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Revenue Grew 9% Including 6% Organic Revenue Growth

Grew GAAP Diluted EPS 9% and Adjusted EPS 15%

Outstanding performance driven by proven growth strategy and PPI Business System

WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 26, 2026.

Third Quarter Highlights

Third quarter revenue grew 9% to $12.14 billion Third quarter GAAP diluted earnings per share (EPS) grew 9% to $4.64 Third quarter adjusted EPS grew 15% to $6.68 “We are very pleased to deliver another excellent quarter, with outstanding financial performance on both the top and bottom line,” said Marc N. Casper, chairman and chief executive officer of Thermo Fisher Scientific. “We’re advancing our proven growth strategy, which is resonating strongly with our customers, and our PPI Business System is enabling outstanding execution across the company.”

Casper added, “Looking ahead, we’re well positioned to deliver an excellent 2026 as we continue to drive long-term value creation for all of our stakeholders and build an even brighter future for our company.”

Growth Strategy and Capital Deployment

Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. Highlights include the Thermo Scientific™ Orbitrap™ Isora™ mass spectrometer, the first Orbitrap system designed for isotope ratio analysis, enabling faster, simplified workflows and providing deeper insights into the origin and composition of samples for environmental and life sciences research; the Thermo Scientific™ EMPAD™ G2 electron detector enabling faster, more detailed electron microscopy characterization of advanced materials to support the development of next-generation electronics, memory and energy technologies; the FDA-cleared EliA™ CTD 13 Screen in the U.S., a new autoimmune test for systemic connective tissue diseases, including lupus, helping laboratories streamline testing and providing clinicians with reliable information to inform patient care; and the Ion 560 Chip, the highest-throughput sequencing chip for the Ion GeneStudio™ S5 platform, providing nearly twice the sequencing capacity of the prior offering to enable laboratories to process more samples and meet growing genomic profiling needs in oncology research. Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. In partnership with Mayo Clinic, we launched Precure, a pioneering initiative that will combine data from more than one million patient samples with our differentiated proteomics ecosystem, including Orbitrap™ mass spectrometry and Olink™ technologies, to generate new insights into disease progression, enable earlier detection and advance precision medicine. In South Korea, we opened our first AI-Automation Innovation Center, bringing together our advanced analytical technologies, automation and AI to enable our customers to accelerate innovation and enhance R&D productivity. In our channel businesses, we also opened a highly automated distribution center in Kentucky, to enhance speed, flexibility and assurance of supply for our customers across North America. Continued to successfully execute our capital deployment strategy. During the quarter, we completed our previously announced divestiture of our microbiology business. Financial Results

Revenue for the third quarter of 2026 grew 9% to $12.14 billion, versus $11.12 billion in the same quarter of 2025. Organic revenue growth was 6%.

GAAP Earnings Results

GAAP diluted EPS in the third quarter of 2026 was $4.64, 9% growth versus the third quarter of 2025. GAAP operating income for the third quarter of 2026 was $2.26 billion, 17% higher than the year-ago quarter. GAAP operating margin was 18.6%, compared with 17.4% in the third quarter of 2025.

Non-GAAP Earnings Results

Adjusted EPS for the third quarter of 2026 was $6.68, 15% growth versus the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $2.97 billion, 15% higher than the year-ago quarter. Adjusted operating margin was 24.5%, compared with 23.3% in the third quarter of 2025.

Annual Guidance for 2026

The company will provide updated 2026 financial guidance during its earnings conference call this morning at 7:00 a.m. Eastern Time.

Use of Non-GAAP Financial Measures

Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, and organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading “Supplemental Information Regarding Non-GAAP Financial Measures.” The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, October 21, 2026, at 7:00 a.m. Eastern Time. During the call, the company will discuss its financial performance, as well as future expectations.

The call will be webcast live on the “Investors” section of our website, www.thermofisher.com. You can access the conference call by dialing (833) 461-5787 within the U.S. or +1 (585) 542-9983 outside the U.S. The access code is 500554659.

The earnings press release and related information can also be found on the Investor Relations section of our website, under the heading “Financials”. A replay of the call will be available under “News, Events & Presentations” until the next quarterly earnings call.

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.

Safe Harbor Statement

The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent reports on Form 10-K and Form 10-Q under the heading “Risk Factors.” These filings are on file with the SEC and available in the “Investors” section of our website under the heading “SEC Filings.” These forward-looking statements are based on our current expectations and speak only as of the date of this press release. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, in the event of new information, future developments or otherwise.

Condensed Consolidated Statements of Income (unaudited)

Three months ended

September 26,

% of

September 27,

% of

(Dollars in millions except per share amounts)

2026

Revenues

2025

Revenues

Revenues

$

12,137

$

11,122

Costs and operating expenses:

Cost of revenues (a)

6,945

57.2

%

6,470

58.2

%

Selling, general and administrative expenses (b)

1,863

15.3

%

1,795

16.1

%

Amortization of acquisition-related intangible assets

519

4.3

%

435

3.9

%

Research and development expenses

348

2.9

%

346

3.1

%

Restructuring and other costs (c)

199

1.6

%

135

1.2

%

Total costs and operating expenses

9,874

81.4

%

9,182

82.6

%

Operating income

2,263

18.6

%

1,941

17.4

%

Interest income

252

234

Interest expense

(417

)

(347

)

Other income/(expense) (d)

(10

)

(2

)

Income before income taxes

2,088

1,826

Benefit from/(provision for) income taxes (e)

(352

)

(207

)

Equity in earnings/(losses) of unconsolidated entities

(9

)

2

Net income

1,727

1,621

Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest

6

5

Net income attributable to Thermo Fisher Scientific Inc.

$

1,721

14.2

%

$

1,616

14.5

%

Earnings per share attributable to Thermo Fisher Scientific Inc.:

Basic

$

4.65

$

4.28

Diluted

$

4.64

$

4.27

Weighted average shares:

Basic

370

378

Diluted

371

378

Reconciliation of adjusted operating income and adjusted operating margin

GAAP operating income

$

2,263

18.6

%

$

1,941

17.4

%

Cost of revenues adjustments (a)

9

0.1

%

10

0.1

%

Selling, general and administrative expenses adjustments (b)

(20

)

-0.2

%

66

0.6

%

Restructuring and other costs (c)

199

1.6

%

135

1.2

%

Amortization of acquisition-related intangible assets

519

4.3

%

435

3.9

%

Adjusted operating income (non-GAAP measure)

$

2,968

24.5

%

$

2,587

23.3

%

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc.

