On this page of StockholderLetter.com we present the latest annual shareholder letter from THERMO FISHER SCIENTIFIC INC. — ticker symbol TMO. Reading current and past TMO letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025 Our Mission is to enable our customers to make the world Healthier, Cleaner and Safer
Our Mission is our purpose: To enable our customers to make the world healthier, cleaner and safer. Complementary Segments 10% Specialty Diagnostics 16% Analytical Instruments 52% $44.56B Revenue 22% Life Sciences Solutions Laboratory Products & Biopharma Services
To our shareholders, customers and colleagues Thank you for your ongoing support of Thermo Fisher Scientific. Together, we are building an even brighter future for our company. I m proud of what we achieved in 2025 and even more excited about the opportunities ahead as we continue to enable science and deliver for our stakeholders. Everything we do begins with our Mission to enable our customers to make the world healthier, cleaner and safer. This inspires our more than 120,000 colleagues to bring their best each day because we know the work we do helps our customers improve lives around the world. Our success speaks to the power of our Mission and the purposeful way we manage our company. In 2025, we acted with agility to effectively manage the dynamics of tariffs and policy changes. And, as a trusted partner, we worked closely with our customers to help them navigate the landscape and enable their success. $22.87, while we generated $6.34 billion of free cash flow.* During the year, we deployed approximately $16.5 billion of capital, including committing $13 billion to M&A and returning $3.6 billion to shareholders through stock buybacks and dividends, with 2025 marking the eighth year in a row that we increased our dividend. We ve earned our industry leadership and continue to build on it by executing a proven growth strategy that is designed to create durable value. Our strategy consists of three key pillars: Delivering high-impact innovation Deepening our trusted partner status with our customers Building on our unparalleled commercial engine In 2025, we advanced our strategy, becoming even more relevant for our customers and enhancing our competitive position. High-impact innovation Beginning with the first pillar, in 2025, we invested $1.4 billion in R&D to deliver exciting new technologies across our businesses that are enabling our customers to accelerate breakthroughs and enhance their productivity. I ll touch on just a few of the many great examples. Excellent operational performance As a result, we delivered excellent operational performance. In 2025, our revenue increased 4% to $44.56 billion, GAAP diluted earnings per share (EPS) grew 7% to $17.74 and adjusted EPS* grew 5% to Marc N. Casper Chairman and CEO *Adjusted EPS and free cash flow are non-GAAP financial measures. For a reconciliation of these non-GAAP measures to comparable GAAP measures, see pages 6 and 7 of this annual report. 2025 Annual Report | thermofisher.com
Strong track record of performance Revenue (In billions) $44.56 In chromatography and mass spectrometry, the year was highlighted by the launch of our Thermo Scientific Orbitrap Astral Zoom Mass Spectrometer. Building on the success of the Astral mass spectrometer, Astral Zoom delivers even greater sensitivity, speed and depth of coverage, enabling researchers to uncover new biological insights and advance precision medicine. This platform represents a significant leap forward in mass spectrometry, enabling researchers around the world to accelerate discovery and advance the pace of scientific breakthroughs. $39.21 In bioproduction, we expanded our single-use portfolio with the launch of the Thermo Scientific 5L DynaDrive Single-Use Bioreactor, offering pharma and biotech customers increased workflow efficiencies and the ability to seamlessly scale up manufacturing of new therapies. 2021 2022 2023 2024 2025 Earnings per share (In dollars) GAAP EPS Adjusted EPS* $22.87 $17.74 $25.13 In clinical next-generation sequencing, it was great to see the growing application of our technology to support precision oncology. For example, our Oncomine Dx Express Test on the Ion Torrent Genexus Dx Integrated Sequencer was approved by the U.S. Food and Drug Administration (FDA) as a companion diagnostic for a targeted treatment for non-small-cell lung cancer and in tumor profiling. $19.46 2021 In electron microscopy, we delivered a series of outstanding innovations across life sciences and advanced materials. This included the Thermo Scientific Krios 5 Cryo-TEM, which is advancing structural biology by enabling faster, higher-resolution insights to support drug discovery and development. We also launched the Thermo Scientific Helios MX1 Plasma Focused Ion Beam SEM, a fully automated semiconductor analysis system designed to accelerate time-to-data for yield ramp and fab process control. 2022 2023 2024 2025 *Adjusted EPS is a non-GAAP financial measure. For a reconciliation of this non-GAAP measure to the comparable GAAP measure, see pages 6 and 7 of this annual report. In clinical diagnostics, we also received FDA 510(k) clearance for our EXENT System, a first-of-its-kind automated platform that enables earlier and more confident diagnoses for patients with multiple myeloma and related disorders. It was another year of truly remarkable innovation, and I m excited about the pipeline of launches we have for 2026 and beyond. 2 2025 Annual Report | thermofisher.com
Our trusted partner status and unparalleled commercial engine Our trusted partner status with customers has been built over many years by anticipating, understanding and meeting their needs. During the year, we continued to deepen our trusted partner status and strengthen our industry-leading commercial engine. Revenue Profile 14% Industrial & Applied 14% Academic & Government Markets 57% Pharma & Biotech This included adding new capabilities through M&A. In 2025, we completed the acquisition of our Filtration and Separation business from Solventum. This is a natural extension of our bioproduction capabilities, where we have leadership in cell culture media and single-use technologies, along with a rapidly growing purification business. We also expanded our U.S. drug product manufacturing footprint by acquiring Sanofi s state-of-the-art sterile-fill finish site in New Jersey. Both of these acquisitions enhance our ability to support the growing production needs of pharma and biotech customers. Additionally, we announced a definitive agreement to acquire Clario, the market leader in digital endpoint data solutions, one of the fastest growing areas and an essential capability in drug development and clinical research. Clario s differentiated technology and deep medical expertise enable unique capabilities in generating and delivering digital endpoint data for clinical trials. The business is an outstanding 15% Diagnostics & Healthcare 4% Rest of World 18% Asia-Paci c Regions 52% North America 26% Europe 16% Instruments Products 84% Services & Consumables Healthier Enabling precision cancer care Non-small-cell lung cancer is the most common type of lung cancer and a leading cause of cancer deaths worldwide. Despite innovations in testing technologies, access to timely testing remains a challenge for many patients. To address this, we are advancing precision oncology by simplifying rapid next-generation sequencing and bringing it closer to where patients receive care. In 2025, our Oncomine Dx Express test on the Ion Torrent Genexus Dx Integrated Sequencer was approved by the U.S. Food and Drug Administration as a companion diagnostic to identify patients who may benefit from ZEGFROVY (sunvozertinib), a targeted treatment for non-small-cell lung cancer. Our technology produces results in as little as 24 hours, facilitating faster, more informed treatment decisions. This technology is also FDA-approved for tumor profiling. At Thermo Fisher, we keep innovating to help bring precision medicine to more patients. 2025 Annual Report | thermofisher.com 3
 • shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/7/2023 TMO Stockholder Letter
 • stockholder letter icon 4/9/2024 TMO Stockholder Letter
 • stockholder letter icon 4/8/2025 TMO Stockholder Letter
 • stockholder letter icon More "Biotechnology" Category Stockholder Letters
 • Benford's Law Stocks icon TMO Benford's Law Stock Score = 98


