Thermo Fisher Scientific Inc. (TMO) is the world leader in scientific technology, software and services with more than 400,000 customers working in pharmaceuticals, hospitals, universities, research institutions, government agencies and industrial settings around the world.
The company generated 38% of its revenue from laboratory products and services, 37.8% from life sciences solutions, 16.6% from specialty diagnostics and 15.9% from analytical instruments in 2020. The Life Sciences Solutions, Specialty Diagnostics and Laboratory Products and Services divisions saw growth in 2020 due to demand for COVID-19-related products.
COVID-19 Response Drives Growth
Thermo Fisher Scientific reported fourth-quarter revenue that rose by 54.5% to $10.55 billion, beating consensus estimates by $1.02 billion, with non-GAAP earnings of $7.09 per share, beating consensus estimates by 53 cents. The growth was primarily driven by $3.2 billion in COVID-19 response revenue and accelerating growth in its base business.
Barclays cited TMO’s impressive acquisition record, which generated almost immediate top-line synergy along with the significant near-term benefit from the COVID-19 response.
The company raised its quarterly dividend by 18% to $0.26 per share, which represents a 0.24% forward yield. The dividend is payable on April 16, 2021 to shareholders on record as of March 16, 2021.
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