Avantor, Inc. (AVTR) 2019年年度報告「NYSE」.pdf

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1、2019 annual ANNUAL REPORT 2019 to create a better worldFrom breakthrough discovery to agile delivery of mission-critical products and services,we are the trusted global partner to customers in the life sciences and advanced technologies&applied materials industries.OUR UNIQUE MISSIONMICHAEL STUBBLEF

2、IELDPresident and Chief Executive OfficerMMa ay 1 17,2 20 019:Av van nto or IPOO o on n NY YSE ELargest healthcare IPO in U.S.historyIn 2019,a year in which Avantor completed the largest healthcare IPO in U.S.history,we made significant progress executing our growth strategy,deleveraging our balance

3、 sheet and strengthening our capabilities to serve customers around the world.Our more than 12,000 global associates worked together to apply our core values of innovation,customer-centric collaboration,accountability,respect and excellence to advance our fundamental mission:Setting science in motio

4、n to create a better world.AVANTOR TODAYAvantor provides mission-critical products and services to the biopharma,healthcare,education and government and advanced technologies and applied materials industries.Our portfolio is broad over six million products and solutions and well-diversified,while pr

5、oviding the strong attachment rates that drive sustainable growth.This vast portfolio gives our customers the quality and choice they count on us to deliver.We have a great mix of our own proprietary material and consumable brands,third-party materials and consumable products,equipment and instrumen

6、tation as well as services and specialty procurement.Combined with our global reach and agile,multitiered sales model,this unique portfolio enables us to serve our customers critical workflows across their full spectrum of activities from laboratory research through scale-up and commercialization.Or

7、ganic net sales growth15 5 5 5.1%$6.04BRevenueGrowth of6 6 6 6 61 1.8 8 8 8%$0.58Adjusted EPS2Growth of 2 2 2 24 4 4 4 4%$607.3M Unlevered FCF2Growth of9 9 9.1 1%$1.03BAdj.EBITDA1(1)See“Reconciliations of non-GAAP measures”in our annual report on Form 10-K for a discussion and a calculation of non-G

8、AAP measures.(2)See“Non-GAAP Financial Measures”for a discussion and a calculation of non-GAAP ANNUAL REPORT 15%10%50%25%6%35%59%More than 65%of our revenue comes from the life sciences segments we serve,and more than 85%of our revenue is recurring.We hold a well-established,privileged position with

9、 the“largest of the large”players in each segment,yet no single customer represents more than 4%of our sales.We also hold trusted positions with many of the smaller players and startups in each segment.Our financial performance differentiates Avantor from many other companies that completed an initi

10、al public offering in 2019.I want to highlight several key accomplishments:Business growth:Our business grew 5.1%organically in 2019 and now exceeds$6 billion in revenue.The biopharma segment grew 10%and is expected to be the strongest driver of our future growth.Our adjusted EBITDA reached$1 billio

11、n,with adjusted EPS at$0.58,up nearly 62%over 2018.Margin expansion:Overall,we had strong conversion of revenue growth to EBITDA,driving strong margin expansion.We expanded our adjusted EBITDA margins by approximately 100 basis points by successfully managing our product pricing relative to COGS inf

12、lation,growing high margin proprietary materials and consumables offerings by high single digits,and realizing the productivity benefits of the VWR integration synergies.GEOGRAPHYPRODUCTINDUSTRY SERVED15%40%30%15%Global scale:serving over 225,000 customer locations in 180 countries Broad access to s

13、cientists Diversified portfolio:over 6M products and services Deep quality and regulatory expertiseISO-certified Distribution FacilitiesRegional Innovation CentersManufacturing Facilities 13 cGMP facilities 12 regulated by FDA or foreign regulatory authority equivalent Driving cash generation to red

14、uce debt: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.We started the year at 7.0 times EBITDA leverage and ended at 4.6 time

15、s.Continuing efforts to reduce leverage will be a priority in the coming year,as well as continuing the progress we have made to lower our tax rate.Our business model is very resilient thanks to our diversified revenue base and role in providing mission-critical products and services that are often

16、a low proportion of our customers total spend.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

17、.We are well-positioned in the developed markets we serve,and we are expanding our infrastructure and footprint in Asia,the Middle East and Africa.Add to this our deep quality and regulatory expertise,which is supported by 13 cGMP manufacturing facilities and 12 facilities regulated by FDA or foreig

