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Danaher Corporation Third Quarter 2026 Earnings Release October 21, 2026
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2 Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events 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 those 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: the impact of the tariffs and related actions implemented by the U.S. and other countries, the impact of our debt obligations (including debt we incurred to finance the acquisition of Masimo Corporation) on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, the impact of global health crises, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (in each case, including with respect to our acquisition of Masimo Corporation), including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs, 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 compliance 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 the health care industry, security breaches or other disruptions of our information technology systems or violations of data privacy laws, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation, regulatory proceedings 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 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 our manufacturing operations, the impact of climate change, legal or regulatory measures to address climate change and other sustainability topics and our ability to address regulatory requirements or stakeholder expectations relating to climate change and other sustainability topics, risks relating to fluctuations in the cost and availability of the supplies we use (including 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, labor matters and our ability to recruit, retain and motivate talented employees, U.S. and non-U.S. economic, political, geopolitical, legal, compliance, social and business factors (including the impact of elections, regulatory and policy changes or uncertainty, government shutdowns and military conflicts such as the conflict in the Middle East), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2025 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2026. These forward-looking statements speak only as of the date of this document (October 21, 2026) and except 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 presentation, calculations of these measures, explanations of what these measures represent, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, as applicable, and other information relating to these non- GAAP measures required by SEC Regulation G can be found in the accompanying information at the end of this presentation or inthe “Investors” section of Danaher’s web site, www.danaher.com, under the subheading “Quarterly Earnings.” In addition, in addressing various financial metrics the presentation describes certain of the more significant factors that impacted year-over-year performance. For additional factors that impacted year-over-year performance, please refer to our earnings release and the other related presentation materials supplementing today’s call, as well as our third quarter Form 10-Q, all of which are available in the “Investors” section of Danaher’s web site under the subheadings “Financial Reports” and “Quarterly Earnings." All references in this presentation (1) to financial metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted; and (2) to “growth” or other period-to-period changes, refer to year-over-year comparisons unless otherwise indicated. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals.
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3 Core Ex-Respiratory +5.5% Third Quarter 2026 Performance Summary Throughout this presentation, with respect to revenue performance, for a reconciliation of "Core Revenue Growth" and "Core Revenue Growth Excluding Respiratory Revenue", please refer to Danaher’s most recent Quarterly Non-GAAP reconciliations, which are available in the back of this presentation and in the “Investors” section of Danaher’s website under the subheading "Quarterly Earnings”. Revenue +8.5% Adjusted Diluted Net Earnings Per Common Share +11.5% ($ millions) Adjusted Operating Profit Margin +110 BPS
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4 Third Quarter 2026: Biotechnology Revenue Adjusted Operating Profit Margin +460 BPS+0.5% Core +5.0% ($ millions)
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5 Third Quarter 2026: Life Sciences Revenue Adjusted Operating Profit Margin +4.0% ($ millions) Core +4.5% +70 BPS
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6 Third Quarter 2026: Diagnostics Revenue Adjusted Operating Profit Margin -80 BPS+17.0% ($ millions) Core Ex-Respiratory +7.0%
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7 Core Revenue Growth Excluding Respiratory Testing Revenue Q1 Q2 Q3 Q4 FY25 Q1 Q2 Q3 Q4E FY26E Biotechnology 7.0% 6.0% 6.5% 6.0% 6.5% 7.0% 2.5% 5.0% +MSD +MSD Life Sciences -4.0% -2.5% -1.0% 0.5% -1.5% 0.5% 5.5% 4.5% 4.0% to 5.0% 3.0% to 4.0% Diagnostics -1.5% 2.0% 3.5% 2.0% 1.5% -4.0% 2.0% 0.5% Up Slightly ~Flat Danaher 0.0% 1.5% 3.0% 2.5% 2.0% 0.5% 3.0% 3.0% ~3.0% ~2.5% Danaher ex respiratory 1.0% 2.0% 2.5% 4.0% 2.5% 3.0% 4.5% 5.5% 4.0% to 5.0% +MSD Respiratory impact -1.0% -0.5% 0.5% -1.5% -0.5% -2.5% -1.5% -2.5% ~-1.5% -LSD Respiratory revenue* ~$650M ~$300M ~$500M ~$500M ~$1.9B ~$500M ~$250M ~$350M ~400M ~$1.5B Respiratory revenue y/y % change ~ -25% ~ - 15% ~-30% ~-20% ~-20% *Actuals round to nearest $50M 2025 2026 2025 and 2026 Danaher Core Revenue Growth
