Thermo Fisher Scientific (TMO)
Supplies laboratory tools, diagnostics, and outsourced drug-development and manufacturing services.
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Thermo Fisher is the behind-the-scenes supplier to laboratories and drug makers: it stocks their benches, sells the machines, runs studies and manufactures medicines for them. Repeat purchases and outsourced work pay most of the bills, while recent acquisitions are pulling the company further into long, contracted drug-development programs.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 8 more below
Clinical Research (PPD and Clario)
Runs drug studies and gathers the evidence sponsors need. The companywide promised-work total also covers manufacturing and long warranties; here, watch study approvals and patient sign-ups turn booked work into completed trials.
Competes with Phase IIb/III Trials and Functional Services (IQVIA) · Full Service and Functional Service Provision (ICON)
In plain English
Before a new medicine can reach patients, someone has to organize the studies that show whether it works and is safe. PPD coordinates the hospitals, laboratories, volunteers and mountains of measurements; Clario adds digital readings such as images and other results collected during those studies.
Drug and medical-device makers pay as each stage of the study gets done. It works like hiring a general contractor for a long, tightly inspected project: permissions, recruiting and the study plan must all line up, so delays push the work and the payment later.
Pharma Services (Patheon)
Develops and manufactures medicines for other drug makers. FY2025 revenue was $7.14 billion; the watchpoint is whether inspections, factory transfers and scheduled production runs stay on time.
Competes with Integrated Biologics CDMO (Lonza) · Biologics and sterile manufacturing (Catalent)
In plain English
A drug company may own the recipe without owning every factory needed to make it. Patheon becomes that factory partner, helping turn a laboratory formula into repeatable production and then filling, packaging or supplying the finished medicine.
Customers pay for development work, reserved factory space and each production campaign. The plants are expensive and carefully inspected, so keeping them busy matters. A delayed approval or factory transfer can move a large run into another quarter, while the acquired New Jersey site keeps making a Sanofi portfolio and adds room for sterile medicines.
Research and Safety Market Channel (Fisher Scientific)
The laboratory supply store and delivery network, with $7.44 billion of FY2025 sales. Its health follows everyday lab activity; slower university and government spending remains the clearest drag.
Competes with VWR laboratory distribution (Avantor) · MilliporeSigma catalog (Merck KGaA)
In plain English
Think of Fisher Scientific as a giant supply counter for laboratories. A customer can order Thermo Fisher's own bottles, tools and machines beside products from other manufacturers, then have the whole basket delivered or managed at its site.
The money comes from the spread between buying and selling, from house-brand goods and from handling the logistics. Research, hospital and factory labs keep returning because experiments consume supplies and interruptions are costly. That makes the line dependable, but not immune to quiet laboratories or tight public research budgets.
Biosciences
Small bottles and prepared materials that help researchers grow, alter and study cells brought in $4.17 billion in FY2025. First-half FY2026 sales slipped 1.4%, so the question is when lab demand revives.
Competes with Antibodies, flow cytometry, and cell analysis (Bio-Rad) · MilliporeSigma cell-culture and molecular reagents (Merck KGaA)
In plain English
Most biology experiments use up something every time they run: a liquid that feeds cells, a protein that tags a target, or a chemical helper that changes genetic material. Biosciences sells those repeat-use ingredients under names such as Invitrogen and Gibco.
A lab chooses materials that give dependable results, writes them into its routine and reorders as experiments continue. That habit makes each little bottle more like printer ink than a one-off purchase. But fewer experiments mean fewer refills, and subdued university and government work has recently outweighed the benefit of that recurring pattern.
BioProduction
Supplies the tanks, bags, filters and growth food used to make biological medicines. First-half FY2026 sales jumped 29.5% from a smaller base, helped by acquisitions; added filtration capacity is the next test.
Competes with BIOSTAT STR bioreactors (Sartorius) · Xcellerex bioreactors and ÄKTA purification (Cytiva, Danaher)
In plain English
Growing a biological medicine is closer to tending a carefully controlled crop than stamping out tablets. Drug factories need tanks where living cells grow, sterile bags and tubing that carry liquids, food for the cells, and filters that purify the result. BioProduction supplies that kit.
Manufacturers buy fresh disposable pieces and materials for each batch, then replace them again for the next one. More active factories therefore mean more repeat orders. Thermo Fisher also bought filtration products and is expanding capacity, so recent growth combines stronger customer production with a bigger product shelf rather than coming from demand alone.
Chromatography and Mass Spectrometry
Machines that separate a mixture and identify its molecules produced $3.36 billion in FY2025 revenue. First-half FY2026 grew 4.0%; new-machine adoption must also pull through columns, software and service.
