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Thermo Fisher Scientific Inc. provides life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and biopharma services in the North America, Europe, Asia-Pacific, and internationally. It operates through four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The Life Sciences Solutions segment includes reagents, instruments, and consumables for biological and medical research; discovery and production of drugs and vaccines; and diagnosis of infections and diseases. Its Analytical Instruments segment provides instruments, consumables, software, and services for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The Specialty Diagnostics segment offers clinical diagnostics products, such as liquid ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments; immunodiagnostic offerings comprising developing, manufacturing, and marketing of complete blood-test systems for the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases; microbiology offerings, such as dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products, and associated products; transplant diagnostics products, including human leukocyte antigen typing and testing for the organ transplant market; and healthcare market channel offerings. Its Laboratory Products and Biopharma Services segment provides laboratory products, research and safety market channel, and pharma services and clinical research. Thermo Fisher Scientific Inc. was founded in 1956 and is headquartered in Waltham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $44.6B | $11.5B | $6.7B | $6.3B | 12.6% | 3.9% | 5.8% |
| 2024 | $42.9B | $11.5B | $6.3B | $7.3B | 12.8% | 0.1% | 5.7% |
| 2023 | $42.9B | $11.1B | $6.0B | $6.9B | 12.8% | -4.6% | -13.7% |
| 2022 | $44.9B | $11.9B | $7.0B | $6.9B | 15.8% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 44,915 | 42,857 | 42,879 | 44,557 |
| Operating Revenue | - | 44,915 | 42,857 | 42,879 | 44,557 |
| Cost Of Revenue | - | 25,944 | 25,757 | 25,177 | 26,318 |
| Gross Profit | - | 18,971 | 17,100 | 17,702 | 18,239 |
| Operating Expense | - | 10,464 | 9,782 | 9,985 | 10,129 |
| Research And Development | - | 1,471 | 1,337 | 1,390 | 1,397 |
| Selling General And Administration | - | 8,993 | 8,445 | 8,595 | 8,732 |
| Total Expenses | - | 36,408 | 35,539 | 35,162 | 36,447 |
| Operating Income | - | 8,507 | 7,318 | 7,717 | 8,110 |
| Total Operating Income As Reported | - | 8,393 | 6,859 | 7,337 | 7,746 |
| EBITDA | - | 11,942 | 11,079 | 11,535 | 11,507 |
| Normalized EBITDA | - | 12,217 | 11,584 | 11,893 | 11,856 |
| EBIT | - | 8,561 | 7,673 | 8,427 | 8,727 |
| Interest Income | - | 272 | 879 | 1,078 | 993 |
| Interest Expense | - | 726 | 1,375 | 1,390 | 1,419 |
| Net Interest Income | - | -454 | -496 | -312 | -426 |
| Other Non Operating Income Expenses | - | 57 | -19 | -9 | -25 |
| Other Income Expense | - | -218 | -524 | -367 | -374 |
| Interest Income Non Operating | - | 272 | 879 | 1,078 | 993 |
| Interest Expense Non Operating | - | 726 | 1,375 | 1,390 | 1,419 |
| Net Non Operating Interest Income Expense | - | -454 | -496 | -312 | -426 |
| Pretax Income | - | 7,835 | 6,298 | 7,037 | 7,308 |
| Tax Provision | - | 703 | 284 | 657 | 547 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -24.75 | -22.77 | -33.29 | -26.18 |
| Net Income Continuous Operations | - | 6,960 | 5,955 | 6,338 | 6,721 |
| Net Income From Continuing And Discontinued Operation | - | 6,950 | 5,995 | 6,335 | 6,704 |
| Net Income From Continuing Operation Net Minority Interest | - | 6,950 | 5,995 | 6,335 | 6,704 |
| Net Income | - | 6,950 | 5,995 | 6,335 | 6,704 |
| Net Income Common Stockholders | - | 6,950 | 5,995 | 6,335 | 6,704 |
| Net Income Including Noncontrolling Interests | - | 6,960 | 5,955 | 6,338 | 6,721 |
| Normalized Income | - | 7,200.25 | 6,477.23 | 6,659.71 | 7,026.82 |
| Diluted NI Availto Com Stockholders | - | 6,950 | 5,995 | 6,335 | 6,704 |
| Basic Average Shares | - | 392 | 386 | 382 | 377 |
| Diluted Average Shares | - | 394 | 388 | 383 | 378 |
| Reconciled Depreciation | - | 3,381 | 3,406 | 3,108 | 2,780 |
| Reconciled Cost Of Revenue | - | 25,944 | 25,757 | 25,177 | 26,318 |
| Total Unusual Items | - | -275 | -505 | -358 | -349 |
| Total Unusual Items Excluding Goodwill | - | -275 | -505 | -358 | -349 |
| Minority Interests | - | -10 | 40 | -3 | -17 |
| Earnings From Equity Interest Net Of Tax | - | -172 | -59 | -42 | -41 |
| Special Income Charges | - | -114 | -459 | -379 | -362 |
| Restructuring And Mergern Acquisition | - | 114 | 459 | 379 | 362 |
| Gain On Sale Of Security | - | -161 | -46 | 21 | 13 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Thermo Fisher Scientific Inc.this co. | TMO | $179.1B | 26.72↑ premium | 3.35 | 12.6% | 18.11 |
| Amgen Inc. | AMGN | $186.5B | 24.19 | 21.54 | 89.1% | 13.73 |
| Gilead Sciences, Inc. | GILD | $160.4B | 18.85 | 7.06 | 37.5% | 12.94 |
| Abbott Laboratories | ABT | $158.1B | 24.24 | 3.03 | 12.5% | 13.54 |
| Intuitive Surgical, Inc. | ISRG |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $148.3B |
| 51.94 |
| 8.32 |
| 16.0% |
| 39.33 |
| Pfizer Inc. | PFE | $146.4B | 18.84 | 1.69 | 9.0% | 12.47 |
| Danaher Corporation | DHR | $132.1B | 36.55 | 2.51 | 6.9% | 21.19 |
| CVS Health Corporation | CVS | $121.0B | 68.43 | 1.61 | 2.4% | 19.52 |
| Bristol-Myers Squibb Company | BMY | $115.6B | 16.39 | 6.26 | 38.2% | 10.01 |
| Peer Median | - | 24.21 | 4.64 | 14.3% | 13.63 | |