Waters Operates With One of the Widest Moats in Life Sciences

Waters' tools help clients perform scientific research by providing analytical instruments, services, and supplies. The company specializes in liquid chromatography and mass spectrometry products (about 90% of 2020 sales), which are used primarily by pharmaceutical firms to analyze a molecule’s structure during the drug discovery, development, and production processes. These tools can also be used in food and environmental quality testing as well as other industrial applications. Additionally, Waters helps scientists examine the physical properties of various materials through its thermal analysis tools (10%).