Thermo Fisher Scientific Inc. (TMO) May 20, 2026 Annual General Meeting Transcript

Welcome to the 2026 Annual Meeting of Shareholders of Thermo Fisher Scientific. I would now like to introduce our first presenter, Mr. Mark Casper, Chairman and Chief Executive Officer of Thermo Fisher Scientific, Inc. Thank you, and good afternoon, everyone, for attending.

We are pleased to have everyone join us for Thermo Fisher's 2026 Annual Meeting of Shareholders. I am Mark Casper, Chairman and Chief Executive Officer of Thermo Fisher, and I will be presiding over this meeting. I welcome you and call the meeting to order. We have designed this meeting to provide shareholders the same rights and opportunities to participate as they would have at an in-person. Shareholders who, a control number, may cast their votes during the meeting until we announce the closing of the polls, and they may submit questions until the close. You can find these features on the bottom portion of your screen. We will announce the closing of the polls after we review the voting matters. Before we proceed with the formal business of the meeting, I would like to make a few introductions. Joining us today are all of our directors. Our vice president and corporate secretary, who will conduct the formal part of the meeting. Laura Robinette, a representative from PricewaterhouseCoopers, our independent registered public accounting firm, and Terrence Hassett, a representative from Broadridge, who has been appointed to act as Inspector of Election. I will now turn the meeting over to Julia Chen.

Thank you, Mark. Before we begin, please note that management's remarks during this meeting, as well as the presentation materials, may contain forward-looking statements. Please see the Safe Harbor Statement on this slide for further details. I would also like to remind you of the Annual Meeting Rules of Conduct, which can be found at the bottom of the screen. Based on an affidavit of mailing provided by Broadridge, this meeting has been duly called, proper notice has been given, and a quorum of shareholders is present for the transaction of business. We will now turn to the three proposals to be voted on at this meeting. The first proposal is the Election of Directors. The 11 nominees for election are Mark Casper, Nelson Chai, Ruby Shandy, Martin Harris, Tyler Jacks, Jennifer Johnson, Alex Keith, Karen Lynch, Deborah Spahr, Scott Sperling, and Dion Weisler. The second proposal is the advisory vote to approve executive compensation. The third proposal is the ratification of the selection of PricewaterhouseCoopers as the company's registered public accounting firm for the current fiscal year. We will now address questions related to the three proposals to be voted on at this meeting. Following the question and answer session related to the proposals, we will close the Mark will provide a business presentation, and we will then conclude with a general question and answer session. As a reminder, shareholders may submit questions through the virtual meeting website using the Ask a Question box at the bottom of the screen. When submitting a question, please include your name and your affiliation with the company. If we receive multiple questions on the same topic, we may group them together and respond collectively. Questions submitted during the meeting will be addressed in accordance with our Rules of Conduct, which are available with the meeting materials. We will now address questions that have been submitted by shareholders related to voting We have received a question related to Proposal 2 for the Compensation Committee. The question is, after last year's vote on the say on pay proposal at last year's annual meeting, why did the Compensation Committee raise the CEO pay ratio on behalf of the Compensation Committee of the Board? The way we think about the CEO's retention grant is that the program was designed to create strong alignment between leadership and shareholders and to secure Mark's leadership over the long term. The substantial majority of the CEO's compensation is performance-based and equity-based, so the opportunity to realize value depends on delivering sustained results and long-term shareholder value creation. If there are no additional questions, we will now proceed to final voting on the proposals. For those shareholders participating online who have not yet voted, the polls will be closing momentarily. If you've already submitted your vote, there is no need to vote again. Any votes submitted during the meeting will be included in the final vote results, which will be reported following the meeting.

We will allow a few additional moments for any remaining votes to be cast.

