Slide 1: Danaher Corporation Third Quarter 2025 Earnings Release
Danaher Corporation Third Quarter 2025 Earnings Release October 21, 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: Third Quarter 2025 Performance Summary
Third Quarter 2025 Performance Summary Revenue Adjusted Operating Adjusted Diluted Net Earnings Profit Margin Per Common Share +4.5% Core +3.0% +40 BPS +10.5% FX +1.5% $6,053 27.9% $1.89 27.5% $5,798 $1.71 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ($ millions) Throughout this presentation, wit
Slide 4: Third Quarter 2025: Biotechnology
Third Quarter 2025: Biotechnology Revenue Adjusted Operating Profit Margin 9.0% +40 BPS Core +6.5% FX +2.5% 36.8% 37.2% $1,798 $1,653 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ($ millions) 4
Slide 5: Third Quarter 2025: Life Sciences
Third Quarter 2025: Life Sciences Revenue Adjusted Operating Profit Margin +0.5% -170 BPS Core -1.0% FX +1.5% $1,792 22.7% $1,782 21.0% Q3 2024 Q3 2025 Q3 2024 Q3 2025 ($ millions) 5
Slide 6: Third Quarter 2025: Diagnostics
Third Quarter 2025: Diagnostics Revenue Adjusted Operating Profit Margin +4.0% +150 BPS Core +3.5% Divestitures -0.5% FX +1.0% 29.6% $2,463 28.1% $2,363 Q3 2024 Q3 2025 Q3 2024 Q3 2025 ($ millions) 6
Slide 7: Guidance
Guidance 7
Slide 8: Q&A
Q&A 8
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Slide 10: Reconciliation of GAAP to Non-GAAP Financial Measures and Supplemental Forward-Looking Information
DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 26, 2025 AND SEPTEMBER 27, 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 2 Supplemental Forward-Looking Information 3 Segment Sales, Operating Profit and A
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 September 26, 2025 vs. Comparable 2024 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 4.5 % 9.0 % 0.5 % 4.0 % Impact of:
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 The Company does not reconcile Non-GAAP forecasted core sales growth, adjusted operating profit margin and adjusted diluted net earnings per common share to their res
Slide 14: Segment Sales, Operating Profit and Non-GAAP Measures
DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) Three-Month Period Ended Nine-Month Period Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Sales (GAAP) Biotechnology $ 1,798 $ 1,653 $ 5,260 $ 4,890 Life Sciences 1,79
Slide 15: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended September 26, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 908 Interest, Net 64 Other Nonoperating (Income) Expense 14 Income Taxes 168 Operating Profit (GAAP) $ 352
Slide 16: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Three-Month Period Ended September 27, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 818 Interest, Net 83 Other Nonoperating (Income) Expense (102) Income Taxes 159 Operating Profit (GAAP) $
Slide 17: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Nine-Month Period Ended September 26, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 2,417 Interest, Net 193 Other Nonoperating (Income) Expense 135 Income Taxes 443 Operating Profit (GAAP) $
Slide 18: Non-GAAP Profitability Measures
DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) Nine-Month Period Ended September 27, 2024 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings (GAAP) $ 2,813 Interest, Net 114 Other Nonoperating (Income) Expense (7) Income Taxes 518 Operating Profit (GAAP) $
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 September 26, 2025 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margi
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 September 27, 2024 Net earnings for calculation of Earnings diluted earnings Diluted net Gross profit Operating Operating before income per common earnings per Cost of sales margi
Slide 21: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Nine-Month Period Ended September 26, 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
Slide 22: Other Non-GAAP Adjusted P&L Measures
DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) Nine-Month Period Ended September 27, 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
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 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 September 27, 2024 Operating Profit Margins (GAAP) 16.50 % 23.60 % 2.00 % 26.00 % Third quarter 2025 impact fro
Slide 25: Total Cash Flow and Free Cash Flow
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 Nine-Month Period Ended Year-over-Year September 26, 2025 September 27, 2024 Change Se
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: Danaher
danaher.