Thermo Fisher Scientific (TMO) 44th Annual J.P. Morgan Healthcare Conference summary

2025 performance and strategic progress

• Achieved excellent operational and financial performance in 2025, advancing growth strategy and capital deployment.

• Launched significant innovations in mass spectrometry, cryo-electron microscopy, bioproduction, and diagnostics.

• Gained market share in pharma and biotech, delivering mid-single-digit organic growth ahead of industry.

• Exceeded cost reduction targets by $300 million, supporting strong bottom-line results.

• Enhanced trusted partner status with positive customer interactions and new partnerships.

Market context and end-market trends

• Serves four end markets: pharma/biotech (56% of revenue), diagnostics/healthcare, academic/government, and industrial/applied.

• End markets supported by aging demographics, advances in life sciences, and precision medicine.

• Biopharma customers increasingly seek expert partners to accelerate drug development and reduce costs.

• Academic/government segment faces cautious spending due to budget uncertainty, especially in the U.S.

• Industrial and applied markets benefit from trends in advanced materials and clean energy.

Operational excellence and business systems

• PPI Business System drives productivity, quality, and customer satisfaction, underpinning financial outperformance.

• Delivered 10% average top-line growth and low double-digit EPS and free cash flow growth over the past decade.

• Increased cost reduction targets and exceeded them, supporting margin expansion.

• Maintained strong adjusted EPS growth outlook for 2026.

• Enhanced operational excellence through continuous improvement.