Thermo Fisher Scientific Invests to Enhance U.S. Innovation and Support Customers' Manufacturing
WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, will invest an additional $2 billion in the United States over the next four years, strengthening American innovation, manufacturing and economic competitiveness across the life sciences sector.
As one of the largest manufacturers of medicines in the world, Thermo Fisher enables biopharma companies to develop and produce their medicines in America. These additional investments to the company's American manufacturing capacity support a resilient U.S. healthcare supply chain and will have a strong multiplier effect across the American economy.
The $2 billion investment over the next four years includes:
$1.5 billion in capital expenditures to enhance and expand U.S. manufacturing operations
Complemented by $500 million in R&D focused on high-impact innovation
'Thermo Fisher's commitment to U.S. manufacturing reflects our confidence that America will continue to lead the world in science and innovation. Thermo Fisher is proud to serve as a growth engine for the American economy,' said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. 'By expanding our U.S. operations, we ensure that life-saving medicines and therapies will continue to be developed and produced in America for decades to come.'
This investment builds on Thermo Fisher's industry-leading foundation in U.S. manufacturing and innovation. The company has 64 U.S. manufacturing operations, located in 37 states, making analytical instruments, specialty diagnostics and life sciences solutions, as well as providing contract development and manufacturing services for pharmaceutical innovators.
Since 2017, Thermo Fisher has more than doubled in size—from $21 billion in revenue and 28,000 U.S. employees to $43 billion in revenue and more than 50,000 U.S. employees today. The company also invests $1 billion annually in R&D in the U.S. Over the next four years, the company will continue to expand its impact in the U.S. by creating high-paying jobs, adding manufacturing and lab services capacity, and investing in research and development.
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 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, which is 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.
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