美国生命科学工具与诊断：月度行业健康追踪（5月数据+会议要点）

Eve Burstein+1 917 344 8313eve.burstein@bernsteinsg.comAlberto Buccellato+1 929 823 2938alberto.buccellato@bernsteinsg.comLouisa Qiu+1 917 344 8495louisa.qiu@bernsteinsg.com US Life Science Tools & Diagnostics: Monthly sector health tracker(May data + conference takeaways) Background We publish a monthly life science tools & diagnostics (LSTD) sector health tracker, to aggregate 1) qualitative commentary from majorevents, and 2) quantitative data that can help us assess market trends and sentiments. This tracker is sent out as an email for ease ofaccess, but an easier-to-read PDF copy is available here. Last month’s issue (with qualitative and quantitative data from April) is availablehere. Takeaways from the May data + qualitative commentary from May and June conferences:Qualitative commentary saw a mixof improvement and deterioration vs. 1Q, but quantitative metrics still look largely negative. From a qualitative perspective, commentary on some drivers of demand weakness improved in May and June conferences vs. 1Q earningsin late April and early May, while commentary on others deteriorated. Specifically, companies were more optimistic aboutNIH funding(IQVIA and Bio-Techne believe the impact of cuts may be lower than expected) and about thenew administration(given the de-escalationof the US-China trade war). However, companies were more pessimistic aroundbiotech funding/spending. Interestingly, commentaryonpharma cautiousnessbecame more polarized: while Danaher and Charles River Laboratories commented on strength from pharmacustomers, Revvity and IQVIA are still seeing cautiousness. In contrast, commentary onChinaturned less polarized and more mixed,as companies noted improvement but remain worried about short-term headwinds and the country’s longer-term economic outlook.Consumable destockinghas not been a topic of conversation for many quarters, but once again is in the spotlight with commentary fromAvantor (who saw destocking issues with controlled environment consumables in 1Q, though they have been seeing improvement sincethen). From a quantitative perspective, most metrics of sector health are still down YoY, and many have deteriorated sequentially.NIH funding,biosimilar approvals,andbiotech fundingwere all down on both a YoY and month-over-month basis.Drug approvalswere up YoY but stilldown both sequentially and TTM vs. prior 12 months.Licensing dealsgrew sequentially, but were still down YoY.Pharma R&D spendgrew3% in 25Q1 versus 24Q1, which is positive growth but still below the long-term average CAGR of 7%.Clinical trial startswere the onebright spot, up 25% YoY and 8% month-over-month. Please see the Appendix for disclosures of companies mentioned in this note that are not covered, or that are covered by other Bernsteinanalysts. SYNTHESIS OF FINDINGS QUALITATIVE COMMENTARY We track the sentiment of commentary on what we call the “five boogeymen,” or drivers of demand weakness, from life science toolscompanies (diversified tools players, CROs, CDMOs, and targeted bioprocessing players). This graph synthesizes commentary from the Mayand June conferences, including additional commentary on general market recovery, NIH funding, and the new political administration, as theywere relevant recent controversies (full detail included later in the note, including historical comparison). Moving forward, we will continue totrack relevant company commentary on a monthly basis. EXHIBIT 1:AT A GLANCE: Sentiment from May and June conferences trends mixed, with particular deterioration on biotechfunding/spending Source: Company reports, Bernstein commentary tracker, Bernstein analysis QUANTITATIVE DATA We track several quantitative metrics of sector health, on both an annual and monthly basis. This table synthesizes changes year-over-year andmonth-over-month (full detail included later in the note). Moving forward, we will report these metrics on a monthly basis, except for PharmaR&D Spend, which will be updated quarterly. For the exclusive use of JATIN CHAWLA at TVF CAPITAL ADVISORS PTE LTD on 17-Jun-2025 DETAILED QUALITATIVE COMMENTARY CHANGES IN SENTIMENT OVER TIME For the exclusive use of JATIN CHAWLA at TVF CAPITAL ADVISORS PTE LTD on 17-Jun-2025 Eve Burstein+1 917 344 8313 eve.burstein@bernsteinsg.com DETAILED COMMENTARY DETAILED QUANTITATIVE DATA DRUG APPROVALS: NEW DRUGS EXHIBIT 12:On an annualized basis, 2025 is trending below 2024 for new drug approvals Source: FDA 2025 CDER Approvals, FDA 2024 CDER Approvals, The pharmaceutical industry in 2023, Bernstein analysis *corrected 2017 approval data from The pharmaceutical industry in 2023 based on official FDA reports. EXHIBIT 13:There were three novel drug approvals by the FDA in May, two chemical and one biologic DRUG APPROVALS: BIOSIMILARS EXHIBIT 15:There was one biosimilar product approved in May 2025: Starjemza CLINICAL TRIAL STARTS EXHIBIT 16:On an annualized basis, 2025 is trending above 2024 for clinical trials starts E