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Thermo Fisher Scientific supplies laboratories and helps pharmaceutical and biotechnology companies develop, test and manufacture medicines. Most revenue comes from its combined Laboratory Products and Biopharma Services business. Customers buy laboratory supplies, equipment and chemicals—both its own products and those sourced from other manufacturers—and pay it to carry out drug development, clinical trials and commercial manufacturing. Its brands include Fisher Scientific, Patheon and PPD.
It also sells reagents and instruments for biological research and drug production, equipment for analyzing samples and materials, and diagnostic tests used by healthcare laboratories. Buyers include drugmakers, universities, government research organizations, hospitals and industrial laboratories.
Demand depends in part on customers’ research budgets, equipment spending and government funding. Its medical-device, pharmaceutical-manufacturing and clinical-development activities require regulatory approvals or licenses and ongoing compliance with quality and drug-safety rules. Regulators can restrict operations or withdraw product or facility approvals if it fails to comply.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Watch Merck KGaA as another rival to Thermo Fisher in research tools and biologics-production supplies; it is distinct from the pharmaceutical company Merck & Co.
Danaher competes for the laboratory research and biologics-production spending that supports Thermo Fisher: its Cytiva, Pall and life-science instrument businesses sell competing production supplies and research tools.
Agilent competes with Thermo Fisher for laboratories buying instruments that separate and identify sample components—chromatography and mass spectrometry—as well as consumables, instrument services and life-science workflows. Watch CrossLab consumables: most work across instrument brands, so those sales need not follow Agilent's own instrument sales.
Avantor competes with Thermo Fisher both in selling supplies and equipment to laboratories through VWR versus Fisher Scientific, and in supplying biologics manufacturers with production consumables. Its Laboratory Solutions and Bioscience Production sales give separate views of those two customer spending pools.
Waters competes with Thermo Fisher for laboratory purchases of instruments that separate and identify sample components—liquid chromatography and mass spectrometry—plus related consumables and maintenance services. Watch its service revenue: Thermo Fisher can also service some Waters instruments, putting that revenue directly in contention.
IQVIA competes with Thermo Fisher's PPD business for biopharmaceutical companies paying outside providers to run clinical-development programs. Its Research & Development Solutions business is the relevant comparison for PPD, rather than its commercial software and healthcare-information offerings.
Icon Plc competes with Thermo Fisher's PPD for drugmakers paying providers to design and run large global clinical trials and integrated development programs. Watch its large-program business: ICON says demand for complex research and global patient access is shifting market share toward large global providers.
Repligen Corp competes with Thermo Fisher for biologics manufacturers buying products to filter, move, separate and analyze production materials. Its filtration and fluid-management sales are worth watching alongside Thermo Fisher's bioproduction business, which drove Life Sciences Solutions organic growth in 2025.
Bruker competes with Thermo Fisher for life-science, biopharmaceutical and materials-research laboratories buying instruments to measure and analyze samples. Watch its instrument launches: Bruker identifies superior performance and cost-effectiveness as central to winning those purchases.
Revvity competes with Thermo Fisher for researchers' purchases of life-science tools and genetic-testing workflows, and hospitals' and medical laboratories' purchases of immune-system and reproductive-health tests. Its Diagnostics results offer a view of the testing side of that rivalry, separate from research-tool spending.
Bio-Rad competes with Thermo Fisher in selling instruments, reagents and consumables to biological-research and clinical-testing laboratories. Read its two segments separately: Clinical Diagnostics generated approximately 60% of 2025 consolidated net sales, versus approximately 40% from Life Science.
QIAGEN competes with Thermo Fisher for research and diagnostic laboratories buying products to prepare samples, detect molecular information and automate genetic analysis. Watch consumables and related revenue rather than instruments alone: those sales supplied $1,876.4 million of QIAGEN's $2,090.0 million total in 2025.
Bio-Techne competes with Thermo Fisher for pharmaceutical, biotechnology and academic laboratories buying research reagents and analytical tools. Its Protein Sciences results are the closer comparison for that spending; the segment represented approximately 72% of fiscal 2026 net sales.
Illumina competes with Thermo Fisher's genetic-analysis platforms for genomic-research and molecular-testing budgets, selling DNA-reading instruments and reagents to research and diagnostic customers. Its sequencing revenue is the clearest line to watch, accounting for 92% of total revenue in fiscal 2025.
Medpace Holdings, Inc. competes with Thermo Fisher's PPD for biopharmaceutical companies paying outside providers to run Phase I–IV clinical development. Watch its small and mid-sized biopharmaceutical customers, the group Medpace says its full-service model is particularly suited to serve.
Charles River and Thermo Fisher both depend on biopharmaceutical research funding and outsourced drug-development spending: Charles River supports work before clinical trials, while Thermo Fisher sells research tools and runs clinical-development services. Charles River's Discovery and Safety Assessment revenue gives a view of spending on that earlier stage.