$

1,721

$

1,616

Cost of revenues adjustments (a)

9

10

Selling, general and administrative expenses adjustments (b)

(20

)

66

Restructuring and other costs (c)

199

135

Amortization of acquisition-related intangible assets

519

435

Other income/expense adjustments (d)

14

(5

)

Income taxes adjustments (e)

27

(64

)

Equity in earnings/losses of unconsolidated entities

9

(2

)

Adjusted net income (non-GAAP measure)

$

2,477

$

2,190

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

$

4.64

$

4.27

Cost of revenues adjustments (a)

0.02

0.03

Selling, general and administrative expenses adjustments (b)

(0.06

)

0.17

Restructuring and other costs (c)

0.54

0.36

Amortization of acquisition-related intangible assets

1.40

1.15

Other income/expense adjustments (d)

0.04

(0.01

)

Income taxes adjustments (e)

0.07

(0.17

)

Equity in earnings/losses of unconsolidated entities

0.02

(0.01

)

Adjusted EPS (non-GAAP measure)

$

6.68

$

5.79

Reconciliation of free cash flow

GAAP net cash provided by operating activities

$

2,551

$

2,239

Purchases of property, plant and equipment

(437

)

(404

)

Proceeds from sale of property, plant and equipment

1

5

Free cash flow (non-GAAP measure)

$

2,115

$

1,840

Business Segment Information

Three months ended

September 26,

% of

September 27,

% of

(Dollars in millions)

2026

Revenues

2025

Revenues

Revenues

Life Sciences Solutions

$

2,719

22.4

%

$

2,588

23.3

%

Analytical Instruments

2,002

16.5

%

1,893

17.0

%

Specialty Diagnostics

1,098

9.1

%

1,174

10.6

%

Laboratory Products and Biopharma Services

6,863

56.5

%

5,970

53.7

%

Eliminations

(546

)

-4.5

%

(503

)

-4.5

%

Consolidated revenues

$

12,137

100.0

%

$

11,122

100.0

%

Segment income and segment income margin

Life Sciences Solutions

$

1,022

37.6

%

$

968

37.4

%

Analytical Instruments

538

26.9

%

429

22.6

%

Specialty Diagnostics

341

31.0

%

321

27.4

%

Laboratory Products and Biopharma Services

1,067

15.5

%

868

14.5

%

Subtotal reportable segments

2,968

24.5

%

2,587

23.3

%

Cost of revenues adjustments (a)

(9

)

-0.1

%

(10

)

-0.1

%

Selling, general and administrative expenses adjustments (b)

20

0.2

%

(66

)

-0.6

%

Restructuring and other costs (c)

(199

)

-1.6

%

(135

)

-1.2

%

Amortization of acquisition-related intangible assets

(519

)

-4.3

%

(435

)

-3.9

%

Consolidated GAAP operating income

$

2,263

18.6

%

$

1,941

17.4

%

(a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2026 also exclude $7 of transaction-related costs. Adjusted results in 2025 also exclude $8 of charges for the sale of inventory revalued at the date of acquisition.

(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, accelerated depreciation on fixed assets to be abandoned due to facility consolidations, and charges for product liability litigation.

(c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains/losses on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2026 exclude $72 of gain on the sale of a business and $244 for a held-for-sale loss. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture.

(d) Adjusted results exclude net gains/losses on investments and settlement charges for pension plans.

(e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements.

Note:

Consolidated depreciation expense is $307 and $227 in 2026 and 2025, respectively.

Organic revenue growth

Three months ended

September 26, 2026

Revenue growth

9%

Acquisitions/divestitures

3%

Currency translation

0%

Organic revenue growth (non-GAAP measure)

6%

Note:

For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

Condensed Consolidated Statements of Income (unaudited)

Nine months ended

September 26,

% of

September 27,

% of

(Dollars in millions except per share amounts)

2026

Revenues

2025

Revenues

Revenues

$

35,136

$

32,341

Costs and operating expenses:

Cost of revenues (a)

20,525

58.4

%

18,905

58.5

%

Selling, general and administrative expenses (b)

5,570

15.9

%

5,295

16.4

%

Amortization of acquisition-related intangible assets

1,433

4.1

%

1,294

4.0

%

Research and development expenses

1,048

3.0

%

1,041

3.2

%

Restructuring and other costs (c)

346

1.0

%

316

1.0

%

Total costs and operating expenses

28,923

82.3

%

26,850

83.0

%

Operating income

6,213

17.7

%

5,491

17.0

%

Interest income

693

735

Interest expense

(1,172

)

(1,054

)

Other income/(expense) (d)

13

(18

)

Income before income taxes

5,746

5,155

Benefit from/(provision for) income taxes (e)

(590

)

(394

)

Equity in earnings/(losses) of unconsolidated entities

(32

)

(9

)

Net income

5,124

4,751

Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f)

16

11

Net income attributable to Thermo Fisher Scientific Inc.

$

5,108

14.5

%

$

4,740

14.7

%

Earnings per share attributable to Thermo Fisher Scientific Inc.:

Basic

$

13.77

$

12.55

Diluted

$

13.75

$

12.53

Weighted average shares:

Basic

371

378

Diluted

372

378

Reconciliation of adjusted operating income and adjusted operating margin

GAAP operating income

$

6,213

17.7

%

$

5,491

17.0

%

Cost of revenues adjustments (a)

51

0.1

%

31

0.1

%

Selling, general and administrative expenses adjustments (b)

59

0.2

%

99

0.3

%

Restructuring and other costs (c)

346

1.0

%

316

1.0

%

Amortization of acquisition-related intangible assets

1,433

4.1

%

1,294

4.0

%

Adjusted operating income (non-GAAP measure)

$

8,102

23.1

%

$

7,231

22.4

%

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc.

$

5,108

$

4,740

Cost of revenues adjustments (a)

51

31

Selling, general and administrative expenses adjustments (b)

59

99

Restructuring and other costs (c)

346

316

Amortization of acquisition-related intangible assets

1,433

1,294

Other income/expense adjustments (d)

(15

)

(1

)

Income taxes adjustments (e)

(269

)

(320

)

Equity in earnings/losses of unconsolidated entities

32

9

Noncontrolling interests adjustments (f)

—

(1

)

Adjusted net income (non-GAAP measure)

$

6,745

$

6,167

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.

$

13.75

$

12.53

Cost of revenues adjustments (a)

0.14

0.08

Selling, general and administrative expenses adjustments (b)

0.16

0.26

Restructuring and other costs (c)

0.93

0.83

Amortization of acquisition-related intangible assets

3.86

3.42

Other income/expense adjustments (d)

(0.04

)

0.00

Income taxes adjustments (e)

(0.72

)

(0.85

)

Equity in earnings/losses of unconsolidated entities

0.09

0.02

Noncontrolling interests adjustments (f)

—

0.00

Adjusted EPS (non-GAAP measure)

$

18.15

$

16.30

Reconciliation of free cash flow

GAAP net cash provided by operating activities

$

5,867

$

4,361

Purchases of property, plant and equipment

(1,263

)

(1,060

)

Proceeds from sale of property, plant and equipment

14

17

Free cash flow (non-GAAP measure)

$

4,618

$

3,319

Business Segment Information

Nine months ended

September 26,

% of

September 27,

% of

(Dollars in millions)

2026

Revenues

2025

Revenues

Revenues

Life Sciences Solutions

$

8,170

23.3

%

$

7,428

23.0

%

Analytical Instruments

5,564

15.8

%

5,339

16.5

%

Specialty Diagnostics

3,445

9.8

%

3,456

10.7

%

Laboratory Products and Biopharma Services

19,592

55.8

%

17,605

54.4

%

Eliminations

(1,635

)

-4.7

%

(1,487

)

-4.6

%

Consolidated revenues

$

35,136

100.0

%

$

32,341

100.0

%

Segment income and segment income margin

Life Sciences Solutions

$

3,017

36.9

%

$

2,722

36.6

%

Analytical Instruments

1,317

23.7

%

1,153

21.6

%

Specialty Diagnostics

987

28.7

%

932

27.0

%

Laboratory Products and Biopharma Services

2,781

14.2

%

2,425

13.8

%

Subtotal reportable segments

8,102

23.1

%

7,231

22.4

%

Cost of revenues adjustments (a)

