Avantor, Inc. reported a net sales figure of $6.78 billion for the fiscal year ending December 31, 2024, reflecting a decline of 2.6% from the previous year’s $6.97 billion. The company’s net income increased significantly to $711.5 million, up from $321.1 million in 2023, largely due to a gain of $446.6 million from the sale of its Clinical Services business. Adjusted EBITDA for the year was $1.20 billion, down from $1.31 billion in 2023, indicating a decrease in profitability despite the increase in net income.
The company underwent a strategic restructuring in 2024, consolidating its reporting segments from three to two: Laboratory Solutions and Bioscience Production. This change aligns with the company's operational focus and is expected to enhance resource allocation. The divestiture of the Clinical Services business, completed in October 2024, was part of this strategy and is not classified as a discontinued operation, as it did not represent a major shift in operations.
Operationally, Avantor served over 300,000 customer locations across approximately 180 countries, with a workforce of about 13,500 employees. The company reported that approximately 40% of its net sales came from long-term customers with relationships spanning over 15 years. However, the company faced challenges from reduced customer demand and inflationary pressures, which contributed to a decline in organic net sales by 2.1%. The Laboratory Solutions segment saw a 2.7% decrease in net sales, while the Bioscience Production segment experienced a 2.5% decline.
Looking ahead, Avantor is implementing a cost transformation initiative aimed at achieving approximately $300 million in annual gross run-rate savings by the end of 2026. The company has also increased its liquidity by amending its revolving credit facility to $975 million, extending its term to June 2028. Despite the challenges posed by supply chain constraints and inflation, Avantor remains focused on innovation and customer engagement, particularly in emerging areas such as cell and gene therapy, to drive future growth.
About Avantor, Inc.
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