此，現在判斷這些重大聲明將會帶來什麼結果、如何實施以及資金何時到位還為時過早。

Now that said, I mean, Cytiva is very well positioned here to capitalize as these decisions start being taken and moved through their CapEx processes because of the breadth of our portfolio our scale and, of course, the global footprint, we can do this anywhere in the world.

現在說了，我的意思是，由於我們的產品組合範圍廣、規模大，當然還有全球影響力，我們可以在世界任何地方做到這一點，因此，隨著這些決策開始在他們的資本支出流程中進行，Cytiva 已經做好了充分的準備來利用這些決策。

Now to your point earlier about what -- how do we think about the guide for '25 here. We expect 2025 is going to be a down year for equipment. And so we do not expect and our guide a significant step-up here. When I talk about the improved funnel activity, what we do expect here is the continued small capacity expansions that you see where the decisions are much easier to make an existing plant footprint.

現在回到您之前提到的問題—我們如何看待 25 年的指南。我們預計 2025 年將是設備價格下跌的一年。因此，我們並不期望我們的指南在這方面取得重大進展。當我談到改進的漏斗活動時，我們確實期望的是持續的小規模產能擴張，在這種情況下，決策會更容易利用現有的工廠足跡。

And we'll see, as we get to October here, we'll talk a little bit more about how we're thinking about 2026.

到了十月份，我們將會多談我們對 2026 年的思考。

Great. And then for my follow-up, I wanted to dig on respiratory a little bit more. Do you raise the endemic rate on respiratory to $1.7 billion earlier this year. You typically see that split roughly 50-50 between the first half and back half. So just given you're tracking to $900 million at this point, that's slightly ahead of expectations relative to the $1.7 billion assumption for the year.

偉大的。然後，為了進行後續研究，我想更深入地研究呼吸系統。您是否在今年稍早將呼吸道疾病的發生率提高到 17 億美元？通常，你會看到前半部和後半部的比例大約是 50-50。因此，鑑於您目前追蹤到 9 億美元，這相對於今年 17 億美元的假設而言略高於預期。

Now I know it's too early, and you guys are kind of pushing towards that 3Q call in terms of how you're thinking about respiratory assumptions. But just can you walk us through, would you consider revisiting that endemic rate as we get towards year-end would you potentially revisit it for a fifth time? And then can you remind us what are you currently assuming on that $1.7 billion number in terms of the mix on [4-in-1] versus COVID-only tests.

現在我知道還為時過早，你們在考慮呼吸假設方面正在推動第三季的會議。但是您能否向我們詳細介紹一下，您是否會考慮在接近年底時重新審視該地方性發病率，您是否有可能第五次重新審視它？然後，您能否提醒我們，就 [四合一] 測試和僅針對 COVID 的測試而言，您目前對 17 億美元這個數字有何假設？

Yes. I mean I think the way to think about respiratory is, we've got a guide that is $1.7 billion that we've been kind of guiding to that really for the last probably three years, and it's been a little bit better than the last couple of years. And we are not -- that is not a number that we are completely sold to. I think if we start to feel as though that number is a little bit higher, we would sign up to that. And so I think we've had those conversations.

是的。我的意思是，我認為考慮呼吸系統疾病的方式是，我們有一個 17 億美元的指導金額，過去三年來我們一直在朝著這個目標進行指導，而且情況比過去幾年要好一些。而我們並不是──這並不是一個我們完全接受的數字。我認為，如果我們開始覺得這個數字有點高，我們就會簽署這個協議。所以我認為我們已經進行過這些對話。

I think I'd like to see how this year goes this year started in January that felt much more like a typical sort of typical respiratory season. Got to get a little higher for a peak higher there, but it followed a more similar pattern than we had seen before. And so I think if we can get another year behind us, we'd be open to revisiting that number for sure. And as far as the $1.7 billion, like you said, we're a little north of $900 million. We'll see how Q4 plays out.

我想看看今年的情況，今年從一月開始，感覺更像是典型的呼吸道疾病季節。要到達更高的山峰，必須再往上爬一點，但它遵循的模式比我們以前見過的更相似。因此我認為，如果我們能夠再堅持一年，我們肯定會重新審視這個數字。至於 17 億美元，正如您所說，我們目前所擁有的金額略高於 9 億美元。我們將看看第四季度的表現如何。

That's usually the big quarter, Q4 and Q1, as you know, and see also a difficulty with respiratory straddling sort of two years, does make it a little bit difficult. But, so that's kind of where we're at in 4-in-1, I think we're at this point, probably 75%, 80% 4-in-1. We do some regular COVID only typically mostly -- I shouldn't say No, a lot of it is in Europe, but there is some in the US, too, that we'll do that. But I mean, that's basically been our mix for the last couple of years.

如您所知，這通常是重要的季度，即第四季度和第一季度，並且還看到跨越兩年的呼吸困難，這確實有點困難。但是，這就是我們在 4 合 1 方面所處的階段，我認為我們現在的階段，大概是 75%、80% 的 4 合 1。我們通常只會進行一些常規的 COVID 檢測——我不應該說“不”，很多檢測是在歐洲進行的，但在美國也有一些，我們也會這樣做。但我的意思是，這基本上就是我們過去幾年的組合。

Thank you. And I would like to turn the call over to John Bedford for any closing remarks.

謝謝。我想將電話轉給約翰貝德福德 (John Bedford) 來做最後一次演講。

Thank you, Margo, and everybody. We'll be around all day for questions.

謝謝你，瑪戈，還有大家。我們將全天為您解答問題。

Thank you. And ladies and gentlemen, that does conclude today's program. We thank you for your participation. You may disconnect at any time.

謝謝。女士們、先生們，今天的節目到此結束。我們感謝您的參與。您可以隨時斷開連線。