Danaher Corporation Fourth Quarter 2025 Earnings Release January 28, 2026 Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those ...

Core Viewpoint - Danaher Corp's annual profit forecast aligns closely with Wall Street estimates, and the company exceeded fourth-quarter profit and revenue expectations due to improving conditions in the life sciences sector [1] Group 1: Financial Performance - Danaher reported fourth-quarter profit and revenue that surpassed market expectations, indicating strong operational performance [1] - The company's annual profit forecast is largely in line with analysts' predictions, suggesting stability in future earnings [1] Group 2: Market Conditions - Improving conditions in the life sciences sector have positively impacted Danaher's performance, reflecting broader trends in the industry [1]

Financial Performance - Elevance Health reported an adjusted EPS of $3.33 for Q4 2025, exceeding estimates of $3.10, but operating revenue was $49.31 billion, slightly below the estimated $49.81 billion, and medical membership was 45.23 million, short of the estimated 45.36 million [2] - Danaher Corporation achieved total sales of $6.84 billion in Q4 2025, surpassing the estimated $6.79 billion, with an adjusted EPS of $2.23, outperforming the $2.16 estimate [3] - ASML noted a normalization in sales to China, with expectations for China's sales share to decrease to approximately 20% in 2026 from 33% in 2025 due to export restrictions, despite recording record orders in Q4 2025 [5] Guidance and Outlook - Elevance Health's guidance for 2026 adjusted EPS is projected to be at least $25.50, which is below the analyst consensus of $26.99 [2] - Danaher's 2026 adjusted EPS guidance is set between $8.35 and $8.50, aligning with the analyst estimate of $8.46 [3] - ASML raised its 2026 revenue guidance driven by strong global demand for AI-related chips [5] Analyst Ratings and Market Sentiment - Morgan Stanley upgraded RTX to a top pick and raised its price target from $215 to $235, indicating increased analyst optimism regarding the company's future performance [4]

Market Overview - U.S. stock markets are experiencing a pivotal moment with anticipation surrounding the Federal Reserve's interest rate decision and earnings reports from major technology companies [1] - Premarket trading shows a mixed but generally upward trend, with S&P 500 Futures up 0.3% to 7,028.75 points and Nasdaq 100 Futures up 0.6% to 26,228.75 points, while Dow Jones Futures remain flat at 49,159.0 points [2] Semiconductor Industry - U.S. chip stocks are seeing notable gains, with Nvidia increasing by 1.7%, AMD rising by 1.4%, and Intel climbing 4.6%, reflecting strong investor confidence in AI and advanced computing [3] Major Market Indexes - The S&P 500 Index closed at a record high of 6,978.60 points, a 0.41% increase, driven by strength in chipmakers and AI infrastructure stocks, particularly Micron Technology, which announced a $24 billion investment in Singapore [4] - The Dow Jones Industrial Average closed at 49,003.41 points, down 0.83%, primarily due to weakness in the healthcare sector, with UnitedHealth Group forecasting a revenue decline for 2026 [5] - The Nasdaq Composite Index closed up 0.91% at 23,817.10 points, reaching a 2.75-month high, with nearly 30% year-over-year growth attributed to AI advancements [6] Upcoming Market Events - The Federal Reserve is expected to hold its key interest rate steady within the 3.5%-3.75% target range, following three consecutive rate cuts in late 2025, with a focus on the labor market and consumer spending [7] - Major earnings reports are anticipated from tech giants Meta Platforms and Microsoft, which will provide insights into the technology sector's health and AI investments [13] Company News - Infosys announced a strategic AI-focused collaboration, indicating ongoing investment in AI solutions [14] - Boeing's CEO outlined a turnaround plan after six consecutive annual losses, addressing operational challenges [14] - HSBC is scaling back its M&A and equities businesses in Europe, the UK, and the Americas to focus on Asian operations [14] - JetBlue Airways reported a significant Q4 loss and provided weaker-than-expected revenue guidance, raising concerns about profitability [14] - RTX Corporation delivered higher-than-expected Q4 results, showcasing strong growth across its business segments [14]

(GAAP)**|**20.40%**||**24.90%**||**12.00%**||**26.80%**||Full year 2025 impact from operating profit margins ofbusinesses that have been owned for less than one yearor were disposed of during such period and did notqualify as discontinued operations|(0.20)||—||(0.30)||(0.15)||Full year 2025 resolution of an acquisition contingency inthe Diagnostics segment|0.05||—||—||0.10||Full year 2025 impairment charges related to tradenames in the Life Sciences and Diagnostics segmentsand technology, other intangible a ...

