e7bb6f595f35c9d64f42c65e5fe194f43c1305ece886d9619580fddd788a2a5b

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

c5836c99050946e19003b78fe6b3bc9b65041bf9d4afe36bdda073fc6f8a4331

Agilent Technologies Inc. is a global leader in the life sciences, diagnostics, and applied chemical markets, providing application-focused solutions that encompass instruments, software, services, and consumables for the entire laboratory workflow **[0001090872-23-000020_a-20231031.htm:3]** **[0001090872-24-000036_a-20240903.htm:1]** **[0000950170-24-130441_a-ex99_1.htm:0]**. The company operates through three main business segments: Life Sciences and Applied Markets, Diagnostics and Genomics, and Agilent CrossLab **[0001090872-24-000036_a-20240903.htm:1]** **[0000950170-24-130441_a-ex99_1.htm:0]** **[0001090872-24-000036_a-20240903.htm:46]**. Agilent's offerings are designed to enhance laboratory efficiency and effectiveness, catering to a wide range of scientific and industrial applications **[0001090872-23-000020_a-20231031.htm:3]** **[0001090872-24-000036_a-20240903.htm:1]** **[0000950170-24-130441_a-ex99_1.htm:0]**.

1. **Agilent CrossLab** - Focuses on services, software, informatics, and consumables, designed to improve customer outcomes and is vendor neutral, serving customers regardless of their instrument choices **[0000950170-24-130441_a-ex99_1.htm:0]** **[0001090872-24-000036_a-20240903.htm:133]** **[0001090872-23-000020_a-20231031.htm:155]**.
2. **Diagnostics and Genomics** - Includes cell analysis, nucleic acid solutions, and pathology solutions, with growth in nucleic acid solutions and reagent partnership businesses **[0000950170-24-130441_a-ex99_1.htm:0]** **[0001090872-24-000036_a-20240903.htm:133]** **[0001090872-23-000020_a-20231031.htm:72]** **[0001090872-23-000020_a-20231031.htm:69]**.
3. **Life Sciences and Applied Markets** - Provides solutions such as liquid chromatography, mass spectrometry, gas chromatography, and spectroscopy **[0000950170-24-130441_a-ex99_1.htm:0]** **[0001090872-24-000036_a-20240903.htm:46]**.

2d0130e4a3058a84998f86219665415b986492dab20a8496a8b5bcc7140db3b4

| Metric [Unit: USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Americas                   | **687**  **[0001090872-23-000005_a-20230131.htm:8]**  | **676**  **[0001090872-23-000010_a-20230430.htm:8]**  | **667**  **[0001090872-23-000015_a-20230731.htm:10]**  | N/A     | **630**  **[0001090872-24-000011_a-20240131.htm:10]**  | **637**  **[0001090872-24-000021_a-20240430.htm:10]**  | **626**  **[0001090872-24-000033_a-20240731.htm:10]**  | N/A     |
| Europe                     | **456**  **[0001090872-23-000005_a-20230131.htm:8]**  | **433**  **[0001090872-23-000010_a-20230430.htm:8]**  | **432**  **[0001090872-23-000015_a-20230731.htm:10]**  | N/A     | **458**  **[0001090872-24-000011_a-20240131.htm:10]**  | **426**  **[0001090872-24-000021_a-20240430.htm:10]**  | **432**  **[0001090872-24-000033_a-20240731.htm:10]**  | N/A     |
| Asia Pacific               | **613**  **[0001090872-23-000005_a-20230131.htm:8]**  | **608**  **[0001090872-23-000010_a-20230430.htm:8]**  | **573**  **[0001090872-23-000015_a-20230731.htm:10]**  | N/A     | **570**  **[0001090872-24-000011_a-20240131.htm:10]**  | **510**  **[0001090872-24-000021_a-20240430.htm:10]**  | **520**  **[0001090872-24-000033_a-20240731.htm:10]**  | N/A     |
| Total Revenue              | **1,756**  **[0001090872-23-000005_a-20230131.htm:8]**  | **1,717**  **[0001090872-23-000010_a-20230430.htm:8]**  | **1,672**  **[0001090872-23-000015_a-20230731.htm:10]**  | **1,690**  **[0001090872-23-000018_exhibit991-q423pressrelease.htm:0]**  | **1,658**  **[0001090872-24-000011_a-20240131.htm:10]**  | **1,573**  **[0001090872-24-000021_a-20240430.htm:10]**  | **1,578**  **[0001090872-24-000033_a-20240731.htm:10]**  | N/A     |

