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Danaher
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Updated Oct 21, 2026
Danaher Q3 2026: New CEO Targets Unambiguous Share Gain as Bioprocessing Orders Surge Mid-Teens and Core Ex-Respiratory Accelerates to 5.5%
Danaher's Q3 2026 results beat expectations on revenue, earnings, and cash flow, with core revenue growth excluding respiratory accelerating 100 basis points sequentially to 5.5%, led by bioprocessing mid-teens order growth and a 7% core Diagnostics print ex-respiratory. Incoming CEO Julie Sawyer Montgomery's strategic agenda centers on commercial excellence, cross-platform customer connectivity, and AI-powered autonomous lab workflows — signaling a deliberate shift from portfolio reshaping to organic share gain. Management's 2027 initial framework of 4%-5% core growth ex-respiratory, while in line with recent trend, positions bioprocessing for further acceleration given record antibody pipelines, biosimilar volume, and a nascent reshoring opportunity management frames as a potential billion-dollar U.S. market opportunity, primarily from 2028 onward.
Tone: bullishRevenue
$24.6B
DHR 10-K · FY 2025
Employees
60,000
Revenue FY2024
$23.9B
Headquarters
Washington, DC
Profile
DHR 10-K Item 1 · Feb 24, 2026Danaher is a global science and technology company focused on improving human health, operating across biotechnology, life sciences, and diagnostics through more than 15 operating companies. The company sells instruments, consumables, software, and services on a largely recurring basis, primarily via direct sales, to a geographically diverse customer base in approximately 50 countries. Its operations are unified by the Danaher Business System (DBS), a continuous-improvement operating philosophy that underpins culture, strategy, and execution.
Read filing description ↓ Collapse description ↑
Danaher is a global science and technology innovator committed to accelerating the power of science and technology to improve human health. Danaher is comprised of more than 15 operating companies with leadership positions in the biotechnology, life sciences and diagnostics sectors, organized under three segments (Biotechnology, Life Sciences and Diagnostics). United by the DANAHER BUSINESS SYSTEM ('DBS'), our businesses are also typically characterized by a high level of products and services that are sold on a recurring basis, primarily through a direct sales model and to a geographically diverse customer base. Our business' research and development, manufacturing, sales, distribution, service and administrative facilities are located in approximately 50 countries. Danaher strives to create shareholder value primarily through three strategic priorities: strengthening our competitive advantage through consistent application of DBS tools and culture; enhancing our portfolio in attractive science and technology markets through strategic capital allocation; and consistently attracting and retaining exceptional talent. The idea for Danaher originated in the early 1980s when the Company's founders, Steven M. and Mitchell P. Rales, envisioned a business that would generate sustainable long-term value for customers, associates and shareholders. Through a series of acquisitions and divestitures, Danaher has evolved over time into the science and technology innovator it is today. While the operating companies that make up Danaher have changed over time, DBS continues to be the guiding philosophy for the Company.
Primary products
- cell culture media and process liquids
- chromatography resins
- filtration technologies
- single-use hardware and consumables
- aseptic fill finish systems
- bioprocessing manufacturing suite design and installation services
Business segments
End markets
Geographies
“Management believes that the Company has a leadership position in many of the markets it serves.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
In 2025, the Company's overall revenues and core sales increased 3.0% and 2.0%, respectively, compared to 2024, driven primarily by higher core sales in the Biotechnology segment and, to a lesser extent, the Diagnostics segment, with a 1.0% tailwind from currency translation.
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