This report does not constitute a rating action. Overview Key strengths Key risks Strong, well-established competitive positions across segments. Likely to remain acquisitive, potentially leading to leverage temporarily above 3x. Serves end markets with favorable dynamics, with our expectation for long-term organic revenue growth in the mid-single-digit percent area. Some financial risk from possible missteps integrating recent and future acquisitions. Product and customer diversity, as well as a global presence in both mature and higher-growth regions. Unpredictable macroeconomic environment has slowed revenue growth in recent years. Relatively predictable business, with stable demand and a high level of repeat business, given the consumable nature of products. , amid continuing macroeconomic and geopolitical uncertainty. After a flat 2024, Thermo Fisher has seen
