“So, Jack, I think we continue to see improvement in the pharma end market. That would be the third quarter in a row that we have seen that improvement, and we would expect that to continue here going forward.”

In context

“executing well as manifested by the fall-through that you see on the business and the cash flow. Of course, the balance sheet is prime. Operator: Thank you. We will move next with Jack Meehan with Nephron Research. Please go ahead. Your line is open. Jack Meehan: Morning, Jack. Good morning. Hope you're doing well. I want to push on a couple of the guidance assumptions a little bit. The first is in life sciences. So 2025 is obviously an unusual year in terms of customer spending patterns. I was curious about your thoughts on 4Q as a jumping-off point for 2026. Is it possible there were some push-outs from earlier in the year that might have come in around year-end? So, like, what can you build off of in April versus what might be like an elevated base? Any thoughts on that? Rainer Blair: So, Jack, I think we continue to see improvement in the pharma end market. That would be the third quarter in a row that we have seen that improvement, and we would expect that to continue here going forward. The clinical and the applied markets have been solid and stable for several quarters, and we would expect that to be the same. I think in academic and government, that's where the activity level has been muted. We could still have a bit of choppiness ahead of us with the discussions that we hear currently in the market. But over time, we also expect that to moderate. Generally speaking, we would expect the life science end market to continue their gradual improvement here through 2026. Jack Meehan: Sounds good. Okay. Then Matt, I wanted to push a little bit more on the margin puts and takes for 2026. So you talked about the $250 million cost actions. You also have the biotechnology segment, your highest margin segment, growing the fastest. There's the VBP. Is there anything else that stan”