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8 Q&A
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DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL FORWARD-LOOKING INFORMATION THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 25, 2026 AND SEPTEMBER 26, 2025
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TABLE OF CONTENTS Page 1 Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing 2 Forward-Looking Information 3 Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing 3 Historical and Forward-Looking Respiratory Testing Sales 4 Segment Sales, Operating Profit and Adjusted Operating Profit 5 Non-GAAP Profitability Measures 9 Other Non-GAAP Adjusted P&L Measures 15 Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes 16 Total Cash Flow from Continuing Operations, Free Cash Flow from Continuing Operations and Related Measures 17 Statement Regarding Non-GAAP Measures FORWARD-LOOKING STATEMENTS DISCLOSURE Statements in this document that are not strictly historical, including any statements regarding anticipated performance for any fiscal period that has not been completed, and any other statements regarding events 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 those 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: the impact of the tariffs and related actions implemented by the U.S. and other countries, the impact of our debt obligations (including debt we incurred to finance the acquisition of Masimo Corporation) on our operations and liquidity, deterioration of or instability in the global economy, the markets we serve and the financial markets, uncertainties with respect to the development, deployment, and use of artificial intelligence in our business and products, the impact of global health crises, uncertainties relating to national laws or policies, including laws or policies to protect or promote domestic interests and/or address foreign competition, our ability to successfully identify and consummate appropriate acquisitions and strategic investments, our ability to integrate the businesses we acquire and achieve the anticipated growth, synergies and other benefits of such acquisitions, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (in each case, including with respect to our acquisition of Masimo Corporation), including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs, 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 compliance 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 the health care industry, security breaches or other disruptions of our information technology systems or violations of data privacy laws, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation, regulatory proceedings 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 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 our manufacturing operations, the impact of climate change, legal or regulatory measures to address climate change and other sustainability topics and our ability to address regulatory requirements or stakeholder expectations relating to climate change and other sustainability topics, risks relating to fluctuations in the cost and availability of the supplies we use (including 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, labor matters and our ability to recruit, retain and motivate talented employees, U.S. and non-U.S. economic, political, geopolitical, legal, compliance, social and business factors (including the impact of elections, regulatory and policy changes or uncertainty, government shutdowns and military conflicts such as the conflict in the Middle East), disruptions and other impacts relating to man-made and natural disasters, inflation and the impact of our By-law exclusive forum provisions. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2025 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2026. These forward-looking statements speak only as of the date of this document (October 20, 2026) and except 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.
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% Change Three-Month Period Ended September 25, 2026 vs. Comparable 2025 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 8.5 % 0.5 % 4.0 % 17.0 % Impact of: Acquisitions/divestitures (6.5) % — % — % (16.5) % Currency exchange rates — % 0.5 % 0.5 % — % Tariff refunds to customers 1.0 % 4.0 % — % — % Core sales growth (non-GAAP) 3.0 % 5.0 % 4.5 % 0.5 % Impact of respiratory testing 2.5 % 6.5 % Core sales growth excluding respiratory testing (non-GAAP) 5.5 % 7.0 % % Change Nine-Month Period Ended September 25, 2026 vs. Comparable 2025 Period Segments Total Company Biotechnology Life Sciences Diagnostics Total sales growth (GAAP) 6.0 % 5.0 % 4.5 % 7.5 % Impact of: Acquisitions/divestitures (3.0) % — % — % (7.0) % Currency exchange rates (1.5) % (1.5) % (1.0) % (1.0) % Tariff refunds to customers 0.5 % 1.0 % — % — % Core sales growth (decline) (non-GAAP) 2.0 % 4.5 % 3.5 % (0.5) % Impact of respiratory testing 2.5 % 5.5 % Core sales growth excluding respiratory testing (non-GAAP) 4.5 % 5.0 % Note: Beginning with the Company’s Quarterly Report on Form 10-Q for the third quarter of 2026, the Company is excluding from core sales growth and core sales excluding respiratory testing the impact, if any, of tariff refunds received by the Company (related to tariff payments made in prior periods) that are returned or to be returned to customers (“tariff refunds to customers”). DANAHER CORPORATION Sales Growth by Segment, Core Sales Growth (Decline) by Segment and Core Sales Growth Excluding Respiratory Testing 1
