Video Replay: Pharma Reshoring Call with Agilent

Research evidence excerpt

Video Replay: Pharma Reshoring Call with Agilent

USA | Life Science Tools & Diagnostics

Agilent Technologies EquityJuneResearch15, 2026

FLASH NOTEVideo Replay: Pharma Reshoring Call with

RATING RESTRICTEDAgilent

PRICE $130.59^

We hosted a fireside chat with Agilent's Chief Commercial Officer, Dr.

Jonah Kirkwood, and Tejas Savant (IR) to discuss the company's reshoring PRICE TARGET | NA |

opportunity. Below we recap key takeaways. See here for the video replay. 52W HIGH-LOW $160.27 - $108.35

FLOAT (%) | ADV MM (USD) 99.2% | 331.50

Opportunity framing. Agilent now views U.S. re-shoring as a >$500B TAM (vs. $400B prior, MARKET CAP $37.1B

consistent with our framing), but the financial bridge remains conservative: 2.5% capex intensity TICKER A

on $400B, with 10% serviceable share, implying a $1B instrument TAM, of which the company ^Prior trading day's closing price unless otherwise

noted.

expects to capture $300M+ from 2027 to 2030. In other words, despite an incremental $100B of

announcements and 6-7 MFN agreements, management is remaining consistent with the prior

framework ($300M), which helps de-risk the forward outlook. Importantly, management is not

pulling forward the P&L, with 2H26 contributions remaining modest and the ramp still back-end

loaded into ’27+.

Visibility improving with tangible project funnel. Confidence in the re-shoring thesis is clearly rising

as the impact shifts the narrative to numbers, with over 40 sites now identified (majority greenfield),

ten actively engaged with a clear line-of-sight on quotations, and the first orders already booked

(as of fiscal 2Q26). The funnel is expected to begin converting to revenues in late ’26 (albeit very

modest), with mid-term translation tied closely to construction timelines and staffing (i.e., ribbon .