Thermo Fisher Scientific Inc. offers life sciences solutions, analytical instruments, specialty diagnostics, and laboratory products and service worldwide. The company's Life Sciences Solutions segment offers reagents, instruments, and consumables for biological and medical research, discovery, and production of drugs and vaccines, as well as diagnosis of infections and diseases to pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets. Its Analytical Instruments segment provides instruments, consumables, software, and services for use in laboratory, on production line, and in field for pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial markets, as well as clinical laboratories. The company's Specialty Diagnostics segment offers liquid, ready-to-use, and lyophilized immunodiagnostic reagent kits, as well as calibrators, controls, and calibration verification fluids; ImmunoCAP for allergy and asthma tests, and EliA for autoimmunity tests; dehydrated and prepared culture media, collection and transport systems, instrumentation, and consumables; human leukocyte antigen typing and testing for organ transplant market; and healthcare products. Its Laboratory Products and Services segment provides laboratory refrigerators and freezers, ultralow-temperature freezers, and cryopreservation storage tanks; temperature control, sample preparation and preservation, centrifugation, and biological safety cabinet products; water analysis instruments; laboratory plastics products; laboratory chemicals; and pharma services. The company offers products and services through a direct sales force, customer-service professionals, electronic commerce, third-party distributors, and catalogs. It has a strategic alliance with the University of California, San Francisco. The company was incorporated in 1956 and is based in Waltham, Massachusetts.
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- Amazon for scientific labs
- "Intel Inside" for biotech and pharma
- A General Electric (GE) for scientific instruments and services
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Thermo Fisher Scientific (TMO) Major Products and Services
- Analytical Instruments: Provides high-tech instruments like mass spectrometers and electron microscopes for scientific analysis and research.
- Life Science Solutions: Offers reagents, consumables, and instruments for research in molecular biology, cell biology, and genomics.
- Specialty Diagnostics: Develops diagnostic tests, instruments, and reagents for clinical and healthcare applications.
- Laboratory Products: Supplies a wide range of laboratory equipment, chemicals, and consumables for scientific work.
- Biopharma Services: Offers contract development and manufacturing services for pharmaceutical and biotechnology companies.
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Thermo Fisher Scientific (Symbol: TMO) - Major Customers
Thermo Fisher Scientific primarily sells its products and services to other companies, institutions, and organizations (Business-to-Business, B2B). Due to the highly diversified nature of its business and extensive customer base (serving over 600,000 customers in more than 125 countries), no single customer accounts for more than 10% of the company's total revenues, as stated in their SEC filings. Therefore, there are no specific "major customer companies" that can be listed by name.
Instead, Thermo Fisher Scientific's major customers are broadly categorized into the following segments:
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Pharmaceutical and Biotechnology Companies: These customers utilize Thermo Fisher's instruments, reagents, and services for drug discovery, development, manufacturing, and quality control. This includes both large multinational pharmaceutical firms and smaller biotechnology startups.
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Academic, Research, and Government Institutions: This category encompasses universities, government research laboratories (e.g., NIH, CDC, national labs), and other non-profit research organizations globally. They use TMO's offerings for basic and applied scientific research across various disciplines.
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Hospitals, Clinical Diagnostic Labs, and Applied Markets: This segment includes hospitals, private clinical diagnostic laboratories, and various industrial and applied customers such as food and beverage testing labs, environmental testing agencies, forensic labs, and material science companies. They rely on Thermo Fisher for diagnostic solutions, analytical instruments, and consumables.
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Marc N. Casper, Chairman, President and Chief Executive Officer
Marc N. Casper has served as President and Chief Executive Officer of Thermo Fisher Scientific since October 2009 and was elected Chairman of the Board in February 2020. He joined Thermo Electron Corporation in 2001. Prior to joining Thermo Fisher, Mr. Casper served as President, Chief Executive Officer, and a Director of Kendro Laboratory Products. He also worked for clinical diagnostics provider Dade Behring Inc., serving as President–Americas. Mr. Casper began his career as a strategy consultant at Bain & Company and later joined Bain Capital, where he oversaw business development, strategy, and business integration in select companies owned by Bain.
Stephen Williamson, Senior Vice President and Chief Financial Officer
Stephen Williamson was named Senior Vice President and Chief Financial Officer of Thermo Fisher Scientific in August 2015. He joined Thermo Fisher Scientific in July 2001 and held various finance leadership roles, including Vice President, European Financial Operations, and Vice President of Financial Operations. Before joining Thermo Fisher Scientific, Mr. Williamson held various finance positions at Honeywell, including Vice President and Chief Financial Officer, Asia Pacific. He began his career with Price Waterhouse.
Michel Lagarde, Executive Vice President and Chief Operating Officer
Michel Lagarde serves as Executive Vice President and Chief Operating Officer. He was named Executive Vice President in January 2022 and previously served as Senior Vice President and President of Pharma Services.
Gianluca Pettiti, Executive Vice President and President, Life Sciences, Diagnostics and Applied
Gianluca Pettiti became Executive Vice President and President, Life Sciences, Diagnostics and Applied in April 2024. He was appointed Executive Vice President in January 2022 and previously served as Senior Vice President and President, Specialty Diagnostics.
