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 revenue decreased by 1% year-over-year, from $10,687 million to $10,541 million, primarily due to a decline in COVID-19 related product sales. This decline was partially offset by growth in other areas.
Operating income increased by 15% year-over-year, from $1,578 million to $1,820 million, driven by strong productivity improvements and lower restructuring costs, despite the revenue decline.
Diluted earnings per share increased by 15% year-over-year, from $3.51 to $4.04, benefiting from the operating income growth and a lower tax rate due to a tax benefit recorded in the quarter.