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brighter
future
Our Mission is to enable our customers to make the world healthier, cleaner and safer
Our Mission is to enable
our customers to make the world
healthier, cleaner and safer.
Complementary Segments
10%
Specialty Diagnostics
14% 47%
Analytical Instruments Laboratory Products
& Biopharma Services
$44.92B
Revenue
29%
Life Sciences Solutions
To our
shareholders,
customers and
colleagues
As I reflect on 2022, I am proud of what we achieved. Our continued success is propelled by our proven
Our team’s incredible dedication to our customers growth strategy, which consists of three pillars:
and our Mission enabled us to successfully navigate a
dynamic environment, exceed our goals and deliver value • Developing high-impact, innovative new products
for all of our stakeholders. I would like to thank our more • Leveraging our scale in high-growth and emerging
than 125,000 colleagues, whose passion for enabling our markets
customers to make the world healthier, cleaner and safer
fuels our success. And thank you to our customers and • Delivering a unique value proposition to our customers
shareholders for your continued confidence in us as a
We continued to execute this strategy during 2022,
partner in building a brighter future for all.
and the investments we’ve made are driving growth
We measure our success in a number of ways – not only and generating strong returns. I’ll review our progress
by our financial results, but also by being the strongest within the three pillars.
partner for our customers, by providing an excellent work
experience for our colleagues, by creating value for our
Commitment to high-impact innovation
shareholders and by making a positive impact on society.
By all of these measures, it was another exceptional year Beginning with the first pillar, our focus on high-
for Thermo Fisher Scientific. impact innovation enables our customers to address
some of the world’s greatest challenges, and in
2022, we invested $1.5 billion in R&D to deliver new
Outstanding financial results
Starting with our financials, we continued our
long track record of outstanding performance.
In 2022, we grew our revenue by 15 percent to
$44.92 billion, delivered strong earnings results
consisting of GAAP diluted earnings per share (EPS)
of $17.63 and adjusted EPS¹* of $23.24, and we
generated very strong free cash flow¹* of $6.94 billion.
*¹ Adjusted EPS and free cash flow are non-GAAP financial measures. For a
reconciliation of these non-GAAP measures to comparable GAAP measures, Marc N. Casper
see pages 6 and 7 of this annual report.
Chairman, President and CEO
Healthier
Advancing promising new drugs
Our acquisition of leading clinical research organization PPD,
Inc. in 2021 has enabled us to partner with pharma, biotech
and government customers in new and exciting ways – helping
them to move a scientific idea to an approved medicine
quickly, reliably and cost effectively. One way we do this is by
helping our customers manage the vast amount of information
from clinical trials so the health outcomes and efficacy of
a drug candidate can be understood – a key challenge in
drug development. In fact, the National Cancer Institute has
chosen us to provide support services and digital solutions for
collection of electronic patient-reported outcomes and health
data for oncology and hematology studies. Ultimately, this work
will help to bring life-changing therapies to patients.
3
In addition, our integration of PPD, which we acquired Making a positive impact on society
in 2021, has been very successful and is largely As a Mission-driven company, we help to make the
complete. PPD forms our clinical research business world a better place by enabling our customers’
and is performing extremely well as our customers success. We also make a difference by supporting
realize the benefits of our combined offering to help our communities and being a good steward of our
them bring new drugs and therapies to patients. planet, and I’m proud of the actions we took in 2022.
We are winning significant new business in clinical
research services and have raised our revenue During the year, we continued to advance our
synergy expectations for the business. environmental sustainability roadmap, reducing our
carbon footprint and finalizing significant power
Given the strong growth outlook, during the year we purchasing agreements to accelerate our transition
opened a new state-of-the-art bioanalytical lab at our toward 100% renewable energy. We also increased
clinical research campus in Richmond, Virginia, to our 2030 greenhouse gas emissions reduction
support increasing demand for analytical services to target for our operations to achieve a 50% reduction
accelerate drug development. in this decade.
