Annual Report 2020

Thermo Fisher Scientific Inc. 168 Third Avenue, Waltham, MA 02451 USA The world leader in serving science thermofisher.com Management Team Marc N. Casper Konrad Bauer Chairman, President and Chief Executive Officer Senior Vice President, Global Business Services

Mark P. Stevenson Michael A. Boxer Executive Vice President and Chief Operating Officer Senior Vice President and General Counsel

Michel Lagarde Lisa P. Britt Executive Vice President Senior Vice President and Chief Human Resources Officer

Stephen Williamson Shiraz Ladiwala Senior Vice President and Chief Financial Officer Senior Vice President, Business Transformation Projects Our Mission is to enable Daniella Cramp Paul G. Parker Senior Vice President and President, BioProduction Senior Vice President, Strategy and Corporate Development

Syed A. Jafry Ryan J. Snyder our customers to make the world Senior Vice President and President, Regions Senior Vice President and Chief Information Officer Frederick M. Lowery Sharon S. Briansky healthier, cleaner and safer. Senior Vice President and President, Customer Channels Vice President and Secretary Gianluca Pettiti Thomas Grover Senior Vice President and President, Specialty Diagnostics Vice President, Financial Operations

Michael D. Shafer Joseph R. Holmes Senior Vice President and President, Pharma Services Vice President and Chief Accounting Officer

Daniel P. Shine Sandy B. Pound Senior Vice President and President, Analytical Instruments Vice President and Chief Communications Officer

Peter Silvester Anthony H. Smith Senior Vice President and President, Life Sciences Vice President, Tax and Treasury, and Treasurer and Laboratory Products Rafael Tejada Vice President, Investor Relations

Board of Directors

Marc N. Casper Jim P. Manzi Chairman, President and Chief Executive Officer Chairman, Stonegate Capital (private equity investments); Former Chairman, President and Chief Executive Officer, Lotus Development Thomas J. Lynch Corporation (computer software) Lead Director; Chairman of the Board of Directors, TE Connectivity Ltd. (electronics) James C. Mullen Chairman, President and Chief Executive Officer, Editas Medicine Inc. Nelson J. Chai (biotechnology) Chief Financial Officer, Uber Technologies Inc. (global ride-hailing technology) Lars R. Sørensen Former President and Chief Executive Officer, C. Martin Harris Novo Nordisk A/S (healthcare) Complementary 15% 35% Associate Vice President of the Health Enterprise and Analytical Instruments Life Sciences Solutions Chief Business Officer, Dell Medical School at Debora L. Spar Segments The University of Texas at Austin (healthcare) Professor, Harvard Business School (education)

Tyler Jacks Scott M. Sperling 15% President, Break Through Cancer; David H. Koch Professor of Biology, Co-Chief Executive Officer, Thomas H. Lee Partners, L.P. Specialty Diagnostics and Director, Koch Institute for Integrative Cancer Research at the (leveraged buyouts) $32.2B Massachusetts Institute of Technology (research) Revenue Dion J. Weisler R. Alexandra Keith Former President and Chief Executive Officer, Chief Executive Officer, P&G Beauty (consumer goods) HP Inc. (information technology)

Judy C. Lewent 35% Former Executive Vice President and Chief Financial Officer, Laboratory Products Merck & Co., Inc. (pharmaceuticals) & Services Marc N. Casper Chairman, President and CEO

To our shareholders, customers and colleagues Without a doubt, 2020 was a year we will never forget. As Our success during the year enabled us to advance our individuals, as a company and as a global community, we’ve proven growth strategy at a time when many companies had to navigate significant challenges and recalibrate our had to pull back, and we further strengthened our industry lives in big and small ways to manage through the COVID-19 position by: pandemic. For Thermo Fisher, the year will also stand out as one of our finest moments – for the way we supported science • Continuing to develop high-impact, innovative new products and society when they needed us most. • Leveraging our scale in high-growth and emerging markets I’m very proud of how we responded to the pandemic and • Delivering a unique value proposition to our customers managed our company successfully through a challenging environment, while also accelerating the execution of our growth strategy to create an even brighter future for our Commitment to innovation company. As a result, we dramatically increased our growth The first pillar of our growth strategy is innovation, and and created tremendous value for all of our stakeholders. In so during 2020 we invested $1.2 billion in R&D to deliver new many ways, it was our best year yet. I’m deeply grateful to our technologies to help our customers achieve their goals. This 80,000 colleagues – some of whom appear on the cover of included a number of highly innovative products to strengthen this annual report – for making it possible. our leading positions in analytical instruments, biosciences Track record of outstanding performance and bioproduction. For example, we extended our industry- leading Orbitrap platform with two new-generation Thermo Our 2020 financial results were truly extraordinary, continuing Scientific Exploris mass spectrometers. In our electron our long track record of outstanding performance. During the microscopy business, we launched two Thermo Scientific year, we grew revenue by 26 percent to $32.22 billion. We also Selectris imaging filters for our cryo-electron microscopes and generated exceptional earnings growth. Our GAAP diluted introduced our Thermo Scientific Tundra Cryo-Transmission earnings per share (EPS) increased 74 percent to $15.96, and Electron Microscope – continuing to expand the benefits of adjusted EPS* grew 58 percent to $19.55. In addition, we this groundbreaking technology and democratize its use. generated strong free cash flow of $6.8 billion in 2020. Also, in our bioproduction business, we launched a versatile bioprocess container, new cell-culture media, and an oligo At the same time, we returned significant capital to our resin to support vaccine and therapy development. shareholders through $1.8 billion of stock buybacks and a growing dividend. Our teams also pivoted to support the pandemic response and moved rapidly to develop our Applied Biosystems TaqPath COVID-19 Combo Kit, which received emergency

