Waters Corporation · NYSE:WAT
Waters — J.P. Morgan 44th Annual Healthcare Conference (January 2026)
29 slides from Waters's conference presentation, Jan 12, 2026
Slide 1: J.P. Morgan 44th Annual Healthcare Conference
J.P. Morgan 44th Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 12, 2026 Exhibit 99.1
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements: This presentation includes “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934,
Slide 3: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook
Slide 4: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook
Slide 5: A Simple & Repeatable Business Model
A Simple & Repeatable Business Model… Note: 1. Total R&D spending as a percentage of non-service total company revenue for the trailing twelve-month (TTM) period ended September 27, 2025. 2. According to SDi 2024 Analytical & Life Science Instrumentation Service Market (2021-2024 End User Perspectiv
Slide 6: Serving Attractive, Volume-Driven Markets
Note: $12B Core TAM + $7B Higher Growth Adjacencies TAM = $19B TAM with MSD+ growth. MSD = Mid single-digit., HSD = High single-digit., DD = Double-digit. Market growth rates are Waters internal estimates based on long-term historical data for more mature markets as well as current and recent histor
Slide 7: Successfully Executed Bold Transformation Plan Since 2020
Successfully Executed Bold Transformation Plan Since 2020 Regained Commercial Momentum 1 Entered Faster Growth Adjacencies 3 Delivered Pioneering Innovation 2 Accelerate the benefits of pioneering science
Slide 8: Transformation KPIs and Growth
Note: KPI figures and growth rates shown in the table on the left-hand side of the slide reflect 2025E, which are preliminary estimates and forward-looking statements and are subject to change. YTD25 = the nine months ended September 27, 2025. YTD24 = the nine months ended September 28, 2024. 1. Ser
Slide 9: Built New Vectors of Core Growth Accretion
Built New Vectors of Core Growth Accretion Note: Incremental dollars reflect estimated 2025E year-over-year revenue contribution while bps reflect the approximate corresponding contribution to total company organic revenue growth. These numbers are preliminary estimates and forward-looking statement
Slide 10: Resulting in Industry-Leading Financials
Resulting in Industry-Leading Financials Note: Peer values use each company’s publicly available last four reported quarters, as disclosed in each company’s non-GAAP disclosures. 1. Based on trailing twelve-month (TTM) as reported, GAAP data for the period ended September 27, 2025. 2. Operating marg
Slide 11: Expect More of the Same in 2026
Expect More of the Same in 2026 Note: 1. The 200bps+ reflects an aggregate sum of annual average core growth contribution across the five listed idiosyncratic growth drivers between 2026 and 2030, based on management estimates. This number is a preliminary estimate and a forward-looking statement an
Slide 12: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook
Slide 13: BD Biosciences & Dx Solutions
BD Biosciences & Dx Solutions Diagnostic Solutions Well-established portfolio with large installed base & deep sales channel serving attractive $22B TAM3 $3.3B Total GAAP Revenue (FY-25)1 5% CAGR FY19-242 (inc. 1% HW from drug discovery slowdown) 80% of revenue from iconic brands in their categories
Slide 14: Significant Value Creation Opportunity Ahead
Significant Value Creation Opportunity Ahead Biosciences & Diagnostic Solutions + Accelerates our High Growth Adjacencies w/ Commercial Scale Execution Uplift Opportunity Leveraging our Focus & Discipline 1 2
Slide 15: Why Flow Cytometry?
Why Flow Cytometry? BioSeparations Brings in much-needed antibody & reagent knowledge Innovation leader in Separations Leader in Antibodies & Reagents CHEMISTRY BIOLOGY + BioAnalytical Characterization Bring flow into process development and pharma QA/QC FDA EMA NMPA Light Scattering Overall size, s
Slide 16: Why Molecular Dx?
