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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2024

THERMO FISHER SCIENTIFIC INC.
(Exact name of Registrant as specified in its Charter)
Delaware1-800204-2209186
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

168 Third Avenue
Waltham, Massachusetts 02451
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (781) 622-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueTMONew York Stock Exchange
0.125% Notes due 2025TMO 25BNew York Stock Exchange
2.000% Notes due 2025TMO 25New York Stock Exchange
3.200% Notes due 2026TMO 26BNew York Stock Exchange
1.400% Notes due 2026TMO 26ANew York Stock Exchange
1.450% Notes due 2027TMO 27New York Stock Exchange
1.750% Notes due 2027TMO 27BNew York Stock Exchange
0.500% Notes due 2028TMO 28ANew York Stock Exchange
1.375% Notes due 2028TMO 28New York Stock Exchange
1.950% Notes due 2029TMO 29New York Stock Exchange
0.875% Notes due 2031TMO 31New York Stock Exchange
2.375% Notes due 2032TMO 32New York Stock Exchange
3.650% Notes due 2034TMO 34New York Stock Exchange
2.875% Notes due 2037TMO 37New York Stock Exchange
1.500% Notes due 2039TMO 39New York Stock Exchange
1.875% Notes due 2049TMO 49New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).       

Emerging growth company ☐  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02    Results of Operations and Financial Condition.

On October 23, 2024, the Registrant announced its financial results for the fiscal quarter ended September 28, 2024. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information contained in this report and exhibits hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

99.1 Press Release dated October 23, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THERMO FISHER SCIENTIFIC INC.
Date:October 23, 2024By:/s/ Joseph R. Holmes
Joseph R. Holmes
Vice President and Chief Accounting Officer

3
Exhibit 99.1
image_1.jpg

    
News


FOR IMMEDIATE RELEASE

Media Contact Information:
Sandy Pound
Thermo Fisher Scientific
Investor Contact Information:
Rafael Tejada
Thermo Fisher Scientific
Phone: 781-622-1223
Phone: 781-622-1356
E-mail: sandy.pound@thermofisher.com
E-mail: rafael.tejada@thermofisher.com


Thermo Fisher Scientific Reports Third Quarter 2024 Results

WALTHAM, Mass. (October 23, 2024) – Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 28, 2024.

Third Quarter 2024 Highlights

•Third quarter revenue was $10.60 billion.
•Third quarter GAAP diluted earnings per share (EPS) was $4.25.
•Third quarter adjusted EPS was $5.28.

•Advanced our proven growth strategy, launching a range of high-impact, innovative new products during the quarter. To enable the development of advanced materials, we launched the groundbreaking Thermo Scientific Iliad scanning transmission electron microscope, which integrates a number of our advanced technologies into a user-friendly workflow to enable research of the most sophisticated modern materials down to the atomic level. To advance life sciences research, we launched the Applied Biosystems MagMAX Sequential DNA/RNA kit, which maximizes the isolation of DNA and RNA from blood cancer samples helping researchers identify unique insights into cancer-causing genetic alterations; and the Invitrogen Vivofectamine Delivery Solutions, a novel method for delivering nucleic acids into multiple targets with therapeutic effect, paving the way for groundbreaking new medicines.

•Continued to deepen our trusted partner status with customers to accelerate their innovation and enhance their productivity. In the quarter, we announced a partnership with the National Cancer Institute on the myeloMATCH precision medicine umbrella trial, which will leverage our next-generation sequencing technology to test patients for specific genetic biomarkers to match them more quickly with optimal treatments based on their unique cancer profile. In our pharma services business, we announced the expansion of our Cincinnati, Ohio, and Bend, Oregon, sites to further enhance our solid dose formulation capabilities for our pharma and biotech customers. In our clinical research business, we also announced the expansion of our global laboratory services network with a new bioanalytical lab in Gothenburg, Sweden, which will provide pharma and biotech customers with advanced laboratory services to support all phases of development.



