Thermo Fisher Scientific Authorizes $3 Billion of Share Repurchases

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Rhea-AI Summary

Thermo Fisher Scientific Inc. (TMO) announced a $3 billion share repurchase authorization, effective immediately and with no expiration date. This new authorization replaces the previous one, which had $500 million remaining. The company's annual revenue stands at approximately $35 billion, emphasizing its position as a leader in serving science. The buyback aims to enhance shareholder value by reducing the number of shares outstanding, which can result in an increase in earnings per share (EPS).

Positive

Authorized share repurchase of $3 billion, enhancing shareholder value.
Strong revenue base with approximately $35 billion, indicating financial stability.

Negative

None.

News Market Reaction

+0.25%

1 alert

+0.25% News Effect

On the day this news was published, TMO gained 0.25%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

09/23/2021 - 04:05 PM

WALTHAM, Mass., Sept. 23, 2021 /PRNewswire/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today announced that its board of directors has authorized the repurchase of $3 billion of shares of its common stock in the open market or in negotiated transactions. The authorization has no expiration date. This replaces the company's existing repurchase authorization, of which $500 million was remaining.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. is the world leader in serving science, with annual revenue of approximately $35 billion. Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics and therapies or increasing productivity in their laboratories, we are here to support them. Our global team of more than 90,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. For more information, please visit www.thermofisher.com.