Bayer AG

Fourth quarter 2025 revenues increased 3% to $3.9 billion versus fourth quarter 2024; full year 2025 revenues increased 1% to $14.3 billion versus 2024 Fourth quarter 2025 Dupixent® global net sales (recorded by Sanofi) increased 34% to $4.9 billion versus fourth quarter 2024; full year 2025 Dupixent global net sales increased 26% to $17.8 billion versus 2024 Fourth quarter 2025 EYLEA HD® U.S. net sales increased 66% to $506 million and total EYLEA HD and EYLEA® U.S. net sales decreased 28% to $1.1 billion ; full year 2025 EYLEA HD U.S. net sales increased 36% to $1.6 billion and total EYLEA HD and EYLEA U.S. net sales decreased 27% to $4.4 billion Fourth quarter 2025 GAAP EPS of $7.86 and non-GAAP EPS(a) of $11.44 ; fourth quarter 2025 includes unfavorable $0.14 impact from acquired IPR&D charge EYLEA HD approved by FDA for treatment of macular edema following retinal vein occlusion (RVO) and for monthly dosing flexibility across approved indications FDA approved new manufacturer to fill vials for EYLEA HD; regulatory application to include new manufacturer for EYLEA HD pre-filled syringe submitted to FDA, with decision expected in second quarter 2026 Libtayo® approved by FDA and EC as first and only immunotherapy for high-risk adjuvant cutaneous squamous cell carcinoma (CSCC) Dupixent approved by EC for chronic spontaneous urticaria (CSU) TARRYTOWN, N.Y. , Jan. 30, 2026 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced financial results for the fourth quarter and full year 2025 and provided a business update. " Regeneron performed well in 2025, with financial strength driven by our four blockbuster medicines and future growth supported by our exciting late-stage clinical portfolio," said Leonard S. Schleifer , M.D., Ph.D., Board co-Chair, President and Chief Executive Officer of Regeneron . "In the fourth quarter, we secured label expansions and new filler solutions for EYLEA HD, further enhancing its commercial potential. Dupixent received new approvals in Japan and Europe and is currently the most widely used innovative branded antibody medicine, with over 1.4 million active patients worldwide. Libtayo also secured additional approvals and continues to be the leading immunotherapy for non-melanoma skin cancers. Our current success is underscored by decades of investment in innovative science and technology, setting us up for exciting data read-outs and potential approvals in 2026 in a broad range of diseases." Financial Highlights "2025 was another strong year for Regeneron , marked by notable pipeline advances, remarkable commercial execution, and solid financial performance," said Christopher Fenimore , Executive Vice President, Finance and Chief Financial Officer of Regeneron . "As we look ahead to 2026, our focus remains on prioritizing internal investments, evaluating complementary business development opportunities, and enhancing shareholder returns through share repurchases and dividends, positioning the Company to deliver sustainable growth and long-term value to shareholders." Business Highlights Key Pipeline Progress Regeneron has approximately 45 product candidates in clinical development, including a number of marketed products for which it is investigating additional indications. Updates from the clinical pipeline include: Dupixent (dupilumab) In November 2025 , the European Commission (EC) approved Dupixent for the treatment of CSU in adults and adolescents aged 12 years and older who remain symptomatic despite antihistamine treatment. Dupixent is approved for CSU in certain adults and adolescents in several countries, including the United States and Japan . Additionally, regulatory applications are under review for CSU in children aged 2 to 11 years in the United States , European Union (EU), and Japan . In December 2025 , the Ministry of Health, Labour and Welfare (MHLW) in Japan approved Dupixent for the treatment of bronchial asthma in children aged 6 to 11 years with severe or refractory disease whose symptoms are inadequately controlled with existing therapy. This expands the previous approval of this indication in Japan for patients aged 12 years and older. In November 2025 , the Company and Sanofi announced positive results from the Phase 3 trial in adults and children aged 6 years and older with allergic fungal rhinosinusitis (AFRS). Additionally, the U.S. Food and Drug Administration (FDA) accepted for priority review the supplemental Biologics License Application (sBLA) for this indication, which has a target action date in February 2026 . EYLEA HD (aflibercept) 8 mg In November 2025 , the FDA approved EYLEA HD for the treatment of patients with RVO with up to every 8-week dosing after an initial monthly dosing period. The FDA also approved an every 4-week (monthly) dosing option across approved indications: wet age-related macular degeneration (wAMD), diabetic macular edema (DME), diabetic retinopathy (DR), and RVO. In January 2026 , the EC approved EYLEA 8 mg (known as EYLEA HD in the United States ) for the treatment of RVO. In December 2025 , the FDA approved the addition of a new manufacturer to fill vials for EYLEA HD. In December 2025 , the Company submitted a regulatory application to the FDA to include a new manufacturer to fill pre-filled syringes for EYLEA HD. An FDA decision is expected in the second quarter of 2026. Libtayo (cemiplimab) In October and November of 2025, the