Why Molecular Dx? Note: 1. $265M reflects trailing twelve-month (TTM) LC-MS clinical revenue for the period ended September 27, 2025; LC-MS = Liquid Chromatography–Mass Spectrometry Waters has $265M LC-MS Clinical Business1 Today Serving multiplex diagnostics in specialty lab settings BD adds channe
Slide 17: Why Microbiology?
Why Microbiology? Note: 1. TAM = Total Addressable Market; market size and growth rates are based on internal estimates. 2. Revenue opportunities and upside potential reflect directional, long-term estimates and are not forecasts or guidance. 3. Gross margin gap and contributing factors are illustra
Slide 18: Significant Value Creation Opportunity Ahead
Significant Value Creation Opportunity Ahead Biosciences & Diagnostic Solutions + Accelerates our High Growth Adjacencies w/ Commercial Scale Execution Uplift Opportunity Leveraging our Focus & Discipline 1 2
Slide 19: Cost Synergies
Cost Synergies Note: EMD Millipore + Sigma Aldrich calculation based on cost synergies of €260M (~$360M) achieved in 2018 and pro forma 2013 cost base of ~$4.6B (FX rate: EUR/USD = 1.38). Sources: Merck Q3 2014 Roadshow Presentation; Merck Strategic Roadmap News Release (October 2016); Versum Materi
Slide 20: Revenue Synergies
Revenue Synergies Area By Year 5 Sub-Area Driver Key 2026 Vectors Additional Opportunity Commercial Excellence $115M Instrument Replacement $20M Systematize Instrument Replacement Replacement Normalization & Acceleration (New Launches) eCommerce $75M Expand by 20% Bring to Industry Levels for Reagen
Slide 21: Immediate Acceleration from Commercial Initiatives
Immediate Acceleration from Commercial Initiatives Note: I-Base = Installed Base 1. Installed base figures listed on this slide are only a subset of the total BD Biosciences & Diagnostic Solutions business, relating only to Flow Cytometry and BACTEC units and do not include other microbiology units
Slide 22: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook
Slide 23: Leading Brands Across High Vol, Regulated Applications
Leading Brands Across High Vol, Regulated Applications Biosciences & Diagnostic Solutions Kiestra™ BACTEC™ BD FACSLyric Clinical™ BD FACSDiscover™ BD MAX™ Phoenix™ Discovery DSC BD COR™ BD System Service Offerings Small Molecule Pharma MSD Food & Environmental MSD Large Molecule Pharma LDD Clinical
Slide 24: Industry-Leading Financial Outlook
Industry-Leading Financial Outlook Biosciences & Diagnostic Solutions WAT1 Peer Avg2 Adj. EBIT Margin Expansion4 (CY 2025E-30E) WAT1 Peer Avg2 Adj. EPS Growth5 (Annualized CY 2025E-30E) WAT1 Peer Avg2 Revenue Growth CAGR3 (CY 2025E-30E) Kiestra™ BACTEC™ FACSLyric Clinical™ FACSDiscover™ BD MAX™ >80%
Slide 25: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook
Slide 26: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 27: GAAP to Adjusted Non-GAAP Reconciliations
GAAP to Adjusted Non-GAAP Reconciliations (in thousands USD) Operating Income Operating Income Percentage Trailing Twelve-Months GAAP 824,335 26.5% Adjustments: Purchased intangibles amortization (a) 47,467 1.5% Restructuring costs and certain other items (b) 7,226 0.2% ERP implementation and transf
Slide 28: GAAP to Adjusted Non-GAAP Reconciliations
GAAP to Adjusted Non-GAAP Reconciliations (in thousands USD) Trailing Twelve-Months TTM Q3 2025 TTM Q3 2024 GAAP 10.88 10.48 Adjustments: Purchased intangibles amortization (a) 0.61 0.60 Restructuring costs and certain other items (b) 0.09 0.15 ERP implementation and transformation costs (c) 0.20 -
Slide 29: Waters
Waters — J.P. Morgan 44th Annual Healthcare Conference (January 2026) on 6ix