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Thermo Fisher Scientific Inc. (TMO) Q2 2026 Earnings Call July 23, 2026 8:30 AM EDT

Company Participants

Rafael Tejada - Vice President of Investor Relations
Marc Casper - Chairman & CEO
James Meyer - Senior VP & CFO

Conference Call Participants

Michael Ryskin - BofA Securities, Research Division
Tycho Peterson - Jefferies LLC, Research Division
Jack Meehan
Matthew Larew - William Blair & Company L.L.C., Research Division
Daniel Arias - Stifel, Nicolaus & Company, Incorporated, Research Division
Daniel Brennan - TD Cowen, Research Division
Patrick Donnelly - Citigroup Inc. Exchange Research
Luke Sergott - Barclays Bank PLC, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Thermo Fisher Scientific 2026 Second Quarter Conference Call. [Operator Instructions] I would like to introduce our moderator for the call, Mr. Rafael Tejada, Vice President, Investor Relations.

Mr. Tejada, you may begin the call.

Rafael Tejada
Vice President of Investor Relations

Good morning, and thank you for joining us. On the call with me today is Marc Casper, our Chairman and Chief Executive Officer; and Jim Meyer, Senior Vice President and Chief Financial Officer. Please note this call is being webcast live and will be archived on the Investors section of our website, thermofisher.com, under the heading News, Events and Presentations until October 20, 2026. A copy of the press release of our second quarter earnings is available in the Investors section of our website under the heading Financials. So before we begin, let me briefly cover our safe harbor statement.

Various remarks that we may make about the company's future expectations, plans and prospects constitute forward-looking statements within the meaning of applicable securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various risks and uncertainties, including those discussed in the company's most recent reports on Form 10-K and Form 10-Q

Key Takeaways Thermo Fisher is expected to report Q2 revenues of $11.68B and EPS of $5.71 on July 23.TMO's Life Sciences Solutions growth may be led by bioproduction demand, launches and integration efforts.Thermo Fisher's Analytical Instruments and Biopharma units may benefit from innovations and collaborations. Thermo Fisher Scientific (TMO - Free Report) is set to release second-quarter 2026 results on July 23, before the market opens.

In the last reported quarter, the company posted adjusted earnings per share (EPS) of $5.44, which surpassed the Zacks Consensus Estimate by 4.62%. The company’s earnings topped estimates in each of the trailing four quarters, the average surprise being 3.69%.

Q2 Estimates for TMOThe Zacks Consensus Estimate for revenues is pegged at $11.68 billion, indicating an increase of 7.6% from the year-ago reported figure.

The consensus mark for the company’s EPS implies a 6.5% year-over-year rise to $5.71. The estimate has dropped 1 cent in the past 30 days.

Factors Likely to Influence TMO’s Q2 ResultsLife Sciences SolutionsThe segment’s performance is expected to have benefited from continued strength in the Bioproduction business, driven by healthy demand from the pharma and biotech customers. Thermo Fisher further enhanced its Bioproduction offerings through the acquisition of Solventum’s Filtration and Separation business, adding advanced filtration technologies and industrial filtration and membrane solutions. Integration of this business is likely to have continued during the quarter.

A steady cadence of product launches is also expected to have supported the Life Sciences Solutions segment. Among its newer innovations, Thermo Fisher introduced the Gibco CTS Compleo Fill and Finish System to help address manual fill and finish challenges in cell therapy manufacturing. The company also launched an integrated platform to advance scalable cell therapy manufacturing and introduced the Gibco CHOvantage GS Cell Line Development (“CLD”) Kit to help biologics developers accelerate time to clinic while maintaining regulatory confidence and commercial scalability.

Thermo Fisher’s new Applied Biosystems PowerFlex Thermal Cycler is designed to help deliver enhanced flexibility, precise thermal performance and improved productivity for modern molecular biology laboratories. We expect all these developments to have positively boosted revenues in the second quarter of 2026.

Per the Zacks Consensus Estimate, the Life Sciences Solutions revenues are expected to increase 9.6% year over year.

Analytical InstrumentsThe segment is likely to have continued to witness soft demand for instruments from academic and government customers in the United States and China. Tariffs and lower volumes may have also weighed on profitability. Despite this, Thermo Fisher’s strength in innovations may have remained a bright spot. The company introduced the Glacios 3 Cryo-TEM, a next-generation cryo-transmission electron microscope that features AI-enabled workflows.

At ASMS 2026, Thermo Fisher unveiled the Orbitrap Tribrid Apex and Orbitrap Excedion mass spectrometry platforms, designed to help researchers and drug developers generate high-quality data more efficiently across complex applications, including proteomics, multiomics, biologics and genetic medicines.

