“Our view is that it will normalize as the year unfolds and as I've said in an investor conference earlier in the year, no one is going to get rewarded for calling the moment of when that inflection happens.”

In context

“incredibly good long-term market. Historically, it's been an incredibly good market. Sort of a taboo name these days, right, in terms of bioproduction, caused a lot of volatility during certainly 2023 in the industry. For us, a couple of facts, it's a little bit under 10% of our revenue, and we have best-in-class bioprocessing products with an incredible global footprint. We have leading positions in cell culture media, single-use technologies, and increasingly important purification business as we grow our share position there. When I think about the fourth quarter, we did see a sequential pickup in orders in Q4 versus Q3. But the underlying activity is still muted, right, in the market. So we didn't see an inflection. We weren't expecting one and we didn't see one in the fourth quarter. Our view is that it will normalize as the year unfolds and as I've said in an investor conference earlier in the year, no one is going to get rewarded for calling the moment of when that inflection happens. So it will play out during the course of the year, and the long-term fundamentals here are very strong. When I think about our businesses in general coming into the year, I think the things that are very exciting is the trusted partner status that we have earned with our customers over many, many years. We're in the room with the decision-makers. We understand what's on their mind. We're incredibly well positioned. And if I think about the midterm outlook for clinical research, for Pharma Services, for bioproduction, for our channel business, it's incredibly well positioned, right, in terms of we're part of helping our customers bring the breakthroughs to their pipeline, we're part of helping them navigate whatever the environment is. So hopefully, that's helpful. And then maybe the last”