Danaher Corp (DHR) 2025 Q3 法說會逐字稿

My name is David, and I'll be your conference facilitator this morning. At this time, I'd like to welcome everyone to Danaher Corporation's third-quarter, 2025 earnings results conference call. (Operator Instructions)

我叫大衛，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 年第三季收益業績電話會議。（操作員指示）

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

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

Good morning, everyone, and thanks for joining us on the call. With us today are Rainer Blair, our President and Chief Executive Officer, and Matt McGrew, our Executive Vice President and Chief Financial Officer. I'd like to point out that our earnings release quarterly report on Form 10-Q, the slide presentation supplementing today's call, the reconciliations and other information 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. The audio portion of this call will be archived on the investor section of our website later today under the heading Events and Presentations and will remain archived until our next quarterly call.

大家早安，感謝大家參加我們的電話會議。今天與我們在一起的有我們的總裁兼執行長 Rainer Blair 和我們的執行副總裁兼財務長 Matt McGrew。我想指出的是，我們發布的 10-Q 表季度收益報告、今天電話會議的補充幻燈片演示、SEC G 條例要求的與電話會議期間提供的任何非 GAAP 財務指標有關的對帳和其他信息，以及包含歷史和預期未來財務業績詳情的說明，均可在我們的網站 www.danaher.com 的投資者部分季度收益下找到。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投資者部分的活動和演示標題下，並將一直存檔到我們下次季度電話會議。

A dial and replay of this call will also be available until November 4, 2025. 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.

這次通話的撥打和重播也將持續到 2025 年 11 月 4 日。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。

Unless otherwise noted, all references in these remarks and supplemental materials to company specific financial metrics relate to the third-quarter of 2025, and all references to period to period increases or decreases in financial metrics are year-over-year. 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.

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 年第三季度有關，並且對財務指標的期間增減的所有引用均為同比。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. 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.

在電話會議期間，我們將根據聯邦證券法的含義做出前瞻性陳述，包括有關我們相信或預期未來將會發生或可能發生的事件或發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述的風險和不確定性，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陳述的義務。

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

現在我想把電話轉給雷納。

All right, thank you, John, and good morning everyone. We appreciate you joining us on the call today. We're encouraged by our strong third-quarter results. Our team's DBS-driven execution paired with continued momentum in our bioprocessing business and better than expected respiratory revenue at Cepheid enabled us to exceed our revenue, earnings, and cash flow expectations.

好的，謝謝你，約翰，大家早安。感謝您今天參加我們的電話會議。我們對第三季的強勁業績感到鼓舞。我們團隊的 DBS 驅動執行力，加上我們生物加工業務的持續發展勢頭以及 Cepheid 好於預期的呼​​吸收入，使我們能夠超越我們的收入、收益和現金流預期。

Across our end markets, underlying conditions in the third-quarter were generally consistent with what we saw in the first half of the year. In pharma, global production of monoclonal antibodies, where the majority of our exposure lies, remain robust. We continue to see a modest recovery in pharma R&D spending, though it remains below historical levels.

在我們的終端市場中，第三季的基本狀況與上半年的情況基本一致。在製藥業，我們的業務主要集中在單株抗體的全球生產上，該領域的產量仍然強勁。我們繼續看到製藥研發支出溫和復甦，儘管仍低於歷史水準。

In academic, in government, demand was stable sequentially, but remained soft amid ongoing uncertainty around research funding, despite some encouraging headlines late in the quarter. Clinical diagnostics and applied markets held up well. Now we remain intensely focused on what we can control to continue delivering for our customers, associates, and shareholders.

在學術界和政府部門，需求環比保持穩定，但由於研究資金持續存在不確定性，需求依然疲軟，儘管本季末出現了一些令人鼓舞的消息。臨床診斷和應用市場表現良好。現在，我們仍然高度關注我們能夠控制的事情，以便繼續為我們的客戶、同事和股東提供服務。

Our team is leveraging the Danaher business system to mitigate ongoing geopolitical and policy related pressures and drive meaningful productivity gains across our businesses. At the same time, we're continuing to invest in innovation to strengthen our long-term competitive position, including accelerating digital and artificial intelligence initiatives.

我們的團隊正在利用丹納赫業務系統來緩解持續的地緣政治和政策相關壓力，並推動我們整個業務的生產力顯著提高。同時，我們將繼續投資創新以加強我們的長期競爭地位，包括加速數位和人工智慧計畫。

We're accustomed to tackling challenges head on and turning them into opportunities, and we expect that mindset and momentum to continue as we move forward into 2026 and beyond. So with that, let's take a closer look at our third-quarter 2025 results. Sales were $6.1 billion in the third quarter and we delivered 3% core revenue growth.

我們習慣於直面挑戰並將其轉化為機遇，我們期望這種心態和動力能夠在 2026 年及以後繼續保持。因此，讓我們仔細看看 2025 年第三季的業績。第三季銷售額為 61 億美元，核心營收成長 3%。

Geographically, core revenues in developed markets were up mid-single-digits, with North America up mid-single-digits, and Western Europe approximately flat. Core revenues in high growth markets were up low single-digits as solid performance outside of China was offset by a mid-single-digit decline in China.

從地理上看，已開發市場的核心收入成長了中等個位數，其中北美成長了中等個位數，西歐基本上持平。高成長市場的核心收入成長了低個位數，因為中國以外的穩健表現被中國國內中等個位數的下降所抵消。

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 policy changes implemented in the last 12 months. Our gross profit margin for the third quarter was 58.2%, and our adjusted operating profit margin of 27.9% was up 40 basis points year-over-year. As the favorable impacts of higher volume leverage and discipline cost management more than offset the impact of productivity investments.

由於過去 12 個月實施的批量採購和報銷政策變化，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。我們第三季的毛利率為 58.2%，調整後的營業利益率為 27.9%，較去年同期成長 40 個基點。因為更高的產量槓桿和嚴格的成本管理所帶來的有利影響超過了生產力投資的影響。

Adjusted diluted net earnings per common share of $1.89 were up approximately 10% year-over-year. We generated $1.4 billion of free cash flow in the quarter and $3.5 billion in the first three quarters of the year, resulting in a year-to-date free cash flow to net income conversion ratio of 146%.

調整後每股普通股稀釋淨收益為 1.89 美元，較去年同期成長約 10%。我們在本季產生了 14 億美元的自由現金流，今年前三個季度產生了 35 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轉換率為 146%。

Now during the quarter, we deployed approximately $2 billion of capital towards the repurchase of 10 million shares of Danaher Common stock. Additionally, our board of directors approved a new share repurchase program authorizing the purchase of up to 35 million additional shares of Danaher common stock.

本季度，我們投入了約 20 億美元的資金用於回購 1,000 萬股丹納赫普通股。此外，我們的董事會批准了一項新的股票回購計劃，授權購買最多 3500 萬股丹納赫普通股。

Our substantial investments in innovation over the last several years led to the launch of several leading edge products and technologies this quarter. Each one of these new solutions is designed to enhance our competitive positioning while enabling customers to improve quality and yield lower costs and accelerate the delivery of life changing therapies and diagnostics. So let me highlight a few examples and the tangible value they're creating for our customers.

過去幾年我們在創新方面的大量投資促成了本季推出多款尖端產品和技術。每一個新的解決方案都旨在增強我們的競爭地位，同時使客戶能夠提高品質、降低成本並加速提供改變生活的治療和診斷。因此，讓我重點介紹幾個例子以及它們為我們的客戶創造的有形價值。

In biotechnology, Cytiva launched the AKTA readyflux TFF system 500, a fully automated benchtop tangential flow filtration system Developed to meet growing demand for efficient low volume processing, the readyflux TFF system 500 minimizes product loss, improves yield, and enables effective process development with limited material.

在生物技術領域，Cytiva 推出了 AKTA readyflux TFF 系統 500，這是一款全自動桌上型切向流過濾系統。 readyflux TFF 系統 500 專為滿足日益增長的高效小批量處理需求而開發，可最大限度地減少產品損失、提高產量，並能夠以有限的材料進行有效的製程開發。

Importantly, the readyflux platform is now scalable from process development to commercial production, enabling customers to quickly and smoothly transition across different stages of drug development. This system is one of several planned launches, including the new TFF filter cartridges and our next generation perfusion system.

重要的是，readyflux 平台現在可以從製程開發擴展到商業生產，使客戶能夠快速、順利地過渡到藥物開發的不同階段。該系統是計劃推出的幾款產品之一，其中包括新型 TFF 濾芯和我們的下一代灌注系統。

Together with our new AcelRx X platform bioreactors and differentiated filtration and cell culture media offerings, these solutions provide a powerful upstream package that helps customers improve yields and efficiency in the intensified biologic drug manufacturing process.

