Waters (WAT) Jefferies Global Healthcare Conference 2026 summary

Business performance and growth drivers

• Achieved double-digit growth in legacy business, with strong contributions from new products and recurring revenue streams.

• Pharma segment delivered mid-teens growth, with China pharma up over 50% due to biotech and CDMO expansion.

• India generics maintained high teens growth, and idiosyncratic drivers like GLP-1 and PFAS testing contributed.

• Outperformed guidance by $60 million on top line and nearly 20% EPS growth.

• Operational execution and replacement cycles are driving sustained high single-digit to double-digit growth.

China market dynamics

• China’s pharma growth is now a secular trend, led by local biotech innovation and government support.

• High-resolution mass spectrometry entered QC for GLP-1, setting a precedent for global adoption.

• Localization efforts in bioscience and microbiology are enabling participation in local tenders, with sales expected in Q3 and Q4.

• Normalized China growth is expected to move toward high single digits by year-end.

Integration and transformation initiatives

• Implemented a 180-day plan focusing on commercial execution, funnel fidelity, and pricing discipline.

• Deal desks and contract compliance are recovering revenue from non-compliant customers.

• Localization in China removed competitive handicaps, enabling market share gains.

• Tactical synergies include new product launches, service attach, and e-commerce, with strategic synergies targeted for the latter half of the year.