What changed in this filing

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Item 1. Business

2022-02-24 compared with 2021-02-25 · 145 added, 79 removed, 376 unchanged (37% of the section changed)

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Our Mission is to enable our customers to make the world healthier, cleaner and safer.

We serve more than 400,000 customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial quality and process control settings.

Our global team of more than 80,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon.

We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as environmental, industrial quality and process control settings.

Our global team delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon and PPD.

We continuously increase our depth of capabilities in technologies, software and services, and leverage our extensive global channels to address our customers’ emerging needs.

We do this through organic investments in research and development and through acquisitions.

Our goal is to make our customers more productive in an increasingly competitive business environment, and enable them to solve their challenges, from complex research to improved patient care, environmental and process monitoring, and consumer safety.

On December 8, 2021, the company acquired PPD, Inc., a leading global provider of clinical research services to the pharma and biotech industry.

The addition of PPD’s clinical research services enhances our offering to biotech and pharma customers by enabling them to accelerate innovation and increase their productivity within the drug development process.

PPD is now part of our Laboratory Products and Biopharma Services segment.

Forward-looking Statements

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Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, including without limitation statements regarding:

projections of revenues, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position;

projections of revenues, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, and our liquidity position;

cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions or divestitures;

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Business Segments and Products

We report our business in four segments – Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Services.

In 2020, we worked with our customers to respond to the COVID-19 pandemic.

This important work crossed many of the business segments we describe below.

Very early in the year, cryo-electron microscopes made by our Analytical Instruments business were used by researchers to create the first 3D image of the virus.

Through our Research and Safety Market Channel and Healthcare Market Channel we were a critical supplier of personal protective equipment (PPE), leveraging our strong relationships to secure these products when supplies were scarce.

Through our Life Sciences Solutions, Specialty Diagnostics and Laboratory Products businesses, we enabled widespread COVID-19 testing, creating a leading molecular diagnostic business in just a few months to support hundreds of millions of polymerase chain reaction (PCR) tests around the world.

And through our Pharma Services business, we provided our pharma and biotech customers with the set of products and services they needed to develop and produce vaccines and therapies.

We report our business in four segments – Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services.

During 2021, the Life Sciences Solutions and Specialty Diagnostics segments as well as the laboratory products business continued to support COVID-19 diagnostic testing, scaling and evolving their molecular diagnostics solutions and plastic consumables businesses to respond to the on-going COVID-19 pandemic.

The biosciences and bioproduction businesses also expanded their capacity to meet the needs of pharma and biotech customers as they rapidly expanded their own production volumes to meet global vaccine manufacturing requirements.

Additionally, through our pharma services business, we provided our pharma and biotech customers with the services they needed to develop and produce vaccines and therapies globally.

Life Sciences Solutions Segment

Through our Life Sciences Solutions segment, we provide an extensive portfolio of reagents, instruments and consumables used in biological and medical research, discovery and production of new drugs and vaccines as well as diagnosis of infection and disease.

These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical,

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healthcare, academic, and government markets.

These products and services are used by customers in pharmaceutical, biotechnology, agricultural, clinical, healthcare, academic, and government markets.

Life Sciences Solutions includes four primary businesses – Biosciences, Genetic Sciences, Clinical Next-Generation Sequencing, and BioProduction.

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These technologies include a wide range of cell analysis instruments, including flow cytometers and imaging platforms that enable fluorescence microscopy.

• Protein analysis products, including pre-cast electrophoresis gels for separating nucleic acids and proteins, and western blotting and staining tools.

• Protein analysis products, including precast electrophoresis gels for separating nucleic acids and proteins, and western blotting and staining tools.

Genetic Sciences

Our genetic sciences business combines a wide variety of instruments and related reagents used to provide high-value genomic solutions to assist customer decisions in the research, clinical, healthcare and applied markets.