As always, our Practical Process Improvement Through our Foundation for Science, we supported
(PPI) Business System and our Mission-driven students across the globe with our STEM education
culture were major factors in our success. In a programs, including becoming the title sponsor of the
year marked by global supply-chain disruptions, a Thermo Fisher Scientific Junior Innovators Challenge,
war in Ukraine, COVID-19 lockdowns in China and the premier middle school STEM competition in the
inflationary headwinds, PPI enabled us to engage United States.
and empower our colleagues around the world to
find a better way every day to overcome challenges, I also want to thank our local colleague-led
improve processes and work more efficiently and Community Action Councils and all of our team
effectively. This had a significant impact on our ability members who collectively volunteered more than
to meet our customers’ needs, maximize return on 120,000 hours during 2022 to advance STEM
investments, drive growth and fulfill our Mission – education and support their communities.
enabling us to deliver differentiated performance for
our stakeholders.
Cleaner
Uncovering clues about our
changing climate
As greenhouse gas levels continue to rise, our planet
is warming, sea levels are rising and polar ice mass is
shrinking – with alarming implications for humanity. To better
understand our future, we need to learn more about past
environmental events and how our climate has changed over
time. That’s why Thermo Fisher is supporting the global Ice
Memory initiative, led by Fondation Université Grenoble Alpes.
Through this initiative, scientists are extracting ice cores from
mountain glaciers and using our mass spectrometry and
chromatography instruments to analyze the samples, providing
clues about our climate and environment that lie in ancient ice.
4
In addition, we achieved our goal, a year ahead Looking ahead
of plan, to hire 500 graduates from historically In so many ways, 2022 was another special year for
Black colleges and universities. This supports our our company, and I’m very excited about what lies
commitment to diversity and inclusion within our before us.
company and to increasing opportunities for all.
Thermo Fisher is uniquely positioned to help our
customers navigate the year ahead. We have an
Enhancing our vibrant culture
experienced management team leading the most
We accomplished so much in 2022, and none talented colleagues in the industry, the power of our
of it would be possible without the passion and PPI Business System to make us even stronger, and a
commitment of our incredible global team. That’s why profound Mission that fuels our success.
we continue to build a vibrant and inclusive culture,
where our colleagues are inspired to bring their best On behalf of our global team, thank you once again
every day and know they can achieve their career for your support of Thermo Fisher Scientific. I look
aspirations within our company. forward to what we will accomplish together in 2023
and beyond.
Throughout the year, Thermo Fisher was recognized
for our industry leadership and our inclusive culture. Sincerely,
We earned a 100% score on the Human Rights
Campaign’s 2022 Corporate Equality Index for
LGBTQ equality for the seventh consecutive year
and advanced on Fortune’s list of the World’s Most
Admired Companies. We were also recognized by
Forbes magazine as one of the World’s Top
Marc N. Casper
Female-Friendly Companies and one of America’s
Chairman, President and Chief Executive Officer
Best Employers for Veterans.
April 7, 2023
This is an ongoing journey, and we’ll continually
strive to make Thermo Fisher the best place for our
colleagues to have a Mission-driven career.
Safer
Ensuring safe drinking water
The conflict in Ukraine has devastated a significant part of
the country’s infrastructure and left many families struggling
to access necessities like clean and safe water. Thermo Fisher
is helping to address this challenge by providing the Ukraine
Ministry of Health with ion chromatography instruments,
autosamplers and water purification systems, which will be
used in remote monitoring stations across the country to
ensure the safety of drinking water. All over the world, Thermo
Fisher is helping to ensure the quality of water resources by
providing government and industrial laboratories with solutions
for environmental water testing – because water is vital to life.
