2026年生命科学工具行业展望报告.pdf

2026年生命科学工具行业展望报告。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 potential drivers to upward revisions including post-MFN agreement settlements, reshoring order announcements, more stable academic funding/announcements, GLP-1 volumes, PFAS testing, and China stability. Upward revisions will be key given the group now trades at a >10% relative premium to the S&P; we still see room for expansion, but stock outperformance is increasingly dependent on upward revisions. Action/Recommendations: We are officially upgrading the group outlook. We believe BRKR, ILMN, and SRT-3 are best positioned in the near term; these are our current top picks, but we will revisit subsequent to updates that we expect over the next 2 weeks. We remain at Outperform on DHR, RGEN, STVN, TMO, TWST, and WAT. Also, while we are not recommending purchase of AVTR, we would be cautious being negatively positioned in the near-term. Biggest Controversy: We note that the biggest area of debate in our coverage universe is on oral vs. injectable GLP-1 share and the impact on the pharma delivery/services companies (STVN, WST). While we believe this is adequately captured in expectations, we believe this overhang is enough to warrant us remaining at Market Weight for this sector.