Avantor庐 Reports Second Quarter 2025 Results
Avantor (NYSE:AVTR) reported mixed Q2 2025 financial results with net sales of $1.68 billion, showing a 1% decrease year-over-year, while organic revenue remained flat. The company posted net income of $64.7 million, down from $92.9 million in Q2 2024, with diluted EPS of $0.09 and adjusted EPS of $0.24.
The Laboratory Solutions segment saw a 3% decline in net sales to $1.12 billion, while Bioscience Production grew 3% to $561.3 million. The company generated operating cash flow of $154.4 million and free cash flow of $125.4 million, maintaining an adjusted net leverage of 3.2x.
Additionally, Avantor announced a significant leadership change, with Emmanuel Ligner appointed as the new President and CEO, effective August 18, 2025, replacing Michael Stubblefield.
Avantor (NYSE:AVTR) ha riportato risultati finanziari misti per il secondo trimestre del 2025, con vendite nette pari a 1,68 miliardi di dollari, registrando un calo dell'1% rispetto all'anno precedente, mentre i ricavi organici sono rimasti stabili. L'azienda ha registrato un utile netto di 64,7 milioni di dollari, in calo rispetto ai 92,9 milioni del secondo trimestre 2024, con un utile per azione diluito di 0,09 dollari e un utile per azione rettificato di 0,24 dollari.
Il segmento Laboratory Solutions ha subito una diminuzione del 3% nelle vendite nette, attestandosi a 1,12 miliardi di dollari, mentre Bioscience Production 猫 cresciuto del 3%, raggiungendo 561,3 milioni di dollari. L'azienda ha generato un flusso di cassa operativo di 154,4 milioni di dollari e un flusso di cassa libero di 125,4 milioni, mantenendo un leverage netto rettificato di 3,2x.
Inoltre, Avantor ha annunciato un importante cambiamento nella leadership, con la nomina di Emmanuel Ligner come nuovo Presidente e CEO, a partire dal 18 agosto 2025, in sostituzione di Michael Stubblefield.
Avantor (NYSE:AVTR) inform贸 resultados financieros mixtos para el segundo trimestre de 2025, con ventas netas de 1,68 mil millones de d贸lares, mostrando una disminuci贸n del 1% interanual, mientras que los ingresos org谩nicos se mantuvieron estables. La compa帽铆a report贸 un ingreso neto de 64,7 millones de d贸lares, inferior a los 92,9 millones del segundo trimestre de 2024, con una utilidad diluida por acci贸n de 0,09 d贸lares y una utilidad ajustada por acci贸n de 0,24 d贸lares.
El segmento de Laboratory Solutions experiment贸 una ca铆da del 3% en las ventas netas a 1,12 mil millones de d贸lares, mientras que Bioscience Production creci贸 un 3%, alcanzando 561,3 millones de d贸lares. La empresa gener贸 un flujo de caja operativo de 154,4 millones de d贸lares y un flujo de caja libre de 125,4 millones, manteniendo un apalancamiento neto ajustado de 3,2x.
Adem谩s, Avantor anunci贸 un cambio significativo en su liderazgo, con la designaci贸n de Emmanuel Ligner como nuevo Presidente y CEO, efectivo a partir del 18 de agosto de 2025, en reemplazo de Michael Stubblefield.
Avantor (NYSE:AVTR)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞐愳劀 順检灛霅� 瓴瓣臣毳� 氚滍憸頄堨姷雼堧嫟. 靾滊Г於滌潃 16鞏� 8觳滊 雼煬搿� 鞝勲厔 霃欔赴 雽�牍� 1% 臧愳唽頄堨溂氅�, 鞙犼赴鞝� 毵れ稖鞚� 氤�霃欖澊 鞐嗢棃鞀惦媹雼�. 須岇偓電� 靾滌澊鞚� 6,470毵� 雼煬毳� 旮半頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴鞚� 9,290毵� 雼煬鞐愳劀 臧愳唽頃� 靾橃箻鞛呺媹雼�. 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 0.09雼煬, 臁办爼 EPS電� 0.24雼煬鞓�鞀惦媹雼�.
