Jack Meehan's questions to THERMO FISHER SCIENTIFIC (TMO) leadership • Q3 2025
Question
Jack Meehan asked for an update on the 2026 outlook, specifically regarding the progression towards the 3-6% organic growth target, and how recent MFN agreements and market conditions align with this view. He also followed up on the clinical research business, seeking color on trends, new authorizations, pharma customer sentiment on trials, and the traction of the Accelerator Drug Development solution and OpenAI collaboration.
Answer
Chairman, President, and CEO Marc Casper reaffirmed confidence in the 3-6% midterm organic growth, noting MFN agreements were as expected. He explained that the current 2% organic growth (3% ex-COVID runoff) would improve with stabilization in academic/government and China, plus share gains. Senior Vice President and CFO Stephen Williamson added details on a 2026 FX tailwind and the impact of recent M&A. For clinical research, Mr. Casper highlighted strong execution, stepped-up revenue growth (low single-digit vs. Q2's slightly positive), and strong authorizations. He emphasized the significant business wins and customer resonance of the Accelerator Drug Development solution, especially with biotech, and the value of the OpenAI collaboration in improving trial cycle times and leveraging data.