Waters Corp (WAT) 2025 Q3 法說會逐字稿

Welcome to the Waters Corporation third quarter 2025 financial results conference call. (Operator Instructions). This call is being recorded. If anyone has any objections, please disconnect at this time. It is now my pleasure to turn the call over to Mr. Caspar Tudor, Head of Investor Relations. Please go ahead, sir.

歡迎參加沃特世公司2025年第三季財務業績電話會議。（操作說明）本次通話正在錄音。如有任何異議，請立即斷開連接。現在我很高興將電話轉交給投資者關係主管卡斯帕·圖多爾先生。請繼續，先生。

Thank you, Leila, and good morning, everyone. Welcome to Waters Corporation's third 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. Before we begin, I will cover the cautionary language.

謝謝你，萊拉，大家早安。歡迎參加沃特世公司第三季財報電話會議。今天與我一同出席的有我們的總裁兼執行長烏迪特·巴特拉博士，以及我們的高級副總裁兼財務長阿莫爾·喬巴爾。在開始之前，我先介紹一下注意事項。

In this conference call, we will make forward-looking statements regarding future events or future financial performance of the company. Additionally, we will comment on the expected timing for completion of Water's pending combination with the Biosciences and Diagnostic Solutions business, of Becton Dickenson & Company as well as the expected financial and operational impacts of this combination on borders.

在本次電話會議中，我們將對公司未來事件或未來財務表現做出前瞻性陳述。此外，我們將評論沃特世公司與貝克頓·迪金森公司生物科學與診斷解決方案業務的合併預計完成時間，以及此次合併對邊境地區預計產生的財務和營運影響。

These statements are only our present expectations based on information available to us as of today. As well as the forecast and assumptions of Water's management and are subject to risks and uncertainties, many of which are outside of Water's control.

這些陳述僅代表我們目前基於現有資訊所作出的預期。除了 Water 管理層的預測和假設之外，還存在風險和不確定性，其中許多風險和不確定性是 Water 無法控制的。

Actual events or results may differ materially from the statements made on today's call. Please see the risk factors included within our Form 10-K, our Form 10-Qs or other SEC filings and the cautionary language included in this morning's earnings release.

實際事件或結果可能與今天電話會議所作的陳述有重大差異。請參閱我們提交的 10-K 表格、10-Q 表格或其他美國證券交易委員會文件中包含的風險因素，以及今天早上發布的收益報告中包含的警示性語言。

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. Unless stated otherwise, references to quarterly results increasing or decreasing are in comparison to the third quarter of fiscal year 2024.

在今天的電話會議中，我們將提及一些非GAAP財務指標。與最直接可比較的 GAAP 指標的調整表附在我們的獲利報告中，以及今天電話會議的幻燈片簡報的附錄中。這兩份文件均可在我們網站的投資者關係欄位中找到。除非另有說明，否則提及的季度業績成長或下降均與 2024 財年第三季相比。

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 scheduling -- a regularly scheduled earnings release or as otherwise required by law.

此外，除非另有說明，本次電話會議中給出的所有同比收入增長率和範圍均以可比較的固定匯率為基礎。最後，我們不打算更新我們的業績指引或預測，除非是按計劃進行的——定期發布盈利報告或法律另有規定。

On today's call, Udit will begin by covering our key messages for the quarter. Amol will then take you through our results and updated guidance in more detail, then we will open the phone line up for questions. With that, I'd like to turn the call over to Udit.

在今天的電話會議上，Udit 將首先介紹我們本季的主要資訊。接下來，Amol 將更詳細地向您介紹我們的結果和最新指導，然後我們將開通電話線路接受提問。接下來，我想把電話交給烏迪特。

Thank you, Casper, and good morning, everyone. Let me begin by saying, it is a true privilege to be on this journey with such dedicated and talented colleagues. As I reflect on my five year anniversary at Waters, I'm filled with gratitude.

謝謝你，卡斯珀，大家早安。首先我想說，能與如此敬業、才華洋溢的同事們一起踏上這段旅程，我深感榮幸。回想起在沃特斯工作五週年，我心中充滿了感激。

Over these years, our team has consistently delivered on our commitments and strengthened the foundation of this company. Today, we celebrate another quarter of outstanding commercial momentum. We marked another breakthrough innovation with Xevo CDMS, the next generation of mass spectrometry and prepared to combine with BD's Bioscience and Diagnostic Solutions business, ushering in an exciting new era for Waters.

這些年來，我們的團隊始終信守承諾，不斷鞏固公司的基礎。今天，我們慶祝又一個季度強勁的商業發展勢頭。我們憑藉新一代質譜儀 Xevo CDMS 實現了另一個突破性創新，並準備與 BD 的生物科學和診斷解決方案業務合併，為 Waters 開啟激動人心的新時代。

Now turning to our third quarter results. We are pleased to report another excellent quarter with top and bottom line results exceeding the high end of our guidance. This performance reflects the combined positive impact of innovation and execution, along with clear benefits from our strategic expansion into high-growth areas.

現在來看我們第三季的業績。我們很高興地宣布，本季業績再次表現出色，營收和利潤均超過了我們預期的上限。這項業績反映了創新和執行的綜合正面影響，以及我們向高成長領域策略擴張帶來的明顯益處。

It also reflects the dedication and hard work of our teams whose focus on customers, science and operational excellence continues to power Water's success. We achieved strong results in the third quarter. Sales grew 8% as reported and 8% in constant currency.

這也體現了我們團隊的奉獻精神和辛勤工作，他們對客戶、科學和卓越營運的關注，持續推動著水務業務的成功。我們在第三季取得了強勁的業績。以報告匯率計算，銷售額成長了 8%，以固定匯率計算也成長了 8%。

Instruments grew 6%, led by high single-digit growth in our LC-MS portfolio. Recurring revenue grew 9%, driven by 7% service growth and 13% chemistry growth. We grew non-GAAP earnings per share by 16% to $3.40, which was $0.20 above the midpoint of our guidance.

儀器業務成長了 6%，其中 LC-MS 產品組合實現了接近兩位數的成長。經常性收入成長了 9%，其中服務業務成長了 7%，化學品業務成長了 13%。我們非GAAP每股收益成長了16%，達到3.40美元，比我們預期的中點高出0.20美元。

A year ago, we signaled the start of a new instrument replacement cycle. Since then, sales activity has surged and our momentum has continued to build. We see meaningful runway ahead as customers progress through the multiyear process of replacing their aged instrument fleets.

一年前，我們宣布啟動新的儀器更換週期。自那以後，銷售活動激增，我們的發展動能持續增強。我們看到，隨著客戶逐步完成多年更換老舊儀器設備的進程，未來還有很大的發展空間。

Instrument growth is currently tracking at a low single-digit CAGR versus 2019, reflecting steady mean reversion toward the long-term historical rate of 5%. Beyond replacement activity, customers are increasingly choosing Waters for new capacity investments, setting us up well for the years ahead.

目前，該工具的成長速度與 2019 年相比僅為個位數，反映出其正穩步回歸到 5% 的長期歷史成長率。除了設備更換之外，客戶也越來越多地選擇沃特世進行新的產能投資，這為我們未來幾年的發展奠定了良好的基礎。

Our idiosyncratic growth drivers, GLP-1 testing, PFAS testing and India generics continue to perform very well. At the same time, our innovative products are also solving clear unmet needs in bioanalytical characterization and gaining adoption.

我們獨特的成長驅動因素，GLP-1 測試、PFAS 測試和印度仿製藥繼續表現良好。同時，我們的創新產品也解決了生物分析表徵方面尚未滿足的明確需求，並且正在獲得廣泛應用。

As reported, instrument sales grew 11% quarter-over-quarter, representing the largest third quarter ramp in our company's history outside of the 2020 COVID year, with orders once again exceeding shipments. The strong sequential performance underscores the strong momentum in our business.

據報道，儀器銷售額環比增長 11%，這是除 2020 年新冠疫情之外，公司歷史上第三季度增幅最大的一次，訂單量再次超過出貨量。強勁的環比業績凸顯了我們業務的強勁發展勢頭。

Year-over-year, Alliance IS sales grew over 300% as the customer adoption of our flagship HPLC product remains a clear success. Xevo TQ Absolute platforms grew 30%, with continued strength bolstered by the launch of the new Xevo TQ Absolute XR earlier this year.

與去年同期相比，Alliance IS 的銷售額成長超過 300%，這得益於客戶對我們旗艦 HPLC 產品的廣泛認可和成功。Xevo TQ Absolute 平台成長了 30%，今年稍早推出的新款 Xevo TQ Absolute XR 進一步增強了其持續強勁的勢頭。

GLP-1 testing-related revenue more than doubled, reflecting continued wins in development and manufacturing settings in the Americas and Europe, along with expanding demand from genetic semaglutide manufacturing build-outs in India.

GLP-1 檢測相關收入翻了一番多，反映出在美洲和歐洲的研發和生產領域持續取得成功，以及印度基因司美格魯肽生產建設需求的擴大。

PFAS growth remains robust with orders growing approximately 30%, similar to last quarter. We saw strength across all major regions, highlighted by strong demand in Japan as labs prepare for new drinking water regulations and continued momentum from US federal, state and municipal labs.

PFAS 的成長動能依然強勁，訂單成長約 30%，與上一季類似。我們看到所有主要地區都呈現強勁勢頭，其中日本的需求特別強勁，因為實驗室正在為新的飲用水法規做準備，而美國聯邦、州和市政實驗室的需求也持續增長。

Our India team once again delivered excellent performance with revenue up high teens. This was driven by strong demand from genetics manufacturers and CDMOs as we continue to benefit from volume growth trends tied to the ongoing patent cliff of blockbuster drugs.

我們的印度團隊再次取得了優異的業績，收入實現了兩位數以上的成長。這是由於基因製造商和CDMO的強勁需求所致，因為我們繼續受益於與重磅藥物專利懸崖相關的銷售成長趨勢。

Further enhancing our core performance are the unique capabilities we've built to address unmet needs in large molecule workflows. We are seeing clear progress in bioseparations and bioanalytical characterization reflecting the success of our deliberate long-term strategy and the investments we've made, both organically and through our acquisition of Wyatt.

我們為滿足大分子工作流程中尚未滿足的需求而建構的獨特能力，進一步增強了我們的核心性能。我們在生物分離和生物分析表徵方面取得了明顯的進展，這反映了我們深思熟慮的長期策略以及我們透過自身發展和收購 Wyatt 所進行的投資的成功。

In bioanalytical characterization, we saw strong growth of multi-angle light scattering instruments in pharma QA/QC applications as large pharma began new waves of instrument purchasing in quality labs. This was enabled by the recent launch of Empower onto wired light scattering platforms.