(51

)

-0.1

%

(31

)

-0.1

%

Selling, general and administrative expenses adjustments (b)

(59

)

-0.2

%

(99

)

-0.3

%

Restructuring and other costs (c)

(346

)

-1.0

%

(316

)

-1.0

%

Amortization of acquisition-related intangible assets

(1,433

)

-4.1

%

(1,294

)

-4.0

%

Consolidated GAAP operating income

$

6,213

17.7

%

$

5,491

17.0

%

Organic revenue growth

Nine months ended

September 26, 2026

Revenue growth

9%

Acquisitions/divestitures

4%

Currency translation

1%

Organic revenue growth (non-GAAP measure)

4%

Note:

For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

Condensed Consolidated Balance Sheets (unaudited)

September 26,

December 31,

(In millions)

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

5,461

$

9,852

Short-term investments

600

253

Accounts receivable, net

9,625

8,900

Inventories

5,643

5,425

Other current assets

4,285

4,278

Total current assets

25,615

28,707

Property, plant and equipment, net

10,577

10,565

Acquisition-related intangible assets, net

18,077

15,838

Other assets

5,701

5,871

Goodwill

54,263

49,362

Total assets

$

114,233

$

110,343

Liabilities, redeemable noncontrolling interest and equity

Current liabilities:

Short-term obligations and current maturities of long-term obligations

$

2,262

$

3,533

Other current liabilities

11,908

11,656

Total current liabilities

14,170

15,189

Other long-term liabilities

6,059

5,766

Long-term obligations

39,108

35,852

Redeemable noncontrolling interest

128

122

Total equity

54,767

53,415

Total liabilities, redeemable noncontrolling interest and equity

$

114,233

$

110,343

Condensed Consolidated Statements of Cash Flows (unaudited)

Nine months ended

September 26,

September 27,

(In millions)

2026

2025

Operating activities

Net income

$

5,124

$

4,751

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,378

2,053

Change in deferred income taxes

(676

)

(728

)

Other net non-cash expenses

621

540

Changes in assets and liabilities, excluding the effects of acquisitions

(1,580

)

(2,255

)

Net cash provided by operating activities

5,867

4,361

Investing activities

Purchases of property, plant and equipment

(1,263

)

(1,060

)

Proceeds from sale of property, plant and equipment

14

17

Proceeds from cross-currency interest rate swap interest settlements

284

218

Acquisitions, net of cash acquired

(8,877

)

(4,037

)

Purchases of investments

(668

)

(351

)

Proceeds from sales and maturities of investments

253

254

Proceeds from sale of business, net of cash divested

1,021

—

Net proceeds from terminations of cross-currency interest rate swaps

388

—

Other investing activities, net

(26

)

20

Net cash used in investing activities

(8,874

)

(4,938

)

Financing activities

Net proceeds from issuance of debt

5,238

2,840

Repayment of debt

(2,519

)

(1,625

)

Proceeds from issuance of commercial paper

389

1,095

Repayment of commercial paper

(389

)

(597

)

Purchases of company common stock

(4,000

)

(2,963

)

Dividends paid

(511

)

(474

)

Other financing activities, net

251

(1

)

Net cash used in financing activities

(1,541

)

(1,725

)

Exchange rate effect on cash

164

273

Increase/(decrease) in cash, cash equivalents and restricted cash

(4,384

)

(2,029

)

Cash, cash equivalents and restricted cash at beginning of period

9,879

4,040

Cash, cash equivalents and restricted cash at end of period

$

5,494

$

2,011

Free cash flow (non-GAAP measure)

$

4,618

$

3,319

Note:

For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.

Supplemental Information Regarding Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company’s short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, and/or foreign currency translation on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company’s core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

Certain transaction-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction-related third-party costs, changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs. Costs/income associated with restructuring activities and large-scale abandonments of product lines, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs. Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies. The noncontrolling interest and tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods. We report free cash flow, which is operating cash flow less net capital expenditures, to provide a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions, transaction-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific’s results computed in accordance with GAAP.

The non-GAAP financial measures of Thermo Fisher Scientific’s results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific’s results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.

More News From Thermo Fisher Scientific Inc.

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Key Takeaways Thermo Fisher's Q3 revenues are projected to rise 7.1% to $11.91B, with EPS up 10.5% to $6.40. Life Sciences Solutions and Laboratory Products revenues are expected to grow 10.1% and 9.8%, respectively. TMO's product innovations may boost Q3 sales, while Specialty Diagnostics revenues are expected to fall 3%. Thermo Fisher Scientific (TMO - Free Report) is set to release third-quarter 2026 results on Oct. 21, before the market opens.

In the last reported quarter, the company posted adjusted earnings per share (EPS) of $6.03, which surpassed the Zacks Consensus Estimate by 5.60%. The company’s earnings topped estimates in each of the trailing four quarters, the average surprise being 4.42%.

Q3 Estimates for TMOThe Zacks Consensus Estimate for revenues is pegged at $11.91 billion, indicating an increase of 7.1% from the year-ago reported figure.

The consensus mark for the company’s EPS implies a 10.5% year-over-year rise to $6.40. The estimate has remained unchanged in the past 30 days.

Factors Likely to Influence TMO’s Q3 ResultsLife Sciences SolutionsThe segment’s performance is expected to have benefited from continued strength in the Bioproduction business. 

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 CHO-K1 Catalog Panel, a cGMP-ready portfolio of basal and feed media designed to support strong cell growth and protein production across CHO-K1 cell lines. 

The company also launched the Multiskan Ease Absorbance Microplate Reader to support protein quantification, enzyme-linked immunosorbent assays (ELISAs), cell viability studies, microbial growth monitoring and other routine laboratory applications with simplified operation and dependable performance. 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 third quarter of 2026.

Per the Zacks Consensus Estimate, the Life Sciences Solutions revenues are expected to increase 10.1% year over year.

Analytical InstrumentsThe segment is likely to have witnessed growth across all three businesses, led by the electron microscopy business in third-quarter 2026. 

Also, Thermo Fisher’s strength in innovations may have remained a bright spot. The company introduced the EMPAD G2 detector to help researchers capture more information about materials in a single scan, recording both the strongest and weakest signals without sacrificing imaging speed or data quality. 

TMO also introduced Orbitrap Isora Mass Spectrometer and Orbitrap Isora Pro Mass Spectrometer, the company’s first Orbitrap instruments with a dedicated isotope ratio analysis mode. In the previous quarter, Thermo Fisher collaborated with NVIDIA, which is expected to have made further progress toward commercializing AI-enabled scientific workflow solutions. These developments might have favorably boosted the company’s top line in the third quarter.

Per the Zacks Consensus Estimate, revenues in this segment are projected to increase 2.6% year over year.

Specialty DiagnosticsSimilar to the previous quarter, the segment’s growth may have been driven by the immunodiagnostics and transplant diagnostics businesses. The healthcare market channel likely contributed to third-quarter revenues.

Recent product innovations are also expected to have supported the segment's performance. These include InstaFlux, an integrated media-on-demand enrichment workflow that helps food microbiology laboratories simplify media preparation, improve productivity and enhance sample traceability, as well as Thermo Scientific Brilliance Candida 2 Agar and Spectra Candida Agar, new color-based (chromogenic) culture media to quickly detect and differentiate clinically important Candida species. 

