By Michael Dabaie

 

Thermo Fisher Scientific Inc. shares were up 1.6% to $478.60 in afternoon trading.

The provider of analytical equipment for research, analysis, and diagnostics said in a Securities and Exchange Commission filing Tuesday it expects fourth-quarter organic revenue growth of 40%. This is up from the original forecast for fourth-quarter organic revenue growth of 29% from October 21.

Thermo Fisher said this is driven by increased levels of organic growth in both the base business and Covid-19 response revenue.

The company also said it expects 2020 adjusted earnings per share of $19.17, representing 55% adjusted EPS growth over 2019. The company said in October it expects year-over-year adjusted EPS growth of 48%.

Citi said in a note that the beat was broadly expected from investors, and that it sees further upside to the new guidance.

"We believe Thermo's ability to be a key supplier of Covid solutions and proven consistency in the face of macro uncertainty continues to position the stock well," Stifel said in a note.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

December 02, 2020 13:12 ET (18:12 GMT)

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