這些解決方案與我們全新的 AcelRx X 平台生物反應器以及差異化的過濾和細胞培養基產品相結合，提供了強大的上游包，可幫助客戶提高強化生物藥物製造過程中的產量和效率。

It also underscores the breadth and the depth of Cytiva's leading portfolio and our ability to support customers across the bio-processing workflow from early stage process development through to commercial manufacturing. In Life Sciences, IDT announced a strategic expansion of its end-to-end translational gene editing portfolio with the launch of high purity customizable guide RNAs. As scientists move from early research towards clinical applications, the need for greater purity and flexibility in CRISPR tools increases.

它還強調了 Cytiva 領先產品組合的廣度和深度，以及我們在整個生物加工工作流程中為客戶提供支援的能力，從早期工藝開發到商業製造。在生命科學領域，IDT 宣布透過推出高純度可客製化的引導 RNA，策略性地擴展其端到端轉化基因編輯產品組合。隨著科學家從早期研究轉向臨床應用，對 CRISPR 工具更高純度和靈活性的需求也隨之增加。

These new guide RNAs, key components that direct CRISPR systems to specific genes, give researchers more control over sequence design, lengths and modifications to meet their precise needs. These capabilities are especially valuable for scientists in pre-clinical testing who require high-quality materials for studies like toxicology ahead of clinical trials.

這些新的引導 RNA 是引導 CRISPR 系統定位到特定基因的關鍵組成部分，使研究人員能夠更好地控制序列設計、長度和修改，以滿足他們的精確需求。這些功能對於臨床前測試的科學家尤其有價值，因為他們需要高品質的材料來進行臨床試驗前的毒理學等研究。

In diagnostics, Beckman Coulter launched the access BD-Tau assay. This is the industry's first fully automated research use only immunoassay for brain derived tau protein, a promising blood-based biomarker for researching neurodegenerative diseases such as Alzheimer's. This assay leverages the high resolution DxI 9000 analyzer to bring automation and scalability to tau protein quantification.

在診斷領域，貝克曼庫爾特推出了 Access BD-Tau 檢測。這是業界首個僅用於研究的全自動腦源性 tau 蛋白免疫測定法，這是一種用於研究阿茲海默症等神經退化性疾病的有前景的血液生物標記。此檢測利用高解析度 DxI 9000 分析儀為 tau 蛋白定量帶來自動化和可擴展性。

Ultimately, this powerful technology combination can help improve research efficiency, enhance consistency in long-term clinical trials, and support accelerated regulatory pathways through stronger real world evidence. 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.

最終，這種強大的技術組合可以幫助提高研究效率，增強長期臨床試驗的一致性，並透過更強大的真實世界證據支持加速監管途徑。現在讓我們仔細看看我們整個投資組合的業績，並向您介紹我們目前在終端市場看到的情況。

Core revenue in our biotechnology segment increased 6.5%. Core revenue and discovery in medical grew low single-digits in the quarter. Growth in medical and lab filtration was partially offset by declines in protein research instrumentation, where academic research customers continue to face funding constraints.

我們生物技術部門的核心收入成長了 6.5%。本季度，醫療領域的核心收入和發現實現了低個位數成長。醫療和實驗室過濾的成長部分被蛋白質研究儀器的下降所抵消，學術研究客戶繼續面臨資金限制。

Core revenue in bio-processing grew high single-digits with double-digit growth in consumables partially offset by declines in equipment. Consumables growth was driven by robust demand for commercialized therapies that our large pharma and CDMO customers. Equipment revenue grew sequentially, but declined in the high teens versus prior year as expected.

生物加工的核心收入實現了高個位數成長，消耗品收入實現了兩位數成長，但被設備收入的下降部分抵消。消耗品的成長是由我們的大型製藥公司和 CDMO 客戶對商業化療法的強勁需求所推動的。設備收入環比增長，但與去年同期相比下降了十幾個百分點，這符合預期。

Now, while we're seeing strong funnels and customers have a healthy pipeline of planned projects, this hasn't translated into equipment order growth as customers are awaiting additional clarity on the policy environment before finalizing their investment decisions.

現在，雖然我們看到了強大的管道，並且客戶擁有健康的計劃項目管道，但這並沒有轉化為設備訂單的增長，因為客戶在最終確定投資決策之前正在等待政策環境的進一步明朗化。

Based on what we're seeing today, we expect cautious equipment spending through the remainder of the year. Now that said, with several billions of dollars invested to expand capacity at Cytiva since 2020, including meaningful additions at our facilities in Florida, South Carolina, Utah, and Michigan, we believe we are very well positioned to help customers execute in region for region manufacturing strategies.

根據我們今天看到的情況，我們預計今年剩餘時間內設備支出將保持謹慎。話雖如此，自 2020 年以來，Cytiva 已投資數十億美元擴大產能，包括在佛羅裡達州、南卡羅來納州、猶他州和密西根州的工廠進行有意義的擴建，我們相信我們完全有能力幫助客戶在區域內實施區域製造策略。

Now the long-term outlook for the biologics market remains very healthy. The primary growth driver of Cytiva's bioprocessing business is the increasing global production of biological medicines, particularly monoclonal antibodies. Underlying biologic demand has grown double-digits annually over the last 10 plus years, and we expect strong demand growth to continue in 2025 and beyond.

目前生物製劑市場的長期前景仍然非常健康。Cytiva 生物加工業務的主要成長動力是全球生物藥物（尤其是單株抗體）產量的不斷增長。過去十多年來，生物製劑的潛在需求每年都以兩位數的速度成長，我們預計強勁的需求成長將在 2025 年及以後持續下去。

This growth has been supported by a steady pace of new FDA drug approvals, building on several consecutive years with record setting FDA approvals, as well as a continued shift in pharmaceutical pipelines towards biologics. In fact, more than two-third of the world's top 100 drugs are projected to be biologics by 2030.

這一增長得益於 FDA 新藥批准數量的穩定增長，FDA 批准數量連續幾年創下紀錄，以及製藥產品線向生物製劑的持續轉變。事實上，預計到 2030 年，全球排名前 100 名的藥物中將有超過三分之二是生物製劑。

At the same time, we've seen increased development of biosimilars and expanded indications for existing therapies, both of which are expected to drive production volume growth. The substantial and sustained level of activity we have seen reinforces our conviction in the significant opportunity ahead in this market and supports the long-term core revenue growth trajectory for our leading bio-processing franchise.

同時，我們看到生物相似藥的發展不斷增加，現有療法的適應症也不斷擴大，這兩者都有望推動產量的成長。我們所看到的大量持續的活動水平增強了我們對這個市場未來重大機會的信心，並支持了我們領先的生物加工特許經營的長期核心收入成長軌跡。

Now turning to our life sciences segment, core revenue decreased by 1%. Core revenue in our life sciences instrument businesses was up slightly in the quarter. By end market, clinical and applied markets held up well globally. Demand from academic and government customers remained soft but was stable sequentially.

現在轉向我們的生命科學部門，核心收入下降了 1%。本季度，我們生命科學儀器業務的核心收入略有成長。從終端市場來看，全球臨床和應用市場表現良好。來自學術界和政府客戶的需求仍然疲軟，但環比保持穩定。

And as I mentioned earlier, we continue to see modest recovery and farmer spending with revenue from these customers growing in the quarter. In China, moderate improvements in the funding environment led to increased activity levels which contributed to revenue growth in the quarter.

正如我之前提到的，我們繼續看到溫和的復甦和農民支出，這些客戶的收入在本季度增長。在中國，融資環境的適度改善導致活動水準提高，從而推動了本季收入的成長。

Core revenue in our life sciences consumables businesses, which include IDT, Aldevron, Abcam, and Phenomenex declined in the quarter, primarily due to lower demand for plasmids and mRNA from two of our larger customers, as well as continued funding pressure across early stage biotech and academic research.

我們生命科學耗材業務（包括 IDT、Aldevron、Abcam 和 Phenomenex）的核心收入在本季度有所下降，主要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持續面臨資金壓力。

Declines related to these funding pressures were partially offset by growth in next generation sequencing products at IDT and recombinant proteins at Abcam. Moving to our diagnostic segment, core revenue increased 3.5%. Core revenue in our clinical diagnostics businesses was up low single-digits with high single-digit growth outside of China.

與這些資金壓力相關的下降被 IDT 的下一代定序產品和 Abcam 的重組蛋白的成長部分抵消。轉向我們的診斷部門，核心收入成長了 3.5%。我們的臨床診斷業務的核心收入成長了低個位數，其中中國以外的地區實現了高個位數的成長。

Like a biosystems delivered over 10% core growth with broad-based strength across core histology, advanced staining, and digital pathology. Beckman Coulter Diagnostics also had another solid quarter with mid-single-digit growth outside of China. This marks Beckman's fifth consecutive quarter of mid-single-digit or better core growth outside of China, driven by continued uptake of recent innovations such as the DxI 9000 and strong momentum in commercial execution.

就像生物系統在核心組織學、高級染色和數位病理學方面具有廣泛的優勢，實現了超過 10% 的核心成長。貝克曼庫爾特診斷公司在本季也表現穩健，在中國以外地區實現了中等個位數的成長。這標誌著貝克曼在中國以外連續第五個季度實現中等個位數或更高的核心成長，這得益於 DxI 9000 等最新創新產品的持續採用以及商業執行的強勁勢頭。

In molecular diagnostics, Cepheid's core revenue was up mid-single-digits in the quarter. High single-digit growth across Cepheid's core non-respiratory test menu was led by approximately 20% growth in sexual health. Respiratory revenue exceeded expectations as customers began purchasing earlier than typical in preparation for the upcoming respiratory season.