* Adjusted EPS is a non-GAAP financial measure that excludes certain items. For a reconciliation of this non-GAAP measure to a comparable GAAP measure, see the accompanying consolidated statement of income on pages 6 and 7 of this annual report.

Annual Report 2020 thermofisher.com 1 use authorization in the U.S. in March 2020, followed by we were uniquely positioned to help our pharmaceutical similar authorizations around the world. We then significantly and biotech customers develop and eventually produce expanded our portfolio of COVID-19 related products, COVID-19 related vaccines and therapies. And through our launching the Thermo Fisher Scientific Amplitude Solution extensive work in molecular diagnostics, clinical labs now for high-throughput PCR-based testing and our Applied have an even greater appreciation of our leading offering Biosystems TaqCheck PCR test for asymptomatic health in specialty diagnostics. We’ve dramatically increased our surveillance. With these innovations, we have established PCR and sample preparation instrument installed base, and worldwide leadership in COVID-19 diagnostic testing, our customers have seen how strong we are as a partner in supporting hundreds of millions of COVID-19 PCR tests addressing their needs. across the world. In 2020, we committed $1.7 billion in capital expenditures to be an even better partner and accelerate our growth. We Leveraging our scale added capacity and capabilities in bioproduction, pharma services and biosciences, as well as other businesses across The second pillar of our growth strategy is leveraging our scale the company. We also entered into a strategic partnership with in high-growth and emerging markets. China is our largest CSL – a global biotech company – to expand our biologics market outside the U.S., and to continue to strengthen our drug substance manufacturing capacity to serve this rapidly presence there and support the rapidly growing local biotech growing market. industry, during the year we localized the manufacturing of single-use bioproduction technologies at our Center of Excellence in Suzhou. Driven by our Mission We also announced the formation of a joint venture to establish Our role in addressing the global health crisis is one of the a biological drug development and manufacturing facility in best examples of how we create value for our customers. It’s Hangzhou. In addition, we opened new commercial centers also the most profound example of how we fulfill our Mission to support materials science customers in China and South to enable our customers to make the world healthier, cleaner Korea. Our ongoing investments and the differentiated customer and safer. experience that we’ve created in the region position us well to further capitalize on the significant growth opportunities there. We were ready for this moment because we built Thermo Fisher to serve society. Thanks to our unique culture, our understanding of science and our close customer Creating value for our customers relationships, we saw the need and we moved into action with speed at scale. Throughout the pandemic, we’ve Our third pillar is delivering a unique value proposition, worked closely with the highest levels of governments and and entering 2021, our relationships with customers and healthcare institutions around the world, as well as with the governments around the world have never been stronger. pharmaceutical and biotech industry to support efforts in Because of these trusted relationships, built over many years, research, diagnostic testing, development and production

Strong Track Record of Performance

Revenue Earnings per share (In billions) (In dollars)

$32.22 $19.55 GAAP EPS Adjusted EPS* $15.96

$18.27 $8.27

$5.09

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

* Adjusted EPS is defined on page 1.

