Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Thermo Fisher Scientific Inc / Equity Bottom-Up

<ul><li>Thermo Fisher Scientific reported a solid start to 2026, with first-quarter revenue rising 6% year-over-year to $11.01 billion and adjusted operating income also increasing 6% to $2.4 billion.</li><li>Adjusted earnings per share grew by 6% to $5.44, while the adjusted operating margin held steady near 21.8%.</li><li>These results led the company to raise its full-year guidance, now anticipating revenue between $47.3 billion and $48.1 billion and adjusted EPS in the range of $24.64 to $25.12, reflecting an 8% to 10% increase from 2025.</li></ul>

Thermo Fisher Scientific reported a solid start to 2026, with first-quarter revenue rising 6% year-over-year to $11.01 billion and adjusted operating income also increasing 6% to $2.4 billion.Adjusted earnings per share grew by 6% to $5.44, while the adjusted operating margin held steady near 21.8%.These results led the company to raise its full-year guidance, now anticipating revenue between $47.3 billion and $48.1 billion and adjusted EPS in the range of $24.64 to $25.12, reflecting an 8% to 10% increase from 2025.

Can Thermo Fisher Reduce 3.5x Leverage Before Tariff Headwinds Deepen In 2026?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Thermo Fisher (TMO) reported 1Q26 revenue of US$11.01bn, up 6.2% YoY, with adj. EPS of US$5.44, up 5.6% YoY, primarily driven by bioproduction, CDMO and clinical CRO operations.</li><li>Analytical instruments posted a 2% decline in organic revenue, weighed down by the soft demand from academic and government endmarkets in both US and China.</li><li>1Q26 revenue/ adj. EPS beat BBG consensus by 1.5%/ 3.8%, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermo Fisher (TMO) reported 1Q26 revenue of US$11.01bn, up 6.2% YoY, with adj. EPS of US$5.44, up 5.6% YoY, primarily driven by bioproduction, CDMO and clinical CRO operations.Analytical instruments posted a 2% decline in organic revenue, weighed down by the soft demand from academic and government endmarkets in both US and China.1Q26 revenue/ adj. EPS beat BBG consensus by 1.5%/ 3.8%, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermo Fisher (TMO US) - 1Q26 Results: Maintaining Organic Growth Target

Weekly podcast series by SemiWiki.com, SemiWiki.com

SemiWiki.com

Weekly podcast series by SemiWiki.com

Semiconductor Insiders: A weekly podcast series by SemiWiki.com, the open forum for semiconductor professionals.

Thermo Fisher Scientific  / Equity Bottom-Up

<ul>
<li>Thermo Fisher plays a critical role in helping customers in various industries find and fix defects, particularly in the semiconductor industry</li>
<li>The move towards 3D stacking architectures in semiconductor manufacturing offers benefits such as higher performance, lower power consumption, improved yield, and cost optimization</li>
<li>Increasing data center and AI workloads are pushing semiconductor manufacturers to utilize 3D analysis to detect chip defects earlier in order to maintain performance and efficiency</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Thermo Fisher plays a critical role in helping customers in various industries find and fix defects, particularly in the semiconductor industry
The move towards 3D stacking architectures in semiconductor manufacturing offers benefits such as higher performance, lower power consumption, improved yield, and cost optimization
Increasing data center and AI workloads are pushing semiconductor manufacturers to utilize 3D analysis to detect chip defects earlier in order to maintain performance and efficiency

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Podcast EP338: How Thermo Fisher Scientific Helps Advanced Semiconductor Development

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Alpha-Centric ESG Research

Kyle Rudden

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see <a href="https://www.smartkarma.com/insights/biden-covid-19-response-plan-overview-of-its-inherent-investment-themes" target="_blank" data-smartkarma-citation="insights:45631" rel="noopener">Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes</a>). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:<ol>
<li>
Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.</li>
<li>
Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.</li>
<li>
Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.</li>
</ol>

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:

Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.

Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.

Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.


Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

United States

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals.  The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Thermo Fisher Scientific Inc (TMO US)

Can Thermo Fisher Reduce 3.5x Leverage Before Tariff Headwinds Deepen In 2026?

Thermo Fisher Scientific reported a solid start to 2026, with first-quarter revenue rising 6% year-over-year to $11.01 billion and adjusted...

Baptista Research

Thermo Fisher (TMO US) - 1Q26 Results: Maintaining Organic Growth Target

Thermo Fisher (TMO) reported 1Q26 revenue of US$11.01bn, up 6.2% YoY, with adj. EPS of US$5.44, up 5.6% YoY, primarily driven by bioproduction,...

CMB International

Podcast EP338: How Thermo Fisher Scientific Helps Advanced Semiconductor Development

Thermo Fisher's electron microscopes are critical tools for detecting defects in semiconductors, including 3D architectures, to protect yield and...

SemiWiki.com

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Biden's COVID-19 response plan earmarks US$25 billion to vaccines, but with a twist. His emphasis is vaccine distribution, not development. That...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)