Company: DHR
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000313616-25-000182
Chunk: 125

Company: DANAHER CORP /DE/
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 8
Chunk 125
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 the impact of continued productivity improvement initiatives and higher year-over-year sales volumes.  Year-over-year gross profit margin remained consistent in the nine-month period ended September 26, 2025 as compared to the comparable prior year period as higher year-over-year sales volumes and the impact of product mix were offset by the impact of currency exchange rates and tariff costs.  Gross margin was also impacted by the acquisition-related charge recorded in the first nine months of 2024, net of the facility impairment recorded in the first nine months of 2025, both referenced above. 

OPERATING EXPENSES

Three-Month Period EndedNine-Month Period Ended($ in millions)September 26, 2025September 27, 2024September 26, 2025September 27, 2024Sales$6,053 $5,798 $17,730 $17,337 Selling, general and administrative expenses1,991 2,060 6,209 5,736 Research and development expenses378 383 1,160 1,142 SG&A as a % of sales32.9 %35.5 %35.0 %33.1 %R&D as a % of sales6.2 %6.6 %6.5 %6.6 %

SG&A expenses as a percentage of sales decreased year-over-year during the three-month period ended September 26, 2025 and increased year-over-year during the nine-month period ended September 26, 2025 as compared to the comparable periods in 2024.  The decrease during the three-month period was primarily due to the $222 million impairment charge recorded in the third quarter of 2024, partially offset by the $101 million of impairment charges incurred in the third quarter of 2025.  To a lesser extent, the decrease was driven by incremental year-over-year cost savings associated with continuing productivity improvement initiatives and cost structure improvements, net of a year-over-year increase in costs incurred for productivity improvement actions.  The increase in SG&A as a percentage of sales during the nine-month period ended September 26, 2025 was primarily driven by the $548 million of impairment charges recorded in the first nine months of 2025, partially offset by the $222 million impairment charge recorded in the third 

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quarter of 2024.  To a lesser extent, the increase was driven by a year-over-year increase in costs incurred for productivity improvement actions