Core Viewpoint - Waters Corporation has successfully completed the combination with Becton, Dickinson and Company's Biosciences & Diagnostic Solutions businesses, creating a global leader in life sciences and diagnostics with a strong financial outlook [1][3] Company Developments - The transaction has resulted in the formation of four divisions: Waters Analytical Sciences, Waters Biosciences, Waters Advanced Diagnostics, and Waters Materials Sciences, focusing on high-volume testing in regulated applications and expansion into high-growth markets [5][6] - Claire M. Fraser, Ph.D., has been appointed to the Waters Board of Directors, bringing extensive experience in genomics and molecular diagnostics [2][3] Transaction Details - The combination was executed through a Reverse Morris Trust transaction, with Waters shareholders owning 60.8% and BD shareholders owning 39.2% of the combined company on a fully diluted basis [7] - BD shareholders will receive approximately 0.135 shares of Waters common stock for each share of BD common stock held as of February 5, 2026 [7] Strategic Focus - The company aims to address unmet customer needs, deliver long-term shareholder value, and provide solutions that advance global health through innovative products and a culture of innovation [3][9]

Financial Performance - Revenue for Q4 2025 grew 7% year-over-year to $12.21 billion, while full-year revenue increased 4% to $44.56 billion [7][8] - Adjusted operating income for Q4 rose 6% to $2.88 billion, and for the full year, it grew 4% to $10.11 billion [8][27] - Adjusted EPS for Q4 increased 8% to $6.57, and for the full year, it grew 5% to $22.87 [8][26] - Adjusted operating margin for Q4 was 23.6%, and for the full year, it was 22.7% [8][28] Business Segment Performance - Life Science Solutions reported revenue growth of 13% in Q4 and 8% for the full year, driven by strong bioproduction performance [32] - Analytical Instruments saw a 1% increase in revenue for both Q4 and the full year, with adjusted operating income decreasing 12% in Q4 [33] - Specialty Diagnostics reported a 5% revenue increase in Q4 and a 4% increase for the full year, with adjusted operating income up 19% in Q4 [34] - Laboratory Products and Biopharma Services experienced a 7% revenue increase in Q4 and a 4% increase for the full year [35] Market Performance - North America and Asia Pacific grew low single digits in Q4, while Europe grew mid-single digits [27] - China experienced a low single-digit decline for both Q4 and the full year [27] Company Strategy and Competitive Position - The company’s growth strategy focuses on high-impact innovation, trusted partnerships, and a strong commercial engine [10][11] - Significant advancements in innovation were highlighted, including new product launches in chromatography, bioproduction, and clinical diagnostics [11][12][13] - Strategic partnerships, including collaborations with the Chan Zuckerberg Institute and OpenAI, were emphasized to enhance capabilities and productivity [16] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 from a position of strength, with expectations of continued share gain and operational excellence [6][24] - The guidance for 2026 includes revenue expectations of $46.3 billion to $47.2 billion, representing 4%-6% growth, and adjusted EPS guidance of $24.22 to $24.80, indicating 6%-8% growth [23][36] Other Important Information - The company deployed approximately $16.5 billion in 2025, including $13 billion for M&A and $3.6 billion returned to shareholders [17][30] - The acquisition of Clario, expected to close by mid-2026, is anticipated to be accretive to adjusted EPS by approximately $0.45 in the first year [19][38] Q&A Session Summary Question: Insights on the guidance and market conditions - Management indicated that the guidance assumes market conditions similar to 2025, with expectations of organic growth in the 3%-4% range [51][52] Question: Sentiment on biopharma spending - Management noted improved sentiment in biopharma spending, with indications of better budgets for 2026 [60][61] Question: Industry supply and demand dynamics in pharma services - Management highlighted strong demand in sterile fill finish and the strategic acquisition of a site to expand capacity [66][67] Question: Competitive dynamics in the channel business - Management stated that competitive dynamics remain stable, with a consistent share gain over the years [69][70] Question: Impact of ecosystem changes on customer preferences - Management discussed the positive impact of the Accelerator offering and collaboration with OpenAI to enhance drug development efficiency [78][79]

