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Revenue Reaches $12.137 Billion, Up 9% Year Over Year; Dan Rosen Takes the Helm as China President, Reinforcing the Company's Long-Term Commitment to the Chinese Market
WALTHAM, Massachusetts – October 21, 2026 – <Entity value="Thermo Fisher Scientific" category="company" disambig="Global life sciences, laboratory instruments and scientific services company"/> (NYSE: TMO), a global leader in serving science, has reported strong financial results for the third quarter of 2026, demonstrating continued business resilience and improving demand across key life sciences, pharmaceutical and industrial markets.
For the third quarter ended September 26, 2026, Thermo Fisher generated revenue of $12.137 billion, representing 9% year-over-year growth. Organic revenue increased 6%, reflecting stronger customer activity, improved market conditions and continued execution of the company's long-term growth strategy.
The company also raised its full-year 2026 revenue guidance to $47.7 billion–$48.2 billion, reflecting management's confidence in the business outlook.
Meanwhile, China delivered low-double-digit organic revenue growth during the quarter, highlighting the strategic importance of the Chinese market to Thermo Fisher's global operations. The company's leadership transition in China, with Dan Rosen appointed as the new China President, further underscores its commitment to strengthening local customer relationships and expanding its business in one of the world's most important life sciences markets.
Thermo Fisher's third-quarter results demonstrated growth in both revenue and profitability.
Key financial highlights included:
Total revenue: $12.137 billion, up 9% year over year.
Organic revenue growth: 6%.
GAAP diluted EPS: $4.64, up 9%.
Adjusted diluted EPS: $6.68, up 15%.
GAAP operating income: $2.263 billion, up 17%.
Adjusted operating income: $2.968 billion, up 15%.
Adjusted operating margin: 24.5%, expanding 120 basis points year over year.
The improvement in profitability reflects the company's continued focus on operational efficiency, productivity improvements and its well-established Practical Process Improvement (PPI) Business System.
According to Chairman and CEO Marc N. Casper, the company's growth strategy continues to resonate strongly with customers, while operational execution is supporting strong financial performance.
The results suggest that demand conditions across several important end markets are improving, providing a more favorable operating environment for laboratory technology providers and scientific service companies.
One of the most significant developments in Thermo Fisher's Q3 2026 results was the continued improvement in its China business.
According to CFO Jim Meyer during the earnings conference call, China achieved low-double-digit organic revenue growth in the third quarter. Asia Pacific also delivered low-double-digit organic growth, while North America and Europe recorded mid-single-digit growth.
Management highlighted particularly positive momentum in China's pharmaceutical, biotechnology, industrial and applied markets.
This performance is important because China remains one of the world's largest and most strategically significant markets for scientific instruments, laboratory equipment, reagents, consumables and biopharmaceutical services.
Over the past several years, Chinese pharmaceutical companies, biotechnology startups, academic institutions and contract research organizations have continued investing in advanced analytical technologies and laboratory infrastructure.
Demand for high-performance liquid chromatography (HPLC), liquid chromatography-mass spectrometry (LC-MS), gas chromatography-mass spectrometry (GC-MS), electron microscopy, molecular biology equipment and laboratory automation remains closely linked to research activity, pharmaceutical development and industrial quality control.
Thermo Fisher's performance indicates that customer demand in several Chinese end markets is gaining momentum.
For the company, maintaining strong local customer relationships, providing responsive technical support and delivering solutions tailored to China's scientific and industrial requirements will remain important competitive priorities.
Another important development surrounding the company's third-quarter performance is its leadership transition in China.
Thermo Fisher announced on August 18, 2026, that Dan Rosen had been appointed President of Thermo Fisher Scientific China, succeeding Miguel Faustino.
Rosen previously served as Vice President and General Manager of Thermo Fisher's Southeast Asia region. Since joining the company in 2017, he has held several leadership positions across corporate strategy, bioprocessing and regional business operations.
He brings experience in strategic planning, commercial development and operational management.
The transition is scheduled to take place during the second half of 2026, with Rosen working closely with Faustino to ensure continuity for customers, employees and business operations.
Rosen's appointment comes at a significant time for the Chinese life sciences industry.
China's pharmaceutical and biotechnology sectors are undergoing continuous transformation, driven by domestic innovation, increased research investment, global pharmaceutical partnerships and growing demand for advanced analytical technologies.