2 Annual Report 2020 thermofisher.com Annual Report 2020 of vaccines and treatments, and personal protection. I’ll share a few examples: Revenue Profile

• When the health crisis first emerged in China, we immediately established round-the-clock service to support the Chinese Centers for Disease Control and Prevention, 33% hospitals and clinical labs, with PCR instruments to detect Diagnostics & Healthcare 38% the virus and our next-generation sequencing instruments Pharma & Biotech to understand it. Markets

• As researchers around the world raced to determine the virus’ structure, our Thermo Scientific Krios cryo-electron microscopes helped them identify the spike protein and its 13% cellular receptor during infection – dramatically accelerating Industrial & Applied 16% the path to vaccines and treatments. Academic & Government

• We also worked closely with our suppliers worldwide to secure and manage the distribution of personal protective 18% equipment to keep healthcare and essential workers and Asia-Pacific 26% Europe our own colleagues safe. 3% Rest of World • Understanding the critical need for reliable diagnostics, Regions we quickly developed a PCR-based workflow that is now widely used across the globe as the gold standard in testing, given its high level of accuracy. 53% North America

• As an essential partner to help pharmaceutical and biotech companies quickly develop and manufacture vaccines and therapies, we supported more than 300 of the top projects 21% around the world with our pharma services and other Services capabilities across our company.

• Understanding the requirements of the vaccines, we ramped up production of ultra-low temperature freezers Products 58% Consumables to support storage and distribution well in advance of the vaccine roll-out. 21% Instruments, Equipment & Software All of this enabled the global response to the pandemic while also creating long-term opportunities for our company.

Responding to a global health crisis The COVID-19 pandemic has upended the world as we know it – taking a terrible toll in terms of lives lost and impact on businesses, education, personal life, and just about every aspect of society. Returning to some semblance of normalcy depends on continued safety measures, effective diagnostic testing and widespread vaccination. Thermo Fisher has been at the center of the fight since the health crisis began, enabling research of the virus, ensuring the supply of critical personal protective equipment, delivering the gold standard in testing, and supporting development, production and distribution of vaccines and treatments. Healthier

Annual Report 2020 thermofisher.com 3 Navigating a challenging environment Increasing our social impact To support our customers and help them overcome their We also realize that our obligation as an industry leader obstacles during the year, we managed our company deftly goes beyond providing products and services to enable our through the many aspects of a challenging environment – rapidly customers’ work. We have a responsibility to make the world changing market conditions, the ins and outs of government a better place through involvement in our communities and lockdowns, adjustments in the way we work, and the personal through our business and hiring practices. and professional challenges facing our team members. I’m very proud that in 2020 we took steps to significantly Three principles have guided our actions throughout this increase our social impact. Education creates opportunities unprecedented time: for all, so in August we launched The Just Project, honoring pioneering biologist Ernest Everett Just. This involved a donation • First and foremost, keep our colleagues safe and inspired to of $25 million in diagnostic instruments, test kits and related fulfill our Mission supplies to enable free COVID-19 testing at historically Black colleges and universities (HBCUs) and support the safe return • Maintain business continuity to best serve our customers of students to these campuses. We also committed to hiring at • Manage the company appropriately to come out of this least 500 graduates from HBCUs over the next three years. period an even stronger industry leader With the need for scientists and innovators front and center last Staying true to these principles has served us well, and our year, we also invested $30 million to establish our Foundation colleagues have told us how much they appreciate the way for Science, which will amplify our longstanding commitment to we’ve managed the company during this time and how proud STEM education, with a focus on underserved communities. In they are to be part of Thermo Fisher. addition, we expanded our matching gift program to multiply our colleagues’ charitable contributions, and we doubled funding for As always, our Practical Process Improvement (PPI) Business our Community Action Councils – colleague-led teams that do System was a major factor in our success. PPI is the discipline tremendous humanitarian work in our local communities. that shapes the way we work and creates a mindset within our company for finding a better way every day – helping us to solve problems, increase efficiency, work more effectively Living by our values and continuously improve our company. During 2020, our Of course, our social impact begins right here inside execution through PPI enabled us to successfully navigate Thermo Fisher with the kind of environment we create for short-term challenges and scale our pandemic response at our colleagues – who represent nearly every race, ethnicity, an unprecedented speed, which allowed us to capture new background, gender and orientation. While there’s always opportunities and exceed our customers’ expectations. more we can do, we’ve come a long way in building an inclusive culture where our colleagues know their unique backgrounds and perspectives are valued, and they

Addressing climate change According to NASA’s “Vital Signs of the Planet,”* carbon dioxide levels in the air are currently at their highest in 650,000 years, global surface temperature has risen 2.1°F since 1880, and Arctic sea ice is declining at a rate of 13.1 percent per decade. Our analytical instruments are being used around the world to help address climate change – from environmental studies using our mass spectrometers, to monitoring of pollution and carbon emissions with our gas analyzers and ambient air monitors. Through our products and services, Thermo Fisher is helping research institutions, government agencies and industrial customers address the problems contributing to global warming so we can protect the planet for future generations.

