Waters Corp (WAT) 2025 Q1 法說會逐字稿

Good morning. Welcome to the Waters Corporation first quarter 2025 financial results conference call. All participants will be in a listen-only mode, until the question-and-answer session begins. This call is being recorded. If you have any objections, please disconnect at this time.

早安.歡迎參加 Waters Corporation 2025 年第一季財務業績電話會議。所有參與者將處於只聽模式，直到問答環節開始。此通話正在錄音。如果您有任何異議，請立即斷開連接。

It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir.

現在我很高興將電話轉給投資者關係主管 Caspar Tudor 先生。先生，請繼續。

Thank you, Leila, and good morning, everyone. Welcome to Waters Corporation's first quarter earnings call. Joining me today are Dr. Udit Batra, our President and Chief Executive Officer; and Amol Chaubal, our Senior Vice President and Chief Financial Officer.

謝謝你，萊拉，大家早安。歡迎參加 Waters Corporation 第一季財報電話會議。今天與我一起出席的還有我們的總裁兼執行長 Udit Batra 博士和我們的高級副總裁兼財務長 Amol Chaubal。

Before we begin, I will cover the cautionary language. In this conference call, we will make forward-looking statements, regarding future events, or future financial performance of the Company. We will provide guidance regarding possible future results as well as commentary on potential market and business conditions that may impact Waters Corporation over the second quarter of 2025 and full-year 2025.

在我們開始之前，我將先講一下警告語。在本次電話會議中，我們將對未來事件或公司未來財務表現做出前瞻性陳述。我們將提供有關未來可能結果的指導以及對可能在 2025 年第二季和 2025 年全年影響 Waters Corporation 的潛在市場和商業狀況的評論。

These statements are only our present expectations and actual events or results may differ materially. Please see the risk factors included within our Form 10-K, our Form 10-Qs, and the cautionary language included in this morning's earnings release.

這些陳述僅代表我們目前的預期，實際事件或結果可能有重大差異。請參閱我們的 10-K 表格、10-Q 表格中包含的風險因素以及今天早上的收益報告中包含的警告性語言。

During today's call, we will refer to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are attached to our earnings release and in the appendix of the slide presentation accompanying today's call. Both are available on the Investor Relations section of our website.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。與最直接可比較的 GAAP 指標的對帳附在我們的收益報告中以及今天電話會議幻燈片演示的附錄中。兩者均可在我們網站的「投資者關係」部分找到。

Unless stated otherwise, references to quarterly results increasing or decreasing are in comparison to the first quarter of fiscal year 2024. In addition, unless stated otherwise all year-over-year revenue growth rates and ranges given on today's call are on a comparable constant currency basis. Finally, we do not intend to update our guidance predictions or projections except as part of a regularly scheduled earnings release or as otherwise required by law.

除非另有說明，季度業績的增加或減少均與 2024 財年第一季相比。此外，除非另有說明，今天電話會議上給出的所有同比收入增長率和範圍均基於可比較的固定貨幣基礎。最後，除非作為定期收益發布的一部分或法律另有要求，否則我們不打算更新我們的指導預測或預期。

Now, as we begin, thank you all for joining us today. We've structured today's call to highlight how Waters resilient growth profile, operational agility and innovation driving strong results, as we navigate a dynamic global environment including recently announced tariffs.

現在，我們開始吧，感謝大家今天的參加。我們安排了今天的電話會議，重點強調了沃特世如何在包括最近宣布的關稅在內的動態全球環境中，憑藉其彈性成長特徵、營運敏捷性和創新推動強勁業績。

Udit will start by framing our key messages and cover how we are well positioned to deliver against our 2025 objectives. Amol will then walk you through a detailed review of our first quarter performance, updated guidance, and the actions we have taken to stay ahead of revolving external conditions. After their remarks, we will open the lines for questions.

Udit 將首先闡述​​我們的關鍵訊息，並介紹我們如何做好實現 2025 年目標的準備。然後，Amol 將帶您詳細回顧我們的第一季業績、最新指引以及我們為應對不斷變化的外部條件而採取的行動。他們發言結束後，我們將開放提問環節。

With that, let me turn it over to Udit.

說完這些，讓我把它交給 Udit。

Thank you, Caspar, and good morning, everyone. We had a fantastic start to the year. Double-digit instrument growth drove our performance as customer spending, especially in Pharma, exceeded expectations. Demand remained solid across all our end markets and geographies. These results are driven by our strong commercial execution and our steadfast commitment to operational excellence.

謝謝你，卡斯帕，大家早安。我們今年有一個美好的開始。由於客戶支出（尤其是製藥領域的支出）超出預期，兩位數的儀器成長推動了我們的業績。我們所有終端市場和地區的需求仍然強勁。這些成果源自於我們強大的商業執行力和對卓越營運的堅定承諾。

I want to take a moment to thank all my colleagues for their dedication and outstanding performance. Their focus and agility enable us to accelerate the benefits of pioneering science and deliver solid financial outcomes, especially in dynamic market conditions.

我想藉此機會感謝所有同事的奉獻精神和出色表現。他們的專注和敏捷使我們能夠加速開拓性科學的優勢並實現穩健的財務成果，尤其是在動態的市場條件下。

We have consistently shown leadership through turbulent times. Just look at the last five years, where we have successfully navigated the pandemic, the global chip shortage, supply chain disruptions and inflationary pressures. Through it all, Waters has become a stronger company by focusing on three guiding principles.

我們在動盪時期始終展現出領導力。看看過去五年，我們成功應對了疫情、全球晶片短缺、供應鏈中斷和通膨壓力。透過這一切，Waters 透過專注於三大指導原則成為了一家更強大的公司。

First, we stay close to our customers and work tirelessly and with urgency to support their evolving needs as conditions shift. Second, while mitigating risks, we never lose sight of opportunities to enhance our competitive position, we remain focused on launching differentiated new products and investing in our capabilities.

首先，我們與客戶保持密切聯繫，並隨著情況的變化而不懈努力地滿足他們不斷變化的需求。第二，在降低風險的同時，我們從未忽視提升競爭地位的機會，我們仍然專注於推出差異化的新產品並投資於我們的能力。

Third, we redoubled support and communication with our colleagues who are dedicated to the mission of the company and lead with an indomitable spirit. Staying true to these principles has enabled us to consistently deliver robust results over the past five years.

第三，我們加大對那些為公司使命而奮鬥、以頑強精神領導的同事的支持和溝通。堅持這些原則使我們能夠在過去五年中持續取得強勁的業績。

Today, we continue to navigate a dynamic macro environment. However, our resilient downstream weighted revenue profile and swift operational actions position us to deliver high single-digit earnings growth this year, even after accounting for newly announced tariffs. Amol and I will discuss these points in greater detail later in the call.

今天，我們繼續探索動態的宏觀環境。然而，即使考慮到新公佈的關稅，我們強勁的下游加權收入狀況和迅速的營運行動也使我們今年的盈利仍能實現高個位數增長。Amol 和我將在稍後的通話中更詳細地討論這些問題。

Turning now to our results. In the first quarter, sales grew 4% as reported and 7% in constant currency, landing at the high end of our guidance. Instruments grew 11%, led by mid-teens sales growth in both liquid chromatography and mass spectrometry with strength driven by Pharma and industrial end markets. Recurring revenue increased mid-single digits, which is in line with our expectations for a quarter with two fewer days. In China, sales grew 5%, led by double-digit growth in both industrial and academic and government applications.

現在來看看我們的結果。第一季度，銷售額按報告計算成長 4%，以固定匯率計算成長 7%，達到我們預期的高點。儀器成長了 11%，其中液相層析和質譜的銷售額均實現了中等幅度的成長，這主要得益於製藥和工業終端市場的推動。經常性收入成長了中等個位數，這符合我們對減少兩天的季度的預期。在中國，銷售額成長了 5%，其中工業、學術和政府應用領域的銷售額均實現了兩位數成長。

Earnings per share were also at the high end of guidance, supported by strong sales volume and an improvement in FX. Non-GAAP earnings per share were $2.25, reflecting low single-digit growth and high single-digit growth in constant currency terms.

受強勁的銷售量和外匯改善的支撐，每股盈餘也達到了預期的高點。非公認會計準則每股收益為 2.25 美元，反映出低個位數成長和以固定匯率計算的高個位數成長。

On a GAAP basis, EPS was $2.03. Our 11% instrument growth was led by mid-teens growth in Pharma. Additionally, order growth exceeded sales growth, highlighting continued momentum in our business. These results underscore our strong position in attractive secular markets particularly as customer CapEx spending has continued its recovery.

以美國通用會計準則 (GAAP) 計算，每股收益為 2.03 美元。我們 11% 的業績成長主要得益於製藥業 11% 左右的成長。此外，訂單成長超過了銷售成長，凸顯了我們業務的持續成長動能。這些結果凸顯了我們在有吸引力的長期市場中的強勢地位，特別是在客戶資本支出持續復甦的情況下。

As I highlight the drivers behind our strength, our message remains consistent. First, our team is executing well in an analytical instruments market still early in its recovery. Second, our revitalized portfolio closely aligns with customer needs at a time when instruments are ripe for replacement.

當我強調我們實力背後的驅動力時，我們的訊息始終保持一致。首先，我們的團隊在仍處於復甦初期的分析儀器市場中表現良好。其次，在儀器需要更換的時候，我們重新煥發活力的產品組合與客戶的需求緊密結合。

Our innovation remains highly differentiated in markets that we serve, commanding premium pricing. And thirdly, our leadership position in downstream high-volume applications enables us to capture growth across an exciting mix of fast-growing testing opportunities such as those of GLP-1, PFAS and genetic testing.

我們的創新在我們服務的市場中仍然保持高度差異化，並擁有較高的定價。第三，我們在下游大容量應用領域的領導地位使我們能夠在 GLP-1、PFAS 和基因檢測等快速成長的檢測機會中抓住成長機會。

Innovation played a key role this quarter, reflecting an excellent customer adoption of our new products. In liquid chromatography, sales of our Alliance IS HPLC system more than tripled year-over-year, driven by growth across replacement and greenfield opportunities.

創新在本季度發揮了關鍵作用，反映出客戶對我們新產品的出色接受度。在液相層析領域，受替代和綠地機會成長的推動，我們的 Alliance IS HPLC 系統的銷售額年增了兩倍多。

Within replacement, customers are upgrading to leverage its smart features, flexibility and productivity advantages. At the same time, adoption at new and expanding manufacturing facilities within Pharma is particularly strong, notably among large US CapEx investments.

在替換過程中，客戶正在升級以利用其智慧功能、靈活性和生產力優勢。同時，製藥業新建和擴建生產設施的採用率尤其高，尤其是在美國大型資本支出投資中。

We recently expanded the Alliance IS Bio HPLC product line by adding the photodiode array detector to enhance spectral insights for biopharma development and QC. Waters now has four configurations of Alliance IS HPLC platform to support routine quantitative analysis and expanded spectral analysis of small and large molecules in development and in QC.

