Danaher
29 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
U.S. federal government
earns from · less than 5% of our 2025 salesnamed as a riskWe also have agreements to sell products and services to government entities as well as agreements relating to government financing, as discussed above (less than 5% of our 2025 sales were made to the U.S. federal government).Risk factors (Item 1A)
Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more
Biotechnology company funding
earns fromnamed as a riskIn addition, lower levels of funding available to biotechnology companies (particularly smaller and emerging companies) in recent years has reduced demand for certain of our products and may have a similar impact in the future.Risk factors (Item 1A)
Suppliers
Sole or limited source suppliers
depends onnamed as a riskIn addition, some of our businesses purchase certain requirements from sole or limited source suppliers for reasons of quality assurance, regulatory requirements, cost effectiveness, availability or uniqueness of design.Risk factors (Item 1A)
Partners and platforms
Biomedical Advanced Research and Development Authority (BARDA)
depends onnamed as a riskCertain agencies of the U.S. government, such as the Biomedical Advanced Research and Development Authority (“BARDA”) within the U.S. Department of Health and Human Services, have agreed to finance an expansion of production capacity and/or the development of technology at certain of our businesses, and our businesses may enter into similar agreements in the future.Risk factors (Item 1A)
Also named by MRNA
Key distributors and channel partners
earns fromnamed as a riskCertain of our businesses sell a significant amount of their products to or through key distributors and other channel partners that have valuable relationships with customers and end-users.Risk factors (Item 1A)
Also named by VNT
Other companies
Masimo Corporation
named as a riskFor example, the Company expects to incur debt to finance a portion of the purchase price for our pending acquisition of Masimo Corporation.Risk factors (Item 1A)
Places
China
earns from · approximately 11% of our salesnamed as a riskIn 2025 we generated approximately 11% of our sales from continuing operations from China.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Hazards
Puerto Rico hurricanes
operates innamed as a riskOur facilities, supply chains, distribution systems and IT systems are subject to catastrophic loss due to fire, flood, cyber-attack, earthquake, hurricane, power shortage or outage, public health crisis (including epidemics and pandemics) and the reaction thereto, war, terrorism, riot, public protest or other natural or man-made disasters, such as the COVID-19 pandemic and the damage caused to our facilities by Hurricane Maria in Puerto Rico in 2017.Risk factors (Item 1A)
Respiratory/flu and COVID-19 season
earns fromnamed as a riskFor example, demand for our molecular diagnostics products is typically heavier in anticipation of and during respiratory season, and in the past has been impacted and in the future will be impacted by the degree of severity of the flu and COVID-19 season as well as by outbreaks of other infectious diseases.Risk factors (Item 1A)
Commodities and inputs
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskAs a medical device manufacturer, our manufacturing facilities are subject to inspection on a routine basis by the FDA.Business (Item 1)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
U.S. Drug Enforcement Administration
subject toIn addition, some of the in vitro diagnostic drugs-of-abuse assays and reagents sold by the Company’s subsidiaries contain small amounts of controlled substances, and as a result some of the Company’s facilities are inspected periodically by the United States Drug Enforcement Administration to assess whether the Company properly handles, stores and disposes of controlled substances in the manufacture of those products.Business (Item 1)
Also named by CAH, COR, DGX, HALO, HSIC, IQV, LH, MCK and 7 more
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskOne example is in the area of “base erosion and profit shifting,” for which the OECD has released several components of its comprehensive plan (e.g. the Pillar Two 15% global minimum tax framework) that have been adopted and expanded by many taxing authorities to address perceived tax abuse and inconsistencies between tax jurisdictions.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
U.S. tariffs
subject tonamed as a riskThe U.S. has announced and/or implemented significant new tariffs on imports from a wide range of countries, which has prompted retaliatory tariffs by a number of countries and a cycle of retaliatory tariffs by both the U.S. and other countries.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Medicare
