Thermo Fisher Scientific Inc. | North America Q2 Results: We Like It

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Thermo Fisher Scientific Inc. | North America Q2 Results: We Like It

Update

July 23, 2026 11:00 AM GMT

Morgan Stanley & Co. LLCMThermo Fisher Scientific Inc. | North America Kallum L Titchmarsh

Equity Analyst

Q2 Results: We Like It Kallum.Titchmarsh@morganstanley.comJakob Dodd +1 212 761-2351

Research Associate

Jakob.Dodd@morganstanley.com +1 212 761-0797

AlphaSignals Earnings Reaction Jason Lai

Strengthens our thesis Modest upside Modest revision higher Jason.Lai@morganstanley.com +1 212 761-4848

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Thermo Fisher Scientific Inc. (TMO.N, TMO UN)

Source: Company data, Morgan Stanley Research

Life Science Tools & Diagnostics | United States of

America

Nice and clean: We sensed less long crowding in TMO heading into Q2 results

Stock Rating Overweight

(versus Q1 and relative to other names in our sector like DHR). The buyside bar we'd Industry View In-Line

Price target $620.00

heard for Q2 organic growth was tracking around +3.5% (rounded up to +4%), so Shr price, close (Jul 22, 2026) $526.46

the +5% delivered today should be very well received in our opinion, particularly Mkt cap, curr (mm) $210,847

52-Week Range $643.80-406.31

after DHR's more challenging print on Tuesday. The general sense from the limited

release suggests improving sentiment across end markets, as well as innovation-

driven share gains. The drivers of outperformance look to be Analytical Instruments

(+ve read to A, MTD, WAT) and Spec Dx, though Lab Products & Biopharma Services

(incl. the CDMO and CRO) also delivered strong growth. We look ahead to the

conference call today (8:30am ET) to get more color on the Q3 guide (and full year),