Contract drugmakers saw reduced spending from their biotech clients last year, but recent interest declines could improve the biotech financing environment as costs of borrowing could become lighter.

Thermo, which raised its earnings forecast range twice earlier this year, now expects full-year profit of between $21.35 and $22.07 per share, up from a previous forecast of $21.29 to $22.07 per share. .07 dollars per share.

Thermo Fisher maintained its annual revenue forecast of between $42.4 billion and $43.3 billion.

Analysts expect earnings of $21.72 per share and revenue of $42.91 billion for this year, according to LSEG data.

For the third quarter, sales of the company’s laboratory products segment, which provides products and services used in clinical trials and drug development, were $5.74 billion, above expectations analysts of $5.45 billion.

Revenue from this segment accounts for more than half of Thermo Fisher’s total sales.

On an adjusted basis, Waltham, Mass.-based Thermo earned $5.28 per share for the quarter ended Sept. 28, compared to $5.25 per share expected by analysts.

However, its third-quarter revenue of $10.60 billion fell short of estimates of $10.64 billion.

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