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THERMO FISHER SCIENTIFIC

(TMO)
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Thermo Fisher lifts annual forecast on boost from COVID-related sales

10/27/2021 | 10:38am EST
Visit to AstraZeneca/Thermo Fisher, former Novasep, COVID-19 vaccine plant in Belgium

(Reuters) -Thermo Fisher Scientific Inc on Wednesday reported better-than-expected quarterly profit and raised its full-year forecast for revenue as well as earnings, fuelled by strong COVID-19 related sales and recovery in its mainstay business.

Shares of the world's largest maker of scientific instruments rose nearly 3% to touch a record high of $625.99 after it also raised its outlook for next year.

Thermo Fisher makes and sells coronavirus tests and also provides raw materials and fill-and-finish services for COVID-19 vaccine makers. A surge in cases in recent months due to the virulent Delta variant has led to a rebound in demand for tests.

The company reported $2.05 billion of COVID-19 response revenue in the third quarter, which includes sales related to vaccines and therapies as well as diagnostic testing, up from $1.9 billion in the second quarter.

"The extra COVID revenue gives them more free cash flow, but the underlying story remains strong, very robust and investors should be happy with the results," Atlantic Equities analyst James Mainwaring told Reuters. "The COVID benefit is just giving them cash."

Thermo Fisher's mainstay business revenue grew by 10% organically in the quarter and the company raised its 2021 revenue forecast by $1.2 billion to $37.1 billion.

It now expects adjusted profit of $23.37 per share, up from its previous forecast of $22.07 per share.

However, the company said it continues to assume COVID-19 testing related revenue of $450 million in the fourth quarter, and expects testing to bring in $750 million next year.

Thermo Fisher said the underlying demand for its product and service offerings used in the production and development of vaccines is very robust and it expects to carry the momentum into 2022.

"Vaccine mandates, booster shots and children add to the durability of the demand for vaccine and therapies," Chief Executive Officer Marc Casper said on a post-earnings conference call.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Shailesh Kuber)

By Mrinalika Roy


ę Reuters 2021
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Analyst Recommendations on THERMO FISHER SCIENTIFIC
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Financials (USD)
Sales 2021 37 181 M - -
Net income 2021 7 605 M - -
Net Debt 2021 25 683 M - -
P/E ratio 2021 33,5x
Yield 2021 0,15%
Capitalization 251 B 251 B -
EV / Sales 2021 7,45x
EV / Sales 2022 6,71x
Nbr of Employees 80 000
Free-Float 89,6%
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Technical analysis trends THERMO FISHER SCIENTIFIC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 22
Last Close Price 638,15 $
Average target price 668,10 $
Spread / Average Target 4,69%
EPS Revisions
Managers and Directors
Marc N. Casper Chairman, President & Chief Executive Officer
Stephen Williamson Chief Financial Officer & Senior Vice President
Ryan Snyder Chief Information Officer & Senior Vice President
Alan B. Sachs Chief Medical Officer
Karen E. Nelson Chief Scientific Officer
Sector and Competitors