EX-99.1 2 a2024q3earningsreleaseex991.htm EX-99.1 Document

附录99.1
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avantor®报告2024年第三季度业绩

•网络销售额达17.1亿美元，下降0.3％；有机下降0.7％
•净利润为5780万美元；调整后的EBITDA为30250万美元
•稀释后的GAAP每股收益为0.08美元；调整后每股收益为0.26美元
•营运现金流为$24480万; 自由现金流为$20400万
2024年10月25日，位于宾夕法尼亚州RADNOR。 纽交所:AVTR的领先全球货币，为生命科学和爱文思控股行业的客户提供至关重要的产品和服务，今天公布了截至2024年9月30日的第三财季财务业绩。
“我们的团队交出了又一个稳健的财务业绩季报告，包括在生物加工方面的表现超越以及实验室解决方案部门回归增长。我们对于营运资金的纪律性处理导致又一个业内最佳的自由现金流转换率季度，我们也提高了本年度的自由现金流指引，” Michael Stubblefield，总裁兼首席执行官说。
「我们进入第四季度时，将继续按计划实现生物加工业务中高位数成长，这得益于订单的持续增长势头。我们的成本转型计划进展顺利，我们具有良好的立足点，能够实现全年指引。展望未来，我们将继续专注于为 Avantor 实现长期增长，为客户和股东带来差异化价值，」Stubblefield 总结道。
2024年第三季度
2024年9月30日结束的三个月内，净销售额为171440万美元，较2023年第三季度下降0.3%。外币兑换对有正面影响0.4%，导致在有机基础上销售下降0.7%。
净利润由2023年第三季度的10840万美元下降至5780万美元，经过调整的净利润则从可比前期的17160万美元增至17520万美元。净利润率为3.4%。经调整后的EBITDA为30250万美元，调整后的EBITDA毛利率为17.6%。经调整后的营运收入为27480万美元，调整后的营运收入毛利率为16.0%。
每股收益在按照GAAP计算的稀释基础上为0.08美元，而调整后每股收益为0.26美元。
营运现金流为$24480万，而自由现金流为$20400万。截至2024年9月30日，调整后净杠杆率为3.8倍。
2024年第三季度 - 分部业绩
实验室解决方案
•净销售额达到117150万美元，按照报告比2023年第三季度的115910万美元增长了1.1%。销售在有机基础上增长了0.6%。
•调整后营业收入为$15150万，相较于可比较的上一期的$15910万。调整后营业收入利润率为12.9%。


生物科技生产
•净销售额为54290万美元，较2023年第三季度的56110万美元下降了3.2％。销售额按有机方式下降了3.5％。
•调整后的营业收入为13810万元，而在可比的前一期为14820万元。调整后的营业收入利润率为25.4%。
调整后的营运收入是avantor的业务部门报告盈利能力衡量指标，根据广泛接受的会计原则，并被管理层用来衡量和评估我们公司的业务部门表现。
看涨会议通话
我们将于今天，2024年10月25日上午8时（美东时间）举行一场讨论我们业绩的电话会议。现场网路转播和简报，以及重播将在该网站上提供。 Avantor网站的投资者专区将提供现场网路转播和简报。.
关于avantor
avantor® 我们是领先的生命科学工具公司和全球货币提供商，为生命科学和爱文思控股行业提供使命关键产品和服务。我们与客户并肩工作，协助在科学旅程的每一步实现医学、医疗保健和科技的突破。我们的产品组合在几乎所有最重要的研究、开发和生产活动的各个阶段中被使用，在180个国家的超过30万客户地点。欲获取更多资讯，请访问 avantorsciences.com 并找到我们 LinkedIn, X（Twitter） 及 Facebook.
使用非GAAP财务指标
为了评估我们的表现，我们监控许多关键因数。必要时，我们会补充根据美国通用会计原则（"GAAP"）确定的业务运作结果，以一些我们认为对投资者、债权人和其他人评估我们的表现有用的非GAAP财务指标。这些因数不应仅独立考虑或作为报告的GAAP结果的替代，因为它们与类似的GAAP指标相比可能包括或排除某些项目，这些指标可能与其他公司报告的相同标题指标不可比较。相反，应将这些因数视为查看我们业务方面的额外方式，这样可以更全面地了解我们的业务。我们强烈建议投资者全面审阅我们向美国证券交易委员会提交的报告中包含的综合基本报表，而不仅仅依赖于任何单一财务指标或通讯。
本新闻稿使用的非依照普通会计准则的财务指标包括有机基礽下的销售增长（下降）、调整后营业收入、调整后营业收入率、调整后息税折旧及摊销前利润（EBITDA），调整后息税折旧及摊销前利润率，调整后净利润，调整后每股收益，调整后净杠杆率，自由现金流及自由现金流转换率。
•有机净销售增长（下滑）排除我们报告的净销售变动受去年收购和出售的收益以及外币汇率变动影响。我们认为这个衡量指标对投资者很有用，可以一致地衡量和评估我们各业务部门和报告期间的基本商业运营表现。我们的管理层出于同样的原因使用这个指标。
•调整后的营运收益是指我们的净利润或亏损，经过以下项目的调整：(i) 利息费用、(ii) 所得税费用、(iii) 取得无形资产的摊销、(iv) 债务抹销损失、(v) 与特定资产减损相关的费用、(vi) 及


特定其他调整。调整后的营业利润率是根据 GAAP 确定的净销售收入除以调整后的营业收入。我们认为这些衡量指标对投资者是有用的，因为这些方式可以在所呈现的时间段中持续分析我们业务的潜在趋势。我们的管理层也出于同样原因使用这些衡量指标。此外，根据 GAAP，调整后的营业收入是我们的业务部门报告的盈利能力指标。
•调整后的息税折旧及摊销前利润（Adjusted EBITDA）是我们的净利润或亏损，经过以下项目的调整：（i）利息开支、（ii）所得税费用、（iii）获得之无形资产摊销、（iv）折旧费用、（v）偿还债务产生的亏损、（vi）与特定资产减损相关的费用、（vii）和某些其他调整。调整后的息税折旧及摊销前利润率是根据GAAP确定的净销售额除以调整后的息税折旧及摊销前利润。我们认为这些指标对投资者很有用，可以分析我们业务的基本趋势，在呈现的各期间之间保持一致。我们的管理层出于同样的原因使用这些指标。
•Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) and certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.
•Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.
•Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions and divestitures as if those acquisitions and divestitures had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company’s capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.
•Free cash flow is equal to our cash flows from operating activities, less capital expenditures, plus the direct costs to close acquisitions and divestitures (including income tax effects, if any) in the period. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company’s ability to generate cash for use in financing or investment activities. These measures are used by our management for the same reason.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.


Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “assumption,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “long-term,” “near-term,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “projection,” “prospects,” “seek,” “target,” “trend,” “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. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in “Risk Factors” in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.
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 press release. 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.


Avantor, Inc. and subsidiaries
Unaudited condensed consolidated statements of operations
(in millions, except per share data)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Net sales$1,714.4 $1,720.2 $5,097.0 $5,244.4 
Cost of sales1,150.0 1,141.6 3,380.6 3,451.0 
Gross profit564.4 578.6 1,716.4 1,793.4 
Selling, general and administrative expenses439.8 368.4 1,269.7 1,119.5 
Impairment charges— — — 160.8 
Operating income
124.6 210.2 446.7 513.1 
Interest expense, net(48.7)(72.4)(173.9)(219.5)
Loss on extinguishment of debt(2.1)(2.0)(6.5)(5.9)
Other income, net
0.7 0.7 3.4 3.3 
Income before income taxes
74.5 136.5 269.7 291.0 
Income tax expense
(16.7)(28.1)(58.6)(68.4)
Net income
$57.8 $108.4 $211.1 $222.6 
Earnings per share:

Basic$0.08 $0.16 $0.31 $0.33 
Diluted$0.08 $0.16 $0.31 $0.33 
Weighted average shares outstanding:
Basic680.3 676.0 679.3 675.4 
Diluted683.0 678.5 682.1 678.1 





















