Thermo Fisher Scientific Reports Q1 2024 Revenue of $10.34 Billion and Raises Full-Year Guidance

Apr 28, 2024 19:33 CST Updated 19:33

Thermo Fisher Scientific

Biotechnology Product Developer

With Views, With Attitude

This is the Life Science Industry Observer Official Account's Issue #993-3Period Article

Source: 3i Bio-Instrument Society

Thermo Fisher Scientific Inc. said on Wednesday morning in New York time that it would slightly raise its full-year 2024 revenue guidance given the strong financial performance in the first quarter. The company now estimates 2024 revenue to be between $42.3 billion and $43.3 billion, and it has also raised its adjusted earnings per share guidance from the previous range of $20.95 to $22 to $21.14 to $22.02.

The First Quarter of 2024

Revenue for the quarter decreased from $10.71 billion in 2023 to $10.34 billion in 2024, a 3% decline. Organic revenue fell by 4%, and core organic revenue growth declined by 3%. It exceeded Wall Street's average estimate of $10.17 billion.

Chief Financial Officer and Senior Vice President Stephen Williamson stated that core organic revenue in the first quarter decreased by 3% year-over-year. Pandemic-related revenue for the quarter was approximately $200 million, including $175 million related to vaccines and therapies. Geographically, Thermo Fisher Scientific's organic revenue in North America declined by a mid-single-digit percentage in the first quarter, revenue in Europe fell by a low-single-digit percentage, while revenue in the Asia-Pacific region and China dropped to a lower single-digit percentage.

From the perspective of the business department, the first quarterLife Science SolutionsThe revenue was $2.61 billion last yearDecreased by 12%, reaching 22.9 billion U.S. dollars. Compared with the same period last year, the organic revenue of this part also decreased by 12%, due to the decline in pandemic-related revenue and the reduction in customer activity levels.

Analytical Instrument RevenueDecreased from $1.72 billion to $1.69 billion,A decrease of 2%, i.e., an organic decrease of 1%.WilliamsonTell investors that the company continuesAchieved very strong growth in the electron microscopy business。

Professional DiagnosisIncomeHold BalanceAt $1.11 billion. This quarter, the company achieved strong underlying growth in this area, driven by its transplant diagnostics and immunodiagnostics businesses.

Laboratory Products and Biopharmaceutical Services DivisionReported revenue and organic revenue both increased from $5.76 billion a year agoDecreased by 1%，to $57.2 billion. Williamson pointed out that this decline was due to the reduced demand for COVID vaccines and therapies.

Guidance for 2024

Thermo Fisher Scientific is raising its full-year revenue and adjusting its earnings per share guidance to reflect stronger operating performance.The company raised its revenue guidance from the previous range of $42.1 billion to $43.3 billion to a new range of $42.3 billion.。The company raised its adjusted EPS guidance to $21.14-$22.02 from the prior range of $20.95-$22.00.

During the conference call, Marc Casper, Chairman, President, and CEO of Thermo Fisher Scientific, stated that the company anticipates a slight rebound in economic activity this year. This outlook is supported by some positive developments in end markets, including the continued improvement in the biotech funding environment and the incentive programs announced by China.Also highlighted the company's recent active utilization ofGenerative Artificial Intelligence AITo help improve operational efficiency and productivity, as well as enhance the customer experience across the entire company.

---The End---

Welcome to follow the official account by clicking

If you like it, just one-click triple action: like, favorite, and share.！