Go-to-Market Reorganization and VWR Relaunch
Management implemented a fundamental reorganization creating two business units (product-agnostic channel and channel-agnostic products) and recommitted to the VWR brand for distribution, aimed at clearer customer focus and faster decision-making; resegmentation effective in Q1 2026.
Revival Program Momentum and Cost Savings
Avantor launched the 'Revival' program with five pillars (go-to-market, operations, portfolio optimization, simplification, talent/accountability) and reported a run-rate savings of $265 million through 2025, with a revival PMO and leadership in place driving accountability.
Quarterly and Full-Year Cash Generation and Capital Actions
Q4 free cash flow of $117 million ($150 million excluding transformation); full-year 2025 free cash flow of $496 million ($599 million excluding transformation). Company repurchased $75 million of stock under a $500 million program and paid down approximately $300 million of debt in 2025.
Revenue and Profitability — In-Line with Guidance
Q4 reported revenue of $1.66 billion and adjusted EPS of $0.22 (midpoint of guidance). Full-year 2025 reported revenue was $6.552 billion with adjusted EBITDA of $1.069 billion (16.3% margin) and adjusted EPS of $0.90 (at midpoint of updated guidance).
Targeted Investments to Improve Capabilities
Committed incremental investments: $10–$15 million in VWR e-commerce upgrades for 2026 and identified approximately $20 million of operations investments to address service capability and bottlenecks, reflecting targeted spending to support growth and customer experience.
Positive Signals in Key End Markets
Management reported stabilization in end markets after a challenging 2025, citing healthy biopharma production demand, continued patient-driven biologics growth, and a book-to-bill greater than 1 in process chemicals (excluding serum) with order book up high single digits year-to-date.
Strong Segment Profitability for Product Business
The newly defined bioscience and medtech products segment generated stronger margins historically: in 2025 it represented ~28% of enterprise revenue and had an adjusted operating margin of 26.7% for the year.