THERMO FISHER SCIENTIFIC INC.

Previous wording

During the second quarter of 2026, customer activity continued to strengthen across our end markets. Revenue growth was strong in the pharma and biotech market, with performance driven by strengthening underlying market conditions. Revenues in the academic and government market grew, and growth in the industrial and applied market was strong, both driven by customer demand for our innovative high-end instruments. Revenue to customers in the diagnostics and healthcare market was also strong. During the second quarter of 2026, sales increased across all major geographies. Revenue growth was strong in Europe and Asia-Pacific, including China. Contributions to organic revenue during the second quarter of 2026 were led by the Laboratory Products and Biopharma Services segment and the Analytical Instruments segment.

Current wording

During the third quarter of 2026, customer activity remained strong across our end markets. Revenue growth was very strong in the pharma and biotech market, as underlying market conditions continued to strengthen. Revenues in the academic and government market were flat. Revenue in the industrial and applied market was very strong, driven by customer demand for our innovative high-end instruments. Revenue to customers in the diagnostics and healthcare market also grew slightly. During the third quarter of 2026, sales increased across all major geographies. Revenue growth was strong in North America and Europe and very strong in Asia-Pacific, including China. Contributions to organic revenue during the third quarter of 2026 were led by the Laboratory Products and Biopharma Services segment and the Analytical Instruments segment.

Previous wording

During the first six months of 2026, revenue growth in the pharma and biotech market was strong, with performance driven by strengthening underlying market conditions. Revenues to customers in the industrial and applied market increased, driven by customer demand for our innovative high-end instruments. Revenues in the academic and government as well as the diagnostics and healthcare market were flat. During the first six months of 2026, sales grew in North America and Asia-Pacific, including China. Revenue growth in Europe was strong. Contributions to organic revenue during the first six months of 2026 were led by the Laboratory Products and Biopharma Services segment.

Current wording

During the first nine months of 2026, revenue growth in the pharma and biotech market was strong, with performance driven by strengthening underlying market conditions. Revenues in the academic and government market were flat. Revenues to customers in the industrial and applied market were also strong, driven by customer demand for our innovative high-end instruments. Revenues in the diagnostics and healthcare market grew slightly. During the first nine months of 2026, sales grew in North America. Revenue growth in Asia-Pacific, including China, and Europe was strong. Contributions to organic revenue during the first nine months of 2026 were led by the Laboratory Products and Biopharma Services segment.

Previous wording

GAAP operating income margin and adjusted operating income margin increased in the second quarter of 2026 due primarily to strong productivity improvements, offset in part by unfavorable business mix.

Current wording

GAAP operating income margin and adjusted operating income margin increased in the third quarter of 2026 due primarily to very strong productivity improvements, including tariff refunds realized, offset in part by strategic investments. GAAP operating income margin in the third quarter of 2026 also benefited from the recognition of net credits for changes in contingent consideration that did not occur in 2025, a gain on the sale of the microbiology business (Note 12), and lower levels of restructuring and other charges incurred for headcount reductions and consolidation of facilities when compared to the third quarter of 2025 (Note 6); however, this was largely offset by a held-for-sale loss (Note 12).

Previous wording

GAAP operating income margin and adjusted operating income margin increased in the first six months of 2026 due primarily to very strong productivity improvements, offset in part by unfavorable business mix and strategic investments.

Current wording

GAAP operating income margin and adjusted operating income margin increased in the first nine months of 2026 due primarily to very strong productivity improvements, offset in part by unfavorable business mix and strategic investments. GAAP operating income margin also benefitted from lower levels of restructuring and other charges incurred for headcount reductions and consolidation of facilities (Note 6), largely offset by a held-for-sale loss (Note 12).

Previous wording

The company’s references to strategic investments generally refer to targeted spending for enhancing commercial capabilities, including expansion of geographic sales reach and e-commerce platforms, marketing initiatives, expanded service and operational infrastructure, research and development projects and other expenditures to enhance the customer experience, as well as incentive compensation and recognition for employees. The company’s references throughout this discussion to productivity improvements generally refer to the impact of its Practical Process Improvement (PPI) Business System to address inflation, drive cost efficiencies and improve profitability. The benefits of PPI include optimized price realization, reduced costs resulting from implementing continuous improvement methodologies, global sourcing initiatives, a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities, and low cost region manufacturing.

