Waters 2014: Global growth led by generic drugmakers in India

By Dan Stanton

- Last updated on GMT

Related tags Revenue

Waters reports an overall 4% increase in revenue, with 14% jump for its pharma sector
Waters reports an overall 4% increase in revenue, with 14% jump for its pharma sector
Sales of consumables and analytical tools grew 20% in India in 2014 due to demand from generic drugmakers, says Waters Corporation.

While Waters makes instruments across a broad range of industries, demand from the pharma and biopharma industry led to end of year sales to increase 4% to just under $2bn (€1.8bn), compared to 2013.

This “broad-based pharmaceutical demand and solid recurring revenue growth,”​ as put by CEO Douglas Berthiaume, was broken down further with the firm seeing strength in liquid chromatography and Qualitative Data Analysis (QDA) instrumentation, and overall pharma sales rose 14%, year-on-year.

Jefferies’ analyst Brandon Couillard said in a note that “Pharma was exceptional​ while Evercore ISI analyst Ross Muken noted: Improved core performance continued for Waters in the fourth quarter, with strength in consumables and Waters division instrumentation more than offsetting softness in TA [thermal analysis instruments],”

The TA division reported a 5% decline in sales for the year due to weak China sales and a slower industrial/chemical climate.

Muken added the firm had benefitted across all geographies, with US sales up 12%, and Europe 10%.

“US benefited from continued strength in pharma and healthy government and academic demand,”​ he said, while “Europe continues to be solid despite macro headlines, with Waters outperforming expectations it had entering 2014.”

However, the firm also saw an impressive 20% growth in India, driven by sales of its equipment and consumables to generic manufacturers and according to the company it expects this to continue into 2015.

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