在生物分析表徵方面，我們看到多角度光散射儀器在製藥品質保證/品質控制應用中實現了強勁成長，因為大型製藥公司開始在品質實驗室中掀起新一輪儀器採購浪潮。這得歸功於近期 Empower 在有線光散射平台上的推出。

BioCode LC-MS system sales also saw strong growth, underscoring the sustained momentum and expanding adoption of this platform in the bioprocessing domain as customers increasingly standardize on its proven performance and ease of use in routine large molecule workflows.

BioCode LC-MS 系統的銷售額也實現了強勁增長，這凸顯了該平台在生物加工領域持續增長的勢頭和不斷擴大的應用，因為客戶越來越傾向於在常規大分子工作流程中採用其久經考驗的性能和易用性。

In the quarter, chemistry grew 13%, fueled by the positive market reception of our newly launched SEC and Affinity bioseparation columns with strength that more than offset pull-forward dynamics from the second quarter.

本季度，化學業務成長了 13%，這主要得益於我們新推出的 SEC 和 Affinity 生物分離柱獲得了積極的市場反響，其強勁勢頭足以抵消第二季度提前到來的市場動態。

Bioseparations grew more than 20% with small molecule applications growing 10%. Five years ago, Waters Max peak premier columns set a new standard of performance in reverse -- reverse phase separations across both small and large molecule pharmaceutical applications.

生物分離技術成長超過 20%，其中小分子應用成長 10%。五年前，Waters Max peak premier 色譜柱在反相分離領域樹立了新的性能標準，適用於小分子和大分子藥物應用。

Today, this high-performance surface technology remains the benchmark for customers seeking the clearest peaks, maximum reproducibility and highest confidence in results. All of this helps accelerate analytical decisions across discovery, development and manufacturing.

如今，這種高性能表面技術仍然是客戶追求最清晰的峰形、最大程度的可重複性和最高的結果可靠性的基準。所有這些都有助於加快發現、開發和製造過程中的分析決策。

Since 2023, we have made further advances in combining the bio inert benefits of Max peak Premier with our novel innovations in other chromatography techniques such as size exclusion chromatography and affinity chromatography, both critical to bioseparations.

自 2023 年以來，我們進一步推進了 Max peak Premier 的生物惰性優勢與我們在其他色譜技術（如尺寸排阻色譜和親和色譜）方面的創新相結合，這兩種技術對於生物分離都至關重要。

These products have an immediate success serving pre and post clinical development and manufacturing applications of novel large molecule therapeutics. New products launched over the past five years grew approximately 50% in the quarter and have been a key contributor to our 11% year-to-date chemistry growth.

這些產品在新型大分子治療藥物的臨床前和臨床後開發及生產應用中取得了立竿見影的成功。過去五年推出的新產品在本季成長了約 50%，是我們今年迄今為止化學業務成長 11% 的主要貢獻者。

By end market, our results were led by pharma which grew 11%, driven by double-digit growth in Americas and Asia and high single-digit growth in Europe. In Asia, we saw particularly strong growth in China, where pharma sales grew by more than 20%, reflecting continued spending improvement amongst Chinese CDMOs and biotech customers.

按終端市場劃分，醫藥行業引領了我們的業績成長，成長了 11%，這主要得益於美洲和亞洲兩位數的成長以及歐洲的高個位數成長。在亞洲，我們看到中國市場成長尤為強勁，藥品銷售額成長超過 20%，反映出中國 CDMO 和生技客戶的支出持續成長。

In our Industrial segment, sales grew mid-single digits, with the TA division returning to positive growth sooner than expected. In the Academic and Government segment, sales grew 1%, driven by stimulus tender wins in China and a lower-than-expected decline in the United States, where our teams delivered strong results at customers' fiscal year-end.

在我們的工業領域，銷售額實現了中等個位數的成長，其中TA部門恢復正成長的時間比預期要早。在學術和政府領域，銷售額成長了 1%，這主要得益於在中國贏得刺激性招標項目，以及在美國的下滑幅度低於預期，我們的團隊在客戶的財政年度末取得了強勁的業績。

Our growth strategy is delivering, driving exceptional performance and positioning us for sustained momentum ahead. At the same time, the external environment continues to improve across our key end markets, supported by more stable global trade conditions and a clearer policy backdrop for our pharma customers.

我們的成長策略正在奏效，推動了卓越的業績，並為我們未來的持續發展奠定了基礎。同時，在全球貿易環境更加穩定、醫藥客戶政策環境更加明朗的背景下，我們主要終端市場的外部環境持續改善。

With our strong third quarter performance, we are raising our full year 2025 guidance. We now expect constant currency sales growth in the range of 6.7% to 7.3%. This represents a 7% midpoint, which is an increase from our prior outlook. We are also raising our adjusted earnings per share guidance and now expect a range of $13.05 to $13.15, which represents double-digit growth.

鑑於我們第三季強勁的業績表現，我們上調了2025年全年業績預期。我們現在預計以固定匯率計算的銷售額成長率在 6.7% 至 7.3% 之間。這代表了 7% 的中點，比我們之前的預期有所提高。我們還提高了調整後每股收益預期，目前預計每股收益將在 13.05 美元至 13.15 美元之間，這意味著兩位數的成長。

Looking ahead to 2026, we are well positioned to build on our momentum. The same growth drivers that have powered our performance this year, instrument replacement, higher service attachment and increased product adoption through e-commerce will remain key contributors.

展望2026年，我們已做好充分準備，並持續保持發展動能。今年推動我們業績成長的因素，如儀器更換、更高的服務附加率以及透過電子商務提高產品普及率，仍將是關鍵的貢獻因素。

We also expect the innovation tied to our idiosyncratic growth drivers and our unique offerings within bioseparations and Bioanalytical characterizations to deliver a sustained contribution to our growth. This puts us in a fantastic position to deliver strong performance again in 2026, further reinforcing our outlook for next year, we are launching a wave of new products that build on our recent success.

我們還期望與我們獨特的成長驅動因素以及我們在生物分離和生物分析表徵方面的獨特產品相關的創新，能夠為我們的成長做出持續貢獻。這使我們處於非常有利的位置，預計在 2026 年再次取得強勁的業績，進一步鞏固了我們對明年的展望，我們將推出一系列新產品，以鞏固我們最近的成功。

At the same time, our pending combination with BD's Biosciences and Diagnostic Solutions business, represents a powerful catalyst for near-term synergy realization and long-term value creation. A few weeks ago, we launched our Xevo charge detection mass spectrometer, which marks a new era in mass spectrometry.

同時，我們與 BD 生物科學和診斷解決方案業務的即將合併，將成為近期實現協同效應和創造長期價值的強大催化劑。幾週前，我們推出了 Xevo 電荷檢測質譜儀，這標誌著質譜分析進入了一個新時代。

It is a perfect example of how our team takes complex technology that meet clear unmet needs and turns them into simple and easy-to-use instruments without losing the sophistication of the measurement. Xevo CDMS represents a transformative breakthrough in bioanalytical characterization. It enables direct high-resolution measurement of largest and most complex therapeutics in high-volume applications.

這是我們的團隊如何將滿足明確未滿足需求的複雜技術轉化為簡單易用的儀器，同時又不失測量的複雜性的完美例證。Xevo CDMS 代表了生物分析表徵領域的一項變革性突破。它能夠直接對大批量應用中最大、最複雜的治療藥物進行高解析度測量。

The system is a major advancement offering faster results, easier operation and requiring much smaller sample sizes and traditional methods such as ultracentrifugation. It provides process development and lot release characterization insights up to 10 times faster while requiring 1% of the sample volume accelerating what was previously required days of analysis.

該系統是一項重大進步，可提供更快的結果、更簡單的操作，並且需要更小的樣本量和傳統方法（如超速離心）。它能以高達 10 倍的速度提供製程開發和批次放行表徵方面的見解，同時只需要 1% 的樣品量，從而加快了以前需要數天才能完成的分析。

This launch is relevant for 40% of the large molecule pharmaceutical pipeline and serves a total addressable market of approximately $350 million, which is growing between high single digits and low double digits. We also have exciting updates ahead for Empower, which has long set the standard for compliant informatics and pharmaceutical applications.

此次上市與 40% 的大分子藥物研發管線相關，目標市場規模約 3.5 億美元，且以接近兩位數的成長率成長。我們還有令人興奮的更新即將推出，Empower 長期以來一直是合規資訊學和製藥應用領域的標竿。

It is used in more than 80% of novel drug approvals by the FDA, EMA and China's NMPA. Over the last several years, we have steadily expanded the value and reach of Empower, adding new detectors to the platform.

FDA、EMA 和中國國家藥品監督管理局 (NMPA) 在 80% 以上的新藥審批中使用了該方法。在過去的幾年裡，我們不斷擴大 Empower 的價值和覆蓋範圍，為平台添加了新的探測器。

Earlier this year, for example, we successfully launched multi-angle light scattering from our acquisition of [wired] on to Empower. These advancements are helping us extend Empower's leadership from small molecule analysis into the faster-growing large molecule applications where biologics and complex modalities now represent more than half of the global pharma pipeline.

例如，今年早些時候，我們成功地將收購 [wired] 的多角度光散射技術推廣到 Empower 平台。這些進步正在幫助我們將 Empower 的領先地位從小分子分析擴展到成長更快的大分子應用領域，其中生物製劑和複雜療法目前佔全球製藥產品線的一半以上。

Looking ahead, Empower will continue to evolve as a more complete panel for bioanalytical characterization across multiple techniques, including flow cytometry, creating a unified, compliant data environment for our customers' most advanced analytical workflows.

展望未來，Empower 將繼續發展成為一個更完整的生物分析表徵平台，支援多種技術，包括流式細胞儀，為客戶最先進的分析工作流程創造一個統一、合規的資料環境。

In 2026, we will begin a significant release cadence introducing a series of premium features that will progressively evolve Empower into a modern, connected and more intelligent platform. These cloud-native features will leverage artificial intelligence and machine learning to reduce manual interventions, save analyst time and minimize compliance risks from human error, which are all key value drivers in QA/QC labs.

2026 年，我們將開始重要的版本發布節奏，推出一系列高級功能，逐步將 Empower 發展成為一個現代化、互聯互通且更聰明的平台。這些雲端原生功能將利用人工智慧和機器學習來減少人工幹預，節省分析師的時間，並最大限度地減少人為錯誤帶來的合規風險，這些都是品質保證/品質控制實驗室的關鍵價值驅動因素。

They will also enhance instrument utilization and uptime through predictive maintenance and automated operational insights. The value add that these new features offer will answer our customers' unmet needs and will help accelerate our customers as transition from a perpetual license model to a subscription-based model where we are already seeing growing traction with several large pharma customers.

他們還將透過預測性維護和自動化營運洞察來提高儀器的利用率和正常運作時間。這些新功能帶來的附加價值將滿足客戶尚未滿足的需求，並有助於加速客戶從永久授權模式轉向訂閱模式的過渡，我們已經看到這種模式在幾家大型製藥客戶中越來越受歡迎。

This shift will unlock long-term growth accretion within informatics and deepen customer engagement across Waters' digital ecosystem. A further development could expand the opportunity ahead in bioanalytical characterization came last week as the US FDA issued new draft guidance aimed at modernizing and accelerating the development of biosimilar drugs.

