“Now we're assuming for planning purposes that equipment is flat next year, given that the order trajectory through Q3 has continued as it has in the first half.”

In context

“est in further meaningful cost measures in Q4 to set up 2026, Mike. So that's an important factor here in how we're thinking about '26. Now the market and the policy environment, whilst improving, is still fairly dynamic. And so we could see a range of outcomes in 2026, which we're ring-fencing between 3% to 6% top line growth and high single-digit earnings growth. So for planning purposes, we think it's prudent to assume modest recovery in our end markets. And let me talk about some of those. In biotechnology, we expect high single-digit core growth in bioprocessing and that's similar to what we've seen in 2025. We expect bioprocessing consumables to remain strong given the monoclonal antibody pipeline, the on-market momentum of those commercialized drugs as well as our leading position. Now we're assuming for planning purposes that equipment is flat next year, given that the order trajectory through Q3 has continued as it has in the first half. So the planning assumption is that, that remains flat. Now in Life Sciences, we're not planning for meaningful improvement in our end markets. In Q3, Life Sciences performed as expected and the activity levels were fairly positive, but we just didn't see that convert to orders that would provide an inflection. So we're assuming here that our growth would improve modestly as we work through some of the headwinds in our Life Science consumables business. And as we think about Diagnostics, here, we're assuming growth accelerates as we move past China policy headwinds, where we've taken a conservative view and continue to execute well globally. And then lastly, importantly, we need to think about respiratory for '26. And here, we believe that it's going to be similar to 2025 at sort of that e”