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• Revenue: $10.36 billion for Q1.

• Adjusted Operating Income: $2.27 billion for Q1.

• Adjusted Operating Margin: 21.9% for Q1.

• Adjusted EPS: $5.15 per share, a 1% increase for Q1.

• GAAP EPS: $3.98, up 15% from Q1 last year.

• Organic Revenue Growth: 1% for Q1.

• Free Cash Flow: $370 million for Q1.

• Cash Flow from Operations: $720 million for Q1.

• Share Repurchases: $2 billion in Q1.

• Dividend Increase: 10% in Q1.

• 2025 Revenue Guidance: $43.3 billion to $44.2 billion.

• 2025 Adjusted EPS Guidance: $21.76 to $22.84.

• R&D Expense: $342 million in Q1, 7.5% of manufacturing revenue.

• Net Interest Expense: Approximately $100 million for Q1.

• Adjusted Tax Rate: 10% for Q1.

• Average Diluted Shares: 379 million for Q1.

• Leverage Ratio: 3.2x gross debt to adjusted EBITDA at end of Q1.

• Adjusted ROIC: 11.4% for Q1.

• Life Science Solutions Revenue Growth: 2% organic growth in Q1.

• Analytical Instruments Revenue Growth: 3% organic growth in Q1.

• Specialty Diagnostics Revenue Growth: 4% organic growth in Q1.

• Laboratory Products and Biopharma Services Revenue: Decreased 1% organic in Q1.

• Warning! GuruFocus has detected 4 Warning Signs with TMO.

Release Date: April 23, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Thermo Fisher Scientific Inc (NYSE:TMO) delivered strong financial performance in Q1 2025, with revenue of $10.36 billion and adjusted EPS growth of 1% to $5.15 per share.

• The company demonstrated excellent execution across all dimensions, translating revenue performance into earnings that exceeded expectations.

• Thermo Fisher Scientific Inc (NYSE:TMO) launched several innovative products, including the Thermo Scientific Vulcan Automated Lab and the next-generation Thermo Scientific Transcend, enhancing their market leadership.

• The company continued to strengthen its commercial engine and deepen its trusted partner status with customers, which is expected to accelerate innovation and productivity.

• Thermo Fisher Scientific Inc (NYSE:TMO) successfully executed its capital deployment strategy, including a $4.1 billion acquisition agreement for Solventum's Purification & Filtration business and $2 billion in share repurchases.

Negative Points

• Revenue in the Academic and Government segment declined due to macroeconomic conditions in the US and China.

• The company faced a 3% headwind from the combined impact of two fewer selling days and the runoff of pandemic-related revenue.

• Thermo Fisher Scientific Inc (NYSE:TMO) updated its 2025 guidance to reflect macroeconomic uncertainties, including tariffs and US policy changes, which are expected to impact revenue and adjusted EPS.

• The company anticipates a $400 million revenue headwind due to US-China tariffs, affecting sales of US-made products in China.

• The updated guidance reflects a $500 million reduction in revenue expectations due to policy changes impacting US Academic and Government customers and clinical trials related to vaccines.