UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number: 001-38912

Avantor, Inc.

(Exact name of registrant as specified in its charter)

Delaware	82-2758923
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

Radnor Corporate Center, Building One, Suite 200

100 Matsonford Road

Radnor, Pennsylvania 19087

(Address of principal executive offices) (zip code)

(610) 386-1700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Exchange on which registered
Common stock, $0.01 par value	AVTR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☒ Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☐ Smaller reporting company ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

On July 21, 2023, 675,918,430 shares of common stock, $0.01 par value per share, were outstanding.

Avantor, Inc. and subsidiaries

Form 10-Q for the quarterly period ended June 30, 2023

Table of contents

	Page
Glossary	ii
Cautionary factors regarding forward-looking statements	iii
PART I — FINANCIAL INFORMATION
Item 1. Financial statements	1
Item 2. Management’s discussion and analysis of financial condition and results of operations	25
Item 3. Quantitative and qualitative disclosures about market risk	35
Item 4. Controls and procedures	35
PART II — OTHER INFORMATION
Item 1. Legal proceedings	35
Item 1A. Risk factors	35
Item 2. Unregistered sales of equity securities and use of proceeds	36
Item 3. Defaults upon senior securities	36
Item 4. Mine safety disclosures	36
Item 5. Other information	36
Item 6. Exhibits	37
Signature	38

i

Glossary

	Description
we, us, our	Avantor, Inc. and its subsidiaries
Adjusted EBITDA	our earnings or loss before interest, taxes, depreciation, amortization and certain other adjustments
Annual Report	our annual report on Form 10-K for the year ended December 31, 2022
AMEA	Asia, Middle-East and Africa
AOCI	accumulated other comprehensive income or loss
COVID-19	Coronavirus disease of 2019
double-digit	greater than 10%
EURIBOR	the basic rate of interest used in lending between banks on the European Union interbank market
GAAP	United States generally accepted accounting principles
high single-digit	7 - 9%
LIBOR	the basic rate of interest used in lending between banks on the London interbank market
long-term	period other than short-term
low single-digit	1 - 3%
M&A	Mergers and Acquisitions
MCPS	6.250% Series A Mandatory Convertible Preferred Stock
mid single-digit	4 - 6%
OCI	other comprehensive income or loss
RSU	restricted stock unit
SEC	the United States Securities and Exchange Commission
SG&A expenses	selling, general and administrative expenses
SOFR	secured overnight financing rate
Specialty procurement	product sales related to customer procurement services
VWR	VWR Corporation and its subsidiaries, a company we acquired in November 2017

ii

Cautionary factors regarding forward-looking statements

This report contains forward-looking statements. All statements other than statements of historical fact included in this report 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,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “prospects,” “seek,” “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.

You should understand that the following important factors, in addition to those discussed under Part I, Item 1A “Risk Factors” in our Annual Report, as such risk factors may be updated from time to time in our periodic filings with the SEC and in this report, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements:

•disruptions to our operations;

•competition from other industry providers;

•our ability to implement our growth strategy;

•our ability to anticipate and respond to changing industry trends;

•adverse trends in consumer, business, and government spending;

•our dependence on sole or limited sources for some essential materials and components;

•our ability to successfully value and integrate acquired businesses;

•our products’ satisfaction of applicable quality criteria, specifications and performance standards;

•our ability to maintain our relationships with key customers;

•our ability to maintain consistent purchase volumes under purchase orders;

•our ability to maintain and develop relationships with drug manufacturers and contract manufacturing organizations;

•the impact of new laws, regulations, or other industry standards;

•changes in the interest rate environment that increase interest on our borrowings;

iii

•adverse impacts from currency exchange rates or currency controls imposed by any government in major areas where we operate or otherwise;

•our ability to implement and improve processing systems and prevent a compromise of our information systems;

•our ability to protect our intellectual property and avoid third-party infringement claims;

•exposure to product liability and other claims in the ordinary course of business;

•our ability to develop new products responsive to the markets we serve;

•the availability of raw materials;

•our ability to source certain of our products from certain suppliers;

•our ability to contain costs in an inflationary environment;

•our ability to avoid negative outcomes related to the use of chemicals;

•our ability to maintain highly skilled employees;

•our ability to maintain a competitive workforce;

•adverse impact of impairment charges on our goodwill and other intangible assets;

•fluctuations and uncertainties related to doing business outside the United States;

•our ability to obtain and maintain required regulatory clearances or approvals may constrain the commercialization of submitted products;

•our ability to comply with environmental, health and safety laws and regulations, or the impact of any liability or obligation imposed under such laws or regulations;

•our indebtedness could adversely affect our financial condition and prevent us from fulfilling our debt or contractual obligations;

•our ability to generate sufficient cash flows or access sufficient additional capital to meet our debt obligations or to fund our other liquidity needs; and

•our ability to maintain an adequate system of internal control over financial reporting.

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 report. 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.

iv

PART I — FINANCIAL INFORMATION

Item 1.    Financial statements

Avantor, Inc. and subsidiaries

Index to unaudited condensed consolidated financial statements

	Page
Unaudited condensed consolidated balance sheets	2
Unaudited condensed consolidated statements of operations	3
Unaudited condensed consolidated statements of comprehensive income or loss	4
Unaudited condensed consolidated statements of stockholders’ equity	5
Unaudited condensed consolidated statements of cash flows	7
Notes to unaudited condensed consolidated financial statements	8

1

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated balance sheets

(in millions)	June 30, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	236.4	$	372.9
Accounts receivable, net of allowances of $34.6 and $28.2	1,216.0		1,218.4
Inventory	890.4		913.5
Other current assets	156.3		153.1
Total current assets	2,499.1		2,657.9
Property, plant and equipment, net of accumulated depreciation of $565.3 and $518.4	698.2		727.0
Other intangible assets, net (see note 6)	3,895.4		4,133.3
Goodwill	5,693.9		5,652.6
Other assets	276.7		293.5
Total assets	$	13,063.3	$	13,464.3
Liabilities and stockholders’ equity
Current liabilities:
Current portion of debt	$	314.0	$	364.2
Accounts payable	686.6		758.2
Employee-related liabilities	124.3		122.4
Accrued interest	49.3		49.9
Other current liabilities	375.9		364.1
Total current liabilities	1,550.1		1,658.8
Debt, net of current portion	5,570.3		5,923.3
Deferred income tax liabilities	662.8		731.4
Other liabilities	268.8		295.4
Total liabilities	8,052.0		8,608.9
Commitments and contingencies (see note 7)
Stockholders’ equity:
Common stock including paid-in capital, 675.7 and 674.3 shares issued and outstanding	3,798.6		3,785.3
Accumulated earnings	1,284.6		1,170.4
Accumulated other comprehensive loss	(71.9)		(100.3)
Total stockholders’ equity	5,011.3		4,855.4
Total liabilities and stockholders’ equity	$	13,063.3	$	13,464.3

See accompanying notes to the unaudited condensed consolidated financial statements.

2

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of operations

(in millions, except per share data)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net sales	$	1,743.9	$	1,910.5	$	3,524.2	$	3,860.9
Cost of sales	1,153.9		1,262.8		2,309.4		2,523.3
Gross profit	590.0		647.7		1,214.8		1,337.6
Selling, general and administrative expenses	357.5		352.1		751.1		735.0
Impairment charges	160.8		—		160.8		—
Operating income	71.7		295.6		302.9		602.6
Interest expense	(73.4)		(63.9)		(147.1)		(128.7)
Loss on extinguishment of debt	(1.6)		(6.1)		(3.9)		(7.9)
Other income, net	2.0		0.7		2.6		2.1
(Loss) income before income taxes	(1.3)		226.3		154.5		468.1
Income tax expense	(6.0)		(38.9)		(40.3)		(90.3)
Net (loss) income	(7.3)		187.4		114.2		377.8
Accumulation of yield on preferred stock	—		(8.1)		—		(24.2)
Net (loss) income available to common stockholders	$	(7.3)	$	179.3	$	114.2	$	353.6
(Loss) earnings per share:
Basic	$	(0.01)	$	0.28	$	0.17	$	0.56
Diluted	$	(0.01)	$	0.28	$	0.17	$	0.55
Weighted average shares outstanding:
Basic	675.3		644.2		675.0		627.2
Diluted	675.3		680.2		677.9		680.8

See accompanying notes to the unaudited condensed consolidated financial statements.

