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Thermo Fisher Scientific
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Latest analysis
Updated Oct 30, 2026
Thermo Fisher Q3 2026: 6% organic growth and 24.5% adjusted operating margin signal broad-based demand recovery led by pharma/biotech and high-end instruments
Thermo Fisher delivered $12.14 billion in Q3 2026 revenue, with 6% organic growth driven by pharma and biotech market strengthening, bioproduction demand recovery, and high-end instrument orders. Adjusted operating margin expanded 120 basis points year-over-year to 24.5%, powered by tariff refunds realized through the PPI Business System and operational leverage in the Analytical Instruments segment, where income margin surged 430 basis points. The $9.1 billion Clario acquisition added $425 million of clinical research revenue in Q3 alone, repositioning the Laboratory Products and Biopharma Services segment as the primary organic growth engine.
Tone: bullishRevenue
$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, 2026Thermo 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 ↓ Collapse 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
End markets
Geographies
Named customers
“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.