GLW · Forward model · Life Sciences and Emerging Growth Businesses
What has to happen in Life Sciences and Emerging Growth Businesses
Model as of
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Life Sciences and Emerging Growth Businesses
Basis quarter$294M
Final quarter$270M
Implied CAGR−2%
Final revenue mix3%
The residual grouping left after the Q1 2026 restructure: laboratory consumables and pharmaceutical technologies plus other emerging businesses. Declining and loss-making - $294m of sales down 15% year over year and a $21m segment net loss, the only segment in outright decline. In the model it is a small drag, not a growth line.
Last four quarters
2025 Q3
$287M
Reported
2025 Q4
$297M
Reported
2026 Q1
$272M
Reported
2026 Q2
$294M
Reported
Life Sciences laboratory productsPharmaceutical TechnologiesOther emerging growth businesses
Sequential growth
−1.5%/qtr
decaying toward +0.2%
Continued decline, but milder than the -3.9%/qtr implied by the year-over-year fall, which is measured against an outlier 2025 Q2.
Life Sciences and Emerging Growth Businesses
Latest: $270M (2030Q4E)
| Period | Value |
|---|---|
| 2024Q1 | $295M |
| 2024Q2 | $298M |
| 2024Q3 | $300M |
| 2024Q4 | $318M |
| 2025Q1 | $272M |
| 2025Q2 | $345M |
| 2025Q3 | $287M |
| 2025Q4 | $297M |
| 2026Q1 | $272M |
| 2026Q2 | $294M |
| 2026Q3E | $290M |
| 2026Q4E | $286M |
| 2027Q1E | $283M |
| 2027Q2E | $280M |
| 2027Q3E | $278M |
| 2027Q4E | $276M |
| 2028Q1E | $274M |
| 2028Q2E | $273M |
| 2028Q3E | $272M |
| 2028Q4E | $271M |
| 2029Q1E | $271M |
| 2029Q2E | $270M |
| 2029Q3E | $270M |
| 2029Q4E | $270M |
| 2030Q1E | $269M |
| 2030Q2E | $269M |
| 2030Q3E | $269M |
| 2030Q4E | $270M |
Assumptions & reasoning
- The -1.36% basis EBITDA margin is derived: net sales 294 less RD&E 27, depreciation 23 and other segment items 271 is -27 of segment pretax, plus 23 of depreciation back = -4. The segment lost money at the EBITDA line in the basis quarter.
- The 8% terminal margin is a partial recovery toward the 9.86% this line earned in 2025 Q2. No management target exists for this segment, so it is an assumption and the single least evidenced number in the model - though on 3% of sales it moves fair value by cents.
- Seasonality was measured and rejected: the whole 0.251 signal rests on one Q2 window of 1.139, and the following year contradicts it - if Q2 were genuinely 13% above trend, 2026 Q2 would not have come in 15% below the prior year.
- Corning does not split Life Sciences from Emerging Growth Businesses inside this line, so the source of the decline is not attributable and no sub-split is attempted.