3

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of comprehensive income or loss

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net (loss) income	$	(7.3)	$	187.4	$	114.2	$	377.8
Other comprehensive income (loss):
Foreign currency translation — unrealized gain (loss)	8.7		(71.0)		25.6		(98.0)
Derivative instruments:
Unrealized gain (loss)	16.8		7.3		16.7		7.0
Reclassification of gain into earnings	(7.6)		(1.1)		(14.1)		(1.3)
Activity related to defined benefit plans	(0.8)		—		(5.7)		4.5
Other comprehensive income (loss) before income taxes	17.1		(64.8)		22.5		(87.8)
Income tax effect	0.7		(14.2)		5.9		(17.3)
Other comprehensive income (loss)	17.8		(79.0)		28.4		(105.1)
Comprehensive income	$	10.5	$	108.4	$	142.6	$	272.7

    

See accompanying notes to the unaudited condensed consolidated financial statements.

4

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of stockholders’ equity

(in millions)	Stockholders’ equity
	MCPS including paid-in capital			Common stock including paid-in capital			Accumulated earnings		AOCI		Total
	Shares	Amount		Shares	Amount
Balance at March 31, 2023	—	$	—	675.1	$	3,792.4	$	1,291.9	$	(89.7)	$	4,994.6
Comprehensive (loss) income	—	—		—	—		(7.3)		17.8		10.5
Stock-based compensation expense	—	—		—	9.3		—		—		9.3
Stock option exercises and other common stock transactions	—	—		0.6	(3.1)		—		—		(3.1)
Balance at June 30, 2023	—	$	—	675.7	$	3,798.6	$	1,284.6	$	(71.9)	$	5,011.3
Balance at March 31, 2022	20.7	$	1,003.7	610.3	$	2,749.3	$	674.3	$	(69.3)	$	4,358.0
Comprehensive income (loss)	—	—		—	—		187.4		(79.0)		108.4
Stock-based compensation expense	—	—		—	13.4		—		—		13.4
Accumulation of yield on preferred stock	—	—		—	(8.1)		—		—		(8.1)
Stock option exercises and other common stock transactions	—	—		0.7	(2.2)		—		—		(2.2)
Conversion of MCPS into Common stock	(20.7)	(1,003.7)		62.9	1,003.7		—		—		—
Balance at June 30, 2022	—	$	—	673.9	$	3,756.1	$	861.7	$	(148.3)	$	4,469.5

See accompanying notes to the unaudited condensed consolidated financial statements.

5

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of stockholders’ equity (continued)

(in millions)	Stockholders’ equity
	MCPS including paid-in capital			Common stock including paid-in capital			Accumulated earnings (deficit)		AOCI		Total
	Shares	Amount		Shares	Amount
Balance at December 31, 2022	—	$	—	674.3	$	3,785.3	$	1,170.4	$	(100.3)	$	4,855.4
Comprehensive income	—	—		—	—		114.2		28.4		142.6
Stock-based compensation expense	—	—		—	21.9		—		—		21.9
Stock option exercises and other common stock transactions	—	—		1.4	(8.6)		—		—		(8.6)
Balance at June 30, 2023	—	$	—	675.7	$	3,798.6	$	1,284.6	$	(71.9)	$	5,011.3
Balance at December 31, 2021	20.7	$	1,003.7	609.7	$	2,752.6	$	483.9	$	(43.2)	$	4,197.0
Comprehensive income (loss)	—	—		—	—		377.8		(105.1)		272.7
Stock-based compensation expense	—	—		—	25.4		—		—		25.4
Accumulation of yield on preferred stock	—	—		—	(24.2)		—		—		(24.2)
Stock option exercises and other common stock transactions	—	—		1.3	(1.4)		—		—		(1.4)
Conversion of MCPS into Common stock	(20.7)	(1,003.7)		62.9	1,003.7		—		—		—
Balance at June 30, 2022	—	$	—	673.9	$	3,756.1	$	861.7	$	(148.3)	$	4,469.5

See accompanying notes to the unaudited condensed consolidated financial statements.

6

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of cash flows

(in millions)	Six months ended June 30,
	2023		2022
Cash flows from operating activities:
Net income	$	114.2	$	377.8
Reconciling adjustments:
Depreciation and amortization	203.7		204.2
Impairment charges	160.8		—
Stock-based compensation expense	21.9		23.7
Provision for accounts receivable and inventory	43.1		28.2
Deferred income tax benefit	(64.7)		(39.5)
Amortization of deferred financing costs	6.7		8.5
Loss on extinguishment of debt	3.9		7.9
Foreign currency remeasurement gain	(0.1)		(0.6)
Changes in assets and liabilities:
Accounts receivable	7.9		(98.2)
Inventory	(1.7)		(93.1)
Accounts payable	(74.4)		72.4
Accrued interest	(0.6)		(0.9)
Other assets and liabilities	(34.3)		(115.4)
Other, net	1.3		4.7
Net cash provided by operating activities	387.7		379.7
Cash flows from investing activities:
Capital expenditures	(58.1)		(60.8)
Cash paid for acquisitions, net of cash acquired	—		(20.2)
Other	1.4		0.4
Net cash used in investing activities	(56.7)		(80.6)
Cash flows from financing activities:
Debt borrowings	—		210.0
Debt repayments	(460.3)		(523.9)
Payments of debt refinancing fees and premiums	(2.3)		—
Payments of dividends on preferred stock	—		(32.4)
Proceeds received from exercise of stock options	4.7		11.6
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(13.3)		(13.0)
Net cash used in financing activities	(471.2)		(347.7)
Effect of currency rate changes on cash	4.1		(17.5)
Net change in cash, cash equivalents and restricted cash	(136.1)		(66.1)
Cash, cash equivalents and restricted cash, beginning of period	396.9		327.1
Cash, cash equivalents and restricted cash, end of period	$	260.8	$	261.0

See accompanying notes to the unaudited condensed consolidated financial statements.

7

Avantor, Inc. and subsidiaries

Notes to unaudited condensed consolidated financial statements

1.    Nature of operations and presentation of financial statements

We are a global manufacturer and distributor that provides products and services to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries.

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year.

We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.

Principles of consolidation

All intercompany balances and transactions have been eliminated from the financial statements.

Use of estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.

Asset impairment - Ritter

The Company’s long-lived assets include property, plant and equipment, finite-lived intangible assets and certain other assets. For impairment testing purposes, long-lived assets may be grouped with working capital and other types of assets or liabilities if they generate cash flows on a combined basis. We evaluate long-lived assets or asset groups for impairment whenever events or changes in circumstances indicate a potential inability to recover their carrying amounts. The test to determine if long-lived assets or asset groups are impaired first compares their carrying values to their estimated undiscounted future cash flows. If the carrying values exceed the estimated undiscounted cash flows, an impairment charge is calculated as the amount that the carrying values exceed their fair values.

Persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity has caused Ritter’s revenue to decline compared to prior expectations. Due to these sustained declines, we performed an impairment test of the Ritter asset group, which resulted in a fair value that was lower than its carrying value. As a result, we recorded impairment charges of $106.4 million on Ritter’s finite-lived intangible assets and $54.4 million on Ritter’s property, plant & equipment

8

in the second quarter of 2023 in the unaudited condensed consolidated statements of operations. These charges impact our Europe reportable segment.

