2024

Investor Day Sept 19, 2024

The world leader in serving science

Safe Harbor / Non-GAAP Measures
Various remarks that we may make in the following presentations about the company’s future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995, including statements about future revenue, financial results, and the COVID-19 pandemic. Actual results may differ materially from those indicated by these forward-looking statements as a
result of various important factors, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 and our subsequent Form 10-Qs, under the caption “Risk Factors,” which are on file with the
Securities and Exchange Commission and available in the “Investors” section of our website under the heading “SEC Filings.” Important factors that could cause actual results to differ materially from those indicated by forward-looking
statements include risks and uncertainties relating to: the COVID-19 pandemic; 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. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any
obligation to do so, even if estimates change, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today.

During these presentations, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP, including adjusted EPS, adjusted operating income, adjusted operating
margin, adjusted ROIC, free cash flow, organic revenue growth, core revenue, and core organic revenue growth. The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included in these
presentations are not meant to be considered superior to or a substitute for Thermo Fisher’s results of operations prepared in accordance with GAAP. Definitions of these non-GAAP financial measures and, for historical periods, a
reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the appendix to these presentations. Thermo Fisher Scientific does not provide GAAP financial measures on a
forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future restructuring actions and acquisition-related charges as well as gains or
losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and could be material to Thermo Fisher Scientific's results
computed in accordance with GAAP. Certain amounts and percentages in these presentations are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding
totals due to rounding.

Please note that the attached presentations contain financial projections and other forward-looking statements that are specific to the date of the presentations – September 19, 2024 – or the applicable dates
indicated in the presentation – and should not be considered current after such date.

© 2024 Thermo Fisher Scientific Inc. All rights reserved. Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services, Patheon, PPD, Fisher Healthcare, Gibco, Ion Torrent, Olink, AccelerOme, AGT, Alexa
Fluor, Ardia, Ascend, Astral, Athena, Attune, B•R•A•H•M•S, C1qScreen, CTS, CytPix, Dynabeads, DynaDrive, DynaGreen, EasyPep, EliA, Explore, Freelite, Genexus, Greener by design, Helios, HyPerforma, ImmunoCAP,
KingFisher, Krios, KRYPTOR, LInspector, Metrios, Oncomine, OncoPro, One Lambda, Optilite, OptiMSe, Orbitrap, PlasmidPro, Proteome Discoverer, QuantStudio, Signature, SMART Digest, Stellar, SuperBoost, SuperScript,
TaqPath, Tribrid, Vanquish, ViewRNA, and Xenon are trademarks of Thermo Fisher Scientific and its subsidiaries. Tandem Mass Tag and TMT are trademarks of Electrophoretics Limited.

2
Agenda
Rafael Tejada
Vice President, Investor Relations Welcome and Safe Harbor

Marc N. Casper
Chairman, President and Consistently Creating Value for All Our Stakeholders
Chief Executive Officer

Michel Lagarde
Executive Vice President and Our Leading Businesses
Chief Operating Officer

Gianluca Pettiti
Executive Vice President High-Impact Innovation

Mike Shafer
Executive Vice President The Trusted Partner to Our Customers

Fred Lowery
Executive Vice President Unparalleled Commercial Engine

Stephen Williamson
Senior Vice President and Consistently Delivering Exceptional Financial Results
Chief Financial Officer

Marc N. Casper Summary and Q&A

Consistently
Creating Value for
All Our Stakeholders
2024 Investor Day
September 19, 2024

Marc N. Casper
Chairman, President and Chief Executive Officer
Our Mission is our purpose

We enable our
customers to make
the world healthier,
cleaner and safer
5
Our Mission in action

Healthier Cleaner Safer

Developed first and only FDA- Supporting a cleaner planet with Enabling customers and
cleared test for preeclampsia our air quality monitoring regulators to ensure a safe
risk stratification solutions used across the globe drug and food supply

6
Key takeaways of the day

• Incredibly well-positioned industry leader, with leading businesses that enable our
customers’ success

• We serve attractive end markets that are fueled by enduring long-term trends

• Proven growth strategy that drives share gain and a capital deployment approach
that creates tremendous value – both powered by our PPI Business System

• Our experienced leadership team delivers differentiated value creation for

all stakeholders

• We have an outstanding track record of financial performance and an excellent

long-term outlook

7
World leader in serving science

$42B
revenue
>120,000 $1.3B
R&D investment
colleagues

Industry-leading scale Unmatched depth of capabilities Sustainable value creation

• Exceptional commercial reach • Leading innovative • Comprehensive biopharma • Positive societal impact
• Unique customer access technologies services offering • Comprehensive CSR strategy
• Extensive global footprint • Deep applications • Premier productivity partner
expertise

Powered by our Practical Process Improvement (PPI) Business System

NOTE: Amounts based on Q2 2024 LTM 8

 Very attractive revenue profile

$42.3B Revenue
Leadership in fast-growing end markets Very strong recurring revenue mix Unparalleled commercial engine

Pharma & Services & North

Biotech Consumables America

57% 83% 53%

END
PRODUCTS ROW REGIONS
MARKETS
Industrial &
Applied 3%
13% Instruments
Academic &
Government 17% Asia-Pacific
Europe
Diagnostics & 19% 25%
Healthcare 15%
15%
NOTE: Revenue and percentages based on LTM through Q2 2024 9
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading portfolio serving Leading analytical Leadership in specialty Enabling biopharma with
life sciences research, technologies to enable diagnostics to cost- our leading laboratory
bioproduction, and clinical scientific breakthroughs effectively improve patient products, and clinical
markets and solve analytical care research, development, and
challenges manufacturing services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 10
Industry-leading businesses, benefited by total company scale
and capabilities
LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS
SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading portfolio serving Leading analytical Leadership in specialty Enabling biopharma with
life sciences research, technologies to enable diagnostics to cost- our leading laboratory
bioproduction, and clinical scientific breakthroughs effectively improve patient products, and clinical
markets and solve analytical care research, development, and
challenges manufacturing services

HIGH-IMPACT THE TRUSTED UNPARALLELED PROVEN M&A

INNOVATION PARTNER COMMERCIAL ENGINE APPROACH

PPI BUSINESS SYSTEM ENABLES OUTSTANDING EXECUTION

11
Consistently creating differentiated value for all our stakeholders

SHAREHOLDERS COLLEAGUES

Outstanding financial A great place to have

track record and a mission-driven career
outlook for value
creation

CUSTOMERS COMMUNITIES

The trusted partner that Enhancing our local

accelerates our communities and
customers’ innovation improving the world
and enhances their for current and
productivity future generations

12
Delivering exceptional financial results

REVENUE ($B) ADJUSTED EPS FREE CASH FLOW ($B)

13% CAGR 15% CAGR 14% CAGR

$7.0
$42.9 $21.55

$13.1
$5.40 $1.8

2013 2023 2013 2023 2013 2023

13
Exceptionally positioned for a terrific future

1 Industry leadership in very attractive end markets

2 Proven growth strategy drives share gain

3 Capital deployment approach creates tremendous value

4 Our PPI Business System enables outstanding execution

5 CSR strategy delivers competitive advantage

14
Exceptionally positioned for a terrific future

1 Industry leadership in very attractive end markets

2 Proven growth strategy drives share gain

3 Capital deployment approach creates tremendous value

4 Our PPI Business System enables outstanding execution

5 CSR strategy delivers competitive advantage

15
We serve very attractive end markets

$235B 4% – 6%
served long-term
market market growth

16
Our end markets are underpinned by enduring long-term trends

• Favorable demographics driving increased healthcare demand

• Ongoing scientific advances in life sciences research

• Strong funding momentum in pharma and biotech, fueled by

• Growing global drug pipeline with increased mix of biologics
• Proven ability of these companies to produce blockbuster drugs
• Potential of AI-enabled drug discovery and development to reduce the cost
and time of developing new drugs and increase success rates

• Development of increasingly complex therapeutic modalities leading

customers to seek deep expertise from partners

• Breakthroughs in material sciences enabling rapid growth in

semiconductors, advanced materials and the clean energy transition

17
Enduring long-term trends

Growing global drug $750B currently

pipeline with increasing earmarked for
share of complex modalities investments in electric
vehicles, clean energy
21K
Drugs in global drug Small Molecule and semiconductors
pipeline in the United States
$150B+ annual
Aging population +10%
Growth in biologics Biologics government funding
driving healthcare pipeline for academic
demand
research globally
1.2B
0.8B

2023 2035
Global population
over 65 years old

18
Exceptionally positioned for a terrific future

1 Industry leadership in very attractive end markets

2 Proven growth strategy drives share gain

3 Capital deployment approach creates tremendous value

4 Our PPI Business System enables outstanding execution

5 CSR strategy delivers competitive advantage

19
Our proven growth strategy drives share gain

A• High-impact innovation 7% – 9%
Long-term organic
B• The trusted partner with industry-leading revenue growth
products, services and expertise
In normal market conditions
with underlying market
C• growth of 4% – 6%
Unparalleled commercial engine

20
A Overview of our proven innovation approach

$1.3B 7,200 R&D scientists World-leading patents

R&D investment and engineers and IP portfolio

World-leading scientists Track record of

in each business best-in-class innovation

Unique customer insights Leveraging total

and collaborations company capabilities

Uniquely positioned to deliver high returns on innovation investments

NOTE: R&D investment amount based on Q2 2024 LTM 21
 A High-impact innovation strategy resulting in outstanding
product launches (select examples)
Enabling the golden age of biology Enabling precision Enabling advanced
Furthering advances in proteomics medicine materials
Supporting development of next-gen
semiconductors

Helios 6 Scanning
Electron Microscope
Orbitrap Astral Stellar Orbitrap Ascend
Tribrid
Thermo Scientific
Thermo Scientific mass spectrometers
B·R·A·H·M·S KRYPTOR
assays for preeclampsia
Enabling cutting-edge research and discovery Metrios 6 Scanning /
Transmission Electron
Microscope
Thermo Scientific
Gibco OncoPro Tumoroid
KingFisher PlasmidPro
Culture Medium kit Thermo Scientific instruments
and pre-filled cartridges Ion Torrent Genexus
Dx integrated
sequencer
Enabling breakthrough battery
technology
Fueling discovery and development of advanced therapeutics

Thermo Scientific
Gibco CTS Detachable Gibco CTS Xenon LInspector Edge in-line
Dynabeads platform Electroporation System mass profilometer
for cell therapy

NOTE: myeloMATCH is the National Cancer Institute’s precision medicine umbrella trial 22
B The trusted partner

• Industry-leading products, services and expertise

• Unique scale and depth of capabilities make us very relevant to customers

• Accumulated experience and deep applications expertise,

with a track record of enabling customer success

• Unparalleled customer access

• Continuously enhancing our capabilities through daily execution,

organic investments and acquisitions

We help our customers accelerate innovation and enhance productivity

23
C Unparalleled commercial engine

Unmatched commercial
scale and reach

Leading
Industry-leading
on-site
websites, e-commerce
services
and digital capabilities

Customer and
technical support,
including applications Customer enablement
expertise centers around the world

Commercial advantage through deep engagement with customers wherever they are
24
Exceptionally positioned for a terrific future

1 Industry leadership in very attractive end markets

2 Proven growth strategy drives share gain

3 Capital deployment approach creates tremendous value

4 Our PPI Business System enables outstanding execution

5 CSR strategy delivers competitive advantage

25
Our proven capital deployment strategy

• Fully fund high-ROI organic opex and capex opportunities

• M&A is the primary focus of our capital deployment strategy

% of capital we expect to deploy over time
• Fragmented industry and our proven M&A playbook create
ample opportunities
M&A 60 - 75%
• Expect share buybacks to remain the primary means
of returning capital Return of Capital 25 - 40%
• Expect dividend to consistently increase over time

• Capital deployment mix will vary in a given year

We will continue to effectively deploy substantial amounts of capital

26
Proven M&A approach
SUCCESSFUL M&A STRATEGY PROVEN TRACK RECORD
• Rigorous selection criteria
• Strengthens our customer offering
Recent acquisitions include:
• Enhances our strategic position
• Creates shareholder value
• Disciplined decision-making
• Proven integration process (2021) (2021)

• Enhanced financial and operational performance (2023) (2023)

of acquired companies
• Excellent cost and revenue synergy realization
(2024)
• Enabled the businesses to make better strategic
decisions and drive long-term success

Creating significant value for our shareholders

27
Update on our acquisition of PPD
STRATEGIC RATIONALE
• Established Thermo Fisher as a global leader in the attractive clinical
research services industry

• Further enhanced our position as the trusted partner to pharma and

biotech customers

PROGRESS UPDATE

ü Increased customer allegiance and share of wallet expansion

ü Winning multiple new large customers

ü Sustained position as the destination for top industry talent

Closed December 2021 ü Outstanding financial performance

Deployed $20.4B ü Raised synergy targets in 2023; on track to exceed our synergy target of over
$200M in adjusted operating income in Year 3

NOTE: Progress update as of Q2 2024 28

Update on our acquisition of The Binding Site
STRATEGIC RATIONALE
• Expanded our offering of high-value specialty diagnostics
• Added industry-leading solution for early diagnosis and monitoring of
multiple myeloma and other blood cancers and portfolio of protein biomarker
assays for a wide range of disorders

PROGRESS UPDATE

ü Continuing to expand the market for multiple myeloma testing with strong
customer adoption

ü Continuing to drive strong innovation pipeline

ü Outstanding financial performance with double-digit organic growth

Closed January 2023

Deployed $2.7B

NOTE: Progress update as of Q2 2024 29

Update on our acquisition of Olink
STRATEGIC RATIONALE
• Expands our capabilities in the high-growth proteomics segment, enabling
meaningful acceleration of discovery and scientific breakthroughs

• Highly complementary to our industry-leading mass spectrometers and a great

addition to our differentiated protein research ecosystem

OUTLOOK

• On track to deliver over $200M of revenue in 2024

• Long-term mid-teens organic growth business
• Expect $125M adjusted operating income from revenue and cost synergies by
Year 5
Closed July 2024

Deployed $3.1B

NOTE: Progress update as of Q2 2024 earnings conference call 30

Exceptionally positioned for a terrific future

1 Industry leadership in very attractive end markets

2 Proven growth strategy drives share gain

3 Capital deployment approach creates tremendous value

4 Our PPI Business System enables outstanding execution

5 CSR strategy delivers competitive advantage

31
Our PPI Business System enables outstanding execution

Quality
Results
World-class
products and
Delivers
services competitive
Our culture advantage
and mindset
Productivity
engages every
Operating
colleague to and process Successful
efficiency
find a better acquisitions
way every day Customer
Allegiance
Differentiated
Maximizing
customer financial
success performance

