Waters Corporation $(WAT)$ reported its financial results for the second quarter of 2025, with sales reaching $771 million, marking a 9% increase as reported and an 8% increase in constant currency compared to the same period in 2024. The company's GAAP earnings per share $(EPS)$ for the quarter was $2.47, up from $2.40 in the second quarter of 2024. Non-GAAP EPS grew by 12% to $2.95 from $2.63 in the previous year. The quarter saw mid-single-digit growth in instruments in constant currency, driven by high-single-digit growth in liquid chromatography $(LC)$ and mass spectrometry $(MS)$, particularly among large pharmaceutical and contract development and manufacturing organization $(CDMO)$ customers. Recurring revenue increased by 11% in constant currency, with service growth at 9% and double-digit growth in chemistry. Pharmaceutical sales rose by 11% in constant currency, while industrial sales grew by 6%. Academic and government sales declined by 3%, though this was better than expected. Waters Corporation has raised its full-year 2025 constant currency sales growth guidance to a range of 5.5% to 7.5% and its non-GAAP EPS guidance to between $12.95 and $13.05. The company projects third quarter 2025 non-GAAP EPS to be between $3.15 and $3.25, indicating a year-over-year growth of approximately 8% to 11%. The strong performance in the second quarter is attributed to robust instrument replacement trends and the uptake of new products, alongside contributions from growth areas such as GLP-1s, PFAS, and generics.