“This would lead to a 2026 and 2027 scenario where we will deliver 3% to 6% organic revenue growth.”

In context

“d active management of the business. Stephen will take you through the details in his remarks. Let me now turn to a couple of questions that seem to be top of mind for investors. The first is, what is our early thinking on the potential impacts of the U.S. policy focus and tariffs on the near-term growth outlook for Thermo Fisher? And second, in that scenario, how are we managing the company to create meaningful shareholder value? Given our strong conviction of the long-term growth drivers of our industry, we thought it would be most helpful to you if we zoomed in on the nearer term, say, the 2026, 2027 time frame to focus these questions. We believe that a reasonable assumption is that our end markets will gradually build from the lower growth environment that we're currently navigating. This would lead to a 2026 and 2027 scenario where we will deliver 3% to 6% organic revenue growth. Today, we're currently at the low end of this range, and we believe that our growth will accelerate over the next 2 years. Given that top line scenario, here is how we're focused on driving shareholder value creation. First, we'll collaborate even more closely with our customers. As you've heard me say before, our trusted partner status is a meaningful differentiator for us with our customers. They're relying on us to enable their success as they adapt to the environment. Second, we're actively managing the company. You see that in our results and the 2025 financial outlook. Strong cost management was a focus at the beginning of the year, embedded in our original guidance, and we've meaningfully stepped up the action as the year has progressed, adding an additional $300 million of cost re”