Avantor, Inc. (NYSE: AVTR)

Avantor, Inc. operates as a leading global provider of mission-critical products and services to customers in the biopharma & healthcare, education & government, and advanced technologies & applied materials end markets. The company's business model is grounded in supporting customers from discovery to delivery, embedding itself in virtually every stage of critical research, scale-up, and manufacturing activities in the industries it serves. Avantor works with customers across sophisticated, science-driven industries that require innovation and adherence to demanding technical and regulatory requirements. The company's customer-centric innovation model enables it to provide solutions for some of the most demanding applications, leveraging its comprehensive offering and access to early-stage research to identify and develop content and solutions that become specified into customers' approved production platforms.

Avantor generates revenue through two primary business models: its channel business, VWR, which distributes consumables and equipment to laboratories worldwide, and its manufacturing of proprietary products used in life sciences and medical technology applications. The VWR channel includes a private label offering that enables over 5,000 suppliers to provide products using the VWR label, millions of SKUs from renowned life sciences suppliers, and value-add services where approximately 2,000 associates work alongside customers to ensure scientists can focus on their core tasks. The company's specialty product manufacturing offering includes J.T. Baker high-purity chemicals, Masterflex fluid handling systems, and NuSil high-purity silicone for human implants. Avantor's revenue is derived from a diverse customer base, with no single end customer comprising more than 5% of net sales, and approximately 45% of 2025 net sales coming from customers with relationships spanning 15 years or more.

• Laboratory Solutions: This segment includes a wide range of products and services such as ultra-high purity chemicals and reagents, lab products and supplies, highly specialized formulated silicone materials, customized excipients, single-use assemblies, process chromatography resins and columns, analytical sample prep kits, education and microbiology and clinical trial kits, and fluid handling tips. The segment also encompasses equipment and instrumentation like filtration systems, virus inactivation systems, incubators, analytical instruments, evaporators, ultra-low-temperature freezers, peristaltic pumps, biological safety cabinets, and critical environment supplies. Additionally, it offers services and specialty procurement, including onsite lab and production, equipment, procurement and sourcing, and biopharmaceutical material scale-up and development services. This segment caters to customers in the biopharmaceutical, healthcare, education & government, and advanced technologies & applied materials industries.

• Bioscience Production: This segment focuses on providing materials and consumables, equipment and instrumentation, and services and specialty procurement tailored for bioscience production. The products and services in this segment support the development and production of life-changing treatments, enabling customers to achieve precise analytical results in their research, diagnostic, and quality assurance and quality control activities. The segment serves customers in the biopharma & healthcare, education & government, and advanced technologies & applied materials end markets.

Avantor holds a strong position within the industry, characterized by its extensive global footprint that offers extraordinary customer access, serving over 300,000 customer locations in approximately 180 countries. The company's competitive advantages include its scale, expertise, deep customer access, depth of product and value-added service offerings, marketing strategies, sales force, acquisition strategy, financial profile, and management team. These advantages enable Avantor to deliver superior solutions to its customers and provide extensive market channel access to its suppliers. The company operates in a highly competitive environment with a diverse and fragmented base of competitors, many of whom focus on specific regions, customers, and/or segments. Avantor's focus on service and delivery, breadth of product line, customization capabilities, price, customer support, online capabilities, and the ability to meet the special and local needs of its customers further solidify its competitive stance.

Avantor's customer base is diverse and spans various industries, including biopharma & healthcare, education & government, and advanced technologies & applied materials. The company benefits from longstanding customer relationships, with approximately 45% of its 2025 net sales coming from customers that have had relationships with Avantor for 15 years or more. This diverse customer base, combined with the company's comprehensive range of products and services, positions Avantor as a critical partner for customers in science-driven industries.