7d0f1c2ff6f6f9b83854b921a9119d4db98ceaafb81fdece7e73c1f296e67774

e17a42721b606d9cd1d2850a2d28fee50bb2ca19d708cc8b6ccd12714fb988cd

| Metric [USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Life Sciences and Applied Markets Group | **1,033**  **[0001090872-23-000002_exhibit991-q123pressrelease.htm:0]**  | **968**  **[0001090872-23-000008_exhibit991-q223pressrelease.htm:0]**  | **927**  **[0001090872-23-000013_exhibit991-q323pressrelease.htm:0]**  | **928**  **[A_3367736_2]** **[0001090872-23-000018_exhibit991-q423pressrelease.htm:0]**  | **846**  **[0001090872-24-000006_exhibit991-q124pressrelease.htm:0]** **[0001090872-24-000011_a-20240131.htm:40]** **[0001090872-24-000006_exhibit991-q124pressrelease.htm:8]**  | **754**  **[0001090872-24-000017_exhibit991-q224pressrelease.htm:0]** **[0001090872-24-000017_exhibit991-q224pressrelease.htm:8]**  | **782**  **[0001090872-24-000024_exhibit991-q324pressrelease.htm:0]** **[0001090872-24-000033_a-20240731.htm:47]** **[0001090872-24-000024_exhibit991-q324pressrelease.htm:8]**  | **833**  **[0001090872-24-000042_exhibit991-q424pressrelease.htm:9]**  |
| Diagnostics and Genomics Group | **342**  **[0001090872-23-000002_exhibit991-q123pressrelease.htm:0]** **[0001090872-23-000002_exhibit991-q123pressrelease.htm:8]**  | **362**  **[0001090872-23-000008_exhibit991-q223pressrelease.htm:0]** **[0001090872-23-000008_exhibit991-q223pressrelease.htm:8]**  | **349**  **[0001090872-23-000015_a-20230731.htm:40]**  | **356**  **[A_3367736_2]** **[0001090872-23-000018_exhibit991-q423pressrelease.htm:0]**  | **407**  **[0001090872-24-000011_a-20240131.htm:40]**  | **417**  **[0001090872-24-000017_exhibit991-q224pressrelease.htm:0]** **[0001090872-24-000017_exhibit991-q224pressrelease.htm:8]**  | **385**  **[0001090872-24-000033_a-20240731.htm:47]**  | **442**  **[0001090872-24-000042_exhibit991-q424pressrelease.htm:0]** **[0001090872-24-000042_exhibit991-q424pressrelease.htm:9]**  |
| Agilent CrossLab Group | **381**  **[0001090872-23-000002_exhibit991-q123pressrelease.htm:0]** **[0001090872-23-000002_exhibit991-q123pressrelease.htm:8]**  | **387**  **[0001090872-23-000008_exhibit991-q223pressrelease.htm:0]** **[0001090872-23-000008_exhibit991-q223pressrelease.htm:8]**  | **396**  **[0001090872-23-000013_exhibit991-q323pressrelease.htm:0]** **[0001090872-23-000015_a-20230731.htm:40]**  | **404**  **[0001090872-23-000018_exhibit991-q423pressrelease.htm:0]**  | **405**  **[0001090872-24-000006_exhibit991-q124pressrelease.htm:0]** **[0001090872-24-000011_a-20240131.htm:40]** **[0001090872-24-000006_exhibit991-q124pressrelease.htm:8]**  | **402**  **[0001090872-24-000017_exhibit991-q224pressrelease.htm:0]** **[0001090872-24-000017_exhibit991-q224pressrelease.htm:8]**  | **411**  **[0001090872-24-000024_exhibit991-q324pressrelease.htm:0]** **[0001090872-24-000033_a-20240731.htm:47]** **[0001090872-24-000024_exhibit991-q324pressrelease.htm:8]**  | **426**  **[0001090872-24-000042_exhibit991-q424pressrelease.htm:0]** **[0001090872-24-000042_exhibit991-q424pressrelease.htm:9]**  |
| Total Revenue | N/A | **1,717**  **[0001090872-23-000008_exhibit991-q223pressrelease.htm:0]** **[0001090872-23-000008_exhibit991-q223pressrelease.htm:8]**  | **1,670**  **[0001090872-23-000013_exhibit991-q323pressrelease.htm:0]** **[0001090872-23-000015_a-20230731.htm:40]**  | N/A | **1,658**  **[0001090872-24-000006_exhibit991-q124pressrelease.htm:0]** **[0001090872-24-000011_a-20240131.htm:40]** **[0001090872-24-000006_exhibit991-q124pressrelease.htm:8]**  | **1,573**  **[0001090872-24-000017_exhibit991-q224pressrelease.htm:8]**  | **1,578**  **[0001090872-24-000024_exhibit991-q324pressrelease.htm:0]** **[0001090872-24-000033_a-20240731.htm:47]** **[0001090872-24-000024_exhibit991-q324pressrelease.htm:8]**  | **1,701**  **[0001090872-24-000042_exhibit991-q424pressrelease.htm:0]** **[0001090872-24-000042_exhibit991-q424pressrelease.htm:9]**  |

6e3979b0a137d1236cf2da1dc7152e1e1f47f9317314d414b287ee0b0e7e5d8c

1. Given that the Applied Markets Group (AMG) represents \$1.3 billion in annual revenue compared to the Agilent CrossLab Group (ACG) at \$2.7 billion and Life Sciences and Diagnostics Group (LDG) at \$2.5 billion, what are your plans to accelerate growth in AMG, and how do you plan to address potential market saturation in these applied markets?  **[A_3409990_2]** 

2. You mentioned that your pathology business grew high single digits in Q4 and that genomics posted low single-digit growth after a period of declines. Given the challenging genomics market and your recent strategy pivot, how sustainable is this growth, and what are the key risks that could impact your performance in genomics moving forward?  **[A_3409990_10]** 

3. With the launch of the Infinity III LC series and your expectations for increased demand starting in Q1, how confident are you in capturing market share given that competitors may have already benefited from a refresh of their installed base? What strategies do you have in place to differentiate Agilent's offerings in a potentially saturated market?  **[A_3409990_3]** **[A_3409990_8]** 

4. Regarding your guidance for fiscal year 2025, you mentioned that the "error bars" around your assumptions are wider than normal due to uncertainties such as the LC replacement cycle recovery, China stimulus, and U.S. market sentiment. Could you elaborate on the specific scenarios that could impact your guidance, and how you are preparing to mitigate potential downside risks?  **[A_3409990_25]** 

5. With the acquisition of BIOVECTRA to expand your CDMO services, how do you plan to integrate this new business to drive growth, and what challenges do you anticipate in scaling up capabilities in rapidly growing therapeutic modalities like peptide synthesis and gene editing therapies? Additionally, how significant is the competitive landscape in these areas, and how will you differentiate your services?  **[A_3409990_3]** 

2209998318caff4b11694d096d0557c4f6d2801daf4153713046d17f0b06cb30

Life Sciences and Applied Markets

Diagnostics and Genomics

Agilent CrossLab

- Products

- Services and Other

- Analytical Lab Consumables

- Diagnostics and Genomics Solutions

- Informatics and Other

Total Revenue

18943b2e074256e14ff021e301be435cf93313d2640679e678c2e73b43540dea

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025 and Q1 2025

#### FY 2025 Guidance:
- **Revenue**: $6.79 billion to $6.87 billion (4.3% to 5.5% growth)  **[A_3409990_5]** .
- **Non-GAAP EPS**: $5.54 to $5.61  **[A_3409990_6]** .
- **Operating Margin Expansion**: 50 to 70 basis points  **[A_3409990_6]** .
- **Net Interest Expense**: $25 million  **[A_3409990_6]** .
- **Tax Rate**: 13%  **[A_3409990_6]** .
- **Shares Outstanding**: 286 million  **[A_3409990_6]** .
- **Operating Cash Flow**: $1.65 billion  **[A_3409990_6]** .
- **Capital Expenditures (CapEx)**: $450 million  **[A_3409990_6]** .