subject tonamed as a riskIt is still unclear whether and to what extent these new rates will affect overall pricing and reimbursement for clinical laboratory testing services, but to the extent our customers conclude that Medicare reimbursement for these services is inadequate, it can adversely impact the prices at which we sell our products.Risk factors (Item 1A)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
General Data Protection Regulation (GDPR)
subject tonamed as a riskFor example, failure to comply with the requirements of the GDPR and the applicable national data protection laws of the EU member states and other states subject to the GDPR may result in fines of up to €20 million or up to 4% of total worldwide annual turnover for the preceding financial year, whichever is higher, and other administrative penalties.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Inflation Reduction Act of 2022
subject tonamed as a riskIn addition, the Inflation Reduction Act of 2022 contains various drug price negotiation, inflationary rebate and government-established pricing provisions with varying implementation dates and subjects manufacturers who fail to adhere to the government’s interpretation of the law to penalties.Risk factors (Item 1A)
Also named by ABBV, APD, ARE, BKH, DD, ELV, ENPH, ENS and 30 more
HIPAA
subject tonamed as a riskFor example, entities that are found to be in violation of HIPAA as the result of a breach of unsecured patient health information, a complaint about privacy practices or an audit by HHS, may be subject to significant civil, criminal and administrative fines and penalties and/or additional reporting and oversight obligations.Risk factors (Item 1A)
Also named by AFL, BAX, BBSI, CI, DOC, DOCN, DOCU, DXCM and 19 more
International Emergency Economic Powers Act (IEEPA)
subject tonamed as a riskIn February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”), which the U.S. administration relied on to impose certain tariffs, does not authorize the administration to impose tariffs.Risk factors (Item 1A)
Protecting Access to Medicare Act of 2014 (PAMA)
subject tonamed as a riskFor example, the Protecting Access to Medicare Act of 2014 (“PAMA”) introduced a multi-year pricing program for services payable under the Clinical Laboratory Fee Schedule (“CLFS”) that is designed to bring Medicare allowable amounts in line with the amounts paid by private payors.Risk factors (Item 1A)
Patient Protection and Affordable Care Act (PPACA)
subject tonamed as a riskThe PPACA, healthcare austerity measures in other countries and other potential healthcare reform changes and government austerity measures have reduced and may further reduce the amount of government funding or reimbursement available to customers or end-users of our products and services and/or the volume of medical procedures using our products and services.Risk factors (Item 1A)
U.S. Defense Production Act
subject tonamed as a riskFor example, certain of our customers were subject to DPA requirements relating to the production of COVID-19 related products and required certain of our businesses to also comply with these requirements under our supply agreements.Risk factors (Item 1A)
Also named by GEV
China volume-based procurement program
subject tonamed as a riskFor example, China has introduced programs designed to lower prices for medical products and reduce healthcare costs (including a volume-based procurement program) that have unfavorably impacted our revenues and may continue to adversely affect our business and financial statements.Risk factors (Item 1A)
Fortive, Envista and Veralto tax-free dispositions (Internal Revenue Code Sections 355 and 368)
subject tonamed as a riskWe could incur significant liability if our dispositions of any of Fortive Corporation, Envista Holdings Corporation or Veralto Corporation is determined to be a taxable transaction.Risk factors (Item 1A)
Ethylene oxide and PFAS regulation
subject tonamed as a riskFor example, many regulatory agencies are imposing new and evolving regulatory requirements on the safe use of particular chemicals, including ethylene oxides and polyfluoroalkyl substances (“PFAS”) and their potential impact on health and the environment, which may impact both our direct operations and our supply chain.Risk factors (Item 1A)
Chinese local medical device promotion policies
subject tonamed as a riskFor example, the Chinese government has issued a series of policies in the past several years to promote the development and use of local medical devices.Risk factors (Item 1A)
EU Medical Device Regulation (MDR) and In Vitro Diagnostic Regulation (IVDR)
subject toComplying with the EU MDR, EU IVDR and the evolving regulatory regimes in the UK and Switzerland requires modifications to our quality management systems, additional resources in certain functions and updates to technical files, among other changes, which has not and is not expected to have a material impact on the Company’s financial results.Business (Item 1)