Thermo Fisher rises on COVID-19 response-driven Q2

Thermo Fisher Scientific (NYSE:TMO) shares got a boost today on second-quarter results that came in well above the consensus forecast.

The Waltham, Mass.-based company posted profits of $1.2 billion, or $2.90 per share, on sales of $6.9 billion for the three months ended June 27, 2020, for a 3.3% bottom-line gain on sales growth of 9.5%.

Adjusted to exclude one-time items, earnings per share were $3.89, a whopping $1.05 ahead of Wall Street, where analysts were looking for sales of $6.13 billion.

Thermo Fisher’s sales growth falls in line with the company’s projections earlier this month, as it said it anticipated 10% growth in revenues. Growth was primarily driven by global sales of PCR-based tests and other products and services supporting the response to the COVID-19 pandemic.

The company received FDA emergency use authorization and CE Mark approval for its SARS-CoV-2 diagnostic test in the early stages of the pandemic back in March…

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