Frederick M. Lowery, Executive Vice President and President, Laboratory Products and BioProduction
Frederick M. Lowery became Executive Vice President and President, Laboratory Products and BioProduction in April 2024. Prior to this role, he served as Senior Vice President and President, Customer Channels since January 2021. He joined the company in 2005.
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Thermo Fisher Scientific operates in several large addressable markets for its main products and services:
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Life Science Tools/Services/Diagnostics Industry: The estimated total addressable market for the broader life science tools/services/diagnostics industry is over $235 billion globally. Robust R&D funding in the life sciences market is approximately $200 billion annually worldwide.
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Analytical Instrumentation Market: The global analytical instrumentation market was valued at approximately USD 54.85 billion in 2024 and is projected to reach USD 115.17 billion by 2034, growing at a CAGR of 7.70% from 2025-2034. North America accounted for 35% of this market in 2024.
- Within this, the pharmaceutical and biotechnology industry segment held a dominant market share in 2024, valued at over USD 28.1 billion globally.
- The clinical research segment of the analytical instrumentation market was valued at USD 33.4 billion globally in 2024.
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Clinical Research Services Industry (CRO): The global clinical research services industry is estimated to be approximately $50 billion and is forecasted to grow at a mid-single-digit annual rate.
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Cell Therapy Market: The global cell therapy market is estimated to reach a total addressable market (TAM) of $12 billion by 2024.
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Gene Therapy Market: The global gene therapy market is estimated to reach a TAM of $13 billion by 2024.
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U.S. Next Generation Sequencing (NGS) Market: This market is forecasted to grow from $3.88 billion in 2024 to $16.57 billion by 2033 in the U.S., with a compound annual growth rate (CAGR) of 17.5%.
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Biopharmaceutical Process Analytical Technology Market: The global biopharmaceutical process analytical technology market is projected to reach USD 2.6 billion by 2029 from USD 1.2 billion in 2024, growing at a CAGR of 16.0%.
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Immunodiagnostics Market: The immunodiagnostics market is set to reach USD 38.40 billion by 2032 globally. North America is projected to be the largest and fastest-growing region in this market in 2024.
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Thermo Fisher Scientific (TMO) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
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High-Impact Innovation and New Product Launches: The company continues to invest significantly in research and development, evidenced by a $2 billion investment in U.S. R&D over four years, including $500 million annually. This investment fuels the launch of high-impact innovations such as the Krios 5 Cryo-TEM and the Olink Explore HT proteomics platform, which are critical for advancing molecular research and drug discovery.
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Strategic Acquisitions: Thermo Fisher Scientific employs a disciplined capital deployment strategy that includes strategic mergers and acquisitions. An example is the acquisition of Sventum's purification and filtration business, expected to be completed by the end of 2025, which will integrate into its Life Science Solutions segment and contribute to growth.
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Growth in Key End Markets and Segments: The company is experiencing strong performance in several vital sectors. The Analytical Instruments segment, particularly its electron microscopy and chromatography and mass spectrometry businesses, consistently shows robust growth. The Pharma and Biotech segment, led by its bioproduction and pharma services businesses, also delivered mid-single-digit growth in recent quarters. Additionally, the Specialty Diagnostics segment, driven by immunodiagnostics, transplant diagnostics, and the healthcare market channel, continues to be a growth area.
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Market Share Gains: Thermo Fisher Scientific emphasizes its role as a "trusted partner" to its customers, which enables it to consistently gain market share across various market environments. This strategy focuses on expanding its customer base and deepening its penetration within existing accounts by providing essential products and services.
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Operational Excellence through the PPI Business System: The company's Practical Process Improvement (PPI) Business System is a core driver of operational excellence. This system contributes to outstanding execution, increased productivity, and cost reduction, which in turn supports margin expansion and allows for reinvestment into growth initiatives, indirectly boosting revenue.
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Share Repurchases
- Thermo Fisher Scientific executed share buybacks of $3 billion in 2022 and $3 billion in 2023.
- In 2024, annual share buybacks totaled $4 billion.
- As of November 2025, the Board of Directors authorized a new $5 billion share repurchase program with no expiration date, replacing a $4 billion authorization from November 2024 which was successfully concluded in October 2025 after $3 billion was purchased in 2025.
Outbound Investments
- In April 2021, Thermo Fisher Scientific acquired PPD, Inc. for a total cash purchase price of $17.4 billion, plus the assumption of approximately $3.5 billion of net debt.
- The company acquired PeproTech for $1.85 billion in January 2022 and The Binding Site Group for $2.6 billion in October 2022 (completed January 2023).
- More recently, Thermo Fisher acquired Olink Holding for $3.1 billion in October 2023, and announced the acquisition of Solventum's purification and filtration business for $4.1 billion in February 2025, as well as a deal to acquire Clario Holdings for $8.88 billion in cash in October 2025.
Capital Expenditures
- Capital expenditures were $2.523 billion in 2021, $2.243 billion in 2022, and $1.479 billion in 2023.
- In 2024, capital expenditures were $1.4 billion, with the latest twelve months capital expenditures at $1.408 billion.
- Thermo Fisher Scientific plans to invest an additional $2 billion in the U.S. over four years, including $1.5 billion in capital expenditures to enhance and expand U.S. manufacturing operations, complemented by $500 million in R&D, to strengthen American innovation and the healthcare supply chain.
