WALTHAM, Mass. – Thursday morning, Thermo Fisher Scientific, which has a laboratory in Center Valley and also an Allentown location, reported better-than-expected fourth quarter results and Thermo Fisher’s stock jumped.
But then during an earnings call with stock analysts, the company issued what Seeking Alpha called underwhelming guidance and its shares dropped 2.3%
Earlier in a statement, Thermo Fisher Scientific chairman, president, and chief executive officer, Marc Casper, commented, “Thanks to our exceptional team, we delivered a strong finish to 2025, reflecting outstanding execution and the continued strength of our proven growth strategy.
Throughout the year we effectively navigated the external environment and leveraged our PPI Business System to enable excellent operational performance. It was also a very active year for capital deployment, as we advanced our strategy and added exciting new capabilities that further strengthen our long-term competitive position.”
Casper added, “We enter 2026 from a position of strength. Our growth strategy is resonating with customers, positioning us for continued share gain.”
The company anticipates 2026 earnings growth to be in the low single-digits with organic revenue growth to slow slightly. It forecasts full-year revenue in the range of $46.3 billion to $47.2 billion, and adjusted earnings per share of $24.22 to $24.80.
Operation Highlights
Thermo Fisher claimed it advanced its proven growth strategy by launching a range of high-impact, innovative new products in 2025. Highlights include the Thermo Scientific™ Orbitrap™ Astral™ Zoom mass spectrometer, Thermo Scientific™ Krios™ 5 Cryo-TEM, Thermo Scientific™ Vulcan™ Automated Lab, and the bench-scale Thermo Scientific™ 5L DynaDrive™ Single-Use Bioreactor.
During the fourth quarter the company launched the Thermo Scientific™ Helios™ MX1 Plasma Focused Ion Beam Scanning Electron Microscope, a fully automated semiconductor analysis system designed to accelerate time-to-data for yield ramp and fab process control. The company received FDA approval for the Ion Torrent™ Oncomine™ Dx Target Test as a companion diagnostic for HYRNUO™, Bayer’s targeted therapy for patients with HER2-mutated non-small cell lung cancer. U.S. 510(k) clearance for the EXENT System, a first-of-its-kind automated platform to aid in the diagnosis of multiple myeloma, was also granted.
Thermo Fisher said it strengthened its industry-leading commercial engine and deepened its trusted partner status with customers in 2025. It continued to scale adoption of its Accelerator™ Drug Development solution – securing meaningful wins across our biopharma services businesses.
Thermo Fisher said it also entered into a technology alliance agreement with the Chan Zuckerberg Institute for Advanced Biological Imaging to advance new technologies enabling researchers to better visualize human cells.
Artificial Intelligence
During the fourth quarter, the company established a strategic collaboration with OpenAI to expand the use of artificial intelligence across its operations and its products and services to accelerate scientific breakthroughs, enhance drug development and drive greater productivity; and expanded its bioprocess design centers in Asia, including opening a new site in India, to further support pharma and biotech customers with process development and scale-up.
Capital Deployment
Thermo Fisher pointed out that it continued to successfully execute its capital deployment strategy, deploying approximately $16.5 billion in 2025. This included $13 billion committed to M&A. The company completed the acquisition of its Filtration and Separation business from Solventum, and said it was an excellent complement to its bioproduction capabilities, and Sanofi’s Ridgefield, New Jersey, sterile fill-finish site, expanding its U.S. capacity for drug product manufacturing capacity.
Then in the fourth quarter, the company announced a definitive agreement to acquire Clario, a leading provider of endpoint data solutions for clinical trials, adding high-growth capabilities to enhance clinical insights for its pharma and biotech customers and further accelerate the digital transformation of clinical research.
During the year, Thermo Fisher returned $3.6 billion of capital to shareholders through stock buybacks and dividends.
Fourth Quarter 2025
Thermo Fisher reported that revenue for the fourth quarter of 2025 grew 7% to $12.21 billion, versus $11.40 billion in the same quarter of 2024. Organic revenue growth was 3%.
GAAP (Generally Accepted Accounting Principles) diluted EPS (Earnings Per Share) in the fourth quarter of 2025 was $5.21, 9% growth versus the fourth quarter of 2024. GAAP operating income for the fourth quarter of 2025 was $2.26 billion, 12% higher than the year-ago quarter. GAAP operating margin was 18.5%, compared with 17.7% in the fourth quarter of 2024.
Non-GAAP Earnings Results
Adjusted EPS for the fourth quarter of 2025, the company reported, was $6.57, 8% growth versus the fourth quarter of 2024. Adjusted operating income for the fourth quarter of 2025 was $2.88 billion, 6% higher than the year-ago quarter. Adjusted operating margin was 23.6%, compared with 23.9% in the fourth quarter of 2024.
Thermo Fisher 4Q Segment Results
Dollars in millions
31-Dec-25
% of Revenues
31-Dec-24
% of Revenues
Revenues
Life Science Solutions
$2,946.00
24%
$2,604.00
23%
Analytical Instruments
$2,215.00
18%
$2,186.00
19%
Specialty Diagnostics
$1,220.00
10%
$1,157.00
10%
Lab Products and Biopharma Services
$6,379.00
52%
$5,936.00
52%
Eliminations
$(546.00)
-5%
$(487.00)
-4%
Consolidated Revenues
$12,215.00
100%
$11,395.00
100%
Full Year 2025
Thermo Fisher reported revenue for the full year of 2025 grew 4% to $44.56 billion, versus $42.88 billion in 2024. Organic revenue growth was 2%.
GAAP diluted EPS for the full year was $17.74, 7% growth versus the full year of 2024, the company said. GAAP operating income for the full year was $7.75 billion, 6% higher than 2024. Also, GAAP operating margin was 17.4%, compared with 17.1% in 2024.
Non-GAAP Earnings Results
The company said adjusted EPS for the full year 2025 was $22.87, 5% growth versus the full year 2024. Adjusted operating income for the full year was $10.11 billion, 4% higher than 2024. Adjusted operating margin was 22.7%, compared with 22.6% in 2024.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) markets industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.