Research and Safety Channel: $7.44 BillionNarrow moat

Thermo Fisher Scientific (TMO) — moat facet

Fisher Scientific's research and safety channel grows faster than Thermo Fisher does, because the lab that orders one thing from its catalogue tends to order the next.

The research and safety market channel is the distribution business laboratories order from, and it is growing faster than the company. Its revenue was $6,841 million in 2023, $7,019 million in 2024 and $7,440 million in 20251, up 8.8% in two years2. In the second quarter of 2026 it was $2,036 million against $1,883 million3, 8.1% more4.

Research and safety market channel revenue ($M)6,84120237,01920247,4402025Thermo Fisher Form 10-K FY2025, revenue by business
Up $599 million in two years.

The 10-K credits the channel with $422 million of the segment's 2025 growth5. That is roughly a quarter of all of Thermo Fisher's revenue increase that year, which was $1,677 million6.

A channel's advantage is convenience, and it compounds with breadth. A laboratory that already orders gloves, pipettes and reagents from one catalogue has little reason to open an account elsewhere for the next item. The more a customer buys through it, the more the channel knows about what that customer needs.

Distribution does not earn high margins. The channel sits inside Laboratory Products and Biopharma Services, whose segment margin was 14.0% in 20257. Its value to the company is partly the route it gives the higher-margin segments to their customers, as the next page shows.

The channel and pharma services were the whole of the segment's growth. The 10-K names pharma services and the research and safety channel as having grown $457 million and $422 million in 20258. The segment grew $827 million in total910, so the two account for all of it, with laboratory products shrinking and clinical research barely growing.

This page would be wrong if channel growth fell below the company's own. At 8.1% in the latest quarter against 10% for the company, most of it acquired, it is still ahead on organic terms.

Moat trajectory: Holding steady

Revenue $6,841M (2023) to $7,440M (2025); +8.1% in Q2 2026.

The number that tests this moat
Reported
Research and safety channel revenue, latest quarter
$2,036M, against $1,883M (Q2 2026)

The distribution arm; growth below the company's organic rate would mean customers are ordering elsewhere.

