Thermo Fisher Scientific Inc. (NYSE:TMO) Cowen 43rd Annual Healthcare Conference March 6, 2023 9:10 AM ET Company Participants Marc N. Casper – Chairman, President and CEO Conference Call Participants Dan Brennan – Cowen Dan Brennan Pleased to be joining with me here on stage Marc Casper, Chairman, President, and CEO of Thermo Fisher. I am going to first say thank you Marc for coming. Appreciate it. And Eileen Pattinson here in the front row, so I thought Marc, maybe you can just kick it off with some openi ...

Financial Performance - Revenues for 2022 were $44,915 million, a 15% increase from $39,211 million in 2021[147] - GAAP operating income decreased by 16% to $8,393 million in 2022, with an operating income margin of 18.7%, down from 25.6% in 2021[147] - Adjusted operating income (non-GAAP) was $10,985 million, a 9% decline from $12,138 million in 2021, with a margin of 24.5%[147] - The adjusted earnings per share (EPS) for 2022 was $23.24, compared to $25.13 in 2021[198] Revenue Segments - Sales of COVID-19 testing products were $3.11 billion in 2022, down from $7.26 billion in 2021, reflecting decreased demand[149] - The Laboratory Products and Biopharma Services segment saw a 51% revenue increase to $22,511 million, with organic growth of 10%[167] - The Analytical Instruments segment reported a 9% revenue increase to $6,624 million, with organic growth of 14%[165] - The Life Sciences Solutions segment experienced a 13% revenue decline to $13,532 million, with organic revenue down 12%[163] Tax and Interest - The GAAP tax rate decreased to 9.0% in 2022 from 12.5% in 2021, influenced by releases of valuation allowances[172] - Net interest expense decreased to $454 million in 2022 from $493 million in 2021, primarily due to lower average interest rates[168] - The company's cash payments for income taxes were $1.23 billion in 2022, down from $2.18 billion in 2021[173] - The expected GAAP effective tax rate for 2023 is projected to be between 7% and 9%, with an adjusted tax rate of approximately 11%[174] Cash Flow and Capital Management - As of December 31, 2022, cash and cash equivalents totaled $8.524 billion, an increase from $4.477 billion in 2021[177] - Free cash flow for 2022 was reported at $6.935 billion, compared to $6.809 billion in 2021[181] - The company utilized $0.04 billion for acquisitions in 2022, significantly lower than $19.40 billion in 2021[185] - The company repurchased $3.00 billion of its common stock in 2022, with an additional $3.00 billion repurchased early in 2023[187] Acquisitions and Goodwill - The company executed notable acquisitions, including The Binding Site Group, enhancing its diagnostics portfolio[160] - Goodwill and indefinite-lived intangible assets totaled $41.20 billion and $1.24 billion, respectively, as of December 31, 2022[202] - The company's tax valuation allowance increased to $1.32 billion at December 31, 2022, compared to $0.97 billion at December 31, 2021, driven by additional tax assets from an audit settlement[210] Debt and Interest Rate Sensitivity - The total estimated fair value of the company's debt was $30.29 billion at December 31, 2022[215] - A 100 basis point increase in interest rates would have increased the company's annual pre-tax interest expense by approximately $35 million in 2022[216] Currency and Impairments - A 10% depreciation in year-end 2022 functional currencies relative to the U.S. dollar would reduce shareholders' equity by approximately $1.45 billion[217] - A 10% depreciation in year-end 2022 non-functional currency exchange rates related to the company's contracts would result in an additional unrealized loss of $9 million on forward currency-exchange contracts[218] - The company recorded impairments of $0.12 billion in definite-lived intangible assets in 2021[207] - The company did not perform quantitative goodwill impairment tests for certain reporting units as no events or circumstances indicated a reduction in fair value[204] - The company uses significant judgment in estimating the fair value of acquisition-related intangible assets based on projected cash flows, customer attrition, and technology obsolescence rates[201]

GAAP/Non-GAAP Reconciliation and Financial Package February 1, 2023 Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of revenues from acquired/divested businesses and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth ...

Thermo Fisher Scientific Inc. (NYSE:TMO) Q4 2022 Earnings Conference Call February 1, 2023 8:30 AM ET Company Participants Rafael Tejada – Vice President-Investor Relations Marc Casper – Chairman, President and Chief Executive Officer Stephen Williamson – Senior Vice President and Chief Financial Officer Conference Call Participants Jack Meehan – Nephron Research Patrick Donnelly – Citi Rachel Vatnsdal – J.P. Morgan Derik de Bruin – Bank of America Dan Brennan – Cowen Vijay Kumar – Evercore ISI Dan Arias – ...

