New York, January 29, 2026, 3:02 PM ET — Regular session
- Shares of Thermo Fisher fell after the company projected 2026 profits below market expectations.
- Management highlighted ongoing challenges in the U.S. academic and government sectors, despite delivering strong fourth-quarter results.
- Attention shifts to near-term organic growth and when the Clario acquisition will close.
Shares of Thermo Fisher Scientific dropped 2.6% to $592.08 in Thursday afternoon trading. The decline came after the company projected its 2026 adjusted profit would fall short of Wall Street expectations, citing headwinds from cuts and grant freezes in U.S. academic research funding. 1
The Waltham, Massachusetts-based firm projected adjusted EPS between $24.22 and $24.80 for 2026, with revenue expected to range from $46.3 billion to $47.2 billion. CEO Marc Casper told analysts the company is budgeting for “similar” conditions among academic and government clients and expects caution to “probably abate” later this year. 1
During the earnings call, CFO Stephen Williamson outlined the 2026 outlook, projecting organic revenue growth of 3% to 4%—excluding acquisitions and currency effects—and adjusted EPS growth of 6% to 8%. He noted that first-quarter organic growth would trail the annual pace by “a couple of points” and pointed to tariff and foreign-exchange pressures that have squeezed margins. 2
That mix is crucial since Thermo’s growth story depends on biopharma services and drug-development demand to balance out weaker spending at universities and government labs. The market isn’t forgiving of a sluggish start, and how the company phases its guidance could steal the spotlight.
Thermo Fisher posted fourth-quarter revenue of $12.21 billion, marking a 7% increase, with adjusted EPS hitting $6.57. Organic revenue growth came in at 3%. In a prepared statement, Casper said, “We enter 2026 from a position of strength,” highlighting the company’s execution and capital deployment through 2025. 3
The stock dipped Wednesday, finishing at $608.02, still short of its 52-week peak of $643.99 set on January 22, according to MarketWatch data. 4
Other stocks in the sector slipped as well. Danaher dropped roughly 2.0%, Waters slid around 3.2%, and Agilent dipped about 0.7%.
The downside scenario remains evident. Should academic and government budgets tighten more or biotech spending not convert into equipment and services orders, Thermo’s organic growth might fall short of initial forecasts. Meanwhile, margin pressure from tariffs and currency fluctuations could persist.
Investors are keeping an eye on the pending Clario acquisition, which Thermo expects to close by mid-2026, pending usual conditions and approvals. Any delay in that timeline could impact the company’s 2026 earnings trajectory. 5
