thermo fisher 211fa87b-8f22-4445-8332-4ec05e589fe0_barclayspresfinal031009

The world leader in serving science

Barclays Capital

Global Healthcare Conference

Marijn E. Dekkers

President & Chief Executive Officer

March 10, 2009

2

Safe Harbor / Non-GAAP Measures

Various remarks that we may make in this 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 such forward-looking statements as a result

of various important factors, including those discussed in our Form 10-K for the year ended December 31, 2008, 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 competition and its effect on pricing,

spending, third-party relationships and revenues; the need to develop new products and adapt to significant technological

change; implementation of strategies for improving internal growth; general worldwide 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; the effect of laws and regulations governing government contracts; the effect of competing with certain of our

customers and suppliers; and the effect of rapid changes in the healthcare industry. 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 our estimates change

and, 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, adjusted operating income and adjusted operating margin.

Definitions of these non-GAAP financial measures are included in our fourth quarter earnings press release issued in

February. For historical periods, a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP

measures is available under the heading “Financial Results” in the “Investors” section of our Website, www.thermofisher.com.

All adjusted items in this presentation include pro forma stock option expense as if it had been required in all periods.

3

The Clear Industry Leader

We are the leading provider of analytical instruments, equipment, reagents and consumables, software and services

for research, analysis, discovery and diagnostics.

Unmatched product offerings and capabilities

4

Company Snapshot

� $10.5 billion in revenue

� 34,000 employees in 40 countries

� 350,000 customers

� 150 countries served

� #269 on Fortune 500

Clear industry leadership

5

An Attractive Profile…

Global ReachMarket StrengthBalanced Mix

Asia, ROW13%

North America61%

Europe26%

Healthcare22%

Life Science46%

Environmental,Industrial& Safety32%

…to meet diverse needs of global customers

Services16%

Consumables49%

Instruments& Equipment

30%

5%

Software

6

Two Distinct Business Segments

Analytical Technologies Segment

Laboratory Products and Services Segment

Unmatched combination of technology breadthand purchasing convenience

41% 59%

� Innovative technologies geared toward the scientist and engineer

� Focused on providing integrated workflows

� Growth platforms:

• Analytical Instruments

• Specialty Diagnostics

• Biosciences

� Providing customers easy access to routine laboratory products and services

� Focused on complete product offerings and outsourced services

� Growth platforms:

• Laboratory Products

• Customer Channels

• Biopharma Services

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Analytical Technologies at Glance

Analytical InstrumentsRevenue: $2.5B

� Instruments and software:

• Mass spectrometry

• Chromatography

• Molecular spectroscopy

• Elemental analysis

• LIMS and lab software

�Moving technologies outside the laboratory

� Scientific Instruments

� Environmental Instruments

� Process Instruments

Key Capabilities

BiosciencesRevenue: $0.7B

� Life Science Research

� Bioprocess Production

� Laboratory Chemicals

Key Capabilities

� High-end reagents for life science research:

• RNAi technologies

• Proteomics workflows

� High content screening kits, cellular protein pathways, cell culture products

� Leader in disposable bioprocess products for biotech manufacturing

� Microbiology

� Immunoassay

� Molecular Diagnostics

� Anatomical Pathology

Specialty DiagnosticsRevenue: $1.3B

Key Capabilities

� Integrated workflow solutions for highly specialized diagnostic tests:

• Drugs of abuse testing

• MRSA infection

• Cancer detection

• Organ transplantation

• Genetic testing

Revenue numbers before inter-company eliminations

8

Laboratory Products and Services at Glance

Laboratory ProductsRevenue: $1.9B

� Equipment:

• Sample preparation

• Separation

• Controlled environment

� Liquid handling solutions

� Plastic and glass consumables

� Laboratory furniture and design

� Laboratory Equipment

� Laboratory Consumables

� Laboratory Workstations

Key Capabilities

Customer ChannelsRevenue: $4.3B

� Research Catalog

� Healthcare Catalog

� Safety Catalog

Key Capabilities

� Unparalleled customer access

� Research: World leading resource for lab equipment and consumables

� Healthcare: Premier diagnostic test catalog for hospitals, reference labs and physicians’ offices

� Safety: Occupational health and safety products

� Clinical Trials Logistics

� Analytical Services

Biopharma ServicesRevenue: $0.7B

Key Capabilities

� Logistics services for clinical trials:

• Package, label, ship, store

� Biological specimen archiving and management

� Controlled drug storage and distribution

Revenue numbers before inter-company eliminations

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Healthcare Funding in the News

� Recovery & Reinvestment Act of 2009 (Stimulus Bill)

• $10.4B one-time boost to NIH budget

• $3B one-time boost to National Science Foundation

� Obama’s Current Budget Proposal

• $6B one-time increase in NIH funding for cancer research

• $1B increase to 2009 NIH budget (now $30.3B)

