Slide 1: Danaher Corporation 2025 Overview
Danaher Corporation 2025 Overview Innovation at the speed of life.
Slide 2: Forward Looking Statements
Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding Danaher’s estimated or anticipated financial performance and any other statements regarding events or developments that we believe or anticipate will or may occur in the fu
Slide 3: Danaher Today
Danaher Today Biotechnology $7.3B $24.6B 2025 Total Revenue Life Sciences $7.3B Biotechnology Life Sciences Diagnostics Diagnostics Financial Profile $10.0B 59.2% 28.2% >$5B Gross Profit Adj. Operating Free Margin Profit Margin Cash Flow Differentiated positioning with a highly attractive fina
Slide 4: High-Quality Businesses in Attractive End Markets
High-Quality Businesses in Attractive End Markets Leading positions in attractive, fast-growing end markets United by a common business model • Long-term secular growth drivers • High value, ‘mission-critical’ applications • Regulatory requirements • Steady consumables stream off extensive installed
Slide 5: Strong Secular Growth Drivers Central to Our Strategy
Strong Secular Growth Drivers Central to Our Strategy Proliferation of Advancements in Aging Global Shift in Medicine Adoption of New Monoclonal Life Science Population to Biologics Technologies Antibodies Research >1.5B >20K +DD 2.5X +10X Estimated number of Biologics currently Monoclonal Increase
Slide 6: Leading Bioprocessing Franchise
Leading Bioprocessing Franchise Cell Culture & SUT Chromatography Filtration Drug Product Cell expansion & Formulation Clarification Capture Viral inactivation Intermediate Polishing Viral filtration Bulk fill Drug product fill production & sterile filtration 2025 % of 2025 revenue Global mAb produc
Slide 7: Well-Positioned in Life Sciences
Well-Positioned in Life Sciences Strategic • Broad-based end-market exposure Clinical Pharma & End-Market • Differentiated positions in analytical Biopharma Exposure instrumentation & life sciences consumables Attractive Business • >60% recurring revenue • Productivity opportunities and volume lever
Slide 8: Portfolio Indexed to Highly Attractive Areas of Diagnostics
Portfolio Indexed to Highly Attractive Areas of Diagnostics Anticipated Long-Term Performance Leading molecular player with Cepheid Long- Best-in-Class Molecular Dx largest installed base & test menu DD Term Core Revenue Growth Scaled Scaled pathology and blood LBS & Radiometer Specialty Dx gas lead
Slide 9: Innovation Helping Solve Some of Healthcare’s Biggest Challenges
Innovation Helping Solve Some of Healthcare’s Biggest Challenges Increasing Biologic Accelerating Drug Discovery Improving Patient Diagnoses Manufacturing Yields ZenoTOF 8600 Mass Spectrometer Xcellerex X-platform Bioreactors DxI 9000 Immunoassay Analyzer Significant performance gains in Scalable pl
Slide 10: Powering Advances in Neurodegenerative Disease Detection and Treatment
Powering Advances in Neurodegenerative Disease Detection and Treatment Antibody Research & Drug Discovery Disease Diagnosis Monoclonal Antibody Drug Production Accelerating antibody research and Enabling earlier, scalable blood-based Scaling next-generation Alzheimer’s therapy discovery Alzheimer’s
Slide 11: Long-term value creation through strategic M&A
Long-term value creation through strategic M&A Exiting 2025 with significant capital Market • Secular growth drivers • Fragmented deployment capacity • Higher barriers to entry Net Debt to Adjusted EBITDA* • Optionality across portfolio ~2.5X + Company •• Competitive market position Consistent reven
Slide 12: The Danaher Business System (DBS)
The Danaher Business System (DBS) Kaizen is our way of life Customers talk, we listen DBS enables differentiated execution, at scale 12
Slide 13: Putting It All Together
Putting It All Together Expect core revenue growth to accelerate with Anticipated long-term annual performance end-market recovery Core revenue growth HSD +HSD + Operating profit fall-through 35-40% + +3-6% Strong free cash flow >100% FCF / NI + Acquisitions FCF+ M&A spend 2.0% Core = Revenue Top qu
Slide 14: 25 Year Total Shareholder Return: DHR vs S&P 500 and XLV
25 Year Total Shareholder Return: DHR vs S&P 500 and XLV S&P Healthcare Years DHR S&P 500 Index (XLV) 3000% 10 Year 286% 298% 154% 15 Year 672% 620% 533% 25 Year 2,063% 728% 738% 2000% 1000% 0% Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Dec-25 Outperforming over the long term Source: FactSet 14
Slide 15: What You Heard Today
What You Heard Today Differentiated positions in attractive areas of Biotechnology, Life Sciences and Diagnostics Innovating to help customers improve quality and yields, reduce costs, and bring new therapies and diagnostic tests to market more efficiently Well-positioned to generate sustainable lon
Slide 16: Segment Overviews
Segment Overviews 16
Slide 17: Biotechnology Overview
Biotechnology Overview $7.3B Bioprocessing Discovery & End Market Medical Revenue 2025 Revenue Global growth drivers N. America Recurring • Shift in medicine towards biologics W. Europe Non-recurring • Growth in biologics R&D pipeline HGM Geographic Revenue ROW • Increasing focus on
Slide 18: Life Sciences Overview
Life Sciences Overview Biopharma & $7.3B Pharma Applied End Market Rsrch. & Acad. Revenue Clinical 2025 Revenue Global growth drivers N. America Recurring • Shift in medicine towards biologics W. Europe Non-recurring HGM • Growth in biologics R&D pipeline Geographic Revenue Mix R
Slide 19: Diagnostics Overview
Diagnostics Overview Clinical $10.0B Pathology & Acute/POC End Market Molecular Revenue 2025 Revenue Global growth drivers N. America Recurring • Penetration of molecular diagnostics W. Europe Non-recurring HGM • Point-of-care & decentralization of health care Geographic Revenue RO
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Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations 21
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations 22
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations 23