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
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 ©2026 Waters Corporation 2
Slide 4: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook ©2026 Waters Corporation 3
Slide 5: A Simple & Repeatable Business Model
A Simple & Repeatable Business Model… 170K+ installed base4 1 Liquid Mass Chromatography Spectrometry Growth from new applications & 2 #1 instrument replacement Chromatography Data System ~80% of novel drugs Thermal Light HIGH QUALITY, submitted to FDA, EMA, China Analysis Scattering WIDE MOAT BUSIN
Slide 6: Serving Attractive, Volume-Driven Markets
…Serving Attractive, Volume-Driven Markets $12B TAM +$7B TAM High Growth Core Markets 1 Adjacencies 2 Pharma QA/QC BioSeparations Late-Stage Drug Development Bioanalytical Characterization Food & Environmental Safety LEADER IN REGULATED, Multiplex Diagnostics HIGH-VOLUME (LC-MS into Dx) Chemical Ana
Slide 7: Successfully Executed Bold Transformation Plan Since 2020
Successfully Executed Bold Transformation Plan Since 2020 1 Regained Commercial Momentum the 2 Delivered Pioneering Innovation of science 3 Entered Faster Growth Adjacencies ©2026 Waters Corporation 6
Slide 8: Delivering Strong Commercial Execution & Revitalized Innovation
Delivering Strong Commercial Execution & Revitalized Innovation 1 Commercial Execution KPIs Continue to Run Ahead 2 Pioneering Innovation Augmenting Strength 2019 2024 NOW Instrument Replacement Embedded in our Operating Cadence +270% YTD Sales Growth Y/Y4 Service Plan 43% 50% 54% Attachment 1 of ac
Slide 9: Built New Vectors of Core Growth
Built New Vectors of Core Growth Accretion 3 Successfully Entered High-Growth Adjacencies + Idiosyncratic Growth Drivers Exceeding Targets Organic GLP-1s +$30M +95bps in 2025E = 2025E growth Bioanalytical (inc. India) contribution Characterization Bioseparations LC-MS into Dx PFAS +$20M = +70bps in
Slide 10: Resulting in Industry-Leading Financials
Resulting in Industry-Leading Financials N Y S E :W AT Best-in-Class Financial Profile & Y/Y Performance Across LST Industry $3.1B Organic CC Growth (TTM) 4 Adj. Operating Margin (TTM) 5 Adj. EPS Growth (TTM) 6 Total Revenue (TTM)1 WAT 8% WAT 30.4% WAT 12% 59.0% Peer 1 5% Peer 1 25.7% Peer 1 6% Gros
Slide 11: Expect More of the Same in 2026
Expect More of the Same in 2026 PLUS Triple-specced position across orals and 1 GLP-1s injectables expected to drive lasting growth tailwind Opportunity expanding into food & materials, while 2 PFAS water testing growth continues 200bps+ 3 Generics Strong volume growth dynamics in India generics for
Slide 12: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook ©2026 Waters Corporation 11
Slide 13: BD Biosciences & Diagnostic Solutions
BD Biosciences & Dx Solutions Biosciences & Diagnostic Solutions Well-established portfolio with large installed base Diagnostic Solutions & deep sales channel serving attractive $22B TAM 3 80% of revenue from iconic brands in their categories $3.3B 5% BIOSCIENCES Total GAAP Revenue (FY-25)1 CAGR FY
Slide 14: Significant Value Creation Opportunity Ahead
Significant Value Creation Opportunity Ahead Biosciences & Diagnostic Solutions + Biosciences & Diagnostic Solutions 1 Accelerates our High Growth Adjacencies w/ Commercial Scale 2 Execution Uplift Opportunity Leveraging our Focus & Discipline ©2026 Waters Corporation 13
Slide 15: Why Flow Cytometry?
Why Flow Cytometry? Biosciences & Diagnostic Solutions BioSeparations BioAnalytical Characterization Brings in much-needed Bring flow into process antibody & reagent knowledge development and pharma QA/QC FDA EMA NMPA CHEMISTRY Innovation leader in Separations + + LC-MS Light Flow Scattering Cytomet
Slide 16: Why Molecular Dx?
