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Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• ZIM Integrated Shipping (ZIM) +36% – Shares jumped after Hapag-Lloyd (HPGLY) agreed to

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A deal for the California-based Masimo could be announced as early as Tuesday, provided it does not hit any last-minute snags, the report said. That deal value represents a premium to its nearly $7B market capitalization at Friday’s close.

Masimo, a leading manufacturer of pulse oximeters, which measure blood oxygen levels, has challenged Apple over breaching its patents in a long-running intellectual property dispute over the Apple Watch.

The Masimo deal would be Danaher’s (DHR) biggest acquisition in more than half a decade since its $21.4B takeover of Cytiva, the biologics manufacturing arm previously owned by GE Life Sciences, the report said.

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Management View

• Rainer Blair, President, CEO & Director, reported “a strong finish to the year with better-than-expected performance across the portfolio” and highlighted “continued strength in our bioprocessing business, along with improving momentum in Diagnostics and Life Sciences.” Blair also stated, “Our teams’ disciplined execution also enabled us to exceed our fourth quarter margin, earnings and cash flow expectations.”
• Blair noted that “sales were $24.6 billion, and core revenue increased 2%. Our adjusted operating profit margin was 28.2% and adjusted diluted net earnings per common share of $7.80 were up 4.5%. We also generated $5.3 billion of free cash flow, resulting in a free cash flow to net income conversion ratio of approximately 145%.”
• Blair emphasized the impact of innovation, mentioning that “Cytiva launched more than 20 new products across the biologic’s workflow,” and highlighted significant product launches in Life Sciences and Diagnostics, including the ZenoTOF 8600 and Beckman Coulter’s expanded DxI 9000 assay menu.
• Blair announced, “Sales were $6.8 billion in the fourth quarter, and we delivered 2.5% core revenue growth.” He further detailed, “Geographically, core revenues in developed markets increased low single digits, with North America essentially flat and Western Europe up mid-single digits.”
• Blair provided an outlook for bioprocessing: “given the sustained and substantial activity levels at our customers over the last year, we anticipate high single-digit core revenue growth in bioprocessing for the full year 2026.”
• Matt McGrew, CFO & Executive VP, stated, “Our fourth quarter adjusted gross profit margin of 58.2% and our adjusted operating profit margin of 28.3% were both down 130 basis points as the impact of cost savings initiatives more than offset the positive impact of volume leverage. Adjusted diluted net earnings per common share of $2.23 were up 4% year-over-year, and we generated $1.8 billion of free cash flow in the quarter.”

Outlook

• Blair indicated, “For the full year 2026, we anticipate core revenue growth in the 3% to 6% range. Additionally, we are initiating full year adjusted diluted EPS guidance in the range of $8.35 to $8.50.”
• Blair said, “In the first quarter, we expect core revenue to be up low single digits. Additionally, we expect the first quarter adjusted operating profit margin of approximately 28.5%.”
• Blair stated, “we’re assuming bioprocessing growth will be similar to 2025, including continued strength in consumables, driven by healthy growth in monoclonal antibody demand and our strong positioning across the biologic’s workflow.”

Financial Results

• Blair reported, “Sales were $6.8 billion in the fourth quarter, and we delivered 2.5% core revenue growth.”
• Blair stated, “Adjusted diluted net earnings per common share of $2.23 were up 4% year-over-year, and we generated $1.8 billion of free cash flow in the quarter.”
• Blair provided segment details: “Core revenue in our Biotechnology segment increased 6%. Core revenue in Discovery and Medical declined at a high single-digit rate in the quarter. Core revenue in bioprocessing grew high single digits, with high single-digit growth in consumables and mid-single-digit growth in equipment.”
• Blair noted, “Core revenue in our Life Sciences segment. Core revenue increased 0.5%. Core revenue in our Life Sciences instrument businesses was essentially flat in the quarter.”
• In Diagnostics, Blair stated, “Core revenue increased 2%. Core revenue in our clinical diagnostics businesses grew mid-single digits with high single-digit growth outside of China.”
• Blair highlighted respiratory revenue: “respiratory revenue of approximately $500 million exceeded our expectation as customers purchased in anticipation of an active respiratory season.”

