What changed in this filing

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Item 1. Business

2024-02-22 compared with 2023-02-23 · 45 added, 62 removed, 177 unchanged (38% of the section changed)

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We continuously increase our depth of capabilities across our broad portfolio of innovative products and services and leverage our extensive global channels to address our customers’ needs.

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

Our goal is to enable our customers to be more productive in an increasingly competitive business environment and enabling them to advance their important work.

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

Our goal is to enable our customers to be more productive in an increasingly competitive business environment, enable them to accelerate innovation, solve their challenges and advance their important work.

Business Segments and Products

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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.

Our biosciences business includes reagents, instruments and consumables that help our customers conduct biological and medical research in areas such as molecular biology and protein biology, discover new drugs and vaccines, and diagnose infection and disease.

Life Sciences Solutions includes three primary businesses – Biosciences, Genetic Sciences, and BioProduction.

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 clinical next-generation sequencing (NGS) business focuses on delivering simple, fast and cost-effective NGS technology for a range of applications with a particular focus on oncology.

Our bioproduction business supports developers and manufacturers of biological-based therapeutics and vaccines with a portfolio of premium solutions and services focused on upstream cell

Our bioproduction business supports developers and manufacturers of biological-based therapeutics and vaccines with a portfolio of premium solutions and services focused on upstream cell culture, downstream purification, analytics for detection and quantitation of process/product impurities, and a suite of single-use solutions spanning the biologics workflow.

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culture, downstream purification, analytics for detection and quantitation of process/product impurities, and a suite of single-use solutions spanning the biologics workflow.

Analytical Instruments Segment

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and environmental and process instruments.

Our electron microscopy business serves customers in the life sciences, materials science, and semiconductor markets providing integrated workflows that power research development and production solutions.

Our electron microscopy business serves customers in the life sciences, materials sciences, and semiconductor markets providing leading research tools;

and also, in the semiconductor market provides integrated workflows that power research development and production solutions.

Specialty Diagnostics Segment

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This segment has five primary businesses – Clinical Diagnostics, ImmunoDiagnostics, Microbiology, Transplant Diagnostics and our Healthcare Market Channel.

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

Such products are used for, among other things, drugs-of-abuse testing, therapeutic drug monitoring, thyroid hormone testing, serum toxicity, first trimester screening, and tumor markers testing.

Our clinical diagnostics products include a broad offering of liquid, ready-to-use and lyophilized immunodiagnostic reagent kits, calibrators, controls, protein detection assays, and instruments.

Such products are used for, among other things, drugs-of-abuse testing, therapeutic drug monitoring, thyroid hormone testing, sepsis screening, serum toxicity, first trimester screening, tumor markers testing, and the diagnosis and monitoring of multiple myeloma.

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.

Our microbiology offerings include dehydrated and prepared culture media, collection and transport systems, instrumentation and consumables to detect pathogens in blood, diagnostic and rapid direct specimen tests, quality-control products and associated products for the microbiology laboratory.

Our transplant diagnostics products include human leukocyte antigen (HLA) typing and testing for the organ transplant market.

Our transplant diagnostics products include human leukocyte antigen typing and testing for the organ transplant market.

Our healthcare market channel offerings include a broad array of consumables, diagnostic kits and reagents, equipment, instruments, solutions and services for hospitals, clinical laboratories, reference laboratories, physicians’ offices and other clinical testing facilities.

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Our Laboratory Products and Biopharma Services segment 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 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.

Our laboratory products are used for life science research and drug discovery and development to advance the prevention and cure of diseases and enhance quality of life.

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.

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

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

Our laboratory products include lab consumables, equipment and chemicals that are used for life science research and drug discovery and development to advance the prevention and cure of diseases and enhance quality of life.

Our research and safety market channel offers a mix of products that are manufactured by Thermo Fisher, by third parties for us on a private-label basis, and by third parties under their brands but offered for sale through us.

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Our clinical research business offers comprehensive, integrated clinical development and analytical services including all phases of development (i.e., Phases I-IV), peri- and post-approval and site and patient access services.

During 2022, 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, bioproduction and laboratory equipment and consumables businesses also leveraged their capacity to meet the needs of pharma and biotech customers as they

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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.

Sales and Marketing

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We also provide customers with product standardization and other supply-chain-management services to reduce procurement costs.

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New Products and Research and Development

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Revenues in the fourth quarter are historically stronger than in other quarters due to the capital spending patterns of industrial, pharmaceutical and government customers.

Sales of seasonal products, such as COVID-19, allergy and flu tests and related diagnostic products, vary quarter to quarter and year to year.

Sales of seasonal products, such as allergy and flu tests and related diagnostic products, vary quarter to quarter and year to year.

The company encounters aggressive and able competition in virtually all of the markets we serve.

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Our success primarily depends on the following factors:

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• technical performance and advances in technology that result in new products and improved price/performance ratios;

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• relative prices of our products and services.

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Government Regulation

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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 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, which has been ongoing and is pending USEPA’s approval of the water treatment plant design.

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 2023, the design of a groundwater treatment plant was fully approved by USEPA.

Construction is expected to commence in 2024, and the plant is expected to be fully operating by April 2025.

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.

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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, for which pre-design work commenced during 2022.

In November 2021, the 2011 consent decree was amended to reflect the parties’ obligations to implement USEPA’s interim remedy, for which pre-design work commenced during 2022 and is ongoing.

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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We believe that our accrual is adequate for the environmental liabilities we currently expect to incur.

As a result we believe that our ultimate

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liability with respect to environmental matters will not have a material adverse effect on our financial position, results of operations or cash flows.

As a result we believe that our ultimate liability with respect to environmental matters will not have a material adverse effect on our financial position, results of operations or cash flows.

