Latest news with #Sanofi
Yahoo
6 hours ago
- Business
- Yahoo
Sanofi Expands Respiratory Vaccine Portfolio With UK Biotech Buy
Sanofi SA (NASDAQ:SNY) on Tuesday agreed to acquire Vicebio Ltd, a privately held biotechnology company headquartered in London, U.K. The acquisition brings an early-stage combination vaccine candidate for respiratory syncytial virus (RSV) and human metapneumovirus (hMPV), both respiratory viruses, and expands the capabilities in vaccine design and development with Vicebio's 'Molecular Clamp' technology. The vaccine candidate complements Sanofi's position in the respiratory vaccines space, where the company is present in flu and RSV prevention. It allows Sanofi to offer increased physician and patient choice in RSV and hMPV by adding a non-mRNA vaccine to its acquisition also adds 'Molecular Clamp,' a technology stabilizing viral proteins in their native shape, enabling the immune system to recognize and respond to them more effectively. The approach enables quicker development of fully liquid combination vaccines stored at standard refrigeration temperatures (2–8°C), eliminating the need for freezing or freeze-drying, thereby simplifying manufacturing and distribution. Furthermore, fully liquid vaccines can be made available in prefilled syringes, enhancing ease of use, safety, and operational efficiency across healthcare settings. Under the terms of the agreement, Sanofi would acquire all of Vicebio's share capital for a total upfront payment of $1.15 billion, with potential milestone payments of up to $450 million based on development and regulatory achievements. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including receipt of regulatory approvals. The acquisition will not have a significant impact on Sanofi's financial guidance for 2025. Vicebio's pipeline includes VXB-241, a bivalent vaccine candidate targeting RSV and hMPV, currently in an exploratory phase 1 study in older adults, and VXB-251, a preclinical trivalent vaccine candidate targeting RSV, hMPV, and parainfluenza virus Type 3 (PIV3). This acquisition reinforces Sanofi's commitment to innovation in respiratory vaccines. In June, Sanofi said it is shipping Beyfortus (nirsevimab) starting in early Q3 to ensure broad availability well ahead of the 2025-2026 RSV season, which typically starts in November and runs through March. Sanofi, in collaboration with its partner AstraZeneca plc (NASDAQ:AZN), has tripled production capacity and doubled the number of manufacturing sites since the launch of Beyfortus in 2023. This acquisition follows another significant move by Sanofi in June 2025, when it agreed to acquire Blueprint Medicines Corporation (NASDAQ:BPMC) for approximately $9.1 billion. That acquisition included Ayvakit/Ayvakyt (avapritinib), a rare immunology disease medicine approved in the U.S. and the EU, along with a promising advanced and early-stage immunology pipeline. Price Action: SNY stock is trading higher by 1.42% to $48.61 at last check Tuesday. Read Next:Photo by HJBC via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? SANOFI (SNY): Free Stock Analysis Report This article Sanofi Expands Respiratory Vaccine Portfolio With UK Biotech Buy originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
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Business Standard
17 hours ago
- Health
- Business Standard
US bans flu shots with thimerosal in RFK Jr led vaccine policy shift
The United States will stop distributing all influenza vaccines that contain mercury-based preservative thimerosal, marking the latest move by US Health Secretary Robert F. Kennedy Jr. to reshape vaccine policy. Last month, a vaccine panel with members handpicked by Kennedy voted in favor of Americans receiving seasonal flu shots that are free from thimerosal, despite decades of studies showing no related safety issues. About 5 per cent of flu shots given in the US in the last flu season were multi-dose vials that contained the preservative, which was largely phased out decades ago. Anti-vaccine groups have for decades linked thimerosal to autism and other neurodevelopmental disorders, and Kennedy wrote a book in 2014 in which he advocated for "the immediate removal of mercury" from vaccines. The FDA on its website says "there was no evidence that thimerosal in vaccines was dangerous," and that the decision to remove it previously was a precautionary measure to decrease overall exposure to mercury among young infants. One of the panelists, who voted against the recommendation, had pointed out that the risk of not receiving the influenza vaccine because it contains thimerosal is greater than any known risks of the preservative. CSL's Afluria, and Flucelvax and Sanofi's Fluzone include thimerosal in multi-dose versions, according to the FDA's website. Kennedy accepted the panel's recommendation, the Department of Health and Human Services said on Wednesday, in the absence of the CDC director, who typically signs off on them before they are implemented. President Donald Trump's nominee for the CDC director, Susan Monarez, is yet to be confirmed by the US Senate. Other recommendations made by the panel, known as the Advisory Committee for Immunization Practices, at a meeting in June are still under review, the HHS said. Vaccine manufacturers have confirmed that they have the capacity to replace multi-dose vials containing the preservative, ensuring that supplies will not be interrupted, HHS said. Sanofi said it acknowledges the new policy and will have sufficient supply of the flu vaccine this season. CSL did not immediately respond to a Reuters request for comment.
