WATERS CORP /DE/ (WAT) Company Report

Waters is presenting at the J.P. Morgan Healthcare Conference on January 12, 2026, including high-level commentary on its proposed transaction with Becton, Dickinson & Company and Augusta SpinCo and expected synergies.
The company highlighted its best-in-class financial profile with TTM revenue of $3.1 billion, 59% gross margin, 24% free cash flow as a percentage of sales, and 30.4% adjusted operating margin.
Strategic priorities include driving organic growth through instrument replacement, expanding into high-growth adjacencies like bioanalytical characterization and LC-MS in diagnostics, and accelerating digital sales channels.
The presentation projects over 200 bps of annual core growth contribution from 2026–2030 idiosyncratic drivers and outlines $290 million in revenue synergies plus $200 million in cost synergies from the BD merger.

2 days ago

8-K

Waters at 44th Annual J.P. Morgan Healthcare Conference

WAT

M&A

Guidance Update

Product Launch

Waters has executed a 5-year transformation fueling 8% TTM revenue growth, a 180 bps adjusted operating margin lead over peers, and double-digit EPS growth.
For 2026, management expects mid-single-digit instrument growth plus ~200 bps top-line accretion from idiosyncratic drivers (GLP-1 testing, PFAS, India generics), and further expansion into biologics and informatics.
Announced acquisition of BD’s $3.3 B Bioscience & Diagnostics business (5% CAGR 2019–24, 80% recurring revenue) with $200 M cost synergies and $115 M revenue synergies in high-growth adjacencies (bioseparations, flow cytometry, LC-MS).
Highlighted recent product innovation: Alliance iS LC system, Xevo TQ Absolute for PFAS testing, and MaxPeak Premier bio-inert columns growing 35% YoY.

2 days ago

Transcript

Waters outlines proposed spin-off and combination with BD at JPM Healthcare Conference

WAT

M&A

Waters, SpinCo and BD have filed a Form S-4 (effective December 23, 2025) and a Form 10 (effective December 31, 2025) in support of the proposed spin-off and combination transaction.
The combined entity targets $200 million in cost synergies by year 3 (∼5% of cost base) and $290 million in revenue synergies by year 5 (including $145 million in adjusted EBITDA).
Waters reports a trailing twelve-month base of $3.1 billion in revenue, 59.0% gross margin, 30.4% adjusted operating margin, and 24% free cash flow as a percentage of sales.
The alliance aims for a ~7% CAGR in revenue (CY 2025E–30E), ~500 bps of adjusted EBIT margin expansion, and mid-teens adjusted EPS growth over the same period.

2 days ago

Presentation

Waters outlines growth strategy and BD biosciences acquisition

WAT

M&A

Revenue Acceleration/Inflection

Waters’ five-year transformation—focusing on instrument replacement, service-plan attach, e-commerce, CRO expansion and launch excellence—has driven 8% organic growth, an 180 bps operating-margin lead and double-digit EPS growth.
The $3.3 B acquisition of BD’s Biosciences and Diagnostics business (5% CAGR 2019–24; 80% recurring revenue) accelerates Waters’ entry into flow cytometry, molecular diagnostics and microbiology, with $200 M in cost synergies and $115 M in revenue synergies targeted over three years.
Looking ahead, Waters targets a 7% revenue CAGR, 500 bps of margin expansion and mid-teen EPS CAGR over the next five years, fueled by five Waters-specific growth drivers: GLP-1 testing, PFAS testing, generics, biologics and informatics.
Waters’ $300 M Empower informatics business is expected to grow double digits as it transitions to subscription and cloud-native models while integrating additional instruments.

2 days ago

Transcript

Waters Corporation acquires BD bioscience and diagnostics business

WAT

M&A

Guidance Update

Waters announces the acquisition of BD’s Bioscience and Diagnostics business, a $3.3 billion portfolio with 80% recurring revenue and established brands in flow cytometry, microbiology, and molecular diagnostics.
The deal is projected to deliver $200 million in cost synergies through manufacturing, commercial, and G&A efficiencies and $115 million in revenue synergies from high-growth adjacencies over three years.
Key strategic drivers include expanding bioseparations with affinity and size-exclusion chromatography, integrating BD’s flow cytometers into compliance software, and scaling LC-MS diagnostics with BD’s commercial infrastructure.
Waters targets a 7% revenue CAGR, 500 bps of margin expansion, and mid-teens EPS growth over the next five years, outpacing peer forecasts.