Laboratory Solutions 攵�氍胳潃 靾滊Г於滌澊 3% 臧愳唽頃橃棳 11鞏� 2觳滊 雼煬毳� 旮半頃� 氚橂┐, Bioscience Production 攵�氍胳潃 3% 靹膘灔頃橃棳 5鞏� 6,130毵� 雼煬鞐� 雼枅鞀惦媹雼�. 須岇偓電� 鞓侅梾 順勱笀 頋愲 1鞏� 5,440毵� 雼煬鞕� 鞛夓棳 順勱笀 頋愲 1鞏� 2,540毵� 雼煬毳� 彀届稖頄堨溂氅�, 臁办爼 靾滊秬毂� 牍勳湪鞚� 3.2氚半ゼ 鞙犾頄堨姷雼堧嫟.
霕愴暅 Avantor電� 欷戨寑頃� 毽崝鞁� 氤�頇旊ゼ 氚滍憸頄堨溂氅�, Emmanuel Ligner臧� 2025雲� 8鞗� 18鞚茧秬韯� 鞁犾瀯 靷灔 瓴� CEO搿� 鞛勲獏霅橃柎 Michael Stubblefield毳� 雽�鞁犿暕雼堧嫟.
Avantor (NYSE:AVTR) a publi茅 des r茅sultats financiers mitig茅s pour le deuxi猫me trimestre 2025 avec des ventes nettes de 1,68 milliard de dollars, enregistrant une baisse de 1 % par rapport 脿 l'ann茅e pr茅c茅dente, tandis que le chiffre d'affaires organique est rest茅 stable. La soci茅t茅 a affich茅 un b茅n茅fice net de 64,7 millions de dollars, en baisse par rapport 脿 92,9 millions au T2 2024, avec un BPA dilu茅 de 0,09 $ et un BPA ajust茅 de 0,24 $.
Le segment Laboratory Solutions a connu une baisse de 3 % des ventes nettes 脿 1,12 milliard de dollars, tandis que Bioscience Production a progress茅 de 3 % pour atteindre 561,3 millions de dollars. L'entreprise a g茅n茅r茅 un flux de tr茅sorerie op茅rationnel de 154,4 millions de dollars et un flux de tr茅sorerie libre de 125,4 millions, maintenant un levier net ajust茅 de 3,2x.
De plus, Avantor a annonc茅 un changement important 脿 la t锚te de l'entreprise, avec la nomination de Emmanuel Ligner en tant que nouveau Pr茅sident et CEO, 脿 compter du 18 ao没t 2025, en remplacement de Michael Stubblefield.
Avantor (NYSE:AVTR) meldete gemischte Finanzergebnisse f眉r das zweite Quartal 2025 mit Nettoerl枚sen von 1,68 Milliarden US-Dollar, was einem R眉ckgang von 1 % im Jahresvergleich entspricht, w盲hrend der organische Umsatz stabil blieb. Das Unternehmen verzeichnete einen Nettoertrag von 64,7 Millionen US-Dollar, gegen眉ber 92,9 Millionen US-Dollar im zweiten Quartal 2024, mit einem verw盲sserten Ergebnis je Aktie (EPS) von 0,09 US-Dollar und einem bereinigten EPS von 0,24 US-Dollar.
Der Gesch盲ftsbereich Laboratory Solutions verzeichnete einen R眉ckgang der Nettoerl枚se um 3 % auf 1,12 Milliarden US-Dollar, w盲hrend Bioscience Production um 3 % auf 561,3 Millionen US-Dollar wuchs. Das Unternehmen generierte einen operativen Cashflow von 154,4 Millionen US-Dollar und einen freien Cashflow von 125,4 Millionen US-Dollar und hielt eine bereinigte Nettoverschuldung von 3,2x aufrecht.
Dar眉ber hinaus k眉ndigte Avantor eine bedeutende F眉hrungs盲nderung an, bei der Emmanuel Ligner zum neuen Pr盲sidenten und CEO ernannt wurde, mit Wirkung zum 18. August 2025, als Nachfolger von Michael Stubblefield.
- None.