• $1B to FDA to support food safety efforts

Increased opportunities in healthcare

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Stem Cell Research

� Stem Cell Research is aimed at regenerating damaged tissues such as bone loss, nerve damage and replacement of dysfunctional cells

� Opportunity to treat diseases such as Alzheimer’s, Parkinson’s, Type 1 Diabetes and blood cancers

� Current administration expected to open up federal funding in the U.S. (included within stimulus package)

� Over $14b of U.S. investment expected over next ten years from state and private funding and expected to grow at 9% through 2015

Stem cell research promises to fill gaps where current methods fall short

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Stem Cell Research - Integrated Workflow Solutions

Key elements combined to assure stability and reproducibility

� Offering qualified culture ware, media and controlled environment that stem cells need in order to grow and multiply in a predictable way

� Technology to allow researchers to completely monitor, control and analyze stem cell growth

� Detection technology to ensure the quality of the final cell type, whether for therapeutics or for drug development

Culture Ware

Cell Lines

Media

Cell Imaging

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� Proteins: basic components of all living cells and regulate how our bodies function

� Scientists working diligently to identify proteins

• i.e.: ~10,000 proteins in our blood, and only about 3,000 can be detected today

� Understanding of proteins is critical for developing effective drug treatments

� Identifying the difference in proteins and protein levels in one patient versus another

• Leading to personalized medicine and companion diagnostics

� Biomarker identification to enable the development of better diagnostic tests

Protein Research

Protein biomarkers are key indicators of disease

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Protein Research – Mass Spectrometry

Thermo Fisher Scientific is leading the way in advancing protein science

� Mass spectrometry is the instrument of choice to identify protein biomarkers

� Speed, resolution and accuracy are all improving rapidly

� Offering scientists complete workflow solutions … instruments, reagents, consumables

and software

Accelerating Time to Identify 1 Protein

2004

1 Every 30 seconds

2006

1 Every 3 seconds

20081 Every 3/10ths

of a second

Before 1990

1 Every

Year

Next1 Every 3/100ths

of a second

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RNAi Technology

RNAi research advancing drug discovery

� RNA interference (RNAi) silences a gene and prevents that gene from producing its protein product

• Nobel Prize winning technology developed in 1998

� Research opportunity:Scientists are able to independently manipulate genes and evaluate the consequences to cells by silencing certain genes

� Therapeutic opportunity:Scientists are able to silence a gene and identify those gene products that are suitable as drug targets – they can now target “cancer” causing genes

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RNAi Technology – Reagents and Services

Most comprehensive portfolio of RNAi-based reagents and services

Industry leading products

� Pre-designed libraries of silencing reagents (siRNA, shRNA, and miRNA)

� Screening and profiling services for researchers

� mRNA and protein detection reagents

� Custom reagents for RNAi research

Automated RNAi screening

� Integrated instrumentation and robotics for cell growth and analysis

� Performs high throughput screens using RNAi based reagents

� Standardizes process to maximize efficiency

RNAi discovery services

� Provides RNAi-based high-throughput screening and analysis

� Conducting whole genome wide screens that help identify drug target

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New Products Featured at Pittcon 2009

Exactive™

A range of new innovations, from research to routine testing

NanoDrop™ 2000c Titan 4000™

TSQ Vantage™

Transcend TLX™ Access Max™

OMNIC Specta on Raman Niton GOLDD™

R

R

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Full Year Financial Summary

Excellent growth in all key metrics

19%$2.65 $3.16 Adjusted EPS

14%100 bps

$1,63716.8%

$1,86917.8%

Adjusted Operating Income% of Sales

40 bps21.5%21.1%Adjusted SG&A % of Sales

40 bps40.8%41.2%Adjusted Gross Margin

8%$9,746$10,498 Revenue

YOY ChgFav/(Unfav)20072008($ in millions, except EPS)

18

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2004 2005 2006 2007 2008 2009E

Annual Revenue Trend

$6.75

$8.07$8.87

$9.75

$ Billions

8 - 9% CAGR

2004 – 2006 numbers are presented on a Pro Forma basis, as if Thermo Electron and Fisher Scientific were combined in those years.E = Estimate (provided on February 4, 2009)

$10.50$10.0 -$10.3

19

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

2004 2005 2006 2007 2008 2009E

Annual Adjusted EPS Trend

E = Estimate (provided on February 4, 2009)

20 - 2

3% CA

GR

$1.18

$1.47

$1.91

$2.65

$3.00 -$3.30

$3.16

20

$14,927$14,488$13,912Shareholders’ Equity

1.0X

12%

($770)

$2,058

$1,288

2008

($1,556)($1,973)Net Cash (Debt)

13%16%Total Debt/Capitalization

1.2X1.8X**Total Debt/Adjusted EBITDA*

Leverage

$2,195$2,664Total Debt

$639$691Total Cash & Equivalents

20072006

Strong Balance Sheet…

($ in millions)

…provides opportunity for incremental value creation

* Adjusted EBITDA equals adjusted operating income excluding depreciation** Based on pro forma trailing twelve months adjusted EBITDA

