Company Overview - Thermo Fisher Scientific Inc. is represented by Marc Casper, the Chairman, President, and CEO, at the BofA Securities 2025 Healthcare Conference [1][2]. Industry Insights - The company is optimistic about the recovery of end-markets entering 2025, indicating a focus on raising earnings growth ambitions as market conditions improve, although they are not yet fully normalized [4]. - The first quarter of 2025 is highlighted as a period of significant developments in the macro and policy landscape, which has implications for the tools sector [3]. Conference Context - The conference serves as a platform for discussing the current state of the tools sector amidst turbulent times, with an emphasis on the importance of the event for stakeholders [3]. - The participation of key executives and the focus on industry trends reflect the company's commitment to engaging with investors and addressing market dynamics [1][3].

Summary of Thermo Fisher Scientific (TMO) 2025 Conference Call Company Overview - **Company**: Thermo Fisher Scientific (TMO) - **Event**: Healthcare Conference 2025 - **Date**: May 13, 2025 Key Points Industry and Market Conditions - The company is experiencing a recovery in end markets, with an increased ambition for earnings growth despite not being fully normalized yet [5][6] - The macroeconomic environment has changed, prompting the company to mobilize quickly to navigate potential policy changes and tariffs [7][8] Financial Performance - The first quarter of 2025 showed strong execution, with revenue and earnings exceeding expectations [5][6] - The company anticipates a 2% adjusted EPS growth for the year, with a revenue impact of approximately $400 million due to policy changes, translating to about a 3% impact on EPS growth [12][13] Tariff and Policy Impacts - The company has implemented measures to offset the impact of tariffs, particularly a 10% inbound tariff on the U.S. and a 125% tariff on imports into China [12] - Recent temporary reductions in tariffs from China are expected to lessen revenue headwinds significantly, with a potential reduction in the previously estimated $400 million impact [15][16] China Market Insights - The outlook for China remains muted, with a mid-single-digit decline in the first quarter, but the company expects potential government stimulus to positively impact the industry [20][21] - Orders in China have been strong, driven by customers anticipating tariff implications [22][23] Academic and Government Sector - The academic and government business represents about 15% of global revenue, with 7% from the U.S. [24] - The company expects a 10% reduction in growth for this segment due to budget uncertainties, estimating a $300 million headwind [26][27] Analytical Instruments Segment - The analytical instruments segment has shown resilience, with a 3% growth in the first quarter, driven by strong innovation and demand in the semiconductor industry [34] - The reduction in tariffs is particularly beneficial for this segment, which has a higher exposure to China [34] Pharma and Biotech Market - The pharmaceutical and biotech sectors account for over half of the company's revenue, with solid growth in bioproduction and pharma services [37][38] - The company is well-positioned to serve both sectors, despite challenges in biotech funding and muted growth in clinical research [41][50] Capital Deployment and M&A Strategy - The company has been active in capital deployment, including a $2 billion share buyback and the acquisition of Solventum's purification and filtration business [53][54] - The current environment presents opportunities for acquisitions due to lower valuations [54] Long-term Outlook - The long-term outlook for the biotech and pharmaceutical industry remains strong, with expectations of GDP-plus growth [57][58] - The company is committed to delivering excellent performance and navigating the evolving policy landscape [59] Additional Insights - The management emphasizes transparency regarding the business environment and its implications for investors [9][13] - There is a strong focus on innovation and maintaining a competitive edge in the analytical instruments market [34][36] This summary encapsulates the key insights and financial outlook for Thermo Fisher Scientific as discussed during the conference call, highlighting the company's strategic positioning and market dynamics.

Project Overview - The procurement project is for the purchase of field emission scanning electron microscopes and other scientific equipment for Zhengzhou University, with a total bid amount of 29.28 million [2][3]. - The project includes multiple packages, such as field emission scanning electron microscopes, mass spectrometers, and liquid chromatography mass spectrometry systems [3]. Procurement Details - The procurement method used was open bidding, with the announcement published on April 14, 2025, and the evaluation date set for May 7, 2025 [3]. - The delivery period is 180 calendar days from the effective date of the contract, and the delivery location is designated by the purchaser [3]. Bidder Information - The winning bids include: - HITACHI for a field emission scanning electron microscope at a price of 6,695,000 CNY [4]. - Bruker for a mass spectrometer at a price of 6,480,000 CNY [4]. - SCIEX for a liquid chromatography mass spectrometry system at a price of 4,990,000 CNY [5]. - Thermo Fisher Scientific for another liquid chromatography mass spectrometry system at a price of 8,220,000 CNY [5]. Quality Assurance - The quality assurance periods vary by package, with the field emission scanning electron microscope having a 5-year warranty and the mass spectrometers and liquid chromatography systems having a 3-year warranty [3].

Core Viewpoint - The article discusses the investment potential of Thermo Fisher Scientific (TMO) in the context of changing macroeconomic conditions, particularly the impact of U.S.-China trade tensions and the post-COVID normalization phase [1]. Company Analysis - Thermo Fisher Scientific is positioned to benefit from a reacceleration in growth following the normalization after the COVID-19 pandemic [1]. - The company operates in a sector characterized by high barriers to entry, making it an attractive investment opportunity [1]. Industry Context - The current macro environment is marked by renewed trade tensions between the U.S. and China, which could influence the operational landscape for companies like Thermo Fisher Scientific [1]. - The article highlights the importance of understanding the broader economic factors that may affect the performance of companies in the life sciences and diagnostics sectors [1].

导读： 赛默飞推出全新落地离心机系列LYNX和BIOS，具有低能耗、低噪音等特性，主机重量最多减轻 60 KG，最多节能15%。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近日，赛默飞发布落地离心机新品——Th e rmo Sc i e n tifi c™ LYNX 和 BIOS。 特点和优势 • 全球升温潜能值（GWP）为 1 • 主机重量最多减轻 6 0 KG • 最多节能 1 5% • 减少 5 0%* 噪音 • 在经认证的环保工厂生产 Th e rmo Sc i entifi c™ LYNX高速落地冷冻离心机： The rmo Sc i entifi c™ BIOS生物工艺大容量离心机： • 提升转头离心力（LYNX 系列） * 取决于型号，与之前的型号相比。 • Th e rmo Sc i e n tifi c™Au t o - ID™ 瞬时转头自动识别 • Th e rmo Sc i e n tifi c™ Au t o - Lo c k™ 转头自锁 • 多功能性：适用于各种应用 • Gr e e nCo o l ...

Core Viewpoint - The medical device industry is facing complex challenges due to escalating trade tariffs, but local companies are increasingly filling the gaps left by imported products, particularly in high-end medical devices [1][3][10]. Group 1: Impact of Tariffs on Medical Device Companies - Major US medical device companies, including Boston Scientific and Edwards Lifesciences, have reported significant financial impacts from tariffs, estimating losses in the hundreds of millions of dollars [3][4]. - Boston Scientific anticipates a $200 million loss due to tariffs but expects strong demand for cardiovascular devices to mitigate this impact [3]. - Johnson & Johnson predicts a $400 million impact on its medical technology profits due to tariffs, while Abbott also expects a multi-million dollar effect [3][4]. Group 2: Localization Efforts by Multinational Companies - Multinational medical device companies are increasing local investments in China to adapt to tariff impacts and meet domestic market demands [7][8]. - Boston Scientific has partnered with local manufacturer Xianruida Medical to enhance product localization and reduce production costs [8]. - Medtronic has invested approximately 300 million yuan in Shanghai for the development of cardiac disease-related products, aiming for production within five years [8]. Group 3: Rise of Domestic Medical Device Manufacturers - Domestic medical device companies are rapidly advancing, with many now offering localized alternatives to previously imported products, such as antibacterial sutures [10][11]. - The average price of domestic high-value medical devices is approximately 30% lower than that of imported products, while quality has reached competitive levels [11][12]. - The approval of innovative domestic medical technologies, such as transcatheter tricuspid valve ring systems, indicates significant progress in filling market gaps [11][12]. Group 4: Future Directions and Challenges - The dual pressures of tariff impacts and centralized procurement policies are pushing domestic companies to innovate and explore high-end medical device markets [12][13]. - Companies are encouraged to localize their supply chains and reduce reliance on imported materials to maintain cost advantages [13]. - The industry is witnessing a shift towards high-end products, with significant opportunities in areas like cardiac electrophysiology and advanced imaging equipment [12][13].

