Avantor 2Q26: Not quite as positive for the sector as we thought, more positive for the stock than we thought

Research evidence excerpt

Avantor 2Q26: Not quite as positive for the sector as we thought, more positive for the stock than we thought

30 July 2026

Estimate Change

Eve Burstein

+1 917 344 8313

US Life Science Tools & Diagnostics eve.burstein@bernsteinsg.com

Louisa QiuAvantor Inc +1 917 344 8495

Rating louisa.qiu@bernsteinsg.com

Market-Perform Specialist Sales

Christian Moore

Price Target +1 917 344 8555

christian.moore@bernsteinsg.com

AVTR 15.50 USD (10.50 OLD)

Avantor 2Q26: Not quite as positive for the sector as we thought,

more positive for the stock than we thought

Revival is working - though it’s hard to disentangle good execution and acceleration Close Date 29 Jul 2026

of impact from plain old math. Avantor attributes more than half of the improvement that

AVTR Close Price (USD) 14.38

they saw in VWR to deliberate actions they took as part of the Revival transformation. Of that

Price Target (USD) 15.50

improvement, some of it does seem to be attributed to deliberate and positive actions: e.g.,

Upside/(Downside) 8%

negotiating expanded contracts with large pharma, improving the e-commerce experience

52-Week Range 15.93/7.27

to serve small- and mid-size pharma, etc. However, if Avantor had to drop price to keep large

SPX 7,316.15

pharma accounts over the last several quarters, and they are now simply able to grow off of a

FYE Dec

lower base, we call that the impact of math rather than particularly outstanding execution.

Div Yield NA

Another positive datapoint - but a weak one - for continued market recovery. Market Cap (USD) (M) 9,726

Management noted that they also saw improvement in the overall pharma / biotech end EV (USD) (M) 13,117

market (e.g., sustained improvement in the average daily rate of sales). However, end market Performance YTD 1M 6M 12M