Thermo Fisher Scientific Inc on Thursday posted better-than-expected quarterly earnings as the medical device maker saw a near tripling in sales at its life sciences unit, which helps make raw materials used in COVID-19 vaccines.
The world's largest scientific instruments maker said first-quarter revenue in its life sciences segment rose to $4.20 billion from $1.77 billion a year earlier, beating analysts' average estimate of $4.16 billion.
Thermo Fisher in March said it would work with Pfizer Inc and BioNtech SE to produce their COVID-19 vaccine in Italy.
Excluding items, the company earned $7.21 per share in the quarter, above Wall Street expectations of $6.45 per share, according to Refinitiv IBES data.
The company said net income rose to $2.34 billion, or $5.88 per share, for the three months to April 3, from $788 million, or $1.97 per share, a year earlier.
Thermo Fisher's quarterly revenue rose 59% to $9.91 billion, above a consensus estimate of $9.72 billion.
(Reporting by Dania Nadeem in Bengaluru; Editing by Ramakrishnan M.) ((Dania.Nadeem@thomsonreuters.com;))
