Ther­mo Fish­er has flour­ished amid the pan­dem­ic, but can it keep the ball rolling when Covid-19 comes to a close?

Amid a gang­busters 12 months for con­tract man­u­fac­tur­ers, Ther­mo Fish­er Sci­en­tif­ic saw a mas­sive rev­enue bump in Q1 — and that’s with­out con­sid­er­ing its $17.4 bil­lion buy­out of con­tract re­searcher PPD. But Covid-19 won’t last for­ev­er, and an­a­lysts won­der when and if Ther­mo Fish­er will come back to earth.

On an earn­ings call with an­a­lysts Thurs­day, CEO Marc Casper point­ed to a string of re­cent in­vest­ments — the PPD ac­qui­si­tion ob­vi­ous­ly the largest — as a sign that Ther­mo is lever­ag­ing its gush­ing cash flow to put it­self in a po­si­tion to suc­ceed even once the pan­dem­ic comes to an end. The com­pa­ny post­ed 59% rev­enue growth on the quar­ter to $9.91 bil­lion.

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