Mettler-Toledo shares Thermo Fisher's exposure to laboratory-equipment spending by pharmaceutical, research and industrial customers investing in research, quality control and manufacturing. Watch its laboratory instruments and related services, which represented approximately 56% of net sales in 2025.
Thermo Fisher Scientific, Inc. earningsThis company
Thermo Fisher’s report will show whether growth across research and bioprocessing products and pharma services is broad enough to support its segment margins.
Read organic revenue growth across the four segments alongside each segment’s operating margin; organic growth excludes the effects of acquisitions and currency changes. If growth extends beyond Life Sciences Solutions and Laboratory Products and Biopharma Services to Analytical Instruments and Specialty Diagnostics, while margins hold or improve, demand is reaching more of Thermo Fisher’s businesses and productivity is keeping pace. If growth is concentrated in a few segments while others weaken and margins fall, the revenue base is narrower and costs or sales mix are reducing the profit earned on it.
Danaher Corporation earningsDHR
Danaher’s report will show whether customers are still spending on the research tools and bioprocessing supplies it sells against Thermo Fisher.
Read Danaher’s life-sciences-related sales against Thermo Fisher’s research tools and bioprocessing products. Stronger Danaher sales would indicate that shared customers are spending in these markets, a supportive demand signal for Thermo Fisher; weaker sales would point to pressure on those budgets, though they would not establish that Thermo Fisher’s own sales are falling.
Icon Plc earningsICLR
ICON’s report will show whether drugmakers are still placing large global trials with providers like ICON and Thermo Fisher’s PPD.
Focus on ICON’s large-program business alongside its clinical-research-related revenue. Stronger results would show that drugmakers are still assigning complex, global development work to large providers, supporting demand in the market where Thermo Fisher’s PPD competes. Weaker results would point to softer demand or less momentum for large providers; ICON’s growth alone would not establish growth at PPD.
Repligen Corp earningsRGEN
Repligen’s report will show whether biologics makers are spending on filtration and fluid-management products that compete with Thermo Fisher’s bioprocessing offerings.
Read Repligen’s filtration and fluid-management sales alongside growth in Thermo Fisher’s bioprocessing products. Stronger Repligen sales would indicate that biologics makers are still buying these production supplies, supporting customer spending in a market Thermo Fisher also serves. Weaker sales would point to softer demand in this area, though the two companies’ product ranges are not identical.
Avantor, Inc. earningsAVTR
Avantor’s report separates laboratory-supply sales from bioproduction consumables, showing whether customers are spending in two markets where it competes with Thermo Fisher.
Read Avantor’s Laboratory Solutions and Bioscience Production businesses separately. The first reflects laboratory purchases of supplies and equipment; the second reflects biologics makers’ spending on production consumables. Growth in both would show broad spending across customer groups that also buy from Thermo Fisher. If only one grows, support is limited to that customer pool; if both weaken, spending is under pressure in both markets.
Illumina Inc earningsILMN
Illumina’s report will show whether research and diagnostic customers are spending on DNA sequencing, a market where its instruments and reagents compete with Thermo Fisher’s genetic-analysis platforms.
Focus on Illumina’s sequencing revenue. Stronger revenue would show that research and diagnostic customers are still funding genomic analysis, supporting demand in a market where Thermo Fisher also sells genetic-analysis platforms. Weaker revenue would point to tighter budgets among shared customers; it would not show how customers divide spending between the two suppliers.
Waters Corp earningsWAT
Waters’ report will show whether laboratories keep paying to service their instruments, revenue that Thermo Fisher also competes to earn on some Waters systems.
Read Waters’ service revenue separately from instrument sales. Stronger service revenue would show that customers are maintaining installed instruments and that related spending is holding up; it would also mean Waters is capturing more revenue in a market where Thermo Fisher competes for some of the work. Weaker service revenue would point to softer maintenance spending or less business captured by Waters.
Bio-Rad Laboratories, Inc. earningsBIO
Bio-Rad’s report will show whether clinical laboratories are spending on tests and related products that compete with Thermo Fisher’s diagnostic offerings.
Read Bio-Rad’s Clinical Diagnostics business separately from Life Science. Stronger clinical-diagnostics sales would show that hospitals and medical laboratories are spending on tests, supporting demand in the market served by Thermo Fisher’s diagnostics business. If clinical diagnostics weakens, growth in Bio-Rad’s research business would not establish that testing demand is equally strong.
Charles River Laboratories International, Inc. earningsCRL
Charles River’s report will show whether drugmakers are spending on outsourced work before clinical trials, an early demand signal for customers Thermo Fisher also serves.
Focus on Charles River’s Discovery and Safety Assessment revenue, which reflects outsourced research and safety work before clinical trials. Stronger revenue would show that drugmakers are still funding early-stage outsourced development, a supportive signal for the research environment of Thermo Fisher’s customers. Weaker revenue would point to pressure in that upstream spending, but would not establish that Thermo Fisher’s clinical services or product sales are falling.
