Danaher (DHR) FY2025 results: revenue $24.6 billion, up 2.9% on the year

Danaher is a holding company for more than 15 operating companies in biotechnology, life sciences and diagnostics, organised under three segments of the same names. The filing describes the businesses as typically selling a high proportion of products and services on a recurring basis, primarily through a direct sales model, to a geographically diverse customer base. Facilities for research and development, manufacturing, sales, distribution, service and administration sit in approximately 50 countries. The stated strategy has three priorities: consistent application of the Danaher Business System, capital allocation into science and technology markets, and building the businesses it owns. There were approximately 60,000 employees at the end of 2025, about 22,000 in North America, 20,000 in Western Europe, 15,000 in high-growth markets and 3,000 in other developed markets, and about 58,000 of the total were full-time.

Biotechnology

The segment sells equipment, consumables, software and services used to advance the research, development, manufacture and delivery of biological medicines: monoclonal antibodies, recombinant proteins, replacement therapies such as insulin, vaccines, and newer cell, gene, mRNA and other nucleic acid therapies. It was established with the acquisition of Pall in 2015 and expanded with Cytiva in 2020, and it splits in two. Bioprocessing supports biomanufacturers from early process development through to large scale commercial and turn-key manufacturing: cell line and cell culture media development, process liquids and buffers, chromatography resins, filtration technologies, aseptic fill finish, single-use hardware and consumables, and services including the design and installation of full manufacturing suites. Its customers are pharmaceutical and biopharmaceutical companies, translational medicine institutions, biotechnology companies and contract manufacturing organisations. Discovery and medical covers lab filtration, separation and purification; lab-scale protein purification and analytical tools for bio-molecular analysis; reagents, membranes and services for diagnostic and assay development; and healthcare filtration for drug delivery and patient care. The key brands are CYTIVA and PALL.

Life Sciences

The segment sells instruments, consumables, services and software used to study the basic building blocks of life, including DNA and RNA, nucleic acid, proteins, metabolites and cells, to understand the causes of disease, identify therapies and test and manufacture new drugs, vaccines and gene editing technologies, plus products that filter contaminants from liquids and gases. It began with Leica Microsystems in 2005 and grew through acquisitions including Beckman Coulter in 2011, Pall in 2015, IDT in 2018, Aldevron in 2021 and Abcam in 2023. It has three parts. The instruments business covers validated centrifugation, automated liquid handling, advanced cell culture and analytical technologies, split across flow cytometry and lab automation, mass spectrometry, and microscopy. The consumables business covers genomic medicines, meaning custom DNA and RNA oligonucleotides and gene fragments for next generation sequencing, CRISPR genome editing, qPCR and RNA interference, plus protein consumables, meaning validated antibodies, reagents, biomarkers and assays. The filtration, separation and purification business removes contaminants through filtration consumables and hardware, used in microelectronics, aircraft, oil refineries, power generation turbines, petrochemical plants and food and beverage. The key brands are ABCAM, ALDEVRON, BECKMAN COULTER, GENEDATA, IDT, LEICA MICROSYSTEMS, MOLECULAR DEVICES, PALL, PHENOMENEX and SCIEX.

Diagnostics

The segment sells clinical instruments, consumables, software and services used by hospitals, physicians' offices, reference laboratories and other critical care settings to diagnose disease and make treatment decisions. It began with Radiometer in 2004 and grew through acquisitions including Beckman Coulter in 2011, HemoCue in 2013, the clinical microbiology business of Siemens Healthcare Diagnostics in 2015 and Cepheid in 2016. Molecular diagnostics supplies instruments, systems, software and consumables for DNA-based testing of organisms and genetic diseases, automating sample preparation, amplification and detection so testing can be done outside a laboratory with minimal training, commonly for healthcare-associated infections, respiratory disease, sexual health and virology. The clinical diagnostics businesses split three ways: the clinical lab business, analysing body fluids and cells; acute care diagnostics, measuring blood gases, electrolytes, metabolites and cardiac markers in laboratory and point-of-care settings; and pathology diagnostics, covering the workflow of a pathology laboratory. The key brands are BECKMAN COULTER, CEPHEID, HEMOCUE, LEICA BIOSYSTEMS, MAMMOTOME and RADIOMETER.

Making and selling

All three segments manufacture in North America, Europe and Asia, with Diagnostics also in Australia, and all three sell through a mix of direct sales personnel and independent distributors. Manufacturing uses metallic-based components, electronic components, chemistries, original equipment manufacturer products, plastics and other petroleum-based products. The filing notes that the cost and availability of some of those can be affected by shifting trade policies including tariffs and trade protectionism, and that oil and gas prices feed through to freight and utility costs.

From Danaher's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.