Cleaner * https://climate.nasa.gov/

4 Annual Report 2020 thermofisher.com Annual Report 2020 are inspired to bring their best every day – which drives strengthen our industry leadership, while helping to make continuous improvement for our company and new solutions the world a better place. for our customers. CSR Hub puts Thermo Fisher in the 90th percentile for As we continue this journey, I’m proud that our company has responsible ESG practices.i And, we were chosen in been named “Best Place to Work for LGBTQ Equality” for the December 2020 as one of ESG fund managers’ favorite sixth consecutive year. We’ve also been named one of the international companies.ii “Top 100 Most Attractive Employers” in China, a “Great Place to Work” in India and have received similar recognitions Thermo Fisher’s stakeholders include our customers, our in Europe. colleagues, our shareholders – and society overall. We believe that doing right by all of them drives our success, and our We are deeply committed to doing business the right way results speak for themselves. and living by our 4i Values – Integrity, Intensity, Innovation and Involvement. As I think about the future, I’ve never been more excited about the opportunities we have to make an even greater impact for Our corporate governance structure supports accountability science and society. Propelled by our Mission and the passion and transparency, with a strong, diverse board of directors; of our 80,000 colleagues, we’ll continue to create value and annual director elections; a one-share, one-vote rule; best- earn your trust every day. As always, thank you for your practice internal and external pay equity; and leading diversity support of Thermo Fisher Scientific. disclosure practices. Sincerely, We also recognize that acting responsibly and sustainably includes an obligation to be a good steward of our planet. We’ve taken many steps over the years to reduce our environmental impact, both in our operations and in the products we make and deliver to our customers. We are Marc N. Casper working toward a goal to reduce our greenhouse gases Chairman, President and Chief Executive Officer 30 percent by 2030, and we continue to expand our portfolio April 8, 2021 of green products to help our customers meet their own goals for energy efficiency and environmental stewardship.

All of this is the right thing to do, but it also makes good business sense. Our culture and our leading social and environmental practices help us recruit top talent and

i https://www.csrhub.com/CSR_and_sustainability_information/Thermo-Fisher-Scientific ii https://www.investorschronicle.co.uk/tips-ideas/2020/12/09/esg-fund-managers-favourite-international-shares/

Keeping college campuses safe The COVID-19 pandemic has disproportionately affected Black and minority communities. That’s why Thermo Fisher launched The Just Project in August 2020, providing $25 million in diagnostic instruments, test kits and related supplies to enable COVID-19 testing at historically Black colleges and universities (HBCUs) and support the safe return of students to these campuses. HBCUs have produced talented doctors, public health experts and engineers, many of whom are involved in the fight against COVID-19. These schools also play a key role in closing opportunity gaps in the United States, and we are proud to partner with them as they continue their important work. Safer

Annual Report 2020 thermofisher.com 5 Reconciliation of GAAP to 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, including adjusted EPS, adjusted operating income and adjusted operating margin, which exclude certain acquisition-related costs, such as charges for the sale of inventories revalued at the date of acquisition and significant trans- action costs; restructuring and other costs/income; and amortization of acquisition-related intangible assets. Adjusted EPS also excludes certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, benefits from tax credit carryforwards, the impact of significant tax audits or events and the results of discontinued operations. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We also use a non-GAAP measure, free cash flow, which is oper- ating cash flow, excluding net capital expenditures, and also excludes operating cash flows from discontinued operations to provide a view of the continuing operations’ ability to generate cash for use in acquisitions and other investing and financing activities. We believe that the use of non-GAAP 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 performance, especially when comparing such results to previous periods or forecasts. The non-GAAP measures presented herein are not meant to be considered superior to or a substitute for our results of operations prepared in accordance with GAAP.

(In millions, except per share amounts) 2020 2019 2018 2017 2016 GAAP Results (a) Revenues $32,218 $25,542 $24,358 $20,918 $18,274 Operating Income 7,794 4,594 3,783 2,960 2,458 Diluted Earnings per Share $15.96 $9.17 $7.24 $5.59 $5.09 Reconciliation of Adjusted Earnings per Share GAAP Diluted EPS (a) $15.96 $9.17 $7.24 $5.59 $5.09 Cost of Revenue Charges, Net of Tax (c) 0.01 0.03 0.02 0.21 0.16 Selling, General and Administrative (Credits) Charges, Net of Tax (d) (0.02) 0.12 0.06 0.17 0.18 Restructuring and Other Costs (Income), Net of Tax (e) 0.19 (0.56) 0.09 0.18 0.30 Amortization of Acquisition-related Intangible Assets, Net of Tax 3.24 3.30 3.34 2.86 2.41 Other Expense, Net of Tax (f) 0.23 0.27 0.05 0.03 0.09 Income Tax (Provision) Benefit (g) (0.06) 0.02 0.32 0.44 0.03 Discontinued Operations, Net of Tax — — — 0.01 0.01 Adjusted EPS (b) $19.55 $12.35 $11.12 $9.49 $8.27