Current wording

The company’s references to strategic investments generally refer to targeted spending for enhancing commercial capabilities, including expansion of geographic sales reach and e-commerce platforms, marketing initiatives, expanded service and operational infrastructure, research and development projects and other expenditures to enhance the customer experience, as well as incentive compensation and recognition for employees. The company’s references throughout this discussion to productivity improvements generally refer to the impact of its Practical Process Improvement (PPI) Business System to address inflation, drive cost efficiencies, improve profitability and, in 2026, the impact of tariff refunds realized. The benefits of PPI include optimized price realization, reduced costs resulting from implementing continuous improvement methodologies, global sourcing initiatives, a lower cost structure following restructuring actions including headcount reductions and consolidation of facilities, and low cost region manufacturing.

Previous wording

The increase in organic revenues in the second quarter of 2026 was primarily driven by the bioproduction business. On a reported basis, the bioproduction business grew $196 million, which contributed 8 percentage points of reported growth in the segment, driven by higher demand from pharma and biotech customers, as well as the impact from the 2025 acquisition of the filtration and separation business. The increase in segment income margin resulted primarily from very strong productivity improvements, offset in part by the impact from the acquisition of the filtration and separation business and unfavorable business mix.

Current wording

The increase in organic revenues in the third quarter of 2026 was primarily driven by the bioproduction business. On a reported basis, the bioproduction business grew $79 million, which contributed 3 percentage points of reported growth in the segment, driven by higher demand from pharma and biotech customers, as well as the impact from the 2025 acquisition of the filtration and separation business. The increase in segment income margin resulted primarily from exceptionally strong productivity improvements, offset in part by unfavorable business mix, and the impact from the acquisition of the filtration and separation business.

Previous wording

The increase in organic revenues in the first six months of 2026 was driven by the bioproduction business, partially offset by declines in the biosciences business. On a reported basis, the bioproduction business grew $417 million, driven by higher demand from pharma and biotech customers, as well as the impact from the 2025 acquisition of the filtration and separation business. The increase in segment income margin resulted primarily from exceptionally strong productivity improvements, partially offset by the impact from the filtration and separation business acquisition and unfavorable business mix.

Current wording

The increase in organic revenues in the first nine months of 2026 was driven by the bioproduction business. On a reported basis, the bioproduction business grew $496 million, driven by higher demand from pharma and biotech customers, as well as the impact from the 2025 acquisition of the filtration and separation business. The increase in segment income margin resulted primarily from exceptionally strong productivity improvements, partially offset by the impact from the filtration and separation business acquisition, and unfavorable business mix.

Previous wording

The increase in organic revenues in the second quarter of 2026 was driven by growth across all three of the segment’s businesses, led by the electron microscopy business. On a reported basis, the electron microscopy, chromatography and mass spectrometry, and chemical analysis businesses increased $55 million, $37 million, and $26 million, respectively. The increase in segment income margin was driven by very strong productivity improvements, favorable volume leverage, and the favorable impact of foreign exchange.

Current wording

The increase in organic revenues in the third quarter of 2026 was driven by growth in the electron microscopy and chromatography and mass spectrometry businesses. On a reported basis, the electron microscopy and chromatography and mass spectrometry businesses increased $94 million and $18 million, respectively, which contributed 5 percentage points and 1 percentage point of reported growth in the segment, respectively. The increase in segment income margin was driven by very strong productivity improvements, favorable volume leverage and business mix, offset in part by strategic investments.

Previous wording

The increase in organic revenues in the first six months of 2026 was primarily due to growth in the chromatography and mass spectrometry business. On a reported basis, the chromatography and mass spectrometry business grew $63 million, which contributed 2 percentage points of reported growth in the segment. The increase in segment income margin was primarily driven by productivity improvements.

Current wording

The increase in organic revenues in the first nine months of 2026 was primarily due to growth in the electron microscopy and chromatography and mass spectrometry businesses. On a reported basis, the electron microscopy and chromatography and mass spectrometry businesses grew $123 million and $81 million, respectively, which contributed 2 percentage points each of reported growth in the segment. The increase in segment income margin was primarily driven by strong productivity improvements.

