“We see that. In fact, the operating margins are 500 basis points higher than when we acquired the business. So, like what we see here for Abcam and expect to continue to see that trend here in 2026 as well.”

In context

“, three quarters. Start seeing that fall through into the order book. So that, I think, would be what we'd like to see to think about upside in the life sciences. Patrick Donnelly: Yep. Then maybe just the Abcam piece, Rainer, you talked about seeing improvement throughout the quarter. It seemed like that was firming up a little bit. Just wanted to dig in. Rainer Blair: I mean, we're really encouraged by what we're seeing here at Abcam. The business continued to improve here in the fourth quarter. In fact, we've seen now three months of growth, particularly driven by the recombinant protein in the pharma segment that we've been talking about. Of course, the team has been working very hard on rightsizing the cost picture there to the business and to our earnings expectations going forward. We see that. In fact, the operating margins are 500 basis points higher than when we acquired the business. So, like what we see here for Abcam and expect to continue to see that trend here in 2026 as well. Patrick Donnelly: Understood. Then maybe a little bit of a longer-term one. Think as you build this year, it seems like again, Rainer, think you touched on the gradual recovery a few times. As we exit this year and move forward, it certainly feels like we're approaching more level of normalcy. What is the path back to the LRP that you guys have out there? Is that on the table as we look ahead? I know it's January '26, but as we look ahead to future years, what is the path there? What do you need to see to believe that that's on the table next? Rainer Blair: Well, I mean, would say it's too early to comment on 2027 and beyond. To the point you just made. Here's how we're thinking about it. I mean, fundamentally, our businesses are in excellent end markets. Those growth drivers that we've t”