2 days ago

Transcript

Waters outlines growth drivers and innovation pipeline at Jefferies London Healthcare Conference

WAT

Product Launch

M&A

Revenue Acceleration/Inflection

Waters’ LCMS instrument growth remains in the high single-digit range as the replacement cycle is only “probably not even midway through,” with a six-year CAGR still in the low single digits indicating further upside.
Idiosyncratic drivers include GLP-1 testing revenues doubling and PFAS testing with ~30% order growth, alongside India growing in the high teens.
Innovation pipeline features the Alliance iS, TQ Absolute XR and upcoming CDMS platform—addressing a $350 million large-molecule analytical market and targeting majority share over the next 5–10 years.
Informatics growth via Empower (a $300 million business) is being accelerated by adding new instruments and apps and shifting to a per-user subscription model, aiming to double revenue in five years.
BD integration planning is underway across 400 initiatives, with positive surprises in microbiology workflow synergies—targeting a $300 million sterile-testing market and MALDI-TOF replacement.

Nov 18, 2025, 2:30 PM

Transcript

Waters outlines growth drivers at Jefferies London Healthcare Conference 2025

WAT

Product Launch

M&A

Waters’ LCMS instrument growth is in the high single-digit range, with the replacement cycle “not even midway” and additional drivers from GLP-1 testing (revenues doubled) and PFAS testing (30% order growth).
The chemistry segment grew 13% in Q3, driven by bioseparations innovations (MaxPeak Premier, SEC columns, Protein A Columns), and is expected to settle at high single-digit to low-double-digit growth long term.
Pharma sales rose double digits in Q3, propelled by the replacement cycle in the US/Europe, CDMO-driven growth in China, and high-teens growth in India, while CRO demand has stabilized after prior declines.
Waters previewed CDMS, targeting a $350 million market for large-molecule characterization, and highlighted integration planning for the BD acquisition alongside launching new platforms like FACS DiVa S8 and the FXI incubator.

Nov 18, 2025, 2:30 PM

Transcript

Waters outlines growth drivers at Jefferies London Healthcare Conference 2025

WAT

Product Launch

M&A

Waters’ LCMS instrument growth remains in the high single digits, driven by the ongoing replacement cycle, plus idiosyncratic growth in GLP-1 testing (revenues doubled), PFAS testing (30% order growth) and India (high-teens growth) alongside new products such as Alliance iS and TQ Absolute XR.
The chemistry consumables segment grew 13% in 3Q and 11% year-to-date, fueled by a five-year R&D shift toward biologics (MaxPeak Premier, SEC and Protein A columns); long-term chemistry growth is expected to reach high single to low double digits.
Pharma end-markets delivered double-digit growth in the U.S. and Europe (replacement cycle, DMPK, GLP-1) and China (CDMO expansion), while CRO demand has stabilized and early-stage biotech remains flattish.
Waters’ CDMS technology, addressing a $350 million market growing high single to double digits, has begun customer shipments and promises a new category for large-molecule characterization.
Post-BD acquisition integration is underway, focusing on microbiology workflow synergies, launching FACS DiVa S8, FXI incubator and BD Core HPV testing, and expanding Empower software via a subscription model to potentially double its $300 million base.

Nov 18, 2025, 2:30 PM

Transcript

Waters reports Q3 2025 results and raises full-year guidance

WAT

Earnings

Guidance Update

M&A

Sales of $800 million, up 8% YoY; instrument sales +6% and recurring revenues +9%
Non-GAAP EPS of $3.40, up 16% and $0.20 above the midpoint of guidance
Raised full-year 2025 guidance to 6.7%–7.3% constant-currency sales growth (midpoint 7%) and $13.05–$13.15 adjusted EPS
On track to complete combination with BD’s Biosciences and Diagnostic Solutions business by end-Q1 2026, with integration planning well underway

Nov 4, 2025, 1:00 PM

Transcript

Waters Corporation announces Q3 2025 results

WAT

Earnings

Guidance Update

Q3 2025 revenue of $800 million, up 8% reported and constant-currency vs. Q3 2024.
Non-GAAP EPS of $3.40, representing 17% constant-currency growth vs. Q3 2024.
Instrument sales rose 6% CC and recurring revenue grew 9% CC year-over-year.
FY 2025 guidance: constant-currency revenue growth 6.7%–7.3%, non-GAAP EPS $13.05–$13.15; Q4 CC revenue growth 5.0%–7.0%, EPS $4.45–$4.55.

Nov 4, 2025, 1:00 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for WATERS CORP /DE/.

Q3 2025

Nov 4, 2025

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Q2 2025

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Q1 2025

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WATERS CORP /DE/ (WAT)

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