Thermo Fisher Scientific Reports Third Quarter 2020 Results

Third Quarter 2020 Highlights

• Third quarter revenue increased 36% to $8.52 billion.
• Third quarter GAAP diluted earnings per share EPS increased 157% to $4.84.
• Third quarter adjusted EPS increased 91% to $5.63.
   
• Generated $2.0 billion of COVID-19 related revenue in the quarter and returned the base business to growth.
   
• Further expanded our global pandemic response, including launching the Amplitude Solution to automate high-throughput PCR-based testing, adding significant capacity for viral transport media production in Europe and introducing two new COVID-19 antibody tests that are available in the U.S. and Europe.
   
• Continued to increase our capacity to help governments and biopharma customers globally meet future demand for new therapies and vaccines, most recently partnering with the Economic Development Board of Singapore to build our first pharma services facility there, which will include the only high-speed live virus filling line in Singapore.
   
• Launched the Just Project to benefit historically black colleges and universities by donating more than $25 million of COVID-19 diagnostic test kits, instruments, supplies and technical assistance to enable the safe return of students and staff, and also established a $20 million Foundation for Science supporting STEM education in underserved communities.
   
• Expanded our well-established center of excellence in Suzhou, China, by opening a new bioproduction factory for manufacturing single-use technologies to meet demand for biologics in the Asia-Pacific region.
   
• Launched innovative Thermo Scientific products across our businesses, highlighted by two Selectris imaging filters for cryo-electron microscopes that accelerate research in structural analysis of proteins, and the POROS Oligo dT25 Affinity Resin to advance mRNA-based therapies and vaccines.

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 further accelerated our exceptional growth momentum in the third quarter," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "Our teams executed very well to build on our leadership in supporting the global pandemic response and also captured opportunities to grow our base business.

"We've continued to meet COVID-related customer demand by launching new products across our company, such as tests and automated workflows to accurately diagnose the virus and enable society's return to work and school. At the same time, we're adding new capabilities, including scaling up production of sample collection products and essential laboratory supplies as well as increasing our pharma services capacity to support new therapies and vaccines. The combination of all these activities is creating a strong foundation for future growth." 

Casper added, "The past nine months have been nothing short of incredible for our company, and I'm truly humbled by our colleagues around the world who are making a meaningful and positive impact on society through their work. We're on track to deliver a record year, and importantly, positioning our company for an even brighter future."