[TMO] Thermo Fisher: Q3 2026 earnings preview, can pharma demand hold 4% organic growth

Thermo Fisher is the largest life sciences tools and services company by revenue, selling reagents, instruments and consumables to drugmakers, hospitals, universities and industrial labs while also running clinical research and outsourced drug manufacturing [1]. According to the earnings calendar, the company holds its call on 2026-10-28 [2] to report the third quarter of 2026, the quarter ending September 27, 2026. In the second quarter of 2026, ended June 27, revenue rose 10% to $11.99 billion with 5% organic growth [3], while acquisitions added 5 percentage points and currency 1 point [4]; the adjusted operating margin was 22.8%, up 0.9 points, and adjusted EPS rose 13% to $6.03 [3]. On the second-quarter call, management raised its full-year organic growth outlook to about 4%, said third- and fourth-quarter organic growth should be similar, and guided third-quarter adjusted EPS to $0.35-$0.40 above the second quarter, or $6.38-$6.43 [5]; as of September 28, the consensus of 15 analysts put third-quarter EPS at $6.41 and the consensus of 13 analysts put revenue at $11.953 billion [6].

Three things matter most in the third-quarter report. The first is whether company-wide organic growth can hold at about 4%: pharma and biotech customers make up about 60% of revenue [7], management said the raised full-year outlook came entirely from these customers [8], and first-quarter organic growth was only 1% [9], so the third quarter is the first data point on whether the second quarter's 5% can last. The second is whether clinical research is still growing outside the Clario acquisition: second-quarter clinical research revenue rose $441 million from a year earlier, which the company attributed mainly to Clario [10], a deal that cost $8.875 billion in cash [11]. The third is whether Analytical Instruments can extend its second-quarter 7% organic growth and 23.0% segment margin [12]: the segment declined 2% organically in the first quarter [13], and the third quarter will show whether the rebound is a durable, product-led improvement or a catch-up in orders.

Company Background and Business Structure

Thermo Fisher is a broad supplier whose consumables, services and instruments span the path from research to drug production. The company is headquartered in Waltham, Massachusetts, describes itself as "the world leader in serving science," and sells under brands including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Patheon and PPD [1]; at the end of 2025 it had about 125,000 employees, with 59,000 in the Americas, 44,000 in Europe, the Middle East and Africa and 22,000 in Asia-Pacific [14], including about 14,000 sales personnel [15]. On March 24, 2026, the company closed its $8.875 billion cash acquisition of Clario, a provider of endpoint data for clinical trials, and placed it in the Laboratory Products and Biopharma Services segment [11]; on April 27 it agreed to sell the microbiology business in its Specialty Diagnostics segment to Astorg for about $1.075 billion, with closing expected in the third quarter [16]. At the May 2026 annual meeting, the advisory vote on executive pay failed, with about 99.93 million shares for and about 214.5 million against [17].

The company reports four segments, and the largest one happens to carry the lowest margin. Revenue in 2025 was $44.556 billion [18]; Laboratory Products and Biopharma Services (LPBS) posted $23.984 billion before eliminations [19] at a 14.0% segment margin [20], made up of clinical research (formerly PPD) at $7.915 billion, the research and safety channel (distribution of own-brand and third-party lab supplies) at $7.440 billion, pharma services (contract development and manufacturing, formerly Patheon) at $7.142 billion and laboratory products at $2.407 billion [21]. Life Sciences Solutions generated $10.374 billion at a 36.3% margin [19], split among biosciences reagents at $4.169 billion, genetic sciences at $2.870 billion and bioproduction (cell culture media, single-use consumables, filtration and purification) at $3.200 billion [21] [22]; Analytical Instruments generated $7.554 billion at a 23.0% margin, including chromatography and mass spectrometry at $3.360 billion, electron microscopy at $2.957 billion and chemical analysis at $1.237 billion [23] [21]; Specialty Diagnostics generated $4.676 billion at a 26.9% margin, and intersegment eliminations were $2.033 billion [19].

