Thermo Fisher Scientific's Oncomine Dx Target Test Gains FDA Approval for NSCLC Treatment.

Thermo Fisher Scientific's Oncomine Dx Target Test has gained FDA approval as a companion diagnostic for HERNEXEOS, contributing to a 7.8% price increase over the last quarter. The company's growth aligns with broader market trends, with the S&P 500 and Nasdaq hitting all-time highs following positive inflation data. Analysts forecast annual revenue growth of 4.8% and earnings reaching $8.9 billion by 2028. The current share price of $462.39 remains below the consensus price target of $550.28, suggesting potential upside.

Thermo Fisher Scientific (TMO) has seen a significant boost following the recent FDA approval of its Oncomine Dx Target Test as a companion diagnostic for HERNEXEOS. The test, which identifies patients with human epidermal growth factor receptor 2 (HER2/ERBB2) tyrosine kinase domain (TKD) activating mutations in non-small cell lung cancer (NSCLC) tumors, has contributed to a 7.8% price increase over the last quarter [2].

The FDA approval aligns with broader market trends, with the S&P 500 and Nasdaq hitting all-time highs following positive inflation data. This approval positions Thermo Fisher Scientific favorably within the precision medicine sector, emphasizing its capability in developing innovative diagnostic tools and potential revenue streams in the growing biotech and pharmaceutical sectors [1].

The company's growth narrative is supported by analysts forecasting annual revenue growth of 4.8% and anticipating earnings reaching US$8.9 billion by 2028. Despite these projections, the current share price of US$462.39 remains below the consensus price target of US$550.28, suggesting potential upside [2].

The approval of the Oncomine Dx Target Test and subsequent product launches could enhance revenue and earnings forecasts, bolstering confidence in Thermo Fisher Scientific's growth trajectory. However, the company's recent performance has seen it underperform the broader US market's 19.4% gain over the past year, highlighting some challenges amid a shifting macroeconomic environment [2].

References:
[1] https://www.biospectrumasia.com/news/104/26481/thermo-fisher-receives-us-fda-approval-for-ngs-based-oncomine-dx-target-test-as-companion-diagnostic.html
[2] https://sg.finance.yahoo.com/news/thermo-fisher-scientific-tmo-oncomine-172801916.html