“Underlying demand for biologic medicines also remains on track to grow at a high single digit or better rate again for the full year 2024.”

In context

“er, we are encouraged by the improvement in the overall funding environment, which is a positive leading indicator for these customers. So based on the trends we saw through the first half of the year, we continue to expect a low single digit core revenue decline in our bioprocessing business for the full year of 2024. There is also no change to our assumption of a bioprocessing core revenue growth rate of high single digits or better as we exit the year. Biologics market remains very healthy as evidenced by the increasing number of treatments both in development and production. Notably, the number of new FDA approvals for biologic and genomic medicines in the first half of this year nearly doubled compared to the first half of 2023, and the full year 2024 is on track to set a new record. Underlying demand for biologic medicines also remains on track to grow at a high single digit or better rate again for the full year 2024. So given this substantial and sustained increase in approvals and production volumes, we expect the growth rate in bioprocessing to remain very robust for many years to come. We continue to make substantial investments in innovation to support our customers as they pursue these life-changing therapeutics. To support monoclonal antibody production, which comprises the majority of our bioprocessing revenues, Cytiva expanded its comprehensive filtration portfolio with the launch of Supor Prime. Now Supor Prime filters are specifically designed to address key challenges associated with high concentration biologic drugs whose complex formulations and high particle loads make them prone to premature filter blockage and costly drug product losses. We're also developing innovative solutions for e”