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Waters_2026_JPM_Investor-Presentation.pdf

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1、J.P.Morgan 44th Annual Healthcare ConferenceUdit Batra,Ph.D.President&CEOJanuary 12,202612026 Waters CorporationForward-Looking Statements&Non-GAAP Financial MeasuresForward-Looking Statements:This presentation includes“forward-looking statements”as that term is defined in Section 27A of the Securit

2、ies Act of 1933,as amended(the“Securities Act”)and Section 21E of the Securities Exchange Act of 1934,as amended,including statements regardingthe proposed transaction among Waters Corporation(“Waters”or the“Company”),Becton,Dickinson and Company(“BD”)and Augusta SpinCo Corporation(“SpinCo”).These f

3、orward-looking statements generally are identified by the words“believe,”“feel,”“project,”“expect,”“anticipate,”“appear,”“estimate,”“forecast,”“outlook,”“target,”“endeavor,”“seek,”“predict,”“intend,”“suggest,”“strategy,”“plan,”“may,”“could,”“should,”“will,”“would,”“will be,”“will continue,”“will lik

4、ely result,”or the negative thereof or variations thereon or similar terminology generally intended to identifyforward-looking statements.All statements,other than historical facts,including,but not limited to,statements regarding future operating and financial performance,market growth and drivers

5、of market growth,success of Waters products or products of the combined company,customer trends,the expected timing and structure of the proposed transaction,the ability of the parties to complete the proposed transaction,the expected benefits of the proposed transaction,including the amount and tim

6、ing of synergies from the proposed transaction,the combined companys plans,objectives,expectations and intentions,legal,economic and regulatory conditions,and any assumptions underlying any of the foregoing,are forward looking statements.These forward-looking statements are based on Waters and BDs c

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1. **交易与前瞻性声明**:Waters与BD和SpinCo拟进行交易,包含前瞻性陈述,实际结果可能因风险(如监管审批、协同效应未实现等)与预期存在重大差异。 2. **业务优势**:Waters拥有17万+装机量,客户满意度第一,80%新药提交使用其Empower软件,研发投入占营收约10%,服务计划采用率超50%。 3. **财务表现**:TTM营收31亿美元,毛利率59%,调整后运营利润率30.4%,自由现金流占营收24%,有机收入增长4.5%,调整后EPS增长22.8%。 4. **增长驱动**:通过生物分离、分析表征、LC-MS诊断等高增长领域,预计2026-2030年贡献200+bps核心增长;BD的微生物诊断等业务带来协同机会(如5年节省2亿美元成本、增2.9亿美元收入)。 5. **合并前景**:交易后总TAM达400亿美元,覆盖受监管、高增长市场,调整后EBIT利润率预计扩张360bps,年EPS增长10%。
**交易风险有哪些?** **财务指标如何?** **增长机会在哪?**
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