Waters Corp (WAT) 2026 Q1 法說會逐字稿

Good morning. Welcome to the Waters Corporation first-quarter 2026 financial results conference call. (Operator Instructions) This call is being recorded. If anyone has objections, please disconnect at this time.

早安。歡迎參加沃特世公司（Waters Corporation）2026 年第一季財務業績電話會議。（接線員指示）本通話將被錄音。如有任何異議，請此時中斷連線。

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

現在我很榮幸將電話交給投資人關係主管 Caspar Tudor 先生。先生，請開始。

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，Leila，也向各位道早安。歡迎參加沃特世公司第一季財報電話會議。今天與我一同出席的有：我們的總裁兼執行長 Udit Batra 博士；以及資深副總裁兼財務長 Amol Chaubal。

Before we begin, I will cover the cautionary language. In this conference call, we will make various forward-looking statements regarding future events or future financial performance of the company, including the financial and operational impact of Waters combination with the biosciences and diagnostic solutions business of Becton, Dickinson and Company or BD.

在開始之前，我先說明警示性用語。在本次電話會議中，我們將就公司未來事件或未來財務表現發表各項前瞻性陳述，包括沃特世與碧迪公司（Becton, Dickinson and Company，或 BD）的生物科學與診斷解決方案業務結合所帶來的財務與營運影響。

We will provide guidance regarding possible future results and commentary on the potential market and business conditions that may impact Waters Corporation over the second-quarter of 2026 and full year 2026. These statements are only our present expectations and are subject to risks and uncertainties. Please see the risk factors included within our Form 10-K, our Form 10-Qs our other SEC filings and the cautionary language included in this morning's earnings release.

我們將提供可能的未來業績指引，並評論可能影響沃特世公司 2026 年第二季及 2026 全年的市場與業務狀況。這些陳述僅代表我們目前的預期，且受風險與不確定性影響。請參閱我們的 Form 10-K、Form 10-Q 及其他向美國證券交易委員會（SEC）提交的文件中所載之風險因素，以及今早財報新聞稿中的警示性用語。

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 or in the appendix of the slide presentation accompanying today's call. Unless stated otherwise, all organic revenue growth rates are presented on a constant currency basis and are in comparison to the first-quarter of 2025.

在今天的電話會議中，我們將提及若干非 GAAP 財務衡量指標。與最直接可比的 GAAP 指標之調節表，已附於我們的財報新聞稿，或載於隨本次電話會議提供之簡報投影片附錄中。除非另有說明，所有有機營收成長率均以固定匯率基礎呈現，並與 2025 年第一季相比。

For acquired company revenue, unless stated otherwise, all results cover our period of ownership from the transaction closing date on February 9, 2026, through to the end of the quarter. For acquired company revenue growth rates, unless stated otherwise, all growth rates are presented on an estimated as-reported basis, covering the period of ownership in comparison to the prior year equivalent period that predates Waters ownership.

就併購公司營收而言，除非另有說明，所有結果均涵蓋自交易於 2026 年 2 月 9 日完成交割日起至本季末之我們持有期間。就併購公司營收成長率而言，除非另有說明，所有成長率均以估計之申報口徑（as-reported）呈現，涵蓋持有期間，並與前一年度對應期間（即沃特世持有之前）相比。

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. On today's call, Udit will begin with our key messages and business highlights. Amol will then review our financial results and outlook. After that, we will open up the lines for questions.

最後，除非作為例行財報發布的一部分或法律另有要求，我們無意更新我們的指引、預測或推估。在今天的電話會議中，Udit 將先分享我們的關鍵訊息與業務亮點；接著 Amol 將回顧我們的財務結果與展望；之後我們將開放提問。

I'll now turn the call over to Udit.

現在我把電話交給 Udit。

Thank you, Caspar, and good morning, everyone. We delivered an excellent first-quarter as a combined company, marking the start of a new powerful era of growth across our four divisions. We achieved double-digit organic growth in our legacy businesses, delivered meaningfully better-than-expected revenue for our newly acquired businesses and grew adjusted earnings per share by 20%.

謝謝你，Caspar，各位早安。作為合併後的公司，我們交出一份非常出色的第一季成績單，標誌著我們四大事業部門跨入全新且強勁的成長時代。我們在既有業務實現兩位數的有機成長，新併購業務的營收也顯著優於預期，並使調整後每股盈餘成長 20%。

We also took decisive steps towards building our new platform for sustained long-term growth, driving strong momentum and underpinning our raised full year growth outlook. Before turning to the numbers, I want to recognize our teams for delivering this strong start to the year. They are enacting immediate operational improvements, continuing to deliver pioneering innovation and collaborating effectively to deliver revenue synergies already, all while ensuring a smooth transition from BD.

我們也採取果斷行動，打造可支撐長期永續成長的新平台，推動強勁動能，並支撐我們上調的全年成長展望。在進入數字之前，我要肯定我們團隊在年初就交出如此強勁的開局。他們正推動立即性的營運改善、持續提供開創性創新，並有效協作以實現已開始顯現的營收綜效，同時確保自 BD 平穩移轉。

It is a true privilege to work with my colleagues, and I'm proud of what they have accomplished. In the first-quarter, total company as reported revenue was $1.267 billion, comprising of $747 million of organic revenue and $520 million of biosciences and diagnostic solutions following the February 9 acquisition closing date.

能與各位同仁共事是莫大的榮幸，我也為他們的成就感到自豪。第一季，公司合併後的申報營收（as reported）為 12.67 億美元，其中包含 7.47 億美元的有機營收，以及自 2 月 9 日完成併購交割後的 5.20 億美元生物科學與診斷解決方案營收。

Organic revenue grew 13% as reported and 11% in constant currency, exceeding the high end of our constant currency guidance range by approximately 200 basis points. Orders again outpaced sales. biosciences and diagnostic solutions revenue exceeded guidance by $40 million and grew an estimated 7% on a reported basis versus the prior year equivalent period, a strong opening performance for these businesses under Waters' leadership.

有機營收以申報口徑成長 13%，以固定匯率成長 11%，較我們固定匯率指引區間上緣高出約 200 個基點。訂單再次超過銷售。生物科學與診斷解決方案營收較指引高出 4,000 萬美元，並較前一年度對應期間以申報口徑估計成長 7%；在沃特世領導下，這些業務展現了強勁的開局表現。

On a full quarter pro forma basis, comparable revenue growth also exceeded expectations and improved meaningfully relative to fourth-quarter trends. Execution initiatives launched at closing drove flat year-over-year reported growth despite a $20 million headwind in respiratory testing due to the weak flu season. Excluding these impacts, growth was approximately 3% for the full quarter.

以全季備考（pro forma）基礎來看，可比營收成長同樣優於預期，且相較第四季趨勢明顯改善。交割時啟動的執行方案，使申報口徑年增率達到持平，儘管因流感季疲弱導致呼吸道檢測帶來 2,000 萬美元的不利影響。若排除這些影響，全季成長約為 3%。

With our strong top line performance, combined with disciplined cost management and operational excellence across the organization, adjusted EPS grew 20% year-over-year to $2.70 per share, exceeding the high end of our guidance range by $0.35. Let me now cover these drivers of strength in more detail. Beginning with our organic revenue performance, the Analytical Sciences Division grew 12% in constant currency, with instruments up 8%, chemistry up 13% and service up 14%.

在強勁的營收表現之上，結合嚴謹的成本管理與全組織的營運卓越，調整後每股盈餘年增 20% 至每股 2.70 美元，較我們指引區間上緣高出 0.35 美元。接下來我將更詳細說明這些強勁表現的驅動因素。先從有機營收表現談起：分析科學事業部（Analytical Sciences Division）以固定匯率成長 12%，其中儀器成長 8%、化學品成長 13%、服務成長 14%。

In pharma, we grew mid-teens with sustained above-market performance supported by our unique exposure to idiosyncratic growth drivers, continued strong instrument replacement and excellent adoption of new products in our high-growth adjacencies. In academic and government, we grew high teens, driven by strength in Europe and broad-based demand for our revitalized high-resolution mass spec portfolio.

在製藥領域，我們實現約中十位數成長，憑藉我們對特定（idiosyncratic）成長驅動因素的獨特曝險、持續強勁的儀器汰換需求，以及新產品在高成長相鄰市場（adjacencies）的優異導入，維持高於市場的表現。在學術與政府領域，我們成長約高十位數，主要由歐洲的強勁表現，以及市場對我們重新振興的高解析度質譜產品組合的廣泛需求所帶動。

In industrial, we grew low single digits, led by chemical analysis and continued momentum in PFAS testing applications. Thanks to the effective cross-divisional collaboration, given our diligent integration planning, approximately 1 percentage point of analytical sciences growth was driven by tandem quadruple mass spectrometry sales through the biosciences channel, an early proof of revenue synergy realization.

在工業領域，我們成長低個位數，主要由化學分析帶動，並延續 PFAS 檢測應用的動能。得益於有效的跨事業部協作與我們審慎的整合規劃，分析科學約有 1 個百分點的成長來自透過生物科學通路銷售的串聯四極桿質譜（tandem quadruple mass spectrometry），這是營收綜效開始實現的早期證明。

Within the advanced diagnostics division, the clinical business unit previously reported within the Waters Division grew 14% despite DRG weakness in China. Strength was led by double-digit growth in the Americas and Europe. The materials sciences division grew low single digits, reflecting solid performance across core industrial and high-growth applications given present macro conditions.

在先進診斷事業部（Advanced Diagnostics Division）中，先前歸屬於沃特世事業部（Waters Division）報告的臨床業務單元，儘管中國 DRG 走弱，仍成長 14%。成長動能主要來自美洲與歐洲的兩位數成長。材料科學事業部（Materials Sciences Division）成長低個位數，反映在目前總體環境下，核心工業與高成長應用皆有穩健表現。

Turning now to our newly acquired businesses. The Biosciences Division delivered $230 million of revenue, representing 7% estimated growth on an as-reported basis from the closing date of the transaction to the end of the quarter. Flow research and flow clinical both grew 7%, reflecting improved execution and increased commercial activity.

接著談我們新併購的業務。生物科學事業部（Biosciences Division）營收為 2.30 億美元，自交易交割日至季末期間，以申報口徑估計成長 7%。流式研究（flow research）與流式臨床（flow clinical）皆成長 7%，反映執行改善與商業活動增加。

Reagents grew low double digits, while instruments remain pressured due to US academic and government trends and ongoing China-related constraints, including export restrictions of high parameter products and lack of a localized product portfolio. Meanwhile, overall demand for our recently launched FACSDiscover A8 and S8 systems remained strong.

