Waters CorporationNYSE: WAT
Health Care · Life Sciences Tools & Services
$306.56
-0.86%
Vol: 545K
Research Digest
Friday, May 1, 2026
Waters-BD Biosciences merger $17.5B deal; FDA clears Onclarity HPV kit
Waters and BD announced a definitive merger agreement valued at $17.5 billion to combine BD's Biosciences and Diagnostic Solutions business with Waters. The combined company expects 70%+ recurring revenue with $9B revenue and $3.3B adjusted EBITDA by 2030. Udit Batra will lead the merged entity. FDA cleared Onclarity HPV Self-Collection Kit. Waters faces near-term headwinds with Q4 revenue down 45.4%, but major deal drives positive catalyst. Q1 earnings due May 5.
Previous Market Intelligence
13 daysApr 30Waters and BD announce $17.5 billion merger combining BD Biosciences with Waters (expected by Q1 2027), marking major life sciences consolidation.Mixed▶
Waters Corporation and Becton Dickinson announced a definitive merger agreement to combine BD's Biosciences and Diagnostic Solutions business with Waters in an approximately $17.5 billion transaction. The combined company projects over 70% recurring revenue with targets of $9 billion revenue and $3.3 billion adjusted EBITDA by 2030, retained as Waters with NYSE listing. Udit Batra will lead merged entity. Waters faces challenges from Q4 revenue decline (45.4% YoY), though FDA cleared Onclarity HPV Self-Collection Kit on April 8. Q1 2026 earnings expected May 5 with analyst estimates of $2.31 EPS and $1.2B revenue (82% growth). Stock down 11.8% over 12 months.
Apr 29Waters Q4 revenue down 45.4% YoY; FDA clears Onclarity HPV self-collection kit for cancer screeningNeutral▶
Waters Corporation faces headwinds following Q4 2025 results with revenue declining 45.4% year-over-year. The company announced FDA clearance for its Onclarity HPV Self-Collection Kit, expanding access to cervical cancer screening. Waters launched the ARES-G3 Rheometer and announced a $3.5B pricing. Integration of the BD acquisition is progressing with conservative guidance due to China headwinds, though margin and EPS targets maintained. Analysts express caution over integration risks. Average analyst rating is 'Buy' with 12-month PT of $379.19, representing 26.09% upside.
Apr 16Waters completes BD Biosciences acquisition, launches ARES-G3 Rheometer; 2026 revenue guidance $6.405-6.455B with EPS $14.30-14.50.Positive▶
Waters Corporation completed its major acquisition of BD's Biosciences & Diagnostic Solutions businesses, creating a global life sciences and diagnostics leader with four divisions. The company launched the ARES-G3 Rheometer on March 9, 2026, capturing 25,000 data points per second and reducing test times by up to 80%. Q4 2025 sales reached $932 million (+7% reported/+6% constant currency) with GAAP EPS $3.77 and non-GAAP EPS $4.53 (+10%). Full-year 2026 guidance: revenue $6.405-6.455B and non-GAAP EPS $14.30-14.50.
Apr 15Waters to merge with BD Biosciences in $17.5 billion life sciences deal; Citi, Evercore, and Goldman reinstate Buy ratings.Positive▶
Waters Corporation and Becton Dickinson announced a definitive merger agreement where BD will sell its Biosciences and Diagnostic Solutions business to Waters for approximately $17.5 billion. The combined entity will target over 70% recurring revenue and $9 billion in revenue by 2030. Multiple analysts upgraded Waters.
Apr 14Waters merges with BD Biosciences in $17.5 billion deal; FDA clears Onclarity HPV Self-Collection Kit.Positive▶
Waters Corporation announced merger with BD Biosciences and Diagnostic Solutions business, creating a life sciences and diagnostics leader with over 70% recurring revenue and target of $9 billion revenue by 2030. FDA clearance for Onclarity HPV kit drove 5.2% stock gain. Multiple analysts upgraded: Evercore ISI to Outperform, Goldman Sachs to Buy, Citi maintained Buy.
Apr 13Waters completed BD Biosciences merger and received FDA clearance for Onclarity HPV kit, gaining 5.2% on strategic pivot into diagnostics.Mixed▶
Waters completed its $17.5 billion acquisition of BD's Biosciences and Diagnostic Solutions business on February 9, 2026. Achieved FDA clearance for Onclarity HPV Self-Collection Kit. Projects $9 billion in revenue and $3.3 billion in adjusted EBITDA by 2030, with $200 million in cost savings within three years. Citi, Evercore ISI, and Goldman Sachs maintain Buy ratings.
Apr 10Waters-BD merger announced ($17.5B valuation) plus FDA clearance for at-home cervical cancer screening kit.Positive▶
Waters announced definitive merger with BD's Biosciences and Diagnostic Solutions ($17.5B valuation) creating 70%+ recurring revenue company targeting $9B revenue/$3.3B EBITDA by 2030. FDA cleared Onclarity HPV Self-Collection Kit for at-home use (April 9). Multiple analyst upgrades: Citi Buy, Evercore ISI Outperform, Goldman Sachs Buy.