Yahoo
a day ago
- Business
- Yahoo
Thermo Fisher beats quarterly estimates on resilient demand for its tools and services
(Reuters) -Thermo Fisher on Wednesday beat Wall Street estimates for second-quarter profit and revenue, helped by steady demand for its products and services used for developing therapies. Shares of the medical equipment maker were up 2.5% in premarket trading. The company joins peers such as Danaher in beating quarterly profit estimates, citing strong demand from the industry for tools and services used to make vaccines and therapies. Danaher said on Tuesday it is seeing a robust number of clinical trials and therapies under development, with steady demand from its pharmaceutical clients. On an adjusted basis, Thermo Fisher reported a profit of $5.36 per share for the quarter ended June 28, beating analysts' estimate of $5.22 per share, as per data compiled by LSEG. The company said its business strategy called "practical process improvement" is helping adjust its supply chains in the tariff environment and to actively manage its cost base. Last week, the company said it will buy French drugmaker Sanofi's New Jersey manufacturing site, "to meet growing demand from pharma and biotech customers." The Waltham Massachusetts-based company's quarterly revenue rose 3% to $10.85 billion, compared to analyst estimates of $10.68 billion. Sales at its laboratory products segment, which makes up more than half of Thermo Fisher's total sales came in at $6 billion, above estimates of $5.79 billion. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
a day ago
- Business
- Reuters
Thermo Fisher beats quarterly estimates on resilient demand for its tools and services
July 23 (Reuters) - Thermo Fisher (TMO.N), opens new tab on Wednesday beat Wall Street estimates for second-quarter profit and revenue, helped by steady demand for its products and services used for developing therapies. Shares of the medical equipment maker were up 2.5% in premarket trading. The company joins peers such as Danaher (DHR.N), opens new tab in beating quarterly profit estimates, citing strong demand from the industry for tools and services used to make vaccines and therapies. Danaher said on Tuesday it is seeing a robust number of clinical trials and therapies under development, with steady demand from its pharmaceutical clients. On an adjusted basis, Thermo Fisher reported a profit of $5.36 per share for the quarter ended June 28, beating analysts' estimate of $5.22 per share, as per data compiled by LSEG. The company said its business strategy called "practical process improvement" is helping adjust its supply chains in the tariff environment and to actively manage its cost base. Last week, the company said it will buy French drugmaker Sanofi's ( opens new tab New Jersey manufacturing site, "to meet growing demand from pharma and biotech customers." The Waltham Massachusetts-based company's quarterly revenue rose 3% to $10.85 billion, compared to analyst estimates of $10.68 billion. Sales at its laboratory products segment, which makes up more than half of Thermo Fisher's total sales came in at $6 billion, above estimates of $5.79 billion.