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The Company does not reconcile non-GAAP forecasted core sales growth, core sales growth excluding respiratory testing, adjusted operating profit margin and adjusted diluted net earnings per common share from continuing operations to their respective, comparable GAAP measures because (except for estimated amortization of acquisition-related intangible assets and the impact of foreign currency on sales), the additional elements that would be reflected in any such GAAP measures (such as the impact of currency exchange rates on profitability, acquisitions, divested product lines, discrete tax adjustments, impairments, gains and losses on investments and the outcome of legal proceedings) are difficult to predict and estimate and are often dependent on future events that may be uncertain or outside of our control. The impact of these additional elements could be material to our results computed in accordance with GAAP. Non-GAAP Forward-Looking Information % Change Three-Month Period Ending December 31, 2026 vs. Comparable 2025 Period % Change Year Ending December 31, 2026 vs. Comparable 2025 Period Core sales growth (non-GAAP) Biotechnology +Mid-single digit +Mid-single digit Life Sciences +4.0% - +5.0% +3.0% - +4.0% Diagnostics +Up slightly ~Flat Total Company ~+3.0% ~+2.5% Impact of respiratory testing ~+150 basis points +Low-single digit Core sales growth excluding respiratory testing (non-GAAP) +4.0% - +5.0% +Mid-single digit Note: For the impact of respiratory testing, a positive amount represents a year-over-year headwind to core sales growth, and a negative amount represents a year-over-year tailwind to core sales growth. Three-Month Period Ending December 31, 2026 Year Ending December 31, 2026 Adjusted operating profit margin (non-GAAP) ~29.5 % Adjusted diluted net earnings per common share from continuing operations (non-GAAP) $8.57 - $8.62 Other Forward-Looking Information Three-Month Period Ending December 31, 2026 Year Ending December 31, 2026 Impact of currency exchange rates on sales 1 ~Flat ~+1.0% Amortization of acquisition-related intangible assets ($ in millions) ~$(500) ~$(1,900) Corporate expense 2 ($ in millions) ~$(90) ~$(355) Interest expense, net 3 ($ in millions) ~$(120) ~$(305) Effective tax rate ~17.0 % ~17.0 % Average adjusted diluted shares (in millions) ~707 ~708 1 Impact of currency exchange rates on sales for the fourth quarter and full year 2026 assumes the currency exchange rates in effect as of September 25, 2026. 2 Corporate expense represents the operating profit (GAAP) for the Company’s Other segment, which consists of unallocated corporate costs and other costs not considered part of management’s evaluation of reportable segment operating performance, less approximately $200 million in both periods of stock-based compensation expense associated with the special equity awards, which is inclusive in both periods of a $185 million charge related to certain of the special equity awards that have been canceled. 3 Interest expense, net is defined as interest expense net of interest income. This line item is an assumption rather than a forecast. The estimated interest expense, net is calculated assuming the currency exchange rates in effect as of September 25, 2026 are to prevail throughout the remainder of the period indicated and no change in the amount of commercial paper outstanding. DANAHER CORPORATION Forward-Looking Information 2
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% Change Three-Month Period Ended vs. Comparable 2024 Period % Change Year Ended December 31, 2025 vs. Comparable 2024 Period % Change Three-Month Period Ended vs. Comparable 2025 Period March 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 March 27, 2026 June 26, 2026 Total sales (decline) growth (GAAP) (1.0) % 3.5 % 4.5 % 4.5 % 3.0 % 3.5 % 5.5 % Impact of: Acquisitions/divestitures (0.5) % — % — % 0.5 % — % — % (1.5) % Currency exchange rates 1.5 % (2.0) % (1.5) % (2.5) % (1.0) % (3.0) % (1.0) % Core sales growth (non-GAAP) — % 1.5 % 3.0 % 2.5 % 2.0 % 0.5 % 3.0 % Impact of respiratory testing 1.0 % 0.5 % (0.5) % 1.5 % 0.5 % 2.5 % 1.5 % Core sales growth excluding respiratory testing (non-GAAP) 1.0 % 2.0 % 2.5 % 4.0 % 2.5 % 3.0 % 4.5 % Note: For the impact of respiratory testing, a positive amount represents a year-over-year headwind to core sales growth, and a negative amount represents a year- over-year tailwind to core sales growth. Historical and Forward-Looking Respiratory Testing Sales ($ in millions) Three-Month Period Ended Year Ended December 31, 2025 4 Three-Month Period Ended Three-Month Period Ending Year Ending December 31, 2026March 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 March 27, 2026 June 26, 2026 September 25, 2026 December 31, 2026 Respiratory testing sales 5 ~$650 ~$300 ~$500 ~$500 ~$1,900 ~$500 ~$250 ~$350 ~$400 ~$1,500 4 Respiratory testing sales amounts for the relevant three-month periods may not add to the year-to-date period amount due to rounding. 5 Actual respiratory testing sales are rounded to the nearest $50 million. Historical Sales (Decline) Growth, Core Sales Growth and Core Sales Growth Excluding Respiratory Testing 3
