Sector: Healthcare|Industry: Diagnostics & Research|Market Cap: $200.81B|Employees: 122K
Thermo Fisher Scientific Inc. is the world leader in serving science, providing a combination of innovative technologies, purchasing convenience, and pharmaceutical services. The company's core business model revolves around providing products and services to customers in pharmaceutical, biotech, academic, government, and industrial markets. They have a global presence with a focus on enabling customers to make the world healthier, cleaner and safer.
Total revenues decreased by 3% year-over-year, from $10.71 billion to $10.345 billion. This decline is primarily attributed to reduced demand for COVID-19 related products and a challenging macroeconomic environment.
GAAP operating income increased by 6% year-over-year, from $1.563 billion to $1.663 billion, driven by productivity improvements and pricing realization, partially offset by unfavorable business mix and strategic investments.
GAAP diluted earnings per share increased by 4% year-over-year, from $3.32 to $3.46, reflecting improved profitability despite the revenue decline.