在分子診斷領域，Cepheid 的核心收入在本季成長了中等個位數。Cepheid 核心非呼吸道檢測產品均實現了高個位數成長，其中性健康產品成長了約 20%。由於客戶開始比平常更早購買，為即將到來的呼吸道疾病季節做準備，呼吸道疾病的收入超出了預期。

Cepheid continued to expand its global installed base in the third-quarter. The sustained growth in Cepheid's installed base is driven in part by healthcare system and IDN customers, adding new instruments at sites further out in their networks and closer to patients in order to provide faster diagnostic and treatment decisions.

Cepheid 在第三季繼續擴大其全球安裝基礎。Cepheid 安裝基數的持續成長部分是由醫療保健系統和 IDN 客戶推動的，他們在網路中更遠、更靠近患者的站點添加新儀器，以便提供更快的診斷和治療決策。

We believe this ongoing and salt-based expansion combined with a leading test menu and work flow advantages provides a long runway ahead for durable long-term growth at Cepheid. Now let's frame how we're thinking about the fourth-quarter and the full year 2025.

我們相信，這種持續的、基於鹽的擴張，加上領先的測試菜單和工作流程優勢，為 Cepheid 的長期持久增長提供了廣闊的空間。現在讓我們來思考一下我們對 2025 年第四季和全年的看法。

For the full year 2025, we're maintaining our full year adjusted diluted net EPS guidance range of $7.70 to $7.80. In the fourth quarter, we expect core revenue to grow in the low single-digit percent range as we expect market conditions to be largely consistent with what we saw in Q3.

對於2025年全年，我們維持全年調整後稀釋每股淨收益7.70美元至7.80美元的指引區間。由於我們預期市場狀況與第三季基本一致，我們預期第四季核心營收將實現低個位數百分比成長。

Additionally, we expect the fourth quarter adjusted operating profit margin of approximately 27%, which importantly includes the impact of anticipated productivity investments aimed at further improving our cost structure. Now, before we wrap up, I'd like to share our initial thoughts on next year.

此外，我們預計第四季度調整後的營業利潤率約為 27%，其中重要的是包括旨在進一步改善成本結構的預期生產力投資的影響。現在，在我們結束之前，我想分享我們對明年的初步想法。

For the full year 2026, we expect core revenue growth in the 3% to 6% range, as we are assuming modest recovery across our end markets. Looking across the portfolio, we're assuming bioprocessing growth trends remain at levels consistent with 2025, including continued strength and consumables driven by healthy growth and monoclonal antibody demand and our strong positioning across the biologics workflow.

對於 2026 年全年，我們預計核心收入成長率將在 3% 至 6% 之間，因為我們假設終端市場將出現溫和復甦。縱觀整個投資組合，我們假設生物加工成長趨勢與 2025 年保持一致的水平，包括持續的實力和由健康成長和單株抗體需求推動的消耗品以及我們在生物製劑工作流程中的強大定位。

In life sciences, we're assuming a modest improvement in end markets, but assumed growth will remain below historical levels given the current geopolitical and policy environment. And in diagnostics, we're assuming higher growth in 2026 due to moving past headwinds from policy changes in China and our expectation that we will continue to execute well globally.

在生命科學領域，我們假設終端市場將略有改善，但考慮到當前的地緣政治和政策環境，假設成長率仍將低於歷史水準。在診斷領域，我們預計 2026 年將實現更高的成長，因為我們將克服中國政策變化帶來的阻力，並且預計我們將繼續在全球範圍內表現良好。

Additionally, we anticipate respiratory revenue at CEFID will be approximately $1.7 billion in 2026, consistent with our expectations for 2025. Turning to 2026 earnings, we expect the operating leverage on anticipated core revenue growth and the benefit of our 2025 productivity initiative to drive more than 100 basis points of adjusted operating profit margin expansion, which would result in high single-digit adjusted earnings per share growth before any benefit from capital allocation. As always, we will provide more color and a formal guide with our Q4 earnings in January.

此外，我們預計 2026 年 CEFID 的呼吸收入將達到約 17 億美元，與我們對 2025 年的預期一致。談到 2026 年的收益，我們預期預期核心收入成長的營運槓桿和 2025 年生產力計畫帶來的好處將推動調整後的營業利潤率擴大 100 個基點以上，這將導致調整後的每股收益在資本配置帶來任何好處之前實現高個位數的成長。像往常一樣，我們將在一月份的第四季財報中提供更多細節和正式指南。

So to wrap up, We're encouraged to deliver third-quarter results ahead of expectations in what remains a dynamic operating environment. Our team's commitment to innovating and executing with DBS has driven meaningful improvements in our businesses and enabled us to deliver more breakthrough solutions to our customers.

總而言之，我們很高興能夠在依然充滿活力的營運環境中取得超乎預期的第三季業績。我們團隊致力於與星展銀行共同創新和執行，推動了我們業務的有意義的改進，並使我們能夠為客戶提供更多突破性的解決方案。

Now looking ahead, We remain focused on the areas we can control to drive results for our stakeholders. We're taking thoughtful actions to reduce structural costs, supporting earnings growth and margin expansion in 2026, while maintaining the right foundation to continue investing in opportunities that strengthen our long-term competitive advantages.

展望未來，我們將繼續專注於我們能夠控制的領域，為我們的利害關係人帶來成果。我們正在採取深思熟慮的措施來降低結構性成本，支持 2026 年的獲利成長和利潤率擴張，同時保持良好的基礎，繼續投資於能夠增強我們長期競爭優勢的機會。

We believe Danaher is well positioned for sustainable long-term value creation. Our businesses are well positioned in attractive end markets, supported by long-term secular growth drivers, and share a common set of relatively durable, high recurring revenue business models.

我們相信丹納赫已做好充分準備實現可持續的長期價值創造。我們的業務在具有吸引力的終端市場中佔據有利地位，受到長期成長動力的支持，並擁有一套相對持久、高經常性收入的商業模式。

And on top of that, our strong balance sheet and free cash flow generation positions as well to strategically deploy capital going forward. So with that I'll turn the call back over to John.

除此之外，我們強大的資產負債表和自由現金流產生能力也有利於未來策略性地部署資本。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。

Great, thanks for the question guys. Maybe just start where you left off, Rainer, on fiscal year '26, the 3% to 6% range, and it's roughly where people were expecting, but it is a little bit of a wider range. I realize we're still in October, so still very early, a lot of uncertainty, but maybe you could just talk to the high points of what gets you there and then maybe, what the world looks like for a 3% versus a 6%.

太好了，謝謝大家的提問。雷納，也許可以從您上次所說的 26 財年開始，即 3% 到 6% 的範圍，這大致符合人們的預期，但範圍要廣一些。我知道現在還是十月份，所以還很早，有很多不確定性，但也許你可以談談實現這一目標的關鍵點，然後也許可以談談 3% 和 6% 時世界會是什麼樣子。

Where do you need to see more improvement relative to this year to get that -- I guess sort of like what's still up in the air to figure out if you come to the 3% or the 6%?

相對於今年，您需要在哪些方面看到更多改進才能實現這一目標——我想這有點像現在還未確定的事情，以確定您是否達到了 3% 或 6%？

Thanks Mike, and good morning everyone. Let me just dive right in, but before I get started, let me provide a little bit of context to this. We've come off a strong quarter with beats on the top and bottom lines and cash flow.

謝謝麥克，大家早安。讓我直接開始吧，但在開始之前，請允許我先提供一些背景資訊。我們剛剛度過了一個強勁的季度，營收、利潤和現金流均超乎預期。

I think it's important to see the how Q3 demonstrates the earnings power of our portfolio and the execution of the team, even at a relatively modest growth rate. And we're taking that Q3 be to really proactively invest in further meaningful cost measures in Q4 to set up 2026, Mike. So that's an important factor here in how we're thinking about '26.

我認為重要的是看看第三季如何展示我們投資組合的獲利能力和團隊的執行力，即使成長率相對溫和。麥克，我們將在第三季真正積極地投資於第四季的進一步有意義的成本措施，以實現 2026 年的目標。所以這是我們思考 26 年的重要因素。

Now the market and the policy environment, whilst improving, is still fairly dynamic and so. We could see a range of outcomes in 2026 which were ring fencing between 3% to 6% top-line growth and high single-digit earnings growth.

現在市場和政策環境雖然在改善，但還是比較活躍的。我們可以看到 2026 年的一系列結果，即收入成長率在 3% 至 6% 之間，獲利成長率在高個位數之間。

So for planning purposes, we think it's prudent to assume modest recovery in our end markets. And let me talk about some of those. In biotechnology, we expect high single-digit core growth in bioprocessing, and that's similar to what we've seen in 2025. We expect bioprocessing consumables to remain strong given the monoclonal antibody pipeline, the on-market momentum of those commercialized drugs, as well as our leading position.

