Danaher (DHR) official guidance

This results in a full year 2026 core revenue growth outlook in the range of 3%-4%.

Additionally, given our second quarter earnings beat and the earlier than anticipated completion of the Masimo acquisition, we're raising our full-year adjusted diluted net EPS guidance to a range of $8.45-$8.60, versus our previous range of $8.35-$8.55.

Finally, we expect a third quarter adjusted operating profit margin of approximately 26.5%.

We expect third quarter revenue growth to be approximately 2%-3%, which includes an approximately 250 basis point year-over-year headwind from respiratory testing.

Respiratory, we're thinking given where infection rates have trended, about $1.6 billion or a touch below that for the full year.

We expect third quarter revenue growth to be approximately 2%-3%, which includes an approximately 250 basis point year-over-year headwind from respiratory testing.

| Amortization of acquisition-related intangible assets ($ in millions) | ~$(500) | | ~$(1,900) |

| Amortization of acquisition-related intangible assets ($ in millions) | ~$(500) | | ~$(1,900) |

| Biotechnology | +Mid-single digit | | +Mid-single digit |

| Biotechnology | +Mid-single digit | | +Mid-single digit |

| Diagnostics | Flat | | +Up slightly |

| Diagnostics | Flat | | +Up slightly |

| Life Sciences | +3.0% - +4.0% | | +3.0% - +4.0% |

| Life Sciences | +3.0% - +4.0% | | +3.0% - +4.0% |

| Total Company | +2.0% - +3.0% | +Mid-single digit | +3.0% - +4.0% |

| Total Company | +2.0% - +3.0% | +Mid-single digit | +3.0% - +4.0% |

| Total Company | +2.0% - +3.0% | +Mid-single digit | +3.0% - +4.0% |

| Core sales growth excluding respiratory testing (non-GAAP) | ~+5.0% | +Mid-single digit | +Mid-single digit |

| Core sales growth excluding respiratory testing (non-GAAP) | ~+5.0% | +Mid-single digit | +Mid-single digit |

| Core sales growth excluding respiratory testing (non-GAAP) | ~+5.0% | +Mid-single digit | +Mid-single digit |

| Corporate expense I ($ in millions) | ~$(90) | | ~$(360) |

| Corporate expense I ($ in millions) | ~$(90) | | ~$(360) |

| Impact of currency exchange rates on sales H | ~(1.0)% | | ~+0.5% |

| Impact of currency exchange rates on sales H | ~(1.0)% | | ~+0.5% |

| Average adjusted diluted shares (in millions) | ~707 | | ~709 |

| Average adjusted diluted shares (in millions) | ~707 | | ~709 |

| Effective tax rate | ~17.0 | % | ~17.0 | % |

| Effective tax rate | ~17.0 | % | ~17.0 | % |

| Interest expense, net J ($ in millions) | ~$(115) | | ~$(310) |

| Interest expense, net J ($ in millions) | ~$(115) | | ~$(310) |

| Impact of respiratory testing | +2.5% | Flat | +Low-single digit |

| Impact of respiratory testing | +2.5% | Flat | +Low-single digit |

The way we're thinking about it is core growth, low single digits in the first half of the year, sequential improvement from Q1 to Q2.

The way we're thinking about it is we're expecting mid- to high single-digit earnings growth in the first half of the year, all in, and that puts us on the right path here for the rest of the year as we go forward.

During the quarter, we also announced the pending acquisition of Masimo, and with the strength of our balance sheet and more than $5 billion of expected 2026 free cash flow.

Additionally, we expect the second quarter adjusted operating profit margin of approximately 26.5%.

Recall last year we were down double digits. This year the guide assumes that we're flat on equipment.

I think as we go forward, we see positive growth for our Life Sciences consumables business here for the full year.

In the second quarter, we expect core revenue to be up low single digits.

| Biotechnology | +Mid-single digit | ~+6.0% |

| Diagnostics | Flat | +Low-single digit |

| Life Sciences | +Up slightly | +Up slightly |

| Total Company | +Low-single digit | +3.0% - +6.0% |

| Corporate expense I ($ in millions) | ~$(90) | | ~$(360) | |

| Impact of currency exchange rates on sales H | ~+0.5 % | | ~+0.5 % | |

| Average adjusted diluted shares (in millions) | ~712.0 | | ~714.0 | |

| Effective tax rate | ~17.0 | % | ~17.0 | % |

| Interest expense, net J ($ in millions) | ~$(40) | | ~$(140) | |

In the first quarter, we expect core revenue to be up low single digits, and additionally, we expect the first quarter adjusted operating profit margin of approximately 28.5%.