Thermo Fisher Scientific Inc. Price and EPS SurpriseThermo Fisher marked a notable development in August 2026, completing the sale of its microbiology business to Astorg for approximately $1.075 billion. 

The Zacks Consensus Estimate for Specialty Diagnostics revenues implies a decline of 3% year over year.

Laboratory Products and Biopharma ServicesIn the third 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. 

Thermo Fisher launched the PPD CorEvitas Vitiligo Registry, a prospective, observational clinical registry designed to generate longitudinal real-world evidence in adolescents and adults living with nonsegmental vitiligo (NSV). During the previous quarter, Thermo Fisher’s PPD clinical research business expanded its global bioanalytical capabilities by opening a new bioanalytical and biomarker laboratory in Gothenburg, Sweden. Collectively, these developments are expected to have supported the segment's third-quarter revenues.

The Zacks Consensus Estimate for revenues indicates an increase of 9.8% 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 #2.

You can see the complete list of today’s Zacks #1 Rank 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 around:

TG Therapeutics (TGTX - Free Report) has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon. 

TGTX’s earnings beat estimates in one of the trailing four quarters and missed on the remaining three occasions, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter’s figure.

Revvity (RVTY - Free Report) has an Earnings ESP of +1.03% and a Zacks Rank #2 at present. The company is slated to release third-quarter 2026 results on Nov. 3.

RVTY’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter’s figure.

HeartSciences (HSCS - Free Report) has an Earnings ESP of +2.70% and a Zacks Rank #2 at present. The company is expected to release second-quarter fiscal 2027 results soon.

HSCS’ earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average negative surprise being 0.06%. The Zacks Consensus Estimate for fiscal second-quarter loss per share calls for an improvement of 12.9% from the year-ago quarter’s figure.

Thermo Fisher Scientific Inc. (NYSE:TMO – Get Free Report)’s stock price hit a new 52-week high on Tuesday. The company traded as high as $694.33 and last traded at $678.8880, with a volume of 218570 shares. The stock had previously closed at $676.76.

Trending Headlines about Thermo Fisher Scientific Here are the key news stories impacting Thermo Fisher Scientific this week:

Positive Sentiment: Thermo Fisher’s PPD clinical research business signed an agreement with Quantum BioPharma (NASDAQ: QNTM) to initiate a randomized, placebo-controlled Phase 2 trial of Lucid-MS, a potential treatment for multiple sclerosis. The contract expands PPD’s clinical research work and provides evidence of continued demand for Thermo Fisher’s drug-development services. The financial terms were not disclosed. Thermo Fisher supports Quantum BioPharma multiple sclerosis trial Positive Sentiment: At CPHI Milan 2026, Thermo Fisher is showcasing expanded drug-development, manufacturing and clinical capabilities, including its OSD Express solution designed to improve predictability in oral solid-dose manufacturing. The offerings could strengthen the company’s position as pharmaceutical and biotechnology customers seek integrated commercialization support. Thermo Fisher CPHI Milan capabilities announcement Positive Sentiment: A collaboration with PRECISE and Nanyang Technological University used Thermo Fisher proteomics technologies to identify more than 2,500 previously unreported genetic-protein associations. The research reinforces the company’s technology credentials and could support future demand for proteomics tools. Thermo Fisher proteomics study announcement Neutral Sentiment: JPMorgan reportedly added Thermo Fisher to its October stock picks, while industry commentary highlighted opportunities from generative AI alongside regulatory and adoption risks. These developments may influence sentiment but do not change the company’s financial outlook. JPMorgan October stock picks Analyst Ratings Changes A number of equities research analysts recently weighed in on the stock. Scotiabank began coverage on shares of Thermo Fisher Scientific in a research report on Wednesday, September 9th. They set an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $720.00 price target on shares of Thermo Fisher Scientific in a research report on Friday, September 25th. Sanford C. Bernstein assumed coverage on Thermo Fisher Scientific in a research report on Friday, June 26th. They set a “market perform” rating and a $520.00 price objective for the company. Morgan Stanley upped their target price on shares of Thermo Fisher Scientific from $620.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, Piper Sandler began coverage on Thermo Fisher Scientific in a report on Wednesday, September 9th. They set an “overweight” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Thermo Fisher Scientific currently has a consensus rating of “Moderate Buy” and an average target price of $628.78.

Read Our Latest Stock Report on TMO Thermo Fisher Scientific Stock Performance The company has a fifty day moving average price of $620.96 and a two-hundred day moving average price of $536.59. The firm has a market cap of $243.92 billion, a price-to-earnings ratio of 35.31, a price-to-earnings-growth ratio of 2.74 and a beta of 0.87. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.55 and a quick ratio of 1.18.

Thermo Fisher Scientific (NYSE:TMO – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The medical research company reported $6.03 EPS for the quarter, topping the consensus estimate of $5.71 by $0.32. Thermo Fisher Scientific had a net margin of 15.04% and a return on equity of 17.09%. The firm had revenue of $11.99 billion for the quarter, compared to analysts’ expectations of $11.71 billion. During the same period in the previous year, the business earned $4.28 earnings per share. Thermo Fisher Scientific’s revenue for the quarter was up 10.5% compared to the same quarter last year. Thermo Fisher Scientific has set its FY 2026 guidance at 24.930-25.330 EPS. As a group, equities research analysts expect that Thermo Fisher Scientific Inc. will post 25.13 EPS for the current year.

Thermo Fisher Scientific Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.88 annualized dividend and a yield of 0.3%. Thermo Fisher Scientific’s dividend payout ratio is currently 10.11%.

Insiders Place Their Bets In other Thermo Fisher Scientific news, VP Lisa P. Britt sold 11,440 shares of Thermo Fisher Scientific stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $613.12, for a total transaction of $7,014,092.80. Following the transaction, the vice president directly owned 14,784 shares in the company, valued at approximately $9,064,366.08. The trade was a 43.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Joseph R. Holmes sold 420 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $584.81, for a total value of $245,620.20. Following the transaction, the chief accounting officer directly owned 2,966 shares in the company, valued at $1,734,546.46. The trade was a 12.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 73,768 shares of company stock worth $44,122,820 over the last three months. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Thermo Fisher Scientific Large investors have recently made changes to their positions in the business. Legacy Wealth Managment LLC ID increased its stake in Thermo Fisher Scientific by 78.6% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 50 shares of the medical research company’s stock valued at $25,000 after buying an additional 22 shares during the period. Kilter Group LLC purchased a new position in shares of Thermo Fisher Scientific during the 2nd quarter valued at $25,000. Allied Private Wealth LLC acquired a new position in shares of Thermo Fisher Scientific in the second quarter worth $26,000. MBM Wealth Consultants LLC purchased a new stake in shares of Thermo Fisher Scientific during the first quarter worth $29,000. Finally, Pingora Partners LLC acquired a new stake in Thermo Fisher Scientific during the second quarter valued at $30,000. Institutional investors and hedge funds own 89.23% of the company’s stock.

(Get Free Report)

Thermo Fisher Scientific Inc is a global provider of laboratory products, analytical instruments, reagents, consumables, software and services. Its offerings support research, drug discovery and development, clinical diagnostics, biotechnology and pharmaceutical manufacturing, as well as environmental, industrial and other applied markets.

The company’s portfolio includes mass spectrometers, genetic analysis and sequencing systems, electron microscopes, chromatography equipment, laboratory plastics, cell culture products, antibodies, protein and molecular biology reagents, and diagnostic testing solutions.

