{"slug":"thermo-fisher-scientific","name":"써모 피셔 사이언티픽","name_en":"Thermo Fisher Scientific","ticker":"TMO","updated_at":"2026-07-12T04:43:06.464+00:00","canonical":"https://valuechain.wiki/thermo-fisher-scientific","citable":"밸류체인 그래프 기준 써모 피셔 사이언티픽의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Thermo Fisher Scientific is directly linked to 2 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 2 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 생명과학 도구·CDMO 세계 1위","kicker_en":"S&P 500 · World's #1 life-science tools & CDMO","lead":"써모 피셔 사이언티픽은 생명과학 도구·시약과 위탁개발생산(CDMO)을 아우르는 세계 최대 과학기술 기업이다. 4개 사업부(생명과학 솔루션, 분석 장비, 특수 진단, 실험 제품·바이오파마 서비스)를 두고 있으며, FY2025 매출은 445.6억 달러다. 가장 큰 고객군은 제약·바이오텍으로, 바이오프로덕션 소모품과 Patheon(파머슈티컬 서비스, CDMO)·PPD(임상연구) 서비스를 공급한다. 나머지 매출은 병원·임상검사실, 학계·정부 연구기관에서 나온다.","lead_en":"Thermo Fisher Scientific is the world's largest scientific-tools company, spanning life-science instruments and reagents through to contract drug development and manufacturing (CDMO). It runs four segments (Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services) and posted FY2025 revenue of $44.56 billion. Its largest customer base is pharma and biotech, supplied with bioproduction consumables plus Patheon (pharma services, CDMO) and PPD (clinical research). The rest of revenue comes from hospitals and clinical labs, and from academic and government research.","segments":{"parts":[{"name":"생명과학 솔루션","metric":"$10.37B"},{"name":"분석 장비","metric":"$7.55B"},{"name":"특수 진단","metric":"$4.68B"},{"name":"실험 제품·바이오파마 서비스","metric":"$23.98B"}],"total":"$44.56B (FY2025)"},"segments_en":{"parts":[{"name":"Life Sciences Solutions","metric":"$10.37B"},{"name":"Analytical Instruments","metric":"$7.55B"},{"name":"Specialty Diagnostics","metric":"$4.68B"},{"name":"Laboratory Products and Biopharma Services","metric":"$23.98B"}],"total":"$44.56B (FY2025)"},"returns_yearly":{"2021":43.5,"2022":-17.3,"2023":-3.4,"2024":-1.7,"2025":11.8,"2026":-8.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"moderna","name":"모더나","name_en":"Moderna","tier":1,"returns_yearly":{"2021":143.1,"2022":-29.3,"2023":-44.6,"2024":-58.2,"2025":-29.1,"2026":131.5}}],"benefiting":[{"slug":"solventum","name":"솔벤텀","name_en":"Solventum","tier":1,"returns_yearly":{"2025":20,"2026":-3.2}}],"analysis":"써모 피셔의 논점은 '규모 자체가 해자'다. 생명과학 도구·시약·CDMO(Patheon)·임상(PPD)을 한 지붕에 모은 세계 최대 사업자로, 제약·바이오텍의 R&D·제조 예산에 매출이 연동된다 — 바이오프로덕션 소모품과 CDMO가 성장축이고, 반면 학계·정부는 연구비 삭감으로 역풍을 맞아 FY2025 성장이 둔화됐다. 전방위 포트폴리오가 어느 한 시장 둔화를 상쇄하는 구조가 핵심 방어력이다. 성장·해자 강화의 지렛대는 볼트온 M&A 롤업(2024 Olink 프로테오믹스 ~$31억, 2025 Solventum 정제·여과 ~$40억)으로, 포트폴리오를 넓혀 고객당 지출을 키운다. 리스크는 바이오파마 자본지출 사이클과 정부 연구예산, 그리고 대형 M&A 통합이다. 그래프 파급: 고객 대부분은 익명이나, 모더나(15년 위탁생산)와 Solventum 인수가 확인되는 연결 축이다.","analysis_en":"Thermo Fisher's thesis is that scale itself is the moat. As the world's largest player uniting life-science tools, reagents, CDMO (Patheon) and clinical research (PPD), revenue tracks pharma/biotech R&D and manufacturing budgets — bioproduction consumables and CDMO are the growth axes, while academic/government slowed in FY2025 on research-funding cuts. The all-around portfolio offsetting any single market's softness is the core defense. The lever for growth and a wider moat is a bolt-on M&A roll-up (2024 Olink proteomics ~$3.1B, 2025 Solventum Purification & Filtration ~$4.0B) that broadens the portfolio and grows spend per customer. Risks are the biopharma capex cycle, government research budgets and large-M&A integration. Graph propagation: customers are mostly anonymous, but Moderna (15-year manufacturing) and the Solventum acquisition are the confirmed connection axes.