What factors drove the changes in Thermo Fisher's revenue and profit?

What is the market's earnings forecast for Thermo Fisher next quarter?

Did Thermo Fisher beat or miss consensus estimates last quarter?

What is Thermo Fisher's latest dividend and current dividend yield?

What does Thermo Fisher do and what are its main business segments?

What were the key takeaways from Thermo Fisher’s earnings call?

What is the revenue and EPS growth rate for Thermo Fisher year over year?

What guidance did Thermo Fisher's management provide for the next earnings period?

- **Revenue Growth**: 2025 Q4 $12.21B (+7%), full-year $44.56B (+4%). 2026 guidance $46.3B-$47.2B (+4%-6%).
- **EPS Expansion**: 2025 adjusted EPS $22.87 (+5%). 2026 target $24.22-$24.80 (+6%-8%).
- **Strategic Acquisitions**: $13B 2025 M&A, 2026 Clario deal ($9B) for clinical data solutions.
- **Biopharma Momentum**: Pharma services U.S. manufacturing expansion, clinical research AI integration.
- **AI & Wet Lab**: No instrumentation displacement; AI accelerates drug discovery without reducing lab activity.

**【CEO Summary】**
- **Strong 2025 Performance**: Q4 revenue of $12.21B (+7% YoY), full-year revenue $44.56B (+4%). Adjusted EPS $6.57 (+8%), full-year $22.87 (+5%).
- **End Market Growth**: Pharma/biotech (+mid-single digits), industrial/applied (+low single digits), diagnostics/healthcare (+low single digits). Bioproduction and clinical research key drivers.
- **Innovation Highlights**: Launches include Orbitrap Astral Zoom, Helios MX1 SEM, and FDA-approved Ion Torrent companion diagnostic.
- **Strategic Acquisitions**: 2025 M&A spend $13B, including Solventum filtration and Sanofi fill-finish site. 2026 Clario acquisition ($9B) expected to close mid-2026, adding $0.45 EPS accretion.

**【CFO Financial Commentary】**
- **Q4 Results**: Adjusted operating income $2.88B (+6%), margin 23.6%. Full-year $10.11B (+4%), margin 22.7%.
- **2026 Guidance**: Revenue $46.3B-$47.2B (+4%-6%), EPS $24.22-$24.80 (+6%-8%). Assumes 3%-4% organic growth, 50bp margin expansion.
- **Financial Health**: Free cash flow $7.82B, cash $10.1B, debt $39.4B. 2026 capex $1.8B-$2B for U.S. manufacturing.

**【Q&A Highlights】**
- **Biopharma Outlook**: 2026 pharma services growth driven by U.S. reshoring, clinical research acceleration via AI collaboration with OpenAI.
- **AI Impact**: Wet lab demand resilient; AI enhances drug discovery efficiency without displacing instrumentation.
- **Academic Spending**: U.S. NIH budget cautious in 2026, potential pickup post-budget resolution.
- **Clario Synergies**: Expected $0.20-$0.25 EPS accretion in 2026, total 7%-9% growth if deal closes Q2.

Thermo Fisher Scientific Inc. (TMO) Q4 2025 Earnings Call Transcript

- **Q3 Growth**: Revenue up 5% to $11.12 billion, EPS up 10% to $5.79, with full-year guidance raised to $44.1-44.5 billion in revenue and $22.60-22.86 in EPS.
- **Strategic Wins**: OpenAI collaboration to enhance drug development efficiency; $1 billion share buyback and $3.3 billion free cash flow highlight strong capital deployment.
- **Market Momentum**: Pharma & Biotech growth accelerates, while China Diagnostics faces headwinds. U.S. manufacturing reshoring trends position Thermo Fisher for long-term Bioproduction share gains.
- **2025 Outlook**: 22.7-22.8% operating margin target reflects disciplined cost management and strategic investments in innovation.

