Life Science Tools & Diagnostics: Quick Thoughts on DHR Amidst the Recent Volatility

研报英文原文证据摘录

Life Science Tools & Diagnostics: Quick Thoughts on DHR Amidst the Recent Volatility

J P M O R G A N North America Equity Research

29 July 2026

Life Science Tools & Diagnostics

Quick Thoughts on DHR Amidst the Recent Volatility

DHR reported earnings last week alongside TMO and other peers in the Life Science Tools & Diagnostics

ACbioprocessing space with SRT (Overweight - Covered by JPM Analyst Richard Casey Woodring

Vosser), RGEN (Overweight), WST (Not Covered) and LONN (Overweight - (1-212) 622-9074

Covered by JPM Analyst Zain Ebrahim) all reporting since. Below we highlight casey.woodring@jpmchase.com

what we view to be the key investor debate on the story and why we like the set up Marta Nazarovets Zaremba

for the stock from here following the recent volatility. (1-212) 622-6046

marta.zaremba@jpmchase.com

• The debate on DHR following the 2Q print has understandably been Jaden Rismay

driven by questions about bioprocessing visibility following the resin (1-212) 622-8479

push-out. As we wrote at the time, the resin push-outs flagged last week have jaden.rismay@jpmchase.com

driven visibility concerns regarding the part of DHR’s business that is J.P. Morgan Securities LLC

supposed to be the most reliable. Historically, bioprocessing has been a steady

+HSD grower investors can punch into their model. While the headwinds seen

over the last few years have been tied to “black swan” events like COVID and

MFN, which drove destocking and slower equipment spending, the abrupt and

unexpected nature of the resin push-outs in 2Q has raised questions about

whether this is a one-off or instead a sign of a slower-growing underlying end-

market, renewed destocking headwinds, or an increasingly competitive

environment contributing to share shift.