Avantor® Reports Second Quarter 2026 Results

RADNOR, Pa., July 29, 2026 /PRNewswire/ -- Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, reports better than expected results for the second fiscal quarter of 2026.

Emmanuel Ligner, President and Chief Executive Officer, says: "Our Revival program is strengthening how we serve our customers, leading to improved business performance.

"Our second quarter results exceeded our expectations across several key financial metrics, and we generated robust free cash flow, which we used to repay $112.1 million of debt, reinforcing our commitment to strengthen our balance sheet. I'm delighted by the improved performance in our VWR Distribution and Services segment, which returned to positive organic revenue growth more quickly than we anticipated. Also, our Bioscience and Medtech Products segment performed near the high end of our expectations. We continue to focus on creating a better experience for our customers and delivering long-term value for our shareholders," Ligner concludes.

Second Quarter 2026

For the three months ended June 30, 2026, net sales were $1,692.3 million, which was up 0.5% compared to the second quarter of 2025. Foreign currency translation had a positive impact of 0.9%, resulting in a 0.4% decline in net sales on an organic basis.

Net income decreased to $38.1 million from $64.7 million in the second quarter of 2025, and net income margin was 2.3%; adjusted net income was $143.3 million compared to $161.2 million in the prior-year period. Adjusted EBITDA was $254.3 million, with an adjusted EBITDA margin of 15.0%.

Operating income was $121.8 million, with an operating income margin of 7.2%; adjusted operating income was $225.1 million, with an adjusted operating income margin of 13.3%.

Diluted earnings per share on a GAAP basis was $0.06, and adjusted diluted earnings per share was $0.21.

Second Quarter 2026 – Segment Results

VWR Distribution & Services

Bioscience & Medtech Products

Adjusted Operating Income is Avantor's segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company's business segments.

Balance Sheet and Cash Flow

As of June 30, 2026, total debt, gross, was $3,715.4 million and cash and cash equivalents were $306.8 million.

GAAP net leverage was (5.9x), and adjusted net leverage was 3.3x, as of June 30, 2026.

For the three months ended June 30, 2026, operating cash flow was $178.2 million, while free cash flow was $142.8 million.

Updated 2026 Guidance

Avantor updates its fiscal 2026 financial guidance.

(as of April 29, 2026)

(as of July 29, 2026)

reconciliation of the non-GAAP measures provided in our full-year 2026 guidance without

unreasonable effort because of the difficulty in forecasting and quantifying certain amounts

and adjustment items with a reasonable degree of certainty including net income, restructuring

charges, foreign currency exchange gains and losses and income tax expense. These

amounts are dependent upon future events and may be outside of our control. We note that

the actual impact of these items may have potentially significant impact on our full-year results

determined in accordance with GAAP.

Fiscal 2026 Assumptions

Conference Call
We will host a conference call to discuss our results today, July 29, 2026 at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor's website.  

About Avantor
Avantor^® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit corporate.avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.

Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles ("GAAP") with certain non-GAAP financial measures that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in reports filed with the SEC in their entirety and not rely solely on any one single financial measure or communication.

The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow and free cash flow conversion.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "assumption," "believe," "continue," "estimate," "expect," "forecast," "goal," "guidance," "intend," "likely," "long-term," "near-term," "objective," "opportunity," "outlook," "plan," "potential," "project," "projection," "prospects," "seek," "target," "trend," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Investor Relations Contact
Chris Fidyk
Vice President, Investor Relations
Avantor  
chris.fidyk@avantorsciences.com

Global Media Contact
Valerie Collado
Director of External Communications and Community Impact
Avantor
484-885-9338
valerie.collado@avantorsciences.com

Unaudited condensed consolidated statements of operations

June 30,

June 30,

Unaudited condensed consolidated balance sheets

Unaudited condensed consolidated statements of cash flows

June 30,

June 30,

Reconciliations of non-GAAP measures

Adjusted EBITDA and Adjusted EBITDA Margin

Reconciliations of non-GAAP measures (continued)

Adjusted Operating Income and Adjusted Operating Income Margin

Reconciliations of non-GAAP measures (continued)

Adjusted earnings per share

Reconciliations of non-GAAP measures (continued)

Net sales by segment

(decline) to organic net sales growth

(decline)

growth

(decline)

currency

impact

net sales

growth

(decline)

(decline) to organic net sales growth

(decline)

growth

(decline)

currency

impact

net sales

growth

(decline)

represent Adjusted

Operating Income margin)

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