Thermo Fisher Scientific reports 9% rise in Q3 2021 revenue

October 28, 2021 (Last Updated October 28th, 2021 16:12)

The Laboratory Products and Services segment reported $3.49bn in revenue for the third quarter of the year.

Thermo Fisher Scientific reports 9% rise in Q3 2021 revenue
Thermo Fisher Scientific generated revenues of $9.33bn in the third quarter of 2021. Credit: Thermo Fisher Scientific.

Thermo Fisher Scientific has reported total revenue of $9.33bn, representing a 9% increase for the third quarter of this year compared to $8.52bn revenue last year.

In the quarter, Covid-19 response revenue was $2.05bn.

The company has four business segments, namely Analytical Instruments, Life Sciences Solutions, Laboratory Products and Services, and Specialty Diagnostics.

The Life Sciences Solutions business unit reported $3.72bn revenue, representing a 9% increase compared to the revenue generated in the third quarter of last year, while revenues from the Analytical Instruments segment increased by 11% to $1.48bn.

Revenue from the Laboratory Products and Services segment stood at $3.49bn, a 12% increase, and the Specialty Diagnostics segment reported $1.36bn, compared with revenue of $1.43bn in the third quarter of last year.

Thermo Fisher Scientific chairman, president, and CEO Marc Casper said: “Our incredibly strong performance in the third quarter demonstrates our proven growth strategy powered by our PPI Business System.

“We continue to deliver exceptional performance in revenue, earnings and free cash flow.  And we are launching innovative new products and expanding our capabilities and capacity to enhance our customer value proposition.

“Our team executed at a very high level during the first nine months of the year, and we are on track to deliver another outstanding year and set the company up for an even brighter future.”

During the quarter, the company also launched products that include the Thermo Scientific TSQ Plus Triple Quadrupole mass spectrometer (MS) portfolio, Thermo Scientific PepMap Neo Columns, Applied Biosystems QuantStudio Absolute Q Digital PCR System, and the Thermo Scientific Vanquish Neo UHPLC System.

Thermo Fisher Scientific also opened a Bioprocess Design Center in South Korea to advance bioprocessing innovation and collaboration with biopharma customers.