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The World Leader in Serving Science

� Innovative technologies

� Unmatched capabilities

� Operating excellence

� Strong performance

Well positioned for the future

The world leader in serving science

Appendix

Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we present certain non-GAAP financial measures herein (identified as "adjusted"), which exclude, to the extent such item would have been included in the most directly comparable GAAP financial measure: certain charges to cost of revenues, principally associated with acquisition accounting; restructuring and other costs/income; amortization of acquisition-related intangible assets; certain other gains and losses that are either isolated or cannot be expected to occur again with any regularity or predictability, such as those arising from the sale of a business or real estate, the sale of our shares in Newport Corporation and Thoratec Corporation (as of July 2, 2005, we no longer held shares of these companies), charges for the acceleration of stock-based compensation expense due to the change in control occurring at the date of the Fisher merger and costs associated with the early retirement of debt and debt facilities; the tax provisions/benefits related to the previous items; benefit from tax credit carryforwards; the impact of significant tax audits or events (such as the one-time effect on deferred tax balances of enacted changes in tax rates), and discontinued operations. We exclude these items because they are outside of our normal operations and we believe that the inclusion of such non-GAAP measures helps investors to gain a better understanding of our core operating results. For comparability purposes, prior period consolidated adjusted results prior to 2006 reflect the pro forma effect of stock option expense as if it had been required in that period. Thermo Fisher's management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company's core operating performance and comparing such performance to that of prior periods and to the performance of our competitors. We believe that this allows for comparisons of operating results that are consistent over time. Such measures are also used by management in their financial and operating decision making and for compensation purposes. We may also use the non-GAAP financial measure free cash flow, which is cash flow from continuing operations after deducting net capital expenditures. Thermo Fisher’s management uses free cash flow to help estimate the resources available for strategic opportunities such as making acquisitions, and uses this measure in making operating decisions and allocating financial resources. The non-GAAP financial measures of Thermo Fisher's results of operations presented herein are not meant to be considered superior to or a substitute for Thermo Fisher's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

Thermo Fisher Scientific

GAAP P&L (as reported)

(In millions except EPS)

2004 2005 2006 Q1-07 Q2-07 Q3-07 Q4-07 2007 Q1-08 Q2-08 Q3-08 Q4-08 2008

Revenues 2,206.0 2,633.0 3,791.6 2,338.2 2,385.9 2,401.2 2,621.1 9,746.4 2,554.0 2,709.6 2,588.1 2,646.3 10,498.0

Cost of Revenues 1,191.5 1,438.1 2,210.2 1,428.1 1,419.1 1,422.3 1,550.8 5,820.3 1,503.9 1,590.8 1,523.9 1,549.0 6,167.6

SG&A 603.6 684.1 952.7 511.2 514.7 515.8 558.0 2,099.7 541.6 578.0 548.7 545.4 2,213.7

Amortization of Acquisition-related Intangible Assets 22.9 77.6 170.8 139.3 142.1 141.5 148.2 571.1 151.2 151.6 152.0 148.0 602.8

R&D 134.7 152.8 170.2 59.8 58.7 58.8 61.4 238.7 62.0 64.4 61.8 60.9 249.1

Restructuring and Other Costs (Income), Net 15.8 16.9 45.7 7.4 8.3 8.8 17.7 42.2 4.9 (5.4) 15.4 20.5 35.4

Operating Income 237.5 263.5 242.0 192.4 243.0 254.0 285.0 974.4 290.4 330.2 286.3 322.5 1,229.4

Interest Income 9.0 11.6 16.4 8.9 10.6 13.6 13.4 46.5 10.1 15.1 14.9 11.6 51.7

Interest Expense (11.0) (26.7) (51.9) (37.2) (33.2) (32.5) (36.9) (139.8) (30.4) (36.6) (34.1) (28.8) (129.9)

Other Income (Expense), Net 23.7 37.5 2.9 1.6 1.9 0.2 (3.5) 0.2 7.5 (1.2) (2.9) (5.0) (1.6)

Income from Continuing Operations Before Income Taxes 259.2 285.9 209.4 165.7 222.3 235.3 258.0 881.3 277.6 307.5 264.2 300.3 1,149.6

Income Tax (Provision) Benefit (40.8) (87.6) (43.1) (26.9) (34.4) (16.7) (23.7) (101.7) (44.2) (61.2) (45.9) (9.6) (160.9)

Income from Continuing Operations 218.4 198.3 166.3 138.8 187.9 218.6 234.3 779.6 233.4 246.3 218.3 290.7 988.7

Income from Discontinued Operations, Net of Tax 143.4 24.9 2.6 0.1 (24.0) (0.1) 5.5 (18.5) (0.4) 3.2 3.2 (0.5) 5.5

Net Income 361.8 223.2 168.9 138.9 163.9 218.5 239.8 761.1 233.0 249.5 221.5 290.2 994.2

Add Back:

