Exhibit 99.1 • First quarter revenue was $10.36 billion. • First quarter GAAP diluted earnings per share (EPS) grew 15% to $3.98. • First quarter adjusted EPS grew 1% to $5.15. • Delivered very strong financial performance in the quarter, demonstrating the strength of our trusted partner status and the power of our PPI Business System in a more uncertain macroeconomic environment. • Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To transfor ...

Core Insights - The global membrane chromatography market is projected to grow from an estimated USD 324.4 million in 2024 to USD 779.3 million by 2030, with a compound annual growth rate (CAGR) of 16.0% from 2025 to 2030 [3][7]. Market Overview - The growth of the membrane chromatography market is primarily driven by the increasing demand for biopharmaceuticals and a heightened regulatory focus on cleaning validation for downstream purification processes [3][4]. - Membrane chromatography offers significant advantages over traditional column chromatography, including higher binding capacities and reduced buffer consumption, which are critical for optimizing biopharmaceutical production [3][4]. Regulatory Environment - Regulatory approvals for biopharmaceutical manufacturing are fueling market growth, as evidenced by Boehringer Ingelheim Biopharmaceuticals China's successful pre-approval inspections by the European Medicines Agency and the U.S. Food and Drug Administration in April 2024 [5]. - The increasing endorsement of biopharmaceuticals by regulatory bodies is driving demand for membrane chromatography [5]. Research and Development - The biopharmaceutical industry's annual R&D spending exceeds USD 202 billion, significantly outpacing other sectors, which underscores the commitment to innovation and the growing number of product launches [6]. - Innovations such as Waters Corporation's introduction of the XBridge Premier GTx BEH SEC columns in August 2023 for gene therapy applications exemplify advancements in membrane chromatography technology [6]. Market Segmentation - The report segments the global membrane chromatography market based on product, technique, end use, and region, providing a comprehensive analysis of trends and forecasts from 2018 to 2030 [2][8]. - Key product segments include capsules, cassettes, cartridges, syringe filters, and membrane filters, among others [8][10]. Competitive Landscape - The competitive landscape includes major players such as 3M, Asahi Kasei, Danaher, Merck, and Thermo Fisher Scientific, highlighting the diverse market participants and their strategic positioning [10][12].

Core Insights - The cell-free fetal DNA testing market is experiencing significant growth driven by factors such as GKV reimbursement, increasing maternal age, advancements in AI-powered labs, and stringent regulations [1][6][8] Market Overview - The global cell-free fetal DNA testing market is projected to reach USD 1,687.8 million by 2025, with a CAGR of 6.1%, potentially hitting USD 3,051.5 million by 2035 [2] - In 2024, the market generated approximately USD 1,566.0 million in revenue, indicating a rising adoption of noninvasive prenatal testing (NIPT) [2] Technological Advancements - Continuous improvements in NIPT technologies have enhanced the accuracy and reliability of cffDNA testing, making it a preferred choice for early detection of fetal genetic abnormalities [6][8] - Advancements in next-generation sequencing (NGS) and PCR-based methods are improving test efficiency and accessibility [8] Geographical Trends - North America leads the market due to advanced healthcare infrastructure and high healthcare expenditure [6] - Europe holds a substantial market share, driven by increased awareness and support from healthcare providers for early prenatal screening programs [6] - Asia Pacific, particularly China, Japan, and India, is experiencing rapid market growth due to rising healthcare investments and increased access to prenatal care [6] Market Growth Projections - India is projected to have the highest CAGR of 9.9% from 2025 to 2035, followed by China at 9.6% [12] - Germany is expected to grow at a CAGR of 3.8%, leading market growth in Europe, while the United States anticipates steady growth at a CAGR of 3.2% [12] Strategic Opportunities - Investment in research and development for innovative cffDNA testing technologies can lead to more accurate and cost-effective solutions [13] - Strategic partnerships with healthcare providers and insurance companies can enhance the accessibility and affordability of cffDNA testing [13] - Focusing on emerging markets with growing healthcare infrastructure can open new revenue streams [13] Industry Dynamics - The cell-free fetal DNA testing market is characterized by intense competition driven by rising demand for NIPT and advancements in genetic sequencing technologies [15] - Companies are investing heavily in AI-powered genetic analysis and innovations aimed at enhancing test accuracy [15] Key Players - Significant companies in the cell-free fetal DNA testing market include QIAGEN, Thermo Fisher Scientific, Takara Bio, and others [16]

Core Insights - The report titled "Microbiome Collaboration and Licensing Deals 2016-2024" provides a comprehensive overview of 244 microbiome deals announced since 2016, including financial terms and links to deal records [2][4][5] - It offers unprecedented access to microbiome deals made by leading biopharma companies, detailing the motivations and structures behind these agreements [3][4] Report Scope - The report analyzes contract agreements to facilitate due diligence, covering deal trends, financial terms, and a directory of deals organized by company, deal type, and therapeutic target [6][7] - It includes insights into the payment structures, exclusivity rights, and responsibilities for commercialization and development within microbiome deals [8][12] Trends and Analysis - The report highlights trends in microbiome deal-making in the biopharma industry, showcasing leading deals by value and identifying the most active dealmakers [8][10] - It provides a detailed analysis of microbiome deals over the years, including upfront payments, milestone payments, and royalty rates [12][12] Key Topics Covered - The report is structured into several chapters, including an executive summary, trends in microbiome deal-making, leading deals, and a comprehensive directory of microbiome contracts [9][10] - It also addresses key contractual clauses, jurisdictional preferences, and boilerplate clauses that vary across different deals [11]

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].

