Thermo Fisher Scientific Expects 2020 Revenue to Grow 20%

By Dave Sebastian

Thermo Fisher Scientific Inc. executives said the company expects 2020 revenue to grow 20% to about $30.52 billion, its first full-year outlook since it withdrew guidance in April due to Covid-19 uncertainty.

The scientific-equipment and diagnostics company also expects adjusted earnings to rise 48% to $18.27 a share for the year, executives said on a conference call Wednesday.

The estimates are higher than the outlook it put out in late January, when it guided for adjusted earnings of $13.49 to $13.67 a share on revenue of $26.61 billion to $27.01 billion.

The company on Wednesday posted higher-than-expected profit and sales for the September quarter as it benefited from demand for Covid-19 testing.

For the fourth quarter, the company expects organic growth of 29%, with an expected $1.75 billion in Covid-19 response revenue and organic growth in the base business of low- to mid-single digits, Finance Chief Stephen Williamson said.

The company expects fourth-quarter adjusted earnings to grow about 60% from the same quarter last year, Mr. Williamson said. He added that the outlook doesn't anticipate the kind of lockdowns seen earlier this year amid the pandemic.

Shares rose 2.4% to $476.50.

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

(END) Dow Jones Newswires

October 21, 2020 10:28 ET (14:28 GMT)

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