2025年第四季度结果：利用不断增长的药品需求

growing pharmaceutical demand 4Q25 results:Capitalizing on the growingpharmaceutical demand Thermo Fisher (TMO)delivered astrong4Q25performance,withrevenueup by7.2% YoY (thefastest quarterly growth within 2025) and adj.EPS up by 7.7%,beatingBloombergconsensus by 2.2%/1.9%, respectively.The upbeat growth inthe quarter was firmly supported by the solid performance of bioproduction,research and safety channel, analytical instruments, and CDMO services. Mgmt.initiated the2026full-year guidance, expecting revenue to grow by 3.9% to 5.9% Target Price(Previous TPUp/DownsideCurrent Price HealthcareBenchen HUANG, CFAhuangbenchen@cmbi.com.hk Demand from pharmaceuticalcustomers rebounded steadily.Pharmaand biotech companies were the most robust client segmentsin 2025 forTMO, achieving a mid-single-digitrevenuegrowth for the year as well as ahigh-single-digit growth in 4Q25. Mgmt. indicated that discussions withtheseclients in early 2026 revealed thatpharma companies are confident aboutnavigating theirrelationships with governments.Moreover, biotech financingrecovered in 2H25, translating into exceptionally positive feedback from Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Strategic acquisitions enhancing core competencies.In 2025, TMOcompleted acquisitions of Solventum’s(SOLV US, NR)filtration & separationbusiness for US$4.0bn and Sanofi’s(SNY US, NR)sterile fill-finish facility inNew Jersey, alongside announcing its intention to acquire Clario, a clinicalendpointdata services provider, for US$8.9bn. These acquisitionsshouldnotonly bolsteritsglobal leadership in bioproduction but also expandits DPcapacity within the U.S.,enablingitselfto meet rising onshoreproduction Strengtheningone-stop service capabilities.TMO's competitive edge inthe global life sciences sectoris effectively supportingits CDMO and clinicalCROoperations.CDMO segment experienced strong growth in 2025,benefitingfrom the constrained sterile fill-finish capacity worldwide.Byacquiring Sanofi’sfacility, the Company is poised to secure growingordersforproduction in the U.S., supporting accelerated growthin the coming years. Source: FactSet Maintain BUY.Weslightlyraise TP from US$654 to US$670(based on a10-year DCF model with WACC of 8.16% andterminal growth of 2.0%),factoring into our positive outlook onoveralldemand trend.We forecastTMO’s revenue to grow by 5.1%/ 6.5%/ 6.7% YoY and adj.EPSto increase By changing equity beta to 1.2 from 1.0,WACC used in ourDCF model has been adjustedto 8.16% from 7.84%, reflecting the recently rising volatility of share priceof Thermo Fisher Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat the analyst covered in thisreport: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered inthis research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of theHongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock withpotential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad marketbenchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmarkover next 12 months Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should no