1. business and industrial
2. company
3. merger and acquisition

Please note that the following presentation contains
financial projections and other forward-looking
statements that are specific to the date of the
presentation – January 13, 2015 – and should not be
considered current after that date.
33rd Annual
J.P. Morgan Healthcare Conference
Marc N. Casper
President and Chief Executive Officer
The World Leader in Serving Science
January 13, 2015
Safe Harbor / Non-GAAP Measures
Various remarks that we may make in this presentation about the company’s future expectations, plans and prospects
constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform
Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various
important factors, including those discussed in our Form 10-Q for the quarter ended September 27, 2014, under the caption
“Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investors” section of our
Website under the heading “SEC Filings.” Important factors that could cause actual results to differ materially from those
indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt
to significant technological change; implementation of strategies for improving internal growth; general economic conditions and
related uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of
exchange rate fluctuations on international operations; the effect of healthcare reform legislation; use and protection of
intellectual property; the effect of changes in governmental regulations; the effect of laws and regulations governing government
contracts, as well as the possibility that expected benefits related to our acquisition of Life Technologies may not materialize as
expected. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any
obligation to do so, even if our estimates change and, therefore, you should not rely on these forward-looking statements as
representing our views as of any date subsequent to today.
During this presentation, we will be referring to certain financial measures not prepared in accordance with generally accepted
accounting principles, or GAAP, including adjusted EPS and adjusted operating margin. Definitions of these non-GAAP
financial measures and, for historical periods, a reconciliation of the non-GAAP financial measures to the most directly
comparable GAAP measures is available under the heading “GAAP/Non-GAAP Reconciliation & Financial Information” in the
“Investors” section of our website, www.thermofisher.com. All prior results have been adjusted to present the results of the
Laboratory Workstations business as discontinued operations.
3
We Are The World Leader in Serving Science
Global Scale
• 50,000 employees in 50 countries
• $17 billion in annual revenues
• Unparalleled commercial reach
Unmatched Depth
• Leading innovative technologies
• Applications expertise
• Lab productivity partner
4
Premier Brands
Everything We Do Starts with Our Customers
We enable our customers to make the world
healthier, cleaner and safer
5
Four Complementary Reporting Segments
• Chromatography and Mass
Spectrometry
• Research and Safety
Market Channels
• Chemical Analysis
Instruments
• Laboratory Products
• Environmental and Process
Instruments
• BioPharma Services
Analytical
Instruments
18%
Specialty
Diagnostics
Laboratory
Products and
Services
37%
19%
• Clinical Assays
• Immunodiagnostics
• Microbiology
Life
Sciences
Solutions
26%
• Anatomical Pathology
• Biosciences
• Genetic Sciences
• Transplant Diagnostics
• Bioproduction
• Healthcare Market Channel
Pro forma revenues: $17.1B*
6
* Estimates based on unaudited LTM combined revenues of Thermo Fisher Scientific and Life Technologies through Q3 2014.
Percentages calculated are based on estimates for intercompany eliminations and other accounting policy adjustments.
Attractive Revenue Profile
Balanced and diverse
customer base
Strong recurring
revenue mix
Growing presence
in emerging markets
ROW
Services
Diagnostics
& Healthcare
Pharma
& Biotech
25%
27%
Industrial
& Applied
Academic &
Government
22%
26%
End Markets
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AsiaPacific
13%
Instruments
Equipment &
Software
26%
18%
Products
Note: Percentage estimates based on unaudited LTM combined revenue of Thermo Fisher Scientific
and Life Technologies through Q3 2014.