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Sales (GAAP) Biotechnology $ 1,807 $ 1,798 $ 5,524 $ 5,260 Life Sciences 1,865 1,792 5,481 5,249 Diagnostics 2,882 2,463 7,765 7,221 Total Company $ 6,554 $ 6,053 $ 18,770 $ 17,730 Operating Profit (GAAP) Biotechnology $ 477 $ 352 $ 1,567 $ 1,324 Life Sciences 259 222 728 184 Diagnostics 614 665 1,704 1,937 Other (105) (85) (283) (257) Total Company $ 1,245 $ 1,154 $ 3,716 $ 3,188 Amortization of Intangible Assets (GAAP) Biotechnology $ 227 $ 231 $ 692 $ 672 Life Sciences 153 154 456 453 Diagnostics 133 48 262 144 Total Company $ 513 $ 433 $ 1,410 $ 1,269 Other Operating Profit Adjustments 6 Biotechnology $ 52 $ 86 $ 52 $ 101 Life Sciences (8) — (8) 432 Diagnostics 84 15 209 15 Other 14 — 14 — Total Company $ 142 $ 101 $ 267 $ 548 Adjusted Operating Profit (Non-GAAP) 7 Biotechnology $ 756 $ 669 $ 2,311 $ 2,097 Life Sciences 404 376 1,176 1,069 Diagnostics 831 728 2,175 2,096 Other (91) (85) (269) (257) Total Company $ 1,900 $ 1,688 $ 5,393 $ 5,005 Three-Month Period Ended Nine-Month Period Ended September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). DANAHER CORPORATION Segment Sales, Operating Profit and Adjusted Operating Profit ($ in millions) 4
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Three-Month Period Ended September 25, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 1,207 Interest, Net 104 Other Nonoperating (Income) Expense 9 Income Taxes (75) Operating Profit (GAAP) $ 477 $ 259 $ 614 $ (105) $ 1,245 Other Operating Profit Adjustments 6 52 (8) 84 14 142 Amortization of Intangible Assets 227 153 133 — 513 Adjusted Operating Profit (Non-GAAP) 7 756 404 831 (91) 1,900 Depreciation 44 48 113 3 208 Adjusted EBITDA (Non-GAAP) $ 800 $ 452 $ 944 $ (88) $ 2,108 Interest, Net (104) Other Nonoperating Income (Expense) (9) Income Taxes 75 Other Operating Profit Adjustments 6 (142) Amortization of Intangible Assets (513) Depreciation (208) Net Earnings from Continuing Operations (GAAP) $ 1,207 Sales (GAAP) $ 1,807 $ 1,865 $ 2,882 $ 6,554 Net Earnings from Continuing Operations Margin (GAAP) 18.4 % Operating Profit Margin (GAAP) 26.4 % 13.9 % 21.3 % 19.0 % Adjusted Operating Profit Margin (Non-GAAP) 8 41.8 % 21.7 % 28.8 % 29.0 % Adjusted EBITDA Margin (Non-GAAP) 9 44.3 % 24.2 % 32.8 % 32.2 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 5
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Three-Month Period Ended September 26, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 908 Interest, Net 64 Other Nonoperating (Income) Expense 14 Income Taxes 168 Operating Profit (GAAP) $ 352 $ 222 $ 665 $ (85) $ 1,154 Other Operating Profit Adjustments 6 86 — 15 — 101 Amortization of Intangible Assets 231 154 48 — 433 Adjusted Operating Profit (Non-GAAP) 7 669 376 728 (85) 1,688 Depreciation 38 47 101 3 189 Adjusted EBITDA (Non-GAAP) $ 707 $ 423 $ 829 $ (82) $ 1,877 Interest, Net (64) Other Nonoperating Income (Expense) (14) Income Taxes (168) Other Operating Profit Adjustments 6 (101) Amortization of Intangible Assets (433) Depreciation (189) Net Earnings from Continuing Operations (GAAP) $ 908 Sales (GAAP) $ 1,798 $ 1,792 $ 2,463 $ 6,053 Net Earnings from Continuing Operations Margin (GAAP) 15.0 % Operating Profit Margin (GAAP) 19.6 % 12.4 % 27.0 % 19.1 % Adjusted Operating Profit Margin (Non-GAAP) 8 37.2 % 21.0 % 29.6 % 27.9 % Adjusted EBITDA Margin (Non-GAAP) 9 39.3 % 23.6 % 33.7 % 31.0 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 6
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Nine-Month Period Ended September 25, 2026 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 3,106 Interest, Net 186 Other Nonoperating (Income) Expense 85 Income Taxes 339 Operating Profit (GAAP) $ 1,567 $ 728 $ 1,704 $ (283) $ 3,716 Other Operating Profit Adjustments 6 52 (8) 209 14 267 Amortization of Intangible Assets 692 456 262 — 1,410 Adjusted Operating Profit (Non-GAAP) 7 2,311 1,176 2,175 (269) 5,393 Depreciation 124 144 322 7 597 Adjusted EBITDA (Non-GAAP) $ 2,435 $ 1,320 $ 2,497 $ (262) $ 5,990 Interest, Net (186) Other Nonoperating Income (Expense) (85) Income Taxes (339) Other Operating Profit Adjustments 6 (267) Amortization of Intangible Assets (1,410) Depreciation (597) Net Earnings from Continuing Operations (GAAP) $ 3,106 Sales (GAAP) $ 5,524 $ 5,481 $ 7,765 $ 18,770 Net Earnings from Continuing Operations Margin (GAAP) 16.5 % Operating Profit Margin (GAAP) 28.4 % 13.3 % 21.9 % 19.8 % Adjusted Operating Profit Margin (Non-GAAP) 8 41.8 % 21.5 % 28.0 % 28.7 % Adjusted EBITDA Margin (Non-GAAP) 9 44.1 % 24.1 % 32.2 % 31.9 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 7
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Nine-Month Period Ended September 26, 2025 Biotechnology Life Sciences Diagnostics Other Total Company Net Earnings from Continuing Operations (GAAP) $ 2,417 Interest, Net 193 Other Nonoperating (Income) Expense 135 Income Taxes 443 Operating Profit (GAAP) $ 1,324 $ 184 $ 1,937 $ (257) $ 3,188 Other Operating Profit Adjustments 6 101 432 15 — 548 Amortization of Intangible Assets 672 453 144 — 1,269 Adjusted Operating Profit (Non-GAAP) 7 2,097 1,069 2,096 (257) 5,005 Depreciation 110 137 301 7 555 Adjusted EBITDA (Non-GAAP) $ 2,207 $ 1,206 $ 2,397 $ (250) $ 5,560 Interest, Net (193) Other Nonoperating Income (Expense) (135) Income Taxes (443) Other Operating Profit Adjustments 6 (548) Amortization of Intangible Assets (1,269) Depreciation (555) Net Earnings from Continuing Operations (GAAP) $ 2,417 Sales (GAAP) $ 5,260 $ 5,249 $ 7,221 $ 17,730 Net Earnings from Continuing Operations Margin (GAAP) 13.6 % Operating Profit Margin (GAAP) 25.2 % 3.5 % 26.8 % 18.0 % Adjusted Operating Profit Margin (Non-GAAP) 8 39.9 % 20.4 % 29.0 % 28.2 % Adjusted EBITDA Margin (Non-GAAP) 9 42.0 % 23.0 % 33.2 % 31.4 % 6 Refer to the Reconciliation of GAAP to Adjusted P&L Measures for a description of the components of Other Operating Profit Adjustments. 7 Adjusted Operating Profit (Non-GAAP) is defined as Operating Profit (GAAP) plus amortization of intangible assets (GAAP) plus (minus) Other Operating Profit Adjustments (as defined). 8 Adjusted Operating Profit Margin (Non-GAAP) is defined as Adjusted Operating Profit (Non-GAAP) divided by Sales (GAAP). 9 Adjusted EBITDA Margin (Non-GAAP) is defined as Adjusted EBITDA (Non-GAAP) divided by Sales (GAAP). DANAHER CORPORATION Non-GAAP Profitability Measures ($ in millions) 8
