(Reuters) -Thermo Fisher on Wednesday beat Wall Street estimates for second-quarter profit and revenue, helped by steady demand for its products and services used for developing therapies.
Shares of the medical equipment maker were up 2.5% in premarket trading.
The company joins peers such as Danaher in beating quarterly profit estimates, citing strong demand from the industry for tools and services used to make vaccines and therapies.
Danaher said on Tuesday it is seeing a robust number of clinical trials and therapies under development, with steady demand from its pharmaceutical clients.
On an adjusted basis, Thermo Fisher reported a profit of $5.36 per share for the quarter ended June 28, beating analysts’ estimate of $5.22 per share, as per data compiled by LSEG.
The company said its business strategy called “practical process improvement” is helping adjust its supply chains in the tariff environment and to actively manage its cost base.
Last week, the company said it will buy French drugmaker Sanofi’s New Jersey manufacturing site, “to meet growing demand from pharma and biotech customers.”
The Waltham Massachusetts-based company’s quarterly revenue rose 3% to $10.85 billion, compared to analyst estimates of $10.68 billion.
Sales at its laboratory products segment, which makes up more than half of Thermo Fisher’s total sales came in at $6 billion, above estimates of $5.79 billion.
(Reporting by Sneha S K in Bengaluru; Editing by Shailesh Kuber)
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