Thermo Fisher raises 2021 outlook on strong COVID-19 services demand By Reuters

Thermo Fisher raises 2021 outlook on strong COVID-19 services demand

Stock MarketsJul 28, 2021 06:26AM ET

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Thermo Fisher raises 2021 outlook on strong COVID-19 services demand

(Reuters) -Thermo Fisher Scientific Inc raised its full-year 2021 outlook, boosted by revenue from its life sciences unit which makes raw materials for COVID-19 vaccine production and strong demand for its analytical instruments.

The world's largest maker of scientific instruments has benefited as one of the major providers of coronavirus tests to governments and healthcare providers during the pandemic.

The company is betting on sustained demand for raw materials to help blunt the blow from a widely expected slowdown in COVID-19 testing as vaccinations gain steam worldwide.

Revenue at Thermo Fisher (NYSE:TMO)'s life sciences unit grew 37% to $3.56 billion in the second quarter. The company said it generated COVID-19 response revenue of $1.9 billion in the quarter.

The company raised its 2021 revenue forecast by $300 million to $35.90 billion and now expects adjusted profit of $22.07 per share, compared to its previous forecast of $21.97 per share.

Its net income rose to $1.83 billion, or $4.61 per share, for the quarter ended July 3, from $1.16 billion, or $2.90 per share, a year earlier.

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