32
Exceptionally positioned for a terrific future

1 Industry leadership in very attractive end markets

2 Proven growth strategy drives share gain

3 Capital deployment approach creates tremendous value

4 Our PPI Business System enables outstanding execution

5 CSR strategy delivers competitive advantage

33
Mission-led CSR strategy delivers competitive advantage

OPERATIONS COLLEAGUES COMMUNITIES ENVIRONMENT

Using our extensive Enabling our Working to create Advancing our net-zero
capabilities to enable our colleagues to bring their positive change all over roadmap and innovating
customers while conducting best each day, working the world, focusing on to support our customers
our business and and winning together as STEM education and to achieve their
relationships with integrity one global team health equity sustainability goals

Creating long-term value and ensuring a sustainable future for all stakeholders
34
Our CSR strategy in action
COMMUNITIES ENVIRONMENT
• STEM education: • Climate:

30% 44%

Our progress
100K+ 100K+ reduction in Scope 1 & 2 of our global electricity sourced
students reached through hours volunteered emissions since 20182 from renewable energy2
STEM programs1 by colleagues1
50% 80%

Our targets
reduction in Scope 1 & 2 renewable electricity globally
emissions by 2030 by 2030

• Health equity: NET-ZERO by 2050

Scope 1, 2, and 3 emissions
• Advanced key programs to
increase global product access
and diversity in clinical trials • Greener by design program:

• Introduced biobased solutions to

help customers reduce the climate
Invitrogen DynaGreen
impact of biologics manufacturing magnetic beads

Strong progress on executing our CSR strategy

NOTE: 1) For FY 2023; 2) as of Q2 2024 35
Exceptionally positioned for a terrific future

• Incredibly well-positioned industry leader, with leading businesses that enable our
customers’ success

• We serve attractive end markets that are fueled by enduring long-term trends

• Proven growth strategy that drives share gain and a capital deployment approach
that creates tremendous value – both powered by our PPI Business System

• Our experienced leadership team delivers differentiated value creation for

all stakeholders

• We have an outstanding track record of financial performance and an excellent

long-term outlook

36
Our Leading
Businesses

2024 Investor Day

September 19, 2024

Michel Lagarde
Executive Vice President and Chief Operating Officer
Key takeaways

• We have built industry-leading businesses in attractive end markets

• Our best-in-class products and services are essential to the work our customers do

• Our industry-leading businesses are benefitted by our total company scale

and capabilities

• PPI Business System enables outstanding execution

• Our businesses have an outstanding track record of value creation and an even
brighter future

38
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading research reagents, Leading analytical technologies, Differentiated, proprietary solutions Leading provider of contract
instruments and consumables including mass spectrometry, across attractive specialty development and manufacturing
chromatography and electron diagnostics segments services
Best-in-class bioprocessing microscopy
products and equipment Leading channel serving Leading provider of clinical research
Global applications and clinical labs services
Full suite of genetic analysis instrument support
platforms Leading offering of lab
consumables, equipment
and chemicals

Leading channel for lab products

and services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 39
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading research reagents, Leading analytical technologies, Differentiated, proprietary solutions Leading provider of contract
instruments and consumables including mass spectrometry, across attractive specialty development and manufacturing
chromatography and electron diagnostics segments services
Best-in-class bioprocessing microscopy
products and equipment Leading channel serving Leading provider of clinical research
Global applications and clinical labs services
Full suite of genetic analysis instrument support
platforms Leading offering of lab
consumables, equipment
and chemicals

Leading channel for lab products

and services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 40
Life Sciences Solutions

Leading portfolio serving life

sciences research, bioproduction
and clinical markets

41
Life Sciences Solutions: Financial profile

Services &
Biosciences Consumables

$9.5B
Revenue
BUSINESSES PRODUCTS

Instruments

Genetic
Sciences BioProduction 20,000
Colleagues

36%
Adj. Operating Margin

NOTE: Revenue amount is based on LTM through Q2 2024 before intercompany eliminations; adjusted operating margin is based on LTM through Q2 2024 42
Life Sciences Solutions: Segment overview

BIOSCIENCES BIOPRODUCTION GENETIC SCIENCES

• Leading reagents, consumables and • Best-in-class bioprocessing products • Leading offering for genetic analysis
instruments for research and platforms and reagents
applied applications • Leadership position in cell culture media
and single-use technologies • Automated platform enabling
• Products of choice in life sciences labs democratization of clinical next-generation
• Rapidly growing purification and pharma sequencing (NGS)
• Excellent track record of innovation analytics businesses
• Best-in-class offering for applied markets

43
Life Sciences Solutions: Attractive market fundamentals

Scientific
• Fundamental scientific advances driving demand for innovative life science tools
advancements

Funding
• Healthy long-term funding in biopharma, academic and government research
environment

• Large and fast-growing biologics pipeline

Robust pipeline
• Emergence of advanced therapeutic modalities

Clinical translation • Growth of clinical applications, including predictive genomics and biomarker-based cancer therapies

44
Biosciences business highlights

• Products that are essential to key scientific advances and ultimately become
Leading critical building blocks in medicines Invitrogen
portfolio SuperScript IV Reverse
• Career-long customer loyalty among researchers Transcriptase

• Developing cutting-edge solutions to address our customers’ challenges,

Innovation including for advanced therapeutic modalities OncoPro
engine Tumoroid Culture
• Leveraging machine learning and AI to optimize instrument performance Medium

• Extensive scientifically-oriented commercial team, complemented with

Commercial exceptional service and support
excellence
• Leading e-commerce and digital platforms Invitrogen Attune
CytPix Flow Cytometer
AI

45
BioProduction business highlights

Leadership • Leader in fast-growing single-use technologies and cell culture media

Gibco AGT Dry Media

Format for large scale
manufacturing

• Pioneer in cost-effective single-use technologies from development to

commercial scale
Innovation • Industry-leading media offerings delivering significant improvements in yield
• Innovation in purification products for advanced therapeutic modalities

Unique
customer • Incorporating insights from internal customers at our Pharma Services HyPerforma DynaDrive

insights manufacturing sites to advance the state-of-the-art in terms of yield and scale Single-Use Bioreactor for
commercial scale

46
Genetic Sciences business highlights

Applied Biosystems
QuantStudio 7
• Leadership positions across multiple genetic analysis technologies Real-Time PCR

• Breadth of technologies enables customers to choose the right tool for their specific
Leadership genetic sciences applications
• Vast installed base and adoption of our offerings over multiple decades drives Applied Biosystems
TaqPath qPCR
significant consumables pull-through Master Mix

• Setting the standard for genomic analysis in oncology, cell and gene therapies,
infectious diseases and other research applications
Ion Torrent Genexus for
Innovation clinical NGS testing
• Demonstrated ability to massively scale offerings for infectious disease testing
track record
• Clinical NGS platform that is democratizing NGS testing for oncology in community
and smaller hospitals

Ion Torrent Oncomine

Precision Assay GX

47
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading research reagents, Leading analytical technologies, Differentiated, proprietary solutions Leading provider of contract
instruments and consumables including mass spectrometry, across attractive specialty development and manufacturing
chromatography and electron diagnostics segments services
Best-in-class bioprocessing microscopy
products and equipment Leading channel serving Leading provider of clinical research
Global applications and clinical labs services
Full suite of genetic analysis instrument support
platforms Leading offering of lab
consumables, equipment
and chemicals

Leading channel for lab products

and services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 48
Analytical Instruments

Leading analytical technologies

to enable scientific
breakthroughs and solve
analytical challenges

49
Analytical Instruments: Financial profile

Chromatography &
Mass Spectrometry
Instruments

$7.3B
Revenue
BUSINESSES PRODUCTS

Chemical
Analysis Electron
16,500 Services &
Microscopy Colleagues Consumables

26%
Adj. Operating Margin

NOTE: Revenue amount is based on LTM through Q2 2024 before intercompany eliminations; adjusted operating margin is based on LTM through Q2 2024 50
Analytical Instruments: Segment overview

CHROMATOGRAPHY & ELECTRON MICROSCOPY CHEMICAL ANALYSIS

MASS SPECTROMETRY

• Premier mass spectrometry offering • Pioneer in revolutionary cryo-EM • Large portfolio of portable analytical
technology for life sciences instruments
• Strong position in chromatography
• Cutting-edge solutions for advanced • Leading molecular and elemental
• Leading software and instrument materials spectroscopy instruments
servicing capabilities
• Leading software and instrument • Air quality and process monitoring
• Multi-decade track record of servicing capabilities instruments
groundbreaking innovations

51
Analytical Instruments: Attractive market fundamentals

Advances in life • Need for broad array of relevant analytical technologies to revolutionize our understanding of biology
sciences solutions • Strong demand for analytical instruments to power advances in structure-based drug design

Growth in advanced • Significant interest in cutting-edge analytical technologies to enable research, development and
materials manufacturing of next-gen semiconductors and breakthrough battery technologies

Greater chemical • Growth driven by new regulations, infrastructure spend and complex manufacturing processes
analysis requirements • Need for real-time data from the field driving demand for connected portable instruments

52
Chromatography and Mass Spectrometry business highlights

• Leading positions in:

• High-resolution mass spectrometry for life sciences
Industry • Inorganic mass spectrometry for scientific research applications
leadership • Ion chromatography for environmental applications
Thermo Scientific
• Preferred choice in the most demanding research applications
Orbitrap Astral Mass
Spectrometer

Innovation • Multi-decade track record of groundbreaking innovations

track record • Pushing the boundaries for resolution, sensitivity, specificity and speed

Global • Worldwide team of applications experts and field service engineers

Thermo Scientific
expertise • Global network of customer enablement centers for product access and demos Stellar Mass
Spectrometer

53
Electron Microscopy business highlights

Pioneering • Pioneer in electron microscopy innovations

innovative • Nobel Prize-winning structural biology method powered by our cryo-EM
technologies instruments

Thermo Scientific
• Powering advances in our understanding of cellular and protein structures, and
Krios G4 Cryo-TEM
enabling structure-based drug design
Enabling
scientific • Accelerating innovations in next-gen semiconductors and breakthrough battery
advances technologies
• Integrating machine learning and AI capabilities into our instruments, enabling
greater automation and faster insight generation

Thermo Scientific Metrios 6

Trusted • Strong customer intimacy to co-develop solutions with major semiconductor and Scanning / Transmission
partner battery manufacturers Electron Microscope

54
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading research reagents, Leading analytical technologies, Differentiated, proprietary solutions Leading provider of contract
instruments and consumables including mass spectrometry, across attractive specialty development and manufacturing
chromatography and electron diagnostics segments services
Best-in-class bioprocessing microscopy
products and equipment Leading channel serving Leading provider of clinical research
Global applications and clinical labs services
Full suite of genetic analysis instrument support
platforms Leading offering of lab
consumables, equipment
and chemicals

Leading channel for lab products

and services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 55
Specialty Diagnostics

Leadership in specialty
diagnostics to cost-effectively
improve patient care

56
Specialty Diagnostics: Financial profile

Clinical Immunodiagnostics Services &

Diagnostics Consumables

$4.4B
Microbiology Revenue
BUSINESSES PRODUCTS
Instruments

Transplant
Diagnostics 8,500
Healthcare Colleagues
Market Channel

26%
Adj. Operating Margin

NOTE: Revenue amount is based on LTM through Q2 2024 before intercompany eliminations; adjusted operating margin is based on LTM through Q2 2024 57
Specialty Diagnostics: Segment overview

CLINICAL DIAGNOSTICS IMMUNODIAGNOSTICS

• Leading diagnostics for sepsis detection • Standard of care testing for multiple • Industry-leading in-vitro diagnostics to test
and management myeloma for hundreds of allergens

• Complete toxicology menu for drugs • Comprehensive offering of protein assays • Strong offering of diagnostics for
of abuse for immune system disorders autoimmune diseases

MICROBIOLOGY TRANSPLANT DIAGNOSTICS HEALTHCARE MARKET CHANNEL

• Leader in pathogen detection and testing • Comprehensive solutions to enable • Leading channel serving reference
for antibiotic susceptibility patient-donor matching laboratories and hospitals in N. America

• Strong offerings for food safety testing • Launching additional post-transplant • Comprehensive offering of diagnostic
monitoring solutions products
58
Specialty Diagnostics: Attractive market fundamentals

Population • Favorable demographics driving increased demand for healthcare, including diagnostics
demographics • Increasing prevalence of complex conditions requiring specialized, accurate and reliable diagnostics

• Emergence of precision medicine driving demand for diagnostics to guide personalized treatment
Precision medicine decisions and therapy selections

• Expanded healthcare access and rising healthcare expenditures in fast-growing emerging markets
Affordability
• Increasing interest in medically relevant diagnostics to cost-effectively meet healthcare needs

59
Specialty Diagnostics business highlights

Niche • Leadership positions in attractive diagnostic specialties including allergy, sepsis,

leadership transplant and multiple myeloma

ImmunoCAP and
EliA reagents

High-value • Highly differentiated and profitable offerings that deliver high-value

offerings clinical diagnostic insights and enable precision medicine

• Scale presence enables capability investments in quality and regulatory,

Enabling and healthcare economics One Lambda
assays
capabilities
• Extensive range of clinical education programs

60
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading research reagents, Leading analytical technologies, Differentiated, proprietary solutions Leading provider of contract
instruments and consumables including mass spectrometry, across attractive specialty development and manufacturing
chromatography and electron diagnostics segments services
Best-in-class bioprocessing microscopy
products and equipment Leading channel serving Leading provider of clinical research
Global applications and clinical labs services
Full suite of genetic analysis instrument support
platforms Leading offering of lab
consumables, equipment
and chemicals

Leading channel for lab products

and services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 61
Laboratory Products and Biopharma Services

Enabling biopharma with our

leading laboratory products,
and clinical research,
development, and
manufacturing services

62
 Laboratory Products and Biopharma Services: Financial profile

Clinical
Research Services &
Consumables
Pharma
Services $22.9B
Revenue
BUSINESSES PRODUCTS
Instruments
Laboratory
Products 69,500
Research and Safety Colleagues
Market Channel

