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Thermo Fisher (TMO: A3 pos/A-): 2Q24 Results

HEALTHCARE
  • Solid results
  • Revenue $10.54b in-line with expectations but a fall of 1% y-o-y
  • EBITDA $2,623m beat by 2.67%
  • FCF $1,674 32% increase
  • Raises FY lower-end of revenue guidance slightly to $42.4-43.3bn from $42.3-43.3bn
  • In their last note: Moody's noted that TMO is expected to engage in significant M&A in next 5yrs
  • They expected $75b of capital deployment with $45-56bn M&A.
  • Moody's Outlook is nevertheless Positive.

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