#### Q1 2025 Guidance:
- **Revenue**: $1.65 billion to $1.68 billion (-0.5% to 1.3% growth)  **[A_3409990_6]** .
- **Non-GAAP EPS**: $1.25 to $1.28  **[A_3409990_6]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and Q4 2024

#### FY 2024 Guidance:
- **Revenue**: $6.450 billion to $6.500 billion (-5.6% to -4.9%)  **[A_3399559_6]** .
- **Non-GAAP EPS**: $5.21 to $5.25 (-4.2% to -3.5%)  **[A_3399559_6]** .

#### Q4 2024 Guidance:
- **Revenue**: $1.641 billion to $1.691 billion (-2.8% to 0.2% growth)  **[A_3399559_6]** .
- **Non-GAAP EPS**: $1.38 to $1.42  **[A_3399559_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024

#### FY 2024 Guidance:
- **Revenue**: $6.42 billion to $6.50 billion (-6.0% to -4.9%)  **[A_3390993_5]** .
- **Non-GAAP EPS**: $5.15 to $5.25 (-5.3% to -3.5%)  **[A_3390993_5]** .
- **Tax Rate**: 13%  **[A_3390993_5]** .
- **Fully Diluted Shares Outstanding**: 292 million  **[A_3390993_5]** .
- **Share Repurchases**: $750 million in the second half  **[A_3390993_5]** .

#### Q3 2024 Guidance:
- **Revenue**: $1.535 billion to $1.575 billion (-8.2% to -5.8%)  **[A_3390993_5]** .
- **Non-GAAP EPS**: $1.25 to $1.28 (-12.6% to -10.5%)  **[A_3390993_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024

#### Q2 2024 Guidance:
- **Revenue**: $1.56 billion to $1.59 billion (-9.1% to -7.4%)  **[A_3375238_6]** .
- **Non-GAAP EPS**: $1.17 to $1.20  **[A_3375238_6]** .
- **Share Repurchase**: Minimum $180 million  **[A_3375238_6]** .

These summaries provide a comprehensive view of Agilent's guidance over the last four earnings calls.

bb9ecc71f28fc3a645efc9db304d27c698ce13c2af8a8aae1a01d4e8c530b3fa

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

2384a506a749622d0e7d857bbaeb589278694aaa102e21815784973572c8488d

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

Americas

Europe

Asia Pacific

- United States

- China including Hong Kong

- Rest of the World

2208f6e5d63689149e896ef8061fa54e7993e54f816205da4fe1adfc5599bce5

| Name                  | Position                                                                 | Start Date          | Short Bio                                                                                                                                                                                                 |
|-----------------------|--------------------------------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Henrik Ancher-Jensen  | Senior Vice President, Agilent and President, Order Fulfillment and Supply Chain | September 2013      | Henrik Ancher-Jensen, **58 years old**, has served in his current role since **September 2013**. He previously held senior management roles at companies like Chr. Hansen and Deloitte Consulting  **[0001090872-23-000020_a-20231031.htm:24]** **[0001090872-24-000036_a-20240903.htm:23]** .                                      |
| Phil Binns            | Senior Vice President, Agilent and President, Life Sciences and Applied Markets Group | September 2023      | Phil Binns, **62**, has been in his current role since **September 2023**. He was previously Vice President and General Manager for the Spectroscopy and Vacuum Products Division at Agilent  **[0001090872-23-000020_a-20231031.htm:24]** **[0001090872-24-000036_a-20240903.htm:23]** .                                           |
| Rodney Gonsalves      | Vice President, Corporate Controllership and Chief Accounting Officer    | May 2015            | Rodney Gonsalves, **58**, has served as Vice President, Corporate Controllership and Chief Accounting Officer since **May 2015**. He has held various roles at Agilent, including operational CFO for business groups  **[0001090872-23-000020_a-20231031.htm:24]** **[0001090872-22-000026_a-20221031.htm:23]** **[0001090872-24-000036_a-20240903.htm:23]** .             |
| Dominique P. Grau     | Senior Vice President, Human Resources and Global Communications         | November 2018       | Dominique P. Grau, **64**, has been in his current role since **November 2018**. He previously served as Senior Vice President, Human Resources from August 2014 to October 2018  **[0001090872-23-000020_a-20231031.htm:24]** **[0001090872-24-000036_a-20240903.htm:23]** .                                                       |
| Padraig McDonnell      | Chief Commercial Officer and President, Agilent CrossLab Group          | November 2021       | Padraig McDonnell, aged 52, has served as Chief Commercial Officer and President of the Agilent CrossLab Group since November 2021. He has been with Agilent since 1998  **[0001090872-23-000020_a-20231031.htm:24]** **[0001090872-24-000036_a-20240903.htm:23]** .                                                                |
| Robert W. McMahon     | Senior Vice President, Agilent and Chief Financial Officer               | September 2018      | Robert W. McMahon, **55**, has served as Senior Vice President since August 2018 and as Chief Financial Officer since **September 2018**. He previously worked at Hologic, Inc. and Johnson & Johnson  **[0001090872-23-000020_a-20231031.htm:24]** .                                    |
| Michael R. McMullen   | Chief Executive Officer and President                                    | March 2015          | Michael R. McMullen, **62**, has been CEO since **March 2015** and President since **September 2014**. He retired as President and CEO on May 1, 2024, transitioning to Senior Advisor until October 31, 2024  **[0001090872-23-000020_a-20231031.htm:25]** **[0000950170-24-010096_a-20240129.htm:9]** **[0001193125-24-146578_d836388d8ka.htm:0]** .                      |
| Michael Tang          | Senior Vice President, General Counsel and Secretary                     | January 2016        | Michael Tang, **49**, has served as Senior Vice President, General Counsel, and Secretary since **January 2016**. He previously worked at Wilson Sonsini Goodrich & Rosati and Fenwick & West LLP  **[0001090872-23-000020_a-20231031.htm:25]** **[0001090872-22-000026_a-20221031.htm:24]** **[0001090872-24-000036_a-20240903.htm:24]** .                                  |
| Padraig McDonnell      | CEO-elect and Chief Operating Officer; President and CEO                | May 1, 2024         | Padraig McDonnell was appointed as COO and CEO-elect on February 20, 2024, and became President and CEO on May 1, 2024. He has been with Agilent since 1998  **[0001090872-24-000011_a-20240131.htm:33]** **[0001193125-24-146578_d836388d8ka.htm:0]** .                                                                             |
| Angelica Riemann      | President of the Agilent CrossLab Group (ACG)                            | N/A                 | Angelica Riemann is a **25-year veteran of Agilent** and currently serves as President of the Agilent CrossLab Group. She previously served as Vice President and General Manager of ACG's Services Division  **[0000950170-24-130441_a-ex99_1.htm:0]** **[A_3409990_2]** .                          |
| Jonah Kirkwood        | Vice President of Global Sales; Chief Commercial Officer                 | N/A                 | The documents do not provide information about Jonah Kirkwood serving as Vice President of Global Sales or Chief Commercial Officer at Agilent Technologies  **[0001127602-24-028037_xslF345X02/form3.xml:0]** .                                                                               |