這一轉變將釋放資訊學領域的長期成長潛力，並加深沃特世數位生態系統中的客戶參與度。上週，美國 FDA 發布了新的指導草案，旨在實現生物相似藥的現代化和加速開發，這可能會進一步擴大生物分析表徵領域的發展機會。

The proposed framework will reduce the need for routine comparative clinical efficacy studies and instead rely primarily on advanced analytical characterization. This could represent a meaningful shift towards analytical testing becoming the primary gatekeeper for biosimilar approval which has the potential to increase demand for analytical instruments and compliance-ready workflows such as our BioCore LC-MS system, multi-angle light scattering and flow cytometry.

所提出的框架將減少對常規比較臨床療效研究的需求，而主要依靠先進的分析表徵。這可能代表分析測試成為生物相似藥審批的主要把關人這一重大轉變，這有可能增加對分析儀器和符合合規要求的流程（例如我們的 BioCore LC-MS 系統、多角度光散射和流式細胞儀）的需求。

Taken together, these developments strengthen our confidence in the high-growth opportunity that exists in the years ahead across bioseparations, Bioanalytical characterization and large molecule compliant informatics.

綜上所述，這些進展增強了我們對未來幾年生物分離、生物分析表徵和大分子相容資訊學領域高成長機會的信心。

Now turning to our pending combination with BD's Bioscience and Diagnostic Solutions business. We have a compelling opportunity to create value for our shareholders and begin realizing year one synergies following completion of the transaction.

現在來說說我們與 BD 生物科學和診斷解決方案業務的即將進行的合併。交易完成後，我們有機會為股東創造價值，並開始實現第一年的綜效。

Our goal is to hit the ground running and quickly apply the same execution and operational discipline that has defined Waters over the past few years. Integration planning is well underway and progressing rapidly. We've hosted two highly energizing integration summits at our Milford headquarters, bringing together 120 leaders from both organizations to establish a unified vision.

我們的目標是迅速進入狀態，並快速應用過去幾年沃特世公司賴以成名的執行力和營運紀律。整合計劃正在順利進行，並且快速推進。我們在米爾福德總部舉辦了兩場振奮人心的整合高峰會，匯集了兩個組織的 120 位領導人，共同製定統一的願景。

We have refined our pre-day 1, day 1 and day 100 master plans and achieved alignment on operationalization of transition service agreements in collaboration with the BD team. And we are well on our way to readying our synergy delivery action plan, 6 big business unit work streams and 10 functional work streams are now fully mobilized and focused on day 1 readiness.

我們完善了第一天之前、第一天和第 100 天的總體計劃，並與 BD 團隊合作，就過渡服務協議的實施達成了一致。我們的綜效交付行動計畫正在順利推進中，6 個大型業務部門工作流程和 10 個職能工作流程現已全面動員，專注於第一天的準備工作。

We remain on track to complete the combination of BD's Biosciences and Diagnostic Solutions business with Waters Corporation around the end of the first quarter of calendar year 2026. I will now turn the call over to Amol to cover our financial results in more detail and provide further details on our guidance.

我們仍按計劃推進，預計將於 2026 年第一季末完成 BD 生物科學與診斷解決方案業務與 Waters 公司的合併。現在我將把電話交給阿莫爾，讓他更詳細地介紹我們的財務業績，並提供更多關於我們業績指引的細節。

Thank you, Udit, and good morning, everyone. In the third quarter, we delivered sales of $800 million, up 8% as reported and 8% in constant currency. Momentum remained strong with as reported sales increasing 4% quarter-over-quarter, while orders continue to outpace shipments leading to backlog growth. By end market, pharma grew 11%. Industrial grew 4% and academic and government grew 1%.

謝謝你，烏迪特，大家早安。第三季度，我們的銷售額為 8 億美元，以報告匯率計算成長 8%，以固定匯率計算成長 8%。成長動能依然強勁，據報告銷售額環比增長 4%，同時訂單量繼續超過出貨量，導致積壓訂單增加。按終端市場劃分，醫藥產業成長了 11%。工業成長了 4%，學術界和政府部門成長了 1%。

In pharma, all major geographies grew high single digits or above led by low double-digit growth in the Americas and Asia. This trend reflects robust instrument replacement activity key wins in greenfield CapEx projects, such as those related to our idiosyncratic growth drivers and new instrument system deployment in bioanalytical characterization.

在醫藥產業，所有主要地區均實現了高個位數或以上的成長，其中美洲和亞洲的成長尤為顯著，達到了兩位數。這一趨勢反映了強勁的儀器更換活動在新建資本支出項目中取得的關鍵勝利，例如與我們獨特的成長驅動因素相關的項目以及在生物分析表徵中部署新的儀器系統。

We also saw significant market uptake on our new chemistry products such as those serving bioseparations which grew mid-double digits. In Industrial, Waters provision grew mid-single digits led by mid-teens growth in food and environmental testing where PFAS related demand has remained a key growth driver. PA performed better than expected and returned to growth with sales up 2% as improving macro sentiment grow stronger customer spending.

我們還看到，我們的新化學產品（例如用於生物分離的產品）獲得了顯著的市場認可，實現了兩位數的中段成長。在工業領域，水務供應實現了個位數中段的成長，其中食品和環境檢測領域實現了兩位數中段的成長，而與 PFAS 相關的需求一直是關鍵的成長驅動力。隨著宏觀經濟情勢好轉，消費者支出增加，PA 的業績超出預期，銷售額恢復成長 2%。

In academic and government, growth was led by China, which grew approximately 20% as we leveraged our local presence and new product innovation to capture stimulus tender opportunities. Meanwhile, the Americas saw a low single-digit decline as spending came in better than reflected in our assumptions.

在學術界和政府部門，中國引領了成長，成長了約 20%，這得益於我們利用本地優勢和新產品創新抓住了刺激性招標機會。同時，美洲地區的經濟出現了個位數低幅下滑，因為實際支出情況優於我們的預期。

By region, Asia grew 13%, while Europe and the Americas, each grew 5%. In China, sales grew 12%, driven by double-digit growth in pharma and academic and government. India grew in high teens, reflecting continued strength in pharma generics where we are benefiting from the ongoing patent cliff.

按地區劃分，亞洲成長了 13%，歐洲和美洲各成長了 5%。在中國，銷售額成長了 12%，這主要得益於醫藥、學術界和政府部門兩位數的成長。印度實現了接近10%的成長，反映出仿製藥市場的持續強勁勢頭，我們正受益於當前的專利懸崖效應。

By product line, instrument sales grew 6%, led by high single-digit growth in LC-MS systems, reflecting continued strong performance as we move beyond the first year of the instrument replacement cycle. Recurring revenues grew 9% with service up 7% and chemistry up 13%.

按產品線劃分，儀器銷售額增長了 6%，其中 LC-MS 系統實現了接近兩位數的增長，這反映出在我們度過了儀器更換週期的第一年後，業績依然強勁。經常性收入成長了 9%，其中服務收入成長了 7%，化學收入成長了 13%。

Our strong chemistry performance was driven by price optimization and volume growth in small and large molecule applications and new product introductions, which more than offset the pull-forward dynamics from the second quarter.

我們強勁的化學業務表現得益於小分子和大分子應用的價格優化和銷售增長以及新產品的推出，足以抵消第二季度提前上市帶來的不利影響。

Adjusted earnings per share were $3.40, representing 16% growth. GAAP earnings per share were $2.50. Gross margin for the quarter was 59%, which was a 70 basis point sequential increase versus the prior quarter, reflecting normalization of tariff remediation costs. Adjusted operating margin was 30.3%.

調整後每股收益為 3.40 美元，成長 16%。以美國通用會計準則計算，每股收益為 2.50 美元。本季毛利率為 59%，較上一季較上季成長 70 個基點，反映了關稅補救成本的正常化。調整後的營業利益率為30.3%。

Our operating tax rate came in at approximately 14%. Free cash flow was $160 million after funding $25 million of capital expenditures and $14 million of transaction-related expenses. Our net debt stood at $948 million at the end of the quarter.

我們的營業稅率約為 14%。在支付了 2,500 萬美元的資本支出和 1,400 萬美元的交易相關費用後，自由現金流為 1.6 億美元。截至本季末，我們的淨債務為 9.48 億美元。

Now I will share further commentary on our full year outlook and provide our fourth quarter guidance. Our growth strategy is delivering, driving exceptional performance and positioning us for sustained momentum ahead.

接下來，我將進一步闡述我們全年的展望，並提供我們第四季的業績指引。我們的成長策略正在奏效，推動了卓越的業績，並為我們未來的持續發展奠定了基礎。

At the same time, the external environment continues to improve across our key end markets, supported by more stable global trade conditions and a clearer policy backdrop for our pharma customers. With our strong third quarter performance, we are raising our full year 2025 constant currency sales growth guidance now to a 7% midpoint in the range of 6.7% to 7.3%.

同時，在全球貿易環境更加穩定、醫藥客戶政策環境更加明朗的背景下，我們主要終端市場的外部環境持續改善。鑑於我們第三季強勁的業績，我們將 2025 年全年以固定匯率計算的銷售成長預期上調至 7%，區間為 6.7% 至 7.3%。

Net of currency translation, full year reported sales growth is now expected to be in a range of 6.5% to 7.1%. We expect full year 2025 gross margin to be approximately 59.2% above our prior outlook and adjusted operating margin is expected to be approximately 31%.

扣除匯率變動因素後，預計全年報告銷售額成長率將在 6.5% 至 7.1% 之間。我們預計 2025 年全年毛利率將比先前的預期高出約 59.2%，調整後的營業利潤率預計將達到約 31%。

Below the line, we expect $36 million in net interest expense and average diluted share count of $59.7 million and tax rate of 16.5%. With these updates, we are raising our full year 2025 adjusted earnings per fully diluted share guidance to the range of $13.05 to $13.15. This is approximately 10% to 11% growth. This guidance incorporates the expected impact of the current tariff structure on our business including the recent increases in tariff rates since our last update.

在財務報表下方，我們預計淨利息支出為 3,600 萬美元，平均稀釋後股份數為 5,970 萬股，稅率為 16.5%。基於這些更新，我們將2025年全年調整後每股完全稀釋收益預期上調至13.05美元至13.15美元區間。這大約是10%至11%的成長。本指南納入了當前關稅結構對我們業務的預期影響，包括自上次更新以來關稅稅率的近期上漲。

Turning to the fourth quarter of 2025, we expect constant currency sales growth in the range of 5% to 7%. Net of currency translation, reported sales growth is expected to be 5.2% to 7.2%. At the midpoint, this guidance assumes a 16% quarter-over-quarter increase in the reported sales between the third and the fourth quarter, prudently below the seasonal pattern we observed last year.

