Equity Snap: Danaher Corporation (DHR US) Q2 beat, FY26 outlook raised at adj EPS

研报英文原文证据摘录

Equity Snap: Danaher Corporation (DHR US) Q2 beat, FY26 outlook raised at adj EPS

21 July 2026

Equity Snap: Danaher Equities Health Care Equipment &

Corporation (DHR US) Supplies

Q2 beat, FY26 outlook raised at adj EPS United States

◆ Q2 beat, FY26 outlook raised at adj EPS but lowered for core Shubhangi Gupta*, PhD

sales growth GlobalHSBC SecuritiesLife Sciencesand Capital& HealthcareMarketsAnalyst(India) Private

Limited

◆ Bioprocessing miss spooking the market shubhangi.gupta@hsbc.co.in

+91 80 4555 2143

Rajesh Kumar*

Danaher Corporation (DHR US, USD200.79, Buy, TP USD230.00) Senior Global Life Sciences & Healthcare Analyst

(Priced as of 15 Jul 2026) HSBC Bank plc

rajesh4kumar@hsbcib.com

Bioprocessing concerns: Q2 was a beat, however, bioprocessing was weak with +44 20 7991 1629

the management attributing it to customer project timing as underlying order trends Yessica Sanchez*

Global Life Sciences & Healthcare Analyst

remained strong and grew mid-teens in the quarter (bioprocessing equipment order HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Financiero HSBC

growth in Q1 was over 30%). The company expects to exit 2026 at mid-single digit yessica.sanchez@hsbc.com.mx

organic revenue growth. FY26 guidance for adj EPS was increased by 1% at mid- +55 52 8551 7904

point. The market seems to be very concerned out about the weakness in Biotech

business. * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Q2 2026 divergence: Q2 revenues were c3% ahead of VA cons and adj EPS was

5.6% ahead. Life Sciences and Diagnostics revenues were 4.6% and 5.5% ahead of

VA consensus respectively. However, Biotech revenues were c2% below consensus.