Thermo Fisher Scientific Inc.

Strong Q2 results + broad-based momentum - Revenue +$10% YoY to $11.99B; 5% organic growth; 10% reported included ~5% from acquisitions and a slight FX tailwind. - Adjusted EPS +13% to $6.03 (GAAP EPS $4.68, +9% YoY). - Profitability: Adjusted operating income +15% to $2.73B; adjusted margin +90 bps to 22.8%; gross margin 41.4%. - Management emphasized customer activity strengthened across end markets (most notable “~60% of revenue progressing nicely”), supporting share gain and a “clean beat” versus prior guidance.

End-market performance: Pharma/Biotech and Instruments leading; Academic/Gov stabilizing - Pharma & Biotech: mid-single-digit growth, led by Bioproduction, Clinical Research, and Research & Safety. - Academic & Government: low single-digit growth; specifically called out Chromatography/Mass Spec returning to growth. - Industrial & Applied: mid-single-digit growth, led by Electron Microscopy and Chemical Analysis. - Diagnostics & Health Care: mid-single-digit growth driven by Health Care channel and Immunodiagnostics. - Analytical Instruments posted especially strong results: reported and organic +7% YoY, adjusted operating income +30% and margin up 420 bps to 23.0%.

2026 guidance raised (top + bottom line) with improved H2 outlook - Full-year revenue raised to $47.4B–$48.1B (~6%–8% reported growth vs. 2025); organic growth now ~4%, still guided 3%–4% but expected upper end. - Full-year adjusted EPS raised to $24.93–$25.33 (9%–11% growth), midpoint +$0.25 vs prior guidance. - Key bridge components to the EPS midpoint increase: - +$0.30 from Q2 outperformance - +$0.05 from improved 2H revenue outlook - (-$0.05) impact from microbiology divestiture - (-$0.05) FX headwind in 2H (net) - Phasing expectation unchanged meaningfully: organic growth stepped from 3% (1H) to 4% (2H) with similar Q3/Q4 growth—management framed as planning conservatism/structure more than a major change in fundamentals.