Earnings First Look: Strong Quarter for LS, Guidance Trimmed at Top End

研报英文原文证据摘录

Earnings First Look: Strong Quarter for LS, Guidance Trimmed at Top End

H O T C O M M E N T

J u l y 2 1 , 2 0 2 6

Danaher Corporation (DHR) Neutral

CONCLUSION PRICE: US$201.11

Danaher beat top- and bottom-line driven by strength in the Diagnostics segment. The TARGET: US$200.00

company lowered the core revenue growth outlook from 3% to 6% to 3% to 4% due to a Our PT of $200 is based on a ~19x P/E on our

MSD respiratory headwind, though noted higher growth in the Life Sciences segment than 2028E adj. EPS.

previously anticipated. We note this quarter's Life Sciences performance was particularly

strong at 5.5% core. The offset is Biotechnology at +2.5% core, below the +MSD 2Q guide, David Westenberg, CFA

Sr. Research Analyst, Piper Sandler & Co.

which management attributes to customer project timing on bioprocessing revenue, with 727 281-6589, david.westenberg@psc.com

bioprocessing orders growing mid-teens in the quarter. We believe DHR is the highest Karan Patel

quality compounder in the life science tools sector, though we would like to see the company Research Analyst, Piper Sandler & Co.

return to a high single-digit growth rate and double-digit EPS growth rate. 727 709-9084, karan.patel@psc.com

The Numbers: Skye Gilbert

Research Analyst, Piper Sandler & Co.

• Revenue of $6.27B (from $5.94B in 2Q'25) vs. consensus/us $6.11B/$6.01B 646 357-0308, skye.gilbert@psc.com

revenue of $1.92B (from $1.85B in 2Q'25) vs. consensus/us $1.97B/ ◦Biotechnology RISKS TO ACHIEVEMENT OF $1.91B PT & RECOMMENDATION

Sciences revenue of $1.88B (from $1.78B in 2Q'25) vs. consensus/us $1.80B/ ◦Life Upside risks: Market recovery, $1.79B

strategic M&A, margin expansion revenue of $2.47B (from $2.31B in 2Q'25) vs. consensus/us $2.33B/ ◦Diagnostics

$2.32B through DBS. Downside risks: