Thermo Fisher Scientific Reports Second Quarter 2020 Results

WALTHAM, MA (STL.News) Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended June 27, 2020.

Second Quarter 2020 Highlights

  • Second quarter revenue increased 10% to $6.92 billion.
  • Second quarter GAAP diluted earnings per share (EPS) increased 5% to $2.90.
  • Second quarter adjusted EPS increased 28% to $3.89.
  • Leveraged our industry-leading scale and expertise to meet strong global demand for COVID-19 products and services. Highlights in the second quarter included:
  • Generated approximately $1.3 billion of COVID-related revenue
  • Received expansion of emergency use authorization (EUA) to run our PCR test on additional instruments and consumables for greater workflow flexibility
  • Designed and built a new facility in Lenexa, Kansas, to manufacture highly specialized viral transport media (VTM) for sample collection under a U.S. government contract
  • Formed a collaboration with WuXi Diagnostics and Mayo Clinic to develop a total antibodies serology test
  • Secured a multi-year pharma services contract with the U.S. Biomedical Advanced Research and Development Authority (BARDA) to support accelerated vaccine development and production.
  • Continued to increase our global pharma services capacity to meet strong customer demand, announcing a strategic partnership with CSL Limited to provide our entire portfolio of pharma services and operate their new biologics facility in Lengnau, Switzerland, and beginning construction of a new site in Plainville, Massachusetts, that will double our viral vector manufacturing capacity.
  • Launched innovative products and services across our businesses, including two new-generation Exploris mass spectrometers that extend our Orbitrap platform, a digital service offering for increased remote instrument support and a cell culture medium that enhances bioproduction efficiency.

Adjusted EPS, adjusted operating income, adjusted operating margin and free cash flow are non-GAAP measures that exclude certain items detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.”

“We delivered an extraordinary quarter,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific.  “We quickly mobilized our resources to support the global COVID-19 response and made a significant contribution to our customers and society while effectively managing the company through the current economic environment.

“Our teams worked with relentless intensity to establish Thermo Fisher as a global leader in COVID-19 testing and leverage our pharma services leadership to support the development and production of therapeutics and vaccines.  At the same time, we continued to execute our growth strategy, developing new products and capabilities across our businesses that will position us well for years to come.”

Casper added, “I’m very proud of what we’ve accomplished so far this year.  Our performance demonstrates the strength of our company, the talent and sheer determination of our teams, and the scale of our role in helping customers and governments navigate these unprecedented times.”

NOTE: this is NOT the complete release.