Thermo Fisher 2Q26: Don‘t call it a comeback (quite yet)

Research evidence excerpt

Thermo Fisher 2Q26: Don‘t call it a comeback (quite yet)

23 July 2026

Estimate Change

Eve Burstein

+1 917 344 8313

US Life Science Tools & Diagnostics eve.burstein@bernsteinsg.com

Thermo Fisher Scientific Inc Louisa Qiu

+1 917 344 8495

Rating louisa.qiu@bernsteinsg.com

Market-Perform

Price Target

TMO 575.00 USD (520.00 OLD)

Thermo Fisher 2Q26: Don't call it a comeback (quite yet)

Biotechs are starting to spend again, on clinical trials AND on preclinical research. Close Date 23 Jul 2026

Thermo Fisher attributed the modest increase in the 2H guide to improvements in the

TMO Close Price (USD) 572.32

pharma / biotech end market, noting “biotech picking up” and “real signs of biotech recovery

Price Target (USD) 575.00

in the results.” In our call-back, management clarified that biotech spend was going not just

Upside/(Downside) 0%

to clinical trials, but also to preclinical research - not at a “super meaningful” level, but as a

52-Week Range 643.99/435.27

convincing start. This is consistent with what we have heard so far this earnings season (e.g.,

SPX 7,408.30

Danaher noted stronger biotech revenue starting to play through; Sartorius noted biotech

FYE Dec

funding increasingly translating into customer spend - DHR not covered, SRT covered by Le

Div Yield 0.3%

Louet) and reflects an acceleration of the base case timeline from the May Investor Day.

Market Cap (USD) (M) 212,686

The A&G end market had a great quarter, but it’s not yet clear how durable it will be. In EV (USD) (M) 251,292

our June sector health tracker we called out a major improvement in NIH funding and awards, Performance YTD 1M 6M 12M

and that seems to have translated to revenue, with the end market seeing positive growth Absolute (%) (1.2) 21.9 (8.6) 22.6

(+LSD) for the first time since 4Q24.