我們最近透過添加光電二極體陣列偵測器來擴展 Alliance IS Bio HPLC 產品線，以增強對生物製藥開發和品質控制的光譜洞察力。沃特世目前擁有四種配置的 Alliance IS HPLC 平台，支援開發和品質控制中的小分子和大分子的常規定量分析和擴展光譜分析。

Mass spectrometry growth was led by our Xevo TQ Absolute system, our top-selling mass spec again this quarter, achieving sales growth of over 50%. Its superior sensitivity and sustainable design continue to drive demand, particularly in high-volume testing areas such as food and environmental analysis and Pharma quantitation.

質譜成長由我們的 Xevo TQ Absolute 系統引領，該系統再次成為本季最暢銷的質譜儀，實現了超過 50% 的銷售成長。其卓越的靈敏度和永續的設計繼續推動需求，特別是在食品和環境分析以及製藥定量等大容量測試領域。

In our chemistry consumables business, MaxPeak Premier Columns again significantly exceeded expectations, growing more than 30%. These products provide excellent solutions for separating complex molecules such as biologics and novel therapeutic modalities.

在我們的化學耗材業務中，MaxPeak Premier Columns 再次大大超越預期，成長超過 30%。這些產品為分離生物製劑和新型治療方式等複雜分子提供了出色的解決方案。

Our differentiated portfolio continues to command strong pricing. As we look ahead, this combination serves us well as a mechanism to provide offsets and capitalize on new demand opportunities in a dynamic global environment. Our unique exposure to emerging high-volume testing drivers also contributed meaningfully to our growth this quarter.

我們的差異化產品組合持續保持強勁的定價。展望未來，這種結合將為我們提供一種機制，在動態的全球環境中提供補償並利用新的需求機會。我們對新興大容量測試驅動因素的獨特了解也對我們本季的成長做出了重大貢獻。

For GLP-1 testing, we saw continued demand of our PATROL UPLC system. This advanced analytical tool has become indispensable for in-process testing of these peptides during manufacturing. Additionally, our chemistry and HPLC offerings saw continued momentum in post fill finish quality testing, supported by solid CapEx investment and production volumes.

對於 GLP-1 測試，我們看到對 PATROL UPLC 系統的需求持續存在。這種先進的分析工具對於這些勝肽在生產過程中的線上測試來說已經變得不可或缺。此外，在穩健的資本支出和生產量的支持下，我們的化學和 HPLC 產品在填充後品質測試方面繼續保持強勁勢頭。

While we have a leading position in the analytical testing of current GLP-1 injectables on the market today, we are also very well positioned for future oral introductions. PFAS-related testing sales grew over 90% in the first quarter, continuing the 40%-plus growth trend seen both in 2023 and 2024.

雖然我們在目前市場上 GLP-1 注射劑的分析測試中處於領先地位，但我們在未來的口服藥物引入方面也處於非常有利的地位。第一季度，PFAS 相關檢測銷售額成長超過 90%，延續了 2023 年和 2024 年 40% 以上的成長趨勢。

LC-MS has become the dominant workhorse technique for regulated analysis of these compounds, including drinking water, soil and wastewater compliance monitoring. This is because most regulated compounds are polar and nonvolatile, making them best suited for liquid chromatography.

LC-MS 已成為這些化合物監管分析的主要主要技術，包括飲用水、土壤和廢水合規監測。這是因為大多數受管制化合物都是極性和非揮發性的，因此最適合液相層析法。

We expect emerging regulations governing PFAS to drive testing in areas like food packaging and consumer products, which is an attractive opportunity for Waters. Given the need to detect the same nonvolatile compounds, LC-MS is also the method of choice in these areas.

我們預計，管理 PFAS 的新興法規將推動食品包裝和消費品等領域的測試，這對 Waters 來說是一個有吸引力的機會。由於需要檢測相同的非揮發性化合物，LC-MS 也是這些領域的首選方法。

Our India team again delivered revenue growth close to 20% in constant currency driven by strong demand from generics manufacturers and CDMOs. Looking ahead, as outlined at our recent Investor Day, we expect approximately 30 basis points of annual growth accretion from both GLP-1 and PFAS testing and an additional 70 basis points to 100 basis points from growth in India.

在仿製藥製造商和 CDMO 強勁需求的推動下，我們的印度團隊再次實現了近 20% 的固定匯率營收成長。展望未來，正如我們最近的投資者日所概述的那樣，我們預計 GLP-1 和 PFAS 測試的年增長率將達到約 30 個基點，而印度的增長將額外帶來 70 至 100 個基點。

These volume growth drivers, combined with the instrument replacement cycle and our strong pricing performance present a compelling high single-digit plus growth profile for our company in the near to midterm.

這些銷售成長動力，加上儀器更換週期和我們強勁的定價表現，為我們公司在近期至中期內實現引人注目的高個位數以上成長前景奠定了基礎。

Turning now to new products. In the first quarter, we launched two new products in the TA division, the ElectroForce APeX-1 for precise mechanical testing of high-performance polymers and composites, and TGA Smart-Seal Pans, which support analysis of atmosphere sensitive materials in battery, polymer and drug development testing.

現在來談談新產品。第一季度，我們在 TA 部門推出了兩款新產品，用於高性能聚合物和複合材料的精確機械測試的 ElectroForce APeX-1，以及支持在電池、聚合物和藥物開發測試中對大氣敏感材料進行分析的 TGA Smart-Seal Pans。

Today, we also announced the launch of Empower for multi-angle light scattering detectors, which is an important milestone and commitment from our integration of Wyatt. This advancement expands the scope of critical quality attributes that a biopharmaceutical laboratory can manage and submit to regulators using our Empower software. Our steady stream of innovation continues to strengthen our core business and support our expansion into higher growth adjacencies.

今天，我們也宣布推出用於多角度光散射偵測器的 Empower，這是我們整合 Wyatt 的一個重要里程碑和承諾。這項進步擴大了生物製藥實驗室使用我們的 Empower 軟體可以管理和提交給監管機構的關鍵品質屬性的範圍。我們源源不絕的創新不斷加強我們的核心業務，並支持我們向更高成長領域擴張。

I will now cover our updated 2025 full-year guidance. Waters has a unique and resilient revenue profile anchored by our focused exposure to downstream high-volume applications. This includes Pharma QA or QC where growth is closely tied to manufacturing output and CapEx spending trends.

我現在將介紹我們更新後的 2025 年全年指導。Waters 擁有獨特且有彈性的收入狀況，這得益於我們對下游大容量應用的重點關注。這包括製藥 QA 或 QC，其成長與製造業產出和資本支出趨勢密切相關。

Within these segments, customer spending has remained robust. Looking ahead, customer manufacturing needs continue to evolve, with potential for additional investment driven by tariff-related capacity shifts and US Pharma reshoring initiatives.

在這些領域中，客戶支出依然保持強勁。展望未來，客戶製造需求將持續發展，關稅相關的產能轉移和美國製藥業回流措施將推動額外投資的潛力。

Our team continues to execute well with our revitalized portfolio, particularly as the instrument replacement cycle continues to ramp. We also expect sustained contribution from our idiosyncratic growth drivers and continued achievement of strong like-for-like pricing gains.

我們的團隊繼續透過重振的產品組合表現出色，特別是隨著儀器更換週期的不斷加快。我們也期望我們獨特的成長動力能夠持續做出貢獻，並繼續實現強勁的同類定價收益。

Given our better-than-expected first quarter performance, we are raising our full-year constant currency sales growth guidance to 5% to 7%, while adequately accounting for US policy developments in the academic and government end market.

鑑於我們第一季的業績優於預期，我們將全年固定匯率銷售成長預期上調至 5% 至 7%，同時充分考慮美國在學術和政府終端市場的政策發展。

Our adjustment to ANG growth expectation represents a 50 basis point impact on our full-year growth outlook. But incremental price accretion from tariff-related actions is separately expected to contribute an equivalent 50 basis point tailwind. As such, our growth assumptions for the rest of the year remain unchanged.

我們對 ANG 成長預期的調整將對我們的全年成長前景產生 50 個基點的影響。但預計關稅相關措施帶來的增量價格上漲將帶來相當於 50 個基點的順風。因此，我們對今年剩餘時間的成長假設保持不變。

I will now talk about the current tariff situation and how Waters is positioned to meet the challenges from recent global trade policy changes. Our manufacturing footprint is highly globalized and it includes a strong existing US presence. A significant portion of our ex US manufacturing also takes place in jurisdictions subject only to the lower baseline tariff rate.

我現在將談談當前的關稅情況以及 Waters 如何應對近期全球貿易政策變化帶來的挑戰。我們的製造足跡高度全球化，其中包括強大的美國業務。我們在美國以外的製造業務的很大一部分也發生在僅適用較低基準關稅稅率的司法管轄區。

We also do not have a significant tariff exposure to goods entering the US from China or vice versa. After the tariffs were announced, we quickly stood up a cross-functional task force to assess tariff exposure and implement mitigation plans. We rapidly assess the impact of tariff exposure and implemented supply chain adjustments, selective surcharges for tariffs and limits to discretionary spending.

我們對從中國進入美國的商品或反之亦然沒有重大的關稅風險。關稅宣布後，我們迅速成立了一個跨職能工作小組來評估關稅風險並實施緩解計畫。我們快速評估關稅風險的影響以及實施的供應鏈調整、選擇性關稅附加費和可自由支配支出的限制。

Thanks to our swift and decisive actions, we are well positioned to limit the net impact of the newly announced tariffs to a modest $10 million on our 2025 adjusted operating margin, effectively offsetting the majority of a $45 million gross impact.

由於我們採取了迅速而果斷的行動，我們完全有能力將新宣布的關稅對我們 2025 年調整後營業利潤率的淨影響限制在 1000 萬美元以內，從而有效抵消 4500 萬美元總影響的大部分。

Within our EPS, the combined resulting effect of tariffs and US policy changes is fully offset by favorable foreign exchange movements. As a result, there is no net impact to our original earnings per share guidance.

在我們的每股盈餘中，關稅和美國政策變化的綜合影響被有利的外匯走勢完全抵銷。因此，這對我們最初的每股盈餘預期沒有淨影響。

Reflecting our first quarter outperformance, we are raising our full-year 2025 adjusted EPS guidance to a range of $12.75 to $13.05. This translates to approximately 8% to 10% EPS growth or 10% to 12% on a constant currency basis.

鑑於我們第一季的優異表現，我們將2025年全年調整後每股收益預期上調至12.75美元至13.05美元。這相當於每股收益成長約8%至10%，或以固定匯率計算成長10%至12%。

Now I will pass the call over to Amol to cover our financial results in more detail and provide further details on our guidance. Amol?