Business Wire
a day ago
- Business
- Business Wire
Thermo Fisher Scientific Reports Second Quarter 2025 Results
WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the second quarter ended June 28, 2025. Second quarter revenue grew 3% to $10.85 billion. Second quarter GAAP diluted earnings per share (EPS) grew 6% to $4.28. Second quarter adjusted EPS was $5.36. Delivered excellent operational performance in the quarter, reflecting active management of our company in the macroenvironment demonstrating the strength of our proven growth strategy and the power of the PPI Business System. Advanced our proven growth strategy, launching a range of high-impact innovation, strengthening our industry-leading commercial engine and deepening our trusted partner status with customers during the quarter to enable scientific breakthroughs and maximize customer productivity. Highlights include: Launched next-generation instruments including the Thermo Scientific™ Orbitrap™ Astral™ Zoom mass spectrometer, Thermo Scientific™ Orbitrap™ Excedion™ Pro mass spectrometer, and the Thermo Scientific™ Krios™ 5 Cryo-TEM. These instruments help researchers deepen the understanding of complex diseases, advance precision medicine, and enable the development of new therapies. We also expanded the DynaDrive™ single-use bioreactor portfolio for drug production to include a new first-of-its kind bench scale system, enabling meaningful workflow efficiencies and seamless scale-up from the bench to commercialization. The significant benefits of the Accelerator™ Drug Development solution were further validated by the publication of a Tufts Center study, which demonstrated that our integrated CDMO and CRO offerings can significantly shorten development timelines and deliver strong ROI for customers. Leveraged our PPI Business System to enable outstanding execution. PPI is helping us adjust our supply chains in the tariff environment and to actively manage our cost base. Reflecting our trusted partner status, shortly after the quarter ended, we expanded our strategic partnership with Sanofi to acquire its Ridgefield, New Jersey sterile fill-finish site, supporting Sanofi's portfolio of therapies and expanding U.S. capacity to meet growing demand from pharma and biotech customers. 'Our exceptional team continues to execute at a high level, enabling customer success while navigating the macroenvironment. The agility of our organization, powered by the PPI Business System, allowed us to effectively adapt to current market conditions, actively manage our cost base, and deliver strong operational results in the second quarter,' said Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific. Casper added: 'Our trusted partner status is resonating strongly with our customers allowing us to continue to drive market share gains and highlights our unique ability to enable their success in all market environments. We've made very good progress through the halfway point in the year, which positions us well to deliver on our 2025 commitments, while building an even brighter future for our company.' Second Quarter 2025 Revenue for the quarter grew 3% to $10.85 billion in 2025, versus $10.54 billion in the second quarter of 2024. Organic revenue growth was 2%. GAAP Earnings Results GAAP diluted EPS in the second quarter of 2025 was $4.28, versus $4.04 in the second quarter of 2024. GAAP operating income for the second quarter of 2025 was $1.83 billion, compared with $1.82 billion in the year-ago quarter. GAAP operating margin was 16.9%, compared with 17.3% in the second quarter of 2024. Non-GAAP Earnings Results Adjusted EPS in the second quarter of 2025 was $5.36, versus $5.37 in the second quarter of 2024. Adjusted operating income for the second quarter of 2025 was $2.38 billion, compared with $2.35 billion in the year-ago quarter. Adjusted operating margin was 21.9%, compared with 22.3% in the second quarter of 2024. Annual Guidance for 2025 The company will provide updated 2025 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Time. Use of Non-GAAP Financial Measures Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, and 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. 