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TMO · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Thermo Fisher Scientific, Inc. (TMO) stock moving?
Thermo Fisher reported Q3 2026 revenue up 9% to $12.14B, with 6% organic growth and adjusted EPS up 15% to $6.68, and management said it is well positioned for an excellent 2026. The board then authorized a new $5B buyback replacing the prior program and declared a $0.47 quarterly dividend. Shares closed at $676.94 on Nov 5 and rose to $721.63 on Nov 9 on above-average volume, then ended at $718.20 on Nov 10, near the top of the 30-day range (about $661.6 to $723.1). Analyst views are split: Argus kept its Buy with a $780 target, while Evercore ISI cut its target from $720 to $615. Executive news is routine (EVP Michael Shafer retiring at year-end, a CHRO share sale), and the Optis FIB-SEM installations are incremental. Capital returns and solid Q3 results support the stock, but the rally has brought it close to recent highs and the analyst targets diverge widely.
News behind the analysis
- Thermo Fisher Scientific Announces Multiple Installations of Optis™ FIB-SEM for Semiconductor ManufacturingThermo Fisher has completed multiple installations of its Optis FIB-SEM to support semiconductor manufacturers developing complex chips.
- Thermo Fisher Scientific Authorizes $5 Billion Share Repurchase ProgramThe Board authorized a new $5 billion share repurchase program, replacing the company's previous authorization.
- Thermo Fisher Scientific Authorizes $5 Billion Share Buyback after Upbeat EarningsThe new $5 billion buyback follows upbeat earnings, while traders weigh broader market gains against the company's capital plans.
- Thermo Fisher Scientific Announces Quarterly Cash DividendThe company declared a quarterly cash dividend of $0.47 per common share.
- Argus Research Maintains Buy on Thermo Fisher Scientific, Raises Price Target to $780Argus kept its Buy rating and raised its price target to $780.
- Evercore ISI Adjusts Thermo Fisher Scientific Price TargetEvercore ISI lowered its price target from $720 to $615.
- Thermo Fisher Scientific Executive Vice President Michael D. Shafer to RetireExecutive Vice President Michael D. Shafer will retire at the end of 2026.
- Thermo Fisher Scientific Chief HR Officer Lisa P. Britt Sells SharesChief HR Officer Lisa P. Britt sold 2,831 shares of company stock.
- Thermo Fisher Scientific Reports Third Quarter 2026 ResultsQ3 revenue grew 9% to $12.14B with 6% organic growth; GAAP diluted EPS rose 9% to $4.64 and adjusted EPS rose 15% to $6.68.
- Thermo Fisher Scientific Announces 800 Million Swiss Franc Bond IssuanceThe company is issuing 800 million Swiss francs of bonds in four tranches maturing in 3 to 12 years.
About Thermo Fisher Scientific, Inc.
Thermo Fisher Scientific, based in Waltham, Massachusetts, is the world's largest supplier of lab equipment, research supplies and outsourced services to drug makers, biotech firms, universities, hospitals and industrial labs. Its scale stands out: it combines scientific instruments, everyday lab consumables, a large distribution business and contract drug development and manufacturing under one company, with full-year 2026 revenue guided at roughly $48 billion.
How it makes money
It makes money in four main areas. The biggest is Laboratory Products & Biopharma Services, roughly half of revenue, which covers lab supplies distribution (Fisher Scientific), clinical trial research services (PPD) and contract drug manufacturing. Life Sciences Solutions, roughly a fifth, sells bioproduction materials, cell culture media and genetic analysis tools. Analytical Instruments, roughly a sixth, sells mass spectrometers and electron microscopes. Specialty Diagnostics, roughly a tenth, sells clinical tests and diagnostics. A large share of sales repeats over time, coming from consumables and services, and the company also grows by buying other businesses.
What usually moves TMO
- Pharma and biotech R&D and funding spending
- US academic and government research budgets
- Biologics bioproduction demand
- Clinical trial outsourcing activity
- Acquisitions and organic growth guidance