現在我將把電話轉給 Amol，讓他更詳細地介紹我們的財務業績，並提供有關我們指導的更多細節。阿莫爾？

Thank you, Udit, and good morning, everyone. For the first quarter, we delivered sales of $662 million, up 4% on a reported basis and 7% in constant currency, placing us at the high end of our guidance range. Orders growth exceeded sales growth, underscoring our strong momentum. By end market, Pharma grew 8%, industrial grew 6% and academic and government grew 3%. Pharma saw double-digit growth in Asia and the Americas and 3% growth in Europe.

謝謝你，Udit，大家早安。第一季度，我們的銷售額達到 6.62 億美元，以報告基礎計算成長 4%，以固定匯率計算成長 7%，處於指導範圍的高端。訂單成長超過銷售成長，凸顯了我們強勁的發展動能。以終端市場來看，製藥業成長了 8%，工業成長了 6%，學術和政府成長了 3%。製藥業在亞洲和美洲實現了兩位數的成長，在歐洲實現了 3% 的成長。

Industrial was led by Waters Division, which grew high-single digits, driven by PFAS applications growing more than 90%. TA Instruments continued to benefit from battery testing demand. Within Academic & Government, as Udit highlighted, China grew double digits as we continue to leverage our local market presence. Regionally, Asia grew 13% with China growing 5%, Americas grew 6% and Europe grew low-single digits.

工業領域由水務部門領銜，該部門實現了高個位數成長，這得益於 PFAS 應用的成長超過 90%。TA 儀器繼續受益於電池測試需求。正如 Udit 所強調的，在學術和政府領域，隨著我們繼續利用本地市場影響力，中國市場實現了兩位數的成長。從地區來看，亞洲成長了 13%，其中中國成長了 5%，美洲成長了 6%，歐洲成長了低個位數。

By product line, instrument sales grew 11%, driven by mid-teens growth in both liquid chromatography and mass spectrometry. Recurring revenues grew mid-single digits as expected, given the two fewer days in the quarter.

按產品線劃分，儀器銷售額成長了 11%，這得益於液相層析和質譜的中等成長。考慮到本季的營業天數減少了兩天，經常性收入仍按預期實現了中等個位數成長。

Customer activity remains strong and installed base utilization remains high with our consistent results supported by our commercial initiatives in service plan attachment, e-commerce adoption and the launch of new bioseparations columns.

客戶活動依然強勁，安裝基礎利用率依然很高，我們在服務計畫附件、電子商務採用和推出新的生物分離柱方面的商業舉措支持了我們始終如一的成果。

Overall, the first quarter execution was strong across markets, regions and product lines and our resilient growth exposure positions us well for the remainder of the year. Now I will comment on our first quarter non-GAAP financial performance.

總體而言，第一季各個市場、地區和產品線的執行情況都很強勁，我們強勁的成長勢頭為我們在今年剩餘時間內保持良好勢頭奠定了基礎。現在我將對我們的第一季非公認會計準則財務業績進行評論。

Earnings per share reached $2.25 coming in at high end of guidance, supported by robust sales volume and an improvement in FX rates. This represents 2% reported growth and 7% growth in constant currency.

受強勁的銷售量和外匯匯率改善的支撐，每股收益達到 2.25 美元，達到預期的高點。這意味著報告的成長率為 2%，以固定匯率計算的成長率為 7%。

GAAP earnings per share were $2.03. Gross margin came in at 58.2% and adjusted operating margin came in at 25.5%, consistent with our expectations. Our operating tax rate for the quarter was 16% and our average diluted share count was 59.7 million shares.

以美國通用會計準則計算，每股收益為 2.03 美元。毛利率為 58.2%，調整後營業利益率為 25.5%，符合我們的預期。本季我們的營業稅率為 16%，平均稀釋股數為 5,970 萬股。

Turning now to free cash flow, capital deployment and our balance sheet. First quarter free cash flow was $234 million after funding $26 million of capital expenditures. This represents 35% of first quarter sales and a free cash flow to adjusted net income ratio of 174%.

現在轉向自由現金流、資本配置和我們的資產負債表。在支付了 2,600 萬美元的資本支出後，第一季的自由現金流為 2.34 億美元。這佔第一季銷售額的 35%，自由現金流與調整後淨收入的比率為 174%。

Our strong free cash flow generation allowed us to rapidly delever our balance sheet. In the first quarter, we reduced debt by approximately $170 million. Our net debt position is now approximately $1.1 billion, returning to pre-Wyatt acquisition levels. This results in a net debt-to-EBITDA ratio of roughly 1 times.

我們強勁的自由現金流產生使我們能夠快速降低資產負債表的槓桿率。第一季度，我們減少了約 1.7 億美元的債務。我們的淨債務狀況目前約為 11 億美元，恢復到收購 Wyatt 之前的水平。這導致淨債務與 EBITDA 比率約為 1 倍。

We maintain a strong balance sheet, access to liquidity and well-structured debt maturity profile. This strength allows us to prioritize investing in growth. We continue to actively evaluate M&A opportunities that will enhance long-term shareholder value. Additionally, we will assess the potential resumption of our share repurchase program during the course of 2025.

我們維持著強勁的資產負債表、流動性和結構良好的債務到期狀況。這種優勢使我們能夠優先投資於成長。我們持續積極評估能夠提升長期股東價值的併購機會。此外，我們將評估 2025 年恢復股票回購計畫的可能性。

Now I will share further commentary on our full-year outlook and provide you with our second quarter guidance. Waters has a unique and resilient revenue profile anchored by our focused exposure to downstream high-volume applications.

現在，我將進一步評論我們的全年展望，並為您提供第二季的指導。Waters 擁有獨特且有彈性的收入狀況，這得益於我們對下游大容量應用的重點關注。

Within these segments, the recovery in customer CapEx spending has remained robust. Additionally, customer manufacturing needs continue to evolve, with potential for additional investments in new capacity driven by tariff-related capacity shifts and US pharma reshoring initiatives, which is not included in our guidance.

在這些領域中，客戶資本支出的復甦依然強勁。此外，客戶製造需求不斷發展，受關稅相關產能轉移和美國製藥業回流措施的推動，新產能可能會有額外投資，但這並未包含在我們的指導範圍內。

We continue to execute well with our revitalized portfolio, particularly as instrument replacement gains further momentum. We also expect to sustain contributions from our idiosyncratic growth drivers and strong like-for-like pricing gains.

我們繼續透過振興的產品組合表現出色，特別是隨著儀器更換獲得進一步發展勢頭。我們也期望維持我們獨特的成長動力和強勁的同類定價收益的貢獻。

We are raising our full-year constant currency sales growth guidance to 5% to 7%, reflecting our better-than-expected first quarter performance, while adequately accounting for the recent US policy developments in the academic and government end market. US A&G customers account for approximately 3% of our total revenue making it a relatively modest part of our business.

我們將全年固定匯率銷售成長預期上調至 5% 至 7%，以反映我們第一季優於預期的業績，同時充分考慮到美國近期在學術和政府終端市場的政策發展。美國 A&G 客戶約占我們總收入的 3%，因此它在我們的業務中所佔比例相對較小。

As part of our disciplined approach to forecasting, we have proactively adjusted our outlook for this segment by $15 million to reflect recent market developments. While this adjustment represents 50 basis points to our full-year growth outlook, incremental pricing accretion from tariff-related actions are separately expected to contribute 50 basis points of tailwind.

作為我們嚴謹的預測方法的一部分，我們已主動將該領域的前景調整了 1500 萬美元，以反映最近的市場發展。雖然這項調整對我們的全年成長預期產生了 50 個基點的影響，但預計與關稅相關的舉措所帶來的增量價格上漲將帶來 50 個基點的順風。

As a result, our growth assumption for the remainder of the year remains unchanged. We are also raising our reported sales growth guidance to a range of 4% to 6%, reflecting our strong momentum in the first quarter plus recent tailwinds from FX rate assumptions.

因此，我們對今年剩餘時間的成長假設保持不變。我們還將報告的銷售成長預期上調至 4% 至 6%，這反映了我們第一季的強勁勢頭以及近期外匯匯率假設帶來的順風。

Turning now to the current impact of tariffs. As Udit outlined, we have acted swiftly to limit the net impact of the announced tariffs to a modest $10 million on our adjusted operating margin for 2025. Approximately 80% of our gross $45 million exposure relates to finished products manufactured in UK Singapore and Ireland for US operations as well as raw materials imported to support US manufacturing. The remaining 20% is tied to the trade between the US and China.

現在來談談關稅的當前影響。正如 Udit 所概述的，我們已迅速採取行動，將宣布的關稅對我們 2025 年調整後營業利潤率的淨影響限制在 1000 萬美元以內。我們 4,500 萬美元的總風險敞口中約有 80% 與在英國、新加坡和愛爾蘭為美國業務生產的成品以及為支持美國製造業而進口的原材料有關。其餘20%與美國和中國之間的貿易有關。

Approximately $8 million of our net exposure and $39 million of our gross exposure relates to the second half of 2025. To respond quickly and decisively, we established a cross-functional task force that immediately mobilized to assess risk, implement mitigation strategies and safeguard our financial objectives. Thanks to the team's rapid actions, including targeted supply chain adjustments, selective surcharges, and disciplined discretionary spend management, we have substantially mitigated this impact.

我們的淨風險敞口中約有 800 萬美元和總風險敞口中約有 3900 萬美元與 2025 年下半年有關。為了迅速果斷地做出反應，我們成立了一個跨職能工作小組，立即動員評估風險、實施緩解策略並保障我們的財務目標。由於團隊的快速行動，包括有針對性的供應鏈調整、選擇性附加費以及嚴格的自由支配支出管理，我們已大大減輕了這種影響。

While incremental pricing actions related to tariffs help preserve profit, their impact on the reported margin percentage differs. Accounting for the modest net impact of tariffs, together with the incremental favorable benefit of foreign exchange rates, we now expect our full-year 2025 gross margin to be approximately 59% and our adjusted operating margin to be approximately 31%. In both cases, this reflects a margin percentage that is roughly in line with our 2024 levels.

雖然與關稅相關的增量定價行動有助於保持利潤，但它們對報告的利潤率的影響卻有所不同。考慮到關稅的適度淨影響，加上外匯匯率的增量有利效益，我們現在預計 2025 年全年毛利率約為 59%，調整後營業利潤率約為 31%。在這兩種情況下，這反映出的利潤率百分比與我們 2024 年的水準大致一致。

Below the line, we now expect full-year net interest expense to be approximately $40 million, reflecting better-than-expected debt pay down in the first quarter. Our guidance assumes average diluted share count remains at approximately 59.7 million shares. We continue to anticipate full-year tax rate of around 16.5%, in line with last year.

