Thermo Fisher Scientific has reported Q2 revenues of $11.99bn, equating to a year-over-year (YoY) growth margin of 10%, prompting the company to raise its 2026 outlook.
Besting its Q2 2025 performance of $10.85bn, Thermo Fisher now expects profits for 2026 to fall in the $24.93 to $25.33 per share range, up from $24.64 to $25.12 previously. The life sciences giant is also raising its overall revenue outlook for 2026 to between $47.4bn and $48.1bn, corresponding to a 6%-8% increase over 2025.
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Thermo Fisher’s performance in Q2 at $11.99bn equates to an earnings per share (EPS) ratio of $6.03, outperforming analysts’ average estimate of $5.71, with Q2 revenue at $11.7bn, according to data compiled by the London Stock Exchange Group (LSEG) and seen by Reuters.
Posted ahead of market open, Thermo’s Q2 results caused its shares on the New York Stock Exchange (NYSE) to rise by 8.71% to $572.32 by market close on 23 July, up from a prior close of $526.46. Thermo Fisher has a market cap of around $212.68bn.
Marc Casper, chairman and CEO of Thermo Fisher, commented: “Our end markets continue to strengthen and we’re making great progress enhancing our capabilities, and further advancing our trusted partner status with customers, leading to continued share gain.”
The company’s Q2 performance was led by the performance of its laboratory products and biopharma services business. With profits of around $6.69bn indicative of a YoY uplift of 12%, the segment accounted for 55.8% of the quarter’s earnings. In an earnings call, Thermo’s CFO, James Meyer, highlighted that growth in the segment was driven by the company’s global supply and distribution network, dubbed its research and safety market channel, alongside its clinical research business.
This segment’s contribution ratio was followed by Thermo’s life science solutions and analytical instruments segments, delivering 23.5% and 15.4% of the total Q2 revenue, respectively.
Thermo’s speciality diagnostics business was its lowest revenue driver in Q2 at around $1.2bn, perhaps unsurprising since the company agreed to sell its microbiology business, a key part of this segment, in a deal above $1bn to private equity firm Astorg in April 2026.
Dr Andrew Thompson, director of therapy research and analysis in medical devices for GlobalData told Medical Device Network at the time that the divestment reflected Thermo’s move out of the in vitro diagnostic (IVD) space, positing that the sector is “volatile”, with microbiology an area of traditional IVD that “may become less relevant as newer technologies replace the need to culture bacteria and viruses for pathological investigations”.
