(Reuters) -Medical equipment maker Thermo Fisher beat analysts’ estimates for third-quarter revenue and profit on Wednesday, owing to strong demand for its tools and technologies that are used to develop therapies.
Contract research firms such as Thermo Fisher are seeing renewed demand as pharmaceutical companies ramp up drug development and manufacturing, while benefiting from easing trade tensions.
The Trump administration has extended some tariff exclusions in China through November 29, but signaled potential new duties, prompting Beijing to threaten countermeasures.
China is a key source of raw ingredients and supplies for the pharmaceutical and medical device industries across the world. It represents about 8% of Thermo Fisher’s business.
The Waltham, Massachusetts-based company reported quarterly revenue of $11.12 billion, compared with analysts’ estimate of $10.91 billion, according to data compiled by LSEG.
Sales at its laboratory products and biopharma services segment, which makes up more than half of the company’s total sales, rose 4% to $5.97 billion.
Peer Danaher also beat quarterly estimates earlier this week, buoyed by resilient demand for its diagnostic testing tools and services.
Earlier this year, Thermo had said it would buy Sanofi’s New Jersey manufacturing site to produce critical medicines. It also agreed to acquire Solventum’s purification and filtration business for about $4.1 billion to expand in bioprocessing.
The company posted an adjusted per-share profit of $5.79 for the quarter ended September 27, while analysts estimated $5.49.
It will provide updated 2025 forecast during its earnings conference call later in the day.
(Reporting by Sahil Pandey and Christy Santhosh in Bengaluru)
