Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

						March 29,						December 31,
(In millions except share and per share amounts)						2025						2024
Assets
Current assets:
Cash and cash equivalents						$	4,134					$	4,009
Short-term investments						1,813						1,561
Accounts receivable, less allowances of $165 and $173						8,455						8,191
Inventories						5,224						4,978
Contract assets, net						1,366						1,435
Other current assets						2,387						1,964
Total current assets						23,378						22,137
Property, plant and equipment, net						9,331						9,306
Acquisition-related intangible assets, net						15,323						15,533
Other assets						4,516						4,492
Goodwill						46,493						45,853
Total assets						$	99,041					$	97,321
Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations						$	2,819					$	2,214
Accounts payable						3,049						3,079
Accrued payroll and employee benefits						1,419						1,988
Contract liabilities						2,866						2,852
Other accrued expenses						3,022						3,199
Total current liabilities						13,174						13,332
Deferred income taxes						1,041						1,268
Other long-term liabilities						3,971						3,989
Long-term obligations						31,370						29,061
Redeemable noncontrolling interest						128						120
Equity:
Thermo Fisher Scientific Inc. shareholders’ equity:
Preferred stock, $100 par value, 50,000 shares authorized; none issued						—						—
Common stock, $1 par value, 1,200,000,000 shares authorized; 444,246,082 and 443,841,240 shares issued						444						444
Capital in excess of par value						18,111						17,962
Retained earnings						54,447						53,102
Treasury stock at cost, 66,752,170 and 63,066,906 shares						(21,269)						(19,226)
Accumulated other comprehensive income/(loss)						(2,343)						(2,697)
Total Thermo Fisher Scientific Inc. shareholders’ equity						49,390						49,584
Noncontrolling interests						(33)						(33)
Total equity						49,357						49,551
Total liabilities, redeemable noncontrolling interest and equity						$	99,041					$	97,321

The accompanying notes are an integral part of these condensed consolidated financial statements.

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

												Three months ended
																		March 29,						March 30,
(In millions except per share amounts)																		2025						2024
Revenues
Product revenues																		$	5,980					$	5,955
Service revenues																		4,384						4,390
Total revenues																		10,364						10,345
Costs and operating expenses:
Cost of product revenues																		3,125						2,939
Cost of service revenues																		3,004						3,201
Selling, general and administrative expenses																		2,078						2,183
Research and development expenses																		342						331
Restructuring and other costs																		98						29
Total costs and operating expenses																		8,648						8,682
Operating income																		1,716						1,663
Interest income																		203						279
Interest expense																		(303)						(363)
Other income/(expense)																		3						10
Income before income taxes																		1,620						1,589
Benefit from/(provision for) income taxes																		(95)						(281)
Equity in earnings/(losses) of unconsolidated entities																		(14)						23
Net income																		1,511						1,331
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest																		4						4
Net income attributable to Thermo Fisher Scientific Inc.																		$	1,507					$	1,328
Earnings per share attributable to Thermo Fisher Scientific Inc.
Basic																		$	3.99					$	3.47
Diluted																		$	3.98					$	3.46
Weighted average shares
Basic																		378						382
Diluted																		379						384

The accompanying notes are an integral part of these condensed consolidated financial statements.

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

												Three months ended
																		March 29,						March 30,
(In millions)																		2025						2024
Comprehensive income/(loss)
Net income																		$	1,511					$	1,331
Other comprehensive income/(loss):
Currency translation adjustment:
Currency translation adjustment (net of tax provision (benefit) of $(207) and $166)																		360						456
Unrealized gains/(losses) on available-for-sale debt securities
Unrealized holding losses arising during the period (net of tax (provision) benefit of $0 and $0)																		—						(1)
Unrealized gains/(losses) on hedging instruments:
Reclassification adjustment for losses included in net income (net of tax (provision) benefit of $0 and $0)																		1						1
Pension and other postretirement benefit liability adjustments:
Pension and other postretirement benefit liability adjustments arising during the period (net of tax (provision) benefit of $1 and $0)																		(3)						1
Amortization of net loss included in net periodic pension cost (net of tax (provision) benefit of $0 and $0)																		1						—
Total other comprehensive income/(loss)																		358						457
Comprehensive income/(loss)																		1,869						1,788
Less: comprehensive income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest																		8						1
Comprehensive income attributable to Thermo Fisher Scientific Inc.																		$	1,861					$	1,787

The accompanying notes are an integral part of these condensed consolidated financial statements.

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

						Three months ended
						March 29,						March 30,
(In millions)						2025						2024
Operating activities
Net income						$	1,511					$	1,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment						276						285
Amortization of acquisition-related intangible assets						429						551
Change in deferred income taxes						(279)						(253)
Stock-based compensation						75						70
Other net non-cash expenses						135						53
Changes in assets and liabilities, excluding the effects of acquisitions						(1,425)						(787)
Net cash provided by operating activities						723						1,251
Investing activities
Purchases of property, plant and equipment						(362)						(347)
Proceeds from sale of property, plant and equipment						12						4
Proceeds from cross-currency interest rate swap interest settlements						87						64
Purchases of investments						(264)						(1,758)
Other investing activities, net						1						7
Net cash used in investing activities						(527)						(2,030)
Financing activities
Net proceeds from issuance of debt						2,840						1,205
Repayment of debt						(838)						—
Purchases of company common stock						(2,000)						(3,000)
Dividends paid						(149)						(135)
Other financing activities, net						45						110
Net cash used in financing activities						(102)						(1,821)
Exchange rate effect on cash						37						22
Increase (decrease) in cash, cash equivalents and restricted cash						132						(2,578)
Cash, cash equivalents and restricted cash at beginning of period						4,040						8,097
Cash, cash equivalents and restricted cash at end of period						$	4,172					$	5,519

The accompanying notes are an integral part of these condensed consolidated financial statements.

