Waters' Wide Moat Intact, Despite Biopharma Spending Delays

Waters' tools help clients perform scientific research by providing analytical instruments, services, and supplies. The company specializes in liquid chromatography and mass spectrometry products (nearly 90% of 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 (low-double digits percentage).