S&P 500 · World's #1 life-science tools & CDMO
Thermo Fisher Scientific
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.
TMO Updated Jul 12, 2026 2 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · $44.56B (FY2025)
- Segments · Life Sciences Solutions · Analytical Instruments · Specialty Diagnostics · Laboratory Products and Biopharma Services
Revenue from
- Moderna (aseptic fill-finish / mRNA manufacturing) High confidence
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.Mentions EN MarketScreener Published Jun 1, 2026: Thermo Fisher analyst consensus and price target (TMO)Confirms EN Thermo Fisher Scientific Published Feb 17, 2022: Moderna and Thermo Fisher announce a 15-year strategic collaboration (aseptic fill-finish, mRNA manufacturing) - 제약·바이오텍 (바이오프로덕션·CDMO·임상) High confidence
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.Confirms EN U.S. Securities and Exchange Commission Published Feb 26, 2026: Thermo Fisher Scientific Inc. Form 10-K (FY2025)Confirms KO MEDI:GATE News Published Nov 20, 2025: Thermo Fisher aims to leap from world's #1 bio supplies leader to CDMO powerhouseConfirms EN Simply Wall St Published Nov 15, 2025: Thermo Fisher Scientific (TMO): Bioproduction Recovery and Analyst Targets - 병원·임상검사실 (특수 진단) High confidence
Revenue base of Specialty Diagnostics — supplying diagnostic reagents/tests to hospitals and clinical labs. Tied to healthcare spending, a relatively defensive, less cyclical axis.Confirms EN U.S. Securities and Exchange Commission Published Feb 26, 2026: Thermo Fisher Scientific Inc. Form 10-K (FY2025) - 학계·정부·연구기관 Medium confidence
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.Confirms EN U.S. Securities and Exchange Commission Published Feb 26, 2026: Thermo Fisher Scientific Inc. Form 10-K (FY2025)
Pays to
- 연구개발(R&D) High confidence
~$1.4B annual R&D defends performance leadership in tools/reagents — sustaining new-product turnover atop scale to protect premium pricing.Confirms EN U.S. Securities and Exchange Commission Published Feb 26, 2026: Thermo Fisher Scientific Inc. Form 10-K (FY2025) - 원재료·부품 공급사 High confidence
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.Confirms EN U.S. Securities and Exchange Commission Published Feb 26, 2026: Thermo Fisher Scientific Inc. Form 10-K (FY2025)
Investments
- Solventum Purification & Filtration business (2025 acquisition, ~$4.0B) High confidence
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.Mentions EN U.S. Securities and Exchange Commission Published Feb 26, 2026: Thermo Fisher Scientific Inc. Form 10-K (FY2025)Confirms EN Business Wire Published Sep 2, 2025: Thermo Fisher completes acquisition of Solventum's Purification & Filtration business (~$4.0B) - Olink (proteomics, 2024 acquisition, ~$3.1B) High confidence
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).Confirms EN Thermo Fisher Scientific Published Jul 10, 2024: Thermo Fisher completes acquisition of Olink (proteomics, ~$3.1B)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Moderna | lead1 | +143.1 | -29.3 | -44.6 | -58.2 | -29.1 | +131.5 |
| Thermo Fisher Scientific | node | +43.5 | -17.3 | -3.4 | -1.7 | +11.8 | -8.9 |
| Solventum | benef1 | · | · | · | · | +20 | -3.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10