1、Danaher CorporationRainer Blair,President&CEOJ.P.Morgan Healthcare Conference|January 9,20242Forward Looking StatementsStatements in this presentation that are not strictly historical,including any statements regarding Danahers anticipated financial performance and any other statements regarding eve

2、nts 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 tho

3、se suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements.These factors include,among other things,potential future,adverse impacts on our business,results of operations and financial condition related to the COVID-19

4、pandemic,the impact of our debt obligations on our operations and liquidity,deterioration of or instability in the economy,the markets we serve and the financial markets,uncertainties relating to national laws or policies,including laws or policies to protect or promote domestic interests and/or add

5、ress foreign competition,contractions or growth rates and cyclicality of markets we serve,competition,our ability to develop and successfully market new products and technologies and expand into new markets,the potential for improper conduct by our employees,agents or business partners,our complianc

6、e with applicable laws and regulations(including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry),the results of our clinical trials and perceptions thereof,our ability to effectively address cost reductions and other changes in th

7、e health care industry,our ability to successfully identify and consummate appropriate acquisitions and strategic investments and successfully complete divestitures and other dispositions,our ability to integrate the businesses we acquire(including the acquisition of Abcam plc)and achieve the antici

8、pated growth,synergies and other benefits of such acquisitions,contingent liabilities and other risks relating to acquisitions,investments,strategic relationships and divestitures(including tax-related and other contingent liabilities relating to past and future IPOs,split-offs or spin-offs),securit

9、y breaches or other disruptions of our information technology systems or violations of data privacy laws,the impact of our restructuring activities on our ability to grow,risks relating to potential impairment of goodwill and other intangible assets,currency exchange rates,tax audits and changes in

10、our tax rate and income tax liabilities,changes in tax laws applicable to multinational companies,litigation and other contingent liabilities including intellectual property and environmental,health and safety matters,the rights of the United States government with respect to our production capacity

11、 in times of national emergency or with respect to intellectual property/production capacity developed using government funding,risks relating to product,service or software defects,product liability and recalls,risks relating to fluctuations in the cost and availability of the supplies we use(inclu

12、ding commodities)and labor we need for our operations,our relationships with and the performance of our channel partners,uncertainties relating to collaboration arrangements with third-parties,the impact of deregulation on demand for our products and services,the impact of climate change,legal or re

13、gulatory measures to address climate change and our ability to address stakeholder expectations relating to climate change,labor matters and our ability to recruit,retain and motivate talented employees representing diverse backgrounds,experiences and skill sets,non-U.S.economic,political,legal,comp

14、liance,social and business factors(including the impact of military conflicts),disruptions relating to man-made and natural disasters,pension plan and healthcare costs,inflation and the impact of our By-law exclusive forum provisions.Additional information regarding the factors that may cause actual

15、 results to differ materially from these forward looking statements is available in our SEC filings,including our 2022 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2023.These forward-looking statements speak only as of the date of this presentation and except

16、 to the extent required by applicable law,the Company does not assume any obligation to update or revise any forward-looking statement,whether as a result of new information,future events and developments or otherwise.With respect to the non-GAAP financial measures referenced in the following presen

17、tation,definitions and the accompanying information required by SEC Regulation G can be found in this presentation or in the“Investors”section of Danahers web site,.All references in this presentation(1)to financial metrics relate only to the continuing operations of Danahers business,unless otherwi

18、se noted;(2)to“growth”or other period-to-period changes refer to year-over-year comparisons unless otherwise indicated;and(3)to operating profit below the segment level exclude amortization.We may also describe certain products and devices which have applications submitted and pending for certain re

19、gulatory approvals.34Current UpdateBetter-than-anticipated Q4 results in a challenging operating environment Better-than-anticipated Q4 2023 revenue Base business core revenue declined mid-single digits Life Sciences and Biotechnology both modestly above expectations Respiratory revenue of$600M at C

20、epheid exceeded expectationsExpect Q4 2023 adjusted operating profit margin to be in-line with or above prior guidance of 28%Abcam acquisition closed in December 2023,ahead of our initial expectations5OverviewPortfolio transformation driving higher revenue growth,profit margins and cash flowDifferen

21、tiated positions in many of the most attractive areas of Biotechnology,Life Sciences and DiagnosticsWell-positioned to generate sustainable long-term shareholder value,driven by DBS6Pre-Pandemic:A Multi-Industry Science and Technology PortfolioDanahers positioning has transformed over the last 5 yea

22、rs*Reflects reported revenue for 2018 prior to the presentation of the Dental and Environmental&Applied Solutions businesses as discontinued operationsDxDxEASEASDentalDentalLSLS2018 RevenueTotal Revenue*$20B65%Life Sciences&Diagnostics45%Dental&EASFinancial ProfileMSD56%21%$4BLong-Term Core Revenue