Thermo Fisher's revenue is mostly recurring, and its customers are concentrated in pharma and biotech. In 2025, consumables brought in $18.664 billion, services $18.592 billion and instruments $7.301 billion, so about 84% came from repeat consumable purchases and contracted services [24]; by customer location, North America contributed $23.033 billion, of which the United States was $22.240 billion [25], Europe $11.826 billion and Asia-Pacific $8.101 billion [24]. Management said on the second-quarter call that pharma and biotech customers make up about 60% of total revenue [7], so the company's growth rhythm largely follows drugmakers' research, clinical and manufacturing spending, with the rest coming from academic and government, industrial and applied, and diagnostics and healthcare customers.

Financial History and Current Position

Over the past three fiscal years, Thermo Fisher's revenue was flat and then edged higher. Revenue was $42.857 billion in 2023 and $42.879 billion in 2024, then grew 4% to $44.556 billion in 2025 [24], with 2% organic growth and 1 point each from acquisitions and currency [18]. In 2025, growth in pharma and biotech was partly offset by lower demand for COVID-19 vaccine and therapy work, while academic and government revenue fell on U.S. uncertainty and macro conditions in China; GAAP operating income was $7.746 billion at a 17.4% margin, adjusted operating income was $10.109 billion at a 22.7% margin (up 0.1 point), adjusted EPS rose 5% to $22.87 and GAAP EPS was $17.74 [18].

Cash flow in 2025 was weaker than the year before, and both cash and debt were much higher on the year-end balance sheet. Operating cash flow was $7.818 billion in 2025 (versus $8.667 billion in 2024) and free cash flow was $6.337 billion (versus $7.324 billion) [26], with $1.52 billion spent on property, plant and equipment [27]. Year-end cash was $9.852 billion and total debt was $39.384 billion, up from $31.275 billion a year earlier [26]; remaining performance obligations were $27.92 billion, about 52% of which were expected to be recognized within 12 months [28].

Growth picked up clearly in the first half of 2026 from a weak first quarter. First-quarter revenue rose 6% to $11.01 billion with only 1% organic growth, and the adjusted operating margin was 21.8%, down 0.1 point [9], as Analytical Instruments fell 2% organically and Specialty Diagnostics fell 3% [13]. Second-quarter revenue was $11.994 billion, and segment margins were 37.0% in Life Sciences Solutions, 23.0% in Analytical Instruments, 27.7% in Specialty Diagnostics and 14.0% in LPBS [29]; adjusted operating income rose 15% to $2.73 billion and GAAP EPS rose 9% to $4.68 [3].

Second-quarter cash flow improved markedly, but acquisitions and buybacks made the balance sheet heavier. Operating cash flow was $2.125 billion and free cash flow was $1.678 billion, against $1.105 billion a year earlier [30]; first-half free cash flow was $2.503 billion, while acquisitions used $8.872 billion, share repurchases $4.0 billion and dividends $337 million [31]. On June 27, 2026, cash stood at $4.064 billion and short- plus long-term debt totaled $42.549 billion, up from $39.385 billion at the start of the year [31]; remaining performance obligations rose to $29.70 billion [32], and second-quarter net interest expense was $194 million, compared with $107 million a year earlier [33].

Operating Model

Thermo Fisher's revenue splits into consumables, services and instruments, each with its own driver and lag. Consumables are used up with customers' lab activity and biologic production batches and respond fastest to demand; services, which include clinical research and pharma services, are recognized as contracts progress, and about 52% of the $29.70 billion in remaining performance obligations at the end of June falls within the next 12 months [32], so today's authorizations take several quarters to become revenue; instruments are customers' capital spending, follow budget cycles and are historically strongest in the fourth quarter [15]. The company breaks reported growth into organic growth plus acquisitions plus currency: 2%, 1 point and 1 point in 2025 [18], and 5%, 5 points and 1 point in the second quarter of 2026 [4]; management put the full-year acquisition contribution at about $1.6 billion of revenue, while the microbiology sale reduces full-year revenue by about $200 million [5].

Thermo Fisher's margin depends first on business mix and second on the productivity gains from what the company calls its PPI Business System. In 2025, segment margins were 36.3% in Life Sciences Solutions, 26.9% in Specialty Diagnostics, 23.0% in Analytical Instruments and 14.0% in LPBS [19] [20], so a rising share of distribution and outsourced services dilutes the company margin while a recovery in bioproduction and instruments lifts it. About $0.3 billion of restructuring charges in 2025 correspond to roughly $0.5 billion of annual cost savings [34], and the second-quarter 2026 margin gain came mainly from productivity, partly offset by unfavorable business mix [35]; the 10-Q also says the company has identified further restructuring, mostly in LPBS, that will bring about $220 million of additional charges [36]. Below operating income, net interest expense rose with borrowing for acquisitions and buybacks, the second-quarter adjusted tax rate was 11.6% [33], and full-year adjusted tax rate guidance is 11.5% [5].

Free cash flow equals operating cash flow minus net capital spending, and Thermo Fisher's cash generation is naturally weighted to the second half. In 2025, operating cash flow was $7.818 billion and free cash flow $6.337 billion [26]; because amortization of acquired intangibles is not tax-deductible, cash taxes exceed book tax expense, and 2026 tax payments are about $1.5 billion [33]. The company kept its full-year free cash flow guidance at $6.9-$7.4 billion with net capital spending of $1.9-$2.1 billion [5], but the first half delivered only $2.503 billion [31], which means about two-thirds must come in the second half. In capital allocation, the company puts acquisitions first and buybacks and dividends second [26], and management's full-year figures call for $4 billion of repurchases in total and about $700 million of dividends [5].

Industry and Competitive Position

Thermo Fisher is the largest company in life sciences tools and services by revenue and one of the few that covers research tools, analytical instruments, diagnostics, distribution, and outsourced clinical research and drug manufacturing at once. In bioproduction it competes with Danaher's Cytiva, Merck KGaA's MilliporeSigma and Sartorius, and the filtration and separation business acquired in 2025 strengthened its downstream purification offering [37]; on the second-quarter call management said bioproduction saw no significant customer delays in the quarter and that the new DynaDrive single-use bioreactor is gaining rapid adoption among contract manufacturers [38]. In chromatography and mass spectrometry its main rivals are Agilent, Waters, Bruker and Shimadzu, and electron microscopy serves life sciences, materials and semiconductor customers [23]; clinical research competes with contract research organizations such as IQVIA and ICON, pharma services competes with contract manufacturers such as Lonza and Catalent, and the research and safety channel competes with Avantor's VWR.

Thermo Fisher's advantage comes from scale and end-to-end coverage, but the available peer comparison has clear limits. The 10-K says the company meets "aggressive and able competition" in virtually all of its markets [15]; second-quarter growth in Analytical Instruments came mainly from new high-end mass spectrometry, UHPLC systems and AI-enabled software, which customers adopted quickly even in the slower academic market [39]. Public materials do not provide peers' same-quarter growth and margins, so relative share shifts cannot be judged from them; tariffs, changing trade relationships and Chinese rules requiring local suppliers are also reshaping competitive conditions [40].

Core Debates

After organic growth jumped to 5% in the second quarter, can Thermo Fisher hold roughly 4% in the third quarter on the back of pharma and biotech demand?

This question decides whether the third quarter confirms that the company's recovery is continuing. Pharma and biotech customers account for about 60% of revenue [7], and management said the raised full-year outlook came entirely from them [8]; the company guided second-half organic growth to about 4% with similar third and fourth quarters [5], after only 1% in the first quarter [9] and 5% in the second [3]. Life Sciences Solutions, home to bioproduction, earned a 37.0% margin in the second quarter [29], so a change in pharma demand moves profit more than its share of revenue suggests.

The evidence for a continuing recovery is concentrated in bioproduction and pharma services. All four end markets grew in the second quarter, with pharma and biotech up mid-single digits [41]; bioproduction revenue was $941 million versus $745 million a year earlier [42], an increase that reflected both higher pharma demand and the filtration and separation business acquired in 2025 [37]. Management said there were no significant customer delays in the quarter and that the DynaDrive single-use bioreactor is being adopted quickly by contract manufacturers [38]; pharma services revenue was $1.893 billion, up 5.5% from $1.794 billion [42].