展望 2025 年第四季度，我們預計以固定匯率計算的銷售額成長將在 5% 至 7% 之間。扣除匯率變動後，預計銷售額將成長為 5.2% 至 7.2%。該指引的中間值假設第三季到第四季報告的銷售額環比成長 16%，謹慎地低於我們去年觀察到的季節性模式。

We also have one additional day in the fourth quarter versus the prior year, representing roughly 100 basis points tailwind to recurring revenue sales growth. We anticipate our fourth quarter adjusted earnings per fully diluted share to be in the range of $4.45 and $4.55, which reflects a year-over-year growth of approximately 9% to 11%.

與去年同期相比，第四季還多出一天，這大約為經常性收入銷售成長帶來了 100 個基點的利多。我們預計第四季度調整後每股完全稀釋收益將在 4.45 美元至 4.55 美元之間，年增約 9% 至 11%。

With that, I will now hand it back to Udit.

這樣，我現在就把它還給烏迪特。

Thank you, Amol. So in summary, momentum in our business remains strong. We have continued to deliver high single-digit growth as we move into the second year of the instrument replacement cycle, driven by consistent execution and the positive impact of innovation across our portfolio.

謝謝你，阿莫爾。總而言之，我們業務的發展勢頭依然強勁。隨著我們進入儀器更換週期的第二年，我們繼續保持著較高的個位數成長，這得益於我們產品組合中持續的執行力和創新帶來的正面影響。

Reflecting this trend, our raised full year -- full year 2025 outlook now calls for high single-digit sales growth and double-digit adjusted EPS growth at the midpoint, underscoring the success of our global teams delivering on our long-term growth strategy.

反映這一趨勢，我們上調了 2025 年全年業績展望，預計銷售額將實現高個位數增長，調整後每股收益將實現兩位數增長（中位數），這凸顯了我們全球團隊在實現長期增長戰略方面取得的成功。

Looking ahead, we will enter 2026 with a robust cadence of breakthrough product launches, expanding adoption in large molecule applications and an exciting opportunity to unlock meaningful near-term synergies and long-term value creation through our pending combination with BD's Bioscience and Diagnostic Solutions business.

展望未來，我們將以強勁的節奏推出突破性產品，擴大在大分子應用領域的應用，並迎來令人興奮的機會，透過與 BD 的生物科學和診斷解決方案業務的即將合併，釋放有意義的近期協同效應和長期價值創造。

I will now turn the call back to Casper.

現在我將把電話轉回給卡斯珀。

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

謝謝你，烏迪特。我們的發言稿到此結束。現在我們很高興開通電話，回答您的問題。

(Operator Instructions)

（操作說明）

Tycho Peterson, Jefferies.

泰科·彼得森，傑富瑞集團。

Hey, thanks. Nice, nice quarter. I'd love to unpack the pharma strength to start. America is up low double digits, China, up over 20%. Can you maybe just provide a little more color on both those markets in the US, how much of this is on the back of the [onco] announcements? And how are you thinking about kind of year two of the replacement cycle?

嘿，謝謝。真是個好地方。我很樂意先分析一下製藥公司的實力。美國經濟成長幅度略低於兩位數，中國經濟成長幅度超過 20%。您能否再詳細介紹一下美國這兩個市場的情況，其中有多少是受腫瘤治療公告的影響？那麼，您對換代週期的第二年有什麼看法？

And then durability of momentum in China, is this increased R&D investment? Is it a multinational activity? And how do you think about anti-evolution there? It seems like that could be a tailwind in China going forward. And then lastly, just on chemistry up double digits. Can you maybe just provide a little bit more color on -- what's driving that? Because you are tracking above historical growth trends. Thanks.

那麼，中國這種成長動能能否持續，是否與研發投入的增加有關？這是一項跨國活動嗎？那你如何看待那裡的反進化論？這似乎會成為中國未來發展的有利因素。最後，化學成績也提高了兩位數。您能否再詳細解釋一下—是什麼原因導致了這種情況？因為你追蹤的是高於歷史成長趨勢的數據。謝謝。

Thanks, Tycho, and good morning. Look, very happy with what we're seeing in pharma. It grew double digits again this quarter. And as you mentioned, the growth is across all regions. Starting with the Americas. Look, I mean, double-digit growth overall. But if you just take US and Europe as a combination. I mean the growth was driven by the success of our replacement cycle in large pharma and equally the traction of our new products, right? I mean you'll note now Alliance IS grew 30% -- grew 300% versus last year.

謝謝你，泰科，早安。你看，我們對製藥業目前的發展狀況非常滿意。本季再次實現兩位數成長。正如您所提到的，成長遍及所有地區。從美洲開始。你看，我的意思是，整體實現了兩位數的成長。但如果只把美國和歐洲當作一個整體來考慮的話。我的意思是，成長的驅動力來自於我們在大型製藥公司所推行的替換週期的成功，以及我們新產品的市場反響，對吧？我的意思是，你會注意到聯盟IS成長了30%——與去年相比成長了300%。

Xevo TQ Absolute start to enter the DMPK space, and that's benefiting the pharma growth in the US and across Europe quite a bit. GLP-1 testing is doubled versus last year and increasingly our biologics characterization instruments as well as our bioseparations portfolio is doing extremely well with large pharma across US and Europe.

Xevo TQ Absolute 開始進入 DMPK 領域，這大大促進了美國和整個歐洲的製藥業成長。GLP-1 測試數量比去年翻了一番，而且我們的生物製劑表徵儀器以及生物分離產品組合在美國和歐洲的大型製藥公司中越來越受歡迎。

If you go to China, in China, same as last quarter, activities being driven by CDMOs supporting the local biotech industry. And again, here, our new product portfolio is doing extremely well, right? I mean these customers are supporting biotech customers who then have to transition many of these molecules globally, and they want the best characterization techniques, the best chemistry, and that's benefiting us quite a bit. And not to leave India out, I mean the India generics market continues to grow in the high teens.

如果你去中國，你會發現，和上個季度一樣，當地的生物技術產業活動是由CDMO（合約研發生產機構）所推動的。再說一遍，我們的新產品組合表現非常出色，對吧？我的意思是，這些客戶支持生物技術客戶，而這些生物技術客戶必須在全球範圍內推廣許多此類分子，他們需要最好的表徵技術和最好的化學方法，這讓我們受益匪淺。當然也不能忽略印度，我的意思是，印度仿製藥市場持續以接近10%的速度成長。

Now that said, there are still pockets of low growth, right? Like we mentioned in the past, China generics pharma discovery -- pharma discovery and CROs are still a bit slower. So as those improve, the setup is extremely good as we go forward for pharma and as we look ahead. So great execution across US and Europe and globally, great traction with new products and still some pending end markets or subsegments that are not yet flowing.

話雖如此，但仍然存在一些增長緩慢的地區，對吧？正如我們之前提到的，中國仿製藥研發——藥物研發和合約研究組織（CRO）的發展速度仍然比較慢。因此，隨著這些方面的改善，就製藥業的發展和未來展望而言，目前的情況非常有利。因此，在美國、歐洲和全球範圍內，執行力都非常出色，新產品也獲得了巨大的市場認可，但仍有一些終端市場或細分市場尚未實現盈利。

Now turning to your question on chemistry, right? I mean this is a real success story of our focus on innovation, especially in bioseparations. Like this quarter, we grew 13%. Year-to-date, the growth is 11%, and there is a significant contribution of our bioseparations portfolio, right?

現在來回答你關於化學的問題，對吧？我的意思是，這是我們專注於創新，尤其是在生物分離領域的真正成功案例。與本季一樣，我們成長了 13%。今年迄今為止，成長率為 11%，其中我們的生物分離產品組合貢獻顯著，對嗎？

So we launched Max peak Premier roughly five years ago that created the bio inert surface category. And on top of that, we've been step-by-step launching new products targeted to different types of novel modalities and large molecules.

大約五年前，我們推出了 Max peak Premier，開創了生物惰性表面材料這一品類。除此之外，我們也正在逐步推出針對不同類型新型療法和大分子藥物的新產品。

First came the SEC columns, basically helping us resolve large molecules that we can separate through porous particles. We launched affinity chromatography last year, again, with the Max Peak Premier as a base and that is growing really, really nicely. Let me have Amol jump in just to sort of give you some help on the modeling as you think about this in the future and the contribution of new products.

首先出現的是 SEC 色譜柱，它主要幫助我們解析可以透過多孔顆粒分離的大分子。去年我們再次以 Max Peak Premier 為基礎推出了親和色譜技術，而且這項技術發展得非常非常順利。讓我請 Amol 插一句，當你思考未來建模以及新產品的貢獻時，他可以給你一些幫助。

Yeah. And just to build on what did said, right? I mean, think of it this way. Our teams are pursuing critical customer unmet needs. So when they are able to solve those unmet needs, very quickly, the demand and the sales pickup on that new product and reach sort of $8 million, $10 million, right?

是的。就為了補充剛才說的那些話，對吧？我的意思是，你可以這樣想。我們的團隊正在努力滿足客戶尚未被滿足的關鍵需求。所以當他們能夠很快解決這些未被滿足的需求時，新產品的需求和銷售額就會迅速成長，達到 800 萬美元、1,000 萬美元，對吧？

And if you have two such launches in a year, you're quickly adding $20 million, $25 million in that year when it happens. And on a base of a little over $600 million of chemistry, that's like 300 basis points accretive in the year that happens.

如果一年內有兩次這樣的產品發布，那麼當年就能迅速增加 2000 萬美元到 2500 萬美元的收入。而以略高於 6 億美元的化學投資為基礎，相當於當年增加了 300 個基點。

And then think of it from a BD vantage point, right, like BD just unlock 8 to 12 projects that were stranded that gives us a very meaningful runway in the next five to seven years to unlock this accretive growth through bioseparations.

然後從 BD 的角度來看，對吧，就像 BD 剛剛啟動了 8 到 12 個擱置的項目，這為我們在未來五到七年內透過生物分離實現這種累積增長提供了非常有意義的發展空間。

Fantastic. Look, I mean, at the end, the success in pharma, the success in bioseparations or chemistry is all due to sort of a deliberate focus that we put a few years ago on launching products that meet unmet needs across our customer segments. And we're seeing fantastic uptake of these products.

極好的。你看，我的意思是，歸根結底，我們在製藥、生物分離或化學領域的成功，都歸功於我們幾年前有意識地專注於推出能夠滿足我們各個客戶群未被滿足的需求的產品。我們看到這些產品的銷售量非常好。

Jack Meehan, Nephron.

Jack Meehan，腎臟病。

Good morning, everyone. Pretty strong results here. I had two questions for you. The first is on the BV transaction. It sounds like there's a lot of efforts underway. I was curious your latest thoughts on the revenue synergies and confident to issue that.

各位早安。結果相當不錯。我有兩個問題想問你。第一點是關於BV交易的。聽起來目前正在進行很多努力。我很好奇您對收入綜效的最新想法，並且有信心發表您的看法。

And then my second question on is, last week, there was an FDA update around biosimilars for analytical assessments without CMS. Just curious if you could help us understand what that might mean orders. Thank you.