49407c906e8dd543d18a65b3c5bf03ccce738a8cc21c79d9ffc9d78aed9b1fa6

| Program Details          | Program 1        | Program 2        | Program 3        |
|--------------------------|------------------|------------------|------------------|
| Approval Date            | February 16, 2021  **[0001090872-24-000049_a-20241031.htm:156]**  | January 9, 2023  **[0001090872-24-000049_a-20241031.htm:56]**  | May 29, 2024  **[0001090872-24-000049_a-20241031.htm:56]**  |
| End Date/Duration        | Terminated on March 1, 2023  **[0001090872-24-000049_a-20241031.htm:156]**  | No fixed termination date  **[0001090872-24-000049_a-20241031.htm:56]**  | No fixed termination date  **[0001090872-24-000049_a-20241031.htm:56]**  |
| Total additional amount  | $2.0 billion  **[0001090872-24-000049_a-20241031.htm:156]**  | $2.0 billion  **[0001090872-24-000049_a-20241031.htm:56]**  | $2.0 billion  **[0001090872-24-000049_a-20241031.htm:56]**  |
| Remaining authorization amount | $0 million  **[0001090872-24-000049_a-20241031.htm:56]**  | $374 million  **[0001090872-24-000049_a-20241031.htm:56]**  | $2.0 billion  **[0001090872-24-000049_a-20241031.htm:81]**  |
| Details                  | Expired with $339 million remaining  **[0001090872-24-000049_a-20241031.htm:56]**  | Will terminate upon the commencement of the 2024 program  **[0001090872-24-000049_a-20241031.htm:56]**  | Has not yet commenced  **[0001090872-24-000049_a-20241031.htm:81]**  |

9a19fb257f5009251dd711c2a377117f5687fbabbc61d18f7904c8dced9ca544

**Annual guidance for FY 2025:**
- **Revenue**: $6.79B to $6.87B (4.3% to 5.5% growth)  **[A_3409990_5]**  (raised from $6.450B to $6.500B  **[A_3399559_6]** )  
- **Non-GAAP EPS**: $5.54 to $5.61  **[A_3409990_6]**  (raised from $5.21 to $5.25  **[A_3399559_6]** )  
- **Operating Margin Expansion**: 50 to 70 basis points  **[A_3409990_6]**  (no prior guidance)  
- **Net Interest Expense**: $25 million  **[A_3409990_6]**  (no prior guidance)  
- **Tax Rate**: 13%  **[A_3409990_6]**  (no prior guidance)  
- **Shares Outstanding**: 286 million  **[A_3409990_6]**  (no prior guidance)  
- **Operating Cash Flow**: $1.65 billion  **[A_3409990_6]**  (no prior guidance)  
- **Capital Expenditures (CapEx)**: $450 million  **[A_3409990_6]**  (no prior guidance)  

7cc374574394acd777f465a4cc1791061473bdc8a6a3a44e52b97430a8821ae7

| Name                          | Start Date | End Date | Reason for Change |
|-------------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP   | 1999  **[0001090872-24-000049_a-20241031.htm:89]**    | Present  | Current auditor   |

a5084377873c6446117d8d40798c995c08d0f9cc649f20f18c850697a4cad06d

fb13d5e67a647a0935ed5380f339fc8174a76a6fd75f9f449bf188992dc15d53

- Total Revenue: $1,701 million (+1% YoY)  **[0001090872-24-000049_a-20241031.htm:90]** **[0001090872-24-000049_a-20241031.htm:162]**   
- Life Sciences and Applied Markets: $833 million (**-10%** YoY)  **[0001090872-24-000049_a-20241031.htm:90]** **[0001090872-24-000049_a-20241031.htm:162]**   
- Diagnostics and Genomics: $442 million (**+24%** YoY)  **[0001090872-24-000049_a-20241031.htm:90]** **[0001090872-24-000049_a-20241031.htm:162]**   
- Agilent CrossLab: $426 million (+5% YoY)  **[0001090872-24-000049_a-20241031.htm:90]** **[0001090872-24-000049_a-20241031.htm:162]**   
- Americas: $68 million (**-90%** YoY)  **[0001090872-24-000049_a-20241031.htm:117]** **[0001090872-24-000049_a-20241031.htm:163]**   
- Europe: $454 million (+5% YoY)  **[0001090872-24-000049_a-20241031.htm:117]** **[0001090872-24-000049_a-20241031.htm:163]**   
- Net Income: $351 million (**-26%** YoY)  **[0001090872-24-000049_a-20241031.htm:90]**   
- Diluted EPS: $1.23 (**-25%** YoY)  **[0001090872-24-000049_a-20241031.htm:90]**   

f8dde718fac09c7ea88e48433b5e12620822701404a494145d1100790f86a459

Days sales outstanding (days)

Inventory days on-hand (days)

