# Who are Thermo Fisher Scientific's customers? Who does Thermo Fisher Scientific earn revenue from?
Canonical: https://valuechain.wiki/thermo-fisher-scientific · Facet: customers · Updated: 2026-09-12T00:51:23.908516+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Thermo Fisher Scientific's confirmed revenue counterparties include Moderna (aseptic fill-finish / mRNA manufacturing), IDEXX Laboratories, Inc. plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 6 dated sources, 2 of them primary filings (as of 2026-09-12).

### 모더나 (무균 충전·mRNA 위탁생산) (high)  → /moderna.md
- note: Thermo Fisher (pharma services, CDMO) manufactures Moderna's Spikevax and mRNA pipeline — starting with 2021 COVID-vaccine aseptic fill-finish (Greenville, NC) and expanding into a 15-year strategic collaboration in 2022. A flagship case of CDMO turning a customer's pipeline into multi-year recurring revenue, and proof of its end-to-end small/large-molecule model.
- [mentions] MarketScreener (EN, research, published 2026-06-01) https://www.marketscreener.com/quote/stock/THERMO-FISHER-SCIENTIFIC--14623/consensus/: "Analyst consensus 'Buy' — avg 12-month target ~$590-620 (high 750, low 490); bioproduction recovery is the watch item."
- [confirms] Thermo Fisher Scientific (EN, news, published 2022-02-17) https://ir.thermofisher.com/investors/news-events/news/news-details/2022/Moderna-and-Thermo-Fisher-Scientific-Announce-Long-Term-Strategic-Collaboration/default.aspx: "Moderna and Thermo Fisher: a 15-year strategic collaboration for dedicated large-scale US aseptic fill-finish of Spikevax and the mRNA pipeline."

### 제약·바이오텍 (바이오프로덕션·CDMO·임상) (high)
- note: Largest customer group — tied to pharma/biotech drug-development and manufacturing budgets. Bioproduction consumables plus Patheon (CDMO) and PPD (clinical) serve the full small/large-molecule cycle, so customer pipelines are recurring revenue.
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-02-26) https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm: "The increase in organic revenues in 2025 was driven by the bioproduction business. On a reported basis, the bioproduction business grew $548 million, driven by higher demand from pharma and biotech customers. Our pharma services business provides the entire spectrum of development, manufacturing and clinical trials services for both small-molecule and large-molecule pharmaceuticals."
- [confirms] MEDI:GATE News (KO, news, published 2025-11-20) https://medigatenews.com/news/634717671: "Thermo Fisher, the world's #1 bio supplies company, is seeking to become a CDMO powerhouse; CEO Marc Casper stressed expanding GLP-1 contracts and adding manufacturing capacity."
- [confirms] Simply Wall St (EN, news, published 2025-11-15) https://simplywall.st/stocks/us/pharmaceuticals-biotech/nyse-tmo/thermo-fisher-scientific/news/thermo-fisher-scientific-tmo-showcases-ai-tools-as-fair-valu: "The bioproduction business delivered what the CEO described as a 'phenomenal quarter,' with organic growth exceeding what most peers reported."

### 병원·임상검사실 (특수 진단) (high)
- note: Revenue base of Specialty Diagnostics — supplying diagnostic reagents/tests to hospitals and clinical labs. Tied to healthcare spending, a relatively defensive, less cyclical axis.
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-02-26) https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm: "We report our business in four segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. Specialty Diagnostics revenues were $4,676M in FY2025."

### 아이덱스 래버러토리스 (high)  → /idexx-laboratories.md
- note: Thermo Fisher Scientific manufactures certain water-testing kits that IDEXX distributes to complement its Cryptosporidium and Giardia products, while vendor-specific purchasing value was not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/874716/000087471626000038/idxx-20251231.htm: "water testing kits manufactured by Thermo Fisher Scientific"

### 학계·정부·연구기관 (mid)
- note: Sales to universities, institutes and government — tied to research budgets and slowed on FY2025 spending cuts. This softness offsetting biopharma strength is the essence of portfolio diversification.
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2026-02-26) https://www.sec.gov/Archives/edgar/data/97745/000009774526000018/tmo-20251231.htm: "We serve customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies. In 2025 revenues in the academic and government market declined, driven by lower customer spending."

Reverse side: https://valuechain.wiki/thermo-fisher-scientific/suppliers.md · Ripple: https://valuechain.wiki/thermo-fisher-scientific/ripple.md

---
Full node: https://valuechain.wiki/thermo-fisher-scientific.md · JSON: https://valuechain.wiki/thermo-fisher-scientific.json