Life Sciences & Diagnostic Tools: May NIH outlays: Easy comps, but still volatile & subdued

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Life Sciences & Diagnostic Tools: May NIH outlays: Easy comps, but still volatile & subdued

, with potential for funding between now and the end of

than a sharp snapback. The US continues to be one of the most important research

the government fiscal year (end-September) that could support 2Q/3Q orders (with

BRKR markets globally, and with BRKR's instrument exposure to high-end

some flowing into 4Q depending on timing). Any potential benefit is not baked into

research/discovery, mgmt. remains confident in long-term A&G improvement,

guidance and would likely benefit 2027. Expecting a gradual improvement, with a pickup

though it has yet to be seen in early 2026.

in 2H26 US academia providing upside to numbers

ABCAM (A&G-skewed) has returned to growth with pockets of improvement in In Life Sciences, academic remains muted but stable; early pockets of improvement (incl.

DHR academia, signaling modestly better activity and momentum, although the broader consumables/ABCAM) are emerging, with trends expected to improve gradually through

academic market (particularly instruments) remains soft but stable the year

Research/academic demand remains cautious amid funding uncertainty, but customer

ILMN -

interest is strong and a return to growth is expected as funding conditions ease

A&G shows early signs of improvement with positive growth (+mid-single digits from

Academic demand is still in the early stages of recovery, with customers remaining

academic customers; US returned to growth), supported by favorable budget/policy

RVTY somewhat cautious given lingering uncertainty around funding and policy changes,

developments. Mgmt. remains prudent and is not assuming sustained recovery until

though the nervousness is beginning to ease

trends become more consistent

Mgmt.