“We expect the clinical, think of research use only, testing that sort of thing. We expect that to remain stable as do we expect the applied market to remain stable.”

In context

“us, hopefully, you could see a really nice recovery on easy comps from pharma. Could you just unpack a little bit, like, on the pharma piece? Kind of what you're seeing in life sciences and kind of how you kind of guide in and, you know, is there the chance to get better in '26? Rainer Blair: Thank you. So our life science end markets and order of priority and size are pharma, clinical, applied, academic, and government. Pharma has shown growth here for three quarters in a row in our business, and that's the recovery in investment that we've seen out of pharma once the most favored nation deals have come to fruition. More confidence has returned to that market. When we say we expect end markets in life sciences to continue to improve, we're referring specifically to the pharma end market. We expect the clinical, think of research use only, testing that sort of thing. We expect that to remain stable as do we expect the applied market to remain stable. So, no significant change there. Those are robust. They're doing fine. Then you have academic and government that's muted. Softer, there's still some noise there. That represents another potential upside as the policy situation stabilizes and finds its momentum again. Dan Brennan: Great. Thank you. Operator: We have reached our allotted time for questions. I will now turn the call back to John Bedford for closing remarks. John Bedford: Thank you, Nikki, and everybody. We're around for counts the rest of the day. Thanks. Thank you. This brings us to the end of Danaher Corporation's Fourth Quarter 2025 Earnings Results Conference Call. We appreciate your time and participation. You may now disconnect.”