Testing the limits

Thermo Fisher Scientific shares soared to an all-time high Friday after the supplier of PCR and antigen testing supplies for use in tracking the COVID-19 pandemic forecast accelerating sales and profit growth in the coming years.

Waltham, Massachusetts-based Thermo Fisher unveiled its new financial guidance at a meeting with analysts. Chief Executive Marc Casper told them Thermo was “leading the industry in the COVID-19 response and enhancing our competitive position.”

Thermo Fisher also sells equipment like electron microscopes and mass spectrometers to scientific laboratories. Its shares have underperformed smaller competitors including Agilent Technologies and Bruker Corp. so far this year. In April it announced it was buying contract research company PPD of Wilmington, North Carolina for $17.4 billion in a bid to accelerate its drive into the fast-growing health care testing market.

Thermo Fisher’s stock jumped 6.5% Friday, its biggest gain in nearly a year-and-a-half.