“And we do expect the cost actions that $175 million to generate a net $75 million in savings.”

In context

“'ll kind of see how the year plays out as we go and we kind of provide some updates as we go. But I would anchor at the low end to start. And then from the math on the EPS perspective, I'd assume 35% to 40% fall-through on the volume plus the impact of the cost actions, and that is going to equal 100 basis points -- north of 100 basis points of margin expansion like Rainer talked about in the prepared remarks. And so it gives you the high single-digit EPS growth even at the low end of the range. And then maybe just to give you a little bit of color around sort of the cost actions we talked about we're doing $150 million in the fourth quarter, but we're going to do $175 million in total here in 2025. And we do not expect these cost actions to repeat in '26, these are sort of onetime items. And we do expect the cost actions that $175 million to generate a net $75 million in savings. So all up, all in, you're talking about a $250 million type savings number in 2026 that gives you, call it, $0.30 of EPS tailwind as we head into the year. So I mean, as I think about 2025 and I think about what we're doing here in the fourth quarter to set ourselves up, I think we're going to be in a really good position to deliver high single-digit EPS growth even if we end up at the low end of that range, and we might do better in '26. And again, as Rainer said in the prepared remarks, all before we have any capital deployment either. Michael Ryskin: Okay. That's all really, really helpful. I appreciate the bridge. Maybe a quick follow-up, if I can. Rainer, you touched a little bit on China diagnostics and VBP. A lot of concern on that. So you just talked about as you move past the hea”