An alternative reading is that part of the second-quarter jump came from a low first-quarter base and timing. Organic growth for the first half as a whole was only 3% [5], Life Sciences Solutions grew only 3% organically in the second quarter, and the biosciences business was still declining in the first half [37]; if pharma restocking ends, third-quarter organic growth could fall back to around 3%. The financial transmission runs from pharma funding and pipeline progress to research reagents, biologic production batches and outsourced manufacturing orders, then to bioproduction consumable replenishment and pharma services revenue, and finally to company organic growth and profit in the high-margin Life Sciences Solutions segment.

The third-quarter report should be read on four signals: whether company organic growth is at least 4% with management holding about 4% for the year, whether Life Sciences Solutions grows at least 4% organically led by bioproduction, whether pharma services revenue still grows about 5% year over year, and how management describes pharma end demand and any bioproduction customer delays. If third-quarter organic growth falls below 3% and management blames pharma delays, or Life Sciences Solutions organic growth returns to zero or below, the current reading of a continuing recovery would be weakened.

After paying $8.875 billion for Clario, is Thermo Fisher's clinical research business still growing once the acquisition is stripped out?

This question decides how much of the second quarter's 10% reported growth was bought. Clinical research revenue was $2.396 billion in the second quarter, up from $1.955 billion, or about 20% of company revenue [42]; 5 points of the company's 10% reported growth came from acquisitions [4], and the $441 million increase in clinical research came mainly from Clario [10]. Clinical research contracts run for several years, so today's authorizations set revenue for coming quarters and determine whether LPBS, the lowest-margin segment, can lift its margin.

The evidence for organic growth comes from management's comments and remaining performance obligations. Management said clinical research delivered strong organic revenue and authorization growth in the second quarter and that Clario had a very strong first full quarter of revenue and earnings, which contributed to a higher full-year acquisition contribution [8] of about $1.6 billion [5]. LPBS grew 5% organically in the second quarter, with a 14.0% segment margin against 13.8% a year earlier [10]; company-wide remaining performance obligations rose from $27.92 billion at the end of 2025 [28] to $29.70 billion at the end of June [32].

An alternative reading is that clinical growth outside the acquisition is limited. Acquisitions contributed 6 of LPBS's 12 points of reported growth in the second quarter [10], which roughly implies that most of the $441 million clinical research increase was consolidation; remaining performance obligations are a company-wide figure, partly lifted by consolidation, and include contract manufacturing and extended warranties, so they are not the same as a clinical research backlog [32]. The transmission runs from biotech funding and pharma pipelines to clinical trial authorizations, which enter remaining performance obligations and are recognized as clinical research and LPBS revenue as trials progress; Clario's higher-margin endpoint data services and PPI restructuring act on the LPBS margin, and the new restructuring disclosed in the 10-Q is concentrated in this segment [36]. The third quarter is the first sequential comparison with Clario fully consolidated in both quarters.

The third-quarter report should show whether clinical research revenue is at least $2.396 billion, whether LPBS organic growth stays around 5%, whether remaining performance obligations hold at $29.7 billion or more, and whether the LPBS margin moves toward 14.5%. If clinical research revenue falls more than 4% sequentially, or remaining performance obligations drop below $29 billion, the view that clinical demand outside the acquisition is recovering would not hold.

Analytical Instruments grew 7% organically with margins back at 23% in the second quarter: is this a durable, product-led recovery or a one-quarter rebound?

Analytical Instruments was the segment hit hardest in 2025 and is also the one with the most visible operating leverage. It made up 15.4% of company revenue in the second quarter [29]; in 2025 its organic revenue was flat, and tariffs and related currency effects, strategic investments and unfavorable mix cut its segment margin 3.2 points to 23.0% [19]. Instruments are customers' capital spending and best reflect budget confidence among academic, government and Chinese customers, and in the second quarter segment revenue grew 7% while segment income grew 30% [12].