Our offerings include real-time PCR technology used to identify changes in gene expression, genotyping or proteins on an individual gene-by-gene basis and for diagnostic testing to identify infection and disease such as COVID-19;

Our offerings include real-time polymerase chain reaction (PCR) technology used to identify changes in gene expression, genotyping or proteins on an individual gene-by-gene basis and for diagnostic testing to identify infection and disease such as COVID-19;

capillary electrophoresis (CE) sequencing, a core technology used in DNA sequencing and fragment analysis and forensic analysis applications;

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• Single-use bioproduction solutions that provide our customers with faster turnaround and set-up times, minimal validation requirements, reduced investment and running costs, and increased flexibility of manufacturing capacity.

• Production cell culture media solutions, which are used by leading biotechnology and pharmaceutical companies to grow cells in controlled conditions and enable large scale cGMP (Current Good Manufacturing Practices) manufacturing of drugs and vaccines.

We also provide our customers with the associated services to optimize the productivity of these production platforms.

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automation systems;

a range of consumables, such as a full line of chromatography columns;

a range of consumables, such as a line of chromatography columns;

and a range of sample preparation and separation products including auto-samplers and multiplexing systems.

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Our chemical analysis products fall into three main categories:

materials and minerals instruments;

production, process and analytics;

field safety instruments;

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Our product lines range from those used on production lines to improve quality and efficiency, to portable systems for rapid and real-time chemical identification in the field or to analyze, measure or respond to hazardous situations.

• Materials and Minerals Instruments include production line process monitoring, and control systems for a range of industrial applications.

• Production, Process and Analytics includes production line process monitoring and control systems for a range of industrial applications.

For example, we offer on-line instruments that analyze bulk materials non-invasively and in real time to improve quality control and ensure safe operation in a mine or cement manufacturing plant, as well as systems that enable high-speed weighing during bulk materials handling.

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In addition to our broad product offerings, we offer a variety of specialized services to our customers, including equipment servicing, instrument calibration services, asset management and training.

Materials and Structural Analysis

Our materials and structural analysis business includes electron microscopy, molecular spectroscopy and laboratory elemental analysis instruments that are used by customers in life sciences, materials sciences and industrial markets to accelerate breakthrough discoveries.

Electron Microscopy

Our electron microscopy business (formerly known as materials and structural analysis business) includes electron microscopy, molecular spectroscopy and bulk elemental analysis instruments that are used by customers in life sciences, materials sciences, semiconductor and industrial markets to accelerate breakthrough discoveries.

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Our focused ion beam microscopes are used in a range of process control, failure analysis, and materials research applications.

We also offer electrical failure analysis instruments which are used in root cause failure analysis and quality control, microCT instruments which are micro-computed tomography solutions for quantitative analysis of a broad range of materials, providing 3D visualization of large volumes non-destructively and 3D visualization software that turns the data and images generated by a broad range of instruments into 3D visualizations of the microscopic sample, allowing quantitative analysis of material properties.

We also offer electrical failure analysis instruments which are used in root cause failure analysis and quality control;

microCT instruments which are micro-computed tomography solutions for quantitative analysis of a broad range of materials, providing 3D visualization of large volumes non-destructively;

and a range of surface analysis instruments commonly used in the semiconductor, metals, coatings, and polymer industries as a product development and failure analysis tool.

We also provide 3D visualization software that turns the data and images generated by a broad range of instruments into 3D visualizations of the microscopic sample, allowing for quantitative analysis of material properties.

• Molecular Spectroscopy Instruments are divided into four primary techniques:

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Our material characterization instruments include rheometers and extruders that measure viscosity, elasticity, processability, and temperature-related mechanical changes of various materials.

We also provide a range of surface analysis instruments commonly used in the semiconductor, metals, coatings, and polymer industries as a product development and failure analysis tool.

• Laboratory Elemental Analysis Instruments and analyzers use X-ray fluorescence (XRF), X-ray diffraction (XRD), and arc spark optical emission (OES) techniques for accurate and precise analysis of bulk materials in the metals, cement, minerals, and petrochemicals industries.