FDA and EC, respectively, approved Libtayo as an adjuvant treatment for adults with CSCC at high risk of recurrence after surgery and radiation, making Libtayo the first and only immunotherapy approved in this setting. This expands Libtayo's approved indications in CSCC beyond the metastatic or locally advanced setting. Additionally, in December 2025 , a regulatory application was submitted in Japan for the adjuvant treatment of CSCC. Other Programs In December 2025 , the Company submitted a BLA to the FDA for DB-OTO (an AAV-based gene therapy) for the treatment of profound genetic hearing loss in children due to variants of the otoferlin (OTOF) gene. An FDA decision is expected in the first half of 2026. In December 2025 , the Company submitted U.S. and EU regulatory applications for garetosmab (an Activin A antibody) in adults with fibrodysplasia ossificans progressiva (FOP). A second Phase 3 study was initiated for REGN5713-5715, an investigational treatment for birch allergy. Corporate Updates In October 2025 , Dupixent was recognized as the “Best Biotechnology Product” of 2025 by the Galien Foundation , which acknowledges extraordinary scientific innovations that improve the human condition. In January 2026 , the Company's collaboration agreement with Tessera Therapeutics, Inc. to develop and commercialize TSRA-196 (Tessera's investigational program for the treatment of alpha-1 antitrypsin deficiency (AATD)) became effective. Tessera will lead the initial first-in-human trial, while Regeneron will lead subsequent global development and commercialization. In addition to the previously announced ongoing and planned domestic investments totaling more than $7 billion , the Company plans to invest approximately $2 billion to develop a state-of-the-art bulk manufacturing facility in Saratoga Springs, New York , expected to create 1,000 high-paying jobs and to significantly expand manufacturing capacity. Select Upcoming 2026 Milestones Fourth Quarter and Full Year 2025 Financial Results Revenues Net product sales of EYLEA HD increased in the fourth quarter and full year 2025, compared to the same periods of 2024, due to higher sales volumes driven by increased demand, partly offset by a lower net selling price. Net product sales of EYLEA in the fourth quarter and full year 2025, compared to the same periods of 2024, were negatively impacted by (i) lower sales volumes as a result of continued competitive pressures, loss in market share to compounded bevacizumab due to patient affordability constraints, and the continued transition of patients to EYLEA HD, and (ii) a lower net selling price. In addition, as previously reported, EYLEA HD and EYLEA net product sales in the fourth quarter of 2025 were each favorably impacted by approximately $30 million due to higher wholesaler inventory levels at the end of the fourth quarter of 2025 compared to the end of the third quarter of 2025. Sanofi collaboration revenue increased in the fourth quarter and full year 2025, compared to the same periods of 2024, due to an increase in the Company's share of profits from the commercialization of antibodies, which were $1.486 billion and $1.043 billion in the fourth quarter of 2025 and 2024, respectively, and $5.242 billion and $3.924 billion for full year 2025 and 2024, respectively. The change in the Company's share of profits from commercialization of antibodies was driven by higher profits primarily associated with an increase in Dupixent sales. Refer to Table 4 for a summary of collaboration revenue. Other revenue increased in the fourth quarter and full year 2025, compared to the same periods of 2024, primarily due to royalties earned on sales of Ilaris® and share of profits from sales of ARCALYST®, which were $179 million and $112 million in the aggregate for the fourth quarter of 2025 and 2024, respectively, and $506 million and $293 million for full year 2025 and 2024, respectively. Operating Expenses GAAP and non-GAAP R&D expenses increased for full year 2025, compared to the same period in the prior year, driven by the advancement of the Company's late-stage clinical pipeline. GAAP R&D expenses for the fourth quarter and full year 2025 included $155 million related to a previously purchased FDA Rare Pediatric Disease Priority Review Voucher (PRV), which the Company decided in the fourth quarter of 2025 to utilize for a regulatory submission. Acquired IPR&D expenses for full year 2025 included an $80 million up-front payment in connection with the Company's license agreement with Hansoh Pharmaceuticals Group Company Limited . Acquired IPR&D expenses for full year 2024 included a $45 million development milestone in connection with the Company's collaboration agreement with Sonoma Biotherapeutics, Inc. GAAP and non-GAAP SG&A expenses decreased for full year 2025, compared to the same period in the prior year, primarily due to lower charitable contributions to Good Days, an independent non-profit patient assistance organization. GAAP and non-GAAP SG&A expenses in the fourth quarter 2025 included approximately $60 million for matching donations made to Good Days; in July 2025 , the Company launched a matching program for donations made to Good Days and committed to matching donations quarterly through the end of 2025. The Company recently committed to matching donations for up to a total of $200 million during 2026. GAAP and non-GAAP gross margin