低於這一水平，我們現在預計全年淨利息支出約為 4000 萬美元，反映出第一季的債務償還情況好於預期。我們的指導假設平均稀釋股數仍保持在約 5,970 萬股。我們繼續預計全年稅率約為 16.5%，與去年持平。

Consequently, we are raising our full-year 2025 EPS guidance to account for better-than-expected first quarter performance, while absorbing the full impact of tariffs and US policy changes without any degradation to our prior earnings expectations.

因此，我們上調了 2025 年全年每股收益預期，以反映第一季業績好於預期，同時吸收關稅和美國政策變化的全部影響，而不會降低我們先前的獲利預期。

We now expect full-year 2025 adjusted earnings per fully diluted share to be in the range of $12.75 to $13.05 inclusive of all tariff impacts. This is approximately 8% to 10% growth and 10% to 12% on a constant currency basis. Our guidance accounts for announced tariffs that are currently enacted and those scheduled for after the 90-day pause.

我們現在預計，2025 年全年調整後每股攤薄收益將在 12.75 美元至 13.05 美元之間（含所有關稅影響）。以固定匯率計算，成長率約為 8% 至 10%，或 10% 至 12%。我們的指導考慮了目前已實施的已宣布的關稅以及 90 天暫停期後計劃實施的關稅。

Turning to the second quarter of 2025, we expect constant currency sales growth of 5% to 7%. Net of currency translation, reported sales growth is expected to be in the range of 4% to 6%.

展望 2025 年第二季度，我們預期固定貨幣銷售額成長率將達到 5% 至 7%。扣除貨幣換算後，預計報告的銷售額成長將在 4% 至 6% 之間。

For EPS, we anticipate our second quarter non-GAAP earnings per fully diluted share to be in the range of $2.88 and $2.98. This represents approximately 10% to 13% reported EPS growth or 12% to 15% growth on a constant currency basis.

就每股盈餘而言，我們預期第二季非公認會計準則每股完全稀釋收益將介於2.88美元至2.98美元之間。這相當於報告每股收益成長約10%至13%，或以固定匯率計算成長12%至15%。

With that, I will hand the call back to Udit for closing comments. Udit?

說完這些，我將把電話交還給 Udit 徵求他的最後意見。烏迪特？

Thank you, Amol. So in summary, our first quarter results reflect excellent momentum and reinforce our confidence in both the recovery of the instrument market and the steady growth of our recurring revenues.

謝謝你，阿莫爾。總而言之，我們的第一季業績反映了良好的勢頭，並增強了我們對儀器市場復甦和經常性收入穩定成長的信心。

We are executing from a position of strength, anchored by resilient sources of growth and a revitalized portfolio that continues to command strong pricing. We remain firmly on track to achieve our 2025 objectives despite the recently announced tariffs and no expected impact to our original EPS expectations for the year.

我們憑藉強勁的成長動力和持續保持強勁定價的振興投資組合，憑藉優勢地位開展業務。儘管最近宣布了關稅，並且預計不會對我們今年最初的每股盈餘預期產生影響，但我們仍堅定地朝著實現 2025 年目標的方向前進。

Our commitment to operational excellence, financial discipline and rapid execution continues to deliver solid outcomes and creates value for our shareholders. We are energized by our progress, confident in our positioning and immensely proud of our team who have been instrumental in achieving these strong outcomes.

我們致力於卓越營運、財務紀律和快速執行，繼續帶來堅實的成果並為我們的股東創造價值。我們為自己的進步而充滿活力，對自己的定位充滿信心，並為在實現這些強勁成果過程中發揮重要作用的團隊感到無比自豪。

So with that, I will turn the call back to Caspar.

因此，我將把電話轉回給卡斯帕。

Thanks, Udit. That concludes our prepared remarks. We are now happy to open the lines and take your questions.

謝謝，Udit。我們的準備好的演講到此結束。我們現在很高興開通熱線並回答您的問題。

(Operator Instructions)

（操作員指示）

Jack Meehan with Nephron.

傑克·米漢 (Jack Meehan) 和 Nephron。

Thank you. Good morning.

謝謝。早安.

Good morning, Jack.

早上好，傑克。

I wanted to start – talk a little bit more about the replacement cycle dynamics that you're seeing called out in the script that it's still ramping. Can you just talk about the different customer classes within Pharma biotech, what you're seeing there? And then for Amol, within the 2025 guide now, is there any update to what your forecast was for instruments?

我想先多談談腳本中提到的替換週期動態，它仍在不斷增加。您能否談談製藥生物技術領域內的不同客戶類別以及您所看到的？那麼對於 Amol 來說，在 2025 年指南中，您對儀器的預測是否有任何更新？

Jack, good morning and thank you. Look, instruments performed extremely strongly in Q1 came in ahead of expectations, right? So double-digit growth driven by both LC and mass spec growing in the mid-teens. Now your question is around the replacement cycle in Pharma, in particular, LC and Pharma also grew in the mid-teens, really, really strong growth.

傑克，早安，謝謝你。你看，第一季的儀器表現非常強勁，超出了預期，對嗎？因此，在液相層析和質譜的共同推動下，實現了兩位數的成長，成長率達到了十幾歲。現在您的問題是關於製藥業的替代週期，特別是 LC 和製藥行業也實現了十幾歲的中期增長，確實非常強勁的增長。

There, the growth was led by large Pharma, where I'll remind you that our focus is on late-stage resilient applications in QC, in manufacturing and in the generic segment, so large Pharma, generics and CDMOs, which is about 75% of our Pharma business all grew in double digits.

在那裡，成長是由大型製藥公司引領的，我要提醒大家的是，我們的重點是 QC、製造和仿製藥領域的後期彈性應用，因此大型製藥公司、仿製藥公司和 CDMO（約占我們製藥業務的 75%）都實現了兩位數增長。

So the replacement cycle is well and truly underway. The funnel is quite strong, and our customers are really responding well both in greenfield and brownfield opportunities to the Alliance iS building a stake there as well. Amol on the 2025 guide.

因此，更換週期正在順利進行中。這個管道非常強大，我們的客戶對 Alliance iS 在那裡建立股份的綠地和棕地機會都反應良好。Amol 的 2025 年指引。

Yes. And so the only change for the remainder of the year in our guide is mainly around the US A&G business. It's a very small portion of our business, like 3%. What we've done is we've proactively meaningfully derisked our US A&G forecast.

是的。因此，我們指南中今年剩餘時間的唯一變化主要圍繞美國 A&G 業務。這只占我們業務的很小一部分，大約 3%。我們所做的是，積極主動地降低美國農業和天然氣預測的風險。

So we've prudently assumed 20% decline for US A&G for the rest of the year, which brings our overall A&G for the full-year to a mid single-digit decline for the full-year.

因此，我們謹慎地假設今年剩餘時間內美國農業和天然氣銷售額將下降 20%，這將使我們全年整體農業和天然氣銷售額出現中等個位數的下降。

And that creates a 50 basis points topline headwind. Now separately, our selective surcharge actions on tariffs add about 50 basis points on the topline. And so for rest of the year, net of the two, there is no impact. So that's roughly the guide change.

這會對營收造成 50 個基點的不利影響。現在，我們單獨採取的選擇性關稅附加費措施使總收入增加了約 50 個基點。因此，對於今年剩餘時間而言，扣除這兩項因素後，不會產生影響。這就是大致的指南變化。

Great. And one follow-up. In the Pharma biotech customer class, have you seen any change in behavior related to tariffs, like specifically from what you can tell? Was there any pull forward in the first quarter? Or have you seen any increase in ordering in the second quarter just around customers' positioning around tariffs? Any color on that would be great.

偉大的。還有一個後續行動。在製藥生物技術客戶群中，您是否看到與關稅相關的行為有任何變化，具體來說，您能看出什麼變化嗎？第一季有沒有什麼拉動？或者您看到第二季度圍繞客戶關稅定位的訂單增加？任何顏色都可以。

So really no change in behavior, Jack, at all, right? The funnels are quite strong. I mean we've seen momentum through the quarter. So really no change in behavior. And in terms of the tariff impact on Pharma itself, look, just like us, the Pharma customers are spending time thinking through what actions they would take if tariffs were implemented on their products.

那麼傑克，行為上真的沒有任何改變嗎？漏斗非常堅固。我的意思是我們已經看到了整個季度的勢頭。因此行為上確實沒有改變。就關稅對製藥業本身的影響而言，就像我們一樣，製藥業的客戶也在花時間思考如果對他們的產品徵收關稅，他們會採取什麼行動。

And just like us, they're thinking through supply chain modifications. And you must have read sort of the over $160 billion commitment that many large Pharma players have made to restore in the US we're very well positioned with all of them. And if and when that comes, we are sure to benefit from it. It's not included in our guide. But seeing absolutely no change on the replacement dynamics in large Pharma, in particular.

就像我們一樣，他們也在考慮修改供應鏈。您一定已經讀到過，許多大型製藥公司已承諾投入超過 1,600 億美元來恢復美國經濟，而我們與它們都處於非常有利的地位。一旦實現，我們肯定會從中受益。它不包含在我們的指南中。但尤其在大型製藥公司的替代動力方面，我們完全沒有看到任何改變。

Now I just want to take the opportunity also to take a step back, right? We're getting caught up in sort of the small – the changes that are occurring every single day. The Pharma industry remains one of the most attractive end markets.

現在我只是想藉此機會退一步，對嗎？我們正陷入每天都在發生的小變化之中。製藥業仍然是最具吸引力的終端市場之一。

Look, I've spent close to 30 years of my career, half of it in Pharma and half of it sort of serving Pharma through the life science tools industry. And I can tell you, innovation has never been stronger. It is there to meet the needs of an aging population, both on the acute and chronic side.

你看，我的職業生涯已經將近 30 年了，其中一半在製藥業，另一半透過生命科學工具產業為製藥業服務。我可以告訴你們，創新從未如此強勁。它可以滿足老齡人口的急性和慢性需求。

So we feel very good about our position in serving the Pharma industry as we together work to getting the benefits of this pioneering science to many, many customers in need. So very positive about the long-term prospects of Pharma, but in the short-term, really no change in dynamics on the replacement cycle.

因此，我們對自己在服務製藥業中的地位感到非常滿意，我們共同努力將這項開創性科學的益處惠及眾多有需要的客戶。因此，我們對製藥業的長期前景非常樂觀，但從短期來看，替代週期的動態實際上不會有任何變化。

Tycho Peterson with Jefferies.

Tycho Peterson 與 Jefferies 合作。

Hey, thanks. Congrats on the quarter. I want to probe into price. I don't think I've ever heard you guys use pricing so much on an earnings call. So maybe talk a little bit about what you're expecting on pricing this year, where you're seeing the greatest ability to push price?

嘿，謝謝。恭喜本季取得佳績。我想探究一下價格。我認為我從未聽過你們在收益電話會議上如此重視定價。那麼，能否談談您對今年的定價有何預期，您認為推動價格上漲的最大能力在哪裡？

And are you not all concerned about pharma pushing back on pricing, and that does seem to be one of the things we're talking about in response to tariffs is leading on their own suppliers.

