DANAHER CORP /DE/ (DHR) Company Report

Danaher entered a definitive agreement to acquire Masimo for $180 per share in cash, implying a $9.9 billion enterprise value and a transaction multiple of 18× estimated 2027 EBITDA (15× including expected synergies).
The acquisition is expected to close in the second half of 2026, subject to regulatory clearances and Masimo shareholder approval, and will be funded with cash on hand and debt financing.
Masimo is projected to generate over $530 million of EBITDA in 2027, be accretive to adjusted EPS by $0.15–$0.20 in the first full year and approximately $0.70 by the fifth full year, with > $125 million of annual cost synergies and > $50 million of annual revenue synergies by year five.

Feb 17, 2026, 1:08 PM

8-K

Danaher to acquire Masimo Corporation

DHR

M&A

Danaher will acquire all outstanding Masimo shares for $180 per share in cash, valuing the deal at approximately $9.9 billion including debt and net of cash.
The transaction multiple is 18× 2027 estimated EBITDA (or 15× including full synergies), and it is expected to close in H2 2026 pending regulatory and shareholder approvals.
Masimo will operate as a standalone company within Danaher’s Diagnostics segment and is forecast to be accretive by $0.15–$0.20 per share in the first full year and $0.70 by the fifth year post-close.
Danaher expects Masimo to generate EBITDA exceeding $530 million in 2027 and realize over $125 million in annual cost synergies plus $50 million in revenue synergies by the fifth year.

Feb 17, 2026, 1:00 PM

Press Release

Danaher nears $10B Masimo acquisition

DHR

M&A

Danaher is close to agreeing on a $9.9–$10 billion deal to acquire Masimo, a premium over Masimo’s $7 billion market valuation, with an announcement potentially imminent.
The proposed deal would be Danaher’s largest since its $21.4 billion Cytiva acquisition, underscoring the strategic scale of the transaction.
Masimo, known for noninvasive patient-monitoring technologies such as pulse oximeters, has seen its stock drop about 27–28% over the past year and is entangled in a patent dispute with Apple.
Analyst consensus rates Danaher as a Strong Buy (17 Buys, 1 Hold) with an average price target implying roughly 25.2% upside.

Feb 17, 2026, 4:17 AM

Bloomberg

Danaher: Global Pharma Mass Spectrometry Market to Reach $2.75 Billion by 2031

DHR

The market grew from $1.43 billion in 2024 to $1.59 billion in 2025, with projections to hit $2.75 billion by 2031 at a 9.7% CAGR
Regulatory mandates, patent expirations, and complex biologic pipelines are driving mandatory LC-MS/MS adoption across all drug development phases
Expansion of outsourced bioanalytical testing by CROs/CDMOs and the shift to complex molecules (biologics, ADCs) amplify demand for advanced mass spectrometry
Innovator pharma and biotech companies are the top spenders on capital deployment, while high ownership costs constrain smaller firms and generics manufacturers
The market is moderately consolidated: Thermo Fisher Scientific, Agilent, and Waters lead, with a second tier including Danaher (SCIEX)

Feb 11, 2026, 2:30 PM

Press Release

Danaher forecasts bioprocess filtration market to grow 13.1% CAGR to $15.6 B by 2030

DHR

New Projects/Investments

BCC Research projects the bioprocess filtration market to expand from $8.4 billion in 2025 to $15.6 billion by 2030, achieving a 13.1% CAGR over the period.
Growth is driven by increasing demand for biologics, gene therapies, and cell-based treatments, expansion of CDMOs/CMOs, and rising adoption of single-use filtration systems under stringent GMP standards.
The consumables segment (cartridges, capsules, membranes, single-use assemblies) is expected to remain dominant through 2030.
North America leads the market, supported by major suppliers including Danaher’s Cytiva, Merck KGaA, Sartorius, and Repligen.
Danaher’s Cytiva invested $1.6 billion in 2025 to expand global filtration and device capacity—boosting its Ilfracombe, U.K. site by 81%.