Investment Rating - The report maintains a "BUY" rating for Thermo Fisher, indicating a potential return of over 15% over the next 12 months [15]. Core Insights - Thermo Fisher reported a revenue increase of 0.2% year-over-year to US$10.4 billion in 1Q25, with adjusted EPS rising 0.8% year-over-year to US$5.15, both exceeding Bloomberg consensus estimates [1]. - The company has revised its full-year revenue guidance to project growth between 1.0% and 3.1% for 2025, while adjusting its EPS guidance downward, expecting a range from a 0.6% decline to 4.4% growth due to macroeconomic factors [1][7]. - Management anticipates a US$500 million reduction in revenue guidance due to US policy changes affecting equipment sales, alongside a projected US$400 million revenue reduction from elevated tariffs between the US and China [7]. Financial Summary - For FY25E, revenue is estimated at US$43.806 billion, reflecting a 2.2% year-over-year growth, with adjusted net profit expected to be US$8.461 billion, a 2.5% increase [2][12]. - The adjusted EPS for FY25E is projected at US$22.42, with a P/E ratio of 19.3x [2][12]. - The company plans to invest US$2 billion over the next four years to expand its US manufacturing and R&D facilities, aiming to support long-term growth and market share expansion [7]. Valuation - The target price for Thermo Fisher has been revised down from US$690.00 to US$526.00, representing a 21.9% upside from the current price of US$431.64 [3]. - The DCF valuation indicates a total present value of US$226 billion, with an equity value of US$198.5 billion, leading to a price per share of US$526.00 [10].

特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 专业诊断部门 的收入为11 . 4 8亿美元，与2 0 2 4年第一季度相比略涨0 . 3 9亿美元。 | Business Segment Information | | Three months ended | | | | --- | --- | --- | --- | --- | | | March 29, | % of | March 30, | % of | | (Dollars in millions) | 2025 | Revenues | 2024 | Revenues | | Revenues | | | | | | Life Sciences Solutions | 2,341 | 22.6% S | 2,285 | 22.1% | | Analytical Instruments | 1,718 | 16.6% | 1,687 | 16.3% | | Specialty Diagnostics | 1,148 | 11.1% | 1,109 | 10.7% | | ...

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Core Insights - Thermo Fisher Scientific Inc. reported first-quarter 2025 adjusted earnings per share (EPS) of $5.15, exceeding the Zacks Consensus Estimate by 1% and reflecting a year-over-year increase of 0.8% [1] - The company's GAAP EPS was $3.98, marking a 15% increase year over year [1] - Following the earnings announcement, shares of Thermo Fisher rose 1.7% in pre-market trading [2] Revenue Performance - Total revenues for the quarter reached $10.36 billion, a 0.2% increase year over year, surpassing the Zacks Consensus Estimate by 1.1% [3] - Organic revenues increased by 1% year over year [3] Segment Analysis - Life Sciences Solutions segment (22.6% of total revenues) saw revenues increase by 2.4% year over year to $2.34 billion, exceeding estimates [4] - Analytical Instruments segment (16.6%) reported a 1.8% year-over-year increase in revenues to $1.72 billion, which fell short of estimates [5] - Specialty Diagnostics segment (11.1%) experienced a 3.5% year-over-year revenue increase to $1.15 billion, surpassing predictions [6] - Laboratory Products and Biopharma Services segment (54.4%) saw a decline of 1.4% year over year, with revenues at $5.64 billion, slightly below estimates [7] Margin Performance - Gross margin for the first quarter was 41.6%, contracting by 5 basis points year over year due to a 0.3% rise in the cost of revenues [8] - Selling, general and administrative expenses decreased by 0.6% to $1.72 billion, while research and development expenses increased by 3.3% to $342 million [8] - Adjusted operating margin was 21.7%, reflecting a contraction of 2 basis points [8] Financial Position - At the end of Q1 2025, cash and cash equivalents and short-term investments totaled $5.95 billion, up from $5.57 billion at the end of Q4 2024 [9] - Net cash from operating activities was $723 million, down from $1.25 billion a year ago [10] - The company has a consistent dividend-paying history, with a five-year annualized dividend growth of 15.10% [10] Strategic Developments - During the first quarter, Thermo Fisher launched several innovative products, including the Thermo Scientific Vulcan Automated Lab and Olink Reveal proteomics kits, contributing to commercial success [12] - The company announced an agreement to acquire Solventum's Purification & Filtration Business for $4.1 billion in cash [12] Overall Assessment - Thermo Fisher's first-quarter results exceeded expectations in terms of earnings and revenues, with growth in most segments except for Laboratory Products and Biopharma Services [11] - The contraction in margins was noted as a concern, and the company is expected to provide guidance for 2025 in an upcoming earnings call [11]