SRT3: Read-across from Danaher‘s 2Q: no need to panic

研报英文原文证据摘录

SRT3: Read-across from Danaher‘s 2Q: no need to panic

NSTEIN FLASHMAIL

21 July 2026

Delphine Le Louet

+33 1 42 13 92 93

European Healthcare, Medtech and Biotech delphine.le-louet@bernsteinsg.com

Sartorius AG Susannah Ludwig

+41 582 723 127

Rating susannah.ludwig@bernsteinsg.com

Outperform Specialist Sales

Price Target Christian Moore

+1 917 344 8555

SRT3.GY 284.00 EUR christian.moore@bernsteinsg.com

SRT3: Read-across from Danaher's 2Q: no need to panic

Sartorius AG and Sartorius Stedim (both OP) are down approx 10% on today’s Danaher’s HY results read-thru (See E. Burstein’s Quick

Take: DHR 2Q26 - Bioprocessing disappoints, but a glimmer of hope for life sciences), notably on Danaher’s comment on the call that

they had seen a few customers push out projects (particularly using their resins) from expected 2Q to 2027.

EXPECTED CHANGE TO CONSENSUS EARNINGS

>-10% -7% -5% -3% No Change +3% +5% +7% >+10%

We see today’s share price drop as rather punitive, though the segment has been particularly strong over the past month, largely outperforming

all healthcare indexes, gaining10% mom. So not an entirely surprising correction? Well, yes, somewhat, and here’s why.

1- The pre-close calls did not reveal any new or increased caution from Sartorius management vs what we have been used to. Discussion was

more or less a reiteration of the 1Q26 message: normalization in demand, order intake catch-up across the board, driven by consumables,

limited instruments demand, and still low biotech demand, but cautiously optimistic on accelerating lead identification by year-end/ end of

funnel build-up and a focus on CF.

2- Danaher’s stock price weakness is linked to bioprocessing, and particularly to what management described as a customer project timing

issue.