THERMO FISHER SCIENTIFIC (TMO) Company Report

Thermo Fisher Scientific (Finance I) B.V. issued €1.0 billion Floating Rate Senior Notes due December 1, 2027 (3-month EURIBOR + 0.28%) and €1.1 billion 3.628% Senior Notes due December 1, 2035, fully and unconditionally guaranteed by Thermo Fisher Scientific Inc.
The 2027 notes were priced at 100% of par with quarterly interest, and the 2035 notes at 100% of par yielding 3.628% (spread of +88 bps to mid-swaps; make-whole +15 bps; par call from September 1, 2035)
Net proceeds are expected to be approximately €2.09 billion after underwriting discounts and expenses, to be used for general corporate purposes including acquisitions, debt refinancing, working capital and equity repurchases
Notes are expected to settle on December 1, 2025, managed by lead managers Barclays, BNP Paribas, HSBC Continental Europe and Morgan Stanley, with a planned listing on the New York Stock Exchange

3 days ago

8-K

Thermo Fisher Scientific authorizes $5B share repurchase

TMO

Share Buyback

Thermo Fisher’s Board approved a $5 billion share repurchase program to be executed in the open market or via negotiated transactions.
The authorization has no expiration date, granting management flexibility on timing and pricing.
Thermo Fisher generated approximately $40 billion in annual revenue, underscoring its market leadership.

Nov 6, 2025, 9:35 PM

Press Release

Vaxcyte reports Q3 2025 financial results and VAX-24 Phase 2 study update

TMO

Earnings

New Projects/Investments

Hiring

Ended Q3 with $2,670.6 million in cash, cash equivalents and investments, expected to fund operations into mid-2028.
Shared final VAX-24 infant Phase 2 data showing robust, dose-dependent immune responses and minimal carrier suppression, validating higher doses for the ongoing VAX-31 infant study.
Entered a $1 billion agreement with Thermo Fisher for fill-finish capacity in North Carolina to bolster U.S. commercial supply.
Appointed Mike Mullette as Chief Commercial Officer to lead PCV program commercialization.
Q3 R&D expenses were $209.9 million (vs. $116.9 million Y/Y), G&A expenses $32.4 million (vs. $23.0 million Y/Y), and net loss $212.8 million (vs. $103.1 million Y/Y).

Nov 4, 2025, 9:05 PM

Press Release

Thermo Fisher plans $9B acquisition of Clario

TMO

M&A

Debt Issuance

Thermo Fisher agreed to acquire Clario Holdings for approximately $8.9 billion in cash plus up to $525 million in performance-linked payments, marking one of the year’s largest private equity exits.
Clario’s platform, which generates around $1.25 billion in revenue, supports data collection and analysis for clinical trials and underpins 70% of U.S. drug approvals.
The deal is expected to close by mid-2026 pending regulatory approval and will bolster Thermo Fisher’s software and AI capabilities within its Laboratory Products and Biopharma Services segment.
Thermo Fisher will fund the transaction with debt financing and cash on hand, and WilmerHale advised on the deal with a 40-lawyer multidisciplinary team.
The acquisition is projected to be immediately accretive, adding $0.45 of adjusted EPS in the first year after closing.

Oct 29, 2025, 4:49 AM

Morningstar

Thermo Fisher reports Q3 2025 results

TMO

Earnings

Guidance Update

M&A

Revenue grew 5% to $11.12 B, adjusted operating income rose 9% to $2.59 B and adjusted EPS increased 10% to $5.79.
Organic revenue up 3%, led by Life Sciences Solutions (+5% organic), Analytical Instruments (+4%), Specialty Diagnostics (+2%) and Lab Products & Biopharma Services (+3%).
Raised 2025 guidance: revenue to $44.1 B–$44.5 B, operating margin to 22.7%–22.8% and adjusted EPS to $22.60–$22.86.
Acquisitions and capital return: ~$4 B spent on Solventum filtration & separation business and Sanofi sterile fill-finish site; repurchased $1 B of shares and paid $160 M of dividends.
New product and AI initiatives: launched OncoMindDx Xpress companion diagnostic, OLINK TARGET48 neurodegeneration panel, new electron microscopes and partnered with OpenAI to embed AI across R&D and operations.