Our impairment test was performed as of June 30, 2023 and utilized our latest estimates of Ritter’s projected cash flows, including revenues, gross margin, SG&A expenses, capital expenditures to maintain the acquired assets, and investments in debt free net working capital, as well as current market assumptions for the discount rate.

2.    Earnings per share

The following table presents the reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023:

(in millions, except per share data)	Three months ended June 30, 2023					Six months ended June 30, 2023
	Loss (numerator)		Weighted average shares outstanding (denominator)	Loss per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	(7.3)	675.3	$	(0.01)	$	114.2	675.0	$	0.17
Dilutive effect of stock-based awards	—		—			—		2.9
Diluted	$	(7.3)	675.3	$	(0.01)	$	114.2	677.9	$	0.17

For the three months ended June 30, 2023, basic and diluted loss per share calculations were the same because there was a net loss available to common stockholders. As a result, 1.6 million of stock options and 0.8 million of restricted stock units were excluded from the calculation of diluted loss per share as their effect would be anti-dilutive.

The following table presents the reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2022:

(in millions, except per share data)	Three months ended June 30, 2022						Six months ended June 30, 2022
	Earnings (numerator)		Weighted average shares outstanding (denominator)		Earnings per share		Earnings (numerator)		Weighted average shares outstanding (denominator)	Earnings per share
Basic	$	179.3	644.2		$	0.28	$	353.6	627.2	$	0.56
Dilutive effect of stock-based awards	—		6.6				—		7.5
Dilutive impact of MCPS	8.1		29.4				$	24.2	46.1
Diluted	$	187.4	$	680.2	$	0.28	$	377.8	680.8	$	0.55

9

3.    Segment financial information

We report three geographic segments based on customer location: Americas, Europe and AMEA. Each segment manufactures and distributes solutions for the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Corporate costs are managed on a standalone basis and not allocated to segments.

The following table presents information by reportable segment:

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net sales:
Americas	$	1,025.6	$	1,156.6	$	2,057.6	$	2,300.0
Europe	606.9		623.8		1,237.1		1,304.2
AMEA	111.4		130.1		229.5		256.7
Total	$	1,743.9	$	1,910.5	$	3,524.2	$	3,860.9
Adjusted EBITDA:
Americas	$	247.2	$	289.8	$	487.6	$	584.0
Europe	111.2		119.3		232.9		262.7
AMEA	26.4		36.1		59.9		65.4
Corporate	(41.8)		(41.1)		(91.2)		(84.9)
Total	$	343.0	$	404.1	$	689.2	$	827.2

The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers.

10

The following table presents the reconciliation of Adjusted EBITDA from net (loss) income, the nearest measurement under GAAP:

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net (loss) income	$	(7.3)	$	187.4	$	114.2	$	377.8
Interest expense	73.4		63.9		147.1		128.7
Income tax expense	6.0		38.9		40.3		90.3
Depreciation and amortization	102.6		89.7		203.7		204.2
Loss on extinguishment of debt	1.6		6.1		3.9		7.9
Net foreign currency (gain) loss from financing activities	(1.6)		0.9		(1.8)		1.0
Other stock-based compensation benefit	(0.1)		(0.4)		—		(1.7)
Integration-related expenses1	(0.6)		3.3		8.1		7.2
Purchase accounting adjustments2	—		13.8		—		9.4
Restructuring and severance charges3	7.2		0.5		11.9		2.4
Reserve for certain legal matters	1.0		—		1.0		—
Impairment charges4	160.8		—		160.8		—
Adjusted EBITDA	$	343.0	$	404.1	$	689.2	$	827.2

━━━━━━━━━

1.Represents non-recurring direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record inventory acquired from Masterflex at fair value.

3.Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs.

4.As described in note 1.

The following table presents net sales by product line:

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Proprietary materials & consumables	$	622.3	$	741.3	$	1,291.4	$	1,489.3
Third party materials & consumables	648.2		688.0		1,296.2		1,412.7
Services & specialty procurement	242.0		232.2		473.8		467.2
Equipment & instrumentation	231.4		249.0		462.8		491.7
Total	$	1,743.9	$	1,910.5	$	3,524.2	$	3,860.9

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4.    Supplemental disclosures of cash flow information

The following tables present supplemental disclosures of cash flow information:

(in millions)	June 30, 2023		December 31, 2022
Cash and cash equivalents	$	236.4	$	372.9
Restricted cash classified as other assets	24.4		24.0
Total	$	260.8	$	396.9

At June 30, 2023 and December 31, 2022, amounts included in restricted cash primarily represent funds held in escrow to satisfy a long-term retention incentive related to the acquisition of Ritter GmbH.

(in millions)	Six months ended June 30,
	2023		2022
Cash flows from operating activities:
Cash paid for income taxes, net	$	126.7	$	131.3
Cash paid for interest, net, excluding financing leases	138.2		116.6
Cash paid for interest on finance leases	2.5		2.5
Cash paid under operating leases	21.1		22.2
Cash flows from financing activities:
Cash paid under finance leases	2.5		2.3

5.    Inventory

The following table presents the components of inventory:

(in millions)	June 30, 2023		December 31, 2022
Merchandise inventory	$	549.2	$	556.1
Finished goods	95.4		117.1
Raw materials	178.5		181.2
Work in process	67.3		59.1
Total	$	890.4	$	913.5

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6.    Other intangible assets

The following table presents the components of other intangible assets:

(in millions)	June 30, 2023						December 31, 2022
	Gross value		Accumulated amortization and impairment1		Carrying value		Gross value		Accumulated amortization and impairment1		Carrying value
Customer relationships	$	4,850.0	$	1,535.6	$	3,314.4	$	4,806.4	$	1,333.5	$	3,472.9
Trade names	357.4		216.9		140.5		354.4		205.1		149.3
Other	634.0		285.8		348.2		630.9		212.1		418.8
Total finite-lived	$	5,841.4	$	2,038.3	3,803.1		$	5,791.7	$	1,750.7	4,041.0
Indefinite-lived					92.3						92.3
Total					$	3,895.4					$	4,133.3

━━━━━━━━━

1.As of June 30, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million. As of December 31, 2022, there were no accumulated impairment losses.

7.    Commitments and contingencies

Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably against us.

Environmental laws and regulations

Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Matters to be disclosed are as follows:

The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At June 30, 2023, our accrued obligation under this order is $2.5 million, which is calculated based on expected cash payments discounted at rates ranging from 3.8% to 5.4% between 2023 and 2045. The undiscounted amount of that obligation is $3.9 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement referenced in our Annual Report.

In 2016, we assessed the environmental condition of our chemical manufacturing site in Gliwice, Poland. Our assessment revealed specific types of soil and groundwater contamination throughout the site. We are also monitoring the condition of a closed landfill on that site. These matters are not covered by our indemnification arrangement because they relate to an operation we subsequently acquired. At June 30, 2023, our balance sheet includes a liability of $1.1 million for remediation and monitoring costs. That

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liability is estimated primarily on discounted expected remediation payments and is not materially different from its undiscounted amount.

Manufacture and sale of products

Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we produce ourselves or obtain from our suppliers, as well as from the services we provide. Our exposure to such claims may increase to the extent that we expand our manufacturing operations or service offerings.

We maintain insurance policies to protect us against these risks, including product liability insurance. In many cases the suppliers of products we distribute have indemnified us against such claims. Our insurance coverage or indemnification agreements with suppliers may not be adequate in all pending or any future cases brought against us. Furthermore, our ability to recover under any insurance or indemnification arrangements is subject to the financial viability of our insurers, our suppliers and our suppliers’ insurers, as well as legal enforcement under the local laws governing the arrangements.

We have entered into indemnification agreements with customers of our self-manufactured products to protect them from liabilities and losses arising from our negligence, willful misconduct or sale of defective products. To date, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions.

Litigation

At June 30, 2023, there was no outstanding litigation that we believe would result in material losses if decided against us, and we do not believe that there are any unasserted matters that are reasonably possible to result in a material loss.

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8.    Debt

The following table presents information about our debt:

(dollars in millions)	June 30, 2023				December 31, 2022
	Interest terms	Rate	Amount
Receivables facility	SOFR1 plus 0.80%	6.04%	$	275.9	$	327.2
Senior secured credit facilities:
Euro term loans B-4	EURIBOR plus 2.50%	5.70%	647.2		636.7
Euro term loans B-5	EURIBOR plus 2.00%	5.20%	347.7		342.0
U.S. dollar term loans B-5	SOFR1 plus 2.25%	7.50%	1,087.9		1,488.3
2.625% secured notes	fixed rate	2.625%	709.5		694.5
3.875% unsecured notes	fixed rate	3.875%	800.0		800.0
3.875% unsecured notes	fixed rate	3.875%	436.6		427.3
4.625% unsecured notes	fixed rate	4.625%	1,550.0		1,550.0
Finance lease liabilities			68.4		68.9
Other			13.0		14.2
Total debt, gross			5,936.2		6,349.1
Less: unamortized deferred financing costs			(51.9)		(61.6)
Total debt			$	5,884.3	$	6,287.5
Classification on balance sheets:
Current portion of debt			$	314.0	$	364.2
Debt, net of current portion			5,570.3		5,923.3

━━━━━━━━━

1.SOFR includes credit spread adjustment.

Credit facilities

The following table presents availability under our credit facilities:

(in millions)	June 30, 2023
	Receivables facility		Revolving credit facility		Total
Capacity	$	320.2	$	975.0	$	1,295.2
Undrawn letters of credit outstanding	(15.4)		—		(15.4)
Outstanding borrowings	(275.9)		—		(275.9)
Unused availability	$	28.9	$	975.0	$	1,003.9

Capacity under the receivables facility is calculated as the lower of eligible borrowing base or facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less ineligible accounts receivable and other adjustments. At June 30, 2023, total available accounts receivable under the receivables facility were $591.0 million.

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In June 2023, we amended the revolving credit facility to increase its funding limit up to $975.0 million and extended the term to June 29, 2028. We capitalized $2.3 million of fees in connection with this transaction.

In June 2023, the Company entered into an Amendment to the Receivables Purchase Agreement to increase the Delinquency Ratio cap from 13.0% to 16.0%.

Senior secured credit facilities

During the quarter ended June 30, 2023, we made prepayments of $170.0 million on our U.S. dollar term loan B-5 that matures on November 8, 2027. In connection with this prepayment, we expensed $1.6 million of previously unamortized deferred financing costs as a loss on extinguishment of debt. We also amended our U.S. dollar term loan B-5 from LIBOR based floating rate interest to SOFR based floating rate interest. This amendment was done in accordance with Accounting Standards Codification (ASC) 848 and had no impact on the financial statements. The Company is applying optional expedients and exceptions to certain contract modifications and hedging relationships as permitted under ASU 2020-04 and 2022-06.

Debt covenants

Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at June 30, 2023.

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9.    Accumulated other comprehensive income or loss

The following table presents changes in the components of AOCI:

(in millions)	Foreign currency translation		Derivative instruments		Defined benefit plans		Total
Balance at March 31, 2023	$	(111.7)	$	14.9	$	7.1	$	(89.7)
Unrealized gain (loss)	8.7		16.8		(0.8)		24.7
Reclassification of gain into earnings	—		(7.6)		—		(7.6)
Change due to income taxes	2.6		(2.2)		0.3		0.7
Balance at June 30, 2023	$	(100.4)	$	21.9	$	6.6	$	(71.9)
Balance at March 31, 2022	$	(48.8)	$	—	$	(20.5)	$	(69.3)
Unrealized (loss) gain	(71.0)		7.3		—		(63.7)
Reclassification of gain into earnings	—		(1.1)		—		(1.1)
Change due to income taxes	(12.7)		(1.5)		—		(14.2)
Balance at June 30, 2022	$	(132.5)	$	4.7	$	(20.5)	$	(148.3)
Balance at December 31, 2022	$	(131.3)	$	19.9	$	11.1	$	(100.3)
Unrealized gain (loss)	25.6		16.7		(5.7)		36.6
Reclassification of gain into earnings	—		(14.1)		—		(14.1)
Change due to income taxes	5.3		(0.6)		1.2		5.9
Balance at June 30, 2023	$	(100.4)	$	21.9	$	6.6	$	(71.9)
Balance at December 31, 2021	$	(19.2)	$	0.4	$	(24.4)	$	(43.2)
Unrealized (loss) gain	(98.0)		7.0		4.6		(86.4)
Reclassification of gain into earnings	—		(1.3)		(0.1)		(1.4)
Change due to income taxes	(15.3)		(1.4)		(0.6)		(17.3)
Balance at June 30, 2022	$	(132.5)	$	4.7	$	(20.5)	$	(148.3)

The reclassifications and income tax effects shown above were immaterial to the financial statements and were made to either cost of sales or SG&A expenses depending upon the nature of the underlying transaction. The income tax effects in the three and six months ended June 30, 2023 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 13.

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10.    Stock-based compensation

The following table presents the components of stock-based compensation expense:

(in millions)	Classification	Three months ended June 30,				Six months ended June 30,
		2023		2022		2023		2022
Stock options	Equity	$	3.6	$	4.0	$	7.2	$	8.0
RSUs	Equity	5.5		9.1		14.2		16.7
Other	Both	0.1		(0.1)		0.5		(1.0)
Total		$	9.2	$	13.0	$	21.9	$	23.7
Award classification:
Equity		$	9.3	$	13.4	$	21.9	$	25.4
Liability		(0.1)		(0.4)		—		(1.7)

At June 30, 2023, unvested awards under our plans have remaining stock-based compensation expense of $103.5 million to be recognized over a weighted average period of 1.9 years.

Stock options

The following table presents information about outstanding stock options:

(options and intrinsic value in millions)	Number of options	Weighted average exercise price per option		Aggregate intrinsic value		Weighted average remaining term
Balance at December 31, 2022	16.1	$	20.90
Granted	1.8	24.05
Exercised	(0.2)	14.67
Forfeited	(0.3)	22.67
Balance at June 30, 2023	17.4	21.28		$	30.4	6.0 years
Expected to vest	4.1	25.27		1.4		8.6 years
Vested	13.3	20.06		29.0		5.2 years

During the six months ended June 30, 2023, we granted stock options that have a contractual life of ten years and will vest annually over four years, subject to the recipient continuously providing service to us through such date.

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RSUs

The following table presents information about unvested RSUs:

(awards in millions)	Number of awards	Weighted average grant date fair value per award
Balance at December 31, 2022	4.2	$	24.29
Granted	1.9	26.34
Vested	(1.6)	18.67
Forfeited	(0.1)	27.11
Balance at June 30, 2023	4.4	27.07

During the six months ended June 30, 2023, we granted RSUs that will vest annually over three to four years, subject to the recipient continuously providing service to us through each such date. Certain of those awards contain performance and market conditions that impact the number of shares that will ultimately vest. We recorded expense on such awards of $(0.5) million and $2.7 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $1.8 million and $5.0 million for the six months ended June 30, 2023 and June 30, 2022, respectively.

