In short: Wapner adds it to Harrington's list of working healthcare holdings — "hey, Thermo, you own Thermo, that was up 6% this week" — and she confirms. The life-science-tools leg of the same argument: a cash-generative healthcare name participating in the sector's best week since late June, independent of the Moderna/Merck vaccine headline that skewed the sector number.
Thermo Fisher sells the instruments, reagents and laboratory equipment that drug companies and research labs run on — a supplier to the healthcare industry rather than a drug developer itself.
Wapner flags it as another Harrington holding that worked this week, up 6%, and she confirms. Its role in the argument is the same as Pfizer's and Bristol-Myers': evidence that money is flowing into healthcare broadly, not just chasing one biotech result — and an example of the cash-generative business her high-rates framework favours.
In short: Verrone's highest-conviction defensive call: "pharma and biotech and life sciences have been leadership. They remain the leadership. They act great. I think these reversals in some of these left for dead life science stocks are particularly notable. The thermos and the Danaher's and the Illumina's, which haven't been looked at in years — I think they put in major major bottoms." Health care "comes at the top of that pile" of defensives.
Thermo Fisher sells the instruments, reagents and lab services that pharmaceutical and biotech research runs on — the picks-and-shovels of drug discovery. It has been out of favour for years as biotech funding dried up and pharma cut research spending.
Verrone's call is a bottoming call made from price, not earnings: these "left for dead" life-science names "haven't been looked at in years," and the reversals in them are "particularly notable" — his phrase for a chart that turns after nobody is left to sell. He ranks health care first among defensive sectors on this basis.
40:50Pharma and biotech and life sciences have been leadership. They remain the leadership. They act great. I think these reversals in some of these left for dead life science stocks are particularly notable. The thermos and the Danaher's and the Illumina's which haven't been looked at in years. I think they put in major major bottoms.
In short: #8. "Thermo Fisher Scientific is the world leader in serving science and healthcare… analytical instruments, laboratory equipment, clinical diagnostics, and drug manufacturing services. They sell necessary equipment to the entire global biotechnology and research industry." Durability: "Scientific research and the fight against diseases never stop; they sell the picks and shovels for all biotech breakthroughs; massive regulatory switching costs protect their business." The regulatory switching-cost point is the strongest of the three — once an instrument is written into a validated protocol, replacing it means revalidating.
Thermo Fisher supplies laboratories with almost everything they use — instruments, reagents, consumables, diagnostic equipment, and outsourced drug-manufacturing services. It sells to essentially every pharmaceutical company, biotech and research institution in the world.
Two things make it durable. First, it is a picks-and-shovels business: it is paid whether or not any given drug works, which is the same reason Medpace is held in the real portfolio. Second, and more powerfully, once a specific instrument or reagent is written into a regulator-approved testing protocol, switching means revalidating the whole process. That is a switching cost enforced by law rather than by preference, and it is the strongest form there is.
In short: Another of Harrington's healthcare holdings in the same list — "they're all up nicely on the year, so the rebound's already started." No individual call this episode.
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