Financial Performance - In Q4 2025, revenue grew 7% year-over-year to $12.21 billion, and adjusted operating income increased 6% to $2.88 billion [5][20] - For the full year 2025, revenue grew 4% to $44.56 billion, with adjusted operating income also growing 4% to $10.11 billion [6][20] - Adjusted EPS for Q4 was $6.57, an 8% increase, while for the full year, it was $22.87, reflecting a 5% growth [6][20] Business Segment Performance - In the Life Sciences Solutions segment, Q4 revenue increased 13% year-over-year, driven by BioProduction, with full-year growth at 8% [28] - The Analytical Instruments segment saw Q4 revenue growth of 1%, with full-year revenue decreasing by 11% [29][30] - Specialty Diagnostics reported a 5% revenue increase in Q4 and a 4% increase for the full year, with adjusted operating income up 19% in Q4 [31] - The Laboratory Products and Biopharma Services segment experienced a 7% revenue increase in Q4 and a 4% increase for the full year [32] Market Performance - In Q4, North America and Asia Pacific grew low single digits, while Europe grew mid-single digits; China experienced a low single-digit decline [22] - For the full year, North America and Asia Pacific also grew low single digits, with China declining mid-single digits [23] Company Strategy and Competitive Position - The company’s growth strategy focuses on high-impact innovation, trusted partnerships, and a strong commercial engine [8][12] - In 2025, the company launched several high-impact products, including advancements in mass spectrometry and bioreactor technologies [9][10] - Strategic partnerships, including collaborations with the Chan Zuckerberg Institute and OpenAI, aim to enhance capabilities and improve productivity [12] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 from a position of strength, with a revenue guidance range of $46.3 billion to $47.2 billion, indicating 4%-6% growth [19][33] - The company anticipates organic growth of 3%-4% for 2026, with adjusted EPS guidance of $24.22-$24.80, reflecting 6%-8% growth [19][33] Other Important Information - The company deployed approximately $16.5 billion in 2025, including $13 billion for M&A and $3.6 billion returned to shareholders [13][26] - The acquisition of Clario, expected to close by mid-2026, is anticipated to be accretive to adjusted EPS by approximately $0.45 in the first year [15][27] Q&A Session Summary Question: Insights on 2026 guidance and market conditions - Management indicated that the guidance assumes similar market conditions to 2025, with expectations for gradual improvement in organic growth [45][47] Question: Sentiment in biopharma spending - Management noted positive sentiment in pharma and biotech, with expectations for improved spending plans in 2026 [53][56] Question: Industry supply and demand dynamics in Pharma Services - Management highlighted strong demand in sterile fill finish and the strategic acquisition of a New Jersey site to expand capacity [61][62] Question: Competitive advantage in the research and safety market - Management confirmed stable competitive dynamics and continued share gains in the research and safety market [64]

Core Thesis - Thermo Fisher Scientific Inc. (TMO) is positioned as a strong investment opportunity in the healthcare and pharmaceutical sectors, benefiting from structural demand and a unique business model that minimizes risks associated with drug development [2][3]. Company Overview - Thermo Fisher provides a wide range of life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services globally, making it a key player in the healthcare innovation landscape [2]. - The company commands approximately 15% of the global life sciences tools and services market, forming a duopoly with Danaher [3]. Market Dynamics - The healthcare demand is resilient due to aging populations, rising chronic diseases, and increased healthcare spending in emerging markets, which supports long-term growth for companies like Thermo Fisher [2]. - The shift towards more complex medicine, including biologics and precision therapies, increases the demand for infrastructure providers, positioning Thermo Fisher favorably within the ecosystem [3]. Business Model - Thermo Fisher's business model focuses on embedding itself throughout the drug development lifecycle, which reduces exposure to patent cliffs and demand volatility [4]. - The company generates significant revenue from high-margin consumables tied to its installed base, creating a recurring revenue stream that enhances financial stability [4]. Financial Performance - Recent operational results indicate improving fundamentals, with the company experiencing positive organic growth and an acceleration in demand from the pharmaceutical and biotech sectors [5]. - The disciplined approach to mergers and acquisitions (M&A) is a core value driver, enhancing capabilities and supporting robust free cash flow, which benefits shareholder returns [5].