For Thermo Fisher, the new leadership structure provides an opportunity to further strengthen its local operating model, deepen customer engagement and coordinate its global technology portfolio with the needs of China's rapidly evolving scientific community.
The company has maintained a substantial presence in China for more than four decades, with commercial offices, manufacturing facilities, innovation centers and technical service networks across the country.
Thermo Fisher's four major business segments delivered differentiated results during the third quarter.
Laboratory Products and Biopharma Services remained the largest contributor to overall revenue, generating approximately $6.863 billion, up 15% year over year.
Life Sciences Solutions generated $2.719 billion, representing 5% growth.
Analytical Instruments delivered $2.002 billion, up 6%, with particularly strong profitability improvements.
Specialty Diagnostics generated $1.098 billion, reflecting a 6% decline compared with the previous year.
The performance of the Analytical Instruments segment is particularly relevant to the global laboratory equipment industry.
Demand for advanced analytical technologies is supported by pharmaceutical research, biotechnology development, semiconductor manufacturing, environmental testing and industrial applications.
During the quarter, Thermo Fisher introduced several innovative products, including the Thermo Scientific Orbitrap Isora mass spectrometer, designed specifically for isotope ratio analysis.
The company also introduced the EMPAD G2 electron detector, which supports faster and more detailed characterization of advanced materials.
These launches demonstrate Thermo Fisher's continued investment in scientific innovation and its efforts to expand applications for advanced analytical technologies.
Following its strong third-quarter performance, Thermo Fisher increased its full-year 2026 financial outlook.
The company now expects annual revenue of $47.7 billion to $48.2 billion, representing approximately 7% to 8% reported growth compared with 2025.
Its full-year organic revenue growth outlook has also been raised to 4%.
Adjusted earnings per share guidance increased to $25.13–$25.43, representing expected growth of 10% to 11%.
Additionally, the company raised its full-year free cash flow outlook to approximately $7 billion–$7.5 billion.
These revised expectations reflect management's confidence in improving customer activity, strong operational execution and continued demand across key pharmaceutical, biotechnology and industrial markets.
Thermo Fisher's Q3 2026 results provide several important signals for the broader scientific instrumentation market.
First, the improvement in pharmaceutical and biotechnology markets could support additional investment in analytical instruments, laboratory equipment and research infrastructure.
Second, China's low-double-digit growth demonstrates the continued importance of the region to global laboratory technology suppliers.
Third, the company's investment in innovative technologies and operational capabilities highlights the increasing importance of integrated laboratory solutions rather than standalone equipment offerings.
For independent laboratory equipment suppliers, instrument distributors, refurbishment companies and technical service providers, these developments may also create opportunities.
As laboratories expand research activities and manage equipment utilization more efficiently, demand for reliable used and refurbished analytical instruments, equipment maintenance, instrument relocation and technical support may remain relevant purchasing considerations.
Companies capable of providing flexible equipment sourcing, professional refurbishment and responsive after-sales services can play a complementary role in supporting laboratories with different capital expenditure requirements.
Thermo Fisher's third-quarter results reflect a company benefiting from improving market conditions, diversified business operations and continued investment in innovation.
The combination of 9% revenue growth, stronger profitability, an upgraded full-year outlook and low-double-digit organic growth in China provides a positive indication of the company's business momentum entering the final quarter of 2026.
At the same time, Dan Rosen's appointment as China President represents an important leadership development as Thermo Fisher continues to strengthen its position in the Chinese market.
As pharmaceutical innovation, biotechnology research, advanced manufacturing and laboratory automation continue to evolve, the demand for high-quality scientific instruments and integrated laboratory solutions is expected to remain an important long-term market driver.
For Thermo Fisher, the challenge and opportunity will be to translate this positive momentum into sustainable growth while continuing to serve customers across global and regional markets.
About Thermo Fisher Scientific
Thermo Fisher Scientific Inc. (NYSE: TMO) is a global leader in serving science, with annual revenue exceeding $45 billion. The company provides innovative technologies, analytical instruments, laboratory products, specialty diagnostics and pharmaceutical services to customers worldwide.
Its leading brands include Thermo Scientific, Applied Biosystems, Invitrogen, Gibco, Fisher Scientific, Unity Lab Services, Patheon and PPD. Through its comprehensive portfolio, Thermo Fisher supports scientific research, pharmaceutical development, clinical diagnostics and industrial applications, helping customers make the world healthier, cleaner and safer.