Products related to the novel coronavirus are spelling success for Thermo Fisher, which reported that revenue was up by 36% in the third quarter to $8.52 billion, compared with $6.27 billion the same period last year.
The company's COVID-19-related revenue amounted to $2 billion in the third quarter, returning its base business to growth, the company reported October 21. Furthermore, third-quarter operating income under generally accepted accounting principles (GAAP) was up to $2.43 billion, compared with $0.95 billion in 2019.
Thermo Fisher's achievements during the latest earnings period include the launches of a product for automating high-throughput polymerase chain reaction (PCR) testing and two COVID-19 antibody tests. The company also noted that it has significantly expanded production of viral transport media in Europe.
With an eye toward continued momentum in the near future, the company said that it is scaling up production of sample collection and laboratory supplies and preparing to support new coronavirus therapies and vaccines being developed by the pharmaceutical industry. Thermo Fisher's laboratory products and services division delivered revenue of $3.11 billion for the third quarter, up from $2.62 billion for the same period of 2019.