17a8a9d00312400f38a481cbc56ebf2296460c9bd398369d7127cb65576965fc

| Year | Amount Due (in millions) | Debt Type   | Interest Rate | % of Total Debt |
|------|--------------------------|-------------|---------------|-----------------|
| 2026 | $300 **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:154]**     | Senior Notes| 3.05% **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:155]** | 8.8% = (300 / 3400) * 100 **[0001090872-24-000049_a-20241031.htm:91]** **[0001090872-24-000049_a-20241031.htm:48]** |
| 2027 | $600 **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:154]**     | Senior Notes| 4.20% **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:155]** | 17.6% = (600 / 3400) * 100 **[0001090872-24-000049_a-20241031.htm:91]** **[0001090872-24-000049_a-20241031.htm:48]** |
| 2029 | $500 **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:154]**     | Senior Notes| 2.75% **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:155]** | 14.7% = (500 / 3400) * 100 **[0001090872-24-000049_a-20241031.htm:91]** **[0001090872-24-000049_a-20241031.htm:48]** |
| 2030 | $500 **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:154]**     | Senior Notes| 2.10% **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:155]** | 14.7% = (500 / 3400) * 100 **[0001090872-24-000049_a-20241031.htm:91]** **[0001090872-24-000049_a-20241031.htm:48]** |
| 2031 | $850 **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:154]**     | Senior Notes| 2.30% **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:155]** | 25.0% = (850 / 3400) * 100 **[0001090872-24-000049_a-20241031.htm:91]** **[0001090872-24-000049_a-20241031.htm:48]** |
| 2034 | $600 **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:154]**     | Senior Notes| 4.75% **[0001090872-24-000049_a-20241031.htm:83]** **[0001090872-24-000049_a-20241031.htm:155]** | 17.6% = (600 / 3400) * 100 **[0001090872-24-000049_a-20241031.htm:91]** **[0001090872-24-000049_a-20241031.htm:48]** |

27459113ec5c94e788b312e895d60a637ed60b9c4349e7dd06b2dcc76a904ddc

- **Agilent is experiencing significant revenue declines across key segments**, with the Life Sciences and Applied Markets Group (LSAG) revenue declining **13% globally** and **8% excluding China**, indicating weakness beyond just the China market.  **[A_3390993_28]**
- **The company is implementing additional cost-saving measures, including headcount reductions, to mitigate the impact of lower revenue**, which suggests pressure on margins and weak demand; specifically, they plan to achieve **$100 million** in annualized savings, primarily headcount-related.  **[A_3390993_10]**
- **Visibility into future business is currently limited**, as acknowledged by management, due to slower-than-expected budget releases and extended approval times from customers; despite previous guidance, demand recovery has not materialized as anticipated, raising concerns about future growth projections.  **[A_3390993_20]**

809203e6beced29b0656796070ac24307266bebce09ad2ac35e530a3953ee794

- **Agilent faces potential risks from tariffs impacting their business in China and globally.** While management believes the impact is currently manageable, they acknowledge that a more broad-based implementation of tariffs would be materially adverse.  **[A_3409990_12]**
- **Competitors are accelerating their liquid chromatography (LC) replacement cycles faster than Agilent, potentially putting Agilent at a disadvantage.** This may affect Agilent's market share and pace of innovation in this key segment.  **[A_3409990_11]**
- **Agilent expects below-trend market growth, particularly in pharma and applied markets, for at least the first half of the year.** This could negatively impact their revenue growth in the near term.  **[A_3409990_30]**

885c70ae60f06302884564b9d2761686cf27b3f0d46c6cc1224a9e956537f726

cbf22a166229a74f94c609c74f9b8d07e16cde0cfeb20e01c42d5dbb5ae83dae

- **Global small molecule sales decreased by approximately 18%**, with ex-China sales down **20%**, highlighting significant weakness in this segment.  **[A_3375238_24]**
- **Deal closure times remain at elevated levels**, indicating prolonged sales cycles and potential delays in revenue recognition.  **[A_3375238_31]**
- **CEO Mike McMullen announced his retirement**, which may lead to leadership uncertainty during the transition period.  **[A_3375238_32]**

db90b86c54d4f450a35070cc51d5e1f14286d846a9ca7d8af54519c842467d52

- **Agilent participates in excellent markets with multiple long-term growth drivers**, such as biotherapeutics characterization, improving human health, and the quality of food, and expects its service business to grow in the **high single digits** over the long term as they increase their attach rate.  **[A_3390993_19]**
- Despite challenging markets, Agilent maintains its **long-term growth algorithm of 5% to 7%** and continues to invest in biopharma, while being the **undisputed leader** in applied markets like PFAS, electrification, and semiconductors, which are expected to grow significantly in the next five years.  **[A_3390993_19]**
- Agilent expects to benefit from **secular growth drivers in China**, with continued government investment in science and technology, and gains from the consumables and service aftermarket, helping them to **return to previous growth rates in the near term** as markets recover.  **[A_3390993_19]**

cfcd2f6a2dbff17783b9cfe636d7070f5be797a5066ae2bf5bd788aa2cb5dcfa

- **Significant declines in key markets**, with pharma revenue down **8%** and biopharma down **low double digits**, indicating challenges in the company's largest end markets.  **[A_3399559_5]**
- **Instrument sales decreased by around 14%**, reflecting constrained capital spending and continued weakness in demand for capital equipment.  **[A_3399559_16]**
- **China revenue declined 11%**, and overproduction in China negatively impacted market investments globally, contributing to softness across several segments.  **[A_3399559_5]** **[A_3399559_16]**

6af40fd18e61eb33b1ff9b17afe35f30d86c15cb7dec8b336f680b9142ea6017

- Agilent reported **better-than-expected cash flow** and **interest income** of **$20 million**, leading to increased confidence in meeting full-year guidance.  **[A_3375238_20]**
- The company demonstrated **resilience and sequential growth** in **Advanced Materials**, delivering **impressive results despite tough comparisons**, indicating a **strong portfolio** in this area.  **[A_3375238_12]**
- **Strong positive trends** in **consumables and services businesses**, with **increasing connect rates**, support future **recurring revenue growth**.  **[A_3375238_25]**

5d043080625183c667e366c195a32030ce2f6097e4c4dab6ff70300be885203e

- **Agilent is seeing signs of recovery in key markets, including China and Pharma, with consumables and services growth indicating increased lab activity. Management expects all areas to improve next year, reflecting a positive outlook.**  **[A_3399559_17]** **[A_3399559_26]** **[A_3399559_13]**
- **Agilent's instrument book-to-bill ratio remains greater than 1, and instruments performed better than expected in the quarter, suggesting future growth in instrument sales.**  **[A_3399559_8]**
- **Management is expecting better performance across all segments in Q4, with guidance reflecting improved revenue and earnings per share, indicating confidence in continued improvement and growth.**  **[A_3399559_17]** **[A_3399559_28]** **[A_3399559_8]**

e90115dab1e440e946109c80c3d4ab7744d89b11786b5dc67d1c3010529af84b

1. **China Sales and Stimulus Impact**  
   **Q:** How did China perform, and what's the outlook?  
   **A:** China revenue slightly exceeded expectations, ending the quarter at **$312 million**.  **[A_3409990_9]**  Lab activity is improving, with **stimulus orders already received and more expected in Q1**.  **[A_3409990_9]**  They are seeing dramatic **share gains** and expect steady improvement throughout FY '25, especially in PFAS, which was their fastest-growing business globally.  **[A_3409990_9]** 

