Company: DHR
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000313616-25-000043
Chunk: 285

Company: DANAHER CORP /DE/
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 285
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31($ in millions)202420232022Sales$6,759 $7,172 $8,758 Operating profit1,685 1,909 3,008 Depreciation 151 162 190 Amortization of intangible assets863 864 812 Operating profit as a % of sales24.9 %26.6 %34.3 %Depreciation as a % of sales2.2 %2.3 %2.2 %Amortization as a % of sales12.8 %12.0 %9.3 %

Sales Decline and Core Sales Decline

2024 vs. 20232023 vs. 2022Total sales decline (GAAP)(6.0)%(18.0)%Impact of:Currency exchange rates 1.5 %— %Core sales decline (non-GAAP)(4.5)%(18.0)%

2024 Sales Compared to 2023 

Price increases in the segment contributed 2.5% to sales growth on a year-over-year basis during 2024 as compared with 2023 and are reflected as a component of core sales above. 

During 2024, total Biotechnology segment sales decreased 6.0% primarily as a result of decreased core sales in the bioprocessing business, and to a lesser extent the impact of currency exchange rates.  Total segment core sales decreased across most major geographic regions, including weak demand in China as customers were cautious with their investments.  Year-over-year core sales in the bioprocessing business decreased as core sales declines in the first half of the year more than offset core sales growth in the second half.  The revenue decline in the first half of the year was primarily due to lower demand as customers reduced their inventory levels.  The bioprocessing business returned to core growth in the second half of 2024 primarily driven by improved consumables demand, primarily in North America and Europe.  Core sales in the discovery and medical business decreased year-over-year due primarily to lower demand for equipment, partially offset by an increase in demand for consumables.  

38

Operating Profit Performance

Operating profit margins declined 170 basis points during 2024 as compared to 2023.  The following factors impacted year-over-year operating profit margin comparisons.

2024 vs. 2023 operating profit margin comparisons were unfavorably impacted by:

•Lower 2024 core sales, reduced leverage in