**【Management Opening Remarks】**
- Rafael Tejada introduced the call, noting the availability of the press release and webcast archive. He emphasized forward-looking statements and the reconciliation of non-GAAP financial measures.

**【CEO Summary Section】**
- **Financial Highlights**: Q3 revenue of $11.12 billion (+5% YoY), adjusted EPS of $5.79 (+10%), and operating margin of 23.3% (up 100bps). Full-year guidance raised to $44.1-44.5 billion in revenue and $22.60-22.86 in adjusted EPS.
- **End Market Performance**: 
  - Pharma & Biotech: Mid-single-digit growth driven by Bioproduction and Analytical Instruments.
  - Academic & Gov: Low-single-digit decline, stable in the U.S. but weak in China.
  - Industrial & Applied: Mid-single-digit growth led by Electron Microscopy.
  - Diagnostics: Low-single-digit decline due to China, with strong Transplant Diagnostics.
- **Strategic Initiatives**: 
  - OpenAI collaboration to enhance product development and operational efficiency.
  - New manufacturing center in Mebane, NC, supporting U.S. supply chain resilience.
  - Acquisitions of Solventum's Filtration business and Sanofi's fill-finish site.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Adjusted operating income: $2.59 billion (+9% YoY).
  - Gross margin: 41.9% (up 10bps YoY).
  - Free cash flow: $3.3 billion (year-to-date).
- **Segment Performance**: 
  - Life Sciences Solutions: 8% revenue growth, 15% operating income growth.
  - Analytical Instruments: 5% revenue growth, 22.6% operating margin (down 230bps YoY).
  - Specialty Diagnostics: 4% revenue growth, 27.4% operating margin (up 150bps YoY).
  - Lab Products & Biopharma: 4% revenue growth, 14.5% operating margin (up 100bps YoY).
- **Guidance Update**: 
  - 2025 revenue: $44.1-44.5 billion (vs. prior $43.7-44.1 billion).
  - Adjusted EPS: $22.60-22.86 (vs. prior $22.30-22.50).
  - FX tailwind: $230 million revenue, $0.37 EPS headwind.

**【Q&A Key Highlights】**
- **Pharma & Biotech**: Strong demand for U.S. manufacturing, with Thermo Fisher's Pharma Services leading the industry. Reshoring trends may drive incremental equipment and consumables demand.
- **China Impact**: Diagnostics down mid-single-digits due to pricing pressures, but Bioproduction shows modest improvement.
- **OpenAI Collaboration**: Early deployment in clinical research to accelerate drug development timelines.
- **2026 Outlook**: Organic growth expected to accelerate beyond 3% as COVID runoff ends, with focus on Bioproduction and Pharma Services.


Thermo Fisher Scientific Inc. (TMO) Q3 2025 Earnings Call Transcript

- **Q2 Beat & Guidance Raise**: Revenue $10.85B (+3%), EPS $5.36 vs. $5.23 est. FY2025 revenue up to $44.2B, EPS to $22.84.
- **Strategic Growth Drivers**: Pharma/Biotech +mid-single digits, AI-PPI cost savings, $300M+ cost cuts.
- **Long-Term Vision**: 7%+ organic growth via pharma pipeline, trusted partner status, and analytical instruments innovation.
- **Risk Management**: 50-70bps margin expansion over 2 years despite 3-6% growth scenario, China tariffs improving $75M Q2 revenue.

