Thermo Fisher Scientific’s Revenue by Segment (2016-2023)

This statistic highlights Thermo Fisher Scientific’s Revenue by Segment, split across Analytical Instruments, Laboratory Products and Services, Life Sciences Solutions, and Specialty Diagnostics, reported on a quarterly basis from Q1 2016 onwards.

Thermo Fisher Scientific Inc. is an American company that provides scientific instruments, reagents and consumables, software, and services to healthcare, life science, and other labs in academia, government, and industry.

Thermo Fisher Scientific’s Revenue by Segment

(All figures in billions, except percentages)

Thermo Fisher Scientific’s total revenue increased from $6.55 billion in Q1 2020 to $10.81 billion in Q1 2021, marking a 65.04% growth on a year-on-year basis.

Thermo Fisher Scientific Inc.’s revenue is further bifurcated into the following segments:

Analytical Instruments

The company’s Analytical Instruments segment provides a diverse variety of instruments, consumables, software, and services that are utilized in the laboratory, on the manufacturing line, and in the field. Customers in the pharmaceutical, biotechnology, academic, government, environmental, and other research and industrial industries, as well as the clinical laboratory, employ these goods and services. This category contains three major businesses – Chromatography and Mass Spectrometry, Chemical Analysis, and Materials and Structural Analysis.

Thermo Fisher Scientific’s revenue from the Analytical instruments segment increased by 26.36% from $1.10 billion in Q1 2020 to $1.39 billion in Q1 2021 on a year-on-year basis. This segment contributed to 12.86% of the company’s total revenue.

Laboratory Products and Services

The Laboratory Products and Services segment provides almost everything a laboratory need. Customers can focus on their main operations because of their unique combination of produced and supplied products and broad service offerings, which allows them to be more efficient, productive, and cost-effective. The category also comprises a full supply of outsourced services for drug discovery, clinical trial logistics, and commercial drug products that are employed by the pharmaceutical and biotech industries.

Thermo Fisher Scientific’s revenue from Laboratory Products and Services increased by 31.87% from $2.73 billion in Q1 2020 to $3.60 billion in Q1 2021 on a year-on-year basis. This segment contributed to 33.30% of the company’s total revenue.

Life Sciences Solutions

The Life Sciences Solutions division offers a diverse array of reagents, equipment, and consumables utilized in biological and medical research, drug development and manufacture, and infection and disease diagnostics. Customers in the pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government industries utilize these goods and services.

Thermo Fisher Scientific’s revenue from Life Sciences Solutions increased from $1.77 billion in Q1 2020 to $4.20 billion in Q1 2021, an increase of 137.29% on a year-on-year basis. During this period, this segment contributed 38.85% to the company’s total revenue.

Specialty Diagnostics

To support clients in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories, the Specialty Diagnostics segment provides diagnostic test kits, reagents, culture media, tools, and associated items. Healthcare goods are utilized to enhance the speed and accuracy of diagnosis, resulting in better patient care at a lower cost.

Thermo Fisher Scientific’s revenue from the Specialty Diagnostics segment increased from $0.95 billion in Q1 2020 to $1.62 billion in Q1 2021, an increase of 70.53% on a year-on-year basis. During this period, this segment contributed 14.99% to the company’s total revenue.

Company Overview

Thermo Fisher Scientific Inc. was formed in 2006 by the merger of Thermo Electron and Fisher Scientific. George N. Hatsopoulos and Peter M Nomikos co-founded Thermo Electron in 1956. The company specialized in analytical and laboratory equipment. Chester G. Fisher started Fisher Scientific in 1902. It specialized in the supply of laboratory equipment, chemicals, supplies, and services for healthcare, scientific research, safety, and education. The company traded on New York Stock Exchange under ticker code “TMO”.

Thermo Fisher Scientific Inc. faces tough competition from Bruker Corporation, Eppendorf, Shimadzu, Agilent Technologies, and many more. The company has acquired 34 companies some of them are Life Technologies Corporation, Advanced Scientifics, Alfa Aesar, Affymetrix, and MTI-GlobalStem.

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