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Three-Month Period Ended September 25, 2026 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings from continuing operations for calculation of diluted earnings per common Diluted net earnings per common share from continuing operations Reported (GAAP) $ (2,717) 58.5 % $ 1,245 19.0 % $ 1,132 $ 75 $ 1,207 $ 1.71 Amortization of acquisition-related intangible assets A — — 513 7.8 513 513 0.73 Fair value net (gains) losses on investments B — — — — 13 13 0.02 Acquisition-related items C 84 1.3 84 1.3 84 84 0.12 Impairments D 52 0.8 52 0.8 52 52 0.07 Special equity awards compensation expense E — — 14 0.2 14 14 0.02 Settlement of acquisition-related contingency F — — (8) (0.1) (8) (8) (0.01) Tax effect of the above adjustments H (118) (118) (0.17) Discrete tax adjustments I (263) (263) (0.37) Rounding — — — — — — — (0.01) Adjusted (Non-GAAP) $ (2,581) 60.6 % $ 1,900 29.0 % $ 1,800 $ (306) $ 1,494 $ 2.11 Three-Month Period Ended September 25, 2026 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (2,159) (32.9) %$ (433) (6.6) %$ (9) $ (104) Amortization of acquisition-related intangible assets A 513 7.8 — — — — Fair value net (gains) losses on investments B — — — — 13 — Special equity awards compensation expense E 14 0.2 — — — — Settlement of acquisition-related contingency F (8) (0.1) — — — — Adjusted (Non-GAAP) $ (1,640) (25.0) %$ (433) (6.6) %$ 4 $ (104) DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 9
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Three-Month Period Ended September 26, 2025 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings from continuing operations for calculation of diluted earnings per common Diluted net earnings per common share from continuing operations Reported (GAAP) $ (2,530) 58.2 % $ 1,154 19.1 % $ 1,076 $ (168) $ 908 $ 1.27 Amortization of acquisition-related intangible assets A — — 433 7.2 433 433 0.61 Fair value net (gains) losses on investments B — — — — 15 15 0.02 Impairments D — — 101 1.7 101 101 0.14 Tax effect of the above adjustments H (108) (108) (0.15) Rounding — — — (0.1) — — — — Adjusted (Non-GAAP) $ (2,530) 58.2 % $ 1,688 27.9 % $ 1,625 $ (276) $ 1,349 $ 1.89 Three-Month Period Ended September 26, 2025 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (1,991) (32.9) %$ (378) (6.2) %$ (14) $ (64) Amortization of acquisition-related intangible assets A 433 7.2 — — — — Fair value net (gains) losses on investments B — — — — 15 — Impairments D 101 1.7 — — — — Rounding — (0.1) — — — — Adjusted (Non-GAAP) $ (1,457) (24.1) %$ (378) (6.2) %$ 1 $ (64) DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 10
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Nine-Month Period Ended September 25, 2026 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings from continuing operations for calculation of diluted earnings per common Diluted net earnings per common share from continuing operations 10 Reported (GAAP) $ (7,731) 58.8 % $ 3,716 19.8 % $ 3,445 $ (339) $ 3,106 $ 4.38 Amortization of acquisition-related intangible assets A — — 1,410 7.5 1,410 1,410 1.99 Fair value net (gains) losses on investments B — — — — 97 97 0.14 Acquisition-related items C 130 0.7 209 1.1 209 209 0.29 Impairments D 52 0.3 52 0.3 52 52 0.07 Special equity awards compensation expense E — — 14 0.1 14 14 0.02 Settlement of acquisition-related contingency F — — (8) — (8) (8) (0.01) Tax effect of the above adjustments H (306) (306) (0.43) Discrete tax adjustments I (242) (242) (0.34) Rounding — — — (0.1) — — — — Adjusted (Non-GAAP) $ (7,549) 59.8 % $ 5,393 28.7 % $ 5,219 $ (887) $ 4,332 $ 6.11 Nine-Month Period Ended September 25, 2026 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (6,091) (32.5) %$ (1,232) (6.6) %$ (85) $ (186) Amortization of acquisition-related intangible assets A 1,410 7.5 — — — — Fair value net (gains) losses on investments B — — — — 97 — Acquisition-related items C 79 0.4 — — — — Special equity awards compensation expense E 14 0.1 — — — — Settlement of acquisition-related contingency F (8) — — — — — Adjusted (Non-GAAP) $ (4,596) (24.5) %$ (1,232) (6.6) %$ 12 $ (186) 10 Net earnings per diluted common share from continuing operations for the relevant three-month periods may not add to the year-to-date amounts due to rounding. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 11
