Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements: This presentation includes "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933, as amende

J.P. Morgan 44th Annual Healthcare

Conference Udit Batra, Ph.D. President & CEO January 12, 2026 Exhibit 99.1

Forward-Looking Statements &

Non-GAAP Financial Measures Forward-Looking Statements: This presentation includes "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and

Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction among Waters Corporation ("Waters" or the "Company"), Becton, Dickinson and Company ("BD")

and Augusta SpinCo Corporation ("SpinCo"). These forward-looking statements generally are identified by the words "believe," "feel," "project," "expect," "anticipate,"

"appear," "estimate," "forecast," "outlook," "target," "endeavor," "seek," "predict," "intend," "suggest,"

"strategy," "plan," "may," "could," "should," "will," "would," "will be," "will continue," "will likely result," or the negative

thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding future operating and financial

performance, market growth and drivers of market growth, success of Waters' products or products of the combined company, customer trends, the expected timing and structure of the proposed transaction, the ability of the parties to complete

the proposed transaction, the expected benefits of the proposed transaction, including the amount and timing of synergies from the proposed transaction, the combined company's plans, objectives, expectations and intentions, legal, economic and

regulatory conditions, and any assumptions underlying any of the foregoing, are forward looking statements. These forward-looking statements are based on Waters' and BD's current expectations and are subject to risks and uncertainties

surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties, many of which are beyond Waters' and BD's control. None of Waters, BD, SpinCo

or any of their respective directors, executive officers, or advisors make any representation or provide any assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur, or if

any of them do occur, what impact they will have on the business, results of operations or financial condition of Waters or BD. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, these

developments could have a material adverse effect on Waters' and BD's businesses and the ability to successfully complete the proposed transaction and realize its benefits. The inclusion of such statements should not be regarded as a

representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing

conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the

proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of Waters may not be obtained; (2) the risk that the proposed transaction may not be

completed on the terms or in the time frame expected by Waters, BD and SpinCo, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of the combined

company following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the businesses of Waters and

SpinCo, on the expected timeframe or at all; (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in the combined company achieving revenue and cost synergies; (8) inability of the combined company

to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transaction; (10) the risk that stockholder litigation in connection with the proposed transaction or other litigation, settlements

or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in general political, economic,

regulatory, environmental, trade and/or industry specific conditions or any volatility resulting from the imposition of and changing policies around tariffs; (13) actions by third parties, including government agencies; (14) the risk that the

anticipated tax treatment of the proposed transaction is not obtained; (15) the risk of greater than expected difficulty in separating the business of SpinCo from the other businesses of BD; (16) risks related to the disruption of management time

from ongoing business operations due to the pendency of the proposed transaction, or other effects of the pendency of the proposed transaction on the relationship of any of the parties to the transaction with their employees, customers, suppliers,

or other counterparties; and (17) other risk factors detailed from time to time in Waters' and BD's reports filed with the SEC, including Waters' and BD's annual reports on Form 10-K, quarterly reports on Form 10-Q, current

reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC"), including documents that will be filed with the SEC in connection with the proposed transaction. The foregoing list of important factors

is not exclusive. It should also be noted that projected financial information for the combined businesses of the Company and SpinCo included in this presentation is based on management's estimates, assumptions and projections and has not been

prepared in conformance with the applicable accounting requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. None of this information

should be considered in isolation from, or as a substitute for, the historical financial statements of the Company or SpinCo. Important risk factors could cause actual future results and other future events to differ materially from those currently

estimated by management, including, but not limited to, the risks that: a condition to the closing of the proposed transaction may not be satisfied; a regulatory approval that may be required for the proposed transaction is delayed, is not obtained

or is obtained subject to conditions that are not anticipated; the Company is unable to achieve the synergies and value creation contemplated by the proposed transaction; the Company is unable to promptly and effectively integrate SpinCo's

businesses; management's time and attention is diverted on transaction related issues; disruption from the transaction makes it more difficult to maintain business, contractual and operational relationships; the credit ratings of the combined

company declines following the proposed transaction; legal proceedings are instituted against the Company, BD or the combined company; the Company, SpinCo or the combined company is unable to retain key personnel; and the announcement or the

consummation of the proposed transaction has a negative effect on the market price of the capital stock of Waters and BD or on the Company's and BD's operating results. Non-GAAP Financial Measures: To supplement the Company's

financial statements presented on a GAAP basis, the Company has provided certain non-GAAP financial measures, such as constant currency revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted operating margin, free cash flow and adjusted earnings

per share. Management uses these non-GAAP financial measures to evaluate the Company's operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that

such measures are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing the Company's operating performance. The non-GAAP financial information presented herein should

be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Management strongly encourages investors to review the Company's consolidated financial statements and publicly filed

