Thermo Fisher Scientific’s plan for growth is paying off as the biopharma service provider and supplier posted a sales bump in the third quarter.
The company, which has business lines ranging from medical equipment to R&D services and drug manufacturing, hit a 5% sales increase year over year, generating $11.12 billion in the third quarter.
The company touted recent approvals and launches during the quarter as evidence of its ongoing growth trajectory, including its companion diagnostic for Dizal Pharma’s Zegfrovy.
Over the summer, the Dizal drug won an FDA approval to treat adults with locally advanced or metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations. Alongside the nod, the FDA endorsed Thermo Fisher’s Oncomine Dx Express Test to help identify patients who may be eligible for the therapy.
Meanwhile, just last month, Thermo Fisher rolled out a research test to profile dozens of proteins linked to neurodegenerative diseases—such as Alzheimer’s disease, Parkinson’s disease, amyotrophic lateral sclerosis and multiple sclerosis—with the goal of aiding in the development of new clinical biomarkers.
“I’m […] very pleased with the progress we made executing our strategy—launching outstanding new products, completing complementary acquisitions, and collaborating with OpenAI to accelerate scientific advancement,” Marc Casper, chairman, president and CEO of Thermo Fisher, said in a statement.
“Looking ahead, we’re in a great position to deliver on our 2025 objectives as we continue to drive long-term value creation for all stakeholders and build an even brighter future for our company,” Casper added.
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Thermo Fisher has, however, also been making cuts. In recent months, the company laid off roughly 85 employees between its locations at Newton Drive and Van Allen Way in Carlsbad, California, according to a Worker Adjustment and Retraining Notification notice filed with the state.
Like many other companies that enjoyed a major sales boost during the COVID-19 pandemic, for Thermo Fisher, this has now fallen off dramatically, with head count reductions sometimes following. No new cuts were announced in the company’s financial statement Wednesday morning.
A similar situation has befallen Abbott, which last week saw a major sales slide for its diagnostics division as sales of its COVID tests fell off a cliff this year. It is, however, making up for this in its CGM division as sales flourish. Back in 2023, Abbott cut several hundred staffers from its COVID test-making workforce.
