Company: DHR
Filing Date: 2025-03-26
Form Type: ARS
Source: 0000313616-25-000085
Chunk: 1

Company: DANAHER CORP /DE/
Filing Date: 2025-03-26
Form: ARS
Chunk 1
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th anniversary. Over four decades, we have continuously evolved, transforming from our early days as a manufacturer of industrial products into a leading global life sciences and diagnostics innovator.”

Dear Shareholders, 2024 marked a significant milestone—Danaher’s 40th anniversary. Over four decades, we have continuously evolved, transforming from our early days as a manufacturer of industrial products into a leading global life sciences and diagnostics innovator. In the past five years, this transformation has accelerated meaningfully. We established our Dental and Environmental & Applied Solutions segments as stand-alone public companies in Envista and Veralto. We replaced their revenue contribution through the acquisitions of businesses with higher long-term growth and margin profiles, including Cytiva, Aldevron and Abcam. Cepheid’s respiratory diagnostics franchise and installed base have also expanded significantly, reinforcing our leadership in molecular diagnostics. Danaher is a stronger, better company in 2024 compared with 2019. Over this period, we have expanded our adjusted operating margin by more than 600 basis points, increased annual free cash flow by over $2 billion, and strengthened our long-term growth profile. As our portfolio has evolved, so too has the Danaher Business System (DBS). Yet, its core values and principles remain the driving force for continuous improvement across every aspect of our business. In 2024, the unwavering commitment of our 63,000 associates’ to leading and executing with DBS enabled us to successfully navigate a dynamic operating environment. Their dedication drove meaningful process improvements across our businesses and delivered impactful innovations for our customers—both of which are positioning Danaher for sustainable, long-term success. As we look ahead, we’re more focused than ever on building upon this strong foundation. I’m pleased to share some key milestones from 2024 that are helping shape Danaher’s future success. 2024 Highlights • Revenue of $23.9B • Gross profit margin of 59.5% • Adjusted operating profit margin of 28.6% • Free cash flow of $5.3 billion, marking the 33rd consecutive year in which our free cash flow exceeded net income

Innovation at the Speed of Life Danaher is uniquely positioned to accelerate the power of science and technology to improve human health. We continued to make substantial investments in innovation throughout the year, enabling the launch of groundbreaking technologies that are helping drive the next generation of advancements in patient care and scientific discovery. In our Biotechnology segment, Cytiva’s