“We're also increasing our adjusted earnings per share guidance to be in the range of $24.93 to $25.33, which now represents 9% to 11% growth over 2025 and a $0.25 increase from our previous guidance at the midpoint.”

In context

“Marc Casper : Thank you, Raf. Good morning, everyone, and thanks for joining us today for our second quarter call. As you saw in our press release, we delivered an outstanding quarter. Customer activity across our end markets continue to strengthen. Our proven growth strategy is enhancing our capabilities, further advancing our trusted partner status with customers and continuing to drive share gain. And we're continuing to actively manage the company, leveraging our global scale and strength of our PPI business system to create value for our stakeholders and build an even brighter future for our company. To start, let me recap the second quarter financial results. Our revenue grew 10% to $11.99 billion. Adjusted operating income grew 15% to $2.73 billion. Adjusted operating margin expanded by 90 basis points to 22.8%, and we grew adjusted EPS by 13% to $6.03 per share. Turning to our performance by end market. It was good to see customer activity continue to strengthen across our end markets during the second quarter. Our team's excellent execution enabled us to capitalize on these opportunities and deliver outstanding performance in the quarter. Let me provide some additional details. Starting with Pharma and Biotech. We delivered mid-single-digit growth during the quarter. Performance was led by our Bioproduction and Clinical Research businesses as well as our Research and Safety Market channel. In Academic and Government, we grew low single digits in the second quarter, driven by our Chromatography and Mass Spectrometry business. In Industrial and Applied, we delivered mid-single-digit growth during the quarter. Performance was led by our Electron Microscopy and Chemical Analysis business as well as the Research and Safety Market channel. Finally, in Diagnostics and Health Care, we grew in the mid-single digits in the quarter driven by our Health Care market channel and the Immunodiagnostics business. Overall, it was great to see both sequential improvement and strong revenue growth across each of our end markets. Let me now provide some highlights on the execution of our growth strategy this quarter. As a reminder, our growth strategy consists of three pillars: high-impact innovation, our trusted partner status with customers and our unparalleled commercial engine. Starting with the first pillar of our growth strategy. It was another excellent quarter of high-impact innovation. Our innovation enables customers to accelerate scientific discovery and advance their important work. During the quarter, we launched a number of new technologies across our business that strengthened our industry leadership. At this year's American Society of Mass Spectrometry conference, we launched next-generation Orbitrap platforms and AI-driven capabilities that enable new scientific discoveries and deeper insights. These will help scientists solve increasingly complex analytical challenges with greater speed and confidence. This was highlighted by the launch of our Thermo Scientific Orbitrap Tribrid Apex mass spectrometer. It enables scientists to study complex biology across multiomics, structural biology, biopharmaceutical characterization and small molecule analysis to help accelerate research across a broad range of scientific applications. We also introduced the Thermo Scientific Orbitrap Excedion mass spectrometer which enables scientists to reduce drug development risk and accelerate time to market for our pharma and biotech customers. Another highlight this quarter was the launch of our Thermo Scientific [ Vanquish Amplify UHPLC system ], which helps scientists analyze highly sensitive biological molecules with less sample loss and better reproducibility, enabling greater confidence in mess development through quality control. This is an important addition to our liquid [ hematography ] offering. These innovations are complemented by our expanding suite of AI-powered software, including new solutions that deliver smarter workflows and accelerate proteomics research. Another example of our high-impact innovation is in Life Science Solutions, where we introduced the Applied Biosystems PowerFlex thermal cycler, a next-generation PCR platform that helps molecular biology laboratories improve workflow flexibility, increase productivity and enhance reproducibility. It was an outstanding quarter of innovation, and we're pleased with the adoption we're seeing from our customers. Let me now cover the remaining two pillars of our growth strategy, our industry-leading commercial capabilities and trusted partner status that enable our customer success. During the quarter, we continued to strengthen our position in both of these areas. In April, we opened our flagship U.S. bioprocess design center in Massachusetts. This new facility expands our global network of collaborative innovation centers, where we work side by side with pharma and biotech customers to accelerate drug development, optimize manufacturing processes and help bring life-changing therapies to patients faster. To advance population scale research, we announced a strategic collaboration with Precision Health