Oct 22, 2025, 12:30 PM

Transcript

Thermo Fisher Reports Q3 2025 Results

TMO

Earnings

Guidance Update

M&A

Revenue grew 5% to $11.12 billion; adjusted operating income rose 9% to $2.59 billion, with adjusted operating margin expanding 100 bps to 23.3%; adjusted EPS increased 10% to $5.79.
Raised full-year 2025 guidance: revenue to $44.1–$44.5 billion and adjusted EPS to $22.60–$22.86.
In Life Sciences Solutions, revenue +8% and margin +200 bps to 37.4%; Analytical Instruments revenue +5% (organic +4%) but margin down 230 bps to 22.6%; Specialty Diagnostics and Lab Products & Biopharma Services delivered mid-single-digit growth with margin expansions.
Executed capital deployment: acquired Solventum’s filtration business and Sanofi’s NJ fill-finish site and repurchased $1 billion of shares (bringing YTD buybacks to $3 billion).

Oct 22, 2025, 12:30 PM

Transcript

Thermo Fisher Scientific reports Q3 2025 results

TMO

Earnings

Share Buyback

M&A

Thermo Fisher delivered 5% revenue growth to $11.12 billion, including 3% organic growth in Q3 2025.
GAAP diluted EPS was $4.27, flat year-on-year, while adjusted EPS increased 10% to $5.79.
Completed acquisitions of Solventum’s Filtration and Separation business and Sanofi’s Ridgefield, NJ sterile fill-finish site, and repurchased $1 billion of common stock.
Launched key innovations—Oncomine™ Dx Express Test, Olink® Target 48 Neurodegeneration panel, Talos 12 TEM—and initiated an AI collaboration with OpenAI to enhance R&D and operations.

Oct 22, 2025, 10:05 AM

8-K

Thermo Fisher Scientific reports Q3 2025 results

TMO

Earnings

M&A

Share Buyback

Revenue increased 5% to $11.12 billion and organic growth was 3% versus Q3 2024.
GAAP diluted EPS of $4.27 was unchanged year-over-year; adjusted EPS rose 10% to $5.79.
GAAP operating margin improved to 17.4%, while adjusted operating margin reached 23.3% in the quarter.
Completed acquisitions of Solventum’s Filtration and Separation business and Sanofi’s Ridgefield fill-finish site, and repurchased $1 billion of stock.

Oct 22, 2025, 10:00 AM

Press Release

Thermo Fisher Scientific reports Q3 revenue beat

TMO

Earnings

Share Buyback

M&A

Revenue of $11.12 billion, up 5% year-over-year and above expectations
Adjusted EPS of $5.79 vs. $5.50 expected; GAAP EPS was $4.27
Adjusted operating margin increased to 23.3%
Strength in laboratory products, biopharma services and life-sciences solutions (life sciences revenue of $2.59 billion), supported by new product launches
Completed acquisitions (Solventum Filtration & Separation business; Sanofi Ridgefield fill-finish site), repurchased $1.0 billion of stock and announced an OpenAI collaboration; shares rose ~1.4–2.6% post-results

Oct 21, 2025, 10:22 PM

Morningstar

Thermo Fisher partners with OpenAI to accelerate life science breakthroughs

TMO

New Projects/Investments

Thermo Fisher Scientific has entered a collaboration with OpenAI to embed AI technologies into core functions—ranging from product development and service delivery to customer engagement and operations—to speed scientific innovation and operational efficiency.
The initial application targets Thermo Fisher’s PPD™ clinical research business, aiming to significantly shorten clinical trial cycle times and accelerate the time to market for new medicines.
OpenAI capabilities will be integrated into Thermo Fisher’s Accelerator™ Drug Development solution, providing an end-to-end AI-powered platform spanning early development through commercialization.
The company will roll out ChatGPT Enterprise to employees, fostering internal fluency and confidence in frontier AI tools.

Oct 16, 2025, 12:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for THERMO FISHER SCIENTIFIC.

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