THERMO FISHER SCIENTIFIC INC.

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

(Unaudited)

						Redeemable Noncontrolling Interest									Common Stock												Capital in Excess of Par Value						Retained Earnings						Treasury Stock												Accumulated Other Comprehensive Items						Total Thermo Fisher Scientific Inc. Shareholders’ Equity						Noncontrolling Interests						Total Equity
(In millions)												Shares						Amount												Shares						Amount
															Three months ended March 29, 2025
Balance at December 31, 2024						$	120								444						$	444					$	17,962					$	53,102					63						$	(19,226)					$	(2,697)					$	49,584					$	(33)					$	49,551
Issuance of shares under stock plans						—									—						—						74						—						—						(24)						—						50						—						50
Stock-based compensation						—									—						—						75						—						—						—						—						75						—						75
Purchases of company common stock						—									—						—						—						—						4						(2,000)						—						(2,000)						—						(2,000)
Dividends declared ($0.43 per share)						—									—						—						—						(163)						—						—						—						(163)						—						(163)
Net income/(loss)						5									—						—						—						1,507						—						—						—						1,507						—						1,507
Other comprehensive items						3									—						—						—						—						—						—						354						354						1						355
Contributions from (distributions to) noncontrolling interest						—									—						—						—						—						—						—						—						—						(1)						(1)
Excise tax from stock repurchases						—									—						—						—						—						—						(18)						—						(18)						—						(18)
Balance at March 29, 2025						$	128								444						$	444					$	18,111					$	54,447					67						$	(21,269)					$	(2,343)					$	49,390					$	(33)					$	49,357
															Three months ended March 30, 2024
Balance at December 31, 2023						$	118								442						$	442					$	17,286					$	47,364					56						$	(15,133)					$	(3,224)					$	46,735					$	(11)					$	46,724
Issuance of shares under stock plans						—									1						1						126						—						—						(24)						—						103						—						103
Stock-based compensation						—									—						—						70						—						—						—						—						70						—						70
Purchases of company common stock						—									—						—						—						—						6						(3,000)						—						(3,000)						—						(3,000)
Dividends declared ($0.39 per share)						—									—						—						—						(149)						—						—						—						(149)						—						(149)
Net income/(loss)						4									—						—						—						1,328						—						—						—						1,328						—						1,328
Other comprehensive items						(3)									—						—						—						—						—						—						460						460						—						460
Contributions from (distributions to) noncontrolling interest						—									—						—						—						—						—						—						—						—						(1)						(1)
Excise tax from stock repurchases						—									—						—						—						—						—						(29)						—						(29)						—						(29)
Balance at March 30, 2024						$	119								443						$	443					$	17,482					$	48,542					61						$	(18,186)					$	(2,764)					$	45,516					$	(12)					$	45,504

The accompanying notes are an integral part of these condensed consolidated financial statements.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

Thermo Fisher Scientific Inc. (the company or Thermo Fisher) enables customers to make the world healthier, cleaner and safer by helping them accelerate life sciences research, solve complex analytical challenges, increase laboratory productivity, and improve patient health through diagnostics and the development and manufacture of life-changing therapies. Markets served include pharmaceutical and biotech, academic and government, industrial and applied, as well as healthcare and diagnostics.

Interim Financial Statements

The interim condensed consolidated financial statements presented herein have been prepared by the company, are unaudited and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at March 29, 2025, the results of operations for the three-month periods ended March 29, 2025 and March 30, 2024, and the cash flows for the three-month periods ended March 29, 2025 and March 30, 2024. Interim results are not necessarily indicative of results for a full year.

The condensed consolidated balance sheet presented as of December 31, 2024, has been derived from the audited consolidated financial statements as of that date. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and do not contain all information that is included in the annual financial statements and notes thereto of the company. The condensed consolidated financial statements and notes included in this report should be read in conjunction with the 2024 financial statements and notes included in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC). Certain reclassifications of prior year amounts have been made to conform to the current year presentation.

Note 1 to the consolidated financial statements for 2024 describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the company’s significant accounting policies during the three months ended March 29, 2025.

Amounts and percentages reported within these condensed consolidated financial statements are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.

Recent Accounting Pronouncements

The following table provides a description of recent accounting pronouncements adopted and those standards not yet adopted with potential for a material impact on the company's financial statements or disclosures.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Standard						Description						Required adoption timing and approach						Impact of adoption or other significant matters
Standards recently adopted
ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations						New guidance to disclose information about supplier finance programs. Among other things, the new guidance requires expanded disclosure about key program terms, payment terms, and amounts outstanding for obligations under supplier finance programs for each period presented.						Some aspects adopted in 2023 using a retrospective method and other aspects adopted in 2024 using a prospective method						Not material
ASU No. 2023-07, Segment Reporting (Topic 280): Improving Reportable Segment Disclosures						Among other things, new guidance to disclose significant segment expenses and other items by reportable segment as well as information about the chief operating decision maker.						2024 annual report and interim periods thereafter using a retrospective method						Increased disclosures in Note 11
Standards not yet adopted
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures						Among other things, new guidance to disclose additional information about the tax rate reconciliation and income taxes paid.						2025 annual report and interim periods thereafter using a prospective or retrospective method						Will increase disclosures in Note 7
ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses						New guidance to disclose specified information about certain costs and expenses.						2027 annual report and interim periods thereafter using a prospective or retrospective method						Will increase disclosures in Note 6

