“Thanks to the strong contributions from our team, we delivered differentiated performance in 2023 and enabled our customers’ success,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “We effectively navigated the challenging macroeconomic conditions by leveraging our PPI Business System to deliver strong financial results.”

Casper added, “Our proven growth strategy, capital deployment approach, and PPI Business System, continue to position our company for an even brighter future.”

Thermo Fisher Scientific Inc., the world leader in serving science, has announced robust financial results for the fourth quarter and full year ended December 31, 2023. Despite a 5% decrease in revenue for both periods, the company's strategic initiatives, innovative product launches, and global expansion efforts have positioned it for continued success in the coming year.

Key Highlights:

Q4 2023 Performance:

• Revenue: Thermo Fisher reported fourth-quarter revenue of $10.89 billion, representing a 5% decrease compared to the same period last year.

• Earnings Per Share (EPS): GAAP diluted EPS increased by 5% to $4.20, driven by a 70 basis points expansion in operating margin. Adjusted EPS reached $5.67, reflecting a 5% growth.

• Product Innovation: The company showcased its commitment to innovation by launching groundbreaking products such as the Thermo Scientific™ Orbitrap™ Astral™ mass spectrometer, Applied Biosystems™ QuantStudio™ Absolute Q™ AutoRun dPCR System, and the Thermo Scientific™ Meridian™ EX System.

• Strategic Growth: Thermo Fisher executed its proven growth strategy, strengthening its industry leadership through strategic acquisitions, including The Binding Site and CorEvitas. An agreement to acquire Olink Holding AB (publ) further demonstrates the company's commitment to advancing proteomics discovery and development.

Full Year 2023 Highlights:

• Revenue: Full-year revenue amounted to $42.86 billion, a 5% decrease from the prior year. Core organic revenue growth stood at 1%.

• EPS: GAAP diluted EPS for the full year was $15.45, while adjusted EPS reached $21.55.

• Global Initiatives: Thermo Fisher continued to make strides in corporate social responsibility (CSR) with net-zero initiatives, global health equity programs, and community support through STEM education programs.

• Capital Deployment: The company successfully executed its capital deployment strategy, completing acquisitions and returning $3.5 billion to shareholders through stock buybacks and dividends.

Outlook for 2024:

• Guidance: Thermo Fisher initiated its guidance for full-year 2024, projecting revenue between $42.1 billion and $43.3 billion and adjusted EPS in the range of $20.95 to $22.00.

• Non-GAAP Financial Measures: Thermo Fisher utilized non-GAAP financial measures, including adjusted EPS, adjusted operating income, and organic revenue growth, to provide a comprehensive view of its financial performance.

In a statement, Marc N. Casper, Chairman, President, and CEO of Thermo Fisher Scientific, expressed gratitude for the strong contributions from the team and highlighted the company's resilience in navigating challenging macroeconomic conditions. The company remains optimistic about its future, leveraging its growth strategy, capital deployment approach, and PPI Business System.