North America
50%
Consumables
61%
4%
Europe
28%
Geographies
2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion
to low-cost regions, rationalization of facilities, and control of internal spend through
PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
8
2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion
to low-cost regions, rationalization of facilities, and control of internal spend through
PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
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Planning Pays Off – Integration on Track With Upside
2014 Guidance
Currently Tracking
a/o 01/30/14
Cost Synergies
Revenue Synergies
Life Sciences Solutions
Pro Forma Organic
Revenue Growth Rate
$85M
>$100M
Planning
Planning
Complete
2 - 3%
~3% YTD
(a/o 9/30/14)
Life Sciences Solutions well positioned for 2015 with good
momentum and incremental revenue synergies
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Achieving Life Technologies Synergy Targets
Day 1
Synergies
Year 3
Eliminate duplicate corporate structure
Combine sourcing leverage
Optimize shared services
Manufacturing & supply chain management
Total cost synergies
$300M
Leverage scale in emerging markets
Grow share in corporate accounts
Life Sciences Solutions Products
into Fisher Channel
Revenue EBITA (total revenue) synergies
Total synergies
$50M($150M)
$350M
On track to deliver $350M in year three synergies
11
2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion
to low-cost regions, rationalization of facilities, and control of internal spend through
PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
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Innovation is in Our DNA
• RUO NXType Kit
(human leukocyte antigen
typing with NGS)
~$700M
R&D Spend*
• Sorvall WX+ ultracentrifuge
(combines safety and ergonomics)
Sorvall WX+
Ultracentrifuge
Lab
Products &
Services
Vanquish
UHPLC
• Vanquish UHPLC (improves accuracy,
speed and ease of use)
• TSQ 8000 Evo (triple quad MS)
• Q Exactive HF (high performance MS)
Specialty
Diagnostics
•CRISPR Products (gene editing)
• GlobalFiler PCR Amplification Kit
Life Sciences
Solutions
(used in forensics)
• Ion Chef (sample prep for NGS)
Analytical
Instruments
Ion Chef NGS
Sample Prep
• Ion PGM DX (for IVD use in EU and
Q-Exactive HF Mass
Spectrometer
QuantStudio 3D
Class II Medical Device in U.S.)
• QuantStudio 3D Rare Mutation
Analysis Solution (cancer gene
detection)
Largest R&D expenditure in the Industry
driving high-impact innovation
* 2014 estimate.
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Leading the Convergence of Tools into Diagnostics
Leveraging leadership positions in Transplant Diagnostics
and Next-Generation Sequencing
• Introduced the RUO NXType™ Kit in 2014
• Enables human leukocyte antigen (HLA) typing
using Next-Gen Sequencing technology on the
Ion PGM platform
• Establishes a new industry standard and creates
growth opportunities in HLA Tissue typing
RUO NXType Kit
• Leverages experience, technology, customer
relationships, service and support capabilities,
and HLA expertise of our Specialty Diagnostics
and Genetics Sciences businesses
Innovation driven by unparalleled portfolio of technologies
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Expanding Share in Emerging Markets
China
• Built ~$1.25B business, second largest country by revenue for
Thermo Fisher with 4,000 employees
• 2011 - 2013 averaged 20%+ sales growth
• 2014 temporary slowdown in government spending
• Remain well aligned with government priorities
Leveraging China Experience into
Additional High-Growth
Markets
Korea
Southeast Asia
• Strong presence in Life Sciences
Solutions and Analytical Instruments
• Capturing opportunity in biosimilars drug
market
• Winning in key accounts
• Capitalizing on growing government R&D
budget
• Increased direct presence
• Expanding commercial reach and direct
presence
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Industry-Leading Value Proposition
• Continuing to gain share of
wallet with biopharma
customers
• Gaining traction with
industrial customers
• Beginning to capture
revenue synergies
Life Technologies acquisition
brings enhanced capabilities
World-class teams enabling customer productivity and innovation
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2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion
to low-cost regions, rationalization of facilities, and control of internal spend through
PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
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2014 Cost Savings Initiatives
Acquisition
Synergies
Global
Sourcing
27%
22%
$380M
of savings
PPI
Business
System
30%
12%
Facility
Rationalization
and Restructuring
9%
Low-Cost-Region
Manufacturing
Exceeding annual savings target by ~$20M
18
2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion
to low-cost regions, rationalization of facilities, and control of internal spend through
PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
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Generating Strong Free Cash Flow
2014 Growth Drivers
$2.2B*
$1.75B
• Operating earnings
growth
• Working capital
management
$1.41B
• Tax planning
2009
2013
2014 (G)
Free cash flow growth of 26%
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(G) = Guidance.
* Reduced by approximately $0.4B of Life Technologies acquisition and divesture-related cash flows including disbursements for
monetizing equity awards, restructuring and transaction costs.