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"Solventum 정제·여과 사업 (2025 인수 ~$40억)","counterparty_slug":"solventum","confidence":"high","metric":{"year":2025,"deal_usd_bn":4,"added_revenue_usd_m":750},"note":"2025년 9월 완료한 ~$40억 인수로, Solventum의 바이오프로세싱 필터·멤브레인 사업을 흡수했다 — 써모피셔의 바이오프로덕션 소모품 라인업을 정제·여과까지 넓혀 CDMO/바이오생산 고객당 지출을 키우는 볼트온이다(연매출 ~$7.5억). '규모가 해자'인 롤업 전략의 최근 실행.","note_en":"A ~$4.0B acquisition completed in September 2025 that absorbed Solventum's bioprocessing filtration and membranes business — a bolt-on that extends Thermo Fisher's bioproduction consumables into purification/filtration and grows spend per CDMO/bioproduction customer (~$750M revenue). The latest execution of the 'scale is the moat' roll-up.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm","title":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","title_en":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","excerpt":"FY2025 10-K: 정제·여과 사업 인수 등 사업 확장 M&A를 지속.","excerpt_en":"FY2025 10-K: continues expansion M&A including the Purification & Filtration acquisition."},{"stance":"confirms","publisher":"Business Wire","publisher_en":"Business Wire","kind":"news","lang":"en","published_at":"2025-09-02","url":"https://www.businesswire.com/news/home/20250902757637/en/Thermo-Fisher-Scientific-Completes-Acquisition-of-Solventums-Purification-and-Filtration-Business","title":"써모피셔, Solventum 정제·여과 사업 인수 완료(~$40억)","title_en":"Thermo Fisher completes acquisition of Solventum's Purification & Filtration business (~$4.0B)","excerpt":"써모피셔, Solventum 정제·여과 사업 인수 완료(2025-09-02, ~$40억, 워터사업 제외). 바이오프로세싱 여과·헬스케어·산업 필터·멤브레인 포함.","excerpt_en":"Thermo Fisher completed the acquisition of Solventum's Purification & Filtration business (Sep 2, 2025, ~$4.0B, water excluded), covering bioprocessing filtration, healthcare/industrial filtration and membranes."}]},{"direction":"investment","counterparty":"Olink (프로테오믹스, 2024 인수 ~$31억)","counterparty_slug":null,"confidence":"high","metric":{"year":2024,"segment":"life_sciences_solutions","deal_usd_bn":3.1},"note":"2024년 7월 ~$31억에 스웨덴 차세대 프로테오믹스 기업 Olink를 인수해 생명과학 솔루션 부문에 편입 — 유전체(넥스트젠 시퀀싱)에 단백질체 분석을 더해 '전 오믹스' 도구 포트폴리오를 채운 성장형 M&A. 그래프 미노드(cpid 없음).","note_en":"Acquired Sweden-based next-gen proteomics firm Olink for ~$3.1B in July 2024, folding it into the Life Sciences Solutions segment — a growth M&A that adds protein analysis to genomics, completing an 'all-omics' tools portfolio. Not a graph node (no cpid).","sources":[{"stance":"confirms","publisher":"Thermo Fisher","publisher_en":"Thermo Fisher Scientific","kind":"news","lang":"en","published_at":"2024-07-10","url":"https://ir.thermofisher.com/investors/news-events/news/news-details/2024/Thermo-Fisher-Scientific-Completes-Acquisition-of-Olink-Announces-Commencement-of-Subsequent-Offering-Period/default.aspx","title":"써모피셔, Olink(프로테오믹스) 인수 완료(~$31억)","title_en":"Thermo Fisher completes acquisition of Olink (proteomics, ~$3.1B)","excerpt":"써모피셔, Olink 인수 완료(2024-07, ~$31억). Olink는 생명과학 솔루션 부문에 합류.","excerpt_en":"Thermo Fisher completed the Olink acquisition (July 2024, ~$3.1B); Olink joined the Life Sciences Solutions segment."}]},{"direction":"revenue","counterparty":"모더나 (무균 충전·mRNA 위탁생산)","counterparty_slug":"moderna","confidence":"high","metric":{"product":"mrna_fill_finish","contract_years":15},"note":"써모피셔(파머슈티컬 서비스, CDMO)가 모더나의 Spikevax·mRNA 파이프라인을 위탁 생산한다 — 2021년 코로나 백신 무균 충전(그린빌 NC)으로 시작해 2022년 15년 장기 전략 협력으로 확대. CDMO가 고객 파이프라인을 다년 반복매출로 잡는 대표 사례이자, 소·대분자 전 과정 대행 모델의 실증.","note_en":"Thermo Fisher (pharma services, CDMO) manufactures Moderna's Spikevax and mRNA pipeline — starting with 2021 COVID-vaccine aseptic fill-finish (Greenville, NC) and expanding into a 15-year strategic collaboration in 2022. A flagship case of CDMO turning a customer's pipeline into multi-year recurring revenue, and proof of its end-to-end small/large-molecule model.","sources":[{"stance":"mentions","publisher":"MarketScreener","publisher_en":"MarketScreener","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketscreener.com/quote/stock/THERMO-FISHER-SCIENTIFIC--14623/consensus/","title":"써모피셔 투자의견·목표주가 컨센서스 (TMO)","title_en":"Thermo Fisher analyst consensus and price target (TMO)","excerpt":"애널리스트 컨센서스 '매수' — 12개월 목표주가 평균 약 $590~620(고 750·저 490). 