Here are 1-2 brief analogies for Avantor (AVTR):

• Like Thermo Fisher Scientific, providing critical materials and services for life science research and biopharma manufacturing.
• The 'Grainger' for scientific laboratories and biopharma production facilities.

• Laboratory Materials & Consumables: Avantor provides a wide range of high-purity chemicals, reagents, solvents, and single-use products essential for research, development, and production in various scientific industries.
• Specialty Engineered Materials: The company offers advanced materials, including high-purity process chemicals, advanced polymers, and specialized components used in critical applications like semiconductors and medical devices.
• Laboratory Equipment & Instrumentation: Avantor distributes and manufactures essential laboratory equipment and instruments for analytical testing, sample preparation, and life science research.
• Biopharma Production & Integrated Services: Avantor delivers end-to-end solutions for biopharmaceutical manufacturing, including custom solutions, supply chain services, and cleanroom support.

Avantor (symbol: AVTR) primarily sells to other companies and institutions (B2B) rather than individuals.

Avantor does not publicly disclose the names of its specific major customer companies. This is typical for companies with a diverse customer base and no significant revenue concentration from a single customer (Avantor states no single customer accounts for more than 10% of its net sales).

Instead, Avantor serves a broad range of customers across key industries globally. Its major customer categories, as described in its public filings, include:

• Pharmaceutical and Biotechnology companies
• University and Government research institutions
• Hospitals and Diagnostic labs (Healthcare)
• Advanced Technologies and Applied Materials companies

Emmanuel Ligner President and Chief Executive Officer

Emmanuel Ligner assumed the role of President and Chief Executive Officer of Avantor on August 18, 2025. He brings over 30 years of experience in the life sciences industry. Prior to joining Avantor, Mr. Ligner served as CEO of Cerba HealthCare. He was also the President and CEO of Cytiva, a part of Danaher Corporation, and previously held several leadership positions at GE, culminating in his appointment as President and CEO of GE Life Sciences. Following the sale of GE's biopharma business to Danaher Corporation, Mr. Ligner spearheaded the launch and development of Cytiva. He began his career in Japan with Otsuka Pharmaceuticals before joining Abbott Japan.

R. Brent Jones Executive Vice President and Chief Financial Officer

R. Brent Jones became Avantor's Executive Vice President and Chief Financial Officer on August 7, 2023. In this role, he oversees the company's accounting, financial business support, financial planning and analysis, treasury, investor relations, internal audit, and tax functions. With nearly 30 years of experience, Mr. Jones previously served as Executive Vice President, Chief Financial Officer, and Chief Operating Officer at LifeScan Global Corporation, a private equity-backed global leader in blood glucose monitoring and digital health technology. Before LifeScan, he was CFO at Klöckner Pentaplast Group. Notably, as interim CFO of Pall Corporation, he led the company's sale to Danaher for $13.8 billion in 2015. His early career included 15 years in investment banking with firms such as Merrill Lynch and Bank of America, and corporate law with Cravath, Swaine, & Moore.

Corey Walker President, Laboratory Solutions

Corey Walker is the President of Laboratory Solutions at Avantor. He is responsible for third-party products, proprietary lab platforms, Avantor Services, and the Global Supply Chain organization. Mr. Walker previously served as President and CEO of ILC Dover, a global supplier to the biopharma and medical device end markets, which was acquired by Ingersoll Rand. He also has prior experience at Avantor, having served as an Executive Vice President from 2016 to 2020, leading the Americas region and the global Biomaterials and Electronic Materials businesses. His background also includes leadership roles at DCP Midstream, Halliburton Energy Services, Dow Chemical, and Dell Technology.

Claudius O. Sokenu Executive Vice President, Chief Legal & Compliance Officer & Corporate Secretary

Claudius O. Sokenu serves as Avantor's Executive Vice President, Chief Legal & Compliance Officer, and Corporate Secretary, overseeing global legal, corporate secretary, ethics, and compliance functions. Prior to joining Avantor, Mr. Sokenu was General Counsel, Corporate Secretary, and Chief Administrative Officer at Unisys. He also held the position of Senior Vice President and Global Deputy General Counsel at Cognizant. Before his in-house roles, Mr. Sokenu was an Equity Partner with two Am Law 100 law firms, Shearman & Sterling and Arnold & Porter, and an Associate and Partner at Mayer Brown. He began his legal career in the Honors Program at the U.S. Securities and Exchange Commission's Division of Enforcement.

Christophe Couturier Executive Vice President, AMEA

Christophe Couturier is Avantor's Executive Vice President, AMEA (Asia, Middle East, and Africa). He is responsible for sales, marketing, and customer service for the AMEA region, and also oversees the Avantor Business System and its LEAN processes globally. Mr. Couturier has extensive strategic leadership experience in the life sciences industry. Prior to this role, he was the Executive Vice President, Services at Avantor. Before joining Avantor, he held various leadership positions in services, merger integration, general management, finance, and consulting at life sciences companies, including more than a decade with MilliporeSigma (Merck Millipore).

