Can Thermo Fisher Reduce 3.5x Leverage Before Tariff Headwinds Deepen In 2026?

Thermo Fisher Scientific reported a solid start to 2026, with first-quarter revenue rising 6% year-over-year to $11.01 billion and adjusted operating income also increasing 6% to $2.4 billion. Adjusted earnings per share grew by 6% to $5.44, while the adjusted operating margin held steady near 21.8%. These results led the company to raise its full-year guidance, now anticipating revenue between $47.3 billion and $48.1 billion and adjusted EPS in the range of $24.64 to $25.12, reflecting an 8% to 10% increase from 2025. Revenue growth included 1% organic expansion complemented by a 3% contribution from acquisitions—including the newly completed $9 billion purchase of Clario, a digital endpoint data solutions provider—and a 2% favorable foreign exchange impact. North America showed low single-digit organic growth while Europe and Asia Pacific were flat, with China experiencing a low single-digit decline.