Funding ConcernsConcerns about funding for A&G could pose a challenge, though they have minimal near-term impact from the phase-out of animal testing.
Market UncertaintyPositive development was tempered by the general undertone of uncertainty in the broader market environment caused by U.S. government funding cuts, a slower-than-expected start to biotech funding in 2025, and the potential for biopharma tariffs.
Regulatory EnvironmentDSA/RMS are exposed to macro pressure and FDA's animal testing plans.