Danaher Corp.

Danaher reported overall revenues of $6.1 billion for Q3 2025, marking a 4.5% increase year-over-year, with non-GAAP core revenue growing 3.0%. Performance varied across segments. The Biotechnology segment led growth, with total sales increasing 9.0% and core sales up 6.5%, driven by continued momentum in its bioprocessing business. The Diagnostics segment also showed strength, achieving 4.0% total sales growth and 3.5% core sales growth, significantly bolstered by better-than-anticipated respiratory revenue at Cepheid. In contrast, the Life Sciences segment experienced modest total sales growth of 0.5% but saw a slight core sales decline of 1.0% year-over-year.

The company's profitability metrics for the third quarter were strong. GAAP net earnings reached $908 million, translating to $1.27 per diluted common share. On an adjusted basis, non-GAAP diluted net earnings per common share were $1.89, surpassing internal and market expectations. Operating profit for the quarter stood at $1.154 billion, a significant improvement from $958 million in the prior year. Danaher's operational efficiency was further evidenced by its robust cash generation, with operating cash flow reaching $1.7 billion and non-GAAP free cash flow at an impressive $1.4 billion. These figures highlight the company's ability to convert revenue into strong cash flows, providing flexibility for future investments and shareholder returns.

President and CEO Rainer M. Blair expressed strong satisfaction with the third quarter results, attributing the success to "DBS-driven execution" across the organization. He specifically lauded the sustained momentum within the bioprocessing business and the unexpectedly strong respiratory revenue from Cepheid, which collectively enabled the company to exceed its revenue, earnings, and cash flow expectations. Mr. Blair emphasized Danaher's unwavering commitment to delivering value to its customers, associates, and shareholders. The company is strategically investing in breakthrough innovation, enhancing commercial execution, and implementing meaningful productivity gains across all its businesses to fortify its competitive position.

Looking ahead, Danaher is maintaining its full-year 2025 adjusted diluted net earnings per common share guidance in the range of $7.70 to $7.80. The company also anticipates non-GAAP core revenue to grow in the low-single digits year-over-year for the full year. For the fourth quarter of 2025, Danaher projects total core sales growth in the low-single digits. Segment-wise, Biotechnology is expected to grow approximately 5%, while Life Sciences is forecasted for a low-single digit decline, and Diagnostics is expected to remain flat. These projections reflect a cautious yet confident outlook, leveraging its strong market position in life sciences and diagnostics to address global healthcare challenges through scientific excellence and continuous improvement.