Note 2. Supplemental Balance Sheet Information

Inventories

The components of inventories are as follows:

(In millions)						March 29, 2025						December 31, 2024
Raw materials						$	1,862					$	1,803
Work in process						874						755
Finished goods						2,488						2,420
Inventories						$	5,224					$	4,978

Contract-related Balances

Contract asset and liability balances are as follows:

(In millions)						March 29, 2025						December 31, 2024
Current contract assets, net						$	1,366					$	1,435
Noncurrent contract assets, net						4						6
Current contract liabilities						2,866						2,852
Noncurrent contract liabilities						1,127						1,138

In the three months ended March 29, 2025, the company recognized revenues of $1.36 billion that were included in the contract liabilities balance at December 31, 2024. In the three months ended March 30, 2024, the company recognized revenues of $1.32 billion that were included in the contract liabilities balance at December 31, 2023.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of March 29, 2025, was $24.54 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 54% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 3. Debt and Other Financing Arrangements

The company’s debt and other financing arrangements are as follows:

						Effective interest rate at March 29,						March 29,						December 31,
(Dollars in millions)						2025						2025						2024
0.125% 5.5-Year Senior Notes, Due 3/1/2025 (euro-denominated)												$	—					$	828
2.00% 10-Year Senior Notes, Due 4/15/2025 (euro-denominated)						2.07		%				693						663
0.853% 3-Year Senior Notes, Due 10/20/2025 (Japanese yen-denominated)						1.05		%				149						142
0.00% 4-Year Senior Notes, Due 11/18/2025 (euro-denominated)						0.15		%				596						569
3.20% 3-Year Senior Notes, Due 1/21/2026 (euro-denominated)						3.38		%				541						518
1.40% 8.5-Year Senior Notes, Due 1/23/2026 (euro-denominated)						1.52		%				758						725
4.953% 3-Year Senior Notes, Due 8/10/2026						5.18		%				600						600
0.832% 1.5-Year Senior Notes, Due 9/7/2026 (Swiss franc-denominated)						1.15		%				466						—
5.00% 3-Year Senior Notes, Due 12/5/2026						5.25		%				1,000						1,000
1.45% 10-Year Senior Notes, Due 3/16/2027 (euro-denominated)						1.65		%				541						518
1.75% 7-Year Senior Notes, Due 4/15/2027 (euro-denominated)						1.96		%				650						621
1.054% 5-Year Senior Notes, Due 10/20/2027 (Japanese yen-denominated)						1.18		%				193						184
4.80% 5-Year Senior Notes, Due 11/21/2027						5.00		%				600						600
0.790% 3-Year Senior Notes, Due 1/6/2028 (Swiss franc-denominated)						1.39		%				100						—
0.50% 8.5-Year Senior Notes, Due 3/1/2028 (euro-denominated)						0.77		%				866						828
1.6525% 4-Year Senior Notes, Due 3/7/2028 (Swiss franc-denominated)						1.79		%				375						364
0.77% 5-Year Senior Notes, Due 9/6/2028 (Japanese yen-denominated)						0.90		%				193						184
1.375% 12-Year Senior Notes, Due 9/12/2028 (euro-denominated)						1.46		%				650						621
1.75% 7-Year Senior Notes, Due 10/15/2028						1.89		%				700						700
5.00% 5-Year Senior Notes, Due 1/31/2029						5.24		%				1,000						1,000
1.125% 4-Year Senior Notes, Due 3/7/2029 (Swiss franc-denominated)						1.26		%				358						—
1.95% 12-Year Senior Notes, Due 7/24/2029 (euro-denominated)						2.07		%				758						725
2.60% 10-Year Senior Notes, Due 10/1/2029						2.74		%				900						900
1.279% 7-Year Senior Notes, Due 10/19/2029 (Japanese yen-denominated)						1.44		%				31						30
1.120% 5-Year Senior Notes, Due 1/6/2030 (Swiss franc-denominated)						1.25		%				266						—
4.977% 7-Year Senior Notes, Due 8/10/2030						5.12		%				750						750
0.80% 9-Year Senior Notes, Due 10/18/2030 (euro-denominated)						0.88		%				1,895						1,812
0.875% 12-Year Senior Notes, Due 10/1/2031 (euro-denominated)						1.13		%				975						932
2.00% 10-Year Senior Notes, Due 10/15/2031						2.23		%				1,200						1,200
1.8401% 8-Year Senior Notes, Due 3/8/2032 (Swiss franc-denominated)						1.92		%				471						457
2.375% 12-Year Senior Notes, Due 4/15/2032 (euro-denominated)						2.54		%				650						621
1.49% 10-Year Senior Notes, Due 10/20/2032 (Japanese yen-denominated)						1.60		%				42						40
4.95% 10-Year Senior Notes, Due 11/21/2032						5.09		%				600						600
1.4175% 8-Year Senior Notes, Due 3/7/2033 (Swiss franc-denominated)						1.49		%				397						—
5.086% 10-Year Senior Notes, Due 8/10/2033						5.20		%				1,000						1,000
1.125% 12-Year Senior Notes, Due 10/18/2033 (euro-denominated)						1.20		%				1,624						1,553
5.20% 10-Year Senior Notes, Due 1/31/2034						5.34		%				500						500
3.65% 12-Year Senior Notes, Due 11/21/2034 (euro-denominated)						3.76		%				812						777
1.50% 12-Year Senior Notes, Due 9/6/2035 (Japanese yen-denominated)						1.58		%				143						137
2.0375% 12-Year Senior Notes, Due 3/7/2036 (Swiss franc-denominated)						2.10		%				369						358
1.520% 12-Year Senior Notes, Due 1/6/2037 (Swiss franc-denominated)						1.56		%				353						—
1.6524% 12-Year Senior Notes, Due 3/6/2037 (Swiss franc-denominated)						1.71		%				244						—