- Overall net sales decreased 1% year-over-year
- Net income declined 30% to $64.7 million from $92.9 million in Q2 2024
- Laboratory Solutions segment reported 3% sales decline
- Bioscience Production faced challenges from planned maintenance and regulatory issues
Insights
Avantor reports flat organic revenue with margin pressure and leadership transition amid challenges in both business segments.
Avantor's Q2 2025 results reveal a company navigating challenges across its portfolio. The flat organic revenue performance masks divergent trends between segments, with Laboratory Solutions declining 1% organically while Bioscience Production grew 2% organically. The most concerning metrics are on the profitability side, where we see net income dropping 30% year-over-year to
The compressed margins tell an important story. The company's Adjusted EBITDA margin of
Cash generation remains a relative bright spot with free cash flow of
The announced CEO transition from Michael Stubblefield to Emmanuel Ligner on August 18 adds another layer of complexity. Leadership changes during periods of operational challenges can either catalyze improvement or amplify uncertainty. In this case, bringing in a life-sciences veteran suggests the board is seeking fresh perspectives to address the stagnant growth and margin compression.
Contract extensions with leading pharma companies mentioned in the release represent a positive indicator for future stability, though the lack of quantification makes it difficult to assess their material impact. Similarly, while management notes "improvement initiatives" yielding "tangible results" in Laboratory Solutions, the actual organic decline of
- Net sales of
$1.68 billion 1% ; organic revenue was flat - Net income of
$65 million $280 million - Diluted GAAP EPS of
$0.09 $0.24 - Operating cash flow of
$154 million $125 million
"In the second quarter, we remained focused on driving growth, enhancing operating leverage, and executing with discipline," said Michael Stubblefield, President and Chief Executive Officer.
"Our Laboratory Solutions segment delivered sequential revenue growth in line with our expectations, as improvement initiatives began yielding tangible results. We also secured several major contract extensions with leading pharma companies, reinforcing our strong customer relationships and differentiated value proposition. In Bioscience Production, revenue also grew sequentially, though performance was impacted by planned maintenance as well as regulatory and commercial challenges at a few key accounts. We are actively executing mitigation plans and remain encouraged by the continued strength of our core monoclonal antibody platform."
"Avantor's resilient business model, diversified portfolio, and long-standing customer relationships, coupled with our focus on operational excellence, position us to navigate near-term challenges and deliver long-term shareholder value," Stubblefield concluded.
Second Quarter 2025
For the three months ended June 30, 2025, net sales were
Net income decreased to
Diluted earnings per share on a GAAP basis was
Operating cash flow was
Second Quarter 2025 鈥� Segment Results
Laboratory Solutions
- Net sales were
$1,122.1 million 3% , as compared to$1,155.7 million 2% and M&A had a negative impact of4% , resulting in a1% sales decline on an organic basis. - Adjusted Operating Income was
$133.3 million $150.9 million 11.9% .
Bioscience Production
- Net sales were
$561.3 million 3% , as compared to$547.1 million 1% resulting in a2% sales increase on an organic basis. - Adjusted Operating Income was
$139.7 million $144.0 million 24.9% .
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.
CEO Transition
As previously announced on July 21,听Avantor has named life-sciences veteran Emmanuel Ligner as its next President and Chief Executive Officer, effective August 18, 2025. Mr. Ligner succeeds Michael Stubblefield, who will step down from his role as Director, President and Chief Executive Officer upon Mr. Ligner's appointment.
Conference Call
We will host a conference call to discuss our results today, August 1, 2025, at 8:00 a.m. Eastern Time. The live webcast, presentation and supplemental disclosure package, as well as a replay, will be available on the听. 听
About Avantor
Avantor庐 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听avantorsciences.com听and find us on听LinkedIn, 补苍诲听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
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.
- Organic net sales growth (decline) eliminates from our reported net sales change the impacts of revenues from acquisitions and divestitures that occurred in the last year (as applicable) and changes in foreign currency exchange rates. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.
- Adjusted Operating Income is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) gain on sale of business, and (vii) certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.
- Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) gain on sale of business, and (viii) certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.
- Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) gain on sale of business, and (v) certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.
- Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.
- Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions and divestitures as if those acquisitions and divestitures had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company's capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.
- Free cash flow is equal to our cash flows from operating activities, less capital expenditures, plus direct transaction costs and income taxes paid related to acquisitions and divestitures (as applicable) in the period. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company's ability to generate cash for use in financing or investing activities. These measures are used by our management for the same reason.
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听
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, including our cost transformation initiative, 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
Allison Hosak
Senior Vice President, Global Communications
Avantor
908-329-7281
[email protected]
Media Contact
Eric Van听Zanten
Head of External Communications
Avantor
610-529-6219
[email protected]
听
Avantor, Inc. and subsidiaries | |||||||
(in millions, except per share data) | Three听months ended | Six听months ended | |||||
2025 | 2024 | 2025 | 2024 | ||||
Net sales | $听听 1,683.4 | $听听 1,702.8 | $听听 3,264.8 | $听听 3,382.6 | |||
Cost of sales | 1,129.3 | 1,121.3 | 2,175.8 | 2,230.6 | |||
Gross profit | 554.1 | 581.5 | 1,089.0 | 1,152.0 | |||
Selling, general and administrative expenses | 425.3 | 405.7 | 812.8 | 829.9 | |||
Operating income | 128.8 | 175.8 | 276.2 | 322.1 | |||
Interest expense, net | (43.4) | (60.9) | (85.6) | (125.2) | |||
Loss on extinguishment of debt | 鈥� | (1.9) | 鈥� | (4.4) | |||
Other (expense) income, net | (3.7) | 1.6 | (23.2) | 2.7 | |||
Income before income taxes | 81.7 | 114.6 | 167.4 | 195.2 | |||
Income tax expense | (17.0) | (21.7) | (38.2) | (41.9) | |||
Net income | $听听听听听听 64.7 | $听听听听听听 92.9 | $听听听听听 129.2 | $听听听听听 153.3 | |||
Earnings per share: | |||||||
Basic | $听听听听听听 0.09 | $听听听听听听 0.14 | $听听听听听听 0.19 | $听听听听听听 0.23 | |||
Diluted | $听听听听听听 0.09 | $听听听听听听 0.14 | $听听听听听听 0.19 | $听听听听听听 0.22 | |||
Weighted average shares outstanding: | |||||||
Basic | 681.5 | 679.4 | 681.3 | 678.7 | |||
Diluted | 681.8 | 682.6 | 682.0 | 681.9 | |||
听
Avantor, Inc. and subsidiaries | |||
(in millions) | June 30, 2025 | December 31, 2024 | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | $听听听听听听听听听听听听听听听听听 449.4 | $听听听听听听听听听听听听听听听听听 261.9 | |
Accounts receivable, net | 1,149.4 | 1,034.5 | |
Inventory | 779.8 | 731.5 | |
Other current assets | 136.0 | 118.7 | |
Total current assets | 2,514.6 | 2,146.6 | |
Property, plant and equipment, net | 759.0 | 708.1 | |
Other intangible assets, net | 3,350.2 | 3,360.2 | |
Goodwill, net | 5,762.2 | 5,539.2 | |
Other assets | 390.9 | 360.4 | |