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, July 23, 2025, at 8:30 a.m. Eastern 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 523661. You may also listen to the call live on the 'Investors' section of our website, 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 October 21, 2025. 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 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 and subsequent quarterly report 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. Three months ended June 28, % of June 29, % of (Dollars in millions except per share amounts) 2025 Revenues 2024 Revenues Revenues $ 10,855 $ 10,541 Costs and operating expenses: Cost of revenues (a) 6,378 58.8 % 6,106 57.9 % Selling, general and administrative expenses (b) 1,779 16.4 % 1,687 16.0 % Amortization of acquisition-related intangible assets 429 4.0 % 513 4.9 % Research and development expenses 352 3.2 % 339 3.2 % Restructuring and other costs (c) 82 0.8 % 77 0.7 % Total costs and operating expenses 9,021 83.1 % 8,722 82.7 % Operating income 1,834 16.9 % 1,820 17.3 % Interest income 297 295 Interest expense (404 ) (354 ) Other income/(expense) (d) (19 ) 5 Income before income taxes 1,709 1,765 Benefit from/(provision for) income taxes (e) (92 ) (128 ) Equity in earnings/(losses) of unconsolidated entities 2 (84 ) Net income 1,618 1,553 2 6 Net income attributable to Thermo Fisher Scientific Inc. $ 1,617 14.9 % $ 1,548 14.7 % Earnings per share attributable to Thermo Fisher Scientific Inc.: Basic $ 4.28 $ 4.05 Diluted $ 4.28 $ 4.04 Weighted average shares: Basic 378 382 Diluted 378 383 Reconciliation of adjusted operating income and adjusted operating margin GAAP operating income $ 1,834 16.9 % $ 1,820 17.3 % Cost of revenues adjustments (a) 10 0.1 % 1 0.0 % Selling, general and administrative expenses adjustments (b) 20 0.2 % (64 ) -0.6 % Restructuring and other costs (c) 82 0.8 % 77 0.7 % Amortization of acquisition-related intangible assets 429 4.0 % 513 4.9 % Adjusted operating income (non-GAAP measure) $ 2,375 21.9 % $ 2,347 22.3 % Reconciliation of adjusted net income GAAP net income attributable to Thermo Fisher Scientific Inc. $ 1,617 $ 1,548 Cost of revenues adjustments (a) 10 1 Selling, general and administrative expenses adjustments (b) 20 (64 ) Restructuring and other costs (c) 82 77 Amortization of acquisition-related intangible assets 429 513 Other income/expense adjustments (d) 5 — Income taxes adjustments (e) (133 ) (102 ) Equity in earnings/losses of unconsolidated entities (2 ) 84 Noncontrolling interests adjustments (f) (1 ) (1 ) Adjusted net income (non-GAAP measure) $ 2,026 $ 2,057 Reconciliation of adjusted earnings per share GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. $ 4.28 $ 4.04 Cost of revenues adjustments (a) 0.03 0.00 Selling, general and administrative expenses adjustments (b) 0.05 (0.17 ) Restructuring and other costs (c) 0.22 0.20 Amortization of acquisition-related intangible assets 1.14 1.34 Other income/expense adjustments (d) 0.01 0.00 Income taxes adjustments (e) (0.35 ) (0.26 ) Equity in earnings/losses of unconsolidated entities (0.01 ) 0.22 Noncontrolling interests adjustments (f) 0.00 0.00 Adjusted EPS (non-GAAP measure) $ 5.36 $ 5.37 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 1,399 $ 1,960 Purchases of property, plant and equipment (294 ) (301 ) Proceeds from sale of property, plant and equipment 1 15 Free cash flow (non-GAAP measure) $ 1,105 $ 1,674 Expand Business Segment Information Three months ended June 28, % of June 29, % of (Dollars in millions) 2025 Revenues 2024 Revenues Revenues Life Sciences Solutions $ 2,499 23.0 % $ 2,355 22.3 % Analytical Instruments 1,728 15.9 % 1,782 16.9 % Specialty Diagnostics 1,134 10.4 % 1,117 10.6 % Laboratory Products and Biopharma Services 5,995 55.2 % 5,758 54.6 % Eliminations (501 ) -4.6 % (470 ) -4.5 % Consolidated revenues $ 10,855 100.0 % $ 10,541 100.0 % Segment income and segment income margin Life Sciences Solutions $ 919 36.8 % $ 865 36.7 % Analytical Instruments 325 18.8 % 439 24.6 % Specialty Diagnostics 306 27.0 % 299 26.7 % Laboratory Products and Biopharma Services 825 13.8 % 745 12.9 % Subtotal reportable segments 2,375 21.9 % 2,347 22.3 % Cost of revenues adjustments (a) (10 ) -0.1 % (1 ) 0.0 % Selling, general and administrative expenses adjustments (b) (20 ) -0.2 % 64 0.6 % Restructuring and other costs (c) (82 ) -0.8 % (77 ) -0.7 % Amortization of acquisition-related intangible assets (429 ) -4.0 % (513 ) -4.9 % Consolidated GAAP operating income $ 1,834 16.9 % $ 1,820 17.3 % Expand (a) Adjusted results in 2025 exclude $5 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and $5 of charges for the sale of inventory revalued at the date of acquisition. Adjusted results in 2024 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. (b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration. (c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. (d) Adjusted results exclude net gains/losses on investments. Adjusted results in 2025 exclude $5 of charges for settlement of pension plans. (e) Adjusted results 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. Note: Consolidated depreciation expense is $256 and $276 in 2025 and 2024, respectively. Expand 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. Expand Condensed Consolidated Statements of Income (unaudited) Six months ended June 28, % of June 29, % of (Dollars in millions except per share amounts) 2025 Revenues 2024 Revenues Revenues $ 21,219 $ 20,886 Costs and operating expenses: Cost of revenues (a) 12,435 58.6 % 12,146 58.2 % Selling, general and administrative expenses (b) 3,500 16.5 % 3,417 16.4 % Amortization of acquisition-related intangible assets 859 4.0 % 1,065 5.1 % Research and development expenses 695 3.3 % 670 3.2 % Restructuring and other costs (c) 180 0.9 % 106 0.5 % Total costs and operating expenses 17,668 83.3 % 17,404 83.3 % Operating income 3,551 16.7 % 3,483 16.7 % Interest income 501 574 Interest expense (707 ) (717 ) Other income/(expense) (d) (16 ) 14 Income before income taxes 3,329 3,354 Benefit from/(provision for) income taxes (e) (187 ) (408 ) Equity in earnings/(losses) of unconsolidated entities (12 ) (61 ) Net income 3,130 2,885 Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest (f) 6 9 Net income attributable to Thermo Fisher Scientific Inc. $ 3,124 14.7 % $ 2,875 13.8 % Earnings per share attributable to Thermo Fisher Scientific Inc.: Basic $ 8.27 $ 7.53 Diluted $ 8.26 $ 7.50 Weighted average shares: Basic 378 382 Diluted 378 383 Reconciliation of adjusted operating income and adjusted operating margin GAAP operating income $ 3,551 16.7 % $ 3,483 16.7 % Cost of revenues adjustments (a) 21 0.1 % 17 0.1 % Selling, general and administrative expenses adjustments (b) 34 0.2 % (45 ) -0.2 % Restructuring and other costs (c) 180 0.9 % 106 0.5 % Amortization of acquisition-related intangible assets 859 4.0 % 1,065 5.1 % Adjusted operating income (non-GAAP measure) $ 4,644 21.9 % $ 4,625 22.1 % Reconciliation of adjusted net income GAAP net income attributable to Thermo Fisher Scientific Inc. $ 3,124 $ 2,875 Cost of revenues adjustments (a) 21 17 Selling, general and administrative expenses adjustments (b) 34 (45 ) Restructuring and other costs (c) 180 106 Amortization of acquisition-related intangible assets 859 1,065 Other income/expense adjustments (d) 4 (11 ) Income taxes adjustments (e) (256 ) (51 ) Equity in earnings/losses of unconsolidated entities 12 61 Noncontrolling interests adjustments (f) (1 ) (1 ) Adjusted net income (non-GAAP measure) $ 3,976 $ 4,016 Reconciliation of adjusted earnings per share GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. $ 8.26 $ 7.50 Cost of revenues adjustments (a) 0.06 0.04 Selling, general and administrative expenses adjustments (b) 0.09 (0.12 ) Restructuring and other costs (c) 0.48 0.28 Amortization of acquisition-related intangible assets 2.27 2.78 Other income/expense adjustments (d) 0.01 (0.03 ) Income taxes adjustments (e) (0.68 ) (0.13 ) Equity in earnings/losses of unconsolidated entities 0.03 0.16 Noncontrolling interests adjustments (f) 0.00 0.00 Adjusted EPS (non-GAAP measure) $ 10.51 $ 10.47 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 2,122 $ 3,211 Purchases of property, plant and equipment (656 ) (648 ) Proceeds from sale of property, plant and equipment 13 20 Free cash flow (non-GAAP measure) $ 1,479 $ 2,583 Expand Business Segment Information Six months ended June 28, % of June 29, % of (Dollars in millions) 2025 Revenues 2024 Revenues Revenues Life Sciences Solutions $ 4,840 22.8 % $ 4,640 22.2 % Analytical Instruments 3,446 16.2 % 3,469 16.6 % Specialty Diagnostics 2,282 10.8 % 2,227 10.7 % Laboratory Products and Biopharma Services 11,635 54.8 % 11,480 55.0 % Eliminations (983 ) -4.6 % (930 ) -4.5 % Consolidated