我的第二個問題是，上週FDA發布了關於生物相似藥在沒有CMS的情況下進行分析評估的更新。我們只是想了解一下，您能否幫我們理解這可能意味著訂單什麼？謝謝。

Thank you, Jack, and good morning. I think your line was breaking up a little bit, but your first question was around BD, right? Look, a very busy few months since we last spoke. I've had the opportunity to visit several customers across Bioscience and microbiology.

謝謝你，傑克，早安。我覺得你的通話有點斷斷續續，但你的第一個問題是關於BD的，對嗎？你看，自從我們上次談話以來，這幾個月你都非常忙。我有機會拜訪了生物科​​學和微生物學領域的幾位客戶。

Equally, we've had a lot of discussions with our future colleagues in workshops. So let me just give you some color on both of those, and then I'll let Amol comment on the immediate impact of different types of synergies.

同樣，我們也透過研討會與未來的同事們進行了許多討論。那麼，讓我先簡單介紹一下這兩點，然後讓 Amol 來評論一下不同類型協同作用的直接影響。

Look, from a customer standpoint, the fax discover S8 and [A8] are a significant advancement in the field of flow cytometry. I had the opportunity to visit academic customers. small pharma customers and large pharma customers.

從客戶的角度來看，傳真機發現 S8 和 [A8] 是流式細胞儀領域的重大進展。我有機會拜訪了學術界客戶、小型製藥公司客戶和大型製藥公司客戶。

And now you couple this with a more stable CapEx environment going forward where customers are able to plan without many perturbations. The CapEx, I mean we see a very significant opportunity there to increase the uptake of fax Discover, S8 and A8. I mean this was fantastic to see with the customers myself.

現在，再加上未來資本支出環境更加穩定，客戶能夠進行規劃而不會受到太多幹擾。就資本支出而言，我們看到了一個非常重要的機會，可以提高傳真 Discover、S8 和 A8 的普及率。親眼看到顧客們有這樣的反應，我感到非常欣慰。

On the microbiology side had an opportunity to visit automated and manual laboratories. Now to just illustrate the difference between the two in manual laboratories, you get hundreds of samples in a day and about 80 or so technicians will be in any laboratory basically doing a lot of these experiments manually.

在微生物學方面，有機會參觀了自動化實驗室和手動實驗室。為了說明手動實驗室中兩者的區別，我們不妨看看，一天之內你會收到數百個樣本，任何實驗室里大約會有 80 名左右的技術人員，他們基本上都是手動完成這些實驗。

And if you compare that to an automated lab, you will need roughly five to seven technicians to do the same throughput or even a higher throughput of experiments, right? So significant savings. And to put that in perspective, BD's [keystrap] platform has roughly 10% to 20% growth in Europe over the last couple of years, whereas in the US, the penetration is at a very low level. So we think there's a significant opportunity there as well. So I'm thrilled to bits to see things that we had put on paper and really verify them with customers and meet new colleagues.

如果將其與自動化實驗室進行比較，大約需要五到七名技術人員才能完成相同甚至更高通量的實驗，對吧？因此可以節省一大筆錢。換個角度來看，BD 的 [keystrap] 平台在過去幾年在歐洲的成長率約為 10% 到 20%，而在美國，其滲透率卻非常低。所以我們認為那裡也蘊藏著巨大的機會。所以，我非常激動，能夠看到我們寫下來的東西，並與客戶真正核實，還能認識新的同事。

Now in terms of integration planning. We've had roughly 120, 130 colleagues come to Milford our headquarters twice in the last few months. The last workshop really focused on day 0, day 1, day 100 planning. So there is no -- nothing lost in transition from one organization to another.

現在來說說整合規劃方面。在過去的幾個月裡，我們大約有 120 到 130 位同事兩次來到位於米爾福德的總部。上次研討會主要著重於第 0 天、第 1 天和第 100 天的計畫。所以，從一個組織過渡到另一個組織的過程中，不會有任何損失。

And then we spend a significant amount of time taking the synergies that we had signed up for and elaborating the plans with milestones and targets and assigning those to individuals across the two organizations and take a significant amount of progress made on that front. And I'll let Amol comment on which synergies will contribute rather quickly in the next year or so.

然後，我們花費大量時間，落實我們已承諾的協同效應，制定里程碑和目標計劃，並將這些計劃分配給兩個組織中的個人，並取得了顯著進展。至於哪些協同效應會在未來一年左右的時間內迅速產生影響，我會讓阿莫爾來評論。

Yeah. Just to build on what Udit said, right? I mean these two summits were fantastic. We got an opportunity to validate both our revenue synergy assumptions and cost synergy assumptions in a large group setting with leaders who will be responsible for delivering these synergies and working them out in the countries, in the market. And that gives us confidence that we will not only be accretive from an EPS point of view in the first 12 months, but also in the partial year that we will have in 2026, where we will get maybe 9 months in the year.

是的。只是想補充一下 Udit 剛才說的，對吧？我的意思是，這兩次峰會都太棒了。我們有機會在一個大型團體環境中，與負責在各個國家和市場中實現這些協同效應並落實這些協同效應的領導者們一起，驗證我們的收入協同效應假設和成本協同效應假設。這讓我們有信心，不僅在前 12 個月內，從每股收益的角度來看，我們將實現成長，而且在 2026 年的部分年份（我們可能只有 9 個月的時間）也將實現成長。

And I mean what hits the ground running day one are things like improving service plan attachment, deploying premium service plans to our LC-MS customers getting into customers that we today don't serve with our LC-MS in diagnostic offering, getting into DMPK labs, getting flow and PCR into process development labs, where we have built strong channels across Biocad and light scattering and implementing our pricing discipline algorithm, which even in today's settings is delivering like-for-like SKU, like-for-like geography, 200 basis points of year-over-year increase.

我的意思是，第一天就立即著手處理的事情包括：改進服務計劃的附加性，向我們的 LC-MS 客戶部署高級服務計劃，拓展我們目前尚未通過 LC-MS 診斷產品服務的客戶群體，進入 DMPK 實驗室，將流式細胞術和 PCR 技術引入工藝SKU、相同地域範圍內實現 200 個基點的同比增長。

So I mean just to build on that, really looking forward to bringing the execution focus and it's being received extremely well with our new colleagues and a sharp focus on unmet needs as we unlock many growth areas for the future.

所以我的意思是，在此基礎上，我們非常期待將重點放在執行上，這一點也受到了新同事們的熱烈歡迎，我們將重點關注尚未滿足的需求，為未來開拓許多增長領域。

Now to your question on biosimilars, really excited to see that the guidance is now guidance is now moving towards using analytical instruments and analytical testing instead of clinical studies to show equivalents between biosimilars and originators.

現在回答你關於生物相似藥的問題，我很高興地看到，目前的指導方針正在轉向使用分析儀器和分析測試，而不是臨床研究，來證明生物相似藥和原研藥之間的等效性。

This could provide a significant upside as we go ahead. And if you go back a few years, we've talked about this. This is -- this and being able to substitute one -- one tool for another without having to redo process development and redo manufacturing submissions is the impetus for creating our bioseparations and bioanalytical portfolio. So this plays right into the hands of our strategy.

隨著時間的推移，這可能會帶來巨大的收益。如果回顧幾年前，我們已經討論過這個問題了。正是這一點——以及能夠在不重新進行製程開發和重新提交生產申請的情況下，用一種工具取代另一種工具——促使我們創建生物分離和生物分析產品組合。這正中我們的下懷。

And I'm really excited, a bit cautious. I mean, to see how fast the ramp will be. So I would not start modeling all biosimilars with bioanalytical characterization yet Jack. Let's look at one or two customers adopting it and then we'll go forward. But I'm very excited to see this.

我既興奮又有點謹慎。我的意思是，看看斜坡的速度能有多快。所以傑克，我建議你現在還不要開始對所有生物相似藥進行生物分析表徵建模。我們先看看有一兩個客戶採用後再繼續前進。但我很期待看到這一幕。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah, Amol, Udit, thanks for taking my questions. First one on the 4Q guidance and then I have a broader follow-up. On 4Q, just wondering if you're expecting a budget flush in the fourth quarter. If there are any pull forwards in the third quarter that you saw you had a pull forward in 2Q in China, but you grew strongly again 13% in China, I believe. So wondering if you can clarify on the pull forwards. Or should we expect a normal seasonality in the fourth quarter? And fourth quarter contribution instruments versus chemistry, if you could elaborate?

是的，Amol，Udit，謝謝你們回答我的問題。首先是關於第四季業績指引，之後我也會進行更廣泛的後續跟進。關於第四季度，我只是想知道您是否預期第四季度會有預算大幅增加。如果說第三季有任何成長勢頭，那就是你在第二季度在中國市場已經實現了成長，而且我相信，你在中國市場再次實現了強勁成長，增幅達 13%。所以想請您解釋一下關於向前拉動的問題。或者我們應該預期第四季會出現正常的季節性波動？能否詳細說明一下第四季度貢獻的儀器和化學成分之間的關係？

So let me start, and then I'll pass over to Amol on the breakup. Look, Puneet, we -- I mean it's a very strong setup going into the fourth quarter, right? The drivers are the same instrument replacement cycle, idiosyncratic growth drivers, innovation, really kicking hard. So feel very good about what we are seeing going into the fourth quarter. I mean -- and as usual, we have maintained our guidance philosophy, right?

那就讓我先開始，然後我再把麥克風交給阿莫爾，讓他談談分手的事。聽著，普尼特，我們——我的意思是，進入第四節，我們的陣容非常強大，對吧？驅動因素是相同的儀器更換週期、獨特的成長驅動因素、創新，以及強勁的成長動能。所以，我對進入第四季的情況感到非常樂觀。我的意思是——而且像往常一樣，我們一直堅持我們的指導理念，對吧？

So when you look at the full year guide, I mean, we basically said 7% at the midpoint, high single-digit growth, EPS double-digit growth. That means that Q4 is at 5% to 7%, right? And when you take that math at the midpoint of the guidance, it's slightly less than a 16% ramp from Q3 to Q4, which is substantially lower than what we've seen on average for Waters, which is roughly 22% and even lower than what we saw last year, which was at 18%, right?

所以，當你查看全年業績指引時，我的意思是，我們基本上說的是中點增長率為 7%，接近兩位數的增長，每股收益兩位數的增長。這意味著第四季成長率在 5% 到 7% 之間，對嗎？如果按照指導值的中點進行計算，從第三季到第四季的成長略低於 16%，這遠低於沃特世的平均值（約為 22%），甚至低於去年的水平（18%），對吧？

So that gives us -- and it is the same philosophy as we've had through the year, we will look at it in the rearview mirror and claim success, but I can simply say, I mean, there is a significant amount of prudence built into what we have guided for Q4. Amol?