Interest - Convertible Debentures (net of tax) 1.6 1.6 1.6 - - - - - - - - - -

Diluted Shares 167.6 165.3 203.7 441.1 446.5 446.6 440.7 443.7 436.2 437.2 438.5 427.4 434.8

GAAP Diluted EPS 2.17 1.36 0.84 0.31 0.37 0.49 0.54 1.72 0.53 0.57 0.51 0.68 2.29

Gross Margin 46.0% 45.4% 41.4% 37.6% 39.3% 39.5% 39.7% 39.0% 39.9% 40.2% 39.9% 40.3% 40.1%

SG&A 28.4% 28.9% 29.3% 26.5% 26.3% 26.1% 25.8% 26.2% 25.9% 25.8% 25.9% 25.1% 25.6%

R&D 6.1% 5.8% 4.5% 2.6% 2.5% 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.3% 2.4%

Operating Margin 10.8% 10.0% 6.4% 8.2% 10.2% 10.6% 10.9% 10.0% 11.4% 12.2% 11.1% 12.2% 11.7%

Pre-tax Margin 11.8% 10.9% 5.5% 7.1% 9.3% 9.8% 9.8% 9.0% 10.9% 11.3% 10.2% 11.3% 11.0%

Tax Rate 15.8% 30.6% 20.6% 16.2% 15.5% 7.1% 9.2% 11.5% 15.9% 19.9% 17.4% 3.2% 14.0%

Net Margin 16.4% 8.5% 4.5% 5.9% 6.9% 9.1% 9.1% 7.8% 9.1% 9.2% 8.6% 11.0% 9.5%

Equity Compensation Expense included in GAAP P&L above - - 32.6 13.8 12.3 13.2 11.8 51.1 11.0 16.7 15.8 13.6 57.1

Equity Compensation Acceleration Charges included in GAAP P&L above - - 36.7 - - - - - - - - - -

Depreciation included in GAAP P&L above 43.3 45.6 69.9 46.0 45.0 46.1 48.6 185.7 47.6 48.2 47.7 46.4 189.9

Book to Bill Ratio (a) 1.00 1.02 1.02 1.00 1.01 1.01 1.00 1.01 1.01 1.00 1.01 0.98 1.00

GAAP Operating Cash Flows From Continuing Operations 250.0 272.8 407.5 218.5 337.9 394.2 534.6 1,485.2 243.2 347.1 370.8 460.7 1,421.8

Net Capital Expenditures (44.5) (27.4) (71.0) (39.2) (18.5) (45.6) (53.0) (156.3) (53.3) (50.5) (46.2) (99.0) (249.0)

Free Cash Flow 205.5 245.4 336.5 179.3 319.4 348.6 481.6 1,328.9 189.9 296.6 324.6 361.7 1,172.8

(a) Book to Bill Ratio for full year 2006 includes only the legacy Thermo businesses.

Cost of Sales Amortization 13.4 30.2 30.2 30.8 30.5 121.7 31.7 30.8 31.4 30.3 124.2

SG&A Amortization 22.9 77.6 157.4 109.1 111.9 110.7 117.7 449.4 119.5 120.8 120.6 117.7 478.6

Equity Compensation Acceleration Charges included in GAAP P&L above

Cost of Revenues 3.8

SG&A 30.8

R&D 2.1

Total 36.7


Reconciliation of GAAP to Adjusted P&L


2004 2005 2006 Q1-07 Q2-07 Q3-07 Q4-07 2007 Q1-08 Q2-08 Q3-08 Q4-08 2008

GAAP Operating Income 237.5 263.5 242.0 192.4 243.0 254.0 285.0 974.4 290.4 330.2 286.3 322.5 1,229.4

Cost of Revenues Charges (a) 3.3 13.4 77.7 36.4 11.2 0.4 1.2 49.2 0.6 0.2 0.0 0.7 1.5

Restructuring and Other Costs (Income), Net (b) 15.8 16.9 45.7 7.4 8.3 8.8 17.7 42.2 4.9 (5.4) 15.4 20.5 35.4

Pro Forma Stock Option Compensation Expense (c) (17.8) (20.9) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Equity Compensation Acceleration Charges (d) 0.0 0.0 36.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Adjusted Operating Income 261.7 350.5 572.9 375.5 404.6 404.7 452.1 1,636.9 447.1 476.6 453.7 491.7 1,869.1

GAAP Operating Income Margin 10.8% 10.0% 6.4% 8.2% 10.2% 10.6% 10.9% 10.0% 11.4% 12.2% 11.1% 12.2% 11.7%

Cost of Revenues Charges (a) 0.2% 0.5% 2.0% 1.6% 0.5% 0.0% 0.0% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0%

Restructuring and Other Costs (Income), Net (b) 0.7% 0.6% 1.2% 0.3% 0.3% 0.4% 0.7% 0.4% 0.2% -0.2% 0.6% 0.8% 0.3%

