周五惊喜：6月NIH支出同比增长1%

wed as a relative win, with A&G exposed stocks likely to rallyMonthly Y/Y Source: U.S. DepaTycho Peterson * I Equity Analyst+1 (212) 738-5583 I tpeterson2@jefferies.comMatthew Stanton * IEquity Analyst(615) 963-8397 Imstanton@jefferies.comJack Melick, CPA * IEquity Associate+1 (617) 345-8671 1jmelick@jefferies.comPriya Patel *Equity Associate+1 (332) 204-0140 I ppatel5@jefferies.comNoah Kava * [Equity Associate+1 (212) 323-3939 I nkava@jefferies.comLauren Timmins, Ph.D. * I Equity Associate+1 (929) 237-2038 (mobile) I Itimmins@jefferies.com JefferiesChart 3 - Monthly NIH Outlays: June +1% y/yJanFebCY 233,529CY 243,7303,676CY 253,5543,73924/23 growth6%25/24 growth(5%)Source: Jefferies, U.S Department of the TreasuryChart 4 - TTM NIH Outlays Turn Negative Again, Now Tracking Same as May -2% y/yJan FebCY2342,28642,646CY2446,68046,766CY2548,80448,86724/23 growth10%25/24 growth5%Source: efferies, U.S Department of the TreasurySource: U.S. Department of the TreasuryPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesCompany Valuation/Risks10x Genomics, IncOur S16 PT is based on our DCF and implies an EV of ~3x our'25E revs. Downside Risks: cannibalization from spatial on single-cell market, increasedcompetition esp. post recent M&A in the space, elasticity for products, weaker academic/biopharma budgetsBruker CorporationOur s70 price target is supported by our DCF and implies ~18x '25E EV/EBITDA. Risks include margin progress, government/academic funding.innovation, competition,and management turnoverIllumina, Inc.Our s90 PT is supported by our DCF and implies 3.4x'25E EV/revs. Downside Risks: headwinds from China, NIH funding and tariffs, inability to innovateuptake for new product cyclesPacific Biosciences of California, Inc.Our s3 PT is supported by our DCF and implies ~7x'25E EV/sales. Risks: ability to improve margins post recent cost actions, competition in both longread and also short-read,failure to successful launch Onso platform.Standard BioTools, IncOur $2.25 PT implies an EV of ~3.6x our'25E revs. Risks: competition across genomics & proteomics markets, integration of SLGC deal (lower synergycapture), weaker biotech funding, ILMN partnership delays / inability to launch & changes to OEM relationship w/ Olink.Analyst Certification:I, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recorn this research reporI, Matthew Stanton, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportI, Jack Melick, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportI, Priya Patel, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressecin this research reporI, Noah Kava, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research reportI, Lauren Timmins, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financialinstruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgeme