“And just to give you a sense here, our China business in 2022 was about $1.3 billion, slightly over that. We expect that to be about an $800 million business by the end of 2023, which would be about 10% of the total bioprocessing business at Danaher.”

In context

“h the smaller biopharmas there. And so there's not a lot of additional hardware required here in the short term in the second half, nor are there that many molecules that are being worked on by the CDMOs, meaning that the consumables requirements of that capacity are also lower than we saw here in the first half of the year. And then lastly, and part of this is related to our aggressively managing with our customers to get them to their target inventories, there are a fair number of order cancellations there. So when you put all that together here for China, that is a different picture here in the second half than we saw in the first half. And once again, we're working here, if you aggregate this to the total global biopharma business, to get as much of this as possible behind us in 2023. And just to give you a sense here, our China business in 2022 was about $1.3 billion, slightly over that. We expect that to be about an $800 million business by the end of 2023, which would be about 10% of the total bioprocessing business at Danaher. Michael Ryskin: Great. Thanks so much. Appreciate the color. Rainer Blair: Thanks Mike. Operator: And we will take our next question from Vijay Kumar with Evercore ISI. Please go ahead. Rainer Blair: Good morning, Vijay. Vijay Kumar: Hi Rainer. Good morning to you, and thanks for taking my questions. I guess on the bioprocessing commentary, Rainer, if you just simplify the various moving parts. It seems like large pharma was in-line-ish - early stage was in line-ish. What changed incrementally in 2Q was China? And if that is correct, I think you mentioned China was that down 50% in June, is the second half assuming down 50% for China bioprocessing? And I think you also mentioned Danaher's actively managing customer inventory levels, what does that mean? And what is the implication for fis”