Thermo Fisher beat boosted by nearly $2.5 billion in COVID-19 response revenue

 Shares of Thermo Fisher Scientific Inc. TMO, +0.69% rallied 2.5% in premarket trading Wednesday, after the analytic and diagnostic instruments company reported big fourth-quarter profit and revenue beats, boosted by nearly $2.5 billion in COVID-19 response revenue. Net income fell to $1.66 billion, or $4.17 a share, from $2.50 billion, or $6.24 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share slipped to $6.54 from $7.09, but was well above the FactSet consensus of $4.93. Revenue increased 1.4% to $10.70 billion, beating the FactSet consensus of $8.71 billion. COVID-19 response revenue of $2.45 billion, which was 22.9% of total revenue, was up from $2.05 billion in the third quarter. The company said it would provide 2022 financial guidance in its post-earnings conference call with analysts later Wednesday morning. The stock has lost 6.6% over the past three months through Tuesday while the S&P 500 SPX, +0.41% has slipped 1.5%.

https://www.marketwatch.com/story/thermo-fisher-stock-rallies-after-big-earnings-beat-boosted-by-nearly-25-billion-in-covid-19-response-revenue-2022-02-02