(Dollars in millions) 2020 2019 2018 2017 2016 Reconciliation of Adjusted Operating Income and Adjusted Operating Margin GAAP Operating Income (a) $7,794 24.2% $4,594 18.0% $3,783 15.5% $2,960 14.2% $2,458 13.5% Cost of Revenue Charges (c) 6 0.0% 17 0.1% 12 0.1% 123 0.6% 102 0.6% Selling, General and Administrative (Credits) (10) 0.0% 62 0.2% 29 0.1% 78 0.4% 104 0.6% Charges, Net (d) Restructuring and Other Costs (Income), Net (e) 99 0.3% (413) (1.6%) 50 0.2% 97 0.4% 189 1.0% Amortization of Acquisition-related Intangible Assets 1,667 5.2% 1,713 6.7% 1,741 7.2% 1,594 7.6% 1,378 7.5% Adjusted Operating Income (b) $9,556 29.7% $5,973 23.4% $5,615 23.1% $4,852 23.2% $4,231 23.2% Reconciliation of Free Cash Flow GAAP Net Cash Provided by Operating Activities (a) $8,289 $4,973 $4,543 $4,005 $3,258 Net Cash Used in Discontinued Operations — — — 1 2 Purchases of Property, Plant and Equipment (1,474) (926) (758) (508) (444) Proceeds from Sale of Property, Plant and Equipment 8 36 50 7 26 Free Cash Flow $6,823 $4,083 $3,835 $3,505 $2,842

6 Annual Report 2020 thermofisher.com (a) “GAAP” (reported) results were determined in accordance with U.S. generally accepted accounting principles (GAAP).

(b) Adjusted results are non-GAAP measures and, for income measures, exclude certain charges/credits to cost of revenues (see note (c) for details); certain charges/ credits to selling, general and administrative expenses (see note (d) for details); amortization of acquisition-related intangible assets; restructuring and other costs (income), net (see note (e) for details); certain other gains or losses that are either isolated or cannot be expected to occur again with any predictability (see note (f) for details); the tax consequences of the preceding items and certain other tax items (see note (g) for details); and results of discontinued operations.

(c) Reported results include $16, $14, $87 and $75 in 2019, 2018, 2017 and 2016, respectively, of charges for the sale of inventories revalued at the date of acquisition; $4, $1, $3 and $2 in 2020, 2018, 2017 and 2016, respectively, of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations; and $2, $1, ($3), $33 and $25 in 2020, 2019, 2018, 2017 and 2016, respectively, of charges (credits) to conform the accounting policies of recently acquired businesses to the company’s accounting policies.

(d) Reported results include $(6), $62, $40, $63 and $72 in 2020, 2019, 2018, 2017 and 2016, respectively, of third-party transaction/integration (credits) costs (including reimbursement thereof) related to recent/terminated acquisitions and a divestiture; $5, ($1), ($11), ($8) and $17 in 2020, 2019, 2018, 2017 and 2016, respectively, of charges (income), net, associated with product liability litigation; ($9), ($3), $15 and ($2) in 2020, 2019, 2017 and 2016, respectively, of (credits) charges, net, for changes in estimates of contingent acquisition consideration; $4, $2 and $9 in 2019, 2017 and 2016, respectively, of accelerated depreciation on fixed assets to be abandoned due to integration synergies and facility consolidations; and $6 and $8 in 2017 and 2016, respectively, of charges to conform the accounting policies of recently acquired businesses to the company’s accounting policies.

(e) Reported results include restructuring and other costs (income), net, consisting principally of severance, abandoned facility and other expenses of headcount reductions within several businesses and real estate consolidations; $32 and $6 in 2020 and 2019, respectively, of charges for the write-off of intangible assets; $482 in 2019 of gain, principally on the sale of the Anatomical Pathology business; $4, ($46), ($27) and $24 in 2019, 2018, 2017 and 2016, respectively, of net charges (credits) for litigation-related matters; $17 and $6 in 2018 and 2016, respectively, of net gains on sales of product lines and real estate; $5 and $7 in 2018 and 2017, respectively, of hurricane response/impairment costs; $19 and $8 in 2018 and 2016, respectively, of environmental remediation costs; $6 in 2017 of compensation contractually due to employees of acquired businesses; and $6 in 2017 of net charges for the settlement/curtailment of retirement plans.

