Thermo Fisher Scientific’s investment case centers on its unparalleled position as a global leader serving the life sciences industry. The company maintains a strong market share across essential laboratory equipment, diagnostics, reagents, and pharmaceutical manufacturing services.
This diversified business model creates multiple revenue streams that benefit from secular tailwinds including aging demographics, increased healthcare spending, biopharmaceutical innovation, and the ongoing shift toward personalized medicine. The pharmaceutical and biotech sectors showed particularly strong recent momentum, especially in bioproduction and analytical instruments.
Now, two major acquisitions represent a quantum leap in competitive positioning, potentially revolutionizing drug development timelines and creating substantial value for customers while generating meaningful revenue opportunities.
THERMO FISHER SCIENTIFIC INC. (New York symbol TMO; www.thermofisher.com) is a leading manufacturer of scientific instruments, laboratory equipment, diagnostic consumables, and life science reagents.
In September 2025, the company completed the acquisition of Solventum’s purification and filtration business for $4.1 billion in cash.
Solventum (symbol SOLV on New York) was a healthcare company that was spun off by 3M (symbol MMM on New York) on April 1, 2024. Solventum makes products to treat and prevent infection in wounds; it also manufactures dental filling materials, and filtration and purification products.
Solventum’s purification and filtration business reported about $1 billion in revenue for 2023. Its technologies are used in the production of biologics and medical devices and for industrial applications. The business employed about 2,500 people globally and became part of Thermo Fisher’s life sciences solutions segment.
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Solventum’s Purification & Filtration business should be highly complementary to Thermo Fisher’s bioproduction unit. Today, Thermo Fisher has a leading portfolio of offerings in cell culture media and single-use technologies. Solventum’s innovative filtration portfolio broadens Thermo Fisher’s capabilities in the development and manufacturing of biologics, spanning upstream and downstream workflows.
Meanwhile, Thermo Fisher has agreed to acquire Clario Holdings, a leading provider of endpoint data solutions for clinical trials. The purchase price is $8.875 billion in cash at closing plus potential additional earnout and other payments in the future. Those depend on performance. Clario integrates clinical trial endpoint data from devices, sites and patients enabling pharma and biotech customers to collect, manage and analyze clinical evidence digitally across every phase of drug development, supporting faster, more confident trial decisions. The company’s platform has supported approximately 70% of FDA drug approvals over the past decade. For the full year 2025, Clario is expected to generate approximately $1.25 billion of revenue. Clinical trial endpoint data refers to the specific outcomes or events that are measured to determine whether the treatment or intervention being studied is effective and safe. Pharma and biotech customers increasingly depend on high-quality endpoint data to evaluate therapeutic safety, efficacy, and value—both during drug development and after approval. This data is essential for regulatory success, evidence-based pricing and reimbursement decisions, as well as R&D pipeline development. The acquisition enhances Thermo Fisher’s clinical research services by integrating Clario’s platform, which is complementary with its own current offerings. Furthermore, it is expected to bolster the data and digital capabilities of Thermo Fisher, including the application of AI to expedite clinical research, improve data-driven insights throughout the drug development process.
Thermo Fisher’s savvy acquisitions add risk—but also rewards
In the quarter ended September 27, 2025, Thermo Fisher’s revenue rose 4.9%, to $11.12 billion from $10.60 billion a year earlier. Excluding one-time items, per-share earnings rose 9.7%, to $5.79 from $5.28.
The shares yield 0.30%.
Overall, Thermo Fisher has relied on acquisitions for growth; it also has a high p/e and low yield. That combination leaves the company’s shares vulnerable to a sharp setback on bad corporate news or overall stock market weakness. Still, the company’s success with health technology could produce substantial gains.
Recommendation in Power Growth Investor: Thermo Fisher Scientific Inc. is a buy.
