Waters Corp.: Takeaways from dinner with Waters mgmt. @ 2026 BofA Healthcare Conference

研报英文原文证据摘录

Waters Corp.: Takeaways from dinner with Waters mgmt. @ 2026 BofA Healthcare Conference

om pore sizes Investment Opinion B-2-9

and superior lot to lot consistency are driving spec ins and competitive wins (including a 52-Week Range 275.05 USD - 414.15 USD

meaningful displacement at a large pharma customer). Continued innovation and new Mrkt Val (mn) / Shares Out 20,540 USD / 59.0

products in chemistry should sustain performance above historical growth rates. In (mn)

terms of changes in the FY26 guide, WAT saw an opportunity to de-risk following the 1Q Free Float 99.9%

beat (and given tougher 2Q->4Q comps), now only assuming +MSD chemistry growth Average Daily Value (mn) 363.14 USD

the rest of the year; this tweak is not reflective of any weakening or warning signs. BofA Ticker / Exchange WAT / NYS

China remains a core strategic priority BloombergROE (2026E)/ Reuters WAT US / WAT.N29.8%

…rather than an area to retrench, with management arguing it would be a “huge Net Dbt to Eqty (Dec-2025A) 32.0%

mistake” to exit given demographics, aging population, and the accelerating shift toward

innovation. Performance has been better than feared, particularly in pharma/biopharma,

BD: Becton Dickinsondespite expected Dx-headwinds. The key challenges are execution and policy rather than

demand: DRG reform is uneven province‑to‑province, local‑for‑local manufacturing QA/QC: quality assurance / quality

requirements are becoming critical for stimulus tenders, and BD historically lacked control

sufficient China localization. Management is actively addressing this, targeting local

manufacturing by ~3Q to participate in stimulus later this year, leveraging distributor GLP-1: glucagon-like peptide-1

changes, and emphasizing innovation and workflow value to offset pricing pressure.