Agilent Earnings: Biopharma Market Uncertainty Pushes Down 2023 Outlook, Despite Strong Period

Wide-moat Agilent released second-quarter results that were slightly above expectations, but given ongoing biopharma market uncertainty, management reduced some parts of its 2023 guidance a bit. While we may tinker with our some of our near-term assumptions slightly after this announcement, importantly, management kept guidance intact for the key driver of our $127 fair value estimate—cash flows. Overall, we think Agilent's long-term prospects remain intact, too, and with Agilent shares trading near our current fair value estimate, shares appear to represent a growth at a reasonable price opportunity.