試劑（reagents）成長低雙位數，而儀器仍承壓，原因包括美國學術與政府端趨勢，以及持續的中國相關限制（包含高參數產品的出口限制，以及缺乏在地化產品組合）。同時，我們近期推出的 FACSDiscover A8 與 S8 系統整體需求仍然強勁。

On a full quarter pro forma basis, Biosciences declined 1%, marking a significant improvement from the 10% decline in the fourth-quarter of 2025. This inflection is further underscored by our ex-China growth, which was 4% for the full quarter. As we localize the China portfolio in the second half of this year, launch additional new products and implement incremental new commercial actions as the year progresses, the business is poised for further acceleration throughout 2026.

以全季備考基礎來看，生物科學營收下滑 1%，相較 2025 年第四季下滑 10% 有顯著改善。這一轉折也可從我們中國以外的成長看出端倪：全季為 4%。隨著我們在今年下半年推動中國產品組合在地化、推出更多新產品，並在年度進程中實施額外的商業行動，該業務有望在 2026 年持續加速成長。

Within the advanced diagnostics division, diagnostic solutions delivered $288 million of revenue, representing 8% estimated growth on an as-reported basis from the close date. Microbiology grew 10%, reflecting improved commercial momentum tied to the newly enacted KPI discipline ahead of our BACTEC FXI launch in blood culture.

在先進診斷事業部中，診斷解決方案（diagnostic solutions）營收為 2.88 億美元，自交割日起以申報口徑估計成長 8%。微生物（microbiology）成長 10%，反映商業動能改善，這與我們在血液培養領域 BACTEC FXI 上市前新推行的 KPI 紀律密切相關。

On a full quarter pro forma basis, diagnostic solutions business grew 1%, a clear acceleration from the high single-digit decline in the fourth-quarter of 2025. Excluding respiratory testing headwinds, growth was 6% for the full quarter, reaching mid-single-digit underlying growth sooner than expected. At the divisional level, including the clinical business unit, advanced diagnostics grew 3%.

以全季備考基礎來看，診斷解決方案業務成長 1%，相較 2025 年第四季高個位數下滑明顯加速。若排除呼吸道檢測的不利因素，全季成長為 6%，比預期更早達到中個位數的基礎成長。在事業部層級（包含臨床業務單元），先進診斷成長 3%。

Excluding the same respiratory headwinds, the Advanced Diagnostics Division grew 7.5% for the full quarter pro forma basis, reflecting strong underlying momentum. This inflection was delivered even ahead of the full benefit of our commercial execution initiatives and new product launches and despite a 2% China DRG-related headwind that will annualize into the baseline in the second half of the year, positioning the business for continued acceleration as we enter the back half of the year.

若同樣排除呼吸道檢測的不利因素，先進診斷事業部以全季備考基礎成長 7.5%，反映強勁的基礎動能。這一轉折甚至是在我們商業執行方案與新產品上市尚未完全發揮效益之前就已達成，且儘管中國 DRG 相關不利影響約 2%（將在今年下半年年化並納入基期），仍使業務在進入下半年時具備持續加速的有利定位。

Less than 90-days post close, we have already made notable progress after taking control of the Biosciences and Diagnostic Solutions businesses as is evident in our results. Immediately after the February 9 closing date, we launched a 180-day plan to reinvigorate growth centered on a focused set of rapid execution initiatives.

交割後不到 90 天，我們在接手生物科學與診斷解決方案業務後已取得顯著進展，從我們的業績表現即可見一斑。在 2 月 9 日交割完成後，我們立即啟動一項 180 天計畫，聚焦一組精準的快速執行方案，以重振成長。

Early results have been outstanding, driving a clear and meaningful step in revenue -- step-up in revenue performance relative to the pre-close performance trends. Our first priority was to instill focus, accountability and urgency across our newly acquired businesses. We have since substantially increased the frequency and rigor of forecast and funnel reviews with deeper inspection of conversion rates, deal progression and pipeline quality.

初步成果非常出色，推動營收表現相較交割前的趨勢出現清楚且顯著的躍升（step-up）。我們的首要任務，是在新併購業務中建立聚焦、當責與緊迫感。此後，我們已大幅提高預測與銷售漏斗（funnel）檢視的頻率與嚴謹度，並更深入檢視轉換率、案件推進情況與管線品質。

This has driven greater visibility and transparency, faster decision-making and improved commercial execution. In parallel, we have taken deliberate actions to increase commercial activity across the organization. We have raised expectations around customer engagement, driving our sales team to spend more time in the field getting in front of the customers and increasing outbound activity.

這已帶來更高的可視性與透明度、更快速的決策以及更佳的商業執行。同時，我們也採取了有意識的行動，以提升全組織的商業活動。我們提高了對客戶互動的期望，推動銷售團隊花更多時間在第一線面對客戶，並增加外撥拓客活動。

This has been reinforced with clear KPIs and daily management, resulting in meaningful increases in call volume, customer visits and pipeline generation, which is driving stronger funnel trends and overall commercial momentum. Our second near-term priority under our 180-day plan is pricing discipline. We have deployed our experienced Waters pricing team across biosciences and diagnostic solutions, where we have conducted a comprehensive pricing review and are establishing two new deal desks.

這些作為透過明確的KPI與每日管理機制得到強化，帶來通話量、客戶拜訪與商機管線生成的顯著提升，進而推動更強勁的漏斗趨勢與整體商業動能。我們180天計畫下的第二項近期優先事項是定價紀律。我們已將經驗豐富的Waters定價團隊部署至生物科學與診斷解決方案業務，完成全面的定價檢視，並正建立兩個新的交易審核中心（deal desk）。

We are already seeing tangible results with pricing actions taken right away in the quarter already beginning to augment revenue performance. In addition, we are actively reviewing reagent rental contracts and utilization data to identify commercial opportunities. Within US diagnostic solutions alone, our initial review of 1,600 contracts has identified approximately 700 that are currently out of compliance, representing a double-digit million dollar shortfall annually.

我們已經看到具體成果：本季立即採取的定價行動已開始增強營收表現。此外，我們正積極檢視試劑租賃合約與使用率資料，以辨識商業機會。僅在美國診斷解決方案業務中，我們對1,600份合約的初步檢視已發現約700份目前不符合合約規範，代表每年有數千萬美元（雙位數百萬美元）的缺口。

We see meaningful opportunity to improve operational follow-through on these contracts in the quarters ahead. Our third near-term priority is to regain share in flow research. We have already approved and initiated actions to localize manufacturing of flow instruments in China to improve market access and reduce export complexity, addressing a key source of share loss.

我們認為在未來幾季，針對這些合約的營運落實與後續追蹤有顯著改善空間。我們第三項近期優先事項是重新奪回流式研究（flow research）的市占。我們已核准並啟動在中國本地化製造流式儀器的行動，以改善市場准入並降低出口複雜度，解決造成市占流失的關鍵來源。

We intend to begin manufacturing key products in China for China starting in the third-quarter, which is already providing our team a strong impetus to begin competing for tenders that require local manufacturing. We're applying the same playbook that has made our analytical sciences business a growth leader in China.

我們計畫自第三季起開始在中國為中國市場製造關鍵產品，這也已為團隊帶來強烈動力，開始競標那些要求本地製造的標案。我們正套用同一套策略手冊，該策略已使我們的分析科學業務成為中國的成長領導者。

For flow research reagents, we are improving product availability and speed to customer by adjusting our distribution strategy, leveraging new channels and mobilizing Waters' existing distribution network. These actions are expected to begin resolving prior constraints that have impacted share beginning in the second half of this year.

在流式研究試劑方面，我們透過調整配銷策略、運用新通路並動員Waters既有的配銷網路，以提升產品供應可得性並加快交付客戶的速度。預期這些行動將自今年下半年起開始解除先前限制，並改善對市占造成影響的因素。

We remain the market leader in downstream high-volume life science applications spanning LC-MS, light scattering and precision chemistry workflows together with related service and informatics. In the first-quarter, we launched our next-generation Microflow LC Chemistry Columns with MaxPeak Premier technology, delivering up to twice the sensitivity of traditional microflow columns for use in high-throughput bioseparations, DMPK and omics applications.

在涵蓋LC-MS、光散射與精密化學工作流程，以及相關服務與資訊學的下游高通量生命科學應用領域，我們仍是市場領導者。第一季，我們推出搭載MaxPeak Premier技術的下一代Microflow LC化學色譜柱，在高通量生物分離、DMPK與組學應用中，靈敏度最高可達傳統微流色譜柱的兩倍。

In light scattering, we also recently launched our omniDAWN multi-angle light scattering detector, which is an industry-first extended range detector for use in UPLC and meeting the rising throughput and resolution requirements of our customers. These new product launches increase our degree of differentiation when serving large molecule applications in our attractive end markets.

在光散射方面，我們近期也推出omniDAWN多角度光散射檢測器，這是業界首款可用於UPLC的延伸量測範圍檢測器，可滿足客戶日益提升的通量與解析度需求。這些新產品上市提高了我們在服務大型分子應用、且具吸引力的終端市場中的差異化程度。

In microbiology, we recently announced that our next-generation blood culture system, the BACTEC FXI, has received CE marking under the European Union's in vitro diagnostic regulation, representing a key milestone in our microbiology product road map and delivered ahead of schedule. BACTEC FXI is a groundbreaking new product that combines industry-leading automation, allows 60 sample loading and offers a three-hour faster detection time than the current generation BACTEC, which was launched over a decade ago.

在微生物學方面，我們近期宣布下一代血液培養系統BACTEC FXI已依歐盟體外診斷法規取得CE認證，這是我們微生物產品路線圖的重要里程碑，且提前達成。BACTEC FXI是一項突破性新產品，結合業界領先的自動化能力，可一次裝載60個樣本，且相較於十多年前推出的現行世代BACTEC，偵測時間可加快三小時。

This system is now available in Europe and Japan, and we're pursuing additional regulatory approvals in other key global markets in the months ahead. In molecular, we recently received FDA clearance for our BD Onclarity HPV self-collection kit and BD Onclarity HPV Assay, enabling at-home cervical cancer screening with extended genotyping for multiple high-risk strains.

該系統目前已在歐洲與日本上市，我們也將在未來數月於其他主要全球市場推進更多法規核准。在分子診斷方面，我們近期取得FDA核准的BD Onclarity HPV自我採檢套組與BD Onclarity HPV檢測（Assay），可在家進行子宮頸癌篩檢，並針對多種高風險型別提供延伸分型（genotyping）。

This solution allows patients to collect their own sample at home, which is then analyzed in the lab using the BD Onclarity HPV Assay, removing barriers to the screening access. Cervical cancer is highly preventable, yet remains significantly under screened. Nearly one in four women in the US is not up to date with cervical cancer screening despite HPV being the primary cause of nearly all cervical cancers.