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“We are pleased to deliver strong financial results in the third quarter, reflecting another quarter of sequential improvement in growth” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “We continue to deliver differentiated performance through our proven growth strategy and PPI Business System. Our trusted partner status is resonating strongly with customers, and this is translating into meaningful commercial wins.”

Casper added, “Looking ahead, we’re in a great position to deliver on our 2024 objectives, as we continue to create value for all of our stakeholders and build an even brighter future for our company.”


Third Quarter 2024

Revenue for the quarter was $10.60 billion in 2024 versus $10.57 billion in 2023. Growth in revenue, organic revenue and Core organic revenue all improved sequentially from Q2 and were flat versus the prior-year quarter.

GAAP Earnings Results

GAAP diluted EPS in the third quarter of 2024 was $4.25, versus $4.42 in the same quarter last year. GAAP operating income for the third quarter of 2024 was $1.84 billion, compared with $1.86 billion in the year-ago quarter. GAAP operating margin was 17.3%, compared with 17.6% in the third quarter of 2023.

Non-GAAP Earnings Results

Adjusted EPS in the third quarter of 2024 was $5.28, versus $5.69 in the third quarter of 2023. Adjusted operating income for the third quarter of 2024 was $2.36 billion, compared with $2.56 billion in the year-ago quarter. Adjusted operating margin was 22.3%, compared with 24.2% in the third quarter of 2023.

Annual Guidance for 2024

Thermo Fisher is raising its full-year adjusted EPS guidance to a new range of $21.35 to $22.07 versus its previous guidance of $21.29 to $22.07. Revenue guidance continues to be in the range of $42.4 to $43.3 billion.

Use of Non-GAAP Financial Measures

Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, organic revenue growth and Core organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading “Supplemental Information Regarding Non-GAAP Financial Measures.” The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release.



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Note on Presentation

Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.

Conference Call

Thermo Fisher Scientific will hold its earnings conference call today, October 23, at 8:30 a.m. Eastern Daylight Time. During the call, the company will discuss its financial performance, as well as future expectations. To listen, call (833) 470-1428 within the U.S. or (404) 975-4839 outside the U.S. The access code is 296868. You may also listen to the call live on the “Investors” section of our website, www.thermofisher.com. The earnings press release and related information can also be found in that section of our website under the heading “Financials”. A replay of the call will be available under “News, Events & Presentations” through November 6, 2024.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD. For more information, please visit www.thermofisher.com.

Safe Harbor Statement

The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the COVID-19 pandemic; the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q, which are on file with the SEC and available in the “Investors” section of our website under the heading “SEC Filings.” While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change and, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.



