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Thermo Fisher Scientific Expects 12 Percent Revenue Growth in 2022

NEW YORK — Thermo Fisher Scientific on Friday provided initial revenue and earnings guidance for 2022, while reiterating previously disclosed financial guidance for full-year 2021.

In a presentation to investors, the company said it anticipates total revenues of $40.3 billion for next year, a 12 percent increase over its $35.9 billion in anticipated revenues for 2021. Adjusted earnings per share are expected to be $21.16. Wall Street analysts, on average, were projecting $34.3 billion in 2022 revenues and EPS of $19.68.

Thermo also reiterated 2021 guidance, provided in late July, of $35.9 billion of total revenue and adjusted EPS of $22.07.

The company's 2022 figures assume 8 percent core organic revenue growth and $750 million of COVID-19 testing response revenue, as well as $6.0 billion in revenue from clinical research services provider PPD, which Thermo Fisher is set to acquire by the end of 2021.

In April, when the company announced its plans to buy PPD for $17.4 billion in cash and the assumption of $3.5 billion in debt, it said that the acquisition would add $1.40 to its adjusted EPS in the first 12 months after the deal closed. On Friday, Thermo bumped that number up to $1.50.

Thermo Fisher also said that each additional $100 million of COVID-19 testing response revenue over the projected $750 million would add about $.06 of additional adjusted EPS.

Wall Street responded positively to the firm's 2022 guidance, pushing shares of the Waltham, Massachusetts-based company up 5 percent to $589.84 during morning trading on the New York Stock Exchange.