(f) Reported results include $10, $44, ($15), $17 and $13 in 2020, 2019, 2018, 2017 and 2016, respectively, of net gains (losses) on investments; $81, $32 and $22 in 2020, 2017 and 2016, respectively, of charges related to fees paid to obtain bridge financing commitments and hedging contracts for acquisitions; $8, $4 and $7 in 2020, 2019 and 2018, respectively, of net charges for the settlement/curtailment of retirement plans; $42 in 2020 of charges for terminated interest rate swaps; $184, $3, $4 and $9 in 2019, 2018, 2017 and 2016, respectively, of losses on the early extinguishment of debt; and $2 in 2016 of amortization of acquisition-related intangible assets for the company’s equity investments.

(g) Reported income tax provision includes $425, $253, $411, $538 and $543 in 2020, 2019, 2018, 2017 and 2016, respectively, of incremental tax benefit for the pre-tax reconciling items between GAAP and adjusted net income; $(4), ($7), $12, $61 and ($1) in 2020, 2019, 2018, 2017 and 2016, respectively, of incremental tax (provision) benefit from adjusting the company’s non-U.S. deferred tax balances as a result of tax rate changes; ($27), $31 and $12 in 2020, 2017 and 2016, respectively, of incremental tax (benefit) provision due to the net impact of tax audits; $2, $68 and $204 in 2019, 2018 and 2017, respectively, of net provision from the effects of U.S. tax reform legislation; and $71 in 2018 of incremental tax provision due to net operating losses that will not be utilized as a result of the sale of the Anatomical Pathology business.

7 Shareholder Services Shareholders of Thermo Fisher Scientific who desire information about the company are invited to contact the Investor Relations Department, Thermo Fisher Scientific Inc., 168 Third Avenue, Waltham, MA 02451, (781) 622-1111. You may also send an email to [email protected]. Material of interest to shareholders is available from the company’s website at thermofisher.com, under “About Us,” then “Investors.”

Stock Transfer Agent The stock transfer agent for Thermo Fisher Scientific, AST, maintains shareholder activity records. The agent will respond to questions on issuance of stock certificates, change of ownership, lost stock certificates and change of address. For these and similar matters, please direct inquiries to: AST, 6201 15th Avenue, Brooklyn, NY 11219, (800) 937-5449. You may also send an email to [email protected], or visit the transfer agent’s website at astfinancial.com.

Annual Meeting The annual meeting of shareholders will be held in a virtual meeting format only, via the internet, on Wednesday, May 19, 2021, at 1:00 p.m. Eastern Time. Please log in to virtualshareholdermeeting.com/ TMO2021 to participate.

Annual Report on Form 10-K The accompanying Annual Report on Form 10-K for the fiscal year ended December 31, 2020, does not contain exhibits. Exhibits have been filed with the Securities and Exchange Commission. Upon request to the Investor Relations Department, the company will furnish, without charge, any such exhibits as well as copies of periodic reports filed with the Securities and Exchange Commission.

Forward-Looking Statements This annual report contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding: projections of revenue, expenses, earnings, margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position; cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions or divestitures; growth, declines and other trends in markets we sell into; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; general economic and capital markets conditions; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Thermo Fisher intends or believes will or may occur in the future. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “seeks,” “estimates” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. While the company may elect to update forward-looking statements in the future, it specifically disclaims any obligation to do so, even if the company’s estimates change, and readers should not rely on those forward-looking statements as representing the company’s views as of any date subsequent to the date of the filing of this report.

A number of important factors could cause the results of the company to differ materially from those indicated by such forward-looking statements, including those detailed under the heading, “Risk Factors” in Part I, Item 1A, in the accompanying Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

8 Annual Report 2020 thermofisher.com Form 10-K Consolidated Financial Statements

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 Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Thermo Fisher Scientific Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheet of Thermo Fisher Scientific Inc. and its subsidiaries (the “Company”) as of December 31, 2020 and 2019, and the related consolidated statements of income, of comprehensive income, of shareholders' equity and of cash flows for each of the three years in the period ended December 31, 2020, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Change in Accounting Principle

As discussed in Note 1 to the consolidated financial statements, the Company changed the manner in which it accounts for leases in 2019.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, Massachusetts 02210 T: (617) 530 5000; F: (617) 530 5001, www.pwc.com/us