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

						Effective interest rate at March 29,						March 29,						December 31,
(Dollars in millions)						2025						2025						2024
2.875% 20-Year Senior Notes, Due 7/24/2037 (euro-denominated)						2.94		%				758						725
1.50% 20-Year Senior Notes, Due 10/1/2039 (euro-denominated)						1.73		%				975						932
2.80% 20-Year Senior Notes, Due 10/15/2041						2.90		%				1,200						1,200
1.625% 20-Year Senior Notes, Due 10/18/2041 (euro-denominated)						1.77		%				1,354						1,294
2.069% 20-Year Senior Notes, Due 10/20/2042 (Japanese yen-denominated)						2.13		%				97						93
5.404% 20-Year Senior Notes, Due 8/10/2043						5.50		%				600						600
2.02% 20-Year Senior Notes, Due 9/6/2043 (Japanese yen-denominated)						2.06		%				193						184
5.30% 30-Year Senior Notes, Due 2/1/2044						5.37		%				400						400
1.49% 20-Year Senior Notes, Due 1/6/2045 (Swiss franc-denominated)						1.54		%				210						—
1.8975% 20-Year Senior Notes, Due 3/7/2045 (Swiss franc-denominated)						1.95		%				153						—
4.10% 30-Year Senior Notes, Due 8/15/2047						4.23		%				750						750
1.875% 30-Year Senior Notes, Due 10/1/2049 (euro-denominated)						1.98		%				1,083						1,035
1.47% 25-Year Senior Notes, Due 1/6/2050 (Swiss franc-denominated)						1.49		%				371						—
2.00% 30-Year Senior Notes, Due 10/18/2051 (euro-denominated)						2.07		%				812						777
2.382% 30-Year Senior Notes, Due 10/18/2052 (Japanese yen-denominated)						2.43		%				222						212
Other												74						73
Total borrowings at par value												34,261						31,332
Unamortized discount												(96)						(95)
Unamortized debt issuance costs												(176)						(164)
Total borrowings at carrying value												33,989						31,072
Finance lease liabilities												200						202
Less: Short-term obligations and current maturities												2,819						2,214
Long-term obligations												$	31,370					$	29,061

The effective interest rates for the fixed-rate debt include the stated interest on the notes, the accretion of any discounts/premiums and the amortization of any debt issuance costs.

See Note 4 for fair value information pertaining to the company’s long-term borrowings.

Credit Facilities

The company has a revolving credit facility (the Facility) with a bank group that provides for up to $5.00 billion of unsecured multi-currency revolving credit. The Facility expires on January 7, 2027. The revolving credit agreement calls for interest at either a Term Secured Overnight Financing Rate (SOFR), a Euro Interbank Offered Rate (EURIBOR)-based rate (for funds drawn in euro), or a rate based on the prime lending rate of the agent bank, at the company’s option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The covenants in the Facility include a Consolidated Net Interest Coverage Ratio (Consolidated EBITDA to Consolidated Net Interest Expense), as such terms are defined in the Facility. Specifically, the company has agreed that, so long as any lender has any commitment under the Facility, any letter of credit is outstanding under the Facility, or any loan or other obligation is outstanding under the Facility, it will maintain a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter. As of March 29, 2025, no borrowings were outstanding under the Facility, although available capacity was reduced by immaterial outstanding letters of credit.

Commercial Paper Programs

The company has commercial paper programs pursuant to which it may issue and sell unsecured, short-term promissory notes (CP Notes). Under the U.S. program, a) maturities may not exceed 397 days from the date of issue and b) the CP Notes are issued on a private placement basis under customary terms in the commercial paper market and are not redeemable prior to maturity nor subject to voluntary prepayment. Under the euro program, maturities may not exceed 183 days and may be denominated in euro, U.S. dollars, Japanese yen, British pounds sterling, Swiss franc, Canadian dollars or other currencies.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Under both programs, the CP Notes are issued at a discount from par (or premium to par, in the case of negative interest rates), or, alternatively, are sold at par and bear varying interest rates on a fixed or floating basis.

Senior Notes

Interest is payable annually on the euro and public Swiss franc-denominated fixed rate senior notes and semi-annually on all other senior notes. Each of the U.S. dollar and euro-denominated fixed rate senior notes, and Japanese yen-denominated and Swiss franc-denominated private placement notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest, together with swap breakage costs payable to holders of the Japanese yen-denominated and Swiss franc-denominated private placement notes who have entered into cross-currency swap agreements. The company is subject to certain affirmative and negative covenants under the indentures and note purchase agreement governing the senior notes, the most restrictive of which limits the ability of the company to pledge certain property and assets as security under borrowing arrangements. The company was in compliance with all covenants related to its senior notes at March 29, 2025.

