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Agilent Technologies can be described as:

• Intel for scientific research labs.
• HP for specialized lab equipment.
• General Electric for scientific measurement and diagnostics.

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• Chromatography & Mass Spectrometry Systems: Instruments like Gas Chromatography (GC), Liquid Chromatography (LC), and Mass Spectrometry (MS) used for separating, identifying, and quantifying components in complex mixtures.
• Spectroscopy Instruments: Devices such as UV-Vis, FTIR, and ICP-OES spectrometers that analyze matter by its interaction with electromagnetic radiation.
• Laboratory Automation & Software: Solutions including automated sample preparation systems, robotic platforms, and data analysis software to enhance lab efficiency and data management.
• Consumables & Supplies: Essential items like chromatography columns, reagents, vials, and parts that support the operation and performance of analytical instruments.
• Pathology & Diagnostics: Products and services for cancer diagnostics, including immunohistochemistry (IHC) and in situ hybridization (ISH) solutions.
• Customer Services: Offerings such as instrument installation, repair, maintenance, calibration, and training to ensure optimal performance and user proficiency.

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Agilent Technologies (A) - Major Customers

Agilent Technologies (symbol: A) primarily sells its products and services (including instruments, software, services, and consumables) to other companies and institutions globally, making it a business-to-business (B2B) enterprise.

Due to the nature of its diverse product portfolio and broad customer base, Agilent serves a vast number of clients across various industries. Agilent does not typically disclose specific major customer companies by name in its public filings or communications. Instead, it categorizes its customer base by industry or market segment. The major categories of customers that Agilent serves are primarily other companies and institutions:

• Pharmaceutical and Biopharmaceutical Companies: These are a primary customer base, utilizing Agilent's solutions for critical applications in drug discovery, development, manufacturing, quality control, and regulatory compliance. Examples of companies in this sector that would use Agilent's products include large global pharmaceutical firms and smaller biotech startups.
• Chemical and Energy Companies: Customers in this segment use Agilent's instruments for research and development, quality control, process monitoring, and environmental testing across various areas such as petrochemicals, advanced materials, and renewable energy.
• Food and Agriculture Laboratories and Companies: Agilent provides essential solutions for food safety testing, quality assurance, nutritional analysis, and agricultural research, serving companies and governmental labs focused on food production, processing, and distribution.
• Environmental and Forensic Laboratories: These laboratories, often governmental or private companies, rely on Agilent's technology for testing water, air, and soil contaminants, as well as for forensic toxicology and evidence analysis in legal and public safety contexts.
• Academic and Government Research Institutions: Universities, national laboratories, and government agencies worldwide utilize Agilent's advanced instrumentation for fundamental research, applied science, and public health initiatives. While not "companies" in the commercial sense, they are major organizational customers.
• Clinical and Diagnostic Laboratories: While Agilent divested its primary clinical measurements business, it continues to provide solutions for diagnostics research, particularly in areas like pathology, genomics, and targeted sequencing, serving laboratories focused on human health research and specialized diagnostics.

As Agilent does not publicly name its specific major customer companies, it is not possible to list individual company names and their symbols in the way requested.

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Padraig McDonnell, President and Chief Executive Officer

Padraig McDonnell became President and CEO of Agilent in May 2024. He joined Hewlett-Packard Co., Agilent's predecessor, in 1998 as a customer engineer and has over 25 years of experience in the analytical and scientific instrument industry. Prior to his current role, he served as President of the Agilent CrossLab Group (ACG) since May 2020 and was also named Chief Commercial Officer in November 2021. He was instrumental in driving service and sales growth in the Europe, Middle East, Africa, and India (EMEAI) region for many years. Before leading ACG, he was Vice President and General Manager of Agilent's Chemistries and Supplies Division starting in 2017.

Rodney Gonsalves, Interim Chief Financial Officer and Corporate Controller

Rodney Gonsalves serves as Agilent Technologies' Corporate Controller and Principal Accounting Officer, and was appointed interim Chief Financial Officer effective July 31, 2025. He joined Hewlett-Packard Co.'s finance organization in 1990. Gonsalves has held various senior management roles in finance at Agilent, including operational CFO for the Life Sciences and Applied Markets Group, operational CFO for the former Life Sciences and Diagnostics Group, operational CFO for the former Chemical Analysis Group, Vice President of Investor Relations, and Controller for Corporate Governance and Customer Financing. He has also been a business lead on several acquisitions and divestitures throughout his career.

Michael Tang, Senior Vice President, General Counsel and Secretary

Michael Tang has been Senior Vice President and General Counsel of Agilent Technologies since January 2016 and its Secretary since May 2015. He is responsible for leading Agilent's global legal organization and advises the board and management on mergers and acquisitions, corporate governance, and securities matters. Tang joined Agilent in 2006, serving as Vice President and Assistant General Counsel from 2013 to January 2016. He was the lead attorney for Agilent's spin-off of its electronic measurement business to form Keysight Technologies. Prior to Agilent, he represented public and private technology companies at law firms Wilson Sonsini Goodrich & Rosati and Fenwick & West LLP.