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Nine-Month Period Ended September 26, 2025 Cost of sales Gross profit margin Operating profit Operating profit margin Earnings before income taxes Income taxes Net earnings from continuing operations for calculation of diluted earnings per common Diluted net earnings per common share from continuing operations 10 Reported (GAAP) $ (7,173) 59.5 % $ 3,188 18.0 % $ 2,860 $ (443) $ 2,417 $ 3.37 Amortization of acquisition-related intangible assets A — — 1,269 7.2 1,269 1,269 1.77 Fair value net (gains) losses on investments B — — — — 149 149 0.21 Impairments D 15 0.1 548 3.1 548 548 0.76 Gain on a product line disposition G — — — — (9) (9) (0.01) Tax effect of the above adjustments H (389) (389) (0.54) Discrete tax adjustments I 12 12 0.02 Rounding — — — (0.1) — — — (0.01) Adjusted (Non-GAAP) $ (7,158) 59.6 % $ 5,005 28.2 % $ 4,817 $ (820) $ 3,997 $ 5.57 Nine-Month Period Ended September 26, 2025 Selling, general and administrative expenses Selling, general and administrative expenses as a % of sales Research and development expenses Research and development expenses as a % of sales Nonoperating income (expense), net (excluding interest) Interest income (expense), net Reported (GAAP) $ (6,209) (35.0) %$ (1,160) (6.5) %$ (135) $ (193) Amortization of acquisition-related intangible assets A 1,269 7.2 — — — — Fair value net (gains) losses on investments B — — — — 149 — Impairments D 533 3.0 — — — — Gain on a product line disposition G — — — — (9) — Rounding — (0.1) — — — — Adjusted (Non-GAAP) $ (4,407) (24.9) %$ (1,160) (6.5) %$ 5 $ (193) 10 Net earnings per diluted common share from continuing operations for the relevant three-month periods may not add to the year-to-date amounts due to rounding. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 12
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A Amortization of acquisition-related intangible assets in the following historical periods (only the pretax amounts set forth below are reflected in the amortization line item above): Three-Month Period Ended Nine-Month Period Ended September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 Pretax $ 513 $ 433 $ 1,410 $ 1,269 After-tax 426 359 1,170 1,053 B Net (gains) losses on the Company's equity and limited partnership investments recorded in the following historical periods (only the pretax amounts set forth below are reflected in the fair value net (gains) losses on investments line above): Three-Month Period Ended Nine-Month Period Ended September 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 Pretax $ 13 $ 15 $ 97 $ 149 After-tax 10 12 74 113 C Fair value adjustments to inventory in the three and nine-month periods ended September 25, 2026 ($84 million and $130 million pretax as reported in this line item, $67 million and $103 million after-tax, respectively), transaction costs deemed significant and pre-acquisition share-based and change-in-control payments in each case related to the acquisition of Masimo Corporation in the nine-month period ended September 25, 2026 ($79 million pretax as reported in this line item, $74 million after-tax). The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company’s larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for Danaher in a given period. D Impairment charges related to a facility in the Biotechnology segment recorded in both the three and nine-month periods ended September 25, 2026 ($52 million pretax as reported in this line item, $39 million after-tax), technology and other intangible assets in the Biotechnology segment recorded in both the three and nine-month periods ended September 26, 2025 ($86 million pretax as reported in this line item, $58 million after-tax), a trade name in the Diagnostics segment recorded in both the three and nine-month periods ended September 26, 2025 ($15 million pretax as reported in this line item, $12 million after-tax), a trade name in the Life Sciences segment recorded in the nine-month period ended September 26, 2025 ($432 million pretax as reported in this line item, $328 million after-tax) and a facility in the Biotechnology segment recorded in the nine-month period ended September 26, 2025 ($15 million pretax as reported in this line item, $11 million after-tax). E Compensation expense in the three and nine-month periods ended September 25, 2026 related to special long-term growth equity awards granted to the Company’s founders, certain executive officers and other key leaders in the third quarter of 2026 (“special equity awards”) ($14 million pretax as reported in this line item, $14 million after-tax). These awards have vesting terms and amounts that differ from the Company’s typical annual equity grants. F Settlement of an acquisition-related contingency in the Life Sciences segment in the three and nine-month periods ended September 25, 2026 ($8 million pretax as reported in this line item, $6 million after-tax). G Gain on a product line disposition in the nine-month period ended September 26, 2025 ($9 million pretax as reported in this line item, $7 million after-tax). H This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher’s overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 13
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I Discrete tax adjustments and other tax-related adjustments for the three-month period ended September 25, 2026, include the impact of net discrete tax benefits of $263 million related primarily to the release of reserves for uncertain tax positions resulting from audit settlements. Discrete tax adjustments and other tax-related adjustments for the nine-month period ended September 25, 2026, include the impact of net discrete tax benefits of $242 million related primarily to the release of reserves for uncertain tax positions resulting from audit settlements and the expiration of statutes of limitations during the nine-month period, partially offset by changes in estimates associated with prior period uncertain tax positions. There were no net discrete tax adjustments for the three-month period ended September 26, 2025, as a valuation allowance recorded on certain foreign operating losses was offset by benefits from the remeasurement of deferred taxes in a jurisdiction which enacted a tax rate change. Discrete tax adjustments and other tax-related adjustments for the nine-month period ended September 26, 2025, include the impact of net discrete tax charges of $12 million related primarily to a valuation allowance recorded on certain foreign operating losses and changes in uncertain tax positions, partially offset by the remeasurement of deferred taxes in a jurisdiction which enacted a tax rate change and the release of reserves for uncertain tax positions due to the expiration of statutes of limitations. DANAHER CORPORATION Other Non-GAAP Adjusted P&L Measures ($ in millions, except per share data) 14