reports in their entirety. The Company's definition of these non-GAAP financial measures may differ from similarly titled measures used by others. The non-GAAP financial measures used in this presentation adjust for specified items that can be

highly variable or difficult to predict. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth in the Appendix to this presentation and also

included in the Company's press release dated November 4, 2025, available on the Company's website at: https://ir.waters.com/. Additional Information and Where to Find It: This presentation is not intended to and does not constitute an

offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer,

solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made

except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law. In connection with the proposed transaction between Waters, SpinCo and BD, the parties have filed relevant

materials with the SEC, including, among other filings, a registration statement on Form S-4 filed by Waters (the "Form S-4") that includes a preliminary proxy statement/prospectus of Waters, and a registration statement on Form 10 filed by SpinCo

(the "Form 10") that incorporates by reference certain portions of the Form S-4 and serves as an information statement in connection with the spin-off of SpinCo from BD. The Form S-4 was declared effective by the SEC on December 23, 2025, and Waters

filed a definitive proxy statement/prospectus with the SEC on December 23, 2025. The definitive proxy statement/prospectus was mailed, on or about December 23, 2025, to Waters shareholders of record as of December 19, 2025. The Form 10 was declared

effective on December 31, 2025. INVESTORS AND SECURITY HOLDERS OF WATERS AND BD ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, THE INFORMATION STATEMENT AND ANY OTHER DOCUMENTS THAT ARE FILED OR THAT WILL BE FILED WITH THE SEC, AS WELL AS ANY

AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free

copies of the Form S-4, the definitive proxy statement/prospectus and other documents filed with the SEC by Waters, SpinCo or BD through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Waters

will be available free of charge on Waters' website at waters.com under the tab "About Waters" and under the heading "Investor Relations" and subheading "Financials-SEC Filings." Copies of the documents filed with the SEC by BD and SpinCo will

be available free of charge on BD's website at bd.com under the tab "About BD" and under the heading "Investors" and subheading "SEC Filings." Participants in the Solicitation: The Company and BD and their respective directors and executive

officers may be considered participants in the solicitation of proxies from the Company's stockholders in connection with the proposed transaction. Information about the directors and executive officers of the Company is set forth in its

Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 25, 2025, and its proxy statement for its 2025 annual meeting, which was filed with the SEC on April 9, 2025. To the extent holdings of the

Company's securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of

Beneficial Ownership on Form 4 filed with the SEC. Information about the directors and executive officers of the Company and other information regarding the potential participants in the proxy solicitations and a description of their direct and

indirect interests, by security holdings or otherwise, are contained in the definitive proxy statement/prospectus filed with the SEC and other relevant materials to be filed with the SEC regarding the proposed transaction. Information about the

directors and executive officers of BD is set forth in its Annual Report on Form 10-K for the year ended September 30, 2025, which was filed with the SEC on November 25, 2025, and its proxy statement for its 2026 annual meeting, which was filed with

the SEC on December 18, 2025. To the extent holdings of BD's securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of

Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at www.sec.gov and from

Waters' website and BD's website as described above.

Key Messages Executing from a Position

of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook

Key Messages Executing from a Position

of Strength Significant Value Creation Opportunity Ahead Industry-Leading Financial Outlook

A Simple & Repeatable Business

Model Note: 1. Total R&D spending as a percentage of non-service total company revenue for the trailing twelve-month (TTM) period ended September 27, 2025. 2. According to SDi 2024 Analytical & Life Science Instrumentation Service

Market (2021-2024 End User Perspectives), Waters has the highest service satisfaction score among all instrument vendors, while according to Technology Services Industry Association (TSIA), 2024 tNPS score over 20 points higher than benchmark

average. 3. According to internal analysis, ~80% of the drugs filed with the FDA, EMA, and China National Medical Products Administration (NMPA) in 2023 were done so using our Empower software. Source: Waters data and estimates. 4. Installed base

data are estimates based on internal analysis as of 12/31/24 and includes Wyatt. Consumables 3 Informatics 2 1 170K+ installed base4 Growth from new applications & instrument replacement Dedicated service team >50% of I-Base has plan attached

Ranked #1 by Customers2 4 DEEP UNDERSTANDING OF CUSTOMER UNMET NEEDS R&D = ~10% of product revenues1 #1 Chromatography Data System ~80% of novel drugs submitted to FDA, EMA, China NMPA using Empower3 Service Uniquely design & manufacture

chemistry in-house Innovation leader in large-molecule separations Liquid Chromatography Mass Spectrometry Deep understanding of customer unmet needs Instruments Light Scattering Thermal Analysis HIGH QUALITY, WIDE MOAT BUSINESS IN VOLUME-DRIVEN,

