Thermo Fisher Scientific Inc. on Wednesday reported better-than-expected quarterly profit and raised its full-year forecast for revenue as well as earnings, fuelled by strong COVID-19 related sales and recovery in its mainstay business. Shares of the world’s largest maker of scientific instruments rose nearly 3 percent to touch a record high of $625.99 after it also raised its outlook for next year. Thermo Fisher makes and sells coronavirus tests and also provides raw materials and fill-and-finish services for COVID-19 vaccine makers. An increase in cases in recent months has led to a rebound in demand for tests. The company reported $2.05 billion of COVID-19 response revenue in the third quarter, which includes sales related to vaccines and therapies as well as diagnostic testing, up from $1.9 billion in the second quarter. “The extra COVID revenue gives them more free cash flow, but the underlying story remains strong, very robust, and …
Thermo Fisher Lifts Annual Forecast on Boost From COVID-19-Related Sales
October 27, 2021
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