Thermo Fisher Scientific continues growth trajectory

Friday, October 23, 2020

Source: Pharmaceutical Processing World

Thermo Fisher Scientific (NYSE:TMO), the maker of scientific instruments, reagents and consumables, is having a banner year. The Waltham, Mass.-based company’s stock has hit an all-time high of $481.99. That amounts to a 48% increase since the beginning of the year.

Thermo Fisher raked in $2 billion in COVID-19 revenue from July to September, driving a 36% bump in year-over-year revenue.

Pharma and biotech, the company’s largest segments, were up 20% in the third quarter.

The Waltham, Mass.-based company posted profits of $1.93 billion, or $4.84 per share, on sales of $8.52 billion for the three months ended Sept. 26, 2020, more than doubling the bottom line on sales growth of 35.9% compared with Q3 2019.

“Our performance was a combination of our significant pandemic response and the return to growth in our base business,” Thermo Fisher CEO Marc N. Casper said during the company’s third-quarter earnings call.

Thermo Fisher announced that it took significant steps in the third quarter of the year to expand its pandemic response with increased automation of high-throughput PCR-based testing and increased logistical capacity for viral transport media in Europe. Additionally, the company debuted two COVID-19 antibody tests in the U.S. and Europe.

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