因此，出於規劃目的，我們認為謹慎地假設我們的終端市場會出現適度復甦。讓我來談談其中的一些。在生物技術領域，我們預計生物加工領域的核心成長率將達到個位數高位，這與我們在 2025 年看到的類似。鑑於單株抗體產品線、這些商業化藥物的市場動能以及我們的領先地位，我們預期生物加工耗材將保持強勁。

Now we're assuming for planning purposes that equipment is flat next year, given that the order trajectory through Q3 has continued as it has in the first half. So the planning assumption is that remains flat. Now in life sciences, we're not planning for meaningful improvement in our end markets. In Q3, life sciences performed as expected, and the activity levels were fairly positive. But we just didn't see that convert to orders that would provide an inflection.

現在，出於規劃目的，我們假設明年的設備將保持平穩，因為第三季的訂單軌跡與上半年相同。因此，規劃假設是維持不變。目前，在生命科學領域，我們並沒有計劃在終端市場做出有意義的改進。第三季度，生命科學表現符合預期，活動量相當積極。但我們只是沒有看到這種轉變帶來轉變。

So we're assuming here that our growth would improve modestly as we work through some of the headwinds, in our life science consumables business. And as we think about diagnostics here we're assuming growth accelerates as we move past China policy headwind where we've taken a conservative view and continue to execute well globally.

因此，我們假設，隨著我們克服生命科學耗材業務中的一些不利因素，我們的成長將會適度改善。當我們思考這裡的診斷時，我們假設隨著我們擺脫中國政策逆風，成長將會加速，我們對此持保守態度，並繼續在全球範圍內執行良好。

And then lastly, importantly, we need to think about respiratory for '26 and here we believe that it's going to be similar to 2025 at sort of that endemic rate that we've talked about of $1.7 billion. So, of course, we're going to provide more quantitative view to all of this in January when we provide our guide.

最後，重要的是，我們需要考慮 26 年的呼吸道疾病，我們認為它將與 2025 年類似，達到我們所謂的 17 億美元的盛行率。因此，當然，我們將在一月份提供指南時對所有這些內容提供更定量的觀點。

But hopefully this gives you a sense of how we're thinking about 2026 directionally and maybe Matt can comment here a little bit more on the EPS side of it.

但希望這能讓您了解我們對 2026 年方向的思考，也許 Matt 可以在這裡就 EPS 方面發表更多評論。

Sure. Like Rainer said, we're kind of expecting 3% to 6% core growth here next year -- excuse me. I would anchor at the low end of that range to begin with, and we'll kind of see how the year plays out. As we go and we kind of provide some updates as we go, but I would anchor at the low end of start and then from the math on the EPS perspective, I'd assume 35% to 40% fall through on the volume plus the impact of the cost actions, and that is going to equal 100 basis points north of 100 basis points of margin expansion like Rainer talked about in the prepared remarks.

當然。就像雷納所說的那樣，我們預計明年核心成長率將達到 3% 至 6%——抱歉。首先，我會將目標定在這個範圍的低端，然後我們再看看今年的走勢如何。隨著我們的進展，我們會提供一些更新，但我會錨定在開始的低端，然後從 EPS 的數學角度來看，我假設交易量下降 35% 到 40%，加上成本行動的影響，這將相當於利潤率擴張 100 個基點以上，就像 Rainer 在準備好的評論中談到的那樣。

And so it gives you the high single-digit EPS growth even at the low end of the range. And then maybe just to give you a little bit of color around sort of the cost actions we talked about, we're doing $150 million in the fourth quarter, but we're going to do $175 million in total here in 2025, and we do not expect these cost actions to repeat in '26. These are sort of one-time, one-time items, and we do expect the cost actions that [$175 million] to generate a net $75 million in savings.

因此，即使在範圍的低端，它也能為您帶來高個位數的每股收益成長。然後，也許只是為了讓您稍微了解我們談到的成本行動，我們在第四季度的支出為 1.5 億美元，但到 2025 年，我們總共將支出 1.75 億美元，我們預計這些成本行動不會在 26 年重複。這些都是一次性的項目，我們確實預計 [1.75 億美元] 的成本行動將產生 7500 萬美元的淨節省。

So all up all in, you're talking about a $250 million type savings number in 2026 that gives you call it $0.30 of EPS tailwind as we head into the year. So I mean as I think about 2025 and I think about what we're doing here in the fourth quarter to set ourselves up. I think we're going to be in a really good position to deliver high single-digit EPS growth, even if we end up at the low end of that range, and we might do better in '26. And again, as Rainer said in the prepared remarks, all before we have any capital deployment either.

總而言之，您談論的是 2026 年 2.5 億美元的節省數字，當我們進入新的一年時，這將帶來 0.30 美元的 EPS 順風。所以我的意思是，當我想到 2025 年時，我會思考我們在第四季要做什麼來做好準備。我認為我們將處於一個非常有利的位置，實現高個位數的每股收益成長，即使我們最終處於該範圍的低端，並且我們可能會在 26 年做得更好。正如雷納在準備好的演講中所說，這一切都發生在我們進行任何資本部署之前。

Okay, that's all really helpful. I appreciate the bridge. Maybe a quick follow-up if I can, Rainer, you touched a little bit on China diagnostics and VBP, a lot of concern on that. So you just talked about, as you move past the headwind, but you're still taking a conservative view, so just expand. On what you're seeing in VBP, I think you're lapping the comps as you get into the fourth quarter, but there's concern of another wave down the road, maybe oncology and thyroid was called out by another, player in the market. Just sort of how do you risk this China diagnostics from a VBP perspective for [2026]?

好的，這些都很有幫助。我很欣賞這座橋。如果可以的話，我可以快速跟進一下，雷納，你稍微談到了中國診斷和 VBP，對此有很多擔憂。所以您剛才談到，當您克服了逆風之後，您仍然持保守的觀點，所以只需擴大規模。從您在 VBP 中看到的情況來看，我認為您在進入第四季度時已經超越了競爭對手，但人們擔心未來還會出現另一波疫情，也許腫瘤學和甲狀腺疾病會被市場上的另一個參與者所關注。從 VBP 的角度來看，你如何承擔中國診斷的風險[2026]？

Yeah, Mike, I mean, I think we sort of have seen, like you said, we are getting to the other side of the wave here that started in Q4 with the first reimbursement in China. So we will anniversary that I think as we sort of have dealt with what has come VBP, the reimbursements, the various policy, sort of changes during the year, I think we're pretty well dialed in.

是的，麥克，我的意思是，我想我們已經看到，就像你說的，我們正在到達這股浪潮的另一邊，這股浪潮始於第四季度，當時中國首次獲得報銷。因此，我們將迎來週年紀念日，我認為，我們已經處理了 VBP 的問題、報銷、各種政策以及一年中發生的變化，我認為我們已經很好地掌握了這些。

I mean, I would say that for next year, our assumption is that we probably have maybe $75 million to $100 million of headwind here which, on a Danaher level is fairly modest and manageable. And so I think that's kind of where we were or where we are from a planning perspective. And I think that's a pretty good place to be given what we know today, and have got visibility to some of the things that are coming and certainly have visibility. Every everything's already been announced.

我的意思是，我想說，對於明年，我們假設我們可能面臨 7500 萬到 1 億美元的逆風，從丹納赫的角度來看，這個數字是相當適中且可控的。所以我認為這就是我們從規劃角度所處的情況或現況。我認為，根據我們今天所了解的情況，這是一個非常好的起點，並且對即將發生的一些事情有了一定的了解，當然也有一定的預見性。一切事情都已經宣布了。

Great, thank you.

太好了，謝謝。

Thank you, Mike.

謝謝你，麥克。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Good morning, Tycho.

早安，Tycho。

Hey, good morning, I want to probe on the biotech comments here a little bit. Just maybe talk about some of the puts and takes in the guide for the fourth quarter? And then, I guess, what does it take for you to call an equipment recovery here? Can you just maybe talk about the order book, how the funnel is building and the odd site you could actually see an equipment pick up next year on the biotech side?

嘿，早安，我想稍微探討一下這裡的生物技術評論。也許只是談論一下第四季度指南中的一些利弊？那麼，我想，你需要做些什麼才能在這裡呼叫設備恢復呢？您能否談談訂單情況、管道如何建構以及明年在生物技術領域您實際上可能看到的設備回升情況？

Yeah, Tycho, let me just give you -- for the fourth quarter, I can give you a little color on the numbers to make sure everybody's got those, and then Rainer can comment a little bit more on the equipment side than what it would take. So it is for modeling purposes, just so as everybody is on the same page here. Biotechnology in the fourth quarter, we are going to be high single digits in bioprocessing, and we are seeing D&M down mid-single digits. And so the Discovery Medical, a lot of that has to do with a prior year comp.

