Javed Mirza Thermo Fisher Scientific TMO-N WAIT Jun 05, 2025

Challenging year or two. Did well during Covid, then had to normalize. Then rising interest rates impacted spending in biotech. Chinese market's been very soft. Not growing at historical pace, but this should normalize. New US administration's focus on healthcare costs may impact some of TMO's clients.

In the end, one of the leaders in the space. Diverse and extensive international client base. Over the long term, healthcare is a very attractive industry to be in, mainly due to demographics. Attractive multiple.

He owns Danaher, which is as bad as TMO. Don't buy this until there's a pick-up in Chinese orders.

Another long-term holding. Reported today and is rallying over 12%. Has fantastic managers and businesses. However, cuts at the NIH and at universities makes TMO too ambiguous, too much political uncertainty. Won't add, but happy to hold.

They just reported a strong quarter. There are signs of restocking--and demand for their products. They are one of the dominant diagnostic tools companies. They had tariff uncertainty in China. Also, the US has been cutting health funding, which reduces demand for TMO products used in R&D. However, TMO remains best in class.

A quality name, but the sector has been unloved, which has dragged down TMO, but this won't last.

He bought it, because TMO based out at $400 and delivered a tremendous earnings report last week. He's underweight health. Great for the long term. Is buying during this pullback. Falling interest rates will be a tailwind for biotechs.

Is expensive, trading at a high PE historically. Cash flow and revenues growth are slowing, due to the Covid echo. Also, the healthcare is now a tough sector.

It is a high quality company and he likes it. He wants to see more consistency and less cyclicality. The industry should do well over time.

Demand from biopharma and research labs is improving. Core business has a healthy outlook. Have a big backlog and smoother execution are a growth engine. Is trading below historic valuations. Has 19% upside.