Pro Forma Stock Option Compensation Expense (c) -0.8% -0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Equity Compensation Acceleration Charges (d) 0.0% 0.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Amortization of Acquisition-related Intangible Assets 1.0% 3.0% 4.5% 6.0% 6.0% 5.9% 5.6% 5.9% 5.9% 5.6% 5.8% 5.6% 5.8%

Adjusted Operating Income Margin 11.9% 13.3% 15.1% 16.1% 17.0% 16.9% 17.2% 16.8% 17.5% 17.6% 17.5% 18.6% 17.8%

GAAP Net Income 361.8 223.2 168.9 138.9 163.9 218.5 239.8 761.1 233.0 249.5 221.5 290.2 994.2

Cost of Revenues Charges (a) 3.3 13.4 77.7 36.4 11.2 0.4 1.2 49.2 0.6 0.2 0.0 0.7 1.5

Restructuring and Other Costs (Income), Net (b) 15.8 16.9 45.7 7.4 8.3 8.8 17.7 42.2 4.9 (5.4) 15.4 20.5 35.4


Equity Compensation Acceleration Charges (d) 0.0 0.0 36.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Gain/Loss on Extinguishment of Debt Facilities 0.0 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other Income, Net (e) (9.6) (27.6) 0.0 0.0 0.1 0.5 5.4 6.0 (9.1) 0.7 0.7 4.5 (3.2)

Income Tax (Provision) Benefit (f) (36.2) (16.2) (110.5) (60.4) (58.5) (78.5) (73.3) (270.7) (59.2) (46.4) (54.8) (89.5) (249.9)

Income from Discontinued Operations, Net of Tax (143.4) (24.9) (2.6) (0.1) 24.0 0.1 (5.5) 18.5 0.4 (3.2) (3.2) 0.5 (5.5)

Adjusted Net Income 196.8 241.5 387.6 261.5 291.1 291.3 333.5 1,177.4 321.8 347.0 331.6 374.9 1,375.3

CONTINUED ON NEXT PAGE


Reconciliation of GAAP to Adjusted P&L


2004 2005 2006 Q1-07 Q2-07 Q3-07 Q4-07 2007 Q1-08 Q2-08 Q3-08 Q4-08 2008

GAAP Diluted EPS 2.17 1.36 0.84 0.31 0.37 0.49 0.54 1.72 0.53 0.57 0.51 0.68 2.29

Cost of Revenues Charges, Net of Tax (a) 0.02 0.05 0.23 0.06 0.01 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.00

Restructuring and Other Costs (Income), Net of Tax (b) 0.07 0.07 0.18 0.01 0.01 0.01 0.02 0.06 0.01 0.00 0.03 0.03 0.06


Equity Compensation Acceleration Charges, Net of Tax (d) 0.00 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Amortization of Acquisition-related Intangible Assets, Net of Tax 0.10 0.30 0.54 0.21 0.21 0.20 0.21 0.82 0.23 0.23 0.23 0.20 0.89

Gain/Loss on Extinguishment of Debt Facilities 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other Income, Net (e) (0.04) (0.11) 0.00 0.00 0.00 0.00 0.02 0.01 (0.01) 0.00 0.00 0.01 (0.01)

Income Tax (Provision) Benefit (f) (0.21) 0.03 0.00 0.00 0.00 (0.05) (0.02) (0.07) (0.02) 0.00 0.00 (0.04) (0.06)

Income from Discontinued Operations, Net of Tax (0.86) (0.15) (0.01) 0.00 0.05 0.00 (0.01) 0.04 0.00 (0.01) (0.01) 0.00 (0.01)

Adjusted Diluted EPS 1.18 1.47 1.91 0.59 0.65 0.65 0.76 2.65 0.74 0.79 0.76 0.88 3.16

GAAP Gross Margin 45.4% 41.4% 37.6% 39.3% 39.5% 39.7% 39.0% 39.9% 40.2% 39.9% 40.3% 40.1%

Cost of Revenues Charges (a) 0.5% 2.0% 1.6% 0.5% 0.0% 0.0% 0.5% 0.0% 0.0% 0.0% 0.0% 0.0%

Amortization of Acquisition-related Intangible Assets 0.0% 0.3% 1.3% 1.2% 1.3% 1.2% 1.3% 1.2% 1.1% 1.2% 1.2% 1.2%

Pro Forma Stock Option Compensation Expense (c) -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Equity Compensation Acceleration Charges (d) 0.0% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Adjusted Gross Margin 45.8% 43.9% 40.5% 41.0% 40.8% 40.9% 40.8% 41.1% 41.3% 41.1% 41.5% 41.3%

GAAP SG&A as a % of Revenue 28.9% 29.3% 26.5% 26.3% 26.1% 25.8% 26.2% 25.9% 25.8% 25.9% 25.1% 25.6%

Amortization of Acquisition-related Intangible Assets -2.9% -4.2% -4.6% -4.7% -4.6% -4.5% -4.7% -4.7% -4.5% -4.7% -4.5% -4.5%

