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CompanyThermo Fisher Scientific Catalyst Call North AmericaUnited States BloombergTMO US ReutersTMO.N Health CareLife Science Tools &Diagnostics Catalyst Call: Buy Idea Valuation & Risks Justin Bowers Basis for the short-term investment idea Research Analyst+1-917-517-9836 We believe the set-up for TMO stock entering 2Q26 earnings is improved withsentiment tilting more negatively due to investor concerns related to the ramp inorganic growth through the rest of 2026 compared to +1% organic growth in 1Q26.In other words, 2Q26 organic growth in line with sell side consensus of +3%coupled with reiteration of the full year outlook of ~3% should be enough to provokea relief rally and improve investor confidence in the bridge to mid-single digitgrowth in 2027. Sam MartinResearch Associate The bridge to +3% organic growth QoQ is relatively flat when normalizing acombined (2%) headwind in 1Q due to fewer selling days and plant maintenance.Further, Thermo has a (4%) YoY comp in Analytical Instruments, while intraquarterchecksfor this segment and the core reagents business were relativelyconstructive. In addition, we expect accelerating growth and strong bookings fromboth PPD and the CDMO, from both improving end-market conditions and ongoingtraction of Thermo's Accelerator Drug Development program. Also, synergies fromM&A and PPI should support upside to consensus EPS of $5.72. Catalysts Earnings announcement on July 23, 2026; 2Q26 beat; 3Q26 guidance that bracketsconsensus; 2026 guidance raise. Risks to the short-term investment ideaMiss consensus estimates; material downward guidance revision; negative end- market commentary; elevated cancellations; pharma tariff / pricing / FDA headlinerisk; and/or competitor pre-announcements. Appendix 1 Important Disclosures *Other information available upon request Disclosure checklist *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Otherinformation is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investorsare strongly encouraged to review this information before investing. Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees.2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company.7.Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investmentbanking or financial advisory services within the past year.8.Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment bankingservices from this company in the next three months.14.Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for non-investment banking related services.15.This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it receivedinvestment banking services. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. 1.Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public offering for thiscompany, for which it received fees.2.Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issuedby this company.24.Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with thecompany relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU, or hasover the previous 12 months been obliged or entitled (as applicable) to pay or receive compensation relating to theprovision of services set out in Sections A and B of Annex I of Directive 2014/65/EU.26.Within the preceding 12 months, Deutsche Bank and/or its affiliate(s) has received compensation for the provision ofinvestment banking services or is currently providing or has