2. **Instrument Replacement Cycle and Infinity III Launch**  
   **Q:** What's the status of the instrument replacement cycle?  
   **A:** They are seeing a **steady recovery in instruments**, with **book-to-bill greater than 1**.  **[A_3409990_8]**  They launched the **Infinity III** and have seen **tens of millions of dollars in orders**.  **[A_3409990_8]**  The replacement cycle is expected to be slow and steady but **kicking off in Q1**.  **[A_3409990_8]**  LC and LCMS orders are improving, and there's significant customer excitement around **Infinity III's productivity enhancements**.  **[A_3409990_17]** 

3. **Tariff Impact on Business**  
   **Q:** What is the risk from potential tariffs in China?  
   **A:** The existing tariff impact is **$10–$15 million**, and future potential impact is manageable with mitigation activities.  **[A_3409990_12]**  Approximately **two-thirds of U.S. business comes from products sourced in the U.S.**.  **[A_3409990_12]**  They have diversified their supply chain since 2018–2019 to reduce exposure.  **[A_3409990_12]** 

4. **Margin and Free Cash Flow Outlook**  
   **Q:** What's driving margin expansion and free cash flow in FY '25?  
   **A:** They expect **50–70 bps margin expansion** in FY '25.  **[A_3409990_27]**  Free cash flow will slightly step down due to **increased CapEx** for NASD expansion.  **[A_3409990_15]**  Margin expansion will be driven by **price, cost efficiencies, and Ignite transformation** initiatives rolling out in the second half of the year.  **[A_3409990_27]** 

5. **Pharma Growth Expectations**  
   **Q:** How do you see Pharma performing in FY '25?  
   **A:** Pharma is expected to **return to growth**, with **low to mid-single-digit growth**.  **[A_3409990_13]**  Small molecule business was up **3%**, while biotech was down but expected to recover.  **[A_3409990_21]**  The GLP-1 segment grew **30%** this year, with continued strong prospects.  **[A_3409990_17]** 

6. **Segment Guidance for FY '25**  
   **Q:** What's the outlook for your business segments in FY '25?  
   **A:** LSAG is expected to grow **low single digits**, with consumables mid-single digits.  **[A_3409990_16]**  ACG continues to be strong with **mid to high single-digit growth**, and services in **double digits**.  **[A_3409990_16]**  DGG is projected to have **low to mid-single-digit growth**, driven by pathology and genomics, and a return to growth for NASD.  **[A_3409990_16]** 

7. **DGG Performance and Sustainability**  
   **Q:** Is growth in DGG sustainable, especially in genomics?  
   **A:** DGG showed noticeable strength, with **pathology growing high single digits**.  **[A_3409990_10]**  Genomics posted **low single-digit growth**, the first growth in a while.  **[A_3409990_10]**  Growth is driven by **Magnis NGS library prep** and strong **pipeline for Avida NGS chemistry**.  **[A_3409990_10]**  They believe these trends are durable given macro conditions.  **[A_3409990_10]** 

8. **Resegmentation and R&D Acceleration**  
   **Q:** Will resegmentation accelerate new product introductions?  
   **A:** Yes, resegmentation allows them to focus on key growth areas, **accelerate R&D**, and invest more effectively.  **[A_3409990_11]**  They aim to be closer to customers and **accelerate innovation** in key areas.  **[A_3409990_11]** 

9. **Chemical & Advanced Materials Growth**  
   **Q:** What are the trends in Chemical & Advanced Materials?  
   **A:** CAM grew **1%**, with **4% growth in materials** driven by battery and semiconductor businesses.  **[A_3409990_13]**  Slight decline in chemical and energy, but CAM is returning to positive year-on-year growth for the first time since Q2 2023.  **[A_3409990_13]** 

10. **GLP-1 Contribution and BIOVECTRA Synergies**  
    **Q:** How significant is GLP-1, and what's the impact of BIOVECTRA?  
    **A:** They grew **30% in GLP-1** this year, involved in new site build-outs and production systems.  **[A_3409990_17]**  The acquisition of **BIOVECTRA** brings synergies, with a healthy pipeline of GLP-1 and synthetic peptides in their CDMO capabilities.  **[A_3409990_17]** 

a817115ec3d76970cdf558c9c275adca79d17c324d08af6f5e03c66ea66f869d

- **Agilent's instrument orders grew year-on-year in Q4, with a total company book-to-bill ratio greater than one**, indicating steady market improvement and positive demand outlook.  **[A_3409990_30]**
- **The launch of the Infinity III LC system and expected acceleration of the LC replacement cycle** are anticipated to drive growth, particularly in the second half of fiscal year 2025. Agilent's large installed base is poised for replacement, which can boost instrument sales.  **[A_3409990_17]** **[A_3409990_23]** **[A_3409990_27]**
- **Strong growth prospects in the Diagnostics and Genomics Group (DGG)**, with high single-digit growth in pathology and improved performance in genomics, are expected to continue into fiscal year 2025, providing durable growth drivers for the company.  **[A_3409990_10]**

be7fc134859f8dea7a44bd13d9f6a67959c645537545608c7878c67ded615576

1. **Pharma Instrument Demand**  
   **Q:** Is the pharma instrument slowdown widespread?  
   **A:** Management confirmed the slowdown in pharma instrument demand is generally **across the board** among customers. They emphasized it's a **macro issue**, not a market share loss, and stated that objective market share data shows they are **holding or even gaining** in some areas.  **[A_3390993_14]** 

2. **Long-Term Growth Outlook**  
   **Q:** What's the company's long-term growth outlook?  
   **A:** Despite current challenges, management believes they participate in markets with multiple long-term growth drivers, such as biotherapeutics characterization and food quality. They are not ready to walk away from their **5% to 7%** growth algorithm and expect to return to these growth rates in the near term.  **[A_3390993_19]** 

