Thermo Fisher Scientific (TMO) investor relations material

Current industry and company outlook

• Entered 2026 with strong momentum and exited 2025 with robust financial performance and earnings growth.

• Industry volatility post-COVID has subsided, leading to a more predictable environment.

• Gaining market share and maintaining deep customer relationships, positioning as a clear industry leader.

• No major pause in end market recovery; industry continues to strengthen, supported by biotech, pharma activity, and NIH budget approval.

Guidance philosophy and growth expectations

• Sets ambitious but achievable goals, aiming for consistent outperformance without excessive conservatism.

• Provided a multi-year framework: 2%+ organic growth in 2025, 3%-4% expected in 2026, targeting 5%-6% longer term, and eventually 7%+.

• Retires risk each quarter and raises outlook as performance warrants.

• Industry-wide adoption of similar guidance approach is expected to reduce volatility.

Pharma, biotech, and reshoring trends

• Pharma and biotech represent about 60% of revenue, with mid-single digit growth in 2025 and high single-digit growth in Q4.

• Expanded service capabilities over the past decade, offering integrated clinical research and manufacturing, enabling faster drug development.

• Significant commitments to U.S. manufacturing reshoring, including a $2B capacity investment and new contract wins.

• Reshoring expected to drive above-trend growth from 2027–2029, with higher market share in new U.S. facilities.