The most significant risk to Avantor's business is **competitive intensity, pricing pressure, and weak organic growth**. The company has experienced substantial headwinds from increased competition, leading to pricing pressures and a decline in organic sales, particularly within its Laboratory Solutions segment. This challenging environment prompted management to cut its full-year 2025 guidance, projecting a decrease in organic sales. Avantor has also reported overall revenue contraction and negative earnings per share, reflecting these profitability issues.

A second major risk involves **securities fraud lawsuits and allegations of misrepresentation**. Avantor is currently facing multiple class-action lawsuits. These legal actions allege that the company made misleading statements regarding its competitive positioning and operational resilience between March 2024 and October 2025. These lawsuits have negatively impacted investor confidence and highlight the importance of transparent reporting in competitive markets.

Finally, **significant non-cash goodwill impairment charges** represent a key financial risk. In the third quarter of 2025, Avantor recorded a massive net loss of $712 million, primarily driven by a $785 million non-cash goodwill impairment charge related to its Distribution reporting unit. This impairment signals that the value of prior acquisitions in that segment is no longer supported by current or anticipated earnings, reflecting the challenging market conditions it faces.

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Avantor (AVTR) operates within a total addressable market estimated to be greater than $85 billion globally.

A significant portion of Avantor's business is dedicated to the biopharma and healthcare sectors. The global biopharmaceutical market, a key area for Avantor's products and services, was estimated at approximately $469.47 billion in 2024 and is projected to grow to about $1,796.21 billion by 2034. North America held a dominant share of the global biopharmaceutical market, accounting for 46% in 2024.

Avantor (AVTR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strategic Reorganization and Operational Efficiency: Avantor has implemented a new operating model, transitioning from three geographic segments to two customer-focused business segments: Laboratory Solutions and Bioscience Production. This restructuring is intended to sharpen focus, increase accountability, and enable more effective execution of growth strategies. Complementing this, a multi-year cost optimization initiative is underway, targeting approximately $300 million in run-rate cost savings by the end of 2026, primarily from organizational efficiencies, footprint optimization, reduced cost-to-serve, and procurement savings. While directly impacting profitability, these efficiencies are expected to indirectly support revenue growth by allowing for disciplined capital allocation and enhanced competitiveness.
2. Growth in the Bioscience Production Segment: The Bioscience Production segment, particularly the bioprocessing business, is anticipated to be a significant driver of revenue. The company has observed strong order rates and expects mid-to-high single-digit growth in its bioprocessing platform. This segment is positioned for above-trend growth, supported by continued momentum in order intake.
3. New Product Introductions and Strategic Partnerships: Avantor is focusing on product innovation and market expansion through the introduction of new products and strategic partnerships. Examples include the launch of a new tabletop mixer and collaborations with companies like Agilent, Sarstedt, and Oxford Nanopore. These initiatives are aimed at leveraging Avantor's innovation engine to accelerate growth and expand its proprietary content.
4. Market Expansion in Key Segments: Strategic market expansion, particularly within the bioprocessing and education & government segments, presents opportunities for future revenue growth. Avantor aims to capture greater market share as end-market funding and patient procedures normalize or increase globally, especially in biopharmaceuticals and healthcare solutions.
5. Recovery and Improvement in the Laboratory Solutions Segment: After a period of being flat, Avantor reported a return to growth in its Laboratory Solutions segment in the third quarter of 2024. The company is executing improvement initiatives and has secured major contract extensions with leading pharmaceutical companies, reinforcing strong customer relationships and a differentiated value proposition, which are expected to contribute to sustained growth in this segment.

Share Repurchases

• In October 2025, Avantor's Board of Directors authorized a $500 million share repurchase program with immediate effect, which the company intends to pursue opportunistically while also working to decrease net leverage.

Share Issuance

• In September 2021, Avantor priced an underwritten offering of 20,833,334 shares of common stock at $42.00 per share, with net proceeds intended to finance the acquisition of the Masterflex bioprocessing business.
• Basic shares outstanding increased by 13.31% in 2022 from 2021, by 3.79% in 2023 from 2022, and by 0.59% in 2024 from 2023.

Outbound Investments

• In October 2024, Avantor completed the divestiture of its clinical services business to Audax Private Equity for approximately $650 million, with an expectation of approximately $500 million in after-tax cash proceeds to be used for debt reduction.
• In September 2021, Avantor acquired Masterflex, a provider of laboratory equipment and supplies, for $2.9 billion.
• In June 2021, Avantor completed the acquisition of Ritter GmbH and its affiliates, which brought Ritter's liquid dispensing platform to Avantor's offerings for lab automation workflows.

Capital Expenditures

• Avantor expects to deliver a median capital expenditures forecast count of estimates of 3 over the next 5 fiscal years, indicating ongoing investment.
• In 2024, Avantor made investments to grow its mission-critical products and services and enhance its manufacturing and distribution capabilities.
• As part of its "Avantor revival" strategic initiative announced in October 2025, the company plans to invest in manufacturing and its supply chain.