on net product sales decreased in the fourth quarter and full year 2025, compared to the same periods in the prior year, partly due to ongoing investments to support the Company's manufacturing operations and higher inventory write-offs and reserves. In addition, GAAP gross margin on net product sales decreased due to higher amortization expense associated with the Company's Libtayo intangible asset. Other Financial Information GAAP other income (expense), net included the recognition of net losses on marketable and other securities of $22 million in the fourth quarter of 2025, compared to net losses of $213 million in the fourth quarter of 2024. GAAP other income (expense), net included the recognition of net gains on marketable and other securities of $946 million for full year 2025, compared to net gains of $118 million for full year 2024. In the fourth quarter and full year 2025, the Company's GAAP effective tax rate (ETR) was 19.1% and 13.9%, respectively, compared to 4.2% and 7.7% in the fourth quarter and full year 2024, respectively. The GAAP ETR increased in the fourth quarter and full year 2025, compared to the same periods in the prior year, primarily due to lower tax benefits from less stock option exercises and the shortfall related to stock-based compensation. A shortfall occurs when the actual tax deduction a company recognizes from stock-based compensation is less than the deferred tax asset that was previously recorded for financial reporting purposes, resulting in the write-off of the deferred tax asset (and recognition of income tax expense). The GAAP ETR for the fourth quarter of 2025 was also negatively impacted by a lower benefit from income earned in foreign jurisdictions with tax rates lower than the U.S. federal statutory rate. The GAAP ETR for full year 2025 was positively impacted by the release of liabilities for uncertain tax positions recognized upon the settlement of an IRS audit. In the fourth quarter and full year 2025, the non-GAAP ETR was 17.1% and 12.6%, respectively, compared to 9.9% and 9.6% in the fourth quarter and full year 2024, respectively. A reconciliation of the Company's GAAP to non-GAAP results is included in Table 3 of this press release. Capital Allocation During the fourth quarter and full year 2025, the Company repurchased shares of its common stock and recorded the cost of the shares, or $671 million and $3.5 billion , respectively, as Treasury Stock. As of December 31, 2025 , $1.5 billion remained available for share repurchases under the Company's share repurchase programs. In January 2026 , the Company's board of directors declared a cash dividend of $0.94 per share on the Company's common stock and Class A stock, payable on March 5, 2026 to shareholders of record as of February 20, 2026 . 2026 Financial Guidance* The Company's full year 2026 financial guidance consists of the following components: A reconciliation of full year 2026 GAAP to non-GAAP financial guidance is included below: Conference Call Information Regeneron will host a conference call and simultaneous webcast to discuss its fourth quarter and full year 2025 financial and operating results on Friday, January 30, 2026 , at 8:30 AM Eastern Time . Participants may access the conference call live via webcast, or register in advance and participate via telephone, on the "Investors and Media" page of Regeneron 's website at www.regeneron.com. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days. About Regeneron Regeneron is a leading biotechnology company that invents, develops, and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, Regeneron 's unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in Regeneron 's laboratories. Regeneron 's medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases. Regeneron pushes the boundaries of scientific discovery and accelerates drug development using its proprietary technologies, such as VelociSuite®, which produces optimized fully human antibodies and new classes of bispecific antibodies. Regeneron is shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling Regeneron to identify innovative targets and complementary approaches to potentially treat or cure diseases. For more information, please visit www.regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook, or X. Forward-Looking Statements and Use of Digital Media This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. ("Regeneron" or the "Company"), and actual events or results may differ materially from these forward-looking statements. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, " Regeneron 's Products") and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, " Regeneron 's Product Candidates"); uncertainty of the utilization, market acceptance, and commercial success of Regeneron 's Products and Regeneron 's Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary) or recommendations and guidelines from governmental authorities and other third parties or other factors beyond Regeneron 's control on the commercial success of Regeneron 's Products and Regeneron 's Product Candidates; the nature, timing, and possible success and therapeutic applications of Regeneron 's Products and Regeneron 's Product Candidates and research and clinical programs now underway or planned, including without limitation EYLEA HD® (aflibercept) Injection 8 