Thermo Fisher reports 34% growth in Q2 2021 revenue
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Thermo Fisher reports 34% growth in Q2 2021 revenue

29 Jul 2021 (Last Updated July 29th, 2021 15:26)

For this year, Thermo Fisher raises revenue guidance by $300m to $35.9bn, which would result in 11% revenue growth over 2020.

Thermo Fisher reports 34% growth in Q2 2021 revenue
Thermo Fisher Scientific’s Analytical Instruments segment revenue increased 41% to $1.48bn during Q2 2021. Credit: Thermo Fisher Scientific.

Thermo Fisher Scientific has reported a 34% rise in revenue to $9.27bn in the second quarter (Q2) of this year, compared to $6.92bn in the same quarter last year.

Organic revenue in Q2 2021 increased 28%, with Covid-19 response revenue standing at $1.9bn.

For the three months ending 3 July 2021, GAAP diluted earnings per share (EPS) rose 59% to $4.61, as against $2.9 in Q2 2020.

Adjusted EPS in the second quarter of 2021 increased 44% to $5.60, versus $3.89 in the second quarter of 2020.

During the quarter, adjusted operating income was $2.69bn versus $1.86bn in the prior-year quarter, representing a 44% increase, and the adjusted operating margin stood at 29%, as against 27% last year.

Thermo Fisher Scientific chairman, president and CEO Marc Casper said: “Our team delivered an incredibly strong second quarter, building on our excellent start to the year.

“The strength of our base business reflects our proven growth strategy, and we continue to enable the societal response to the pandemic, which allowed us to deliver exceptional performance in revenue, earnings and free cash flow for the quarter.”

Revenue in the Analytical Instruments segment rose 41% to $1.48bn during Q2 2021, compared to $1.05bn in Q2 2020.

In the Life Sciences Solutions segment and Specialty Diagnostics segment revenues increased 37% to $3.56bn and 25% to $1.24bn, respectively.

The Laboratory Products and Services segment revenue rose 29% to $3.58bn in the second quarter of this year, versus $2.79bn last year.

Furthermore, the company has raised its revenue guidance for this year by $300m to $35.9bn, which would result in revenue growth of 11% over 2020.

Full year adjusted EPS guidance was raised by $0.10 to $22.07, indicating a 13% rise year over year.

Last month, Thermo Fisher introduced its new Covid-19 test, TaqPath COVID-19 Fast PCR Combo Kit 2.0, growing its portfolio of tests for precise SARS-CoV-2 detection.