Overview Key strengths Key risks Strong, well-established competitive positions across segments. Likely to remain acquisitive, potentially leading to leverage above 3x. Serving end markets with favorable dynamics, with our expectation for long-term organic revenue growth of mid-single digits Some financial risk from possible missteps integrating recent and future acquisitions. Significant product and customer diversity and global presence in both mature and higher-growth regions. Unpredictable macroeconomic environment has flattened organic revenue growth in recent quarters. Business is relatively predictable, with stable demand and a high level of repeat business, given the consumable nature of products, and strong organic growth prospects. Declining COVID-19 vaccine and therapies sales were expected, but bioprocessing customer destocking, an across-the-board Chinese market slowdown, and a quiet biotech