你們不擔心製藥公司會壓低價格嗎？這似乎是我們在應對關稅時討論的事情之一，即引導他們自己的供應商。

Yeah, So look, I mean, Q1, we did 200 basis points of like-for-like price. As you know, we don't include upsell in our price embedded in our previous guide and also in this guide is excluding tariffs, 200 basis points of like-for-like pricing gains.

是的，所以看，我的意思是，第一季度，我們的同類價格上漲了 200 個基點。如您所知，我們在先前的指南中沒有將追加銷售納入價格中，而且本指南中也不包括關稅，同類定價收益為 200 個基點。

Now we are doing selective surcharges associated with tariffs and they are going to contribute about $15 million or 50 basis points incremental to this 200 basis points of like-for-like pricing gains, and that is embedded in our revised guide.

現在，我們正在實施與關稅相關的選擇性附加費，這些附加費將為這 200 個基點的同類定價收益貢獻約 1500 萬美元或 50 個基點的增量，這些都包含在我們修訂後的指南中。

Right. And in terms of your second part – the second part of your question on pushback from pharma. Look, I mean, we've had very close collaboration with our customers. As far as the 200 basis points on innovative products is concerned, I mean, that's always sort of welcome if you're introducing new products.

正確的。關於您的第二部分——您問題的第二部分是關於製藥公司的反擊。看，我的意思是，我們與客戶保持著非常密切的合作。至於創新產品的 200 個基點，我的意思是，如果您推出新產品，這總是受歡迎的。

As far as the tariff surcharge is concerned, that's been conversation that's been conversations with one-by-one with customers, and we track the stick rate on a daily basis. And I would say between 80% to 90% customers have fully understood what we're trying to do with 10%, you have to have a debate and explain the reasons why and what parts but we're very confident on both the $200 million on the driven by the product differentiation and the additional 50 basis points that is a surcharge due to the tariffs.

就關稅附加費而言，我們一直在與客戶進行逐一對話，並且我們每天都會追蹤固定費率。我想說，80%到90%的客戶已經完全理解了我們試圖用10%做什麼，你必須進行辯論並解釋原因和部分，但我們對由產品差異化驅動的2億美元和由於關稅而產生的額外50個基點的附加費都非常有信心。

Okay. And then a follow-up on India. This has obviously been a nice growth driver. You've got some tailwinds heading into 2026 with Semaglutide moving over there. How do you think about maybe longer-term risks around that business with manufacturing moves more onshoring? Do you think that what you're seeing there is sustainable?

好的。然後是關於印度的後續問題。這顯然是一個很好的成長動力。隨著 Semaglutide 的推廣，2026 年將會迎來一些有利因素。隨著製造業進一步向國內轉移，您如何看待該業務可能面臨的長期風險？您認為您所看到的是可持續的嗎？

Yeah, it's a good question, Tycho. Look, I mean, just like the innovative pharma industry, generics have a strong role to play in relieving funding for reinvestment in innovation. And India has played a strong role in supplying genetics to the rest of the world, like our large pharma customers, Indian generics companies also have global footprints, right? And they're in a very straightforward way able to reshore in other geographies.

是的，這是個好問題，Tycho。我的意思是，就像創新製藥業一樣，仿製藥在緩解創新再投資資金方面發揮著重要作用。印度在向世界其他地區供應基因技術方面發揮了重要作用，就像我們的大型製藥客戶一樣，印度仿製藥公司也在全球有足跡，對嗎？而且他們能夠以非常直接的方式將業務轉移到其他地區。

None of them have initiated any of those discussions. But I think if at all, there are tariffs, they will again look at the same levers that we have or large pharma companies have including supply chain adjustments, and we're ready and we have the best relationships with them to help them navigate through it.

他們中沒有人發起過任何此類討論。但我認為，如果有關稅，他們會再次考慮我們或大型製藥公司所擁有的相同手段，包括供應鏈調整，我們已經做好準備，並且與他們保持著最好的關係，可以幫助他們度過難關。

Now that said, the results in India, again, were close to 20% constant currency growth, and we're extremely proud of the team in India that is taking our new innovative products and really embedding them in the generics value chain.

話雖如此，印度的業績再次接近 20% 的固定匯率成長率，我們為印度團隊感到非常自豪，他們正在將我們的創新產品真正嵌入仿製藥價值鏈中。

Puneet Souda with Leerink.

Puneet Souda 和 Leerink。

Yeah,Hi, Udit, Amol, Caspar, thanks for taking my questions here. First one on the tariffs and supply chain realignment side. Can you elaborate on what's already completed and what remains to be in terms of supply chain realignment in terms of Wilmslow, Singapore versus US and what remains to be optimized?

是的，嗨，Udit、Amol、Caspar，感謝你們在這裡回答我的問題。首先是關於關稅和供應鏈調整方面。您能否詳細說明在威姆斯洛、新加坡和美國的供應鏈調整方面已經完成哪些工作，還有哪些工作有待完成，以及哪些工作還有待優化？

And then is are the LCs and mass specs affected by the IP domiciling and transfer pricing issues that affect the API for the drugs – or are you largely not impacted from that? And I have a follow-up? Thank you.

那麼，LC 和質譜是否會受到影響藥物 API 的 IP 所在地和轉讓定價問題的影響？或者您基本上不會受到影響？我還有後續嗎？謝謝。

Yeah, So Puneet, a couple of things. I'd like, look, our gross impact is $45 million. And most of that shows up in the second half of the year, primarily because in Q2, you have some inventory, but our teams did an excellent job of bringing more inventory and stockpiling before the deadlines. And that partly is also the reason why the cost associated with that was the drug on our Q2 gross margins.

是的，Puneet，有幾件事。我想，我們的總影響是 4500 萬美元。其中大部分出現在下半年，主要是因為在第二季度，您有一些庫存，但我們的團隊在截止日期之前出色地完成了更多庫存和儲備的工作。這也是為什麼與此相關的成本是我們第二季毛利率的藥品部分原因。

But then sort of second half is pretty clean and can be extrapolated into the future. Within that, if you say within the $45 million, roughly $15 million is offset with surcharges roughly $14 million is manufacturing cost actions that are largely on the landing mode.

但下半部的情況相當清晰，可以推斷到未來。其中，如果你說在 4500 萬美元之內，大約有 1500 萬美元被附加費抵消，大約 1400 萬美元是製造成本行動，主要集中在著陸模式。

I mean, the actions that we have embedded in our guide are pretty much on the landing mode at this point. So we feel pretty comfortable there and roughly $6 million is discretionary spend management.

我的意思是，我們在指南中嵌入的操作目前基本上處於著陸模式。因此我們對此感到很放心，大約 600 萬美元是可自由支配的支出管理。

In terms of your other question on IP and so it does affect, right, because at the end of the day, where you are manufacturing, you have an IP there. So you are bringing the product into another domicile at a certain transfer price.

至於您關於 IP 的另一個問題，它確實會產生影響，對吧，因為歸根結底，在您進行製造的地方，您就擁有 IP。因此，您可以按照一定的轉讓價格將產品帶到另一個住所。

You can't change those transfer prices very easily without sort of moving the IP in the first place. So the $45 million exposure that we've outlined includes all of that impact in it. Again, there are more moves sort of planned that will go live at the beginning of next year, which will allow us to completely offset the impact as we go into 2026.

如果不先移動 IP，你就無法輕易改變這些轉讓價格。因此，我們概述的 4500 萬美元風險敞口包含了所有這些影響。再次，我們計劃在明年年初實施更多舉措，這將使我們能夠在進入 2026 年時完全抵消影響。

And so Puneet, just one embellishment to what Amol has said. Look, none of this stuff happens automatically. And I think you're used to us reacting rather rapidly to a changing and challenging environment. And many of you had the chance to meet our team at our Investor Day.

因此，Puneet，這只是對 Amol 所說內容的補充。瞧，這些事情都不會自動發生。我想你們已經習慣了我們對不斷變化和充滿挑戰的環境做出快速反應。你們中的許多人都有機會在投資者日見到我們的團隊。

I mean these are folks who are extremely dedicated to assessing the problems on a daily basis. We meet daily developing solutions and implementing them rapidly. And we continue that cadence on a daily basis, and I'm extremely thankful to the dedication of the team to be able to offset 35 out of the 45 gross rose $35 million impact – $45 million impact that we saw for the full-year.

我的意思是，這些人每天都極度致力於評估問題。我們每天都會制定解決方案並迅速實施。我們每天都保持這種節奏，我非常感謝團隊的奉獻精神，能夠抵消全年 45 個總增長 3500 萬美元的影響中的 35 個 - 4500 萬美元的影響。

That's great. Thanks for all the details. My follow-up is, I mean, you're indeed outperforming significantly versus the peers. And that comes to the differentiation of what Waters is, its products, the quality and where it's situated in the pharma servicing the pharma customers.

那太棒了。感謝您提供所有詳細資訊。我的後續問題是，我的意思是，你的表現確實比同行好得多。這就是 Waters 的差異化之處，它的產品、品質以及它在製藥行業為製藥客戶提供服務的地位。

I'm wondering, can you talk take a minute and talk about how the pharma customers in the US and Europe versus the pharma customers in India are thinking about in this macro environment, I think the questions are still about the second half and the confidence of these pharma customers and your positioning there that helps you gives you the confidence to raise the guide and see outperformance in the second half as well. Maybe could you elaborate a bit on that? Because obviously, we're not seeing this from the rest of the industry.

我想知道，您能否花一點時間談談美國和歐洲的製藥客戶以及印度的製藥客戶在這種宏觀環境下的看法，我認為問題仍然在於下半年以及這些製藥客戶的信心和您在那裡的定位，這可以幫助您提高指導並看到下半年的優異表現。能否詳細說明一下？因為很明顯，我們沒有從其他行業看到這種情況。

Puneet, thank you for the question and the opportunity to comment on this rather important topic. Look, what does as you know, it positioned extremely well downstream in high-volume applications where regulations are key. And we've made that our home. We've been executing in that domain extremely well.

Puneet，感謝您提出這個問題並給我機會對這個相當重要的主題發表評論。瞧，正如您所知，它在法規至關重要的大量應用中處於非常有利的下游位置。我們已經把那裡當成了我們的家。我們在該領域的表現非常出色。

Now we're at the beginning of the replacement cycle, which helps our instrument growth. And you saw double-digit instrument growth already in Q1 we're not seeing any slowdown in replacement discussions with our large pharma customers, our genetics customers or our CDMO customers, all of which are continuing to grow in mid-teens, right?

現在我們正處於更換週期的開始，這有助於我們的儀器成長。您已經看到第一季儀器實現了兩位數的成長，我們與大型製藥客戶、遺傳學客戶或 CDMO 客戶的替換討論並沒有放緩，所有這些客戶都繼續以十幾歲的幅度增長，對嗎？

So we grew in pharma high single-digit. These three segments are growing in the double digits, right? So driving the growth and they're a large part of the story is the replacement cycle.

