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Daniel Gregory Brennan

Research Analyst at Cowen Inc.

Daniel Gregory Brennan is Managing Director and Senior Equity Research Analyst at TD Cowen, specializing in Life Science & Diagnostic Tools within the healthcare sector. He covers publicly traded companies including Guardant Health, NeoGenomics, Exact Sciences, Agilent, and Bruker, delivering a success rate of approximately 51% with average returns of 14.5% per rating according to TipRanks, and his best call generated an 800% return. Brennan began his analyst career at Morgan Stanley in the health care sector, later serving as Managing Director and senior analyst at UBS and holding a role at Columbus Circle Investors before joining TD Cowen in 2021. He holds a BA in economics from Georgetown University and an MBA from Harvard University, is a CFA charterholder, and maintains FINRA registration.

Daniel Gregory Brennan's questions to THERMO FISHER SCIENTIFIC (TMO) leadership

Question · Q3 2025

Daniel Gregory Brennan asked for elaboration on the impact of onshoring announcements, specifically how to think about incremental demand for CapEx, capacity, and drug volumes in the U.S., and the potential for equipment uptake from brownfield expansions in 2026. He also inquired about the EPS impact from tariffs, the Q3 favorability, the effect of European tariffs, and the outlook for Q4.

Answer

Chairman, President, and CEO Marc Casper described onshoring as incremental one-time demand for new equipment, initial stocking, and labs, generating demand over the next few years, though overall industry volume isn't changing. He highlighted Thermo Fisher Scientific's stronger presence in new facilities (bioproduction, Solventum filtration, Dynaspin bioreactor) compared to the existing install base, noting the bioproduction business is performing exceptionally well with bookings outpacing revenue. Senior Vice President and CFO Stephen Williamson clarified a $0.11 favorable impact from tariffs and related FX in Q3 compared to prior guidance. For Q4, he stated initial assumptions for tariffs hold, with no significant pickup expected due to increased U.S.-Europe tariff rates.

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