11.    Other income or expense, net

The following table presents the components of other income or expense, net:

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net foreign currency gain (loss) from financing activities	$	1.6	$	(0.9)	$	1.8	$	(1.0)
Income related to defined benefit plans	0.3		1.6		0.7		3.0
Other	0.1		—		0.1		0.1
Other income, net	$	2.0	$	0.7	$	2.6	$	2.1

12.    Income taxes

The following table presents the relationship between income tax expense and (loss) income before income taxes:

(in millions)	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
(Loss) income before income taxes	$	(1.3)		$	226.3		$	154.5		$	468.1
Income tax expense	(6.0)			(38.9)			(40.3)			(90.3)
Effective income tax rate	(461.5)		%	17.2		%	26.1		%	19.3		%

Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense.

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The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses, and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions.

The change in the effective tax rate for the three and six months ended June 30, 2023 when compared to the three and six months ended June 30, 2022, is primarily due to an impairment loss that was recorded in the second quarter of 2023 against the Company’s investment in its Ritter business, and the establishment of new valuation allowances against deferred tax assets not expected to be realized as a result of the impairment.

13.    Derivative and hedging activities

Hedging instruments:

We engage in hedging activities to reduce our exposure to foreign currency exchange rates and interest rates. Our hedging activities are designed to manage specific risks according to our strategies, as summarized below, which may change from time to time. Our hedging activities consist of the following:

•Economic hedges — We are exposed to changes in foreign currency exchange rates on certain of our euro-denominated term loans and notes that move inversely from our portfolio of euro-denominated intercompany loans. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another;

•Other hedging activities — Certain of our subsidiaries hedge short-term foreign currency denominated business transactions, external debt and intercompany financing transactions using foreign currency forward contracts. These activities were not material to our consolidated financial statements.

Cash flow hedges of interest rate risk

In April of 2023, the Company executed a $100.0 million interest rate swap to convert SOFR based floating rate interest to fixed rate interest. The transaction is intended to mitigate our exposure to fluctuations in interest rates and will terminate on October 27, 2025. In addition, in April of 2023, we amended our $750.0 million interest rate swap from LIBOR based floating rate interest to SOFR based floating rate interest. This amendment was done in accordance with ASC 848 and had no impact on the financial statements. The Company is applying optional expedients and exceptions to certain contract modifications and hedging relationships as permitted under ASU 2020-04 and 2022-06.

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. 

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $19.7 million will be reclassified as a reduction to interest expense.

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As of June 30, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

(dollars in millions)
Interest rate derivative	Number of instruments	Notional
Interest rate swaps	2	$	850.0

Effect of cash flow hedge accounting on AOCI

The table below presents the effect of cash flow hedge accounting on AOCI for the three and six months ended June 30, 2023 and June 30, 2022.

(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative								Location of gain or (loss) reclassified from AOCI into income	Amount of gain or (loss) reclassified from AOCI into income
	Three months ended June 30,				Six months ended June 30,					Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022			2023		2022		2023		2022
Interest rate products	13.6		2.6		10.1		2.6		Interest income (expense)	4.4		(2.5)		7.5		(2.5)
Total	$	13.6	$	2.6	$	10.1	$	2.6		$	4.4	$	(2.5)	$	7.5	$	(2.5)

Effect of cash flow hedge accounting on the income statement

The table below presents the effect of our derivative financial instruments on the statement of operations for the three and six months ended June 30, 2023 and June 30, 2022.

	Three months ended June 30,					Six months ended June 30,
	2023		2022			2023		2022
(in millions)	Interest income (expense)			Interest income (expense)		Interest income (expense)		Interest income (expense)
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded	$	(73.4)		$	(63.9)	$	(147.1)	$	(128.7)
Amount of gain (loss) reclassified from AOCI into income	$	4.4		$	(2.5)	$	7.5	$	(2.5)

Net investment hedges

We are exposed to fluctuations in foreign exchange rates on investments we hold in foreign entities, specifically our net investment in Avantor Holdings B.V., a EUR-functional-currency consolidated subsidiary, against the risk of changes in the EUR-USD exchange rate.

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For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated.

As of June 30, 2023, we had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:

(value in millions)
Foreign currency derivative	Number of instruments	Notional sold		Notional purchased
Cross-currency swaps	1	€	732.1	$	750.0

Effect of net investment hedges on AOCI and the income statement

The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and six months ended June 30, 2023 and June 30, 2022.

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(in millions)
Hedging relationships	Amount of gain or (loss) recognized in OCI on Derivative				Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)
	June 30,					June 30,
	2023		2022			2023		2022
Three months ended:
Cross currency swaps	$	(6.0)	$	30.8	Interest income	$	3.2	$	3.1
Total	$	(6.0)	$	30.8		$	3.2	$	3.1
Six months ended:
Cross currency swaps	$	(13.2)	$	30.8	Interest income	$	6.4	$	3.1
Total	$	(13.2)	$	30.8		$	6.4	$	3.1

The Company did not reclassify any other deferred gains or losses related to cash flow hedges from accumulated other comprehensive income (loss) to earnings for the three and six months ended June 30, 2023 and June 30, 2022.

The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2023 and December 31, 2022:

	Derivative assets						Derivative liabilities
	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
(in millions)	Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value		Balance sheet location	Fair value
Derivatives designated as hedging instruments:
Interest rate products	Other current assets	$	28.8	Other current assets	$	26.2	Other current liabilities	$	—	Other current liabilities	$	—
Foreign exchange products	Other current assets	—		Other current assets	—		Other current liabilities	(41.0)		Other current liabilities	(21.4)
Total		$	28.8		$	26.2		$	(41.0)		$	(21.4)

Non-derivative financial instruments which are designated as hedging instruments:

We designated all of our outstanding €400.0 million 3.875% senior unsecured notes, issued on July 17, 2020, and maturing on July 15, 2028, as a hedge of our net investment in certain of our European operations. For instruments that are designated and qualify as net investment hedges, the foreign currency

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transactional gains or losses are reported as a component of AOCI. The gains or losses would be reclassified into earnings upon a liquidation event or deconsolidation of a hedged foreign subsidiary.

Net investment hedge effectiveness is assessed based upon the change in the spot rate of the foreign currency denominated debt. The critical terms of the foreign currency notes match the portion of the net investments designated as being hedged. At June 30, 2023, the net investment hedge was equal to the designated portion of the European operations and was considered to be perfectly effective.

The accumulated (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of AOCI was $(15.0) million and $(24.3) million as of June 30, 2023 and December 31, 2022, respectively.

The amount of loss (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and six months ended June 30, 2023 and June 30, 2022 are presented below:

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net investment hedges	$	1.8	$	(25.2)	$	9.3	$	(36.2)

14.    Financial instruments and fair value measurements

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt.

Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. As discussed in note 1, during the second quarter of 2023, property, plant and equipment, customer relationships and developed technology related to the Ritter asset group were deemed to be impaired and their carrying values were reduced to estimated fair values of $25.9 million, $31.4 million and $19.3 million, respectively. This was the result of an impairment charge of $160.8 million. The Company estimates the fair value of the Ritter asset group using Level 3 inputs, which included a discounted cash flow analysis.

Assets and liabilities for which fair value is only disclosed

The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements.

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The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments:

(in millions)	June 30, 2023				December 31, 2022
	Gross amount		Fair value		Gross amount		Fair value
Receivables facility	$	275.9	$	275.9	$	327.2	$	327.2
Senior secured credit facilities:
Euro term loans B-4	647.2		646.8		636.7		627.5
Euro term loans B-5	347.7		346.4		342.0		340.7
U.S. dollar term loans B-5	1,087.9		1,088.6		1,488.3		1,485.5
2.625% secured notes	709.5		682.5		694.5		658.5
3.875% unsecured notes	800.0		704.5		800.0		672.0
3.875% unsecured notes	436.6		401.2		427.3		396.5
4.625 % unsecured notes	1,550.0		1,437.9		1,550.0		1,407.6
Finance lease liabilities	68.4		68.4		68.9		68.9
Other	13.0		13.0		14.2		14.2
Total	$	5,936.2	$	5,665.2	$	6,349.1	$	5,998.6

The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are level 2 measurements.