Previous wording

The increase in organic revenues in the second quarter of 2026 was primarily due to growth in the research and safety market channel and the clinical research business. On a reported basis, the clinical research business grew $441 million, which contributed 7 percentage points of reported growth in the segment, primarily driven by the impact of the Clario acquisition. The research and safety market channel and pharma services business grew $153 million and $99 million, respectively, which contributed 3 percentage points and 2 percentage points, respectively, of reported growth in the segment. The increase in segment income margin was driven by strong productivity improvements and the impact of acquisitions, partially offset by unfavorable business mix and strategic investments.

Current wording

The increase in organic revenues in the third quarter of 2026 was primarily due to growth in the pharma services business, research and safety market channel, and the clinical research business. On a reported basis, the clinical research business grew $425 million, which contributed 7 percentage points of reported growth in the segment, primarily driven by the impact of the Clario acquisition. The pharma services business and research and safety market channel grew $306 million and $169 million, respectively, which contributed 5 percentage points and 3 percentage points, respectively, of reported growth in the segment. The increase in segment income margin was primarily due to strong productivity improvements, the impact of the Clario acquisition, partially offset by strategic investments.

Previous wording

The increase in organic revenues in the first six months of 2026 was primarily due to growth in the clinical research business and research and safety market channel. On a reported basis, the clinical research business grew $630 million, which contributed 5 percentage points of reported growth in the segment, primarily driven by the impact of the Clario acquisition. The research and safety market channel and pharma services business grew $252 million and $233 million, respectively, which each contributed 2 percentage points of reported growth in the segment. The increase in segment income margin was primarily due to very strong productivity improvements and the impact of acquisitions, largely offset by unfavorable business mix and strategic investments.

Current wording

The increase in organic revenues in the first nine months of 2026 was primarily due to growth in the clinical research business, research and safety market channel, and pharma services business. On a reported basis, the clinical research business grew approximately $1.05 billion, which contributed 6 percentage points of reported growth in the segment, primarily driven by the impact of the Clario acquisition. The pharma services business and research and safety market channel grew $539 million and $422 million, respectively, which contributed 3 percentage points and 2 percentage points, respectively, of reported growth in the segment. The increase in segment income margin was primarily due to strong productivity improvements, offset in part by strategic investments.

Previous wording

Net interest expense (interest expense less interest income) in the second quarter and first six months of 2026 increased, due primarily to the increase in debt for general corporate purposes and the company’s capital deployment initiatives, which included financing stock buybacks, paying dividends, and acquiring Clario (Note 12). In the second quarter and first six months of 2026, the company’s net interest expense was reduced by approximately $98 million and $194 million, respectively, as a result of its interest rate swap and cross-currency interest rate swap arrangements. In the second quarter and first six months of 2025, the company’s net interest expense was reduced by approximately $66 million and $133 million, respectively, as a result of its interest rate swap and cross-currency interest rate swap arrangements (Note 10).

Current wording

Net interest expense (interest expense less interest income) in the third quarter and first nine months of 2026 increased, due primarily to the increase in debt for general corporate purposes and the company’s capital deployment initiatives, which included financing stock buybacks, paying dividends, and acquiring Clario (Note 12). In the third quarter and first nine months of 2026, the company’s net interest expense was reduced by $102 million and $296 million, respectively, as a result of its interest rate swap and cross-currency interest rate swap arrangements. In the third quarter and first nine months of 2025, the company’s net interest expense was reduced by $66 million and $199 million, respectively, as a result of its interest rate swap and cross-currency interest rate swap arrangements (Note 10).

Previous wording

GAAP other income/(expense) in the first six months of 2026 and 2025 also includes $23 million and $2 million, respectively, of net gains/(losses) on investments. GAAP other income/(expense) in the second quarter of 2026 also includes $6 million of business interruption recoveries. GAAP other income/(expense) in the second quarter of 2025 also includes $5 million of charges for settlement of pension plans.

Current wording

GAAP other income/(expense) and adjusted other income/(expense) include currency transaction gains/losses on non-operating monetary assets and liabilities, and net periodic pension benefit cost/income, excluding the service cost component. GAAP other income/(expense) in the third quarter and first nine months of 2026 also includes $(13) million and $10 million, respectively, of net gains/(losses) on investments. GAAP other income/(expense) in the first nine months of 2026 also includes $6 million of business interruption recoveries. GAAP other income/(expense) in the third quarter and first nine months of 2025 also includes $7 million and $9 million, respectively, of net gains on investments, and $2 million and $8 million, respectively, of settlement charges for pension plans.