Jenipher E. Dalton, Senior Vice President, Chief Quality and Regulatory Officer

Jenipher Dalton joined Agilent in December 2020 and brings over 20 years of global quality assurance experience. Before joining Agilent, Dalton was the Senior Vice President and Head of Research and Development Quality at Takeda Pharmaceuticals International from 2016 to 2020. Her previous experience also includes roles at the biotechnology firm Chiron and the Affiliated Research Institute in San Diego. She began her career in healthcare management, working with Charter Behavioral Healthcare and UCSF and Stanford Healthcare.

Samraat "Sam" Raha, President, Diagnostics and Genomics Group | Senior Vice President, Agilent

Sam Raha was appointed President of Agilent's Diagnostics and Genomics Group (DGG) in April 2018. He initially rejoined Agilent in 2017 as Senior Vice President of Strategy and Corporate Development. Before returning to Agilent, Raha served as vice president of global marketing at Illumina Inc. He was also previously the vice president and general manager of the genomic assays business unit at Life Technologies. Notably, Raha was the CEO of Joby Inc., a startup company that has since become a leading seller of camera accessories. He also held senior leadership positions at Incyte, a biopharmaceutical research company.

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1. Regulatory and Compliance Risks: Agilent Technologies faces significant business risks due to the evolving and diverse expectations of regulators and stakeholders concerning corporate governance, sustainability, and the integration of artificial intelligence (AI) into its operations and products. The company is challenged by the need to comply with rapidly changing regulations and stakeholder demands from entities such as the SEC, U.S. federal and state governments, and the European Union. Diverging laws and regulations across jurisdictions further complicate compliance efforts, potentially leading to increased operational costs and legal risks.
2. Economic and Geopolitical Market Risks: Agilent is sensitive to global economic conditions, including slower growth, inflationary pressures, and market instability, which could lead to reduced demand for its products, increased price pressures, and risks of inventory obsolescence. Geopolitical uncertainties, such as escalating trade tensions (particularly with China, which accounts for approximately 19% of revenues) and potential tariffs, could extend instrument cycle replacement timelines and complicate Agilent's growth trajectory. Macroeconomic uncertainty may also cause demand to remain softer for longer periods.
3. Competition and Innovation Risks: Operating in markets characterized by rapid technological changes and intense competition, Agilent faces challenges in maintaining its competitive edge through innovation and the timely introduction of new products and services. Additionally, the nascent stage of AI development within the life sciences sector brings the possibility of deploying flawed or biased algorithms, which could lead to competitive disadvantage, regulatory sanctions, or legal challenges.

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The rapid advancement and adoption of spatial multi-omics technologies by specialist competitors. This new paradigm allows researchers to analyze gene expression and protein activity within the native tissue context, providing insights beyond traditional bulk sequencing or immunohistochemistry. Companies like 10x Genomics, Vizgen, and NanoString are leading in developing integrated platforms for spatial transcriptomics and proteomics. If these comprehensive spatial biology platforms become the dominant method for certain types of biological research and diagnostics, they could reduce the demand for Agilent's more traditional, standalone genomics and pathology instruments, reagents, and consumables for those applications, diminishing Agilent's market share and relevance in this rapidly expanding segment of the life sciences market. This represents a fundamental shift in how biological questions are answered, potentially sidelining Agilent's existing offerings if they do not adequately innovate or acquire leading solutions in this space.

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Agilent Technologies (NYSE: A) operates within several significant addressable markets globally, providing instruments, software, services, and consumables for laboratories across various sectors. The company itself estimates its total addressable market (TAM) to be approximately $80 billion, with an anticipated growth rate of 4-6%.

Here's a breakdown of the addressable markets for Agilent's main products and services:

• Pharma & BioPharma: Agilent estimates the addressable market for its solutions in the pharmaceutical and biopharmaceutical sector to be $25 billion globally. This market involves critical tools and capabilities for disease research and the development of advanced therapies.
• Clinical & Diagnostics: The global addressable market for Agilent in clinical and diagnostics is estimated at $20 billion. Agilent serves these markets with a comprehensive suite of technology platforms, including clinical diagnostics systems, molecular diagnostics, and pathology solutions.
• Academic & Government: For academic and government research, Agilent identifies a global addressable market of $14 billion. This segment involves providing instruments and services to universities and government-funded research institutions.
• Environmental & Forensics: The global addressable market for Agilent in environmental and forensics applications is approximately $7 billion. Agilent's technologies help ensure the cleanliness of water, food, air, and fuels.
• Food: Agilent estimates a global addressable market of $6 billion within the food industry, supporting food safety and quality analysis.
• Chemical & Advanced Materials: The global addressable market for Agilent in chemical and advanced materials is valued at $8 billion. Their products are used for quality, compliance, and safety testing across the value chain, including specialty chemicals, advanced materials, and petroleum products.
• Analytical Instrumentation Market (Broader Context): The global analytical instrumentation market, which encompasses many of Agilent's core offerings like chromatography and mass spectrometry, was approximately USD 54.85 billion in 2024. This market is projected to reach an estimated value of USD 115.17 billion by 2034, growing at a compound annual growth rate (CAGR) of 7.70% from 2025-2034. Another estimate places the global analytical instrumentation market size at USD 55.00 billion in 2024, with a projected growth to USD 90.48 billion by 2033 at a CAGR of 5.79% from 2025 to 2033. North America held the largest share of the global analytical instrumentation market, accounting for 46.95% in 2024, or USD 19.35 billion.
• Chromatography systems: As a key product area for Agilent, chromatography systems alone generated USD 15.48 billion in revenue globally and represented 28% of the analytical instrumentation market share in 2024.