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Core Insights - Danaher Corporation is expected to report positive quarterly earnings, with significant orders from biotech companies indicating a potential turnaround after a prolonged period of underperformance [1] - The stock has shown a notable recovery, increasing 31% from its April low and 25% from its September low, driven by strong growth in the bioprocessing division [2] - Wall Street anticipates that Danaher will achieve its best growth in years in 2026, with mid-single-digit revenue growth and high single-digit earnings growth projected [2] Company Overview - Danaher Corporation specializes in instruments, consumables, software, and services for bioprocessing, life sciences research, and clinical diagnostics [2] - The company has shifted focus towards life sciences diagnostics after spinning off its water and product quality testing business, Veralto [2] Recent Performance - In late October, Danaher reported a strong quarter with a small revenue beat and 3% organic growth, alongside a significant earnings beat [2] - Despite previous frustrations with stock performance, recent results have led to a positive outlook and increased stock movement [2]

Core Insights - Danaher (DHR) is expected to report quarterly earnings of $2.15 per share, reflecting a 0.5% increase year-over-year, with revenues forecasted at $6.79 billion, representing a 3.9% year-over-year increase [1] Earnings Estimates - The consensus EPS estimate has been revised upward by 0.4% in the past 30 days, indicating a reassessment by covering analysts [2] - Revisions to earnings estimates are significant indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [3] Revenue and Sales Forecasts - Analysts predict 'Total sales- Diagnostics' to be $2.70 billion, a 2.6% increase from the previous year [5] - The average forecast for 'Total sales- Life Sciences' is $2.06 billion, indicating a 1.2% increase year-over-year [5] - 'Total sales- Biotechnology' is expected to reach $2.02 billion, reflecting a 7.9% increase from the prior-year quarter [5] Operating Profit Estimates - 'Operating profit- Life Sciences' is projected to be $258.78 million, down from $376.00 million reported in the same quarter last year [6] - 'Operating profit- Biotechnology' is expected to reach $535.78 million, compared to $508.00 million reported in the same quarter last year [6] - 'Operating profit- Diagnostics' is forecasted at $690.13 million, up from $624.00 million reported in the same quarter last year [7] Stock Performance - Over the past month, Danaher shares have returned +3.7%, outperforming the Zacks S&P 500 composite's +0.6% change [7] - Danaher currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near future [7]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Investment Opportunity - A specific company is highlighted as a potential investment opportunity, possessing critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI data centers [3][7] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the anticipated surge in electricity demand driven by AI technologies [3][6] Energy Demand and Infrastructure - AI technologies, particularly large language models like ChatGPT, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The company in focus owns nuclear energy infrastructure, which is crucial for America's future power strategy, and is capable of executing large-scale engineering, procurement, and construction projects across various energy sectors [7][8] Financial Position - The company is noted for being debt-free and having a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened with debt [8] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities in the AI sector [9][10] Market Trends - The current market environment is characterized by a shift towards onshoring and increased U.S. LNG exports, driven by government policies, which the company is well-positioned to capitalize on [5][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, making investments in AI increasingly attractive [12] Conclusion - The company represents a unique investment opportunity in the intersection of AI and energy, with the potential for significant returns as the demand for energy in AI applications continues to rise [10][11][13]

Market Overview - US equities showed strong momentum in 2025, achieving double-digit gains for the second consecutive year, with a rapid recovery from a bear market dip in April [1] - Market leadership has narrowed, with Mega-cap stocks and AI-driven companies dominating [1] Mar Vista U.S. Quality Strategy Performance - The Mar Vista U.S. Quality strategy reported a net-of-fees gain of +0.20% in Q4 2025, compared to the Russell 1000® Index's +2.41% and the S&P 500® Index's +2.65% [1] - Favorable stock selection in communication services, consumer discretionary, and financials contributed positively, while information technology, materials, and healthcare detracted from performance [1] Danaher Corporation (NYSE:DHR) Insights - Danaher Corporation's stock rebounded in Q4 2025 after lagging in the first three quarters, driven by recovering demand in bioprocessing, life science, and diagnostics [3] - The company has conservative growth expectations for 2026, with revenue projected to grow at 3-6%, improving throughout the year, and high single-digit EPS growth expected due to operating leverage [3] - Danaher Corporation's market capitalization is $168.673 billion, with a one-month return of 5.81% and a 52-week loss of 1.01% [2] Hedge Fund Interest - Danaher Corporation ranks 27th among the 30 Most Popular Stocks Among Hedge Funds, with 117 hedge fund portfolios holding its stock at the end of Q3 2025, up from 115 in the previous quarter [4] - The company reported Q3 2025 sales of $6.1 billion, reflecting a 3% core revenue growth [4]