Q2 results at Thermo Fisher Scientific: Stronger demand for analytical equipment

Research evidence excerpt

Q2 results at Thermo Fisher Scientific: Stronger demand for analytical equipment

Global Markets Research

24 July 2026Shimadzu

7701.T 7701 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

Q2 results at Thermo Fisher Scientific: Stronger demand for Ratinganalytical equipment Buy

Target price JPY 6,200Quick Note

Closing price

23 July 2026 JPY 4,063Recovery in demand should be positive for Shimadzu

Thermo Fisher Scientific's [TMO US] share price rose 8.7% d-d on 23 July following the (Note: Quick Note reports are not a

release of 26/12 Q2 (Apr–Jun) results. Underlying growth excluding forex and acquisitions vehicle for changes to ratings, target

bottomed at -8% y-y in Jan–Mar 2023 and returned to 0% in Jul–Sep 2024, but had prices, or earnings forecasts)

remained in the low single digits since then. In 26/12, however, y-y growth has been

improving, from 1% growth in Q1 (Jan–Mar) to 5% in Q2. This marks the first time

underlying growth has reached this level since Jul–Sep 2021.

This recovery in underlying growth stemmed from increased activity at customers across Research Analysts

the board. (1) Growth in the pharma and biotech business was in the mid-single digits, Japan pharmaceuticals &

with a recovery for research applications such as clinical development. (2) In academic healthcare

and government business, growth was in the low single digits, but management sees Takahiro Mori - NSC

signs of improving market stability, such as a return to slightly positive territory in the US. takahiro.mori@nomura.com

(3) Growth in industrial and applied business was in the mid-single digits, with +81 3 6703 1227

contributions from electron microscopes, chemical analysis, semiconductors, advanced

materials, and national security applications.