On this page of StockholderLetter.com we present the latest annual shareholder letter from THERMO FISHER SCIENTIFIC INC. — ticker symbol TMO. Reading current and past TMO letters to shareholders can bring important insights into the investment thesis.

 •  4/9/2024 Letter Continued (Full PDF)
 •  4/7/2023 TMO Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  TMO Benford's Law Stock Score = 94

TMO Shareholder/Stockholder Letter Transcript:

Annual Report 2023
Our Mission is to enable our customers to make the world

Our Mission is our purpose:
To enable our customers to make the world
healthier, cleaner and safer.
Complementary Segments
10%
Specialty Diagnostics
16%
52%
Analytical Instruments
$42.86B
Revenue
22%
Life Sciences Solutions
Laboratory Products
& Biopharma Services

As always, our continued success is driven by our
proven growth strategy, which is focused on:
To our
shareholders,
customers and
colleagues
Thank you for your continued support of Thermo
Fisher Scientific. Together, we are on an incredible
journey to help make the world a healthier, cleaner
and safer place and create significant value for
our stakeholders. I   m very proud of what we have
achieved so far and even more excited about what
lies ahead.
Looking back on 2023, we effectively navigated a
challenging macroeconomic environment, became an
even stronger partner for our customers and made
a positive impact on society. A special thanks to our
more than 120,000 colleagues and their passion for
our Mission. Because of their efforts, we are stronger
than ever and positioned for an even brighter future.
Differentiated financial performance
Starting with our financial results, while market
conditions became increasingly challenging during
the year, our team   s outstanding execution and focus
on our customers enabled us to deliver differentiated
performance. This included revenue of $42.86 billion,
GAAP diluted earnings per share (EPS) of $15.45 and
adjusted EPS* of $21.55, along with free cash flow*
of $7.01 billion. In addition, we returned significant
capital to our shareholders through $3.5 billion of
stock buybacks and dividends.
    Delivering high-impact innovation
    Deepening our trusted partner status
with our customers
    Building on our unparalleled commercial engine
Throughout the year, we executed this strategy by
investing in new products, adding new capabilities
and expanding our global reach, and all of this is
further enhancing our industry leadership. I   ll share
some highlights of our progress during the year
within these pillars.
High-impact innovation
Beginning with the first pillar, it was truly a spectacular
year of innovation. We invested $1.3 billion in R&D
to deliver new technologies across our businesses
that are helping our customers address some of the
world   s greatest challenges. This included a number
of highly innovative products to strengthen our
leading positions in analytical instruments, specialty
diagnostics and life sciences.
For example, we launched the groundbreaking
Thermo Scientific    Orbitrap    Astral    mass
spectrometer, which is helping our customers
Marc N. Casper
Chairman, President and CEO
*Adjusted EPS and free cash flow are non-GAAP financial measures.
For a reconciliation of these non-GAAP measures to comparable GAAP
measures, see pages 6 and 7 of this annual report.
Annual Report 2023
thermofisher.com
1

Strong Track
Record of
Performance
uncover proteins that were previously undetectable.
This scientific breakthrough is enabling customers
to advance precision medicine, including the
identification of new clinical biomarkers.
Revenue
(In billions)
$42.86
In specialty diagnostics, we launched the first FDAcleared assays for the risk assessment and clinical
management of preeclampsia. This first-of-its-kind
diagnostic has received significant attention and
adoption as it has raised the standard of care for
pregnant women, helping physicians to better
manage care by predicting who is most at risk
for this condition.
$25.54
2019
2020
2021
2022
2023
Earnings per share
(In dollars)
$21.55
$15.45
GAAP EPS
Adjusted EPS*
$12.35
In 2023, Thermo Fisher was included on Fortune   s
list of America   s Most Innovative Companies, which
is based on product and process innovation and
company culture. It   s a testament to our great team
and our remarkable track record of innovation.
The second pillar of our growth strategy is the trusted
partner status we have earned with our customers,
which provides us with an early understanding of their
unmet needs and the ability to generate insights to
drive scientific breakthroughs.
2020
2021
2022
2023
*Adjusted EPS is a non-GAAP financial measure. For a reconciliation
of this non-GAAP measure to the comparable GAAP measure, see
pages 6 and 7 of this annual report.
2
And, in life sciences solutions, we introduced the
Gibco    CTS    Detachable Dynabeads   , our nextgeneration Dynabeads solution to accelerate
manufacturing of life-changing cell therapies.
Our trusted partner status
$9.17
2019
In electron microscopy, we launched the Thermo
Scientific    Metrios    6 scanning transmission
electron microscope, a fully automated system
that enables our customers to rapidly obtain largevolume, high-quality data from increasingly complex
semiconductors to accelerate development.
Annual Report 2023
thermofisher.com
During 2023, we made significant advancements in
partnerships and collaborations with our customers.
In one example, we built on our longstanding
relationship with Boehringer Ingelheim. Together, we
are collaborating to develop a genomic-testing-based
companion diagnostic for non-small cell lung cancer
patients in Japan and the United States, where lung

cancer is the leading cause of cancer death. We also
extended our strategic partnership with the University
of California, San Francisco, with the opening of a new
cell therapy cGMP manufacturing and collaboration
center to accelerate the development of cell therapies
for glioblastoma, multiple myeloma and other cancers.
Revenue Profile
13%
Industrial & Applied
15%
Academic &
Government
Markets
We further enhanced our offering with exciting
complementary strategic acquisitions. In 2023, we
completed the acquisitions of The Binding Site, a
leading provider for the detection and monitoring of
multiple myeloma, and CorEvitas, a leading provider
of regulatory-grade, real-world evidence for approved
medical treatments and therapies. In addition, we
announced an agreement to acquire Olink Holding AB
(publ), a provider of leading solutions for advanced
proteomics discovery and development.
57%
Pharma & Biotech
15%
Diagnostics &
Healthcare
4%
Rest of World
18%
Asia-Paci   c
Regions
53%
North America
25%
Europe
Unparalleled commercial engine
Turning to the third pillar of our growth strategy, during
the year we made additional global investments in our
capacity and unparalleled commercial capabilities.
This included adding a state-of-the-art customer
center of excellence in Milan, Italy, to showcase our
industry-leading products, services and expertise.
18%
Instruments
Products
82%
Services &
Consumables
Healthier
Advancing precision medicine
Our long-time leadership in mass spectrometry has
empowered groundbreaking innovations across life
science research and drug discovery throughout the
years. In 2023, we launched the Thermo Scientific   
Orbitrap    Astral    mass spectrometer, which
is enabling our customers to uncover proteins that
previously evaded detection. This information can lead to
the development of new, targeted therapies for a range
of diseases and help researchers around the globe
who are working to make precision medicine a reality.
For example, Dr. Erwin Schoof, PhD, Associate
Professor at the Technical University of Denmark,
is using the Orbitrap Astral mass spectrometer to
understand why some leukemia patients respond
to certain treatments and others do not. His team   s
research could help clinicians make more informed
decisions about treatment plans for their patients.
Dr. Erwin Schoof
Annual Report 2023
thermofisher.com
3



 4/9/2024 Letter Continued (Full PDF)