是的，Tycho，讓我告訴你——對於第四季度，我可以給你一些數字，以確保每個人都明白這些，然後 Rainer 可以在設備方面多做一些評論。因此，這是為了建模目的，只是為了讓每個人都在同一頁上。第四季的生物技術方面，生物加工將達到高個位數成長，而 D&M 將下降中等個位數。因此，對於 Discovery Medical 來說，很多事情都與前一年同期的情況有關。

Remember, they were up low double digits. And frankly, they continue to see softness. Remember, we've got the kind of a protein discovery business in there that acts a lot like a life science tool business. And so they're sort of seeing the same end market pressures as we see in life sciences there. And so hence, the reason they're down mid-single digits.

記住，他們的領先優勢不到兩位數。坦白說，他們繼續看到疲軟。請記住，我們擁有一種蛋白質發現業務，其作用很像生命科學工具業務。因此，他們看到了與我們在生命科學領域看到的相同的終端市場壓力。這就是他們下降中個位數的原因。

But just to be very clear, bioprocessing in the fourth quarter is high single digits.

但要明確的是，第四季的生物加工成長率是高個位數。

Tycho, as it relates to the equipment question, I've been spending a fair amount of time with pharma customers here. I do that generally, but even more so here in the last several weeks to understand how they're thinking about reshoring and generally speaking, equipment investments.

Tycho，就設備問題而言，我已經花了相當多的時間與這裡的製藥客戶在一起。我通常會這樣做，但在過去幾週我更是如此，以了解他們如何看待回流以及一般而言的設備投資。

And first of all, the activity level in the end markets, so the manufacturing volumes continue to increase. So there is a need more generally to continue to invest in equipment, and that's probably been held up a little bit here due to some of the policy discussions that have been ongoing.

首先，終端市場的活動水平，因此製造量持續增加。因此，總體而言，我們需要繼續投資於設備，但由於正在進行的一些政策討論，這可能已經有所擱置。

And what I've noted here in these discussions with some of the senior pharma leaders is that there's more confidence now in making these investment decisions as some of the most favorite nation negotiations are becoming to a workable solution and the tariffs are starting to dial in and remain somewhat consistent.

在與一些製藥業高層領導的討論中，我注意到，現在人們對做出這些投資決策更有信心，因為一些最受歡迎的國家談判正在形成可行的解決方案，關稅也開始逐步落實並保持一定程度的一致性。

So generally speaking, what we're seeing here is more activity, more discussions, while some of those -- that planning is still fairly high level, certainly for greenfield investments, what we're seeing is activity and quotations and so forth around more brownfield investments.

所以一般來說，我們在這裡看到的是更多的活動、更多的討論，而其中一些——規劃仍然處於相當高的水平，當然對於綠地投資而言，我們看到的是圍繞更多棕地投資的活動和報價等等。

We just haven't seen those turn into orders yet. But having said that, we're fairly constructive on equipment. But from a planning perspective, we thought it was prudent here to continue with what we've seen here up and through the third quarter.

我們只是還沒看到這些變成訂單。但話雖如此，我們對設備還是相當有建設性的。但從規劃的角度來看，我們認為繼續保持目前的狀態直到第三季是明智之舉。

Okay. That's helpful. And then maybe just flipping over to Diagnostics. I appreciate the China VBP commentary. Maybe just can you talk about what's baked in for next year for Beckman ex VBP. Is that mid-single digit plus? Is anything kicking in from Alzheimer's or is that too early? And then similarly for Cepheid, away from respiratory, how do you think about the base business there next year?

好的。這很有幫助。然後也許只需翻到診斷部分。我很欣賞中國 VBP 的評論。也許您能談談 Beckman ex VBP 明年的計劃嗎？這是個位數中間值嗎？阿茲海默症有什麼症狀嗎？還是說症狀出現得太早了？同樣，對於 Cepheid 來說，除了呼吸系統之外，您如何看待明年的基礎業務？

Yeah, I mean I think it's too early for Alzheimer's, I think. I mean that's probably a longer-term play for us. I don't think we've got anything kind of built in or baked into that. I would expect that for Beckman for next year, I mean, we can kind of get into a little bit more details when we give the formal numbers, if you will, in January.

是的，我認為現在診斷阿茲海默症還為時過早。我的意思是，這對我們來說可能是一個長期的舉措。我認為我們還沒有在其中嵌入任何東西。我希望對於貝克曼明年的表現，我們可以在一月份提供正式數據時更詳細地了解一下。

But they've been executing very well. They've got a good new product launch in the DxI 9000. They've been outside of China, that's been a mid-single-digit growth plus -- mid-single-digit growth business. And I would expect that, that would continue as we move into next year.

但他們的表現一直都很好。他們在 DxI 9000 中推出了一款出色的新產品。他們在中國以外的地區一直保持中等個位數的成長。我預計，這種情況在明年將會持續下去。

And as far as Cepheid, again, outside of respiratory, our assumptions there will be essentially flat at $1.7 billion. And then outside of that, that's been a business that has done sort of high single, low double digits on a pretty consistent basis on non-respiratory. I think with the installed base continuing to sort of expand and as we start to add more menu on to existing customers. I suspect that those levels are a good place to start as well.

至於造父變星，同樣，除了呼吸之外，我們的假設將基本上保持在 17 億美元不變。除此之外，我們的業務在非呼吸領域一直保持著相當穩定地高個位數到低兩位數的成長。我認為隨著安裝基礎的不斷擴大以及我們開始為現有客戶添加更多菜單。我認為這些水平也是一個很好的起點。

Okay, leave it at that. Thanks guys.

好的，就這樣吧。謝謝大家。

Thanks, Tycho.

謝謝，Tycho。

Scott Davis, Melius Research.

戴維斯 (Scott Davis)，Melius Research。

Good morning Scott.

早安，史考特。

Good morning guys. Things seem to be more stable over the last couple of quarters. It's nice to see that. But anyways, I was curious just on the mix between kind of respiratory and sexual health in Cepheid because you quoted some pretty strong growth numbers on the sexual health side, but then also kind of guiding to more flattish in 2026 versus '25 totally for Cepheid. So perhaps a little bit more granularity on that would be helpful.

大家早安。過去幾季的情況似乎更加穩定。很高興看到這一點。但無論如何，我對造父變星的呼吸系統和性健康的結合感到好奇，因為你引用了一些關於性健康方面相當強勁的增長數據，但同時也暗示 2026 年與 25 年相比，造父變星的性健康情況將更加平穩。因此，也許對此進行更詳細的了解會有所幫助。

Yeah, I mean, I think we're sort of guiding to the respiratory to be flat year-over-year, so which would not have sexual health in it. I think kind of we talked a little bit earlier on the question with Tycho that the outside of respiratory, which is where sexual health would reside that we would expect. We've seen that business kind of be low single -- sorry, high single, low double digits and I would expect that, that would continue into next year. So sexual health will be a part of the growth there for sure, has been and I suspect that it will be for a while as we go forward and expand that menu and drive penetration.

是的，我的意思是，我認為我們在某種程度上引導呼吸系統疾病的發生率與去年同期持平，因此這其中不會涉及性健康問題。我認為我們之前與 Tycho 討論過這個問題，即呼吸系統的外部，也就是我們所期望的性健康所在之處。我們已經看到這種業務呈現低個位數——抱歉，是高個位數，低兩位數，我預計這種情況將持續到明年。因此，性健康肯定會成為那裡增長的一部分，一直以來都是如此，而且我認為，隨著我們不斷前進並擴大菜單並推動滲透，它還會持續一段時間。

So to be clear, then, Cepheid should grow in '26 versus '25, that's what you're expecting.

因此，要明確的是，造父變星應該在 26 年而不是 25 年增長，這正是你所期望的。

I think so.

我認為是的。

Okay. All right. Fair enough. And then the -- just a little bit of question, I guess, is on the contract structures that you have. Have they changed over the last few years, just given the tariff and cost inflation dynamics we've had supply chain, et cetera, in all kinds of headaches that many companies have had.

好的。好的。很公平。然後——我想，我只想問一點關於你們的合約結構的問題。考慮到關稅和成本通膨動態，我們的供應鏈等等，在過去幾年中它們是否發生了變化，許多公司都遇到了各種各樣的麻煩。

But have your contract structures adapted in a way and clearly, this is more equipment and consumables. But is it adapted in a way that allows you to adjust pricing a little bit easier for or potential headwinds that could arise?

但是您的合約結構必須以某種方式進行調整，顯然，這是更多的設備和消耗品。但它是否能以一種允許您更輕鬆地調整價格或應對可能出現的潛在阻力的方式進行調整？

Scott, over the years, we have brought more flexibility into that. Of course, each contract is specific to a given customer's needs, and we try to be responsive to those. But generally speaking, as you think about bioprocessing, for instance, we have a fair amount of both flexibility and to some degree, leverage there in order to drive differentiated pricing for a differentiated solution.

斯科特，多年來，我們在這方面變得更加靈活。當然，每份合約都是針對特定客戶的需求，我們會盡力滿足這些需求。但一般來說，例如，當你考慮生物加工時，我們擁有相當大的靈活性，並且在一定程度上具有槓桿作用，以便為差異化解決方案推動差異化定價。

Fair enough, best of luck, guys.

