Danaher Corporation · NYSE:DHR
Danaher — Q2 2025 Earnings Presentation
28 slides from Danaher's earnings presentation, Jul 22, 2025
Slide 1: Danaher Corporation Second Quarter 2025 Earnings Release
Danaher Corporation Second Quarter 2025 Earnings Release July 22, 2025
Slide 2: Forward Looking Statements
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. Th
Slide 3: Second Quarter 2025 Performance Summary
Second Quarter 2025 Performance Summary Revenue Adjusted Operating Adjusted Diluted Net Earnings Profit Margin Per Common Share +3.5% Core +1.5% Flat +4.7% FX +2.0% 27.3% 27.3% $1.80 $5,936 $5,743 $1.72 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 ($ millions) Throughout this presentation, with r
Slide 4: Second Quarter 2025: Biotechnology
Second Quarter 2025: Biotechnology Revenue Adjusted Operating Profit Margin 8.0% +150 BPS Core +6.0% FX +2.0% $1,850 41.0% 39.5% $1,713 Q2 2024 Q2 2025 Q2 2024 Q2 2025 ($ millions) 4
Slide 5: Second Quarter 2025: Life Sciences
Second Quarter 2025: Life Sciences Revenue Adjusted Operating Profit Margin +0.5% -180 BPS Core -2.5% Acquisitions +1.5% FX +1.5% 21.1% $1,770 $1,777 19.3% Q2 2024 Q2 2025 Q2 2024 Q2 2025 ($ millions) 5
Slide 6: Second Quarter 2025: Diagnostics
Second Quarter 2025: Diagnostics Revenue Adjusted Operating Profit Margin +2.0% -60 BPS Core +2.0% Divestitures -0.5% FX +0.5% 26.7% $2,260 $2,309 26.1% Q2 2024 Q2 2025 Q2 2024 Q2 2025 ($ millions) 6
Slide 7: Guidance
Guidance 7
Slide 8: Q&A
Q&A 8
Slide 9: Y....
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Slide 10: Reconciliation of GAAP to Non-GAAP Financial Measures
DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND SIX-MONTH PERIODS ENDED JUNE 27, 2025 AND JUNE 28, 2024
Slide 11: Table of Contents
TABLE OF CONTENTS Page 1 Sales Growth (Decline) by Segment and Core Sales Growth (Decline) by Segment 2 Forecasted Core Sales Growth, Adjusted Operating Profit Margin and Adjusted Diluted Net Earnings Per Common Share 3 Segment Sales, Operating Profit and Adjusted Operating Profit 4 Non-GAAP Profita
Slide 12: Sales Growth (Decline) by Segment and Core Sales Growth
DANAHER CORPORATION Sales Growth (Decline) by Segment and Core Sales Growth (Decline) by Segment % Change Three-Month Period Ended June 27, 2025 vs. Comparable 2024 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 3.5 % 8.0 % 0.5 % 2.0 % Impact of: Acqu
Slide 13: Forecasted Core Sales Growth, Margin and Adjusted Diluted Net Earnings Per Share
DANAHER CORPORATION Forecasted Core Sales Growth, Adjusted Operating Profit Margin and Adjusted Diluted Net Earnings Per Common Share With respect to forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share, the Company does not reconcile thes
Slide 14: Segment Sales, Operating Profit and Adjusted Operating Profit
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended Six-Month Period Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Sales (GAAP) Biotechnology $ 1,850 $ 1,713 $ 3,462 $ 3,237 Life Sciences 1,777 1,770 3,457 3,515 D
Slide 15: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended June 27, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 555 Interest, Net 63 Other Nonoperating (Income) Expense 42 Income Taxes 100 Operating Profit (Loss) (GAAP) $ 5
Slide 16: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended June 28, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 907 Interest, Net 26 Other Nonoperating (Income) Expense 59 Income Taxes 176 Operating Profit (GAAP) $ 462 $ 23
Slide 17: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Six-Month Period Ended June 27, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,509 Interest, Net 129 Other Nonoperating (Income) Expense 121 Income Taxes 275 Operating Profit (Loss) (GAAP) $
Slide 18: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Six-Month Period Ended June 28, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 1,995 Interest, Net 31 Other Nonoperating (Income) Expense 95 Income Taxes 359 Operating Profit (GAAP) $ 787 $ 46
Slide 19: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended June 27, 2025 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin pro
Slide 20: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Three-Month Period Ended June 28, 2024 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin pro
Slide 21: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Six-Month Period Ended June 27, 2025 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin profi
Slide 22: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Six-Month Period Ended June 28, 2024 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margin profi
Slide 23: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above): Three-Month Period
Slide 24: Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes
DANAHER CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes Segments Total Company Biotechnology Life Sciences Diagnostics Three-Month Period Ended June 28, 2024 Operating Profit Margins (GAAP) 20.30 % 27.00 % 13.20 % 24.60 % Second quarter 2025 impact from o
Slide 25: Total Cash Flow, Free Cash Flow and Conversion Ratios
DANAHER CORPORATION Total Cash Flow, Free Cash Flow, Operating Cash Flow to Net Earnings Conversion Ratio and Free Cash Flow to Net Earnings Conversion Ratio ($ in millions) Three-Month Period Ended Year-over-Year Six-Month Period Ended Year-over-Year June 27, 2025 June 28, 2024 Change June 27, 2025
Slide 26: Statement Regarding Non-GAAP Measures
DANAHER CORPORATION Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. M
Slide 27: Statement Regarding Non-GAAP Measures
DANAHER CORPORATION Statement Regarding Non-GAAP Measures • With respect to core sales, (1) we exclude the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends, and (2) we exclude the effect of acquisitions a
Slide 28: danaher.
danaher.