Organic Growth

FY 2026

no prior guidance " "

low single-digit organic growth until uncertainties (around NIH funding, pharmaceutical tariffs, and drug pricing reforms) " " "

no prior guidance

Adjusted Operating Margin

FY 2026

no prior guidance " "

approximately 100 basis points expansion in FY 2026 compared to FY 2025, ramping to roughly 200 basis points higher by Q4 2026 " " "

no prior guidance

China Growth

FY 2026

no prior guidance " "

flat or slightly positive growth " "

no prior guidance

Cell and Gene Therapy

FY 2026

no prior guidance " "

20% growth " "

no prior guidance

Large Pharma Demand

In Q3, large pharma was driving double‐digit growth with robust performance. " " " In Q2, there was notable improvement and broad‐based recovery, including increased run‐rate business. " "

In Q4, large pharma continued to deliver strong double‐digit growth with instrumentation success and a balanced outlook, though concerns around MFN pricing were also acknowledged. " " " " "

Consistently positive growth with additional caution regarding pricing risks emerging in Q4.

China Growth Dynamics

In Q3, China experienced mid-single digit declines amid challenging economic conditions and shifting product mix. " " " In Q2, slight declines were noted with expectations of recovery in the following quarter. " "

In Q4, China achieved low double-digit growth driven by pull-forward purchases and stimulus influences, with expectations for stabilization and modest growth going forward. " " "

An improving outlook from earlier declines with stabilization and a temporary boost from pull-forward buying.

Tariff and Pricing Risks

In Q3, there was detailed discussion on tariff impacts—including an estimated annual impact of $20 million—and comprehensive mitigation strategies were outlined, while Q2 did not mention this topic. " " " " "

In Q4, the discussion expanded to include the risks of MFN drug pricing in addition to ongoing concerns about pharmaceutical tariffs, adding further uncertainty despite continued mitigation efforts. " " " " "

Persistent concern with increased focus in Q4 due to additional uncertainties from MFN pricing, marking a deepening emphasis compared to earlier periods.

Academic and Biotech Funding Uncertainty

In Q3, uncertainties due to NIH policy changes and reduced biotech funding led to cautious spending, while in Q2, although academic exposure was clearly quantified, there was cautious optimism about recovery in biotech and academic markets. " " " " " " "

In Q4, uncertainty continued with U.S. academic customers cautious over NIH budgets and biotech funding down over 40% year-to-date, reinforcing concerns about constrained funding environments. " " " " " "

Sustained uncertainty remains a key theme, with biotech funding particularly subdued and ongoing cautious behavior from academic institutions.

Innovative and Diversified Portfolio

In Q3, the cell and gene therapy line showed strong trailing 12-month growth over 30% and the COMET platform delivered double-digit gains; Q2 highlighted significant traction in GMP proteins (up to 90% growth) with early access to COMET, supporting a diversified strategy. " " " " " " " "

In Q4, the cell and gene therapy segment grew by 20% and instruments supported the spatial biology segment—though spatial biology saw mid-single-digit declines—which indicates order timing issues and volatility, despite robust overall portfolio performance. " " " "

Consistent growth in cell/gene therapy with mixed spatial biology performance; overall, the diversified portfolio remains resilient though some segments experience cyclical volatility.

Margin Expansion via Strategic Divestitures

In Q2, there was a reference to a divestiture (the fetal bovine serum business) affecting revenue growth but not specifically linked to margin expansion, and Q3 did not mention this topic at all. "

In Q4, the divestiture of Exosome Diagnostics was explicitly highlighted as a strategy to improve operating margins by approximately 100 to 200 basis points by fiscal 2026. " " " " "

An emerging strategic focus in Q4 as a targeted path to margin expansion, marking a shift in emphasis from previous periods.

New High-throughput Instrument Platforms (LEO)

In Q2, the early access launch of the LEO platform was noted with several early shipments, while Q3 did not mention this topic. "

In Q4, the LEO platform garnered strong demand with a growing installed base and robust order funnel, particularly appealing to large pharma customers. " "

Transitioning from an early-stage launch (Q2) to a firmly established growth driver in Q4, indicating increased market acceptance and momentum.

GMP Reagents Growth Decline

In Q3, GMP reagents exhibited high-single-digit quarterly growth (trailing 12-month growth just over 13%), and in Q2, growth was very high (over 90% in the quarter, 40% TTM) although it was noted that orders can be lumpy. " " " "

In Q4, the GMP reagent portfolio reported 20% growth with clear messaging that there was no decline, reflecting stable performance despite typical order timing variability. "

Stabilized robust growth, with improved clarity in Q4 that dispels concerns about any decline, following earlier lumpy growth patterns.