好吧，祝大家好運。

Thank you, Scott.

謝謝你，斯科特。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Good morning, Doug.

早安，道格。

Good morning Rainer. Good morning everybody. Thanks for taking the questions. One quick one on recent events. Have you seen any change in activity over the last few weeks or even just even in the tone of discussions with biotech and pharmaceutical customers since the Pfizer MFN announcement came out. I'm guessing you didn't reflect anything in guidance based on the way you talked about your framework if things are improving, but I'm curious if you've seen any changes.

早安，雷納。大家早安。感謝您回答這些問題。簡單回顧一下最近發生的事件。自從輝瑞宣布最惠國待遇以來，您是否發現過去幾週的活動有任何變化，甚至與生物技術和製藥客戶的討論基調有任何變化？如果情況正在改善，我猜根據您談論框架的方式，您沒有在指導中反映任何內容，但我很好奇您是否看到了任何變化。

Doug, I think I would say, yes. We -- and also correct that we have not reflected that in our guidance here neither for the fourth quarter nor for our initial thoughts on '26 because we like to see the shift in tone turn into demonstrated order patterns, so that we actually see the trend.

道格，我想我會說，是的。我們——並且還要糾正的是，我們並沒有在我們的指導中反映這一點，無論是第四季度還是我們對 26 年的初步想法，因為我們希望看到語氣的轉變變成明顯的秩序模式，這樣我們才能真正看到趨勢。

But having said that, and as I mentioned earlier, have been out in the market a fair amount all over the globe here talking to various pharma executives, and there is more confidence that the policy environment is finding more balance and that some of these overhangs, whether that's the most favorite nations discussions where, like I say, some of those are not always great, but they are workable and remove an overhang for our pharma customers on the one hand.

但話雖如此，正如我之前提到的，我已經在全球各地的市場上與各種製藥公司的高管進行了交談，並且人們更加相信政策環境正在趨於平衡，並且其中一些懸而未決的問題，無論是最受歡迎的國家討論，正如我所說的，其中一些問題並不總是很好，但它們是可行的，並且一方面為我們的製藥客戶消除了懸而未決的問題。

And on the other hand, we do see the tariff situation stabilizing and becoming plantable. And in that context, we're starting to see more confidence regarding capital investment decisions and the location of those investments going forward. And so we're looking for that, of course, to now translate from activity and quotation into stronger order patterns but we haven't seen that yet. And as a result of that, we're not reflecting that yet in any of our guidance.

另一方面，我們確實看到關稅形勢趨於穩定並變得適宜種植。在這種背景下，我們開始對未來資本投資決策和投資地點更有信心。因此，我們當然希望將活動和報價轉化為更強大的訂單模式，但我們還沒有看到這一點。因此，我們尚未在任何指導中反映這一點。

Okay. Super helpful. And then -- thank you for the framework for 2026. I have a question on margins. So I think with this morning's announcement, by the end of this year, you will have invested, I think it's about $300 million in productivity enhancements in 2025.

好的。超有幫助。然後——感謝您制定的 2026 年框架。我對利潤率有疑問。因此，我認為，根據今天上午的公告，到今年年底，你們將在 2025 年投資約 3 億美元用於提高生產力。

And unlike a lot of your peers, you don't one time those out. So that actually depressed margin this year by over 100 basis points. So as we think about next year and the benefits of those initiatives rolling through, is there an argument that even though you talked about 100 basis points of margin expansion potential next year, if we think about kind of adjusting the base up this year, and you guys getting maybe low single digits to even mid-single-digit top line growth that all in all, the error bar is probably skewed to the upside as we think about margins for next year, again, just rolling through the benefits of all the productivity enhancements that you're putting into place as we speak?

並且與你的許多同齡人不同，你不會一次完成這些事情。因此，今年的利潤率實際上下降了 100 多個基點。因此，當我們考慮明年以及這些舉措帶來的好處時，是否存在這樣的爭論：即使您談到明年利潤率擴張潛力為 100 個基點，如果我們考慮今年上調基數，你們的營收增長率可能只有低個位數甚至中等個位數，那麼總的來說，當我們考慮明年的利潤率時，誤差線可能會向上傾斜，再次，這只是你正在傾斜的所有好處？

Yeah, I mean, well, first, I would just kind of anchor on this is -- I believe that a 35% to 45% fall through and the impact of just the $250 million I talked about, that's north of 100 basis points. Just want to -- because I think when you go to do your math, it's not going to be 100. So I think you're right on that point.

是的，我的意思是，首先，我想強調的是——我相信 35% 到 45% 的跌幅以及我所說的 2.5 億美元的影響將超過 100 個基點。只是想——因為我認為當你去做數學題時，結果不會是 100。所以我認為你在這一點上是正確的。

As far as is there more than what we have sort of offered up here, this is -- it is a net number so that we can continue to invest in the business. We think this is the right balance of investing in the business, making sure that we're also delivering high single digit or better EPS growth as we head into 2026. But we do want to leave ourselves some room for that investment.

至於我們在這裡提供的金額是否更多，這是一個淨數字，以便我們可以繼續投資該業務。我們認為這是對業務投資的正確平衡，確保我們在邁向 2026 年時也能實現高個位數或更好的每股盈餘成長。但我們確實想為這項投資留出一些空間。

But as the year plays out, we can always kind of -- we always tweak and work with that. So -- but I think the frame that you've laid out of north of 100 basis points of margin expansion is very fair. And like I said, that $250 million of net savings gets us that $0.30 tailwind. And I feel pretty comfortable about high single-digit EPS even if we're at the low end of the guide of the range.

但隨著時間的推移，我們總是可以——我們總是可以對其進行調整和努力。所以——但我認為您制定的利潤率擴張超過 100 個基點的框架非常公平。正如我所說的，2.5 億美元的淨節省為我們帶來了 0.30 美元的順風。即使我們處於該範圍指南的低端，我對高個位數每股收益也感到相當滿意。

Okay. All right. Thanks guys.

好的。好的。謝謝大家。

Thanks, Doug.

謝謝，道格。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾 (Vijay Kumar)，Evercore ISI。

Morning Vijay.

早安，維傑。

Hi, Rainer. Good morning, and thank you for taking my question. My first one on -- if I wanted to touch on the fourth quarter diagnostics assumptions. I think ex-respiratory in ex China, it looks like the business has done around mid-singles for the past two quarters. And I think our guide implies for Q4 double digits. So maybe talk about what changes sequentially from 3Q to 4Q? And what drives the optimism for diagnostics, ex China, ex-respiratory?

你好，雷納。早上好，感謝您回答我的問題。我的第一個問題是──如果我想談談第四季的診斷假設。我認為，除中國以外的呼吸系統疾病領域，過去兩個季度的業務表現似乎一直處於中等水平。我認為我們的指南暗示第四季將出現兩位數的成長。那麼也許可以談談從第三季到第四季有哪些連續的變化？那麼，是什麼推動了人們對診斷（中國除外）和呼吸系統疾病的樂觀情緒呢？

I think the uptick is VBP lapses. That's the delta. I don't think anything changes with the rest of the core business. I think that's mid-single-digit. That base business, if you will. But remember, when we took the first hit in respiratory in China with VBP and reimbursement in Q4. So I think it's the -- I think it's the VBP that gets better, not the base business.

我認為上升是 VBP 失誤造成的。這就是增量。我認為其餘核心業務不會有任何變化。我認為這是一個中等個位數。如果你願意的話，這就是基礎業務。但請記住，當我們在中國的呼吸系統疾病領域因 VBP 和第四季度的報銷而首次受到打擊時。所以我認為——我認為是 VBP 變得更好了，而不是基礎業務。

Sorry, Matt, I think -- am I correct in assuming ex respiratory, ex China, the business is mid-single since 3Q?

抱歉，馬特，我認為——我是否正確地假設，除呼吸系統疾病和中國以外，自第三季度以來，業務處於中期增長狀態？

Yes.

是的。

And that assumption doesn't change for Q4 mid-singles? Or does it change ex respiratory, ex China?

對於 Q4 中期單打來說，這個假設不會改變嗎？或者它會因呼吸系統、中國等因素而改變？

Again, I think your ex China is the piece, Vijay. That is going to -- that China number is going to get better in the fourth quarter because we are lapsing reimbursement. Happy to kind of follow up with you on some numbers off-line.

再說一次，我認為你的前女友中國是關鍵人物，維傑。由於我們正在償還欠款，中國第四季的數據將會好轉。很高興能在線下跟進一些數字。

Understood. And then maybe, Rainer, one for you on cap deployment. Pretty big share repo in that 3Q with the new $35 million authorization, how are you thinking of M&A versus share repurchases right when you look at assets available in the deal pipeline?