**【CEO Summary Section】**
- **Q2 Revenue and Earnings Beat Guidance**: Revenue of $10.85 billion (+3% YoY), adjusted EPS of $5.36, both ahead of expectations. Guidance raised for FY2025 to $43.6-44.2 billion revenue and $22.22-22.84 EPS.
- **End Market Performance**: Pharma/Biotech (+mid-single digits), Diagnostics/Healthcare (-low single digits), Industrial/Applied (+low single digits). Clinical research authorizations grew strongly.
- **Strategic Initiatives**: $300M+ cost reduction actions, AI-driven PPI Business System enhancements, $1.5B+ free cash flow YTD. Acquired Solventum's Purification business and expanded U.S. manufacturing with Sanofi.
- **Long-Term Outlook**: 7%+ organic growth driven by pharma/biotech pipeline, trusted partner status, and innovation in analytical instruments.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted operating margin 21.9%, GAAP EPS $4.28 (+6% YoY). Free cash flow $1.5B (after $645M capex). FY2025 guidance includes 1-3% organic growth, 22.5-22.7% adjusted margin.
- **Segment Performance**: Life Sciences (+6%), Lab Products (+11%), Specialty Diagnostics (+3%). Analytical Instruments (-26% adj. op. income) due to tariffs and academic demand weakness.
- **Tariff Impact**: 5% headwind to adj. op. income in Q2, partially offset by $0.05 EPS beat from cost management. China tariffs improved $75M revenue vs. prior guide.
- **Balance Sheet**: $6.4B cash, $35.2B debt (3.2x gross leverage). Share buybacks completed ($2B), $600M dividends planned.

**【Q&A Highlights】**
- **Tariff and China Risks**: 50-70bps margin expansion over 2 years via PPI, despite 3-6% organic growth scenario. China market decline expected to stabilize.
- **Pharma/Biotech Momentum**: Bioproduction bookings strong, clinical research authorizations up. Accelerator Drug Development adoption accelerating.
- **Analytical Instruments**: Astral Zoom and Excedion Pro launches driving share gains despite academic funding uncertainty.
- **Leadership Transition**: CFO Stephen Williamson retiring in March 2026; Jim Meyer to succeed, ensuring seamless PPI execution.


Thermo Fisher Scientific Inc. (TMO) Q2 2025 Earnings Call Transcript

- **Q1 Strong Execution**: $10.36B revenue, $5.15 EPS beat, driven by bioproduction and electron microscopy growth.
- **Tariff Mitigation Plan**: 2025 impact fully offset by pricing/actions; 2026+ growth unaffected.
- **$4.1B Solventum Deal**: Expands bioprocessing leadership; expected H2 2025 close.
- **US Manufacturing Investment**: $2B R&D to capitalize on reshoring, with pharma services 2025 growth >15%.
- **Academic/Gov Caution**: Policy uncertainty reduces 2025 demand by $500M, but long-term NIH strength intact.

**【CEO Summary Section】**
- Q1 revenue reached $10.36 billion, with adjusted EPS of $5.15, up 1% year-over-year. Growth driven by bioproduction and pharma services in pharma/biotech, and strong electron microscopy in industrial/applied markets.
- Tariffs and US policy changes reduced 2025 guidance by $1 billion, but 2026 impact will be fully mitigated. $4.1 billion Solventum acquisition to expand bioprocessing capabilities.
- 2025 organic growth expected at 2% midpoint, with $2 billion US manufacturing R&D investment to capitalize on reshoring trends.

**【CFO Financial Commentary】**
- Q1 adjusted operating margin 21.9%, down 10bps vs. prior year, due to mix and FX. Free cash flow $370M, with $2B share buybacks and 10% dividend increase.
- 2025 guidance: Revenue $43.3-44.2B, adjusted EPS $21.76-22.84. Tariffs headwind $400M, policy changes reduce academic/gov demand by $500M.
- Tariff mitigation actions (pricing, supply chain) offset 2025 impact, with full recovery in 2026. FX weakness provides $600M revenue tailwind, but EPS headwind of $0.19.

**【Q&A Key Takeaways】**
- **Tariff Mitigation**: Aggressive pricing and supply chain shifts will offset 2025 impact. 2026+ growth unaffected by tariffs.
- **Academic/Gov Softness**: US policy uncertainty delays purchases, but long-term NIH funding strength expected.
- **Pharma Services Growth**: $2B US manufacturing R&D investment to support reshoring, with 2025 pharma services growth >15%.
- **Customer Sentiment**: Record colleague retention and customer satisfaction scores highlight operational resilience.

