Thermo Fisher Scientific Reports 3% Revenue Growth in Q2 2025

Thermo Fisher Scientific Inc. reported its financial results for the second quarter of 2025, revealing total revenues of $10.855 billion, a 3% increase from $10.541 billion in the same period last year. For the first half of 2025, revenues reached $21.219 billion, up 2% from $20.886 billion in the prior year. The company’s net income attributable to Thermo Fisher was $1.617 billion, or $4.28 per diluted share, compared to $1.548 billion, or $4.04 per diluted share, in the second quarter of 2024. The increase in earnings per share reflects a 6% rise year-over-year.

The company experienced notable changes in its operational performance, with product revenues increasing to $6.249 billion from $6.163 billion, while service revenues rose to $4.605 billion from $4.378 billion. The overall operating income for the quarter was $1.834 billion, a slight increase from $1.820 billion in the previous year. However, the operating income margin decreased to 16.9% from 17.3%, attributed to a less favorable business mix and strategic investments, despite strong productivity improvements.

In terms of strategic developments, Thermo Fisher announced the pending acquisition of Solventum Corporation's Purification and Filtration business for approximately $4 billion, which is expected to enhance its Life Sciences Solutions segment. This follows the acquisition of Olink Holding AB in July 2024, which bolstered the company's capabilities in the proteomics market. The company continues to focus on high-impact innovation and expanding its commercial reach, particularly in the pharma and biotech sectors.

Operationally, Thermo Fisher reported a total employee headcount of 100,000 as of June 28, 2025, reflecting a slight reduction due to restructuring efforts aimed at streamlining operations. The company’s cash and cash equivalents increased to $4.576 billion from $4.009 billion at the end of 2024, while total debt rose to $35.229 billion from $31.275 billion. The company generated $2.122 billion in net cash from operating activities during the first half of 2025, down from $3.211 billion in the same period last year, primarily due to increased working capital investments.

Looking ahead, Thermo Fisher anticipates continued revenue growth driven by demand in the pharma and biotech markets, although it acknowledges challenges in the academic and government sectors. The company expects to maintain its focus on strategic investments to enhance operational capabilities and customer experience, while also navigating macroeconomic uncertainties that may impact demand across various markets.