Avantor Stock Price, News & Analysis

Avantor, Inc. (NYSE: AVTR) announced an underwritten secondary offering of 38,500,000 shares of common stock by certain stockholders, including an affiliate of New Mountain Capital. The underwriters, Goldman Sachs & Co. LLC and J.P. Morgan, may acquire an additional 5,775,000 shares. The proceeds will go entirely to the selling stockholders, as no shares are being sold by the company itself. A registration statement with the SEC has been filed and is effective. The offering will be conducted via a prospectus supplement.

Avantor (NYSE: AVTR) announced an upgrade of its long-term issuer default rating (IDR) to 'BB-' with a Positive Outlook by S&P Global Ratings as of August 10, 2020. This upgrade reflects Avantor's robust business model and cash generation capacity, underscoring the company's strong market position in life sciences and advanced technologies. The firm's Executive Vice President and CFO, Thomas Szlosek, expressed confidence in the ongoing deleveraging of the balance sheet. The upgrade represents a significant step in enhancing Avantor's credit standing in the market.

Avantor, a global provider of critical products in life sciences, reported Q2 2020 results showing net sales of $1.48 billion, a 3.5% decline year-over-year. Adjusted EBITDA grew to $273 million, marking a 2% increase. Net income rose to $60.2 million, a turnaround from a loss in the prior year. The company refinanced $2 billion in unsecured notes, reducing annual interest expenses by over $90 million. Despite challenges from COVID-19, Avantor reports resilience with positive cash flow generation of $316.2 million in H1 2020, a 641% increase from the prior year.

Avantor, Inc. (NYSE: AVTR) has declared a quarterly cash dividend of $0.78 per share for its 6.250% Series A Mandatory Convertible Preferred Stock, reflecting a rate of 1.560%. The dividend will be payable on August 15, 2020, to holders of record as of August 1, 2020. This announcement underscores Avantor's commitment to return value to its shareholders.

Avantor has priced a private offering totaling $1.550 billion of 4.625% Senior Notes and €400 million of 3.875% Senior Notes, both maturing on July 15, 2028. The dollar-denominated notes were upsized from an initial $1.0 billion. The proceeds will be used to redeem all 9.000% Senior Notes due 2025. The offering is set to close on July 17, 2020.

Avantor (NYSE: AVTR) announced preliminary unaudited revenue estimates for Q2 2020, projecting earnings between $1.48 billion and $1.49 billion, down from $1.53 billion in Q2 2019, indicating a 2% to 3% organic revenue decline. The decline was primarily attributed to COVID-19 impacts in Education, Healthcare, and Advanced Technologies markets, though Biopharma remains strong. Concurrently, Avantor plans to increase its revolving credit facility to $515 million and extend its maturity to July 2025.

Avantor, a global leader in mission-critical products for life sciences, has announced a private offering of dollar and euro-denominated senior notes through its subsidiary, Avantor Funding. The offering aims to raise funds to redeem part of its 9.000% Senior Notes due 2025, along with covering related fees and expenses. The transaction will be conducted under exemptions from registration requirements in the U.S. The notes have not been registered and cannot be sold in the U.S. without proper registration.

Avantor (NYSE: AVTR) has announced the expansion of its Bridgewater, N.J. innovation center, nearly doubling laboratory and support space. This development aims to enhance R&D support for custom product and bioprocess development, including cell and gene therapy reagent manufacturing. The expansion aligns with the biopharma industry's focus on improving bioprocessing efficiency and complying with global regulatory standards. The site will also help minimize contamination risks in therapeutic product manufacturing.

Avantor, Inc. (NYSE: AVTR) announced its debut on the Fortune 500 list, ranking 484 based on revenue. Following its acquisition of VWR, Avantor has adapted its business model to meet demands in biopharma, healthcare, and applied technology. The company supports vaccine development amid COVID-19, serving over 225,000 customer locations globally. Key highlights include serving 10 of the top 10 medical device firms and having products specified in over 80% of the leading biologic drugs. Nearly half of its revenues come from biopharma, improving workflow in drug development.