> **来源：[研报客](https://pc.yanbaoke.cn)** # Thermo Fisher (TMO US) Summary ## Core Content Thermo Fisher Scientific (TMO US) reported strong performance in 1Q26, with revenue of **US $11.01bn**, representing a **6.2% YoY increase**. Adjusted EPS was **US $5.44**, up **5.6% YoY**, driven primarily by growth in bioproduction, CDMO, and clinical CRO operations. The company beat the Bloomberg consensus by **1.5% in revenue** and **3.8% in adj. EPS**. Management raised full-year revenue guidance to **6.2 - 8.0% YoY** from **3.9 - 5.9%**, and maintained the **organic revenue growth target at 3 - 4%**, with adj. EPS growth expected at **7.8 - 9.9%**. ## Key Highlights - **1Q26 Performance**: - Revenue: +6.2% YoY - Adj. EPS: +5.6% YoY - Outperformed BBG consensus by 1.5% in revenue and 3.8% in adj. EPS - Organic growth: **1%** (vs. +2% in 2025), attributed to fewer selling days and CDMO timing - **Guidance Update**: - Full-year revenue growth: **6.2 - 8.0% YoY** - Full-year organic growth: **3 - 4%** - Adj. EPS growth: **7.8 - 9.9% YoY** - **Clario Acquisition**: - Completed in March 2026 for **US $8.9bn** - Expected to contribute **US $0.9bn in revenue** and **US $0.32 in adj. EPS** in 2026 - Strategic synergy with TMO's clinical research business, especially in AI integration - **Macro Environment**: - Acknowledged the impact of the Middle East conflict on inflationary pressures - Management built a buffer into guidance to accommodate potential supply chain and logistics cost increases - Anticipated benefits from US manufacturing reshoring in 2027-28 ## Financial Overview | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |-------------------------------|-----------|-----------|-----------|-----------|-----------| | Revenue (US$ mn) | 42,879 | 44,556 | 47,506 | 50,602 | 53,995 | | YoY Growth (%) | 0.1 | 3.9 | 6.6 | 6.5 | 6.7 | | Adjusted Net Profit (US$ mn) | 8,381 | 8,643 | 9,076 | 9,504 | 10,349 | | YoY Growth (%) | 3.1 | 5.0 | 4.7 | 8.9 | 8.9 | | Adj. EPS (US$) | 24.63 | 26.25 | 28.58 | 30.12 | 33.9 | ## Valuation and Performance - **Target Price**: **US $620** (down from US $670) - **Current Price**: **US $469.71** - **P/E (Adj.)**: **19.1x (FY26E)**, decreasing from **20.5x (FY24A)** - **P/B**: **3.1x (FY26E)**, decreasing from **3.6x (FY24A)** - **12-month Price Performance**: - 1-month: **-4.2%** - 3-months: **-25.0%** - 6-months: **-18.0%** ## Strategic and Market Position - **Strategic Synergy**: The Clario acquisition is expected to significantly enhance TMO's position in clinical research services - **Technology Integration**: Synergy with TMO's AI strategy could strengthen its technological moat - **Peer Comparison**: - TMO's P/E (Adj.) is below the overseas average of **23.0x** - TMO's P/E (Adj.) is also below the China average of **33.9x** ## Financial Projections (2026E-2028E) | Metric | 2026E | 2027E | 2028E | |--------------------------------|-----------|-----------|-----------| | Revenue CAGR (%) | 6.6% | 6.5% | 6.7% | | Adj. Net Profit CAGR (%) | 5.0% | 4.7% | 8.9% | | Adj. EPS CAGR (%) | 7.7% | 6.6% | 8.9% | ## DCF Valuation - **Terminal Growth Rate**: 2.0% - **WACC**: 8.16% - **Equity Value (US$ bn)**: **228.5** - **Price per Share (US$)**: **620.0** - **Net Debt (US$ bn)**: **37.2** - **FCFF (2026E)**: **-2.5** - **PV of Terminal Value (US$ bn)**: **199.1** - **Total PV (US$ bn)**: **265.7** ## Valuation Sensitivity | Terminal Growth Rate | Price per Share (US$) | |----------------------|----------------------| | 3.0% | 978.68 | | 2.5% | 879.72 | | 2.0% | 799.93 | | 1.5% | 734.24 | | 1.0% | 679.22 | ## Analyst Ratings - **CMBIGM Rating**: **BUY** - **Reasoning**: - Reflects Clario's consolidation and macro uncertainties - Relatively conservative view on bottomline despite revenue growth - Price target of **US $620**, down from **US $670** ## Shareholding and Performance - **Market Cap**: **US $177.08bn** - **Average 3 months Turnover**: **US $808.4mn** - **52-week High/Low**: **US $639.45 / US $390.26** - **Total Issued Shares**: **377.0mn** - **Top Shareholders**: - **Vanguard**: 9.2% - **BlackRock**: 8.3% ## Conclusion Thermo Fisher Scientific demonstrated resilience in its 1Q26 results, outperforming expectations and raising its full-year guidance. The company's proactive response to macroeconomic challenges and strategic acquisitions, particularly Clario, are key drivers of its growth strategy. Despite the challenges, the firm maintains a **BUY** rating, with a revised target price of **US $620**. The financial metrics suggest a potential for continued growth, though with a more cautious outlook on profitability due to macro uncertainties.