...September 24, 2026 This report does not constitute a rating action. Thermo Fisher's revenue is growing at the high end of the life sciences peer group, with organic growth reaching 5% in the second quarter, as demand improves across most of the company's end markets, especially in biopharma spending. The company expects organic revenue growth to strengthen further the rest of the year. Thermo Fisher serves as a bellwether for the life sciences industry as the largest and most diverse provider of instruments and consumables. The company was one of the first instrument providers to experience a recovery in biopharma activity, and its strengthening revenue growth likely indicates the industry is shifting to active customer spending from cautious capital deployment. We expect this recovery to be durable and support a return to mid- to high-single- digit organic revenue growth over the next few years. Additionally, China and the academic and government end markets are also showing early signs...