3. **China Stimulus Impact**  
   **Q:** How will China stimulus affect future sales?  
   **A:** The company views the multiyear China stimulus program as very encouraging. While they don't expect any benefit in the second half, they anticipate it will have a **positive impact in 2025**. Customers are currently working out funding mechanisms, and there's increased bid activity as they position for stimulus funds.  **[A_3390993_15]** **[A_3390993_16]** 

4. **NASD Sales Outlook**  
   **Q:** What's the new sales outlook for NASD this year?  
   **A:** NASD sales are now expected to be roughly **$300 million** this year, down from the previous expectation of **$350 million**. The business mix has shifted to **75% clinical** and **25% commercial**, with the Inflation Reduction Act impacting price provisioning. Despite this, clinical business orders are growing about **50%**.  **[A_3390993_9]** 

5. **Cost Savings Program**  
   **Q:** Is the $100 million cost savings incremental?  
   **A:** Yes, the **$100 million** in cost savings is incremental to the savings already built into the plan. Management expects to annualize these savings by the end of the year, primarily through **headcount reductions**.  **[A_3390993_10]** 

6. **Instrument Orders and Sales Funnel**  
   **Q:** Have instrument orders deteriorated or just not improved?  
   **A:** Instrument orders haven't deteriorated but lacked the expected acceleration. Orders grew, with a book-to-bill greater than **1**, but the conversion from the sales funnel to revenue is prolonged. Deal closure timelines remain elevated yet stable.  **[A_3390993_11]** **[A_3390993_23]** 

7. **China Sales and Stimulus Delays**  
   **Q:** Why did China revenue soften, and how are delays impacting sales?  
   **A:** Customers in China are postponing purchasing decisions to assess potential benefits from the new stimulus program. The company doesn't expect stimulus impact in the second half but anticipates benefits in **2025**. They've reduced guidance by **$70 million** due to these delays.  **[A_3390993_7]** **[A_3390993_16]** 

8. **Exposure to CDMOs in China**  
   **Q:** Did exposure to large CDMOs in China contribute to weakness?  
   **A:** While there is some exposure to CDMOs, most of the company's China business is local and isn't significantly impacted by the Bio Secure Act. Management noted that weakness is not due to this factor but is more broadly across markets.  **[A_3390993_17]** 

9. **IRA Impact on Biopharma**  
   **Q:** Is the Inflation Reduction Act affecting biopharma spending?  
   **A:** The Inflation Reduction Act is an evolving factor and has impacted the NASD business. Pharma partners are seeking larger indications due to **price provisioning**, leading to adjustments in their spending and program strategies.  **[A_3390993_24]** 

10. **LSAG Performance**  
    **Q:** How did LSAG perform excluding China?  
    **A:** The Life Sciences and Applied Markets Group (LSAG) declined **13%** globally; excluding China, it was down **8%**.  **[A_3390993_28]** 

11. **Biopharma Growth Rates**  
    **Q:** What were the biopharma growth rates this quarter?  
    **A:** Biopharma revenue was down approximately **12%**, while small molecule pharma was down about **10%**, leading to an overall pharma decline of **11%**. Last year's tough comparisons and current market conditions contributed to this decline.  **[A_3390993_29]** 

12. **Capital Investment in NASD**  
    **Q:** Will you adjust NASD capital investments after revenue change?  
    **A:** Despite near-term headwinds, there's **no change** in capital investment plans for NASD. Management remains excited about the long-term prospects, with clinical business growth over **50%** and continued capacity expansion.  **[A_3390993_12]** 

13. **China Sales Postponements**  
    **Q:** Are customers postponing purchases due to stimulus?  
    **A:** Yes, customers in China are delaying purchases as they try to understand the stimulus funding mechanisms. This has led to a meaningful softness extending to all markets in China.  **[A_3390993_26]** 

14. **Visibility and Guidance**  
    **Q:** Has visibility improved to prevent future guidance misses?  
    **A:** Management acknowledged that visibility remains a challenge but has taken a conservative approach in guidance, not assuming any significant market inflection in the second half. They are basing guidance on current market conditions without expecting rapid improvement.  **[A_3390993_20]** **[A_3390993_21]** 

15. **M&A Opportunities in Biologics**  
    **Q:** Is the M&A market in biologics opening up?  
    **A:** While there may be opportunities due to changing asset pricing, management intends to remain **disciplined** and strategic in their M&A approach, focusing on areas where they can drive growth.  **[A_3390993_29]** 

a928d1549b4a1a16db3dee8000a709f2e93e4a08fd98fdf260dcf2aaf504cb3d

1. **2025 Outlook**  
   **Q:** What are your expectations for fiscal 2025 growth?  
   **A:** Management anticipates continued steady improvement into fiscal 2025, expecting a return to growth as markets recover. While it's early for specific numbers, they are optimistic about a gradual recovery throughout FY'25, eventually returning to long-term growth rates.  **[A_3399559_11]** **[A_3399559_17]** **[A_3399559_30]** **[A_3399559_32]** 

2. **China Sales Recovery**  
   **Q:** How is China performing and what's the outlook?  
   **A:** China revenue was down **11%**, slightly better than expected, with improvements in pharma and services. Management anticipates mid-single-digit growth in Q4 and expects continued improvement into 2025, supported by increased bidding activity and upcoming stimulus spread over three years.  **[A_3399559_13]** **[A_3399559_21]** **[A_3399559_26]** **[A_3399559_32]** 

3. **Instrumentation Growth**  
   **Q:** What's the outlook for instrument sales and replacement cycle?  
   **A:** Instrument sales remain challenging but showed improvement; LSAG instruments were down low double digits but better than expected. The book-to-bill ratio was above **1**, indicating future growth. Management sees slow but steady improvement, with cautious yet engaged customers suggesting recovery continuing into 2025.  **[A_3399559_8]** **[A_3399559_14]** **[A_3399559_22]** **[A_3399559_32]** 

4. **Biopharma Trends and IRA Impact**  
   **Q:** How are biopharma customers reacting to IRA impacts?  
   **A:** Large pharma remains cautious due to macro impacts and the Inflation Reduction Act. Despite this, R&D programs are increasing, especially in key modalities like **GLP-1**. Management expects these trends to normalize, with installed base growth resuming in 2025.  **[A_3399559_23]** **[A_3399559_24]** 

