Thermo Fisher Scientific Inc. (NYSE:TMO) Q4 2023 Earnings Call Transcript

Marc N. Casper: Sure. So thanks for the question. In terms of China, a market that we’ve been in for 40 years, a set of capabilities that we built over a long period of time that’s helped Chinese society, right, and created American jobs as part of it. Better food supply, addressing air pollution, helping produce medicines for the local population, we have a great reputation. I’ve had the honor of being the Chair of the U.S.-China Business Council over the last couple of years and interacting both with the U.S. administration and the Chinese government. And while it’s clear to me that the short-term GDP environment is challenged in China, that the needs for what our industry does and what Thermo Fisher does for the long term is good.

It will be a solid growth market, certainly one of the faster-growing geographies in the long-term. In terms of the relations between the countries, yes, I agree with your sentiment, there is a thawing. And in terms of potential legislation, there are thousands of bills that are written that don’t happen. So until something sort of matures through the process, it’s hard to really know whether it comes to pass and what the exact implications. And my quick read of what they’re working on in this particular one, it really is basically an opportunity for non-Chinese companies to have a stronger position in serving Federal Government-related entities. So that’s sort of the essence of that. And obviously, as a non-Chinese company, we’d be well positioned to support the U.S. government.

So thank you for the question. Let me just do a quick wrap on the call. So thanks everyone for participating in our call today. We entered this year with strong momentum. We’re in a great position to deliver an excellent year in 2024. As always, thank you for your support of Thermo Fisher Scientific, and we look forward to updating you as the year progresses. Thanks, everyone.

Operator: This concludes today’s conference call. Thank you all for your participation. You may now disconnect.