Core Insights - The company reported strong financial performance for 2025, with revenue growth of 4% to $44.56 billion and adjusted EPS growth of 5% to $22.87 per share, reflecting effective management and operational excellence [5][22][30] - The company is well-positioned for 2026, initiating revenue guidance of $46.3 billion to $47.2 billion, representing 4% to 6% growth, and adjusted EPS guidance of $24.22 to $24.80, indicating 6% to 8% growth [22][40][43] Financial Performance - Q4 revenue grew 7% year over year to $12.21 billion, with adjusted operating income increasing 6% to $2.88 billion and adjusted EPS rising 8% to $6.57 per share [5][27] - For the full year, adjusted operating margin was 22.7%, with total adjusted operating income of $10.11 billion [5][29] - The company experienced a 3% organic growth in Q4, with a 2% contribution from acquisitions and a 2% tailwind from foreign exchange [28][30] Market Performance - In the pharma and biotech sector, Q4 growth was high single digits, driven by strong performance in bioproduction and research channels, while full-year growth was mid-single digits [6][8] - The academic and government market saw low single-digit declines, impacted by macro conditions in the US and China [7] - Diagnostics and healthcare delivered low single-digit growth in Q4, with flat growth for the full year [8] Growth Strategy - The company's growth strategy is based on three pillars: high-impact innovation, trusted partner status with customers, and a strong commercial engine [8][12] - Significant innovations in 2025 included the launch of high-impact products in chromatography, mass spectrometry, and bioproduction, enhancing the company's competitive position [9][10][11] Capital Deployment - In 2025, the company deployed approximately $16.5 billion, including $13 billion for mergers and acquisitions and $3.6 billion returned to shareholders through stock buybacks and dividends [15][34] - Key acquisitions included the filtration and separation business from Solventa and a sterile fill-finish site from Sanofi, enhancing the company's capabilities [16][34] Operational Excellence - The PPI business system played a critical role in managing costs and driving operational excellence, contributing to strong earnings growth [19][30] - The company plans to integrate artificial intelligence into its PPI system to further enhance operational efficiency [19] Corporate Social Responsibility - The company increased the use of renewable energy and expanded zero waste certification across its operations, aligning with long-term sustainability commitments [20] - Efforts to expand access to STEM and advance global health equity were highlighted as part of the company's mission-driven culture [20]