“When I think about what's embedded in our guidance, I would say for academic and government globally, would be around the company average in terms of what's assumed there, and maybe slightly below that because I think pharma and biotech ultimately will be a little bit better than the company average this year in terms of the end-markets.”

In context

“the new administration turnover in terms of customers' behavior, especially within that academic and government market? And how are you actually expecting NIH funding to play out this year? Marc Casper: Yes. So Rachel, it's been nine days, so in terms of the environment. So I don't think there's any real insight into what's going on. And obviously, there's actually no policies yet, right? There are different things being explored. And our job is to work collaboratively with the administration, and we have a good working relationship certainly with the President's first administration and educate on the importance of our industry and our customers' work, and help our customers navigate the environment as well. So from my perspective, look at will help our customers navigate whatever it is. When I think about what's embedded in our guidance, I would say for academic and government globally, would be around the company average in terms of what's assumed there, and maybe slightly below that because I think pharma and biotech ultimately will be a little bit better than the company average this year in terms of the end-markets. And when you think about that, about half of our academic and government end-market is in the US and half is in markets around the world. Interestingly enough, we obviously had an incredibly strong finish in academic and government in the fourth quarter. And it was globally strong, right? It was really every market had really a very strong end to the year. So hopefully, that's helpful. Rachel Vatnsdal: Yes, that is. Thanks for framing that up. To follow up then, I just wanted to ask on Analytical Instrumentation. Obviously, that was a really nice quarter in 4Q. So can you walk us through some of the drivers of that beat? Did you guys see any budget flush trends in the quarter? And was there any benefit from China stimulus in that number? And then when you look at Analytical Instrumentatio”