Total assets | $听听听听听听听听听听听听 12,776.9 | $听听听听听听听听听听听听 12,114.5 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Current portion of debt | $听听听听听听听听听听听听听听 1,254.3 | $听听听听听听听听听听听听听听听听听 821.1 | |
Accounts payable | 708.8 | 662.8 | |
Employee-related liabilities | 174.0 | 168.2 | |
Accrued interest | 50.0 | 48.6 | |
Other current liabilities | 388.6 | 306.8 | |
Total current liabilities | 2,575.7 | 2,007.5 | |
Debt, net of current portion | 2,988.2 | 3,234.7 | |
Deferred income tax liabilities | 535.7 | 557.3 | |
Other liabilities | 391.4 | 358.3 | |
Total liabilities | 6,491.0 | 6,157.8 | |
Stockholders' equity: | |||
Common stock including paid-in capital | 3,964.1 | 3,937.7 | |
Accumulated earnings | 2,332.2 | 2,203.0 | |
Accumulated other comprehensive loss | (10.4) | (184.0) | |
Total stockholders' equity | 6,285.9 | 5,956.7 | |
Total liabilities and stockholders' equity | $听听听听听听听听听听听听 12,776.9 | $听听听听听听听听听听听听 12,114.5 | |
听
Avantor, Inc. and subsidiaries | |||||||
(in millions) | Three听months ended | Six听months ended | |||||
2025 | 2024 | 2025 | 2024 | ||||
Cash flows from operating activities: | |||||||
Net income | $听听听听听 64.7 | $听听听听听 92.9 | $听听听 129.2 | $听听听 153.3 | |||
Reconciling adjustments: | |||||||
Depreciation and amortization | 102.7 | 102.6 | 202.4 | 202.2 | |||
Stock-based compensation expense | 15.5 | 11.1 | 27.9 | 23.8 | |||
Provision for accounts receivable and | 14.9 | 15.5 | 26.9 | 39.5 | |||
Deferred income tax benefit | (17.6) | (34.8) | (30.0) | (52.7) | |||
Amortization of deferred financing costs | 2.3 | 2.8 | 4.5 | 5.8 | |||
Loss on extinguishment of debt | 鈥� | 1.9 | 鈥� | 4.4 | |||
Foreign currency remeasurement loss (gain) | 1.9 | (2.2) | 3.8 | 3.1 | |||
Pension termination charges | 鈥� | 鈥� | 18.1 | 鈥� | |||
Changes in assets and liabilities: | |||||||
Accounts receivable | (12.5) | (2.7) | (55.7) | 鈥� | |||
Inventory | (15.7) | (3.2) | (33.3) | (14.2) | |||
Accounts payable | 10.9 | 89.5 | 19.1 | 45.9 | |||
Accrued interest | 10.7 | 9.2 | 1.4 | (0.3) | |||
Other assets and liabilities | (23.8) | (2.9) | (52.9) | 6.4 | |||
Other | 0.4 | 1.4 | 2.3 | 5.5 | |||
Net cash provided by operating activities | 154.4 | 281.1 | 263.7 | 422.7 | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (29.6) | (45.8) | (57.6) | (80.5) | |||
Other | 1.0 | 0.9 | 0.1 | 1.4 | |||
Net cash used in investing activities | (28.6) | (44.9) | (57.5) | (79.1) | |||
Cash flows from financing activities: | |||||||
Debt borrowings | 鈥� | (28.9) | 鈥� | 12.3 | |||
Debt repayments | (6.8) | (172.7) | (38.1) | (383.0) | |||
Proceeds received from exercise of stock options | 鈥� | 5.3 | 2.6 | 50.8 | |||
Shares repurchased to satisfy employee tax | (0.1) | (0.8) | (5.0) | (7.4) | |||
Net cash used in financing activities | (6.9) | (197.1) | (40.5) | (327.3) | |||
Effect of currency rate changes on cash and cash | 14.8 | (1.6) | 21.8 | (7.3) | |||
Net change in cash, cash equivalents and restricted | 133.7 | 37.5 | 187.5 | 9.0 | |||
Cash, cash equivalents and restricted cash, beginning | 318.5 | 259.2 | 264.7 | 287.7 | |||
