Avantor (AVTR) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic initiatives and Revival program

• Revival program focuses on evolving go-to-market strategy, manufacturing investments, portfolio optimization, and operational simplification, with all pillars executed in parallel by dedicated executives.

• VWR brand is relaunched as the primary distribution channel, with investments in e-commerce and marketing to improve customer experience and regain market share, especially among smaller customers.

• Talent acquisition and leadership changes, including a new COO and other key roles, are prioritized to drive transformation and accountability.

• Operating model is being refocused around core distribution and product businesses, with non-core divestitures and end-to-end process simplification for cost savings.

• Manufacturing improvements include a $20 million investment in equipment and a long-term roadmap to simplify supply chain and reduce costs.

Product and service offerings

• Brands hold leading positions globally, serving 300,000 customer locations in 180+ countries, and supplying the top 20 pharma companies.

• Differentiation comes from a consumables-heavy, product-agnostic channel and unique integrated solutions, such as ready-to-dispense chemical bags.

• Comprehensive lab offerings include private label, third-party products, and value-added services.

• Specialized solutions in high-purity chemicals, fluid handling, and single-use systems for healthcare and advanced tech manufacturers.

• Differentiated bioprocessing portfolio centers on chemicals, media, buffers, and process ingredients.

Financial outlook and capital allocation

• Commitment to reducing debt and leverage, targeting sustainability below 3x, with Q3 2025 adjusted net leverage at 3.1x.

• $500 million share buyback authorized, to be executed opportunistically without increasing leverage.

• Near-term capital deployment prioritizes debt repayment and share repurchases, with capex focused on organic growth and strategic acquisitions.

• M&A activity will resume once internal improvements are realized, focusing on technologies that fit the portfolio.

• Non-GAAP financial measures are used to supplement GAAP results for performance evaluation.