Slide 1: Q2 2026 Earnings Call Presentation
Q2 2026 Earnings Call Presentation August 4, 2026 0
Slide 2: Introduction
Introduction Caspar Tudor Head of Investor Relations 1
Slide 3: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements regarding future results and events, including financial and operational guidance and projected estimates. For this purpose, any statements that are not statements of historical fact may be
Slide 4: Agenda
Agenda 01 CEO Remarks 02 Financial Results & Outlook 03 Q&A 3
Slide 5: CEO Remarks
CEO Remarks Dr. Udit Batra President & Chief Executive Officer 4
Slide 6: Key Messages
Key Messages Industry- BS/Dx Entering Next Leading HSD Momentum Phase of Organic Growth Building Value Creation Continues Note: HSD = high single-digit. 5
Slide 7: Q2 2026 Results – Overview
Q2 2026 Results – Overview Total Revenue Organic Revenue Biosciences & Diagnostic Solutions Revenue $1.645B $828M $817M Adj. EPS = As Reported: + As Reported: $3.05 +7% +4% Growth Constant Currency: Above Guidance: +3% +9% +$15M Note: Growth measures presented in constant currency and adjusted EPS a
Slide 8: Q2 2026 Results – By Division
Q2 2026 Results – By Division Analytical Sciences Biosciences Advanced Diagnostics Materials Sciences Q2 2026 Revenue Q2 2026 Revenue Q2 2026 Revenue Q2 2026 Revenue $669M $368M $521M $87M = +7% +3% +7% +6% + + As Reported As Reported As Reported As Reported $449M $72M DS CBU +9% +5% As Reported +15
Slide 9: Consistently Delivering Industry-Leading Results
Consistently Delivering Industry-Leading Results Clear Growth Strategy Executed as Committed = Yielding Durable 2022 Investor Day HSD Strength Drive Strong Commercial Execution 8% Average Organic CC Deliver Pioneering 2025 Investor Day Innovation Growth over Past 7 Quarters Enter Faster Growth Adjac
Slide 10: Double-Digit Organic Growth So Far in 2026
Double-Digit Organic Growth So Far in 2026 Spotlight: 1H26 ASD Y/Y Organic CC Revenue Growth Best-in-Class 1Q26 2Q26 1H26 Growth… Instruments +8% +8% +8% +10% Y/Y Chemistry +13% +10% +12% 1H26 Waters Organic CC Growth Service +14% +9% +11% …on a Multi-Year Basis Pharma +14% +11% +12% +9% 2-YR CAGR N
Slide 11: Middle-Innings of Instrument Replacement Cycle
Middle-Innings of Instrument Replacement Cycle Multi-Phased Recovery has Elongated Instrument Replacement Cycle Duration vs. Historical 2-3yrs Significant Headroom Still Organic CC Revenue CAGR 2 1H26 vs. 1H19 vs. Total Instruments 2.5% LC MS 2% 3% 5% CAGR 1 L.T. Historical TA 5% Instrument Growth R
Slide 12: Reshoring Presents Attractive Tailwind for 2027-30
Reshoring Presents Attractive Tailwind for 2027-30 Key Opportunity 76 $100B 71% for ASD Individual expansion sites tracked linked Total Capex spend associated with 37/76 of tracked sites sit in customer accounts while counting only to pledged U.S. sites (50%) that are with medium/high validated
Slide 13: Driving Immediate Impact w/ Our 180-Day Plan
Driving Immediate Impact w/ Our 180-Day Plan Rapid Execution 1 Drive Urgency, Accountability & Transparency Initiatives to Reinvigorate 2 Enact Pricing Excellence BS/Dx Growth & Reagent Compliance 180-Day Plan Begin to Regain Share 3 in Flow RUO Outpacing our expectations again in first full quarter
Slide 14: Introducing FACSDiscover A7 Cell Analyzer
Introducing FACSDiscover A7 Cell Analyzer The New Benchmark for Spectral Flow Cytometry CATEGORY-DEFINING TECHNOLOGY W/ OPTIMIZED PRICE-TO-PERFORMANCE SpectralFX Technology One Box System Revolutionary spectral Compact system w/ efficient performance expands panel utilization of bench space size acr
Slide 15: BACTEC FXI Placements Now Beginning
BACTEC FXI Placements Now Beginning Microbiology: Now Leading the Blood Culture Market w/ Groundbreaking Innovation Critical BACTEC FX Other BACTEC FXI 3-hr Faster Time to Detection Attributes (legacy product) Competitor w/ new measurement algorithms, continuous loading & higher temp w/ 20-30 bottle
Slide 16: Powering AI-enabled Next-Gen Immune Profiling
Powering AI-enabled Next-Gen Immune Profiling High Growth Adjacency for Biosciences Example: IMU Biosciences Serving Next-Generation Immune Profiling and Strategic Partnership Precision Medicine in Dx Scaling Precision Immunology platform for population-wide immune mapping & disease insights Buildin
Slide 17: Planned Actions for 2026 Have Been Taken
Flawless Cost Execution Planned Positive P&L Impact (on Adj. Operating Income) Actions for Area Sub-Area 3Q26 4Q26 2026 Cumulative Run-Rate 2026 Have Been Taken Manufacturing Operations & Supply Chain $5M $10M $15M $40M Field Operations (S&T) 2026 Actions Functions SG&A Expenses R&D $20M $40M $60M $
Slide 18: Acquisition Entering Next Phase of Value Creation Roadmap
