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 .
- Laboratory Products and Biopharma Services - Offers a comprehensive range of laboratory products and outsourced services for drug development, clinical research, and manufacturing.
- 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.
- 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.
- Specialty Diagnostics - Provides diagnostic test kits, reagents, culture media, and instruments for healthcare, clinical, pharmaceutical, industrial, and food safety laboratories.
You might also like
| Name | Position | External Roles | Short 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. | View Report → |
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. | View Report → |
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. |
-
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?
-
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?
-
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?
-
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?
-
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?
Research analysts who have asked questions during THERMO FISHER SCIENTIFIC earnings calls.
Jack Meehan
Nephron Research LLC
6 questions for TMO
Michael Ryskin
Bank of America Merrill Lynch
5 questions for TMO
Tycho Peterson
Jefferies
5 questions for TMO
Douglas Schenkel
Wolfe Research, LLC
3 questions for TMO
Rachel Vatnsdal Olson
JPMorgan
3 questions for TMO
Andrew Cooper
Raymond James
2 questions for TMO
Dan Arias
Stifel Financial Corp.
2 questions for TMO
Daniel Brennan
TD Cowen
2 questions for TMO
Matthew Sykes
Goldman Sachs Group Inc.
2 questions for TMO
Patrick Donnelly
Citi
2 questions for TMO
Dan Brennan
UBS
1 question for TMO
Daniel Anthony Arias
Stifel
1 question for TMO
Daniel Gregory Brennan
TD Cowen
1 question for TMO
Michael Leonidovich Ryskin
Bank of America
1 question for TMO
Puneet Souda
Leerink Partners
1 question for TMO
Rachel Vatnsdal
JPMorgan Chase & Co.
1 question for TMO
Tycho W. Peterson
Jefferies
1 question for TMO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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 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.
- 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.
- 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).
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.