Research Singapore to support their population health study. By combining our integrated proteomics capabilities, including our Olink technology with our Orbitrap Astral mass spectrometry platform, we're continuing to help advance precision medicine through one of the world's leading biobank initiatives. These examples provide a unique opportunity for us to engage with our customers, helping them solve current challenges, accelerate innovation and move science forward. Wrapping up on the growth strategy, we made great products during the quarter, continuing to strengthen our leadership position. Turning to capital deployment. We continue to successfully execute our disciplined approach to capital deployment, which is a combination of strategic M&A and returning capital to our shareholders. Let me start with an update on our recently closed acquisitions. First, we're very pleased with the progress we're making since completing the acquisition of [ Clario ] in late March. [ Clario's ] market-leading digital endpoint data solutions enhance our ability to deliver even deeper clinical insights to our pharma and biotech customers. This outstanding strategic fit further strengthens our position as the trusted partner to our foreign biotech customers delivering important benefits that enable their success and help improve the productivity of the drug development process. The business delivered a strong second quarter. The integration is progressing smoothly, and the funnel of revenue synergies is building nicely. We also continue to see great performance from our Filtration and Separation business. The integration continues to progress well. Customer feedback has been very positive, and we're excited about the long-term impact these capabilities will have for our customers and for our company. Both of these acquisitions demonstrate how our disciplined M&A strategy is creating value for our customers and shareholders. And finally, you saw our announcement in late April that we entered into an agreement to divest our microbiology business. This transaction, which we expect to close in the third quarter reflects our active management of the company. We deployed the anticipated net proceeds from this transaction to repurchase $1 billion of our shares in the second quarter. As you know, our capital deployment strategy continues to prioritize strategic M&A complemented by a return of capital to our shareholders. We continue to have an active pipeline of M&A opportunities in our highly fragmented industry. Now let me spend a few minutes on our PPI Business System, which engages and inspires our colleagues to find a better way every day. PPI enabled another quarter of outstanding execution, which you can see in our strong profitability and free cash flow. Through PPI, we're continually improving quality, productivity and customer allegiance while creating capacity to invest in innovation and strengthen leadership position. We are actively deploying AI across the company to further accelerate PPI's impact. PPI enables outstanding execution today and positions us to create even greater value over the long term. Before I turn to guidance, I'd like to highlight the latest updates to our CSR efforts and they're now available. I encourage you to visit our website to learn more about our performance and the progress we're making towards our long-term goals. As you'll see on the website, we continue to execute our Net Zero road map increasing the use of renewable electricity. We also increased the number of Zero Waste certified sites as well as expanded the reach of our STEM education programs. These programs benefit more than 185,000 students annually and help to inspire the next generation of innovators. Now I'd like to review our updated 2026 guidance at a high level. We are raising our guidance for the full year on the top and bottom line, reflecting our strong operational performance in the second quarter and increased outlook for the second half of the year and we're also incorporating the expected impact of the pending divestiture of our microbiology business. We're raising our revenue guidance to a new range of $47.4 million to $48.1 billion, representing 6% to 8% reported revenue growth over 2025. Our expectation for full year organic revenue growth has increased to about 4%, our guidance range remains 3% to 4%, and we now expect to deliver at the upper end of that range. We're also increasing our adjusted earnings per share guidance to be in the range of $24.93 to $25.33, which now represents 9% to 11% growth over 2025 and a $0.25 increase from our previous guidance at the midpoint. Jim will take you through the details in his remarks. So to summarize our key takeaways. We delivered outstanding performance in Q2 and with a clean top and bottom line beat with organic revenue growth of 5% and adjusted EPS growth of 13%. It's great to see customer activity continue to strengthen across our end markets. We're raising our full year revenue and adjusted EPS guidance. Our proven growth strategy is resonating more than ever with our customers and driving meaningful share gain. Our recently closed acquisitions are performing very well and at the halfway point in the year, we are well positioned to deliver a great 2026 and build an even brighter future for our company. With that, I'll turn the call over to Jim.”