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    Daniel Markowitz • Evercore ISI

    Daniel Markowitz's questions to Bio-Techne Corp (TECH) leadership

    Daniel Markowitz's questions to Bio-Techne Corp (TECH) leadership • Q4 2025

    Question

    Daniel Markowitz from Evercore ISI questioned the fiscal 2026 margin expansion plan, asking if the level of reinvestment from the ExoDx divestiture would be adjusted based on top-line performance. He also asked if the strong 20% growth reported for Wilson Wolf was representative of the entire cell and gene therapy portfolio.

    Answer

    CFO James Hippel stated the company is currently managing the business for a low single-digit growth environment, using productivity and the ExoDx divestiture to fund reinvestments while expanding margins. He noted that if growth accelerates, they will re-evaluate the balance between further investment and returning more margin to investors. President & CEO Kim Kelderman confirmed that the growth profile across the rest of the cell and gene therapy portfolio was "almost identical" to Wilson Wolf's 20% growth.

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    Daniel Markowitz's questions to Bio-Techne Corp (TECH) leadership • Q3 2025

    Question

    Daniel Markowitz of Evercore ISI asked if the implied Q4 margin of around 32% is a reasonable baseline for fiscal 2026 and sought color on the potential 10-15% headwind in the U.S. academic market mentioned by peers.

    Answer

    CFO Jim Hippel declined to provide fiscal 2026 margin guidance but stated the company is well-positioned for any market environment. Regarding academic funding, he noted that current spending is from existing grants and that historically, Congress has increased NIH budgets despite proposed cuts. He also highlighted a potential benefit if funding shifts toward Bio-Techne's core research areas like cancer and neurology.

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    Daniel Markowitz's questions to West Pharmaceutical Services Inc (WST) leadership

    Daniel Markowitz's questions to West Pharmaceutical Services Inc (WST) leadership • Q2 2025

    Question

    Daniel Markowitz of Evercore ISI asked for the specific basis point contribution from Annex One in Q2 and whether the rapidly growing number of projects could serve as a proxy for future revenue.

    Answer

    CEO Eric Green reiterated the full-year 2025 contribution target of 150 basis points, declining to provide a specific quarterly figure due to timing of revenue recognition. He advised against using project count as a direct proxy for near-term revenue, explaining it's a multi-year process, but emphasized the strong project growth reflects high customer interest and confidence in West's capabilities.

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    Daniel Markowitz's questions to West Pharmaceutical Services Inc (WST) leadership • Q1 2025

    Question

    Daniel Markowitz asked about the potential upside from Annex 1, given the strong sequential growth in related projects, and requested any customer anecdotes that might suggest further positive developments.

    Answer

    CEO Eric Green described Annex 1 as a long-term growth driver that aligns perfectly with West's HVP strategy and creates a positive mix shift. He noted that while the number of projects is growing, the revenue impact is not yet significant. The opportunity is currently more concentrated in the pharma and generics space, as biologics often already use high-end components.

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