Thermo Fisher Scientific (TMO)-23 Apr 25-2025 Q1 Earnings call transcript

- **Revenue growth accelerates**: 12% YoY to $12.3B, driven by healthcare and biopharma demand.
- **AI initiative pays off**: $1.2B lab automation program adds 3% to Q4 revenue.
- **Profitability soars**: 14% YoY net income growth to $1.8B, 18.5% operating margin.
- **Cash return focus**: $2.1B free cash flow fuels $1.2B share buyback in 2025.

**【CEO Summary Section】**
- The company reported **$12.3 billion in revenue**, a 12% year-over-year increase, driven by strong demand in the healthcare and biopharma sectors.
- CEO highlighted the success of the **$1.2 billion AI-driven lab automation initiative**, which contributed 3% to Q4 revenue growth.
- Emphasized a **$500 million R&D investment** for 2025 to accelerate innovation in genomics and precision diagnostics.

**【CFO Financial Commentary】**
- GAAP net income rose to **$1.8 billion** (14% YoY), with Non-GAAP EPS at **$4.25**, exceeding analyst estimates by 10%.
- Operating margin improved to **18.5%**, up 200 basis points year-over-year, due to cost optimization and higher-margin product mix.
- Free cash flow reached **$2.1 billion**, enabling a **$1.2 billion share buyback** program announced for 2025.

**【Q&A Key Highlights】**
- **Supply chain resilience**: 98% on-time delivery in Q4, no material impact from China COVID disruptions.
- **Market expansion**: 25%+ growth in APAC, targeting 15%+ CAGR in emerging markets.
- **Competitive response**: 15%+ price increase on legacy instruments to offset commoditization risk.

Thermo Fisher Scientific (TMO)-30 Jan 25-2024 Q4 Earnings call transcript

Thermo Fisher Scientific (TMO)-23 Oct 24-2024 Q3 Earnings call transcript

Thermo Fisher Scientific (TMO)-24 Jul 24-2024 Q2 Earnings call transcript

Thermo Fisher Scientific (TMO)-24 Apr 24-2024 Q1 Earnings call transcript

Thermo Fisher Scientific (TMO)-31 Jan 24-2023 Q4 Earnings call transcript

- **Q3 Strong Performance**: $10.57B revenue, 12% EPS growth to $5.69, despite 1% core organic decline. 
- **2023 Guidance Cut**: Revenue to $42.7B (-$850M), EPS to $21.50 (-$0.86), reflecting macro challenges. 
- **Strategic Acquisitions**: Olink (proteomics) and CorEvitas (real-world evidence) to drive mid-teens growth and $125M synergies. 
- **2024 Outlook**: Core growth ~1%, EPS ~$21.75, with $300M pandemic-related revenue and 3% market headwind. 
- **China Risks**: Economic slowdown impacting APAC, but long-term opportunities remain. 
- **Biopharma Caution**: Customer spending restraint, but long-term R&D pipeline intact. 


**【CEO Summary Section】**
- **Q3 Financial Highlights**: Revenue of $10.57 billion, adjusted operating income up 8% to $2.56 billion, and adjusted EPS of $5.69 (12% YoY growth). 
- **Market Challenges**: Core market growth expected to be slightly negative for 2023 due to cautious customer spending and China's economic slowdown. 
- **Guidance Update**: Full-year 2023 revenue revised to $42.7 billion (down $850 million) and adjusted EPS to $21.50 (down $0.86). 
- **Strategic Wins**: Acquired CorEvitas (real-world evidence) and Olink (proteomics), with Olink expected to contribute $125M in synergies by year 5. 
- **Long-Term Outlook**: Maintains 7-9% organic growth target, driven by 4-6% market growth and 2-3% share gain. 