Feb 4, 2026, 4:16 PM

Press Release

Danaher reports Q4 2025 results

DHR

Earnings

Guidance Update

Danaher’s Q4 2025 sales were $6.8 billion, with 2.5% core revenue growth; adjusted EPS was $2.23, and free cash flow totaled $1.8 billion.
Full-year 2025 sales reached $24.6 billion, core revenue grew 2%, adjusted EPS was $7.80 (+4.5%), and free cash flow was $5.3 billion (145% conversion).
For 2026, Danaher guided to 3%–6% core revenue growth, adjusted EPS of $8.35–$8.50, and Q1 core revenue up low single digits with an operating margin of ~28.5%.

Jan 28, 2026, 1:00 PM

Transcript

Danaher reports Q4 2025 earnings and 2026 guidance

DHR

Earnings

Guidance Update

Danaher capped Q4 2025 with better-than-expected margins, earnings and cash flow, driven by high single-digit bioprocessing growth and improving diagnostics and life sciences end markets.
Full year 2025: $24.6 B in sales (2% core growth), 28.2% adjusted operating margin, $7.80 EPS (+4.5%), and $5.3 B free cash flow (145% conversion).
2026 outlook: 3–6% core revenue growth and $8.35–$8.50 adjusted EPS, with Q1 revenue up low single digits and ~28.5% margin.
Continued innovation: Cytiva rolled out 20+ biologics workflow products (e.g., new Xcellerex bioreactor formats) and SCIEX launched the ZenoTOF 8600 mass spectrometer.

Jan 28, 2026, 1:00 PM

Transcript

Danaher reports Q4 2025 results and 2026 guidance

DHR

Earnings

Guidance Update

Danaher delivered Q4 2025 sales of $6.8 B (core revenue +2.5%), adjusted EPS $2.23 (+4%), and free cash flow $1.8 B.
For full year 2025, sales reached $24.6 B (core +2%), with an adjusted operating margin of 28.2%, adjusted EPS $7.80 (+4.5%), and free cash flow $5.3 B (145% conversion).
Q4 segment trends: bioprocessing grew high-single digits, life sciences was flat (+0.5%), and diagnostics rose 2%.
In diagnostics, Q4 respiratory revenue was $500 M, and FY2026 respiratory revenue is expected to be $1.8 B.
2026 outlook: core revenue growth of 3–6%, adjusted EPS $8.35–$8.50, Q1 revenue up low single digits with ~28.5% operating margin; continued strength in bioprocessing, modest life sciences recovery, and diagnostics growth.

Jan 28, 2026, 1:00 PM

Transcript

Danaher reports Q4 2025 results

DHR

Earnings

Guidance Update

Danaher reports Q4 2025 revenue of $6.838 B, up 4.5% year-over-year, driven by core growth of 2.5% and FX tailwinds of 2.5%.
Adjusted diluted EPS rose to $2.23 (+4.0%), while Q4 free cash flow reached $1.769 B, up 17.5%.
Segment performance: Biotechnology revenue +9.0% (core +6.0%), Life Sciences +2.5% (core +0.5%), Diagnostics +3.0% (core +2.0%).
Q1 2026 core sales growth expected at low-single digit (biotech high-single digit, life sciences flat/-low-single digit, diagnostics ‑low-single digit); full-year 2026 core growth forecast 3.0–6.0%.

Jan 28, 2026, 1:00 PM

Presentation

Danaher announces Q4 and full year 2025 results

DHR

Earnings

Guidance Update

Q4 2025 net earnings of $1.2 billion ( $1.66 diluted EPS), non-GAAP EPS of $2.23, revenues up 4.5% to $6.8 billion, operating cash flow of $2.1 billion and free cash flow of $1.8 billion
Full year 2025 net earnings of $3.6 billion ( $5.03 diluted EPS), non-GAAP EPS of $7.80, revenues up 3.0% to $24.6 billion, operating cash flow of $6.4 billion and free cash flow of $5.3 billion
2026 outlook: first quarter non-GAAP core revenue growth in the low-single digit range; full year core revenue growth of 3–6%; adjusted diluted EPS of $8.35–$8.50