Company Performance - Thermo Fisher Scientific reported quarterly earnings of $6.10 per share, exceeding the Zacks Consensus Estimate of $5.93 per share, and up from $5.67 per share a year ago [1] - The company achieved revenues of $11.4 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.31%, compared to $10.89 billion in the same quarter last year [3] - Over the last four quarters, Thermo Fisher has consistently surpassed consensus EPS estimates four times and revenue estimates three times [2][3] Market Performance - Thermo Fisher shares have increased approximately 9.2% since the beginning of the year, outperforming the S&P 500's gain of 2.7% [4] - The current consensus EPS estimate for the upcoming quarter is $5.33 on revenues of $10.7 billion, and for the current fiscal year, it is $23.11 on revenues of $44.38 billion [8] Industry Outlook - The Medical - Instruments industry, to which Thermo Fisher belongs, is currently ranked in the top 31% of over 250 Zacks industries, indicating a favorable outlook [9] - The performance of Thermo Fisher's stock may be influenced by the overall industry outlook, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [9]

Exhibit 99.1 News FOR IMMEDIATE RELEASE Media Contact Information: Sandy Pound Thermo Fisher Scientific Phone: 781-622-1223 Phone: 781-622-1356 E-mail: sandy.pound@thermofisher.com E-mail: rafael.tejada@thermofisher.com Fourth Quarter and Full Year 2024 Highlights • Fourth quarter revenue grew 5% to $11.40 billion. • Fourth quarter GAAP diluted earnings per share (EPS) grew 14% to $4.78. • Fourth quarter adjusted EPS grew 8% to $6.10. • Full year revenue was $42.88 billion, flat versus prior year. • Full ye ...

Core Insights - Thermo Fisher Scientific Inc. is focused on innovation through product launches and strategic acquisitions, despite facing macroeconomic challenges and competitive pressures [1][11][12] Product Innovation - The company has launched several new products, including a pre-transplant risk assessment assay, Scientific KingFisher PlasmidPro Maxi Processor, and Thermo Scientific Stellar Mass Spectrometer, enhancing its portfolio in the third quarter of 2024 [3][4] - A first-of-its-kind bio-based film for single-use technologies and Energy Star-certified ULT freezers were also introduced, indicating a strong commitment to R&D [4] Collaborations and Partnerships - Thermo Fisher has built trusted partnerships with customers, allowing early insights into their needs, which is crucial for product differentiation [5] - The company expanded its pharma services manufacturing footprint and global laboratory services network, including a new bioanalytical lab in Gothenburg, Sweden [5][6] Strategic Acquisitions - Recent strategic acquisitions, such as the $3.1 billion acquisition of Olink Holdings, are expected to enhance capabilities in the proteomics market and deliver $125 million in adjusted operating income synergies by year five [9][10] - Other significant acquisitions include CorEvitas and MarqMetrix, which have advanced the company's clinical research capabilities and added complementary technologies [10] Financial Performance - Thermo Fisher's stock has increased by 6.4% over the past year, underperforming the industry growth of 12.5% and the S&P 500's 26% rise [2] - The company's earnings yield stands at 4.03%, significantly better than the industry's -3.23%, with earnings surpassing estimates in the last four quarters [2] Market Challenges - The company faces macroeconomic challenges, including geopolitical pressures and supply chain disruptions, which may impact profitability [11] - Competitive pressures from a diverse range of manufacturers and changing technology require ongoing R&D efforts [12] Earnings Estimates - The Zacks Consensus Estimate for Thermo Fisher's 2024 earnings per share has increased to $21.69, while revenues are projected at $42.73 billion, indicating a slight decline of 0.3% from the previous year [13]

The market expects Thermo Fisher Scientific (TMO) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected ...

