Overview Key strengths Key risks Strong, well-established competitive positions across segments. Likely to remain acquisitive, potentially leading to leverage above 3x temporarily. Serves end markets with favorable dynamics, with our expectation for long-term organic revenue growth of mid-single-digit percent Some financial risk from possible missteps integrating recent and future acquisitions. Product and customer diversity, as well as a global presence in both mature and higher-growth regions. Unpredictable macroeconomic environment that has flattened revenue growth in recent quarters. Relatively predictable business, with stable demand and a high level of repeat business, given consumable nature of products. Issues such as bioprocessing customer destocking, a Chinese market slowdown, and a quiet biotech IPO market has hindered revenue growth since 2023. While we previously