TMO Shareholder/Stockholder Letter Transcript:

Annual Report 2025
Our Mission is to enable our customers to make the world
Healthier, Cleaner and Safer

Our Mission is our purpose:
To enable our customers to make the world
healthier, cleaner and safer.
Complementary Segments
10%
Specialty Diagnostics
16%
Analytical Instruments
52%
$44.56B
Revenue
22%
Life Sciences Solutions
Laboratory Products
& Biopharma Services

To our
shareholders,
customers and
colleagues
Thank you for your ongoing support of
Thermo Fisher Scientific. Together, we are building
an even brighter future for our company. I   m proud
of what we achieved in 2025 and even more excited
about the opportunities ahead as we continue to
enable science and deliver for our stakeholders.
Everything we do begins with our Mission to enable
our customers to make the world healthier, cleaner
and safer. This inspires our more than 120,000
colleagues to bring their best each day because we
know the work we do helps our customers improve
lives around the world.
Our success speaks to the power of our Mission
and the purposeful way we manage our company.
In 2025, we acted with agility to effectively manage
the dynamics of tariffs and policy changes. And,
as a trusted partner, we worked closely with our
customers to help them navigate the landscape and
enable their success.
$22.87, while we generated $6.34 billion of free cash
flow.* During the year, we deployed approximately
$16.5 billion of capital, including committing $13 billion
to M&A and returning $3.6 billion to shareholders
through stock buybacks and dividends, with 2025
marking the eighth year in a row that we increased
our dividend.
We   ve earned our industry leadership and continue
to build on it by executing a proven growth strategy
that is designed to create durable value. Our strategy
consists of three key pillars:

Delivering high-impact innovation

Deepening our trusted partner status with
our customers

Building on our unparalleled commercial engine
In 2025, we advanced our strategy, becoming even
more relevant for our customers and enhancing our
competitive position.
High-impact innovation
Beginning with the first pillar, in 2025, we invested
$1.4 billion in R&D to deliver exciting new technologies
across our businesses that are enabling our
customers to accelerate breakthroughs and enhance
their productivity. I   ll touch on just a few of the many
great examples.
Excellent operational performance
As a result, we delivered excellent operational
performance. In 2025, our revenue increased 4% to
$44.56 billion, GAAP diluted earnings per share (EPS)
grew 7% to $17.74 and adjusted EPS* grew 5% to
Marc N. Casper
Chairman and CEO
*Adjusted EPS and free cash flow are non-GAAP financial measures.
For a reconciliation of these non-GAAP measures to comparable GAAP
measures, see pages 6 and 7 of this annual report.
2025 Annual Report | thermofisher.com