Earnings Release and Estimates - Thermo Fisher Scientific Inc (TMO) is scheduled to release its Q4 2024 results on Jan 30 before market open [1] - The Zacks Consensus Estimate for Q4 revenues is $11.25 billion, indicating 3.3% YoY growth [3] - The consensus estimate for Q4 earnings is $5.92 per share, suggesting 4.4% YoY growth [3] - Earnings estimates have remained unchanged at $5.92 per share over the past 30 days [4] Segment Performance Expectations Analytical Instruments - Expected to generate strong Q4 sales driven by newly launched cutting-edge technologies [5] - Introduced Thermo Scientific Iliad (Scanning) Transmission Electron Microscope in Q4 [5] - R&D 100 Awards honored Thermo Scientific Orbitrap Astral Mass spectrometer in Q3 [6] - Model projects $2.19 billion in Q4 revenues, representing 7.5% YoY growth [6] Life-Science Solutions - Likely experienced sales decline due to runoff of pandemic-related revenues [7] - Launched Applied Biosystems MagMAX Sequential DNA/RNA kit and Invitrogen Vivofectamine Delivery Solutions in Q3 [8] - Bioproduction business likely grew due to strong adoption in pharma and biotech segment [9] - Model expects $2.65 billion in Q4 revenues, indicating 7.5% YoY improvement [10] Specialty Diagnostics - Expected to gain positive contributions from transplant diagnostics and immunodiagnostics businesses [11] - Received FDA approval for Ion Torrent Oncomine Dx Target Test as companion diagnostic in Q4 [11] - Partnered with National Cancer Institute on myeloMATCH precision medicine trial in Q3 [12] - Model projects $1.13 billion in Q4 revenues, suggesting 2% YoY growth [13] Laboratory Products and Services - Revenues expected to increase due to research and safety market channel [14] - Introduced Thermo Scientific iCAP MX Series ICP-MS in Q4 [14] - Opened first electron microscopy demo center (NanoPort) in Taiwan and expanded global laboratory services with new bioanalytical lab in Sweden during Q3 [15] - Model expects $5.72 billion in Q4 revenues, flat YoY [16] Quantitative Model Predictions - Thermo Fisher has an Earnings ESP of +0.65% [17] - The company currently carries a Zacks Rank 4 [17] Other Medical Stocks to Watch - Argenx (ARGX) has Earnings ESP of +44.82% and Zacks Rank 2, expected to release Q4 2024 results on March 6 [18] - Arcutis Biotherapeutics (ARQT) has Earnings ESP of +7.97% and Zacks Rank 2, expected to release Q4 2024 results on Feb 25 [19] - Axogen (AXGN) has Earnings ESP of +36.36% and Zacks Rank 2, likely to release Q4 2024 results on March 4 [20]

Company Performance - Thermo Fisher Scientific (NYSE: TMO) stock has shown little growth for its shareholders since August 2021 [1] - The company is expected to potentially reverse this trend and begin seeing growth again by 2025 [1] Analyst Perspective - The analyst specializes in financials, consumer, and technology industries with over seven years of experience [1] - The analyst prioritizes deep research into business model trends to understand future company perspectives rather than focusing on short-term market trends or stock prices [1] - This research approach is considered valuable for identifying long-term growth investment opportunities while avoiding risky financial instruments [1] Disclosure - The analyst has no current stock, option, or derivative positions in the mentioned companies but may initiate a long position in TMO within the next 72 hours [2] - The article represents the analyst's personal opinions and is not influenced by compensation or business relationships with the mentioned companies [2]

Key Takeaways Company and Industry Overview 1. **Company**: Thermo Fisher Scientific Inc. (NYSE:TMO) 2. **Event**: 43rd Annual J.P. Morgan Healthcare Conference Call 3. **Date**: January 14, 2025 4. **Time**: 11:15 AM ET 5. **Participants**: Marc Casper - CEO, Sandy Pound - Chief Communications Officer, Raf Tejada - Vice President of Investor Relations, Rachel Vatnsdal - JPMorgan Performance and Future Outlook 6. **2024 Performance**: Strong differentiated performance delivered in 2024 [5] 7. **Upcoming Results**: Results to be reported in a couple of weeks [5] 8. **Industry Position**: Thermo Fisher is an industry leader with leading businesses enabling customer success [5] 9. **Market Share**: Gaining market share in the industry [5] 10. **End Markets**: Serving attractive end markets [5] 11. **Long-term Growth Drivers**: Sound and create a bright future for the industry and the company [5] Additional Notes 12. **Non-GAAP Financials**: Safe harbor statement and non-GAAP financials available on the company's website [4]

Thermo Fisher's Challenges - Thermo Fisher has been experiencing a continuous decline in COVID testing-related demand, particularly impacting the Life Science Solutions and diagnostics businesses [2] - Selling, general and administrative expenses increased by 10.2% year-over-year in Q3 2024 [3] - The company faces intense competition from manufacturers and third-party distributors, requiring ongoing R&D to meet changing technology and customer demands [3] Growth Drivers for Thermo Fisher - The biosciences and bioproduction businesses have expanded capacity to meet global vaccine manufacturing needs [4] - Strong growth in electron microscopy business and research/safety market channels within academic/government and industrial/applied end markets [4] - Recent $3.1 billion acquisition of Olink Holdings enhances capabilities in the high-growth proteomics market, expected to deliver $125 million in adjusted operating income synergies by year five [5] - Expansion of bioproduction purification resin capacity in China and Singapore to support mRNA manufacturing and meet global biopharma demand [6] - Enhancement of regional capabilities in South Korea through customer-focused innovation centers for semiconductor and biopharma industries [6] Industry Comparison - Thermo Fisher's shares gained 2.1% in the past year, underperforming the industry's 5.4% growth [7] - Abbott (ABT) shares declined 0.7% with consistent 2024 EPS estimates of $4.67 and an average earnings surprise of 1.64% [10] - Haemonetics (HAE) shares dropped 4.4% against industry growth of 7.8%, with fiscal 2025 EPS estimates remaining at $4.59 and an average earnings surprise of 2.82% [11] - Phibro Animal Health (PAHC) shares surged 77.6% compared to industry growth of 7.8%, with fiscal 2025 EPS estimates increasing 1.9% to $1.62 and an average earnings surprise of 25.47% [12] Macroeconomic and Geopolitical Factors - International markets contribute significantly to revenues, but currency fluctuations could adversely impact reported revenues and profitability [13] - Geopolitical pressures, including Russia-Ukraine war and China-Taiwan tensions, have increased cybersecurity risks and disrupted global supply chains and labor markets [14] - Volatile financial markets and price/availability fluctuations of goods and services are putting pressure on profitability [14]