Avantor, Inc. and subsidiaries
Unaudited condensed consolidated balance sheets
(in millions)September 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$285.3 $262.9 
Accounts receivable, net1,087.7 1,150.2 
Inventory779.6 828.1 
Other current assets135.6 143.7 
Assets held for sale216.5 — 
Total current assets2,504.7 2,384.9 
Property, plant and equipment, net722.8 737.5 
Other intangible assets, net3,522.7 3,775.3 
Goodwill, net5,670.6 5,716.7 
Other assets419.8 358.3 
Total assets$12,840.6 $12,972.7 
Liabilities and stockholders' equity
Current liabilities:
Current portion of debt$229.7 $259.9 
Accounts payable673.5 625.9 
Employee-related liabilities183.3 133.1 
Accrued interest39.9 50.2 
Other current liabilities401.7 411.2 
Liabilities held for sale101.7 — 
Total current liabilities1,629.8 1,480.3 
Debt, net of current portion4,691.4 5,276.7 
Deferred income tax liabilities547.3 612.8 
Other liabilities418.9 350.3 
Total liabilities7,287.4 7,720.1 
Stockholders’ equity:
Common stock including paid-in capital3,924.5 3,830.1 
Accumulated earnings
1,702.6 1,491.5 
Accumulated other comprehensive loss
(73.9)(69.0)
Total stockholders’ equity5,553.2 5,252.6 
Total liabilities and stockholders' equity$12,840.6 $12,972.7 

























Avantor, Inc. and subsidiaries
Unaudited condensed consolidated statements of cash flows
(in millions)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Cash flows from operating activities:
Net income
$57.8 $108.4 $211.1 $222.6 
Reconciling adjustments:
Depreciation and amortization102.4 98.0 304.6 

301.7 
Impairment charges— — — 160.8 
Stock-based compensation expense
11.9 9.8 35.7 

31.7 
Non-cash restructuring charges16.4 — 16.4 — 
Provision for accounts receivable and inventory16.3 19.4 55.8 62.5 
Deferred income tax benefit
(22.6)(29.4)(75.3)(94.1)
Amortization of deferred financing costs2.8 3.2 8.6 9.9 
Loss on extinguishment of debt2.1 2.0 6.5 5.9 
Foreign currency remeasurement (gain) loss
(0.1)(3.0)3.0 (3.1)
Changes in assets and liabilities:
Accounts receivable34.2 47.2 34.2 55.1 
Inventory(7.3)10.8 (21.5)9.1 
Accounts payable(4.0)(21.4)41.9 (95.8)
Accrued interest(16.2)(9.7)(16.5)(10.3)
Other assets and liabilities56.6 (4.2)63.0 (38.5)
Other(5.5)(0.4)— 0.9 
Net cash provided by operating activities
244.8 230.7 667.5 618.4 
Cash flows from investing activities:
Capital expenditures(40.8)(37.7)(121.3)(95.8)
Other0.3 0.7 1.7 2.1 
Net cash used in investing activities
(40.5)(37.0)(119.6)(93.7)
Cash flows from financing activities:
Debt repayments(214.3)(197.6)(585.0)(657.9)
Payments of debt refinancing fees and premiums— — — (2.3)
Proceeds received from exercise of stock options16.5 9.4 67.3 14.1 
Shares repurchased to satisfy employee tax obligations for vested stock-based awards(0.8)(0.2)(8.2)(13.5)
Net cash used in financing activities
(198.6)(188.4)(525.9)(659.6)
Effect of currency rate changes on cash and cash equivalents7.9 (5.4)0.6 (1.3)
Net change in cash, cash equivalents and restricted cash13.6 (0.1)22.6 (136.2)
Cash, cash equivalents and restricted cash, beginning of period296.7 260.8 287.7 396.9 
Cash, cash equivalents and restricted cash, end of period$310.3 $260.7 $310.3 $260.7 











