Thermo Fisher Scientific Reports 3% Revenue Decline in Q2 2023 Amid Challenging Macro Environment
Thermo Fisher Scientific
Biotechnology Product Developer
On July 26, Thermo Fisher Scientific Inc. released its Q2 2023 financial results. Revenue for the second quarter was $10.69 billion, a 3% decrease year-over-year from $10.97 billion in the same period last year; net profit was $1.362 billion, an 18% decrease year-over-year from $1.668 billion in the same period last year.
Thermo Fisher Scientific CEO Marc Casper attributed the revenue decline to "a more challenging macroeconomic environment this quarter." Meanwhile, Thermo Fisher Scientific CFO Stephen Williamson stated,One-third of the core revenue decline was due to reduced economic activity in China, while other customers, such as Biotech, cut spending.
In the second quarter of 2023, Thermo Fisher Scientific's GAAP diluted earnings per share were $3.51, compared to $4.22 in the same period last year; GAAP operating income was $1.58 billion, compared to $2 billion in the same period last year; GAAP operating margin was 14.8%, compared to 18.2% in the second quarter of 2022.