RECURRING, REGULATED SETTINGS

Note: $12B Core TAM + $7B Higher

Growth Adjacencies TAM = $19B TAM with MSD+ growth. MSD = Mid single-digit., HSD = High single-digit., DD = Double-digit. Market growth rates are Waters internal estimates based on long-term historical data for more mature markets as well as current

and recent historical growth rate data for more nascent, high-growth markets. These estimates are based on consulting data, industry reports and market research. Serving Attractive, Volume-Driven Markets Customized Consumables Informatics

designed for regulatory submission 1 2 3 Services to maximize productivity and utilization 4 Simplified sophisticated Instruments LEADER IN REGULATED, HIGH-VOLUME APPLICATIONS $12B TAM Core Markets +$7B TAM HSD - DD Markets Pharma QA/QC Late-Stage

Drug Development Food & Environmental Safety Chemical Analysis Materials Testing BioSeparations Bioanalytical Characterization Multiplex Diagnostics (LC-MS into Dx) Battery Testing High Growth Adjacencies MSD - HSD Markets

Successfully Executed Bold

Transformation Plan Since 2020 Regained Commercial Momentum 1 Entered Faster Growth Adjacencies 3 Delivered Pioneering Innovation 2 Accelerate the benefits of pioneering science

Note: KPI figures and growth rates

shown in the table on the left-hand side of the slide reflect 2025E, which are preliminary estimates and forward-looking statements and are subject to change. YTD25 = the nine months ended September 27, 2025. YTD24 = the nine months ended September

28, 2024. 1. Service plan adoption as % of total active instrument installed base. 2. Reflects % of Chemistry consumables sold through eCommerce channels. 3. Reflects % of revenue derived from contract organizations in the pharmaceutical end-market.

4. Waters Alliance iS sales grew 270% in constant currency for the first 9 months of 2025 compared to the equivalent time-period in 2024. Constant currency revenue growth is a non-GAAP financial measure. 5. Waters Xevo TQ Absolute sales grew 40% in

constant currency for the first 9 months of 2025 compared to the equivalent time-period in 2024. 6. Waters MaxPeak chemistry sales grew 35% in constant currency for the first 9 months of 2025 compared to the equivalent time-period in 2024.

Delivering Strong Commercial Execution & Revitalized Innovation Pioneering Innovation Augmenting Strength +270% YTD Sales Growth Y/Y4 +40% YTD Sales Growth Y/Y5 +35% YTD Sales Growth Y/Y6 + 2 2024 NOW Instrument Replacement Service Plan

Attachment1 eCommerce Adoption2 Expand into Contract Orgs3 Launch Excellence Commercial Execution KPIs Continue to Run Ahead 1 Steady stream of category-defining new product launches Embedded in our Operating Cadence 2019 >40% of Chemistry Rev.

45% of Chemistry Rev. 20% of Chemistry Rev. 25% of Pharma Rev. 27% of Pharma Rev. 15% of Pharma Rev. 50% of active I-Base 54% of active I-Base 43% of active I-Base

Built New Vectors of Core Growth

Accretion Note: Incremental dollars reflect estimated 2025E year-over-year revenue contribution while bps reflect the approximate corresponding contribution to total company organic revenue growth. These numbers are preliminary estimates and

forward-looking statements and are subject to change. Successfully Entered High-Growth Adjacencies 3 Idiosyncratic Growth Drivers Exceeding Targets + Bioseparations Bioanalytical Characterization LC-MS into Dx Organic Bioanalytical Characterization

Inorganic Wyatt MALS in Pharma QC +95bps 2025E growth contribution +70bps 2025E growth contribution +95bps 2025E growth contribution +$30M in 2025E (inc. India) +$20M in 2025E +$30M in 2025E India (ex-GLP-1 Rev) GLP-1s PFAS Generics (ex-GLP-1) = =

Resulting in Industry-Leading

Financials Note: Peer values use each company's publicly available last four reported quarters, as disclosed in each company's non-GAAP disclosures. 1. Based on trailing twelve-month (TTM) as reported, GAAP data for the period ended

September 27, 2025. 2. Operating margin results are in adjusted, non-GAAP operating margin percentage terms based on TTM non-GAAP data for the period ended September 27, 2025. 3. FCF = Free Cash Flow. TTM FCF and revenue are calculated as the sum of

4Q24 and 3Q25 year-to-date results and shown as a % of as-reported GAAP revenue over the same time period. 4. Organic constant-currency (CC) revenue growth reflects year-over-year organic/core performance. Waters TTM as reported revenue for the

period ended September 27, 2025 was $3.1B and FX negatively impacted revenue by 1%. 5. Adjusted operating margin reflects non-GAAP operating income as a percentage of revenue. 6. Adjusted EPS growth reflects year-over-year growth in non-GAAP diluted