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

(Reuters) -Thermo Fisher Scientific Inc raised its full-year forecast and beat third-quarter profit estimates on strength in its life sciences unit, which makes raw materials for COVID-19 vaccines, and strong performance in its laboratory product segment.

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, Inovio Pharmaceuticals, and Pfizer Inc.

In July, Thermo Fisher 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.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Shailesh Kuber)

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