Thermo Fisher Scientific: CFO lunch recap: Optimistic tone on gradual recovery

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Thermo Fisher Scientific: CFO lunch recap: Optimistic tone on gradual recovery

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Thermo Fisher Scientific

CFO lunch recap: Optimistic tone on

gradual recovery

Maintain Rating: BUY | PO: 630.00 USD | Price: 449.37 USD

Post-Analyst Day discussion focused on AI, recovery pace 22 May 2026

We hosted TMO CFO Jim Meyer and IR Rafael Tejada for an investor lunch following the Equity

Analyst Day. Discussion largely reinforced messaging from the Analyst Day (see recap)

Michael Ryskin

while providing additional details around several leading indicators supporting broader Research Analyst

improvement. The tone remained constructive, with mgmt. highlighting continued BofAS +1 646 855 4373

strength in clinical activity and selected end markets (incl. Semis and Services) while michael.ryskin@bofa.com

acknowledging that biotech-funded R&D activity and U.S./China A&G markets have yet Avantika Dhabaria

to meaningfully contribute. Incrementally, discussions around AI, U.S. manufacturing Research Analyst BofAS

activity, and M&A remained supportive of the broader LT narrative. We maintain our Buy +1 646 743 0170

rating, as leading indicators across the portfolio continue to trend in the right direction. avantika.dhabaria@bofa.com

Alexa Chan

Biotech clinical activity remains strong, R&D next ResearchBofAS Analyst

Mgmt. reiterated that historical recovery patterns remain intact, with improving Biotech +1alexa.chan@bofa.com646 855 5636

funding continuing to support clinical development activity and strong authorization

trends. Mgmt. also highlighted improving funding activity around preclinical assets,

which they view as supportive of broader demand recovery over time. Notably, broader

Stock DataR&D improvement and stabilization across A&G (US & China) remain the key factors