此解決方案讓患者可在家自行採集樣本，之後由實驗室使用BD Onclarity HPV檢測進行分析，消除篩檢可近性障礙。子宮頸癌高度可預防，但篩檢不足的情況仍相當嚴重。儘管HPV是幾乎所有子宮頸癌的主要成因，美國仍有近四分之一的女性未按時完成子宮頸癌篩檢。

Screening gaps persist due to access challenges, discomfort and patient avoidance of pelvic exams. Self-collection directly addresses these challenges by offering a less invasive and more convenient alternative with a proven ability to increase screening participation. As the most comprehensive at-home cervical cancer screening tool available, we are empowered by a mission to remove these barriers that prevent individuals from receiving routine screening.

篩檢缺口持續存在，原因包括就醫可近性挑戰、不適感，以及患者對骨盆腔檢查的迴避。自我採檢透過提供侵入性較低且更便利的替代方案，並已證實能提高篩檢參與率，直接回應這些挑戰。作為目前最全面的居家子宮頸癌篩檢工具，我們以使命為驅動，致力於移除阻礙個人接受例行篩檢的障礙。

Our goals are aligned directly with the priorities established by the US Department of Health and Human Services, which identified expanding at-home testing as a top public health priority last year. We have already begun to sign contracts with strategic partners as we begin -- as we bring this solution to market. Now turning to the synergies.

我們的目標與美國衛生與公共服務部（HHS）所制定的優先事項直接一致；該部門去年將擴大居家檢測列為首要公共衛生優先事項之一。隨著我們將此解決方案推向市場，我們已開始與策略夥伴簽署合約。接下來談協同效益。

On cost synergies, we remain firmly on track to deliver our $55 million target for 2026, driven by organizational optimization, procurement savings and network optimization with a clear line of sight to delivery. Since February 9, we have moved quickly to enact our restructuring plan and are now in advanced stages of implementation.

在成本協同方面，我們仍堅定按計畫推進，目標於2026年實現5,500萬美元，主要由組織優化、採購節省與網路（network）優化所驅動，且對交付具備清晰可見度。自2月9日以來，我們迅速推動重組計畫，目前已進入實施的後期階段。

We expect these actions to improve cost efficiency by optimizing spans and layers, eliminating redundancy and achieving a leaner centralized cost structure as part of the integration. The associated savings will hit the P&L beginning in the third-quarter of this year. We have also activated our centralized spend control tower, increasing visibility into indirect spend and driving more disciplined procurement execution.

我們預期這些行動將透過優化管理幅度與層級、消除重複並在整合過程中達成更精實的集中式成本結構，以提升成本效率。相關節省將自今年第三季起反映於損益表（P&L）。我們也已啟動集中式支出控管中樞（spend control tower），提升對間接支出的可視性，並推動更具紀律的採購執行。

These actions are enabling us to capture savings across key categories while improving control and accountability. At the same time, we're also taking business level cost actions separate from our synergy program and rightsizing costs in areas where there is clear opportunity to realign with the revenue base. Together with our growth outlook, these actions support solid margin progression in the second half of the year.

這些行動使我們能在關鍵類別中擷取節省，同時提升控管與問責。與此同時，我們也在協同計畫之外採取事業層級的成本行動，並在明確有機會與營收基礎重新對齊的領域進行成本規模調整（rightsizing）。結合我們的成長展望，這些行動支持今年下半年穩健的利潤率提升。

On revenue synergies, as I mentioned earlier, we're already ahead of plan. We have moved quickly to activate cross-selling across the combined commercial organization, leveraging the Biosciences channel to drive incremental demand for mass spec in pharma clinical settings. We expect further contribution as we continually scale these efforts throughout the year.

在營收協同方面，如我先前提到的，我們已經超前於計畫。我們迅速啟動合併後商業組織的交叉銷售，運用生物科學通路在製藥臨床場景中推動質譜（mass spec）的增量需求。隨著我們在全年持續擴大這些努力，預期將帶來更多貢獻。

As we progress through 2026, additional synergy levers will start to build across instrument replacement, service plan attachment and e-commerce. In total, we remain well on track to deliver $50 million of expected revenue synergies this year. On instrument replacement, of the 22,000 ripe for replacement, 12,000 are BACTEC with over 50% greater than five years old and over 25% greater than 10 years old.

隨著我們邁向2026年，更多協同槓桿將在儀器汰換、服務方案附加（service plan attachment）與電子商務方面逐步建立。整體而言，我們仍非常有把握在今年實現預期的5,000萬美元營收協同。在儀器汰換方面，在22,000台具汰換時機的設備中，有12,000台為BACTEC，其中超過50%使用年限已逾五年，且超過25%使用年限已逾十年。

Since February 9, we have accelerated the US and European launch of BACTEC FXI by three to five months relative to the inherited business case, creating earlier revenue capture across the significant installed base opportunity. On service plan attachment, we have completed the first ever full coverage analysis of flow, microbiology and molecular diagnostics installed bases.

自2月9日以來，我們將BACTEC FXI在美國與歐洲的上市時程相較於既有事業計畫加速了三到五個月，使我們能更早在龐大的既有裝機基礎機會中取得營收。在服務方案附加方面，我們已完成史上首次針對流式、微生物與分子診斷裝機基礎的全覆蓋分析。

Beginning this quarter, we are assigning these opportunities to account level representatives supported by clear KPIs and our Waters service leadership team, an effort we expect to drive at least $20 million of incremental revenue over the next five years. On e-commerce, we have scaled our digital capabilities team in recent weeks.

自本季起，我們將把這些機會分派給帳戶層級代表，並以明確KPI與Waters服務領導團隊支援；我們預期此舉在未來五年可帶來至少2,000萬美元的增量營收。在電子商務方面，近幾週我們已擴編數位能力團隊。

We now have more than 100 full-time employees in our e-commerce team at our global capability center in Bangalore. This investment is a key enabler of a future best-in-class e-commerce platform, strengthening our competitive position and driving increased customer adoption of digital ordering channels, which is a key synergy.

目前在班加羅爾的全球能力中心，我們的電子商務團隊已有超過100名全職員工。這項投資是打造未來同級最佳（best-in-class）電子商務平台的關鍵推動力，可強化我們的競爭地位，並提升客戶對數位下單通路的採用率，而這正是一項關鍵協同效益。

Turning now to 2026 guidance and our value creation road map. We have begun 2026 with significant momentum, driven by the instrument replacement cycle, our idiosyncratic growth drivers and accretion from our high-growth adjacencies. As a result, we are raising our full year 2026 organic constant currency revenue guidance to 6.5% to 8%, reflecting our strong first-quarter performance and embedding $15 million of expected revenue synergies from cross-selling of mass spec.

接下來談2026年財測與我們的價值創造路線圖。我們以強勁動能展開2026年，動能來自儀器汰換週期、我們特有的成長驅動因素，以及高成長相鄰領域帶來的增益。因此，我們將2026年全年有機、固定匯率營收成長指引上調至6.5%至8%，反映第一季的強勁表現，並納入透過質譜交叉銷售所帶來、預期1,500萬美元的營收協同。

For the acquired businesses, we now expect Biosciences and Diagnostic Solutions to generate approximately $3.035 billion of reported revenue in 2026, which includes $35 million of expected revenue synergy contribution tied to the vectors I just covered, including instrument replacement, service plan attachment and e-commerce.

對於收購而來的業務，我們目前預期生物科學與診斷解決方案在2026年將創造約30.35億美元的列報營收，其中包含與我剛才提到的向量相關、預期3,500萬美元的營收協同貢獻，涵蓋儀器汰換、服務方案附加與電子商務。

Together, total 2026 reported revenue is expected to be approximately $6.405 billion to $6.455 billion based on latest FX rates. Turning now to EPS. Given our strong first-quarter results, updated FX assumptions and the prudence embedded in our second half outlook, we are raising our full year adjusted EPS guidance by $0.10 to $14.40 per share to $14.60 per share, reflecting growth of 10% to 11%.

綜合而言，依最新匯率，2026年總列報營收預期約為64.05億至64.55億美元。接下來談每股盈餘（EPS）。鑑於第一季的強勁結果、更新後的匯率假設，以及我們對下半年展望中所納入的審慎假設，我們將全年調整後EPS指引上調0.10美元至每股14.40至14.60美元，反映10%至11%的成長。

With our synergy levers now underway, we have an excellent platform for continued strong performance as a new powerful era of growth begins, unfolding in three phases over our midterm outlook. In Phase 1, where we are today, the incremental performance at our acquired businesses is tied to immediate operational improvements such as those outlined in our 180-day plan, together with early revenue synergies from cross-selling. The strong Q1 results give us confidence that this foundation is being built at speed.

隨著我們的協同效應槓桿現已啟動，我們已具備一個優異的平台，可在新的強勁成長時代展開之際，持續交出強勁表現；該成長將在我們的中期展望中分三個階段逐步展開。在第 1 階段，也就是我們目前所處的階段，併購業務的增量表現取決於立即的營運改善（例如我們 180 天計畫中所概述者），以及透過交叉銷售帶來的早期營收協同效應。第一季的強勁成果讓我們有信心，這一基礎正以快速的節奏建立中。

In Phase 2, these operational improvements are then joined by our full first tranche of revenue synergy levers spanning instrument replacement, service plan attachment and e-commerce. These are near-term well-defined opportunities that are expected to begin contributing starting in the third-quarter of this year. In Phase 3, the strategic power of this combination becomes most visible.

在第 2 階段，這些營運改善將進一步結合我們第一批完整的營收協同效應槓桿，涵蓋儀器汰換、服務方案附加（service plan attachment）以及電子商務。這些都是近期明確且界定清楚的機會，預期將自今年第三季開始貢獻。在第 3 階段，這項組合的策略威力將最為明顯。

New product launches in bio separations taking flow into QC in bioanalytical characterization and our new platform launches such as rapid sterility testing are expected to add further incremental growth vectors as we increasingly leverage our joint capabilities. Each of these phases takes us further up the growth curve from the mid-single-digit pro forma growth rate where our full year guidance sits today, progressively upwards into the high single digits over the next several years.

