Danaher (NYSE:DHR) Q4 2025 Earnings call January 28, 2026 08:00 AM ET Company ParticipantsDoug Schenkel - Managing Director of Life Science Tools and DiagnosticsJohn Bedford - VP of Investor RelationsMatt McGrew - EVP and CFOMichael Ryskin - Managing DirectorPatrick Donnelly - Managing DirectorRainer Blair - President and CEOScott Davis - Chairman and CEOTycho Peterson - Managing Director of Global EquitiesConference Call ParticipantsDan Brennan - Senior Equity Research Analyst and Managing DirectorDan Leon ...

Danaher (NYSE:DHR) Q4 2025 Earnings call January 28, 2026 08:00 AM ET Company ParticipantsDoug Schenkel - Managing Director of Life Science Tools and DiagnosticsJohn Bedford - VP of Investor RelationsMatt McGrew - EVP and CFOMichael Ryskin - Managing DirectorPatrick Donnelly - Managing DirectorRainer Blair - President and CEOScott Davis - Chairman and CEOTycho Peterson - Managing Director of Global EquitiesConference Call ParticipantsDan Brennan - Senior Equity Research Analyst and Managing DirectorDan Leon ...

Financial Data and Key Metrics Changes - For the full year 2025, sales were $24.6 billion, with core revenue increasing by 2% and adjusted diluted net earnings per common share rising by 4.5% to $7.80 [7][8] - The adjusted operating profit margin was 28.2%, and free cash flow generated was $5.3 billion, resulting in a free cash flow to net income conversion ratio of approximately 145% [7][8] - In Q4 2025, sales reached $6.8 billion, with core revenue growth of 2.5% [11] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6%, while discovery and medical declined at a high single-digit rate due to prior year comparisons and funding constraints [13][14] - Bioprocessing core revenue grew high single digits, driven by strong demand for monoclonal antibodies [14][15] - In diagnostics, core revenue increased by 2%, with clinical diagnostics growing mid-single digits [18] Market Data and Key Metrics Changes - Core revenues in developed markets increased low single digits, with North America flat and Western Europe up mid-single digits [12] - High growth markets saw mid-single digit increases, with solid growth outside of China, which experienced a low single-digit decline [12] Company Strategy and Development Direction - The company expects gradual end market improvements to continue, supported by a differentiated portfolio and the Danaher Business System [7][23] - Focus on innovation and new product introductions, with approximately 25% year-over-year growth in new product revenue [11][8] - Anticipation of core revenue growth in the range of 3%-6% for 2026, with adjusted diluted EPS guidance set at $8.35-$8.50 [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the bioprocessing market, driven by robust FDA approvals and increasing demand for biologics [16][23] - The company remains cautious about the academic and government demand, which has been muted but stable [6][17] - Management highlighted the importance of a recovering biotech funding environment for the life sciences business [91][92] Other Important Information - The company has maintained a strong free cash flow generation for 34 consecutive years, exceeding a 100% conversion ratio [8] - The company is well-positioned for M&A opportunities, with a constructive environment and strong cash flow generation [64][66] Q&A Session Summary Question: Guidance for core revenue growth - Management confirmed a core revenue growth guidance of 3%-6% for 2026, with bioprocessing expected to remain strong at high single digits [27][28] Question: Bioprocessing order book and growth - The order book supports high single-digit growth for bioprocessing, with equipment orders showing sequential growth [33][34] Question: Strength in SCIEX and end market recovery - SCIEX experienced mid-single-digit growth, driven by innovation and improvement in the pharma end market [40][41] Question: Margin expectations for 2026 - Management expects margins to follow core growth, with benefits from cost actions expected to materialize in the second half of the year [42][43] Question: Biotech funding impact on life sciences - The biotech segment is sensitive to funding improvements, which could enhance order volumes [91][92] Question: Reshoring trends in bioprocessing - Management noted ongoing discussions about reshoring, indicating a potential long-term investment cycle in bioprocessing [94][95]

Core Viewpoint - Danaher (DHR) reported quarterly earnings of $2.23 per share, exceeding the Zacks Consensus Estimate of $2.22 per share, and showing an increase from $2.14 per share a year ago, indicating a positive earnings surprise of +0.68% [1] Financial Performance - The company achieved revenues of $6.84 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.64% and up from $6.54 billion year-over-year [2] - Over the last four quarters, Danaher has consistently exceeded consensus EPS estimates and revenue estimates [2] Stock Performance - Danaher shares have increased approximately 3% since the beginning of the year, outperforming the S&P 500, which gained 1.9% [3] Future Outlook - The company's earnings outlook will be crucial for assessing future stock performance, with current consensus EPS estimates at $2.00 for the upcoming quarter and $8.42 for the current fiscal year [4][7] - The Zacks Rank for Danaher is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] Industry Context - The Medical Services industry, to which Danaher belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, which may impact stock performance [8] - Another company in the same industry, Teladoc (TDOC), is expected to report a quarterly loss of $0.19 per share, reflecting a year-over-year change of +32.1% [9]

Danaher Corporation Fourth Quarter 2025 Earnings Release January 28, 2026 Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those ...

