Thermo Fisher’s fourth quarter results exceeded Wall Street’s top-line and non-GAAP profit expectations, yet the market responded negatively, reflecting investor concerns beyond headline beats. Management highlighted robust growth in bioproduction, steady performance in clinical research, and continued momentum in pharma and biotech customer segments as key drivers. CEO Marc Casper attributed the quarter’s revenue strength to high-impact product launches—such as the Orbitrap Astro Zoom mass spectrometer and DynaDrive bioreactor—and the company’s ability to manage tariff headwinds and policy dynamics. He acknowledged that academic and industrial end markets remained pressured, particularly in the U.S. and China.
Is now the time to buy TMO? Find out in our full research report (it’s free for active Edge members).
Thermo Fisher (TMO) Q4 CY2025 Highlights:
- Revenue: $12.22 billion vs analyst estimates of $11.96 billion (7.2% year-on-year growth, 2.1% beat)
- Adjusted EPS: $6.57 vs analyst estimates of $6.45 (1.9% beat)
- Adjusted EBITDA: $3.17 billion vs analyst estimates of $3.13 billion (25.9% margin, 1.4% beat)
- Operating Margin: 18.5%, in line with the same quarter last year
- Organic Revenue rose 3% year on year (beat)
- Market Capitalization: $212.4 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Thermo Fisher’s Q4 Earnings Call
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Michael Ryskin (Bank of America) asked about the drivers behind the expected acceleration in organic growth for 2026. CEO Marc Casper explained that the company is starting the year with cautious assumptions, expecting conditions similar to 2025, and will adjust if market fundamentals improve.
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Daniel Anthony Arias (Stifel) inquired about pharma and biotech spending plans and whether improved sentiment is translating into higher budgets. Casper stated that customer sentiment is positive, especially for biotech, but spending typically lags funding by several months.
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Jack Meehan (Nephron Research) queried about supply-demand dynamics in pharma services and competitive positioning. Casper highlighted strong demand for sterile fill-finish and a stable or expanding competitive advantage in the research and safety market channel.
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Matt Larew (William Blair) asked how re-regionalization and AI are impacting drug development outsourcing and demand for the Accelerator solution. Casper noted that outsourcing trends and AI adoption are driving customer interest in integrated solutions, supporting authorization wins across clinical research and pharma services.
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Casey Woodring (JPMorgan) questioned the impact of a cautious academic and government environment on analytical instruments and the outlook for U.S. funding. Casper responded that guidance assumes similar caution as last year, with potential upside if NIH budgets increase.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will monitor (1) the pace of pharma and biotech funding translating into increased spending, (2) integration milestones and revenue contribution from recent acquisitions like Clario, and (3) any signs of recovery in academic and government end markets, especially following U.S. budget developments. Execution in product innovation and operational efficiencies will also be key to sustaining margin performance.
Thermo Fisher currently trades at $571.34, down from $608.02 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).
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