Thermo Fisher Scientific Inc.

Q3 performance was strong and ahead of prior guidance - Revenue +9% YoY to $12.14B; organic revenue +6% (reported beat ~$200M vs prior guidance). - Adjusted operating income +15% to $2.97B; adjusted margin +120 bps to 24.5%. - Adjusted EPS +15% to $6.68; GAAP EPS $4.64 (+9% YoY). - Free cash flow strength: YTD operating cash flow $5.9B and YTD FCF $4.6B (after $1.2B capex); leverage 3.4x gross / 2.9x net at quarter end.

End-market recovery continued; growth mix was broadly positive (with some areas flat) - Pharma & biotech: high single-digit growth (led by Pharma Services and research & safety channel); clinical research strong; biotech improving with confidence and funding improving. - Academic & government: flat; strong demand in chromatography & mass spectrometry. - Industrial & applied: high single-digit growth led by electron microscopy and research & safety. - Diagnostics & healthcare: low single-digit growth, driven by transplant diagnostics. - Geography: North America & Europe mid-single digits, Asia Pacific low double digits (China low double digits).

Key drivers behind results: PPI execution + AI differentiation + capacity/investment - Continued execution via the PPI Business System, with AI being deployed to improve workflows and productivity. - AI examples: - Embedded AI software on Krios 5 / Glacios 3 (automates workflows; manual setup time reduced ~90%). - Agentic AI in clinical research (new AI clinical research assistant to connect systems and help teams focus on higher-value work). - Innovation/product launches supporting market share and adoption across instruments and diagnostics (e.g., Orbitrap isotope ratio system, EMPAD G2 detector, new autoimmune test). - Strategic investment/capacity actions: expanded distribution capacity (Kentucky) and continued scaling in Pharma Services.