Item 2.    Management’s discussion and analysis of financial condition and results of operations

This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those contained in or implied by any forward-looking statements. See “Cautionary factors regarding forward-looking statements.”

Basis of presentation

This discussion should be read in conjunction with the accompanying condensed consolidated financial statements and notes. Pursuant to SEC rules for reports covering interim periods, we have prepared this discussion and analysis to enable you to assess material changes in our financial condition and results of operations since December 31, 2022, the date of our Annual Report. Therefore, we encourage you to read this discussion and analysis in conjunction with the Annual Report.

Overview

During the three months ended June 30, 2023, we recorded net sales of $1,743.9 million, net loss of $7.3 million and Adjusted EBITDA of $343.0 million. Net sales decreased by 8.7%, which included a 9.1% decline in organic sales compared to the same period in 2022. See “Reconciliations of non-GAAP measures” for a reconciliation of net (loss) income to Adjusted EBITDA and “Results of operations” for a reconciliation of net sales growth to organic net sales growth.

Factors and current trends affecting our business and results of operations

The following updates the factors and current trends disclosed in the Annual Report. These updates could affect our performance and financial condition in future periods.

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Our results were impacted by the continuing effects of the coronavirus pandemic

Customer demand and required inventory levels continue to normalize in the transition from the COVID-19 pandemic, which has impacted our results for the three months ended June 30, 2023. For a discussion of the impact of the COVID-19 pandemic and associated economic disruptions, and the actual operational and financial impacts that we experienced through December 31, 2022, see “Part II—Item 7—Management's discussion and analysis of financial condition and results of operations” in the Annual Report. For additional discussion of the potential impact of the COVID-19 pandemic and associated economic disruptions on our results, see “The COVID-19 pandemic has adversely impacted, and continues to pose risks to, our business, operating results, cash flows and/or financial condition, the nature and extent of which could be material.” included in “Part I—Item 1A—Risk factors” in the Annual Report.

We have been impacted by supply chain constraints and inflationary pressures

We have experienced inventory fluctuations and build up at customers as a result of global supply chain disruptions and have experienced inflationary pressures across all of our cost categories. While we have implemented pricing and productivity measures to combat these pressures, they may continue to adversely impact our results.

Fluctuations in foreign currency rates impact our results

Our consolidated results of operations are comprised of many different functional currencies that translate into our U.S. Dollar reporting currency. The movement of the U.S. Dollar against those functional currencies, particularly the Euro, has caused significant variability in our results and may continue to do so in the future.

Key indicators of performance and financial condition

To evaluate our performance, we monitor a number of key indicators including certain non-GAAP financial measurements that we believe are useful to investors, creditors and others in assessing our performance. These measurements should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measurements, and such measurements may not be comparable to similarly-titled measurements reported by other companies. Rather, these measurements should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business.

The key indicators that we monitor are as follows:

•Net sales, gross margin, operating income and net income or loss. These measures are discussed in the section entitled “Results of operations”;

•Organic net sales growth, which is a non-GAAP measure discussed in the section entitled “Results of operations.” Organic net sales growth (decline) eliminates from our reported net sales the impact of changes in foreign currency exchange rates. We believe that this measurement is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measurement is used by our management for the same reason. Reconciliations to the change in reported net sales, the most directly comparable GAAP financial measure, are included in the section entitled “Results of operations”;

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•Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP measures discussed in the section entitled “Results of operations.” Adjusted EBITDA is used by investors to measure and evaluate our operating performance exclusive of interest expense, income tax expense, depreciation, amortization and certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measurements are useful to investors as a way to analyze the underlying trends in our business consistently across the periods presented. This measurement is used by our management for the same reason. A reconciliation of net income or loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA is included in the section entitled “Reconciliations of non-GAAP measures”;

•Cash flows from operating activities, which we discuss in the section entitled “Liquidity and capital resources—Historical cash flows”;

•Free cash flow, which is a non-GAAP measure, is equal to our cash flows from operating activities, plus acquisition-related costs paid in the period, less capital expenditures. We believe that this measurement is useful to investors as it provides a view on the Company’s ability to generate cash for use in financing or investing activities. This measurement is used by management for the same reason. A reconciliation of cash flows from operating activities, the most directly comparable GAAP financial measure, to free cash flow, is included in the section entitled “Liquidity and capital resources—Historical cash flows.”

Results of operations

We present results of operations in the same way that we manage our business, evaluate our performance and allocate our resources. We also provide discussion of net sales and Adjusted EBITDA by geographic segment based on customer location: Americas, Europe and AMEA. Corporate costs are managed on a standalone basis and not allocated to segments.

Executive summary

(dollars in millions)	Three months ended June 30,						Change
	2023			2022
Net sales	$	1,743.9		$	1,910.5		$	(166.6)
Gross margin	33.8		%	33.9		%	(10) bps
Operating income	$	71.7		$	295.6		$	(223.9)
Net (loss) income	(7.3)			187.4			(194.7)
Adjusted EBITDA	343.0			404.1			(61.1)
Adjusted EBITDA margin	19.7		%	21.2		%	(150) bps

The second quarter net sales decline was driven by decreases in all three regions primarily due to COVID-19 related headwinds, declines in customer demand, and the impact of customer destocking on inventory. Unfavorable product mix and inflationary factors contributed to contraction in gross margin, while softness in sales volumes drove Adjusted EBITDA margin contraction.

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Net Sales

Three months ended

(in millions)	Three months ended June 30,				Reconciliation of net sales growth to organic net sales growth
					Net sales growth		Foreign currency impact		Organic net sales growth
	2023		2022
Americas	$	1,025.6	$	1,156.6	$	(131.0)	$	(1.2)	$	(129.8)
Europe	606.9		623.8		(16.9)		11.1		(28.0)
AMEA	111.4		130.1		(18.7)		(2.4)		(16.3)
Total	$	1,743.9	$	1,910.5	$	(166.6)	$	7.5	$	(174.1)

Net sales decreased $166.6 million or 8.7%, which included $7.5 million or 0.4% of favorable foreign currency impact. Organic net sales decreased by $174.1 million or 9.1% (declining 6.5% when excluding the impact of sales of COVID-19-related products in both periods, referred to herein as COVID-19 related headwinds or tailwinds).

In the Americas, net sales decreased $131.0 million or 11.3%, which included $1.2 million or 0.1% of unfavorable foreign currency impact. Organic net sales decreased by $129.8 million or 11.2% (8.8% excluding COVID-19 headwinds). Additional information on organic net sales by end market (with approximate percentage of total organic net sales for the region) is as follows:

•Biopharma (55%) — Sales declined double-digits, primarily due to the roll-off of COVID-19 revenues for vaccines and testing, in addition to reduced customer demand, as well as destocking of lab products and single-use solutions.

•Healthcare (10%) — Sales increased high single-digits primarily due to growth in our formulated silicones offering for medical implants.

•Education and government (15%) — Sales increased high single-digits primarily due to expanding research activity and improved sales of equipment and instrumentation to academic labs, along with increased sales to governmental research institutions.

•Advanced technologies & applied materials (20%) — Sales decreased double-digits driven by softness in the demand for our semiconductor and electronic device offerings.

In Europe, net sales decreased $16.9 million or 2.7%, which included $11.1 million or 1.8% of favorable foreign currency impact. Organic net sales decreased $28.0 million or 4.5% (1.8% excluding COVID-19 headwinds). Additional information on organic net sales by end market (with approximate percentage of total organic net sales for the region) is as follows:

•Biopharma (50%) — Sales declined high single-digits, primarily due to the roll-off of COVID-19 revenues for vaccines, testing and PPE as well as reduced customer demand, destocking of lab consumables and single-use solutions.

