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    Thermo Fisher Scientific Inc (TMO)

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    Business Description

    Thermo Fisher Scientific Inc. is a global leader in serving science, dedicated to enabling customers to make the world healthier, cleaner, and safer . The company operates through four main segments, offering a diverse range of products and services that cater to various end markets, including pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics . Thermo Fisher's product offerings include reagents, instruments, consumables, diagnostic test kits, and laboratory products, supported by a strong global presence and a comprehensive portfolio .

    1. Laboratory Products and Biopharma Services - Offers a comprehensive range of laboratory products and outsourced services for drug development, clinical research, and manufacturing.
    2. Life Sciences Solutions - Provides reagents, instruments, and consumables used in biological and medical research, drug and vaccine discovery and production, and disease diagnosis. Includes sub-segments such as Biosciences, Genetic Sciences, and BioProduction.
    3. Analytical Instruments - Offers a broad range of instruments and supporting consumables, software, and services for laboratory and field applications, serving markets including pharmaceutical, biotechnology, academic, government, and industrial.
    4. Specialty Diagnostics - Provides diagnostic test kits, reagents, culture media, and instruments for healthcare, clinical, pharmaceutical, industrial, and food safety laboratories.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Marc N. CasperChairman, President, and Chief Executive Officer2020Marc N. Casper has been serving as the Chairman, President, and Chief Executive Officer of Thermo Fisher Scientific Inc. since 2020. He initially became the President and CEO in 2009. Before that, he held various senior management roles within the company, including Executive Vice President and Chief Operating Officer from 2008 to 2009, and Executive Vice President from 2006 to 2008. Casper has been a director of the company since 2009 and also serves on the board of Synopsys, Inc. .
    Stephen WilliamsonSenior Vice President and Chief Financial Officer2015Stephen Williamson has been serving as the Senior Vice President and Chief Financial Officer of Thermo Fisher Scientific Inc. since 2015. Prior to this role, he was the Vice President of Financial Operations from 2008 to 2015 .
    Michel LagardeExecutive Vice President and Chief Operating Officer2022Michel Lagarde is the Executive Vice President and Chief Operating Officer at Thermo Fisher Scientific Inc. He was named Executive Vice President in 2019 and became Chief Operating Officer in 2022. Prior to these roles, he joined Thermo Fisher through the acquisition of Patheon in 2017, where he served as Senior Vice President and President of Pharma Services .
    Gianluca PettitiExecutive Vice President2021Gianluca Pettiti, age 45, became Executive Vice President of Thermo Fisher Scientific Inc. in December 2021. Prior to this role, he served as Senior Vice President and President of Specialty Diagnostics from 2019 to 2021, and as President of Biosciences from 2018 to 2019. He also held the position of President, China from 2015 to 2017 .
    Michael A. BoxerSenior Vice President and General Counsel2018Michael A. Boxer joined Thermo Fisher Scientific Inc. as Senior Vice President and General Counsel in January 2018. He has held the position of Senior Vice President, General Counsel, and Secretary from 2021 to 2022 .
    Lisa P. BrittSenior Vice President and Chief Human Resources Officer2017Lisa P. Britt has been serving as the Senior Vice President and Chief Human Resources Officer at Thermo Fisher Scientific Inc. since 2017 .
    Joseph R. HolmesVice President and Chief Accounting Officer2021Joseph R. Holmes has been serving as the Vice President and Chief Accounting Officer of Thermo Fisher Scientific Inc. since 2021. Prior to this role, he was the Senior Director of Technical Accounting from 2017 to 2021 .

    Questions to Ask Management

    1. Given that core growth has been flat or negative over the past few years, despite maintaining operating margins, how does management plan to achieve the long-term goal of 7% to 9% top-line growth, and when can investors expect this growth to materialize?

    2. With the recent acquisitions of The Binding Site and OLink, what specific integration challenges are you facing, and when do you anticipate these acquisitions will start significantly contributing to revenue and earnings?

    3. Considering the muted demand for routine capital equipment and challenges in the Chinese market, how is the company addressing these headwinds, and what strategies are in place to drive growth in these areas?

    4. The Analytical Instruments segment saw an adjusted operating margin decrease of 180 basis points due to unfavorable mix and strategic investments. When do you expect these investments to start delivering returns, and how will this impact margins in the near term?

    5. The expansion of capacity in your Pharma Services business is putting pressure on margins due to costs in training and facility qualification. How are you balancing these short-term margin pressures with long-term growth objectives, and when do you expect higher utilization of this capacity to improve profitability?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 14, 2023
    End Date/DurationN/A
    Total additional amount$4.00 billion
    Remaining authorization amount$1.00 billion as of September 28, 2024
    DetailsThis authorization replaced the existing one with $1.00 billion remaining