Avantor, Inc. and subsidiaries
Reconciliations of non-GAAP measures
Adjusted EBITDA and Adjusted EBITDA Margin
(dollars in millions, % based on net sales)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
$%$%$%$%
Net income
$57.8 3.4 %$108.4 6.3 %$211.1 4.1 %$222.6 4.2 %
Amortization75.4 4.3 %75.4 4.4 %225.6 4.4 %232.7 4.4 %
Loss on extinguishment of debt2.1 0.1 %2.0 0.1 %6.5 0.1 %5.9 0.1 %
Integration-related expenses1
— — %0.2 — %— — %8.3 0.2 %
Restructuring and severance charges2
49.4 2.9 %6.1 0.4 %82.3 1.7 %18.0 0.3 %
Transformation expenses3
17.1 1.0 %— — %46.6 0.9 %— — %
Reserve for certain legal matters4
7.9 0.5 %3.0 0.1 %7.9 0.2 %4.0 0.1 %
Other5
0.4 — %(0.4)— %(0.4)— %(2.2)— %
Impairment charges6
— — %— — %— — %160.8 3.1 %
Income tax benefit applicable to pretax adjustments
(34.9)(2.0)%(23.1)(1.3)%(85.8)(1.7)%(96.7)(1.8)%
Adjusted net income
175.2 10.2 %171.6 10.0 %493.8 9.7 %553.4 10.6 %
Interest expense, net48.7 2.8 %72.4 4.2 %173.9 3.4 %219.5 4.2 %
Depreciation27.0 1.6 %22.6 1.4 %79.0 1.5 %69.0 1.3 %
Income tax provision applicable to Adjusted Net income51.6 3.0 %51.2 2.9 %144.4 2.9 %165.1 3.1 %
Adjusted EBITDA$302.5 17.6 %$317.8 18.5 %$891.1 17.5 %$1,007.0 19.2 %
━━━━━━━━━
1.Represents 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.Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.
3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.
4.Represents charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.
5.Represents net foreign currency (gain) loss from financing activities and other stock-based compensation expense (benefit).
6.Related to impairment of the Ritter asset group.


Avantor, Inc. and subsidiaries
Reconciliations of non-GAAP measures (continued)
Adjusted Operating Income and Adjusted Operating Income Margin
(dollars in millions, % based on net sales)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
$%$%$%$%
Net income
$57.8 3.4 %$108.4 6.3 %$211.1 4.1 %$222.6 4.2 %
Interest expense, net48.7 2.8 %72.4 4.2 %173.9 3.4 %219.5 4.2 %
Income tax expense
16.7 1.0 %28.1 1.6 %58.6 1.2 %68.4 1.3 %
Loss on extinguishment of debt2.1 0.1 %2.0 0.1 %6.5 0.1 %5.9 0.1 %
Other income, net
(0.7)— %(0.7)— %(3.4)(0.1)%(3.3)— %
Operating income
124.6 7.3 %210.2 12.2 %446.7 8.7 %513.1 9.8 %
Amortization75.4 4.3 %75.4 4.4 %225.6 4.4 %232.7 4.4 %
Integration-related expenses1
— — %0.2 — %— — %8.3 0.2 %
Restructuring and severance charges2
49.4 2.9 %6.1 0.4 %82.3 1.7 %18.0 0.3 %
Transformation expenses3
17.1 1.0 %— — %46.6 0.9 %— — %
Reserve for certain legal matters4
7.9 0.5 %3.0 0.1 %7.9 0.2 %4.0 0.1 %
Other5
0.4 — %0.1 — %1.4 — %0.1 — %
Impairment charges6
— — %— — %— — %160.8 3.1 %
Adjusted Operating Income$274.8 16.0 %$295.0 17.1 %$810.5 15.9 %$937.0 17.9 %
━━━━━━━━━
1.Represents 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.Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.
3.Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.
4.Represents charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.
5.Represents other stock-based compensation expense (benefit).
6.Related to impairment of the Ritter asset group.