44th Annual J.P. Morgan Healthcare Conference Emmanuel Ligner President and CEO January 14, 2026 Disclaimer Forward-looking statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation are for ...

Group 1: Bill Gates' Investment Strategy - Bill Gates has adjusted his portfolio over the years, divesting from various companies through his personal portfolio and charitable organizations [2] - While some argue that Gates would have been better off concentrating in Microsoft stock, diversification is generally considered a good strategy [2] Group 2: Deere (DE) - Deere has established a near-monopoly in agricultural equipment, producing popular models of tractors and mowers, which has led to a high-margin business [4] - The company offers a dividend yield of 1.4% and has shown significant capital appreciation of 74% over the past five years [5] - Recent results indicate Deere generated revenue of $12 billion and EPS of $4.76, with resilient earnings despite a year-over-year revenue decline [6] - Investing in the agricultural sector, represented by Deere, may be a stable choice amid potential recessionary headwinds [7] Group 3: Danaher (DHR) - Danaher operates in the life sciences and diagnostics sector, achieving impressive margins through a productivity-first growth model [8] - The company has benefited from strong acquisitions in recent years, leading to robust revenue and growth [8]

Azenta Investor Day 2025 Summary Company Overview - **Company**: Azenta (NasdaqGS:AZTA) - **Industry**: Life Sciences Tools - **Market Position**: Category leader in niche product lines with a $6 billion addressable market [6][9][25] Key Points and Arguments Strategic Outlook - **Top-Line Growth**: Azenta aims to outperform the market with significant top-line growth opportunities [5] - **Margin Expansion**: There is potential for margin expansion independent of growth [5] - **Capital Deployment**: The company has a strong balance sheet to support M&A and growth investments [5][22] - **Recurring Revenue**: Approximately 55% of revenue is recurring, indicating a stable income stream [9] Market Dynamics - **Research Spending**: $350 billion is spent annually in research across various sectors, with 50% of that being outsourced [7][8] - **Sample Management**: There are 24 billion samples requiring cold storage and automation, with 50% of FDA therapeutics needing such support [9] - **Customer Base**: Azenta serves 14,000 customers globally, including top pharmaceutical and biotech companies [9][10] Operational Excellence - **Decentralization**: The company has shifted to a decentralized organization with accountable general managers [10] - **Azenta Business System (ABS)**: A cultural shift towards operational excellence, focusing on lean manufacturing and efficiency [15][36] - **Performance Metrics**: Complaints decreased by 55%, and on-time delivery improved by 30% [18] Growth Initiatives - **BioRepositories**: Plans to scale off-site sample storage solutions to manage 100 million samples in four years [39] - **Automation**: Continued investment in automated solutions to enhance productivity [19][40] - **Regionalization**: Gene synthesis operations will be expanded to the U.S. and Western Europe [56] Financial Outlook - **Cash Generation**: Expected to generate $250 million in cash over the next few years, with a goal of doubling EBITDA [6][25] - **Share Buyback**: A $250 million share buyback program has been authorized [22] GENEWIZ Business Segment - **Unique Position**: GENEWIZ is a "category of one" with expertise in both sequencing and synthesis solutions [46] - **Market Share**: Currently holds less than 10% of a $3 billion addressable market, indicating significant growth potential [54] - **Customer Loyalty**: Over 70% of revenue comes from returning customers, highlighting strong customer relationships [51] Investment Focus - **Technology and Innovation**: Investments will be made in cutting-edge technologies to enhance service offerings [48][56] - **Digital Transformation**: E-commerce solutions will be introduced to improve customer interactions [57] Conclusion - **Strong Foundation**: Azenta is positioned for above-market growth with a robust balance sheet and a unique product ecosystem [25] - **Commitment to Customers**: The company emphasizes a partnership approach with customers to drive innovation and efficiency [14][61] This summary encapsulates the strategic direction, market dynamics, operational improvements, and financial outlook of Azenta as discussed during the Investor Day 2025.

