Thermo Fisher Scientific Investor Day Recap: Pharma/Biotech’s Trusted Partner Points to AI and Reshoring as Future Growth Drivers

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Thermo Fisher Scientific Investor Day Recap: Pharma/Biotech’s Trusted Partner Points to AI and Reshoring as Future Growth Drivers

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

20 May 2026

Thermo Fisher Scientific Overweight

TMO, TMO US

Investor Day Recap: Pharma/Biotech’s Trusted Partner Price (20 May 26):$451.79

Points to AI and Reshoring as Future Growth Drivers Price Target (Dec-26):$600.00

We attended Thermo Fisher’s (TMO) Investor Day in NYC on Wednesday Life Science Tools & Diagnostics

ACmorning. The event played out in line with expectations with management Casey Woodring

reaffirming 2026 guidance, largely reiterating the medium- and longer-term (1-212) 622-9074

financial targets and maintaining the same gradual recovery framing since the last casey.woodring@jpmchase.com

LRP update from 2Q25 earnings (see our note here). In terms of key takeaways, in Marta Nazarovets Zaremba

our view the company sounded incrementally more positive on its visibility in (1-212) 622-6046

pharma/biotech and specifically the CDMO business. Moreover, a key focus of the marta.zaremba@jpmchase.com

event centered on the advancement of AI driving underlying end-market demand, Jaden Rismay

and in this scenario, TMO seems poised to gain share across the portfolio. All in, (1-212) 622-8479

jaden.rismay@jpmchase.com

while the company’s tone was upbeat and the LT targets were largely reiterated, we

Sebastian Sandleracknowledge that this likely won’t be enough to drive meaningfully improved

(1-212) 622-8464

investor sentiment in the space until there is more concrete evidence of end-market sebastian.sandler@jpmchase.com

recovery (as we highlighted earlier this month in our post-earnings feedback note). J.P. Morgan Securities LLC