明白了。那麼，雷納，也許我可以給你一個關於上限部署的問題。第三季的股票回購規模相當大，新授權金額為 3,500 萬美元，當您查看交易管道中可用的資產時，您如何考慮併購與股票回購？

So Vijay, we've maintained a strong bias towards M&A. And we continue to be very active on the M&A front. We're cultivating every day. And we continue to think about M&A in the context of our framework of attractive end market, attractive company with value reserves. And importantly, the valuation framework, the model have to work. And we're going to stick with that discipline.

因此，Vijay，我們一直對併購保持著強烈的偏好。我們在併購方面繼續非常活躍。我們每天都在修行。我們將繼續在有吸引力的終端市場、具有價值儲備的有吸引力的公司的框架下考慮併購。重要的是，估值框架和模型必須有效。我們將堅持這項紀律。

Now that said, and as we've demonstrated here, we're not opposed to buybacks at current levels, relative value of a buyback generates attractive financial returns, and we will continue to evaluate all our capital allocation using the same ROIC lens. So bias to M&A clearly but we're going to maintain the discipline because we want to see the returns.

話雖如此，正如我們在這裡所展示的，我們並不反對在當前水平回購，回購的相對價值會產生有吸引力的財務回報，我們將繼續使用相同的 ROIC 視角來評估我們所有的資本配置。因此，我們顯然偏向併購，但我們會保持紀律，因為我們希望看到回報。

Understood. Thank you guys.

明白了。謝謝你們。

Thanks, Vijay.

謝謝，維傑。

Dan Brennan, TD Cowen.

丹布倫南 (Dan Brennan)，TD Cowen。

Good morning, Dan.

早上好，丹。

Morning Rainer. Thanks for the questions here. Maybe just going back to bioprocess and the equipment side. I know you talked about in the prepared remarks how Cytiva has built up a lot of capacity. You're ready for any demand that comes from this onshoring. Can you just kind of zoom out a little bit and give us a flavor how we might think about this. I know there's been hundreds of billions of announcements, but it's hard for us to parts what's really incremental?

早上好，雷尼爾。感謝您在這裡提出的問題。也許只是回到生物過程和設備。我知道您在準備好的演講中談到了 Cytiva 如何積累了大量產能。您已準備好應對來自此在岸業務的任何需求。您能否稍微放寬一點，讓我們了解我們對此的看法。我知道已經有數千億美元的公告，但我們很難區分哪些是真正的增量？

What's just shifting from one reason to the other and kind of how it might impact you. So if we look out, like what should we be looking for? And could this actually drive some potential real demand benefit for you, whether it be exiting '26 into '27, anything like that?

從一個原因轉變為另一個原因是什麼，以及它會如何影響你。那如果我們留意的話，我們該尋找什麼？這實際上是否能為您帶來一些潛在的實際需求利益，無論是從 26 年到 27 年，還是諸如此類的事情？

Sure, Dan. I mean, the investment announcements that we've heard from pharma differ in terms of what they include and exclude depending on which pharma company you're talking about. And then, of course, many times, the time lines were 5 and in 10 years. So those numbers grow pretty quickly, especially if the research and development investments were considered in those investment numbers as well.

當然，丹。我的意思是，我們從製藥公司聽到的投資公告在包含和排除的內容方面有所不同，這取決於您所談論的製藥公司。當然，很多時候，時間線是 5 年或 10 年。因此，這些數字成長得相當快，特別是如果將研發投資也考慮在這些投資數字中的話。

But if we put that aside for a minute, there's two factors here that drive equipment demand. First, the manufacturing growth that is required to meet the market demand. And we have seen over the last quarters that the equipment investments have been fairly slow. While they've improved slightly, they've been below historical trends, while the end market and the production requirements have continued to be strong. So there is a general need around the world to start investing in equipment.

但如果我們暫時不考慮這一點，就會發現有兩個因素推動了設備需求。首先，滿足市場需求所需的製造業成長。我們看到過去幾季的設備投資相當緩慢。雖然略有改善，但仍低於歷史趨勢，而終端市場和生產需求持續強勁。因此，世界各地普遍需要開始投資設備。

That's sort of one factor. And then you add this trend of regionalization of manufacturing capacity. And of course, we think about that in terms of the reshoring discussions here in the United States, but other regions think about regionalizing their manufacturing network as well.

這是一個因素。然後你再加入製造能力區域化的趨勢。當然，我們在美國國內的回流討論中考慮了這一點，但其他地區也在考慮將其製造網路區域化。

And so that speaks positively to the general environment and the requirement for equipment investments going forward. And what has held that up here is the dynamic of policy changes, certainly in the US but elsewhere in the world as well as well as how do we need to think about tariffs and most favorite nations pricing.

這對整體環境和未來設備投資的需求產生了積極影響。而阻礙這一進程的是政策變化的動態，當然在美國，但世界其他地方也是如此，以及我們需要如何考慮關稅和最受青睞國家的定價。

And there I tried to provide a little bit of color that we see those overhangs starting to dissipate as, one, the tariffs have become more plannable and predictable; and two, the most favored nation pricing, which is a key factor when you're making these investment decisions as well. It's starting to dissipate, as I said, with some workable deals being made.

我試圖提供一些信息，我們看到這些懸而未決的問題開始消散，因為第一，關稅變得更加可計劃和可預測；第二，最惠國定價，這也是你做出這些投資決策時的一個關鍵因素。正如我所說，隨著一些可行的交易達成，這種緊張局勢開始消散。

And generally speaking, that's provided more confidence to the most senior decision-makers here in the pharma industry.

總體而言，這為製藥業最高級的決策者提供了更多信心。

Great, thank you. And then maybe just as a follow-up, just on the '26 guide. I think you discussed a lot about China and Bioprocess. But just on the life science piece. It sounds like you're thinking about maybe starting that if Matt talked about -- excuse me, 3% as the good starting point for the company.

太好了，謝謝。然後也許只是作為後續行動，只是針對 '26 指南。我認為您討論了很多有關中國和生物過程的問題。但僅涉及生命科學部分。聽起來你正在考慮如果 Matt 談到的話也許可以開始這樣做——對不起，3% 是公司的良好起點。

So life science is probably, I guess, zero. Could you unpack a little bit? I know you talked about you're not baking any improvement just between instruments and genomics, like what would have to happen to get to zero? Do you think that's going to prove to be kind of a conservative number? Thank you.

所以我猜生命科學可能是零。你能稍微解開一下嗎？我知道您說過，您不會在儀器和基因組學之間做出任何改進，那麼要達到零需要發生什麼？您認為這是一個保守的數字嗎？謝謝。

Yeah, no, I think you're right, spot on that being flat. And again, sort of that's where we've been now. I think part of the reason that we have the same thing, same dynamic in Q4 that we do in Life Sciences as for all of '26. It's been where we've been has been fairly flat as we have not seen that inflection in the market like Rainer's talked about, maybe you want to talk about what might happen to get better?

是的，不，我認為你是對的，那是平的。再說一遍，我們現在的情況就是這樣。我認為部分原因是我們在第四季度的情況和動態與生命科學領域以及整個 26 年的情況和動態相同。我們所處的境況一直相當平穩，因為我們沒有看到像雷納所說的那樣的市場轉折點，也許您想談談什麼情況可能會變得更好？

Sure. So I mean, let's start with the fact that the clinical and applied markets have remained fairly solid, and we don't expect that to change. And we've also seen a modest recovery in pharma research spending. It's below historical trends, but we've started to see a recovery there, and that was reflected in Q3 as well. It's really academic and government, which you know, on a global basis is low single-digit exposure for Danaher overall, that is anchoring and holding back some of the growth there. And -- and that's the market.

當然。所以我的意思是，首先要知道臨床和應用市場一直保持相當穩固，我們預計這種情況不會改變。我們也看到製藥研究支出略有回升。它低於歷史趨勢，但我們已經開始看到復甦，這也反映在第三季。你知道，從全球範圍來看，學術界和政府對丹納赫整體的影響只有較低的個位數，這阻礙了丹納赫的部分成長。這就是市場。

Now if you think about our own business, we're performing well in these segments. We're less exposed to the academic and government side. And as it relates to the life science consumables businesses that I talked to earlier, we also think that we're lapping some of those headwinds, recall those two large customers that have come off their peak demand pretty significantly, and we've been working through that.

現在，如果您考慮我們自己的業務，我們在這些領域表現良好。我們較少接觸學術和政府方面。至於我之前談到的生命科學耗材業務，我們也認為我們正在克服一些不利因素，回想一下那兩位大客戶，他們的尖峰需求已經大幅下降，我們一直在努力解決這個問題。

And we would expect that also to be reflected in a little bit more supportive and modest growth next year. But for planning assumptions, we think where we sit today that it's best to consider flat growth for Life Sciences in the context of that 2026 guide that we gave you.

我們預計這也將體現在明年更加支持和溫和的成長。但對於規劃假設，我們認為，就目前情況而言，最好在我們為您提供的 2026 年指南的背景下考慮生命科學的平穩增長。

And if they're upside there is, but we want to see some of that playing through here in orders before we call that trend.

如果它們有上漲空間的話，那麼就有上漲空間，但我們希望在稱之為趨勢之前，先看到其中的一些訂單發揮作用。

Great. Thank you.

