WAT · Earnings call · 2026Q2T · Full report

Pharma Reshoring Demand

WATERS CORP /DE/ · 2026-08-04 · Importance 44 · Surprise 24

Waters is tracking 76 U.S. pharmaceutical expansion sites tied to announced investment, with roughly half under active construction and approximately $100 billion of associated capital spending. The company expects analytical-instrument outfitting demand as these sites move from construction to equipping over the next three to five years. About 70% of the tracked sites are linked to customer accounts where Waters has high market share, supporting potential share retention or gains as production shifts geographically. Management views reshoring as an incremental opportunity from 2027 through 2030, rather than merely a geographic transfer.