Avantor Returns to Organic Growth and Raises 2026 Outlook

The Tip Desk · November 2, 2026 · 3 min read

Third-quarter net sales reached $1.70 billion, up 4.6% from a year earlier, and the company lifted full-year organic growth to 0.75%–1.25%.

Avantor, Inc. (AVTR), a global provider of mission-critical products and services to the life sciences and advanced technology industries, reported net sales of $1,698.3 million for the three months ended September 30, 2026, up 4.6% from the third quarter of 2025. Organic sales rose 5.2% after a 0.6% foreign-currency drag.

That organic rate reversed a 0.4% organic decline in the second quarter and a 4.1% organic decline in the first quarter. The company said results exceeded management’s expectations for revenue and adjusted EPS.

President and Chief Executive Officer Emmanuel Ligner said the company was “delighted to return to year-over-year growth” and that third-quarter results beat expectations across revenue and adjusted EPS. He said VWR Distribution & Services organic growth accelerated to 5.8% and that Bioscience & Medtech Products returned to organic growth as expected.

GAAP net income was $203.4 million, or $0.30 a share, versus a net loss of $711.8 million, or $1.04 a share, a year earlier. The year-ago loss included a $785.0 million non-cash goodwill impairment related to the former Distribution reporting unit. Adjusted net income was $146.4 million. Adjusted diluted EPS was $0.22, unchanged from $0.22 a year earlier.

Adjusted EBITDA was $256.9 million, a 15.1% margin, versus $267.9 million and a 16.5% margin in the year-ago quarter. Adjusted operating income was $227.6 million, a 13.4% margin.

VWR Distribution & Services, the larger of the two reportable segments, posted net sales of $1,233.8 million, up 5.0% reported and 5.8% organic. That organic pace followed a 1.7% organic increase in the second quarter and a 4.8% organic decline in the first quarter. Adjusted operating income in the segment was $119.4 million, a 9.7% margin, versus $132.0 million and an 11.2% margin a year earlier. The company said the margin decline versus the prior year reflected unfavorable product mix and higher SG&A expenses, partially offset by higher sales volume.

Bioscience & Medtech Products net sales were $464.5 million, up 3.5% reported and 3.6% organic, after organic declines of 5.6% in the second quarter and 2.0% in the first quarter. Adjusted operating income was $123.4 million, a 26.6% margin, versus $119.3 million and a 26.6% margin a year earlier. The company said the margin was flat versus the prior year because higher sales volume and commercial excellence were partially offset by higher SG&A expenses.

Operating cash flow was $195.1 million and free cash flow was $156.2 million. As of September 30, 2026, gross debt was $3,699.7 million and cash and cash equivalents were $464.3 million. GAAP net leverage was 9.6x and adjusted net leverage was 3.1x.

Avantor raised fiscal 2026 organic revenue growth guidance to 0.75% to 1.25% from a range of minus 0.5% to plus 0.5%. Adjusted EPS guidance moved to $0.81 to $0.83 from $0.80 to $0.83. Free cash flow guidance was raised to $525 million to $550 million from $500 million to $550 million. Adjusted EBITDA margin guidance was unchanged at 14.8% to 15.3%. Reported revenue growth is assumed at 1.5% to 2.0%, reflecting a 0.75% foreign-exchange tailwind and a blended EUR/USD rate of 1.15.