Benzinga | Jul 28, 2021 06:53AM EDT

Thermo Fisher's Q2 Earnings Beat Expectations; Raises FY21 Outlook

Thermo Fisher Scientific Inc's (NYSE:TMO) Q2 revenues grew 34% Y/Y to $9.3 billion, beating the consensus of $8.8 billion. Organic revenue growth from the base business was 27%. COVID-19 response revenue was $1.9 billion.

* Adjusted EPS increased 44% to $5.60, ahead of the consensus of $5.49

* Adjusted operating margin expanded from 27% a year ago to 29%.

* Revenue from Life Sciences Solutions Segment grew 37% to $3.56 billion, Analytical Instruments Segment up 41% to $1.48 billion, Specialty Diagnostics Segment increased 25% to $1.24 billion, and Laboratory Products and Services Segment was up 29% to $3.58 billion.

* FY21 Guidance: Thermo Fisher is raising its revenue guidance by $300 million to $35.9 billion (consensus 35.7 billion), resulting in 11% revenue growth over 2020.

* It bumps up adjusted EPS guidance by $0.10 to $22.07 (consensus $22.12), representing 13% growth year over year.

* Price Action: TMO shares closed at $530.28 on Tuesday.