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Shares of Thermo Fisher Scientific Inc. (NYSE:TMO – Get Free Report) hit a new 52-week high during trading on Wednesday. The stock traded as high as $671.47 and last traded at $663.61, with a volume of 110382 shares. The stock had previously closed at $658.52.

Thermo Fisher Scientific News Roundup Here are the key news stories impacting Thermo Fisher Scientific this week:

Positive Sentiment: Thermo Fisher launched the Gibco CHO-K1 Catalog Panel, a cGMP-ready, chemically defined and animal-origin-free media portfolio for biologics and biosimilar developers. The product is designed to improve cell growth, protein yield, scalability and manufacturing flexibility, supporting demand from biopharmaceutical customers. Thermo Fisher Scientific Rolls Out New Media Panel for Biologics Development Positive Sentiment: Industry forecasts point to strong long-term growth in cell isolation, cell separation, cell culture media and reusable bioreactors, driven by biologics, cell and gene therapies, personalized medicine, automation and advanced diagnostics. Thermo Fisher is profiled as a participant in each market, highlighting its potential end-market growth opportunities. Cell Isolation and Cell Separation Market Forecast Positive Sentiment: Analyst commentary also identifies Thermo Fisher as an AI-enabled medical and life-science company, with applications in precision medicine and drug development. This reinforces the broader investment case for its technology and research-tools businesses. AI-Powered Medical Stocks Positive Sentiment: Biodesix reported progress in molecular residual disease monitoring programs involving Bio-Rad and Thermo Fisher. The collaboration expands Thermo Fisher’s relevance in circulating-tumor-DNA testing and oncology research. Biodesix Advances MRD Monitoring Programs Neutral Sentiment: The new product launch supports the company’s growth narrative, but one report frames the shares as a “fair value” question after a strong recent run, suggesting valuation could limit additional upside even as operating prospects remain favorable. Thermo Fisher Scientific Launches Gibco CHO-K1 Panel Wall Street Analysts Forecast Growth Several equities research analysts have issued reports on the stock. Scotiabank initiated coverage on shares of Thermo Fisher Scientific in a report on Wednesday, September 9th. They issued an “outperform” rating on the stock. UBS Group upgraded shares of Thermo Fisher Scientific from a “neutral” rating to a “buy” rating and lifted their target price for the company from $540.00 to $730.00 in a research report on Tuesday, September 8th. Citigroup cut shares of Thermo Fisher Scientific from a “buy” rating to an “underperform” rating in a research note on Wednesday, September 9th. HSBC upgraded shares of Thermo Fisher Scientific from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, September 1st. Finally, Wolfe Research initiated coverage on Thermo Fisher Scientific in a research note on Tuesday, June 2nd. They issued an “outperform” rating and a $535.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $624.64.

View Our Latest Report on TMO Thermo Fisher Scientific Price Performance The company has a market cap of $251.15 billion, a price-to-earnings ratio of 36.54, a P/E/G ratio of 2.75 and a beta of 0.85. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.55. The company’s 50 day moving average price is $603.20 and its 200 day moving average price is $527.41.

Thermo Fisher Scientific (NYSE:TMO – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The medical research company reported $6.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.71 by $0.32. The firm had revenue of $11.99 billion during the quarter, compared to the consensus estimate of $11.71 billion. Thermo Fisher Scientific had a net margin of 15.04% and a return on equity of 17.09%. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period last year, the firm posted $4.28 EPS. Thermo Fisher Scientific has set its FY 2026 guidance at 24.930-25.330 EPS. On average, equities research analysts predict that Thermo Fisher Scientific Inc. will post 25.13 earnings per share for the current fiscal year.

Thermo Fisher Scientific Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.88 dividend on an annualized basis and a yield of 0.3%. Thermo Fisher Scientific’s dividend payout ratio is 10.11%.

Insider Transactions at Thermo Fisher Scientific In related news, CAO Joseph R. Holmes sold 420 shares of Thermo Fisher Scientific stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $584.81, for a total value of $245,620.20. Following the completion of the transaction, the chief accounting officer directly owned 2,966 shares of the company’s stock, valued at $1,734,546.46. The trade was a 12.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Marc N. Casper sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $629.27, for a total transaction of $6,292,700.00. Following the transaction, the chief executive officer owned 123,925 shares in the company, valued at approximately $77,982,284.75. This trade represents a 7.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 73,768 shares of company stock worth $44,122,820. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Thermo Fisher Scientific A number of large investors have recently modified their holdings of TMO. BlackRock Inc. bought a new position in Thermo Fisher Scientific in the 2nd quarter worth approximately $15,501,867,000. State Street Corp raised its position in shares of Thermo Fisher Scientific by 1.4% during the fourth quarter. State Street Corp now owns 16,613,761 shares of the medical research company’s stock worth $9,633,991,000 after acquiring an additional 229,630 shares during the last quarter. Capital World Investors lifted its stake in shares of Thermo Fisher Scientific by 7.0% during the fourth quarter. Capital World Investors now owns 11,003,814 shares of the medical research company’s stock valued at $6,376,229,000 after acquiring an additional 718,669 shares during the period. Geode Capital Management LLC boosted its holdings in Thermo Fisher Scientific by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,196,477 shares of the medical research company’s stock valued at $4,728,129,000 after acquiring an additional 26,425 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in Thermo Fisher Scientific by 7.1% in the fourth quarter. Franklin Resources Inc. now owns 6,346,512 shares of the medical research company’s stock worth $3,677,486,000 after purchasing an additional 420,841 shares during the period. 89.23% of the stock is currently owned by institutional investors and hedge funds.

Thermo Fisher Scientific Company Profile (Get Free Report)

Thermo Fisher Scientific Inc is a global supplier of scientific equipment, laboratory services and analytical technologies. The company serves pharmaceutical and biotechnology companies, clinical laboratories, academic and government institutions, industrial businesses and other research organizations.

Its products and services include laboratory instruments, analytical systems, reagents, consumables, software and related services. Thermo Fisher also provides laboratory supplies and equipment, bioproduction solutions, genetic analysis technologies, clinical diagnostics, specialty diagnostic products and contract research and manufacturing services through its laboratory services businesses.

The company was formed in 2006 through the merger of Thermo Electron Corporation and Fisher Scientific International.

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Key Takeaways Thermo Fisher launched EMPAD G2 to enable faster, detailed 4D STEM materials analysis in a single scan. TMO's EMPAD G2 runs at 10,000 frames per second and supports advanced atomic-scale characterization. Thermo Fisher integrates EMPAD G2 with Velox software to simplify analysis and improve repeatable results. Thermo Fisher Scientific Inc. (TMO - Free Report) recently unveiled the Thermo Scientific EMPAD G2 detector to help researchers analyze materials in unprecedented detail. This development is expected to bolster the company’s Analytical Instruments segment. 

TMO Stock Outlook Following the NewsAfter the announcement, TMO shares dipped slightly by 0.8% last Thursday. 

On a positive note, Thermo Fisher has steadily ramped up R&D investments in recent years, fueling new product launches and enhancing its portfolio. We expect the latest development to improve investor sentiment toward TMO stock and support its upward momentum in the near term.

Thermo Fisher has a market capitalization of $233.20 billion. The company’s earnings yield of 4% is well ahead of the industry’s -1.3% yield. It surpassed earnings estimates in each of the trailing four quarters, delivering an average surprise of 4.4%. 