Source: Thermo Fisher Form 10-Q, Q2 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Third-Party Distributors Want the Same Bench
Thermo Fisher's own 10-K lists third-party distributors among its competitors, and a catalogue is the easiest part of the business to copy.
References
  1. ReportedIts revenue was $6,841 million in 2023, $7,019 million in 2024 and $7,440 million in 2025, up 8.8% in two years.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - financial statements: income, cash flow, repurchases, debt and equity. — FY2025 · publ. 26 February 2026 · source ↗
  2. Moat Explorer calcIts revenue was $6,841 million in 2023, $7,019 million in 2024 and $7,440 million in 2025, up 8.8% in two years.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by type, company growth, backlog and other ratios. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  3. ReportedIn the second quarter of 2026 it was $2,036 million against $1,883 million, 8.1% more.
    Thermo Fisher Scientific Form 10-Q for the quarter ended 27 June 2026 - revenue by business and by type, the Clario purchase price, the microbiology sale, share repurchases, dividends and the balance sheet. — Q2 2026 · publ. 31 July 2026 · source ↗
  4. Moat Explorer calcIn the second quarter of 2026 it was $2,036 million against $1,883 million, 8.1% more.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by type, company growth, backlog and other ratios. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  5. ReportedThe 10-K credits the channel with $422 million of the segment's 2025 growth.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - segment information: revenue, income, margins, assets and capital spending. — FY2025 · publ. 26 February 2026 · source ↗
  6. Moat Explorer calcThat is roughly a quarter of all of Thermo Fisher's revenue increase that year, which was $1,677 million.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - revenue by type, company growth, backlog and other ratios. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
  7. ReportedThe channel sits inside Laboratory Products and Biopharma Services, whose segment margin was 14.0% in 2025.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - segment information: revenue, income, margins, assets and capital spending. — FY2025 · publ. 26 February 2026 · source ↗
  8. ReportedThe 10-K names pharma services and the research and safety channel as having grown $457 million and $422 million in 2025.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - revenue by business. — FY2025 · publ. 26 February 2026 · source ↗
  9. ReportedThe segment grew $827 million in total, so the two account for all of it, with laboratory products shrinking and clinical research barely growing.
    Thermo Fisher Scientific Form 10-K for fiscal 2025 - revenue by business. — FY2025 · publ. 26 February 2026 · source ↗
  10. Moat Explorer calcThe segment grew $827 million in total, so the two account for all of it, with laboratory products shrinking and clinical research barely growing.
    Moat Explorer calculation from Thermo Fisher's reported financial statements, results releases, earnings calls and market data ($ millions unless stated). Revenue by type: consumables + services share (18,664 + 18,592) / 44,556 = 83.6% (2025); (12,576 + 5,490) / 24,358 = 74.2% (2018); (13,109 + 6,046) / 25,542 = 75.0% (2019); (18,527 + 6,912) / 32,218 = 79.0% (2020); (22,608 + 8,850) / 39,211 = 80.2% (2021); (20,624 + 16,367) / 44,915 = 82.4% (2022); (17,597 + 17,614) / 42,857 = 82.2% (2023); (17,587 + 17,845) / 42,879 = 82.6% (2024); H1 2026 (9,794 + 9,899) / 22,999 = 85.6%. Instruments 7,301 / 7,924 - 1 = -7.9% (2022-2025), a fall of 623. Consumables 18,664 / 17,587 - 1 = 6.1%. Services 18,592 / 17,845 - 1 = 4.2%. Gross margin by type 2025: products (25,965 - 13,405) / 25,965 = 48.4%; services (18,592 - 12,913) / 18,592 = 30.5%; total (44,556 - 13,405 - 12,913) / 44,556 = 40.9%. Businesses: BioProduction 2,652 / 2,923 - 1 = -9.3% (2024), 3,200 / 2,652 - 1 = 20.7% (2025), Q2 2026 941 / 745 - 1 = 26.3%. Biosciences 4,169 / 4,238 - 1 = -1.6%. Transplant 492 / 393 - 1 = 25.2%, Q2 134 / 124 - 1 = 8.1%. ImmunoDiagnostics 912 / 802 - 1 = 