Exceeded Debt Repayment Expectations
Leverage Ratio*
• Began aggressively paying down
debt immediately after deal close
• Utilized strong cash flow and
proceeds from divestitures to pay
down ~$4B in acquisition-related
debt
5.7X
4.6X
3.9X
~3.6X (F)
• In Q4, strengthened balance sheet
with long-term fixed-rate debt
• Issued €630M 10-year note at 2.0%
• Issued $800M 7-year note at 3.3%
Q1'14
Q2'14
Q3'14
Q4'14
• On track to achieve target leverage
ratio of 2.5x to 3.0x in Q3’15
Positioned now to focus on strategic M&A,
share buybacks and dividends in early 2015
21
(F) = Forecast.
* Leverage ratio is calculated as total gross debt to adjusted TTM EBITDA.
2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion
to low-cost regions, rationalization of facilities, and control of internal spend through
PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
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ROIC is the Focus
Adjusted ROIC*
9.2%
9.3%
2011
2012
$15B investment in
Life Technologies
10.1%
9.3%
2013
Q3'14
Offsetting acquisition investment dilution with strong
returns on past investments and operating performance
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* Adjusted return on invested capital is trailing 12 month adjusted net income excluding net interest expense, net of tax benefit
therefrom, divided by trailing five quarters average invested capital.
2014 Goals (as presented on January 13, 2014)
• Integrate Life Technologies
• Deliver year one synergies and adjusted EPS accretion
• Revenue
• Launch high-impact new products throughout the year
• Continue to capitalize on our strength in emerging markets across our portfolio
including Life Technologies
• Gain share by leveraging our unique customer value proposition
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion to low-cost
regions, rationalization of facilities, and control of internal spend through PPI business system
• Capital Deployment
• Utilize free cash flow to repay debt
• Return of capital to shareholders via dividends
• ROIC
• Continue to drive returns from our acquisitions and investments
Successfully executed the largest acquisition in our Industry’s
history, achieved key business goals and delivered solid returns
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Resulting in a Year of Strong Financial Performance
2014 Full Year Guidance
Initial Guidance
(01/30/14)
Current Guidance
(10/22/14)
Organic Growth
3 to 4%
3 to 4%
LSS Pro Forma Organic Growth
2 to 3%
2 to 3%
Total Revenue
$16.63 to $16.83B
$16.74 to $16.82B
FX Impact on Standalone Revenue
0 bps
(25) bps
Adjusted Operating Margin
Expansion
+220 to 250 bps
~250 bps
Adjusted EPS
$6.70 to $6.90
$6.87 to $6.95
Return to Normal Capital
Deployment
H2’15
Early 2015
Consistently meeting or exceeding expectations
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Consistency Creates Shareholder Value
Organic Growth
• Technological
Innovation
• Unique Customer
Value Proposition
PPI Business
System
Capital
Deployment
• Productivity
• Strategic M&A
• Margin Expansion
• Return of Capital
• Customer Allegiance
• Emerging Markets
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Consistently
Strong
Consistently
strong
EPS
Growth
Free
Cash
Flow
&
2015 Goals
• Capture Life Technologies Synergies
• Deliver year two cost synergies and begin to recognize revenue synergies
• Revenue
• Drive incremental growth by innovating at a rate faster than our competition
• Capitalize on our strength in emerging markets through leveraging commercial reach
• Seize opportunities in developed markets
• Enhance our unique customer value proposition by cross selling our total portfolio
• Margin
• Continue to drive cost management through: utilization of global sourcing, expansion to lowcost regions, rationalization of facilities, and leveraging our PPI business system
• Capital Deployment
• Conduct shareholder friendly capital deployment through strategic M&A, share buybacks and
dividends
• Achieve targeted debt leverage ratio through debt pay down
• ROIC
• Continue to drive returns from our acquisitions and investments
27
Strong Balance Sheet and Great Free Cash Flow
Built a Strong Balance Sheet
• $2.2B of short-term debt at effective interest rate of 1.8%
• $12.4B of long-term debt at effective interest rate of 3.1%
2015 Capital Deployment Plan
• Return Capital to Shareholders
• Continue to pay dividend (~$240M annually)
• Execute Q1’15 share repurchases ($500M)
• Engage in Attractive M&A
• Evaluate other strategic M&A that creates value for our customers,
our business and our shareholders
28