바이오프로덕션 회복이 관전 포인트.","excerpt_en":"Analyst consensus 'Buy' — avg 12-month target ~$590-620 (high 750, low 490); bioproduction recovery is the watch item."},{"stance":"confirms","publisher":"Thermo Fisher","publisher_en":"Thermo Fisher Scientific","kind":"news","lang":"en","published_at":"2022-02-17","url":"https://ir.thermofisher.com/investors/news-events/news/news-details/2022/Moderna-and-Thermo-Fisher-Scientific-Announce-Long-Term-Strategic-Collaboration/default.aspx","title":"모더나·써모피셔, 15년 장기 전략 협력(무균 충전·mRNA 위탁생산)","title_en":"Moderna and Thermo Fisher announce a 15-year strategic collaboration (aseptic fill-finish, mRNA manufacturing)","excerpt":"모더나·써모피셔, 15년 장기 전략 협력 — Spikevax 및 mRNA 파이프라인의 미국 내 대규모 무균 충전 전용 생산.","excerpt_en":"Moderna and Thermo Fisher: a 15-year strategic collaboration for dedicated large-scale US aseptic fill-finish of Spikevax and the mRNA pipeline."}]},{"direction":"revenue","counterparty":"제약·바이오텍 (바이오프로덕션·CDMO·임상)","counterparty_slug":null,"confidence":"high","metric":"바이오프로덕션 +$548M YoY (FY2025)","note":"최대 고객군 — 제약·바이오텍의 신약 개발·제조 예산에 연동된다. 바이오프로덕션 소모품과 Patheon(CDMO)·PPD(임상)로 소·대분자 전 과정을 대행하는 구조라, 고객 파이프라인이 곧 반복매출.","note_en":"Largest customer group — tied to pharma/biotech drug-development and manufacturing budgets. Bioproduction consumables plus Patheon (CDMO) and PPD (clinical) serve the full small/large-molecule cycle, so customer pipelines are recurring revenue.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm","title":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","title_en":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","excerpt":"2025년 유기 매출 증가는 바이오프로덕션 사업이 견인했다. 보고 기준으로 바이오프로덕션은 제약·바이오텍 고객 수요 증가로 $548M 성장했다. 파머 서비스 사업은 소분자·대분자 의약품의 개발·제조·임상시험 전 과정을 제공한다.","excerpt_en":"The increase in organic revenues in 2025 was driven by the bioproduction business. On a reported basis, the bioproduction business grew $548 million, driven by higher demand from pharma and biotech customers. Our pharma services business provides the entire spectrum of development, manufacturing and clinical trials services for both small-molecule and large-molecule pharmaceuticals."},{"stance":"confirms","publisher":"메디게이트뉴스","publisher_en":"MEDI:GATE News","kind":"news","lang":"ko","published_at":"2025-11-20","url":"https://medigatenews.com/news/634717671","title":"써모피셔, 글로벌 1위 바이오 소부장 기업에서 CDMO 강자로 도약 노린다","title_en":"Thermo Fisher aims to leap from world's #1 bio supplies leader to CDMO powerhouse","excerpt":"써모피셔는 글로벌 바이오 소부장 1위 기업으로서 위탁개발생산(CDMO) 강자 도약을 모색한다. CEO 마크 캐스퍼는 GLP-1 계약 확대와 생산 캐파 증설을 강조했다.","excerpt_en":"Thermo Fisher, the world's #1 bio supplies company, is seeking to become a CDMO powerhouse; CEO Marc Casper stressed expanding GLP-1 contracts and adding manufacturing capacity."},{"stance":"confirms","publisher":"Simply Wall St","publisher_en":"Simply Wall St","kind":"news","lang":"en","published_at":"2025-11-15","url":"https://simplywall.st/stocks/us/pharmaceuticals-biotech/nyse-tmo/thermo-fisher-scientific/news/thermo-fisher-scientific-tmo-showcases-ai-tools-as-fair-valu","title":"Thermo Fisher (TMO): 바이오프로덕션 회복과 애널리스트 목표주가","title_en":"Thermo Fisher Scientific (TMO): Bioproduction Recovery and Analyst Targets","excerpt":"바이오프로덕션 사업은 CEO가 '경이로운 분기'로 표현한 실적을 냈고, 유기 성장률은 대다수 경쟁사를 앞섰다.","excerpt_en":"The bioproduction business delivered what the CEO described as a 'phenomenal quarter,' with organic growth exceeding what most peers reported."