What happened? BIO-RAD (US Life Sciences Tools). 2Q25 sales/EPS 6%/51% above consensus. Performance driven by the Life Sciences business (11% above cons.). They slightly upgrade the cc revenue growth guidance by 25bps. Shares were up 10% in US afterhours ILLUMINA (US molecular diag/sequencing). 2Q25 sales /EPS 1%/18% above consensus. We note sequencing consumables 4% above consensus. They upgrade the revenue growth and margin guidance by 50bps to -2.5% to -1% and 22-22.5%, respectively and EPS by 3.5% (excluding 10cts tailwind from US legislative change on RandD tax deduction). Shares were up 1% in afterhours. BNPP Exane View: Bio-Rad and Illumina 2Q25 results read positively for Qiagen, BioMerieux and DiaSorin, in our view Starting with Bio-Rad . Stable demand from NIH, improving sequentially. Continuity from Q2 expected for the rest of the year. In academia demand for consumables stabilizes despite budget constraints on equipment''s. they are rolling out their new dPCR and call out market expansion (rather than direct competition). This reads positively for QIAGEN (2Q25 results next week), in our view. We believe commentary on stable NIH and academia consumables'' demand as well as the prospects for dPCR market expansion outweigh continuous cautiousness on equipment spending. The latter is well flagged for Qiagen, we believe. . Strong demand for food testing continuing to grow HSD, not impacted by macro uncertainty. ... +ve for BIM FP . DD growth in process chromatography was primarily driven by easy comps. That said, they flag no pull forward in demand and call out the end of destocking. AS a result, they now expect DD growth for this business in FY25 (up from HSD). We see a positive read for the recovery narrative of Bioprocessing names, including Sartorius. Moving to Illumina More mixed messaging on demand for research customers but overall, there is no deterioration, we understand. They flag the strength in clinical applications and confidence...