Avantor Inc 2024年度报告

Avantor®2024performance snapshot We serve customers in 180 countries across three end markets: Biopharma &Healthcare Education &Government Advanced Technologies& Applied Materials FULL YEAR$6.78BReported revenue $7682MFree cash flow Bioscience Production Laboratory Solutions $4,610MReported revenue $2,174M Reported revenue Supporting every step of the scientific journey A message toour stockholders MICHAEL STUBBLEFIELD President and Chief Executive Officer To our stockholders, customers and colleagues:Thank you for your continued support of Avantor®. Together,we are setting science in motion and driving innovation acrossthe life sciences and advanced technologies industries. Our roleis to empower progress, which we do every day in laboratoriesand production facilities across the globe. We are privileged topartner with the innovators, pioneers and disruptors workingtirelessly to create a better world. A key component of our value proposition is our ability to leverageunparalleled access in the lab to seed custom proprietary materialsin our customers’ production environments. Our materials are thenspecified into our customers’ workflows, creating durable revenue andcash flow streams over time. In conjunction with the launch of Avantor’s new operating model,we announced a program to generate $300 million of run rate costsavings by the end of 2026, with a goal of $75 million in 2024. We arepleased to have significantly outperformed that target this year withan exit run rate of $165 million. These cost savings helped to drivemargin expansion and led to best-in-class free cash flow conversionof over 110% in fiscal year 2024. Avantor’s Business Model and Pivotal Achievements In 2024, we made significant progress towards fundamentallytransforming our company, enabling us to deliver even morevalue to the scientific community and to our stockholders. Westarted by implementing a new operating model to better alignour business with the structure and needs of our customers: In 2024, we also invested in building our capabilities to support ourgrowth strategy: •Laboratory Solutionssegment comprises approximatelytwo-thirds of our revenue and provides a comprehensiveset of products and services to scientists and techniciansin biopharma research, the academic environment andvarious diagnostic labs. We offer anything a scientist needsto perform precise and complex analytics in the lab includingvarious consumables, chemicals and reagents, glassware,plasticware and a host of equipment and instruments.High-value services and digital solutions are also key to ourportfolio. They optimize end-to-end operations and helpbuild the lab of the future. Today, we are the first or secondsupplier of choice in each lab solutions end market we serve.•OurBioscience Productionsegment leverages our deepmaterials science capabilities to customize ultra-high-purity materials suitable for our customers’ highly regulatedproduction platforms. This segment includes bioprocessing,custom formulations for medical implant applications andadvanced technology solutions. While biosciences compriseone-third of our revenue, it accounts for roughly half of ourprofitability. •We opened anew and expanded Innovation CenterinBridgewater, N.J., which serves as our corporate R&D headquarterscommitted to optimizing innovative biomanufacturing processes atscale. It is one of 14 innovation centers across the globe, all focusedon helping our customers deliver breakthrough discoveries tomarket faster and more efficiently.•We completed a series ofmanufacturing and distribution centerexpansions and upgrades, including the largest manufacturinginvestment we've ever made to ensure we are prepared to meetincreased bioprocessing demand. The investments in automationand robotics will further enhance the operational flexibilityand agility of our distribution centers and strengthen oursustainability efforts.•We launched our firstCentral Services Hubin the Bostonarea, designed to automate operational tasks for local biotechand biopharma companies and provide virtual assistance toresearchers at their lab bench.•We accelerated innovation indigital capabilitiesacross ourplatform. For example, we leveraged cutting-edge digitaltools and generative AI to launch a new service automatingoperational tasks and providing virtual assistance to researchersat their lab bench, alleviating capacity challenges faced by largepharma and biotech customers. Together, our two business segments enable Avantor toseamlessly support customers across the entire research anddevelopment (R&D) continuum from lab to production. Finally, we made significant progress on our capital deploymentstrategy in 2024. Over the past two years, we have paid down over$2 billion in debt. This year, we took our net leverage to 3.2 timesadjusted EBITDA, down from approximately 4.0 times at the start ofthe year. We are well on our way to achieving our target net leverageof below 3.0 times adjusted EBITDA.