因此，我們在製藥領域的業務實現了高個位數成長。這三個部分都以兩位數的速度成長，對嗎？因此，推動成長並佔據重要地位的是替換週期。

Now as you look at each of these different segments I commented earlier as well, not only is the funnel strong, the conversations are extremely strong. And as they think about navigating the complex macro environment, they are talking to us about changing of their manufacturing footprint, different supply chain reconfigurations. And given our relationships with these customers, we stand to benefit from it.

現在，當您查看我之前評論過的每個不同部分時，您會發現不僅漏斗很強大，而且對話也非常強大。當他們考慮如何應對複雜的宏觀環境時，他們正在與我們討論改變他們的製造足跡、不同的供應鏈重組。鑑於我們與這些客戶的關係，我們將從中受益。

And that gives us the confidence to raise the full-year guide given the outperformance in Q1. Pharma is a large part of that story and our downstream presence, our innovation, which is meeting these unmet needs, the focus on idiosyncratic growth drivers like GLP-1 testing, like the India generics outperformance, like the focus on biologics is all helping. So really excited about what we're seeing from our customers and their focus on ensuring that they play a strong role in getting safe medicines to people and we have a strong role to play there.

鑑於第一季的優異表現，我們有信心提升全年業績指引。製藥是這個故事的重要組成部分，我們的下游業務、我們的創新正在滿足這些未滿足的需求，專注於 GLP-1 測試等特殊增長動力、印度仿製藥的優異表現、對生物製劑的關注都在提供幫助。我們對客戶的表現感到非常興奮，他們專注於確保自己在為人們提供安全藥物方面發揮重要作用，而我們在這方面也發揮著重要作用。

Catherine Schulte with Baird.

凱瑟琳舒爾特和貝爾德。

Hey guys. Thanks for the questions. Maybe just what are your expectations for China for the balance of the year? Are you seeing any hesitation in customer spend there? And then what are your latest assumptions for stimulus?

嘿，大家好。感謝您的提問。也許您對今年中國經濟的剩餘表現有何期待？您是否發現那裡的顧客在消費上有任何猶豫？那麼，您對刺激措施的最新假設是什麼？

Good morning, Catherine. And thank you for the question. Look, China came in ahead of expectations, around 5% growth for the first quarter. And this was driven by a strong performance in stimulus-related opportunities in the academic and government segment, where we're benefiting from our wider distribution as well as the localized footprint and equally benefiting from our TA portfolio, which did extremely well in the battery testing arena, right? So A&G actually came in double digits for China for the start of the year.

早上好，凱瑟琳。感謝您的提問。你看，中國第一季的經濟成長超出了預期，達到了 5% 左右。這是由學術和政府領域刺激相關機會的強勁表現推動的，我們受益於我們更廣泛的分銷和本地化的足跡，同樣受益於我們的技術援助產品組合，該組合在電池測試領域表現非常出色，對嗎？因此，A&G 今年年初在中國的銷售額實際上達到了兩位數。

Now as we look at the balance of the year, we've assumed that China basically remained stable at a low single-digit growth. So we've just taken it down from the 5% growth in Q1. We've assumed that it is low single-digit growth.

現在，當我們回顧今年的收支平衡時，我們假設中國經濟基本上保持穩定，並保持較低的個位數成長。因此，我們剛剛將其從第一季的 5% 成長率下調。我們假設這是低個位數的成長。

And any wins in the balance of the stimulus would be considered upside, right? So basically low single-digit for the balance of the year, even with a strong start for the year. So a bit of prudence built in there.

刺激措施平衡中的任何勝利都會被視為好處，對嗎？因此，儘管今年開局強勁，但全年餘額基本上仍處於低個位數水平。因此，這其中蘊含著一些謹慎。

Yeah, I mean Q1 was consistent, right, even if you exclude the stimulus, we were relatively flat and we have a strong local presence that is executing really well on not just the stimulus, but the broader business, which reflects in our overall number.

是的，我的意思是第一季是一致的，對吧，即使排除刺激措施，我們的業績也相對平穩，而且我們在本地擁有強大的影響力，不僅在刺激措施方面表現良好，而且在更廣泛的業務方面也表現良好，這反映在我們的總體數字上。

Great. And then maybe a follow-up on reshoring. How do you think about that as a potential tailwind? And how long after some of these capacity announcements do you typically see the demand start coming for your products? I know you said it isn't in 2025 guidance, but just curious how you think that rolls out from a cadence perspective?

偉大的。然後也許會跟進回流事宜。您如何看待這潛在的順風？在這些產能公告發布後多久您才會看到對您的產品的需求開始出現？我知道您說過這不在 2025 年的指導範圍內，但我只是好奇您認為從節奏角度來看這會如何展開？

So Catherine, it's early days. I mean, these are just being announced. We're in close conversation with all our customers. Nobody yet has detailed plans on exactly what they're going to do. And as they emerge, we expect to play a strong role given that our focus is and it remains on late stage or marketed compounds, which is where a lot of these capacity expansions will come to support existing products, right? So we feel very confident about our position, but it's early days. There's not a lot of detail on exactly where these manufacturing facilities going to be put up across the US.

所以凱瑟琳，現在還太早。我的意思是，這些才剛剛宣布。我們正在與所有客戶保持密切溝通。目前還沒有人制定出他們到底要做什麼的詳細計畫。隨著它們的出現，我們期望發揮重要作用，因為我們的重點是並且仍然放在後期或市場化合物上，這些產能擴張將用於支持現有產品，對嗎？因此，我們對自己的地位非常有信心，但現在還為時過早。關於這些製造工廠將在美國哪些地方建設，目前還沒有太多細節。

Yeah, and just having a service organization with the best NPS scores really puts us in a driver's seat, right? Because they are part of all these conversations around tech transfers and site movements. But as Udit alluded, like none of this has converted into orders. None of this is in our guidance.

是的，只要擁有一個擁有最佳 NPS 分數的服務組織就能讓我們真正處於主導地位，對嗎？因為他們是有關技術轉移和場地遷移的所有對話的一部分。但正如烏迪特所暗示的，這些都沒有轉化為訂單。這些都不在我們的指導範圍內。

And Amol's point is an excellent one. Look, I mean the service team is the first one to find out when you're opening up a new manufacturing site, customers want to be sure that the software is transferred appropriately.

Amol 的觀點非常正確。你看，我的意思是，當你開設一個新的製造工廠時，服務團隊是第一個發現的人，客戶希望確保軟體得到適當的轉移。

The methods are transported appropriately and the new products that the new instruments that they purchase really have sync up with the software as well as with their other sites. So when – if and when it starts, we will be one of the first to find out.

方法得到了適當的傳輸，他們購買的新儀器的新產品確實與軟體以及其他網站同步。因此，當它開始時——如果它開始的話——我們將是第一批發現答案的人之一。

Sung Ji Nam with Scotiabank.

豐業銀行的 Sung Ji Nam。

Hi. Thanks for taking the questions. I'll just ask one, it’s a multi-parter on academic, especially US academic. Obviously, it's a very small portion of your revenue. But could you remind us kind of what is the latest number for that in terms of your exposure?

你好。感謝您回答這些問題。我只問一個問題，這是一個關於學術，特別是美國學術的多部分問題。顯然，這只是你收入的一小部分。但您能否提醒我們，就您的曝光度而言，最新的數字是多少？

And then also curious kind of what you're seeing on the ground currently. Are you actually seeing meaningful weakness from your customer base?

而且我很好奇您目前在地面上看到了什麼。您是否確實看到了客戶群的明顯弱點？

And then lastly, with all the structural changes that are being proposed, are there opportunities for Waters to kind of actually take advantage in terms of future opportunities in academic, especially in US academic? Thank you.

最後，隨著所有被提議的結構性變化，沃特斯是否有機會在未來的學術領域，特別是在美國學術領域中真正利用這個機會？謝謝。

I'll start and then I'll pass it on to Amol. Look, you're right, in academia and government is the smallest end market for us. So we're not really reflective of exactly what's going on in that segment as many of our peers might be. The US portion of that is roughly 3%-ish.

我先開始，然後將其傳遞給 Amol。看，你說得對，學術界和政府是我們最小的終端市場。因此，我們並不能像許多同行那樣真正反映出該領域的具體情況。其中美國所佔比例約為 3% 左右。

Now ironically, the start to the year was excellent, right? That segment grew double digits, driven by PFAS testing and Department of Defense orders, right? So starting the year with a double-digit growth.

諷刺的是，今年的開局非常好，對吧？在 PFAS 測試和國防部訂單的推動下，該部分增加了兩位數，對嗎？因此，今年的開局就實現了兩位數的成長。

But as Amol pointed out in the prepared remarks, we have assumed a significant decline for the balance of the year, right. The year started with double-digit growth. But for the rest of the year, we've said is going to go down by 20%. Amol, do you want to build?

但正如阿莫爾在準備好的演講中指出的那樣，我們預計今年的餘額將大幅下降，對吧。今年年初就實現了兩位數的成長。但我們表示，今年剩餘時間的產量將下降 20%。Amol，你想建造嗎？

Yeah. No. I mean, look, Q1 was double-digit growth for rest of the year. I mean it's a full-year $90 million or rest of the year, $70 million business for us, a really small in grand scheme of things. We've run a meaningful haircut of $15 million to it, which is assuming the rest of the year is minus 20%. It's prudent. It's just derisking, and we'll see how it plays out?

是的。不。我的意思是，你看，第一季和今年剩餘時間都實現了兩位數的成長。我的意思是，對我們來說，這是全年 9000 萬美元的業務，或者說，今年剩餘時間 7000 萬美元的業務，從總體上看，這確實很小。我們對其進行了 1500 萬美元的大幅減記，假設今年剩餘時間的收益為負 20%。這是謹慎的。這只是降低風險，我們看看結果如何？

Yeah thank you.

是的，謝謝。

Brandon Couillard from Wells Fargo.

富國銀行的 Brandon Couillard。

Thanks. Good morning. Did the PFAS business thing to really accelerate quite a bit here in the quarter, clocking a new high up 90%. Is there any timing benefit in that growth rate? What are you assuming for the year? And maybe just unpack that acceleration a little bit for us?

謝謝。早安.本季 PFAS 業務是否真的加速發展，創下 90% 的新高？這個成長率有沒有什麼時間優勢？您對今年有何期望？也許可以為我們稍微解釋一下這種加速度？

Yes, so really happy with the performance on PFAS testing, Brandon, and thanks for the question. Look, we've gone from strength to strength. I'll remind you that for the last two years, that business has grown 40% each year. So it's not a one-quarter phenomenon. And this quarter, it grew 90% across the food and environmental segment, but also academia, especially in the United States.

