Thermo Fisher Scientific reported Q3 2024 revenues of $10.6 billion, flat compared to Q3 2023, with organic revenue growth at 0%. Adjusted operating income decreased 8% to $2.36 billion, while adjusted earnings per share declined 7% to $5.28. The company maintained strong cash flow with free cash flow of $1.92 billion for the quarter.The performance reflected reduced demand for COVID-19 related products and a muted macroeconomic environment, particularly affecting the pharma and biotech segment. However, the company saw growth in academic and government markets driven by strong demand for electron microscopes and lab products. The Analytical Instruments and Specialty Diagnostics segments showed organic revenue growth of 3% and 4% respectively.Management continued executing its growth strategy focused on high-impact innovation and commercial excellence. The company completed strategic acquisitions including Olink Holding AB to enhance proteomics capabilities. For full year 2024, capital expenditures are expected between $1.3-1.5 billion, with an adjusted tax rate forecast of approximately 10.5%.

Thermo Fisher Scientific reported Q3 2024 revenues of $10.6 billion, flat compared to Q3 2023, with organic revenue growth at 0%. Adjusted operating income decreased 8% to $2.36 billion, while adjusted earnings per share declined 7% to $5.28. The company maintained strong cash flow with free cash flow of $1.92 billion for the quarter.The performance reflected reduced demand for COVID-19 related products and a muted macroeconomic environment, particularly affecting the pharma and biotech segment. However, the company saw growth in academic and government markets driven by strong demand for electron microscopes and lab products. The Analytical Instruments and Specialty Diagnostics segments showed organic revenue growth of 3% and 4% respectively.Management continued executing its growth strategy focused on high-impact innovation and commercial excellence. The company completed strategic acquisitions including Olink Holding AB to enhance proteomics capabilities. For full year 2024, capital expenditures are expected between $1.3-1.5 billion, with an adjusted tax rate forecast of approximately 10.5%.