The evidence for a durable recovery is that all three businesses grew at once, with a clear product driver. In the second quarter electron microscopy revenue rose $55 million, chromatography and mass spectrometry $37 million and chemical analysis $26 million, and the segment margin was 23.0%, up 4.2 points [12]; electron microscopy revenue was $707 million versus $652 million a year earlier, and chromatography and mass spectrometry was $821 million versus $784 million [42]. Management said growth came mainly from new high-end mass spectrometry, UHPLC systems and AI-enabled software, that electron microscopy benefited from semiconductor and advanced materials demand, and that China returned to low single-digit growth [39].

An alternative reading is that the second quarter included order catch-up and currency help. The segment declined 2% organically in the first quarter [13], its first-half organic growth was only 2% with a 21.9% margin, and the 10-Q attributes part of the second-quarter margin gain to favorable foreign exchange [12]; academic and government revenue was flat in the first half [43], and management acknowledged that Chinese academic demand remains muted [39]. The transmission runs from new mass spectrometry, UHPLC and electron microscope launches plus semiconductor and advanced materials demand to instrument orders from pharma, industrial and academic customers, into Analytical Instruments revenue, and then through operating leverage and PPI offsets to tariffs into the segment margin.

The third-quarter report should show whether segment organic growth is at least 5%, whether the margin holds above the first half's 21.9%, whether electron microscopy and chromatography and mass spectrometry both grow year over year, and how management describes academic and government customers, China and tariffs. If segment organic growth falls back below 2%, or the margin drops below 21.9% with tariffs blamed, the second-quarter recovery would look more like a one-quarter rebound.

Risks and Falsifiers

The first risk is the debt and interest burden after the acquisition. The Clario deal and $4 billion of buybacks lifted total debt from $39.385 billion at the start of the year to $42.549 billion and cut cash from $9.852 billion to $4.064 billion [31], and second-quarter net interest expense rose to $194 million [33]; about two-thirds of the full-year free cash flow guidance of $6.9-$7.4 billion has to come in the second half [5], so a drag from working capital or cash taxes would narrow room for buybacks and further deals. If third-quarter free cash flow grows year over year, net interest expense stops rising and the roughly $1.075 billion microbiology sale closes on schedule [16], this risk would ease.

The second risk is inflation and cost pressure. On the first-quarter call the company flagged inflationary pressure from the Middle East conflict [44], the second-quarter margin gain relied on productivity to offset unfavorable mix [35], and the full-year guidance for about 80 basis points of adjusted operating margin expansion also depends on productivity [5]. On second-quarter revenue of $11.994 billion, each 0.5 point of lost margin equals about $60 million of quarterly operating income; if the third-quarter adjusted operating margin expands year over year and management does not cut its full-year margin expansion guidance, this risk has not materialized.

The third risk is a pullback in bioproduction and pharma outsourcing demand. The end of customer restocking or pipeline delays could push the second quarter's 5% organic growth back below 3%; at second-quarter scale, each point of organic growth equals about $120 million of quarterly revenue, and the segment that houses bioproduction earns a 37.0% margin [29], so lost revenue hits profit harder than average. If third-quarter company organic growth is at least 4% and Life Sciences Solutions grows at least 4% organically, this risk would be falsified.

The fourth risk is weaker clinical trial demand or a disappointing Clario integration. Clinical research is about 20% of company revenue, so each 5% decline in it equals about $120 million of quarterly revenue; most of Clario's $8.875 billion price went into goodwill and intangibles, company goodwill was $54.832 billion at the end of June [31], and underperformance would raise impairment risk. If clinical research revenue stays at $2.396 billion or more and management continues to describe authorization growth [8], this risk has not materialized.

The fifth risk is renewed pressure from academic funding, Chinese demand and tariffs. The 10-K lists tariffs, changes in trade relationships and Chinese rules requiring local suppliers as risks [40], and in 2025 tariffs and related currency effects were among the main reasons the Analytical Instruments margin fell 3.2 points [19]; the segment brings in about $1.8 billion a quarter, so each point of organic growth equals about $18 million of revenue and each point of margin about $18 million of segment income. If third-quarter segment organic growth is at least 5% and the margin is at least 21.9%, this risk would be falsified.