• Bulk Elemental Analysis Instruments and analyzers use XRF, X-ray diffraction (XRD), and arc spark optical emission (OES) techniques for accurate and precise analysis of bulk materials in the metals, cement, minerals, and petrochemicals industries.

Specialty Diagnostics Segment

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Our clinical diagnostics products include a broad offering of liquid, ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls and calibration verification fluids.

In particular, we provide products used for COVID-19 testing, drugs-of-abuse testing;

In particular, we provide products used for COVID-19 testing;

drugs-of-abuse testing;

therapeutic drug monitoring, including immunosuppressant drug testing;

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Our immunodiagnostics offerings include developing, manufacturing and marketing complete blood-test systems to support the clinical diagnosis and monitoring of allergy, asthma and autoimmune diseases.

In addition, we offer antibody tests for approximately 20 indications to help diagnose autoimmune diseases such as rheumatoid arthritis, celiac disease, lupus and scleroderma.

We offer antibody tests for approximately 20 indications to help diagnose autoimmune diseases such as rheumatoid arthritis, celiac disease, lupus and scleroderma.

Our products include ImmunoCAP for allergy and asthma tests and EliA for autoimmunity tests.

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We go to market through our expert sales force, segment-relevant printed collateral and digital content, and a state-of-the-art website, www.fishersci.com/healthcare, containing full product content for more than 1.5 million products.

Laboratory Products and Services Segment

Our Laboratory Products and Services segment offers virtually everything needed for the laboratory.

Laboratory Products and Biopharma Services Segment

Our Laboratory Products and Biopharma Services segment (formerly known as Laboratory Products and Services) offers virtually everything needed for the laboratory.

Our unique combination of self-manufactured and sourced products and extensive service offering enables our customers to focus on their core activities and helps them to be more efficient, productive and cost-effective.

The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical trials logistics and commercial drug manufacturing.

We serve the pharmaceutical, biotechnology, academic, government and other research and industrial markets, as well as the clinical laboratory through four key businesses:

Laboratory Products, Laboratory Chemicals, Research and Safety Market Channel, and Pharma Services.

The segment also includes a comprehensive offering of outsourced services used by the pharmaceutical and biotech industries for drug development, clinical research, clinical trials services and commercial drug manufacturing.

We serve the pharmaceutical, biotechnology, academic, medical device, government and other research and industrial markets, as well as the clinical laboratory market through five key businesses:

Laboratory Products, Laboratory Chemicals, Research and Safety Market Channel, Pharma Services and Clinical Research.

Laboratory Products

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Additionally, we offer biological safety cabinets, which enable technicians to handle samples without risk to themselves or their environment and without risk of cross-contamination of samples.

• Water and Laboratory Products include water analysis instruments such as meters, electrodes and solutions for the measurement of pH, ions, conductivity, dissolved oxygen, turbidity and other key parameters in the lab and production line.

We also offer other laboratory equipment such as water purification systems, shakers, vacuum concentrators, microbiological incubators, ovens, furnaces, hotplates, stirrers, stirring hotplates, and other related products.

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• Laboratory Plastics Essentials include a leading offering of laboratory pipette tips and a complementary range of handheld and automated pipetting systems, supporting low- through high-throughput activity.

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Laboratory Chemicals

Our laboratory chemicals offering comprises a broad range of chemicals, solvents and reagents supporting virtually every laboratory application – from research to drug discovery and development and manufacturing.

Our laboratory chemicals offering comprises a broad range of chemicals, solvents and reagents supporting virtually every laboratory application – from research and drug discovery to development and manufacturing.

This portfolio includes organic chemicals used to synthesize new materials;

essential laboratory chemicals used by scientists to purify, extract, separate, identify and manufacture products;

high-purity analytical reagents, bioreagents used in many different applications, from cell growth to detailed protein analysis;

high-purity analytical reagents;

bioreagents used in many different applications, from cell growth to detailed protein analysis;

novel chemical building blocks, reactive intermediates and screening libraries used to accelerate drug discovery;

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and iv) commercial scale manufacturing and packaging.