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20242,500 1.215% 3-Year Senior Notes (USD-denominated) 1.39 7.1% = (2,500 / 35,313) * 100
    20252,378 0.125% 5.5-Year Senior Notes (euro-denominated) 0.41 6.7% = (2,378 / 35,313) * 100
    20252,378 2.00% 10-Year Senior Notes (euro-denominated) 2.09 6.7% = (2,378 / 35,313) * 100
    20252,378 0.853% 3-Year Senior Notes (Japanese yen-denominated) 1.05 6.7% = (2,378 / 35,313) * 100
    20252,378 0.00% 4-Year Senior Notes (euro-denominated) 0.15 6.7% = (2,378 / 35,313) * 100
    20263,739 3.20% 3-Year Senior Notes (euro-denominated) N/A10.6% = (3,739 / 35,313) * 100
    20272,731 1.45% 10-Year Senior Notes (euro-denominated) N/A7.7% = (2,731 / 35,313) * 100
    20282,900 0.50% 8.5-Year Senior Notes (euro-denominated) N/A8.2% = (2,900 / 35,313) * 100
    20292,714 5.00% 5-Year Senior Notes N/A7.7% = (2,714 / 35,313) * 100
    20302,703 4.977% 7-Year Senior Notes N/A7.7% = (2,703 / 35,313) * 100
    20311,499 0.875% 12-Year Senior Notes (euro-denominated) N/A4.2% = (1,499 / 35,313) * 100
    20322,788 2.375% 12-Year Senior Notes (euro-denominated) 2.375 7.9% = (2,788 / 35,313) * 100
    20333,212 5.086% 10-Year Senior Notes 5.086 9.1% = (3,212 / 35,313) * 100
    20342,537 5.20% 10-Year Senior Notes 5.20 7.2% = (2,537 / 35,313) * 100
    2035151 1.50% 12-Year Senior Notes (Japanese yen-denominated) 1.50 0.4% = (151 / 35,313) * 100
    2036387 2.0375% 12-Year Senior Notes (Swiss franc-denominated) 2.0375 1.1% = (387 / 35,313) * 100
    2037781 2.875% 20-Year Senior Notes (euro-denominated) 2.875 2.2% = (781 / 35,313) * 100
    20391,005 1.50% 20-Year Senior Notes (euro-denominated) 1.50 2.8% = (1,005 / 35,313) * 100
    20412,595 2.80% 20-Year Senior Notes 2.80 7.3% = (2,595 / 35,313) * 100
    2042103 2.069% 20-Year Senior Notes (Japanese yen-denominated) 2.069 0.3% = (103 / 35,313) * 100
    20431,038 5.404% 20-Year Senior Notes 5.404 2.9% = (1,038 / 35,313) * 100
    2044400 5.30% 30-Year Senior Notes 5.30 1.1% = (400 / 35,313) * 100
    2047750 4.10% 30-Year Senior Notes 4.10 2.1% = (750 / 35,313) * 100
    20491,116 1.875% 30-Year Senior Notes (euro-denominated) 1.875 3.2% = (1,116 / 35,313) * 100
    2051837 2.00% 30-Year Senior Notes (euro-denominated) 2.00 2.4% = (837 / 35,313) * 100
    2052234 2.382% 30-Year Senior Notes (Japanese yen-denominated) 2.382 0.7% = (234 / 35,313) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2002 PresentCurrent auditor

    Latest news

    Recent developments and announcements about TMO.

    Financial Reporting

      Earnings Call

      ·
      6 days ago

      Thermo Fisher Scientific (TMO) recently released its earnings call transcript, providing insights into its financial performance and strategic outlook for 2025. Here are the key points from the earnings call:

      Financial Performance

      • Revenue and Earnings: For the fourth quarter of 2024, TMO reported a 5% year-over-year revenue growth to $11.4 billion, with adjusted operating income growing 7% to $2.72 billion. The adjusted EPS increased by 8% to $6.10 per share.
      • Full Year 2024: The company achieved a total revenue of $42.9 billion, with an adjusted EPS of $21.86.

      Forward Guidance for 2025

      • Revenue and EPS Guidance: TMO has set its 2025 revenue guidance between $43.5 billion and $44 billion, expecting 3% to 4% organic growth. The adjusted EPS is projected to grow by 6% to 8%, ranging from $23.10 to $23.50.
      • Market Conditions: The company anticipates improving market conditions throughout 2025, with a focus on delivering strong EPS growth despite some uncertainties related to policy changes and economic conditions.

      Strategic Initiatives

      • Innovation and Product Launches: TMO continues to drive growth through high-impact innovation, launching new products across various segments, including chromatography, mass spectrometry, and bioproduction.
      • Accelerator Drug Development: The company introduced its Accelerator Drug Development solution, leveraging its CDMO and CRO capabilities to enhance drug development efficiency for its customers.

      Analyst Questions and Management Responses

      • Guidance Methodology: Analysts inquired about the assumptions behind the guidance, particularly regarding policy changes and market conditions. Management emphasized their focus on managing through uncertainties and maintaining strong execution.
      • China Market: Questions were raised about TMO's expectations for growth in China, considering trade restrictions and economic conditions. The company expects a similar environment to 2024, with stimulus providing some benefits.

      Conclusion

      TMO is optimistic about its growth prospects in 2025, driven by strong execution, strategic initiatives, and a focus on innovation. The company is well-positioned to navigate potential challenges and capitalize on market opportunities.

      For more detailed financial figures and strategic insights, please refer to the full earnings call transcript.

      Earnings Report

      ·
      6 days ago

      Thermo Fisher Scientific Inc. has released its earnings results for the fourth quarter and full year of 2024. Fourth quarter revenue increased by 5% to $11.40 billion, with a GAAP diluted EPS growth of 14% to $4.78 and an adjusted EPS growth of 8% to $6.10. For the full year, revenue was $42.88 billion, remaining flat compared to the previous year. The full year GAAP diluted EPS grew by 7% to $16.53, and the adjusted EPS increased by 1% to $21.86. The company highlighted its strong financial performance, market share gains, and the launch of innovative products throughout the year.