生物分離（bio separations）領域的新產品上市，將把流式（flow）延伸至生物分析特性鑑定（bioanalytical characterization）中的 QC；而我們的新平台上市（例如快速無菌測試）預期也將在我們日益運用雙方能力之際，帶來更多增量成長動能。這三個階段將使我們從目前全年指引所對應的中個位數（mid-single-digit）備考（pro forma）成長率，逐步沿著成長曲線上行，並在未來數年逐步提升至高個位數（high single digits）。

This is very similar to what we have seen at our legacy Waters business over the last five years. At the same time, we expect to drive significant margin expansion augmented by our cost synergies and expect to achieve at least 100 basis points of adjusted operating margin expansion every year through the end of the decade.

這與我們既有的 Waters 業務在過去五年所見的情況非常相似。同時，我們預期在成本協同效應的加持下推動顯著的利潤率擴張，並預期在本十年結束前，每年至少達成 100 個基點的調整後營業利潤率擴張。

Together, this powerful equation yields a mid-teens adjusted EPS growth algorithm and one we are executing against with increased confidence. In summary, we are laser-focused on delivering value through our execution and operational improvements, innovation launch excellence and synergy realization. With this transformation already underway, this value creation journey is beginning now, and we are doing so at speed.

綜合而言，這個強而有力的方程式帶來「調整後 EPS 以中十位數（mid-teens）成長」的演算法，而我們正以更高的信心加以執行。總結來說，我們高度聚焦於透過執行力與營運改善、創新上市卓越表現，以及協同效應落地來交付價值。隨著這項轉型已在進行中，這段價值創造之旅正從現在開始，而且我們正以快速的節奏推進。

With that, I will now turn the call over to Amol to cover our financial results and guidance in more detail.

接下來，我將把電話會議交給 Amol，請他更詳細說明我們的財務結果與指引。

Thank you, Udit, and good morning, everyone. In the first-quarter of 2026, we continue to deliver industry-leading growth. We delivered reported revenue of $1.267 billion, which was ahead of expectations. Momentum remains strong at Waters organically, and our newly acquired businesses delivered a strong start as our 180-day growth revitalization plan began to take hold.

謝謝你，Udit，各位早安。2026 年第一季，我們持續交出業界領先的成長。我們的公告營收為 12.67 億美元，高於預期。Waters 的有機動能依然強勁，而我們新併購的業務也在 180 天成長振興計畫開始發揮效果之際，交出強勁開局。

Organic revenue was $747 million, growing 13% as reported and 11% in constant currency, which was 200 basis points above the high end of our guidance range. Our newly acquired businesses delivered $520 million of revenue during our period of ownership, $40 million above guidance and representing 7% estimated as-reported growth versus the comparable prior year stub period.

有機營收為 7.47 億美元，按公告口徑成長 13%，按固定匯率成長 11%，較我們指引區間上緣高出 200 個基點。我們新併購的業務在持有期間貢獻營收 5.20 億美元，較指引高出 4,000 萬美元，並代表相較可比前一年 stub 期間估計約 7% 的公告口徑成長。

Importantly, performance was ahead of expectations on a full quarter pro forma basis as well. As-reported growth for the full quarter was flat, improving notably versus the prior quarter and underscoring the strength of our execution and growth revitalization initiatives. Excluding $20 million of respiratory testing headwind, growth was 3% for the full quarter.

重要的是，以完整季度備考（pro forma）基礎來看，表現同樣優於預期。完整季度的公告口徑成長為持平，較前一季明顯改善，凸顯我們執行力與成長振興措施的成效。若排除 2,000 萬美元的呼吸道檢測逆風，完整季度成長為 3%。

By geography, as-reported revenue was $505 million in the Americas, $412 million in Europe and $350 million in Asia. We effectively managed our supply chain and mitigated elevated freight costs, tariff costs and inflationary pressures while continuing to invest for the long term. Total company adjusted gross margin was 54.7%, approximately 200 basis points better than expected.

按地區別，公告營收為：美洲 5.05 億美元、歐洲 4.12 億美元、亞洲 3.50 億美元。我們有效管理供應鏈，並緩解偏高的運費成本、關稅成本與通膨壓力，同時持續進行長期投資。全公司調整後毛利率為 54.7%，約較預期高出 200 個基點。

Adjusted operating margin was 23.6%, also approximately 200 basis points better than expected. This reflects strong margin results in a dynamic macro environment and one achieved before the benefits of our cost synergies and broader cost actions start to flow through the P&L. Our operating tax rate came in at 15.6% and net interest expense was $38 million.

調整後營業利潤率為 23.6%，同樣約較預期高出 200 個基點。這反映我們在變動的總體環境下仍交出強勁的利潤率成果，而且是在成本協同效應與更廣泛的成本行動開始反映至損益表（P&L）之前就已達成。我們的營業稅率為 15.6%，淨利息費用為 3,800 萬美元。

With our topline strength, disciplined cost management and operational excellence, adjusted EPS grew 20% to $2.70. On a GAAP basis, we reported a diluted loss per share of $0.87, reflecting acquisition-related purchase accounting charges, including amortization of acquired intangibles and inventory step-up as is typical following a transaction of this scale.

在營收強勁、成本管理嚴謹與營運卓越的帶動下，調整後 EPS 成長 20% 至 2.70 美元。按 GAAP 口徑，我們報告稀釋後每股虧損 0.87 美元，反映與併購相關的購買會計（purchase accounting）費用，包括取得無形資產攤銷與存貨增值（inventory step-up），這在如此規模的交易後屬常見情況。

Free cash flow for the quarter was $42 million outlay, impacted by deal-related transaction costs and the timing of net cash settlement with BD. Turning to our results by operating segments. The analytical sciences division, which is our legacy waters division, excluding the clinical business unit, delivered as reported revenue of $607 million, up 14% as reported and 12% in constant currency.

本季自由現金流為淨流出 4,200 萬美元，受交易相關交易成本以及與 BD 之間淨現金結算時點影響。接著看各營運事業部的表現。分析科學事業部（analytical sciences division），也就是我們既有的 Waters 事業部（不含臨床業務單位），公告營收為 6.07 億美元，按公告口徑成長 14%，按固定匯率成長 12%。

In constant currency, instruments grew 8%, chemistry grew 13% and service grew 14%. Instrument strength was broad-based across both LC and MS, driven by robust replacement activity and our idiosyncratic growth drivers across GLP-1s, PFAS, India generics and biologics. leveraging the biosciences sales channel, we also achieved strong mass spec results in pharma clinical settings, as Udit outlined.

按固定匯率計，儀器成長 8%，化學品（chemistry）成長 13%，服務成長 14%。儀器的強勁表現涵蓋 LC 與 MS，主要由穩健的汰換需求，以及我們在 GLP-1、PFAS、印度學名藥與生物製劑等具特定性（idiosyncratic）的成長驅動因素所帶動。透過運用生物科學（biosciences）銷售通路，我們也如 Udit 所述，在製藥臨床場景中取得強勁的質譜（mass spec）成果。

Chemistry growth was again led by MaxPeak Premier and new products within bioseparations, which have been a vertical success. Our service results reflect strong pull-through from recent expansion in service plan attachment levels. By end market, pharma grew 14%. Non-pharma grew 8% as academic and government grew 18% and industrial grew 3%.

化學品成長再次由 MaxPeak Premier 與生物分離中的新產品所帶動，這些產品在垂直領域已取得成功。我們的服務表現反映近期服務方案附加率提升所帶來的強勁拉動效應（pull-through）。按終端市場別，製藥成長 14%。非製藥成長 8%，其中學術與政府成長 18%，工業成長 3%。

Within pharma, spending trends remained strong across ethical pharma, CDMOs and Chinese biotech. Growth was broad-based with high single-digit growth in Americas and Europe. Asia grew nearly 30%, led by over 50% growth in China, low teens growth in India and low teens growth in Japan. Within academic and government, growth was driven by strong spending trends in Europe and solid demand globally for our revitalized high-resolution mass spectrometry portfolio, including Xevo MRT and Xevo CDMS. In China, we continued strong capture of stimulus tender opportunities.

在製藥領域，道德藥（ethical pharma）、CDMO 以及中國生技的支出趨勢仍然強勁。成長具廣泛性，美洲與歐洲皆為高個位數成長。亞洲成長接近 30%，其中中國成長超過 50%，印度為低十位數成長，日本亦為低十位數成長。在學術與政府領域，成長由歐洲強勁的支出趨勢所帶動，並受惠於全球對我們振興後的高解析度質譜產品組合（包括 Xevo MRT 與 Xevo CDMS）的穩健需求。在中國，我們持續強力掌握刺激方案招標（stimulus tender）機會。

Within industrial, Asia grew mid-single digits, Europe grew low single digits and the Americas was flat. Growth was led by chemical analysis and PFAS applications. For PFAS, we sustained strong growth despite a tough prior year comparison, led by double-digit growth in both Europe and China. The biosciences division, which represents the former BD biosciences business, delivered as-reported revenue of $232 million, representing 7% estimated as-reported growth from the closing date to the end of the quarter versus the comparable prior year stub period.

在工業領域，亞洲為中個位數成長，歐洲為低個位數成長，美洲持平。成長主要由化學分析與 PFAS 應用帶動。就 PFAS 而言，儘管去年同期比較基期嚴峻，我們仍維持強勁成長，歐洲與中國皆為雙位數成長所帶動。生物科學事業部（biosciences division），亦即原 BD biosciences 業務，公告營收為 2.32 億美元，代表自交割日至季末相較可比前一年 stub 期間估計約 7% 的公告口徑成長。

Reagents grew low double digits, while instruments remained pressured due to US academic and government trends and China-related constraints such as lack of localized product portfolio. Overall, flow research grew 7% and flow clinical grew 7% with stronger commercial execution driving increased activity levels across both business areas.

試劑（reagents）成長為低雙位數，而儀器仍承壓，原因包括美國學術與政府趨勢，以及與中國相關的限制（例如缺乏在地化產品組合）。整體而言，流式研究（flow research）成長 7%，流式臨床（flow clinical）成長 7%，更強的商業執行帶動兩個業務領域的活動水準提升。

Within flow research, performance was led by reagents and strength in our FACSDiscover A8 and S8 instruments, particularly in Europe. Within flow clinical, ex-China grew 13%, while China declined 25% due to DRG headwinds. By geography, Europe grew over 30%, the Americas grew 10% and Asia declined high teens led by China.

在流式研究中，表現由試劑以及 FACSDiscover A8 與 S8 儀器的強勁需求所帶動，尤其在歐洲。在流式臨床中，除中國外（ex-China）成長 13%，而中國因 DRG 逆風下滑 25%。按地區別，歐洲成長超過 30%，美洲成長 10%，亞洲下滑高十位數，主要由中國所致。

On a full quarter pro forma basis, biosciences declined 1%, representing significant sequential improvement versus the fourth-quarter trend tied to our commercial actions. On an ex-China basis, biosciences growth for the full quarter was 4%. The advanced diagnostic division comprises of the former BD diagnostic solutions business and the mass spec diagnostics clinical business unit previously reported within waters division. Total as-reported revenue for the division was $349 million.

