Thermo Fisher Scientific: 2Q26 Recap: Industry Bellwether Returns to +MSD Growth Indicating End-Market Recovery Trending in Right Direction; Remain OW

Research evidence excerpt

Thermo Fisher Scientific: 2Q26 Recap: Industry Bellwether Returns to +MSD Growth Indicating End-Market Recovery Trending in Right Direction; Remain OW

J P M O R G A N North America Equity Research

23 July 2026

Thermo Fisher Scientific

2Q26 Recap: Industry Bellwether Returns to +MSD Overweight

Growth Indicating End-Market Recovery Trending in TMO, TMO US

Right Direction; Remain OW Price (22 Jul 26):$526.46

▲Price Target (Dec-27):$690.00

Prior (Dec-26):$600.00

TMO reported 2Q results (PR/non-GAAP recs) that beat expectations,

underpinned by organic growth of +5.0%, coming in better than where we had Life Science Tools & Diagnostics

thought buyside bulls were coming into the quarter at ~+4.0% post-DHR (vs. Street Casey Woodring AC

and guide of +3.0%), while raising 2026 growth expectations, now pointing the (1-212) 622-9074

Street to the high-end of its +3.0-4.0% organic growth guide vs. the low-end casey.woodring@jpmchase.com

previously (vs. Street +3.2%). The updated guide implies +4.0% organic growth Marta Nazarovets Zaremba

in 2H with similar growth expected in both 3Q and 4Q (vs. Street 3Q of +3.3% and (1-212) 622-6046

marta.zaremba@jpmchase.com

Street 4Q of +4.7%). In the quarter, management called out pharma/biotech as a

Jaden Rismay

key area of growth (+MSD in 2Q) that showed up across the portfolio, which

(1-212) 622-8479

should step up in 2H on the back of pharma services among other segments, while jaden.rismay@jpmchase.com

TMO also called out industrial tailwinds in analytical instruments and a step up in J.P. Morgan Securities LLC

A&G growth in the quarter to +LSD (vs. -LSD declines in 1Q and guidance of flat

to slightly down for the year). Stepping back, we are encouraged by the trends seen

in the quarter and the 2026 guide.