Summary of Thermo Fisher Scientific Inc. Conference Call Company Overview - **Company**: Thermo Fisher Scientific Inc. (NYSE:TMO) - **Event**: Bank of America Securities 2024 Health Care Conference Call - **Date**: May 14, 2024 - **Participants**: Marc Casper (CEO), Mike Ryskin (Bank of America) Industry Insights - **Long-term Industry Growth**: The industry is experiencing strong long-term growth driven by drug pipelines, scientific discoveries, unmet healthcare needs, and advances in technologies such as semiconductors and batteries [4][5] - **Short-term Market Conditions**: The first quarter of 2024 met expectations with predictability in markets. Economic activity is expected to improve modestly throughout the year, supported by China's stimulus program and increased biotech funding [4][5] - **China's Economic Impact**: China is seen as a significant growth market, although growth rates are expected to be lower than in the past decade. A multiyear fiscal stimulus program focused on capital equipment is anticipated to benefit Thermo Fisher's Analytical Instruments segment [10][11][12] Financial Performance and Projections - **2024 Outlook**: The company raised its outlook for the year, expecting modest market improvements and a stronger second half compared to the first half. The guidance implies growth slightly below the normal market conditions of 4% to 6% [6][7][8] - **2025 Expectations**: If current trends continue, 2025 is expected to approach normal market conditions, with growth driven by the pharmaceutical and biotech sectors [6][7] Market Share and Competitive Position - **Market Share Gains**: Thermo Fisher has consistently gained market share, with expectations to grow 2-3 percentage points faster than the market, leading to long-term growth of 7-9% [9][8] - **Bioproduction Business**: The bioproduction segment is recovering with improved order rates and a strong historical track record. The company remains a market leader in cell culture media and single-use technologies [16][17] - **Analytical Instruments Performance**: The Analytical Instruments segment has shown strong results, particularly in electron microscopy and chromatography, benefiting from high-end research demand [19][20] Strategic Initiatives - **CRO and CDMO Expansion**: The acquisition of PPD and Patheon has strengthened Thermo Fisher's position in the biopharma sector, enhancing its end-to-end capabilities and fostering deep collaboration with customers [24][25] - **Capital Deployment Strategy**: The company plans to continue disciplined capital deployment, focusing on M&A opportunities and returning capital to shareholders through dividends and share buybacks [28][30] Geopolitical Considerations - **U.S.-China Relations**: Ongoing geopolitical tensions may affect operations, but Thermo Fisher aims to support customers in navigating these challenges. The company has a strong presence in the West, which may mitigate reliance on China [14][15] Upcoming Events - **Investor Day**: Scheduled for September 19, 2024, to provide a long-term outlook and insights into business performance [32][33] Key Takeaways - **Resilience in Market Conditions**: Despite challenges, Thermo Fisher is well-positioned for growth, with a strong focus on innovation and customer partnerships [34] - **Focus on Long-term Strategy**: The company emphasizes its commitment to delivering consistent results and maintaining investor confidence [34]

Financial Data and Key Metrics Changes - The company reported a strong start to the year with core growth being good and a strong P&L despite a noisy economic environment [3][6] - The company expects 7% core growth for the year, which is considered ambitious compared to competitors [9][12] Business Line Data and Key Metrics Changes - Pharmaceutical and biotech now represent approximately 20% of total sales, with expectations for core growth in this segment to moderate from last year's 14% to around 7% [11][12] - Bio production, which accounts for less than 10% of revenue, is expected to see moderated growth due to reduced COVID-related demand, but the company anticipates better growth in the second half of the year [15][16] Market Data and Key Metrics Changes - The company experienced low single-digit decline in China due to COVID comparisons, but core growth was high single digits, indicating a strong underlying market [31] - The overall market is expected to grow at 4% to 6% in the long term, with the company positioned to achieve 7% to 9% growth based on its proven strategies [33][34] Company Strategy and Development Direction - The company emphasizes delivering differentiated short-term performance while strengthening its long-term position, with over 80% of revenue being recurring in nature [6][11] - The company is focused on expanding its capabilities in contract development and manufacturing, with recent acquisitions enhancing its service offerings [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a slightly more challenging macro environment due to higher interest rates and geopolitical tensions, but believes the company is well-positioned to navigate these challenges [8][31] - The company remains optimistic about the long-term prospects in pharmaceutical and biotech, citing strong pipelines and consistent market share growth [11][12] Other Important Information - The company plans to deploy $40 billion to $50 billion in capital for M&A opportunities in the coming years, indicating a proactive approach to growth [32] - An Investor Day is scheduled for May 24, 2023, to provide deeper insights into business segments and financial outlook [35] Q&A Session Summary Question: How does the company view the current business environment compared to past cycles? - Management reflects on navigating various economic cycles and emphasizes a clear set of principles to deliver performance and strengthen long-term positioning [5][6] Question: Can you clarify the comments on the macroenvironment being more challenging? - Management explains that the challenges are related to the life sciences tools market, influenced by higher interest rates and geopolitical tensions [8] Question: What is the strategic rationale behind expanding capabilities in contract development and manufacturing? - Management highlights the importance of building leading capabilities and the success of recent acquisitions in enhancing growth and customer trust [21][22] Question: How is the company managing inventory and customer stocking? - Management states that the company effectively manages customer inventory without incentivizing excess stocking, maintaining a strong relationship with clients [19] Question: What are the expectations for growth in the bio production segment? - Management anticipates moderated growth due to reduced COVID-related demand but expects improvement in the second half of the year based on customer dialogues [16][17]