J.P. Morgan Healthcare Conference January 13, 2026 Marc N. Casper Chairman, President and Chief Executive Officer The world leader in serving science Various remarks that we may make in the following presentation about the company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements about future revenue and financial results. Forward-looking statements are b ...

Group 1: International Market Overview - US stock markets saw a broad increase, with the Dow Jones up 0.17%, Nasdaq up 0.26%, and S&P 500 up 0.16%. Notable movements included Google surpassing a market cap of $4 trillion, while Nvidia and Walmart saw gains of over 3% [1][2][3] - The Nasdaq Golden Dragon China Index rose significantly by 4.28%, with individual stocks like Kingsoft Cloud and 1DrugNet increasing by 21.37% and 21.27% respectively [4][5][6] - Commodity markets experienced volatility, with gold prices fluctuating, reaching over $4640 per ounce before dropping to below $4590 [8][9][10] Group 2: Commodity Market Dynamics - Silver prices initially surged past $86 per ounce, gaining 8.41%, but later fell below $84 [14][15][16] - Brent crude oil prices exceeded $64 per barrel, with a daily increase of 1.06%, while US natural gas futures rose significantly, reaching $3.423 per million British thermal units [18][19][20] Group 3: Corporate Developments - Citigroup plans to lay off approximately 1,000 employees as part of a cost-cutting initiative. OpenAI has acquired the healthcare startup Torch, which integrates lab test results and medication information [30][31] - Meta is set to reduce its Reality Labs workforce by about 10%, while Thermo Fisher Scientific will collaborate with Nvidia on AI-based lab automation solutions [32][33] - Nvidia is investing $1 billion with Eli Lilly to establish an AI drug lab over the next five years [34] Group 4: Political and Economic Context - The Federal Reserve's Williams indicated no immediate need for interest rate adjustments, attributing inflation from tariffs primarily to American consumers [23][24] - A group of former financial officials criticized the Trump administration's investigation into Fed Chair Powell, calling it an unprecedented attack on the Fed's independence [25][26][27]

Core Insights - Thermo Fisher Scientific Inc. announced a strategic collaboration with NVIDIA to enhance AI-based solutions and laboratory automation at scale [1] - The partnership aims to leverage NVIDIA's AI platform alongside Thermo Fisher's solutions to improve laboratory automation, accuracy, and speed [1] - The collaboration is focused on evolving the digital foundation that supports scientific advancements [1] Company Summary - Thermo Fisher Scientific Inc. is recognized as a world leader in serving science [1] - The collaboration with NVIDIA signifies a commitment to integrating advanced technology into laboratory processes [1] Industry Summary - The partnership highlights a growing trend in the industry towards automation and AI integration in laboratory settings [1] - The initiative aims to set a new standard for efficiency and precision in scientific research [1]

Group 1: Mexico-U.S. Relations - Mexican President Claudia Sheinbaum firmly rejected any U.S. military intervention in Mexico, emphasizing national sovereignty and the country's ability to handle its own security issues [2][3] - Sheinbaum announced a 50% decrease in fentanyl trafficking from Mexico to the U.S. over the past year, attributing this success to Mexico's anti-drug operations and increased fentanyl seizures [3][7] - A U.S.-Mexico security committee meeting is scheduled for January 22-23, indicating ongoing dialogue between the two nations regarding security cooperation [3][7] Group 2: Nvidia's Investments in Life Sciences - Nvidia is investing up to $1 billion over five years to establish a co-innovation AI lab with Eli Lilly, aimed at reinventing drug discovery through AI applications [4][7] - The collaboration with Thermo Fisher Scientific focuses on developing autonomous lab infrastructure to enhance scientific discovery, with Nvidia's BioNeMo platform being widely adopted in the life sciences sector [5][7] - New AI models for RNA structure prediction and drug synthesis validation are part of Nvidia's expansion in the life sciences, aiming to turn scientific data into a competitive advantage [5][7] Group 3: European Financial Markets - ABN AMRO successfully priced a EUR1.75 billion debt offering, structured in two parts: a EUR1 billion 3-year fixed tranche and a EUR750 million 10-year fixed tranche [6][7] - The Bank of England sold GBP800 million in gilts, achieving a cover-ratio of 3.19, indicating strong demand for government bonds [8][7]

Core Insights - Thermo Fisher Scientific's second-highest executive, Michel Lagarde, is departing the company to explore a new opportunity [1] Company Summary - The departure of Michel Lagarde marks a significant change in the leadership structure of Thermo Fisher Scientific [1]

