...November 20, 2024 Danaher Corp. continues to face macroeconomic headwinds, but recent operating performance remains in line with our expectations. Issues such as bioprocessing customer destocking, a Chinese market slowdown, and a quiet biotech IPO market has hindered core revenue growth since 2023. While we previously expected these headwinds to resolve over the second half of 2024, they may persist somewhat longer due to elevated geopolitical risks affecting customer orders. We view this softness in purchasing as temporary and believe it is mainly shifting the expected recovery from late 2024 into 2025. S&P Global Ratings' base case continues to assume roughly flat revenue growth in 2024, increasing to the mid-single-digit percent area in 2025. We expect that demand across end markets and geographies will lead to long-term EBITDA growth. Looking at the base business, we expect demand to spur organic revenue growth averaging the mid-single-digit percent area in 2025 and beyond, as well...
