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THERMO FISHER SCIENTIFIC (TMO)

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.

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NamePositionExternal RolesShort Bio

Marc N. Casper

ExecutiveBoard

Chairman, President, and CEO

Board Member at Synopsys, Inc.

Marc N. Casper has been President and CEO since 2009 and Chairman since 2020. He has led TMO through significant growth and innovation.

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Gianluca Pettiti

Executive

Executive Vice President

None

Gianluca Pettiti joined TMO in 2015 and has held leadership roles in China, Biosciences, and Specialty Diagnostics. Promoted to EVP in 2021.

Joseph R. Holmes

Executive

Vice President and Chief Accounting Officer

None

Joseph R. Holmes became Chief Accounting Officer in 2021, previously serving as Senior Director of Technical Accounting.

Lisa P. Britt

Executive

Senior Vice President and CHRO

None

Lisa P. Britt has been CHRO since 2017, leading HR operations and executive compensation strategies.

Michael A. Boxer

Executive

Senior Vice President and General Counsel

None

Michael A. Boxer has been General Counsel since 2018, overseeing legal and compliance functions.

Michel Lagarde

Executive

Executive Vice President and COO

Board Member at Vertex Pharmaceuticals Incorporated

Michel Lagarde joined TMO in 2017 through the Patheon acquisition and became COO in 2022. He has played a key role in Pharma Services integration and growth.

Stephen Williamson

Executive

Senior Vice President and CFO

None

Stephen Williamson has been CFO since 2015, previously serving as VP of Financial Operations.

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C. Martin Harris

Board

Independent Director

Director at Agiliti, Inc., Colgate-Palmolive Company, and MultiPlan Corporation

C. Martin Harris has been a director since 2012 and is also a Vice President and Chief Business Officer at Dell Medical School, University of Texas at Austin.

Debora L. Spar

Board

Independent Director

Professor and Senior Associate Dean at Harvard Business School

Debora L. Spar has been a director since 2019, contributing expertise in strategy, technology, and governance from her academic and leadership roles.

Dion J. Weisler

Board

Independent Director

Director at Intel Corporation and BHP

Dion J. Weisler has been a director since 2017. He is the former CEO of HP Inc. and brings expertise in technology and international business.

James C. Mullen

Board

Independent Director

None

James C. Mullen has been a director since 2018 and has over 35 years of experience in the pharmaceutical and biotechnology industries.

Jennifer M. Johnson

Board

Independent Director

President and CEO of Franklin Resources, Inc.; Board Member at Franklin Resources, Inc.

Jennifer M. Johnson joined the board in 2023 and is the CEO of Franklin Templeton, with over 35 years of experience in asset management.

Nelson J. Chai

Board

Independent Director

None

Nelson J. Chai has been a director since 2010. He previously served as CFO of Uber Technologies Inc. and has extensive financial and strategic leadership experience.

R. Alexandra Keith

Board

Independent Director

CEO of P&G Beauty; Executive Sponsor for Sustainability at Procter & Gamble

R. Alexandra Keith has been a director since 2020, bringing expertise in sustainability and international business from her leadership roles at Procter & Gamble.

Ruby R. Chandy

Board

Independent Director

Board Member at DuPont de Nemours Inc., Flowserve Corporation, and Pritzker Private Capital

Ruby R. Chandy joined the board in 2022 and brings expertise in global life sciences, marketing, and strategy.

Scott M. Sperling

Board

Independent Lead Director

Co-CEO of Thomas H. Lee Partners, LP; Board Member at Agiliti, Inc.

Scott M. Sperling has been a director since 2006 and became Independent Lead Director in 2022. He brings extensive private equity and corporate governance experience.

Tyler Jacks

Board

Independent Director

President of Break Through Cancer; Director at Amgen Inc.

Tyler Jacks has been a director since 2009. He is a prominent cancer researcher and professor at MIT.

  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?

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
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
NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP2002 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Olink Holding AB (publ)

2024

The acquisition was completed on July 10, 2024 for $26.00 per share (approximately $3.1 billion, net of $96 million cash), and integrated into the Life Sciences Solutions segment to boost proteomics and precision medicine capabilities. The deal recorded significant goodwill of $2.28 billion and definite-lived intangible assets of $0.99 billion, financed via cash on hand and debt issuances.