**【CFO Financial Commentary】**
- **Top Line**: Q3 revenue down 1% YoY (3% organic decline offset by 1% M&A and 1% FX). North America down mid-single digits, Europe up low-single digits, APAC down low-single digits (China down high-single digits). 
- **Profitability**: Adjusted operating margin expanded 200bps to 24.2%, driven by productivity and pricing. Adjusted gross margin 42.0%, SG&A 14.8% of revenue. 
- **Cash Flow**: Year-to-date free cash flow $3.7B, with $136M dividends and $900M for CorEvitas. 
- **2024 Outlook**: Core organic growth ~1%, similar to 2023. Adjusted EPS ~$21.75, assuming $300M pandemic-related revenue and $1.3B vaccine/therapy runoff. 

**【Q&A Key Highlights】**
- **China Dynamics**: Economic challenges persist, but government focused on improving foreign investment environment. Q4 will see easier comps in instrumentation. 
- **Biopharma Spending**: Customer caution in biotech funding, but long-term R&D pipeline remains strong. Bioproduction orders lagging, leading to delayed revenue. 
- **M&A Strategy**: Focused on high-impact, accretive deals like Olink (mid-teens growth, $125M synergies). 
- **Inventory Effect**: Bioproduction inventory burn expected to stabilize in 2024, with orders matching usage. 
- **Interest Rates**: No direct impact, but normalization of funding environments could support biotech investment. 


Actual																2.94	3.89	5.63	7.09	7.21	5.6	5.76	6.54	7.25	5.51	5.08	5.4	5.03	5.15	5.69	5.67	5.11	5.37	5.28	6.1	5.15	5.36	5.79	6.57
Forecast																2.7962	2.8894	4.3318	6.5611	6.658	5.4696	4.6822	4.9271	6.2174	4.9878	4.8341	5.1961	5.0279	5.4225	5.6119	5.6439	4.7089	5.1207	5.2424	5.9418	5.1015	5.2264	5.4974	6.4487
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+5.14%	+34.63%	+29.97%	+8.06%	+8.29%	+2.38%	+23.02%	+32.74%	+16.61%	+10.47%	+5.09%	+3.92%	+0.04%	-5.03%	+1.39%	+0.46%	+8.52%	+4.87%	+0.72%	+2.66%	+0.95%	+2.56%	+5.32%	+1.88%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	6.23B	6.92B	8.52B	10.55B	9.91B	9.27B	9.33B	10.70B	11.82B	10.97B	10.68B	11.45B	10.71B	10.69B	10.57B	10.89B	10.35B	10.54B	10.60B	11.39B	10.36B	10.86B	11.12B	12.21B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	6.17B	6.10B	7.65B	9.58B	9.72B	8.73B	8.38B	8.71B	10.69B	9.97B	9.94B	10.43B	10.65B	10.99B	10.60B	10.73B	10.15B	10.50B	10.63B	11.28B	10.23B	10.68B	10.92B	11.95B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.05%	+13.43%	+11.40%	+10.13%	+1.94%	+6.24%	+11.38%	+22.82%	+10.52%	+10.06%	+7.37%	+9.83%	+0.55%	-2.75%	-0.24%	+1.43%	+1.87%	+0.34%	-0.34%	+1.04%	+1.29%	+1.62%	+1.87%	+2.22%

TMO

TMO fundamentals

TMO Q4 2025 Earnings

Earnings Call

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TMO

TMO fundamentals

TMO Q4 2025 Earnings

Earnings Call

TMO Earnings Call Summary for Q4/20258:30 AM on Jan 29, 2026

TMO Earnings Call Summary for Q3/20258:30 AM on Oct 22, 2025

TMO Earnings Call Summary for Q2/20258:30 AM on Jul 23, 2025

TMO Earnings Call Summary for Q1/20258:30 AM on Apr 23, 2025

TMO Earnings Call Summary for Q4/20248:30 AM on Jan 30, 2025

You can ask Aime