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Agilent Technologies (A) is anticipated to drive future revenue growth over the next two to three years through a combination of strategic initiatives and market dynamics:

1. Product Innovation and New Offerings: Agilent continues to invest in and launch new products and platforms that are gaining traction in the market. This includes ongoing innovation in liquid chromatography (LC) and cell analysis, with the Infinity III LC platform already demonstrating strong adoption and repeat purchases due to its superior performance. Additionally, the company has introduced specialized solutions like PFAS-specific consumables and workflow deployment services, which contributed significantly to growth in PFAS testing capabilities in Q1 2025. Recent launches such as the Altura Ultra Inert HPLC Columns for biotherapeutics and the Insight Series Alarm Resolution Systems for airport security further underscore this driver.
2. Growth in Key Market Segments and Geographies: The company is experiencing robust demand in its core markets, including pharmaceuticals, diagnostics, and environmental sectors. Notably, Agilent has seen strong expansion in China, with revenue growing by 10% in Q2 2025, and maintains a cautiously optimistic outlook for this market. Furthermore, regions like Asia (excluding China) are capitalizing on opportunities from reshoring supply chains, experiencing 10% growth, and increasing safety regulations are driving mid-20s% growth in food markets within the region.
3. Strength of the Agilent CrossLab Group (ACG): The Agilent CrossLab Group, which encompasses services, consumables, software, and automation, is a significant and growing revenue driver. ACG reported a 9% growth in Q2 2025, fueled by strong demand for consumables, automation, and services. This segment is also highly profitable, with an operating margin of 32%, and benefits from recurring revenue streams with over 85% contract renewal rates. The expansion of automation capabilities and lab productivity solutions within ACG is expected to contribute to future growth.
4. "Ignite" Transformation Program: Agilent's "Ignite" transformation program is central to its operational efficiency and is considered a key growth driver. This initiative focuses on creating a seamless customer experience, reducing complexity, and enhancing operational execution. The program also includes the establishment of an enterprise strategic pricing organization and is expected to mitigate tariff impacts fully by fiscal year 2026.
5. Strategic Acquisitions: Acquisitions are a strategic component of Agilent's growth strategy. The acquisition of BIOVECTRA, for example, is poised to deepen Agilent's presence in the life sciences sector. This expansion allows the company to offer a more comprehensive portfolio of products and services, attracting new customers and further penetrating existing markets, particularly aligning with the growing demand for personalized medicine.

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Share Repurchases

• In January 2023, Agilent's board of directors authorized a new share repurchase program for up to $2 billion of common stock, which replaced an existing program.
• Another $2.0 billion share repurchase program was authorized by the board in May 2024. The company also planned to repurchase $0.75 billion of its common stock by the end of fiscal year 2024.
• In fiscal year 2023, approximately $0.575 billion was allocated towards share repurchases.

Share Issuance

• The number of outstanding shares has generally declined over the past few years, indicating that share repurchases have exceeded any issuances. Agilent Technologies's shares outstanding were 0.291 billion in 2024, a 1.69% decrease from 2023.
• Shares outstanding decreased from 0.3 billion in 2022 to 0.296 billion in 2023, a 1.33% decline.
• As of May 23, 2025, the company had 284,064,728 shares of common stock outstanding.

Outbound Investments

• Agilent completed the acquisition of BioVectra for $925 million in July 2024.
• In March 2021, Agilent acquired Resolution Bioscience for $550 million.
• Other acquisitions in recent years include Sigsense Tech (July 2024, undisclosed), Avida Biomed (January 2023, undisclosed), and PSS Polymer Standards Service (August 2022, undisclosed).

Capital Expenditures

• Capital expenditures have shown a notable increase, from $682.8 million in fiscal year 2020 to $2.185 billion in fiscal year 2024.
• The latest twelve months ending July 31, 2025, saw capital expenditures of $2.279 billion.
• Expected capital expenditures for the current year (likely FY2025) are approximately $450 million, primarily focused on expanding manufacturing capacity for nucleic acid-based therapeutics in Frederick, Colorado.