5
Reconciliation of GAAP to non-GAAP financial measures (f)
(Dollars in millions except per share amounts) 2022 2021 2020 2019 2018
Reconciliation of adjusted earnings per share
GAAP diluted earnings per share (EPS) attributable to
Thermo Fisher Scientific Inc. $17.63 $19.46 $15.96 $9.17 $7.24
Cost of revenues adjustments (a) 0.12 0.02 0.01 0.04 0.03
Selling, general and administrative expenses
adjustments (b) 0.09 0.36 (0.02) 0.15 0.07
Restructuring and other costs (income) (c) 0.29 0.50 0.25 (1.02) 0.12
Amortization of acquisition-related intangible assets 6.07 4.43 4.17 4.25 4.29
Other income/expense adjustments (d) 0.30 1.84 0.30 0.36 0.07
Provision for income taxes adjustments (e) (1.70) (1.49) (1.12) (0.60) (0.70)
Equity in earnings/losses of unconsolidated entities 0.44 0.01 0.01 — —
Adjusted EPS (non-GAAP measure) $23.24 $25.13 $19.56 $12.35 $11.12
(a) Adjusted results exclude inventory charges, principally for the sale of inventories revalued at the date of acquisition,
accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in 2022, charges for
inventory write-downs associated with large-scale abandonment of product lines.
(b) Adjusted results exclude significant transaction/integration costs (including reimbursements thereof) related to
recent/terminated acquisitions and a divestiture; charges/credits for changes in estimates of contingent acquisition
consideration; charges/income associated with product liability litigation and accelerated depreciation on fixed assets to
be abandoned due to integration synergies and facility consolidations.
(c) Adjusted results exclude restructuring and other costs consisting principally of severance, abandoned facility, and
other expenses of headcount reductions and real estate consolidation; impairments of long-lived assets; significant gains
and losses on litigation-related matters; gains on the sale of businesses, product lines and property; in 2022, 2021,
and 2018, charges/credits for environmental-related matters; in 2021, charges for compensation due to employees of
acquired businesses at the date of acquisition; and in 2018, hurricane response costs.
(d) Adjusted results exclude gains and losses on investments; in 2022, 2021, and 2019, losses on the extinguishment of
debt; in 2022, 2020, 2019, and 2018, net settlement/curtailment gains/losses for pension plans; in 2022, net gains on
derivative instruments to address certain foreign currency risks; in 2021 and 2020, costs to obtain short-term financing
commitments related to recent/terminated acquisitions; and in 2020, charges related to terminated interest rate swaps.
(e) Adjusted tax benefit/provision excludes the incremental tax impacts for the above excluded items, the impact of the
resolution of significant tax audits, and the incremental tax impacts as a result of tax rate/law changes; in 2022, the
impact of deferred tax realizability assessments as a result of audit settlements; and in 2019 and 2018, adjustments to
the impacts of U.S. tax reform legislation.
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we
use certain non-GAAP financial measures such as adjusted EPS. We believe that the use of these non-GAAP financial
measures, in addition to GAAP financial measures, helps investors to gain a better understanding of our core operating
results and future prospects, consistent with how management measures and forecasts the company’s core operating
performance, especially when comparing such results to previous periods, forecasts, and to the performance of our
competitors. Such measures are also used by management in their financial and operating decision-making and for
compensation purposes. To calculate adjusted EPS we exclude, as applicable:
• Certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition,
significant transaction/acquisition-related costs, including changes in estimates of contingent acquisition-related
consideration, and other costs associated with obtaining short-term financing commitments for pending/recent
acquisitions. We exclude these costs because we do not believe they are indicative of our normal operating costs.
• Costs/income associated with restructuring activities and large-scale abandonments of product lines, such as
reducing overhead and consolidating facilities. We exclude these costs because we believe that the costs related
to restructuring activities and large-scale abandonments of product lines are not indicative of our normal operating
costs.
• Equity in earnings/losses of unconsolidated entities; impairments of long-lived assets; and certain other gains and
losses that are either isolated or cannot be expected to occur again with any predictability, including gains/losses on
investments, the sale of businesses, product lines, and real estate, significant litigation-related matters, curtailments/
settlements of pension plans, and the early retirement of debt. We exclude these items because they are outside of
our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods.
