NEW YORK (GenomeWeb News) – Thermo Fisher Scientific today raised its adjusted EPS and revenues guidance for full-year 2011 following the completion of its purchase of specialty diagnostics firm Phadia.
Thermo Fisher announced that its $3.5 billion purchase of the firm had closed and said that the acquisition is expected to contribute $.07 to full-year EPS, a $.01 increase from an original estimate of $.06, excluding restructuring, amortization of acquisition-related intangible assets, and other gains and costs.
As a result, it raised adjusted EPS guidance to a new range of between $4.15 and $4.25, which would represent a 20 percent to 23 percent increase over 2010 EPS. During its recent second-quarter earnings release, Thermo Fisher had given adjusted EPS guidance of between $4.08 and $4.18.
Phadia is also expected to contribute $190 million in revenues to Thermo Fisher for the year, and as a result the company raised its revenue guidance to a new range of $11.79 billion to $11.89 billion, which would represent around 12 percent growth over 2010.
Thermo Fisher had given guidance of between $11.60 billion to $11.70 billion last month.
Based in Uppsala, Sweden, Phadia has 1,500 employees worldwide and generated €367 ($529.5 million) in revenues in 2010. Phadia will become part of Thermo Fisher's Specialty Diagnostics business.
Following Thermo Fisher's announcement, Jon Wood of investment bank Jefferies raised his full-year 2011 EPS and revenue estimates for the company to $4.22 and $11.9 billion, respectively. He previously had estimated EPS of $4.15 on revenues of $11.7 billion.