所以，這讓我們——這與我們全年的理念相同——回顧過去，我們會宣稱取得了成功，但我可以簡單地說，我的意思是，我們對第四季度的預期中融入了大量的謹慎。阿莫爾？

Yeah, just to add to that, right, I mean, as we had outlined, the guidance is prudent 16% versus 18% last year, historical 22% ramp. And keep in mind, there's one extra day on the recurring revenue, which adds about 100 basis points.

是的，補充一點，正如我們之前概述的那樣，目前的指導方針是謹慎的，16% 比去年的 18% 低，而歷史平均增速為 22%。請記住，經常性收入會多出一天，這大約會增加 100 個基點。

So the way it breaks down is chemistry, roughly 6% because still some working down of the Q2 pull forward, service about 8% because it has one extra day and then instruments at 5%, sort of aggregating all to 6% midpoint.

所以具體來說，化學業務佔大約 6%，因為第二季提前完成的部分工作仍在進行中；服務業務佔大約 8%，因為它多出了一天的工作時間；儀器業務佔比 5%，加起來大約佔 6%。

So -- I'm sorry, I didn't address your pull-forward question. No pull forward at all, right? Orders grew more than sales this quarter, and we've built a healthy backlog. So feeling very good about the overall momentum that we see going forward. Thanks, Puneet.

所以——很抱歉，我沒有回答你關於提前拉動的問題。完全沒有向前拉動，對吧？本季訂單成長超過銷售額，我們已累積了充足的訂單儲備。所以，我對未來整體的發展動能感到非常樂觀。謝謝你，普尼特。

Got it. Just a quick follow-up, if I may, on Empower. If you could outlined for us, obviously, a very important core product for execution in QA/QC for Waters. With the subscription-based model, how should we think about the incremental upside here versus the prior Empower model? Thank you.

知道了。如果可以的話，我想就 Empower 做一個簡單的後續補充。如果您能為我們概述一下，顯然，對於沃特世公司而言，品質保證/品質控制執行中一個非常重要的核心產品。採用訂閱模式後，我們該如何看待其相對於先前的 Empower 模式的增量優勢？謝謝。

Yeah. Look, Puneet, I mean really excited about what we're seeing from our software teams. And this empower innovation model or as we call it internally, the Empower super highway has three parts, right? I mean we want to take every analytical instrument that is used to characterize biologics and be compatible with Empower. So when our customers choose to take it into QA/QC they have no reluctance, right?

是的。Puneet，你看，我對我們軟體團隊目前的成果感到非常興奮。這種賦能創新模式，或者我們內部稱之為“賦能高速公路”，分成三個部分，對吧？我的意思是，我們希望所有用於表徵生物製劑的分析儀器都能與 Empower 相容。所以當我們的客戶選擇將其送去進行品質保證/品質控制時，他們不會有任何猶豫，對嗎？

And you see that, as an example, with multi-angle light scattering on Empower, customers are moving that into QA/QC. You've already seen that with mass detection, capital press, and we intend to do the same with flow cytometry and down the line with PCR as well. So that's the first part.

例如，您可以看到，在 Empower 上，多角度光散射技術正在被客戶應用到品質保證/品質控制中。你們已經透過大規模檢測、大容量印刷等技術看到了這一點，我們打算用流式細胞儀以及未來的 PCR 技術也做到這一點。這是第一部分。

The second is then taking our large installed base that you just referred to. There's roughly 450,000 users of Empower globally, right? And it is the compliant informatic software of choice for our pharma customers. We intend to give them more value-added services with a -- and applications with (inaudible) want to get utilization data. Our system monitoring software already provides that, provided you have your products on Empower.

其次，我們還有你剛才提到的龐大用戶群。Empower在全球約有45萬用戶，對吧？它是我們製藥客戶首選的合規資訊軟體。我們打算為他們提供更多增值服務，以及（聽不清楚）應用程序，以便獲取利用率數據。我們的系統監控軟體已經提供了此功能，前提是您的產品已部署在 Empower 平台上。

Second, we're offering our customers a data viewer, which allows them to detect anomalies in their -- in different peaks allows them to do integrations much, much more smoothly just leveraging their own data through advanced machine learning algorithms.

其次，我們為客戶提供數據檢視器，使他們能夠檢測自身數據中的異常情況——在不同的峰值中，使他們能夠透過先進的機器學習演算法，更順暢地利用自己的數據進行整合。

And finally, the data intelligence software, which is the most exciting allows regulators and customers to determine where an audit trail might have been -- where we would -- where you might have deviated from an audit trail electronically, so they can focus on the exact challenge that they need to address in compliance.

最後，最令人興奮的是數據智慧軟體，它允許監管機構和客戶確定審計追蹤可能存在的位置——也就是我們所說的位置——以及您可能在電子層面上偏離審計追蹤的位置，以便他們能夠專注於合規方面需要解決的具體挑戰。

And put this all together, this then really gives customers and impetus to go from a CapEx and a service model to a subscription-based model, and that has significant benefits. It's too early to start quantifying exactly what that is.

把所有這些因素綜合起來，就能真正促使顧客從資本支出和服務模式轉向訂閱模式，而訂閱模式會帶來顯著的好處。現在就量化其具體意義還為時過早。

I can tell you that there are a significant number of customers who've already transitioned in small to midsize pharma. There are several large pharma customers, where we are in late-stage discussions and just to sort of give you an example, one customer transitioning their fleet across the globe can yield roughly low double-digit millions just very, very quickly in upside. So we'll start to quantify that as the runs come on the board like we usually do. But as you can intuitively see, this is a very significant opportunity.

我可以告訴你，已經有大量客戶轉型為中小型製藥公司。我們正在與幾家大型製藥客戶進行後期洽談，舉個例子來說，一家客戶將其車隊在全球範圍內進行轉移，就能在很短的時間內帶來數千萬美元的收益。所以，我們會像往常一樣，隨著得分的增加開始量化這些數據。但正如你所看到的，這是一個非常重要的機會。

Thanks, Puneet.

謝謝你，普尼特。

Casey Woodring, JPMorgan.

Casey Woodring，摩根大通。

Great. Thank you for taking my questions. Have two here. The first is on TA. You said that business came back faster than expected. I think you had previously assumed would be down 5% in the second half, and you grew 2% here in 3Q. So maybe walk us through your latest expectations as we exit the year in TA.

偉大的。謝謝您回答我的問題。這裡有兩個。第一篇在TA上。你說過生意恢復得比預期快。我認為你之前預計下半年會下降 5%，但第三季卻成長了 2%。那麼，在TA即將結束這一年之際，您能否談談您對TA的最新期望？

And then on the instrument order funnel, you talked about orders exceeding shipments again in the quarter. Maybe walk us through what you're seeing from an order funnel perspective. And I would be curious to hear your thoughts on the replacement cycle runway.

然後，在儀器訂單漏斗方面，您提到本季訂單量再次超過出貨量。或許您可以從訂單流程的角度，請為我們介紹一下您所看到的情況。我很想聽聽您對換代週期的看法。

You've historically said that the cycle usually lasts around two to three years but just wondering if this current cycle could last longer, just given the strength that you've seen here, coupled with new product launches, the FDA update Jack referenced earlier and perhaps any sort of reshoring benefit? Thank you.

您之前說過，這個週期通常持續兩到三年，但我想知道，鑑於您在這裡看到的強勁勢頭，再加上新產品的推出、Jack 之前提到的 FDA 更新，以及任何形式的回流帶來的好處，當前的這個週期是否有可能持續更長時間？謝謝。

Thanks, Casey. So quickly on TA, right? I mean the thing that was causing sort of the pain in Americas was largely driven by the volatility around tariffs with some of our large industrial customers. And as that is starting to stabilize, these customers are coming back to business and releasing capital for projects that were installed and then that, coupled with an interest rate outlook that is improving, opens projects that were stranded for last several quarters.

謝謝你，凱西。在TA上這麼快就有人回覆了，對吧？我的意思是，造成美洲地區痛苦的主要原因是與我們一些大型工業客戶之間的關稅波動。隨著市場開始趨於穩定，這些客戶正在恢復營業，並釋放資金用於已安裝的項目；此外，利率前景的改善也使得過去幾季擱置的項目得以啟動。

So in general, we feel good that the business is tracking towards a good direction. And in terms of the funnel and the order book, I mean, a lot of things are going well, right? In the sense you have large pharmas and CDMOs in middle of a replacement cycle.

總的來說，我們感覺公司正朝著正確的方向發展。就銷售漏斗和訂單簿而言，很多方面都進展順利，對吧？從某種意義上說，大型製藥公司和合約研發生產企業正處於產品更新換代週期之中。

The innovation that we've put out in the market across both LC and MS is resonating and solving critical unmet need. And that is further than amplified by analytical characterization and bioseparations where we continue to make big headways. So the funnel is pretty rich and strong.

我們在液相層析和質譜領域推出的創新產品引起了市場的共鳴，並解決了關鍵的未滿足需求。而分析表徵和生物分離則進一步放大了這一點，我們在這些領域不斷取得重大進展。所以這個管道相當豐富且強大。

Now having said that, three customer groups are still on the sideline. CROs, biotechs and branded generics in China. We start to see CROs come into the mix as we come towards the end of the year, which is great because then they add to the replacement cycle as we get into 2026.

儘管如此，仍有三類客戶群觀望。中國的合約研究機構、生物技術公司和品牌仿製藥。隨著年底臨近，我們開始看到 CRO 參與其中，這很好，因為這樣一來，隨著我們進入 2026 年，它們就能加入到更新換代的行列中。

And there is still a significant runway left on both large pharma and CDMOs that positions us severely well for the upcoming year. And then at some point, branded generics in China and drug discovery have to consider replacement because these instruments have aged far more than their typical useful life.

大型製藥公司和合約研發生產機構 (CDMO) 仍有很大的發展空間，這使我們為來年奠定了非常有利的地位。然後，在某個時候，中國的品牌仿製藥和藥物研發企業不得不考慮更換這些儀器，因為這些儀器的老化程度遠遠超過了其典型的使用壽命。

Excellent. Look, I mean, just maybe in belting on two points that Amol has covered. One, the replacement cycle. I mean, if you look at the six year CAGR, we're still in the low single digits on instruments. So there's a long way to go.

出色的。我的意思是，也許阿莫爾提到的兩點就足以說明問題了。第一，更新換代週期。我的意思是，如果你看過去六年的複合年增長率，我們在儀器領域的成長率仍然只有個位數。所以還有很長的路要走。

And I think you mentioned reshoring. Look, the recent clarity on MFN, as you see large pharma negotiating with the government, really it's been a relief, right, across our customers and across our company because it allows you to plan a lot more systematically, right? And I would not underestimate the benefit of being able to do that, that then allows the customers to adopt.