Competes with LC and mass-spectrometry systems (Waters) · LC/MS systems (Agilent Technologies)
In plain English
When a sample is a soup of unknown chemicals, these machines first separate the ingredients and then sort their molecules by weight. That lets a laboratory tell what is present and how much, whether it is checking a medicine, food, water or a protein sample.
Customers pay heavily for the main machine, then continue buying the narrow columns that perform the separation, computer programs and maintenance. The pattern resembles a professional camera system: the body wins the account, but lenses and upkeep deepen it. Orders can still pause when laboratories delay large equipment budgets.
Electron Microscopy
Powerful microscopes for chips, materials and biological structures generated $2.96 billion in FY2025. First-half FY2026 grew only 2.2%, though the second quarter improved; large customer budgets and long delivery times set the pace.
Competes with JEM-F200 electron microscope (JEOL) · TEM, STEM, and SEM systems (Hitachi High-Tech)
In plain English
An ordinary microscope runs out of detail when the object becomes extremely small. Electron Microscopy uses beams of tiny charged particles instead of light to reveal protein shapes, layers inside computer chips and the structure of advanced materials.
Universities, chip makers and industrial laboratories buy the costly systems, prepare special rooms for them and pay for detectors, computer programs and ongoing service. Each sale is a major installation rather than a casual order. That makes revenue uneven: budgets, export rules, building readiness and the time needed to assemble and deliver a system can all move a purchase between periods.
Specialty Diagnostics
The continuing allergy, autoimmune and transplant-testing businesses are roughly 9% of FY2025 revenue. Test demand is steady, but future growth starts from a smaller base after a divestiture.
Competes with IMMULITE allergy systems (Siemens Healthineers) · LIFECODES HLA assays (Immucor)
In plain English
A doctor sends a patient's sample to a laboratory with a narrow question: is this allergy trigger present, is the immune system attacking the body, or is a transplant likely to match? Specialty Diagnostics supplies the machines and prepared test materials that help answer those questions.
Clinical laboratories and transplant centers buy the analyzer, then consume a fresh cartridge or set of materials for each patient test. Reliable results and approval for medical use keep them on the system. The continuing group now excludes a sold testing line, so its starting base is smaller even if the remaining tests keep running.
Genetic Sciences (Applied Biosystems and Olink)
Tools that copy and measure genetic material, plus Olink protein tests, made $2.87 billion in FY2025. First-half FY2026 revenue was flat, so large population studies have yet to lift the whole line.
Competes with QIAquant qPCR and QIAcuity dPCR (QIAGEN) · CFX qPCR and Droplet Digital PCR (Bio-Rad) · SomaScan assays (Standard BioTools)
In plain English
Genetic Sciences helps laboratories find tiny biological signals. Applied Biosystems machines copy chosen pieces of genetic material until they are easy to measure, while Olink test panels use matching proteins to count many other proteins in a sample at once.
The instrument opens the door; customers then buy fresh plates, chemical ingredients and sample-preparation supplies every time they test. Hospitals, drug researchers and large sample libraries pay for that repeated work. A Singapore collaboration covering more than one hundred thousand participants shows the possible scale, but its commercial terms are not disclosed and the broader business has recently been flat.
Clinical Research (PPD and Clario)Runs drug studies and gathers the evidence sponsors need. The companywide promised-work total also covers manufacturing and long warranties; here, watch study approvals and patient sign-ups turn booked work into completed trials.Runs drug studies and gathers the evidence sponsors need. The companywide promised-work total also covers manufacturing and long warranties; here, watch study approvals and patient sign-ups turn booked work into completed trials.
In plain English
Before a new medicine can reach patients, someone has to organize the studies that show whether it works and is safe. PPD coordinates the hospitals, laboratories, volunteers and mountains of measurements; Clario adds digital readings such as images and other results collected during those studies.
Drug and medical-device makers pay as each stage of the study gets done. It works like hiring a general contractor for a long, tightly inspected project: permissions, recruiting and the study plan must all line up, so delays push the work and the payment later.
Competes with Phase IIb/III Trials and Functional Services (IQVIA) · Full Service and Functional Service Provision (ICON)
Pharma Services (Patheon)Develops and manufactures medicines for other drug makers. FY2025 revenue was $7.14 billion; the watchpoint is whether inspections, factory transfers and scheduled production runs stay on time.Develops and manufactures medicines for other drug makers. FY2025 revenue was $7.14 billion; the watchpoint is whether inspections, factory transfers and scheduled production runs stay on time.
In plain English
A drug company may own the recipe without owning every factory needed to make it. Patheon becomes that factory partner, helping turn a laboratory formula into repeatable production and then filling, packaging or supplying the finished medicine.
Customers pay for development work, reserved factory space and each production campaign. The plants are expensive and carefully inspected, so keeping them busy matters. A delayed approval or factory transfer can move a large run into another quarter, while the acquired New Jersey site keeps making a Sanofi portfolio and adds room for sterile medicines.
