London Stock Exchange launches first transaction under new private share platform | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]A screen displays financial market information at the London Stock Exchange in London, Britain January 19, 2026. REUTERS/Jack Taylor/File Photo [Purchase Licensing Rights, opens new tab]Feb 20 (Reuters) - London Stock Exchange [(LSEG.L), opens new tab] on Friday launched its first transaction under the U ...

S U P P L E M E N T A L INFORMATION PACKAGE 2025 FOURTH QUARTER QUALITY • INNOVATION • INTEGRITY • COMMUNITY Table of Contents | | Page | | --- | --- | | Executive Summary | 1 | | 2025/2026 Business Plan Trend Line | 3 | | Development Summary | 8 | | Balance Sheet and Liquidity | 13 | | Land Inventory | 14 | | Property Activity | 15 | | Net Operating Income Composition | 16 | | Regional Property Overview | 17 | | Leasing Activity | 18 | | Lease Expiration Analysis | 20 | | Top Twenty Tenants | 22 | | Portfo ...

Financial Data and Key Metrics Changes - For the full year 2025, sales were $24.6 billion, with core revenue increasing by 2% and adjusted diluted net earnings per common share rising by 4.5% to $7.80 [7][8] - The adjusted operating profit margin was 28.2%, and free cash flow generated was $5.3 billion, resulting in a free cash flow to net income conversion ratio of approximately 145% [7][8] - In Q4 2025, sales reached $6.8 billion, with core revenue growth of 2.5% [11] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6%, while discovery and medical declined at a high single-digit rate due to prior year comparisons and funding constraints [13][14] - Bioprocessing core revenue grew high single digits, driven by strong demand for monoclonal antibodies [14][15] - In diagnostics, core revenue increased by 2%, with clinical diagnostics growing mid-single digits [18] Market Data and Key Metrics Changes - Core revenues in developed markets increased low single digits, with North America flat and Western Europe up mid-single digits [12] - High growth markets saw mid-single digit increases, with solid growth outside of China, which experienced a low single-digit decline [12] Company Strategy and Development Direction - The company expects gradual end market improvements to continue, supported by a differentiated portfolio and the Danaher Business System [7][23] - Focus on innovation and new product introductions, with approximately 25% year-over-year growth in new product revenue [11][8] - Anticipation of core revenue growth in the range of 3%-6% for 2026, with adjusted diluted EPS guidance set at $8.35-$8.50 [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the bioprocessing market, driven by robust FDA approvals and increasing demand for biologics [16][23] - The company remains cautious about the academic and government demand, which has been muted but stable [6][17] - Management highlighted the importance of a recovering biotech funding environment for the life sciences business [91][92] Other Important Information - The company has maintained a strong free cash flow generation for 34 consecutive years, exceeding a 100% conversion ratio [8] - The company is well-positioned for M&A opportunities, with a constructive environment and strong cash flow generation [64][66] Q&A Session Summary Question: Guidance for core revenue growth - Management confirmed a core revenue growth guidance of 3%-6% for 2026, with bioprocessing expected to remain strong at high single digits [27][28] Question: Bioprocessing order book and growth - The order book supports high single-digit growth for bioprocessing, with equipment orders showing sequential growth [33][34] Question: Strength in SCIEX and end market recovery - SCIEX experienced mid-single-digit growth, driven by innovation and improvement in the pharma end market [40][41] Question: Margin expectations for 2026 - Management expects margins to follow core growth, with benefits from cost actions expected to materialize in the second half of the year [42][43] Question: Biotech funding impact on life sciences - The biotech segment is sensitive to funding improvements, which could enhance order volumes [91][92] Question: Reshoring trends in bioprocessing - Management noted ongoing discussions about reshoring, indicating a potential long-term investment cycle in bioprocessing [94][95]

JA N UA RY 2 0 2 6 R E C O M M E N D E D A C Q U I S I T I O N O F L I F E S C I E N C E R E I T P L C I N V E S T O R P R E S E N T A T I O N HIGHLY ATTRACTIVE ECONOMICS: UNLOCKED BY BRITISH LAND'S SCALABLE PLATFORM | ACCELERATING SCIENCE | VC investment at highest level since 20221 | | --- | --- | | & TECH BACKDROP | AI & Tech sector demand accelerating | | | More than offsetting Life Science softness | | ATTRACTIVE ENTRY | Well-located assets in the Golden Triangle | PRICE with significant reversion pote ...