Pro Forma Stock Option Compensation Expense (c) 0.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Equity Compensation Acceleration Charges (d) 0.0% -0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Adjusted SG&A as a % of Revenue 26.7% 24.3% 21.9% 21.6% 21.5% 21.3% 21.5% 21.2% 21.3% 21.2% 20.6% 21.1%

GAAP Tax Rate 30.6% 20.6% 16.2% 15.5% 7.1% 9.2% 11.5% 15.9% 19.9% 17.4% 3.2% 14.0%

Tax Effect of Adjusted Items -0.5% 7.8% 8.8% 8.7% 17.5% 13.3% 12.5% 8.4% 3.7% 5.9% 17.7% 9.0%

Adjusted Tax Rate 30.1% 28.4% 25.0% 24.2% 24.6% 22.5% 24.0% 24.3% 23.6% 23.3% 20.9% 23.0%

(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be

abandoned as a result of real estate consolidation.

(b) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; gains and losses on the sale of businesses, product lines and property;

writedowns of businesses held for sale; legal/advisory fees associated with a reorganization of the company's non-U.S. subsidiary structure; in Q4 2006, charges for in-process R&D associated with the Fisher merger;

in Q2 2008, gain on pension plan curtailment and loss on a pre-acquisition litigation-related matter; and, in Q4 2008, impairment of intangible assets associated with a small business unit.

(c) For purposes of comparison, adjusted results for periods prior to 2006 reflect the pro forma effect of stock option expense as if it had been required in that period.

(d) Charges associated with the accelerated vesting of our equity-based arrangements resulting from the change in control occurring at the date of the Fisher merger have been excluded from adjusted results.

(e) The excluded items from other income, net represent net gains from the sale of the company's equity interests in Thoratec Corporation and Newport Corporation in periods prior to 2006; amortization of acquisition-related

intangible assets of the company's equity investments in periods after Q1 2007; in Q4 2007and Q4 2008, the loss from an other than temporary decline in fair market value of an available-for-sale investment;

and, in Q4 2007 and Q1 2008, the currency transaction gain associatedwith an intercompany financing transaction.

(f) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit

from adjusting the company's deferred tax balances as a result of newly enacted tax rates.


Segment Data (a) Pro Forma Data (b)(In millions) Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth

2004 2005 % 2006 % Q1-07 % (e) Q2-07 % (e) Q3-07 % (e) Q4-07 % (e) 2007 % (e) Q1-08 % Q2-08 % Q3-08 % Q4-08 % 2008 %

Revenues

Analytical Technologies 3,307.0 3,675.2 11.1% 988.3 15.4% 1,020.4 13.6% 1,025.7 12.0% 1,147.3 14.1% 4,181.7 13.8% 1,087.4 10.0% 1,160.6 13.7% 1,086.5 5.9% 1,136.7 -0.9% 4,471.2 6.9%

Laboratory Products and Services 5,042.6 5,503.9 9.1% 1,433.5 8.9% 1,449.7 6.0% 1,462.5 4.4% 1,565.4 10.3% 5,911.1 7.4% 1,568.4 9.4% 1,656.4 14.3% 1,609.8 10.1% 1,618.7 3.4% 6,453.3 9.2%

Eliminations (274.7) (308.7) (83.6) (84.2) (87.0) (91.6) (346.4) (101.8) (107.4) (108.2) (109.1) (426.5)

Combined Revenues 6,750.7 8,074.9 19.6% 8,870.4 9.9% 2,338.2 11.5% 2,385.9 9.0% 2,401.2 7.3% 2,621.1 11.6% 9,746.4 9.9% 2,554.0 9.2% 2,709.6 13.6% 2,588.1 7.8% 2,646.3 1.0% 10,498.0 7.7%

Pre-merger Fisher Scientific Results, Net of Eliminations (4,544.7) (5,441.9) (5,078.8) - - - - - - - - - -

GAAP Consolidated Revenues 2,206.0 2,633.0 3,791.6 2,338.2 2,385.9 2,401.2 2,621.1 9,746.4 2,554.0 2,709.6 2,588.1 2,646.3 10,498.0

Revenue Growth

Analytical Technologies

Organic 4% 8% 2% 3% 4%

Acquisitions net of Divestitures 1% 1% 2% 0% 1%

Currency Translation 5% 5% 2% -4% 2%

Total Revenue Growth - ATS 10% 14% 6% -1% 7%

Laboratory Products and Services

Organic 4½% 8% 5% 5% 6%

Acquisitions net of Divestitures 1½% 3% 4% 2% 2%

Currency Translation 3% 3% 1% -4% 1%

Total Revenue Growth - LPS 9% 14% 10% 3% 9%

Margin Margin Margin Margin Margin Margin Margin Margin Margin Margin Margin Margin Margin

