Life Sciences Tools: Waiting for an inflection. – 10 themes set up for H2 ‘26

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Life Sciences Tools: Waiting for an inflection. – 10 themes set up for H2 ‘26

16 July 2026

Equities

Life Sciences and Healthcare Life Sciences Tools

Waiting for an inflection – 10 themes set up for H2 ‘26 Developed Markets

◆ We think the Life Sciences Tools space stands to benefit from Rajesh Kumar*

funding improvement and a potential equipment recovery Senior Global Life Sciences & Healthcare Analyst HSBC Bank plc

rajesh4kumar@hsbcib.com

◆ Order trends, China, equipment growth, CDMO utilisation could +44 20 7991 1629

be key focus for the Q2 earnings season Shubhangi Gupta*, PhD

Global Life Sciences & Healthcare Analyst

HSBC Securities and Capital Markets (India) Private Limited

◆ Prefer Waters, IQVIA, Sartorius (all Buys); adjust Repligen TP shubhangi.gupta@hsbc.co.in

+91 80 4555 2143

Back in favour: Life Sciences Tools (LST) is regaining investor interest as Yessica Sanchez*

biopharma funding conditions improve, and deal activity strengthens. Bioprocessing Global Life Sciences & Healthcare Analyst HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

order momentum remains resilient. Near-term headwinds include uneven demand Financiero HSBC

yessica.sanchez@hsbc.com.mx

from academic and government customers, a weak near-term outlook for +55 52 8551 7904

Diagnostics, and potential pressures linked to China and inflation. Morten Herholdt*

What the market is pricing in: Consensus expectations imply mid-single-digit organic HSBC Bank plc

revenue growth for the broader LST space and high-single to double-digit growth for morten.herholdt@hsbc.com

+ 44 20 7992 4082

bioprocessing. Concerns about AI disrupting CXOs, especially IQVIA, have weighed on

Akshata Agarwal*

sentiment; we view AI as a tailwind rather than a threat for IQVIA’s business model. Associate

Bangalore