About TMO’s EMPAD G2 DetectorEMPAD G2 enables high-speed four-dimensional scanning transmission electron microscopy (4D STEM), an advanced form of electron microscopy. It aims to help researchers capture more information about materials in a single scan, recording both the strongest and weakest signals without sacrificing imaging speed or data quality. 

The advanced 4D STEM technology offers faster, more reliable and user-friendly performance, helping researchers accelerate discoveries in semiconductors, energy and advanced materials while supporting the development of technologies with real-world applications.

Performance and Workflow of TMO’s EMPAD G2EMPAD G2 runs at 10,000 frames per second (0.1 ms/frame), with exceptionally high single-frame dynamic range (>10???), single-electron sensitivity and operation across the full 30–300 kV range. EMPAD G2 supports advanced applications, ranging from strain mapping and differential phase contrast (DPC) to multi-slice electron ptychography for three-dimensional characterization at the atomic scale.

EMPAD G2 is also fully integrated with the user-friendly Thermo Scientific Velox software. Researchers can collect and analyze multiple types of data, including simultaneous 4D STEM and energy-dispersive x-ray spectroscopy (EDS) within a single workflow. This integration helps simplify advanced materials analysis and supports more reliable, repeatable results.

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Industry Prospects Favor TMOPer a QYResearch report, the global 4D STEM market was valued at an estimated $68 million in 2024 and is projected to reach $110 million by 2031, reflecting a CAGR of 6.6% from 2025 to 2031.

As 4D STEM becomes more widely adopted in academic and industrial research, detector performance is becoming increasingly important. Researchers need to capture large volumes of information rapidly while accurately measuring signals ranging from extremely strong to extremely weak. EMPAD G2 is specifically designed to meet these demands, enabling researchers to obtain reliable quantitative information from a single acquisition.

TMO: Another Key DevelopmentThermo Fisher recently launched Thermo Scientific Orbitrap Isora Mass Spectrometer and Orbitrap Isora Pro Mass Spectrometer, the company’s first Orbitrap instruments with a dedicated isotope ratio analysis mode. Combined with the Thermo Scientific Vanquish Duo UHPLC System and new Isotope Discoverer Software, the instruments form an integrated workflow designed to make molecular-level isotope ratio analysis accessible to more laboratories and researchers worldwide.

TMO Stock Price PerformanceIn the past year, TMO shares have risen 25.3% against the industry’s 4.1% decline. 

TMO’s Zacks Rank and Key PicksThermo Fisher currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space are Globus Medical (GMED - Free Report) , Veracyte (VCYT - Free Report) and Illumina (ILMN - Free Report) .

Globus Medical has an earnings yield of 5.8% against the industry’s negative 1.7% yield. Its earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 27.9%. GMED’s shares have rallied 42.3% against the industry’s 6.3% decline over the past year.

GMED sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Veracyte, sporting a Zacks Rank #1 at present, has an earnings yield of 4.6% against the industry’s negative 1.7% yield. Shares of the company have risen 38% against the industry’s 6.3% decline. VCYT’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 41.8%. 

Illumina, presently carrying a Zacks Rank #2 (Buy), has an estimated long-term earnings growth rate of 13% compared with the industry’s 23% growth. Its earnings beat estimates in each of the trailing four quarters, the average surprise being 9.7%. ILMN’s shares have rallied 194.6% compared with the industry’s 24.6% growth over the past year.

Ausdal Financial Partners Inc. bought a new stake in Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 910 shares of the medical research company’s stock, valued at approximately $456,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. North Dakota State Investment Board acquired a new stake in shares of Thermo Fisher Scientific in the 4th quarter valued at about $7,505,000. BlackRock Inc. bought a new stake in shares of Thermo Fisher Scientific during the second quarter valued at approximately $15,501,867,000. German American Bancorp Inc. acquired a new position in shares of Thermo Fisher Scientific during the second quarter worth approximately $4,920,000. Hudson Value Partners LLC lifted its holdings in shares of Thermo Fisher Scientific by 24.9% in the 2nd quarter. Hudson Value Partners LLC now owns 16,653 shares of the medical research company’s stock worth $8,349,000 after purchasing an additional 3,317 shares in the last quarter. Finally, Clearstead Trust LLC acquired a new stake in Thermo Fisher Scientific in the 2nd quarter valued at $3,779,000. 89.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades A number of research analysts have weighed in on the stock. Evercore set a $570.00 price objective on shares of Thermo Fisher Scientific in a research note on Monday, July 6th. Morgan Stanley upped their target price on shares of Thermo Fisher Scientific from $620.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. Wolfe Research began coverage on shares of Thermo Fisher Scientific in a research report on Tuesday, June 2nd. They issued an “outperform” rating and a $535.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating and set a $630.00 price objective on shares of Thermo Fisher Scientific in a report on Thursday, July 23rd. Finally, HSBC lowered Thermo Fisher Scientific from a “buy” rating to a “hold” rating and dropped their target price for the company from $670.00 to $540.00 in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $619.41.

Read Our Latest Report on TMO Insider Activity at Thermo Fisher Scientific In related news, EVP Michael D. Shafer sold 25,500 shares of Thermo Fisher Scientific stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $600.00, for a total value of $15,300,000.00. Following the sale, the executive vice president owned 20,994 shares of the company’s stock, valued at approximately $12,596,400. The trade was a 54.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Marc N. Casper sold 275 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $627.05, for a total value of $172,438.75. Following the transaction, the chief executive officer directly owned 123,925 shares in the company, valued at $77,707,171.25. This represents a 0.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 73,768 shares of company stock worth $44,122,820. 0.33% of the stock is currently owned by corporate insiders.

Thermo Fisher Scientific Stock Performance Shares of TMO opened at $630.66 on Friday. The stock has a 50 day moving average of $555.52 and a 200 day moving average of $511.31. The company has a market capitalization of $233.18 billion, a price-to-earnings ratio of 33.92, a PEG ratio of 2.58 and a beta of 0.85. Thermo Fisher Scientific Inc. has a 12 month low of $435.27 and a 12 month high of $647.00. The company has a current ratio of 1.55, a quick ratio of 1.18 and a debt-to-equity ratio of 0.74.

Thermo Fisher Scientific (NYSE:TMO – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The medical research company reported $6.03 earnings per share for the quarter, topping the consensus estimate of $5.71 by $0.32. Thermo Fisher Scientific had a return on equity of 17.09% and a net margin of 15.04%.The business had revenue of $11.99 billion for the quarter, compared to analysts’ expectations of $11.71 billion. During the same quarter in the previous year, the firm earned $4.28 earnings per share. The business’s revenue was up 10.5% on a year-over-year basis. Thermo Fisher Scientific has set its FY 2026 guidance at 24.930-25.330 EPS. As a group, sell-side analysts forecast that Thermo Fisher Scientific Inc. will post 25.12 earnings per share for the current year.

Thermo Fisher Scientific Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be given a dividend of $0.47 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.88 annualized dividend and a yield of 0.3%. Thermo Fisher Scientific’s dividend payout ratio is presently 10.11%.