Cash, cash equivalents and restricted cash, end of | $听听听 452.2 | $听听听 296.7 | $听听听 452.2 | $听听听 296.7 | |||
听
Avantor, Inc. and subsidiaries | |||||||||||||||
(dollars in millions, % | Three听months ended June听30, | Six听months ended June听30, | |||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
$ | % | $ | % | $ | % | $ | % | ||||||||
Net income | $听听 64.7 | 3.8听% | $听听 92.9 | 5.5听% | 4.0听% | 4.5听% | |||||||||
Amortization | 75.5 | 4.5听% | 74.9 | 4.4听% | 149.4 | 4.6听% | 150.2 | 4.4听% | |||||||
Loss on extinguishment | 鈥� | 鈥斕�% | 1.9 | 鈥斕�% | 鈥� | 鈥斕�% | 4.4 | 0.1听% | |||||||
Restructuring and | 21.4 | 1.3听% | 9.7 | 0.6听% | 25.8 | 0.8听% | 32.9 | 1.0听% | |||||||
Transformation | 20.4 | 1.2听% | 16.2 | 1.0听% | 35.8 | 1.1听% | 29.5 | 0.9听% | |||||||
Reserve for certain legal | 3.6 | 0.2听% | 鈥� | 鈥斕�% | 3.6 | 0.1听% | 鈥� | 鈥斕�% | |||||||
Other4 | 6.6 | 0.4听% | (0.3) | 鈥斕�% | 10.6 | 0.3听% | (0.8) | 鈥斕�% | |||||||
Pension termination | 鈥� | 鈥斕�% | 鈥� | 鈥斕�% | 18.1 | 0.6听% | 鈥� | 鈥斕�% | |||||||
Income tax benefit | (31.0) | (1.8)听% | (27.3) | (1.6)听% | (56.1) | (1.8)听% | (50.9) | (1.5)听% | |||||||
Adjusted net income | 161.2 | 9.6听% | 168.0 | 9.9听% | 316.4 | 9.7听% | 318.6 | 9.4听% | |||||||
Interest expense, net | 43.4 | 2.6听% | 60.9 | 3.6听% | 85.6 | 2.6听% | 125.2 | 3.7听% | |||||||
Depreciation | 27.2 | 1.6听% | 27.7 | 1.5听% | 53.0 | 1.6听% | 52.0 | 1.6听% | |||||||
Income tax provision | 48.0 | 2.8听% | 49.0 | 2.9听% | 94.3 | 2.9听% | 92.8 | 2.7听% | |||||||
Adjusted EBITDA | 16.6听% | 17.9听% | 16.8听% | 17.4听% | |||||||||||
鈹佲挛鈹佲挛鈹佲挛鈹佲挛鈹� | |
1. | Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. These expenses represent costs incurred to achieve the Company's publicly-announced cost transformation initiative. |
2. | Represents incremental expenses directly associated with the Company's publicly-announced cost transformation initiative, primarily related to the cost of external advisors. |
3. | Represents charges and legal costs, net of recoveries, in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results. |
4. | Represents net foreign currency (gain) loss from financing activities, other stock-based compensation expense (benefit) and a purchase price adjustment related to the sale of our Clinical Services business in 2024. |
5. | Represents pension termination charges related to termination of our |
听
Avantor, Inc. and subsidiaries | |||||||||||||||
(dollars in millions, %听based on | Three听months ended June听30, | Six听months ended June听30, | |||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
$ | % | $ | % | $ | % | $ | % | ||||||||
Net income | $听 64.7 | 3.8听% | $听 92.9 | 5.5听% | $听 129.2 | 4.0听% | $听 153.3 | 4.5听% | |||||||
Interest expense, net | 43.4 | 2.6听% | 60.9 | 3.6听% | 85.6 | 2.6听% | 125.2 | 3.7听% | |||||||
Income tax expense | 17.0 | 1.0听% | 21.7 | 1.3听% | 38.2 | 1.1听% | 41.9 | 1.2听% | |||||||
Loss on extinguishment | 鈥� | 鈥斕�% | 1.9 | 鈥斕�% | 鈥� | 鈥斕�% | 4.4 | 0.1听% | |||||||
Other (expense) income, net | 3.7 | 0.3听% | (1.6) | (0.1)听% | 23.2 | 0.8听% | (2.7) | 鈥斕�% | |||||||
Operating income | 128.8 | 7.7听% | 175.8 | 10.3听% | 276.2 | 8.5听% | 322.1 | 9.5听% | |||||||