Thermo Fisher Scientific (Finance I) B.V. (Thermo Fisher International), a wholly-owned finance subsidiary of the company, issued each of the following notes outstanding as of March 29, 2025, included in the table above (collectively, the “Euronotes”) in registered public offerings: the 0.00% Senior Notes due 2025, the 0.80% Senior Notes due 2030, the 1.125% Senior Notes due 2033, the 1.625% Senior Notes due 2041, and the 2.00% Senior Notes due 2051. The company has fully and unconditionally guaranteed all of Thermo Fisher International’s obligations under the Euronotes and all of Thermo Fisher International’s other debt securities, and no other subsidiary of the company will guarantee these obligations. Thermo Fisher International is a “finance subsidiary” as defined in Rule 13-01(a)(4)(vi) of the Exchange Act, with no assets or operations other than those related to the issuance, administration and repayment of the Euronotes and other debt securities issued by Thermo Fisher International from time to time. The financial condition, results of operations and cash flows of Thermo Fisher International are consolidated in the financial statements of the company.

Note 4. Fair Value Measurements

Fair Value Measurements

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:

						March 29,						Quoted prices in active markets						Significant other observable inputs						Significant unobservable inputs
(In millions)						2025						(Level 1)						(Level 2)						(Level 3)
Assets
Cash equivalents						$	1,161					$	1,161					$	—					$	—
Bank time deposits						1,810						1,810						—						—
Investments						50						19						—						31
Insurance contracts						232						—						232						—
Derivative contracts						354						—						354						—
Total assets						$	3,607					$	2,990					$	586					$	31
Liabilities
Derivative contracts						$	72					$	—					$	72					$	—
Contingent consideration						13						—						—						13
Total liabilities						$	86					$	—					$	72					$	13

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

						December 31,						Quoted prices in active markets						Significant other observable inputs						Significant unobservable inputs
(In millions)						2024						(Level 1)						(Level 2)						(Level 3)
Assets
Cash equivalents						$	1,103					$	1,103					$	—					$	—
Bank time deposits						1,560						1,560						—						—
Investments						39						18						—						21
Insurance contracts						240						—						240						—
Derivative contracts						460						—						460						—
Total assets						$	3,401					$	2,680					$	700					$	21
Liabilities
Derivative contracts						$	59					$	—					$	59					$	—
Contingent consideration						13						—						—						13
Total liabilities						$	72					$	—					$	59					$	13

The company determines the fair value of its insurance contracts by obtaining the cash surrender value of the contracts from the issuer. The fair value of derivative contracts is the estimated amount that the company would receive/pay upon liquidation of the contracts, taking into account the change in interest rates and currency exchange rates. The company initially measures the fair value of acquisition-related contingent consideration based on amounts expected to be transferred (probability-weighted) discounted to present value. Changes to the fair values of contingent consideration are recorded in selling, general and administrative expense. The company determines the fair value of its equity method and non-marketable equity investments that are not eligible for the net asset value (NAV) practical expedient by considering factors such as financial position, operating results and cash flows of the investee; recent transactions in the same or similar securities; significant recent events affecting the investee; the price paid by Thermo Fisher; among others.

In the three-month periods ended March 29, 2025, and March 30, 2024, the company recorded $2 million and $10 million, respectively, of net gains/(losses) on investments, which are included in other income/(expense) in the accompanying statements of income.

The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration.

												Three months ended
																		March 29,						March 30,
(In millions)																		2025						2024
Contingent consideration
Beginning balance																		$	13					$	87
Payments																		—						(2)
Changes in fair value included in earnings																		1						(2)
Ending balance																		$	13					$	83

The following table provides a rollforward of investments classified as level 3:

												Three months ended
																		March 29,
(In millions)																		2025
Investments
Beginning balance																		$	21
Purchases																		11
Ending balance																		$	31

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Fair Value of Other Financial Instruments

The carrying value and fair value of the company’s debt instruments are as follows:

						March 29, 2025												December 31, 2024
						Carrying						Fair						Carrying						Fair
(In millions)						value						value						value						value
Senior notes						$	33,915					$	31,116					$	30,999					$	28,454
Other						74						74						73						73
						$	33,989					$	31,190					$	31,072					$	28,527

The fair value of debt instruments, excluding private placement notes, was determined based on quoted market prices and on borrowing rates available to the company at the respective period ends, which represent level 2 measurements. The fair value of private placement notes was determined based on internally developed pricing models and unobservable inputs, which represent level 3 measurements.

Note 5. Commitments and Contingencies

Environmental Matters

The company is currently involved in various stages of investigation and remediation related to environmental matters. The company cannot predict all potential costs related to environmental remediation matters and the possible impact on future operations given the uncertainties regarding the extent of the required cleanup, the complexity and interpretation of applicable laws and regulations, the varying costs of alternative cleanup methods and the extent of the company’s responsibility. Expenses for environmental remediation matters related to the costs of installing, operating and maintaining groundwater-treatment systems and other remedial activities related to historical environmental contamination at the company’s domestic and international facilities were not material in any period presented. At March 29, 2025, there have been no material changes to the accruals for pending environmental-related matters disclosed in the company’s 2024 financial statements and notes included in the company’s Annual Report on Form 10-K. While management believes the accruals for environmental remediation are adequate based on current estimates of remediation costs, the company may be subject to additional remedial or compliance costs due to future events such as changes in existing laws and regulations, changes in agency direction or enforcement policies, developments in remediation technologies or changes in the conduct of the company’s operations, which could have a material adverse effect on the company’s financial position, results of operations and cash flows.

Litigation and Related Contingencies

The company is involved in various disputes, governmental and/or regulatory inspections, inquiries, investigations and proceedings, and litigation matters that arise from time to time in the ordinary course of business. The disputes and litigation matters include product liability, intellectual property, employment and commercial issues. Due to the inherent uncertainties associated with pending litigation or claims, the company cannot predict the outcome, nor, with respect to certain pending litigation or claims where no liability has been accrued, make a meaningful estimate of the reasonably possible loss or range of loss that could result from an unfavorable outcome. The company has no material accruals for pending litigation or claims for which accrual amounts are not disclosed in the company’s 2024 financial statements and notes included in the company’s Annual Report on Form 10-K, nor are material losses deemed probable for such matters. It is reasonably possible, however, that an unfavorable outcome that exceeds the company’s current accrual estimate, if any, for one or more such matters could have a material adverse effect on the company’s results of operations, financial position and cash flows.