Core Insights - Tempus AI, Inc. (NASDAQ:TEM) is recognized as one of the 12 best genomics stocks to invest in [1] Price Adjustments - Canaccord lowered its price objective for Tempus AI, Inc. from $95 to $80 while maintaining a buy rating [2] - BofA also reduced its price estimate for Tempus AI, Inc. from $90 to $80, reaffirming a neutral recommendation [3] Market Outlook - Canaccord noted that the sector momentum from the latter half of 2025 is expected to continue into 2026, particularly in life science instruments and diagnostics [2] - BofA anticipates a rebound in biopharma spending, which is expected to provide significant support for the industry [4] Company Overview - Tempus AI, Inc. is a healthcare technology company that offers molecular genotyping, polymerase chain reaction profiling, next-generation sequencing diagnostics, and various pathology tests to medical professionals and other stakeholders [5]

Core Insights - The 2025 Greater Bay Area Science Forum aims to create an innovation ecosystem through collaboration among government, industry, academia, research, and users, focusing on the integration of industry research and smart innovation in the GBA [1][2] Group 1: Strategic Initiatives and Goals - Bai Chunli emphasized the importance of a systematic approach to basic research and strategic sci-tech forces, enhancing industry-academia-research integration, and fostering higher-level open cooperation to boost sci-tech innovation capabilities [2] - The GBA has achieved an R&D investment intensity exceeding 4.5% and attracts 30% of China's top-tier talents, with strategic emerging industries contributing over 25% to the region's GDP [3] Group 2: Collaborative Efforts - Twelve universities from Hong Kong and Macao signed a joint initiative to enhance the GBA's role as an international hub for sci-tech innovation, focusing on intensive cooperation and shared resources [4] - The forum brought together over 50 prominent scientists and representatives from various sectors to discuss advancements in key areas such as artificial intelligence, life sciences, and green energy, aiming to position the GBA as a global center for sci-tech innovation [6] Group 3: Infrastructure and Policy Development - The Chinese Academy of Sciences reported on the systematic development of major scientific and technological infrastructure in Guangdong, while Guangzhou introduced policies to integrate sci-tech and industrial innovation [5]

Core Insights - The company reported its third-quarter results, which aligned with expectations, indicating stability in performance [1] Business Performance - Life Sciences segment remained flat, while Diagnostics experienced a slight increase [1] - Organic growth (OG) was up by 1%, and there was an improvement in margins [1] - Earnings per share (EPS) exceeded expectations due to favorable below-the-line items [1] Market Activity - Increased activity was noted in the Life Sciences sector, particularly in instrumentation, which performed better than anticipated despite still being down [1]

Core Insights - Corning Incorporated (GLW) has shown significant performance for its shareholders in 2025, particularly in the context of the S&P 500 [1] Company Overview - Corning operates in various sectors including data centers, consumer electronics, life sciences, and automotive markets, indicating a diverse product application [1]