Amortization | 75.5 | 4.5听% | 74.9 | 4.4听% | 149.4 | 4.6听% | 150.2 | 4.4听% | |||||||
Restructuring and severance | 21.4 | 1.3听% | 9.7 | 0.6听% | 25.8 | 0.8听% | 32.9 | 1.0听% | |||||||
Transformation expenses2 | 20.4 | 1.2听% | 16.2 | 1.0听% | 35.8 | 1.1听% | 29.5 | 0.9听% | |||||||
Reserve for certain legal | 3.6 | 0.2听% | 鈥� | 鈥斕�% | 3.6 | 0.1听% | 鈥� | 鈥斕�% | |||||||
Other4 | 2.5 | 0.1听% | 0.6 | 鈥斕�% | 4.2 | 0.1听% | 0.9 | 鈥斕�% | |||||||
Adjusted Operating Income | $听 252.2 | 15.0听% | $听 277.2 | 16.3听% | $听 495.0 | 15.2听% | $听 535.6 | 15.8听% | |||||||
鈹佲挛鈹佲挛鈹佲挛鈹佲挛鈹� | |
1. | Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. These expenses represent costs incurred to achieve the Company's publicly-announced cost transformation initiative. |
2. | Represents incremental expenses directly associated with the Company's publicly-announced cost transformation initiative, primarily related to the cost of external advisors. |
3. | Represents charges and legal costs, net of recoveries, in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results. |
4. | Represents other stock-based compensation expense (benefit) and a purchase price adjustment related to the sale of our Clinical Services business in 2024. |
听
Avantor, Inc. and subsidiaries | |||||||
(shares in millions) | Three听months ended | Six听months ended | |||||
2025 | 2024 | 2025 | 2024 | ||||
Diluted earnings per share (GAAP) | $听听听听听 0.09 | $听听听听听 0.14 | $听听听听听 0.19 | $听听听听听 0.22 | |||
Dilutive impact of convertible instruments | 鈥� | 鈥� | 鈥� | 鈥� | |||
Fully diluted earnings per share (non-GAAP) | 0.09 | 0.14 | 0.19 | 0.22 | |||
Amortization | 0.11 | 0.11 | 0.22 | 0.22 | |||
Loss on extinguishment of debt | 鈥� | 鈥� | 鈥� | 0.01 | |||
Restructuring and severance charges | 0.03 | 0.02 | 0.04 | 0.05 | |||
Transformation expenses | 0.03 | 0.02 | 0.04 | 0.04 | |||
Reserve for certain legal matters, net | 0.01 | 鈥� | 0.01 | 鈥� | |||
Other | 0.02 | 鈥� | 0.01 | 鈥� | |||
Pension termination charges | 鈥� | 鈥� | 0.03 | 鈥� | |||
Income tax benefit applicable to pretax adjustments | (0.05) | (0.04) | (0.08) | (0.07) | |||
Adjusted EPS (non-GAAP) | $听听听听听 0.24 | $听听听听听 0.25 | $听听听听听 0.46 | $听听听听听 0.47 | |||
Weighted average diluted shares outstanding: | |||||||
Share count for Adjusted EPS (non-GAAP) | 681.8 | 682.6 | 682.0 | 681.9 | |||
Free cash flow | |||||||
(in millions) | Three听months ended | Six听months ended | |||||
2025 | 2024 | 2025 | 2024 | ||||
Net cash provided by operating activities | $听听听 154.4 | $听听听 281.1 | $听听听 263.7 | $听听听 422.7 | |||
Capital expenditures | (29.6) | (45.8) | (57.6) | (80.5) | |||
Divestiture-related transaction expenses and taxes | 0.6 | 鈥� | 1.4 | 鈥� | |||
Free cash flow (non-GAAP) | $听听听 125.4 | $听听听 235.3 | $听听听 207.5 | $听听听 342.2 | |||
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Adjusted net leverage | |
(dollars in millions) | June 30, 2025 |
Total debt, gross | $听听听听听 4,261.0 |
Less cash and cash equivalents | (449.4) |
$听听听听听 3,811.6 | |
Trailing twelve months Adjusted EBITDA(1) | $听听听听听 1,141.8 |
