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    Thermo Fisher Scientific Inc (TMO)

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    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.
    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.

    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.

    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 developments and announcements about TMO.

    Earnings

    • New Earnings (Q4 2024)

      ·
      Jan 30, 2025, 4:18 PM

      Thermo Fisher posted 90bps margin expansion in Q4, supported by cost actions and mid-single-digit growth in China. Management guides 3%-4% organic revenue growth and 6%-8% EPS growth in 2025—slightly below the 7%-9% target—but remains confident in long-term strength.

      View full earnings summary →

    8-K Filings

    • 8-K Filing

      ·
      Feb 25, 2025, 10:26 PM
      Other Events

      Thermo Fisher entered an agreement with Solventum to acquire its purification and filtration business for $4.1B in cash, pending customary conditions and regulatory approvals. Expected completion is by the end of 2025.

      View full 8-K filing →