14%
Adj. Operating Margin

NOTE: Revenue amount is based on LTM through Q2 2024 before intercompany eliminations; adjusted operating margin is based on LTM through Q2 2024 63
Laboratory Products and Biopharma Services: Segment overview

PHARMA SERVICES CLINICAL RESEARCH LABORATORY RESEARCH AND SAFETY

PRODUCTS MARKET CHANNEL

• Leading contract • Leading clinical research • Comprehensive offering of lab • Premier scientific marketplace
development and services with comprehensive consumables, equipment providing choice, convenience
manufacturing services offering and chemicals and aggregation services

• Expertise across small • Expertise across therapeutic • Offerings used in every lab, • Industry-leading websites,
molecules, biologics and areas, advanced modalities every day e-commerce and digital
advanced therapies and multiple trial types capabilities

• 60+ manufacturing and • Comprehensive laboratory • Purpose-built supply chain

clinical trial supply sites services infrastructure
globally
• Real-world evidence and • On-site value-added services
digital capabilities

64
Laboratory Products and Biopharma Services:
Attractive market fundamentals
Strong underlying • Scientific advancements and demand for innovative medicines fueling robust drug pipeline
trends • Healthy long-term funding and regulatory environment

• Fragmented customer base looking to purchase 1000s of SKUs quickly and seamlessly – allowing
Customer need for customers to focus on their scientific work
productivity
• Leveraging economies of scale in procuring lab supplies through an effective channel provider

• Customers seeking to accelerate timelines, drive efficiencies and access expertise across drug
Continued trend development, clinical research and commercialization
towards outsourcing
• Strong demand from emerging biotech customers who lack these capabilities
and partnering
• Flexible access to capacity to rapidly scale up for commercial manufacturing

65
Our Pharma Services business highlights

• Leading global contract development and manufacturing organization (CDMO) with

Industry strong reputation for speed, flexibility and quality
leadership • Comprehensive offering with leadership position in fast-growing segments, such as
sterile fill-finish, clinical trial supply services, biologics and advanced therapies

• Worked with all major pharma companies1 and thousands of biotechs

Accumulated
experience • Provided CDMO services for vast majority of novel drugs approved
by the FDA in the past five years

Scale and • Scale footprint with 60+ sites in key geographies and 2,700 scientists and
depth of engineers
expertise • Global network of clinical trial supply sites

NOTE: 1) Based on 2023 R&D spend 66

Our Clinical Research business highlights

• Leading global clinical research services (CRO) with outstanding reputation for
Industry innovation and quality
leadership • Comprehensive CRO offering with industry-leading execution across the clinical
research process – from patient enrollment to post-approval services

Accumulated • Worked with all major pharma companies1 and thousands of biotechs
experience • Supported 2,800+ trials and 660+ drug approvals in the past five years

Scale and • Comprehensive capabilities, including patient recruitment, analytical lab

depth of services, advisory services for health economics and real-world evidence
expertise • Leading offering and dedicated team focused on serving biotech customers

NOTE: 1) Based on 2023 R&D spend 67

Our Research and Safety Market Channel business highlights

Broadest • >2.5 million products from Thermo Fisher and 9,000 external suppliers
portfolio

Transactional • Seamless e-commerce customer experience

efficiency • Purchasing / supplier aggregation services

• Deep technical expertise with 3,500 customer-facing colleagues

Fit-for-purpose
• Specialized supply chain with cold-chain logistics and hazardous materials handling
infrastructure
capabilities
and services
• Stocking locations at customer sites, managed by our colleagues

68
Our four segments with industry-leading businesses

LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS

SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading research reagents, Leading analytical technologies, Differentiated, proprietary solutions Leading provider of contract
instruments and consumables including mass spectrometry, across attractive specialty development and manufacturing
chromatography and electron diagnostics segments services
Best-in-class bioprocessing microscopy
products and equipment Leading channel serving Leading provider of clinical research
Global applications and clinical labs services
Full suite of genetic analysis instrument support
platforms Leading offering of lab
consumables, equipment
and chemicals

Leading channel for lab products

and services

$9.5B
Revenue
$7.3B
Revenue
$4.4B
Revenue
$22.9B
Revenue

NOTE: Revenue amounts are based on LTM through Q2 2024 before intercompany eliminations 69
Industry-leading businesses, benefited by total company scale
and capabilities
LIFE SCIENCES ANALYTICAL SPECIALTY DIAGNOSTICS LABORATORY PRODUCTS
SOLUTIONS INSTRUMENTS & BIOPHARMA SERVICES

Leading portfolio serving Leading analytical Leadership in specialty Enabling biopharma with
life sciences research, technologies to enable diagnostics to cost- our leading laboratory
bioproduction, and clinical scientific breakthroughs effectively improve patient products, and clinical
markets and solve analytical care research, development, and
challenges manufacturing services

HIGH-IMPACT THE TRUSTED UNPARALLELED PROVEN M&A

INNOVATION PARTNER COMMERCIAL ENGINE APPROACH

PPI BUSINESS SYSTEM ENABLES OUTSTANDING EXECUTION

70
Our PPI Business System enables outstanding execution

Quality
Results
World-class
products and
Delivers
services competitive
Our culture advantage
and mindset
Productivity
engages every
Operating
colleague to and process Successful
efficiency
find a better acquisitions
way every day Customer
Allegiance
Differentiated
Maximizing
customer financial
success performance

71
PPI in practice: Driving efficiencies
INVENTORY AND SUPPLY CHAIN MANUFACTURING QUALITY
MATERIALS PLANNING OPERATIONS

• Enhanced sales, inventory • Spend analytics and • Manufacturing automation • Improvements in right-first-
and operations planning strategic sourcing capability time performance
capabilities • Reductions in downtime
• Digital supply chain and changeovers • Predictive deviations
management management
• De-bottlenecking
• Warehousing automation

• Increasing use of AI and digital tools to drive higher accuracy and quality, and to enable automation
• Effectively using data and a common data platform to enable real-time performance management
72
PPI in practice: Driving efficiencies
INVENTORY AND SUPPLY CHAIN MANUFACTURING QUALITY
MATERIALS PLANNING OPERATIONS

10% 20%+ 30%+ 35%

Reduction in raw material Lead time improvement in Increase in effective capacity at Reduction in deviations at
inventory at critical sites in Laboratory Products business2 major Pharma Services and Pharma Services sites4
Chromatography and Mass BioProduction sites3
Spectrometry business1

• Increasing use of AI and digital tools to drive higher accuracy and quality, and to enable automation
• Effectively using data and a common data platform to enable real-time performance management
NOTE: 1) Last four quarters; 2) LTM ending Aug 2024; 3) From 2021-2023; 4) From Jan 2023 - Jun 2024 73
PPI in practice: Leveraging AI to enhance our business processes

COMMERCIAL R&D & IT

• AI-driven personalized marketing • AI-driven enhancements to products and
content to enable more relevant services
customer interactions
• Gen AI-supported software development
• Streamlined technical document
generation

OPERATIONS CUSTOMER SUPPORT

• Rapid search and summarization of • AI tools to drive faster and more accurate
standard operating procedures resolution of customer enquiries

• Generation of documentation for quality-

related processes

• Prediction and avoidance of deviations

• Targeted patient recruitment for

clinical trials

Driving productivity and improving the customer and colleague experience

74
Key takeaways

• We have built industry-leading businesses in attractive end markets

• Our best-in-class products and services are essential to the work our customers do

• Our industry-leading businesses are benefitted by our total company scale

and capabilities

• PPI Business System enables outstanding execution

• Our businesses have an outstanding track record of value creation and an even
brighter future

75
High-Impact
Innovation

2024 Investor Day

September 19, 2024

Gianluca Pettiti
Executive Vice President
Our proven growth strategy drives share gain

A• High-impact innovation

B• The trusted partner with industry-leading

7% – 9%
products, services and expertise Long-term organic
revenue growth

C• Unparalleled commercial engine

77
Key takeaways

• High-impact innovation is a key pillar of our proven growth strategy, driving

differentiation and share gain

• We have an incredible track record of launching innovative products and delivering

high returns on investment

• We play a crucial role in enabling the development and scaling of major scientific
advances by our customers

78
A Overview of our proven innovation approach
$1.3B 7,200 R&D scientists World-leading patents
R&D investment and engineers and IP portfolio

World-leading scientists Track record of

in each business best-in-class innovation

Unique customer insights Leveraging total

and collaborations company capabilities

Uniquely positioned to deliver high returns on innovation investments

NOTE: R&D investment amount based on Q2 2024 LTM 79
Strong track record of best-in-class innovation (select examples)

• Enabling the field of proteomics through cutting-edge innovations

Proteomics Thermo Scientific
• Advancing sensitivity, specificity and speed in mass spectrometry over multiple decades Orbitrap Astral

• Powering revolutionary Nobel Prize-winning method with our cryo-EM technology

Structural biology
• Transformed discovery of biological structures Thermo Scientific
Krios G4 Cryo-TEM

• Enabled the genomics revolution by launching the first automated sequencers

Genomics
• Driving democratization of next-gen sequencing for clinical oncology diagnostics
Ion Torrent Genexus

• Enabling the design of biological systems in research and manufacturing applications

Synthetic biology with our cutting-edge technology and solutions Invitrogen GeneArt
CRISPR reagents

• Pioneered cost-effective single-use technologies and industry-leading media offerings

Bioproduction Thermo Scientific
• Scaled single-use offerings to meet commercial needs HyPerforma DynaDrive

80
Our innovation enables major scientific breakthroughs
ENABLING THE GOLDEN AGE OF BIOLOGY ENABLING PRECISION MEDICINE

• Providing highly
differentiated precision
• Enabling cutting-edge diagnostic solutions
research and discovery
• Enabling highly targeted
therapy selection and early
detection of diseases
• Powering high-throughput
translational applications
ENABLING ADVANCED MATERIALS

• Supporting development of
next-gen semiconductors
• Enabling the future of
medicine from development
to manufacturing • Enabling breakthrough
battery technology and
nanomaterials

81
Our innovation enables major scientific breakthroughs
ENABLING THE GOLDEN AGE OF BIOLOGY ENABLING PRECISION MEDICINE

• Providing highly
differentiated precision
• Enabling cutting-edge diagnostic solutions
research and discovery
• Enabling highly targeted
therapy selection and early
detection of diseases
• Powering high-throughput
translational applications
ENABLING ADVANCED MATERIALS

• Supporting development of
next-gen semiconductors
• Enabling the future of
medicine from development
to manufacturing • Enabling breakthrough
battery technology and
nanomaterials

82
GOLDEN AGE OF BIOLOGY

How we enable the golden age of biology

Enabling cutting-edge research and discovery
• Full suite of essential technologies including mass spectrometry, cryo-EM and
biosciences reagents
CUSTOMER NEEDS
• Supporting applications including proteomics and next-generation cell analysis

• Technologies to accelerate scientific

advances in genomics, proteomics, Powering high-throughput translational applications
cell biology, spatial biology and
synthetic biology for both research • High-throughput technologies for more accurate, high-volume analysis
and translational applications
• Supporting applications including proteomics and genomics

• Faster, cost-effective, more flexible

and higher quality manufacturing
of therapeutics Enabling the future of medicine
• Pioneering single-use technologies and highly differentiated bioprocessing solutions
for clinical and commercial scale

• Fit-for-purpose modular offering of best-of-breed solutions for advanced

therapeutic modalities

Enabling groundbreaking advances in life sciences

83
GOLDEN AGE OF BIOLOGY

Enabling the golden age of biology: Recent innovations

Enabling cutting-edge
research and discovery
Gibco OncoPro Tumoroid Thermo Scientific KingFisher PlasmidPro
Culture Medium kit and pre-filled cartridges

Thermo Scientific mass spectrometers

Furthering advances
in proteomics
Orbitrap Astral Stellar Orbitrap Ascend Tribrid

Fueling the discovery and

development of
advanced therapeutics
Gibco CTS Detachable Gibco CTS Xenon Electroporation
Dynabeads platform System for cell therapy

Continuing our track record of high-impact innovations

84
GOLDEN AGE OF BIOLOGY

Enabling the golden age of biology: Recent innovations

Enabling cutting-edge
research and discovery
Gibco OncoPro Tumoroid Thermo Scientific KingFisher PlasmidPro
Culture Medium kit and pre-filled cartridges

Thermo Scientific mass spectrometers

Furthering advances
in proteomics
Orbitrap Astral Stellar Orbitrap Ascend Tribrid

Fueling the discovery and

development of
advanced therapeutics
Gibco CTS Detachable Gibco CTS Xenon Electroporation
Dynabeads platform System for cell therapy

Continuing our track record of high-impact innovations

85
GOLDEN AGE OF BIOLOGY

Enabling the golden age of biology: Proteomics

Significant scientific interest and

material investments in proteomics PROTEIN PROTEIN VALIDATION
DISCOVERY AND SCREENING

Identifying proteins and Identifying and measuring

studying their functions proteins in biological samples
KEY RESEARCH OBJECTIVES

• Understanding mechanisms of disease

• Discovering novel protein drug targets

STRUCTURAL SPATIAL
• Designing new drug candidates
BIOLOGY PROTEOMICS
• Developing new diagnostic biomarkers
Understanding 3D Studying protein locations
structures of proteins within tissues and cells

Fast-growing multibillion dollar area of focus for our customers

86
GOLDEN AGE OF BIOLOGY

Our cutting-edge proteomics ecosystem

Sample prep Detection technologies Insights
PROTEIN DISCOVERY THERMO SCIENTIFIC
MASS SPECTROMETRY
SOFTWARE
Thermo Scientific Thermo Scientific Orbitrap
Orbitrap Astral Ascend Tribrid Mass
Mass Spectrometer Spectrometer Proteome
Thermo Scientific
Discoverer
AccelerOme platform
PROTEIN VALIDATION AND SCREENING
Thermo Scientific OptiMSe
Vanquish Neo UHPLC

Ardia

Thermo Scientific EasyPep Thermo Scientific Stellar Olink Explore HT Olink Signature Q100
MS Sample Prep kits Mass Spectrometer biomarker panels benchtop instrument
CRYO-EM SOFTWARE
STRUCTURAL BIOLOGY SPATIAL PROTEOMICS Smart EPU
Thermo Scientific
SMART Digest
Trypsin kit
Suite of analytical software
Thermo Scientific Tandem for data management and
Mass Tag (TMT) reagents Thermo Scientific Krios Invitrogen Alexa Fluor Invitrogen ViewRNA
insight generation
G4 Cryo-TEM Tyramide SuperBoost kits Colorimetric Tissue Core kit