23、Growth(anticipated)Gross Profit MarginAdjusted Operating Profit MarginOperating Cash Flow7DxDxEASEASDentalDentalLSLSPortfolio Transformation Into a Stronger,Better Danaher2018Total Revenue$20B$2.8BDental revenue at 2019 IPO$4.8BEAS revenue at 2023 spinMSD56%21%$4BAnnual Revenue Divested($7.6B)2Long-

24、Term Core Revenue Growth(anticipated)Gross Profit MarginAdjusted Operating Profit MarginOperating Cash Flow1%MSD55%55%15%$5B$1BLong-Term Core Revenue Growth(anticipated)Gross Profit MarginAdjusted Operating Profit MarginOperating Cash FlowHSDHSD+60%60%40%35%21Portfolio ExitsAnticipated Future Annual

25、 Revenue31.Reflects reported revenue for 2018 prior to the presentation of the Dental and Environmental&Applied Solutions businesses as discontinued operations.2.Reflects reported revenue for the last full year prior to separation.3.Based on Aldevron 2023E revenue and Abcam 2023E revenue including f

26、or periods prior to acquisition by Danaher9DxDxEASEASDentalDentalLSLSPortfolio Transformation Into a Stronger,Better Danaher2018Total Revenue$20B$2.8BDental revenue at 2019 IPO$4.8BEAS revenue at 2023 spinMSD56%21%$4BAcquisitionsMarket ExpansionAnnual Revenue Divested($7.6B)Cytiva 2023E Revenue$5BIn

27、cremental Annual Respiratory Revenue$1B1$1BLong-Term Core Revenue Growth(anticipated)Gross Profit MarginAdjusted Operating Profit MarginOperating Cash Flow2Portfolio ExitsAnticipated Future Annual Revenue31.Reflects reported revenue for 2018 prior to the presentation of the Dental and Environmental&

28、Applied Solutions businesses as discontinued operations.2.Reflects reported revenue for the last full year prior to separation.3.Based on Aldevron 2023E revenue and Abcam 2023E revenue including for periods prior to acquisition by Danaher10DxDxEASEASDentalDentalLSLSPortfolio Transformation Into a St

29、ronger,Better DanaherFinancial profile has improved significantly vs.pre-pandemic2018DxDxBTBTLSLSTotal Revenue$24B2023EPortfolio ExitsTotal Revenue$20B$2.8BDental revenue at 2019 IPO$4.8BEAS revenue at 2023 spinMSD56%21%$4BAcquisitionsMarket ExpansionHSD60%29%$6BLong-Term Core Revenue Growth(anticip

30、ated)Gross Profit MarginAdjusted Operating Profit MarginOperating Cash FlowAnnual Revenue Divested($7.6B)Cytiva 2023E Revenue$5BIncremental Annual Respiratory Revenue$1B1Anticipated Future Annual Revenue$1B441.Reflects reported revenue for 2018 prior to the presentation of the Dental and Environment

31、al&Applied Solutions businesses as discontinued operations.2.Reflects reported revenue for the last full year prior to separation.3.Based on Aldevron 2023E revenue and Abcam 2023E revenue including for periods prior to acquisition by Danaher4.September 2023 YTD results from continuing operations.Lon

32、g-Term Core Revenue Growth(anticipated)Gross Profit MarginAdjusted Operating Profit MarginOperating Cash Flow3211Enhanced with innovation&DBS to accelerate growth&earningsLeading positions in attractive,fast-growing end markets Long-term,strong secular growth drivers Regulatory requirementsHigh-Qual

33、ity Businesses in Attractive End MarketsPie charts are a%of 2023E total revenue from continuing operations.StrategicEnd-Market ExposurePharma&BioPharmaMolecular DxClinicalDxRsrch./Acad.Ind.&AppliedUnited by a common business model Steady consumables stream off extensive installed base High value,mis

34、sion-critical applicationsRazor/Razor-blade Specd in Service80%Recurring Revenue12Long-term value creation through strategic M&ASignificant available capacity to pursue value creation opportunities*2020 reflects reported results prior to the presentation of the Environmental&Applied Solutions busine

35、sses as discontinued operations;Today reflects continuing operations(excluding the Environmental&Applied Solutions business)for the 12-month period ended September 29,2023Compounding returns over timeMarketCompanyValuation+=Secular growth drivers Fragmented Higher barriers to entry Optionality acros

36、s portfolio Competitive market position Consistent revenue visibility Higher margin businesses Cultural fit&Leadership assessment Focus on ROIC DBS opportunities Synergies with DHR OpCos2020Post-CytivaTodayExiting 2023 with significant M&A capacityNet Debt to EBITDA*2X2.5X13The Danaher Business Syst

37、em(DBS)DBS enabling differentiated execution,at scale14SummaryPortfolio transformation driving higher revenue growth,profit margins and cash flowDifferentiated positions in many of the most attractive areas of Biotechnology,Life Sciences and DiagnosticsWell-positioned to generate sustainable long-term shareholder value,driven by DBS1617