Competes with Integrated Biologics CDMO (Lonza) · Biologics and sterile manufacturing (Catalent)
Research and Safety Market Channel (Fisher Scientific)The laboratory supply store and delivery network, with $7.44 billion of FY2025 sales. Its health follows everyday lab activity; slower university and government spending remains the clearest drag.The laboratory supply store and delivery network, with $7.44 billion of FY2025 sales. Its health follows everyday lab activity; slower university and government spending remains the clearest drag.
In plain English
Think of Fisher Scientific as a giant supply counter for laboratories. A customer can order Thermo Fisher's own bottles, tools and machines beside products from other manufacturers, then have the whole basket delivered or managed at its site.
The money comes from the spread between buying and selling, from house-brand goods and from handling the logistics. Research, hospital and factory labs keep returning because experiments consume supplies and interruptions are costly. That makes the line dependable, but not immune to quiet laboratories or tight public research budgets.
Competes with VWR laboratory distribution (Avantor) · MilliporeSigma catalog (Merck KGaA)
BiosciencesSmall bottles and prepared materials that help researchers grow, alter and study cells brought in $4.17 billion in FY2025. First-half FY2026 sales slipped 1.4%, so the question is when lab demand revives.Small bottles and prepared materials that help researchers grow, alter and study cells brought in $4.17 billion in FY2025. First-half FY2026 sales slipped 1.4%, so the question is when lab demand revives.
In plain English
Most biology experiments use up something every time they run: a liquid that feeds cells, a protein that tags a target, or a chemical helper that changes genetic material. Biosciences sells those repeat-use ingredients under names such as Invitrogen and Gibco.
A lab chooses materials that give dependable results, writes them into its routine and reorders as experiments continue. That habit makes each little bottle more like printer ink than a one-off purchase. But fewer experiments mean fewer refills, and subdued university and government work has recently outweighed the benefit of that recurring pattern.
Competes with Antibodies, flow cytometry, and cell analysis (Bio-Rad) · MilliporeSigma cell-culture and molecular reagents (Merck KGaA)
BioProductionSupplies the tanks, bags, filters and growth food used to make biological medicines. First-half FY2026 sales jumped 29.5% from a smaller base, helped by acquisitions; added filtration capacity is the next test.Supplies the tanks, bags, filters and growth food used to make biological medicines. First-half FY2026 sales jumped 29.5% from a smaller base, helped by acquisitions; added filtration capacity is the next test.
In plain English
Growing a biological medicine is closer to tending a carefully controlled crop than stamping out tablets. Drug factories need tanks where living cells grow, sterile bags and tubing that carry liquids, food for the cells, and filters that purify the result. BioProduction supplies that kit.
Manufacturers buy fresh disposable pieces and materials for each batch, then replace them again for the next one. More active factories therefore mean more repeat orders. Thermo Fisher also bought filtration products and is expanding capacity, so recent growth combines stronger customer production with a bigger product shelf rather than coming from demand alone.
Competes with BIOSTAT STR bioreactors (Sartorius) · Xcellerex bioreactors and ÄKTA purification (Cytiva, Danaher)
Chromatography and Mass SpectrometryMachines that separate a mixture and identify its molecules produced $3.36 billion in FY2025 revenue. First-half FY2026 grew 4.0%; new-machine adoption must also pull through columns, software and service.Machines that separate a mixture and identify its molecules produced $3.36 billion in FY2025 revenue. First-half FY2026 grew 4.0%; new-machine adoption must also pull through columns, software and service.
In plain English
When a sample is a soup of unknown chemicals, these machines first separate the ingredients and then sort their molecules by weight. That lets a laboratory tell what is present and how much, whether it is checking a medicine, food, water or a protein sample.
Customers pay heavily for the main machine, then continue buying the narrow columns that perform the separation, computer programs and maintenance. The pattern resembles a professional camera system: the body wins the account, but lenses and upkeep deepen it. Orders can still pause when laboratories delay large equipment budgets.
Competes with LC and mass-spectrometry systems (Waters) · LC/MS systems (Agilent Technologies)
Electron MicroscopyPowerful microscopes for chips, materials and biological structures generated $2.96 billion in FY2025. First-half FY2026 grew only 2.2%, though the second quarter improved; large customer budgets and long delivery times set the pace.Powerful microscopes for chips, materials and biological structures generated $2.96 billion in FY2025. First-half FY2026 grew only 2.2%, though the second quarter improved; large customer budgets and long delivery times set the pace.
In plain English
An ordinary microscope runs out of detail when the object becomes extremely small. Electron Microscopy uses beams of tiny charged particles instead of light to reveal protein shapes, layers inside computer chips and the structure of advanced materials.
