Financial Data and Key Metrics Changes - The company reported a 3% organic growth in Q4, aligning with expectations of low single digits growth [3] - Strong performance was noted in the large pharma end markets with double-digit growth, while biotech showed low single-digit performance [3][4] - The company expects a low single-digit growth environment for the upcoming fiscal year, influenced by market conditions and previous performance comparisons [48][51] Business Line Data and Key Metrics Changes - The cell therapy product line experienced a 20% growth in Q4 and 30% growth for the entire year, indicating strong momentum [11][12] - GMP proteins, part of the cell therapy business, grew 20% in Q4 and 30% overall for the year, although growth is described as lumpy due to large orders for clinical trials [21][23] - Core reagents business saw low single-digit growth in the quarter, with over 50% of revenue still coming from this segment [29][30] Market Data and Key Metrics Changes - The Chinese market showed double-digit growth in Q4, attributed to pull-ins from customers avoiding tariffs, but the company does not expect sustained double-digit growth [5][6] - Academic markets were described as volatile, with U.S. academic revenue down mid-single digits while Europe saw mid-single-digit growth [19][20] - The company noted that NIH exposure is low single digits, with overall academic end markets being neutral for the company [17][19] Company Strategy and Development Direction - The company is focusing on expanding its presence in cell therapy and biopharma markets, with significant investments in areas like organoids and protein sciences [59][60] - A recent divestiture of non-core businesses, such as ExosomeDx, is aimed at improving focus and profitability, with an expected immediate positive impact on the bottom line [45][47] - The company is committed to maintaining high margins and aims to achieve over 35% operating profit margin in the long term [56][61] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the stabilization of the Chinese market and the potential for growth in biotech activities from global investments [8][9] - There is concern about the impact of tariffs and funding challenges in the biotech sector, with management noting that some biotech companies are struggling to secure funding [13][49] - The company anticipates a gradual recovery in funding and market conditions, which could lead to improved growth rates in the future [54][55] Other Important Information - The company has launched new products, such as the high-throughput Simple Western at LEO, which has received positive reception and is expected to drive future sales [39][40] - The company is actively working on integrating its consumables and instrument offerings to enhance customer experience and drive sales [30][31] Q&A Session Summary Question: What is the outlook for growth in China? - Management indicated that the recent double-digit growth in China was largely due to pull-forward orders and does not expect sustained double-digit growth in the near term [5][6] Question: What is driving the growth in the biopharma segment? - The cell therapy product line is a significant driver, with strong growth reported in Q4 and for the year, supported by a promising pipeline [11][12] Question: How is the company addressing the impact of tariffs on customer spending? - Management noted that they have not heard significant concerns from customers about holding back spending, but are monitoring the situation closely [14][15] Question: What are the expectations for margin expansion in the coming year? - The company expects to see a 200 basis points improvement in margins, driven by strategic investments and operational efficiencies [56][60]

辉瑞(PFE.US)首席执行官Albert Bourla周二表示，他与特朗普总统有着"特殊关系"，这种关系在新冠疫 情期间得以巩固，当时两人经常联系以加快疫苗生产。他说，这种关系为公司与美国政府方面讨论一些 不利因素开辟了直接渠道。 特朗普在其第二个任期内将制药行业作为高药价和海外生产的打击目标，威胁对进口药品征收高达 250%的关税。但Bourla表示，他认为特朗普和其他华盛顿官员正与行业领袖就关税和药品定价问题进 行富有成效的对话。 Bourla说道："我认为特朗普是受过教育的，当然他不会细究细节，那不是他的工作，但他明白(该行业 的)动态。" Bourla称："我们需要弄清楚，是API决定原产国，还是最终产品在哪里制造决定原产国。" 辉瑞也是上周收到特朗普来信的公司之一，信中详细说明了要求其降低面向参加联邦医疗保险和医疗补 助计划的参保人的药品价格，使其与发达国家支付的最低价格一致，即所谓的"最惠国待遇"(MFN)。 Bourla表示，该公司目前正在规划实施降价措施，并研究如何减轻负面影响。 当被问及关税威胁时，Bourla分享了他从正在进行的讨论中所获得的理解。Bourla称："我不想替总统发 言，但 ...