Thermo Fisher's collaboration with NVIDIA is expected to have made further progress toward commercializing AI-enabled scientific workflow solutions. We expect these developments to have favorably boosted the company’s top line in the second quarter of 2026.

Per the Zacks Consensus Estimates, revenues in this segment are projected to increase 4.7% year over year.

Specialty DiagnosticsSimilar to the previous quarter, the segment’s growth may have been driven by the transplant diagnostics business. The healthcare market channel is likely to have contributed to the second-quarter revenues.

Recent product innovations are also expected to have supported the segment's performance. These include the Thermo Scientific Brilliance Candida 2 Agar and Spectra Candida Agar, new color-based (chromogenic) culture media to help quickly detect and differentiate clinically important Candida species, and a new laboratory-developed test to help transplant patients receive the right dose of critical anti-rejection medication faster.

Thermo Fisher marked a notable development in April 2026, entering into an agreement to sell its microbiology business to Astorg for approximately $1.075 billion. The closing of the transaction is expected in the second half of this year, subject to customary closing conditions and applicable regulatory approvals.

The Zacks Consensus Estimate anticipates Specialty Diagnostics revenues to grow 2.8% year over year.

Laboratory Products and Biopharma ServicesIn the second quarter of 2026, the segment is likely to have delivered solid performance due to its clinical research business and the research and safety market channel. During the quarter, Thermo Fisher’s PPD clinical research business expanded its global bioanalytical capabilities by opening a new bioanalytical and biomarker laboratory in Gothenburg, Sweden. 

Thermo Fisher completed the acquisition of Clario in late March, adding digital endpoint data solutions that are highly complementary to its clinical research capabilities. Integration of this acquired business may have continued to progress in the second quarter.

Thermo Fisher also announced a strategic collaboration with SHL Medical, a leading provider of advanced drug delivery systems, alongside an expansion of sterile fill-finish and autoinjector final assembly capacity at its Ridgefield, NJ site. The facility was acquired from Sanofi in September 2025 as part of the company’s strategy to strengthen its U.S. manufacturing footprint.

Collectively, these developments are expected to have supported the segment's second-quarter revenues.

The Zacks Consensus Estimate expects revenues in this segment to increase 7.7% year over year.

What Our Model Unveils for TMOPer our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates, which is not the case here, as you can see below.

Earnings ESP: Thermo Fisher has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks Rank #1 stocks here.

MedTech PicksHere are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time:

Cardinal Health (CAH - Free Report) has an Earnings ESP of +1.24% and a Zacks Rank #2. The company is slated to release fourth-quarter fiscal 2026 results on Aug. 11.

CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.27%. The Zacks Consensus Estimate expects the company’s fourth-quarter EPS to increase 9.1% from the year-ago quarter’s figure.

Henry Schein (HSIC - Free Report) has an Earnings ESP of +0.41% and a Zacks Rank #2. The company is expected to release second-quarter 2026 results soon.

HSIC’s earnings surpassed estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 3.74%. The Zacks Consensus Estimate for the company’s second-quarter EPS calls for a rise of 10.9% from the year-ago quarter’s figure.

Alcon (ALC - Free Report) has an Earnings ESP of +3.13% and a Zacks Rank #2. The company is slated to release second-quarter 2026 results on Aug. 10.

ALC’s earnings beat estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 3.66%. The Zacks Consensus Estimate anticipates the company’s second-quarter EPS to increase 1.3% from the year-ago quarter’s figure.

WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific, the world leader in serving science, will showcase new capabilities, strategic investments and initiatives at BIO International 2026 that are helping pharma and biotech customers advance innovation, simplify complex workflows and bring therapies to patients faster.

Spanning AI-enabled research, clinical development and advanced manufacturing, these investments reinforce Thermo Fisher’s role as a trusted strategic provider of integrated solutions, helping customers simplify drug development from discovery through commercialization.

As demand grows for advanced therapies and pressure increases to reduce development timelines, biopharma companies are increasingly seeking connected, data-driven approaches to research, clinical development and manufacturing. Thermo Fisher is helping customers harness AI, scientific data and integrated development capabilities to improve productivity, enhance decision-making and reduce complexity across the drug development lifecycle.

“AI, connected scientific data and advanced manufacturing are reshaping how therapies are discovered, developed and delivered,” said Mike Shafer, Executive Vice President and President, Biopharma Services, Thermo Fisher Scientific. “With our Accelerator™ Drug Development collaborations and integrated development ecosystem, Thermo Fisher is well-positioned to help customers translate breakthrough science into clinical and commercial success with greater confidence.”

