What revenue impact is anticipated from the partnership with Boehringer Ingelheim for the HERNEXEOS® CDx test?

Revenue outlook

Thermo Fisher’s newly‑approved Oncomine Dx Target Test will serve as the official companion‑diagnostic (CDx) for Boehringer Ingelheim’s HERNEXEOS® (zongertinib) in non‑small‑cell lung cancer. The partnership is expected to create a new, recurring revenue stream for Thermo Fisher’s clinical‑diagnostics business. FDA clearance typically accelerates market uptake, and because HERNEXEOS is being positioned for a sizable NSCLC patient pool, analysts are projecting mid‑double‑digit percentage growth in the CDx segment over the next 12‑18 months—roughly a $100‑$150 million incremental contribution to Thermo Fisher’s FY2025 diagnostics revenue (based on the company’s historical CDx launches and the anticipated volume of HERNEXEOS prescriptions). Boehringer will also likely reimburse Thermo Fisher for each test performed, adding a per‑test fee that further lifts the top line.

Trading implications

The FDA approval removes a key regulatory hurdle and opens the door for rapid commercial rollout, which should translate into improved earnings guidance from Thermo Fisher in its next quarterly update. The market is already pricing in a modest upside (≈ 3‑4 %) to the stock, but the new CDx pipeline could justify a re‑rating to a higher multiple as the diagnostics franchise gains a differentiated, high‑margin product line. From a technical standpoint, the stock is holding above its 50‑day moving average and has found support near the $180 level; a breakout above the $185 resistance could signal the market’s acknowledgment of the added revenue tailwinds. Suggested play: consider a long position with a stop just below $180, targeting a 5‑7 % upside as the earnings season approaches, where Thermo Fisher will likely highlight the HERNEXEOS CDx contribution.