以完整季度備考（pro forma）基礎計，生物科學下滑 1%，相較第四季因我們商業行動所致的趨勢，呈現顯著的季比改善。以除中國外（ex-China）基礎計，生物科學完整季度成長為 4%。先進診斷事業部（advanced diagnostic division）包含原 BD diagnostic solutions 業務，以及先前在 Waters 事業部中報告的質譜診斷臨床業務單位（mass spec diagnostics clinical business unit）。該事業部公告總營收為 3.49 億美元。

Diagnostic solutions delivered $288 million of as-reported revenue, representing 8% estimated underlying growth from the transaction closing date to the end of the quarter. The clinical business unit delivered $61 million of revenue, up 16% as reported and 14% in constant currency. On an as-reported basis, microbiology revenue was $203 million, reflecting 10% underlying growth for the owned period, driven by improved commercial momentum as our execution initiatives began to take hold.

Diagnostic solutions 貢獻公告營收 2.88 億美元，代表自交易交割日至季末估計 8% 的基礎成長（underlying growth）。臨床業務單位貢獻營收 6,100 萬美元，按公告口徑成長 16%，按固定匯率成長 14%。按公告口徑，微生物（microbiology）營收為 2.03 億美元，反映持有期間 10% 的基礎成長，主要由於我們的執行措施開始發揮效果，商業動能改善所帶動。

Ex-China grew low double digits, while China declined 12% due to DRG headwinds, which was better than expected. Molecular diagnostics and point-of-care revenue was $84 million, reflecting 2% underlying growth for the owned period. On a full quarter pro forma basis, at the divisional level, advanced diagnostics grew 3%, which includes a 4.5% headwind from respiratory and a 2% headwind from China.

除中國外（ex-China）成長為低雙位數，而中國因 DRG 逆風下滑 12%，但優於預期。分子診斷與定點照護（point-of-care）營收為 8,400 萬美元，反映持有期間 2% 的基礎成長。以完整季度備考（pro forma）基礎、在事業部層級來看，先進診斷成長 3%，其中包含呼吸道業務 4.5% 的逆風以及中國 2% 的逆風。

The acquired diagnostic solutions business grew 1%, reflecting a significant improvement in growth versus fourth-quarter trends. Growth for the full quarter was driven by microbiology, which grew 5%, led by high single-digit ex-China growth. Excluding the same respiratory headwind, diagnostic solutions grew 6%, setting us up well for the rest of the year as these headwinds are not expected to recur.

併購的 diagnostic solutions 業務成長 1%，相較第四季趨勢呈現顯著改善。完整季度的成長由微生物所帶動，微生物成長 5%，其中除中國外（ex-China）為高個位數成長所驅動。若排除相同的呼吸道逆風，diagnostic solutions 成長 6%，為我們今年其餘期間奠定良好基礎，因為預期這些逆風不會再度出現。

The materials sciences division delivered as-reported revenue of $79 million in the quarter, representing an increase of 6% as reported and 2% in constant currency. Growth was led by strength in high-growth segments such as batteries and electronics testing as well as aerospace, and we saw continued momentum in electric vehicles and data center applications.

材料科學事業部本季按報告口徑實現營收7,900萬美元，按報告口徑成長6%，按固定匯率成長2%。成長主要由電池與電子測試等高成長領域以及航太的強勁表現帶動，我們也看到電動車與資料中心應用持續保持動能。

However, this was partially offset by soft trends in core industrial applications such as chemicals and materials. Now I will share further commentary on our full year outlook and provide our second-quarter guidance. Beginning with organic revenue, we have entered 2026 with significant momentum, driven by instrument replacement cycle, our idiosyncratic growth drivers and accretion from our high-growth adjacencies.

然而，核心工業應用（如化學與材料）需求偏弱，部分抵銷了上述成長。接下來我將進一步說明我們對全年展望的看法，並提供2026年第二季指引。先從有機營收來看，我們以顯著動能進入2026年，動能來自儀器汰換週期、我們特有的成長驅動因素，以及高成長相鄰領域帶來的增益。

We are raising our full year 2026 organic constant currency revenue growth guidance to the range of 6.5% to 8%, reflecting our strong first-quarter performance and embedding $15 million of expected revenue synergy contribution. We now expect foreign exchange translation to have neutral effect on organic sales, which translates to organic reported revenue of $3.37 billion to $3.42 billion in 2026.

我們將2026年全年有機固定匯率營收成長指引上調至6.5%至8%的區間，反映第一季的強勁表現，並納入預期1,500萬美元的營收協同效益貢獻。我們目前預期外匯換算對有機銷售的影響為中性，對應到2026年有機按報告口徑營收為33.7億至34.2億美元。

Turning to our acquired businesses. We now expect biosciences and diagnostic solutions businesses to generate approximately $3.035 billion of revenue in 2026, which includes $35 million of expected revenue synergies. Together, total reported 2026 revenue is expected to be approximately $6.405 billion to $6.455 billion based on latest FX rates.

再看我們併購的業務。我們目前預期生物科學與診斷解決方案業務在2026年將產生約30.35億美元營收，其中包含預期3,500萬美元的營收協同效益。綜合而言，依最新匯率計算，2026年按報告口徑總營收預期約為64.05億至64.55億美元。

The restructuring actions tied to our cost synergies are taking place towards the end of the second-quarter, together with business level cost realignment. This supports solid margin progression in the second half of the year. In addition, we have a range of operational initiatives in place to fully offset anticipated impact of elevated freight, raw materials and component costs due to ongoing conflict in the Middle East for the balance of the year.

與成本協同效益相關的重組行動將在第二季末進行，同時也會推動事業層級的成本重新調整，這將支撐下半年毛利率/利潤率的穩健改善。此外，我們已部署一系列營運措施，以在今年剩餘期間完全抵銷因中東衝突持續而導致的運費、原物料與零組件成本上升的預期影響。

Together with our strong first-quarter results, we now expect our full year adjusted EBIT margin to be 28.2% in 2026. Below the line, net interest expense is now expected to be approximately $186 million. Given diligent work by our tax team, our full year tax rate is now expected to be approximately 16%, which we expect to persist in future years.

結合第一季的強勁成果，我們目前預期2026年全年調整後EBIT利潤率為28.2%。在業外項目方面，淨利息費用目前預期約為1.86億美元。由於稅務團隊的努力，我們目前預期全年稅率約為16%，並預期未來年度可延續此水準。

This translates to a full year 2026 adjusted earnings per fully diluted share of $14.40 to $14.60, which is a $0.10 raise in our guidance range, reflecting our strong first-quarter results, partially offset by incremental prudence embedded in our second half assumptions and updated FX rates. For the second-quarter of 2026, we expect organic constant currency revenue growth of 6% to 8% foreign exchange represents a headwind of approximately 0.5% at current rates, resulting in organic reported revenue guidance of $814 million to $829 million.

據此推算，2026年全年完全稀釋後每股調整後盈餘（EPS）預期為14.40至14.60美元，較先前指引區間上調0.10美元，反映第一季強勁表現，但部分被我們在下半年假設中納入的額外審慎因素以及更新後匯率所抵銷。就2026年第二季而言，我們預期有機固定匯率營收成長為6%至8%；以目前匯率計，外匯約帶來0.5%的逆風，因此有機按報告口徑營收指引為8.14億至8.29億美元。

We expect revenues from the Biosciences and Diagnostic Solutions businesses to be approximately $802 million in the second-quarter of 2026, which represents approximately 2.5% reported growth. Together, this results in a total reported second-quarter 2026 revenue of $1.616 billion to $1.631 billion. second-quarter adjusted earnings per fully diluted share is expected to be in the range of $2.95 to $3.05, which is flat to 3.4% growth given the full burden of higher interest costs and newly issued shares and ahead of cost synergies and business level cost action benefits that begin to flow through the P&L starting in the third-quarter.

我們預期2026年第二季生物科學與診斷解決方案業務營收約為8.02億美元，約為2.5%的按報告口徑成長。合計後，2026年第二季按報告口徑總營收預期為16.16億至16.31億美元。第二季完全稀釋後每股調整後盈餘預期為2.95至3.05美元區間；在更高利息成本與新發行股份的完整影響下，該表現相當於持平至成長3.4%，且仍早於成本協同效益與事業層級成本行動的效益自第三季起開始反映於損益表（P&L）。

Turning to our implied guidance assumptions for the second half of the year. Even with the full year raise in organic growth guidance, our strong first-quarter results and the second-quarter guided midpoint of 7% implies a prudent 6% organic constant currency growth in the second half of the year. This is deliberately lower than what was implied in our prior guidance as it further derisks our back half organic growth outlook.

接著談我們對下半年隱含的指引假設。即使我們上調了全年有機成長指引，第一季的強勁成果以及第二季指引中點7%仍隱含下半年有機固定匯率成長為審慎的6%。這刻意低於先前指引所隱含的水準，以進一步降低下半年有機成長展望的風險。

For the biosciences and diagnostic solutions, our strong first-quarter performance and second-quarter guidance also meaningfully derisks our implied second half outlook. Our second half assumptions reflect a prudent growth rate of 1.5 percentage points above our second-quarter guidance, well supported by incremental commercial and operational actions already underway and a favorable prior year comparison.

就生物科學與診斷解決方案而言，我們第一季的強勁表現與第二季指引也顯著降低了下半年隱含展望的風險。我們對下半年的假設反映出一個審慎的成長率：較第二季指引高出1.5個百分點，並有已在推進中的額外商業與營運行動以及有利的去年同期比較作為支撐。

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

接下來我把時間交還給Caspar。

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

謝謝你，Amol。我們的事先準備發言到此結束。現在我們很樂意開放電話線並回答各位的提問。

(Operator Instructions) Tycho Peterson, Jefferies.

（接線員指示）Tycho Peterson，Jefferies。

Maybe just starting with the guide here, a number of moving pieces. Obviously, the $40 million beat on the BD side, you've got the FX headwind you called out. So it looks like the base business is getting better by about $5 million on an organic basis. The $35 million in revenue synergies, though, can you maybe just touch on where you think those are coming from early? I know you gave a little bit of color, Udit. And then what's captured on pricing? I know you kind of flagged that as maybe showing up a little bit earlier.

