Charles River Laboratories

Positives: large backlog, recurring multi‑year programs and quality‑control testing create a baseline of visibility. DSA backlog was 1.8 billion dollars at September 27, 2025 and biotech bookings improved earlier in 2025, though momentum softened later. Microbial Solutions has recurring consumable revenue.

Negatives: revenue is sensitive to biotech funding cycles and big pharma budget resets. 2024 revenue declined 1.9 percent, and 2025 organic revenue guidance has been framed around a small decline. We also incorporate long‑term uncertainty from NAMs adoption that could gradually reduce certain in vivo work.

Overall predictability is good for a CRO but not in the elite “toll on GDP” tier.