1) Financial Performance Overview
- Revenue grew 9% YoY to $12.14 billion.
- Adjusted operating income increased 15% to $2.97 billion, with an adjusted operating margin of 24.5%, up 120 basis points.
- Adjusted EPS rose 15% to $6.68 per share.
- Organic revenue growth was 6%, with a strong performance in Pharma Services and clinical research.

2) Segment Results and Market Dynamics
- Pharma and Biotech: High single-digit growth, driven by Pharma Services and clinical research.
- Academic and Government: Revenue was flat, with strong demand in chromatography and mass spectrometry.
- Industrial and Applied: High single-digit growth, led by electron microscopy.
- Diagnostics and Healthcare: Low single-digit growth, primarily from transplant diagnostics.
- Overall, improved end-market conditions continued from Q2 into Q3.

3) Strategic Initiatives and Innovations
- Launched several new technologies, including the Orbitrap Isora mass spectrometer and the EMPAD G2 electron detector.
- Continued deployment of AI technology across products and services, enhancing customer workflows and productivity.
- Opened an AI-Automation Innovation Center in South Korea to collaborate with customers on next-gen scientific workflows.
- Progressing with the Clario acquisition, which is expected to deliver revenue synergies.

4) Guidance and Future Outlook
- Raised full-year revenue guidance to $47.7 billion-$48.2 billion, reflecting 7%-8% growth over 2025.
- Adjusted EPS guidance increased to $25.13-$25.43, representing 10%-11% growth.
- Organic revenue growth for the full year is now expected to be 4%.
- The company anticipates continued strong operational performance and investments to drive future growth.

5) Investor Considerations
- The call did not provide specific details on the competitive landscape or potential market share gains from AI initiatives.
- Future updates on AI's impact on growth will be discussed in the next investor day.

Bottom line: Thermo Fisher Scientific delivered strong Q3 results, driven by robust growth in Pharma Services and strategic innovations. The raised guidance reflects confidence in continued operational strength and market recovery, positioning the company well for future growth.