Thermo Fisher Scientific Reports Fourth Quarter and Full Year 2024 Results

Original from: Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

·  Fourth quarter revenue grew 5% to $11.40 billion.

·  Fourth quarter GAAP diluted earnings per share (EPS) grew 14% to $4.78.

·  Fourth quarter adjusted EPS grew 8% to $6.10.

·  Full year revenue was $42.88 billion, flat versus prior year.

·  Full year GAAP diluted earnings per share (EPS) grew 7% to $16.53.

·  Full year adjusted EPS grew 1% to $21.86.

·  Further strengthened our industry leadership throughout the year by advancing our trusted partner status with customers, gaining market share and delivering differentiated financial performance, including strong revenue and earnings growth in the fourth quarter.

·  Advanced our proven growth strategy, launching a range of high-impact, innovative new products in 2024, highlighted by the groundbreaking Thermo Scientific™ Iliad™ (Scanning) Transmission Electron Microscope, the Thermo Scientific™ Stellar™ mass spectrometer, the Thermo Scientific™ Dionex™ Inuvion™ Ion Chromatography system, and the Applied Biosystems™ MagMAX™ Sequential DNA/RNA kit. During the fourth quarter, we launched the Thermo Scientific™ iCAP™ MX Series ICP-MS, an inductively coupled mass spectrometry platform designed to streamline trace elemental analysis for environmental, food, industrial and research laboratories; and new additions to the Gibco™ CTS™ Detachable Dynabeads™ platform to further enhance cell therapy development and production.

·  Continued to strengthen our industry-leading commercial engine and deepen our trusted partner status with customers to accelerate their innovation and enhance their productivity. Highlights included the introduction of Accelerator™ Drug Development in the fourth quarter. This integrated offering combines our unique expertise and capabilities in clinical research services and contract manufacturing to streamline the drug development process, enabling increased speed, simplicity and scalability, helping our customers to improve the return on their R&D investments. During the year, we also continued to expand collaborations with our customers, highlighted by the recently announced partnership with the University of Arkansas for Medical Sciences (UAMS) to establish the Thermo Fisher Scientific Center of Excellence for Proteomics at UAMS and, earlier in the year, the partnership with the National Cancer Institute on the myeloMATCH precision medicine umbrella trial.

·  Continued to successfully execute our capital deployment strategy in 2024. During the year we completed the acquisition of Olink, a leading provider of advanced solutions for proteomics research. Additionally in the year, we returned $4.6 billion of capital to shareholders through stock buybacks and dividends.

“We finished 2024 with excellent financial performance, delivering strong growth on the top and bottom line in the fourth quarter,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “We drove meaningful share gain and enabled the success of our customers, by leveraging our proven growth strategy and PPI Business System, capping off another year of differentiated performance.”

Casper added, “We are in a great position to deliver excellent performance in 2025 as we continue to create value for all of our stakeholders and build an even brighter future for our company.”

Fourth Quarter 2024

Revenue for the quarter grew 5% to $11.40 billion in 2024 versus $10.89 billion in the same quarter of 2023. Organic revenue growth was 4% and Core organic revenue growth was 5%.

GAAP Earnings Results

GAAP diluted EPS in the fourth quarter of 2024 was $4.78, versus $4.20 in the same quarter last year. GAAP operating income for the fourth quarter of 2024 was $2.02 billion, compared with $1.85 billion in the year-ago quarter. GAAP operating margin was 17.7%, compared with 17.0% in the fourth quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the fourth quarter of 2024 was $6.10, versus $5.67 in the fourth quarter of 2023. Adjusted operating income for the fourth quarter of 2024 was $2.72 billion, compared with $2.55 billion in the year-ago quarter. Adjusted operating margin was 23.9%, compared with 23.4% in the fourth quarter of 2023.

Full Year 2024

Revenue for the full year was $42.88 billion in 2024 versus $42.86 billion in 2023. Organic revenue and Core organic revenue growth were flat.

GAAP Earnings Results

Full year GAAP diluted EPS was $16.53, versus $15.45 in 2023. GAAP operating income for the full year 2024 was $7.34 billion, compared with $6.86 billion in 2023. GAAP operating margin was 17.1%, compared with 16.0% for 2023.

Non-GAAP Earnings Results

Adjusted EPS for the full year 2024 was $21.86, versus $21.55 for 2023. Adjusted operating income for the full year was $9.71 billion, compared with $9.81 billion in 2023. Adjusted operating margin was 22.6%, compared with 22.9% in 2023.

Source: Thermo Fisher Scientific Reports Fourth Quarter and Full Year 2024 Results