Condensed Consolidated Statements of Income (unaudited)
Three months ended
September 28,% ofSeptember 30,% of
(Dollars in millions except per share amounts)2024Revenues2023Revenues
Revenues$10,598 $10,574 
Costs and operating expenses:
Cost of revenues (a)6,180 58.3 %6,145 58.1 %
Selling, general and administrative expenses (b)1,739 16.4 %1,578 14.9 %
Amortization of acquisition-related intangible assets450 4.2 %584 5.6 %
Research and development expenses346 3.3 %319 3.0 %
Restructuring and other costs (c)45 0.4 %84 0.8 %
Total costs and operating expenses8,759 82.7 %8,710 82.4 %
Operating income1,838 17.3 %1,864 17.6 %
Interest income277 246 
Interest expense(356)(359)
Other income/(expense) (d)(16)14 
Income before income taxes1,742 1,765 
Provision for income taxes (e)(99)(53)
Equity in earnings/(losses) of unconsolidated entities(14)(17)
Net income1,629 1,695 
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)— (20)
Net income attributable to Thermo Fisher Scientific Inc.$1,630 15.4 %$1,715 16.2 %
Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic$4.26 $4.44 
Diluted$4.25 $4.42 
Weighted average shares:
Basic382 386 
Diluted384 388 
Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income$1,838 17.3 %$1,864 17.6 %
Cost of revenues adjustments (a)9 0.1 %14 0.1 %
Selling, general and administrative expenses adjustments (b)21 0.2 %14 0.1 %
Restructuring and other costs (c)45 0.4 %84 0.8 %
Amortization of acquisition-related intangible assets450 4.2 %584 5.6 %
Adjusted operating income (non-GAAP measure)$2,362 22.3 %$2,560 24.2 %
Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.$1,630 $1,715 
Cost of revenues adjustments (a)9 14 
Selling, general and administrative expenses adjustments (b)21 14 
Restructuring and other costs (c)45 84 
Amortization of acquisition-related intangible assets450 584 
Other income/expense adjustments (d)3 (9)
Provision for income taxes adjustments (e)(139)(192)
Equity in earnings/losses of unconsolidated entities14 17 
Noncontrolling interests adjustments (f)(6)(19)
Adjusted net income (non-GAAP measure)$2,026 $2,208 
Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.$4.25 $4.42 
Cost of revenues adjustments (a)0.02 0.04 
Selling, general and administrative expenses adjustments (b)0.05 0.03 
Restructuring and other costs (c)0.12 0.22 
Amortization of acquisition-related intangible assets1.17 1.50 
Other income/expense adjustments (d)0.01 (0.02)
Provision for income taxes adjustments (e)(0.36)(0.49)
Equity in earnings/losses of unconsolidated entities0.04 0.04 
Noncontrolling interests adjustments (f)(0.02)(0.05)
Adjusted EPS (non-GAAP measure)$5.28 $5.69 
Reconciliation of free cash flow
GAAP net cash provided by operating activities$2,167 $2,414 
Purchases of property, plant and equipment(271)(332)
Proceeds from sale of property, plant and equipment20 66 
Free cash flow (non-GAAP measure)$1,915 $2,148 


Business Segment InformationThree months ended
September 28,% ofSeptember 30,% of
(Dollars in millions)2024Revenues2023Revenues
Revenues
Life Sciences Solutions$2,387 22.5 %$2,433 23.0 %
Analytical Instruments1,808 17.1 %1,754 16.6 %
Specialty Diagnostics1,129 10.7 %1,083 10.2 %
Laboratory Products and Biopharma Services5,740 54.2 %5,728 54.2 %
Eliminations(467)-4.4 %(424)-4.0 %
Consolidated revenues$10,598 100.0 %$10,574 100.0 %
Segment income and segment income margin
Life Sciences Solutions$845 35.4 %$872 35.9 %
Analytical Instruments451 24.9 %468 26.7 %
Specialty Diagnostics293 25.9 %283 26.1 %
Laboratory Products and Biopharma Services773 13.5 %937 16.4 %
Subtotal reportable segments2,362 22.3 %2,560 24.2 %
Cost of revenues adjustments (a)(9)-0.1 %(14)-0.1 %
Selling, general and administrative expenses adjustments (b)(21)-0.2 %(14)-0.1 %
Restructuring and other costs (c)(45)-0.4 %(84)-0.8 %
Amortization of acquisition-related intangible assets(450)-4.2 %(584)-5.6 %
Consolidated GAAP operating income$1,838 17.3 %$1,864 17.6 %
(a) Adjusted results in 2024 and 2023 exclude charges for the sale of inventory revalued at the date of acquisition and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Note:
Consolidated depreciation expense is $291 and $269 in 2024 and 2023, respectively.

Organic and Core organic revenue growthThree months ended
September 28, 2024
Revenue growth0 %
Acquisitions1 %
Currency translation0 %
Organic revenue growth (non-GAAP measure)0 %
COVID-19 testing revenue0 %
Core organic revenue growth (non-GAAP measure)0 %
Note:
For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.