Universities, chip makers and industrial laboratories buy the costly systems, prepare special rooms for them and pay for detectors, computer programs and ongoing service. Each sale is a major installation rather than a casual order. That makes revenue uneven: budgets, export rules, building readiness and the time needed to assemble and deliver a system can all move a purchase between periods.
Competes with JEM-F200 electron microscope (JEOL) · TEM, STEM, and SEM systems (Hitachi High-Tech)
Specialty DiagnosticsThe continuing allergy, autoimmune and transplant-testing businesses are roughly 9% of FY2025 revenue. Test demand is steady, but future growth starts from a smaller base after a divestiture.The continuing allergy, autoimmune and transplant-testing businesses are roughly 9% of FY2025 revenue. Test demand is steady, but future growth starts from a smaller base after a divestiture.
In plain English
A doctor sends a patient's sample to a laboratory with a narrow question: is this allergy trigger present, is the immune system attacking the body, or is a transplant likely to match? Specialty Diagnostics supplies the machines and prepared test materials that help answer those questions.
Clinical laboratories and transplant centers buy the analyzer, then consume a fresh cartridge or set of materials for each patient test. Reliable results and approval for medical use keep them on the system. The continuing group now excludes a sold testing line, so its starting base is smaller even if the remaining tests keep running.
Competes with IMMULITE allergy systems (Siemens Healthineers) · LIFECODES HLA assays (Immucor)
Genetic Sciences (Applied Biosystems and Olink)Tools that copy and measure genetic material, plus Olink protein tests, made $2.87 billion in FY2025. First-half FY2026 revenue was flat, so large population studies have yet to lift the whole line.Tools that copy and measure genetic material, plus Olink protein tests, made $2.87 billion in FY2025. First-half FY2026 revenue was flat, so large population studies have yet to lift the whole line.
In plain English
Genetic Sciences helps laboratories find tiny biological signals. Applied Biosystems machines copy chosen pieces of genetic material until they are easy to measure, while Olink test panels use matching proteins to count many other proteins in a sample at once.
The instrument opens the door; customers then buy fresh plates, chemical ingredients and sample-preparation supplies every time they test. Hospitals, drug researchers and large sample libraries pay for that repeated work. A Singapore collaboration covering more than one hundred thousand participants shows the possible scale, but its commercial terms are not disclosed and the broader business has recently been flat.
Competes with QIAquant qPCR and QIAcuity dPCR (QIAGEN) · CFX qPCR and Droplet Digital PCR (Bio-Rad) · SomaScan assays (Standard BioTools)
Named in filings, launches and programs
- Laboratory ProductsProduct linePipettes, centrifuges, cold storage, water systems and general lab equipment contributed about 5% of FY2025 revenue.
- Chemical AnalysisProduct lineMachines for chemical, elemental and radiation checks contributed about 3% of FY2025 revenue.
- Accelerator Drug Development 360°Customer programOne sales doorway linking PPD trial work with Patheon manufacturing; the money remains inside those two businesses.
- Sanofi Ridgefield manufacturing programCustomer programThe acquired New Jersey sterile-medicine site continues producing a Sanofi portfolio; price and promised volume were not disclosed.
- Unity Lab ServicesServiceMaintenance, training and management of laboratory equipment and supplies, with revenue spread across the businesses it supports.
- PRECISE-SG100K Singapore collaborationCustomer programA population study using Olink and Orbitrap Astral tools across more than one hundred thousand participants; commercial terms were not disclosed.
- PPD-SNBL K.K.BrandThe Japanese clinical-development business was 60%-owned at FY2025 year-end.
- Orbitrap Isora and Isora ProProductNew mass-measuring machines for environmental, geological, biological and food samples; launched in August 2026 with no separate sales disclosed.
Laboratory ProductsProduct line
Pipettes, centrifuges, cold storage, water systems and general lab equipment contributed about 5% of FY2025 revenue.
Chemical AnalysisProduct line
Machines for chemical, elemental and radiation checks contributed about 3% of FY2025 revenue.
Accelerator Drug Development 360°Customer program
One sales doorway linking PPD trial work with Patheon manufacturing; the money remains inside those two businesses.
Sanofi Ridgefield manufacturing programCustomer program
The acquired New Jersey sterile-medicine site continues producing a Sanofi portfolio; price and promised volume were not disclosed.
Unity Lab ServicesService
Maintenance, training and management of laboratory equipment and supplies, with revenue spread across the businesses it supports.
PRECISE-SG100K Singapore collaborationCustomer program
A population study using Olink and Orbitrap Astral tools across more than one hundred thousand participants; commercial terms were not disclosed.
PPD-SNBL K.K.Brand
The Japanese clinical-development business was 60%-owned at FY2025 year-end.
Orbitrap Isora and Isora ProProduct
New mass-measuring machines for environmental, geological, biological and food samples; launched in August 2026 with no separate sales disclosed.