偉大的。謝謝。

Jack Meehan, Nephron Research.

傑克·米漢，腎元研究。

Thank you. Good morning, everyone. I want to focus on the Diagnostics business. The first question, in the quarter, the sales were about $60 million higher than what consensus was looking for. There was about [$200 million] of upside from respiratory, everything sounds great in Beckman, ex China and LICA. So it just wasn't obvious to me what might have fallen short, at least versus what the Street was thinking. Is there anything that you would call out?

謝謝。大家早安。我想專注於診斷業務。第一個問題，本季的銷售額比普遍預期高出約 6,000 萬美元。呼吸系統業務的上行空間約為 [2 億美元]，貝克曼公司（不包括中國和 LICA）的一切聽起來都很棒。因此，我並不清楚究竟是什麼地方出了問題，至少與華爾街的想法不同。有什麼要說的嗎？

No, I would say it was all respiratory kind of, if you will, a little bit earlier than we expected. I think customers were just kind of, again, kind of coming earlier than when we thought, I would say it was probably $125 million of pull forward, if you want to call it that, but it was nothing else to call out diagnosed.

不，我想說這都是呼吸方面的，如果你願意的話，比我們預期的要早一點。我認為客戶來得比我們想像的要早，我想說這可能是 1.25 億美元的提前支出，如果你想這麼稱呼的話，但這並沒有其他可說的診斷結果。

Okay. Got it. Actually, I'll pivot to the biotechnology business, just as a follow-up. Can you talk about the dialogue you're having in terms of reshoring. I know you mentioned kind of like the billions of dollars being talked about in manufacturing here in the US.

好的。知道了。實際上，作為後續，我將轉向生物技術業務。您能談談你們在回流方面進行的對話嗎？我知道您提到了美國在製造業投入的數十億美元。

How do you think this is going to play out over the next few years? Just any color around what that can mean for both capital demand and recurring for that business, that would be great.

您認為未來幾年這種情況會如何發展？只要了解這對資本需求和業務週期意味著什麼，那就太好了。

It's hard to put specific numbers around this, but we would expect that this reshoring in the US particularly, but the regionalization of supply chains is going to result in continued investment in capital equipment. And we think the way that starts is with brownfield investments where customers are taking advantage of existing facilities in order to get those capacities in place more quickly and also demonstrate that they are investing in their respective regions, including to the US.

很難給出具體的數字，但我們預計，尤其是在美國，這種回流將導致對資本設備的持續投資，而供應鏈的區域化將導致對資本設備的持續投資。我們認為，開始的方式是棕地投資，客戶利用現有設施來更快地實現這些產能，同時也表明他們正在各自的地區進行投資，包括美國。

While in parallel, planning sort of those larger greenfield investments that take a little bit more time. That is a different time line, which takes certainly a couple of years in the best of cases and can take a little bit longer. So once that gets rolling, we might see an extended capital cycle here over a number of years, but we haven't seen that flow through in orders yet, lots of discussions, some of them more near term, i.e., those brownfield investments. Others at a higher level because those are larger investments that just take more time, not only the plan, but to execute.

同時，規劃那些規模更大的綠地投資則需要更多時間。這是一個不同的時間表，在最好的情況下肯定需要幾年時間，也可能需要更長的時間。因此，一旦開始運轉，我們可能會看到資本週期在數年內延長，但我們尚未看到訂單的流入，有很多討論，其中一些是短期的，即那些棕地投資。其他人則處於更高的層次，因為這些是更大的投資，不僅需要更多的時間，還需要更多的時間去計劃，去執行。

Great. Okay, thank you guys.

偉大的。好的，謝謝大家。

Thank you.

謝謝。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

Good morning, Puneet.

早上好，Puneet。

Thanks. So my first question is, I appreciate your qualitative comments on the mAbs and biologics growth and bioprocessing being high single digit. But just wondering if you could provide any color on the order growth or book-to-bill in the quarter. I believe it was about one last quarter.

謝謝。所以我的第一個問題是，我很欣賞您對 mAbs 和生物製劑增長以及生物加工呈高個位數增長的定性評論。但我只是想了解一下您是否可以提供本季訂單成長或訂單出貨比的情況。我相信那是上個季度左右。

And we have seen weakness in the AAV segment and some of the innovative modalities. So just wondering what's your level of confidence on monoclonal antibody growth offsetting some of that to still deliver a high single-digit growth? And I have a follow-up on China.

我們已經看到了 AAV 領域和一些創新模式的弱點。所以只是想知道您對單株抗體成長的信心程度如何，可以抵消其中的一些影響，仍然實現高個位數的成長？我還要跟進一下中國的情況。

Yeah, I mean the book-to-bill was pretty similar to what we've seen all year around one. So maybe, Rainer, you want to comment on that?

是的，我的意思是訂單出貨比與我們全年看到的情況非常相似。那麼，雷納，也許你想對此發表評論？

Sure. Well, I mean, we continue to see monoclonal antibodies growth as strong, not only because the commercial volumes on existing indications are growing more quickly, but also because we see new applications of existing on-market drugs being approved. And then we also see biosimilars here that are pretty close to the launch as well.

當然。嗯，我的意思是，我們繼續看到單株抗體的強勁增長，不僅是因為現有適應症的商業量增長更快，還因為我們看到現有上市藥物的新應用獲得批准。然後，我們也看到生物相似藥也即將上市。

So we do think that, that very, very large part of our business, 75% of our business is in those monoclonal antibodies and the growth that's associated with that takes care of some of the volatility that we have seen here in some of the AAV business, some of which has been around for some time, so it's also lapping.

因此，我們確實認為，我們業務的很大一部分，即 75% 的業務，都屬於單株抗體，而與此相關的成長可以解決我們在部分 AAV 業務中看到的一些波動，其中一些業務已經存在了一段時間，因此它也在重疊。

But just to say that it's really driven by protein and the nucleic acid therapies while they are interesting and efficacious, they will continue to take time to find it into the first line of standard of care, and while we're very well positioned there, what's driving the growth here is really protein monoclonal antibodies going forward.

但可以說，這實際上是由蛋白質和核酸療法推動的，儘管它們很有趣且有效，但它們仍需要時間才能進入第一線標準治療，雖然我們在那裡處於非常有利的位置，但真正推動這裡增長的是蛋白質單株抗體。

Okay. Thanks. That's helpful. And then just a brief question on localization policy in China, that has emerged over the last few weeks. There is a 20% pricing rebate for those manufacturing locally. This is beyond the VBP and the DRG headwinds we have been hearing about.

好的。謝謝。這很有幫助。然後我簡單問一下過去幾週出現的有關中國在地化政策的問題。對於本地製造商，可享 20% 的價格折扣。這超出了我們所聽到的 VBP 和 DRG 阻力範圍。

So -- maybe could you just remind us how much of your production in sales in China are manufactured locally and maybe both reagents and on the instrumentation side, where do you have defensiveness and where do you need to expand manufacturing if this was to spread broadly to other government agencies, including academics? Thank you.

那麼——也許您能否提醒我們，你們在中國銷售的產品中有多少是本地生產的，也許試劑和儀器方面都是如此，如果這種情況廣泛蔓延到其他政府機構（包括學術機構），你們在哪些方面具有防禦能力，需要在哪些方面擴大生產？謝謝。

Puneet, that 20% that you heard about benefit for local manufacturers is actually not the newest of news. It's been out there informally, which is often how it works in China for some time. In fact, I was just in China for a couple of weeks here, taking a close look at what's happening and of course, talking to customers and government officials and, of course, our team.

Puneet，您聽說的對本地製造商有利的 20% 實際上並不是最新消息。它已經非正式地存在了，這在中國已經存在一段時間了。事實上，我剛剛在中國待了幾個星期，密切關注著那裡發生的事情，當然，也與客戶、政府官員以及我們的團隊進行了交談。

And we think that we're very well positioned here as it relates to localization by the end of the year, much of our diagnostic businesses, whether that's equipment or reagents will be localized, and that degree of localization plays well across the portfolio. So while we don't talk about percentages of localization, we think that we're very well positioned here and view this actually as advantageous as opposed to a short-term headwind.

我們認為，我們在本地化方面處於非常有利的地位，到今年年底，我們的大部分診斷業務，無論是設備還是試劑都將實現本地化，而且這種程度的本地化在整個產品組合中發揮著良好的作用。因此，雖然我們沒有談論本地化的百分比，但我們認為我們在這裡處於非常有利的地位，並認為這實際上是有利的，而不是短期的逆風。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Thank you.

謝謝。

And with that, I'll turn the call back to John Bedford for any additional or closing remarks.

說完這些，我將把電話轉回給約翰貝德福德，請他發表任何補充或結束語。

Thank you, David, and thank you, everybody. We'll be around all day and the rest of the week for follow-ups. Have a good rest of your Tuesday here.

謝謝你，大衛，也謝謝你們大家。我們將全天以及本週剩餘的時間進行跟進。祝您週二的剩餘時間過得愉快。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。