Core Viewpoint - The article emphasizes the importance of precise ammonia escape control in power plants to ensure efficient, safe, and environmentally friendly operation, especially under stringent environmental policies and the ongoing "dual carbon" goals [1][3]. Group 1: Industry Challenges - The article identifies ammonia escape as a critical issue that leads to resource waste, increased operational costs, and potential equipment failures, which can trigger environmental compliance risks [1][3]. - It highlights the dual pressure of operational costs and environmental compliance that the industry faces regarding ammonia escape management [5]. Group 2: Solutions and Innovations - The upcoming seminar hosted by Thermo Fisher aims to address the core challenges of ammonia escape monitoring, featuring insights from leading experts and sharing advanced technological solutions [3][5]. - Thermo Fisher will unveil a new ammonia escape monitoring solution tailored for complex flue gas conditions, emphasizing precision, stability, and intelligence [3][5]. - The innovative solution boasts high accuracy and reliability, rapid response times, and excellent adaptability to challenging operational conditions, significantly reducing maintenance costs [5][6]. Group 3: Regulatory Insights - The article discusses the latest trends in ammonia emission monitoring standards, providing companies with insights to prepare for compliance [5]. - It emphasizes the need for proactive measures in compliance preparation to align with evolving regulatory standards [5]. Group 4: Event Details - The seminar will feature discussions on the current status and distribution characteristics of ammonia escape in coal-fired power plants, as well as strategies for preventing equipment clogging due to ammonium sulfate formation [11][13]. - The agenda includes presentations on continuous monitoring technologies for ammonia in flue gas, showcasing the latest research and developments in the field [17].

Core Insights - Danaher and Thermo Fisher Scientific both reported Q3 2025 earnings with revenue growth around 5%, indicating a stable performance in the sector [1] Company Summaries - Danaher reported a revenue growth of approximately 5% in Q3 2025, reflecting consistent business performance [1] - Thermo Fisher Scientific also achieved around 5% revenue growth in the same quarter, showcasing a similar trend in financial results [1] Business Momentum - Despite the similar revenue growth figures, the underlying business momentum for Danaher and Thermo Fisher Scientific reveals significant differences, suggesting varying operational efficiencies and market conditions [1]

Core Insights - Thermo Fisher Scientific has launched the PPD™ CorEvitas™ Obesity Registry to gather real-world evidence on obesity management therapies, focusing on long-term effectiveness, safety, and patient experience [1][3] - The registry aims to collect detailed physician and patient-reported outcomes to enhance understanding of disease progression and treatment responses [4] Industry Context - Obesity is a chronic disease affecting over 100 million adults in the U.S., with severe obesity impacting more than 22 million adults [2] - The global economic burden of overweight and obesity is projected to reach $3 trillion annually by 2030, increasing to over $18 trillion by 2060 [2] Registry Details - The CorEvitas Obesity Registry is the 15th independent registry under PPD™ CorEvitas™ Clinical Registries, which is part of Thermo Fisher's clinical research business [4] - The registry will provide insights that inform clinical practice, guide future research, and support evidence-based strategies for obesity management [4][5] Company Overview - Thermo Fisher Scientific is a leader in serving science with annual revenues exceeding $40 billion, providing innovative technologies and services across various sectors [7]

Core Insights - The report from China Merchants Securities International indicates that the pharmaceutical industry will experience differentiated growth by 2026, with chronic diseases remaining the largest driver for the future of the pharmaceutical sector [1] - The report emphasizes that upgrades on the supply side and improvements in the operational quality of representative companies are key strategies for bottom-up stock selection [1] - It highlights that the US and China will engage in more competition and collaboration in the innovative drug sector, with policy disruptions causing fluctuations but not altering the long-term development direction of the industry [1] Industry Focus - The report expresses a positive outlook on the biopharmaceutical sector, identifying key companies such as Novartis, Innovent Biologics, Aileron Therapeutics, Hansoh Pharmaceutical, and CanSino Biologics as industry favorites [1] - Additional recommendations include companies like Healer, China Resources Pharmaceutical, Thermo Fisher Scientific, and Eli Lilly [1]

Core Viewpoint - Thermo Scientific has won a bid for the expansion and upgrade of the technical equipment at the Shenyang Pharmaceutical University National Drug Innovation Comprehensive Platform Testing and Inspection Center, with a contract amount of 18.92 million yuan [1]. Group 1: Project Information - Project Number: JH2 5 - 2 1 0 0 0 0 - 5 3 9 3 1 [1] - Project Name: Expansion and Upgrade of Technical Equipment at the Shenyang Pharmaceutical University National Drug Innovation Comprehensive Platform Testing and Inspection Center [1]. - Bidder: Guangdong Zhongke Import and Export Co., Ltd. [1]. - Bid Amount: 18,920,000 yuan [1]. - Total Evaluation Score: 94.87 points [1]. Group 2: Equipment Details - Equipment Type: Transmission Electron Microscope (Model: Talos F200C G2) [3]. - Quantity: 1, Unit Price: 14,930,000 yuan [3]. - Equipment Type: High-Resolution Scanning Electron Microscope (Model: Apreo 2S) [3]. - Quantity: 1, Unit Price: 39,900,000 yuan [3]. Group 3: Contact Information - Purchaser: Shenyang Pharmaceutical University, Address: 103 Cultural Road, Shenyang, Contact: 024-43520127 [4]. - Procurement Agency: Liaoning Xuanyu Engineering Management Co., Ltd., Address: 56 Huanghe South Street, Shenyang, Contact: 024-31918388 [4].