}]},{"direction":"cost","counterparty":"연구개발(R&D)","counterparty_slug":null,"confidence":"high","metric":"R&D $1.40B (FY2025)","note":"연 14억 달러 R&D는 도구·시약의 성능 리더십을 지키는 비용 — 규모의 경제 위에서 신제품 회전을 유지해 프리미엄 가격을 방어한다.","note_en":"~$1.4B annual R&D defends performance leadership in tools/reagents — sustaining new-product turnover atop scale to protect premium pricing.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm","title":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","title_en":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","excerpt":"연구개발비는 FY2025 $1,397M이다 (FY2024 $1,390M).","excerpt_en":"Research and development expenses were $1,397M in FY2025 ($1,390M in FY2024)."}]},{"direction":"revenue","counterparty":"병원·임상검사실 (특수 진단)","counterparty_slug":null,"confidence":"high","metric":"특수 진단 $4.68B (FY2025)","note":"특수 진단 부문의 매출원 — 진단 시약·검사를 병원·임상검사실에 공급한다. 헬스케어 지출에 연동돼 경기·예산 민감도가 상대적으로 낮은 방어적 축.","note_en":"Revenue base of Specialty Diagnostics — supplying diagnostic reagents/tests to hospitals and clinical labs. Tied to healthcare spending, a relatively defensive, less cyclical axis.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm","title":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","title_en":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","excerpt":"우리는 4개 부문으로 사업을 보고한다: 생명과학 솔루션, 분석 장비, 특수 진단, 실험 제품·바이오파마 서비스. 특수 진단 매출은 FY2025 $4,676M이다.","excerpt_en":"We report our business in four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Specialty Diagnostics revenues were $4,676M in FY2025."}]},{"direction":"cost","counterparty":"원재료·부품 공급사","counterparty_slug":null,"confidence":"high","metric":"제품 매출원가 $13.4B (FY2025)","note":"자체 제조 제품의 원재료·부품 조달 — 일부 규제·설계 요건 품목은 단일·소수 공급사 의존이라, 공급망 집중이 원가·납기의 잠재 병목.","note_en":"Sources raw materials and components for in-house products — some regulated/design-specific items depend on single or few suppliers, so supply concentration is a latent cost/delivery bottleneck.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm","title":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","title_en":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","excerpt":"당사는 모든 주요 제품의 원재료를 다양한 공급원에서 안정적으로 확보하고 있다. 단일 공급사가 중대하지는 않으나, 품질보증·규제·비용효율·가용성·설계 고유성 이유로 특정 자재·부품은 단일 또는 소수 공급사에서 조달할 수 있다.","excerpt_en":"We have a readily available supply of raw materials for all of our significant products from various sources. No single supplier is material, although for reasons of quality assurance, regulatory requirements, cost effectiveness, availability or uniqueness of design, certain materials or components may be sourced from a single supplier or a limited number of suppliers."}]},{"direction":"revenue","counterparty":"학계·정부·연구기관","counterparty_slug":null,"confidence":"mid","metric":null,"note":"대학·연구소·정부기관 대상 매출 — 연구예산에 직결돼 FY2025 지출 삭감으로 둔화됐다. 이 부문의 약세가 바이오파마 강세와 상쇄되는 게 포트폴리오 분산의 요체.","note_en":"Sales to universities, institutes and government — tied to research budgets and slowed on FY2025 spending cuts. This softness offsetting biopharma strength is the essence of portfolio diversification.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm","title":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","title_en":"Thermo Fisher Scientific Inc. Form 10-K (FY2025)","excerpt":"우리는 제약·바이오텍 기업, 병원·임상진단 검사실, 대학·연구기관·정부기관을 고객으로 한다. 2025년 학계·정부 시장 매출은 고객 지출 감소로 하락했다.","excerpt_en":"We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies. In 2025 revenues in the academic and government market declined, driven by lower customer spending."}]}]}