Thermo Fisher's revenue falls in Q2 amid 'challenging' climate for ... - Endpoints News
Thermo Fisher’s revenue falls in Q2 amid ‘challenging’ climate for biotechs and in China - Endpoints News
Thermo Fisher's revenue falls in Q2 amid 'challenging' climate for biotechs and in China
Thermo Fisher Scientific blamed a 3% decline in revenue in the second quarter to biotechs exercising more caution with their spending and slowing economic activity in China.
The company’s revenue fell to $10.7 billion in Q2, down from $10.9 billion in Q2 of last year.
CEO Marc Casper said on an investor call on Wednesday morning that the drop was due to the “macroeconomic environment [becoming] more challenging in the quarter.” One-third of the decline in core revenue was due to the lower economic activity in China, while other customers pulled back on spending, primarily biotechs, CFO Stephen Williamson said. Casper cited higher interest rates, credit availability and overall caution.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
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On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”