Core Viewpoint - Danaher Corp's annual profit forecast aligns closely with Wall Street estimates, and the company exceeded fourth-quarter profit and revenue expectations due to improving conditions in the life sciences sector [1] Group 1: Financial Performance - Danaher reported fourth-quarter profit and revenue that surpassed market expectations, indicating strong operational performance [1] - The company's annual profit forecast is largely in line with analysts' predictions, suggesting stability in future earnings [1] Group 2: Market Conditions - Improving conditions in the life sciences sector have positively impacted Danaher's performance, reflecting broader trends in the industry [1]

Financial Performance - Elevance Health reported an adjusted EPS of $3.33 for Q4 2025, exceeding estimates of $3.10, but operating revenue was $49.31 billion, slightly below the estimated $49.81 billion, and medical membership was 45.23 million, short of the estimated 45.36 million [2] - Danaher Corporation achieved total sales of $6.84 billion in Q4 2025, surpassing the estimated $6.79 billion, with an adjusted EPS of $2.23, outperforming the $2.16 estimate [3] - ASML noted a normalization in sales to China, with expectations for China's sales share to decrease to approximately 20% in 2026 from 33% in 2025 due to export restrictions, despite recording record orders in Q4 2025 [5] Guidance and Outlook - Elevance Health's guidance for 2026 adjusted EPS is projected to be at least $25.50, which is below the analyst consensus of $26.99 [2] - Danaher's 2026 adjusted EPS guidance is set between $8.35 and $8.50, aligning with the analyst estimate of $8.46 [3] - ASML raised its 2026 revenue guidance driven by strong global demand for AI-related chips [5] Analyst Ratings and Market Sentiment - Morgan Stanley upgraded RTX to a top pick and raised its price target from $215 to $235, indicating increased analyst optimism regarding the company's future performance [4]

Market Overview - U.S. stock markets are experiencing a pivotal moment with anticipation surrounding the Federal Reserve's interest rate decision and earnings reports from major technology companies [1] - Premarket trading shows a mixed but generally upward trend, with S&P 500 Futures up 0.3% to 7,028.75 points and Nasdaq 100 Futures up 0.6% to 26,228.75 points, while Dow Jones Futures remain flat at 49,159.0 points [2] Semiconductor Industry - U.S. chip stocks are seeing notable gains, with Nvidia increasing by 1.7%, AMD rising by 1.4%, and Intel climbing 4.6%, reflecting strong investor confidence in AI and advanced computing [3] Major Market Indexes - The S&P 500 Index closed at a record high of 6,978.60 points, a 0.41% increase, driven by strength in chipmakers and AI infrastructure stocks, particularly Micron Technology, which announced a $24 billion investment in Singapore [4] - The Dow Jones Industrial Average closed at 49,003.41 points, down 0.83%, primarily due to weakness in the healthcare sector, with UnitedHealth Group forecasting a revenue decline for 2026 [5] - The Nasdaq Composite Index closed up 0.91% at 23,817.10 points, reaching a 2.75-month high, with nearly 30% year-over-year growth attributed to AI advancements [6] Upcoming Market Events - The Federal Reserve is expected to hold its key interest rate steady within the 3.5%-3.75% target range, following three consecutive rate cuts in late 2025, with a focus on the labor market and consumer spending [7] - Major earnings reports are anticipated from tech giants Meta Platforms and Microsoft, which will provide insights into the technology sector's health and AI investments [13] Company News - Infosys announced a strategic AI-focused collaboration, indicating ongoing investment in AI solutions [14] - Boeing's CEO outlined a turnaround plan after six consecutive annual losses, addressing operational challenges [14] - HSBC is scaling back its M&A and equities businesses in Europe, the UK, and the Americas to focus on Asian operations [14] - JetBlue Airways reported a significant Q4 loss and provided weaker-than-expected revenue guidance, raising concerns about profitability [14] - RTX Corporation delivered higher-than-expected Q4 results, showcasing strong growth across its business segments [14]

(GAAP)**|**20.40%**||**24.90%**||**12.00%**||**26.80%**||Full year 2025 impact from operating profit margins ofbusinesses that have been owned for less than one yearor were disposed of during such period and did notqualify as discontinued operations|(0.20)||—||(0.30)||(0.15)||Full year 2025 resolution of an acquisition contingency inthe Diagnostics segment|0.05||—||—||0.10||Full year 2025 impairment charges related to tradenames in the Life Sciences and Diagnostics segmentsand technology, other intangible a ...

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