DHR · 10-Q · 2026Q3 · Full report

End-Market Demand Trends

DANAHER CORP /DE/ · 2026-10-21 · Importance 25 · Surprise 32

Danaher reported strengthened sequential demand across applied, clinical, pharmaceutical, biopharmaceutical and biotechnology customers in the third quarter of 2026, while academic and government demand improved but remained muted. Biotechnology core sales increased 5.0% in the quarter and 4.5% for the first nine months, led by consumables and equipment, with bioprocessing demand rising at a mid-single-digit rate. Life Sciences core sales increased 4.5% in the quarter and 3.5% year to date, driven by filtration, life-science instruments and consumables; mass spectrometry benefited from strong pharmaceutical and biopharmaceutical demand. Diagnostics core sales excluding respiratory testing increased 7.0% in the quarter and 5.0% year to date, as clinical diagnostics and non-respiratory molecular tests offset weaker respiratory-testing demand.

Key facts

• Core sales in the molecular diagnostics business declined year-over-year in both the three and nine-month periods ended September 25, 2026 due to decreased core sales of respiratory tests despite increased non-respiratory test sales. source
• Bioprocessing core sales increased towards the upper end of mid-single digits in the three-month period and increased mid-single digits in the nine-month period ended September 25, 2026, primarily driven by mid-single digit increases in consumables demand and improved equipment sales. source
• The decreased demand for respiratory tests was driven primarily by lower prevalence of respiratory disease in the nine-month period of 2026 compared to the comparable period of 2025. source