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Thermo Fisher Lowers Annual Profit Forecast for Second Consecutive Quarter Amid Weakened Biotech Demand

Shares slump over 7% as multinational corporation reduces EPS to $21.50 and sales outlook to $42.7 billion, reflecting rising industry pressures and decreased biotech spending.

Overview

  • Thermo Fisher Scientific has lowered its full-year earnings per share (EPS) and sales outlook for the second consecutive quarter due to weak market conditions.
  • The company's third-quarter 2023 revenue fell 1%, amounting to $10.57 billion, slightly missing estimates. However, its adjusted EPS of $5.69 exceeded forecasts despite the downturn.
  • Thermo Fisher's management attributes the revenue drop to increasing macroeconomic pressures experienced throughout the year, particularly in the third quarter.
  • Amid these challenges, Thermo Fisher still managed to maintain strength in its Practical Process Improvement (PPI) Business System and highlighted the robust execution of its global team.
  • Despite the downturn, Thermo Fisher continues to invest in its future, illustrated by the $3.1 billion purchase of Sweden-based biotech firm Olink.