F-2

consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Goodwill impairment assessment

As described in Note 1 to the consolidated financial statements, the Company’s consolidated goodwill balance was $26,041 million as of December 31, 2020. Management assesses goodwill for impairment at the reporting unit level annually and whenever events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Management estimates the fair values of its reporting units by using forecasts of discounted future cash flows and peer market multiples. The Company would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (limited to the amount of goodwill). As disclosed by management, estimates of discounted future cash flows require management to make assumptions related to revenue and operating income growth rates, discount rates and other factors. Management also considers peer revenues and earnings trading multiples from companies that have operational and financial characteristics that are similar to the respective reporting units and estimates weighted average costs of capital.

F-3

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment is a critical audit matter are (i) the significant judgment by management when estimating the fair value of the reporting units, (ii) a high degree of auditor judgment and effort in performing procedures to evaluate management’s significant assumptions related to discount rates and peer market multiples, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the goodwill impairment assessment, including controls over the valuation of the Company’s reporting units. These procedures also included, among others, testing management’s process for developing the fair value estimates; evaluating the appropriateness of the discounted cash flow and market models; testing the completeness, accuracy, and relevance of underlying data used in the models; and evaluating the significant assumptions used by management related to the discount rates, the terminal growth rates and peer market multiples. Evaluating management’s assumptions related to the terminal growth rates involved evaluating whether the assumptions used were reasonable considering the consistency with external market data. Evaluating management’s assumptions related to the peer market multiples involved evaluating the population of peer companies used in the analyses and testing selected market data used by management to determine the multiples by comparison to publicly available information. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company’s discounted cash flow models and the discount rate assumptions.

Income taxes

As described in Notes 1 and 8 to the consolidated financial statements, the Company’s total income tax expense for the period ended December 31, 2020 was $850 million. The Company has deferred income tax liabilities, net, of $1,105 million (including a valuation allowance of $933 million) and unrecognized income tax benefits of $1,091 million as of December 31, 2020. As disclosed by management, the Company operates in numerous countries under many legal forms and, as a result, is subject to the jurisdiction of numerous domestic and non-U.S. tax authorities, as well as to tax agreements and treaties among these governments. Determination of taxable income in any jurisdiction requires management to interpret the related tax laws and regulations and to use estimates and assumptions regarding significant future events, such as the amount, timing and character of deductions, permissible revenue recognition methods under the tax law and the sources and character of income and tax credits. Management assesses income tax positions and records tax benefits for all years subject to examination based upon evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, management has recorded the largest amount of tax benefit with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Management estimates the degree to which tax assets will result in a benefit, after consideration of all positive and negative evidence, and provides a valuation allowance for tax assets that it believes will more likely than not go unused. In situations in which management has been able to determine that the Company’s deferred tax assets will be realized, that determination generally relies on future reversals of taxable temporary differences and expected future taxable income. If it becomes more likely than not that a tax asset will be used, management reverses the related valuation allowance.

The principal considerations for our determination that performing procedures relating to income taxes is a critical audit matter are (i) the significant judgment by management when determining the provision for income taxes, deferred tax assets and liabilities, and liabilities for unrecognized

F-4

tax benefits due to numerous and complex tax laws, the frequency of tax filings, as well as judgments regarding the realizability of deferred tax assets, (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to the provision for income taxes, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits, and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the provision for income taxes, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits, including controls over the realizability of deferred tax assets. These procedures also included, among others, (i) testing the accuracy of the income tax provision, including the rate reconciliation and permanent and temporary differences, (ii) evaluating whether the data utilized in the calculation of the provision for income taxes was appropriate and consistent with evidence obtained in other areas of the audit, (iii) evaluating management’s assessment of the realizability of deferred tax assets on a jurisdictional basis, (iv) evaluating the identification of reserves for unrecognized tax benefits and the reasonableness of the “more likely than not” determination in consideration of jurisdictions, court decisions, legislative actions, statutes of limitations, and developments in tax examinations, (v) testing the calculation of the liability for unrecognized tax benefits by jurisdiction, including estimates of the amount of tax benefit expected to be sustained, and (vi) evaluating the adequacy of the Company’s disclosures. Professionals with specialized skill and knowledge were used to assist in evaluating the reasonableness of management’s judgments and estimates related to the application of foreign and domestic tax laws and regulations.

Boston, Massachusetts February 24, 2021

We have served as the Company’s auditor since 2002.