是的，布蘭登，我對 PFAS 測試的表現非常滿意，謝謝你的提問。瞧，我們已經越來越強大了。我要提醒你的是，在過去的兩年裡，該業務每年增長 40%。所以這不是一個季度的現象。本季度，食品和環境領域的成長了 90%，學術領域的成長也是如此，尤其是在美國。

We did not see any semblance of a pull forward on that, right. Our Xevo TQ Absolute remains the instrument of choice and the funnel is extremely strong on the food and environmental side in – for the balance of the year, not just in the US but in other geographies.

我們沒有看到任何向前推進的跡象，對吧。我們的 Xevo TQ Absolute 仍然是首選儀器，並且在今年餘下的時間裡，其在食品和環境方面的漏斗表現非常強勁，不僅在美國，而且在其他地區也是如此。

And recently, the despite sort of move towards deregulation across many different segments, PFAS has the opposite trend going for it, right? So on April 28, the EPA announced 21 measures to combat PFAS pollution.

最近，儘管許多不同領域都出現了放鬆管制的趨勢，但 PFAS 呈現相反的趨勢，對嗎？因此，美國環保署於4月28日宣布了21項因應PFAS污染的措施。

So this includes, of course, aligning PFAS across many agencies, but in no small part, limiting the affluent PFAS in affluence for metal finishers and other customers. And equally, ramping up the development of testing methods to improve detection and strategies to address PFAS, right?

因此，這當然包括在許多機構之間協調 PFAS，但在很大程度上，限制了金屬精加工商和其他客戶的富裕程度。同樣，加強測試方法的開發以改進檢測和解決 PFAS 的策略，對嗎？

So this is not a onetime event, and we're seeing even more focus from the EPA on implementing regulations and asking for even better detection methods. And the reason I went on that diatribe is to illustrate the need for the most sensitive instrument in the industry, and that's where the TQ Absolute continues to do extremely, extremely well.

所以這不是一次性事件，我們看到環保署更加重視實施法規並要求更好的檢測方法。我之所以發表那篇長文是為了說明業界對最靈敏儀器的需求，而 TQ Absolute 在這方面繼續表現得非常出色。

Okay. That's helpful. And to follow-up – the balance sheet is in great shape. Net debt is down to back where it was through Wyatt acquisition. What's your appetite for another $1 billion-plus deal or maybe even something more transformative? And do you expect the macro volatility to actually lead to more assets becoming available perhaps in more attractive valuations? Thanks.

好的。這很有幫助。後續情況是，資產負債表狀況良好。淨債務已降至收購懷亞特後的水平。您是否願意再進行一筆 10 億美元以上的交易，或者進行一些更具變革性的交易？您是否預期宏觀波動實際上會導致更多資產以更具吸引力的估值變得可用？謝謝。

So Brandon, thanks for the question. Look, Wyatt is a poster child for an acquisition. The strategic fit has been excellent, and it's played out exactly like we thought. It has helped us build our bioanalytical business, which we want to continue to build on.

布蘭登，謝謝你的提問。瞧，懷亞特是收購的典型代表。策略契合度極佳，而且結果正如我們想像的那樣。它幫助我們建立了生物分析業務，我們希望繼續發展。

Second, we committed to taking light scattering into QA or QC. As of this morning, we announced that light scattering is now compatible. That is the Wyatt instruments are compatible with Empower which allows our customers and many of whom have been talking to us about this, to take light scattering into QA or QC basically post haste. So this is a significant opportunity. Now don't ask me to quantify it. I will not do it today and we will look at the facts after the sales are consummated.

其次，我們致力於將光散射納入 QA 或 QC。從今天早上起，我們宣佈光散射現已相容。也就是說，Wyatt 儀器與 Empower 相容，這使得我們的客戶（其中許多人一直在與我們討論這個問題）能夠將光散射基本上快速地納入 QA 或 QC 中。所以這是一個重要的機會。現在不要要求我量化它。我今天不會這樣做，我們將在銷售完成後再查看事實。

But extremely excited about what we've seen with Wyatt. And yes, if we find other acquisitions like Wyatt, there are several in the pipeline and valuations have become a lot more reasonable, we would go for it. But again, as Amol as said many, many times, if the strategic fit and the financials don't make sense, we will resume our share buybacks.

但我們對懷亞特的所見所聞感到非常興奮。是的，如果我們找到其他像懷亞特這樣的收購對象，那麼現在就有幾個這樣的收購對象，而且估值也變得更加合理，我們就會去做。但正如阿莫爾多次說過的那樣，如果策略契合度和財務狀況不合理，我們將恢復股票回購。

Vijay Kumar with Evercore ISI.

Evercore ISI 的 Vijay Kumar。

Hi, Udit and Amol. Good morning and thanks for taking my questions. Congrats on a nice sprint here. Maybe on instruments here, Q1 very pleased with double-digit growth. Your prior guidance I think, assume something like 4% to 5% to hit the midpoint of the guidance. Is your instrument outlook changing? How should we think about 2Q and balance of the year on instrument growth?

嗨，Udit 和 Amol。早上好，感謝您回答我的問題。恭喜你在這裡取得了良好的衝刺成績。也許就這裡的儀器而言，第一季對兩位數的成長感到非常滿意。我認為，您之前的指導假設是 4% 到 5% 左右，以達到指導的中點。您的儀器前景正在改變嗎？我們應該如何看待第二季以及全年儀器成長的平衡？

So Vijay, good morning and thank you for the question. Yes, I mean, a great start to the year with instruments, double-digit growth, both LC and mass spec in the mid-teens when you look at the guidance for the balance of the year, look, we've raised it, but it's basically 5% to 7%. And the guidance philosophy has not really changed.

所以，Vijay，早安，謝謝你的提問。是的，我的意思是，今年開局很好，儀器數量實現了兩位數增長，液相色譜和質譜都達到了十幾歲的水平，當你查看今年餘額的指導時，你看，我們已經提高了它，但它基本上是 5% 到 7%。指導理念其實並沒有改變。

Recurring revenues basically take in the high end of the guidance of 6% to 7%. And for the balance of the year, we don't see any issues with the number of days in the quarter, right? So it should land between 6% and 7%. In fact, there's an extra day in the fourth quarter, if I'm not wrong.

經常性收入基本上佔指導值的6%至7%的高端。就全年餘額而言，我們認為季度天數沒有任何問題，對嗎？所以它應該在 6% 到 7% 之間。事實上，如果我沒記錯的話，第四節還有額外的一天。

So 6% to 7% on the high end, bringing in the high-end, which is 60% of the business. Instruments, we are still assuming roughly 5%-ish, right. In such a dynamic environment, we think we will get constructive as the year goes along, right.

因此，高端市場佔比為 6% 到 7%，即業務的 60%。儀器，我們仍然假設大約 5% 左右，對吧。在這樣一個充滿活力的環境中，我們認為隨著時間的推移，我們會變得更有建設性，對吧。

Great start, good funnel, both LC and mass spec doing well with the replacement cycle fully underway, new products making a difference, idiosyncratic growth drivers doing what they're supposed to do and according to our prediction, but we still want to have sufficient level of prudence in the guide. So we've assumed roughly 4% to 5% instrument growth for the balance of the year.

良好的開端，良好的漏斗，液相層析和質譜都表現良好，替換週期全面展開，新產品發揮作用，特殊的增長動力按照我們的預測發揮應有的作用，但我們仍然希望在指南中保持足夠的審慎。因此，我們預計今年餘下時間儀器的成長率約為 4% 至 5%。

Yes. I mean largely unchanged for rest of the year other than the meaningful downsizing of US A&G.

是的。我的意思是，除了美國農業和天然氣公司的規模大幅縮減外，今年剩餘時間基本上不會改變。

That's helpful. Then maybe one quick follow-up on Amol view. Share count assumptions went up a tad versus prior guidance. Curious why no buyback assumptions within the guide?

這很有幫助。然後也許可以快速跟進一下 Amol 的觀點。與先前的指導相比，股票數量假設略有上升。好奇為什麼指引中沒有回購假設？

Yeah, I mean it's net neutral versus the previous guide. We took down our interest expense assumptions, and we took up our share count assumptions. But when you net the two, it's net neutral on EPS.

是的，我的意思是，與之前的指南相比，它是網路中立的。我們降低了利息支出假設，並提高了股份數量假設。但當你將兩者相加時，其對 EPS 的影響是淨中性的。

Matthew Sykes with Goldman Sachs.

高盛的馬修賽克斯。

Hi, good morning. Thanks to my questions. Maybe just the first one, sort of a high-level question for you, Udit. When you look at sort of the commercial exposure you have, is clearly where you want to be in this current market environment.

嗨，早安。感謝我的提問。也許只是第一個問題，對你來說是一個高層次的問題，Udit。當你審視自己擁有的商業曝光時，你就會清楚知道在當前的市場環境中你想要達到什麼程度。

But just given all the challenges we're seeing sort of more upstream and research, given your lower levels of exposure there, does this make you want to take advantage of the environment to perhaps invest a little bit more in upstream, either organically or inorganically or are you fairly content with remaining sort of commercial for this time being, just given the macro uncertainty?

但是，考慮到我們在上游和研究方面面臨的所有挑戰，考慮到您在這些領域的曝光度較低，這是否會讓您想利用環境，在上游領域進行更多投資，無論是有機投資還是無機投資，或者考慮到宏觀不確定性，您是否對暫時保持商業化狀態感到滿意？

I think Matt, firstly, good morning. We're very happy with our commercial exposure as you pointed out. And I think the fact that we have high-volume applications in a recurring setting, which are regulated, I mean, plays to our strength. And there's a lot to do here, right? I mean there's a lot more to do with the hand that we have rather than thinking about the hand we should have or we should get.

我想先請馬特早安。正如您所指出的，我們對我們的商業曝光感到非常滿意。我認為，我們在重複環境中擁有大量受到監管的應用程式這一事實發揮了我們的優勢。這裡有很多事情要做，對吧？我的意思是，我們有很多事情要考慮，而不是思考我們應該擁有什麼或應該得到什麼。

So many examples, right? I mean this morning, we announced that we are taking light scattering into QA or QC with Empower. I mean, several of you asked that question in the past, and we are finally here. There's a lot more to do there, right?

有很多例子，對吧？我的意思是今天早上，我們宣布我們將使用 Empower 將光散射引入 QA 或 QC。我的意思是，你們中有幾個人過去曾問過這個問題，而我們終於在這裡。還有很多事情要做，對吧？

We want to continue to develop new products that go and fit into QA or QC with Empower as our primary highway to do so. When you look at instruments, right? I mean I think back when I joined the company five years ago, people said, where the LC is a commoditized segments, especially for small molecules.