• Drug Substance Services - Our service offerings address small molecules, produced through chemical synthesis, and large molecules such as antibodies and proteins produced through mammalian cell culture.

We provide development and manufacturing services for small molecule APIs and the biologically active component of pharmaceutical products

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under current good manufacturing practice (cGMP) conditions from early development through commercial production.

We provide development and manufacturing services for small molecule APIs and the biologically active component of pharmaceutical products under current good manufacturing practice (cGMP) conditions from early development through commercial production.

We also provide a full range of viral vector development and manufacturing services for customers developing and commercializing gene and cell therapies, including process development, optimization, scale-up, analytical development and qualification of viral vectors for commercial manufacturing.

Our breadth of vector platform includes the five most widely used virus types, providing extensive coverage across the gene and cell therapy landscape.

• Drug Product Services - We manufacture both small-molecule and large-molecule products for customers in conventional and specialized dosage forms.

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We provide a wide spectrum of advanced formulation, production and technical services and scientific expertise and solutions, from the early stages of a product’s development to regulatory approval and commercial scale production.

• Clinical Trials Services - We provide global services for pharmaceutical and biotechnology companies engaged in clinical trials, including comparator sourcing;

• Clinical Trials Services - We provide a comprehensive global supply chain offering for pharmaceutical and biotechnology companies engaged in clinical trials, including comparator sourcing;

specialized packaging;

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specialty pharmaceutical logistics;

and clinical supply-chain planning and management.

• Viral Vector Services - We provide a full-range of viral vector development and manufacturing services for customers developing and commercializing gene and cell therapies, including process development, optimization, scale-up, analytical development and qualification of viral vectors for commercial manufacturing.

Our breadth of vector platform includes the five most widely used virus types, providing extensive coverage across the gene and cell therapy landscape.

clinical supply-chain planning and management;

and a global distribution logistics network.

• Advanced Therapy Services - We provide a global network of cell and gene therapy development, manufacturing and supply chain services for Plasmid, mRNA drug substance and cell therapy manufacturing.

Clinical Research

We offer comprehensive, integrated clinical development and analytical services to our biopharmaceutical, biotechnology, government and academic customers.

Our clinical development services include all phases of development (i.e., Phases I-IV), peri- and post-approval and site and patient access services.

Our analytical services include a range of high-value, advanced testing services, including bioanalytical, biomarker, vaccine, cGMP and central laboratory services.

• Clinical Development Services - Within our clinical development services business, we provide early development and clinical research management services, site and patient access services, and peri- and post-approval services.

Through our early development and clinical research management services offering, we provide comprehensive support to early clinical development programs, including Phase I trials.

We conduct early-phase studies at our dedicated in-patient clinical facilities and complement these Phase I clinical research units with a global network of affiliated clinical trial sites.

We also provide full-service protocol management for Phases II-IV clinical research studies for investigational new drugs, biologics and medical devices.

Our suite of services for Phases II-IV clinical trials includes protocol design;

clinical trial strategic feasibility and investigator site selection;

project management;

site study startup activities;

patient recruitment;

clinical monitoring and data capture;

data management;

biostatistics;

safety medical monitoring/pharmacovigilance;

regulatory affairs;

medical writing;

global clinical supplies;

eClinical services;

quality assurance;

and virtual and digitally enabled trial solutions.

Through our site and patient access services offering we combine our unique-in-industry patient recruitment capability with a large independent network of dedicated clinical research investigator sites to offer services to complement the traditional site selection model, speeding study enrollment through efficient and predictive centralized recruitment while leveraging our network sites exclusively or in conjunction with independent investigators.

Through our peri- and post-approval services offering, we provide real-world research and evidence-based solutions to demonstrate the real-world effectiveness, safety, and value of biopharmaceutical and biotechnology products.

