New York, January 29, 2026, 19:40 EST — After-hours
- Thermo Fisher shares dropped following a 2026 profit forecast that missed Wall Street expectations, weighed down by concerns over U.S. academic research funding.
- Strong demand from pharmaceutical clients for drug-development tools and services helped the company surpass fourth-quarter estimates.
- Investors are zeroing in on growth prospects for early 2026, tracking academic and government ordering patterns, plus when the Clario deal will close.
Shares of Thermo Fisher Scientific Inc fell 2.6% to close at $592.16 on Thursday, dropping more than Danaher, which was down 2.3%, and Agilent, down 0.4%. The decline came after the company forecast 2026 profits below Wall Street expectations and flagged challenges from cuts to U.S. academic research funding. Thermo Fisher projected adjusted 2026 earnings between $24.22 and $24.80 per share, and revenue of $46.3 billion to $47.2 billion, compared with LSEG consensus estimates of $24.61 and $46.54 billion. CEO Marc Casper said the firm expects “similar conditions to last year” for academic and government clients. Bernstein analysts described the company’s 1% to 2% growth forecast for the first quarter as “soft.” 1
This is significant because Thermo Fisher occupies a middle spot in the lab-spending hierarchy. Its instruments, reagents, and services appear in the budgets of universities, government labs, and pharma firms, making the stock a useful barometer for research demand.
The real concern lies in timing. Academic and government spending often follows grant schedules and procurement lags, meaning a slow start can skew forecasts even if pharma demand remains strong.
During the earnings call, CFO Stephen Williamson noted that first-quarter organic revenue growth is expected to run “a couple of points lower” than the full-year rate, citing fewer selling days and the timing of pharma-services revenue. The company also announced Williamson’s retirement in March, with Jim Meyer stepping in as the new CFO. 2
Thermo Fisher reported a 7% jump in fourth-quarter revenue, reaching $12.21 billion, with adjusted earnings of $6.57 per share. “We delivered a strong finish to 2025,” Casper said in the earnings release. For the full year, the company posted $44.56 billion in revenue and adjusted EPS of $22.87. 3
“Organic revenue growth” refers to sales changes excluding the effects of currency fluctuations and acquisitions, as defined by the company. Meanwhile, “adjusted” profit is a non-GAAP figure that removes specific items, helping investors gauge the core run-rate from quarter to quarter.
On Friday, all eyes will be on whether the stock holds its ground or continues to slide following the call. The key test lies in how analysts weigh the headwinds from academic and government sectors against the robust demand tied to pharmaceuticals.
But there’s a clear risk here. Should grant freezes and budget caution stretch out beyond what management anticipates, universities and research institutions might delay major instrument purchases even further, potentially extending the early-year slump.
Timing of the deal remains a key variable. The market has mostly treated the Clario transaction as a positive boost, yet any hold-up in closing or hiccups during integration might push back the expected gains that investors are banking on.
Thermo Fisher’s first-quarter earnings are set for April 29, 2026, according to Investing.com’s earnings calendar. Investors will be watching closely for clarity on academic orders and if the company’s 2026 outlook remains intact. 4
