Thermo Fisher Scientific: Notes from the Road: Best Day in NYC Edition

Research evidence excerpt

Thermo Fisher Scientific: Notes from the Road: Best Day in NYC Edition

Equity Research

U.S. Life Science & Diagnostic Tools

20 May 2026

Thermo Fisher Scientific

Notes from the Road: Best Day in

NYC Edition

A more upbeat AD this year as mgmt is clearly seeing signs TMO OVERWEIGHT

POSITIVEthat demand is recovering and we are on a path back to U.S.DiagnosticLife ScienceTools &

normal. The updated LRP to 7% vs. 7%+ from ’28-’31 remains Price Target USD 625.00

intact. Investors want to see the improving demand Price (20-May-26) USD 451.79 Potential Upside/Downside +38.3%

Source: Bloomberg, Barclays Researchenvironment and some of the TWs materializing in the

business turn into...

Luke Sergott

...accelerating growth. To us, it's only a matter of time, and we expect to see proof-points +1 212 526 9258

beginning in 2Q and into the 2H. Valuation = attractive entry point for a proven business, in our luke.sergott@barclays.com

view. BCI, US

Anna KruszenskiWe came away from the AD with plenty of bullish anecdotes around demand improving within

+1 212 526 0134

biopharma/biotech and new opportunities (AI & automation) opening up. Couple this with

anna.kruszenski@barclays.com

TMO’s commercial heft, trusted partner status, innovation, and PPI, and we get plenty of BCI, US

comfort around the business winning share and leading the market forward. However, there is a

Salem Salemclear disconnect between investor sentiment on TMO and Tools in general vs. the message we

+1 212 526 3431

were given today around the business and what mgmt sees in underlying trends and end

salem.salem@barclays.com

markets. And the major reason for this disconnect is mostly attributable, in our view, to what we BCI, US

are seeing in the fundamentals.

Jacob Putman, CFA