We also provide industry inbound and outbound peri- and post-approval contact center solutions focused on medical and clinical support to the biopharmaceutical industry.

• Analytical Services - We own and operate an integrated and scaled suite of laboratory services.

Our bioanalytical laboratories analyze drug and metabolite concentrations from biological fluid and tissue samples within preclinical and human clinical studies.

Our biomarker laboratory is closely aligned with both the central laboratories and bioanalytical laboratories to provide customized solutions for biomarker projects, including ligand binding, flow cytometry and molecular genomics.

We also perform testing for vaccines, such as immunogenicity testing to evaluate the efficacy of vaccines in inducing cellular and humoral immune responses, and employ molecular detection methods, such as

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polymerase chain reaction testing to detect the absence of pathogens or to characterize attenuated vaccine strains following administration of a vaccine.

We provide early preclinical development through post-approval testing services and product analysis laboratory services that are designed to be compliant with cGMPs, and our central laboratories provide highly standardized safety and biomarker testing services with customized results databases for our customers.

Sales and Marketing

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We support our customers’ development of innovative medicines, including biologics, gene therapies and vaccines.

By leveraging our expanding global network of facilities, we deliver high-quality services at all stages of the drug lifecycle, from discovery to development through clinical trials and commercial manufacturing.

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• PPD is our clinical research services brand, helping customers in the biopharmaceutical industry bring their medicines and other treatments to patients around the world.

Our clinical development services include all phases of development (i.e., Phases I-IV), peri- and post-approval and site and patient access services.

Our analytical services offer a range of high-value, advanced testing services, including bioanalytical, biomarker, vaccine, cGMP and central laboratory services.

We have approximately 15,000 sales personnel including highly trained technical specialists who enable us to better meet the needs of our more technical end-users.

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We anticipate that we will continue to make significant expenditures for research and development as we seek to provide a continuing flow of innovative products to maintain and improve our competitive position.

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Raw Materials

Our management team believes that we have a readily available supply of raw materials for all of our significant products from various sources.

We do not anticipate any difficulties obtaining the raw materials essential to our business.

No single supplier is material, although for reasons of quality assurance, regulatory requirements, cost effectiveness, availability or uniqueness of design, certain materials components may be sourced from a single supplier or a limited number of suppliers that can readily provide such materials or components.

Raw material and fuel prices are subject to fluctuations due to market conditions.

We employ many strategies, including the use of alternative materials, to mitigate the effect of these fluctuations on our results.

For a discussion of risks related to our supply chain and raw material and fuel prices, refer to “ Risk Factors ” in Part I, Item 1A.

Patents, Licenses and Trademarks

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We protect some of our technology as trade secrets and, where appropriate, we use trademarks or register trademarks used in connection with products.

We also enter into license agreements with others to grant and/or receive rights to patents and know-how.

We also enter into license agreements with others to grant and/or receive rights to intellectual property rights.

All trademarks, trade names, product names, graphics and logos of Thermo Fisher contained herein are trademarks or registered trademarks of Thermo Fisher or its subsidiaries, as applicable, in the United States and/or other countries.

Solely for convenience, we may refer to trademarks in this Annual Report on Form 10-K without the ™ and ® symbols.

Such references are not intended to indicate, in any way, that we will not assert, to the fullest extent permitted by law, our rights to our trademarks.

To the extent other trademarks appear in this Annual Report on Form 10-K, they are the property of their respective owners.

Seasonal Influences

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Because of the diversity of our products and services, we face many different types of competitors and competition.

Our competitors include a broad range of manufacturers and third-party distributors.

Our competitors include a broad range of manufacturers, third-party distributors and service providers.

Competitive climates in many of the markets we serve are characterized by changing technology and customer demands that require continuing research and development.

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The United States Environmental Protection Agency (USEPA), OSHA, and other federal agencies have the authority to promulgate regulations that have an effect on our operations.

