Danaher (DHR) Bank of America Global Healthcare Conference 2026 summary

Business performance and market trends

• Achieved 300 basis points of core growth excluding respiratory, with strong momentum in end markets and bioprocessing driven by consumables and equipment orders up over 30% year-over-year.

• Life Science consumables, including Abcam and Aldevron, showed growth, indicating higher activity in biotech and academic/government sectors.

• Diagnostics segment maintained mid-single digit growth for the eighth consecutive quarter, with robust patient volumes in China and successful navigation of volume-based procurement changes.

• Delivered 30% operating margins and nearly 10% EPS growth in the first quarter, supporting the full-year guidance.

• Bioprocessing market expected to sustain high single-digit growth long term, supported by new monoclonal antibody approvals and biosimilars.

Bioprocessing and equipment outlook

• Bioprocessing consumables have normalized, with pre-pandemic lead times and robust market demand, though order sizes can be lumpy.

• Equipment orders are mainly for brownfield expansions, with execution timelines of 6–18 months, and a multi-year CapEx tailwind expected from capacity expansion and reshoring in the U.S.

• No changes to equipment revenue growth assumptions for 2026; sales expected to be flat this year after a double-digit decline last year.

• Long-term view on the bioprocess market remains high single-digit growth.

Life sciences segment developments

• Aldevron and Abcam returned to growth ahead of expectations, with five consecutive months of year-over-year growth for Abcam.

• Life Science instruments saw low single-digit sales decline, but order books improved, especially in pharma, clinical, and applied markets.

• Pall Industrial, about 25% of Life Science sales, is growing in microelectronics, aerospace, energy, and food/beverage, and is accretive to the segment.

• AI adoption in pharma and biotech is expected to drive multi-year secular growth, with the company positioned as an automation provider for autonomous labs.