mg, EYLEA® (aflibercept) Injection, Dupixent® (dupilumab), Libtayo® (cemiplimab), Praluent® (alirocumab), Kevzara® (sarilumab), Evkeeza® (evinacumab), Veopoz® (pozelimab), Ordspono™ (odronextamab), Lynozyfic™ (linvoseltamab), other clinical programs discussed in this press release, Regeneron 's and its collaborators' earlier-stage programs, and the use of human genetics in Regeneron 's research programs; the likelihood and timing of achieving any of the anticipated milestones described in this press release; safety issues resulting from the administration of Regeneron 's Products and Regeneron 's Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron’s Products and Regeneron 's Product Candidates in clinical trials; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron 's Product Candidates and new indications for Regeneron 's Products, including those listed above and/or otherwise discussed in this press release; the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; ongoing regulatory obligations and oversight impacting Regeneron 's Products, research and clinical programs, and business, including those relating to patient privacy; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron 's ability to continue to develop or commercialize Regeneron 's Products and Regeneron 's Product Candidates; the ability of Regeneron to manufacture and manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; the ability of Regeneron’s collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron’s Products and Regeneron 's Product Candidates; the availability and extent of reimbursement or copay assistance for Regeneron’s Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes to drug pricing regulations and requirements and Regeneron 's drug pricing strategy; other changes in laws, regulations, and policies affecting the healthcare industry; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance, including GAAP and non-GAAP R&D, GAAP and non-GAAP SG&A, GAAP and non-GAAP gross margin on net product sales, COCM, capital expenditures, and GAAP and non-GAAP ETR; the potential for any license or collaboration agreement, including Regeneron 's agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the impact of public health outbreaks, epidemics, or pandemics on Regeneron 's business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney's Office for the District of Massachusetts ), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron’s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron 's filings with the U.S. Securities and Exchange Commission. Any forward-looking statements are made based on management's current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron . Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise. Regeneron uses its media and investor relations website and social media outlets to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Regeneron is routinely posted and is accessible on Regeneron 's media and investor relations website (https://investor.regeneron.com) and its LinkedIn page (https://www.linkedin.com/company/regeneron-pharmaceuticals). Non-GAAP Financial Measures This press release and/or the financial results attached to this press release include amounts that are considered "non-GAAP financial measures" under SEC rules. As required, Regeneron has provided reconciliations of such non-GAAP financial measures. TABLE 1 TABLE 2 TABLE 3 TABLE 4 TABLE 5 Source: Regeneron Pharmaceuticals, Inc.

REYKJAVIK, Iceland, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotechnology company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that it has reached a licensing and settlement agreement with Regeneron and Bayer, resolving all remaining patent disputes worldwide related to Alvotech’s biosimilar to Eylea® 2mg (aflibercept 40 mg/mL solution), which is approved for marketing in the European Economic Area, United Kingdom and Japan. In combination with the previously announced agreement which granted a Q4 2026 license entry date for the U.S., pending regulatory approval, Alvotech now has worldwide rights to manufacture and supply its global commercial partners with the aflibercept biosimilar. The settlement agreement allows Alvotech and its commercial partners to market and sell the biosimilar as of January 1, 2026 in the United Kingdom and Canada, as well as in Japan (excluding the diabetic macular edema indication) starting May 1, 2026 in the European Economic Area and all other countries in the world (other than the U.S.), and from November 1, 2026 in Japan with all approved indications. The remaining terms of the agreement remain confidential. “Following our previously announced settlement with the originator for the U.S. market we are delighted to resolve all outstanding patent-related matters in the rest of the world. Our strong regional commercial partners are now very well positioned for a successful launch. Aflibercept remains the established and widely used treatment for various retinal diseases and we look forward to continuing to support our commercial partners, further advancing the long-term sustainability of global healthcare systems,” said Robert Wessman, Chairman and CEO of Alvotech. Alvotech’s commercial partners for the Eylea biosimilar in Europe are Advanz Pharma (UK/EEA), STADA (DE) and Biogaran (FR), and for Japan Fuji Pharma Ltd. The biosimilar is approved by the European Commission for marketing in Europe under the tradenames