Thermo Fisher lifts full-year forecast after third-quarter profit beat

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The company, which is one of the largest providers of coronavirus tests, has entered into several deals to provide raw materials and fill-and-finish services for COVID-19 vaccine makers including Moderna (NASDAQ:MRNA), Inovio Pharmaceuticals (NASDAQ:INO), and Pfizer Inc. (NYSE:PFE)

In July, Thermo Fisher (NYSE:TMO) said it expected sustained demand for the raw materials and analysts expect the company will likely see some gain from the United States authorizing booster doses for some age-groups.

It reported $2.05 billion of COVID-19 response revenue in the third quarter, which includes sales related to COVID-19 vaccines and therapies as well as diagnostic testing, up from $1.9 billion in the prior quarter.

The company raised its 2021 revenue forecast to $37.1 billion and now expects adjusted profit of $23.37 per share, up from its previous forecast of $22.07 per share.

Excluding items, the company earned $5.76 per share, beating estimates of $4.67 per share.

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