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Segments Total Company Biotechnology Life Sciences Diagnostics Three-Month Period Ended September 26, 2025 Operating Profit Margins (GAAP) 19.10 % 19.60 % 12.40 % 27.00 % Third quarter 2026 impact from operating profit margin of businesses that have been owned for less than one year (1.25) — (0.10) (3.65) Third quarter 2026 settlement of an acquisition-related contingency in the Life Sciences segment 0.10 — 0.45 — Third quarter 2026 acquisition-related fair value adjustment to inventory related to the acquisition of Masimo (1.30) — — (2.95) Third quarter 2026 compensation expense related to special equity awards (0.20) — — — Third quarter 2025 impairment charges related to technology and other intangible assets in the Biotechnology segment and a trade name in the Diagnostics segment, net of a third quarter 2026 impairment charge related to a facility in the Biotechnology segment 0.85 1.90 — 0.60 Year-over-year core operating profit margin changes for the third quarter 2026 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) 1.70 4.90 1.15 0.30 Three-Month Period Ended September 25, 2026 Operating Profit Margins (GAAP) 19.00 % 26.40 % 13.90 % 21.30 % Segments Total Company Biotechnology Life Sciences Diagnostics Nine-Month Period Ended September 26, 2025 Operating Profit Margins (GAAP) 18.00 % 25.20 % 3.50 % 26.80 % First nine months of 2026 impact from operating profit margins of businesses that have been owned for less than one year (0.50) — (0.05) (1.60) First nine months of 2026 settlement of an acquisition-related contingency in the Life Sciences segment 0.05 — 0.15 — First nine months of 2026 fair value adjustments to inventory, transaction costs deemed significant and pre-acquisition share-based and change-in-control payments, in each case related to the acquisition of Masimo (1.10) — — (2.70) First nine months of 2026 compensation expense related to special equity awards (0.10) — — — First nine months of 2025 impairment charges related to trade names in the Life Sciences and Diagnostics segments and technology, other intangible assets and a facility in the Biotechnology segment, net of a first nine months of 2026 impairment charge related to a facility in the Biotechnology segment 2.80 1.00 8.25 0.20 Year-over-year core operating profit margin changes for the first nine months of 2026 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) 0.65 2.20 1.45 (0.80) Nine-Month Period Ended September 25, 2026 Operating Profit Margins (GAAP) 19.80 % 28.40 % 13.30 % 21.90 % DANAHER CORPORATION Operating Profit Margins and Year-Over-Year Core Operating Profit Margin Changes 15
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Three-Month Period Ended Year-over-Year Change Nine-Month Period Ended Year-over-Year ChangeSeptember 25, 2026 September 26, 2025 September 25, 2026 September 26, 2025 Total Cash Flow from Continuing Operations: Net cash provided by operating activities from continuing operations (GAAP) $ 1,886 $ 1,662 $ 4,742 $ 4,299 Total cash used in investing activities for continuing operations (GAAP) $ (300) $ (312) $ (10,696) $ (812) Total cash (used in) provided by financing activities for continuing operations (GAAP) $ (262) $ (2,781) $ 7,057 $ (4,283) Free Cash Flow from Continuing Operations: Net cash provided by operating activities from continuing operations (GAAP) $ 1,886 $ 1,662 ~ 13.5 % $ 4,742 $ 4,299 ~ 10.5 % Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) (255) (292) (761) (785) Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP) 1 — 1 10 Free cash flow from continuing operations (non- GAAP) $ 1,632 $ 1,370 ~ 19.0 % $ 3,982 $ 3,524 ~ 13.0 % Operating Cash Flow from Continuing Operations to Net Earnings from Continuing Operations Conversion Ratio: Net cash provided by operating activities from continuing operations (GAAP) $ 1,886 $ 1,662 $ 4,742 $ 4,299 Net earnings from continuing operations (GAAP) 1,207 908 3,106 2,417 Operating cash flow from continuing operations to net earnings from continuing operations conversion ratio (GAAP) 1.56 1.83 1.53 1.78 Free Cash Flow from Continuing Operations to Net Earnings from Continuing Operations Conversion Ratio: Free cash flow from continuing operations from above (non-GAAP) $ 1,632 $ 1,370 $ 3,982 $ 3,524 Net earnings from continuing operations (GAAP) 1,207 908 3,106 2,417 Free cash flow from continuing operations to net earnings from continuing operations conversion ratio (non-GAAP) 1.35 1.51 1.28 1.46 We define free cash flow as operating cash flows, less payments for additions to property, plant and equipment (“capital expenditures”) plus the proceeds from sales of plant, property and equipment (“capital disposals”). DANAHER CORPORATION Total Cash Flow from Continuing Operations, Free Cash Flow from Continuing Operations and Related Measures ($ in millions) 16