13.7%, Q2 248 / 234 - 1 = 6.0%. Clinical diagnostics 1,115 / 1,104 - 1 = 1.0%. Microbiology 645 / 618 - 1 = 4.4% (about 2.2% a year); sale price 1,075 / 645 = 1.7 times; microbiology / Specialty Diagnostics 645 / 4,676 = 13.8%. Research and safety channel 7,440 / 6,841 - 1 = 8.8%, Q2 2,036 / 1,883 - 1 = 8.1%, 7,440 - 6,841 = 599. Healthcare channel 1,788 / 1,712 - 1 = 4.4%, 1,788 / 1,764 - 1 = 1.4% (2025), Q2 442 / 407 - 1 = 8.6%. Laboratory products 2,407 / 2,613 - 1 = -7.9%. Channels (7,440 + 1,788) / 44,556 = 9,228 / 44,556 = 20.7%. Revenue growth: 44,556 / 42,879 - 1 = 3.9% (2025), increase 44,556 - 42,879 = 1,677; 44,556 / 42,857 - 1 = 4.0% (2023-2025); 44,556 / 16,965 = 2.6 times (2015-2025). Research channel share of the increase 422 / 1,677 = 25%. Eliminations / revenue 633 / 16,965 = 3.7% (2015), 2,033 / 44,556 = 4.6% (2025). Life Sciences Solutions sold to other segments 1,593 / 10,374 = 15.4%; external revenue 8,781 / 8,160 - 1 = 7.6%. Pharma services 7,142 / 6,685 - 1 = 6.8%; clinical research 7,915 / 7,836 - 1 = 1.0%; Q2 2026 clinical research 2,396 / 1,955 - 1 = 22.6%. Clinical research + pharma services 7,915 + 7,142 = 15,057, / 44,556 = 33.8% (2025); (7,836 + 6,685) / 42,879 = 33.9% (2024); (7,691 + 6,806) / 42,857 = 33.8% (2023); Q2 2026 2,396 + 1,893 = 4,289, / 11,994 = 35.8%; Q2 2025 1,955 + 1,794 = 3,749. Patheon + PPD + Clario 7,358 + 16,036 + 9,098 = 32,492. Clario price / 2025 revenue 9,098 / 1,500 = 6.1 times; 9,098 / 1,250 = 7.3 times; goodwill 5,934 / 9,098 = 65%. Filtration 3,870 / 750 = 5.2 times. LPBS capital expenditure 1,005 / 1,525 = 65.9%. Revenue per employee 32,218 / 80,000 = about $403,000 (2020); 44,556 / 125,000 = about $356,000 (2025); 356 / 403 - 1 = -12%. Remaining performance obligations 24.61 / 28.30 - 1 = -13.0% (2021-2024); 29.70 / 46.336 = 64% of trailing revenue. 2019 backlog 4,577 / 7,768 = 59%. Trailing twelve months to June 2026: revenue 44,556 - 21,219 + 22,999 = 46,336; net income 6,704 - 3,124 + 3,387 = 6,967. COVID: Life Sciences Solutions segment income 3,420 / 7,817 - 1 = -56%; testing 0.33 / 7.26 = 4.5% remaining. Tax rate 547 / 7,308 = 7.5% (2025); 657 / 7,037 = 9.3% (2024); 284 / 6,298 = 4.5% (2023). R&D 1,397 / 44,556 = 3.1%. Adjusted less GAAP EPS 22.87 - 17.74 = 5.13. Acquisitions booked since 2021: PPD 16,036 + PeproTech 1,864 + European viral vector 830 + Mesa Biotech 472 + The Binding Site 2,699 + CorEvitas 910 + Olink 3,146 + filtration and separation 3,870 + Clario 9,098 = 38,925. Goodwill and intangibles / total assets (54,832 + 18,606) / 113,174 = 73,438 / 113,174 = 65% (June 2026); (49,362 + 15,838) / 110,343 = 59% (end 2025). Genetic sciences 2,870 / 2,787 - 1 = 3.0%. Analytical Instruments 7,554 / 63,400 = 11.9% of the MarketsandMarkets estimate; revenue 7,463 / 7,263 - 1 = 2.8% (2024), 7,554 / 7,463 - 1 = 1.2% (2025), Q2 1,847 / 1,728 - 1 = 6.9%. Market value against Danaher 249.58 / 157.81 - 1 = 58%. China share of revenue 2,060 / 20,918 = 9.8% (2017), 2,752 / 25,542 = 10.8% (2019), 3,444 / 39,211 = 8.8% (2021), 3,793 / 44,915 = 8.4% (2022). Year-end P/E = market value / net income: 56.61 / 1.975 = 28.7 (2015), 55.74 / 2.022 = 27.6 (2016), 76.14 / 2.225 = 34.2 (2017), 90.09 / 2.938 = 30.7 (2018), 130.27 / 3.696 = 35.2 (2019), 184.61 / 6.375 = 29.0 (2020), 262.92 / 7.725 = 34.0 (2021), 215.98 / 6.950 = 31.1 (2022), 205.08 / 5.995 = 34.2 (2023), 198.99 / 6.335 = 31.4 (2024), 217.70 / 6.704 = 32.5 (2025), trailing 249.58 / 6.967 = 35.8. Segment margins = segment income / segment revenue: Life Sciences Solutions 1,414 / 4,774 = 29.6% (2015), 2,446 / 6,856 = 35.7% (2019), 7,817 / 15,631 = 50.0% (2021), 3,420 / 9,977 = 34.3% (2023), 3,503 / 9,631 = 36.4% (2024); Analytical Instruments 613 / 3,208 = 19.1% (2015), 1,027 / 4,821 = 21.3% (2017), 1,273 / 5,522 = 23.1% (2019), 808 / 5,124 = 15.8% (2020), 1,908 / 7,263 = 26.3% (2023); Specialty Diagnostics 873 / 3,244 = 26.9% (2015), 1,024 / 4,763 = 21.5% (2022); LPBS 922 / 6,372 = 14.5% (2015), 1,271 / 12,245 = 10.4% (2020), 1,844 / 14,862 = 12.4% (2021), 2,872 / 22,511 = 12.8% (2022), 3,358 / 23,041 = 14.6% (2023), 3,090 / 23,157 = 13.3% (2024). Segment shares 2025: Life Sciences Solutions income 3,768 / 10,109 = 37.3%, revenue 