沃特世 2025年度报告

2025 Annual Report Accelerating the Benefits of Pioneering Science Our Work TouchesMillions of Lives Dear Shareholders, Customers, and Colleagues, 2025 was an eventful year at Waters, marked by continued industry-leading financialperformance and our advancement into a pivotal new chapter in our evolution as a companywith the announced acquisition of BD’s Biosciences and Diagnostic Solutions businesses. In 2025, full-year revenue grew 7% on both a reportedand constant-currency basis, and adjusted earningsper share grew 11%. Growth was broad-based acrossour geographies, with each delivering mid-single-digitgrowth or better – led by 9% growth in pharma. Theseresults reflect the strength of our execution, the vitalityof our innovation engine, and the durability of ourbusiness model in high-volume, regulated markets,at a time when the majority of companies in oursubsector are growing in the low single-digits. In 2025, we continued to demonstrate the strengthof this transformation as we executed with discipline,accelerated innovation, and strengthened ourfoundation for sustained long-term growth. Strong Execution We are executing well, while benefiting from amulti-year instrument replacement cycle and drivingstrong growth in GLP-1 testing, PFAS testing andGenerics testing, especially in India. These driversadded several hundred basis points to our 2025revenue. Meanwhile, we expanded service planattachment of our large installed base of instrumentsby ~400 basis points, and eCommerce penetrationgrew to approximately 45% of chemistry revenue. Over the past five years, we have transformed Waters intoa company with more resilient and sustainable growth.At the same time, we have delivered total shareholderreturns that have outperformed peer averages on atrailing 1, 3, and 5-year basis, resulting in a 54% 5-yearTSR (on a calendar year basis as of 12/31/25). Revitalized Innovation BD’s Biosciences and Diagnostic Solutions businessesin a bold transaction that unites world-class capabilitiesacross chemistry, biology, and physics to create adifferentiated life sciences and diagnostics leaderwith category-defining brands. New product innovation remains a powerful driver ofour performance. Flagship platforms such as Alliance™ iSHPLC more than doubled in sales year over year, whileXevo™ TQ Absolute Mass Spectrometers grew over30%. Our chemistry consumables business grewdouble-digits for the year, led by MaxPeak™ PremierChemistry, which grew over 35%. The transaction closed ahead of schedule in Februaryof this year, and we could not be more excited. Weare now moving quickly to begin delivering on thesignificant value-creation opportunity the transactionpresents, starting with our application of the sameoperating discipline and proven execution playbookthat have driven Waters’ transformation success overthe last five years. Expanding into High-Growth Areas We also made significant progress developing ourportfolio in high-growth adjacencies, includingbioseparations and bioanalytical characterization,where new technologies are enabling customersto analyze larger, more complex molecules withgreater confidence and efficiency. Our Purpose At Waters, we accelerate the benefits of pioneeringscience. Every day, we work alongside customers tosolve complex challenges, supporting the developmentand manufacturing of life-saving therapies, advancingfood and environmental safety, enabling earlier andmore precise diagnostics, and ensuring the reliabilityof next-generation materials. With our core portfolio in excellent shape and theinvestments we have made in our high-growthadjacencies clearly delivering strong value acrossbioseparations, bioanalytical characterization,and LC-MS into Diagnostics, we seized a uniqueopportunity to accelerate our long-term growthstrategy with significant commercial scale. In July2025, we announced our intended acquisition of Thank you for being a part of our journey. First the Facts In 2025, Waters delivered strong, industry-leading performance, reflecting the sustainedimpact of our transformation strategy and the strength of our simple, repeatable businessmodel serving high volume, regulated markets. For the full year, revenue grew 7% as reported and 7%on a constant currency basis, with growth acceleratingacross all major end markets. Recurring revenueincreased 8%, driven by double-digit chemistry growthand continued expansion in service, underscoring thedurability and resilience of our portfolio. Adjusted Operating Margin:30.5% Adjusted earnings per share increased 11% to $13.13,reflecting strong topline execution, effective costmanagement, and our tariff mitigation actions. With additional investmentsin new product development Growth was broad-based across end markets andgeographies, led by 9% pharmaceutical growthand 6% growth in industrial markets driven by food,environmental and chemical analysis. China returned tosolid growth, while India remained our fastest growingmarket, suppor