Avantor, Inc.
For the period ended Oct 28, 2026. Filed Oct 28, 2026.
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Oct 28, 2026 · Filed Oct 28, 2026
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Contents
EX-99.1 · Forward-Looking and Cautionary Statements
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.
Unaudited condensed consolidated statements of operations
| (in millions, except per share data) · Three months ended September 30, · Nine months ended September 30, | ||||
|---|---|---|---|---|
| 2026 · 2025 · 2026 · 2025 | ||||
| Net sales | $1,698.3 | $1,623.8 | $4,972.0 | $4,888.6 |
| Cost of sales | 1,163.5 | 1,097.3 | 3,399.5 | 3,273.1 |
| Gross profit | 534.8 | 526.5 | 1,572.5 | 1,615.5 |
| Selling, general and administrative expenses | 395.3 | 390.3 | 1,211.7 | 1,203.1 |
| Impairment charges | — | 785.0 | — | 785.0 |
| Operating income (loss) | 139.5 | (648.8) | 360.8 | (372.6) |
| Interest expense, net | (39.9) | (44.2) | (122.2) | (129.8) |
| Loss on extinguishment of debt | (0.8) | (0.2) | (2.0) | (0.2) |
| Other (expense) income, net | (0.8) | 3.7 | (1.9) | (19.5) |
| Income (loss) before income taxes | 98.0 | (689.5) | 234.7 | (522.1) |
| Income tax benefit (expense) | 105.4 | (22.3) | 50.1 | (60.5) |
| Net income (loss) | $203.4 | $(711.8) | $284.8 | $(582.6) |
| Earnings (loss) per share: | ||||
| Basic | $0.30 | $(1.04) | $0.42 | $(0.86) |
| Diluted | $0.30 | $(1.04) | $0.42 | $(0.86) |
| Weighted average shares outstanding: | ||||
| Basic | 677.1 | 681.7 | 676.3 | 681.4 |
| Diluted | 680.9 | 681.7 | 677.7 | 681.4 |
Unaudited condensed consolidated balance sheets
| (in millions) | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $464.3 | $365.4 |
| Accounts receivable, net | 1,122.9 | 1,074.6 |
| Inventory | 854.8 | 818.2 |
| Other current assets | 150.6 | 193.0 |
| Total current assets | 2,592.6 | 2,451.2 |
| Property, plant and equipment, net | 778.9 | 766.8 |
| Other intangible assets, net | 2,932.3 | 3,193.8 |
| Goodwill, net | 4,925.9 | 4,986.9 |
| Other assets | 400.3 | 396.0 |
| Total assets | $11,630.0 | $11,794.7 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Current portion of debt | $35.0 | $30.8 |
| Accounts payable | 735.4 | 741.7 |
| Employee-related liabilities | 174.0 | 162.7 |
| Accrued interest | 31.5 | 47.3 |
| Other current liabilities | 393.1 | 396.4 |
| Total current liabilities | 1,369.0 | 1,378.9 |
| Debt, net of current portion | 3,648.8 | 3,915.5 |
| Deferred income tax liabilities | 401.9 | 557.1 |
| Other liabilities | 374.4 | 378.2 |
| Total liabilities | 5,794.1 | 6,229.7 |
| Stockholders’ equity: | ||
| Common stock including paid-in capital | 4,030.5 | 3,984.8 |
| Treasury stock at cost | (75.7) | (75.7) |
| Accumulated earnings | 1,957.6 | 1,672.8 |
| Accumulated other comprehensive loss | (76.5) | (16.9) |
| Total stockholders’ equity | 5,835.9 | 5,565.0 |
| Total liabilities and stockholders' equity | $11,630.0 | $11,794.7 |
Unaudited condensed consolidated statements of cash flows
| (in millions) · Three months ended September 30, · Nine months ended September 30, | ||||
|---|---|---|---|---|
| 2026 · 2025 · 2026 · 2025 | ||||
| Cash flows from operating activities: | ||||
| Net income (loss) | $203.4 | $(711.8) | $284.8 | $(582.6) |
| Reconciling adjustments: | ||||
| Depreciation and amortization | 105.3 | 104.5 | 315.9 | 306.9 |
| Impairment charges | — | 785.0 | — | 785.0 |
| Stock-based compensation expense | 12.5 | 7.2 | 36.5 | 35.1 |
| Non-cash restructuring charges | — | — | 5.0 | — |
| Provision for accounts receivable and inventory | 19.0 | 16.5 | 46.2 | 43.4 |
| Deferred income tax benefit | (147.2) | (11.9) | (141.1) | (41.9) |
| Amortization of deferred financing costs | 1.8 | 2.1 | 5.3 | 6.6 |
| Loss on extinguishment of debt | 0.8 | 0.2 | 2.0 | 0.2 |
| Foreign currency remeasurement loss (gain) | 0.4 | (3.1) | (0.5) | 0.7 |
| Pension termination charges | — | — | — | 18.1 |
| Changes in assets and liabilities: | ||||
| Accounts receivable | 12.4 | 66.2 | (68.3) | 10.5 |
| Inventory | (44.1) | (33.4) | (90.8) | (66.7) |
| Accounts payable | (10.2) | (23.5) | 7.5 | (4.4) |
| Accrued interest | (14.7) | (14.8) | (15.8) | (13.4) |
| Other assets and liabilities | 54.6 | 25.5 | 42.9 | (27.4) |
| Other | 1.1 | (1.3) | 2.4 | 1.0 |
| Net cash provided by operating activities | 195.1 | 207.4 | 432.0 | 471.1 |
| Cash flows from investing activities: | ||||
| Capital expenditures | (38.9) | (35.7) | (110.0) | (93.3) |
| Other | 0.4 | 2.4 | 1.5 | 2.5 |
| Net cash used in investing activities | (38.5) | (33.3) | (108.5) | (90.8) |
| Cash flows from financing activities: | ||||
| Debt borrowings | 54.0 | 67.7 | 54.0 | 67.7 |
| Debt repayments | (63.1) | (439.2) | (280.6) | (477.3) |
| Proceeds received from exercise of stock options | 12.7 | 2.3 | 14.6 | 4.9 |
| Shares repurchased to satisfy employee tax obligations for vested stock-based awards | (1.1) | (0.4) | (5.0) | (5.4) |
| Other | (0.7) | — | (0.8) | — |
| Net cash provided by (used in) financing activities | 1.8 | (369.6) | (217.8) | (410.1) |
| Effect of currency rate changes on cash and cash equivalents | (0.9) | (2.0) | (6.8) | 19.8 |
| Net change in cash, cash equivalents and restricted cash | 157.5 | (197.5) | 98.9 | (10.0) |
| Cash, cash equivalents and restricted cash, beginning of period | 309.7 | 452.2 | 368.3 | 264.7 |
| Cash, cash equivalents and restricted cash, end of period | $467.2 | $254.7 | $467.2 | $254.7 |
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