Thermo Fisher Scientific Inc. reported a slight increase in revenue for the fiscal year ended December 31, 2024, totaling $42.879 billion, compared to $42.857 billion in 2023. The company's GAAP operating income rose by 7% to $7.337 billion, resulting in an operating income margin of 17.1%, up from 16.0% in the previous year. Diluted earnings per share increased to $16.53, a 7% rise from $15.45 in 2023. However, adjusted operating income, a non-GAAP measure, decreased by 1% to $9.707 billion, with an adjusted operating income margin of 22.6%, down from 22.9% in 2023.
The company experienced notable changes in its business segments. The Life Sciences Solutions segment saw a decline in revenue to $9.631 billion from $9.977 billion, primarily due to reduced demand for COVID-19 related products. Conversely, the Analytical Instruments segment reported revenue growth of 2.8%, reaching $7.463 billion, driven by strong performance in the electron microscopy business. Specialty Diagnostics and Laboratory Products and Biopharma Services segments also reported revenue increases, contributing to the overall performance despite challenges in the Life Sciences Solutions segment.
Strategically, Thermo Fisher made significant acquisitions in 2024, including Olink Holding AB, a provider of proteomics solutions, which enhances its capabilities in the high-growth proteomics market. This acquisition, along with previous acquisitions in 2023, such as The Binding Site Group and CorEvitas, reflects the company's ongoing strategy to expand its portfolio and enhance its service offerings. The company continues to invest in research and development to drive innovation and maintain its competitive edge.
Operationally, Thermo Fisher employed approximately 125,000 colleagues globally as of December 31, 2024, with a regional distribution of 60,000 in the Americas, 22,000 in Asia-Pacific, and nearly 43,000 in Europe, the Middle East, and Africa. The company reported a slight increase in customer engagement metrics, although overall market conditions remained challenging, particularly in China. The company anticipates that its strategic investments and acquisitions will support future growth, despite the current economic environment.
Looking ahead, Thermo Fisher expects its GAAP effective tax rate for 2025 to be between 9% and 11%, with an adjusted tax rate of approximately 11.5%. The company remains focused on executing its growth strategy, which includes high-impact innovation, strengthening customer partnerships, and leveraging its commercial capabilities. Despite the challenges faced in 2024, Thermo Fisher is optimistic about its ability to navigate the evolving market landscape and deliver value to its shareholders.
About THERMO FISHER SCIENTIFIC INC.
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