先從這次指引談起，裡面有不少變動因素。很明顯，BD那邊超出4,000萬美元，你也提到外匯逆風。所以看起來基礎業務在有機口徑上大概改善了500萬美元。至於3,500萬美元的營收協同效益，你能否談談你認為早期主要會來自哪些方面？我知道你先前稍微提供了一些細節，Udit。另外，定價方面納入了哪些？我知道你有提到這可能會稍微更早顯現。

Yes. I mean, look, on the revenue synergies, the first phase of revenue synergies is around things such as instrument replacement, service plan attachment and e-commerce. And that's what is embedded in that $35 million outlook. What's not embedded in that guide is the pricing actions that we are taking. What's not embedded in that guide is also how we've successfully neutralized the impact of tariffs on our legacy Waters business. And what's not embedded in that guide is the benefits of being more disciplined on our reagent rental contracts.

是的。我的意思是，就營收協同效益而言，第一階段主要圍繞儀器汰換、服務方案附加（service plan attachment）以及電商等事項，這些都已納入那3,500萬美元的展望。未納入該指引的是我們正在採取的定價行動。未納入該指引的也包括我們如何成功中和關稅對我們既有Waters業務的影響。以及未納入該指引的，還有我們在試劑租賃合約（reagent rental contracts）上更嚴格自律所帶來的效益。

Yes. So Tycho, just building on that, I think the revenue synergies that Amol outlined, the three levers we've talked about in the past, but what's really new is the 180-day plan, right? I mean we basically worked diligently to look at how we were doing funnel reviews, what the activity was in the field. In fact, in some cases, the weekly call rates have actually doubled, right, especially in the US advanced diagnostics business.

是的。Tycho，在此基礎上補充一下，我認為Amol概述的營收協同效益，就是我們過去談過的三個槓桿，但真正新的部分是180天計畫，對吧？我們基本上非常努力地檢視我們如何進行銷售漏斗（funnel）檢視、前線的活動狀況。事實上，在某些情況下，每週的拜訪/通話頻率實際上已經翻倍，尤其是在美國的先進診斷業務。

We also implemented pricing improvements and with our deal desk, both in Bioscience and Diagnostics, and we're looking at reagent rental contracts across the Diagnostic Solutions business. And having looked at roughly 1,700 or so accounts, close to half of them are out of compliance, and that's a double-digit opportunity.

我們也在生物科學與診斷兩個領域，透過我們的交易審核團隊（deal desk）推動定價改善；同時我們正在檢視診斷解決方案業務中的試劑租賃合約。檢視了約1,700個左右的客戶後，接近一半不符合合約規範，這是一個兩位數的機會。

So these will start to now play out in the -- in starting Q2. And then finally, we're localizing our portfolio in China, really using the same playbook that we did for the Analytical Solutions business, which has incredible growth this quarter, right? So really following that playbook. What's not really incorporated is the 180-day plan, which is having quite an early impact.

因此，這些將從第二季開始逐步展開。最後，我們正在中國推動產品組合在地化，基本上沿用我們在分析解決方案業務所採用的同一套打法；該業務本季成長非常亮眼，對吧？所以我們確實是在複製那套打法。真正尚未納入的是180天計畫，而它已經在早期產生相當明顯的影響。

Okay. And then for the follow-up, Udit, can you talk on microbiology? Obviously, there was a comp factor there, but 10% growth is notable, up low double digit ex China. Just talk about your confidence in turning that business around. Obviously, the new BACTEC coming fairly soon. So yes, maybe just talk about your confidence in the recovery there.

了解。那追問一下，Udit，你能談談微生物學（microbiology）嗎？很明顯去年同期有比較基期因素，但10%的成長仍然很突出，剔除中國後是低雙位數成長。請談談你對扭轉該業務的信心。顯然新的BACTEC很快就會推出。所以，是的，請談談你對那邊復甦的信心。

So Tycho, maybe first, just some contextual comments, right? Take a step back, I mean, Waters is focused on high-volume regulated applications, right? That's what we've done throughout our existence. We take sort of leading brands and then with smart commercial execution, really meaningful new products, deliver what we are seeing as industry-leading growth for our analytical sciences business, both growth and margins, right?

Tycho，我先提供一些背景脈絡。退一步看，Waters一直聚焦在高通量、受監管的應用領域，這是我們一路以來所做的事。我們把領先品牌結合精準的商業執行與真正有意義的新產品，為我們的分析科學業務帶來我們所看到的業界領先成長——不論是成長或利潤率，對吧？

And we intend to do the same with microbiology, where the unmet needs are very significant. And we've gotten off to a fantastic start. Microbiology has the same characteristics, high-volume regulated applications with significant unmet needs. Really great start, about 5% to 6% growth in spite of the DRG headwinds. And as you go into the back half of the year, the baseline becomes easier and the FXI launch, we're very excited about that should augment not just the revenue synergies from instrument replacement, but the underlying business itself.

我們也打算在微生物學領域做同樣的事，因為那裡的未被滿足需求非常顯著，而且我們已經有一個非常好的開局。微生物學具備相同特性：高通量、受監管的應用，且存在顯著未被滿足需求。儘管有DRG逆風，仍取得約5%到6%的成長，開局非常好。進入下半年後，基期會變得更容易，而FXI的上市我們非常期待；它不僅會強化來自儀器汰換的營收協同效益，也會增強基礎業務本身。

So really exciting times and significant unmet needs that excites our team. So expect to see that business grow nicely.

所以這是一段非常令人振奮的時期，顯著的未被滿足需求也讓我們的團隊充滿動力。因此，預期該業務將有不錯的成長。

Patrick Donnelly, Citi.

Patrick Donnelly，Citi。

Udit, maybe one on the core kind of legacy Waters instrumentation side. It seems like LC-MS, you had a pretty nice quarter. I know you called out pharma. And then it seemed like aca gov actually improved a little bit. Can you just give a little more color on what you saw, how the biopharma conversations trended in the quarter? And then as well, just aca gov, what you're seeing there?

Udit，想問一題關於核心、也就是傳統Waters儀器業務這一塊。看起來LC-MS本季表現相當不錯，我知道你提到了製藥客戶。另外，aca gov似乎也略有改善。你能否再多提供一些細節，說明本季你觀察到的情況、生物製藥端的對話趨勢如何？以及另外，aca gov這邊你看到什麼？

Yes. So sure, Patrick. Look, first on instruments overall, LC-MS was high single digits yet again. The replacement cycle is still underway, contributing nicely, especially in the US and in Europe. It's augmented by the new products, Alliance iS and now the Xevo MRT having a wonderful start and chemistry doing a great job there as well.

是的。當然，Patrick。首先就整體儀器而言，LC-MS 再次維持在高個位數成長。汰換週期仍在進行中，帶來不錯的貢獻，特別是在美國與歐洲。同時也受惠於新產品的帶動，Alliance iS 以及現在的 Xevo MRT 都有非常亮眼的開局，而化學品業務在這方面也做得非常出色。

And the idiosyncratic growth drivers, right? You see GLP-1 testing, focus on biologics, India generics, all contributing to the instrument growth rate. Now to your question on pharma itself, I mean, really pleased with what we see, right? To what I said to Tycho as well, we're a downstream high-volume regulated player, right? And we've seen terrific trends there.

還有一些特定的成長驅動因素，對吧？你會看到 GLP-1 檢測、對生物製劑的聚焦、印度學名藥等，都在推動儀器的成長率。回到你問的製藥本身，我們對目前看到的情況非常滿意，對吧？就像我也跟 Tycho 說的，我們是下游、高產量、受監管的參與者，而我們在那裡看到了非常強勁的趨勢。

We've brought new products into that space. We're seeing mid-teens growth overall, high single digits in Americas and in Europe, where ethical pharma is leading the charge with instrument replacement. In China, we saw over 50% growth driven by biotech, CDMOs and emerging innovative large pharma companies that are homegrown in China and India continued its track with genetics.

我們也把新產品帶進了那個領域。我們看到整體呈現中十位數的成長，美洲與歐洲為高個位數，其中處方藥（ethical pharma）在儀器汰換方面領軍。在中國，我們看到超過 50% 的成長，主要由生技、CDMO，以及在中國本土崛起的創新大型藥廠所帶動；而印度則在基因相關領域延續其成長軌跡。

So feel extremely good about what's happening in pharma. I mean that remains one of our strengths and really sort of looking forward to what the rest of the year brings in that category.

所以我們對製藥領域正在發生的事情感到非常振奮。我的意思是，那仍然是我們的強項之一，也非常期待今年剩餘時間在這個類別會帶來什麼表現。

Okay. That's helpful. And then maybe one on BD. I guess in hindsight, now that you guys have been behind the curtain a little bit here for a few months, when you look back at the 4Q kind of underperformance, how much do you think was just kind of an air pocket as the transition of the management happened? I guess what I'm asking is on the execution improvement versus the actual market improvement, what have you seen from 4Q to 1Q and then the expectations going forward?

好的，這很有幫助。接著可能問一個關於 BD 的問題。事後回頭看，現在你們在幕後運作了幾個月，當你回顧第 4 季那種表現不如預期的情況，你覺得有多少只是管理層交接過程中的短暫空窗？我想問的是，在執行改善相對於市場改善方面，你們從第 4 季到第 1 季看到了什麼？以及對未來的預期如何？

Yes. Look, I mean, as we've come into the ownership, we've seen tremendous collaboration with -- amongst the teams. The integration plans were put together across the BD teams and the Waters teams. And it was, in some ways, an advantage to have time between announcement and close. So that diligence really got the quarter -- the owned period of the quarter off to a fantastic start, right?

是的。你看，當我們接手之後，我們看到團隊之間有非常高度的協作。整合計畫是由 BD 團隊與 Waters 團隊共同制定的。而且在某些方面，從宣布到交割之間有一段時間反而是優勢。因此，那段盡職調查（diligence）讓本季在我們持有期間的開局非常出色，對吧？

I mean the diligence that you've seen with Waters in the past with really sort of focusing on high-quality funnels. I mean, our funnels look better than they ever have. The forecast accuracy improved as a consequence. We've implemented the pricing initiatives across the two new businesses, really incredible transparency and collaboration on looking at reagent rental contracts and also the China localization piece.

我的意思是，你過去也看到 Waters 在盡職調查上非常專注於高品質的銷售漏斗。我們的漏斗狀況比以往任何時候都更好，預測準確度也因此提升。我們已在兩個新業務中推行定價措施；在檢視試劑租賃合約以及中國在地化（localization）方面，也展現出非常驚人的透明度與協作。

So the 180-day plan itself was put together in collaboration with the teams. And to your question on air pockets, et cetera, it's very difficult to judge such things. I mean it was a declining business, but you see an advantage of just giving it focus. And what I'll remind you is that these are two businesses that have leading brands, really sort of brands that define the category. They are in high-volume regulated settings, and our Waters playbook is very relevant there, and you're seeing the impact of that.