Previous wording

The company’s GAAP and adjusted tax rates in the first six months of 2026 were impacted by a $175 million deferred tax benefit resulting from the recognition of tax attributes related to domestication transactions and a deferred tax benefit of $148 million in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income. The company’s GAAP and adjusted tax rates in the first six months of 2025 were impacted by a $125 million deferred tax benefit resulting from the recognition of a tax attribute related to a domestication transaction, a deferred tax benefit of $153 million related to capital losses generated as part of intra-entity transactions and a $93 million benefit in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income (Note 7).

Current wording

The company’s GAAP and adjusted tax rates in the third quarter of 2026 were impacted by a $161 million deferred tax benefit resulting from the recognition of tax attributes related to a domestication transaction. The company’s GAAP tax rate in the third quarter of 2026 was also impacted by a $171 million tax expense related to the tax gain associated with the sale of the microbiology business that was completed during the quarter. The company’s GAAP and adjusted tax rates in the first nine months of 2026 were impacted by $175 million of deferred tax benefits resulting from the recognition of tax attributes related to domestication transactions and a deferred tax benefit of $148 million in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income. The company’s GAAP and adjusted tax rates in the third quarter of 2025 were impacted by an $86 million tax benefit from tax return reassessments. The company’s GAAP tax rate in the third quarter of 2025 was also impacted by tax legislation enacted during the quarter. The company’s GAAP and adjusted tax rates in the first nine months of 2025 were impacted by a $125 million deferred tax benefit resulting from the recognition of a tax attribute related to a domestication transaction, a deferred tax benefit of $153 million related to capital losses generated as part of intra-entity transactions, and a $93 million benefit in jurisdictions where the deferred tax assets are now expected to be realized due to forecasted income (Note 7).

Previous wording

As of June 27, 2026, the company’s short-term obligations and current maturities of long-term obligations totaled $3.37 billion. During the first quarter of 2026, the company amended its revolving credit facility with a bank group that provides up to $5.00 billion of unsecured multi-currency revolving credit to extend the expiration date by one year to January 7, 2028 (Note 3). If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of June 27, 2026, no borrowings were outstanding under the company’s revolving credit facility.

Current wording

As of September 26, 2026, the company’s short-term obligations and current maturities of long-term obligations totaled $2.26 billion. The company has a revolving credit facility with a bank group that provides up to $5.00 billion of unsecured multi-currency revolving credit (Note 3). If the company borrows under this facility, it intends to leave undrawn an amount equivalent to outstanding commercial paper to provide a source of funds in the event that commercial paper markets are not available. As of September 26, 2026, no borrowings were outstanding under the company’s revolving credit facility.

Previous wording

During the first six months of 2025, cash provided by net income was offset in part by investments in working capital. Changes in other assets and liabilities used cash of $1.43 billion primarily due to the timing of payments for compensation and income taxes. Cash payments for income taxes were $1.20 billion during the first six months of 2025.

Current wording

During the first nine months of 2025, cash provided by income was offset in part by investments in working capital. Changes in other assets and liabilities used cash of $1.21 billion primarily due to the timing of payments for compensation and income taxes. Cash payments for income taxes were $1.60 billion during the first nine months of 2025.

Previous wording

During the first six months of 2026, acquisitions used cash of $8.87 billion. Purchases of property, plant and equipment for capacity and capability investments used cash of $0.83 billion. The company’s investing activities also included $0.48 billion of net proceeds from terminations of cross-currency interest rate swaps.

Current wording

During the first nine months of 2026, acquisitions used cash of $8.88 billion, and proceeds from the sale of the company’s microbiology business provided cash of $1.02 billion (Note 12). Purchases of property, plant and equipment for capacity and capability investments used cash of $1.26 billion.

Previous wording

During the first six months of 2025, the company’s investing activities included purchases of $0.66 billion for the purchase of property, plant and equipment for capacity and capability investments.

Current wording

During the first nine months of 2025, acquisitions used cash of $4.04 billion. The company’s investing activities also included $1.06 billion for the purchase of property, plant and equipment for capacity and capability investments.