In addition to these federal activities, various states have been delegated certain authority under the aforementioned federal statutes as well as having authority over these matters under state laws.

In addition to these federal laws and regulations, various states have been delegated certain authority under the aforementioned federal statutes and have authority over these matters under state laws.

Many state and local governments have adopted environmental and employee safety and health laws and regulations, some of which are similar to federal requirements.

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In 2018, the USEPA issued a Record of Decision, setting forth the scope of required remediation work at the site, which includes upgrading a water treatment plant to address constituents such as chlorinated organic compounds, 1,4-dioxane, and perfluorooctanoic acid/perfluorooctane sulfonate (PFOA/PFOS).

In 2019, the company and another responsible party signed a proposed consent decree, which the U.S.

government entered in 2020, requiring the parties to finance and perform the required remediation work with USEPA oversight.

In 2020, the court approved a consent decree that requires the company and another responsible party to finance and perform the required remediation work with USEPA oversight.

In 2011, our Life Technologies subsidiary entered into a consent decree with the USEPA and other responsible parties to implement a groundwater remedy at the former Davis Landfill Superfund site in Smithfield, Rhode Island.

After years of additional study, in September, 2020, USEPA revised its cleanup plan by selecting an interim remedial approach that includes groundwater treatment followed by additional monitoring of site conditions.

Depending on the results of these treatment and monitoring activities over the next several years, USEPA anticipates selecting a final groundwater remedy for the site.

In November 2021, the 2011 consent decree was amended to reflect the parties’ obligations to implement USEPA’s interim remedy.

We record accruals for environmental liabilities based on current interpretations of environmental laws and regulations when it is probable that a liability has been incurred and the amount of such liability can be reasonably estimated.

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However, we may be subject to 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, changes in the conduct of our operations, and the effect of changes in accounting rules, which could have a material adverse effect on our financial position, results of operations or cash flows.

For a discussion of the environmental laws and regulations that the Company’s operations, products and services are subject to and other environmental contingencies, refer to Note 12 to our Consolidated Financial Statements – Commitments and Contingencies.

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Other Laws and Regulations

Our operations, and some of the products we offer, are subject to a number of complex and stringent laws and regulations governing the production, handling, transportation and distribution of chemicals, drugs and other similar products, including the operating and security standards of the Food and Drug Administration, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and various state boards of pharmacy as well as comparable state and foreign agencies.

Our operations, and some of the products and services we offer, are subject to a number of complex and stringent laws and regulations governing the development, testing, approval, production, handling, transportation and distribution of chemicals, drugs and other similar products, including the operating and security standards of the Food and Drug Administration, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and various state boards of pharmacy as well as comparable state and foreign agencies.

As Thermo Fisher’s businesses also include export and import activities, we are subject to pertinent laws enforced by the U.S.

Departments of Commerce, State and Treasury.

In addition, our logistics activities must comply with the rules and

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regulations of the Department of Transportation, the Federal Aviation Administration and similar foreign agencies.

In addition, our logistics activities must comply with the rules and regulations of the Department of Transportation, the Federal Aviation Administration and similar foreign agencies.

While we believe we are in compliance in all material respects with such laws and regulations, any noncompliance could result in substantial fines or otherwise restrict our ability to provide competitive distribution services and thereby have an adverse effect on our financial condition.

To date, none has had a material impact on our operations.

To date, no such laws or regulations have had a material impact on our operations.

We are subject to laws and regulations governing government contracts, and failure to address these laws and regulations or comply with government contracts could harm our business by leading to a reduction in revenues associated with these customers.

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We are also subject to investigation for compliance with the regulations governing government contracts.

A failure to comply with these regulations could result in suspension of these contracts, criminal, civil and administrative penalties or debarment.

A failure to comply with these regulations could also result in suspension of these contracts, criminal, civil and administrative penalties or debarment.

For a discussion of risks related to changes in governmental regulations, refer to “ Risk Factors ” in Part I, Item 1A.