CorEvitas, LLC

2023

Completed on August 14, 2023, this acquisition valued at approximately $910 million (with $730 million in cash and $184 million in debt settled) expands Thermo Fisher's real-world evidence capabilities in its Laboratory Products and Biopharma Services segment. The deal is expected to drive low-double-digit growth, contributing to clinical research activities with substantial goodwill ($626 million) and intangible assets related to customer relationships and product technology.

The Binding Site Group

2023

Acquired on January 3, 2023 for a total purchase price of $2.71 billion (including $2.42 billion in cash and $307 million in debt), this transaction enhanced Thermo Fisher's Specialty Diagnostics segment by broadening its diagnostics offerings in blood cancers and immune system disorders. The deal involved significant net assets including definite-lived intangible assets (with an average amortization period of 17 years) and substantial goodwill, supporting expanded sales and synergies.

U.S.-based Fourier-transform infrared gas analysis tech developer

2022

This acquisition within the Analytical Instruments segment focused on integrating advanced gas analysis technology. However, no additional detailed financial or operational information was provided for this deal.

Recent press releases and 8-K filings for TMO.

Thermo Fisher Scientific issues $2.5 billion of senior notes
·$TMO
Debt Issuance
  • On October 7, 2025, Thermo Fisher Scientific issued $500 million of 4.200% Senior Notes due March 1, 2031, $750 million of 4.473% Senior Notes due October 7, 2032, $750 million of 4.794% Senior Notes due October 7, 2035, and $500 million of 4.894% Senior Notes due October 7, 2037 in a public offering.
  • The company expects to receive net proceeds of approximately $2.48 billion, which will be used for general corporate purposes, including potential acquisitions, debt repayment, working capital, capital expenditures, and share repurchases.
  • The notes are subject to a make-whole redemption (Treasury rate plus 10–15 basis points) prior to specified par call dates, redeemable at 100% of principal on or after par call dates, and include a change-of-control repurchase at 101% of principal.
4 days ago
Thermo Fisher Scientific prices USD-denominated senior notes
·$TMO
Debt Issuance
  • Thermo Fisher priced a $2.5 billion offering of senior notes in four tranches: $500 M of 4.200% due 2031, $750 M of 4.473% due 2032, $750 M of 4.794% due 2035 and $500 M of 4.894% due 2037, at issue prices ranging from 99.874% to 100.000% of par.
  • The notes pay interest semi-annually and are expected to close on or about October 7, 2025, subject to customary conditions.
  • Net proceeds will fund general corporate purposes, including potential M&A, debt refinancing, working capital, capital expenditures or share repurchases, or may be temporarily invested in short-term instruments.
Oct 1, 2025, 12:00 AM
Thermo Fisher Scientific to expand PCV fill-finish manufacturing in North Carolina
·$TMO
New Projects/Investments
  • Thermo Fisher will provide custom commercial fill-finish capacity at its Greenville, NC facility to support Vaxcyte’s broad-spectrum pneumococcal conjugate vaccines as part of a long-term U.S. supply strategy.
  • The agreement represents up to $1 billion in manufacturing and related services commitments.
  • The partnership aims to strengthen Vaxcyte’s U.S. supply chain, enhance commercial readiness and bolster domestic biomanufacturing.
  • Vaxcyte’s pipeline includes lead candidates VAX-31, VAX-24, as well as VAX-A1 and VAX-GI vaccine candidates.
Sep 30, 2025, 12:30 PM
Thermo Fisher completes acquisition of Sanofi’s Ridgefield site
·$TMO
M&A
  • Thermo Fisher Scientific has completed the acquisition of Sanofi’s sterile fill-finish and packaging facility in Ridgefield, New Jersey; terms were not disclosed.
  • The Ridgefield site is now part of Thermo Fisher’s pharma services business within its Laboratory Products and Biopharma Services segment.
  • Thermo Fisher will continue manufacturing Sanofi therapies at the site and expand capacity to meet rising demand from pharma and biotech customers.
  • The acquisition adds over 200 specialized colleagues and bolsters U.S. sterile fill-finish operations alongside Greenville, NC and Plainville, MA, strengthening its Accelerator CDMO and CRO offerings.
