“As a result, as I mentioned earlier, there's no net adjusted EPS impact for 2025 from the non-China-related tariffs.”

In context

“. Moving on now to non-China-related tariffs, these recently raised tariffs are increasing our costs where we directly import items into the U.S. but also likely increase the cost of many items that we buy in the U.S. that have overseas content. A partial offset to the impact of these tariffs is foreign exchange. The increase in tariffs has caused a significant weakening of the US dollar, and at current rates, this increases our revenue guide for the year by $600 million. The bottom-line benefit of the FX change is more muted given the mix of currencies and one-time transactional FX caused by the recent rapid change in the rate. We're driving offsetting mitigation actions here as well, a combination of supply chain changes, actively managing our cost base, and appropriate pricing actions. As a result, as I mentioned earlier, there's no net adjusted EPS impact for 2025 from the non-China-related tariffs. Then in terms of the changes in US policy focus, the largest impact is likely to be on our US academic and government customers. We now expect their purchases to be more muted in 2025, especially for instruments and equipment, as we evaluate the impact of potential changes to government funding and work out how to access new funding sources to continue their critical work. We're baking into our guidance a lower level of clinical trials work also related to vaccine studies. Net of appropriate cost management, these changes to US policy focus reduced our guidance midpoint by $500 million of revenue, $150 million of operating income, and $0.30 of adjusted EPS. The tariffs and policy changes are also creating some very relevant medium and long-term opportunities, and we're working to maximize”