•Healthcare (10%) — Sales declined high single-digits primarily due to the roll-off of COVID-19 revenues for testing and PPE as well as destocking of lab consumables.

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•Education & government (10%) — Sales declined high single-digits driven by decreased activity in academia and government labs and the roll-off of COVID-19 revenues for testing and PPE as well as destocking of lab consumables.

•Advanced technologies & applied materials (30%) — Sales increased low single-digits driven by resilient end market demand, partially offset by the roll-off of COVID-19 revenues for testing and PPE.

In AMEA, net sales decreased $18.7 million or 14.4%, which included $2.4 million or 1.8% of unfavorable foreign currency impact. Organic net sales decreased $16.3 million or 12.6% (8.7% excluding COVID-19 headwinds). Additional information on organic net sales by end market (with approximate percentage of total organic net sales for the region) is as follows:

•Biopharma (45%) — Sales increased mid single-digits due to growth in sales of proprietary materials in biopharma production, partially offset by the roll-off of COVID-19 revenues associated with vaccine production.

•Advanced technologies & applied materials (45%) — Sales declined double-digits primarily driven by softness in our proprietary offerings into the semiconductor industry.

Six months ended

(in millions)	Six months ended June 30,				Reconciliation of net sales growth to organic net sales growth
					Net sales growth		Foreign currency impact		Organic net sales growth
	2023		2022
Americas	$	2,057.6	$	2,300.0	$	(242.4)	$	(4.7)	$	(237.7)
Europe	1,237.1		1,304.2		(67.1)		(21.7)		(45.4)
AMEA	229.5		256.7		(27.2)		(8.0)		(19.2)
Total	$	3,524.2	$	3,860.9	$	(336.7)	$	(34.4)	$	(302.3)

Net sales decreased $336.7 million or 8.7%, which included $34.4 million or 0.9% of unfavorable foreign currency impact. Organic decline in net sales was $302.3 million or 7.8% (4.1% excluding COVID-19 headwinds).

In the Americas, net sales decreased $242.4 million or 10.5%, which included $4.7 million or 0.2% of unfavorable foreign currency impact. Organic decline in net sales was $237.7 million or 10.3% (6.2% excluding COVID-19 headwinds) for reasons similar to the three month period.

In Europe, net sales decreased $67.1 million or 5.1%, which included $21.7 million or 1.7% of unfavorable foreign currency impact. Organic decline in net sales was $45.4 million or 3.4% (0.3% excluding COVID-19 headwinds) for reasons similar to the three month period.

In AMEA, net sales decreased $27.2 million or 10.6%, which included $8.0 million or 3.1% of unfavorable foreign currency impact. Organic decline in net sales was $19.2 million or 7.5% (3.9% excluding COVID-19 headwinds) for reasons similar to the three month period.

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Gross margin

	Three months ended June 30,				Change	Six months ended June 30,				Change
	2023		2022			2023		2022
Gross margin	33.8	%	33.9	%	(10) bps	34.5	%	34.6	%	(10) bps

Three and six months ended

Gross margin for the three and six months ended June 30, 2023 contracted by 10 basis points, resulting primarily from unfavorable product mix and the impact of manufacturing variances, partially offset by lower distribution costs.

Operating income

(in millions)	Three months ended June 30,				Change		Six months ended June 30,				Change
	2023		2022				2023		2022
Gross profit	$	590.0	$	647.7	$	(57.7)	$	1,214.8	$	1,337.6	$	(122.8)
Operating expenses (excluding impairment charges)	357.5		352.1		5.4		751.1		735.0		16.1
Impairment charges	160.8		—		160.8		160.8		—		160.8
Operating income	$	71.7	$	295.6	$	(223.9)	$	302.9	$	602.6	$	(299.7)

Three and six months ended

Operating income decreased primarily from lower gross profit, as previously discussed, as well as higher operating expenses driven by asset impairment charges recorded in the second quarter, the accrual of a long-term retention incentive, inflation and investments made to grow the business, partially offset by lower accruals related to incentive compensation.

Net (loss) income

(in millions)	Three months ended June 30,				Change		Six months ended June 30,				Change
	2023		2022				2023		2022
Operating income	$	71.7	$	295.6	$	(223.9)	$	302.9	$	602.6	$	(299.7)
Interest expense	(73.4)		(63.9)		(9.5)		(147.1)		(128.7)		(18.4)
Loss on extinguishment of debt	(1.6)		(6.1)		4.5		(3.9)		(7.9)		4.0
Other income, net	2.0		0.7		1.3		2.6		2.1		0.5
Income tax expense	(6.0)		(38.9)		32.9		(40.3)		(90.3)		50.0
Net (loss) income	$	(7.3)	$	187.4	$	(194.7)	$	114.2	$	377.8	$	(263.6)

Three and six months ended

Net income decreased primarily due to lower operating income, as previously discussed, as well as higher interest expense from rising interest rates on our variable-rate term loans, partially offset by a smaller loss

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on the extinguishment of our debt resulting from lower optional prepayments of our term loans and by lower income tax expense due to lower income before income taxes.

Adjusted EBITDA and Adjusted EBITDA margin

For a reconciliation of Adjusted EBITDA to Net (loss) income, the most directly comparable measure under GAAP, see “Reconciliations of non-GAAP financial measures.”

(dollars in millions)	Three months ended June 30,						Change		Six months ended June 30,						Change
	2023			2022					2023			2022
Adjusted EBITDA:
Americas	$	247.2		$	289.8		$	(42.6)	$	487.6		$	584.0		$	(96.4)
Europe	111.2			119.3			(8.1)		232.9			262.7			(29.8)
AMEA	26.4			36.1			(9.7)		59.9			65.4			(5.5)
Corporate	(41.8)			(41.1)			(0.7)		(91.2)			(84.9)			(6.3)
Total	$	343.0		$	404.1		$	(61.1)	$	689.2		$	827.2		$	(138.0)
Adjusted EBITDA margin	19.7		%	21.2		%	(150) bps		19.6		%	21.4		%	(180) bps

Three months ended

Adjusted EBITDA decreased $61.1 million or 15.1%, which included a favorable foreign currency translation impact of $1.2 million. The remaining decline was $62.3 million or 15.4%.

In the Americas, Adjusted EBITDA declined $42.6 million or 14.7%, or 14.6% when adjusted for unfavorable foreign currency translation impact. The decrease was driven by lower sales volumes and unfavorable product mix, partially offset by reduced operating expenses and lower distribution costs.

In Europe, Adjusted EBITDA declined $8.1 million or 6.8%, or 8.6% when adjusted for favorable foreign currency translation impact. The decrease was driven by sales volume contraction, partially offset by reduced operating expenses and lower distribution costs.

In AMEA, Adjusted EBITDA declined $9.7 million or 26.9%, or 25.5% when adjusted for unfavorable foreign currency translation impact. The decrease was driven by lower sales volume and unfavorable product mix partially offset by lower distribution costs.

In Corporate, Adjusted EBITDA declined $0.7 million or 1.7% reflecting investments in our workforce made over the course of 2022 and into 2023.

Six months ended

Adjusted EBITDA decreased $138.0 million or 16.7%, which included an unfavorable foreign currency translation impact of $8.8 million or 1.1%. The remaining decline was $129.2 million or 15.6%.

In the Americas, Adjusted EBITDA declined $96.4 million or 16.5%, or 16.3% when adjusted for unfavorable foreign currency translation impact. Lower gross profit from sales volume decline and unfavorable product mix was partially offset by commercial excellence and decreased distribution costs.

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In Europe, Adjusted EBITDA declined $29.8 million or 11.3%, or 9.2% when adjusted for unfavorable foreign currency translation impact due to lower gross profit from sales volume declines, partially offset by commercial excellence.