2004 % 2005 % 2006 % Q1-07 % Q2-07 % Q3-07 % Q4-07 % 2007 % Q1-08 % Q2-08 % Q3-08 % Q4-08 % 2008 %

Operating Income and Operating Margin

Analytical Technologies 529.8 16.0% 629.1 17.1% 185.4 18.8% 201.9 19.8% 198.6 19.4% 239.5 20.9% 825.4 19.7% 228.7 21.0% 245.1 21.1% 229.2 21.1% 254.1 22.4% 957.1 21.4%

Laboratory Products and Services 549.4 10.9% 678.4 12.3% 190.1 13.3% 202.7 14.0% 206.1 14.1% 212.6 13.6% 811.5 13.7% 218.4 13.9% 231.5 14.0% 224.5 13.9% 237.6 14.7% 912.0 14.1%

Other/Eliminations (0.4) (1.1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.0) (0.0) 0.0

Adjusted Combined Operating Income 717.2 10.6% 1,078.8 13.4% 1,306.4 14.7% 375.5 16.1% 404.6 17.0% 404.7 16.9% 452.1 17.2% 1,636.9 16.8% 447.1 17.5% 476.6 17.6% 453.7 17.5% 491.7 18.6% 1,869.1 17.8%

Pre-merger Fisher Scientific Results Included Above (455.5) (728.3) (733.5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Adjusted Operating Income 261.7 11.9% 350.5 13.3% 572.9 15.1% 375.5 16.1% 404.6 17.0% 404.7 16.9% 452.1 17.2% 1,636.9 16.8% 447.1 17.5% 476.6 17.6% 453.7 17.5% 491.7 18.6% 1,869.1 17.8%

Cost of Revenues Charges (3.3) -0.2% (13.4) -0.5% (77.7) -2.0% (36.4) -1.6% (11.2) -0.5% (0.4) 0.0% (1.2) 0.0% (49.2) -0.5% (0.6) 0.0% (0.2) 0.0% 0.0 0.0% (0.7) 0.0% (1.5) 0.0%

Restructuring and Other Costs, Net (15.8) -0.7% (16.9) -0.6% (45.7) -1.2% (7.4) -0.3% (8.3) -0.3% (8.8) -0.4% (17.7) -0.7% (42.2) -0.4% (4.9) -0.2% 5.4 0.2% (15.4) -0.6% (20.5) -0.8% (35.4) -0.3%

Pro Forma Stock Option Compensation Expense (c) 17.8 0.8% 20.9 0.8% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0%

Equity Compensation Acceleration Charge (d) 0.0 0.0% 0.0 0.0% (36.7) -1.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0% 0.0 0.0%

Amortization of Acquisition-related Intangible Assets (22.9) -1.0% (77.6) -3.0% (170.8) -4.5% (139.3) -6.0% (142.1) -6.0% (141.5) -5.9% (148.2) -5.6% (571.1) -5.9% (151.2) -5.9% (151.6) -5.6% (152.0) -5.8% (148.0) -5.6% (602.8) -5.8%

GAAP Operating Income 237.5 10.8% 263.5 10.0% 242.0 6.4% 192.4 8.2% 243.0 10.2% 254.0 10.6% 285.0 10.9% 974.4 10.0% 290.4 11.4% 330.2 12.2% 286.3 11.1% 322.5 12.2% 1,229.4 11.7%

As Reported Data

CONTINUED ON NEXT PAGE


Segment Data (a) Pro Forma Data (b)(In millions) Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth Growth

2004 2005 % 2006 % Q1-07 % (e) Q2-07 % (e) Q3-07 % (e) Q4-07 % (e) 2007 % (e) Q1-08 % Q2-08 % Q3-08 % Q4-08 % 2008 %

As Reported Data


Impact of Including Pre-merger Fisher Results 7.1% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%


Cost of Revenues Charges -0.5% -2.0% -1.6% -0.5% 0.0% 0.0% -0.5% 0.0% 0.0% 0.0% 0.0% 0.0%

Amortization of Acquisition-related Intangible Assets 0.0% -0.3% -1.3% -1.2% -1.3% -1.2% -1.3% -1.2% -1.1% -1.2% -1.2% -1.2%

Pro Forma Stock Option Compensation Expense (c) 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Equity Compensation Acceleration Charges (d) 0.0% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

GAAP Gross Margin 45.4% 41.4% 37.6% 39.3% 39.5% 39.7% 39.0% 39.9% 40.2% 39.9% 40.3% 40.1%




Amortization of Acquisition-related Intangible Assets 2.9% 4.2% 4.6% 4.7% 4.6% 4.5% 4.7% 4.7% 4.5% 4.7% 4.5% 4.5%

Pro Forma Stock Option Compensation Expense (c) -0.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Equity Compensation Acceleration Charges (d) 0.0% 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

GAAP SG&A as a % of Revenue 28.9% 29.3% 26.5% 26.3% 26.1% 25.8% 26.2% 25.9% 25.8% 25.9% 25.1% 25.6%

Adjusted R&D as a % of Revenue 2.6% 2.5% 2.6% 2.5% 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.3% 2.4%


Reported R&D as a % of Revenue 5.8% 4.5% 2.6% 2.5% 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.3% 2.4%

Equity Compensation 77.8 74.7 13.8 12.3 13.2 11.8 51.1 11.0 16.7 15.8 13.6 57.1

Depreciation 177.7 46.0 45.0 46.1 48.6 185.7 47.6 48.2 47.7 46.4 189.9

(a) During the first quarter of 2008, the company transferred management responsibility for several small business units between segments. All prior period segment information has been reclassified to reflect these transfers.