What to Watch Next

• Pharma demand: company organic growth of at least 4% (5% in the second quarter, 3% in the first half) confirms the recovery; below 3% with pharma delays blamed falsifies it.
• Bioproduction: Life Sciences Solutions organic growth (3% in the second quarter) of at least 4% led by bioproduction ($941 million in the second quarter); zero or below falsifies it. Pharma services ($1.893 billion, up 5.5%) should still grow about 5%.
• Clinical research after Clario: revenue of at least $2.396 billion; a sequential decline of more than 4% falsifies it.
• Backlog and LPBS margin: remaining performance obligations of at least $29.7 billion (below $29 billion falsifies it) and an LPBS margin moving from 14.0% toward 14.5%.
• Analytical Instruments: organic growth of at least 5% (7% in the second quarter, -2% in the first); below 2% falsifies the recovery. Margin should hold above 21.9% (23.0% in the second quarter); below 21.9% with tariffs blamed falsifies it.
• Balance sheet: free cash flow growth after $2.503 billion in the first half, net interest expense after $194 million in the second quarter, and closing of the microbiology sale.

Conclusion

Thermo Fisher's business is driven by drugmakers' research, clinical and manufacturing spending, and about 84% of its revenue comes from consumables and services [24]. In the second quarter organic growth was 5% and adjusted EPS was $6.03 [3], but the Clario acquisition and buybacks pushed debt to $42.549 billion and cut cash to $4.064 billion [31]. The key unresolved relationship is whether the second-quarter recovery is a durable improvement driven by pharma demand, clinical authorizations and new instruments, or a one-time lift built from a low first-quarter base, consolidation and currency.

Only one independent outside assessment with specific reasoning appeared after the second-quarter results. In a September 9 report, as relayed by AAStocks, UBS analyst Douglas Schenkel argued that Thermo Fisher's core end markets have "largely rebounded," that better funding, returning investment and continued demand for bioproduction tools and services will support growth, that organic growth can recover to at least 5%-6% in 2027 with operating margin expanding at least 50-70 basis points, and that 5.5%-7% core revenue growth remains achievable even without a clear improvement in academic and government markets [45]. This view bears directly on the pharma demand and Analytical Instruments debates: it places the growth bet on pharma and bioproduction and assumes academic and government demand does not need to recover. Because this is the only independent view, differences between institutions cannot be compared, and it should be read as one firm's outside interpretation rather than a shared market view.

The combination that would materially strengthen the current understanding is third-quarter organic growth of at least 4%, faster Life Sciences Solutions growth led by bioproduction, clinical research revenue above $2.396 billion with remaining performance obligations of at least $29.7 billion, Analytical Instruments organic growth of at least 5% with a margin above 21.9%, and year-over-year growth in free cash flow. Conversely, if organic growth falls below 3% with pharma delays blamed, clinical research revenue drops more than 4% sequentially, or the Analytical Instruments margin falls below 21.9% because of tariffs, the second-quarter recovery would more likely prove one-off, and the premise behind UBS's 2027 view would also be called into question.

Sources

[1] TMO 10-K filed 2026-02-26 · business description and segments · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[2] Drillr earnings calendar (updated 2026-09-28) · TMO 2026-10-28 call · 2026-09-28 · Drillr earnings calendar

[3] TMO 8-K filed 2026-07-23 · Q2 2026 results · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/q22026earnings8kex99_1.htm

[4] TMO 8-K filed 2026-07-23 · Q2 2026 organic growth bridge · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/q22026earnings8kex99_1.htm

[5] TMO Q2 2026 earnings call 2026-07-23 · raised 2026 guidance and Q3 phasing · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[6] Drillr analyst_financial_estimates (updated 2026-09-28) · TMO quarter ending 2026-09-27 · 2026-09-28 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] TMO Q2 2026 earnings call 2026-07-23 · pharma and biotech share and outlook driver · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] TMO Q2 2026 earnings call 2026-07-23 · clinical research and Clario commentary · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[9] TMO 8-K filed 2026-04-23 · Q1 2026 results · 2026-04-23 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000086/q12026earnings8kex99_1.htm

