Analyst Note| Alex Morozov, CFA |
We anticipate a moderate increase to our fair value estimate of wide-moat Thermo Fisher Scientific as we update our model following the release of second-quarter results. Total revenue grew 34% year over year for the quarter to $9.27 billion, marking the fourth consecutive quarter of over 30% growth year over year. Revenue continues to be inflated due to the COVID-19 pandemic response, which accounted for $1.9 billion of total revenue. With the second quarter providing a strong close for the first half of the year, management is raising revenue and adjusted earnings per share guidance for fiscal 2021 to $35.90 billion and $22.07, respectively.