Waters makes analytical instruments, consumables, and software for scientists and lab professionals, primarily in pharmaceutical and life sciences. Its two core product lines are liquid chromatography (LC) and mass spectrometry (MS) systems, which are used together to separate, identify, and measure chemical compounds in applications ranging from drug development and manufacturing quality control to food safety and environmental testing. Pharma represents roughly 59% of sales, with large pharma, CROs/CDMOs, and generics manufacturers as the primary customer sub-segments. Waters also operates TA Instruments, a smaller segment making thermal analysis and rheometry instruments for materials characterization in automotive, electronics, and chemicals markets. Waters' business model follows a razor-and-blades dynamic: instruments placed with customers generate ongoing consumables (primarily chromatography columns that require regular replacement) and service contract revenue over a multi-year useful life. Recurring revenue — service plus consumables — accounts for over 35% of the core Waters segment and is the more stable, higher-margin component of sales. Waters sells primarily through a direct sales force of roughly 4,300 field reps globally. A key competitive asset is Empower, Waters' chromatography data system used in over 80% of novel drug approvals, which is deeply embedded in regulated pharma labs and creates significant switching costs. In February 2026, Waters acquired BD's Biosciences and Diagnostic Solutions business in a $16.8B Reverse Morris Trust transaction, nearly doubling revenue and adding flow cytometry, microbiology diagnostics, and molecular diagnostics to its portfolio.