2026生命科学工具展望1.0

2026 LIFE SCIENCE TOOLS OUTLOOK 1.0 January 4, 2026 The Wolfe Byte We are upgrading our outlook for Tools to Market Overweight (MO). The environment is normalizing andexpectations have an upward bias. The near-term outlook is most attractive for BRKR, ILMN and SRT-3; we will Process:Over the past month we spoke with every company in our Tools coverage universe, pressure tested our models,and conducted an extensive investor survey. Observation:Financial expectations seem to have the most-notable upward bias we have seen in ~5 years with potentialdrivers to upward revisions including post-MFN agreement settlements, reshoring order announcements, more stableacademic funding/announcements, GLP-1 volumes, PFAS testing, and China stability. Upward revisions will be key given Action/Recommendations:We are officially upgrading the group outlook. We believe BRKR, ILMN, and SRT-3 are bestpositioned in the near term; these are our current top picks, but we will revisit subsequent to updates that we expectover the next 2 weeks. We remain at Outperform on DHR, RGEN, STVN, TMO, TWST, and WAT. Also, while we are Biggest Controversy:We note that the biggest area of debate in our coverage universe is on oral vs. injectable GLP-1share and the impact on the pharma delivery/services companies (STVN, WST). While we believe this is adequately Key Links To Our Reports/Resources ●2026 Investor Outlook Survey (link)●JP Morgan Healthcare expectations (link)●Fundamental assessment of normalized growth (link)●Request for our question bank (link) Colleen Babington, PhDcbabington@wolferesearch.com Madeline Mollmanmmollman@wolferesearch.com(617) 458-7818Austin Kennedyakennedy@wolferesearch.com Doug Schenkeldschenkel@wolferesearch.com(617) 458-7820View Doug’s Research 617-458-7817This report is limited solely for Wolfe Research’s clients. Please see analyst certifications and important disclosures View Comp Table beginning on page 68. Investment Conclusion We remain constructive on the long-term structural drivers to GDP+ growth for the group and feel incrementallymore confident that there are reasons for optimism with regard to headwinds we have seen over the past fewyears...at least as we start to look for "what is real" after we move past current policy dynamics. We expect (1)a return to revenue growth; (avg: LSD/MSD), (2) robust margin expansion (avg: 50bp+), and (3) some multiple We believe BRKR, ILMN, and SRT-3 are best positioned in the near term; these are our current top picks, but wewill revisit subsequent to updates that we expect over the next 2 weeks. Life Science ToolsQuarterly January 2026 Life Science & Diagnostics Toolsdschenkel@wolferesearch.com(617) 458-7820Click Here for Doug’s ResearchClick Here for Life Science Tools & Diagnostics Comp SheetDoug Schenkel Colleen Babington, PhDcbabington@wolferesearch.com(617) 458-7819 Austin Kennedyakennedy@wolferesearch.com(617) 458-7817 Madeline Mollmanmmollman@wolferesearch.com(617) 458-7818 Executive Summary •Comp Sheet•Key Catalysts•Company Snapshots Estimate Changes Table of Contents CompanySnapshots •Large Cap Tools•Bioprocessing•Specialty Tools•Drug Packaging & Delivery Executive Summary Key Catalysts| Life Science Tools Reasons For Upward Estimate Revisions At current valuations, further stock appreciation will be more dependent on upward estimate revisions as multiples lookincreasingly full. Fortunately, sell side expectations finally look to have an upward bias. •Post-MFN Deals “Psychology” Boost To Biopharma End MarketBetter-than-feared MFN deals could lead to an improvement in activity and equipment spending in thebiopharmaceutical end market. •Reshoring-Biotech/Pharmaceutical Orders Should Start This SummerWe expect to “brownfield” orders to start being announced over the summer, with revenue likely starting to berecognized in 2027. “Greenfields” will likely be a 1-2 years behind. •GLP-1 Volume Upside Translating To More Tools DemandTools “win” regardless of how the battle for orals vs. injectables plays out (will be a focus area for delivery companies). •NIH Budget–Uncertainty Lingers, But Still Far Better Than FearedThe current continuing resolution will expire January 30. Another funding bill will likely be negotiated in the next month which should give us more info on the funding outlook. Still, while uncertainty lingers, this is all much better thanfeared 6-9 months ago. •China–More Stability?China Dx headwindsshouldbe less acute in 2026 vs. 2025. however, 2027 may be reset for things to start trending better. Additionally, a less tariff-focused environment should be better for Tools. •Applied Market DemandMore PFAS testing, more food testing, etc. Consolidation–More Deals Coming? WAT/BD, ABT/EXAS,TMO/Solventum& Clario…we started to see more dealmaking in 2025 and expect that to continue in 2026.The outstanding question: who are the buyers and who are the sellers? Earnings Snapshot–Large Cap Tools Earnings Snapshot–Larg