Waters Corporation WAT

HealthcareMarket cap $16B4 connections

Waters Corporation makes high-performance liquid chromatography (HPLC) instruments and mass spectrometers for pharmaceutical analysis. Every pharmaceutical company uses HPLC to test drug purity and stability. The FDA requires HPLC testing for drug approval. Waters' installed base of 200,000+ instruments creates strong consumables and service revenue.

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Customers 3

Companies Waters Corporation sells to

Eli LillyHealthcare · $700BEli Lilly uses Waters chromatography for GLP-1 analysis
Johnson & JohnsonHealthcare · $380BAnalytical instruments
PfizerHealthcare · $160BPfizer uses Waters HPLC for drug purity testing

Competitors 1

Companies it competes with

Agilent TechnologiesHealthcare · $27BChromatography and mass spec

Other Healthcare companies

Eli Lilly UnitedHealth Novo Nordisk Johnson & Johnson AbbVie Merck AstraZeneca Thermo Fisher Novartis Abbott Labs

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Relationships are compiled by VexMap from company filings, announcements and reporting, and last reviewed September 2026. Spotted something wrong? Tell us. Not investment advice.