THERMO FISHER SCIENTIFIC INC. (TMO) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that THERMO FISHER SCIENTIFIC INC. surfaced in its latest filing.

• In October 2025, the federal government entered a shutdown due to a lapse in appropriations, resulting from an inability by Congress to pass a budget or continuing resolution.October 2025
• The Inflation Reduction Act of 2022 (IRA) contains drug price negotiation provisions that could reduce demand or increase expenses.2022
• OECD published a Pillar Two rule proposal for a global minimum tax rate of 15% in December 2021; as of December 31, 2025, numerous countries where the company operates have enacted legislation or indicated intent to adopt Pillar Two rules.December 2021
• The company has a revolving credit facility providing up to $5.00 billion of unsecured multi-currency revolving credit, with a covenant requiring a minimum Consolidated Net Interest Coverage Ratio of 3.5:1.0 as of the last day of any fiscal quarter.
• As of December 31, 2025, the company had approximately $39.38 billion in outstanding indebtedness.December 31, 2025
• The company recorded goodwill of approximately $49.36 billion, indefinite-lived intangible assets of $1.23 billion, and definite-lived intangible assets of $14.60 billion as of December 31, 2025.December 31, 2025
• The company ships a significant portion of its products through Federal Express in the U.S. and DHL in Europe, and a major work stoppage or price increase at these providers could adversely affect operations.