By Dave Sebastian

Thermo Fisher Scientific Inc.'s profit and sales rose for the September quarter, beating Wall Street estimates as it said it returned its base business to growth during the Covid-19 pandemic.

The scientific-equipment and diagnostics company on Wednesday posted third-quarter net income of $1.93 billion, or $4.84 a share, compared with $760 million, or $1.88 a share, for the year-earlier period.

Adjusted earnings were $5.63 a share, topping the $4.33 a share analysts polled by FactSet had expected.

Sales at the Waltham, Mass., company rose 35.9% to $8.52 billion, the company said. Analysts had been looking for $7.65 billion. On an organic basis, revenue grew 34%.

The company said it generated roughly $2 billion in Covid-19-related revenue.

Life-sciences revenue grew to $3.42 billion from $1.7 billion in the prior year, Thermo Fisher said. Analytics-instruments revenue was slightly down at $1.34 billion from $1.36 billion, while specialty-diagnostics revenue rose to $1.43 billion from $880 million.

Laboratory products and services revenue rose to $3.11 billion from $2.62 billion.

During the quarter, the company introduced two Covid-19 antibody tests in the U.S. and Europe, among other pandemic-related offerings.

"We're adding new capabilities, including scaling up production of sample collection products and essential laboratory supplies as well as increasing our pharma services capacity to support new therapies and vaccines," said Marc Casper, chairman, president and chief executive.

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

October 21, 2020 06:36 ET (10:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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