Avantor, Inc. is a Fortune 500 company headquartered in Radnor, Pennsylvania, with a history dating back to 1904 when it was founded as J.T. Baker. The company changed its name to Avantor in 2010 and went public on the New York Stock Exchange in 2019. Avantor operates globally across the ...Avantor, Inc. is a Fortune 500 company headquartered in Radnor, Pennsylvania, with a history dating back to 1904 when it was founded as J.T. Baker. The company changed its name to Avantor in 2010 and went public on the New York Stock Exchange in 2019. Avantor operates globally across the Americas, Europe, Asia, the Middle East, and Africa, serving industries such as biopharmaceuticals, healthcare, educational institutions, government bodies, advanced technology firms, and applied materials enterprises.
Avantor's extensive product portfolio includes high-purity chemicals and reagents, laboratory supplies, custom-formulated silicone materials, tailored excipients, single-use assemblies, process chromatography resins and columns, analytical sample preparation kits, educational and microbiology products, clinical trial kits, peristaltic pumps, and fluid handling tips. The company also supplies advanced equipment and instrumentation, such as filtration and virus inactivation systems, incubators, analytical devices, evaporators, ultra-low-temperature freezers, biological safety cabinets, and critical environment supplies.
In addition to products, Avantor offers a suite of services including on-site laboratory and production support, clinical services, equipment maintenance, procurement and sourcing solutions, and specialized biopharmaceutical material scale-up and development expertise. The company reported revenue of $6.967 billion in 2024 and employs approximately 14,500 people as of December 2023. As of early 2025, Emmanuel Ligner is the President and CEO, having been named to the position effective August 18, 2025, succeeding Michael Stubblefield who served as CEO until then. Avantor's financial metrics indicate a market cap of around $9.19 billion, a price-to-sales ratio of 1.4, and a gross profit margin of 31.8% on a trailing twelve-month basis. The company focuses on enabling breakthroughs in medicine, healthcare, and technology by working side-by-side with customers at every step of the scientific journey.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$6.6B
-3.4%
+7.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-530.2M
-174.5%
-12.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+32.7%
-2.8%
+0.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-3.8%
-123.5%
-1.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-8.1%
-177.2%
-17.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$495.0M
-28.5%
+457.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+7.6%
-25.9%
+421.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
70.9%
+4.1%
-3.8%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.78x
+66.2%
+1.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Good morning. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to Avantor's Second Quarter 2026 Earnings Conference Call. I would now like to turn the conference over to Chris Fidyk, Vice President of Investor Relations. Chris, you may begin.
Chris Fidyk : Thank you, operator. Good morning, everyone, and thank you for joining us. Our speakers today are Emmanuel Ligner, President and Chief Executive Officer; and Steve Eck, the Senior Vice President, Interim Chief Financial Officer and Chief Accounting Officer. The press release and our presentation accompanying this call are available on our Investor Relations website at ir.avantorsciences.com. Following our prepared remarks, we will open the call for questions. A replay of the call will be made available on our website later today. During this call, we will make forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding events or developments that we believe or anticipate may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings. Actual results may differ materially from any forward-looking statements that we make today. These forward-looking statements speak only as of the date they are made. We do not assume any obligation to update these forward-looking statements as a result of new information, future events or other developments. This call will include a discussion of non-GAAP measures. A reconciliation of these non-GAAP measures can be found in the press release and in the supplemental disclosure package on our Investor Relations website. I will now turn the call over to Emmanuel.
Emmanuel Ligner : Thank you, Chris, and good morning, everyone. Thank you for joining our call today. I will begin with a high-level update on our second quarter performance. I will then reflect on the actions we've taken since I came into this role nearly 12 months ago and discuss the progress we are making in executing Revival, our comprehensive program to sharpen strategic focus and improve execution. Turning to Slide 4. Let me highlight a few key messages. First, we remain highly focused on executing Revival, and I am very happy with the progress we made to date. Revival delivered measurable results and put us on a path to sustainable growth. Second, I'm pleased that our second quarter results exceeded expectations across several key financial metrics. Those results were driven by improved performance in our VWR distribution and service segments which returned to positive organic revenue growth during the quarter. Our Bioscience & Medtech Products segments performed near the high end of our expectation and is positioned to return to growth in the second half. Third, we delivered excellent free cash flow, enabling us to invest in the business while also paying down debt. We remain …