Sep 2, 2025, 12:15 PM
Portfolio manager buys Thermo Fisher Scientific shares
·$TMO
  • Bill Baruch initiated a position in Thermo Fisher Scientific after the stock dipped to just above $400, calling its recent earnings report “tremendous” and the valuation attractive for long-term holders.
  • He believes weakness in biotech and research budgets has been largely priced in and expects future rate cuts to serve as a tailwind for lab-sciences equipment and diagnostics.
  • Baruch notes increased spending flows into diagnostics, positioning Thermo Fisher to benefit as universities and research institutions stabilize budgets.
  • Panelists highlight that the broadly unloved healthcare sector still contains high-quality names, with AbbVie, Amgen, and Lilly cited as additional selective opportunities.
Aug 1, 2025, 5:08 PM
Thermo Fisher Scientific reports Q2 2025 results
·$TMO
Earnings
Guidance Update
CFO Change
  • Thermo Fisher delivered 3% revenue growth to $10.85 B, 1% adjusted operating income growth to $2.38 B and $5.36 adjusted EPS, outperforming guidance.
  • Raised 2025 guidance to $43.6 B–$44.2 B revenue and $22.22–$22.84 adjusted EPS, with 1–3% organic revenue growth and 22.5–22.7% adjusted operating margin.
  • Announced CFO Steven Williamson will retire in March 2026; Jim Meyer named successor effective March 1, 2026.
  • Expanded capital deployment with planned acquisitions: Silventum’s purification and filtration business closing by year-end and Sanofi sterile fill-finish site in Ridgefield, NJ.
Jul 23, 2025, 3:10 PM
Thermo Fisher to acquire Sanofi steriles site in New Jersey
·$TMO
M&A
New Projects/Investments
  • Thermo Fisher will acquire Sanofi’s Ridgefield, New Jersey sterile fill-finish and packaging facility, adding a world-class site and 200 employees to its network.
  • Under undisclosed terms, the site will continue manufacturing a portfolio of Sanofi therapies and be expanded to meet growing U.S. demand from pharma and biotech customers.
  • The transaction is expected to close in the second half of 2025, after which the facility will join Thermo Fisher’s Laboratory Products and Biopharma Services segment.
Jul 16, 2025, 12:00 PM
Thermo Fisher’s NGS assay approved as companion diagnostic for ZEGFROVY
·$TMO
Product Launch
  • FDA approves the Oncomine Dx Express Test on the Ion Torrent Genexus Dx as an in vitro diagnostic companion diagnostic for Dizal’s ZEGFROVY and for tumor profiling
  • The assay can deliver genomic profiling results in as little as 24 hours, supporting timely precision oncology decisions
  • Biodesix will be the first lab to launch decentralized testing services; the assay detects clinically significant mutations across 46 genes
Jul 3, 2025, 12:15 PM
Thermo Fisher Scientific Approves CEO Long-Term RSU Award
·$TMO
Executive Compensation
  • The Board approved a 5-year, performance-based RSU award valued at approximately $60 million for CEO Marc N. Casper to secure his continued leadership through at least May 2030.
  • The award payout is tied to the company’s total shareholder return relative to the S&P 500, with performance thresholds that can adjust the target award based on percentile outcomes.
  • The filing also details provisions on change in control, dividend entitlements on RSUs, tax withholding, and a clawback policy for non-compliance events.
May 22, 2025, 12:00 AM
Thermo Fisher Scientific Updates Guidance and Tariff Impacts
·$TMO
Guidance Update
  • Guidance Update: The company outlined its transparent approach to policy impacts, including cost mitigation and forecasted 2% adjusted EPS growth with revenue expected to remain steady, despite a challenging macro environment.
  • China Tariff Reductions: A temporary reduction in China’s tariffs to a 10% inbound rate is expected to significantly lessen revenue headwinds—originally estimated at around $400 million—with mitigating actions remaining in place pending further clarity.
  • Academic & Government Impact: The academic and government segment, comprising roughly 7-15% of revenue, faces a projected $300 million headwind due to muted growth and funding uncertainties, underscoring the cautious outlook in this area.
May 13, 2025, 3:41 PM