State-of-the-art detection technologies enabled by AI/ML

Unmatched leadership with a comprehensive portfolio across all areas of proteomics research
NOTE: UHPLC = ultra high-performance liquid chromatography, TEM = transmission electron microscopy 87
GOLDEN AGE OF BIOLOGY

Groundbreaking detection technologies to accelerate proteomics

Select highlights

PROTEIN DISCOVERY PROTEIN VALIDATION AND STRUCTURAL BIOLOGY SPATIAL PROTEOMICS

SCREENING
Thermo Scientific Orbitrap Astral Olink protein panels and Thermo Scientific Krios G4 Biosciences reagents portfolio
Mass Spectrometer instruments Cryo-TEM
Invitrogen Alexa Fluor
Tyramide SuperBoost kits

Thermo Scientific
Tandem Mass Tag (TMT) Invitrogen ViewRNA
reagents for sample prep
Colorimetric Tissue Core kit

• 4x higher throughput • Protein validation at scale with • First ever determination of protein • Superior sensitivity and specificity
FUNCTIONAL exceptional analytical specificity structure at atomic resolution for spatial proteomics applications
ADVANTAGES • 2x increase in protein coverage
and higher sensitivity • Unrivaled efficiency with minimal • 30% faster throughput
sample volume needs

WHY IT • Enables large scale discovery of • High throughput enables • Enables molecular-scale • Provides comprehensive portfolio
MATTERS proteins and protein changes population-scale studies visualization – revolutionizing of reagents to enable spatial
structure-based drug design proteomics research

Scientific and technical leadership across proteomics research applications

88
Our innovation enables major scientific breakthroughs
ENABLING THE GOLDEN AGE OF BIOLOGY ENABLING PRECISION MEDICINE

• Providing highly
differentiated precision
• Enabling cutting-edge diagnostic solutions
research and discovery
• Enabling highly targeted
therapy selection and early
detection of diseases
• Powering high-throughput
translational applications
ENABLING ADVANCED MATERIALS

• Supporting development of
next-gen semiconductors
• Enabling the future of
medicine from development
to manufacturing • Enabling breakthrough
battery technology and
nanomaterials

89
PRECISION MEDICINE

How we enable precision medicine with diagnostics

Precision oncology
• Highly automated platform that democratizes NGS for clinical oncology diagnostics
• Companion diagnostics partnerships
Oncomine Dx Ion Torrent
CUSTOMER NEEDS Express assay Genexus Dx

Transplant diagnostics
• Diagnostics that facilitate the • Pre-transplant assays to better match patients to donors
administration of personalized and • Leading assays to monitor post-transplant graft rejection
targeted therapies One Lambda C1qScreen assay

Multiple myeloma diagnostics

• Highly accurate diagnostics for early • First-to-market diagnostics for multiple myeloma
detection and recurrence monitoring
of diseases • Enabling doctors to materially improve patient outcomes
Freelite chain Optilite Analyzer
assays • Named test in international clinical guidelines

Preeclampsia diagnostics
• First-of-its-kind preeclampsia test in the United States
B·R·A·H·M·S KRYPTOR
assays for preeclampsia

Guiding precise therapeutic selection to cost-effectively improve patient care

90
Our innovation enables major scientific breakthroughs
ENABLING THE GOLDEN AGE OF BIOLOGY ENABLING PRECISION MEDICINE

• Providing highly
differentiated precision
• Enabling cutting-edge diagnostic solutions
research and discovery
• Enabling highly targeted
therapy selection and early
detection of diseases
• Powering high-throughput
translational applications
ENABLING ADVANCED MATERIALS

• Supporting development of
next-gen semiconductors
• Enabling the future of
medicine from development
to manufacturing • Enabling breakthrough
battery technology and
nanomaterials

91
ADVANCED MATERIALS

How we enable development of advanced materials

Supporting development of next-gen semiconductors

• Higher quality and throughput, enabling highly accurate semiconductor

CUSTOMER NEEDS measurements, defect data and failure analysis
Thermo Scientific Helios 6
HD FIB-scanning
electron microscope
• High resolution and
exceptional precision • Fully automated, high-volume solution enabling highly accurate measurements
and defect data
• 2x faster elemental analysis and 20% productivity improvement
• High throughput and
Thermo Scientific Metrios 6
workflow automation scanning / transmission
electron microscope

• Automated failure analysis systems Enabling breakthrough battery technology

and metrology at scale
• Real-time, full-coverage analysis with unprecedented resolution and precision
• 1000X more data vs. conventional gauges
Thermo Scientific LInspector Edge • Used in manufacturing line environment
in-line mass profilometer

Enabling semiconductor development and the clean energy transition

92
Key takeaways

• High-impact innovation is a key pillar of our proven growth strategy, driving

differentiation and share gain

• We have an incredible track record of launching innovative products and delivering

high returns on investment

• We play a crucial role in enabling the development and scaling of major scientific
advances by our customers

93
The Trusted Partner
to Our Customers

2024 Investor Day

September 19, 2024

Mike Shafer
Executive Vice President
Our proven growth strategy drives share gain

A• High-impact innovation

B• The trusted partner with industry-leading

7% – 9%
products, services and expertise Long-term organic
revenue growth

C• Unparalleled commercial engine

95
Key takeaways

• We are the trusted partner to our customers

• Strong track record of enabling their success

• Excellent reputation and credibility built over a long period of time

• Our trusted partner status creates new opportunities and drives share gain

• The powerful combination of our leading services businesses creates unique

value for our customers

96
The trusted partner

• Industry-leading products, services and expertise

• Unique scale and depth of capabilities make us very relevant to customers

• Accumulated experience and deep applications expertise,

with a track record of enabling customer success

• Unparalleled customer access

• Continuously enhancing our capabilities through daily execution, organic

investments and acquisitions

We help our customers accelerate innovation and enhance productivity

97
Driving customer intimacy and delivering differentiated growth

INDUSTRY-LEADING SCALE AND

UNMATCHED DEPTH OF CAPABILITIES EXCEPTIONAL EXECUTION
Best-in-class products and leading CDMO and Our PPI Business System enables us to find a
CRO services better way every day and exceed our customers’
increasing expectations
Strong track record of high-impact innovation
CUSTOMER-
CENTRIC
FLYWHEEL
SCALING THE RELATIONSHIP DEEP EXPERTISE AND
WITH EACH CUSTOMER ACCUMULATED EXPERIENCE
Deep customer intimacy results in differentiated Thought leadership across innovative technologies,
understanding of customer needs and allows us applications and end markets
to offer a broader set of relevant solutions

UNPARALLELED CUSTOMER ACCESS

Strong track record of execution and unparalleled
commercial engine strengthen customer
relationships at all levels

98
Trusted partner in action: Pharma and biotech

• On average, it takes 10+ years and ~$2B to bring a new drug to market

• Drugs are increasingly more complex to develop and manufacture

Context
• Customers are looking for external partners with deep expertise to complement in-house
capabilities, accelerate speed-to-market and reduce development and manufacturing costs

• Highly relevant products for drug discovery, research and bioproduction

• Industry-leading CDMO and CRO services

Our solution
• Track record of helping customers accelerate speed-to-market and enhancing their productivity

• Deep customer intimacy enables differentiated understanding of customer needs

Uniquely positioned to serve pharma and biotech customers

99
Trusted partner in action: Pharma and biotech

• On average, it takes 10+ years and ~$2B to bring a new drug to market

• Drugs are increasingly more complex to develop and manufacture

Context
• Customers are looking for external partners with deep expertise to complement in-house
capabilities, accelerate speed-to-market and reduce development and manufacturing costs

• Highly relevant products for drug discovery, research and bioproduction

• Industry-leading CDMO and CRO services

Our solution
• Track record of helping customers accelerate speed-to-market and enhancing their productivity

• Deep customer intimacy enables differentiated understanding of customer needs

Uniquely positioned to serve pharma and biotech customers

100
Our leading services businesses

1 OUR PHARMA SERVICES BUSINESS 2 OUR CLINICAL RESEARCH BUSINESS

Leading global CDMO with Leading global CRO with

strong reputation for speed, outstanding reputation for
flexibility and quality innovation and quality

3 CREATING VALUE FOR OUR CUSTOMERS THROUGH THE POWERFUL

COMBINATION OF OUR SERVICES BUSINESSES

101
1 Our leading Pharma Services business
OUR VALUE PROPOSITION

• Comprehensive offering

$7B Drug substance

development and
Drug product
development and
Clinical trial
supply services
Revenue manufacturing manufacturing

Leading global CDMO

• Expertise across small molecules, biologics and
with strong reputation
advanced therapies
for speed, flexibility
and quality • Manufacturing presence in key geographies, complemented
by leading global network of clinical trial supply sites

OUR DIFFERENTIATION

• World’s largest sterile fill-finish and clinical trial supply networks

• Exceptional execution and track record of quality

NOTE: Revenue amount is based on LTM through Q2 2024 before intercompany eliminations 102
2 Our leading Clinical Research business
OUR VALUE PROPOSITION

• Comprehensive offering

$8B
Clinical trial Analytical lab Real-world evidence Consulting services
management testing services & digital capabilities for clinical trials

Revenue • Industry-leading scale of scientific and technical expertise

across therapeutic areas, advanced modalities and
Leading global CRO
multiple trial types
with outstanding
reputation for • Tailored engagement models for biotech and pharma
innovation and quality customers
• Digital and data capabilities driving differentiated insights
and process efficiencies

OUR DIFFERENTIATION

• Industry-leading execution across the clinical research process – from patient enrollment to post-approval services

NOTE: Revenue amount is based on LTM through Q2 2024 before intercompany eliminations 103
1 2 Our leading services businesses by the numbers

GLOBAL PRESENCE CUSTOMER REACH

60+ Worked with all top

Pharma Services 50
sites globally pharma companies in the
past five years1
Operated clinical
trials across
LEADING TALENT Worked with
120+ EXPERTISE & EXPERIENCE
2,700+
20K countries in the
past five years Experience
supporting
Experience
supporting
biotech companies in
the past five years
colleagues in
Pharma Services
660+ 30+
drug approvals in therapeutic

34K the past five areas

years
colleagues in Clinical
Research
2,800+
clinical trials in the
past five years

NOTE: 1) Ranked by 2023 R&D spend 104

3 Powerful combination of our services businesses creates
unique value for our customers
PHARMA AND BIOTECH CUSTOMERS ARE LOOKING TO ACCELERATE SPEED-TO-MARKET AND DRIVE PRODUCTIVITY

POWERFUL COMBINATION RESULTS IN:

• Simplified and accelerated clinical trial processes with central point of contact

• Fewer hand-offs, reducing potential errors and delays

• Greater supply chain agility and reduction in waste

• Faster scale-up of clinical and commercial production

World-class capabilities accelerating speed-to-market and unlocking value for our customers
105
3 Powerful combination in action: Customer case-studies

Emerging biotech seeking Mid-sized biotech looking to Top 20 pharma seeking to

scale manufacturing capacity aggressively accelerate large transform clinical research
for novel technology Phase 3 trial productivity

Access to scale fit-for-purpose

manufacturing capacity and 50% 30%
accelerated clinical trials acceleration of Phase 3 improvement in
trial startup productivity

Delivering meaningful impact and driving share gain

106
Key takeaways

• We are the trusted partner to our customers

• Strong track record of enabling their success

• Excellent reputation and credibility built over a long period of time

• Our trusted partner status creates new opportunities and drives share gain

• The powerful combination of our leading services businesses creates unique

value for our customers

107
Unparalleled
Commercial
Engine
2024 Investor Day
September 19, 2024

Fred Lowery
Executive Vice President
Our proven growth strategy drives share gain

A• High-impact innovation
7% – 9%
B• The trusted partner with industry-leading Long-term organic
products, services and expertise revenue growth

C• Unparalleled commercial engine

109
Key takeaways

• We have an unparalleled commercial engine

• Enabling commercial advantage through deep engagement with customers

wherever they are

• Our Research and Safety Market Channel is the ultimate channel partner
for our customers allowing them to focus on their high value work

110
Unparalleled commercial engine

Unmatched commercial
scale and reach

Leading
Industry-leading
on-site
websites, e-commerce
services
and digital capabilities

Customer and
technical support,
including applications Customer enablement
expertise centers around the world

Commercial advantage through deep engagement with customers wherever they are
111
Unmatched commercial scale and reach
OUR CUSTOMERS OUR ENGAGEMENT

Senior executives
C-Suite Senior-level strategic goal alignment
Thousands
of touchpoints
with customers every day

Key decision makers Strategic accounts teams

(Procurement, R&D, Global pharma, biotech and healthcare teams
clinical development, operations)

>9,500
Front-line leaders / Business-specific salesforces commercial colleagues
Deep scientific, medical and applications expertise
users
(Procurement, scientists,
lab managers, clinical trial managers, Channel-specific salesforces
operations managers) Continuous customer engagement

Unmatched insights to better serve our customers and drive commercial effectiveness
112
Industry-leading websites, e-commerce and digital capabilities
INDUSTRY-LEADING WEBSITES
TAILORED ENGAGEMENT
AND E-COMMERCE

thermofisher.com fishersci.com

• Deep scientific and applications content • Rich set of customer purchasing and behavior data
• Unmatched portfolio breadth consisting of proprietary, • AI-enabled personalization driving highly relevant
franchised and third-party products customer engagement and offers
• Seamless buying experience
• Greener Choice program enables customers to select
products based on sustainability impact

>100M visits annually and >$9B in annual revenue

NOTE: Annual revenue as of 2023 113
Customer enablement centers around the world
GLOBAL LOCATIONS TO DEMONSTRATE OUR OFFERINGS AND DEEPEN CUSTOMER ENGAGEMENT

Customer Enablement
Centers • Showcasing our instruments and
equipment in relevant workflows
Bioprocessing
Design Centers
• Staffed by technical and
Material Sciences
applications specialists
Customer Enablement
Centers
• Visits and education sessions with
well-respected external key
Pharma Services opinion leaders
Development sites

CUSTOMER BENEFITS

Hands-on engagement with Ability to run customer samples Workshops and training Access to industry key
our products and services to evaluate our products sessions with experts opinion leaders