Acquisition Entering Next Phase of Value Creation Roadmap Phase 1 Phase 2 Phase 3 Operational + First Full Tranche of + Strategic Revenue Growth Excellence Revenue Synergies Synergies + Instrument replacement + Service plan attachment + eCommerce Execution Initiatives + New Products in Bioseparati
Slide 19: Financial Results & Outlook
Financial Results & Outlook Amol Chaubal Senior Vice President & Chief Financial Officer 18
Slide 20: Q2 2026 Financial Results
Q2 2026 Financial Results Total Revenue $1.645B Asia $450M Americas = $690M Europe $505M Organic Revenue $828M + Biosciences & Diagnostic Solutions Revenue $817M Adj. Operating Margin Adj. EPS Adj. EPS Growth 25.0% $3.05 +3% Note: Adj. Operating Margin, Adj. EPS and Adj. EPS growth are non-GAAP fina
Slide 21: Analytical Sciences Division (ASD)
Analytical Sciences Division (ASD) Category-defining Brands Analytical Sciences Performance Commentary Chemistry Service Q2 2026 Revenue in CC $162M $267M $669M +10% +9% +11% Pharma growth, driven by instrument replacement, Y/Y Growth idiosyncratic growth drivers across in CC GLP-1s, generics, and
Slide 22: Biosciences Division (WBD)
Biosciences Division (WBD) Category-defining Brands FACSDiscover FACSLyric Horizon Biosciences Performance Commentary Flow Clinical Q2 2026 Revenue $170M $368M +8% Flow Clinical grew 8% on stronger execution, pricing, and improving customer activity levels. Reagents grew mid single-digits overal
Slide 23: Advanced Diagnostics Division (ADx)
Advanced Diagnostics Division (ADx) Category-defining Brands BACTEC Phoenix Kiestra Synapsys BD MAX Advanced Diagnostics Performance Commentary MSDx MDx & PoC Q2 2026 Revenue $72M $129M $521M +15% +9% In Microbiology, ex-China growth was 6%, while 13% China decline = was better than expected. +7%
Slide 24: Materials Sciences Division (MSD)
Materials Sciences Division (MSD) Category-defining Brands Materials Sciences Performance Commentary Service Q2 2026 Revenue $29M in CC $87M +7% Growth led by strength in electronics testing for semiconductor and data Y/Y Growth center research applications. in CC Also saw strength in advanced +
Slide 25: FY & Q3 2026 Guidance
FY & Q3 2026 Guidance FY 2026 Q3 2026 Organic CC Revenue Growth +7.0% to +9.0% Organic CC Revenue Growth +8.0% to +10.0% FX (0.6%) FX (1.7%) Organic Reported Revenue $3.370B to $3.431B Organic Reported Revenue $850M to $867M Acquired Business Contribution +$3.045B Acquired Business Contribution +$89
Slide 26: Q&A Session
Accelerating Q&A Session the Benefits of Pioneering Q2 2026 Earnings Call Science 25
Slide 27: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations 26
Slide 28: Q2 2026 – Reconciliation of Revenue Growth
Q2 2026 – Reconciliation of Revenue Growth (in millions USD) 2026 2025 Total Reported Revenue (GAAP) 1,645 771 Acquired Business Contribution 817 - Reconciliation of Total Organic Reported Revenue 828 771 Organic Revenue Growth Organic Reported Revenue Growth 7% Currency Translation Impact (2%) Orga
Slide 29: Q2 2026 – Reconciliation of Organic Revenue Growth
Q2 2026 – Reconciliation of Organic Revenue Growth % Growth % Growth Constant (in millions USD) 2026 2025 Impact of Currency Reported Currency Instruments 240 229 5% (3%) 8% Analytical Sciences Service 267 248 8% (1%) 9% Division (ASD) Chemistry 162 150 8% (2%) 10% Analytical Sciences Division Reven
Slide 30: Q2 2026 – Reconciliation Prior Year Comparable Revenue Growth
Q2 2026 – Reconciliation Prior Year Comparable Revenue Growth % Growth (in millions USD) 2026 2025 Reported Flow Research 198 201 (2%) Reconciliation of Biosciences Prior Year Flow Clinical 170 157 8% Comparable Revenue Total Biosciences – Q2 368 358 3% % Growth (in millions USD) 2026 2025 Reported
Slide 31: YTD 2026 – Reconciliation of Organic Revenue Growth
YTD 2026 – Reconciliation of Organic Revenue Growth (in millions USD) 2026 2025 Total Reported Revenue (GAAP) 2,912 1,433 Acquired Business Contribution 1,337 - Reconciliation of Organic Total Organic Reported Revenue 1,575 1,433 Revenue Growth Organic Reported Revenue Growth 10% Currency Translatio
Slide 32: Q2 2026 – Reconciliation of Adjusted Operating Income
Q2 2026 – Reconciliation of Adjusted Operating Income Q2 2026 Q2 2026 Q2 2026 Q2 2026 (in millions USD) Operating Operating Gross Margin Gross Margin % (Loss) Income (Loss) Income % GAAP 734 44.6% (86) (5.2%) Adjustments: Purchased intangibles and acquisition step-up amortization (a) 155 9.4% 399 24
Slide 33: Reconciliation of Adjusted EPS & 2026 Guidance
Reconciliation of Adjusted EPS & 2026 Guidance Reconciliation of Adjusted Earnings Per Share FY 2026 and Q3 2026 Revenue & EPS Guidance Q2 2026 Q2 2025 Projected Revenue FY 2026 Q3 2026 GAAP ($1.39) $2.47 Reported revenue $6,415 - $6,476 $1,745 - $1,762 Adjustments: Acquired business contribution $3