We expect Thermo Fisher to remain acquisitive, with leverage between low-3x and more than 3.5x. Thermo Fisher has maintained leverage of 3x-3.5x over the long term. Leverage spiked following significant acquisitions but rapidly declined back to historic ranges. The company has a solid track record of integrating acquisitions and realizing synergies, so we have limited concern regarding its ability to deleverage. Given its strong cash flow and EBITDA growth, it can maintain leverage under 3x, though we believe it is unlikely given the company's focus on further expanding its products. The stable outlook reflects our expectation of Thermo Fisher's continued strong competitive positions in life sciences, solid mid-single-digit percent organic revenue growth over the long term, and consistently strong profitability,