Global scale presence driving customer adoption

114
Close customer engagement and support

Deep customer engagement provides early insights to better serve our

customers and fuel our commercial engine

Customer and technical support Leading on-site services

Expertise in research and On-site, every day with our customers

production applications

Providing expertise and driving productivity by freeing up customers to focus on their critical work
115
Commercial engine in action: Our Research and Safety Market Channel
FIT-FOR-PURPOSE
BROADEST PORTFOLIO TRANSACTIONAL EFFICIENCY
INFRASTRUCTURE AND SERVICES

• Seamless e-commerce customer • Deep technical expertise with 3,500

experience customer-facing colleagues

• Purchasing / supplier aggregation services • Specialized supply chain, including cold-

>2.5M 9,000 • Same day / next day delivery
chain logistics and hazardous materials
handling capabilities
products suppliers
• Stocking locations at customer sites,
managed by our colleagues
Customer
benefits

Choice, convenience and economies Streamlined procurement and Access to value-added

of scale in purchasing lab operations functions capabilities

Ultimate channel partner for our customers

116
Research and Safety Market Channel business: enabling our customers
fishersci.com website

>80% of transactions online

Procurement Manager Scientist Lab Manager

Purpose-built On-site services,
distribution centers e.g., inventory and
asset management
1,200+ site-based
colleagues globally
Same day /
next day delivery
CUSTOMER NEEDS
Lower procurement cost Easy product search Lab operations productivity
Transaction efficiency Workflow support Maximized equipment uptime
Streamlined supplier base Availability of needed supplies

Chemicals
Integrated logistics storage and handling Technical and applications
and delivery support

Allows customers to focus on their high value work

117
Key takeaways

• We have an unparalleled commercial engine

• Enabling commercial advantage through deep engagement with customers

wherever they are

• Our Research and Safety Market Channel is the ultimate channel partner
for our customers allowing them to focus on their high value work

118
Consistently Delivering
Exceptional Financial
Results
2024 Investor Day
September 19, 2024

Stephen Williamson
Senior Vice President and Chief Financial Officer
Very attractive long-term financial profile

• Incredible track record of differentiated financial performance

• Proven growth strategy enables customer success and drives share gain

• PPI Business System enables outstanding execution

• Disciplined capital deployment generating excellent returns

• Very attractive long-term financial outlook

Consistently delivering exceptional financial results

120
Agenda

1 Incredible track record

2 2024 guidance recap

3 Long-term financial outlook

121
Agenda

1 Incredible track record

2 2024 guidance recap

3 Long-term financial outlook

122
Delivering exceptional financial results

REVENUE ($B) ADJUSTED EPS FREE CASH FLOW ($B)

13% CAGR 15% CAGR 14% CAGR

$7.0
$42.9 $21.55

$13.1
$5.40 $1.8

2013 2023 2013 2023 2013 2023

Consistently delivering differentiated financial performance

123
 Very attractive revenue profile

$42.3B Revenue
Leadership in fast-growing end markets Very strong recurring revenue mix Unparalleled commercial engine

Pharma & Services & North

Biotech Consumables America

57% 83% 53%

END
PRODUCTS ROW REGIONS
MARKETS
Industrial &
Applied 3%
13% Instruments
Academic &
Government 17% Asia-Pacific
Europe
Diagnostics & 19% 25%
Healthcare 15%
15%
NOTE: Revenue and percentages based on LTM through Q2 2024 124
Agenda

1 Incredible track record

2 2024 guidance recap

3 Long-term financial outlook

125
2024 Full-year guidance: Summary

2024 GUIDANCE*

Revenue $42.4B - $43.3B

Core organic revenue growth (1%) - 1%

Adjusted operating income margin 22.5% - 22.8%

Adjusted EPS $21.29 - $22.07

Another year of differentiated financial performance

*2024 guidance as provided on July 24, 2024 126
2024 Full-year guidance: Key assumptions
As provided on July 24th, 2024

MARKET GROWTH FREE CASH FLOW

• Market declines in the low-single digits • Free cash flow: $6.5B - $7.0B
• Net capital expenditure: $1.3B - $1.5B
REVENUE
• $42.4B - $43.3B of total revenue CAPITAL DEPLOYMENT
• (1%) - 1% Core organic revenue growth • Share Buybacks: $3.0B of share buybacks, already
• $0.4B - $0.5B of pandemic related revenue, a year completed in Q1
over year headwind of ~3% to total revenue
• Dividends: $600M of declared dividends for the
• FX will be roughly neutral vs 2023 full year, an 11% increase from 2023

• M&A: Deployed $3.1B to acquire Olink on July 10th

ADJUSTED OPERATING INCOME MARGIN
• Adjusted operating margin: 22.5% - 22.8%

ADJUSTED TAX RATE

• 2024 adjusted tax rate: 10.5%

127
Agenda

1 Incredible track record

2 2024 guidance recap

3 Long-term financial outlook

128
Long-term financial outlook framing

• Incredibly well-positioned industry leader serving customers in very attractive end markets

• Proven growth strategy

• Proven capital deployment approach

• All powered by our PPI Business System and an experienced team with great depth of talent

• From a financial perspective that means:

• Sustained share gains leading to differentiated organic revenue growth

• Exceptional compounding returns on organic and inorganic investments

Continuing to deliver differentiated outcomes for all our stakeholders

129
Our proven capital deployment strategy

• Fully fund high-ROI organic opex and capex opportunities

• M&A is the primary focus of our capital deployment strategy

% of capital we expect to deploy over time
• Fragmented industry and our proven M&A playbook create
ample opportunities
M&A 60 - 75%
• Expect share buybacks to remain the primary means
of returning capital Return of Capital 25 - 40%
• Expect dividend to consistently increase over time

• Capital deployment mix will vary in a given year

We will continue to effectively deploy substantial amounts of capital

130
Proven M&A approach
SUCCESSFUL M&A STRATEGY PROVEN TRACK RECORD
• Rigorous selection criteria
• Strengthens our customer offering
Recent acquisitions include:
• Enhances our strategic position
• Creates shareholder value
• Disciplined decision-making
• Proven integration process (2021) (2021)

• Enhanced financial and operational performance (2023) (2023)

of acquired companies
• Excellent cost and revenue synergy realization
• Enabled the businesses to make better strategic (2024)

decisions and drive long-term success

Creating significant value for our shareholders

131
Very attractive formula for long-term financial success

7-9% organic revenue growth from 4-6% market growth

40-50 bps organic margin expansion

Substantial capital deployment

Mid-teens adj. EPS and free cash flow growth

132
Very attractive long-term financial profile

• Incredible track record of differentiated financial performance

• Proven growth strategy enables customer success and drives share gain

• PPI Business System enables outstanding execution

• Disciplined capital deployment generating excellent returns

• Very attractive long-term financial outlook

Consistently delivering exceptional financial results

133
2024
Investor Day Sept 19, 2024

Appendix

The world leader in serving science

Marc N. Casper
Chairman, President and Chief Executive Officer

Marc Casper has been President and Chief Executive Officer of Thermo Fisher Scientific since October 2009.
He was also elected Chairman of the Board in February 2020.
Marc joined Thermo Electron Corporation in 2001 as vice president of the Life Sciences sector. He was named
senior vice president in 2003, and in 2005 assumed responsibility for all of the company’s operating divisions. After
the merger creating Thermo Fisher Scientific in 2006, Marc was named executive vice president and president
of its Analytical Technologies businesses, and in 2008 he became the company’s Chief Operating Officer.
Prior to joining Thermo Fisher, Marc served as president, chief executive officer and a director of Kendro Laboratory
Products. Previously, he worked for clinical diagnostics provider Dade Behring Inc., serving as president–Americas.
Marc began his career as a strategy consultant at Bain & Company and later joined Bain Capital.
Marc serves on the boards of Wesleyan University, Mass General Brigham, Synopsys, Inc. and The Board of Dean's
Advisors at Harvard Business School. He is also Chairman Emeritus of the U.S. -China Business Council.
Previously, he was a director of the Advisory Board Company, Zimmer Holdings, U.S. Bancorp and Brigham &
Women's Hospital. Marc earned an MBA with high distinction from Harvard Business School and is a graduate
of Wesleyan University, where he received a bachelor’s degree in economics.

135
Michel Lagarde
Executive Vice President and Chief Operating Officer

Michel was named Executive Vice President in September 2019 and became Chief Operating Officer in January
2022. Michel has responsibility for Thermo Fisher’s Pharma Services, Clinical Research, BioProduction, Laboratory
Products and Customer Channels businesses, as well as our regions, Corporate Accounts function and Chief
Medical Office. He joined the company as President, Pharma Services, through the acquisition of Patheon in 2017.
Michel previously served as President and Chief Operating officer of Patheon from 2016 to 2017, and prior to that,
he was Managing Director at JLL Partners, a leading middle-market private equity firm focused on healthcare.
At JLL, Michel worked with several of the organization’s portfolio companies, including Patheon, where he helped
the executive committee transform the company into a global provider of biopharma development and commercial
manufacturing services.

Before joining JLL, Michel was Chief Executive Officer and Chief Financial Officer (CFO) of the Domestic Appliances
and Personal Care division of Philips Electronics North America. He also previously served as CFO of Philips
Electronics in Indonesia and Financial Controller of Philips Electronics Hong Kong.
Michel is a member of the Board of Directors of Vertex Pharmaceuticals. He earned a bachelor’s degree in
business administration from European University in Antwerp and an executive master’s degree in finance and
control from the University of Maastricht and University of Amsterdam.

136
Gianluca Pettiti
Executive Vice President and President, Life Sciences, Diagnostics and Applied

Gianluca became Executive Vice President and President, Life Sciences, Diagnostics and Applied in April 2024. In
this role, Gianluce has oversight for the Life Sciences Solutions, Specialty Diagnostics and Analytical Instruments
as well as our Chief Scientific Office and Quality & Regulatory Affairs function. Gianluca was appointed Executive
Vice President in January 2022. He previously served as Senior Vice President and President, Specialty
Diagnostics, assuming additional responsibility for our clinical next-generation sequencing business. Gianluca joined
the company through the acquisition of Life Technologies in 2014, where he served as President, Greater China.
From 2015 through 2017, he led Thermo Fisher’s business in China, and became President, Biosciences, in 2018.

Gianluca began his career with General Electric and joined Life Technologies in 2006, serving in finance leadership
roles in Europe before becoming Vice President and General Manager of the Latin America business in 2010 and
assuming leadership of Greater China in 2013.

Gianluca earned a Master of Science degree in engineering from Politecnico di Torino in Italy. He served as a
member of the Global Future Council on Health and Healthcare of the World Economic Forum from 2016 to 2018.

137
Mike Shafer
Executive Vice President and President, Biopharma Services

Mike became Executive Vice President and President, Biopharma Services in April 2024. In this role, he has
responsibility for our Pharma Services and Clinical Research businesses. Prior to this role, Mike was Senior Vice
President and President of our Pharma Services business since October 2019. He joined Thermo Fisher in 2009 as
Vice President and General Manager of China and was named President of China in 2012. In 2015, Mike was
appointed President of the Chemical Analysis business, and in 2016, following the acquisition of FEI Company, he
became President, Materials and Structural Analysis.

Prior to joining Thermo Fisher, Mike worked at 3M Company for more than 15 years, managing various industrial
and electronics businesses. With 3M, he spent seven years in the Asia-Pacific region, serving as APAC Business
Director for the company’s Industrial & Transportation Businesses as well as APAC Electronics Market Materials
Division Manager.

Mike earned his Bachelor of Arts degree from the University of Minnesota.

138
Fred Lowery
Executive Vice President and President, Laboratory Products and BioProduction

Fred became Executive Vice President and President, Laboratory Products and BioProduction in April 2024. In this
role, Fred has responsibility for our Laboratory Products, Customer Channels and BioProduction businesses. Prior
to this role, he served as Senior Vice President and President, Customer Channels since January 2021. He joined
the company in 2005 as head of operations for the Molecular BioProducts business of Fisher Scientific International.
When Fisher Scientific merged with Thermo Electron in 2006, Fred was named Vice President and General
Manager of the Chromatography Consumables and Specialty Glass business.
In 2010, he became Vice President and General Manager of the Life Science Research business and in 2011 was
named President, Laboratory Consumables. In 2014, Fred was named Senior Vice President and President,
Laboratory Products, and in 2016 he also became Senior Operating Officer, Life Sciences Solutions. In 2017, he
became President, Life Sciences Solutions and Laboratory Products.
Earlier in his career, Fred worked for Maytag Corporation and General Motors.
Fred serves on the Board of Directors for DuPont and the Board of Trustees for Boston Medical Center as well as
Tennessee Technology University and its Foundation. He holds a master’s degree in manufacturing management
from Kettering University (formerly General Motors Institute of Engineering and Management) and a bachelor’s
degree in mechanical engineering from Tennessee Technological University.

139
Stephen Williamson
Senior Vice President and Chief Financial Officer

In August 2015, Stephen was named Senior Vice President and Chief Financial Officer, responsible for the
company’s finance, tax, M&A, treasury, and global business services functions. He joined the company in 2001 as
Vice President, European Financial Operations, based in the U.K., and oversaw the company’s integration activities
across Europe. In 2004, Stephen moved to the U.S. and held finance leadership roles for a number of the
company’s operating businesses. In 2008, he became Vice President of Financial Operations for Thermo Fisher
Scientific and led the finance support function for all of the company’s businesses.

Stephen joined Thermo Fisher from Honeywell International (formerly AlliedSignal), where he served as Vice
President and Chief Financial Officer, Asia-Pacific, in Singapore and held other finance roles in corporate
development and operational finance. He began his career with Price Waterhouse in the transaction support group
and the audit practice, working in both London and New York.

Stephen holds a bachelor's degree in accounting and finance from the University of Wales and is a member of the
Institute of Chartered Accountants of England and Wales.

140
2024
Investor Day Sept 19, 2024

GAAP/Non-GAAP
Reconciliation and
Financial Package

The world leader in serving science

 Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures such as organic revenue growth, which is reported revenue growth, excluding the
impacts of acquisitions/divestitures and the effects of currency translation. We also report Core organic revenue growth, which is reported revenue growth including the impact of PPD revenue (as applicable), excluding the impacts of COVID-19
testing revenue, and excluding the impacts of acquisitions/divestitures other than PPD and currency translation, as well as Core revenue, which is reported revenue plus pre-acquisition PPD revenue (as applicable), less COVID-19 testing revenue.
We calculate period-to-period Core organic revenue growth by adding to the baseline period PPD’s pre-acquisition revenues from such period (as applicable). We report these measures because Thermo Fisher management believes that in order
to understand the company’s short-term and long-term financial trends, investors may wish to consider the impact of acquisitions/divestitures, foreign currency translation and/or COVID-19 testing on revenues. In particular, given PPD’s
significance relative to our existing businesses, management believes it is appropriate to also present information on a basis that includes PPD pre-acquisition revenues (as applicable) in order to demonstrate the impact PPD has on our current
growth profile. Core revenue and Core organic revenue growth amounts are not indicative of the combined results of operations that would have been realized had the PPD acquisition occurred on January 1, 2021. Thermo Fisher management
uses these measures to forecast and evaluate the operational performance of the company as well as to compare revenues of current periods to prior periods.

