DHR: Bioprocessing Who-DAN-It? This Doesn't Seem Like a LONNg Shot

研报英文原文证据摘录

DHR: Bioprocessing Who-DAN-It? This Doesn't Seem Like a LONNg Shot

Life Science Tools & Diagnostics

FLASH

FLASH: DANAHER CORPORATION (DHR) July 22, 2026

DHR: Bioprocessing Who-DAN-It? This Doesn't Seem Like Rating:

a LONNg Shot Peer Perform

Price:

Following yesterday's underwhelming bioprocessing results from DHR - which $179.01

were attributed to a "few" (three?) large customers pushing out orders of resins from Price Target:

NAQ2 - we have been working to triangulate potential culprits.

Source: FactSet, Wolfe ResearchHere's what we know from DHR: Resin pushouts from 2Q and the resulting growth Priced as of 07/21/26

headwind to bioproduction were the product of three customer-specific issues: two

related to production schedule timing issues - a normal course of business thing - and

one related to "site readiness" (remember the word 'readiness' for later). DHR also

noted that the latter of the three had the largest impact on 2H26 bioprocess growth

with resin orders getting pushed out from 2Q, 3Q, and 4Q into next year.

Mike Polark, CFA

2Q revenue slippage was all orders in hand heading into 2Q. I.e., the pushout mpolark@wolferesearch.com

of revenue did not contribute to the mid-teens order growth called about by DHR (617) 313-7810

View Mike’s Research

in the quarter thus future return to HSD%+ revenue growth = intact? Bioprocess View DHR Model

orders typically convert to revenue within 9-12 months for equipment and faster for View Comp Table

consumables.

Austin Kennedy

So who might be one of the problem customers? Lonza. Based on news this akennedy@wolferesearch.com617-458-7817

morning, we now have a good guess on the largest of the three. We skimmed through

the 1H26 report of Lonza (LONN-CH, not covered) - the world's largest CDMO - Drewacurtis@wolferesearch.comCurtis