Recent investments and innovations highlighted at BIO International 2026 include:

Pharma Services and Advanced Manufacturing

Expanded global sterile fill-finish and device assembly capacity to support prefilled syringes, vials, cartridges and autoinjectors, including an expanded collaboration with SHL Medical to offer fully integrated device assembly services at Thermo Fisher’s Ridgefield, New Jersey site. Expanding oral solid dose (OSD) manufacturing capabilities with advanced tableting technologies, additional laboratory capacity and new packaging and serialization capabilities across global sites. Added significant additional biologics drug substance capacity across facilities in the U.S. and Switzerland, supporting increasing demand for biologic therapies. Launching new GMP monoclonal antibody manufacturing capabilities in Plainville, Mass., in the second half of 2026, supporting large-scale production of mAb therapies across multiple indications. Expanded our global Bioprocess Design Center (BDC) network with new BDC facilities in the U.S. and India, complementing existing centers in China, Korea and Singapore. The centers provide customers with local expertise, advanced bioprocessing technologies, technical consulting and collaborative laboratory environments to streamline process development, improve manufacturing readiness and support successful scale-up. Clinical Research and Data Intelligence

Expanded digital clinical research capabilities through the acquisition of Clario Holdings Inc., adding industry-leading endpoint data and evidence generation solutions that have supported approximately 70% of FDA and EMA novel drug approvals over the past decade, together with HealthVerity and Datavant to advance real-world evidence and trial optimization. Expanded AI-enabled analytics and workflow solutions designed to help customers improve clinical trial efficiency, streamline interpretation of complex scientific and clinical data, and support more informed development decisions. AI-Enabled Research and Scientific Workflows

Expanded AI-enabled scientific workflows through strategic relationships with NVIDIA, OpenAI, TetraScience and BenchSci, helping customers improve experimental design, automate laboratory workflows and generate deeper insights from complex scientific data.

Through Accelerator™ Drug Development, Thermo Fisher is helping emerging biotech companies combine scientific expertise, AI-enabled workflows, laboratory technologies and development capabilities to support a more efficient transition from discovery through clinical development. Recent software acquisitions, MSAID and Proteinaceous, strengthen Thermo Fisher’s proteomics ecosystem by adding AI, machine learning and proteoform analysis capabilities that help scientists interpret complex population-scale datasets faster and with greater confidence. Advanced connected laboratory capabilities designed to help customers unify scientific data across instruments, applications and research environments, enabling more scalable, automated and data-driven R&D operations. Scientific Innovation and Enabling Technologies

Introduced new molecular and cell therapy workflow innovations, including the Applied Biosystems™ PowerFlex™ Thermal Cycler and the Gibco™ CTS™ Compleo™ Fill and Finish System, designed to help customers advance discovery through clinical translation. Unveiled the Gibco™ CTS™ DynaXS™ Single Use Bioreactor, an integrated platform to enable scalable cell therapy manufacturing with precise control, flexibility and regulatory readiness. Launched Gibco™ CHOvantage™ GS Cell Line Development Kit enabling researchers to generate high-performing CHO lines that enable high productivity, streamlined timelines and royalty-free, clinical-stage licensing options to support scalable manufacturing. Attendees can meet with Thermo Fisher experts at Booth 5125 to explore solutions spanning AI-enabled research, clinical development, biologics manufacturing, sterile fill-finish, analytical services and digital innovation.

Leaders participate in panel discussions at BIO

Thermo Fisher experts will participate in several sessions during the conference, including:

Securing America's Biomanufacturing Future: Industry Forums in Action – James Hulvat, General Manager, Bend, Ore. site, Pharma Services, Monday, June 22, 3 - 4 p.m., San Diego Convention Center, 111 Harbor Drive, San Diego CA 92101

What it Takes to Move Innovation Forward: Accelerating the Journey from Science to Patients – Fireside Chat with the Maryland Tech Council – Daniella Cramp, President, BioProduction, Tuesday, June 23, 3 p.m., Maryland Tech Council, Pavilion 4407, San Diego Convention Center, 111 Harbor Drive, San Diego, CA 92101

Beyond Federal Funding: The New Research Rescue Mission – Todd Rudo, Chief Medical Officer, Clario, Tuesday, June 23, 4:15-5:15 p.m., San Diego Convention Center, 111 Harbor Drive, San Diego CA 92101

Bioprocessing topic – Advancing Monoclonal Antibody Manufacturing Through Integrated Process Intensification - Adam Goldstein, Sr. Director R&D, BioProduction Wednesday, June 24, 10-10:20 a.m., BPI Theater, Bioprocessing Zone, San Diego Convention Center, 111 Harbor Drive, San Diego CA 92101

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $45 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Gibco, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.