我想你提到了回流到海外。你看，最近最惠國待遇政策的明朗化，以及大型製藥公司與政府的談判，確實讓我們的客戶和我們公司都鬆了一口氣，因為它使我們能夠更加系統地進行規劃，對吧？我不會低估這樣做的好處，這可以讓客戶接受它。

As I mentioned earlier, BD's track discover S8, A8, much more confidently. It allows them to adopt our new products much more confidently as CapEx gets released. So we feel very good given that we have a differentiated portfolio that is meeting needs with the further clarity in the end markets. And that's sort of a side effect of the negotiations that have taken place on the MFN.

正如我之前提到的，BD 的曲目發現 S8、A8 更有信心。隨著資本支出的釋放，這將使他們能夠更有信心地採用我們的新產品。鑑於我們擁有差異化的產品組合，能夠滿足終端市場的需求，且終端市場前景更加明朗，我們感到非常滿意。這算是圍繞著最惠國待遇進行的談判的一個副作用。

Doug Schenkel, Wolfe. (Operator Instructions)

道格·申克爾，沃爾夫。（操作說明）

Hey, good morning. Thank you, guys. Two questions. It was a really strong quarter. That said, when I look at our model, there's some interesting pacing dynamics. And I know you said there wasn't any pull forward or push out. But if I look at just our model and I think street models, you beat the quarter from a revenue standpoint, but you increased full year guidance by less than the magnitude of the beat.

嘿，早安。謝謝大家。兩個問題。這是一個非常強勁的季度。話雖如此，當我審視我們的模型時，發現其中存在一些有趣的節奏動態。我知道你說過沒有向前拉扯，也沒有向外推擠。但如果我只看我們自己的模型，以及我認為的街頭模型，從營收角度來看，你們的季度業績超出了預期，但你們上調全年預期的幅度卻小於超出預期的幅度。

Secondly, margins were light, but you assume a big jump in operating margin in Q4 more than previously expected. And then tax rate was low in the quarter and really helped some of the EPS upside, but then you expect a big jump in tax rate in Q4.

其次，利潤率較低，但您預計第四季的營業利潤率將比之前預期的大幅成長。該季度稅率較低，確實對每股收益的成長起到了一定的推動作用，但預計第四季度稅率將大幅上升。

I'm just wondering how much weight we should put on some of these puts and takes when it comes to timing dynamics as they run through the P&L? Like should we focus much on those? Or is the bigger thing just to in your opinion, kind of say like, hey, there's going to be puts and takes in any quarter, but if you look at the year as a whole, you're tracking ahead of plan top to bottom. So that's the first one.

我只是想知道，在考慮損益表中的時機動態時，我們應該對這些賣出和賣出作業賦予多大的權重？我們應該把重點放在這些方面嗎？或者，更重要的是，在你看來，可以說，嘿，每個季度都會有盈虧，但如果你從全年來看，你的業績從上到下都超前於計劃。這是第一個。

And then really building off of that. you have some really strong momentum heading into next year. The downside to that is the comps are difficult. I just want to make sure, as we sit here today, are you still comfortable with us modeling something like 6% to 8% core growth at the top line even with these comparisons given the strength and something like 50 basis points to 100 basis points of margin expansion. Thank you.

然後在此基礎上繼續發展。你們明年將擁有非常強勁的發展勢頭。缺點是比較困難。我只是想確認一下，在我們今天坐在這裡的時候，考慮到目前的強勁勢頭和大約 50 到 100 個基點的利潤率擴張，即使進行了這些比較，您是否仍然對我們設定 6% 到 8% 的核心營收成長模型感到滿意？謝謝。

Yeah. Doug, thanks for the questions. I mean, look, at the end of the day, you have to look at the full year, right? I mean there's always puts and takes in a given quarter, like for example, in Q3, we are running ahead of plan. So we had to sort of true up for the annual bonus payout to reflect that.

是的。道格，謝謝你的提問。我的意思是，說到底，你得從全年的角度來看問題，對吧？我的意思是，每季總會有盈虧，例如，在第三季度，我們的業績就超前於計畫。因此，我們不得不對年度獎金發放進行一些調整，以反映這一點。

And then there is also incremental commission associated with outperforming your plan that comes in. When it comes to tax, there is always timing of discrete items and when they show up and when they get trued up. So on a full year basis, we're still at 16.5% on the tax rate.

此外，如果你的業績超出預期，還會獲得額外的佣金。就稅務而言，每個獨立項目都有其出現的時間點，以及何時進行結算。因此，以全年計算，我們的稅率仍然是 16.5%。

And as Udit outlined, I mean, we have tremendous growth catalysts out there for 2026. And if there is an opportunity to accelerate some of them or to derisk some of them, we will absolutely take it as long as it's within our guide and within our P&L. And we continue to do that as we come across investment opportunities that accelerate growth.

正如 Udit 所概述的那樣，我的意思是，2026 年我們擁有巨大的成長催化劑。如果有機會加快某些專案的進度或降低某些專案的風險，只要符合我們的指導方針和損益表，我們一定會抓住機會。我們也會繼續這樣做，抓住每一個能夠加速成長的投資機會。

Now come in -- to answer your second question on next year. First, I'll tell you this year is not over, and we're laser-focused on delivering a fantastic year, high single-digit growth, double-digit EPS growth. I mean puts and takes and from one quarter to the other, notwithstanding, I mean, the full year is fantastic -- fantastic performance.

現在進來回答你關於明年的第二個問題。首先，我要告訴大家，今年還沒結束，我們將全力以赴，爭取實現一個輝煌的年份，高個位數成長，兩位數每股收益成長。我的意思是，儘管有輸有贏，而且從一個季度到另一個季度，但總的來說，全年表現非常出色——非常出色。

2026, the setup is the same, Doug, as this year with incremental drivers from a more stable policy environment, especially across pharma. The largest customer, stable environment also across academia as we start to go into next year. So a better -- even a better setup from an end market perspective.

道格，2026 年的情況與今年相同，更穩定的政策環境將帶來更多推動因素，尤其是在製藥領域。最大的客戶群，以及學術界的穩定環境，讓我們得以展望明年。所以，從終端市場的角度來看，這是一個更好的——甚至是更好的配置。

From waters, the setup is excellent, right? our instrument replacement cycle is still sort of in the mid innings. We are traversing at a low single-digit CAGR versus 2019. Idiosyncratic growth driver, GLP-1 testing, the revenues doubled this quarter versus last year. There's still a long runway to go as the volume keeps increasing and now you have some aglutide generics coming to the market. India is putting up really nice runs on the board with high-teens growth and as PFAS testing.

從水面來看，這套設備很棒，對吧？我們的儀器更換週期目前仍處於中期階段。與 2019 年相比，我們的複合年增長率僅為個位數。獨特的成長驅動因素—GLP-1 測試，本季營收比去年同期翻了一番。由於銷售量持續成長，而且現在市面上也出現了一些阿魯肽仿製藥，因此還有很長的路要走。印度在經濟成長和 PFAS 檢測方面都取得了非常好的成績，達到了兩位數以上的水平。

Talk about innovation. I mean, our pipeline is doing extremely well. The move towards bioanalytical characterization bioseparations is paying off extremely well, as you saw in this quarter's results and year-to-date results and we expect that to continue next year.

談談創新。我的意思是，我們的管道運行得非常好。向生物分析表徵生物分離的轉變取得了非常好的成效，正如您在本季度的業績和年初至今的業績中所看到的，我們預計明年這種情況將繼續下去。

Now that's augmented further by strength in CDMS, which is a game-changing launch for large molecule mass spec. You then have informatics building on top of it, with malls going into Empower in the instrument space. So there are several catalysts for next year that are not even there this year. So we feel extremely good going into 2026 on our top line growth.

現在，CDMS 的強大性能進一步增強了這一優勢，這對於大分子質譜來說是一項顛覆性的突破。然後，資訊科技在此基礎上發展，購物中心也紛紛進軍儀器領域。因此，明年有很多催化劑，而這些催化劑今年甚至還沒有出現。因此，我們對2026年的營收成長前景感到非常樂觀。

Now as you know, we generally don't give specific guidance in Q3. We'll talk more about that than the year-ends and at Q4, but the setup is extremely good from an end market perspective, our execution perspective and how much traction all our new products have and that allows us to deliver the performance we're delivering in a dynamic environment. Thanks, [Doug].

如您所知，我們通常不會在第三季給出具體指導意見。我們會在年末和第四季度更多地討論這個問題，但從終端市場、執行以及所有新產品的市場接受度來看，目前的情況都非常好，這使我們能夠在動態環境中取得我們所取得的業績。謝謝，[道格]

Dan Arias, Stifel.

Dan Arias，Stifel。

Yeah, good morning, guys. Just, Udit, a follow-up on the biosimilar opportunity over the next few years. If you look at the revenue number for the drug sales over time, they move up nicely each year, [25th] higher than this year. And then '27 and '28 move up pretty significantly as well.

早上好，各位。Udit，請跟進未來幾年生物相似藥的發展機會。如果你看一下藥品銷售收入隨時間的變化，你會發現它每年都在穩步增長，[第25年]比今年要高。然後，27 年和 28 年的排名也大幅上升。

Obviously, there was a pricing component there. So when you look under the cover, so to speak, to what extent do you see pill count increases underpinning that such that you can think about an incrementally larger opportunity being available to you each year, because it looks good from a dollar standpoint, but I'm wondering what is the change for you when it comes to what matters most, which is obviously just the number of bills.

顯然，這裡面牽涉到價格因素。所以，當你深入了解後，你會發現藥丸數量的增加在多大程度上支撐著這一切，以至於你可以認為每年都有更大的機會擺在你面前，因為從金錢的角度來看，這看起來不錯，但我想知道，對你來說，最重要的事情（顯然就是賬單的數量）發生了怎樣的變化。

So look, I mean, Dan, that's a fantastic question. And it's exactly the right way to look at the biosimilars opportunity. You take any drug class. I mean you take oncology drugs or you take therapies, what you find is the penetration for these really advanced therapies that make a massive difference in a patient's life, the penetration is still extremely low, right? And some of that has to do with pricing and affordability.

所以，丹，我的意思是，這真是個絕妙的問題。這正是看待生物相似藥機會的正確方式。你參加任何一門藥物課程。我的意思是，你服用腫瘤藥物或接受治療，你會發現，對於這些真正先進的、能對患者生活產生巨大影響的療法來說，其滲透率仍然非常低，對吧？其中一些原因與價格和可負擔性有關。

And when you are able to introduce more biosimilars and do them without having a further requirement for clinical studies and just use bioanalytical characterization that motors would provide you allow for many more biosimilars to come into the market. Hence, the price goes down and the price goes down, the access increases and the penetration increases.

當您能夠推出更多生物相似藥，且無需進一步的臨床研究，只需使用生物分析表徵即可，而生物相似藥又能提供這些表徵時，您就可以讓更多生物相似藥進入市場。因此，價格下降，市場進入增加，滲透率提高。

We think this is a significant volume growth opportunity. And more importantly, it will make access to many more biologics available to a significant number of patients around the globe. So of all the things that I've seen in policy improvements over the last few years, if this one takes traction, it is a significant improvement in patients' health.