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 Stock performance graph The following graph and table compare Thermo Fisher Scientific’s total shareholder return for the five-year period ended December 31, 2020, with the total return for the Standard & Poor’s 500 Index and a weighted blend (80/20, respectively) of the Standard & Poor’s 500 Healthcare and Standard & Poor’s 500 Industrial Indices.

The comparison assumes that $100 was invested on December 31, 2015, and that dividends were reinvested. Our common stock is traded on the New York Stock Exchange under the ticker symbol “TMO.”

Comparison of 5-year cumulative total return* Among Thermo Fisher Scientific Inc., the S&P 500 Index, and the Weighted S&P 500 Healthcare & Industrial Indices

$400

Thermo Fisher Scientific Inc. 350 S&P 500 Weighted S&P 500 Healthcare & Industrial Indices 300

250

200

150

100

50

0 12/15 12/16 12/17 12/18 12/19 12/20

*$100 invested on 12/31/15 in stock or index, including12/15 reinvestment12/16 of dividends.12/17 12/18 12/19 12/20 Fiscal year ending December 31. Thermo Fisher Scientific Inc. 100.00 99.88 134.87 159.43 232.05 333.49

S&P 500 100.00 111.96 136.40 130.42 171.49 203.04 Weighted S&P 500 100.00 101.62 123.81 126.13 154.52 174.53 Healthcare & Industrial Indices Management Team Marc N. Casper Konrad Bauer Chairman, President and Chief Executive Officer Senior Vice President, Global Business Services

Mark P. Stevenson Michael A. Boxer Executive Vice President and Chief Operating Officer Senior Vice President and General Counsel

Michel Lagarde Lisa P. Britt Executive Vice President Senior Vice President and Chief Human Resources Officer

Stephen Williamson Shiraz Ladiwala Senior Vice President and Chief Financial Officer Senior Vice President, Business Transformation Projects Our Mission is to enable Daniella Cramp Paul G. Parker Senior Vice President and President, BioProduction Senior Vice President, Strategy and Corporate Development

Syed A. Jafry Ryan J. Snyder our customers to make the world Senior Vice President and President, Regions Senior Vice President and Chief Information Officer Frederick M. Lowery Sharon S. Briansky healthier, cleaner and safer. Senior Vice President and President, Customer Channels Vice President and Secretary Gianluca Pettiti Thomas Grover Senior Vice President and President, Specialty Diagnostics Vice President, Financial Operations

Michael D. Shafer Joseph R. Holmes Senior Vice President and President, Pharma Services Vice President and Chief Accounting Officer

Daniel P. Shine Sandy B. Pound Senior Vice President and President, Analytical Instruments Vice President and Chief Communications Officer

Peter Silvester Anthony H. Smith Senior Vice President and President, Life Sciences Vice President, Tax and Treasury, and Treasurer and Laboratory Products Rafael Tejada Vice President, Investor Relations

Board of Directors

Marc N. Casper Jim P. Manzi Chairman, President and Chief Executive Officer Chairman, Stonegate Capital (private equity investments); Former Chairman, President and Chief Executive Officer, Lotus Development Thomas J. Lynch Corporation (computer software) Lead Director; Chairman of the Board of Directors, TE Connectivity Ltd. (electronics) James C. Mullen Chairman, President and Chief Executive Officer, Editas Medicine Inc. Nelson J. Chai (biotechnology) Chief Financial Officer, Uber Technologies Inc. (global ride-hailing technology) Lars R. Sørensen Former President and Chief Executive Officer, C. Martin Harris Novo Nordisk A/S (healthcare) Complementary 15% 35% Associate Vice President of the Health Enterprise and Analytical Instruments Life Sciences Solutions Chief Business Officer, Dell Medical School at Debora L. Spar Segments The University of Texas at Austin (healthcare) Professor, Harvard Business School (education)

Tyler Jacks Scott M. Sperling 15% President, Break Through Cancer; David H. Koch Professor of Biology, Co-Chief Executive Officer, Thomas H. Lee Partners, L.P. Specialty Diagnostics and Director, Koch Institute for Integrative Cancer Research at the (leveraged buyouts) $32.2B Massachusetts Institute of Technology (research) Revenue Dion J. Weisler R. Alexandra Keith Former President and Chief Executive Officer, Chief Executive Officer, P&G Beauty (consumer goods) HP Inc. (information technology)

Judy C. Lewent 35% Former Executive Vice President and Chief Financial Officer, Laboratory Products Merck & Co., Inc. (pharmaceuticals) & Services Annual Report 2020

Thermo Fisher Scientific Inc. 168 Third Avenue, Waltham, MA 02451 USA The world leader in serving science thermofisher.com