We report adjusted gross margin, adjusted SG&A expense, adjusted EBITDA, adjusted operating income, adjusted operating margin, adjusted other expense/income, adjusted tax rate, adjusted net income, and 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 these measures 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 are not indicative of our normal operating costs.
• Discontinued operations; 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 depreciation of property, plant and equipment. Exclusion of depreciation expense allows comparisons of operating results that are consistent over time for both our capital intensive and other businesses.
• 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 noncontrolling interest and 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 from continuing operations 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.

We define net debt as total debt less cash, cash equivalents and, beginning in 2024, short-term investments. We have recast prior periods to conform to the current presentation. We believe net debt is meaningful to investors as the company
considers net debt and its components to be important indicators of liquidity and financial position.

We define adjusted ROIC as trailing twelve months' adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters' average invested capital, which is equity plus short-term and long-term debt and
net liabilities of discontinued operations less cash, cash equivalents, short-term investments, and equity method investments. We define adjusted ROE as trailing twelve months' adjusted net income excluding interest expense, net of tax benefit
therefrom, divided by trailing five quarters' average equity. We believe these measures are meaningful to investors as they focus on shareholder value creation.

Thermo Fisher Scientific does not provide GAAP financial measures on a forward-looking basis because we are unable to predict with reasonable certainty and without unreasonable effort items such as the timing and amount of future
restructuring actions and acquisition-related charges as well as gains or losses from sales of real estate and businesses, the early retirement of debt and the outcome of legal proceedings. The timing and amount of these items are uncertain and
could be material to Thermo Fisher Scientific’s results computed in accordance with GAAP.

The non-GAAP financial measures of Thermo Fisher Scientific’s results of operations and cash flows included herein are not meant to be considered superior to or a substitute for Thermo Fisher Scientific’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 accompanying tables.

Certain amounts and percentages reported herein are presented and calculated based on underlying unrounded amounts. As a result, the sum of components may not equal corresponding totals due to rounding.
Page 2
 Table of Contents

Page
4 Annual Reconciliation of Adjusted P&L (2021 - 2023)
6 Annual Reconciliation of Adjusted EBITDA (2021 - 2023)
7 Quarterly Reconciliation of Adjusted P&L and Free Cash Flow (2023 - 2024)
9 Quarterly Reconciliation of Adjusted EBITDA (2023 - 2024)
10 Free Cash Flow, Adjusted Return on Invested Capital and Adjusted Return on Equity (2021 - 2024)
11 Reconciliation of Adjusted EPS and Free Cash Flow (2013)
12 Reconciliation of Core Organic Revenue Growth (2022 - 2024)
13 Business Segment Information (2023 - 2024)
14 Balance Sheets and Leverage Ratios (2021 - 2024)
15 Debt (2021 - 2024)
17 Notable Acquisitions (2021 - 2024)
18 Capital Deployment (2021 - 2024)
19 Fiscal Calendar (2024)

Page 3
 Annual Reconciliation of Adjusted P&L

(Dollars in millions except EPS) 2021 2022 2023

GAAP consolidated revenues $39,211 $44,915 $42,857

Reconciliation of organic revenue growth

Revenue growth 22% 15% -5%
Impact of acquisitions 3% 18% 1%
Impact of currency translation 2% -3% 0%
Organic revenue growth (non-GAAP measure) 17% 0% -5%

$ % $ % $ %

Reconciliation of adjusted gross margin

GAAP gross margin 19,638 50.1% 18,971 42.2% 17,100 39.9%
Cost of revenues adjustments (a) 8 0.0% 46 0.1% 95 0.2%
Amortization of acquisition-related intangible assets 596 1.5% 529 1.2% 462 1.1%
Adjusted gross margin (non-GAAP measure) 20,242 51.6% 19,546 43.5% 17,657 41.2%

Reconciliation of adjusted SG&A expense

GAAP SG&A expense 8,007 20.4% 8,993 20.0% 8,445 19.7%
Selling, general and administrative expenses adjustments (b) (144) -0.4% (37) -0.1% (59) -0.1%
Amortization of acquisition-related intangible assets (1,165) -2.9% (1,866) -4.1% (1,876) -4.4%
Adjusted SG&A expense (non-GAAP measure) 6,698 17.1% 7,090 15.8% 6,510 15.2%

GAAP R&D expense 1,406 3.6% 1,471 3.3% 1,337 3.1%

Reconciliation of adjusted operating income

GAAP operating income 10,028 25.6% 8,393 18.7% 6,859 16.0%
Cost of revenues adjustments (a) 8 0.0% 46 0.1% 95 0.2%
Selling, general and administrative expenses adjustments (b) 144 0.4% 37 0.1% 59 0.1%
Restructuring and other costs (c) 197 0.5% 114 0.3% 459 1.1%
Amortization of acquisition-related intangible assets 1,761 4.5% 2,395 5.3% 2,338 5.5%
Adjusted operating income (non-GAAP measure) 12,138 31.0% 10,985 24.5% 9,810 22.9%

(a) Adjusted results exclude charges for the sale of inventories revalued at the date of acquisition; in 2022 and 2023, charges for inventory write-downs associated with large-scale abandonment of product lines; and in 2023, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results exclude certain third-party expense, principally transaction/integration costs (including reimbursements thereof) related to recent/terminated acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and charges associated with product liability litigation.
(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; charges/credits for environmental-related matters; in 2021, charges for compensation due to employees of acquired businesses at the date of acquisition; in 2022, a gain on the sale of intellectual property; and in 2023, contract termination costs associated with facility closures, charges for pre-acquisition litigation and
other matters, and gains on the sale of real estate.

(Annual P&L Reconciliation continued on the next page)

Page 4
 Annual Reconciliation of Adjusted P&L
(Dollars in millions except EPS) 2021 2022 2023
$ % $ % $ %
Reconciliation of adjusted tax provision
GAAP tax provision 1,109 12.5% 703 9.0% 284 4.5%
Tax effect of adjusted items (e) 593 2.1% 672 4.0% 645 5.5%
Adjusted tax provision (non-GAAP measure) 1,702 14.6% 1,375 13.0% 929 10.0%

Reconciliation of adjusted other income/(expense)

GAAP other income/(expense) (694) (104) (65)
Adjustments (d) (732) (117) (50)
Adjusted other income/(expense) (non-GAAP measure) 38 13 (15)

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc. 7,725 6,950 5,995
Cost of revenues adjustments (a) 8 46 95
Selling, general and administrative expenses adjustments (b) 144 37 59
Restructuring and other costs (c) 197 114 459
Amortization of acquisition-related intangible assets 1,761 2,395 2,338
Other income/expense adjustments (d) 732 117 50
Provision for income taxes adjustments (e) (593) (672) (645)
Equity in earnings/losses of unconsolidated entities 4 172 59
Noncontrolling interests adjustments (f) — — (46)
Adjusted net income (non-GAAP measure) 9,978 9,159 8,364

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. 19.46 17.63 15.45
GAAP diluted EPS growth 22% -9% -12%
Cost of revenues adjustments (a) 0.02 0.12 0.24
Selling, general and administrative expenses adjustments (b) 0.36 0.09 0.15
Restructuring and other costs (c) 0.50 0.29 1.18
Amortization of acquisition-related intangible assets 4.43 6.07 6.03
Other income/expense adjustments (d) 1.84 0.30 0.13
Provision for income taxes adjustments (e) (1.49) (1.70) (1.66)
Equity in earnings/losses of unconsolidated entities 0.01 0.44 0.15
Noncontrolling interests adjustments (f) 0.00 0.00 (0.12)
Adjusted EPS (non-GAAP measure) 25.13 23.24 21.55
Adjusted EPS growth 28% -8% -7%
(a) Adjusted results exclude charges for the sale of inventories revalued at the date of acquisition; in 2022 and 2023, charges for inventory write-downs associated with large-scale abandonment of product lines; and in 2023, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results exclude certain third-party expense, principally transaction/integration costs (including reimbursements thereof) related to recent/terminated acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and charges associated with product liability litigation.
(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; charges/credits for environmental-
related matters; in 2021, charges for compensation due to employees of acquired businesses at the date of acquisition; in 2022, a gain on the sale of intellectual property; and in 2023, contract termination costs associated with facility closures, charges for pre-acquisition litigation and other matters, and gains on the sale of real estate.
(d) Adjusted results exclude net gains/losses on investments; in 2021 and 2022, losses on the extinguishment of debt; in 2021, costs to obtain short-term financing commitments related to recent/terminated acquisitions; and in 2022, net gains on derivative instruments to address certain foreign currency risks.
(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; the tax impacts from audit settlements; in 2022, the impact of deferred tax realizability assessments as a result of audit settlements; and in 2023, charges for pre-acquisition matters.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.

Page 5
 Annual Reconciliation of Adjusted EBITDA

(Dollars in millions) 2021 2022 2023

Reconciliation of adjusted EBITDA

GAAP net income attributable to Thermo Fisher Scientific Inc. $ 7,725 $ 6,950 $ 5,995
Interest income (43) (272) (879)
Interest expense 536 726 1,375
Other income/expense 694 104 65
Provision for income taxes 1,109 703 284
Depreciation 831 986 1,068
Cost of revenues adjustments (a) 8 46 95
Selling, general and administrative expenses adjustments (b) 144 37 59
Restructuring and other costs (c) 197 114 459
Amortization of acquisition-related intangible assets 1,761 2,395 2,338
Equity in earnings/losses of unconsolidated entities 4 172 59
Net income/losses attributable to noncontrolling interests and redeemable noncontrolling interest 3 10 (40)
Adjusted EBITDA (non-GAAP measure) 12,969 11,971 10,878

(a) Adjusted results exclude charges for the sale of inventories revalued at the date of acquisition; in 2022 and 2023, charges for inventory write-downs associated with large-scale abandonment of product lines; and in
2023, accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results exclude certain third-party expense, principally transaction/integration costs (including reimbursements thereof) related to recent/terminated acquisitions; charges/credits for changes in estimates of
contingent acquisition consideration; and charges associated with product liability litigation.
(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; charges/credits for environmental-related matters; in 2021, charges for compensation due to
employees of acquired businesses at the date of acquisition; in 2022, a gain on the sale of intellectual property; and in 2023, contract termination costs associated with facility closures, charges for pre-acquisition
litigation and other matters, and gains on the sale of real estate.

Page 6
 Quarterly Reconciliation of Adjusted P&L and Free Cash Flow

(Dollars in millions except EPS) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24

Revenue
Life Sciences Solutions Segment $2,612 $2,463 $2,433 $2,469 $2,285 $2,355
Analytical Instruments Segment 1,723 1,749 1,754 2,037 1,687 1,782
Specialty Diagnostics Segment 1,108 1,109 1,083 1,105 1,109 1,117
Laboratory Products and Biopharma Services Segment 5,763 5,831 5,728 5,719 5,723 5,758
Eliminations (496) (465) (424) (444) (460) (470)
Total revenue 10,710 10,687 10,574 10,886 10,345 10,541

Reconciliation of organic revenue growth

Reported revenue growth -9% -3% -1% -5% -3% -1%
Impact of acquisitions 1% 1% 1% 1% 0% 0%
Impact of currency translation -2% 0% 1% 1% 0% -1%
Organic revenue growth (non-GAAP measure) -8% -3% -3% -7% -4% -1%

$ % $ % $ % $ % $ % $ %

Reconciliation of adjusted gross margin

GAAP gross margin 4,140 38.7% 4,251 39.8% 4,316 40.8% 4,393 40.4% 4,205 40.7% 4,346 41.2%
Cost of revenues adjustments (a) 41 0.4% 18 0.2% 14 0.1% 22 0.2% 15 0.1% 1 0.0%
Amortization of acquisition-related intangible assets 133 1.2% 113 1.0% 113 1.1% 103 0.9% 99 1.0% 89 0.8%
Adjusted gross margin (non-GAAP measure) 4,314 40.3% 4,382 41.0% 4,443 42.0% 4,518 41.5% 4,320 41.8% 4,437 42.1%

Reconciliation of adjusted SG&A expense

GAAP SG&A expense 2,119 19.8% 2,145 20.1% 2,049 19.4% 2,132 19.6% 2,183 21.1% 2,111 20.0%
Selling, general and administrative expenses adjustments (b) (8) -0.1% (6) -0.1% (14) -0.1% (31) -0.3% (19) -0.2% 64 0.6%
Amortization of acquisition-related intangible assets (473) -4.4% (472) -4.4% (471) -4.5% (460) -4.2% (452) -4.4% (424) -4.0%
Adjusted SG&A expense (non-GAAP measure) 1,638 15.3% 1,667 15.6% 1,564 14.8% 1,641 15.1% 1,711 16.5% 1,750 16.6%

GAAP R&D expense 346 3.2% 345 3.2% 319 3.0% 327 3.0% 331 3.2% 339 3.2%

Reconciliation of adjusted operating income

GAAP operating income 1,563 14.6% 1,578 14.8% 1,864 17.6% 1,854 17.0% 1,663 16.1% 1,820 17.3%
Cost of revenues adjustments (a) 41 0.4% 18 0.2% 14 0.1% 22 0.2% 15 0.1% 1 0.0%
Selling, general and administrative expenses adjustments (b) 8 0.1% 6 0.1% 14 0.1% 31 0.3% 19 0.2% (64) -0.6%
Restructuring and other costs (c) 112 1.0% 183 1.7% 84 0.8% 80 0.7% 29 0.3% 77 0.7%
Amortization of acquisition-related intangible assets 606 5.7% 585 5.4% 584 5.6% 563 5.2% 551 5.3% 513 4.9%
Adjusted operating income (non-GAAP measure) 2,330 21.8% 2,370 22.2% 2,560 24.2% 2,550 23.4% 2,278 22.0% 2,347 22.3%

(a) Adjusted results exclude charges for inventory write-downs associated with large-scale abandonment of product lines; in 2023, charges for the sale of inventories revalued at the date of acquisition; and in Q2 2023, Q3 2023 and Q4 2023, accelerated depreciation on on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and in Q3 2023 and Q4 2023, charges associated with product liability litigation.
(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; net charges for pre-acquisition litigation and
other matters; in Q2 2023, contract termination costs associated with facility closures; and in Q3 2023 and Q4 2023, gains on the sale of real estate.