10,374 / 46,589 = 22.3%; LPBS external revenue 23,818 / 44,556 = 53.5%. Combined segment margin 10,109 / (44,556 + 2,033) = 10,109 / 46,589 = 21.7%. Segment growth: Life Sciences Solutions 10,374 / 9,631 - 1 = 7.7% (2025), Q2 2026 2,815 / 2,499 - 1 = 12.6%; Specialty Diagnostics 4,676 / 4,512 - 1 = 3.6% (2025), Q2 1,205 / 1,134 - 1 = 6.3%; LPBS 23,984 / 23,157 - 1 = 3.6% (2025), Q2 6,693 / 5,995 - 1 = 11.6%. Ten-year compound growth 2015-2025: Life Sciences Solutions (10,374 / 4,774)^(1/10) - 1 = 8.1%; Specialty Diagnostics (4,676 / 3,244)^(1/10) - 1 = 3.7%; LPBS (23,984 / 6,372)^(1/10) - 1 = 14.2%. Additional: return on equity 6,704 / ((53,407 + 49,584) / 2) = 13.0% (2025). Instruments share 6,292 / 24,358 = 25.8% (2018), 3,305 / 22,999 = 14.4% (H1 2026). Life Sciences Solutions segment income Q2 1,041 / 919 - 1 = 13.3%. Services share 2,297 / 16,965 = 13.5% (2015), 18,592 / 44,556 = 41.7% (2025). Service gross margin (17,614 - 12,589) / 17,614 = 28.5% (2023), (17,845 - 12,654) / 17,845 = 29.1% (2024); product (25,034 - 12,523) / 25,034 = 50.0% (2024). LPBS growth 23,984 - 23,157 = 827 = 457 + 422 - 118 (laboratory products) + 79 (clinical research) - 13 (eliminations). Eliminations 3,010 / 39,211 = 7.7% (2021). Europe 11,826 / 10,741 - 1 = 10.1%; North America 23,033 / 22,764 - 1 = 1.2% (2023-2025). Headcount 125,000 / 122,000 - 1 = 2.5%. Electron microscopy 2,957 / 2,564 - 1 = 15.3%. Net debt end 2025 39,380 - 9,852 - 253 = 29,275. Goodwill added 54,832 - 45,853 = 8,979 (end 2024 to June 2026). Specialty Diagnostics best annual margin 910 / 3,339 = 27.3% (2016). Intersegment shares 2025: 201 / 7,554 = 2.7%, 72 / 4,676 = 1.5%, 167 / 23,984 = 0.7%. COVID response less testing 2021: 9.23 - 7.26 = 1.97 billion. Buyback gain 675.00 / 482.66 - 1 = 40%. Olink goodwill 2,301 / 3,146 = 73%. Life Sciences acquisitions 1,342 + 1,864 + 3,146 + 3,870 = 10,222; segment revenue 10,374 - 4,774 = 5,600. Instrumentation market (92.53 / 63.4)^(1/6) - 1 = 6.5%. Healthcare channel 1,788 / 4,676 = 38%. LPBS segment income Q2 936 / 825 - 1 = 13.5%. Interest cover 7,746 / 1,419 = 5.5 times. EPS 17.74 / 4.92 = 3.6 times. One-point price cut 7,440 x 1% = 74, / 3,350 = 2.2%. Laboratory products 2,407 - 2,525 = -118. Clinical diagnostics Q2 290 / 276 - 1 = 5.1%. Revenue 44,556 - 32,218 = 12,338 (2020-2025). Healthcare channel 1,764 / 1,712 - 1 = 3.0% (2024). Tax at 11.5% instead of 7.5%: 7,308 x 4% = 292. Microbiology Q2 166 / 159 - 1 = 4.4%. Pharma services 6,685 / 6,806 - 1 = -1.8% (2024). Clinical diagnostics 1,115 / 4,676 = 23.8%. Revenue per employee 20,918 / 70,000 = about $299,000 (2017); 25,542 / 75,000 = about $341,000 (2019). Research and safety channel 7,019 / 6,841 - 1 = 2.6% (2024), 7,440 / 7,019 - 1 = 6.0% (2025). Backlog 7,768 / 5,087 - 1 = 52.7% (2019). Restructuring 362 / 7,746 = 4.7%. Laboratory products Q2 608 / 601 - 1 = 1.2%. Services 18,592 / 17,614 - 1 = 5.6%, cost of services 12,913 / 12,589 - 1 = 2.6% (2023-2025). Life Sciences Solutions internal share (9,977 - 8,545) / 9,977 = 14.4% (2023). Biosciences 4,169 / 10,374 = 40.2%. COVID share 6.63 / 32.218 = 20.6% (2020), 9.23 / 39.211 = 23.5% (2021). R&D 1,397 / 1,337 - 1 = 4.5%. Segment income / total assets 10,109 / 110,343 = 9.2%. ImmunoDiagnostics 912 - 802 = 110; clinical diagnostics 1,115 - 1,104 = 11. Restructuring 459 / 6,859 = 6.7% (2023). Microbiology 645 / 44,556 = 1.4%. Laboratory products 2,613 / 23,041 = 11.3% (2023), 2,407 / 23,984 = 10.0% (2025). Clario 0.45 x 371.5 = about 167, / 9,098 = 1.8%. LPBS capex / segment income 1,005 / 3,350 = 30%; Life Sciences Solutions 152 / 3,768 = 4.0%. Equity / assets 52,686 / 113,174 = 46.6%. Clinical research 7,915 / 44,556 = 17.8%. Eliminations Q2 565 / 501 - 1 = 12.8%. Instruments 7,301 / 6,292 - 1 = 16.0%. Revenue per employee 18,274 / 55,000 = about $332,000 (2016). Healthcare channel 1,788 / 44,556 = 4.0%. China 2,797 / 32,218 = 8.7% (2020). RPO 29.70 - 27.92 = 1.78 billion - segment margins, shares and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Thermo Fisher's Forms 10-K and 10-Q, results releases, earnings calls, MarketsandMarkets and market data; operands shown in the source line.
Sources
Generated September 28, 2026