Accelerator: Selling the Trial and the Factory TogetherThin moat

Thermo Fisher Scientific (TMO) — moat facet

Thermo Fisher sells trials and manufacturing together, but it does not disclose how much business the package wins, and the two halves grow at different speeds.

Thermo Fisher sells its contract manufacturing and clinical research as a package. It calls the offer the Accelerator Drug Development solution, "our integrated CDMO and CRO offering"1. A drug company can hand one contractor the trial and the production of the trial material, and later the commercial supply.

Revenue growth, 2025 (%)6.8%Pharma services1.0%Clinical researchThermo Fisher Form 10-K FY2025, revenue by business; calculated
The two halves are not moving together.

The pieces are large. Pharma services revenue was $7,142 million and clinical research $7,915 million in 20252, together 33.8% of revenue3. In the second quarter of 2026 they were $1,893 million and $2,396 million4.

Integration is the argument for owning both. A customer that uses one contractor for both steps has two reasons to stay rather than one. The company does not disclose how much revenue comes through the integrated offer, so the argument cannot be measured directly.

The best proxy is the growth of the two businesses together. Pharma services grew 6.8% in 20255 while clinical research grew 1.0%, so the combination has not yet pulled the trial business along.

The segment holding both businesses grew 5% organically in the second quarter of 20266, with clinical research lifted by Clario. The company expects Clario to grow in the high single digits7, faster than PPD grew in 2025, so the package should now pull the trial side along if it is going to.

The page would be proved right by clinical research growing as fast as pharma services once Clario is in both periods. If the two keep growing at different rates, the package is a sales pitch rather than a moat.

Moat trajectory: Holding steady

Pharma services +6.8% in 2025, clinical research +1.0%.

The number that tests this moat
Moat Explorer calc
Pharma services revenue growth, full year
+6.8% (2025: $7,142M against $6,685M)

The manufacturing half of the package; clinical research lagging it again would mean integration is not pulling trials along.

How it's calculated: Pharma services revenue 2025 ($7,142M) divided by 2024 ($6,685M), less one, from the FY2025 10-K revenue-by-business table.
Source: Moat Explorer calculation from Thermo Fisher filings ↗
⚠ Threats to the moat
⚠ THREAT 01
COVID Vaccine Work Is Still Rolling Off
Thermo Fisher still cites falling COVID vaccine and therapy work in 2025, and it has never said how much of it there was.
References
  1. ReportedIt calls the offer the Accelerator Drug Development solution, "our integrated CDMO and CRO offering".
    Thermo Fisher Scientific fourth-quarter and full-year 2025 results, Form 8-K exhibit 99.1 - adjusted EPS, free cash flow, capital deployment, the Accelerator offering and the OpenAI collaboration. — FY2025 · publ. 29 January 2026 · source ↗
  2. ReportedPharma services revenue was $7,142 million and clinical research $7,915 million in 2025, together 33.8% of revenue.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - revenue by business. — FY2025 · publ. 26 February 2026 · source ↗
  3. Moat Explorer calcPharma services revenue was $7,142 million and clinical research $7,915 million in 2025, together 33.8% of revenue.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by business: growth and shares. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  4. ReportedIn the second quarter of 2026 they were $1,893 million and $2,396 million.
    Thermo Fisher Scientific Form 10-Q for the quarter ended 27 June 2026 - revenue by business and by type, the Clario purchase price, the microbiology sale, share repurchases, dividends and the balance sheet. — Q2 2026 · publ. 31 July 2026 · source ↗
  5. Moat Explorer calcPharma services grew 6.8% in 2025 while clinical research grew 1.0%, so the combination has not yet pulled the trial business along.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by business: growth and shares. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  6. ReportedThe segment holding both businesses grew 5% organically in the second quarter of 2026, with clinical research lifted by Clario.
    Thermo Fisher Scientific second-quarter 2026 earnings call transcript (Motley Fool) - organic growth by segment and market, China, the raised 2026 guidance, leverage, adjusted ROIC and the microbiology sale. Figures from the transcript body, not the summary block - 2026 guidance, capital deployment, leverage and adjusted ROIC. — Q2 2026 · publ. 23 July 2026 · source ↗
  7. ReportedThe company expects Clario to grow in the high single digits, faster than PPD grew in 2025, so the package should now pull the trial side along if it is going to.
    Thermo Fisher Scientific release on completing the Clario acquisition - the share of FDA and EMA approvals supported, expected EPS contribution and growth. — March 2026 · publ. 24 March 2026 · source ↗
Sources
Generated September 28, 2026