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Company Research12 Nov 2024
Our List of 100 Eminent Serial Acquirers
Serial acquirers have deep experience in mastering value creation through reallocating resources across their portfolio of acquired companies.
Danaher
Danaher (DHR) investor relations material
Danaher 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary13 Jan, 2026
Financial performance and outlook
Fourth quarter 2025 results are expected to exceed prior expectations, with core growth at the high end of low single-digit guidance, driven by strong bioprocessing consumables and equipment sales.
Adjusted EPS for 2025 is projected at the high end of $7.70–$7.80 guidance, supporting initial 2026 expectations of 3%–6% core revenue growth and high single-digit adjusted EPS growth.
Estimated 2025 total revenue is ~$24.5B, with gross profit margin at 59.5% and adjusted operating profit margin at 28.6%.
Operating cash flow exceeds $6B, with a net debt to adjusted EBITDA ratio of ~2.5x, providing capacity for further M&A.
Free cash flow conversion remains strong, supporting top quartile EPS growth and compounding returns.
Market positioning and growth drivers
Positioned in Biotechnology, Life Sciences, and Diagnostics, with over 15 leading operating companies and strong contributions from each segment.
End markets benefit from secular growth drivers: aging population, shift to biologics, and adoption of new technologies like molecular diagnostics.
Monoclonal antibodies and molecular diagnostics are experiencing double-digit growth since 2019, with Cytiva supporting over 90% of global mAb production volume.
Recurring revenue streams account for ~80% of total revenue, driven by consumables and service contracts.
Portfolio is aligned to long-term trends in healthcare innovation and diagnostics.
Segment performance and innovation
Bioprocessing franchise generates over $6 billion, with 80% from monoclonal antibodies and over 90% market penetration in commercialized products.
Life Sciences segment ($7.3 billion) features diversified end markets and over 60% recurring revenue, with ongoing margin expansion opportunities.
Diagnostics segment ($10 billion) includes leading molecular diagnostics (Cepheid), specialty businesses, and strong growth in core lab diagnostics.
Recent innovations include advanced mass spectrometers, scalable bioreactors, and high-sensitivity immunoassay analyzers, including the first automated high-throughput BD-Tau immunoassay for Alzheimer's research.
New product revenue increased by 25% in the past year, driven by targeted innovation.
M&A capacity with 2.5X Net Debt/Adj. EBITDA
Drivers of 25% new product revenue increase
What underpins 80% recurring revenue?
Bioprocessing equipment: What sustains growth trend?
How does DxI-9000 impact Alzheimer's diagnosis?
What M&A market conditions are now constructive?
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Next Danaher earnings date
Q4 202528 Jan, 2026
Danaher
Next Danaher earnings date
Q4 202528 Jan, 2026
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Frequently asked questions
Life Science Suppliers
Established in 1969, Danaher Corporation first started out in the real estate investment field to then move on to and in time become a notable player in the science and technology sector. Headquartered in Washington, D.C., Danaher's portfolio encompasses life sciences, diagnostics, environmental, and applied solutions. The company provides tools and solutions that cater to a wide range of professional and institutional needs and has grown through both the organic expansion of its operations, but also through hundreds of acquisitions over the years.
What They Do
Danaher is a diversified company, primarily operating in life sciences and various related fields. Under the Life Sciences umbrella, Danaher engages in a wide array of research and development activities, providing solutions for biological research and pharmaceutical drug discovery. With equipment and tools that facilitate the understanding of complex biological matters, Danaher supports projects in genomics, proteomics, and cellular analysis. In diagnostics, the corporation delivers a suite of analytical instruments, reagents, consumables, software, and services that hospitals, physicians, and diagnostic labs employ to diagnose diseases and ailments. The company is also active in Environmental & Applied Solutions. This segment focuses on products that ensure environmental safety and quality and covers areas such as water quality analysis and product identification. Danaher competes with companies operating in the same industry as them, such as Thermo Fisher and Illumina.
Danaher Business System
At the heart of Danaher Corporation's philosophy lies the Danaher Business System (DBS), a unique and continuously evolving system that drives every aspect of the conglomerate's operations. Stemming from the foundational principles of the Toyota Production System, DBS has been modified to fit Danaher's business operations.
The system focuses on providing the highest quality, delivery, and value by enhancing customer satisfaction and driving sustainable growth. Key components of DBS include lean manufacturing, leadership development, and problem-solving. By applying these principles, Danaher aims to minimize waste and enhance productivity. Furthermore, DBS fosters innovation by emphasizing the importance of understanding market needs and acting on them swiftly.
Acquiring for the Long Term
Danaher Corporation's acquisition strategy is a pivotal component of its growth. Through deliberate and strategic purchases, primarily in the life sciences, diagnostics, and environmental sectors, Danaher expands its product and service offerings. Each acquisition is meticulously chosen to align with and complement their existing portfolio. Instead of short-term gains, Danaher focuses on long-term value, using DBS as a tool to optimize and enhance the performance of its new assets.
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