Q&A

• Michael Ryskin, BofA Securities: “you’re opening with a 3% to 6% core revenue guide … what are the levers … you could see getting you closer to that 6% …?” Blair responded, “we expect bioprocessing to remain strong at high single digits … for equipment, we were encouraged by that momentum that we saw in the fourth quarter. But we’re assuming that equipment is flat for 2026 … there’s probably 2 larger drivers that are most relevant there. One is to see continued improvement across our Life Science end markets … the other level is bioprocessing, where seeing better than high single-digit growth for the year with equipment potentially accelerating or even consumables accelerating more as we see more biosimilars and mAb production increasing.”
• Tycho Peterson, Jefferies: asked about SCIEX and end markets. Blair replied, “SCIEX did nicely with mid-single-digit growth here in the fourth quarter … innovation with the ZenoTOF 8600 getting some nice traction. But we also see continued improvement in the pharma end market there.”
• Scott Davis, Melius Research: inquired about restructuring impacts. Blair said, “this is traditional Danaher Business System type of productivity improvement where we’re certainly consolidating rooftops, but also driving process efficiencies.”
• Douglas Schenkel, Wolfe Research: questioned bioprocessing equipment guidance. McGrew responded, “it’s encouraging to see some growth, mid-single-digit growth out of the equipment, but it’s just 1 quarter. And so 1 quarter, a trend does not make.”
• Jack Meehan, Nephron Research: asked about Life Sciences spending patterns. Blair said, “we continue to see improvement in the pharma end market. That would be the third quarter in a row that we have seen that improvement, and we would expect that to continue here going forward.”

Sentiment Analysis

• Analysts were cautiously optimistic, pressing for details on guidance assumptions, bioprocessing growth drivers, and Life Sciences end-market improvement. Questions often sought to clarify the basis for the growth outlook and margin expansion.
• Management maintained a positive but measured tone, expressing confidence in core markets and innovation-driven performance while emphasizing prudence in guidance. Blair stated, “we feel well positioned to create long-term shareholder value.”
• Compared to the previous quarter, management’s tone reflected increasing confidence in end-market recovery, especially in bioprocessing and Life Sciences, while analysts continued to probe for evidence of sustained improvement and upside levers.

Quarter-over-Quarter Comparison

• Guidance for 2026 remains at 3% to 6% core revenue growth, consistent with the previous quarter’s preliminary outlook. Full year adjusted diluted EPS guidance of $8.35 to $8.50 is now formalized, compared to the previous quarter’s range of $7.70 to $7.80 for 2025.
• Bioprocessing continues to be cited as a primary growth driver, with sustained high single-digit growth projected. Equipment revenue guidance remains flat, reflecting ongoing caution.
• Life Sciences segment moved from a slight decrease in Q3 to slight growth in Q4, with gradual improvement in pharma end markets emphasized both quarters.
• Management’s confidence in innovation-driven performance and cost actions has grown, while analysts’ questions continue to focus on upside potential and timing of end-market recoveries.
• Strategic focus remains on innovation, productivity, and long-term value creation.

Risks and Concerns

• Blair identified muted demand in academic and government markets, with funding constraints continuing.
• Management noted equipment orders in bioprocessing have shown positive momentum but remain below historical levels. McGrew cautioned, “1 quarter, a trend does not make.”
• Sequential improvement in Life Sciences is partly offset by ongoing softness in academic research and early-stage biotech funding.
• Analysts raised concerns around the durability of recovery in Life Sciences and the potential for upside in bioprocessing equipment.