因此，這個 180 天計畫本身就是與團隊協作制定的。至於你提到的空窗期等等，這類事情其實很難判斷。我的意思是，那原本是一個下滑中的業務，但你可以看到，只要給它足夠的聚焦就會帶來優勢。我也要提醒你，這是兩個擁有領先品牌的業務，某種程度上是定義該類別的品牌。它們處於高產量、受監管的環境，而我們的 Waters 作戰手冊在那裡非常適用，你也正在看到其影響。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Great. Udit and Amol, congrats on a nice spin and thanks for all the detailed disclosures in the presentation. That was really helpful. Maybe my first one on this BD exit performance in Q1. When I look at the full quarter reported growth for BD, it looks like it was flattish. But for the period owned under Waters, it was up 5%. Maybe just talk over this delta between the full quarter versus period owned.

很好。Udit 和 Amol，恭喜你們這次很漂亮的拆分，也謝謝簡報裡提供了非常詳細的揭露，真的很有幫助。我的第一個問題是關於 BD 在第 1 季的退出表現。當我看 BD 全季的已揭露成長，看起來幾乎持平；但在 Waters 持有期間，卻成長了 5%。能否談談全季與持有期間之間這個差異？

Was there any timing of shipments, those kind of things that aided performance under Waters ownership? Is this because of extra days? And I'm curious on -- I think the prior guidance was assumed BD to grow maybe up low singles, 2%. Has it changed at all?

是否有出貨時點之類的因素在 Waters 持有期間推升了表現？是因為多了幾天嗎？另外我也想問——我記得先前的指引是假設 BD 成長可能是低個位數、約 2%。這個假設有改變嗎？

Yes. I mean, look, when we put together our guidance, we factored in things such as there'll be a few extra days because of the quarter, but also a few days when the situation will be disturbed during the close, right? And that's how we sort of prepared our guidance. The way the teams executed makes us feel really proud that things are working.

是的。我的意思是，當我們制定指引時，我們把一些因素納入考量，例如因為季度的關係會多出幾天，但同時在交割期間也會有幾天因為交割而受到干擾，對吧？我們就是以這樣的方式來準備指引。而團隊的執行讓我們非常自豪，因為這證明事情正在奏效。

The 180-day growth revitalization plan is starting to bear fruit, and that's what sort of resulted in this significant $40 million beat, right? And what we've done with that is we've sort of derisked our second half of the guide and makes it far more palatable. We've sort of taken down sort of point of care in the second half of the year to not be at average, but significantly below average, and that gives us a lot of room to outperform and puts us in a great spot for the remainder of the year.

這個 180 天的成長振興計畫開始看到成果，而這也帶來了顯著的 4,000 萬美元超預期表現，對吧？我們因此降低了下半年指引的風險，讓它更容易被接受。我們已把下半年即時照護（point of care）的假設下調，不再是平均水準，而是顯著低於平均，這讓我們有很大的空間可以超越，也讓我們在今年剩餘時間處於非常有利的位置。

Understood. And maybe my follow-up on -- given you mentioned days impact here. When you look at core Waters did 11% organic, what was underlying organic ex days? Amol, when you say back half is 6%, is that for core organic or pro forma organic inclusive BD? And given your comment on order strength, I'm curious on why back half couldn't be better.

了解。接著追問一下——既然你提到天數影響。當你看核心 Waters 有 11% 的有機成長，扣除天數後的底層有機成長是多少？另外，Amol，當你說下半年是 6% 時，那是指核心有機成長，還是包含 BD 的備考（pro forma）有機成長？再者，考量你對訂單強勁的評論，我也好奇為什麼下半年不能更好。

Yes. So I mean, look, the extra days benefit our recurring revenue and roughly, we had 4 extra days in terms of working days, and that brings about 4% more recurring revenue, which is roughly 2% more total revenue for the legacy Waters business. But even if you strip that out, I mean, chemistry grew 13% and service grew 14%.

是的。我的意思是，多出來的天數主要有利於我們的經常性收入（recurring revenue）。大致上，我們多了 4 個工作日，這會帶來約 4% 更多的經常性收入，換算到舊有 Waters 業務的總營收大約是多 2%。但即使把這個因素剔除，化學品業務仍成長 13%，服務業務成長 14%。

So both of them, even after you take out 4%, flying at meaningfully elevated levels versus the historical performance, and that's to do with how our teams are executing really well in the field. For the guidance perspective, our first half growth for the legacy business, constant currency is roughly 9%, and we've derisked the second half. one for the four or so extra less working days that we have in Q4, two just because of the current macro, right?

所以兩者即使扣掉那 4% 的影響，仍然明顯高於歷史表現，這與我們前線團隊的執行非常到位有關。就指引而言，我們上半年舊有業務以固定匯率（constant currency）計算約成長 9%，而我們已降低下半年的風險：第一，是因為第 4 季大約少了 4 天左右的工作日；第二，則是因為目前的總體環境，對吧？

And so the second half embedded constant currency growth guidance is roughly 6%. That puts us in a really solid spot because we're not seeing any of that in our funnel. Funnel remains very strong, and we continue to fly at the altitude that we are flying at. That gives us great confidence on the second half of the year.

因此，下半年內含的固定匯率成長指引大約是 6%。這讓我們處於非常穩健的位置，因為我們在銷售漏斗中並沒有看到任何疲弱跡象。漏斗仍然非常強勁，我們也持續維持目前的高水準表現。這讓我們對下半年非常有信心。

Yes. So Vijay, just to sort of conclude that thought, as you go into the remainder of the year, I mean, there's fantastic momentum on the base business. There's no two ways around it. The 180-day plan has sort of got off the acquired businesses to a great start. But remember, there's a lower baseline already starting in Q2 with the respiratory headwinds gone.

是的。Vijay，總結一下這個想法：展望今年剩餘時間，基礎業務的動能非常強，這點毋庸置疑。180 天計畫也讓收購的業務有了很好的開局。但請記得，從第 2 季開始基期已經較低，因為呼吸道相關的逆風已經消失。

For the latter half of the year, there is no DRG sort of headwinds anymore as well. And then you augment that with new launches, FXI BACTEC as well as the A7 in our Bioscience business and the reagents and the revenue synergies that start to play out as well. So we are really sort of positive about the setup that we see for the balance of the year.

至於下半年，也不再有 DRG 的逆風。此外，我們還會透過新品上市來加乘，包括 FXI BACTEC，以及我們生物科學（Bioscience）業務中的 A7；同時試劑與營收協同效益也會開始逐步顯現。所以我們對今年剩餘時間所看到的整體布局感到非常正面。

Doug Schenkel, Wolfe.

Doug Schenkel，Wolfe。

So first, on competition, one, I guess there's two here. Udit, your team is bringing a new level of discipline to the life science business. I'm just wondering if there's been any notable competitive responses worth calling out. The second question is, there's two product areas where you are or will soon be competing with private equity-owned businesses. Generally speaking, how does competing with PE differ? And does this create new opportunities for the business?

首先，關於競爭，我想有兩點。Udit，你的團隊正在為生命科學業務帶來一個新的紀律水準。我想知道是否有任何值得特別指出的競爭對手回應。第二個問題是，有兩個產品領域你們正在或很快會與私募股權（PE）持有的企業競爭。一般來說，與 PE 競爭有何不同？這是否會為業務創造新的機會？

Excellent questions, Doug. Look, on Waters itself and competition, I mean, I'll repeat what I said earlier. We are diligent about being focused on high-volume regulated settings, right, where the drivers are very well understood and are consumption-oriented, and that's allowed us to outpace the market over the last several years. And in those setups, I mean, we have leading brands. We had it with the legacy Waters business.

很好的問題，Doug。先談 Waters 本身與競爭。我會重申我先前說過的：我們很謹慎地聚焦在高產量、受監管的環境，對吧？在那裡，驅動因素非常清楚，且是以耗用（consumption）為導向，這讓我們在過去幾年能夠跑贏市場。在這些情境中，我們擁有領先品牌；在舊有 Waters 業務上我們就已經具備。

Now we have it with bioscience, which defines the flow cytometry category and reagents and with the Diagnostic Solutions business with microbiology. So we feel very good about the brands we've inherited, and we're working hard on bringing the same execution discipline that has brought Waters to the top of the league table, both in growth and margins and free cash flow.

現在在生物科學方面我們也具備這點——我們的品牌定義了流式細胞儀（flow cytometry）類別與試劑；而在診斷解決方案（Diagnostic Solutions）業務方面，則是在微生物領域。因此我們對所承接的品牌感到非常有信心，也正努力導入同樣的執行紀律——正是這些紀律讓 Waters 在成長、利潤率與自由現金流方面都名列前茅。

So as we start -- and your question to sort of, I think, the microbiology business that's been acquired by PE players, I mean, we think it's going to be quite rational in terms of pricing. And we are a pricing leader in the categories we compete in because we bring in tremendous innovation into the markets, and we expect something similar from the PE players.

所以當我們開始——以及你提到的、我想是由私募股權（PE）玩家收購的微生物學業務這個問題——我的意思是，我們認為在定價方面會相當理性。而且我們在所競爭的品類中是定價領導者，因為我們為市場帶來了巨大的創新，我們也預期PE玩家會有類似的表現。

So not worried. I mean, I think we are now in a position where as a team, we're more focused on unmet needs on proof of principle of our new products, commercial execution than anything else.

所以不擔心。我的意思是，我認為我們現在作為一個團隊，與其說關注其他事情，不如說更專注於未被滿足的需求、我們新產品的概念驗證（proof of principle）、以及商業執行。

Evie Koslosky, Goldman Sachs.

Evie Koslosky，高盛。

So starting with the core business, can you talk to the mid-teens growth in chemistry? I think it's well above the full year guidance that you previously gave of around 6% to 7%. So how durable is this growth moving forward? And what's the updated guide for chemistry in the full year?

先從核心業務開始，能否談談化學業務達到中十位數成長（mid-teens growth）的情況？我認為這明顯高於你們先前給出的全年指引約6%到7%。那麼，這樣的成長在未來有多可持續？以及化學業務全年最新指引是什麼？

Let me start and then Amol can talk through the guide. I mean, you can say nothing more than just being ecstatic about what we're seeing with chemistry, right? I mean this is a journey that started a few years ago when we took our R&D dollars and dedicated 70% to 80% of them in bioseparations and the steady stream of new products is driving growth, right?

