Question · Q3 2025
Michael Leonidovich Ryskin asked about current market conditions, specifically how pharma and biotech customers are navigating MFN and tariff concerns, and how Thermo Fisher Scientific benefits from reshoring activities, including facility build-outs and leveraging Patheon's sterile fill-finish capacity. He also inquired about the academic and government segment's performance, the impact of a potential flat NIH budget, and risks from the recent government shutdown.
Answer
Chairman, President, and CEO Marc Casper noted customer confidence in pipelines and navigating government policies. He explained that reshoring would benefit channel, bioproduction, and analytical instruments businesses, with new constructions impacting 2027-2028 and expansions being faster. He highlighted leveraging the pharma services network, including the Sanofi site acquisition, for U.S. volume. For academic and government, Mr. Casper observed slight improvement in Europe, with the U.S. and China similar to Q2, and U.S. customers feeling better about stable funding. He acknowledged the government shutdown adds hesitancy and delays, which were factored into Q4 guidance.