Human Capital

The success of Thermo Fisher Scientific is fueled by colleagues who are highly engaged and feel empowered to achieve their goals.

The success of Thermo Fisher is fueled by colleagues who are highly engaged and feel empowered to achieve their goals.

Everything we do starts with our Mission – to enable our customers to make the world healthier, cleaner and safer.

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Leadership, Involvement and Inclusion.

In 2020, 84 percent of our workforce completed the survey, and we saw marked improvement in each index and across every survey question, despite the challenges brought on by the pandemic.

In 2021, 86 percent of our workforce completed the survey, and we saw marked improvement in each index and across nearly every survey question, despite the challenges of a sustained pandemic environment.

Our continued focus on enhancing our culture helps position our company to be an even better place to work.

We are committed to building the strongest team in our industry, focusing on developing and retaining our colleagues, while leveraging our leadership to attract new colleagues to our company.

Of our more than 80,000 colleagues globally, as of December 31, 2020, approximately 42,000 were based in the Americas region, 12,000 were in the Asia-Pacific region, and 26,000 were in Europe, the Middle East and Africa (EMEA).

We are committed to maintaining the strongest team in our industry, focusing on developing and retaining our colleagues, while leveraging our leadership to attract new colleagues to our company.

As of December 31, 2021, we employed approximately 130,000 colleagues globally, with an approximate regional distribution as follows:

67,000 based in the Americas, 20,000 in the Asia Pacific region, and nearly 42,000 in Europe, the Middle East and Africa (EMEA).

Diversity and Inclusion

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When those differences are welcomed and supported, we create an inclusive workplace that unlocks the true benefits of diversity.

Diversity and Inclusion is not an initiative at Thermo Fisher Scientific.

Diversity and Inclusion (D&I) is not an initiative at Thermo Fisher.

It’s woven into the fabric of our culture, and our colleagues are encouraged to openly share the wide range of perspectives they represent.

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Embracing individual differences is critical to our success.

For example, Thermo Fisher was named a Best Place to Work for LGBTQ Equality for the sixth consecutive year in 2020.

For example, Thermo Fisher was named as a Top 100 Female Friendly Employer by Forbes in 2021 as well as a Best Place to Work for LGBTQ Equality for the seventh consecutive year.

Establishing this kind of environment is critical in empowering our colleagues so they can contribute their best ideas and bring their true selves to work each day.

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Our D&I focus is embedded in every stage of our colleague lifecycle – from recruiting to onboarding, training, development and longer-term career planning.

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We understand the critical role diversity plays in sustained business success, and our teams are empowered to ensure our workforce represents the customers we serve.

Further, to provide additional transparency to our U.S.

workforce demographics, in 2021, following our report submission to the U.S.

Equal Employment Opportunity Commission, we disclosed our EEO-1 report on our website and we plan to continue to do so on an annual basis.

We are committed to ensuring our colleagues have access to resources, awareness training and internal networks that offer support and guidance.

Our diversity and inclusion strategy is greatly enabled by our Employee Resource Groups (ERGs), which bring together individuals with similar interests to share experiences, learn from each other and collaborate to identify solutions

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to business challenges.

Our D&I strategy is greatly enabled by our Employee Resource Groups (ERGs), which bring together individuals with similar interests to share experiences, learn from each other and collaborate to identify solutions to business challenges.

Our ERGs reinforce that all colleagues can make a difference for our customers, for each other and for our company.

As of December 31, 2020, we had 10 ERGs globally, with 220 local ERG chapters.

As of December 31, 2021, we had 10 ERGs globally, with more than 220 local ERG chapters.

Talent Development

Our overarching goal from a talent perspective is to create opportunities for our colleagues to achieve their full potential and career aspirations here at Thermo Fisher Scientific.

Our overarching goal from a talent perspective is to create opportunities for our colleagues to achieve their full potential and career aspirations here at Thermo Fisher.

