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

<ul><li>Thermo Fisher Scientific's earnings call for the fourth quarter of 2025, presented by the company's leadership, including CEO Marc Casper and CFO Stephen Williamson, provided a comprehensive overview of the fiscal performance across several areas.</li><li>The call highlighted Thermo Fisher's strong operational execution and strategic initiatives while noting some of the challenges faced and laying out expectations for 2026.</li><li>For the fourth quarter of 2025, Thermo Fisher reported revenue growth of 7%, reaching $12.21 billion with an adjusted EPS growth of 8% to $6.57.</li></ul>

Thermo Fisher Scientific's earnings call for the fourth quarter of 2025, presented by the company's leadership, including CEO Marc Casper and CFO Stephen Williamson, provided a comprehensive overview of the fiscal performance across several areas.The call highlighted Thermo Fisher's strong operational execution and strategic initiatives while noting some of the challenges faced and laying out expectations for 2026.For the fourth quarter of 2025, Thermo Fisher reported revenue growth of 7%, reaching $12.21 billion with an adjusted EPS growth of 8% to $6.57.

Thermo Fisher Scientific: Reinventing Its Growth Playbook With Precision Diagnostics and Pharma Services!

<ul><li>Thermo Fisher (TMO) delivered a strong 4Q25 performance, with revenue up by 7.2% YoY (the fastest quarterly growth within 2025) and adj. EPS up by 7.7%, beating Bloomberg consensus by 2.2%/ 1.9%, respectively.</li><li>The upbeat growth in the quarter was firmly supported by the solid performance of bioproduction, research and safety channel, analytical instruments, and CDMO services.</li><li>Mgmt. initiated the 2026 full-year guidance, expecting revenue to grow by 3.9% to 5.9% YoY and adj. </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) delivered a strong 4Q25 performance, with revenue up by 7.2% YoY (the fastest quarterly growth within 2025) and adj. EPS up by 7.7%, beating Bloomberg consensus by 2.2%/ 1.9%, respectively.The upbeat growth in the quarter was firmly supported by the solid performance of bioproduction, research and safety channel, analytical instruments, and CDMO services.Mgmt. initiated the 2026 full-year guidance, expecting revenue to grow by 3.9% to 5.9% YoY and adj. 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) - 4Q25 Results: Capitalizing on the Growing Pharmaceutical Demand

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.

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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

Thermo Fisher Scientific: Reinventing Its Growth Playbook With Precision Diagnostics and Pharma Services!

Thermo Fisher Scientific's earnings call for the fourth quarter of 2025, presented by the company's leadership, including CEO Marc Casper and CFO...

Baptista Research

Thermo Fisher (TMO US) - 4Q25 Results: Capitalizing on the Growing Pharmaceutical Demand

The upbeat growth in the quarter was firmly supported by the solid performance of bioproduction, research and safety channel, analytical...

CMB International

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