In AMEA, Adjusted EBITDA declined $5.5 million or 8.4%, or 5.3% when adjusted for unfavorable foreign currency translation impact due to lower gross profit from sales volume declines in addition to increased investments in our workforce made over the course of 2022 and into 2023, partially offset by decreased distribution costs.

In Corporate, Adjusted EBITDA declined $6.3 million or 7.4% reflecting investments in our workforce made over the course of 2022 and into 2023.

Reconciliations of non-GAAP financial measures

The following table presents the reconciliation of net (loss) income to Adjusted EBITDA:

(in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Net (loss) income	$	(7.3)	$	187.4	$	114.2	$	377.8
Interest expense	73.4		63.9		147.1		128.7
Income tax expense	6.0		38.9		40.3		90.3
Depreciation and amortization	102.6		89.7		203.7		204.2
Loss on extinguishment of debt	1.6		6.1		3.9		7.9
Net foreign currency (gain) loss from financing activities	(1.6)		0.9		(1.8)		1.0
Other stock-based compensation benefit	(0.1)		(0.4)		—		(1.7)
Integration-related expenses1	(0.6)		3.3		8.1		7.2
Purchase accounting adjustments2	—		13.8		—		9.4
Restructuring and severance charges3	7.2		0.5		11.9		2.4
Reserve for certain legal matters	1.0		—		1.0		—
Impairment charges4	160.8		—		160.8		—
Adjusted EBITDA	$	343.0	$	404.1	$	689.2	$	827.2

━━━━━━━━━

1.Represents non-recurring direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

2.Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record inventory acquired from Masterflex at fair value.

3.Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs.

4.As described in note 1 to our unaudited condensed consolidated financial statements.

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Liquidity and capital resources

We fund short-term cash requirements primarily from operating cash flows and credit facilities. Most of our long-term financing is from indebtedness. For the three and six months ended June 30, 2023, we generated $168.2 million and $387.7 million of cash from operating activities, ended the quarter with $236.4 million of cash and cash equivalents and our availability under our credit facilities was $1,003.9 million. We have no debt repayments due in the next twelve months other than required term loan payments of $33.2 million and receivables facility borrowing of $275.9 million.

Liquidity

The following table presents our primary sources of liquidity:

(in millions)	June 30, 2023
	Receivables facility		Revolving credit facility		Total
Unused availability under credit facilities:
Capacity	$	320.2	$	975.0	$	1,295.2
Undrawn letters of credit outstanding	(15.4)		—		(15.4)
Outstanding borrowings	(275.9)		—		(275.9)
Unused availability	$	28.9	$	975.0	$	1,003.9
Cash and cash equivalents					236.4
Total liquidity					$	1,240.3

Some of our credit line availability depends upon maintaining a sufficient borrowing base of eligible accounts receivable. We believe that we have sufficient capital resources to meet our liquidity needs.

Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at June 30, 2023.

At June 30, 2023, $221.9 million or 93.9% of our $236.4 million in cash and cash equivalents was held by our non-U.S. subsidiaries and may be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply.

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Historical cash flows

The following table presents a summary of cash provided by (used in) various activities:

(in millions)	Six months ended June 30,				Change
	2023		2022
Operating activities:
Net income	$	114.2	$	377.8	(263.6)
Non-cash items1	375.3		232.4		142.9
Working capital changes2	(46.8)		(125.4)		78.6
All other	(55.0)		(105.1)		50.1
Total	$	387.7	$	379.7	$	8.0
Investing activities	$	(56.7)	$	(80.6)	$	23.9
Cash paid for acquisitions, net of cash acquired	—		(20.2)		20.2
Capital expenditures	(58.1)		(60.8)		2.7
Financing activities	(471.2)		(347.7)		(123.5)

━━━━━━━━━

1.Consists of typical non-cash charges including depreciation and amortization, impairments, stock based compensation expense, deferred income tax expense and others.

2.Includes changes to our accounts receivable, inventory, contract assets and accounts payable.

Cash flows from operating activities provided $8.0 million more cash in 2023 primarily due to improved working capital and lower payments for incentive compensation payments for fiscal year 2022 company performance. These items were partially offset by lower operating income.

Investing activities used $23.9 million less cash in 2023 due to the additional cash paid for the acquisition of Masterflex in the previous year and a slight reduction in capital spending across the Company compared to the prior year.

Financing activities used $123.5 million more cash in 2023 primarily due to the net repayments made on the receivables facility in 2023 compared to having net borrowings in 2022. This was partially offset by lower repayments on our term loans in 2023 compared to the prior year.

Free cash flow

(in millions)	Six months ended June 30,				Change
	2023		2022
Net cash provided by operating activities	$	387.7	$	379.7	$	8.0
Capital expenditures	(58.1)		(60.8)		2.7
Free cash flow	$	329.6	$	318.9	$	10.7

Free cash flow was $10.7 million higher in 2023 due to the changes in cash flows from operating activities noted above and a slight reduction in capital spending across the Company in 2023.

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Indebtedness

For information about our indebtedness, refer to the section entitled “Liquidity” and note 8 to our unaudited condensed consolidated financial statements included in Part I, Item 1 — “Financial statements.”

New accounting standards

There were no new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption.

Item 3.    Quantitative and qualitative disclosures about market risk

There have been no significant changes to the disclosures about market risk included in our Annual Report.

Item 4.    Controls and procedures

Management’s evaluation of disclosure controls and procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), as of the end of the period covered by this report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2023, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in internal control over financial reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) during the fiscal quarter ended June 30, 2023, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1.    Legal proceedings

For additional information regarding legal proceedings and matters, see note 7 to our unaudited condensed consolidated financial statements included in Part I, Item 1 — “Financial Statements,” which information is incorporated into this item by reference.

Item 1A.    Risk factors

For information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report. There have been no material changes to the risk factors disclosed in Part I—Item 1A of the Annual Report.

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Item 2.    Unregistered sales of equity securities and use of proceeds

None.

Item 3.    Defaults upon senior securities

None.

Item 4.    Mine safety disclosures

Not applicable.

Item 5.    Other information

On May 8, 2023, Christophe Couturier, our Executive Vice President, AMEA, terminated his Rule 10b5-1 trading arrangement, originally adopted on December 6, 2022 (which was designed to comply with the then-applicable requirements of Rule 10b5-1(c) at the time of adoption) and provided for the sale until December 29, 2023 of up to 302,205 shares of common stock in connection with the exercise or vesting of equity awards granted by the Company.

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Item 6.    Exhibits

		Location of exhibits
Exhibit no.	Exhibit description	Form	Exhibit no.	Filling date
10.1	Amendment No. 3 dated as of June 14, 2023 to the Receivables Purchase Agreement, dated as of March 27, 2020, among Avantor Receivables Funding, LLC, VWR International, LLC, Avantor Funding, Inc. as performance guarantor, and PNC Bank, National Association, as administrator, LC Bank, Related Committed Purchaser and Purchaser Agent	*
10.2	Amendment No. 11 to Credit Agreement, dated as of November 21, 2017, among Vail Holdco Sub, LLC, Avantor Funding, Inc., each of the Guarantors, each of the lenders from time to time party thereto and Goldman Sachs Bank USA, as administrative agent and collateral agent, Swing Line Lender and an L/C Issuer	8-K	10.1	7/5/2023
10.3	Offer Letter, dated July 12, 2023 between the Company and R. Brent Jones	8-K	10.1	7/13/2023
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	*
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	*
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)	**
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)	**
101	XBRL exhibits	*
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	*

━━━━━━━━━

*        Filled herewith

**        Furnished herewith

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Avantor, Inc.
Date: July 28, 2023	By:	/s/ Steven Eck
		Name:	Steven Eck
		Title:	Senior Vice President, Chief Accounting Officer (Principal Accounting Officer)

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