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Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing Danaher Corporation’s (“Danaher” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors: • with respect to the profitability-related non-GAAP measures, understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers; • with respect to the non-GAAP measures related to core sales, identify underlying growth trends in our business and compare our sales performance with prior and future periods and to our peers; and • with respect to free cash flow and related non-GAAP cash flow measures (the “FCF Measure”), understand Danaher’s ability to generate cash without external financings, strengthen its balance sheet, invest in its business and grow its business through acquisitions and other strategic opportunities (although a limitation of free cash flow is that it does not take into account the Company’s debt service requirements and other non-discretionary expenditures, and as a result the entire free cash flow amount is not necessarily available for discretionary expenditures). Management uses the non-GAAP measures referenced above to measure the Company’s operating and financial performance, and uses core sales and non-GAAP measures similar to Adjusted Diluted Net Earnings Per Common Share From Continuing Operations, Adjusted Operating Profit and the FCF Measure in the Company’s executive compensation program. • The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: ◦ Amortization of Intangible Assets: We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and the related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non- acquisitive peer companies. We believe however that it is important for investors to understand that such intangible assets contribute to sales generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ◦ Restructuring Charges: We exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different (in terms of the size, strategic nature and planning requirements, as well as the inconsistent frequency, of such plans) from the ongoing productivity improvements that result from application of the Danaher Business System. Because these restructuring plans are incremental to the core activities that arise in the ordinary course of our business and we believe are not indicative of Danaher’s ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. ◦ Other Adjustments: With respect to the other items excluded from the profitability-related non-GAAP measures, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be unrelated to Danaher's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long-term performance difficult. • With respect to core operating profit margin changes, in addition to the explanation set forth in the bullets above relating to "restructuring charges” and “other adjustments”, we exclude the impact of businesses owned for less than one year (or disposed of during such period and not treated as discontinued operations) because the timing, size, number and nature of such transactions can vary significantly from period to period and may obscure underlying business trends and make comparisons of long-term performance difficult. • We calculate adjusted EBITDA by adding to operating profit amounts equal to depreciation and amortization and making the other adjustments reflected in the applicable tables above, which allows us to calculate and disclose such measure by segment. Given Danaher’s diversification, we believe this helps our investors compare the profitability of our individual segments to peer companies with like business lines. • With respect to core sales and core sales excluding respiratory testing, (1) we exclude the impact of currency translation because it is not under management’s control, is subject to volatility and can obscure underlying business trends, (2) we exclude the effect of acquisitions and divested product lines because the timing, size, number and nature of such transactions can vary significantly from period-to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long-term performance difficult and (3) beginning with the Company’s Quarterly Report on Form 10-Q in the third DANAHER CORPORATION Statement Regarding Non-GAAP Measures 17
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quarter of 2026, we exclude tariff refunds to customers to help customers better understand underlying growth trends in the Company’s business that otherwise may be obscured by such item. • With respect to core sales excluding respiratory testing, we exclude the impact of revenues related to the sale of respiratory testing products in the Company’s molecular diagnostics business in the Diagnostics segment. Demand for respiratory testing depends significantly on the severity levels of influenza and influenza- like illness in a given period, and these severity levels are not under management’s control. As a result, presenting core sales on a basis that combines respiratory testing revenue with other Diagnostics business revenues can obscure underlying growth trends within the Diagnostics businesses. The Company believes that this measure complements core sales, enhances investors’ understanding of the historical and anticipated performance of the Diagnostics businesses as a whole, including with respect to underlying growth trends and facilitates comparisons of period-to-period performance. • With respect to the FCF Measure, we deduct payments for additions to property, plant and equipment (net of the proceeds from capital disposals) to demonstrate the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements. DANAHER CORPORATION Statement Regarding Non-GAAP Measures 18
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