Thermo Fisher Shares Drop on Lower 2024 Guidance

CEO Marc Casper warns of no significant improvement in key China market this year.

Thermo Fisher Scientific's shares dropped over 3% after the company issued lower-than-expected guidance for 2024.
The company expects full-year earnings per share (EPS) of $20.95 to $22, and revenue of between $42.1 billion and $43.3 billion, both below analysts' estimates.
Thermo Fisher's CEO Marc Casper warned of no significant improvement in its key China market this year.
The company's Q4 2023 profit was boosted by cost-cutting measures and higher sales of analytical instruments.
Thermo Fisher and rival Danaher have both seen sluggish demand for their bioprocessing services used to make therapies and vaccines.