THERMO FISHER SCIENTIFIC INC. Annual Report, Year Ended Dec 31, 2025

Thermo Fisher Scientific Inc. reported solid financial performance for the fiscal year ended December 31, 2025, with revenues reaching $44.56 billion, a 4% increase compared to the previous year. This growth was primarily driven by strong demand in the pharmaceutical and biotechnology sectors, although a slowdown in COVID-19 related product and service demand partially offset this. The company experienced robust productivity improvements across its segments, particularly in Laboratory Products and Biopharma Services and Life Sciences Solutions, leading to an increase in both GAAP operating income margin (17.4%) and adjusted operating income margin (22.7%). Strategic acquisitions in 2025, including Olink Holding AB and a filtration and separation business, are expected to enhance Thermo Fisher's capabilities and market position, particularly in high-growth areas like proteomics and bioproduction. While the company faces headwinds such as macroeconomic uncertainties impacting academic and government markets and increased costs due to inflation and tariffs, its diversified business model and focus on innovation position it well for continued growth. The company's financial position remains strong, supported by significant free cash flow generation and a substantial cash balance, enabling ongoing investments in R&D, strategic acquisitions, and shareholder returns.