Condensed Consolidated Statements of Income (unaudited)
Nine months ended
September 28,% ofSeptember 30,% of
(Dollars in millions except per share amounts)2024Revenues2023Revenues
Revenues$31,484 $31,971 
Costs and operating expenses:
Cost of revenues (a)18,326 58.2 %18,905 59.1 %
Selling, general and administrative expenses (b)5,156 16.4 %4,897 15.3 %
Amortization of acquisition-related intangible assets1,514 4.8 %1,775 5.5 %
Research and development expenses1,016 3.2 %1,010 3.2 %
Restructuring and other costs (c)151 0.5 %379 1.2 %
Total costs and operating expenses26,163 83.1 %26,966 84.3 %
Operating income5,321 16.9 %5,005 15.7 %
Interest income851 570 
Interest expense(1,073)(985)
Other income/(expense) (d)(2)(32)
Income before income taxes5,096 4,558 
Provision for income taxes (e)(507)(151)
Equity in earnings/(losses) of unconsolidated entities(75)(58)
Net income4,514 4,349 
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f)9 (16)
Net income attributable to Thermo Fisher Scientific Inc.$4,505 14.3 %$4,365 13.7 %
Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic$11.79 $11.31 
Diluted$11.75 $11.25 
Weighted average shares:
Basic382 386 
Diluted383 388 
Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income$5,321 16.9 %$5,005 15.7 %
Cost of revenues adjustments (a)25 0.1 %73 0.2 %
Selling, general and administrative expenses adjustments (b)(24)-0.1 %28 0.1 %
Restructuring and other costs (c)151 0.5 %379 1.2 %
Amortization of acquisition-related intangible assets1,514 4.8 %1,775 5.5 %
Adjusted operating income (non-GAAP measure)$6,987 22.2 %$7,260 22.7 %
Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.$4,505 $4,365 
Cost of revenues adjustments (a)25 73 
Selling, general and administrative expenses adjustments (b)(24)28 
Restructuring and other costs (c)151 379 
Amortization of acquisition-related intangible assets1,514 1,775 
Other income/expense adjustments (d)(8)36 
Provision for income taxes adjustments (e)(190)(534)
Equity in earnings/losses of unconsolidated entities75 58 
Noncontrolling interests adjustments (f)(6)(19)
Adjusted net income (non-GAAP measure)$6,042 $6,161 
Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.$11.75 $11.25 
Cost of revenues adjustments (a)0.07 0.19 
Selling, general and administrative expenses adjustments (b)(0.06)0.07 
Restructuring and other costs (c)0.39 0.98 
Amortization of acquisition-related intangible assets3.95 4.57 
Other income/expense adjustments (d)(0.02)0.09 
Provision for income taxes adjustments (e)(0.50)(1.38)
Equity in earnings/losses of unconsolidated entities0.20 0.15 
Noncontrolling interests adjustments (f)(0.02)(0.05)
Adjusted EPS (non-GAAP measure)$15.76 $15.87 
Reconciliation of free cash flow
GAAP net cash provided by operating activities$5,377 $4,683 
Purchases of property, plant and equipment(920)(1,074)
Proceeds from sale of property, plant and equipment40 76 
Free cash flow (non-GAAP measure)$4,498 $3,685 


Business Segment InformationNine months ended
September 28,% ofSeptember 30,% of
(Dollars in millions)2024Revenues2023Revenues
Revenues
Life Sciences Solutions$7,027 22.3 %$7,508 23.5 %
Analytical Instruments5,277 16.8 %5,226 16.3 %
Specialty Diagnostics3,355 10.7 %3,300 10.3 %
Laboratory Products and Biopharma Services17,221 54.7 %17,322 54.2 %
Eliminations(1,397)-4.4 %(1,385)-4.3 %
Consolidated revenues$31,484 100.0 %$31,971 100.0 %
Segment income and segment income margin
Life Sciences Solutions$2,551 36.3 %$2,525 33.6 %
Analytical Instruments1,289 24.4 %1,321 25.3 %
Specialty Diagnostics886 26.4 %860 26.1 %
Laboratory Products and Biopharma Services2,262 13.1 %2,554 14.7 %
Subtotal reportable segments6,987 22.2 %7,260 22.7 %
Cost of revenues adjustments (a)(25)-0.1 %(73)-0.2 %
Selling, general and administrative expenses adjustments (b)24 0.1 %(28)-0.1 %
Restructuring and other costs (c)(151)-0.5 %(379)-1.2 %
Amortization of acquisition-related intangible assets(1,514)-4.8 %(1,775)-5.5 %
Consolidated GAAP operating income$5,321 16.9 %$5,005 15.7 %
(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations, and charges for the sale of inventory revalued at the date of acquisition.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, charges/credits for changes in estimates of contingent acquisition consideration, and charges associated with product liability litigation. Adjusted results in 2024 also exclude $5 of accelerated depreciation on fixed assets to be abandoned due to facility consolidations.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges for pre-acquisition litigation and other matters, net gains on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Notes:
Consolidated depreciation expense is $852 and $792 in 2024 and 2023, respectively.
For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.



