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Update to Avantor’s response to the coronavirus (COVID-19) pandemic

Investor Relations

Setting science in motion to create a better world

Avantor®, a Fortune 500 company, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. Our portfolio is used in virtually every stage of the most important research, development and production activities in the industries we serve.

One of our greatest strengths comes from having a global infrastructure that is strategically located to support the needs of our customers. Our global footprint enables us to serve more than 225,000 customer locations and gives us extensive access to research laboratories and scientists in more than 180 countries.

Avantor’s differentiated and highly resilient business model positions the company to deliver results across market segments. We are progressing a long-term growth strategy based on product innovation, expansion in emerging markets and targeted M&A.

fortune 500

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Why Avantor

Our offerings are powering innovation from scientific discovery to scale-up and commercial delivery. We further embed ourselves in our customers’ workflows through our robust service capabilities. The strengths of our model include, high recurring revenues, customized solutions, robust ecommerce platform, strong cash flow generation, enduring customer relationships and subject matter expertise.

Spotlight

vaccine

We have deep ties to the scientific and pharma industries and are supporting key breakthroughs and life-changing treatments for patients. Biopharma accounts for more than 50% of our revenue. Our portfolio of nearly 6 million different products is used in virtually every stage of the most important research, development and production work, such as monoclonal antibodies, cell and gene therapy, vaccines.

Our products are specified in more than 80% of the top 20 biologic drugs and we serve each of the world’s top 10 medical device companies.

Our strength in biopharma is underscored by the crucial role we are playing in the fight against the COVID-19 pandemic.

2019 Financial Summary

Business mix

How we go to market

Avantor today

$6.04B

Revenue

Organic Net Sales Growth

5.1%

~$1.03B

Adj. EBITDA

Growth of

9.1%

$0.58

Adjusted EPS

Growth of

61.8%

$302.4M

Free Cash Flow

Growth of

~24%

1 5 % 4 0 % 3 0 % 1 5 %
1 5 % 10% 5 0% 2 5 %
19 28 9

We expanded our adjusted EBITDA margins ~100 basis points by successfully managing our product pricing relative to COGS inflation, growing high margin proprietary materials and consumables offerings by high single digits, and realizing the productivity benefits of the VWR integration synergies.

Solid operational execution, strong free cash flow generation resulting in continued deleveraging and tax initiatives drove adjusted EPS to $0.58.

We are pleased with our pace of deleveraging and the reduction in our cost of debt. We generated $302 million in free cash flow, a $140 million increase (or 86%) from 2018. During 2019, we reduced debt outstanding by $1.9 billion.

Our global infrastructure strategically positions us close to our customers and gives us the resources and agility to serve more than 225,000 customer locations in more than 180 countries, promoting extensive access to research scientists around the world.

Well-developed North American market. Region includes Canada, Latin America, USA and comprises 59% of our 2019 revenue.

Strong presence in Europe with offices in 19 countries to serve customers across the region and comprises 35% of our 2019 revenue.

Well-positioned in the developed markets we serve, with expanding infrastructure and footprint in Asia, the Middle East and Africa. The region comprises 6% of our 2019 revenue.

Resilient business model: Diversified revenue base and role in providing mission-critical products and services that are often a low proportion of our customers’ total spend.

An advanced portfolio of production & research equipment, and instrumentation tools for the biopharma, healthcare, education, advanced technologies and applied materials industries. Products we offer include: Filtration systems, incubators, analytical instruments, evaporators, ultra-low-temperature freezers, biological safety cabinets and critical environment supplies.

All lab supplies items supplied by third-parties and sold by Avantor, including chemicals and reagents, materials used for medical implants, customized single-use assemblies, analytical sample prep kits and more.

All lab supplies items proprietary to Avantor, including chemicals and reagents, materials used for medical implants, customized single-use assemblies, analytical sample prep kits and more.

On-site lab and production services, equipment services, clinical services and Avantor MarketSource for procurement and sourcing, help streamline scientific workflows and maximize productivity for customers.

Because our product offerings are frequently specified into customer research, development and production processes, ~85% of this revenue is recurring.

Consists of medical implants, drug delivery, general healthcare, diagnostics, beauty care and nutraceuticals. The healthcare industry accounts for 10% of our 2019 revenue

The biopharma segment grew 10% from 2018 to 2019 and is expected to be the strongest driver of our future growth. Includes biopharma, biotechnology, biosimilar and generic drug companies, as well as contract manufacturing organizations (“CMOs”).

Includes aerospace and defense, space, semiconductor and MicroElectroMechanical systems (MEMS), optoelectronics and electronics, and food and beverage companies. The advanced technologies & applied materials industry accounts for 25% of our 2019 revenue.

Consists of academic institutions and government-sponsored organizations to address needs for continued education, testing and research activities. Includes areas such as academic research, laboratory research, quality control and environmental testing. The education & government industry accounts for 15% of our 2019 revenue.

Life sciences includes the healthcare and biopharma industries, and about 1/3 of the education & government industry. In total, life sciences accounts for ~65% of our 2019 revenue.

Diversified portfolio delivered through agile multi-tiered sales model.

Global key account managers covering top ~40 strategic accounts.

Subject matter experts covering extensive range of scientific, materials, process and innovation disciplines in industries we serve.

Subject matter experts covering extensive range of scientific, materials, process and innovation disciplines in industries we serve.

Information provided below includes non-GAAP financial measurements. A reconciliation of our non-GAAP financial measures can be found in our earnings releases and investor presentations.

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