THERMO FISHER SCIENTIFIC INC. (TMO)

Thermo Fisher Scientific Inc. describes itself as the world leader in serving science, with a mission to enable customers to make the world healthier, cleaner and safer. It supplies instruments, reagents, consumables, software, diagnostics and laboratory products, along with outsourced pharmaceutical development, manufacturing and clinical research services. It grows through organic investment in research and development, capacity and capabilities, and through acquisitions. Its brands include Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

The company reports four segments. Life Sciences Solutions covers biosciences, genetic sciences and bioproduction, offering reagents, instruments and consumables for research, drug and vaccine discovery and production, and disease diagnosis, including single-use solutions for the biologics workflow. Analytical Instruments covers chromatography and mass spectrometry, chemical analysis, and electron microscopy, with supporting consumables, software and services. Specialty Diagnostics offers test kits, reagents, culture media and instruments through clinical diagnostics, immunodiagnostics, microbiology, transplant diagnostics and a healthcare market channel. Laboratory Products and Biopharma Services provides lab consumables, equipment and chemicals, a research and safety market channel, pharma services for small- and large-molecule development and manufacturing, and clinical research services spanning Phases I-IV.

Customers include pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial, quality and process control settings. Segment end markets also include agricultural, healthcare, semiconductor, materials science and food safety. Products are sold through a direct sales force of about 14,000 sales personnel, customer-service professionals, electronic commerce and third-party distributors. Fourth-quarter revenues are historically stronger because of customer capital spending patterns, and sales of seasonal products such as allergy and flu tests vary by period.

The company says it has a readily available supply of raw materials, with no single material supplier, though some components come from single or limited sources. It faces aggressive competition from manufacturers, third-party distributors and service providers, and competes on technical performance, product differentiation, depth of capabilities, reputation, customer service, research programs and price. It is subject to environmental, health and safety, drug, export, transportation, government contract, data privacy and AI regulation, including remediation obligations at New Jersey and Rhode Island sites. As of December 31, 2025, it employed approximately 125,000 people: 59,000 in the Americas, 22,000 in Asia-Pacific and 44,000 in EMEA.