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Companies · TMO

TMO Reported this cycle

Thermo Fisher Scientific

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Latest analysis

Updated Jul 31, 2026

Thermo Fisher Q2 2026: Broad-based demand recovery drives 10% revenue growth and 420bp adjusted operating margin expansion, anchored by $9.1B Clario acquisition.

Thermo Fisher delivered Q2 2026 consolidated revenues of $11,994 million against $10,855 million in Q2 2025, with 5% organic growth led by bioproduction demand recovery and high-end instrument strength. Adjusted operating income margin expanded 90 basis points to 22.8%, powered by the company's PPI Business System productivity gains despite unfavorable business mix from recent acquisitions. The $9.1 billion Clario acquisition, closed March 2026, immediately reshapes the Laboratory Products and Biopharma Services segment by adding clinical endpoint data capabilities, while the announced divestiture of the microbiology business to Astorg for approximately $1.075 billion signals active portfolio optimization.

Tone: bullish

Revenue

$44.6B

TMO 10-K · FY 2025

Employees

125,000

Revenue growth YoY

+4%

Headquarters

Waltham, MA

Profile

TMO 10-K Item 1 · Feb 26, 2026

Thermo Fisher Scientific is the world leader in serving science, providing instruments, reagents, consumables, and pharmaceutical services to customers across pharma, biotech, healthcare, academic, and government markets. The company operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. It delivers products and services under brands including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Patheon, and PPD.

Read filing description ↓

Thermo Fisher Scientific Inc. is the world leader in serving science. Our Mission is to enable our customers to make the world healthier, cleaner and safer. We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, research and development, quality and process control settings. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. We continuously increase our depth of capabilities across our broad portfolio of innovative products and services and leverage our extensive global channels to address our customers' needs. We do this through organic investments in research and development, capacity and capabilities and through acquisitions. Our goal is to enable our customers to be more productive in an increasingly competitive business environment, enable them to accelerate innovation, solve their challenges and advance their important work. The company's operations fall into four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.

Primary products

  • reagents
  • instruments
  • consumables
  • next-generation proteomics solutions
  • chromatography and mass spectrometry instruments
  • electron microscopy instruments

Business segments

Life Sciences Solutions Analytical Instruments Specialty Diagnostics Laboratory Products and Biopharma Services

End markets

pharmaceutical and biotech academic and government industrial and applied healthcare and diagnostics agricultural clinical environmental

Geographies

Americas Asia-Pacific Europe, the Middle East and Africa (EMEA) United States China

Named customers

Pharmaceutical and biotech companies Academic and government institutions Industrial and applied customers Healthcare and diagnostics providers
“The company encounters aggressive and able competition in virtually all of the markets we serve.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Revenues grew 4% in 2025 versus 2024, driven by the Laboratory Products and Biopharma Services and Life Sciences Solutions segments, with organic revenue growth of 2% after adjusting for a 1% acquisition contribution and a 1% favorable currency translation impact.

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 12 diligence answers 2 M&A transactions SWOT