Thermo Fisher's COVID-19 Response Revenue Accounts For 22% In Q3 Sales, Boosts FY21 Outlook

Thermo Fisher Scientific Inc TMO has posted Q3 revenues of $9.33 billion, up 9% Y/Y, beating the consensus of $8.39 billion.
Organic revenue growth from the base business was 10%. COVID-19 response revenue was $2.02 billion.
Revenue from Life Sciences Solutions Segment grew 9% to $3.72 billion, Analytical Instruments Segment sales were up 11% to $1.48 billion, Specialty Diagnostics Segment revenues decreased 5% to $1.36 billion, and Laboratory Products and Services Segment sales were up 12% to $3.49 billion.
Adjusted EPS increased 2% to $$5.76, ahead of the consensus of $4.67.
Adjusted operating margin contracted from 32.9% a year ago to 29.8%.
FY21 Guidance: Thermo Fisher is raising its revenue guidance by $1.2 billion to $37.1 billion (consensus 36.09 billion), resulting in 15% revenue growth over 2020.
It also beefed up adjusted EPS guidance by $1.30 to $23.37 (consensus $22.19), representing 20% growth year over year.
Related: Investor React Positively To Thermo Fisher's Annual Guidance.
Price Action: TMO shares traded higher by 1.92% at $620 premarket on the last check Wednesday.

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