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Thermo Fisher Beats Revenue Estimates on Contract Manufacturing Strength

Reuters2023-04-26

April 26 (Reuters) - Medical equipment maker Thermo Fisher Scientific Inc reported better-than-expected first-quarter revenue on Wednesday, as strong sales in its laboratory and biopharma services unit offset the impact of declining COVID test sales.

The company's laboratory products and services segment, through which it helps firms develop drugs, clocked in sales of $5.76 billion for the quarter above estimates of $5.38 billion.

The medical products manufacturer has been expanding its range of services through acquisitions in recent years, as it strives to become a one-stop shop for biopharma services.

Thermo Fisher completed a $2.6 billion buyout of UK-based diagnostics firm Binding Site last quarter and shelled out about $17.4 billion in 2021 to bring clinical research services provider PPD under its wing.

Total revenue for the quarter was $10.71 billion, above analysts estimates of $10.67 billion, according to IBES data from Refinitiv.

Excluding items, Thermo Fisher reported earned $5.03 per share in the quarter, in-line with Wall Street estimates.

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