Final Takeaway

Danaher’s management underscores a strong finish to 2025, attributing outperformance across the portfolio to disciplined execution, innovation, and continued strength in bioprocessing. Looking ahead, the company projects 3% to 6% core revenue growth and $8.35 to $8.50 in adjusted diluted EPS for 2026, supported by robust demand in monoclonal antibody-related consumables and a growing pipeline of innovations in Diagnostics and Life Sciences. While management remains confident in the durability of these trends, guidance reflects continued prudence regarding equipment revenue and academic research funding, with upside potential linked to further improvement in core end markets and successful execution of cost actions.

Read the full Earnings Call Transcript

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The Washington, DC-based company reported $2.23 of adjusted earnings per share for the quarter with ~4% YoY growth, exceeding the consensus by $0.04. Its quarterly revenue rose ~5% YoY on a reported basis to $6.8B, beating Street forecasts by $30M, indicating a ~3% YoY growth in non-GAAP core revenue.

For Q1 and 2026, Danaher (DHR) projects a non-GAAP core sales growth of a low single-digit percentage range and 3.0% – 6.0%, respectively, compared to the prior year. Its adjusted diluted net earnings per common share for 2026 are expected to reach $8.35 – $8.50, in line with $8.42 in the consensus, indicating ~8% YoY growth at the midpoint.

In 2025, the company recorded $24.6B in revenue with a 2.0% YoY growth in non-GAAP core revenue, while its non-GAAP adjusted diluted net earnings per common share grew ~5% YoY to $7.80.

As for individual segments, DHR expects its Life Sciences segment to record flat core sales growth in 2026, having posted $2.1B in sales last year with ~3% YoY growth on a GAAP basis.

Meanwhile, its other two segments, Diagnostics and Biotechnology, which added $2.7B and $2.0B to the topline with ~3% YoY and ~9% YoY growth, respectively, are projected to expand low single digits and ~6% YoY in 2026.

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“QGEN would strategically fit into either DHR’s or A’s portfolio,” JPMorgan analyst Casey Woodring wrote in a note on Tuesday.

Thermo Fisher (TMO) is unlikely to reconsider revisiting its initial bid, according to Woodring. In August 2020, Thermo Fisher (TMO) walked away from a €43 per share offer for diagnostic test maker Qiagen (QGEN). Thermo Fisher first announced a €39/share offer for QGEN in March 2020, then upped its bid after institutional investors rebelled over the price.

Qiagen (QGEN) has held discussions with several possible bidders in recent weeks, including some US strategic buyers, Bloomberg reported on Tuesday.

Shares of Qiagen jumped 19% on news of the takeover interest.

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The US Court of Appeals for the First Circuit issued the ruling on Monday, reaffirming a nationwide injunction given by the US District Court for the District of Massachusetts in favor of more than 20 states, medical associations, and universities, which challenged the move last year.

The three-judge panel of the Boston-based court held that NIH’s plans to cap indirect research cost rates at 15% of funding for direct research costs were unlawful and violated the US Department of Health and Human Services’ regulations.

“Congress went to great lengths to ensure that NIH could not displace negotiated indirect cost reimbursement rates with a uniform rate,” Reuters reported, quoting comments written by U.S. Circuit Judge Kermit Lipez.

Indirect research costs cover expenses linked to facilities such as lab equipment, utilities, and staffing, and they support several research initiatives but cannot be linked to a single research project.

When NIH announced funding cuts, the agency argued that Harvard, Yale, and other leading universities expensed more than 60% as indirect costs despite having multibillion-dollar endowments under control.

22 Democratic state attorneys general, the Association of American Medical Colleges, and the Association of American Universities filed the lawsuit in February 2025 over the move.

Life sciences stocks: Avantor (AVTR), Thermo Fisher Scientific (TMO), Waters Corporation (WAT), Mettler-Toledo International (MTD), and Bruker Corporation (BRKR), Qiagen (QGEN), Danaher (DHR), Agilent (A), Revvity (RVTY), Oxford Nanopore (ONTTF), Sartorius (SARTF) Tecan (TCHBF) (TCGGY)

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