Strong track
record of
performance
Revenue
(In billions)
$44.56
In chromatography and mass spectrometry, the year
was highlighted by the launch of our Thermo Scientific   
Orbitrap    Astral    Zoom Mass Spectrometer. Building
on the success of the Astral mass spectrometer,
Astral Zoom delivers even greater sensitivity, speed
and depth of coverage, enabling researchers to
uncover new biological insights and advance precision
medicine. This platform represents a significant leap
forward in mass spectrometry, enabling researchers
around the world to accelerate discovery and advance
the pace of scientific breakthroughs.
$39.21
In bioproduction, we expanded our single-use
portfolio with the launch of the Thermo Scientific   
5L DynaDrive    Single-Use Bioreactor, offering
pharma and biotech customers increased workflow
efficiencies and the ability to seamlessly scale up
manufacturing of new therapies.
2021
2022
2023
2024
2025
Earnings per share
(In dollars)
GAAP EPS
Adjusted EPS*
$22.87
$17.74
$25.13
In clinical next-generation sequencing, it was great
to see the growing application of our technology
to support precision oncology. For example, our
Oncomine    Dx Express Test on the Ion Torrent   
Genexus    Dx Integrated Sequencer was approved
by the U.S. Food and Drug Administration (FDA) as
a companion diagnostic for a targeted treatment for
non-small-cell lung cancer and in tumor profiling.
$19.46
2021
In electron microscopy, we delivered a series of
outstanding innovations across life sciences and
advanced materials. This included the Thermo Scientific   
Krios    5 Cryo-TEM, which is advancing structural
biology by enabling faster, higher-resolution insights
to support drug discovery and development. We
also launched the Thermo Scientific    Helios    MX1
Plasma Focused Ion Beam SEM, a fully automated
semiconductor analysis system designed to accelerate
time-to-data for yield ramp and fab process control.
2022
2023
2024
2025
*Adjusted EPS is a non-GAAP financial measure. For a reconciliation
of this non-GAAP measure to the comparable GAAP measure, see
pages 6 and 7 of this annual report.
In clinical diagnostics, we also received FDA 510(k)
clearance for our EXENT    System, a first-of-its-kind
automated platform that enables earlier and more
confident diagnoses for patients with multiple myeloma
and related disorders.
It was another year of truly remarkable innovation, and
I   m excited about the pipeline of launches we have for
2026 and beyond.
2
2025 Annual Report | thermofisher.com

Our trusted partner status and unparalleled
commercial engine
Our trusted partner status with customers has been
built over many years by anticipating, understanding
and meeting their needs. During the year, we
continued to deepen our trusted partner status and
strengthen our industry-leading commercial engine.
Revenue Profile
14%
Industrial & Applied
14%
Academic &
Government
Markets
57%
Pharma & Biotech
This included adding new capabilities through M&A.
In 2025, we completed the acquisition of our Filtration
and Separation business from Solventum. This is a
natural extension of our bioproduction capabilities,
where we have leadership in cell culture media and
single-use technologies, along with a rapidly growing
purification business. We also expanded our U.S.
drug product manufacturing footprint by acquiring
Sanofi   s state-of-the-art sterile-fill finish site in New
Jersey. Both of these acquisitions enhance our ability
to support the growing production needs of pharma
and biotech customers.
Additionally, we announced a definitive agreement to
acquire Clario, the market leader in digital endpoint
data solutions, one of the fastest growing areas and
an essential capability in drug development and
clinical research. Clario   s differentiated technology
and deep medical expertise enable unique capabilities
in generating and delivering digital endpoint data
for clinical trials. The business is an outstanding
15%
Diagnostics &
Healthcare
4%
Rest of World
18%
Asia-Paci  c
Regions
52%
North America
26%
Europe
16%
Instruments
Products
84%
Services &
Consumables
Healthier
Enabling precision cancer care
Non-small-cell lung cancer is the most common type of lung
cancer and a leading cause of cancer deaths worldwide. Despite
innovations in testing technologies, access to timely testing remains
a challenge for many patients. To address this, we are advancing
precision oncology by simplifying rapid next-generation sequencing
and bringing it closer to where patients receive care. In 2025, our
Oncomine    Dx Express test on the Ion Torrent    Genexus    Dx
Integrated Sequencer was approved by the U.S. Food and Drug
Administration as a companion diagnostic to identify patients who
may benefit from ZEGFROVY    (sunvozertinib), a targeted treatment for
non-small-cell lung cancer. Our technology produces results in as little
as 24 hours, facilitating faster, more informed treatment decisions.
This technology is also FDA-approved for tumor profiling.
At Thermo Fisher, we keep innovating to help bring precision
medicine to more patients.
2025 Annual Report | thermofisher.com
3


shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 

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