“And when I think to the future about 2025, the business is behaving the way that I would think it should, which it's a long cycle business.”

In context

“ars looking at the added value of having those both sets of capabilities, the insights you get and the impact that you can have for the customers. And when we launched Accelerator Drug Development, it really is compelling. And what that really is allowing our customers to do is to leverage our expertise and capabilities to improve the returns on investment of their R&D investments, which is everything in the pharmaceutical and biotech industry. So we're excited. When I think about more of the details and I think about clinical research, we delivered low single-digit organic growth last year, right? The team did a good job, a really good job. And that was to basically grow the business despite the very meaningful headwind from the runoff of vaccines and therapies that was in that business. And when I think to the future about 2025, the business is behaving the way that I would think it should, which it's a long cycle business. So you saw for the industry, even with us in low single-digit growth last year, that's below the trend line. The trend line for this business is a high single-digit growth business. It's the result of 2023's biotech environment and 2023 and 2024's pharmaceutical customers actually reprioritizing their portfolios for the IRA. When I look at authorizations, particularly in the back half of 2024, they were very strong for us. And when I look at the commercial pipeline that we have this year and the conversations that our executive team is having with our customers the business actually has a lot of momentum underlying. And if I think about sort of the cycle time of the business, that bodes well towards the end of the year and then during 2026. It feels like the conditions will be more measur”