Condensed Consolidated Balance Sheets (unaudited)
September 28,December 31,
(In millions)20242023
Assets
Current assets:
Cash and cash equivalents$4,645 $8,077 
Short-term investments2,000 3 
Accounts receivable, net8,255 8,221 
Inventories5,430 5,088 
Other current assets3,453 3,200 
Total current assets23,783 24,589 
Property, plant and equipment, net9,412 9,448 
Acquisition-related intangible assets, net16,262 16,670 
Other assets4,180 3,999 
Goodwill46,726 44,020 
Total assets$100,364 $98,726 
Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations$4,116 $3,609 
Other current liabilities10,485 10,403 
Total current liabilities14,601 14,012 
Other long-term liabilities5,466 6,564 
Long-term obligations31,197 31,308 
Redeemable noncontrolling interest127 118 
Total equity48,972 46,724 
Total liabilities, redeemable noncontrolling interest and equity$100,364 $98,726 



Condensed Consolidated Statements of Cash Flows (unaudited)
Nine months ended
September 28,September 30,
(In millions)20242023
Operating activities
Net income$4,514 $4,349 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization2,367 2,567 
Change in deferred income taxes(1,007)(631)
Other non-cash expenses, net477 658 
Changes in assets and liabilities, excluding the effects of acquisitions(973)(2,260)
Net cash provided by operating activities5,377 4,683 
Investing activities
Purchases of property, plant and equipment(920)(1,074)
Proceeds from sale of property, plant and equipment40 76 
Proceeds from cross-currency interest rate swap interest settlements203 36 
Acquisitions, net of cash acquired(3,132)(3,660)
Purchases of investments(2,065)(200)
Other investing activities, net14 56 
Net cash used in investing activities(5,861)(4,766)
Financing activities
Net proceeds from issuance of debt1,204 3,466 
Repayment of debt(1,107)(2,000)
Net proceeds from issuance of commercial paper— 1,620 
Repayment of commercial paper— (1,935)
Purchases of company common stock(3,000)(3,000)
Dividends paid(434)(387)
Other financing activities, net212 42 
Net cash used in financing activities(3,126)(2,194)
Exchange rate effect on cash182 (92)
Decrease in cash, cash equivalents and restricted cash(3,427)(2,369)
Cash, cash equivalents and restricted cash at beginning of period8,097 8,537 
Cash, cash equivalents and restricted cash at end of period$4,670 $6,168 
Free cash flow (non-GAAP measure)$4,498 $3,685 
Note:
For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release.



Supplemental Information Regarding Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the impacts of acquisitions/divestitures and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth, excluding the impacts of COVID-19 testing revenue, and excluding the impacts of acquisitions/divestitures and the effects of currency translation. We report these measures because Thermo Fisher management believes that in order to understand the company’s short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, foreign currency translation and/or COVID-19 testing on revenues. Thermo Fisher management uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted operating income, adjusted operating margin, adjusted net income, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company’s core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

•Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition, significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related consideration, and other costs associated with obtaining short-term financing commitments for pending/recent acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.

•Costs/income associated with restructuring activities and large-scale abandonments of product lines, such as reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related to restructuring activities are not indicative of our normal operating costs.

•Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.

•The expense associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.

•The noncontrolling interest and tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal operations and difficult to forecast accurately for future periods.

We report free cash flow, which is operating cash flow excluding net capital expenditures, to provide a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities. The company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service that are not deducted from the measure.

Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific’s results computed in accordance with GAAP.

The non-GAAP financial measures of Thermo Fisher Scientific’s results of operations and cash flows included in this press release are not meant to be considered superior to or a substitute for Thermo Fisher Scientific’s results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the tables above.

v3.24.3
Document and Entity Information
Oct. 23, 2024
Entity Listings [Line Items]  
Document Type 8-K
Document Period End Date Oct. 23, 2024
Entity Registrant Name THERMO FISHER SCIENTIFIC INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-8002
Entity Tax Identification Number 04-2209186
Entity Address, Address Line One 168 Third Avenue
Entity Address, City or Town Waltham
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02451
City Area Code 781
Local Phone Number 622-1000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000097745
Amendment Flag false
Common Stock, $1.00 par value  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, $1.00 par value
Trading Symbol TMO
Security Exchange Name NYSE
0.125% Notes due 2025  
Entity Listings [Line Items]  
Title of 12(b) Security 0.125% Notes due 2025
Trading Symbol TMO 25B
Security Exchange Name NYSE
2.000% Notes due 2025  
Entity Listings [Line Items]  
Title of 12(b) Security 2.000% Notes due 2025
Trading Symbol TMO 25
Security Exchange Name NYSE
3.200% Notes due 2026  
Entity Listings [Line Items]  
Title of 12(b) Security 3.200% Notes due 2026
Trading Symbol TMO 26B
Security Exchange Name NYSE
1.400% Notes due 2026  
Entity Listings [Line Items]  
Title of 12(b) Security 1.400% Notes due 2026
Trading Symbol TMO 26A
Security Exchange Name NYSE
1.450% Notes due 2027  
Entity Listings [Line Items]  
Title of 12(b) Security 1.450% Notes due 2027
Trading Symbol TMO 27
Security Exchange Name NYSE
1.750% Notes due 2027  
Entity Listings [Line Items]  
Title of 12(b) Security 1.750% Notes due 2027
Trading Symbol TMO 27B
Security Exchange Name NYSE
0.500% Notes due 2028  
Entity Listings [Line Items]  
Title of 12(b) Security 0.500% Notes due 2028
Trading Symbol TMO 28A
Security Exchange Name NYSE
1.375% Notes due 2028  
Entity Listings [Line Items]  
Title of 12(b) Security 1.375% Notes due 2028
Trading Symbol TMO 28
Security Exchange Name NYSE
1.950% Notes due 2029  
Entity Listings [Line Items]  
Title of 12(b) Security 1.950% Notes due 2029
Trading Symbol TMO 29
Security Exchange Name NYSE
0.875% Notes due 2031  
Entity Listings [Line Items]  
Title of 12(b) Security 0.875% Notes due 2031
Trading Symbol TMO 31
Security Exchange Name NYSE
2.375% Notes due 2032  
Entity Listings [Line Items]  
Title of 12(b) Security 2.375% Notes due 2032
Trading Symbol TMO 32
Security Exchange Name NYSE
3.650% Notes due 2034  
Entity Listings [Line Items]  
Title of 12(b) Security 3.650% Notes due 2034
Trading Symbol TMO 34
Security Exchange Name NYSE
2.875% Notes due 2037  
Entity Listings [Line Items]  
Title of 12(b) Security 2.875% Notes due 2037
Trading Symbol TMO 37
Security Exchange Name NYSE
1.500% Notes due 2039  
Entity Listings [Line Items]  
Title of 12(b) Security 1.500% Notes due 2039
Trading Symbol TMO 39
Security Exchange Name NYSE
1.875% Notes due 2049  
Entity Listings [Line Items]  
Title of 12(b) Security 1.875% Notes due 2049
Trading Symbol TMO 49
Security Exchange Name NYSE
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