• The expense associated with the amortization of acquisition-related intangible assets because a significant portion
of the purchase price for acquisitions may be allocated to intangible assets that have lives of up to 20 years.
Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both
our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.
• The tax impacts of the above items and the impact of significant tax audits or events (such as changes in deferred
taxes from enacted tax rate/law changes), the latter of which we exclude because they are outside of our normal
operations and difficult to forecast accurately for future periods.
We report free cash flow, which is operating cash flow, excluding net capital expenditures, to provide a view of the
continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities. The
company also uses this measure as an indication of the strength of the company. Free cash flow is not a measure of
cash available for discretionary expenditures since we have certain non-discretionary obligations such as debt service
that are not deducted from the measure.
The non-GAAP financial measures of the company’s results of operations and cash flows included above are not meant
to be considered superior to or a substitute for the company’s results of operations prepared in accordance with GAAP.
Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set
forth in the tables above.
Annual Meeting
The annual meeting of shareholders will be held in a virtual meeting format only, via the internet, on
Wednesday, May 24, 2023, at 1:00 p.m. Eastern Time. Please log in to virtualshareholdermeeting.com/
TMO2023 to participate.
Forward-Looking Statements
This annual report contains “forward-looking statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934. Any statements contained herein that are not statements of historical fact may be
deemed to be forward-looking statements, including, without limitation, statements regarding: projections
of revenues, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit
obligations and funding requirements, and our liquidity position; cost reductions, restructuring activities, new
product and service developments, competitive strengths or market position, acquisitions or divestitures;
growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting
pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent
liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital
markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; the
expected impact of the COVID-19 pandemic on the company’s business; and any other statements that
address events or developments that Thermo Fisher intends or believes will or may occur in the future. Without
limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates” and similar
expressions are intended to identify forward-looking statements, although not all forward-looking statements
are accompanied by such words. While the company may elect to update forward-looking statements in the
future, it specifically disclaims any obligation to do so, even if the company’s estimates change, and readers
should not rely on those forward-looking statements as representing the company’s views as of any date
subsequent to the date of the filing of this report.
A number of important factors could cause the results of the company to differ materially from those indicated
by such forward-looking statements, including those detailed under the heading, “Risk Factors” in Part I,
Item 1A, in the accompanying Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Form 10-.
Consolidated Financial Statements
Our Mission is to enable our customers to make the world healthier, cleaner and safer
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F-44
Stock performance graph
The following graph and table compare Thermo Fisher Scientific’s total shareholder return for the five-year period ended
December 31, 2022, with the total return for the Standard & Poor’s 500 Index and a weighted blend (80/20, respectively) of the
Standard & Poor’s 500 Healthcare and Standard & Poor’s 500 Industrial Indices.
The comparison assumes that $100 was invested on December 31, 2017, and that dividends were reinvested. Our common stock is
traded on the New York Stock Exchange under the ticker symbol “TMO.”
$400
Thermo Fisher Scientific Inc.
$350 S&P 500
Weighted S&P 500 Healthcare & Industrial Indices
$300
$250
$200
$150
$100
$50
$-
12/17 12/18 12/19 12/20 12/21 12/22
Rafael Tejada
Vice President, Investor Relations
Board of Directors
Marc N. Casper Jim P. Manzi
Chairman, President and Chief Executive Officer Chairman, Stonegate Capital (private equity investments); Former
Chairman, President and Chief Executive Officer, Lotus Development
Nelson J. Chai Corporation (computer software)
Chief Financial Officer, Uber Technologies Inc.
(global ride-hailing technology) James C. Mullen
Executive Chairman, Editas Medicine, Inc. (biotechnology)
Ruby R. Chandy
Former President, Pall Industrial, Pall Corporation Lars R. Sørensen
(filtration, separation and purification technologies) Executive Chairman, Ferring Pharmaceuticals (pharmaceutical company)