Trailing twelve months ongoing stock-based compensation expense | 51.8 |
$听听听听听 1,193.6 | |
Adjusted net leverage (non-GAAP) | 听听听听听听听听听听听听听 3.2 x |
1. | Represents the Adjusted EBITDA of听Avantor for the trailing twelve-month period minus the results attributable to the divested business as if such divestiture had been completed on the first day of such trailing twelve-month period, as contemplated by our debt covenants. |
听
Avantor, Inc. and subsidiaries | |||||||||||
(in millions) | June听30, | Reconciliation of net sales growth (decline) to | |||||||||
Net sales | Foreign | Divestiture | Organic | ||||||||
2025 | 2024 | ||||||||||
$ | $ | $ | $ | $ | $ | ||||||
Three months ended: | |||||||||||
Laboratory Solutions | $听听 1,122.1 | $听听 1,155.7 | $听听听听听 (33.6) | $听听听听听听 25.6 | $听听听听听 (48.1) | $听听听听听 (11.1) | |||||
Bioscience Production 听 听 听 听 听 | 561.3 | 547.1 | 14.2 | 5.8 | 鈥� | 8.4 | |||||
Total | $听听 1,683.4 | $听听 1,702.8 | $听听听听听 (19.4) | $听听听听听听 31.4 | $听听听听听 (48.1) | $听听听听听听 (2.7) | |||||
Six months ended: | |||||||||||
Laboratory Solutions | $听听 2,187.1 | $听听 2,312.8 | $听听听 (125.7) | $听听听听听听 11.1 | $听听听听听 (92.2) | $听听听听听 (44.6) | |||||
Bioscience Production | 1,077.7 | 1,069.8 | 7.9 | 1.3 | 鈥� | 6.6 | |||||
Total | $听听 3,264.8 | $听听 3,382.6 | $听听听 (117.8) | $听听听听听听 12.4 | $听听听听听 (92.2) | $听听听听听 (38.0) | |||||
(dollars in millions, % based | June听30, | Reconciliation of net sales growth (decline) to | |||||||||
Net sales | Foreign | Divestiture | Organic | ||||||||
2025 | 2024 | ||||||||||
$ | $ | % | % | % | % | ||||||
Three months ended: | |||||||||||
Laboratory Solutions | $听听 1,122.1 | $听听 1,155.7 | (2.9)听% | 2.3听% | (4.2)听% | (1.0)听% | |||||
Bioscience Production | 561.3 | 547.1 | 2.6听% | 1.1听% | 鈥斕�% | 1.5听% | |||||
Total | $听听 1,683.4 | $听听 1,702.8 | (1.1)听% | 1.9听% | (2.8)听% | (0.2)听% | |||||
Six months ended: | |||||||||||
Laboratory Solutions | $听听 2,187.1 | $听听 2,312.8 | (5.4)听% | 0.5听% | (4.0)听% | (1.9)听% | |||||
Bioscience Production | 1,077.7 | 1,069.8 | 0.7听% | 0.1听% | 鈥斕�% | 0.6听% | |||||
Total | $听听 3,264.8 | $听听 3,382.6 | (3.5)听% | 0.3听% | (2.7)听% | (1.1)听% | |||||
听
Adjusted Operating Income by segment | |||||||||||||||
(dollars in millions, % | Three听months ended June听30, | Six听months ended June听30, | |||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
$ | % | $ | % | $ | % | $ | % | ||||||||
Laboratory Solutions | 11.9听% | 13.1听% | 12.5听% | 12.9听% | |||||||||||
Bioscience Production | 139.7 | 24.9听% | 144.0 | 26.3听% | 263.1 | 24.4听% | 270.9 | 25.3听% | |||||||
Corporate | (20.8) | 鈥斕�% | (17.7) | 鈥斕�% | (40.4) | 鈥斕�% | (34.4) | 鈥斕�% | |||||||
Total | 15.0听% | 16.3听% | 15.2听% | 15.8听% | |||||||||||
听
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FAQ
What were Avantor's (AVTR) key financial results for Q2 2025?
Who is the new CEO of Avantor (AVTR) and when does the transition occur?
How did Avantor's Laboratory Solutions segment perform in Q2 2025?
What was Avantor's (AVTR) Bioscience Production segment performance in Q2 2025?
What is Avantor's current adjusted net leverage ratio?