[10] TMO 10-Q filed 2026-07-31 · Q2 2026 Laboratory Products and Biopharma Services results · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[11] TMO 8-K filed 2026-03-24 · Clario acquisition completed · 2026-03-24 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000066/a03242026_thermofisherscie.htm

[12] TMO 10-Q filed 2026-07-31 · Q2 2026 Analytical Instruments results · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[13] TMO Q1 2026 earnings call 2026-04-23 · Q1 segment and end-market performance · 2026-04-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[14] TMO 10-K filed 2026-02-26 · employees · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[15] TMO 10-K filed 2026-02-26 · sales force, seasonality and competition · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[16] TMO 10-Q filed 2026-07-31 · microbiology divestiture to Astorg · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[17] TMO 8-K filed 2026-05-26 · 2026 annual meeting say-on-pay vote · 2026-05-26 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000117/tmo-20260520.htm

[18] TMO 10-K filed 2026-02-26 · FY2025 consolidated results and organic growth · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[19] TMO 10-K filed 2026-02-26 · FY2025 segment results · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[20] TMO 10-K filed 2026-02-26 · FY2025 Laboratory Products and Biopharma Services results · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[21] TMO 10-K filed 2026-02-26 · FY2025 revenues by business · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[22] TMO 10-K filed 2026-02-26 · Life Sciences Solutions and bioproduction description · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[23] TMO 10-K filed 2026-02-26 · Analytical Instruments description · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[24] TMO 10-K filed 2026-02-26 · FY2025 revenues by type and region · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[25] TMO 10-K filed 2026-02-26 · FY2025 United States revenues · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[26] TMO 10-K filed 2026-02-26 · FY2025 liquidity and cash flow · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[27] TMO 10-K filed 2026-02-26 · FY2025 investing and 2026 capex plan · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[28] TMO 10-K filed 2026-02-26 · remaining performance obligations December 31 2025 · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[29] TMO 8-K filed 2026-07-23 · Q2 2026 segment revenue and income · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/q22026earnings8kex99_1.htm

[30] TMO 8-K filed 2026-07-23 · Q2 2026 free cash flow · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/q22026earnings8kex99_1.htm

[31] TMO 8-K filed 2026-07-23 · balance sheet June 27 2026 and H1 cash flow · 2026-07-23 · 8-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000138/q22026earnings8kex99_1.htm

[32] TMO 10-Q filed 2026-07-31 · remaining performance obligations June 27 2026 · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[33] TMO 10-Q filed 2026-07-31 · Q2 2026 net interest and tax · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[34] TMO 10-K filed 2026-02-26 · FY2025 margin drivers and PPI · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[35] TMO 10-Q filed 2026-07-31 · Q2 2026 margin drivers · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[36] TMO 10-Q filed 2026-07-31 · restructuring actions · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[37] TMO 10-Q filed 2026-07-31 · Q2 2026 Life Sciences Solutions results · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[38] TMO Q2 2026 earnings call 2026-07-23 · bioproduction competitive commentary · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[39] TMO Q2 2026 earnings call 2026-07-23 · Analytical Instruments and China commentary · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[40] TMO 10-K filed 2026-02-26 · trade, tariff and China risk factors · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm

[41] TMO Q2 2026 earnings call 2026-07-23 · Q2 end markets and geography · 2026-07-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[42] TMO 10-Q filed 2026-07-31 · Q2 and H1 2026 revenues by business · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[43] TMO 10-Q filed 2026-07-31 · Q2 and H1 2026 end-market commentary · 2026-07-31 · 10-Q · https://www.sec.gov/Archives/edgar/data/97745/000009774526000144/tmo-20260627.htm

[44] TMO Q1 2026 earnings call 2026-04-23 · stated risks and inflation · 2026-04-23 · earnings-call · https://gateway.drillr.ai/mcp/private

[45] AAStocks 2026-09-09 · UBS稱Thermo Fisher及Danaher或於2027年錄得中單位數有機收入增長 · 2026-09-09 · UBS(AAStocks 转述) · https://www.aastocks.com/tc/stocks/news/aafn-con/NOW.1543702/latest-news/AAFN