(Quarterly P&L Reconciliation continued on the next page)

Page 7
 Quarterly Reconciliation of Adjusted P&L and Free Cash Flow
(Dollars in millions except EPS) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24
$ % $ % $ % $ % $ % $ %

Reconciliation of adjusted tax provision

GAAP tax provision 46 3.4% 52 3.6% 53 3.0% 133 7.7% 281 17.7% 128 7.2%
Tax effect of adjusted items (e) 171 6.6% 171 6.4% 192 7.0% 111 2.3% (50) -7.2% 102 2.8%
Adjusted tax provision (non-GAAP measure) 217 10.0% 223 10.0% 245 10.0% 244 10.0% 230 10.5% 229 10.0%

Reconciliation of adjusted other income/(expense)

GAAP other income/(expense) (46) — 14 (33) 10 5
Adjustments (d) (46) 1 9 (14) 11 —
Adjusted other income/(expense) (non-GAAP measure) — (1) 5 (19) (1) 4

Reconciliation of adjusted net income

GAAP net income attributable to Thermo Fisher Scientific Inc. 1,289 1,361 1,715 1,630 1,328 1,548
Cost of revenues adjustments (a) 41 18 14 22 15 1
Selling, general and administrative expenses adjustments (b) 8 6 14 31 19 (64)
Restructuring and other costs (c) 112 183 84 80 29 77
Amortization of acquisition-related intangible assets 606 585 584 563 551 513
Other income/expense adjustments (d) 46 (1) (9) 14 (11) —
Provision for income taxes adjustments (e) (171) (171) (192) (111) 50 (102)
Equity in earnings/losses of unconsolidated entities 25 16 17 1 (23) 84
Noncontrolling interests adjustments (f) — — (19) (27) — (1)
Adjusted net income (non-GAAP measure) 1,956 1,997 2,208 2,203 1,959 2,057

Reconciliation of adjusted earnings per share

GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. 3.32 3.51 4.42 4.20 3.46 4.04
GAAP diluted EPS growth -41% -17% 17% 5% 4% 15%
Cost of revenues adjustments (a) 0.10 0.05 0.04 0.06 0.04 0.00
Selling, general and administrative expenses adjustments (b) 0.02 0.01 0.03 0.08 0.05 (0.17)
Restructuring and other costs (c) 0.29 0.47 0.22 0.20 0.08 0.20
Amortization of acquisition-related intangible assets 1.56 1.51 1.50 1.45 1.44 1.34
Other income/expense adjustments (d) 0.12 0.00 (0.02) 0.04 (0.03) 0.00
Provision for income taxes adjustments (e) (0.44) (0.44) (0.49) (0.29) 0.13 (0.26)
Equity in earnings/losses of unconsolidated entities 0.06 0.04 0.04 0.00 (0.06) 0.22
Noncontrolling interests adjustments (f) 0.00 0.00 (0.05) (0.07) 0.00 0.00
Adjusted EPS (non-GAAP measure) 5.03 5.15 5.69 5.67 5.11 5.37
Adjusted EPS growth -31% -7% 12% 5% 2% 4%

Reconciliation of free cash flow

GAAP net cash provided by operating activities 729 1,540 2,414 3,723 1,251 1,960
Purchases of property, plant, and equipment (458) (284) (332) (405) (347) (301)
Proceeds from sale of property, plant and equipment 6 4 66 11 4 15
Free cash flow (non-GAAP measure) 277 1,260 2,148 3,329 908 1,674

(a) Adjusted results exclude charges for inventory write-downs associated with large-scale abandonment of product lines; in 2023, charges for the sale of inventories revalued at the date of acquisition; and in Q2 2023, Q3 2023 and Q4 2023, accelerated depreciation on on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and in Q3 2023 and Q4 2023, charges associated with product liability litigation.
(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; net charges for pre-acquisition litigation and other matters; in
Q2 2023, contract termination costs associated with facility closures; and in Q3 2023 and Q4 2023, gains on the sale of real estate.
(d) Adjusted results exclude net gains/losses on investments.
(e) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income; incremental tax impacts as a result of tax rate/law changes; the tax impacts from audit settlements; and in Q4 2023, charges for pre-acquisition matters.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Page 8
 Quarterly Reconciliation of Adjusted EBITDA

(Dollars in millions) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24

Reconciliation of adjusted EBITDA

GAAP net income attributable to Thermo Fisher Scientific Inc. $ 1,289 $ 1,361 $ 1,715 $ 1,630 $ 1,328 $ 1,548
Interest income (146) (178) (246) (309) (279) (295)
Interest expense 300 326 359 390 363 354
Other income/expense 46 — (14) 33 (10) (5)
Provision for income taxes 46 52 53 133 281 128
Depreciation 253 270 269 276 285 276
Cost of revenues adjustments (a) 41 18 14 22 15 1
Selling, general and administrative expenses adjustments (b) 8 6 14 31 19 (64)
Restructuring and other costs (c) 112 183 84 80 29 77
Amortization of acquisition-related intangible assets 606 585 584 563 551 513
Equity in earnings/losses of unconsolidated entities 25 16 17 1 (23) 84
Net income/losses attributable to noncontrolling interests and redeemable noncontrolling interest 3 1 (20) (24) 4 6
Adjusted EBITDA (non-GAAP measure) 2,583 2,640 2,829 2,826 2,563 2,623

(a) Adjusted results exclude charges for inventory write-downs associated with large-scale abandonment of product lines; in 2023, charges for the sale of inventories revalued at the date of acquisition; and in Q2 2023, Q3 2023 and Q4 2023, accelerated depreciation on on manufacturing assets to be abandoned due to facility
consolidations.
(b) Adjusted results exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and in Q3 2023 and Q4 2023, charges associated with product liability litigation.
(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; net charges for pre-acquisition litigation and other matters; in Q2 2023, contract termination costs associated with facility closures; and in Q3 2023 and Q4 2023, gains on the sale of real estate.

Page 9
 Free Cash Flow, Adjusted Return on Invested Capital and Adjusted Return on Equity

(Dollars in millions) 2021 2022 2023 Q1-24 Q2-24

Reconciliation of free cash flow

GAAP net cash provided by operating activities $ 9,312 $ 9,154 $ 8,406 $ 1,251 $ 1,960
Purchases of property, plant, and equipment (2,523) (2,243) (1,479) (347) (301)
Proceeds from sale of property, plant and equipment 20 24 87 4 15
Free cash flow (non-GAAP measure) 6,809 6,935 7,014 908 1,674

Reconciliation of adjusted return on captial (ROIC)

GAAP-based ROIC 14.8% 9.9% 8.2% 8.2% 8.4%
Cost of revenues adjustments (a) 0.0% 0.1% 0.1% 0.1% 0.1%
Selling, general and administrative expenses adjustments (b) 0.3% 0.0% 0.1% 0.1% 0.0%
Restructuring and other costs (c) 0.4% 0.2% 0.6% 0.5% 0.4%
Amortization of acquisition-related intangible assets 3.3% 3.4% 3.2% 3.1% 3.0%
Net interest expense 0.7% 0.5% 0.6% 0.4% 0.3%
Other income/expense adjustments (d) 1.4% 0.2% 0.1% 0.0% 0.0%
Provision for income taxes adjustments (e) -1.1% -1.0% -0.9% -0.6% -0.5%
Equity in earnings/losses of unconsolidated entities 0.0% 0.2% 0.1% 0.0% 0.1%
Noncontrolling interests adjustments (f) 0.0% 0.0% -0.1% -0.1% -0.1%
Adjusted ROIC (non-GAAP measure) 19.8% 13.5% 12.0% 11.8% 11.8%

Reconciliation of adjusted return on equity (ROE)

GAAP-based ROE 20.8% 16.4% 13.5% 13.5% 13.6%
Cost of revenues adjustments (a) 0.0% 0.1% 0.2% 0.2% 0.1%
Selling, general and administrative expenses adjustments (b) 0.4% 0.0% 0.1% 0.2% 0.0%
Restructuring and other costs (c) 0.5% 0.3% 1.0% 0.8% 0.6%
Amortization of acquisition-related intangible assets 4.7% 5.7% 5.3% 5.1% 4.8%
Net interest expense 1.0% 0.8% 0.9% 0.7% 0.6%
Other income/expense adjustments (d) 2.0% 0.3% 0.1% 0.0% 0.0%
Provision for income taxes adjustments (e) -1.6% -1.6% -1.4% -1.0% -0.8%
Equity in earnings/losses of unconsolidated entities 0.0% 0.4% 0.1% 0.0% 0.2%
Noncontrolling interests adjustments (f) 0.0% 0.0% -0.1% -0.1% -0.1%
Adjusted ROE (non-GAAP measure) 27.8% 22.4% 19.7% 19.4% 19.0%

(a) Adjusted results exclude; in 2021, 2022 and 2023, charges for the sale of inventories revalued at the date of acquisition; in 2022, 2023 and 2024, charges for inventory write-downs associated with large-scale abandonment of product lines; and in 2023, accelerated depreciation on manufacturing assets to be
abandoned due to facility consolidations.
(b) Adjusted results exclude certain third-party expense, principally transaction/integration costs (including reimbursements thereof) related to recent/terminated acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and charges associated with product liability litigation.
(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; charges/credits for environmental-related matters; in 2023 and 2024, charges for pre-acquisition litigation and other matters; in 2021, charges for compensation due to employees of acquired businesses at the date of acquisition; in 2022, a gain on the sale of intellectual property; and
in 2023, contract termination costs associated with facility closures, and gains on the sale of real estate.

(d) Adjusted results exclude net gains/losses on investments; in 2021 and 2022, losses on the extinguishment of debt; in 2021, costs to obtain short-term financing commitments related to recent/terminated acquisitions; and in 2022, net gains on derivative instruments to address certain foreign currency risks.
(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; the tax impacts from audit settlements; in 2022, the impact of deferred tax realizability assessments as a result of audit settlements;
and in 2023, charges for pre-acquisition matters.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.

Page 10
 Reconciliation of Adjusted EPS and Free Cash Flow (2013)

(Dollars in millions except EPS) 2013

$
Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc. 3.48
Cost of revenues adjustments (a) 0.08
Selling, general and administrative expenses adjustments (b) 0.20
Restructuring and other costs (c) 0.21
Amortization of acquisition-related intangible assets 2.09
Other income/expense adjustments (d) 0.16
Provision for income taxes adjustments (e) (0.82)
Loss from discontinued operations 0.02
Equity in earnings/losses of unconsolidated entities (0.02)
Adjusted diluted EPS (non-GAAP measure) 5.40

Reconciliation of free cash flow

GAAP net cash provided by operating activities 2,083
Net cash used in discontinued operations 5
Purchases of property, plant, and equipment (283)
Proceeds from sale of property, plant and equipment 21
Free cash flow (non-GAAP measure) 1,826

(a) Adjusted results exclude charges for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned due to facility consolidations.
(b) Adjusted results exclude significant transaction/integration costs related to recent acquisitions; charges/credits for changes in estimates of contingent acquisition consideration; and charges
associated with product liability litigation.
(c) Adjusted results exclude severance and retention costs; abandoned facility and other expenses of real estate consolidation; impairments of long-lived assets; and significant gains and losses on
litigation-related matters.
(d) Adjusted results exclude net gains/losses on investments and costs to obtain short-term financing commitments related to acquisitions.
(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 impact of
the resolution of significant tax audits.

Page 11
 Reconciliation of Core Organic Revenue Growth

2022 Q1-23 Q2-23 Q3-23 Q4-23 2023 Q1-24 Q2-24

Revenue growth 15% -9% -3% -1% -5% -5% -3% -1%
Impact of acquisitions 18% 1% 1% 1% 1% 1% 0% 0%
Impact of currency translation -3% -2% 0% 1% 1% 0% 0% -1%
Organic revenue growth (non-GAAP measure) 0% -8% -3% -3% -7% -5% -4% -1%
Impact of COVID-19 testing revenue -13% -14% -5% -4% -3% -6% -1% -1%
Impact of contribution of PPD to Core organic revenue growth (a) 1% N/A N/A N/A N/A N/A N/A N/A
Core organic revenue growth (non-GAAP measure) 14% 6% 2% 1% -4% 1% -3% 0%

(a) Adjustment to include the contribution of PPD to Core organic revenue growth as though the acquisition had occurred on January 1, 2021.

