Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - The company has undergone a transformation process over the past five years, enhancing its commercial strength, revitalizing innovation, and entering fast-growing adjacencies, which facilitated the acquisition of BD's Bioscience and Diagnostics business [2][3]. Group 1: Company Strategy - The acquisition of BD's Bioscience and Diagnostics business is seen as a strategic move to create value for the corporation in the coming years [3]. - The company aims to execute its strategy from a position of strength, focusing on value creation and future strategic and financial perspectives [3]. Group 2: Market Position - The company addresses significant unmet needs for customers who invest approximately 10% of product sales in R&D, aiming to transform complex instrumentation into useful systems for high-volume regulated applications [4]. - There are roughly 170,000 instruments placed across various customers in regulated laboratories and other settings, indicating a strong market presence [4].

Summary of Waters (NYSE: WAT) FY Conference Call - January 12, 2026 Company Overview - **Company**: Waters Corporation - **Industry**: Life Science Tools and Diagnostics - **Recent Acquisition**: BD's Bioscience and Diagnostics business Key Points Transformation and Growth Strategy - Waters has undergone a transformation over the past five years, enhancing commercial strength and innovation, leading to the acquisition of BD's Bioscience and Diagnostics business [2][19] - The company invests approximately 10% of product sales in R&D to develop complex instrumentation into user-friendly systems for regulated applications [3][4] Market Position and Financial Performance - Waters operates in core markets valued at approximately $11 billion, growing mid-single digits, while the biologics market is growing at double digits [5][6] - The total addressable market (TAM) for Waters is estimated at $19-$20 billion, with growth projected in mid to high single digits [6] - Waters has achieved an adjusted operating margin that is 180 basis points higher than its closest competitor, with an 8% growth rate over the last 12 months, outpacing the industry average [16] Product and Service Innovations - Key product innovations include: - **Alliance iS**: Leading instrument in its category, reducing errors in quality control by 40% and growing 270% year-over-year [10] - **Xevo TQ Absolute**: Most sensitive mass spectrometer for PFAS testing, growing 40% in its third year [10] - **MaxPeak Premier columns**: Bio-inert columns for biologics characterization, growing 35% year-over-year [11] - The service team contributes roughly one-third of total revenue, with a Net Promoter Score (NPS) 20% higher than the industry average [4] Acquisition of BD's Bioscience and Diagnostics Business - The acquisition is valued at $3.3 billion, with a 5% CAGR from 2019 to 2024, and 80% of revenue is recurring [19][20] - The business includes: - **Biosciences**: $1.5 billion revenue, focusing on flow cytometry and antibodies [20] - **Diagnostic Solutions**: $1.8 billion revenue, with a strong presence in microbiology and molecular diagnostics [21] Strategic Synergies and Future Growth - Expected synergies from the acquisition include: - **Cost Synergies**: Estimated at $200 million over three years, with potential to exceed $300 million [29][30] - **Revenue Synergies**: Anticipated revenue growth of $115 million from high-growth adjacencies [32] - Focus on cross-selling opportunities and leveraging BD's commercial infrastructure to enhance Waters' product offerings [33] Financial Outlook - Waters projects a 7% CAGR in revenue over the next five years, with a margin expansion of approximately 500 basis points [39] - Expected mid-teen EPS growth, supported by strong performance in biologics and diagnostics [39] Additional Insights - The company is optimistic about the impact of GLP-1 testing, PFAS testing, and generics testing in India, contributing significantly to revenue growth [14][17] - Waters aims to build a biologics QC environment that simplifies processes similar to small molecules, enhancing market access for biosimilars [25][51] Conclusion - Waters is positioned strongly for future growth, driven by strategic acquisitions, innovative product offerings, and a robust financial outlook, setting the stage for continued success in the life sciences industry [39]

J.P. Morgan 44th Annual Healthcare Conference Udit Batra, Ph.D. President & CEO January 12, 2026 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, as amended, including statements regarding the proposed transaction among Waters Corporation ("Waters" or the "Com ...

Core Insights - The article provides a market analysis of key players in the life sciences sector, specifically focusing on Waters Corporation, Thermo Fisher Scientific Inc, Danaher Corporation, and Agilent Technologies Inc [1] Company Summaries - **Waters Corporation**: The company is noted for its strong performance in the analytical instruments market, with a focus on innovation and product development [1] - **Thermo Fisher Scientific Inc**: Recognized for its comprehensive portfolio and strategic acquisitions, which have bolstered its market position and revenue growth [1] - **Danaher Corporation**: Highlighted for its operational excellence and diversified business model, contributing to consistent financial performance [1] - **Agilent Technologies Inc**: Emphasized for its advancements in technology and strong customer relationships, which have driven sales and market share [1]

Core Viewpoint - The proposed merger between Waters Corporation and Becton, Dickinson and Company's Biosciences & Diagnostic Solutions business is under investigation to assess its fairness and adequacy for Waters shareholders [1]. Company Overview - Waters Corporation (NYSE: WAT) shareholders are expected to own approximately 60.8% of the combined entity post-merger [1]. Legal Investigation - Kahn Swick & Foti, LLC, led by former Louisiana Attorney General Charles C. Foti, Jr., is conducting an investigation into the merger process to determine its fairness to Waters shareholders [1].