Product Liability, Workers Compensation and Other Personal Injury Matters

The company is involved in various proceedings and litigation that arise from time to time in connection with product liability, workers compensation and other personal injury matters. At March 29, 2025, there have been no material changes to the accruals for pending product liability, workers compensation, and other personal injury matters disclosed in the company’s 2024 financial statements and notes included in the company’s Annual Report on Form 10-K. Although the company believes that the amounts accrued and estimated insurance recoveries are probable and appropriate based on available information, including actuarial studies of loss estimates, the process of estimating losses and insurance recoveries involves a considerable degree of judgment by management and the ultimate amounts could vary, which could have a material adverse effect on the company’s results of operations, financial position, and cash flows. Insurance contracts do not relieve the company of its primary obligation with respect to any losses incurred. The collectability of amounts due from its insurers is subject to the solvency and willingness of the insurer to pay, as well as the legal sufficiency of the insurance claims. Management monitors the payment history as well as the financial condition and ratings of its insurers on an ongoing basis.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 6. Supplemental Income Statement Information

Disaggregated Revenues

Revenues by type are as follows:

												Three months ended
(In millions)																		March 29, 2025						March 30, 2024
Revenues
Consumables																		$	4,354					$	4,328
Instruments																		1,626						1,627
Services																		4,384						4,390
Consolidated revenues																		$	10,364					$	10,345

Revenues by geographic region based on customer location are as follows:

												Three months ended
(In millions)																		March 29, 2025						March 30, 2024
Revenues
North America																		$	5,513					$	5,519
Europe																		2,624						2,619
Asia-Pacific																		1,891						1,861
Other regions																		337						346
Consolidated revenues																		$	10,364					$	10,345

Each reportable segment earns revenues from consumables, instruments and services in North America, Europe, Asia-Pacific and other regions.

Revenues by business are as follows:

												Three months ended
(In millions)																		March 29, 2025						March 30, 2024
Revenues
Biosciences																		$	993					$	1,059
Genetic sciences																		677						637
BioProduction																		671						590
Life Sciences Solutions																		2,341						2,285
Chromatography and mass spectrometry																		773						789
Chemical analysis																		286						320
Electron microscopy																		659						579
Analytical Instruments																		1,718						1,687
Clinical diagnostics																		263						263
ImmunoDiagnostics																		217						212
Microbiology																		152						153
Transplant diagnostics																		113						106
Healthcare market channel																		474						438
Elimination of intrasegment revenues																		(72)						(63)
Specialty Diagnostics																		1,148						1,109
Laboratory products																		582						624
Research and safety market channel																		1,727						1,711
Pharma services																		1,607						1,578
Clinical research																		1,939						2,033
Elimination of intrasegment revenues																		(214)						(224)
Laboratory Products and Biopharma Services																		5,640						5,723
Elimination of intersegment revenues																		(482)						(460)
Consolidated revenues																		$	10,364					$	10,345

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Restructuring and Other Costs

In the first three months of 2025, restructuring and other costs primarily included continuing charges for headcount reductions and facility consolidations in an effort to streamline operations, impairment of long-lived assets, and, to a lesser extent, net charges for pre-acquisition litigation and other matters. In 2025, severance actions associated with facility consolidations and cost reduction measures affected approximately 1% of the company’s workforce.

As of May 2, 2025, the company has identified restructuring actions, primarily in the Laboratory Products and Biopharma Services segment, that it expects will result in additional charges of approximately $120 million, primarily in 2025, and expects to identify additional actions in future periods.

Restructuring and other costs by segment are as follows:

																		Three months ended
(In millions)																		March 29, 2025
Life Sciences Solutions																		$	42
Analytical Instruments																		4
Specialty Diagnostics																		2
Laboratory Products and Biopharma Services																		45
Corporate																		5
																		$	98

The following table summarizes the changes in the company’s accrued restructuring balance, which is included in other accrued expenses in the accompanying balance sheets. Other amounts reported as restructuring and other costs in the accompanying statements of income have been summarized in the notes to the table.

(In millions)																								Total (a)
Balance at December 31, 2024																								$	50
Net restructuring charges incurred in 2025 (b)																								43
Payments																								(34)
Currency translation																								1
Balance at March 29, 2025																								$	59

(a)The movements in the restructuring liability principally consist of severance and other costs associated with facility consolidations.

(b)Excludes $55 million of net charges, principally $68 million of charges for impairment of long-lived assets in the Life Sciences Solutions and Laboratory Products and Biopharma Services segments.

The company expects to pay accrued restructuring costs primarily through 2025.