We are committed to creating an exceptional colleague experience from their first day throughout their career with us.

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We offer a comprehensive total rewards package that we regularly evaluate and measure against established benchmarks to ensure its effectiveness in recruiting and retention, and to position Thermo Fisher as an employer of choice.

In 2021, we reinvested an incremental $1 billion back into our global workforce in the form of pay, benefits, and workplace enhancements.

Our health and wellness programs provide competitive, flexible programs that our global colleagues and their families can count on.

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Similar benefits are available in all countries around the world where we operate.

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We also invest in our colleagues’ financial health, helping them to grow and protect their savings, plan for the future and share in the success of the company they are helping to build.

We deliver comprehensive rewards, including competitive base pay, and also provide a variety of incentive and equity programs that, by design, directly link the impact of colleague contributions to the company’s overall success.

Disclosure Pursuant to Section 13(r) of the Exchange Act

In March 2021, the Russian Federal Security Service (the FSB) was designated as a blocked party under Executive Order 13382.

During the quarter ended December 31, 2021, one of our Russian affiliates responded to an official inquiry from FSB in connection with the validity of certain product warranties on certain instruments sold by a reseller of the Russian affiliate to a health center based in Russia.

This interaction did not result in any revenue or otherwise contribute to our net income for the quarter and all such dealings were legal and authorized by General License 1B issued by the U.S.

Department of the Treasury’s Office of Foreign Assets Control.

We expect our Russian affiliate to respond to similar regulatory inquiries in the future, as necessary and to the extent permitted by applicable U.S.

sanctions laws and regulations.

Available Information

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We also make available free of charge on or through our own website at www.thermofisher.com our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

In addition, paper copies

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of these documents may be obtained free of charge by writing to the company care of its Investor Relations Department at our principal executive office located at 168 Third Avenue, Waltham, Massachusetts 02451.

In addition, paper copies of these documents may be obtained free of charge by writing to the company care of its Investor Relations Department at our principal executive office located at 168 Third Avenue, Waltham, Massachusetts 02451.

Information about Our Executive Officers

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Executive Vice President (2006-2009)

Stevenson 58 Executive Vice President and Chief Operating Officer (2014) Executive Vice President and President, Life Sciences Solutions (2014-2017)

Stevenson 59 Retiring Executive Vice President and Chief Operating Officer (2014) Executive Vice President and Chief Operating Officer (2017-2021)

Executive Vice President and President, Life Sciences Solutions (2014-2017)

President and Chief Operating Officer, Life Technologies Corporation (2008-2014)

Michel Lagarde 47 Executive Vice President (2017) Senior Vice President and President, Pharma Services (2017-2019)

Michel Lagarde 48 Executive Vice President and Chief Operating Officer (2017) Executive Vice President (2019-2021)

Senior Vice President and President, Pharma Services (2017-2019)

President and Chief Operating Officer, Patheon N.V.

Managing Director, JLL Partners* (2008-2016)

Boxer 59 Senior Vice President and General Counsel (2018) Executive Vice President and Group General Counsel, Luxottica Group S.p.A.

Gianluca Pettiti 43 Executive Vice President (2021) Senior Vice President and President, Specialty Diagnostics (2019-2021)

President, Biosciences (2018-2019)

President, China (2015-2017)

Boxer 60 Senior Vice President, General Counsel and Secretary** (2018) Executive Vice President and Group General Counsel, Luxottica Group S.p.A.

Stephen Williamson 55 Senior Vice President and Chief Financial Officer (2015) Vice President, Financial Operations (2008-2015)

Hornstra 61 Vice President and Chief Accounting Officer (2001) Corporate Controller (1996-2007)

Holmes 43 Vice President and Chief Accounting Officer (2021) Senior Director, Technical Accounting (2017-2021)

*JLL Partners is a private equity firm focused on healthcare.

**Assumed additional role of Secretary effective November 5, 2021.

THERMO FISHER SCIENTIFIC INC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business