36th Annual J.P. Morgan Healthcare Conference Marc N. Casper - PowerPoint PPT Presentation

36th Annual J.P. Morgan Healthcare Conference Marc N. Casper President and Chief Executive Officer January 9, 2018 The world leader in serving science

Safe Harbor / Non-GAAP Measures Various remarks that we may make in the following presentation about the company’s future expectations, plans and prospects constitute forward- looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our Form 10- Q for the quarter ended September 30, 2017, under the caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investors” section of our website under the heading “SEC Filings.” Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change; implementation of strategies for improving internal growth; general economic conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of exchange rate fluctuations on international operations; use and protection of intellectual property; the effect of changes in governmental regulations; and the effect of laws and regulations governing government contracts, as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if estimates change, therefore, you should not rely on these forward-looking statements as representing our views as of any date subsequent to today. During this presentation, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP, including adjusted EPS and adjusted operating margin. The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included in this presentation are not meant to be considered superior to or a substitute for Thermo Fisher’s results of operations prepared in accordance with GAAP. Definitions of these non-GAAP financial measures and, for historical periods, a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available under the heading “GAAP/Non-GAAP Reconciliation & Financial Package” in the “Investors” section of our website, www.thermofisher.com. 2

We Are The World Leader in Serving Science Global Scale • Approximately 65,000 employees globally • $20 billion in annual revenue • Unparalleled commercial reach Unmatched Depth • Leading innovative technologies • Deep applications expertise • Premier laboratory productivity partner • Leading pharma services provider Our Mission: To enable our customers to make the world healthier, cleaner and safer 3

Attractive Revenue Profile Positions Us for Growth Balanced and Diverse Strong Recurring Growing Presence in Customer Base Revenue Mix Emerging Markets ROW 3% Services Diagnostics Asia-Pacific 22% & Healthcare Pharma 21% & Biotech 21% 36% North America 52% Industrial Instruments & Applied Europe Consumables 25% 20% 24% 53% Academic & Government 23% Total Pro Forma Revenue Including Patheon: ~$22B 4 NOTE: Pro forma revenue and percentages based on LTM through Q3 2017.

Complementary Segments Create Competitive Advantage Analytical Instruments Life Sciences Solutions Revenue: $4.6B Adj. Operating Income: 21.2% Revenue: $5.6B Adj. Operating Income: 32.4% Mass Reproductive iCAP Triple Quad MS Clinical Oncology Genetic Spectrometry Health Sciences Chromatography QuantStudio Biosciences Dx R qPCR Next-Gen Sequencing Microarrays Fusion Lumos MS Bioproduction Life Science Electron Reagents Chemical Analysis Cell Culture Vanquish Microscopy Reagents UHPLC Gemini Handheld Analyzer Titan Krios TEM SeqStudio CE System Specialty Diagnostics Laboratory Products and Services Revenue: $3.4B Adj. Operating Income: 26.9% Pro Forma Revenue: $8.8B Pro Forma Adj. Operating Income: 12.5% BioPharma Lab Equipment & Services Consumables ImmunoDiagnostics Transplant ImmunoCAP Allergy and Diagnostics Pathology EliA Autoimmunity Tests Clinical Diagnostics Microbiology E1 ClipTip Pipette System TSX ULT Freezers NXType High-Resolution Channel Genotyping Laboratory Cryostar Tissue Chemicals Sectioning Antimicrobial Susceptibility PCT Biomarkers Testing Solutions NOTE: Revenue and Adjusted Operating Income Margins are based on LTM through Q3 2017. 5 Revenue and Adjusted Operating Income Margin for Laboratory Products and Services are calculated on a Pro Forma basis which includes the pre-acquisition results of Patheon for the entire period

Consistently Delivering Excellent Financial Performance 12% CAGR 9% CAGR 14% CAGR Q3 2017 LTM Q3 2017 LTM 2011 Q3 2017 LTM 2011 2011 2012 2016 2012 2016 Free Cash Flow Revenue Adjusted EPS Leveraging our industry leadership to achieve outstanding results 6

2017 Goals (as communicated at JPM Conference on January 10, 2017) • Revenue • Continue to launch high-impact new products • Leverage our unique customer value proposition by cross selling our total portfolio • Capture further share gain opportunities in emerging markets by continuing to leverage our commercial reach • Leverage our expansive commercial capabilities to capture the most significant opportunities within our key end-markets • Margin • Drive cost management initiatives through global sourcing programs, low-cost region expansion, footprint optimization, and our PPI business system • Take actions to reduce the adverse impact of FX and higher interest rates on variable rate debt • Capture Synergies from Affymetrix and FEI Acquisitions • Capital Deployment • Continue shareholder friendly capital deployment through strategic M&A, share buybacks, dividends, and debt repayment • ROIC • Keep momentum on driving returns from our acquisitions and other investments 7

2017 Goals (as communicated at JPM Conference on January 10, 2017) • Revenue • Continue to launch high-impact new products • Leverage our unique customer value proposition by cross selling our total portfolio • Capture further share gain opportunities in emerging markets by continuing to leverage our commercial reach • Leverage our expansive commercial capabilities to capture the most significant opportunities within our key end-markets • Margin • Drive cost management initiatives through global sourcing programs, low-cost region expansion, footprint optimization, and our PPI business system • Take actions to reduce the adverse impact of FX and higher interest rates on variable rate debt • Capture Synergies from Affymetrix and FEI Acquisitions • Capital Deployment • Continue shareholder friendly capital deployment through strategic M&A, share buybacks, dividends, and debt repayment • ROIC • Keep momentum on driving returns from our acquisitions and other investments 8

2017: Another Excellent Year of High Impact Innovation Industry-leading R&D Customer Needs Our Solutions Investment • Greater understanding of protein • Leading cryo-electron microscopy and high- structure and function resolution mass spectrometry platforms $0.9B • Unique portfolio spanning genetic and • Applying precision medicine approach protein analysis, biobanking, informatics in the real world and diagnostics 6.6% of Total Manufacturing • Integrated chromatography and mass Revenue • Sample-to-answer solutions spectrometry workflows combining instruments, software and consumables • More accurate and cost-effective • Developing mass spectrometry-based diagnostics patient sample-to-answer clinical analyzer • Effective data management and analytics • Comprehensive digital science capabilities Innovation investments put us at the forefront of scientific advances 9 NOTE: R&D and revenue based on LTM through Q3 2017.

2017: Another Excellent Year of High Impact Innovation Industry-leading R&D Customer Needs Our Solutions Investment 2017 Product Introduction Highlights • Greater understanding of protein • Leading cryo-electron microscopy and high- structure and function resolution mass spectrometry platforms Krios G3i Cryo-TEM $0.9B Q Exactive HF-X • Unique portfolio spanning genetic and Quadrupole-Orbitrap • Applying precision medicine approach protein analysis, biobanking, informatics mass spectrometer in the real world and diagnostics 6.6% of Total Manufacturing • Integrated chromatography and mass Revenue • Sample-to-answer solutions spectrometry workflows combining instruments, software and consumables • More accurate and cost-effective • Developing mass spectrometry-based Oncomine Dx Target Test SeqStudio diagnostics Genetic Analyzer patient sample-to-answer clinical analyzer ClipTip cloud-connected electronic pipette system • Effective data management and analytics • Comprehensive digital science capabilities Innovation investments put us at the forefront of scientific advances 10 NOTE: R&D and revenue based on LTM through Q3 2017.