“Based on what we're seeing today, we're maintaining our full year outlook of approximately 10% base business decline in bioprocessing, which assumes that market conditions in the fourth quarter are consistent with what we saw in the third quarter.”

In context

“give you some color on what we're seeing in our end markets today. Reported revenue in our Biotechnology segment declined 19% and core revenue was down 21%. Bioprocessing core revenue declined over 20%, as anticipated, while discovery and medical was down mid-single digits as a result of lower demand from our earlier-stage research and lab filtration customers. In bioprocessing, base business core revenue declined mid-teens and market conditions were consistent with our expectations coming into the third quarter. Our customers are still working through inventory built up during the pandemic, while also continuing to conserve capital as a result of funding pressures. China was down approximately 45% in the quarter, driven by a weak funding environment and lower underlying activity levels. Based on what we're seeing today, we're maintaining our full year outlook of approximately 10% base business decline in bioprocessing, which assumes that market conditions in the fourth quarter are consistent with what we saw in the third quarter. Although these market dislocations are impacting our recent performance, global demand for biologic medicines continues to increase. Since 2018, underlying demand for biologics has grown at an average annual rate of approximately 10%, and is continuing to grow in 2023. In addition to more patients using biologic medicine, this year is on pace to be a record year for FDA approvals of biologics, including approvals for meaningful indications, such as Alzheimer's disease and several cancer immunotherapies. These positive trends reinforce our conviction in the tremendous opportunity ahead in the biologics market and the high single-digit long-term growth outlook for our leading bioprocessing franchise. Now, the pace of innovation and advancement in biologic medicine is accelerating, and Cytiv”