(Reuters) – Thermo Fisher Scientific Inc on Wednesday raised its 2019 forecasts for adjusted profit and revenue on the back of its $1.7 billion (£1.3 billion) deal to buy Brammer Bio, and beat the average analyst estimate for first-quarter profit.
The world’s largest scientific instruments maker last month announced the deal to buy Brammer, which makes viral vectors for gene and cell therapies, to help expand its pharma services business.
Excluding items, the company earned $2.81 per share in the first quarter ended March 30, beating the average analyst estimate of $2.73, according to IBES data from Refinitiv.
Revenue in the company’s life sciences solutions unit, which provides reagents and instruments that are used for medical research and drug development, rose 7 percent to $1.61 billion, beating the average analyst estimate of $1.56 billion.
The company raised its full-year 2019 forecast for revenue to a range of $25.17 billion to $25.47 billion, from a previous forecast of $24.88 billion to $25.28 billion.
Thermo Fisher now forecasts 2019 adjusted profit between $12.08 per share and $12.22 per share, against its prior estimate of $12.00 per share to $12.20 per share.
Total revenue rose 4.6 percent to $6.13 billion.
(Reporting by Manas Mishra in Bengaluru; Editing by James Emmanuel)