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.

 •  4/8/2025 Letter Continued (Full PDF)
 •  4/7/2023 TMO Stockholder Letter
 •  4/9/2024 TMO Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  TMO Benford's Law Stock Score = 94

TMO Shareholder/Stockholder Letter Transcript:

Annual Report
2024
Our Mission is to enable our customers to make the world
Healthier, Cleaner and Safer

Our Mission is our purpose:
To enable our customers to make the world
healthier, cleaner and safer.
Complementary Segments
Complementary
Segments
10%
Specialty Diagnostics
17%
Analytical Instruments
$42.88B
Revenue
21%
Life Sciences Solutions
52%
Laboratory Products
& Biopharma Services

To our
shareholders,
customers and
colleagues
Thank you for your ongoing support of
Thermo Fisher Scientific. Together, we are building
a brighter future for our company, and I   m excited
about the opportunities ahead of us as we
continue to deliver for all of our stakeholders.
Thermo Fisher   s Mission is to enable our customers
to make the world healthier, cleaner and safer, and
our customers rely on us as their trusted partner to
help them advance discoveries that are improving
lives around the world. Thank you to our 125,000
colleagues whose passion for our Mission makes
our success possible.
Reflecting on 2024, I   m very proud of what we
achieved as we continued to enable the success of
our customers, created value for our shareholders
and made a positive impact on society.
$4.6 billion returned to our shareholders through
share repurchases and dividends.
Throughout the years, we have remained true to a
proven growth strategy that continues to propel our
success. Our strategy consists of three pillars:
    Delivering high-impact innovation
    Deepening our trusted partner status with
our customers
    Building on our unparalleled commercial engine
We made great progress in executing this strategy
in 2024, and our investments are driving growth and
further enhancing our industry leadership. I   ll share
some highlights of our progress during the year
across these pillars.
High-impact innovation
Beginning with the first pillar, our focus on innovation
enables our customers to address some of the
world   s greatest challenges. In 2024, we invested
$1.4 billion in R&D to deliver exciting new technologies
across our businesses that are helping our customers
break new ground in their important work. There are
many great examples across our company, and I   ll
highlight just a few.
Differentiated financial performance
In terms of our financial results, we delivered
differentiated performance in 2024. This included
revenue of $42.88 billion, GAAP diluted earnings per
share (EPS) of $16.53 and adjusted EPS* of $21.86,
along with free cash flow* of $7.3 billion. In addition,
we deployed $7.7 billion of capital     $3.1 billion
through M&A with the acquisition of Olink and
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.
2024 Annual Report | thermofisher.com

Strong track
record of
performance
Revenue
(In billions)
Revenue
(In billions)
$42.88
$42.88
$32.22
$32.22
2020
2020
2021
2021
2022
2022
2024
2024
2023
2023
Earnings per share
(In dollars)
Earnings per share
(In dollars)
$21.86
GAAP EPS
Adjusted EPS*
GAAP EPS
Adjusted EPS*
$21.86
$16.53
$16.53
$19.56
$19.56
$15.96
$15.96
2020
2020
2021
2021
2022
2022
2023
2023
2024
2024
*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
2024 Annual Report | thermofisher.com
In chromatography and mass spectrometry,
the year was highlighted by the launch of our
Thermo Scientific    Stellar    mass spectrometer, which
complements our award-winning Thermo Scientific   
Orbitrap    Astral    mass spectrometer launched in
2023 by validating biomarker candidates of interest
to advance clinical research. It   s been great to see
the significant impact these two instruments are
having on advancing science and transforming fields
like proteomics. Both received industry recognition
in 2024. In the R&D 100 Awards, the Astral mass
spectrometer won gold in the Market Disruptor special
recognition category as one of the most significant
advancements in mass spectrometry in 15 years.
And, in Lab Innovations    Lab Awards, the Stellar mass
spectrometer was recognized in the category
of Best Technology Innovation.
Also in chromatography and mass spectrometry, we
launched the Thermo Scientific    Dionex    Inuvion   
ion chromatography system, which streamlines
environmental testing in industrial and applied
settings, and the Thermo Scientific    iCAP    MX
Series ICP-MS, an inductively coupled plasma mass
spectrometry platform designed to streamline trace
elemental analysis for environmental, food, industrial
and research laboratories.
In electron microscopy, we launched the
Thermo Scientific    Iliad    scanning transmission
electron microscope, which integrates a number of
our advanced analytical technologies into a seamless
and user-friendly workflow to enable the development
of advanced materials.
In life sciences solutions, we launched the Applied
Biosystems    MagMAX    Sequential DNA/RNA Kit,
which maximizes the isolation of DNA and RNA
from blood cancer samples, helping researchers
identify unique insights into cancer-causing genetic
alterations. We also introduced new additions to the
Gibco    CTS    Detachable Dynabeads    platform to
further enhance development and manufacturing of
life-changing cell therapies.

As you can see, it was another spectacular year
of innovation, and we have an exciting pipeline for
the future.
Revenue
Revenue
ProfileProfile
14%
Industrial & Applied
Our trusted partner status
and unparalleled commercial engine
During the year, we continued to strengthen our
industry-leading commercial engine and deepen our
trusted partner status with customers to accelerate
their innovation and enhance their productivity.
To meet our customers    current and future needs, we
expanded our pharma services and clinical research
capabilities in the U.S. and Europe. In addition, we
introduced our Accelerator    Drug Development
solution. This truly unique offering leverages our
combined contract development and manufacturing
and clinical research capabilities to enable our
pharma and biotech customers to move their critical
drug development programs forward with speed,
quality and efficiency, helping to improve their return
on R&D investments.
We also completed our acquisition of Olink, a leading
provider of next-generation proteomics solutions.
The integration is proceeding smoothly, and we are
very excited by the role we   re playing in advancing
14%
Diagnostics &
Healthcare
Markets
57%
Pharma & Biotech
15%
Academic &
Government
4%
Rest of World
19%
Asia-Pacific
Regions
52%
North America
25%
Europe
17%
Instruments
Products
83%
Services &
Consumables
Healthier
Pinpointing key causes of disease
Our acquisition of Olink in 2024 underscores the profound impact that
proteomics is having as our customers continue to advance life sciences
research and precision medicine. For example, Olink    technology is
supporting the UK Biobank Pharma Proteomics Project, the world   s
largest human proteomics study of its kind. The project will analyze more
than 5,400 proteins from 600,000 samples to discover new biomarkers
that can be used to predict, diagnose and treat diseases.    Proteomics
provides an incredibly detailed snapshot of health,    said Professor
Naomi Allen, chief scientist of UK Biobank.    This new frontier of science
can unveil how genetics and external factors     like diet, exercise and
climate     interact and will help to pinpoint the key causes of diseases
and identify drug targets.   
2024 Annual Report | thermofisher.com
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 4/8/2025 Letter Continued (Full PDF)