Steven Dechert
KeyBanc Capital Markets Inc., Research Division
But Kristin, just to kick things off, so you’re guiding to 3.5% organic constant currency growth this year after doing 6% in 2025. Can you walk us through the puts and takes of the guidance, and which segments are expected to lead that growth?
Kristin Peck
CEO & Director
Sure. Well, first, thanks for having me. It is great to be back. As we look at our guidance of a 3% to 5% organic operational revenue growth, what we’d say is, as always, it’s really the diversity of our portfolio that will lead that. We don’t think there’s sort of one single factor that will drive that.
As you think about that, there’s our core therapeutic areas, both across the derm, paras and pain. As we mentioned before, we are expecting in 2026 for pain to return to growth. We think the growth across these 3 franchises will be led by paras this year, given some of the significant increase in competition across the derm portfolio overall.
But we’ve got a broad portfolio beyond that. If you look at diagnostics, which is also continuing to perform well, as well as livestock, which has been really a bright spot. Historically, livestock grows 2% to 4%. We’ve been