Previous wording

The company expects that for all of 2026, expenditures for property, plant and equipment, net of disposals, will be between $1.9 billion and $2.1 billion.

Current wording

The company expects that for all of 2026, expenditures for property, plant and equipment, net of disposals, will be between $1.9 billion and $2.0 billion.

Previous wording

During the first six months of 2026, issuance of debt provided $5.24 billion of cash. Repayment of debt used cash of $1.41 billion. The company’s financing activities also included the repurchase of $4.00 billion of the company’s common stock (6.9 million shares), and the payment of $0.34 billion in cash dividends. On November 6, 2025, the Board of Directors authorized the repurchase of up to $5.00 billion of the company’s common stock. All of the shares of common stock repurchased by the company during the first six months of 2026 were under this program. At July 31, 2026, $1.00 billion was available for future repurchases of the company’s common stock under this authorization.

Current wording

During the first nine months of 2026, issuance of debt provided $5.24 billion of cash. Repayment of debt used cash of $2.52 billion. The company’s financing activities also included the repurchase of $4.00 billion of the company’s common stock (6.9 million shares), and the payment of $0.51 billion in cash dividends. On November 6, 2025, the Board of Directors authorized the repurchase of up to $5.00 billion of the company’s common stock. All of the shares of common stock repurchased by the company during the first nine months of 2026 were under this program. At October 30, 2026, $1.00 billion was available for future repurchases of the company’s common stock under this authorization.

Previous wording

During the first six months of 2025, issuance of debt provided $2.84 billion of cash. Repayment of debt used cash of $1.63 billion. The company’s financing activities also included the repurchase of $2.00 billion of the company’s common stock (3.6 million shares) and the payment of $0.31 billion in cash dividends.

Current wording

During the first nine months of 2025, issuance of debt and net commercial paper activity provided $3.34 billion of cash. Repayment of debt used cash of $1.63 billion. The company’s financing activities also included the repurchase of $3.00 billion of the company’s common stock (5.8 million shares), of which $0.04 billion settled in the fourth quarter of 2025, and the payment of $0.47 billion in cash dividends.

Previous wording

We report adjusted operating income, adjusted operating income margin, adjusted other income/(expense), adjusted tax rate, and adjusted EPS. We believe that the use of these non-GAAP financial measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company’s core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

Current wording

GAAP financial measures, helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company’s core operating performance, especially when comparing such results to previous periods, forecasts, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. To calculate these measures we exclude, as applicable:

Previous wording

(a)Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and charges/(credits) for the sale of inventory revalued at the date of acquisition. Adjusted results in 2026 also exclude $9 million of transaction-related costs.

Current wording

(a)Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and charges/(credits) for the sale of inventory revalued at the date of acquisition. Adjusted results in 2026 also exclude $16 million of transaction-related costs.

Previous wording

(b)Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, and accelerated depreciation on fixed assets to be abandoned due to facility consolidations.

Current wording

(b)Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, accelerated depreciation on fixed assets to be abandoned due to facility consolidations, and charges for product liability litigation.

Previous wording

(c)Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains/losses on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations.

Current wording

(c)Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains/losses on the sale of real estate, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2026 exclude $72 million of gain on the sale of a business and $244 million for a held-for-sale loss. Adjusted results in 2025 also exclude $51 million of charges for disposition of a consolidated joint venture.

Previous wording

(d)Adjusted results exclude net gains/losses on investments. Adjusted results in the first six months of 2026 also exclude $6 million of business interruption recoveries. Adjusted results in the first six months of 2025 also exclude $5 million of charges for settlement of pension plans.

Current wording

(d)Adjusted results exclude net gains/losses on investments and settlement charges for pension plans. Adjusted results in 2026 also exclude $6 million of business interruption recoveries.

Previous wording

Management’s Discussion and Analysis and Note 1 to the Consolidated Financial Statements of the company’s Annual Report on Form 10-K for 2025 describe the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no significant changes in the company’s critical accounting policies during the first six months of 2026.

Current wording

Management’s Discussion and Analysis and Note 1 to the Consolidated Financial Statements of the company’s Annual Report on Form 10-K for 2025 describe the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no significant changes in the company’s critical accounting policies during the first nine months of 2026.