April 23rd, 2026

The call conveyed solid operational execution and strategic progress: Thermo Fisher delivered a strong quarter with mid-single-digit reported revenue growth, EPS growth, meaningful product launches, accretive M&A (Clario) and raised full-year guidance. Positives included strong Life Sciences Solutions and Laboratory Products performance, robust cash generation, and continued shareholder returns. Offsetting risks highlighted were low organic growth in Q1, weakness in Analytical Instruments and certain diagnostics markets (notably academic/government and China), tariff/FX headwinds, elevated leverage following the acquisition, and an inflation uncertainty placeholder. Overall, the constructive financial results and upward guidance outweighed the near-term headwinds and uncertainties.

Company Guidance

Management raised 2026 guidance to $47.3–$48.1 billion of revenue (6%–8% reported growth vs. 2025) while continuing to assume 3%–4% organic growth, and raised adjusted EPS to $24.64–$25.12 (8%–10% growth); the update incorporates Clario (adds ~$900 million to 2026 revenue and about $0.32 of EPS; Clario added $30 million and $0.01 in Q1) and, at the midpoint, the guide is ~$900M higher, ~20 bps of additional margin expansion and ~$0.37 higher adjusted EPS versus prior guidance. Management expects ~70 bps of full‑year adjusted operating margin expansion, a ~$300 million FX tailwind, net interest expense of about $660 million, an 11.5% adjusted tax rate, $1.9–$2.1 billion of net capex, free cash flow of $6.9–$7.4 billion, assumes $3 billion of share buybacks (completed) and ~ $700 million of dividends, a full‑year diluted share count of ~370–375 million, and is modeling Q2 at roughly 3% organic growth with Q2 EPS $0.25–$0.30 above Q1.