我先開始，然後Amol可以說明指引。我是說，對於我們在化學業務看到的表現，除了欣喜若狂之外，真的無話可說，對吧？我的意思是，這是一段幾年前就開始的旅程，當時我們把研發資金中的70%到80%投入到生物分離（bioseparations），而持續推出的新產品正在推動成長，對吧？

I mean that's what you saw in the latter part of the year, last year, and you see it now as virtually all new molecular entities, especially biologics, are first looking at Waters offering and then going elsewhere. So we feel very good about where we stand. And as you look at the mid- to long term, I mean, there is no reason to believe that all of this will not flow downstream and chemistry on the mid- to long-term basis should now be instead of a 7% grower, a 9% to 10% grower at least.

我的意思是，這就是你在去年下半年看到的情況，而現在你也看到，幾乎所有新的分子實體（new molecular entities），尤其是生物製劑（biologics），都會先看Waters的產品供應，然後才去看其他家。所以我們對自身所處的位置感覺非常好。而且從中長期來看，我的意思是，沒有理由相信這些不會向下游傳導；因此化學業務在中長期基礎上，應該不再只是7%的成長者，而至少應該是9%到10%的成長者。

I'll let Amol comment on the balance of this year and our guide assumptions.

我讓Amol來評論今年剩餘時間以及我們指引的假設。

Yes. I mean, look, in Q2, there was a little bit of pull forward, which we outlined in our last year's Q2 earnings call. And in general, we're being cautious given we had such an amazing double-digit growth in chemistry every quarter last year. We are sort of reducing the guide for this year to like 6.5% full year. Just to be prudent. But I mean, what we are seeing in Q1, 13% growth, that is real and that we expect to continue. The only reason we are guiding at 6.5% is the baseline is pretty strong, and we're being prudent.

是的。我的意思是，聽著，在第二季（Q2）確實有一點提前拉貨（pull forward），我們在去年Q2的財報電話會議中也提到過。整體而言，鑑於去年化學業務每一季都有令人驚艷的兩位數成長，我們現在採取較保守的態度，把今年的指引下調到全年大約6.5%，只是為了審慎。但我的意思是，我們在第一季（Q1）看到的13%成長是真實的，而且我們預期會持續。之所以指引給到6.5%，唯一原因是基期相當強，我們只是保持審慎。

Great. And then on the acquired asset, can you talk through the decision to localize the manufacturing in flow cytometry in China? How much of an investment does this represent? What's the local competition like? And then how durable are some of the market growth drivers like MNC pharma funding in the region?

很好。接著關於收購的資產，能否談談你們決定在中國將流式細胞儀（flow cytometry）的製造在地化的考量？這代表多大的投資？當地競爭情況如何？另外，像是跨國藥廠（MNC）在該地區的資金投入等市場成長驅動因素，有多可持續？

Yes. I mean, look, Evie, thanks for the question. But let me start sort of at the highest level. I mean pharma in China is doing extremely well. I think we talked about this several quarters ago. Roughly 1/3 of all biotech molecules that are in-licensed by large pharma now come from China. That has then helped the CDMO industry grow and also is giving birth to sort of fully integrated innovative pharma companies in China.

是的。我的意思是，Evie，謝謝你的問題。但讓我先從最高層次談起。我的意思是，中國的製藥產業表現非常好。我想我們在幾個季度前就談過。現在大型藥廠所引進授權（in-licensed）的所有生技分子中，大約有1/3來自中國。這進一步帶動了CDMO產業的成長，也催生了中國本土某種程度上完全整合的創新藥公司。

And pharma for us in China grew over 50%, right, behind these trends and strong, strong execution. And this sort of result was only possible because we have a fantastic team in China that insisted that we localize our portfolio in China to be available to customers across the board, and we did that first for our Analytical Sciences business.

而且我們在中國的製藥客戶業務成長超過50%，對吧？這背後是這些趨勢以及非常、非常強的執行力。這樣的結果之所以可能，是因為我們在中國有一支很棒的團隊，他們堅持要把我們的產品組合在中國在地化，讓各類客戶都能取得；我們也確實先在分析科學（Analytical Sciences）業務上這麼做了。

And we intend to do the same for Biosciences, where at this point, not much of the portfolio is localized. So we're doing that at a rapid pace. We have our own site in Suzhou where we'll start doing this. And in Q3, you should start seeing the orders flow in from the localized portfolio. There is another headwind in China for the flow business, which relates to export controls.

而我們也打算在生物科學（Biosciences）上做同樣的事；目前這部分的產品組合在地化程度還不高。所以我們正在快速推進。我們在蘇州有自己的據點，將從那裡開始推動。在第三季（Q3），你應該會開始看到來自在地化產品組合的訂單流入。中國在流式（flow）業務方面還有另一個逆風，與出口管制有關。

And there, we've streamlined the process dramatically during integration planning and now since the close of the deal. In fact, we've seen the highest number of orders flow in, in the last few days ever since the ban went in place. So it's the same playbook, Evie, that allowed the Analytical Sciences Solutions business to now really set the standard for the industry's growth in China, and we expect to do the same for Bioscience.

在這方面，我們在整合規劃期間以及交易完成後，已大幅精簡流程。事實上，自禁令生效以來，我們在過去幾天看到的訂單流入量是最高的。所以這是同一套作戰手冊（playbook），Evie——它讓分析科學解決方案（Analytical Sciences Solutions）業務如今真正為產業在中國的成長樹立了標準；我們也預期在生物科學上做到同樣的事。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

First one on pricing versus volume. Could you talk a bit about how much of the growth was driven by volume in the quarter? You talked quite a bit about pricing initiatives. But wondering if you could drill down a bit and just give us some volume growth metrics in the BD business? And how sustainable is the pricing tailwind just given the competition in the, let's say, the microbiology business?

第一個問題是關於價格與銷量。能否談談本季成長中有多少是由銷量帶動的？你們談了不少定價措施，但想請你們更深入一些，提供BD業務的銷量成長指標？另外，考量到例如微生物學業務的競爭，這個定價順風有多可持續？

Yes. So on the legacy Waters business, we did roughly a little over 200 basis points of price, and that's consistent with how we've been performing for the last few years. On the BD business, we did just about 0.5 percentage of price, which is in line with how BD has been doing historically. That's also what we've embedded in our full year guide, nothing different from the historic performance.

是的。就傳統的Waters業務而言，我們大約實現了略高於200個基點的價格貢獻，這與我們過去幾年的表現一致。在BD業務方面，我們大約實現了0.5個百分點的價格貢獻，這也符合BD歷史上的表現。這同樣已納入我們的全年指引，與歷史表現沒有不同。

We do see a very meaningful opportunity to bring the BD business where our legacy Waters business is. And as Udit outlined, we've already instituted two deal desk. We see tremendous areas of opportunity, not just in pricing, but also in tariff mitigation and also in reagent rental contract compliance. All those are opportunities that we are pursuing, none of which are in our guide.

我們確實看到一個非常有意義的機會，能把BD業務提升到我們傳統Waters業務的水準。正如Udit所概述的，我們已經設立了兩個deal desk。我們看到巨大的機會領域，不僅在定價，還包括關稅緩解（tariff mitigation），以及試劑租賃合約（reagent rental contract）的合規性。這些都是我們正在追求的機會，但都沒有納入我們的指引。

Yes. And just to sort of add one other comment on pricing. There are pockets already, Puneet, in the -- in Bioscience and Diagnostics, where we see pricing similar to what we've been able to implement in the legacy Waters business. The reason we're not putting it embedding it into the guide is simply because we want to see that play out and be sort of pervasive across all geographies. And so really good starting point, and I expect that to be an upside as we go through the year.

是的。再補充一點關於定價的看法。Puneet，在生物科學與診斷（Bioscience and Diagnostics）中，我們已經在某些區塊看到與傳統Waters業務相近的定價能力。我們之所以沒有把它納入指引，純粹是因為我們希望先看到它的落地效果，並且在所有地區都能普遍發生。所以這是一個非常好的起點，我預期隨著今年推進，這會成為上行空間。

Got it. And then on the core, I mean, congrats on the momentum there. Just wanted to get a sense of in the LC-MS instrument replacement cycle, where do we stand? Are you seeing sort of a pull forward of that replacement cycle peak that I think you were expecting in '27? Could we see that in '26 now? Just wanted to get a sense of where we stand in the replacement cycle.

了解。接著回到核心業務，恭喜你們那邊的動能。想了解一下在LC-MS儀器的汰換週期（replacement cycle）方面，我們目前處於什麼位置？你們是否看到汰換週期的高峰有提前的跡象——我記得你們原本預期在2027年？現在是否可能在2026年就出現？想請你們談談目前汰換週期的狀況。

Yes. I mean the replacement cycle is going really well. And as we outlined, right, I mean, it first started with large pharma, then the CDMO stepped in. There are still some participants like the CROs and the Chinese branded generics and some of the biotechs that are still not replacing even when their fleets are significantly overaged. And so that gives us a good runway into 2027.

是的。我的意思是，汰換週期進展得非常好。而且如我們所說，對吧，它一開始是大型藥廠先啟動，接著CDMO加入。仍然有一些參與者，例如CRO、中國品牌的學名藥廠，以及部分生技公司，即使他們的儀器機隊（fleets）明顯老化，仍尚未進行汰換。因此這讓我們一路延伸到2027年都有不錯的跑道（runway）。

And then keep in mind, 2021, 2022 were very large instrument placement years. And those instruments then come up for replacement in 2029, 2030. And so one would say, hey, you may hit a bit of an air pocket as we go through 2028. And that's exactly where the reshoring dynamic plays out because a lot of reshoring placements would likely happen second half of '27, all of 2028. So the setup is really good.

另外請記住，2021年、2022年是儀器投放（instrument placement）非常大的年份。這些儀器會在2029年、2030年進入汰換期。所以有人可能會說，嘿，當我們進入2028年時，可能會出現一段小空窗（air pocket）。而這正是回流設廠（reshoring）的動態發揮作用的地方，因為許多回流設廠的投放很可能發生在2027年下半年以及整個2028年。所以整體布局非常好。

We could move seamlessly from one instrument replacement cycle to another with the reshoring bridge in between.

我們可以在兩個儀器汰換週期之間無縫銜接，而中間由回流設廠作為橋樑（bridge）。

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。我現在把電話交回給Caspar。

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

謝謝你，Leila。本次電話會議到此結束。我們期待在即將到來的活動與會議上與各位中的許多人交流。