Page 12
 Business Segment Information

(Dollars in millions) Q1-23 Q2-23 Q3-23 Q4-23 2023 Q1-24 Q2-24

Life Sciences Solutions Segment

Revenues 2,612 2,463 2,433 2,469 9,977 2,285 2,355
Total revenue growth -38% -25% -18% -19% -26% -13% -4%
Impact of acquisitions 0% 0% 0% 0% 0% 0% 0%
Impact of currency translation -2% 0% 1% 1% 0% 0% -1%
Organic revenue growth (non-GAAP measure) -37% -25% -19% -20% -26% -12% -3%

Segment income 836 817 872 895 3,420 840 865

Segment income margin 32.0% 33.2% 35.9% 36.2% 34.3% 36.8% 36.7%
Segment income margin expansion -19.4 pts -7.1 pts +0.8 pts +2.1 pts -6.9 pts +4.8 pts +3.5 pts

Analytical Instruments Segment

Revenues 1,723 1,749 1,754 2,037 7,263 1,687 1,782
Total revenue growth 14% 9% 8% 8% 10% -2% 2%
Impact of acquisitions 0% 0% 0% 0% 0% 0% 0%
Impact of currency translation -3% -1% 1% 1% -1% -1% -1%
Organic revenue growth (non-GAAP measure) 17% 10% 8% 8% 10% -1% 3%

Segment income 421 432 468 587 1,908 400 439

Segment income margin 24.4% 24.7% 26.7% 28.8% 26.3% 23.7% 24.6%
Segment income margin expansion +4.6 pts +3.3 pts +2.9 pts +3.4 pts +3.5 pts -0.7 pts -0.1 pts

Specialty Diagnostics Segment

Revenues 1,108 1,109 1,083 1,105 4,405 1,109 1,117
Total revenue growth -25% 1% 2% -1% -8% 0% 1%
Impact of acquisitions 4% 6% 6% 6% 5% 0% 0%
Impact of currency translation -1% 0% 1% 1% 0% 0% -1%
Organic revenue growth (non-GAAP measure) -28% -5% -6% -7% -13% 0% 1%

Segment income 280 297 283 264 1,124 294 299

Segment income margin 25.3% 26.7% 26.1% 23.9% 25.5% 26.5% 26.7%
Segment income margin expansion +1.4 pts +4.6 pts +5.5 pts +5.3 pts +4.0 pts +1.2 pts 0.0 pts

Laboratory Products & Biopharma Services Segment

Revenues 5,763 5,831 5,728 5,719 23,041 5,723 5,758
Total revenue growth 6% 5% 3% -4% 2% -1% -1%
Impact of acquisitions 0% 0% 0% 0% 0% 0% 0%
Impact of currency translation -1% 0% 1% 1% 0% 0% 0%
Organic revenue growth (non-GAAP measure) 7% 5% 1% -5% 2% -1% -1%

Segment income 793 824 937 804 3,358 744 745

Segment income margin 13.8% 14.1% 16.4% 14.0% 14.6% 13.0% 12.9%
Segment income margin expansion +2.4 pts +1.6 pts +3.4 pts -0.1 pts +1.8 pts -0.8 pts -1.2 pts

Page 13
 Balance Sheets and Leverage Ratios

(Dollars in millions) 12/31/2021 12/31/2022 12/31/2023 3/30/2024 6/29/2024

Assets
Current assets:
Cash and cash equivalents 4,477 8,524 8,077 5,499 7,073
Short-term investments 16 — 3 1,751 1,750
Accounts receivable, net 7,977 8,115 8,221 7,931 7,943
Inventories 5,051 5,634 5,088 5,133 5,198
Other current assets 2,592 2,956 3,200 3,326 3,512
Total current assets 20,113 25,229 24,589 23,640 25,476

Property, plant and equipment, net 8,333 9,280 9,448 9,324 9,282
Acquisition-related intangible assets, net 20,113 17,442 16,670 16,048 15,519
Equity method investments 576 369 489 513 427
Other assets 4,064 3,638 3,510 3,727 3,950
Goodwill 41,924 41,196 44,020 43,843 43,843
Total assets 95,123 97,154 98,726 97,095 98,496

Liabilities, redeemable noncontrolling interest and equity

Current liabilities:
Short-term obligations and current maturities of long-term obligations 2,537 5,579 3,609 4,451 5,121
Accounts payable 2,867 3,381 2,872 2,555 2,547
Net liabilities of discontinued operations 12 18 21 20 20
Other current liabilities 8,020 8,032 7,510 6,911 7,085
Total current liabilities 13,436 17,010 14,012 13,937 14,772

Other long-term liabilities 8,377 7,087 6,564 6,378 5,907

Long-term obligations 32,333 28,909 31,308 31,157 30,284
Redeemable noncontrolling interest 122 116 118 119 115
Total equity 40,855 44,032 46,724 45,504 47,419

Total liabilities, redeemable noncontrolling interest and equity 95,123 97,154 98,726 97,095 98,496

Leverage Ratios
Total debt / TTM EBITDA 2.8X 2.9X 3.4X 3.4X 3.4X
Effect of adjusted items -0.1X 0.0X -0.2X -0.1X -0.1X
Total debt / adjusted TTM EBITDA 2.7X 2.9X 3.2X 3.3X 3.3X

Net debt / TTM EBITDA 2.4X 2.2X 2.6X 2.7X 2.5X

Effect of adjusted items -0.1X 0.0X -0.1X -0.1X 0.0X
Net debt / adjusted TTM EBITDA 2.3X 2.2X 2.5X 2.6X 2.5X

Page 14
 Debt

Effective
Interest Rate at Maturity
(Dollars in millions) 6/29/24 Date 12/31/2021 12/31/2022 12/31/2023 3/30/2024 6/29/2024
Short-term
0.75% Senior Notes (euro denominated) 0.92% 9/12/2024 0 0 1,102 1,078 1,071
1.215% Senior Notes 1.42% 10/18/2024 0 0 2,496 2,497 2,498
0.125% Senior Notes (euro denominated) 0.40% 3/1/2025 0 0 0 861 856
2.00% Senior Notes (euro denominated) 2.09% 4/15/2025 0 0 0 0 685
Commercial paper 2,522 310 0 0 0
Other, including finance lease liabilities 15 5,269 11 15 11
Total short-term 2,537 5,579 3,609 4,451 5,121
Long-term
0.125% Senior Notes (euro denominated) 3/1/2025 902 851 880 0 0
2.00% Senior Notes (euro denominated) 4/15/2025 725 683 706 690 0
0.853% Senior Notes (yen denominated) 1.05% 10/20/2025 0 169 158 147 138
0.000% Senior Notes (euro denominated) 0.15% 11/18/2025 621 586 605 592 588
3.20% Senior Notes (euro denominated) 3.38% 1/21/2026 0 533 550 538 534
1.40% Senior Notes (euro denominated) 1.52% 1/23/2026 792 746 771 754 748
4.953% Senior Notes 5.19% 8/10/2026 0 0 597 597 597
5.00% Senior Notes 5.26% 12/5/2026 0 0 993 994 994
1.45% Senior Notes (euro denominated) 1.65% 3/16/2027 563 531 549 536 533
1.75% Senior Notes (euro denominated) 1.96% 4/15/2027 675 637 658 643 639
1.054% Senior Notes (yen denominated) 1.18% 10/20/2027 0 219 204 190 179
4.80% Senior Notes 5.00% 11/21/2027 0 595 596 596 596
0.50% Senior Notes (euro denominated) 0.76% 3/1/2028 899 848 876 857 851
1.6525% Senior Notes (Swiss franc denominated) 1.80% 3/7/2028 0 0 0 364 365
0.77% Senior Notes (yen denominated) 0.90% 9/6/2028 0 0 204 191 179
1.375% Senior Notes (euro denominated) 1.46% 9/12/2028 679 639 660 645 640
1.75% Senior Notes 1.89% 10/15/2028 694 695 696 696 696
5.00% Senior Notes 5.24% 1/31/2029 0 0 989 990 990
1.95% Senior Notes (euro denominated) 2.07% 7/24/2029 789 743 767 750 745
2.60% Senior Notes 2.74% 10/1/2029 893 894 894 895 895
1.279% Senior Notes (yen denominated) 1.44% 10/19/2029 0 36 33 31 29
4.977% Senior Notes 5.12% 8/10/2030 0 0 744 744 744
0.80% Senior Notes (euro denominated) 0.88% 10/18/2030 1,975 1,861 1,920 1,877 1,864

Continued on the next page

Page 15
 Debt

Continued from the prior page

Effective
Interest Rate at Maturity
(Dollars in millions) 6/29/24 Date 12/31/2021 12/31/2022 12/31/2023 3/30/2024 6/29/2024

0.875% Senior Notes (euro denominated) 1.13% 10/1/2031 1,011 953 984 962 956
2.00% Senior Notes 2.23% 10/15/2031 1,176 1,178 1,181 1,181 1,182
1.8401% Senior Notes (Swiss franc denominated) 1.92% 3/8/2032 0 0 0 458 459
2.375% Senior Notes (euro denominated) 2.54% 4/15/2032 672 633 654 639 635
1.49% Senior Notes (yen denominated) 1.60% 10/20/2032 0 48 44 41 39
4.95% Senior Notes 5.09% 11/21/2032 0 594 594 594 594
5.086% Senior Notes 5.20% 8/10/2033 0 0 991 992 992
1.125% Senior Notes (euro denominated) 1.20% 10/18/2033 1,690 1,592 1,643 1,606 1,595
5.20% Senior Notes 5.34% 1/31/2034 0 0 495 495 495
3.65% Senior Notes (euro denominated) 3.76% 11/21/2034 0 795 820 802 796
1.50% Senior Notes (yen denominated) 1.58% 9/6/2035 0 0 151 141 133
2.0375% Senior Notes (Swiss franc denominated) 2.10% 3/7/2036 0 0 0 358 359
2.875% Senior Notes (euro denominated) 2.94% 7/24/2037 789 743 767 750 744
1.50% Senior Notes (euro denominated) 1.73% 10/1/2039 1,014 955 985 963 956
2.80% Senior Notes 2.90% 10/15/2041 1,181 1,182 1,183 1,183 1,183
1.625% Senior Notes (euro denominated) 1.77% 10/18/2041 1,385 1,305 1,347 1,317 1,308
2.069% Senior Notes (yen denominated) 2.13% 10/20/2042 0 110 103 96 90
5.404% Senior Notes 5.50% 8/10/2043 0 0 593 593 593
2.02% Senior Notes (yen denominated) 2.06% 9/6/2043 0 0 204 190 179
5.30% Senior Notes 5.37% 2/1/2044 396 396 396 396 397
4.10% Senior Notes 4.23% 8/15/2047 734 735 735 735 735
1.875% Senior Notes (euro denominated) 1.98% 10/1/2049 1,112 1,047 1,080 1,056 1,048
2.00% Senior Notes (euro denominated) 2.06% 10/18/2051 840 791 816 797 792
2.382% Senior Notes (yen denominated) 2.43% 10/18/2052 0 252 234 218 205
Other, including finance lease liabilities 10,126 4,334 258 275 270
Total long-term 32,333 28,909 31,308 31,157 30,284
Total debt 34,870 34,488 34,917 35,608 35,404
Total cash and cash equivalents 4,477 8,524 8,077 5,499 7,073
Short-term investments 16 — 3 1,751 1,750
Net debt 30,377 25,964 26,837 28,358 26,582

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 2021 - 2024 Notable Acquisitions

Transaction Revenue (a)

closing date Entity Business description Segment (millions)

2024
July 10 Olink Leading provider of solutions for advanced proteomics discovery and development LSS $170

2023
Leading provider of regulatory-grade, real-world evidence for approved medical treatments and
August 14 CorEvitas LPBS $92
therapies

January 3 The Binding Site Group Leading provider of oncology testing for detection and monitoring of multiple myeloma SDS £200 (b)

2021

December 30 PeproTech Inc. Leading developer and manufacturer of recombinant proteins LSS $100 (c)

December 8 PPD, Inc. Global clinical research and laboratory services provider LPBS $4,680

September 30 Lengnau biologics manufacturing facility State-of-the-art biologics manufacturing facility LPBS N/A (d)

February 25 Mesa Biotech, Inc. Point-of-care molecular diagnostics provider LSS $70

January 15 European viral vector business Leading provider of contract viral vector manufacturing services for vaccines and therapies LPBS €80

(a) Approximate revenue from prior full year reporting period as of the announcement date.
(b) Calendar year ended December 31, 2022.
(c) Fiscal year ended December 31, 2021.
(d) Assumed operating responsibility from customer.

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 Capital Deployment

Share buybacks
2021 2022 2023 Q1-2024 Q2-2024

Total number of shares purchased (millions) 4 5 5 6 —

Average price paid per share $487.73 $569.47 $574.47 $543.17 $0.00

Total spend ($ millions) $2,000 $3,000 $3,000 $3,000 $0

Remaining Share Repurchase Authorization (in millions) as of

7/24/2024: $1,000

Dividends paid

2021 2022 2023 Q1-2024 Q2-2024

Amount per share $1.00 $1.16 $1.35 $0.35 $0.39

Future declarations of dividends are subject to board approval and may be adjusted as business needs or market conditions change.

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 Fiscal Calendar

2024 FISCAL CALENDAR

FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER

Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week

1 2 3 4 5 6 1 31 1 2 3 4 5 6 14 30 1 2 3 4 5 6 27 29 30 1 2 3 4 5 40

JAN 7 8 9 10 11 12 13 2 APR 7 8 9 10 11 12 13 15 JULY 7 8 9 10 11 12 13 28 OCT 6 7 8 9 10 11 12 41

5 14 15 16 17 18 19 20 3 5 14 15 16 17 18 19 20 16 5 14 15 16 17 18 19 20 29 5 13 14 15 16 17 18 19 42
5
Weeks 21 22 23 24 25 26 27 4 Weeks 21 22 23 24 25 26 27 17 Weeks 21 22 23 24 25 26 27 30 Weeks 20 21 22 23 24 25 26 43

28 29 30 31 1 2 3 5 28 29 30 1 2 3 4 18 28 29 30 31 1 2 3 31 27 28 29 30 31 1 2 44

4 5 6 7 8 9 10 6 5 6 7 8 9 10 11 19 4 5 6 7 8 9 10 32 3 4 5 6 7 8 9 45

Feb 11 12 13 14 15 16 17 7 MAY 12 13 14 15 16 17 18 20 AUG 11 12 13 14 15 16 17 33 NOV 10 11 12 13 14 15 16 46

4 18 19 20 21 22 23 24 8 4 19 20 21 22 23 24 25 21 4 18 19 20 21 22 23 24 34 4 17 18 19 20 21 22 23 47

Weeks 25 26 27 28 29 1 2 9 Weeks 26 27 28 29 30 31 1 22 Weeks 25 26 27 28 29 30 31 35 Weeks 24 25 26 27 28 29 30 48

3 4 5 6 7 8 9 10 2 3 4 5 6 7 8 23 1 2 3 4 5 6 7 36 1 2 3 4 5 6 7 49

MAR 10 11 12 13 14 15 16 11 JUNE 9 10 11 12 13 14 15 24 SEPT 8 9 10 11 12 13 14 37 DEC 8 9 10 11 12 13 14 50

4 17 18 19 20 21 22 23 12 4 16 17 18 19 20 21 22 25 4 15 16 17 18 19 20 21 38 4 15 16 17 18 19 20 21 51
4
Weeks 24 25 26 27 28 29 30 13 Weeks 23 24 25 26 27 28 29 26 Weeks 22 23 24 25 26 27 28 39 Weeks 22 23 24 25 26 27 28 52

29 30 31
CHANGE IN DAYS VERSUS PRIOR YEAR 0 CHANGE IN DAYS VERSUS PRIOR YEAR 0 CHANGE IN DAYS VERSUS PRIOR YEAR 0 CHANGE IN DAYS VERSUS PRIOR YEAR +2

Page 19