Thermo Fisher Scientific (TMO) 47th Annual Raymond James Institutional Investor Conference summary

Current industry and company outlook

• Entered 2026 with strong momentum and exited 2025 with robust financial performance and earnings growth.

• Industry volatility post-COVID has subsided, leading to a more predictable environment.

• Gaining market share and maintaining deep customer relationships, positioning as a clear industry leader.

• No major pause expected in end market recovery; industry activity in biotech and pharma remains strong.

• NIH budget approval and positive pharma/biotech trends support continued market strengthening.

Guidance philosophy and growth expectations

• Sets ambitious but achievable goals, aiming for consistent outperformance without excessive conservatism.

• Provided a multi-year framework: 2%+ organic growth in 2025, 3%-4% in 2026, targeting 5%-6% longer term, and eventually 7%+.

• Approach is to retire risk each quarter and raise outlook as performance warrants.

• Industry-wide adoption of similar guidance strategies is expected to reduce volatility.

Pharma and biotech market dynamics

• Pharma and biotech represent about 60% of revenue, with mid-single digit growth in 2025 and high single-digit growth in Q4.

• Expanded service capabilities over the past decade, including clinical research and development, enabling faster and more integrated solutions.

• Winning significant new business due to ability to manage handoffs and accelerate drug development.