Mynzepli® and Afiveg®. It is approved in the United Kingdom by the Medicines & Healthcare products Regulatory Agency (MHRA) under the tradename Mynzepli® and in Japan by the Japanese Ministry of Health, Labour and Welfare (MHLW) as Aflibercept BS. CONTACTS Media Benedikt Stefansson Sarah Macleod alvotech.media@alvotech.com Investors Balaji Prasad (US) Benedikt Stefansson (IS) Patrik Ling (SE) alvotech.ir@alvotech.com About AVT06 AVT06 is a biosimilar to Eylea® (aflibercept). Aflibercept binds vascular endothelial growth factors (VEGF), inhibiting the binding and activation of VEGF receptors, neovascularization, and vascular permeability [1]. AVT06 has been approved under the brand names Mynzepli® (aflibercept) and Afiveg® (aflibercept) in the United Kingdom and European Economic Area and under the name AFLIBERCEPT BS for marketing in Japan. Sources [1] Mynzepli® product information, https://www.ema.europa.eu/en/documents/product-information/mynzepli-epar-product-information_en.pdf Use of trademarks Eylea® is a registered trademark of Regeneron Pharmaceuticals Inc. and Bayer AG. About Alvotech Alvotech is a biotechnology company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline includes eight disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disease, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release. Forward-Looking Statements Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, market launches and financial projections. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to factors set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time-to-time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed.

WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter and Full Year 2025 Highlights Fourth quarter revenue grew 7% to $12.21 billion. Fourth quarter GAAP diluted earnings per share (EPS) grew 9% to $5.21. Fourth quarter adjusted EPS grew 8% to $6.57. Full year revenue grew 4% to $44.56 billion. Full year GAAP diluted earnings per share (EPS) grew 7% to $17.74. Full year adjusted EPS grew 5% to $22.87. Delivered another year of excellent operational performance and share gain reflecting our active management of the company, the strength of our proven growth strategy and the power of our PPI Business System. Advanced our proven growth strategy by launching a range of high-impact, innovative new products in 2025. Highlights include the Thermo Scientific™ Orbitrap™ Astral™ Zoom mass spectrometer , Thermo Scientific™ Krios™ 5 Cryo-TEM , Thermo Scientific™ Vulcan™ Automated Lab , and the bench-scale Thermo Scientific™ 5L DynaDrive™ Single-Use Bioreactor . During the fourth quarter we launched the Thermo Scientific™ Helios™ MX1 Plasma Focused Ion Beam Scanning Electron Microscope , a fully automated semiconductor analysis system designed to accelerate time-to-data for yield ramp and fab process control, and we received FDA approval for the Ion Torrent™ Oncomine™ Dx Target Test as a companion diagnostic for HYRNUO™, Bayer’s targeted therapy for patients with HER2-mutated non-small cell lung cancer, as well as U.S. 510(k) clearance for the EXENT System , a first-of-its-kind automated platform to aid in the diagnosis of multiple myeloma. Strengthened our industry-leading commercial engine and deepened our trusted partner status with customers. We continued to scale adoption of our Accelerator™ Drug Development solution – our integrated CDMO and CRO offering, securing meaningful wins across our biopharma services businesses. We also entered into a technology alliance agreement with the Chan Zuckerberg Institute for Advanced Biological Imaging to advance new technologies enabling researchers to better visualize human cells. During the fourth quarter, we established a strategic collaboration with OpenAI to expand the use of artificial intelligence across our operations and our products and services to accelerate scientific breakthroughs, enhance drug development and drive greater productivity; and expanded our bioprocess design centers in Asia , including opening a new site in India, to further support pharma and biotech customers with process development and scale-up. Continued to successfully execute our capital deployment strategy, deploying approximately $16.5 billion in 2025. This included $13 billion committed to M&A. We completed the acquisition of our Filtration and Separation business from Solventum , an excellent complement to our bioproduction capabilities, and Sanofi’s Ridgefield, New Jersey, sterile fill-finish site , expanding our U.S. capacity for drug product manufacturing capacity. Then in the fourth quarter, we announced a definitive agreement to acquire Clario , a leading provider of endpoint data solutions for clinical trials, adding high-growth capabilities to enhance clinical insights for our pharma and biotech customers and further accelerate the digital transformation of clinical research. Additionally, during the year we returned $3.6 billion of capital to shareholders through stock buybacks and dividends. “Thanks to our exceptional team, we delivered a strong finish to 2025, reflecting outstanding execution and the continued strength of our proven growth strategy,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. “Throughout the year we effectively navigated the external environment and leveraged our PPI Business System to enable excellent operational performance. It was also a very active