A view of the matters to be voted on. The polls are now closed. Based on the inspection of elections preliminary report, each of the nominees for director has been elected. The advisory resolution approving executive compensation has not been approved. The appointment of PricewaterhouseCoopers has been ratified. These are preliminary voting results and remain subject to final verification. This concludes the formal part of the meeting. I will now provide an overview of the company, after which we will use the remaining time to address questions from shareholders. Officer Scientific, I always like to start with orienting you to the company. We are the world leader in serving science. Our customers know us for our leading brands, as well as our industry-leading scale. We have over $45 billion in revenue, 125,000 fantastic colleagues. We invest $1.4 billion in research and development on our product technology businesses. We have incredible relevance to our customer success, whether it's our leading innovative technologies, our deep applications expertise, or our comprehensive biopharma services offering. Ultimately, we are the trusted part. As a company, we're consistently focused on delivering outstanding execution, and that is deeply ingrained in our company through our Practical Process Improvement Business System, or PPI. Our mission is our purpose. We enable our customers to make the world healthier, cleaner, and safer. And it is an incredibly compelling mission that engages all of us to be our very best. When you look at the company's revenue profile, it's incredibly attractive. We have leadership in attractive end markets. Farmer and biotech represents 57% of our other three end markets evenly split the remainder of our revenue base. Industrial and applied, academic and government, diagnostics and healthcare, all attractive ed markets. Our revenue mix has a very strong, recurring, completely global company because of our unparalleled commercial engine. We reach every major market around the world, and in those markets, we're often considered the largest domestic player in each of those major markets. It's a very global company with a very strong. We have four business segments. They're complementary, and they each have industry-leading businesses. Life Science Solutions. It's our leading portfolio serving the bioproduction, life science research, and clinical markets. $10.7 billion in revenue. Analytical Instruments. Leading technologies to enable scientific breakthroughs and solve the most difficult analytical challenges. $7.6 billion in revenue. Specialty Diagnostic. Leadership Position in Cost-Effectively Improving Products and Bioformer Services, our largest sector, with over $24 billion in revenue. enabling the biotech and pharmaceutical industry with our leading laboratory products, clinical research, development, and manufacturing services. These products and services and expertise are highly valued by our customers and allow us to drive market share. On our management team, we are focused on creating value for all of our stakeholders. From a customer perspective, we are their trusted partner that accelerates our customers' innovation and enhances their productivity. From a colleague perspective, this is a great place to have a mission-driven career. From a community's perspective, we're focused on enhancing our local communities and improving the world for current and future generations. And for our shareholders, we have an outstanding financial track record and an outstanding outlook for value creation. When you look at how we do all of this, it's all about our PPI business system that enables outstanding execution. Our culture and mindset engages every colleague to find a better way every day. and we're able to deliver competitive advantage, successful acquisitions, and differentiated financial performance. It allows us to be positively positive. When you look back over the last decade, we've been able to deliver double-digit growth in revenue. So the key takeaways for the day, we had a chance to meet that we had, which is, one, we're an incredibly well-positioned industry leader, and depth of our combined capabilities. We serve attractive and improving end markets, powered by strong long-term fundamentals. We actively manage the company to deliver outstanding financial performance and create a very compelling outlook. And we do that through three drivers. We leverage our proven growth strategy to enable our customer success and drive share gain. We deliver significant productivity and outstanding execution through our PPI business system. And we create tremendous value with our disciplined approach to capital deployment. And then finally, that AI will accelerate science and benefit our industry. We're uniquely positioned to benefit the adoption of AI in our customer base, and we're also deploying AI to further strengthen our execution. An incredibly exciting time.

The company update, we're happy to take them now.

Seeing no questions from shareholders, I'll turn it back to you to take a look at the meeting.

Julia, thank you. I want to thank everyone for attending today's meeting. On behalf of the customers we serve and my colleagues around the world, I thank you for your investment in Thermo Fisher. The 2026 Annual Meeting of Shareholders is now adjourned.

This now concludes the meeting. Thank you for joining, and have a pleasant day.