Leonard's LabNotes: Biopharma Conferences Spotlight Mixed Trends for Suppliers

Research evidence excerpt

Leonard's LabNotes: Biopharma Conferences Spotlight Mixed Trends for Suppliers

RBC Capital Markets, LLC

Dan Leonard (Analyst)

(212) 858-7065,

dan.leonard@rbccm.com

June 17, 2026

Leonard's LabNotes: Biopharma ConferencesRESEARCH Spotlight Mixed Trends for Suppliers

Our view: Over the past week, we attended two off-circuit biopharma industry conferences — one

focused specifically on AI and another covering broader industry trends (which also featured substantial

AI content). Key takeaways from both events reinforced our preference for exposure to bioprocessing

and drug manufacturing themes, as well as our view that advances in dry lab capabilities (software and

AI) will not adversely impact wet lab demand (reagents).EQUITY These convictions are best expressed through our Outperform ratings on Danaher (DHR), Repligen

(RGEN), and Agilent (A) on the drug manufacturing side, and Bio-Techne (TECH), where we believe the

market is overstating the risk of dry lab displacement to wet lab demand. The latter is still struggling

with the uneven distribution of the biotech capital markets recovery, a topic that came up on the

conference circuit as well.

In clinical research, conference feedback continued to reinforce the view that AI poses a credible

competitive threat to parts of the business — a key consideration underlying our neutral rating on

Thermo Fisher (TMO), for which clinical research represents approximately 20% of total sales.

(Leonard's LabNotes captures insights from off-circuit conferences not frequented by the investment

community)

• AI less of threat to wet lab research. In contrast to clinical research, conversations with KOLs at the

conferences support our view that AI is a "good-guy" for wet lab research. Large pharma presentations