5. **NASD Performance**  
   **Q:** What's the outlook for NASD in Q4 and beyond?  
   **A:** NASD performed slightly better than expected; Q3 was in line with expectations. Management expects a **$20 million** revenue step-up from Q3 to Q4, with orders in-house. Bookings are improving, and they are cautiously optimistic about returning to growth in 2025.  **[A_3399559_10]** **[A_3399559_11]** **[A_3399559_12]** **[A_3399559_27]** 

6. **Margin Outlook**  
   **Q:** How should we think about margins into 2025?  
   **A:** Management is committed to driving efficiencies, targeting **$100 million** in annualized savings by end of 2024, benefiting 2025. They expect to drive leveraged earnings next year, aided by volume recovery and strong ACG performance, offsetting merit increases and variable pay resets.  **[A_3399559_13]** 

7. **BIOVECTRA Acquisition**  
   **Q:** What synergies do you expect with BIOVECTRA?  
   **A:** The BIOVECTRA acquisition enhances capabilities in gene editing, microbial fermentation, and high-potent APIs. It offers synergies like sterile fill-finish and expands capacity in areas like **GLP-1** manufacturing. Management sees it as a strategic fit with significant growth potential.  **[A_3399559_19]** **[A_3399559_20]** **[A_3399559_25]** 

8. **ACG Performance**  
   **Q:** Can you provide more context on ACG's dynamics?  
   **A:** ACG performed exceptionally, benefiting from years of investment. Contracts represent nearly **70%** of the business, growing double digits. Enterprise service offerings are growing in the mid-teens, helping customers optimize lab operations and improve productivity.  **[A_3399559_31]** 

9. **Small vs. Large Molecule**  
   **Q:** Why did small molecule perform better than large molecule?  
   **A:** Small molecule business was down mid-single digits, better than expected, especially in Europe. Aging instruments drive replacement needs. Excluding NASD, biopharma was also down mid-single digits, indicating overall stability when adjusted.  **[A_3399559_24]** **[A_3399559_28]** 

10. **Academic and Government**  
    **Q:** What trends are you seeing in academia and government?  
    **A:** Revenue declined **11%**, mainly due to tough comparisons and funding reallocations in Europe toward defense. Funding remains stable elsewhere, with no major market changes expected.  **[A_3399559_9]** **[A_3399559_13]** 

11. **Chemical and Energy Markets**  
    **Q:** How did the chemical and energy market perform?  
    **A:** The segment declined **5%** due to overproduction in China affecting global investments. Services and consumables increased by **7%**, while instruments decreased by **14%**. CapEx spending remains challenged.  **[A_3399559_15]** 

12. **Budget Flush Expectations**  
    **Q:** Are you expecting a year-end budget flush?  
    **A:** Management is not expecting a significant budget flush. If any occurs, it would likely benefit Q1 of 2025. Their assumption is based on close customer relationships and current funnel visibility.  **[A_3399559_8]** **[A_3399559_17]** **[A_3399559_30]** 

4f1a4b7f6ddf3a6053a7c67972d1d1b57e834d3ce34b72e76382341177701783

1. **Guidance and Growth Expectations**  
   **Q:** Given Q1 beat and NASD outlook, how is guidance unchanged?  
   **A:** Despite a strong Q1, Agilent is maintaining its organic growth guidance for the year. The slightly lower outlook for the NASD business is offset by better results in LSAG, Chemical and Advanced Materials, and Academia. The company feels good about where they started the year and is confident in their guidance.  **[A_3375238_13]** 

2. **NASD Business Outlook**  
   **Q:** Will NASD segment grow this year amid clinical pushouts?  
   **A:** Agilent's NASD business is expected to be closer to **flat** this year due to some customers pushing clinical programs into FY '25. They remain optimistic about the future and their expansion plans remain intact, but near-term growth is affected by these delays. Importantly, this is not due to overcapacity in the industry.  **[A_3375238_8]** 

3. **China Performance**  
   **Q:** What is the outlook for China sales this year?  
   **A:** Agilent saw **better-than-expected** performance in China in Q1, with sequential improvement and real orders and revenue growth. However, they are not assuming any inflection in their guidance and expect continued stabilization rather than significant improvement. No macro changes are expected that would alter the challenging economic market in China.  **[A_3375238_10]** 

4. **Pharma Segment Outlook**  
   **Q:** Are you seeing improvement in Pharma budgets?  
   **A:** Customers in the Pharma sector continue to be cautious globally, with **stability but no material improvement** yet. Fewer customers expect negative budgets. Notably, Agilent's **services and consumables businesses are performing strongly**, indicating active lab activity.  **[A_3375238_9]** 

5. **Book-to-Bill and Instrumentation Orders**  
   **Q:** How are instrumentation orders and book-to-bill trends?  
   **A:** The book-to-bill ratio for instruments was **below one** in Q1, mainly due to timing and expected seasonal patterns. In China, however, the book-to-bill was **greater than one**, indicating continued stabilization. Overall, Q1 book-to-bill results are in line with normal patterns, and the company expects normal seasonality in Q2.  **[A_3375238_14]** 

6. **Capital Deployment Strategy**  
   **Q:** How are you thinking about capital deployment currently?  
   **A:** Agilent remains interested in deploying capital in a balanced way, investing in the business and pursuing M&A as part of their build-and-buy growth strategy. The M&A pipeline is **more robust than it's been in years**, and they are actively engaged, though there's nothing specific to announce at this time.  **[A_3375238_29]** 

7. **CEO Retirement**  
   **Q:** Can you elaborate on the timing of your retirement?  
   **A:** Michael McMullen has been contemplating retirement for a while and wanted to give the Board enough time to run a thorough selection process for his successor. He is confident they made the best choice in selecting **Padraig McDonnell** as the next CEO. His decision is also influenced by personal reasons, including spending more time with family.  **[A_3375238_32]** 

8. **Chemical and Advanced Materials Performance**  
   **Q:** What is the outlook for Chemical and Advanced Materials?  
   **A:** Agilent saw broad resilience and **sequential growth** in Advanced Materials, driven by investments in areas like semiconductor supply chain and battery development. Although the Chemical and Energy side saw a decline due to tough comparisons, there was sequential improvement versus Q4 '23. The company expects secular growth drivers in applied markets to continue contributing positively.  **[A_3375238_12]** 

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