What changed in this filing

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Item 1. Business

2026-02-26 compared with 2025-02-20 · 52 added, 33 removed, 173 unchanged (33% of the section changed)

9 unchanged sentences

Business Segments and Products

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

We report our business in four segments:

Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services.

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, healthcare, academic, and government markets.

Life Sciences Solutions includes three primary businesses – Biosciences, Genetic Sciences, 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 enable the diagnosis of infection and disease.

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

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.

Life Sciences Solutions includes three primary businesses:

biosciences, genetic sciences, and bioproduction.

THERMO FISHER SCIENTIFIC INC.

Our bioproduction business provides solutions for both the production of biologics and industrial manufacturing, and offers a comprehensive portfolio of premium solutions and services focused on upstream cell culture, downstream purification, analytics for detection, quantitation, filtration and separation of process/product impurities, and a suite of single-use solutions spanning the biologics workflow.

Analytical Instruments Segment

1 unchanged sentence

These products and services are used by customers in pharmaceutical, biotechnology, academic, government, environmental and other research and industrial markets, as well as the clinical laboratory.

This segment includes three primary businesses – Chromatography and Mass Spectrometry, Chemical Analysis, and Electron Microscopy.

This segment includes three primary businesses:

chromatography and mass spectrometry, chemical analysis, and electron microscopy.

Our chromatography and mass spectrometry business develops and provides analytical instrumentation for organic and inorganic sample analysis across both applied technologies and scientific research.

8 unchanged sentences

Our healthcare products are used to increase the speed and accuracy of diagnoses, which improves patient care in a more cost-efficient manner.

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

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, protein detection assays, and instruments.

14 unchanged sentences

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.

THERMO FISHER SCIENTIFIC INC.

Sales and Marketing

3 unchanged sentences

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

THERMO FISHER SCIENTIFIC INC.

New Products and Research and Development

Our business includes the development and introduction of new products and may include entry into new business segments.

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.

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

Our R&D efforts focus on developing new technologies, enhancing the performance and usability of existing offerings, and expanding the applications for which our products are used.

These activities include internal development programs, initiatives leveraging licensed or acquired technologies, and collaborations with leading research institutions around the world.

Our R&D programs are aligned with the needs of each major business and are critical to maintaining our competitive position and supporting our long-term growth strategy.

Raw Materials

9 unchanged sentences

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 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.

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

We own or license copyrights in or to copyrightable subject matter, including graphic images and software, used or referenced herein.

All trademarks, trade names, product names, slogans 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 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.

To the extent other trademarks appear in this Annual Report, they are the property of their respective owners.

Seasonal Influences

6 unchanged sentences

Our success primarily depends on the following factors:

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

• product differentiation, availability and reliability;

THERMO FISHER SCIENTIFIC INC.

• technical performance and advances in technology (including artificial intelligence) that result in new products and services, and improved price/performance ratios;

• product and service differentiation, availability and reliability;

• the depth of our capabilities;

3 unchanged sentences

• relative prices of our products and services.

THERMO FISHER SCIENTIFIC INC.

Government Regulation

16 unchanged sentences

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

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

Construction of the plant was completed in 2025 and following a 6-month testing and verification period, the Borough of Fair Lawn took ownership and operation and maintenance (O&M) of the plant in January 2026.

Along with the other responsible party, the company will continue to finance the O&M and perform groundwater monitoring under 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.

1 unchanged sentence

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 and is ongoing.

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 was completed and approved by the agencies in 2025, and the remedial action is expected to commence in 2026.

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.

2 unchanged sentences

Accrued liabilities for environmental matters totaled $86 million at December 31, 2025.

THERMO FISHER SCIENTIFIC INC.

These environmental liabilities do not include third-party recoveries to which we may be entitled.

3 unchanged sentences

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 5 to our Consolidated Financial Statements.

THERMO FISHER SCIENTIFIC INC.

Other Laws and Regulations

6 unchanged sentences

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.

We have agreements relating to the sale of our products to government entities and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government.

We have agreements relating to the sale of our products and services to government entities and, as a result, we are subject to various statutes and regulations that apply to companies doing business with the government.

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

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

We are subject to a broad and evolving set of global requirements related to data privacy, cybersecurity and the responsible use of emerging technologies such as generative artificial intelligence (AI).

These include comprehensive frameworks such as the EU’s General Data Protection Regulation (GDPR), the EU’s AI Act, U.S.

federal and state privacy and security laws (including the Health Insurance Portability and Accountability Act of 1996 (HIPAA) for certain operations), and data-localization or cross-border transfer restrictions in various international markets.

Governments in the EU, U.S.

and other jurisdictions are also advancing new regulations that govern transparency, risk management and data practices associated with AI systems.

As these regulatory regimes continue to develop, we maintain policies and controls designed to support compliance and protect the data entrusted to us.

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

13 unchanged sentences

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

THERMO FISHER SCIENTIFIC INC.

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

As of December 31, 2025, we employed approximately 125,000 colleagues globally, with an approximate regional distribution as follows:

60,000 based in the Americas, 22,000 in the Asia-Pacific region, and nearly 43,000 in Europe, the Middle East and Africa (EMEA).

59,000 based in the Americas, 22,000 in the Asia-Pacific region, and 44,000 in Europe, the Middle East and Africa (EMEA).

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.

7 unchanged sentences

We also support our colleagues’ career advancement through our tuition reimbursement program.

THERMO FISHER SCIENTIFIC INC.

In a company our size, we can also actively manage our talent through rotational opportunities across our businesses, functions and geographies that help our colleagues gain new experiences, share knowledge and broaden their skills.

12 unchanged sentences

Available Information

The company files annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission (SEC) under the Exchange Act.

The SEC maintains a website that contains reports, proxy and information statements and other information that issuers, including the company, file electronically with the SEC.

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.

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.

The company files or furnishes all required reports with the Securities and Exchange Commission (SEC).

The company is an electronic filer, and the SEC maintains a website that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.

The address of the SEC electronic filing website is http://www.sec.gov.

The company also makes available, free of charge on its website, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.

The website address for the company is http://www.thermofisher.com and SEC filings can be found in the “Investors” section of our website under the heading “SEC Filings.” The company is providing its website address solely for the information of investors.

The company does not intend the address to be an active link or to otherwise incorporate the contents of the website, including any reports that are noted in this Annual Report as being posted on the website, into this Annual Report.

Investors and others should note that we may announce material information to our investors using our investor relations website, SEC filings, press releases, public conference calls and webcasts.

We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues.

It is possible that the information that we post on these channels could be deemed to be material information.

We therefore encourage investors to visit these websites from time to time.

THERMO FISHER SCIENTIFIC INC.

Information about Our Executive Officers

16 unchanged sentences

President, Materials and Structural Analysis (2016-2019)

THERMO FISHER SCIENTIFIC INC.

Name Age Present Title

(Fiscal Year First Became Executive Officer) Other Positions Held

Boxer 63 Senior Vice President and General Counsel (2018) Senior Vice President, General Counsel and Secretary (2021-2022)

Britt 57 Senior Vice President and Chief Human Resources Officer (2017)

Holmes 46 Vice President and Chief Accounting Officer (2021) Senior Director, Technical Accounting (2017-2021)

Shropshire 54 Senior Vice President and General Counsel (2025) General Counsel and Company Secretary, Diageo plc (2021-May 2025)

Partner, Global Head of U.S.

Practice, Linklaters LLP (2000-2021)

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