安捷伦2025年第二季度：营收和净利润超出预期，但有机增长指引不变，管理层仍预期下半年逐步复苏

F25E19.819.828 May 2025153.84/96.435,888.556M(19.7)(1.8)(17.9)05/255000550060006500 F26E17.819.1110.88125.0013%Oct0.9%31,61233,50812M(25.2)11.0(36.2) RatingMarket-PerformPrice TargetAAdjusted EPSF24AA (USD)5.29OLD--Source: Bloomberg, Bernstein estimates and analysis.gradual 2H recoveryAgilent reported 2Q25 results after market Wednesday, beating their quarterly guidanceand consensus expectations (PR, slides). Core organic revenue growth of 5.3% was aboveguidance of 2.5%-5% and consensus of 4%. FX was a smaller headwind than expected(-1.6%, vs. -2.1% guide), with margins pressured by tariffs (54.1% gross margins vsconsensus of 55.2%, 25.1% operating margin vs consensus of 25.2%) but with an overallEPS beat ($1.31 vs consensus of $1.27).Strong quarter with growth across markets and regions:All end markets grew MSD,except Academic & Government which declined only 2% (better than expected). Pharmagrew 6% at high end of expectations, led by small molecule growing LDD. Diagnostics &Clinical grew 8%, ahead of expectations on a strong performance of pathology business.Growth was also seen across all geographies. China grew 10% (though helped by favorabletiming of the Lunar New Year vs. prior year; underlying market conditions were stable). Thereis a lot of excitement building around the second phase of the stimulus in China, which isbroader-based than the last phase. India also grew high-teens. The company expects gradualrecovery to continue in the second-half of the year, following book-to-bill >1 and LSD ordergrowth in Q2.Tariff risks put some pressure on margins in-year, but will be fully mitigated next year:Company estimates second-half tariff gross exposure to be $50M, with additional $40Mimpact if the EU 50% tariffs are implemented. The company is moving procurement andsupply chains to minimize impact, and expects to fully mitigate tariff impact in 2026.Investment ImplicationsThe stock was up ~6% after market, and we think that is justified based on the strong quarterperformance and the increasing chance of a beat-and-raise in 2H - though tariffs andfunding uncertainties certainly remain. We also expect that the pull-forward in consumablesAgilent saw in China may (reasonably) keep investors from reading-across Agilent’s strongperformance to promise for 2Q results for the rest of the sector. We maintain our Market-Perform rating and our price target of $125. Model: ASee the Disclosure Appendix of this report for required disclosures, analyst certifications and otherimportant information. Alternatively, visit our Global Research Disclosure Website.First Published: 29 May 2025 06:42 UTC Completion Date: 29 May 2025 06:42 UTC F25EF26E5.606.225.566.13FinancialsF24AF25EF26ECAGRRevenues (M)6,5106,7957,1664.9%Close DateSPXFYEDiv YieldEV (USD) (M)PerformanceAbsolute (%)SPX (%)Relative (%)$170$160$150$140$130$120$110$10005/24 DETAILSJust want the most critical information, or our take on the "so what?" coming out of earnings? That's on the first page,and you should stop reading here.But want a more complete accounting of what happened? See detailed recaps of Agilent's2Q25 performance, their FY25 guidance, and their commentary on the geographies / end markets / product types / othernotable things. We also throw in a one-table view of our model updates and some useful graphical views of Agilent’s business.The most useful recap viewis (we think) what we're calling the "Company Commentary Tracker" - sets of tables that capturetwo things:1. How narratives across the sector are evolving during 2Q about the things that matter (e.g., what do the companies that havealready reported have to say about the drivers of demand weakness that we're calling the 5 boogeymen? the end markets?the geographies?)2. A reminder of Agilent's commentary over time (e.g., want to remember which quarters were hit most by the COVID lockdown,or when instruments started getting so bad, so you can keep that in mind as you're thinking about where the tough compsare?)The company commentary tracker is updated every day after earnings with the relevant company’s information. The trackercontains information for our covered companies (TMO, AVTR, A, WAT, RVTY) plus a broader set of relevant but not coveredpeers including life sciences and instruments (Danaher, Bio-Techne, Bio-Rad, Bruker, Mettler-Toledo); bioprocessing equipment(Sartorius, Repligen); CDMOs (Lonza); and CROs (IQVIA, ICON).US LIFE SCIENCE TOOLS & DIAGNOSTICS 2 2Q25 PERFORMANCEEXHIBIT 1:Agilent results vs. Bernstein and consensus2Q25Revenues ($M)Segment revenueLDGGross Margin %Income from OperationsOperating Margin %ACGGross Margin %Income from OperationsOperating Margin %AMGGross Margin %Income from OperationsOperating Margin %Geography revenueAmericasEuropeAsia PacificChina and Hong KongEnd market revenuePharmaceuticalAcademia & GovernmentDiagnostics & ClinicalChemicals & Advanced MaterialsFoodEnvironmental & ForensicsTotal revenueConstant currency revenue growthLDGACGAMGAmericasEuropeAsi