我們希望繼續開發符合 QA 或 QC 要求的新產品，並以 Empower 作為主要途徑。當你看著儀器時，對嗎？我的意思是，我回想起五年前我加入公司時，人們說，LC 是一個商品化的領域，特別是對於小分子而言。

Well, you introduce Alliance iS customers respond to innovation. Look at TQ Absolute, right. I mean the most sensitive mass spec in the industry and that's benefiting from the PFAS testing. So there's a lot to do where we are and our focus remains squarely on high-volume applications. And equally not to lose focus on battery testing on clinical, there's a lot to do here, Matt. So not really getting distracted with other areas at this point.

好，您介紹一下 Alliance iS 對客戶的創新反應。看看 TQ Absolute，對吧。我的意思是業內最靈敏的質譜儀，它受益於 PFAS 測試。因此，我們還有很多工作要做，我們的重點仍然放在大容量應用上。同樣，不要忽視臨床的電池測試，這裡有很多事情要做，馬特。因此，此時實際上不會因其他領域而分心。

Thank you. And then just a follow-up. Just on services, it came in a little bit lighter than what we were expecting. Is this just a natural output of just having a very high instrument placement growth?

謝謝。然後只是後續行動。僅就服務而言，它比我們預期的要輕一些。這是否只是儀器安置量大幅增加的自然結果？

Yeah, I mean, look, we had two less days. So that accounts for roughly 2% lower growth. But then we also had lower purchases of parts from third-party service providers, people who also service our instruments, and that was a little bit of the drag on our service revenue for the quarter.

是的，我的意思是，你看，我們少了兩天。因此這導致成長率下降約 2%。但是，我們從第三方服務提供者（也為我們的儀器提供服務的供應商）購買的零件數量也減少了，這對我們本季的服務收入造成了一些拖累。

Daniel Arias from Stifel.

來自 Stifel 的 Daniel Arias。

Thanks for your questions, guys. Can you just touch on TA for the quarter, 1% growth was a bit lower than I think where the Street was, but industrial was up, what are the moving parts that gets you from one to the other and then what's going on from a product and customer standpoint? And then along those lines, what's the outlook on the cyclical side of the business for the year.

謝謝你們的提問。您能否簡單談談本季的技術援助情況？我認為 1% 的成長率比華爾街的平均水準略低，但工業成長率卻在上升，是什麼促使你們從一個產業走向另一個產業？從產品和客戶的角度來看，情況如何？那麼，沿著這個思路，今年業務週期性的前景如何？

Yes. Look, so Dan, generally very pleased with TA overall, right? I mean it's a heavy instrument business, so it can be quite lumpy. But that said, we did extremely well on battery testing, especially out of China, which grew double digits. The US came in a bit lighter than we had initially hoped, but that is basically timing of different orders.

是的。看，丹，總體來說對 TA 非常滿意，對嗎？我的意思是，這是一項繁重的樂器業務，因此可能會相當不順暢。但話雖如此，我們在電池測試方面做得非常好，尤其是在中國，成長了兩位數。美國的表現比我們最初希望的要差一些，但這基本上是不同訂單的時間安排。

So really pleased with where the TA business is. And again, this morning, we announced a couple of new launches in the TA business, focused on polymer testing, material testing and equally on helping our battery testing customers. So very happy in general with that business. I think it's just lumpy, and so you see it go up and down quarter-on-quarter. I wouldn't pay too much attention to it.

我對 TA 業務的現狀非常滿意。今天上午，我們再次宣布了 TA 業務的幾項新產品，重點是聚合物測試、材料測試以及幫助我們的電池測試客戶。整體來說，我對這項業務非常滿意。我認為它只是波動不定，所以你會看到它每個季度都會有起伏。我不會太關注它。

Okay. Thanks for that. And just as a follow-up, and I realize this is getting pretty specific, but is there anything that you can say about mass spec in biopharma? And the reason I asked just because very clear that PFAS is helping LC-MS pretty significantly. So just kind of curious what the market for instrumentation beyond LC looks like if you look at your core biopharma markets?

好的。謝謝。作為後續問題，我意識到這個問題已經非常具體了，但是您能談談關於生物製藥中的質譜方面的問題嗎？我之所以問這個問題，是因為很明顯 PFAS 對 LC-MS 有很大幫助。所以，如果您看一下核心生物製藥市場，那麼我很好奇液相層析以外的儀器市場是什麼樣的？

Yes, it's a great question, and thank you for the opportunity to comment on it. If you come up with a sensitive instrument that is easy to use and customers like it, of course, there are benefits in other segments. And the drug metabolism segment is one such segment.

是的，這是一個很好的問題，感謝您給我機會對此發表評論。如果你能發明一種靈敏、易於使用且顧客喜歡的儀器，那麼在其他領域當然也會帶來好處。藥物代謝部分就是這樣一個部分。

But historically, Waters has not had a strong presence largely due to limitations in our software. We worked very hard on improving the waters_connect software to make it simple to use, to make it reliable from a regulatory standpoint and several customers are testing that.

但從歷史上看，Waters 的影響力並不大，這主要是因為我們的軟體有其限制。我們竭盡全力改進 waters_connect 軟體，使其易於使用，從監管角度來看可靠，並且有多個客戶正在對其進行測試。

And so we're starting to see some traction in the DMPK segment. Both in large pharma, but equally in midsized CROs, right. And I will stop there and not comment on it anymore for competitive reasons.

因此，我們開始看到 DMPK 領域的一些發展勢頭。大型製藥公司和中型 CRO 的情況都一樣，對吧。出於競爭原因，我就此打住，不再評論。

But that said, very happy with what the team has been doing in taking a highly sensitive instrument, not just for PFAS testing into drug metabolism for pharma and also into clinical where mass spec is starting to play an increasingly important role in diagnostic testing.

但話雖如此，我們對團隊所做的工作感到非常高興，他們使用高靈敏度的儀器，不僅用於製藥公司的 PFAS 藥物代謝測試，還用於臨床，其中質譜開始在診斷測試中發揮越來越重要的作用。

Our final question will come from Dan Brennan with TD Cowan. Please go ahead. Dan, your line is open. Please feel free to unmute.

我們的最後一個問題來自 TD Cowan 的 Dan Brennan。請繼續。丹，你的線路已開通。請隨時取消靜音。

Sorry about that. Can you hear me? Apologies. Udit, I think you got this question earlier, but I just wanted to go back to it a bit if you could. Just what are you seeing from pharma now, like as they contemplate possible tariffs later in the year?

很抱歉。你聽得到我嗎？抱歉。Udit，我想你之前就問過這個問題了，但如果可以的話，我只是想稍微回顧一下。您現在對製藥業有何看法，他們是否正在考慮在今年稍後徵收可能的關稅？

Are they trying to accelerate orders now? Is that a benefit maybe in the first half of the year? I think you didn't see I think you said you didn't see any impact in the first quarter to Jack's questions. Just wondering if there's any kind of change in activity, what you're seeing from that customer base?

他們現在是否正在嘗試加速訂單？這可能是上半年的一個好處嗎？我認為你沒有看到我認為你說過你沒有看到第一季對傑克的問題有任何影響。只是想知道活動是否有任何變化，您從客戶群中看到了什麼？

So same as I said Dan, earlier, no change at all, right. I mean, this is basically driven by the replacement cycle. The growth is driven by the replacement cycle, traction of Alliance iS and we can go customer by customer and seeing significant benefit of our downstream presence and that, of course, gets compounded if you look at our focus on GLP-1 testing, look at generics, look at the growth in CDMOs.

所以就像我之前說的丹一樣，根本沒有變化，對吧。我的意思是，這基本上是由更換週期驅動的。成長是由更換週期、Alliance iS 的牽引力推動的，我們可以逐一了解客戶並看到我們下游業務的顯著優勢，當然，如果你看看我們對 GLP-1 測試的關注，看看仿製藥，看看 CDMO 的成長，這種優勢就會變得更加複雜。

So customers that are downstream that have high volume applications are continuing to replace instruments. This is across generics, CDMOs and pharma, which is over 75% of our Pharma sales. So no real pull forward that we can see.

因此，擁有大量應用的下游客戶正在繼續更換儀器。這涉及仿製藥、CDMO 和製藥，占我們製藥銷售額的 75% 以上。因此，我們看不到任何真正的進步。

Great. And then just beyond QA or QC part of the portfolio, excuse me, because you talked about mid-teens growth and the rest of the pharma a little bit slower. Just what's happening like discovery and development, even though it's a smaller part of the business? Just wondering what you're seeing there? Thank you.

偉大的。然後，超出 QA 或 QC 部分的投資組合，對不起，因為您談到了十幾歲的增長，而其餘製藥公司的增長速度稍慢一些。儘管發現和開發只是業務的一小部分，但它究竟發生了什麼？只是想知道你在那裡看到了什麼？謝謝。

Thank you. So continued pressure, Dan, I mean, like we also commented earlier, continued pressure on biotech, on drug discovery and pharma research. And I think these are segments probably that will recover down the line.

謝謝。所以丹，壓力持續存在，我的意思是，就像我們之前評論的那樣，對生物技術、藥物發現和製藥研究的壓力持續存在。我認為這些部分將來可能會恢復。

But for now, we see continued pressure on those segments. So drug discovery, pharma research and CROs, all three are still under pressure. But again, I'll remind you that's less than 20% of our overall business, our overall pharma business.

但就目前而言，我們看到這些領域仍面臨持續的壓力。因此，藥物發現、製藥研究和 CRO 三者都仍然面臨壓力。但我再次提醒您，這還不到我們整體業務、整體製藥業務的 20%。

And this concludes the Q&A portion of the call. I will now hand it back to Caspar Tudor.

本次通話的問答部分到此結束。我現在將它交還給卡斯帕·都鐸。

Thank you, Leila. I will hand it over to Udit to deliver our closing remarks.

謝謝你，萊拉。我將把時間交給 Udit 來致閉幕詞。

Thank you again for joining us on the call today. We had a wonderful start to the year, thanks to the focus on downstream high-volume applications driven by the momentum in the replacement cycle, game-changing new products as well as our idiosyncratic growth drivers.

再次感謝您今天參加我們的電話會議。我們今年有一個良好的開端，這要歸功於對下游大批量應用的關注，這得益於替換週期的勢頭、改變遊戲規則的新產品以及我們獨特的成長動力。

I want to thank our team who has risen yet again to meet another set of challenges, solving problems on a daily basis, collaborating closely with each other and with our customers, coming up with creative solutions in real-time and implementing them with excellence. Thank you for supporting Waters and the indomitable spirit of our colleagues.

我要感謝我們的團隊，他們再次迎接新一輪挑戰，每天解決問題，彼此之間以及與客戶之間密切合作，實時提出創造性的解決方案並出色地實施。感謝您對 Waters 的支持以及我們同事們不屈不撓的精神。

This concludes our call. We look forward to connecting with many of you at upcoming events and conferences.

我們的通話到此結束。我們期待在即將舉行的活動和會議上與你們建立聯繫。