Business Breakdowns Agilent: Back To The Lab - [Business Breakdowns, EP.223]
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Jul 16, 2025 
Mark de Vos, a fund manager at Troy Asset Management, discusses Agilent's fascinating journey from its Hewlett-Packard roots. He breaks down complex concepts, particularly chromatography, and explains Agilent's unique razor and razor-blade business model. The conversation focuses on the company's pivotal role in life sciences and diagnostics, its strong service network that fosters customer loyalty, and its strategic investments in modern medical technologies. Mark also touches on the impact of market dynamics and emerging opportunities in the evolving landscape.
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Growing Oligonucleotide Business
- Agilent's new segment, Nucleic Acid Solutions (NASD), produces oligonucleotides used in RNA-based drugs and vaccines.
- It grew from a small internal unit to a nearly half-billion-dollar business supported by major capacity expansions.
Early Partnership and Scale Advantage
- The oligonucleotide business partners early in drug development, incurring losses initially for payoff upon commercialization.
- Agilent uniquely supports large-scale production volumes unmatched by competitors globally.
New Segment Gains Traction
- NASD and Biovectra combined represent about 7% of Agilent's revenue, up significantly from an initially small base.
- This emerging segment adds valuable diversification and growth potential.