KOL Perspectives on DHR‘s Q2 Resin Headwind

研报英文原文证据摘录

KOL Perspectives on DHR‘s Q2 Resin Headwind

Idea

July 27, 2026 10:30 AM GMT

Morgan Stanley & Co. LLCMDanaher Corporation | North America Kallum L Titchmarsh

Equity Analyst

KOL Perspectives on DHR's Q2 Kallum.Titchmarsh@morganstanley.comJason Lai +1 212 761-2351

Research Associate

Jason.Lai@morganstanley.com +1 212 761-4848

Resin Headwind Jakob Dodd

Jakob.Dodd@morganstanley.com +1 212 761-0797

Following DHR's Q2 bioprocessing miss, which was driven by

chromatography resin orders being pushed out, we conducted Danaher Corporation (DHR.N, DHR US)

checks with industry contacts to better understand what may LifeAmericaScience Tools & Diagnostics | United States of

have happened. Stock Rating Overweight

Industry View In-Line

Price target $220.00

Key Takeaways Shr price, close (Jul 24, 2026) $191.50

Mkt cap, curr (mm) ND

A mixture of both CDMO and innovators (large pharma) were seemingly the 52-Week Range $242.80-160.93

drivers of delayed chrom resin purchases in Q2. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS ($)** 7.80 8.47 9.13 10.04

While we offer a variety of reasons why delays could occur, we think production Prior EPS ($)** - - - -

schedule changes and site readiness were to blame here. P/E 26.0 20.2 18.9 17.4

EPS ($)§ 7.72 8.49 9.24 10.16

Unanimous KOL agreement that share shift didn't occur, given the spec'd in Div yld (%) 0.5 0.7 0.7 0.7

nature of resins + low biopharma risk appetite to switch. Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

DHR's leading share paired with the bulk ordering of resins explains the **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

meaningful impact, high likelihood of recovery but timing still murky. e = Morgan Stanley Research estimates

Quarterly EPS ($)