Thermo Fisher Scientific's earnings, following a major acquisition, soared 75.7% to $601.2 million in the three months ended Dec. 31. The company saw a nearly 50% jump in earnings for 2014, ending the year with $1.9 billion in net income.
The Waltham, Mass.-based biotech company reported fourth-quarter revenues of $4.5 billion, up 29.6%, while revenues for the entire fiscal year were $16.9 billion, up 29% from the prior year. Last February, the company completed the largest acquisition in its history, purchasing Life Technologies Corp. for $13.6 billion.
Life Technologies was incorporated into a new reporting segment, Life Science Solutions, which also includes Thermo Fisher's bioscience businesses. The new segment represented 26.4% of revenues in the fourth quarter and 24.8% for the year, the company's second highest-grossing business. Its revenue was $1.2 billion for the quarter and $4.2 billion for the year.
Thermo Fisher says the strong results also follow the launches of several new products in its clinical applications segment, strengthening of its market share in sales of analytical instruments for research and a bolstered DNA sequencing business. In July, the company sold Cole-Parmer Instrument Co., formerly a part of its lab products division, to Chicago-based private-equity firm GTCR for $480 million.
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