Earnings per Share

												Three months ended
																		March 29,						March 30,
(In millions except per share amounts)																		2025						2024
Net income attributable to Thermo Fisher Scientific Inc.																		$	1,507					$	1,328
Basic weighted average shares																		378						382
Plus effect of: stock options and restricted stock units																		1						2
Diluted weighted average shares																		379						384
Basic earnings per share																		$	3.99					$	3.47
Diluted earnings per share																		$	3.98					$	3.46
Antidilutive stock options excluded from diluted weighted average shares																		3						2

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 7. Income Taxes

The provision for income taxes in the accompanying statements of income differs from the provision calculated by applying the statutory federal income tax rate to income before provision for income taxes due to the following:

						Three months ended
(In millions)						March 29, 2025						March 30, 2024
Statutory federal income tax rate						21		%				21		%
Provision for income taxes at statutory rate						$	340					$	334
Increases (decreases) resulting from:
Foreign rate differential						(30)						(38)
Income tax credits						(45)						(89)
Global intangible low-taxed income						10						12
Foreign-derived intangible income						(27)						(22)
Excess tax benefits from stock options and restricted stock units						(10)						(33)
Provision for (reversal of) tax reserves, net						(28)						185
Intra-entity transfers						—						(102)
Domestication transaction						(125)						—
Provision for (reversal of) valuation allowances, net						(12)						47
Withholding taxes						3						4
Tax return reassessments and settlements						3						(29)
State income taxes, net of federal tax						14						19
Other, net						2						(6)
Provision for/(benefit from) income taxes						$	95					$	281

During the first quarter of 2025, the company recorded a deferred tax benefit of $125 million resulting from the recognition of a tax attribute related to a domestication transaction.

During the first quarter of 2024, the company recorded a tax reserve and associated interest of $240 million related to the potential settlement of international tax audits for tax years 2009 through 2016, which were settled during 2024.

The company has operations and a taxable presence in approximately 70 countries outside the U.S. The company's effective income tax rate differs from the U.S. federal statutory rate each year due to certain operations that are subject to tax incentives, state and local taxes, and foreign taxes that are different than the U.S. federal statutory rate.

Unrecognized Tax Benefits

As of March 29, 2025, the company had $0.53 billion of unrecognized tax benefits substantially all of which, if recognized, would reduce the effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)						2025
Balance at beginning of year						$	525
Additions for tax positions of current year						8
Reductions for tax positions of prior years						(8)
Balance at end of period						$	525

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 8. Comprehensive Income/(Loss) and Shareholders' Equity

Comprehensive Income/(Loss)

Changes in each component of accumulated other comprehensive income/(loss), net of tax, are as follows:

(In millions)						Currency translation adjustment												Unrealized gains/(losses) on hedging instruments						Pension and other postretirement benefit liability adjustment						Total
						Three months ended March 29, 2025
Balance at December 31, 2024						$	(2,409)											$	(25)					$	(263)					$	(2,697)
Other comprehensive income/(loss) before reclassifications						360												—						(3)						357
Amounts reclassified from accumulated other comprehensive income/(loss)						(4)												1						1						(3)
Net other comprehensive income/(loss)						356												1						(3)						354
Balance at March 29, 2025						$	(2,053)											$	(24)					$	(265)					$	(2,343)

Note 9. Supplemental Cash Flow Information

						Three months ended
(In millions)						March 29, 2025						March 30, 2024
Non-cash investing and financing activities
Acquired but unpaid property, plant and equipment						$	173					$	165
Declared but unpaid dividends						164						150
Issuance of stock upon vesting of restricted stock units						65						63
Excise tax from stock repurchases						18						29

Cash, cash equivalents and restricted cash is included in the accompanying balance sheet as follows:

(In millions)						March 29, 2025						December 31, 2024
Cash and cash equivalents						$	4,134					$	4,009
Restricted cash included in other current assets						16						10
Restricted cash included in other assets						22						21
Cash, cash equivalents and restricted cash						$	4,172					$	4,040

Amounts included in restricted cash primarily represent funds held as collateral for bank guarantees, pension related deposits, and incoming cash in China awaiting government administrative clearance.

Note 10. Derivatives

Derivative Contracts

The following table provides the aggregate notional value of outstanding derivative contracts.

(In millions)						March 29, 2025						December 31, 2024
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro						$	1,000					$	1,000
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen						4,650						4,650
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc						2,500						2,500
Currency exchange contracts						1,412						1,588

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.

						Fair value – assets												Fair value – liabilities
						March 29,						December 31,						March 29,						December 31,
(In millions)						2025						2024						2025						2024
Derivatives designated as hedging instruments
Cross-currency interest rate swaps						$	352					$	458					$	70					$	57
Derivatives not designated as hedging instruments
Currency exchange contracts						1						2						2						2
Total derivatives						$	354					$	460					$	72					$	59

																		Gain/(loss) recognized
												Three months ended
																		March 29,						March 30,
(In millions)																		2025						2024
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive items to interest expense																		$	(1)					$	(1)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive income/(loss)																		(450)						275
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive income/(loss)																		(119)						444
Included in interest expense																		68						66
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues																		1						3
Included in other income/(expense)																		10						(6)

Gains and losses recognized on currency exchange contracts are included in the accompanying statements of income together with the corresponding, offsetting losses and gains on the underlying hedged transactions.

The company uses foreign currency-denominated debt, certain foreign currency-denominated payables, and cross-currency interest rate swaps to partially hedge its net investments in foreign operations against adverse movements in exchange rates. A portion of the company’s euro-denominated senior notes, certain foreign currency-denominated payables, and its cross-currency interest rate swaps have been designated as, and are effective as, economic hedges of part of the net investment in a foreign operation. Accordingly, foreign currency transaction gains or losses due to spot rate fluctuations on the euro-denominated debt instruments and certain foreign currency-denominated payables, and contract fair value changes on the cross-currency interest rate swaps, excluding interest accruals, are included in currency translation adjustment within other comprehensive items and shareholders’ equity.

The fair value of the cross-currency interest rate swaps is included in the accompanying balance sheets under the caption other assets or other long-term liabilities. The fair value of the currency exchange contracts is included in the accompanying balance sheets under the captions other current assets or other accrued expenses.