Core Investment Thesis - The merger between Becton, Dickinson and Company and Waters Corporation is expected to create a strong strategic fit with greater synergy upside than initially anticipated by the market, leading to an estimated EPS accretion of approximately $0.10 in 2026, increasing to around $2.70 by 2028 [2] Market Position and Recovery - Waters Corporation holds a leading position in the quality assurance and control market, with core end markets expected to improve year-over-year for the first time since pre-COVID [3] - Following the announcement of the merger, Waters shares experienced a decline of about 20% due to investor concerns regarding integration risks and changes to the financial profile [3] Stock Performance and Investor Confidence - The stock has rebounded, supported by a macro-driven recovery in tools, and investor confidence has improved as management clarified synergy targets and strategic fit [4] - Analyst projections indicate an EPS of $15.55 in 2027, which could rise to $17.18 once the merger is finalized [4] Growth Potential of the New Company - The new entity is expected to achieve above-group growth, margins, and return on invested capital (ROIC), with an estimated 20% upside by the end of 2026 based on a multiple of 26 times its 2027 post-merger EPS target [5] - The merger is seen as strategically advantageous, with historical precedents of successful large M&A deals in the life sciences sector supporting this outlook [5] Synergy Expectations - The target for total EBITDA synergies of $345 million by year five is considered conservative, based on successful past acquisitions such as Thermo Fisher Scientific's acquisition of Life Technologies and Merck's acquisition of Sigma-Aldrich [6] - At the time of publication, Waters shares were trading at $399.75, reflecting a 1.21% increase [6]

Core Insights - PepsiCo's Beverages North America (PBNA) segment is a key component of its long-term growth strategy, achieving 2% organic revenue growth in Q3 2025 due to improved volume trends and strong brand performance [2][10] Performance Highlights - Trademark Pepsi experienced both volume and net revenue growth, with Pepsi Zero Sugar showing double-digit gains, supported by effective marketing initiatives [3][10] - The Mountain Dew brand also saw renewed momentum, with Baja Blast projected to exceed $1 billion in retail sales [3][10] Strategic Initiatives - The modern soda brand poppi is expanding rapidly, enhancing PepsiCo's position in functional and better-for-you beverages [4] - Management identified protein as a strategic growth platform, with brands like Muscle Milk and Propel contributing to innovation in performance and wellness [4] - The relaunch of Muscle Milk and new protein-enhanced Starbucks beverages aim to meet rising consumer demand for protein, particularly during morning consumption [4] Margin and Revenue Outlook - Although Q3 results faced tariff-related pressures, margins are rebounding in Q4, with expectations for continued margin expansion as cost pressures ease [5] - PBNA's revenue is projected to grow by 1% year-over-year in Q4 and 0.8% in 2025, driven by balanced contributions from volume growth and price realization [5][6] Competitive Landscape - PepsiCo competes with Coca-Cola and Monster Beverage, both of which are also focusing on innovation and growth in their respective beverage segments [7][8][9] - Coca-Cola is emphasizing brand-led growth and premiumization, while Monster Beverage is benefiting from strong demand in the energy drink market [8][9] Valuation and Earnings Estimates - PepsiCo shares have increased by 5.8% over the past six months, contrasting with a 1.4% decline in the industry [12] - The forward price-to-earnings ratio for PepsiCo is 16.62X, lower than the industry average of 17.84X [13] - The Zacks Consensus Estimate for PepsiCo's 2025 earnings per share (EPS) indicates a slight decline of 0.5%, while 2026 EPS is expected to grow by 5.4% [14]

Core Viewpoint - The article discusses the successful bid by Waters Corporation and SCIEX for the upgrade project of the Pharmaceutical Platform at Henan University of Traditional Chinese Medicine, with a total bid amount of 15.17 million yuan [1]. Group 1: Project Overview - The project is for the upgrade of the Pharmaceutical Platform at Henan University of Traditional Chinese Medicine for the year 2025 [2]. - The procurement includes three main packages: - Package A: Purchase of one ultra-high performance liquid chromatography high-resolution mass spectrometer and related facilities [3]. - Package B: Purchase of one liquid chromatography-mass spectrometry system and related facilities [3]. - Package C: Purchase of one chromatography-mass spectrometer and related facilities [3]. Group 2: Bid Details - The total bid amount for the project is 15.17 million yuan, with specific amounts allocated to each package: - Package A (Waters Corporation): 6.825 million yuan for the ultra-high performance liquid chromatography high-resolution mass spectrometer [6]. - Package B (SCIEX): 5.060 million yuan for the liquid chromatography-mass spectrometry system [6]. - Package C (SCIEX): 3.290 million yuan for the chromatography-mass spectrometer [6]. - The contract signing is expected to occur within 45 days after the award, with a warranty period of three years starting from the date of acceptance [5].

Group 1 - Waters Corporation will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12th, 2026, at 2:15 PM Pacific Time [1] - A live webcast of the presentation will be available on the Waters Investor Relations website, with a replay accessible for 90 days [1] Group 2 - Waters Corporation is a global leader in analytical instruments, separations technologies, and software, serving various sectors for over 65 years [2] - The company focuses on ensuring the efficacy of medicines, safety of food, purity of water, and quality of everyday products [2] - Waters Corporation operates in over 100 countries with a workforce of more than 7,600 employees [2]