Key Stories Impacting Thermo Fisher Scientific Here are the key news stories impacting Thermo Fisher Scientific this week:

Positive Sentiment: Thermo Fisher introduced the Thermo Scientific EMPAD G2 electron detector, designed to enable faster, high-speed four-dimensional scanning transmission electron microscopy. The product could support demand for the company’s analytical-instrument portfolio and strengthen its position in advanced materials research. Thermo Fisher Scientific Introduces the EMPAD G2 Electron Detector Positive Sentiment: A recent analysis examines whether Isora could provide Thermo Fisher with an additional long-term growth opportunity, potentially broadening the company’s exposure to emerging research and laboratory markets. Can Isora Unlock a New Growth Edge? Neutral Sentiment: Thermo Fisher’s latest reported quarter showed solid momentum: adjusted EPS of $6.03 exceeded estimates, revenue reached $11.99 billion, and sales increased 10.5% year over year. Fiscal 2026 EPS guidance remains $24.93-$25.33, but much of this strength may already be reflected in the stock’s elevated valuation. Neutral Sentiment: Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating, although the average price target of $619.41 is below recent trading levels. Several firms have raised targets toward $650, suggesting optimism but limited upside at the current valuation. Negative Sentiment: CEO Marc Casper sold 275 shares for approximately $172,000 after selling 10,000 shares worth about $6.3 million earlier in the month. Both transactions were executed under pre-arranged Rule 10b5-1 plans, reducing their significance as a signal of deteriorating fundamentals, but the sales can still weigh on sentiment. Thermo Fisher Scientific Company Profile (Free Report)

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.

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Allworth Financial LP bought a new stake in Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 24,334 shares of the medical research company’s stock, valued at approximately $12,200,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. North Dakota State Investment Board acquired a new stake in shares of Thermo Fisher Scientific in the fourth quarter worth $7,505,000. BlackRock Inc. acquired a new position in Thermo Fisher Scientific during the 2nd quarter valued at $15,501,867,000. Hudson Value Partners LLC boosted its holdings in Thermo Fisher Scientific by 24.9% in the 2nd quarter. Hudson Value Partners LLC now owns 16,653 shares of the medical research company’s stock valued at $8,349,000 after purchasing an additional 3,317 shares during the period. Xponance LLC grew its position in Thermo Fisher Scientific by 8.1% in the 4th quarter. Xponance LLC now owns 59,295 shares of the medical research company’s stock worth $34,358,000 after purchasing an additional 4,436 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its position in shares of Thermo Fisher Scientific by 12.6% in the 2nd quarter. Annex Advisory Services LLC now owns 24,656 shares of the medical research company’s stock worth $12,361,000 after acquiring an additional 2,756 shares during the period. 89.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes A number of equities research analysts have weighed in on TMO shares. KeyCorp reiterated an “overweight” rating on shares of Thermo Fisher Scientific in a research note on Tuesday, May 26th. Piper Sandler increased their price target on Thermo Fisher Scientific from $510.00 to $600.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Barclays raised their price target on Thermo Fisher Scientific from $625.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, July 24th. Sanford C. Bernstein assumed coverage on Thermo Fisher Scientific in a research note on Friday, June 26th. They issued a “market perform” rating and a $520.00 price objective on the stock. Finally, Royal Bank Of Canada increased their price objective on shares of Thermo Fisher Scientific from $490.00 to $580.00 and gave the stock a “sector perform” rating in a report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $619.41.

Get Our Latest Analysis on Thermo Fisher Scientific Insider Activity In other news, VP Lisa P. Britt sold 11,440 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $613.12, for a total transaction of $7,014,092.80. Following the transaction, the vice president directly owned 14,784 shares of the company’s stock, valued at approximately $9,064,366.08. This trade represents a 43.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Gianluca Pettiti sold 400 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $565.00, for a total transaction of $226,000.00. Following the sale, the chief operating officer owned 24,651 shares in the company, valued at $13,927,815. This represents a 1.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 63,493 shares of company stock worth $37,657,681. Corporate insiders own 0.33% of the company’s stock.

Thermo Fisher Scientific Stock Performance Shares of NYSE TMO opened at $629.02 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.55. The stock has a 50 day moving average price of $542.53 and a 200 day moving average price of $509.70. The stock has a market capitalization of $232.58 billion, a PE ratio of 33.84, a price-to-earnings-growth ratio of 2.56 and a beta of 0.85. Thermo Fisher Scientific Inc. has a 52 week low of $435.27 and a 52 week high of $643.99.

Thermo Fisher Scientific (NYSE:TMO – Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The medical research company reported $6.03 EPS for the quarter, beating analysts’ consensus estimates of $5.71 by $0.32. The firm had revenue of $11.99 billion during the quarter, compared to analysts’ expectations of $11.71 billion. Thermo Fisher Scientific had a net margin of 15.04% and a return on equity of 17.09%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the company posted $4.28 earnings per share. Thermo Fisher Scientific has set its FY 2026 guidance at 24.930-25.330 EPS. Analysts predict that Thermo Fisher Scientific Inc. will post 25.12 earnings per share for the current fiscal year.

Thermo Fisher Scientific Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Thermo Fisher Scientific’s dividend payout ratio is currently 10.11%.

(Free Report)

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.

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BlackRock Inc. bought a new position in shares of Thermo Fisher Scientific Inc. (NYSE:TMO – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 30,919,632 shares of the medical research company’s stock, valued at approximately $15,501,867,000. BlackRock Inc. owned approximately 8.36% of Thermo Fisher Scientific as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of TMO. Pallas Capital Advisors LLC acquired a new position in shares of Thermo Fisher Scientific in the 2nd quarter worth $5,197,000. Deutsche Bank AG purchased a new position in shares of Thermo Fisher Scientific in the second quarter worth approximately $609,053,000. Perigon Wealth Management LLC purchased a new stake in shares of Thermo Fisher Scientific in the 2nd quarter valued at approximately $13,385,000. Commerzbank Aktiengesellschaft FI purchased a new position in Thermo Fisher Scientific during the 2nd quarter worth approximately $32,967,000. Finally, Trust Co. of Vermont acquired a new stake in shares of Thermo Fisher Scientific in the second quarter worth $25,326,000. 89.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In A number of equities analysts have recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of Thermo Fisher Scientific in a research note on Friday, June 26th. They issued a “market perform” rating and a $520.00 price target on the stock. Evercore set a $570.00 target price on shares of Thermo Fisher Scientific in a research note on Monday, July 6th. Weiss Ratings upgraded shares of Thermo Fisher Scientific from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. Piper Sandler increased their target price on shares of Thermo Fisher Scientific from $510.00 to $600.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Wells Fargo & Company decreased their price target on Thermo Fisher Scientific from $675.00 to $615.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $619.41.

View Our Latest Research Report on TMO Thermo Fisher Scientific Trading Up 0.8% Shares of NYSE:TMO opened at $590.00 on Wednesday. Thermo Fisher Scientific Inc. has a 52-week low of $435.27 and a 52-week high of $643.99. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.18 and a current ratio of 1.55. The company has a market cap of $218.15 billion, a P/E ratio of 31.74, a P/E/G ratio of 2.39 and a beta of 0.84. The stock’s 50-day moving average is $533.64 and its 200-day moving average is $508.36.

Thermo Fisher Scientific (NYSE:TMO – Get Free Report) last released its earnings results on Thursday, July 23rd. The medical research company reported $6.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.71 by $0.32. Thermo Fisher Scientific had a return on equity of 17.09% and a net margin of 15.04%.The firm had revenue of $11.99 billion for the quarter, compared to analyst estimates of $11.71 billion. During the same quarter last year, the firm posted $4.28 EPS. The company’s revenue was up 10.5% on a year-over-year basis. Thermo Fisher Scientific has set its FY 2026 guidance at 24.930-25.330 EPS. Equities research analysts predict that Thermo Fisher Scientific Inc. will post 25.12 earnings per share for the current year.

