Thermo Fisher Scientific Inc. (NYSE:TMO) shares surged around 5% in the pre-market session on Thursday, after the company reported better-than-expected fourth-quarter results, driven by strong demand for its life sciences products and services.

For the quarter ended December 31, 2024, the scientific instrument maker posted adjusted earnings of $6.10 per share, exceeding the consensus estimate of $5.94. Revenue rose 5% year-over-year to $11.4 billion, also topping analysts' expectations of $11.28 billion.

Thermo Fisher attributed the strong performance to improved demand for its products and services used in developing therapies. The company's life sciences solutions segment, which provides products and services for research and drug development, saw a 5.5% increase in revenue.

"We drove meaningful share gain and enabled the success of our customers, by leveraging our proven growth strategy and PPI Business System, capping off another year of differentiated performance," said Marc N. Casper, Chairman, President and CEO of Thermo Fisher Scientific.

Following the earnings release, several analysts raised their price targets on the stock, citing the company's robust quarterly results, expanding margins, and expectations for continued growth in the life sciences sector.