In the first quarter, we expect core revenue to be up low single digits, and additionally, we expect the first quarter adjusted operating profit margin of approximately 28.5%.

Now, since then, we've seen that ILI come down, but testing continues to be robust, and we've put out the perspective that we expect our first quarter respiratory to be around $500 million of revenue.

Now, given the sustained and substantial activity levels at our customers over the last year, we anticipate high single-digit core revenue growth in bioprocessing for the full-year 2026.

So for us, bioprocessing should continue to have a positive development, and certainly we expect China bioprocessing to grow in 2026.

Bioprocessing on the consumable side for the year and for Q1, our assumption is that we'll grow high single digits, and it's probably going to be at the upper end of high single digits.

Bioprocessing on the consumable side for the year and for Q1, our assumption is that we'll grow high single digits, and it's probably going to be at the upper end of high single digits.

And then lastly, we expect diagnostics to grow in the low single digits.

| Biotechnology | +High-single digit | ~+6.0% |

| Diagnostics | -Low-single digit | +Low-single digit |

| Life Sciences | Flat/ -Low-single digit | Flat |

| Total Company core sales growth (non-GAAP) | +Low-single digit | +3.0% - +6.0% |

| Corporate expense2 | ~$(90) | | ~$(360) |

| Impact of currency exchange rates on sales1 | ~+3.5% | | ~+1.0% |

| Average adjusted diluted shares | ~714.0 | | ~717.0 |

| Effective tax rate | ~17.0% | | ~17.0% |

| Interest expense, net3 | ~$(45) | | ~($180) |

All up, all in, you're talking about a $250 million type savings number in 2026 that gives you, call it, $0.30 of EPS tailwind as we head into the year.

For the full year 2025, we're maintaining our full year adjusted diluted EPS guidance range of $7.70-$7.80.

Turning to 2026 earnings, we expect the operating leverage on anticipated core revenue growth and the benefit of our 2025 productivity initiatives to drive more than 100 basis points of adjusted operating profit margin expansion, which would result in high single digit adjusted earnings per share growth before any benefit from capital allocation.

All up, all in, you're talking about a $250 million type savings number in 2026 that gives you, call it, $0.30 of EPS tailwind as we head into the year.

These are sort of one-time items and we do expect the cost actions, that $175 million, to generate a net $75 million in savings.

Additionally, we expect a fourth quarter adjusted operating profit margin of approximately 27%, which importantly includes the impact of anticipated productivity investments aimed at further improving our cost structure.

Turning to 2026 earnings, we expect the operating leverage on anticipated core revenue growth and the benefit of our 2025 productivity initiatives to drive more than 100 basis points of adjusted operating profit margin expansion, which would result in high single digit adjusted earnings per share growth before any benefit from capital allocation.

Biotechnology in the fourth quarter, we are going to be high single digits in bioprocessing and we are seeing [DNM] down mid single digits.

In biotechnology, we expect high single digit core growth.

Outside of that, that's been a business that has done sort of, you know, high single low double digits on a pretty consistent basis on non respiratory. I think with the install base continuing to sort of expand and as we start to add more menu onto existing customers, I suspect that those levels are a good place to start as well.

For the full year 2026, we expect core revenue growth in the 3%-6% range as we are assuming modest recovery across our end markets.

In the fourth quarter, we expect core revenue to grow in the low single digit percent range as we expect market conditions to be largely consistent with what we saw in Q3.

| Biotechnology | ~+5% | |

| Diagnostics | Flat | |

| Life Sciences | -Low-single digit | |

This includes an expectation that non-GAAP core revenue will grow low-single digits year-over-year for the full year 2025.

| Core sales growth (non-GAAP) | +Low-single digit | +Low-single digit |

| Corporate expenseI | ~$(85) | |

| Impact of currency exchange rates on salesH | ~+2.5% | |

| Effective tax rate | ~17.0 | % |