我們認為這是一個巨大的銷售成長機會。更重要的是，這將使全球大量患者獲得更多生物製劑。因此，在我過去幾年所看到的政策改進中，如果這項政策能夠落實，將對患者的健康產生重大影響。

Okay. Maybe just a second, just a follow-up for Amol. Amol sounds like you have a good number of new products coming to market over the next 12 months. Is there a margin impact that we should be mindful of there?

好的。或許就一秒鐘，只是給阿莫爾的後續問題。Amol，聽起來你們未來 12 個月內會有許多新產品上市。這裡是否存在我們應該注意的利潤率影響？

I know in the early days there can actually be some downward pressure even on a product that has a higher gross margin profile just until that product itself actually kind of gets up to scale. So I'm just wondering if there's something to be to think about there. Thanks.

我知道在早期階段，即使是毛利率較高的產品，也可能面臨一定的下行壓力，直到產品本身達到一定的規模。所以我想知道這裡面是不是有什麼值得思考的地方。謝謝。

I think of it this way, right? I mean the products that are coming to market are a healthy combination of Bioanalytical Characterization, Bioseparations and Empower. And clearly, Bioseparations being chemistry and Empower being software are meaningfully accretive to our underlying gross margin profile and that will offset sort of any instrument-related new products, which, as you know, out of the gate are not fully value engineered.

我是這麼想的，對吧？我的意思是，即將上市的產品是生物分析表徵、生物分離和賦能的健康組合。顯然，生物分離作為化學領域，而 Empower 作為軟體領域，都對我們的基本毛利率產生了顯著的增益，這將抵消任何與儀器相關的新產品的影響，正如您所知，這些新產品在一開始並沒有完全實現價值工程。

And then keep in mind that products like Alliance IS and TQ Absolute and TQ Absolute XR, while they were not fully value engineered out of the gate in the last two years, it now becomes a time for us to value engineer the MRR teams are laser-focused on that, and you'll start to see the accretive effect of that value engineering flow through.

此外，請記住，像 Alliance IS、TQ Absolute 和 TQ Absolute XR 這樣的產品，雖然在過去兩年中並沒有完全進行價值工程，但現在是我們進行價值工程的時候了，MRR 團隊正全力以赴地投入其中，您將開始看到這種價值工程帶來的累積效應。

Catherine Schultz, Baird.

凱瑟琳舒爾茨，貝爾德。

Hey, guys, thanks for the questions. I'll just go ahead and ask my two. First on BD, I know we'll have to wait for later this week to get the full results. But in their preliminary announcement, they called out some incremental headwinds in academia for Biosciences. So can you just talk to your confidence in that 4% to 4.5% top line for that asset next year?

嘿，各位，謝謝你們的提問。我這就去問我的兩個孩子。首先，關於BD，我知道我們需要等到本週晚些時候才能得到完整的結果。但在初步聲明中，他們指出生物科學在學術界面臨一些漸進的阻力。那麼，您能否談談您對明年該資產營收成長4%至4.5%的信心？

And then maybe on chemistry for the 4Q guide, I think you said up 6%, which would be a low single-digit sequential increase. We haven't seen less than a high single-digit sequential increase in the fourth quarter since 2012. So I just wanted to understand that a bit more. Was there less burn through the second quarter pull forward in the third quarter than you expected or any other timing dynamics we should be thinking about there?

然後，關於第四季度的化學指導，我想你說過成長 6%，這將是一個較低的個位數環比成長。自 2012 年以來，我們第四季的環比增幅從未低於個位數。所以我想更深入地了解一下。第二季資金在第三季消耗的速度是否比您預期的要慢？或者我們應該考慮其他時間安排的問題嗎？

Yeah. So let me take the chemistry one first. That's simple, right? As we guide, we assume chemistry is 7% grower. We adjusted it a little bit for the Q2 pull-forward dynamics and tax. We didn't sort of relate the Q3 performance into Q4, just to be prudent at this stage, right?

是的。那我就先做化學那題吧。很簡單，對吧？在我們指導的過程中，我們假設化學成分佔種植者的 7%。我們針對第二季提前結算的動態和稅務狀況做了一些調整。為了謹慎起見，我們目前還沒有將第三季的業績與第四季的業績連結起來，對吧？

On the BD side, right? I mean, look, we had meaningfully reduced the A&G numbers, because in our models, in US A&G came down by as much as 40%. Over the time, 25% to 27% in our underwriting. So what we are seeing in the A&G market is largely in line with what we underwrote. But then in any business, there's always going to be new headwinds and new tailwinds like we had with wire, right? I mean, right after the wire transaction, the biotech market meaningfully softened.

是BD那邊，對吧？我的意思是，你看，我們已經大幅降低了 A&G 的數量，因為在我們的模型中，美國的 A&G 下降了多達 40%。隨著時間的推移，我們的承保比例達到了 25% 到 27%。因此，我們在A&G市場看到的情況與我們的預期基本一致。但是，在任何行業，總是會有新的逆風和新的順風，就像我們之前遇到的電線行業一樣，對吧？我的意思是，就在電匯交易完成後，生技市場明顯走軟。

And as a true resilient team, we rose up to that challenge, and we accelerated synergies and found ways to make sure that we deliver the numbers we committed to the Street, right? And so that's generally the DNA of this team. whatever the cards are. We always lies up. We look at every crisis is an opportunity. And we make sure we deliver what we commit.

作為一個真正具有韌性的團隊，我們迎接了這個挑戰，加快了協同效應，並找到了確保我們實現對華爾街承諾的數字的方法，對吧？所以，這就是這支球隊的整體DNA，無論情況如何。我們總是躺著。我們認為每一次危機都是一場機會。我們會確保履行我們的承諾。

So Catherine, just to build on what Amol has said, we feel very good about what we are seeing with BD. As I mentioned, I visited customers myself had a chance to talk to academic customers, small pharma and large pharma customers.

所以凱瑟琳，我只是想補充一下阿莫爾剛才說的，我們對目前在BD方面看到的情況感到非常滿意。正如我之前提到的，我親自拜訪了客戶，有機會與學術界客戶、小型製藥公司和大型製藥公司客戶交談。

And on the Biosciences business, especially with the fax Discover S8, A8, which are clearly setting a new benchmark in that category. I mean we're seeing very, very good reception. And now couple that with a more stable pharma environment, you should see CapEx start to go up in that environment, a more stable academic environment, you should see -- you should start to see that go up. And as far as the sort of early indication from BD on that market, it is largely in line, in fact, even better than what we have assumed for that business. So really feel very good about our assumptions going forward.

在生物科學領域，尤其是Discover S8、A8傳真機，顯然在該領域樹立了新的標竿。我的意思是，我們看到了非常好的反響。現在，再加上一個更穩定的製藥環境，你應該會看到該環境下的資本支出開始上升；再加上一個更穩定的學術環境，你應該會看到——你應該會看到資本支出開始上升。至於 BD 在該市場上的早期跡象，基本上符合預期，實際上甚至比我們對該業務的預期還要好。所以，我對我們未來的假設感到非常有信心。

Brandon Couillard, Wells Fargo.

Brandon Couillard，富國銀行。

Hey, thanks. Good morning. Udit, second quarter in a row china has been up double digits, a lot better than peers. Do you think that's unique to bagging your portfolio and what do you assume for China for the year? And how sustainable is that as you look out to '26 based on kind of how you're going back the macro there? Thanks.

嘿，謝謝。早安.Udit表示，中國市場連續第二季實現兩位數成長，遠勝於同業。你認為這是你投資組合獨有的現象嗎？你對中國今年的發展前景有何看法？那麼，從宏觀角度來看，展望 2026 年，這種做法的可持續性如何呢？謝謝。

Good morning, Brandon, and thanks. Look, I mean, yeah, China again grew double digits. And Pharma first grew largely because of our CDMO customers supporting the local biotech industry. And again, our new products allow us to -- to basically again show what I would call more differentiated performance and this is largely to do with execution and new products.

早上好，布蘭登，謝謝。你看，我的意思是，沒錯，中國經濟再次實現了兩位數成長。而製藥業務的最初發展，很大程度上要歸功於我們的 CDMO 客戶對當地生技產業的支持。此外，我們的新產品使我們能夠——基本上再次展現我所說的更具差異化的性能，這主要與執行力和新產品有關。

When you look at the academic end market, that also grew almost 20%, and there, again, we took actions a couple of years ago to localize our full portfolio, expand our distribution. You couple that with fantastic execution -- fantastic commercial execution at the ground level and we've been able to win a significant share of the latest stimulus that has come through. So the academic end market has been doing pretty well.

從學術終端市場來看，該市場也成長了近 20%，幾年前，我們也採取了措施，使我們的全部產品組合在地化，擴大了分銷管道。再加上出色的執行力——在基層出色的商業執行力，我們才得以贏得最新一輪刺激計劃中的相當大一部分份額。所以學術終端市場表現相當不錯。

As we look at the -- as we look at Q4, I mean, we're seeing the same trends persist. We are modeling a high single-digit growth, a bit of a slowdown from Q1 from Q2 and Q3, which if you just take it in all, the first half grew double digits and the second half grew double digits.

當我們審視第四季時，我的意思是，我們看到同樣的趨勢仍在持續。我們預計成長率將達到個位數，第二季和第三季成長率將比第一季略有放緩，但如果把所有季度加起來來看，上半年和下半年都實現了兩位數的成長。

So China would have had a double-digit year who would have thought that, that's possible in this environment. So I'm extremely proud of what the teams are doing on the ground and how they're taking new products and really operating effectively in a pretty dynamic environment.

所以中國今年的經濟成長率達到了兩位數，誰會想到在這種環境下這是有可能的呢？因此，我為團隊在一線所做的工作以及他們如何將新產品推廣到如此動態的環境中並真正有效地運作而感到無比自豪。

The only thing I would add there, Brandon, is the academic and government stimulus-related revenue, you have to take it with a grain of salt, right? I mean, we very well know in our industry that it is just moving money from one year to another.

布蘭登，我唯一要補充的是，關於學術界和政府刺激計劃帶來的收入，你得謹慎看待，對吧？我的意思是，我們業內人士都非常清楚，這只是把錢從一年轉移到另一年而已。

And once the stimulus is done, you hit an air pocket, right? So that's not new or specific to anyone. And as we outlined at our Investor Day, we are modeling China low to mid-single digits in the five year time frame, and this outperformance versus that assumption is amazing.

刺激結束後，你會遇到一個氣泡，對吧？所以這並不是什麼新鮮事，也不是某個人特有的。正如我們在投資者日上概述的那樣，我們預計中國經濟在未來五年內將保持個位數低至中等的成長，而實際表現遠超預期，令人驚嘆。

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

問答環節到此結束。現在我把它還給卡斯帕。

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

謝謝你，萊拉。通話到此結束。我們期待在即將舉行的活動和會議上與各位見面交流。