Core Insights - The article discusses the anticipated economic environment in 2026, highlighting expected interest rate cuts and the impact on various sectors, particularly mortgage REITs and pharmaceutical companies. Group 1: Interest Rates and Mortgage REITs - Interest rates are projected to decline, with Fed Chair Jay Powell having already implemented two rate cuts, and more expected under Kevin Hassett's leadership [3][4] - Mortgage REITs like Annaly Capital (NLY) and Dynex Capital (DX) are well-positioned to benefit from falling rates, with yields of 12.3% and 14.7% respectively, and potential for significant price appreciation [4][5] - The easing of mortgage spreads, which are crucial for profitability, indicates a favorable environment for these mortgage REITs as they hold government-backed securities [5][6] Group 2: Pharmaceutical Industry and AI - The pharmaceutical industry is set to experience accelerated drug discovery cycles, potentially reducing the time from development to market from 10-15 years to 3-6 years due to AI advancements [7][8] - Companies like BlackRock Health Sciences Term Trust (BMEZ) are positioned to benefit from this trend, yielding 8.6% while investing in innovative drug development firms [9] - Danaher (DHR) is highlighted as a key supplier in the life sciences sector, providing essential tools and consumables for drug development, which are expected to see increased demand due to AI-driven research [11][12] Group 3: Consumer Goods - Hershey Foods - Hershey Foods (HSY) is noted for its strong brand portfolio and resilience despite rising cocoa prices, with management implementing efficiency plans and price increases to maintain cash flow [14][15] - The company has raised its dividend by 70% over five years, indicating a strong commitment to shareholder returns and positioning for a rebound as input costs stabilize [15]

Core Insights - Agilent Technologies Inc reported strong fourth-quarter earnings, with earnings per share of $1.59, surpassing the analyst consensus estimate of $1.58, and quarterly sales of $1.861 billion, exceeding the estimate of $1.832 billion [1] - For FY2026, Agilent anticipates adjusted EPS between $5.86 and $6.00, above market estimates of $5.57, and expects sales in the range of $7.300 billion to $7.400 billion, compared to projections of $6.916 billion [2] - Agilent's President and CEO expressed confidence in the company's position in life sciences and diagnostics, highlighting a customer-focused approach and operational efficiencies that drive innovation and long-term value [3] Analyst Reactions - Following the earnings announcement, several analysts adjusted their price targets for Agilent, with B of A Securities raising it from $150 to $165 while maintaining a Neutral rating [6] - Baird maintained an Outperform rating and increased the price target from $142 to $165 [6] - JP Morgan raised its price target from $165 to $180 while maintaining an Overweight rating, and Wells Fargo increased its target from $150 to $175 with the same rating [6] - UBS also maintained a Buy rating and raised the price target from $170 to $180 [6]

Core Insights - Diamond Hill Capital's "Small Cap Strategy" underperformed the Russell 2000 Index in Q3 2025, returning 7.93% compared to the index's over 12% gain [1] - The underperformance was attributed to the rally being driven by sectors not typically held in the portfolio [1] Company Overview: Mesa Laboratories, Inc. (NASDAQ:MLAB) - Mesa Laboratories, Inc. is a provider of life sciences tools and quality control products and services [2][3] - The stock experienced a one-month return of -0.22% and a 52-week loss of 33.24%, closing at $77.74 with a market capitalization of $429.304 million on November 24, 2025 [2] Performance Analysis - In Q3 2025, Mesa Laboratories was among the bottom contributors to the portfolio, facing challenges such as currency impacts, tariffs, and order timing delays [3] - Despite these challenges, the sterilization and disinfection control segment showed solid core growth, indicating resilience in the company's diversified portfolio [3] Hedge Fund Interest - Mesa Laboratories was held by 12 hedge fund portfolios at the end of Q2 2025, an increase from 8 in the previous quarter [4] - While the company has potential as an investment, certain AI stocks are viewed as offering greater upside potential with less downside risk [4]