Speaker: Belen Garijo, CEO What we learned: . Life Science recovery remains H2 weighted: recovery dynamics at Process Solutions continue to be robust. The recovery at SLS will be H2 weighted, with NIH/academia funding cuts and China cited as manageable headwinds. The CEO reiterated an expectation that the Q4 exit rate will be in line with low-to-mid single digit mid-term guidance. With respect to capital allocation the focus remains heavily skewed towards Life Sciences (private and public companies under consideration). . Is SpringWorks sufficient to return healthcare to growth? The CEO argues the resilience of the Healthcare business remains underappreciated by the business, though acknowledged RandD efforts going forward will increasingly focus on external innovation. The CEO is confident that the SWTX acquisition will be sufficient to drive the growth profile of the HC division in line with prior mid-term guidance (mid-single digit growth), citing blockbuster potential for both Ogsiveo and Gomekli. The CEO pointed out that the approach to SpringWorks''s integration could be described as an ''inverse integration'' (''de-Merckify'') with the company focusing on the launches and taking commercial control of pimicotinib. . Succession planning well in place: our impression from our CEO conversation is that a transition in the short-to-mid term is a reality and one that the company has been planning for some time. While the CEO was clear that any changes would be designed to minimise disruption and maintain business continuity, we see that a CEO change in the near-term would not be taken well by the market. Overall tone: Overall neutral tone with Life Science/Semiconductor recovery dynamics H2 weighted, more bullish on Healthcare.