Danaher’s third-quarter revenue from biotech services down 19% amid slowdown in China, US
An anticipated reduction in biotech sales contributed to Danaher’s third-quarter performance dropping relative to last year, the company revealed Tuesday. This is in the midst of biotech’s broader loss of momentum in key markets.
The life science company’s revenues from biotechs plummeted by 19% from the same quarter last year to $1.66 billion, according to Zacks Equity Research. A “modest step down” in pharma and biotech saw big customers tighten their belts in the US and China, CEO Rainer Blair added on an earnings call Tuesday, as per an AlphaSense transcript.
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