Thermo Fisher Scientific Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.88 dividend on an annualized basis and a yield of 0.3%. Thermo Fisher Scientific’s dividend payout ratio is 10.11%.

Insider Activity at Thermo Fisher Scientific In related news, CAO Joseph R. Holmes sold 420 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $584.81, for a total transaction of $245,620.20. Following the transaction, the chief accounting officer directly owned 2,966 shares in the company, valued at $1,734,546.46. The trade was a 12.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Lisa P. Britt sold 5,850 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $580.00, for a total value of $3,393,000.00. Following the completion of the sale, the vice president owned 14,784 shares of the company’s stock, valued at $8,574,720. This represents a 28.35% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 52,053 shares of company stock worth $30,643,589. Insiders own 0.33% of the company’s stock.

(Free Report)

Thermo Fisher Scientific (NYSE: TMO) is a global provider of scientific instrumentation, reagents and consumables, software, and services that support research, clinical, and industrial laboratories. The company supplies analytical instruments and laboratory equipment, life sciences reagents and kits, specialty diagnostics, and a broad range of consumables used by researchers, clinicians, and manufacturers. Its offerings also include laboratory information management and data-analysis software, as well as service solutions such as instrument maintenance, validation, and logistics that help customers run complex workflows efficiently.

Thermo Fisher operates through multiple business areas that broadly cover life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services, including contract development and manufacturing for pharmaceutical and biotechnology companies.

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A sign marks the offices of Thermo Fisher Scientific offices in Waltham, Massachusetts, U.S., August 2, 2023. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab

CompaniesHYDERABAD, Aug 10 (Reuters) - Thermo Fisher Scientific (TMO.N), opens new tab is eyeing a 15%-20% increase in its customer base in India over the next ​five years, betting on the growing biopharma research and ‌manufacturing ecosystem, the head of its India unit said.

The U.S.-based company, which makes lab and drug development equipment and supplies analytical instruments, antibodies, and genetic ​analysis products, said it is eyeing continued double-digit growth ​in India driven by rising demand from biopharma, semiconductor, and ⁠clean energy sectors.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

"From a laboratory standpoint, as more laboratories create ​quality standards in line with global standards, our products will be ​found there. With more quality labs coming up, that's where our customer base is growing," Srinath Venkatesh, managing director for India and South Asia, told ​Reuters in an interview last week, but declined to disclose its ​current customer base.

The company is also counting on rising demand from the obesity-drug ‌market ⁠as more pharmaceutical companies in India work around the therapy area, he said.

Thermo Fisher serves customers globally, with the U.S. being its major market. The Asia-Pacific region accounts for about 18% of ​its revenue, with ​India among its ⁠fastest-growing markets, the company said.

"We expect continued double-digit CAGR (compound annual growth rate) growth from India. We ​have made deliberate investments in the region, more so ​than ⁠in the past," said Tony Acciarito, president for Asia Pacific, Middle East and Africa, who was also present in the interview.

The company employs ⁠more ​than 5,000 people in India and plans ​to expand its workforce, particularly in customer-facing roles, as it broadens its presence in ​the country, Venkatesh said.

Reporting by Rishika Sadam; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Rishika leads Reuters’ coverage of India’s pharmaceutical and healthcare sector. Her reporting focuses on key themes such as the emergence of weight-loss drugs, the country’s drug regulatory framework and manufacturing quality standards, and developments shaping India’s pharmaceutical exports to major markets including the United States and Europe. She also covers the country’s rapidly growing hospital industry. With nearly a decade of experience in journalism, Rishika has previously reported extensively on Indian politics, national elections, and on social affairs and criminal justice.

Key Takeaways Thermo Fisher grew bioproduction with 3% organic Life Sciences Solutions growth and a filtration acquisition.TMO opened a U.S. Bioprocess Design Center to expand customer collaboration and process development.TMO added Clario's clinical data capabilities as integration and revenue-synergy efforts progressed. Thermo Fisher Scientific (TMO - Free Report) is building around three growth forces in life sciences: biologic-drug manufacturing, AI-enabled workflows and closer customer collaboration.

These themes can support longer-term expansion, but they also raise the bar. Thermo Fisher must keep launching relevant technologies, integrating acquisitions and proving that scale can translate into better execution.

Year to date, TMO shares have slipped 0.5%, compared with the industry's steeper 11.7% decline.

Image Source: Zacks Investment Research

TMO Expands Its Bioproduction PlatformBioproduction remained a key growth driver in the second quarter. Demand for tools and services used in biologic-drug development and manufacturing helped Life Sciences Solutions deliver 3% organic growth.

The Solventum filtration and separation acquisition broadens Thermo Fisher’s bioproduction offering across upstream and downstream workflows. Management expects the business to support revenue and cost synergies over time.

Thermo Fisher Brings AI Into WorkflowsThermo Fisher is expanding AI capabilities across its software portfolio. Those tools are designed to support smarter workflows and faster analysis in complex scientific applications.

The company is also applying AI within its PPI Business System. That matters because productivity, quality and customer responsiveness are becoming more important as laboratories handle larger datasets and more integrated workflows.

TMO Deepens Customer CollaborationThermo Fisher opened its flagship U.S. Bioprocess Design Center in Massachusetts during the quarter. The site expands its network of customer collaboration centers.

The center allows teams to work with pharma and biotech customers on process development, manufacturing optimization and commercial scale-up. TMO also announced a Singapore precision-health collaboration that combines Olink proteomics with the Orbitrap Astral platform.

Thermo Fisher Advances Clinical Data CapabilitiesThe Clario acquisition adds digital endpoint data solutions to Thermo Fisher’s portfolio. These capabilities can generate deeper clinical insights and improve drug-development productivity.

Clario also fits with Thermo Fisher’s clinical research business. The business exceeded management’s expectations in the second quarter, while integration remained on track and the revenue-synergy pipeline continued to grow.

TMO Innovation Must Outrun CompetitionCompetition remains a real constraint. Thermo Fisher operates in markets where technology changes quickly and customer requirements keep evolving.

Rivals can introduce alternative platforms, compete on pricing or bundle products and services more aggressively. That makes timely product launches, customer adoption and acquisition integration essential to sustaining share gains.

Danaher (DHR - Free Report) and Agilent Technologies (A - Free Report) remain relevant peers for investors watching innovation in life sciences tools, diagnostics and laboratory technologies. Danaher describes itself as a life sciences and diagnostics innovator, while Agilent supplies application-focused solutions across life sciences, diagnostics and applied chemical markets.

Thermo Fisher Momentum Supports the Trend StoryThe bottom line is that Thermo Fisher is aligned with attractive life-science trends, especially bioproduction, AI-led workflow improvement and clinical data capabilities. The case depends on execution as much as market demand.

Here’s how Thermo Fisher’s five-year sales multiple looks like compared to the industry average.

Image Source: Zacks Investment Research

TMO currently carries a Zacks Rank #3 (Hold). That indicates the long-term technology and demand themes have not yet translated into a stronger short-term rating.

The Momentum Score of A is encouraging because it points to favorable near-term trading characteristics. However, the Value Score, Growth Score and VGM Score of C call for measured expectations, especially after the stock’s recent earnings-driven support.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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.