(b) Pro forma results combine the results of the company with the pre-merger results of Fisher Scientific International Inc.

(c) For purposes of comparison, adjusted operating income for periods prior to 2006 reflects the pro forma effect of stock option expense as if it had been required in that period.

(d) Charges associated with the accelerated vesting of our equity-based arrangements resulting from the change in control occurring at the date of the Fisher merger have been excluded from adjusted operating income.

(e) Revenue growth for the 2007 periods are calculated on a pro forma basis.


Balance Sheet

(In millions)

12/31/2004 12/31/2005 12/31/2006 3/31/2007 6/30/2007 9/29/2007 12/31/2007 3/29/2008 6/28/2008 9/27/2008 12/31/2008

Assets

Current Assets:

Cash and cash equivalents 326.9 214.3 667.4 670.9 951.2 830.8 625.1 734.0 1,006.9 1,240.3 1,280.5

Short-term investments 185.4 80.7 23.8 20.5 22.7 15.4 14.1 14.1 13.5 9.2 7.5

Accounts receivable, net 465.2 560.2 1,392.7 1,419.0 1,422.5 1,458.1 1,450.0 1,585.7 1,599.1 1,543.4 1,478.1

Inventories 336.7 359.4 1,164.5 1,180.5 1,183.2 1,206.2 1,169.9 1,246.7 1,264.1 1,260.4 1,171.4

Other current assets 155.5 139.3 411.1 455.3 427.5 397.9 406.2 408.3 415.9 389.7 408.4

Total Current Assets 1,469.7 1,353.9 3,659.5 3,746.2 4,007.1 3,908.4 3,665.3 3,988.8 4,299.5 4,443.0 4,345.9

Property, Plant and Equipment, Net 261.0 280.7 1,256.7 1,256.2 1,228.5 1,238.6 1,267.4 1,297.5 1,304.5 1,267.7 1,275.3

Acquisition-related Intangible Assets 158.6 450.7 7,511.6 7,333.2 7,208.0 7,096.9 7,157.8 7,090.6 6,950.2 6,720.8 6,423.2

Other Assets 174.4 200.1 309.4 258.3 276.9 379.3 403.7 402.6 408.5 422.9 367.9

Goodwill 1,513.0 1,966.2 8,525.0 8,578.0 8,551.6 8,549.2 8,713.2 8,718.4 8,718.3 8,745.1 8,677.7

3,576.7 4,251.6 21,262.2 21,171.9 21,272.1 21,172.4 21,207.4 21,497.9 21,681.0 21,599.5 21,090.0

Liabilities and Shareholders' Equity

Current Liabilities:

Short-term obligations and current maturities of long-term obligations 15.0 130.1 483.3 167.4 24.8 19.6 149.3 150.8 145.3 138.8 14.8

Other current liabilities 563.7 661.6 1,669.0 1,629.1 1,578.2 1,611.3 1,752.3 1,758.4 1,734.8 1,701.2 1,525.4

Total Current Liabilities 578.7 791.7 2,152.3 1,796.5 1,603.0 1,630.9 1,901.6 1,909.2 1,880.1 1,840.0 1,540.2

Other Long-term Liabilities 106.4 198.0 3,017.4 2,960.3 2,959.6 2,917.5 2,771.6 2,757.0 2,686.4 2,580.9 2,579.7

Long-term Obligations 226.0 468.6 2,180.7 2,182.4 2,177.7 2,181.1 2,045.9 2,045.9 2,044.5 2,043.0 2,043.5

Total Shareholders' Equity 2,665.6 2,793.3 13,911.8 14,232.7 14,531.8 14,442.9 14,488.3 14,785.8 15,070.0 15,135.6 14,926.6

3,576.7 4,251.6 21,262.2 21,171.9 21,272.1 21,172.4 21,207.4 21,497.9 21,681.0 21,599.5 21,090.0

Accounts Receivable (Days) 52 53 55 54 55 50 56 53 54 50

Inventory (Days) 67 74 76 76 76 68 75 72 74 68

Notes: For purposes of comparison, Accounts Receivable days and Inventory days for periods prior to 1/1/07 have been calculated on a pro forma basis and combine the results of the company with the pre-merger results

of Fisher Scientific International Inc.Periods after 11/9/06 include a 4 day increase that resulted from the Fisher merger purchase accounting inventory step-up.

thermo fisher 211fa87b-8f22-4445-8332-4ec05e589fe0_barclayspresfinal031009

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