Thermo Fisher Scientific (TMO US): Upgrade to Buy: Solid momentum could drive upgrades

研报英文原文证据摘录

Thermo Fisher Scientific (TMO US): Upgrade to Buy: Solid momentum could drive upgrades

Equities ● Health Care Equipment & Supplies

28 July 2026

Growth drivers

VA consensus is modelling 6.1% CAGR for 2027-30e organic revenue growth.

Consensus spread for organic revenue Consensus spread for adj EPS (USD)

growth (%)

Total organic EPS Diluted-operating

8 50

7 45

5 40

4 35

3 30

1 25

0 20

FY-2025 FY-2026 FY-2027 FY-2028 FY-2029 FY-2030 FY-2031 FY-2032 FY-2025 FY-2026 FY-2027 FY-2028 FY-2029 FY-2030 FY-2031 FY-2032

Max-min Median Max-min Median

Source: Visible Alpha, Company Source: Visible Alpha, Company

Business segments’ outlook

Business Cons 2027-30e

segment revenue CAGR Bull perspective Bear perspective

Life Sciences 6.7% (vs 7.5% Improving bioprocessing momentum with order intake accelerating The division has a mature growth profile, delivering strong

Solution HSBCe) as customers complete inventory destocking, single-use bioreactors margins but fewer organic growth opportunities than in prior

increasingly being standardised across CDMOs, supporting years and relying more on targeted innovation wins than broad-

sustained consumables pull-through over time. Advanced based market expansion. In addition, while strategically

therapeutic modalities such as cell and gene therapy and mRNA can constructive, recent acquisitions such as Olink and Solventum

benefit from integrated, end-to-end solutions. Solventum’s filtration have initially weighed on segment operating margins due to

and separation businesses (acquisition completed in September integration costs and an unfavourable mix.

2025) are quite competitive.

Analytical 5.9% (vs 5.0% Demand for electron microscopy, driven by semiconductor Bears point to delayed recovery in academic and government