year for capital deployment, as we advanced our strategy and added exciting new capabilities that further strengthen our long-term competitive position.” Casper added, “We enter 2026 from a position of strength. Our growth strategy is resonating with customers, positioning us for continued share gain, and our PPI Business System provides a strong foundation to continue our excellent operational performance. Together, this positions us well to deliver on our 2026 objectives as we create value for our stakeholders and build an even brighter future for our company.” Fourth Quarter 2025 Revenue for the fourth quarter of 2025 grew 7% to $12.21 billion, versus $11.40 billion in the same quarter of 2024. Organic revenue growth was 3%. GAAP Earnings Results GAAP diluted EPS in the fourth quarter of 2025 was $5.21, 9% growth versus the fourth quarter of 2024. GAAP operating income for the fourth quarter of 2025 was $2.26 billion, 12% higher than the year-ago quarter. GAAP operating margin was 18.5%, compared with 17.7% in the fourth quarter of 2024. Non-GAAP Earnings Results Adjusted EPS for the fourth quarter of 2025 was $6.57, 8% growth versus the fourth quarter of 2024. Adjusted operating income for the fourth quarter of 2025 was $2.88 billion, 6% higher than the year-ago quarter. Adjusted operating margin was 23.6%, compared with 23.9% in the fourth quarter of 2024. Full Year 2025 Revenue for the full year 2025 grew 4% to $44.56 billion, versus $42.88 billion in 2024. Organic revenue growth was 2%. GAAP Earnings Results GAAP diluted EPS for the full year was $17.74, 7% growth versus the full year 2024. GAAP operating income for the full year was $7.75 billion, 6% higher than 2024. GAAP operating margin was 17.4%, compared with 17.1% in 2024. Non-GAAP Earnings Results Adjusted EPS for the full year 2025 was $22.87, 5% growth versus the full year 2024. Adjusted operating income for the full year was $10.11 billion, 4% higher than 2024. Adjusted operating margin was 22.7%, compared with 22.6% in 2024. Annual Guidance for 2026 The company will provide 2026 financial guidance during its earnings conference call this morning at 8:30 a.m. Eastern Time. Use of Non-GAAP Financial Measures Adjusted EPS, adjusted net income, adjusted operating income, adjusted operating margin, free cash flow, and organic revenue growth are non-GAAP measures that exclude certain items detailed after the tables that accompany this press release, under the heading “Supplemental Information Regarding Non-GAAP Financial Measures.” The reconciliations of GAAP to non-GAAP financial measures are provided in the tables that accompany this press release. Note on Presentation Certain amounts and percentages reported within this press release are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding. Conference Call Thermo Fisher Scientific will hold its earnings conference call today, January 29, 2026, at 8:30 a.m. Eastern Time. During the call, the company will discuss its financial performance, as well as future expectations. The call will be webcast live on the “Investors” section of our website, . You can access the conference call by dialing (833) 470-1428 within the U.S. or +1 (646) 844-6383 outside the U.S. The access code is 054943. The earnings press release and related information can also be found in that section of our website, under the heading “Financials”. A replay of the call will be available under “News, Events & Presentations” through Wednesday, April 22, 2026. About Thermo Fisher Scientific Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue over $40 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, increasing productivity in their laboratories, improving patient health through diagnostics or the development and manufacture of life-changing therapies, we are here to support them. 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. For more information, please visit . Safe Harbor Statement The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of economic and political conditions and exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; any natural disaster, public health crisis or other catastrophic event; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions, may not materialize as expected. Additional important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in our most recent reports on Form 10-K and Form 10-Q under the heading “Risk Factors.” These filings are on the SEC and available in the “Investors” section of our website under the heading “SEC Filings.” These forward-looking statements are based on our current expectations and speak only as of the date of this press release. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, in the event of new information, future developments or otherwise. Condensed Consolidated Statements of Income (unaudited) Three months ended December 31, % of December 31, % of (Dollars in millions except per share amounts) 2025 Revenues 2024 Revenues Revenues $ 12,215 $ 11,395 Costs and operating expenses: Cost of revenues (a) 7,143 58.5 % 6,492 57.0 % Selling, general and administrative expenses (b) 1,977 16.2 % 1,846 16.2 % Amortization of acquisition-related intangible assets 436 3.6 % 438 3.8 % Research and development expenses 357 2.9 % 374 3.3 % Restructuring and other costs (c) 46 0.4 % 228 2.0 % Total costs and operating expenses 9,960 81.5 % 9,379 82.3 % Operating income 2,255 18.5 % 2,016 17.7 % Interest income 258 227 Interest expense (365 ) (316 ) Other income/(expense) (d) 5 14 Income before income taxes 2,154 1,941 Benefit from/(provision for) income taxes (e) (153 ) (150 ) Equity in earnings/(losses) of unconsolidated entities (31 ) 33 Net income 1,970 1,824 Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) 5 (6 ) Net income attributable to Thermo Fisher Scientific Inc. $ 1,964 16.1 % $ 1,830 16.1 % Earnings per share attributable to Thermo Fisher Scientific Inc.: Basic $ 5.22 $ 4.79 Diluted $ 5.21 $ 4.78 Weighted average shares: Basic 376 382 Diluted 377 383 Reconciliation of adjusted operating income and adjusted operating margin GAAP operating income $ 2,255 18.5 % $ 2,016 17.7 % Cost of revenues adjustments (a) 33 0.3 % 22 0.2 % Selling, general and administrative expenses adjustments (b) 107 0.9 % 16 0.1 % Restructuring and other costs (c) 46 0.4 % 228 2.0 % Amortization of acquisition-related intangible assets 436 3.6 % 438 3.8 % Adjusted operating income (non-GAAP measure) $ 2,878 23.6 % $ 2,720 23.9 % Reconciliation of adjusted net income GAAP net income attributable to Thermo Fisher Scientific Inc. $ 1,964 $ 1,830 Cost of revenues adjustments (a) 33 22 Selling, general and administrative expenses adjustments (b) 107 16 Restructuring and other costs (c) 46 228 Amortization of acquisition-related intangible assets 436 438 Other income/expense adjustments (d) (5 ) (11 ) Income taxes adjustments (e) (138 ) (138 ) Equity in earnings/losses of unconsolidated entities 31 (33 ) Noncontrolling interests adjustments (f) — (14 ) Adjusted net income (non-GAAP measure) $ 2,475 $ 2,338 Reconciliation of adjusted earnings per share GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. $ 5.21 $ 4.78 Cost of revenues adjustments (a) 0.09 0.06 Selling, general and administrative expenses adjustments (b) 0.29 0.04 Restructuring and other costs (c) 0.12 0.60 Amortization of acquisition-related intangible assets 1.16 1.14 Other income/expense adjustments (d) (0.01 ) (0.03 ) Income taxes adjustments (e) (0.37 ) (0.36 ) Equity in earnings/losses of unconsolidated entities 0.08 (0.08 ) Noncontrolling interests adjustments (f) 0.00 (0.04 ) Adjusted EPS (non-GAAP measure) $ 6.57 $ 6.10 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 3,457 $ 3,289 Purchases of property, plant and equipment (465 ) (480 ) Proceeds from sale of property, plant and equipment 27 17 Free cash flow (non-GAAP measure) $ 3,018 $ 2,826 Business Segment Information Three months ended December 31, % of December 31, % of (Dollars in millions) 2025 Revenues 2024 Revenues Revenues Life Sciences Solutions $ 2,946 24.1 % $ 2,604 22.9 % Analytical Instruments 2,215 18.1 % 2,186 19.2 % Specialty Diagnostics 1,220 10.0 % 1,157 10.2 % Laboratory Products and Biopharma Services 6,379 52.2 % 5,936 52.1 % Eliminations (546 ) -4.5 % (487 ) -4.3 % Consolidated revenues $ 12,215 100.0 % $ 11,395 100.0 % Segment income and segment income margin Life Sciences Solutions $ 1,046 35.5 % $ 952 36.6 % Analytical Instruments 583 26.3 % 666 30.5 % Specialty Diagnostics 324 26.6 % 273 23.6 % Laboratory Products and Biopharma Services 925 14.5 % 828 14.0 % Subtotal reportable segments 2,878 23.6 % 2,720 23.9 % Cost of revenues adjustments (a) (33 ) -0.3 % (22 ) -0.2 % Selling, general and administrative expenses adjustments (b) (107 ) -0.9 % (16 ) -0.1 % Restructuring and other costs (c) (46 ) -0.4 % (228 ) -2.0 % Amortization of acquisition-related intangible assets (436 ) -3.6 % (438 ) -3.8 % Consolidated GAAP operating income $ 2,255 18.5 % $ 2,016 17.7 % (a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations, charges for the sale of inventory revalued at the date of acquisition, and in 2025, $4 of transaction-related costs. (b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, and accelerated depreciation on fixed assets to be abandoned due to facility consolidations. Adjusted results in 2024 also exclude $3 of charges associated with product liability litigation. (c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, gains/losses on the sale of real estate, charges for environmental-related matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. (d) Adjusted results exclude net gains/losses on investments. (e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements. (f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests. Note: Consolidated depreciation expense is $291 and $304 in 2025 and 2024, respectively. Organic revenue growth Three months ended December 31, 2025 Revenue growth 7 % Acquisitions 2 % Currency translation 2 % Organic revenue growth (non-GAAP measure) 3 % Note: For more information related to non-GAAP financial measures, refer to the section titled “Supplemental Information Regarding Non-GAAP Financial Measures” of this release. Condensed Consolidated Statements of Income (unaudited) Year ended December 31, % of December 31, % of (Dollars in millions except per share amounts) 2025 Revenues 2024 Revenues Revenues $ 44,556 $ 42,879 Costs and operating expenses: Cost of revenues (a) 26,048 58.5 % 24,818 57.9 % Selling, general and administrative expenses (b) 7,272 16.3 % 7,003 16.3 % Amortization of acquisition-related intangible assets 1,730 3.9 % 1,952 4.6 % Research and development expenses 1,397 3.1 % 1,390 3.2 % Restructuring and other costs (c) 362 0.8 % 379 0.9 % Total costs and operating expenses 36,810 82.6 % 35,542 