“And we reflected that in our guidance, right? We're expecting that U.S. academic and government will be soft in the second half of the year.”

In context

“r understanding of the importance of the life sciences for the health of the U.S. economy and the U.S. standing in the world. So my belief that you will get to an environment that is meaningfully better than what people are assuming right now seems quite reasonable. And it's hard to know exactly what that is, but I don't think something in the flattish type, flat funding environment, wouldn't be out of the question. It might be down a little bit. But I don't think it's going to be that significant ultimately. But we'll see. Customers are cautious, right? And they have the dynamic that they have to spend some of the budgets that they have and they're also planning for what the next year is. So you're going to have some heightened caution until the budget environment is sorted out for 2026. And we reflected that in our guidance, right? We're expecting that U.S. academic and government will be soft in the second half of the year. Nothing has changed in our view of that or in terms of the impact. And we'll see how that plays out. Operator: Our next question comes from Tycho Peterson with Jefferies. Tycho W. Peterson: I want to maybe just probe back into Pharma Services for a minute. And I appreciate the color on strong bookings and PPD on track to get back to flat for this year. I guess, Marc, as we think ahead to next year, is there any reason that the CRO business isn't back to more normalized, call it, high single-digit growth? And I guess, has anything changed about the longer-term outlook on that side? Marc N. Casper: Yes. I think what we've assumed is a couple of things, and we're not guiding to what next year's numbers are or certainly next year by business line, and the next question for the geography. But”