Apr 9Waters receives FDA clearance for at-home cervical cancer screening kit; shares surge on diagnostic expansionPositive▶
Waters Corporation announced FDA clearance for the Onclarity HPV Self-Collection Kit and approved the BD Onclarity HPV Assay for at-home cervical cancer screening, with nationwide availability expected in coming months. Waters completed acquisition of BD Biosciences and Diagnostic Solutions on February 9, 2026 with expected owned-period contribution of ~$3.0 billion and total 2026 revenue of $6.405-6.455 billion. Q4 2025 sales of $932 million, up 7% with non-GAAP EPS of $4.53. Evercore ISI upgraded to Outperform. Consensus Buy rating with 12-month target of $382.47 implying 20.50% upside.
Apr 8Waters completes BD Biosciences merger integration; launches ARES-G3 Rheometer; guides 6.25% organic growth for 2026Positive▶
Waters Corporation (WAT) completed integration of BD's Biosciences & Diagnostic Solutions business on Feb 9, 2026, creating global life sciences/diagnostics leader with four divisions: Analytical Sciences, Biosciences, Advanced Diagnostics, Materials Sciences. Q4 2025: $932M sales (+7%, 6% constant currency), non-GAAP EPS $4.53 (+10%). Full-year 2025: $3,165M sales (+7%), non-GAAP EPS $13.13 (+11%). Company priced $3.5B senior notes and targets 6.25% organic growth in 2026; 2026 revenue guidance $6.405–6.455B, non-GAAP EPS $14.30–14.50. New ARES-G3 Rheometer launched March 9 captures 25,000 data points/sec (10x predecessor), cuts test times by 80%. Stock trades at $302.42 (P/E NA post-merger). Analyst consensus Buy; average PT $387.31 (27.30% upside).
Apr 7Waters completes $17.5B BD biosciences & diagnostics acquisition; combined company targets $6.4-6.5B revenue in 2026Positive▶
Waters Corporation completed its reverse Morris trust combination with BD's Biosciences & Diagnostic Solutions business on February 9, 2026, creating global life sciences leader. Combined entity organized into four divisions: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences. 2026 guidance projects revenue of $6.405-6.455B with 6.25% organic growth and non-GAAP EPS of $14.30-14.50. Waters priced $3.5B senior notes offering to manage debt. Company launched ARES-G3 rheometer on March 9 capturing 25k data points/second, reducing test times by 80%.
Apr 6Waters completes BD Biosciences acquisition and launches microflow LC columns with enhanced sensitivityPositive▶
Waters Corporation completed the spin-off and combination of BD's Biosciences & Diagnostic Solutions business on February 9, 2026, expecting approximately $3.0 billion in owned-period contribution and total 2026 revenue of $6.405-6.455 billion. Q4 2025 sales reached $932 million (+7% as reported, +6% constant currency) with non-GAAP EPS of $4.53 (+10%). Waters launched 1 mm I.D. microflow LC columns with MaxPeak Premier Technology on February 17, 2026, claiming up to 2x higher sensitivity and 75% less sample usage.
Apr 3Waters completes BD Biosciences acquisition; prices $3.5B senior notes and raises 2026 revenue guidance to $6.4B-$6.5B.Positive▶
Waters Corporation completed the integration of BD's Biosciences & Diagnostic Solutions business, with BD shareholders receiving ~0.135 WAT shares and holding 39.2% post-merger. The company reported Q4 2025 sales of $932M (+7% constant currency) and 2026 revenue guidance of $6.405-6.455B and non-GAAP EPS guidance of $14.30-$14.50. Near-term DRG-related headwinds in China expected to reduce Q1 by 2.5-3%.
Apr 2Waters Corporation completes major BD Biosciences acquisition; 2026 revenue guidance $6.4-6.5BPositive▶
Waters Corporation closed its transformative BD Biosciences & Diagnostic Solutions acquisition on February 9, 2026, boosting 2026 revenue guidance to $6.405-6.455 billion (from core ~$3.2B). Q4 2025 sales were $932 million (+7% as reported, 6% constant currency) with non-GAAP EPS $4.53 (+10%). Full-year 2025 non-GAAP EPS was $13.13 (+11%). The company launched new microflow LC columns with enhanced sensitivity. Average analyst rating: Buy with $387.31 price target (+27.30%).
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| TMOTHERMO | $469.56 | -1.96% | -1.9% | 17.5x | 0.97 | $178.0B |
| DHRDANAHER | $175.47 | -1.95% | -6.9% | 19.7x | 0.99 | $126.7B |
| AAGILENT | $114.69 | -0.74% | +0.6% | 17.6x | 1.30 | $32.7B |
| WATWATERS | $306.56 | -0.86% | +1.7% | 18.9x | 1.20 | $30.4B |
| IQVIQVIA | $157.04 | -0.84% | -7.2% | 11.3x | 1.39 | $26.6B |
| MTDMETTLER | $1,269.64 | -0.55% | +0.8% | 24.9x | 1.44 | $25.8B |
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Price below 200d MA — bearish structure.