The earnings call presented a balanced picture with strong revenue growth and operational performance, supported by strategic innovation and increased guidance. However, challenges remain in specific segments like academic, industrial, and diagnostics due to external factors such as tariffs and market hesitancy.

Company Guidance -

Q3 2025

During Thermo Fisher Scientific's 2025 second-quarter earnings call, the company reported a revenue growth of 3% to $10.85 billion and an adjusted operating income increase of 1% to $2.38 billion. The adjusted operating margin for the quarter was 21.9%, and the adjusted earnings per share (EPS) were $5.36, exceeding guidance. The company raised its full-year revenue guidance to a range of $43.6 billion to $44.2 billion, with an adjusted EPS range of $22.22 to $22.84. CEO Marc Casper highlighted strong performance in the pharma and biotech sectors, with mid-single-digit growth, and noted challenges in the academic and government markets, where revenue declined mid-single digits. The company is actively managing its operations to mitigate tariff impacts and is optimistic about future growth, forecasting a 3% to 6% organic revenue growth for 2026 and 2027, with a long-term target of 7% plus organic growth.

Revenue and EPS Beat Expectations

Thermo Fisher's Q2 revenue grew 3% to $10.85 billion, and adjusted EPS was $5.36, both surpassing guidance. Adjusted operating income grew 1% to $2.38 billion.

Strong Performance in Pharma and Biotech

Mid-single-digit growth driven by bioproduction, Pharma Services, and research and safety market. Clinical research saw slight positive growth.

New Product Launches and Innovation

Thermo Fisher launched next-generation products like Orbitrap mass spectrometers and the Krios 5 electron microscope, receiving positive customer feedback.

Increased Full-Year Guidance

Raised full-year revenue guidance to $43.6-$44.2 billion and adjusted EPS to $22.22-$22.84, reflecting strong operational performance.

Successful Cost Management

An additional $300 million in cost reductions since initial guidance, driving strong adjusted operating income growth.

Strategic Acquisitions and Partnerships

Acquisition of Solventum's business lines and expansion of partnership with Sanofi to enhance U.S. drug production capacity.

Thermo Fisher (TMO) Earnings, Revenues Date & History

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TMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	5.50 / -	5.28	―	―	―
Jul 23, 2025	2025 (Q2)	5.23 / 5.36	5.37	-0.19% (>-0.01)	―
Apr 23, 2025	2025 (Q1)	5.10 / 5.15	5.11	0.78% (+0.04)	―
Jan 30, 2025	2024 (Q4)	5.94 / 6.10	5.67	7.58% (+0.43)	―
Oct 23, 2024	2024 (Q3)	5.24 / 5.28	5.69	-7.21% (-0.41)	―
Jul 24, 2024	2024 (Q2)	5.12 / 5.37	5.15	4.27% (+0.22)	―
Apr 24, 2024	2024 (Q1)	4.71 / 5.11	5.03	1.59% (+0.08)
Jan 31, 2024	2023 (Q4)	5.64 / 5.67	5.4	5.00% (+0.27)	―
Oct 25, 2023	2023 (Q3)	5.61 / 5.69	5.08	12.01% (+0.61)	―
Jul 26, 2023	2023 (Q2)	5.42 / 5.15	5.51	-6.53% (-0.36)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TMO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$427.62	$466.71	+9.14%
Apr 23, 2025	$434.28	$431.19	-0.71%
Jan 30, 2025	$567.16	$605.60	+6.78%
Oct 23, 2024	$584.84	$574.98	-1.69%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.