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.

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Other Laws and Regulations

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61,000 based in the Americas, 20,000 in the Asia Pacific region, and nearly 41,000 in Europe, the Middle East and Africa (EMEA).

Diversity and Inclusion

We recognize that the future aspirations outlined in our Vision for 2030, which serves as our long-term roadmap, will only be achievable if we have a culture that values diversity and inclusion.

While diversity of gender and ethnicity are important – and we’re focused on continuously improving– for us, diversity of backgrounds, experiences and viewpoints is equally vital to our long-term success.

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

Culture of Inclusion

We recognize that the future aspirations outlined in our Vision for 2030, which serves as our long-term roadmap, will only be achievable if we have a culture that values diversity of backgrounds, experiences and viewpoints.

When differences among colleagues are welcomed and supported, we create an inclusive workplace that unlocks the true benefits of diversity and promotes conditions for sustained success.

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.

We work together to create an

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inclusive culture where our colleagues feel they belong and are empowered to contribute, collaborate and innovate.

Embracing individual differences is critical to our success.

For example, Thermo Fisher was named as a Top Female Friendly Company, Best Employer for Women, and Best Employer for Veterans by Forbes in 2022, Best Place to Work for Disability Inclusion, 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.

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

We track our progress on our D&I strategic objectives through a core set of metrics that are reviewed during routine business operating mechanisms, including Quarterly Business Reviews, Human Resource Reviews, Board Reviews and through team dashboards that are shared each month with leaders across the company.

This enables frequent, meaningful, data-driven discussions across our businesses and functions on a range of D&I factors, including gender and ethnic representation.

This approach also ensures we consistently prioritize our opportunities to improve.

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.

It’s woven into the fabric of our culture, and our ways of working, embedded in every stage of our colleague lifecycle - from recruiting to onboarding, training, development and longer-term career planning.

Our colleagues are encouraged to openly share the wide range of perspectives they represent.

Progress is measured and reviewed on a range of D&I factors to help inform our efforts and initiatives, including those related to diversity within our workforce.

We understand the critical role diversity plays in sustained business success, so we strive to have a workforce that represents the customers we serve.

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

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Equal Employment Opportunity Commission, we disclose our EEO-1 report on our website each year.

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

Our inclusive culture is a competitive advantage, and we prioritize colleague engagement and empowerment to contribute, collaborate and innovate.

For example, in 2023, Thermo Fisher was recognized as a Top Company for Women and Best Employer for Diversity by Forbes, a Best Place to Work for Disability Inclusion, and a top scorer on the Human Rights

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Campaign’s Corporate Equality Index for LGBTQ inclusion.

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

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

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

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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 focus on the entire lifecycle of a colleague’s career, from their initial recruitment, to onboarding, through ongoing development and training to enhance their skills so they are in the best position to deliver on their goals and achieve their career aspirations.

In today’s environment, we know talent is a key competitive advantage, and that building the strongest team in the industry is critical to our future.

We focus on the entire lifecycle of a colleague’s career, from their initial recruitment, to onboarding, through ongoing development.

We encourage and support colleagues to enhance their skills so they are in the best position to deliver on their goals and achieve their career objectives.

In today’s environment, we know talent is a key differentiator, and that building the strongest team in the industry is critical to our future.

From our colleague referral program, summer internships, university relations, to our Graduate Leadership Development Program, we continue to build strong internal and external sourcing channels.

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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 2022, we reinvested approximately $350 million of additional compensation payments to our colleagues to help them with the temporary impacts of high inflation.

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

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colleagues, we offer a choice of comprehensive national medical, dental and vision plans;

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wellness program, including valuable health incentive opportunities and tax-advantaged savings and spending accounts;

a wellness program, including valuable health incentive opportunities and tax-advantaged savings and spending accounts;

as well as commuter benefits, employee assistance programs, optional group legal coverage, and company-paid disability, accident and life insurance.

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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

The Russian Federal Security Service (the FSB) is designated as a blocked party under Executive Order 13382.

While we have paused sales and manufacturing operations in Russia and Belarus, in the normal course of business, as authorized by General License 1B issued by the U.S.

Department of the Treasury’s Office of Foreign Assets Control, our Russian affiliate responds to regulatory inquiries from the FSB and otherwise engages with the FSB as a licensing authority.

These interactions did not result in any revenue or otherwise contribute to our net income for the quarter.

Our Russian affiliate may respond to similar regulatory inquiries and otherwise continue to engage with the FSB as a licensing authority in the future, as necessary and to the extent permitted by applicable U.S.

sanctions laws and regulations.

Available Information

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The public can obtain any documents that we file with the SEC at www.sec.gov.

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.

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

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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 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.

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Executive Vice President (2006-2009)

Stephen Williamson 57 Senior Vice President and Chief Financial Officer (2015) Vice President, Financial Operations (2008-2015)

Michel Lagarde 50 Executive Vice President and Chief Operating Officer (2017) Executive Vice President (2019-2021)

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President and Chief Operating Officer, Patheon N.V.

Managing Director, JLL Partners (2008-2016)

Gianluca Pettiti 45 Executive Vice President (2021) Senior Vice President and President, Specialty Diagnostics (2019-2021)

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Boxer 62 Senior Vice President and General Counsel (2018) Senior Vice President, General Counsel and Secretary (2021-2022)

Executive Vice President and Group General Counsel, Luxottica Group S.p.A.

Stephen Williamson 56 Senior Vice President and Chief Financial Officer (2015) Vice President, Financial Operations (2008-2015)

Britt 55 Senior Vice President and Chief Human Resources Officer (2017)

Holmes 45 Vice President and Chief Accounting Officer (2021) Senior Director, Technical Accounting (2017-2021)

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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