Financial Data and Key Metrics Changes - The company reported sales of $6.1 billion in Q3 2025, achieving a 3% core revenue growth year-over-year [8][10] - Gross profit margin for Q3 was 58.2%, with an adjusted operating profit margin of 27.9%, up 40 basis points year-over-year [9][10] - Adjusted diluted net earnings per share were $1.89, reflecting a 10% increase year-over-year [10] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6.5%, while core revenue in discovery and medical grew low single digits [14][18] - Bioprocessing core revenue grew high single digits, driven by double-digit growth in consumables, although equipment revenue declined in the high teens year-over-year [15][16] - Core revenue in diagnostics increased by 3.5%, with clinical diagnostics up low single digits and Cepheid's core revenue up mid single digits [19][20] Market Data and Key Metrics Changes - Core revenues in developed markets were up mid single digits, while high growth markets saw low single-digit growth, impacted by a mid single-digit decline in China [8][9] - The company noted a modest recovery in pharma R&D spending, although it remains below historical levels [7][18] Company Strategy and Development Direction - The company is focused on leveraging the Danaher Business System to drive productivity gains and mitigate geopolitical pressures [8][24] - Continued investment in innovation, particularly in digital and artificial intelligence initiatives, is a priority to strengthen long-term competitive positioning [8][10] - The long-term outlook for the biologics market remains healthy, driven by increasing global production of biological medicines, particularly monoclonal antibodies [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong Q3 results and the ability to exceed revenue, earnings, and cash flow expectations [7][10] - The company expects core revenue growth in the low single-digit percentage range for Q4 2025 and maintains its full-year adjusted diluted EPS guidance of $7.70 to $7.80 [21][22] - For 2026, the company anticipates core revenue growth in the 3% to 6% range, assuming modest recovery across end markets [22][23] Other Important Information - The company generated $1.4 billion in free cash flow in Q3 and $3.5 billion year-to-date, resulting in a free cash flow to net income conversion ratio of 146% [10][24] - A new share repurchase program was approved, authorizing the purchase of up to 35 million additional shares of common stock [10][24] Q&A Session Summary Question: What are the expectations for fiscal year 2026? - Management indicated a range of 3% to 6% top-line growth for 2026, with a focus on modest recovery in end markets [27][30] Question: What factors could influence the 3% versus 6% growth? - The company noted that improvements in the market and policy environment would be key to achieving higher growth [28][30] Question: How is the company addressing the challenges in the diagnostics segment, particularly in China? - Management acknowledged a conservative view on diagnostics in China, expecting a manageable headwind of $75 million to $100 million [36][37] Question: What is the outlook for the biotechnology equipment market? - There is cautious optimism for equipment investments, with management noting increased confidence among pharma customers regarding capital investments [45][46] Question: How does the company view capital deployment between M&A and share repurchases? - The company maintains a strong bias towards M&A but is also open to share repurchases when valuations are attractive [81][82]

Financial Data and Key Metrics Changes - Sales for the third quarter were $6.1 billion, with a 3% core revenue growth year-over-year [7] - Gross profit margin was 58.2%, and adjusted operating profit margin increased by 40 basis points to 27.9% year-over-year [8] - Adjusted diluted net earnings per share were $1.89, reflecting a 10% increase year-over-year [8] - Free cash flow generated in the quarter was $1.4 billion, with a year-to-date free cash flow to net income conversion ratio of 146% [9] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6.5% [12] - Core revenue in bioprocessing grew high single digits, driven by strong demand for consumables, while equipment revenue declined in the high teens year-over-year [13] - Core revenue in life sciences decreased by 1%, with consumables facing declines due to lower demand from major customers [16] - Core revenue in diagnostics increased by 3.5%, with significant growth in clinical diagnostics outside of China [18] Market Data and Key Metrics Changes - Core revenues in developed markets were up mid-single digits, while high growth markets saw low single-digit growth, primarily affected by a decline in China [7][8] - The biotechnology and life sciences businesses in China experienced declines due to volume-based procurement and reimbursement policy changes [8] Company Strategy and Development Direction - The company is focused on leveraging the Danaher Business System to drive productivity gains and mitigate geopolitical pressures [6] - Continued investment in innovation, particularly in digital and artificial intelligence initiatives, is a priority to strengthen long-term competitive positioning [6] - The long-term outlook for the biologics market remains healthy, with expectations of strong demand growth for monoclonal antibodies [15] Management's Comments on Operating Environment and Future Outlook - Management noted a modest recovery in pharma R&D spending, although it remains below historical levels [5] - The company expects cautious equipment spending through the remainder of the year due to uncertainties in the policy environment [14] - For 2026, the company anticipates core revenue growth in the range of 3% to 6%, assuming modest recovery across end markets [20][21] Other Important Information - The company deployed approximately $2 billion for share repurchases and announced a new program to buy up to 35 million additional shares [9] - Several new product launches were highlighted, including advancements in bioprocessing and diagnostics [10][12] Q&A Session Summary Question: What are the expectations for fiscal year 2026? - Management indicated a range of 3% to 6% core revenue growth, with a focus on modest recovery in end markets [28][34] Question: What factors could influence the 3% versus 6% growth? - The company highlighted the need for improved market conditions and clarity in investment decisions from customers [34][35] Question: How is the company addressing the challenges in the diagnostics segment, particularly in China? - Management acknowledged a conservative view on the diagnostics business in China, expecting manageable headwinds [43][44] Question: What is the outlook for the biotechnology segment? - The company expects high single-digit growth in bioprocessing, driven by strong demand for monoclonal antibodies [48][49] Question: How does the company view capital deployment between M&A and share repurchases? - There is a strong bias towards M&A, but the company remains open to share buybacks at current levels [94]