82.9 % Operating income 7,746 17.4 % 7,337 17.1 % Interest income 993 1,078 Interest expense (1,419 ) (1,390 ) Other income/(expense) (d) (12 ) 12 Income before income taxes 7,308 7,037 Benefit from/(provision for) income taxes (e) (547 ) (657 ) Equity in earnings/(losses) of unconsolidated entities (41 ) (42 ) Net income 6,721 6,338 Less: net income/(loss) attributable to noncontrolling interests and redeemable noncontrolling interest (f) 17 3 Net income attributable to Thermo Fisher Scientific Inc. $ 6,704 15.0 % $ 6,335 14.8 % Earnings per share attributable to Thermo Fisher Scientific Inc.: Basic $ 17.77 $ 16.58 Diluted $ 17.74 $ 16.53 Weighted average shares: Basic 377 382 Diluted 378 383 Reconciliation of adjusted operating income and adjusted operating margin GAAP operating income $ 7,746 17.4 % $ 7,337 17.1 % Cost of revenues adjustments (a) 64 0.1 % 47 0.1 % Selling, general and administrative expenses adjustments (b) 207 0.5 % (8 ) 0.0 % Restructuring and other costs (c) 362 0.8 % 379 0.9 % Amortization of acquisition-related intangible assets 1,730 3.9 % 1,952 4.6 % Adjusted operating income (non-GAAP measure) $ 10,109 22.7 % $ 9,707 22.6 % Reconciliation of adjusted net income GAAP net income attributable to Thermo Fisher Scientific Inc. $ 6,704 $ 6,335 Cost of revenues adjustments (a) 64 47 Selling, general and administrative expenses adjustments (b) 207 (8 ) Restructuring and other costs (c) 362 379 Amortization of acquisition-related intangible assets 1,730 1,952 Other income/expense adjustments (d) (6 ) (19 ) Income taxes adjustments (e) (458 ) (329 ) Equity in earnings/losses of unconsolidated entities 41 42 Noncontrolling interests adjustments (f) (1 ) (19 ) Adjusted net income (non-GAAP measure) $ 8,642 $ 8,380 Reconciliation of adjusted earnings per share GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. $ 17.74 $ 16.53 Cost of revenues adjustments (a) 0.17 0.12 Selling, general and administrative expenses adjustments (b) 0.55 (0.02 ) Restructuring and other costs (c) 0.96 0.99 Amortization of acquisition-related intangible assets 4.58 5.09 Other income/expense adjustments (d) (0.02 ) (0.05 ) Income taxes adjustments (e) (1.21 ) (0.86 ) Equity in earnings/losses of unconsolidated entities 0.11 0.11 Noncontrolling interests adjustments (f) 0.00 (0.05 ) Adjusted EPS (non-GAAP measure) $ 22.87 $ 21.86 Reconciliation of free cash flow GAAP net cash provided by operating activities $ 7,818 $ 8,667 Purchases of property, plant and equipment (1,525 ) (1,400 ) Proceeds from sale of property, plant and equipment 44 57 Free cash flow (non-GAAP measure) $ 6,337 $ 7,324 Business Segment Information Year ended December 31, % of December 31, % of (Dollars in millions) 2025 Revenues 2024 Revenues Revenues Life Sciences Solutions $ 10,374 23.3 % $ 9,631 22.5 % Analytical Instruments 7,554 17.0 % 7,463 17.4 % Specialty Diagnostics 4,676 10.5 % 4,512 10.5 % Laboratory Products and Biopharma Services 23,984 53.8 % 23,157 54.0 % Eliminations (2,033 ) -4.6 % (1,885 ) -4.4 % Consolidated revenues $ 44,556 100.0 % $ 42,879 100.0 % Segment income and segment income margin Life Sciences Solutions $ 3,768 36.3 % $ 3,503 36.4 % Analytical Instruments 1,736 23.0 % 1,955 26.2 % Specialty Diagnostics 1,256 26.9 % 1,159 25.7 % Laboratory Products and Biopharma Services 3,350 14.0 % 3,090 13.3 % Subtotal reportable segments 10,109 22.7 % 9,707 22.6 % Cost of revenues adjustments (a) (64 ) -0.1 % (47 ) -0.1 % Selling, general and administrative expenses adjustments (b) (207 ) -0.5 % 8 0.0 % Restructuring and other costs (c) (362 ) -0.8 % (379 ) -0.9 % Amortization of acquisition-related intangible assets (1,730 ) -3.9 % (1,952 ) -4.6 % Consolidated GAAP operating income $ 7,746 17.4 % $ 7,337 17.1 % (a) Adjusted results exclude accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations and charges for the sale of inventory revalued at the date of acquisition. Adjusted results in 2025 exclude $4 of transaction-related costs. Adjusted results in 2024 also exclude $13 of charges for inventory write-downs associated with large-scale abandonment of product lines. (b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs, charges/credits for changes in estimates of contingent acquisition consideration, charges associated with product liability litigation, and accelerated depreciation on fixed assets to be abandoned due to facility consolidations. (c) Adjusted results exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges/credits for pre-acquisition litigation and other matters, net gains/losses on the sale of real estate, charges for environmental-related matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2025 also exclude $51 of charges for disposition of a consolidated joint venture. (d) Adjusted results exclude net gains/losses on investments. Adjusted results in 2025 also exclude $8 of settlement charges for pension plans. (e) Adjusted results exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements. (f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests. Note: Consolidated depreciation expense is $1,050 and $1,156 in 2025 and 2024, respectively. Contacts Media Contact Information: Sandy Pound Thermo Fisher Scientific Phone: 781-622-1223 E-mail: sandy.pound@thermofisher.com Investor Contact Information: Rafael Tejada Thermo Fisher Scientific Phone: 781-622-1356 E-mail: rafael.tejada@thermofisher.com Read full story here