Kallum Titchmarsh

Girshick framed AI as a demand tailwind that will move more molecules into safety assessment over the next couple of years, though timing is hard to estimate.

Management said nothing is imminent on divestitures but it retains a healthy M&A appetite, with leverage at 2.5x and capacity to add companies.

Birgit confirmed ongoing portfolio review with Board, with potential for further consolidation, site closures, or divestitures. Clear M&A roadmap exists but timing depends on target availability and returns. All capital allocation options remain on the table.

Birgit said roughly 2/3 of previously disclosed NAMs revenue retained after European discovery divestiture. PathoQuest acquisition and organic investments bring total back to approximately the prior $200M level. Focus shifting to regulated testing space.

Shawn declined segment-level pricing detail but said higher-inflation geographies like the U.S. carried higher price realization, and reaffirmed the 2% long-term assumption.

Patrick noted service grew 7% (5% core) and declined an average attach rate, citing varied connect rates by product.

Patrick called reshoring an early-innings opportunity, citing one Swiss company shifting a line build-out to the US.

Jim explained Personalis ASPs should keep improving as coverage and indications expand, and Eric said MRD recurrence signals appearing six to twelve months before scans make the data increasingly compelling for pharma licensing.

Eric said core data relationships renew at or above prior levels, with big new names being added.

Eric said proprietary data plus real-time distribution to 5,500+ hospitals is hard to replicate.

Eric cited GLP-1 generics/biosimilars from China, India and Korea and growing CDMO work; Bob flagged Q3 as the West Vantage margin trough.

Eric attributed APAC growth to biologics/biosimilar demand, local-for-local production, and CDMOs and small biotechs expanding into Western markets. High participation rate in higher-end HVP portfolio.

Eric confirmed increasing project pipeline beyond Europe as regulators globally focus on contamination. Expects 200 basis points per annum for multiple years. Less than 15% of 6B unit opportunity addressed. Bob emphasized unique market position for regulatory-driven upgrades.

Padraig cited ~200bps strategic pricing each quarter in FY26, exceeding the 100bps+ full-year target, with supply chain and inventory as further levers.