Investment Rating - The report initiates coverage on Thermo Fisher with a "Buy" rating and sets a target price of $670 [1][5][33]. Core Insights - Thermo Fisher is positioned as a global leader in the life sciences sector, benefiting from industry improvement trends and a comprehensive product and service portfolio [1][2]. - The company is expected to experience revenue growth of +0.4% in 2024, +5.6% in 2025, and +8.3% in 2026, with Non-GAAP net profit growth of -1.0%, +5.7%, and +10.4% respectively [1][2]. - The report highlights the anticipated recovery in biotech financing, driven by the Federal Reserve's shift to a rate-cutting environment, which is expected to boost customer demand [1][2]. Summary by Sections Company Overview - Thermo Fisher has the largest business scale and service range in the industry, providing integrated services from drug discovery to commercial production [1][2]. - The company’s bioproduction services offer a competitive edge in securing customer orders, while its CDMO business addresses clinical trial supply challenges [1][2]. Financial Strength - Thermo Fisher is an active consolidator in the life sciences sector, with management planning to allocate 60%-75% of capital for mergers and acquisitions [1][2]. - The company has consistently generated robust free cash flow, providing a solid financial foundation for future expansions [1][2]. Market Trends - The global life sciences market is projected to grow due to increasing demand for pharmaceuticals, drug production costs, and R&D expenditures [1][2]. - The report notes that downstream customers are expected to complete inventory destocking by 2024, which will normalize order patterns [1][2]. Financial Projections - The report provides detailed financial forecasts, including projected sales revenue of $43,033 million in 2024, with a growth trajectory leading to $49,234 million by 2026 [2][28]. - Adjusted net profit is forecasted to be $8,278 million in 2024, increasing to $9,662 million by 2026 [2][28].

Key Points Industry and Company Overview 1. **Industry Leader**: Thermo Fisher Scientific is a global leader in life science tools and diagnostics, often considered the industry's state of the state [4]. 2. **Market Conditions**: The industry experienced improving market conditions throughout the year, with businesses and end markets being predictable [6]. 3. **Share Gain Momentum**: Despite market volatility, Thermo Fisher has continued to gain market share and raise EPS consistently [6]. Election and Industry Impact 1. **Rebalancing of Portfolios**: The election and uncertainty around HHS policy led to a rebalancing of portfolios outside of the space [16]. 2. **Business-Friendly Administration**: A more business-friendly administration is expected to benefit the industry and Thermo Fisher's business [17]. 3. **NIH Exposure**: Thermo Fisher has a low exposure to NIH funding, with approximately 7-8% of revenue indirectly affected [24]. Pharma and Biotech 1. **Market Improvement**: Pharma and biotech markets are slowly improving, with activity picking up and pipelines strengthening [47]. 2. **Investment in R&D**: Thermo Fisher has continued to invest heavily in R&D, leading to the launch of innovative products like the Astral mass spectrometer [52]. 3. **Share Gain**: Thermo Fisher has gained share in the analytical instruments segment, particularly in areas like cryo EM and separation analysis [51]. M&A and Capital Deployment 1. **M&A Environment**: Thermo Fisher is optimistic about the M&A environment, with more unknowns creating opportunities for transactions [38]. 2. **Capital Deployment**: Thermo Fisher has a long-standing capital deployment strategy, with approximately 1/3 of deployed capital allocated to share buybacks and dividends [43]. 3. **Recent Buyback**: Thermo Fisher authorized a $4 billion share buyback in September 2024 [43]. 2025 Outlook 1. **Pandemic-Related Activity**: The headwind of pandemic-related activity will be significantly reduced in 2025 [64]. 2. **Share Gain Momentum**: Thermo Fisher expects to maintain strong share gain momentum in 2025, driven by new contracts and a better track record of navigating volatility [68]. 3. **Long-Term Misconceptions**: The biggest misconception is that Thermo Fisher cannot consistently grow share, despite its clear strategy and strong earnings growth [70].