Why Molecular Dx? Biosciences & Diagnostic Solutions BD adds channel, service, automation & regulatory capabilities needed to scale business into new multiplex testing workflows Elevate 24/7 Global Reach Service Waters has $265M LC-MS into Specialty Labs Clinical Business1 Today Automation w/ Core L
Slide 17: Why Microbiology?
Why Microbiology? Biosciences & Diagnostic Solutions Additional Source of Value Creation in an Attractive, Volume-Driven Business Mass Spec for Microbial Rapid Sterility Testing in Margin Improvement Opportunity in Identification (MALDI-TOF) Pharma QA/QC Diagnostics Solutions Segment $500M $300M 700
Slide 18: Significant Value Creation Opportunity Ahead
Significant Value Creation Opportunity Ahead Biosciences & Diagnostic Solutions + Biosciences & Diagnostic Solutions 1 Accelerates our High Growth Adjacencies w/ Commercial Scale 2 Execution Uplift Opportunity Leveraging our Focus & Discipline ©2026 Waters Corporation 17
Slide 19: Cost Synergies
Cost Synergies Biosciences & Diagnostic Solutions By Key 2026 Area Sub-Area Driver Additional Opportunity Year 3 Vectors Network Optimization $40M Site Rationalization Management Consolidation Mfg. & $80M Direct Procurement $30M 2.5% of Direct Spend 5% of Direct Spend (= benchmark) Supply Chain Frei
Slide 20: Revenue Synergies
Revenue Synergies Biosciences & Diagnostic Solutions By Key 2026 Area Sub-Area Driver Additional Opportunity Year 5 Vectors Instrument Systematize Instrument Replacement Normalization & $20M Replacement Replacement Acceleration (New Launches) Commercial Bring to Industry Levels for $115M eCommerce $
Slide 21: Immediate Acceleration from Commercial Initiatives
Immediate Acceleration from Commercial Initiatives Biosciences & Diagnostic Solutions Current Synergy Needed to Hit Additional Facts State Target2 Synergy $ Instrument 22K+ $20M +100 10,000 / 25,000 Flow 12,000 / 20,000 BACTEC Replacement Instrument systems past by yr 5 Incremental I-Base has aged1
Slide 22: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook ©2026 Waters Corporation 21
Slide 23: Leading Brands Across High Vol, Regulated Applications
Leading Brands Across High Vol, Regulated Applications Biosciences & Diagnostic Solutions MSD HSD MSD DD LDD Discovery DSC BD FACSDiscover Discovery TGA MSD+ MSD+ BD FACSLyric Clinical BACTEC BD MAX BD COR Phoenix Kiestra BD System Service Offerings 1 Transaction Doubles Waters TAM to $40B in Attrac
Slide 24: Industry-Leading Financial Outlook
Industry-Leading Financial Outlook Biosciences & Diagnostic Solutions Revenue Growth CAGR3 >80% of Revenue from Iconic Brands (CY 2025E-30E) ~ FACSLyric Clinical Peer Avg2 4% >80% FACSDiscover BACTEC Kiestra Adj. EBIT Margin Expansion4 (CY 2025E-30E) BD MAX ~ Committed R&D spend Peer Avg 2 360bps Bi
Slide 25: Key Messages
Key Messages Executing from a Position of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook ©2026 Waters Corporation 24
Slide 26: Appendix
Appendix GAAP to Non-GAAP Reconciliations
Slide 27: GAAP to Adjusted Non-GAAP Reconciliations
GAAP to Adjusted Non-GAAP Reconciliations Operating Income Reconciliation of GAAP to Adjusted Non-GAAP Reconciliation of Actual GAAP Cashflow to Non-GAAP Free Cash Flow Trailing Twelve-Months (TTM) Ended September 27, 2025 Trailing Twelve-Months (TTM) Ended September 27, 2025 Operating Operating Inc
Slide 28: GAAP to Adjusted Non-GAAP Reconciliations
GAAP to Adjusted Non-GAAP Reconciliations Earnings Per Share Reconciliation of GAAP to Adjusted Non-GAAP Trailing Twelve-Months (TTM) Ended September 27, 2025 and September 28, 2024 (in thousands USD) Trailing Twelve-Months TTM Q3 2025 TTM Q3 2024 GAAP 10.88 10.48 Adjustments: (a) The purchased inta
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