Highlights

  • Avantor reported third quarter 2026 net sales of $1,698.3 million, net income of $203.4 million and diluted EPS of $0.30.
  • Organic net sales increased 5.2% in the third quarter, and Adjusted EBITDA was $256.9 million, a non-GAAP measure.
  • The filing says estimated fair value of the VWR Distribution reporting unit was above carrying value by a limited margin.
  • Management said it now expects 2026 organic revenue growth of 0.75% to 1.25% and adjusted EPS of $0.81 to $0.83.

Avantor, Inc. (NYSE:AVTR) shares were trading at USD 16.65 on October 28, 2026, down 2.83%, with a relative volume at time of 3.92. The company, which reports through two segments, filed its Form 10-Q for the quarter ended September 30, 2026 on October 28, 2026, and management gave updated full-year guidance on its earnings call.

Avantor is incorporated in Delaware and lists its principal executive offices in Radnor, Pennsylvania. Effective January 1, 2026, the company operates and reports through two segments. Bioscience & Medtech Products includes the NuSil, Process Chemicals and Fluid Handling businesses. VWR Distribution & Services includes a specialty procurement offering and sales of consumables and lab chemicals. Its Annual Report covers the year ended December 31, 2025, and its common stock trades on the New York Stock Exchange.

Third Quarter Results

For the three months ended September 30, 2026, Avantor reported net sales of $1,698.3 million, compared with $1,623.8 million a year earlier, an increase of 4.6% that included a 5.2% organic net sales increase. Gross profit was $534.8 million and gross margin was 31.5%, compared with $526.5 million and 32.4%.

Operating income was $139.5 million, compared with an operating loss of $648.8 million in the third quarter of 2025, which included impairment charges of $785.0 million. Net income was $203.4 million, or $0.30 per diluted share, compared with a net loss of $711.8 million, or $1.04 per share.

Adjusted EBITDA was $256.9 million, compared with $267.9 million, and Adjusted Operating Income was $227.6 million, compared with $237.3 million. Both are non-GAAP measures.

Bioscience & Medtech Products net sales were $464.5 million, and VWR Distribution & Services net sales were $1,233.8 million. For the nine months, net sales were $4,972.0 million and net income was $284.8 million, or $0.42 per diluted share, compared with $4,888.6 million and a net loss of $582.6 million.

Balance Sheet, Cash Flow and Capital

At September 30, 2026, cash and cash equivalents were $464.3 million, compared with $365.4 million at December 31, 2025. Total debt was $3,683.8 million, compared with $3,946.3 million. Total liquidity was $1,844.2 million, including unused revolving credit facility availability of $1,379.9 million.

Net cash provided by operating activities was $432.0 million for the nine months, compared with $471.1 million. Free cash flow, a non-GAAP measure, was $324.2 million, compared with $379.2 million. Capital expenditures were $110.0 million.

In October 2025, the Board authorized the repurchase of up to $500.0 million of common stock, and $425.0 million remained available at September 30, 2026.

Goodwill Disclosure

In the first quarter of 2026, a decline in the company's share price and market capitalization was a triggering event for an interim goodwill impairment assessment of the VWR Distribution reporting unit. The assessment indicated that estimated fair value was above carrying value by a limited margin, so no impairment was recognized. The filing states that a material non-cash goodwill impairment charge could be required in a future period if market conditions deteriorate further.

Full-Year 2026 Outlook

On the call, management said it expects 2026 organic revenue growth of 0.75% to 1.25%, which implies fourth quarter organic growth of 2.5% to 4.5%. It expects adjusted EPS of $0.81 to $0.83, an adjusted effective tax rate of 22% to 22.5% and a weighted average diluted share count of 679 million shares.

Management said foreign exchange is expected to contribute approximately 75 basis points to full-year reported revenue growth, with a headwind of 150 basis points in the fourth quarter. It expects VWR to grow mid single digits in the fourth quarter and Bioscience & Medtech Products organic growth to be flat to slightly positive, including approximately 400 basis points of headwind from discrete comparisons. It expects an adjusted net leverage ratio below 3x by year end, after 3.1 times at the end of the third quarter.