Revvity (RVTY) Citi Annual Global Healthcare Conference 2025 summary

Market environment and business trends

• Instrumentation activity is increasing, especially in life sciences, with a normal seasonal uplift from Q3 to Q4 rather than a budget flush.

• Ex-China markets are performing strongly, with notable growth in immunodiagnostics and life sciences platforms.

• FX tailwinds were less than expected, reducing absolute revenue by $5–7 million.

• Pharma biotech is showing signs of normalization, with increased M&A activity and more certainty in the operating environment.

• Academia and government revenue impact from shutdown was modest and in line with expectations.

Reagents and instrumentation outlook

• Reagents business is recovering, with pharma biotech demand returning to normal and opportunities to gain market share amid industry uncertainty.

• Instrumentation is seeing increased activity, especially in high-content screening, indicating pharma biotech recovery.

• Conversations with biopharma are more active, suggesting CapEx budgets are loosening.

Regional performance and China dynamics

• China life sciences remains a growth driver, with strong CRO activity and normalization post-reshoring.

• China diagnostics faces ongoing policy-driven volatility, but strategic localization and innovation are expected to stabilize the business.

• China diagnostics is expected to represent 5–6% of revenue, with overall China at 10–13%.