Avantor, Inc. and subsidiaries
Reconciliations of non-GAAP measures (continued)
Earnings per share
(shares in millions)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Diluted earnings per share (GAAP)
$0.08 $0.16 $0.31 $0.33 
Dilutive impact of convertible instruments— — — — 
Fully diluted earnings per share (non-GAAP)
0.08 0.16 0.31 0.33 
Amortization0.11 0.11 0.33 0.34 
Loss on extinguishment of debt0.01 — 0.01 — 
Integration-related expenses— — — 0.01 
Restructuring and severance charges0.07 0.01 0.12 0.03 
Transformation expenses0.03 — 0.07 — 
Reserve for certain legal matters0.01 — 0.01 0.01 
Other— — — — 
Impairment charges— — — 0.24 
Income tax benefit applicable to pretax adjustments
(0.05)(0.03)(0.13)(0.14)
Adjusted EPS (non-GAAP)$0.26 $0.25 $0.72 $0.82 
Weighted average shares outstanding:
Diluted (GAAP)683.0 678.5 682.1 678.1 
Incremental shares excluded for GAAP— — — — 
Share count for Adjusted EPS (non-GAAP)683.0 678.5 682.1 678.1 
Free cash flow
(in millions)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
Net cash provided by operating activities
$244.8 $230.7 $667.5 $618.4 
Capital expenditures(40.8)(37.7)(121.3)(95.8)
Free cash flow (non-GAAP)$204.0 $193.0 $546.2 $522.6 
Adjusted net leverage
(dollars in millions)September 30, 2024
Total debt, gross1
$5,001.6 
Less cash and cash equivalents(285.3)
$4,716.3 
Trailing twelve months Adjusted EBITDA$1,193.2 
Trailing twelve months ongoing stock-based compensation expense43.9 
$1,237.1 
Adjusted net leverage (non-GAAP)3.8  x
━━━━━━━━━
1.Includes $51.4 million of Finance lease liabilities attributed to Clinical Services business and classified as held for sale.







Avantor, Inc. and subsidiaries
Reconciliations of non-GAAP measures (continued)
Net sales by segment
(in millions)September 30,Reconciliation of net sales growth (decline) to organic net sales growth (decline)
Net sales growth (decline)Foreign currency impactOrganic net sales growth (decline)
20242023
Three months ended:
Laboratory Solutions$1,171.5 $1,159.1 $12.4 $5.3 $7.1 
Bioscience Production542.9 561.1 (18.2)1.9 (20.1)
Total$1,714.4 $1,720.2 $(5.8)$7.2 $(13.0)
Nine months ended:
Laboratory Solutions$3,484.3 $3,555.9 $(71.6)$8.9 $(80.5)
Bioscience Production1,612.7 1,688.5 (75.8)3.6 (79.4)
Total$5,097.0 $5,244.4 $(147.4)$12.5 $(159.9)
(dollars in millions, % based on net sales)September 30,Reconciliation of net sales growth (decline) to organic net sales growth (decline)
Net sales growth (decline)Foreign currency impactOrganic net sales growth (decline)
20242023
$$%%%
Three months ended:
Laboratory Solutions$1,171.5 $1,159.1 1.1 %0.5 %0.6 %
Bioscience Production542.9 561.1 (3.2)%0.3 %(3.5)%
Total$1,714.4 $1,720.2 (0.3)%0.4 %(0.7)%
Nine months ended:
Laboratory Solutions$3,484.3 $3,555.9 (2.0)%0.3 %(2.3)%
Bioscience Production1,612.7 1,688.5 (4.5)%0.2 %(4.7)%
Total$5,097.0 $5,244.4 (2.8)%0.2 %(3.0)%
Adjusted Operating Income by segment
(dollars in millions, % represent Adjusted Operating Income margin)
Three months ended September 30,
Nine months ended September 30,
2024
2023
2024
2023
$%$%$%$%
Laboratory Solutions$151.5 12.9 %$159.1 13.7 %$450.7 12.9 %$511.0 14.4 %
Bioscience Production138.1 25.4 %148.2 26.4 %409.0 25.4 %469.9 27.8 %
Corporate(14.8)— %(12.3)— %(49.2)— %(43.9)— %
Total$274.8 16.0 %$295.0 17.1 %$810.5 15.9 %$937.0 17.9 %


Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
+1 805-617-5297
Christina.Jones@avantorsciences.com
Media Contact
Eric Van Zanten
Head of External Communications
Avantor
+1 610-529-6219
Eric.Vanzanten@avantorsciences.com
Source: Avantor and Financial News