01—Abstract
Summary
Summary of the 10-K filed December 20, 2024. Cited figures are marked; the original filing is the authoritative source.
Agilent Technologies, Inc. reported a 5% decrease in net revenue for the fiscal year ended October 31, 2024, reaching $6.51 billiona.
This decline was primarily attributed to weakened customer capital expenditure spending, impacting both the Life Sciences and Applied Markets and Diagnostics and Genomics segments, particularly within the pharmaceutical sector. However, the Agilent CrossLab segment demonstrated resilience with a 5% revenue increase, driven by strong demand for repair and maintenance services across all end markets. The company maintained profitability with net income of $1.29 billionb, slightly up from the previous year, supported by cost-saving initiatives and higher interest income.
Agilent also completed a significant acquisition of BIOVECTRA for $915 millionc, expanding its contract development and manufacturing capabilities. The company continues to focus on enhancing customer experience and driving productivity, anticipating a gradual recovery in customer capital budgets while managing inflationary pressures through pricing strategies and cost-saving measures.
02—Key points
Key Highlights
- Net revenue for fiscal year 2024 decreased by 5% to $6.51 billion, compared to $6.83 billion in fiscal year 2023.
- The Life Sciences and Applied Markets segment saw an 8% revenue decline, while the Diagnostics and Genomics segment experienced a 6% decrease.
- The Agilent CrossLab segment reported a 5% revenue increase, indicating resilience in its services portfolio.
- Net income remained strong at $1.29 billion, a slight increase from $1.24 billion in fiscal year 2023.
- The company acquired BIOVECTRA for $915 million, significantly expanding its contract development and manufacturing organization (CDMO) capabilities.
- Agilent repurchased $1.15 billion of its common stock during fiscal year 2024, demonstrating a commitment to returning capital to shareholders.
- Restructuring expenses totaled $76 million in fiscal year 2024, primarily related to workforce reductions and facility consolidations aimed at cost reduction.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Agilent Technologies, Inc. kept $0.20.
- Revenue$6.51B100.0%
- Cost of revenue−$2.98B45.7%
- Gross profit$3.54B54.3%
- Operating costs−$2.05B31.4%
- Operating income$1.49B22.9%
- Interest, other & tax−$199.0M3.1%
- Net income$1.29B19.8%
Where FY2024 revenue went
$6.51B- Cost of revenue: $2.98B, 46% of revenue
- SG&A: $1.57B, 24% of revenue
- Net income: $1.29B, 20% of revenue
- R&D: $479.0M, 7.4% of revenue
- Interest, other & tax: $199.0M, 3.1% of revenue
Kept 20% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed December 20, 2024Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $6.51B$6.83B | −4.7% |
| Cost of Revenue | $2.98B$3.37B | −11.7% |
| Gross Profit | $3.54B$3.46B | +2.0% |
| R&D Expenses | $479.00M$481.00M | −0.4% |
| SG&A Expenses | $1.57B$1.63B | −4.0% |
| Operating Expenses | $5.02B$5.48B | −8.4% |
| Operating Income | $1.49B$1.35B | +10.2% |
| Interest Expense | $96.00M$95.00M | +1.1% |
| Net Income | $1.29B$1.24B | +4.0% |
| EPS (Basic) | $4.44$4.22 | +5.2% |
| EPS (Diluted) | $4.43$4.19 | +5.7% |
| Shares Outstanding (Basic) | 290.00M294.00M | −1.4% |
| Shares Outstanding (Diluted) | 291.00M296.00M | −1.7% |
05—Questions
Frequently Asked Questions
What drove the revenue decline in fiscal year 2024?
Agilent Technologies experienced a 5% decrease in net revenue for fiscal year 2024 primarily due to continued pressure on customer capital expenditure spending, particularly affecting the pharmaceutical market within the Life Sciences and Applied Markets and Diagnostics and Genomics segments.
How did the BIOVECTRA acquisition impact Agilent?
Agilent acquired BIOVECTRA for $915 million in September 2024, significantly expanding its contract development and manufacturing organization (CDMO) capabilities. This acquisition enhances Agilent's offerings in oligo-based therapeutics and mRNA manufacturing.
What is Agilent's strategy for managing economic uncertainties and inflationary pressures?
Agilent is focused on enhancing customer experience and driving productivity improvements. The company plans to manage economic uncertainties and inflationary pressures through targeted pricing strategies and various cost-saving initiatives, while remaining optimistic about the long-term health of its key end markets.
How has Agilent returned capital to shareholders?
Agilent repurchased $1.15 billion of its common stock during fiscal year 2024 and declared and paid cash dividends totaling $274 million. The company also has ongoing share repurchase programs authorized by its board of directors.
06—Continue