Thermo Fisher Erases $12 Billion Value on Health-Care Woes (2)

Thermo Fisher Scientific Inc. has erased more than $12 billion from its market value so far this week as a growth slump in China and slowing demand from drug makers hit the laboratory tools maker.

Shares of the company dropped 5.5%, the biggest one-day decline since November 2020, after the firm — which earns roughly a tenth of its revenue from China — cut its profit outlook for the second time this year. Rival testing and equipment companies also fell.

“Put simply, the macro remains challenging,” Andrew Cooper, an analyst at Raymond James wrote in a note to ...