Thermo Fisher Scientific Inc.

Q2 revenue was $11.99 billion, up 10% year over year, including 5% organic growth, 5% from acquisitions, and a slight FX tailwind. Adjusted EPS was $6.03, up 13% year over year; GAAP EPS was $4.68, up 9%. Adjusted operating income rose 15% to $2.73 billion, adjusted operating margin expanded to 22.8%, and adjusted gross margin was 41.4%. For the full year, Thermo Fisher raised revenue guidance to $47.4 billion to $48.1 billion and adjusted EPS guidance to $24.93 to $25.33; organic revenue growth is now expected to be about 4% (at the upper end of the prior 3% to 4% range). The company also said free cash flow is still expected to be $6.9 billion to $7.4 billion, with $4 billion of share buybacks assumed for 2026.

Marc Casper struck an upbeat tone, calling Q2 an “outstanding quarter” and saying customer activity continued to strengthen across end markets. He emphasized that Thermo Fisher’s growth strategy—innovation, trusted customer partnerships, and commercial execution—is driving share gains, and pointed to new product launches and collaborations as evidence of momentum. He also highlighted that the company is actively managing the portfolio through M&A, divestitures, and capital returns while positioning for continued long-term growth.

Jim Meyer said Q2 results were materially ahead of prior guidance, with revenue about $300 million above plan and adjusted EPS $0.30 above plan. He cited strong productivity, volume leverage, and better performance from acquisitions, including Clario, and noted margin expansion to 22.8% with adjusted gross margin at 41.4%. On capital allocation and liquidity, he said year-to-date operating cash flow was $3.3 billion, free cash flow was $2.5 billion after $800 million of net capex, cash and equivalents were $4.1 billion, total debt was $42.5 billion, and leverage was 3.6x gross debt to adjusted EBITDA and 3.3x net debt basis. He also reiterated full-year free cash flow of $6.9 billion to $7.4 billion and expected share repurchases of $4 billion, plus about $700 million of dividends.

Analysts focused on what was driving the broad-based beat, whether the second-half guide was conservative, and how pharma/biotech, clinical research, and bioprocessing trends were evolving. Management said the improvement came from stronger customer activity across end markets, especially pharma/biotech, while academic and government was stabilizing but not yet a new trend. On services, Thermo Fisher said Clario had a very good first full quarter and clinical research authorizations were strong; on pharma services, growth was modest in Q2 but the back half should be stronger due to shipment timing and reshoring wins. On bioproduction and downstream, management said DynaDrive adoption, resin performance, and the filtration/separation business were all positive, with no major delay issues called out.