revenues $ 21,219 100.0 % $ 20,886 100.0 % Segment income and segment income margin Life Sciences Solutions $ 1,753 36.2 % $ 1,705 36.7 % Analytical Instruments 724 21.0 % 838 24.2 % Specialty Diagnostics 610 26.7 % 593 26.6 % Laboratory Products and Biopharma Services 1,557 13.4 % 1,489 13.0 % Subtotal reportable segments 4,644 21.9 % 4,625 22.1 % Cost of revenues adjustments (a) (21 ) -0.1 % (17 ) -0.1 % Selling, general and administrative expenses adjustments (b) (34 ) -0.2 % 45 0.2 % Restructuring and other costs (c) (180 ) -0.9 % (106 ) -0.5 % Amortization of acquisition-related intangible assets (859 ) -4.0 % (1,065 ) -5.1 % Consolidated GAAP operating income $ 3,551 16.7 % $ 3,483 16.7 % Expand (a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2025 exclude $10 of charges for the sale of inventory revalued at the date of acquisition. Adjusted results in 2024 also exclude $13 of charges for inventory write-downs associated with large-scale abandonment of product lines. (b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions and charges/credits for changes in estimates of contingent acquisition consideration. (c) Adjusted results 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/losses on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations. (d) Adjusted results exclude net gains/losses on investments. Adjusted results in 2025 exclude $5 of charges for settlement of pension plans. (e) Adjusted results 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. Notes: Consolidated depreciation expense is $532 and $562 in 2025 and 2024, 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. Expand 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. Expand Condensed Consolidated Balance Sheets (unaudited) June 28, December 31, (In millions) 2025 2024 Assets Current assets: Cash and cash equivalents $ 4,576 $ 4,009 Short-term investments 1,814 1,561 Accounts receivable, net 8,594 8,191 Inventories 5,559 4,978 Other current assets 4,040 3,399 Total current assets 24,584 22,137 Property, plant and equipment, net 9,635 9,306 Acquisition-related intangible assets, net 15,148 15,533 Other assets 4,615 4,492 Goodwill 47,249 45,853 Total assets $ 101,230 $ 97,321 Liabilities, redeemable noncontrolling interest and equity Current liabilities: Short-term obligations and current maturities of long-term obligations $ 2,214 $ 2,214 Other current liabilities 10,504 11,118 Total current liabilities 12,718 13,332 Other long-term liabilities 4,894 5,257 Long-term obligations 33,015 29,061 Redeemable noncontrolling interest 126 120 Total equity 50,476 49,551 Total liabilities, redeemable noncontrolling interest and equity $ 101,230 $ 97,321 Expand Condensed Consolidated Statements of Cash Flows (unaudited) Six months ended June 28, June 29, (In millions) 2025 2024 Operating activities Net income $ 3,130 $ 2,885 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,391 1,626 Change in deferred income taxes (601 ) (607 ) Other non-cash expenses, net 354 311 Changes in assets and liabilities, excluding the effects of acquisitions (2,151 ) (1,003 ) Net cash provided by operating activities 2,122 3,211 Investing activities Purchases of property, plant and equipment (656 ) (648 ) Proceeds from sale of property, plant and equipment 13 20 Proceeds from cross-currency interest rate swap interest settlements 134 111 Purchases of investments (311 ) (1,778 ) Other investing activities, net 6 12 Net cash used in investing activities (815 ) (2,283 ) Financing activities Net proceeds from issuance of debt 2,840 1,204 Repayment of debt (1,625 ) — Purchases of company common stock (2,000 ) (3,000 ) Dividends paid (311 ) (284 ) Other financing activities, net 3 145 Net cash used in financing activities (1,093 ) (1,936 ) Exchange rate effect on cash 348 7 Increase (decrease) in cash, cash equivalents and restricted cash 563 (1,000 ) Cash, cash equivalents and restricted cash at beginning of period 4,040 8,097 Cash, cash equivalents and restricted cash at end of period $ 4,603 $ 7,097 Free cash flow (non-GAAP measure) $ 1,479 $ 2,583 Expand 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 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, and/or foreign currency translation 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 less 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.