Summary of Thermo Fisher Scientific Inc. Conference Call Company Overview - **Company**: Thermo Fisher Scientific Inc. (NYSE:TMO) - **Event**: 41st Annual J.P. Morgan Healthcare Conference - **Date**: January 10, 2023 - **CEO**: Marc Casper Key Points and Arguments 1. Company Performance and Strategy - 2022 was a strong year for Thermo Fisher, with a focus on value creation for stakeholders and a sustainable long-term strategy [3][6] - The company achieved a long-term financial growth outlook of high single digits, with a 12% core growth guidance for 2022 [6][12] - The acquisition of PPD in December 2021 has been successful, contributing significantly to revenue and synergies [6][15] 2. Market Position and Growth - Thermo Fisher serves a $225 billion market with a long-term growth rate of 4% to 6%, while the company aims for 7% to 9% growth [8][9] - The pharmaceutical and biotech sector represents about 60% of revenue, with strong fundamentals and growth potential [8][12] - The company has a proven growth strategy, leveraging high-impact innovation and a disciplined capital deployment strategy [9][11] 3. Financial Performance - Over the last decade, Thermo Fisher has delivered 13% revenue growth, 17% adjusted EPS growth, and 15% free cash flow growth [12] - The company returned over $3 billion in share buybacks and $0.5 billion in dividends in the previous year [11] 4. ESG Commitment - ESG initiatives are integral to the company's strategy, focusing on environmental sustainability, social responsibility, and governance [13][17] - The company aims for a 50% reduction in carbon emissions by 2030 and has committed to using renewable energy sources [17] 5. Future Goals and Acquisitions - Goals for 2023 include gaining market share, executing capital deployment strategies, and integrating the Binding Site acquisition [18][19] - The Binding Site acquisition, focused on specialty diagnostics for blood cancers, is expected to contribute positively to adjusted EPS [19][41] 6. Market Dynamics and Resilience - The company has shown resilience in the face of macroeconomic challenges, including inflation and supply chain issues, due to its PPI Business system [16][10] - Strong performance in the biopharma sector has been attributed to the company's trusted partner status and effective customer relationships [22][26] 7. Regional Insights - China is expected to remain a fast-growing market despite recent COVID-related disruptions, with a positive long-term outlook [28] - European markets have shown strong performance, particularly in pharmaceutical and biotech sectors, despite geopolitical and economic challenges [29] 8. Instrument Market and Pricing Strategy - The analytical instruments market has seen robust growth, with strong order backlogs entering 2023 [30][32] - Pricing strategies are expected to normalize but remain elevated compared to historical averages due to inflationary pressures [32] 9. Diagnostics and Testing - The company anticipates $400 million in COVID testing revenue for 2023, with a 40% margin flow-through expected [38] 10. Integration and Future Outlook - The integration of PPD and the Binding Site is on track, with expectations for continued strong performance and synergies [15][41] - Overall, Thermo Fisher is well-positioned for continued growth and success in 2023, with a strong financial track record and market leadership [20][18] Additional Important Insights - The company emphasizes the importance of maintaining high-quality standards in manufacturing and diagnostics, especially in light of industry challenges [36] - There is a focus on expanding capabilities in real-world evidence and technology within the CRO space, indicating potential future growth areas [35]

41st Annual J.P. Morgan Healthcare Conference Marc N. Casper Chairman, President and Chief Executive Officer January 10th, 2023 The world leader in serving science 1 Safe Harbor / Non-GAAP Measures Various remarks that we may make in the following presentations about the company's future expectations, plans and prospects constitute forwardlooking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements about future revenue, financ ...

Thermo Fisher Scientific Inc. (NYSE:TMO) Q3 2022 Earnings Conference Call October 26, 2022 8:30 AM ET Company Participants Rafael Tejada - Vice President, Investor Relations Marc Casper - Chairman, President and Chief Executive Officer Stephen Williamson - Senior Vice President and Chief Financial Officer Conference Call Participants Jack Meehan - Nephron Research Derik De Bruin - Bank of America Patrick Donnelly - Citi Vijay Kumar - Evercore ISI Dan Brennan - Cowen Rachel Vatnsdal - JPMorgan Dan Arias - St ...

Thermo Fisher Scientific Inc. (NYSE:TMO) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET Company Participants Rafael Tejada - Vice President, Investor Relations Marc Casper - Chairman, President and Chief Executive Officer Stephen Williamson - Senior Vice President and Chief Financial Officer Conference Call Participants Jack Meehan - Nephron Research Patrick Donnelly - Citi Mike Ryskin - Bank of America Rachel Vatnsdal - JPMorgan Matt Sykes - Goldman Sachs Dan Arias - Stifel Puneet Souda - SVB Se ...

Thermo Fisher Scientific Inc. (NYSE:TMO) Q1 2022 Earnings Conference Call April 28, 2022 8:30 AM ET Company Participants Rafael Tejada – Vice President, Investor Relations Marc Casper – Chairman, President, and Chief Executive Officer Stephen Williamson – Senior Vice President and Chief Financial Officer Conference Call Participants Jack Meehan – Nephron Research Patrick Donnelly – Citi Derik De Bruin – Bank of America Tejas Savant – Morgan Stanley Vijay Kumar – Evercore Puneet Souda – SVB Leerink Securitie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-8002 THERMO FISHER SCIENTIFIC INC. (Exact name of Registrant as specified in its charter) Delaware 04-2209186 (State of incorporation) (I.R.S. Employer Identification No.) 168 Thir ...