See Note 1 to the consolidated financial statements for 2024 included in the company’s Annual Report on Form 10-K for additional information on the company’s risk management objectives and strategies.

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 11. Business Segment Information

Business Segment Information

The company’s financial performance is reported in four segments. During 2025, there have been no changes to the company’s basis of segmentation or in the basis of measurement of segment income. Other segment items included in the below tables consist of stock-based compensation and other incentive compensation expenses, allocations of corporate expenses and certain overhead expenses as well as elimination of intersegment and intrasegment profits. Prior period segment expense amounts have been recast to reflect the method for allocating expenses to segments in the current period.

2025

			Three months ended March 29, 2025
(In millions)			Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Biopharma Services			Total
Revenues
Revenues from external customers			$	1,954		$	1,677		$	1,130		$	5,603		$	10,364
Intersegment revenues			387			41			18			37			482
			2,341			1,718			1,148			5,640			10,846
Elimination of intersegment revenues															(482)
Consolidated revenues															$	10,364
Segment Income
Cost of revenues			856			836			679			4,424
Selling, general, and administrative expenses			470			314			171			592
Research and development expenses			137			137			45			13
Other segment items			44			31			(51)			(120)
Segment income			834			399			304			731			2,269
Unallocated amounts
Cost of revenues adjustments															(11)
Selling, general and administrative expenses adjustments															(14)
Restructuring and other costs															(98)
Amortization of acquisition-related intangible assets															(429)
Interest income															203
Interest expense															(303)
Other income/(expense)															3
Consolidated income before income taxes															$	1,620

(In millions)			Unallocated amounts			Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Biopharma Services			Consolidated
Segment assets			$	85,272		$	3,018		$	2,986		$	1,298		$	6,467		$	99,041
Purchases of property, plant and equipment			36			43			44			33			205			362
Depreciation of property, plant and equipment			—			59			24			22			172			276

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2024

			Three months ended March 30, 2024
(In millions)			Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Biopharma Services			Total
Revenues
Revenues from external customers			$	1,930		$	1,629		$	1,099		$	5,686		$	10,345
Intersegment revenues			355			58			10			37			460
			2,285			1,687			1,109			5,723			10,805
Elimination of intersegment revenues															(460)
Consolidated revenues															$	10,345
Segment Income
Cost of revenues			821			799			628			4,500
Selling, general, and administrative expenses			431			318			187			585
Research and development expenses			132			132			40			17
Other segment items			61			39			(40)			(123)
Segment income			840			400			294			744			2,278
Unallocated amounts
Cost of revenues adjustments															(15)
Selling, general and administrative expenses adjustments															(19)
Restructuring and other costs															(29)
Amortization of acquisition-related intangible assets															(551)
Interest income															279
Interest expense															(363)
Other income/(expense)															10
Consolidated income before income taxes															$	1,589

(In millions)			Unallocated amounts			Life Sciences Solutions			Analytical Instruments			Specialty Diagnostics			Laboratory Products and Biopharma Services			Consolidated
Segment assets			$	83,908		$	3,114		$	2,671		$	1,179		$	6,223		$	97,095
Purchases of property, plant and equipment			24			25			27			32			240			347
Depreciation of property, plant and equipment			—			56			25			22			183			285

THERMO FISHER SCIENTIFIC INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 12. Acquisitions

The company’s acquisitions have historically been made at prices above the determined fair value of the acquired identifiable net assets, resulting in goodwill, primarily due to expectations of the synergies that will be realized by combining the businesses and the benefits that will be gained from the assembled workforces. These synergies include the elimination of redundant facilities, functions and staffing; use of the company’s existing commercial infrastructure to expand sales of the acquired businesses’ products and services; and use of the commercial infrastructure of the acquired businesses to cost-effectively expand sales of company products and services.

Acquisitions have been accounted for using the acquisition method of accounting, and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition.

Pending Acquisition

The company has entered into an agreement with Solventum Corporation to acquire its Purification & Filtration business for approximately $4.1 billion in cash. Solventum’s Purification & Filtration business is a leading provider of purification and filtration technologies used in the production of biologics as well as in medical technologies and industrial applications. The transaction, which is expected to be completed by the end of 2025, is subject to customary closing conditions, including regulatory approvals. Upon completion, Solventum’s Purification & Filtration business will become part of the Life Sciences Solutions segment.

2024

On July 10, 2024, the company acquired, within the Life Sciences Solutions segment, Olink Holding AB (publ), a Swedish-based provider of next-generation proteomics solutions. The acquisition enhances the segment’s capabilities in the high-growth proteomics market with the addition of highly differentiated solutions. It also complements the existing life sciences and mass spectrometry offerings, accelerating protein biomarker discovery and providing strong synergy opportunities. The goodwill recorded as a result of this business combination is not tax deductible.

The components of the purchase price and net assets acquired are as follows:

(In millions)						Olink
Purchase price
Cash paid						$	3,215
Purchase price payable						28
Cash acquired						(97)
						$	3,146
Net assets acquired
Definite-lived intangible assets
Customer relationships						$	708
Product technology						207
Tradenames						97
Goodwill						2,302
Net tangible assets						8
Deferred tax assets (liabilities)						(176)
						$	3,146

The weighted-average amortization periods for definite-lived intangible assets acquired in 2024 are 19 years for customer relationships, 15 years for product technology, and 15 years for tradenames. The weighted-average amortization period for definite-lived intangible assets acquired in 2024 is 18 years.

THERMO FISHER SCIENTIFIC INC.