18、n regulatory authority equivalent.Our expertise with regulatory agencies and requirements extends to many areas of our business.One example is our NuSil high-purity silicones platform where we have more than 750 Master Access Files(MAFs)that our customers rely on to accelerate the approval timeline

19、for their devices.UNIQUE STRENGTHSEuropeAMEAAmericasServices&specialty procurementApprox.85%recurringThird-party materials&consumablesEquipment&instrumentationProprietary materials&consumablesAdvanced technologies&applied materialsEducation&governmentHealthcareApprox.65%life sciencesBANNUAL REPORT A

20、NNUAL REPORT 2019ADDING VALUE FROM DISCOVERY TO DELIVERYOur distinctive business model enables us to engage scientists in early phase discovery work.As a result,we can customize solutions that often get specified into customer formulations,driving higher attach rates and recurring revenue as these p

21、latforms move from the laboratory to full-scale commercialization.We extend our reach and further embed ourselves in our customers workflows through our robust service capabilities.We have structured our business to have multiple touch points,becoming partners with our customers every step of the wa

22、y as they bring critical,life-saving therapies to patients around the world.The foundation of these collaborative customer relationships is our agile,multitiered sales model which includes both high-touch and remote sales capabilities and supports all parts of our go-to-market strategy.Our team of n

23、early 3,600 sales professionals includes a mix of account managers who act as customer-focused team leaders working with specialists who are subject matter experts.Our dedicated strategic partners team works to cultivate deep,long-term relationships with our top global accounts.Our global e-commerce

24、 platform provides a seamless online purchasing experience supported by a strong distribution network and responsive local associates.Multiple workflows:Our business model positions us to work closely with customers in critical,high-growth biopharma production workflows,including monoclonal antibodi

25、es,vaccines,recombinant proteins,cell therapy and gene therapy.Our ultra-high purity products process ingredients,chromatography resins,buffer solutions,excipients and single-use solutions are deeply embedded across the entire manufacturing process.From upstream culture preparation,through scale-up

26、and fermentation,through downstream purification and viral clearance steps and ultimately to the fill,finish and final formulation processes,leading biopharma manufacturers look to Avantor to supply both the products and expertise to help them sustain the quality and purity they need to succeed.Bein

27、g embedded in these multiple workflows provides greater insights that allow us to expand the portfolio of materials and services we offer.And were not standing still.We are investing in innovations that will enhance the value we offer throughout these workflows,such as expanded production of single-

28、use products at our Morrisville,North Carolina,plant and the launch of hydration buffer solutions and in-line buffer dilution products at our facility in Gliwice,Poland.Our penetration of market-leading companies is a proof point of our relevance and importance in this key market.We serve all the to

29、p 10 biopharma and pharma companies in the world.In addition,we benefit from privileged access to the biologic start-up community,which is responsible for developing approximately 80%of new molecules.OnsitepersonnelInsidesales teamStrategicpartnersSalessupportTechnicalspecialistsE-commerceplatformAp

30、plicationspecialists9 globalinnovationcentersMATERIALS&CONSUMABLESEQUIPMENT&INSTRUMENTATIONSERVICES&SPECIALTYPROCUREMENTWHAT WE OFFERINNOVATION MODEL GROUNDED IN COLLABORATIONWe succeed by being agents of innovation for our customers,actively listening and collaborating with them.Our Innovation and

31、Customer Support Centers enable close customer collaboration and extensive customization.At these centers,application specialists are ready to work directly with customers on challenges at any stage in their development and commercialization processes.We recently opened our ninth such facility in Sh

32、anghai,China,which supports accelerated process development for biologic therapies that will advance the development of life-changing treatments for patients in the region.Similar sites include Bridgewater,New Jersey,and Gwangju,South Korea.We also announced a new collaboration in 2019 with the Nati

33、onal Institute for Bioprocessing Research and Training(NIBRT)in Dublin,Ireland.NIBRT is a global center of excellence for training and research solutions for the biopharmaceutical manufacturing industry.Avantor is working with NIBRT to address downstream bottlenecks in buffer preparation when produc

34、ing monoclonal antibodies.New offerings:Our new product innovation continues to focus on high-growth areas,such as biopharma production and cell and gene therapy opportunities.Several of the offerings we have launched recently are designed to help reduce process risks and improve productivity and pa

35、tient outcomes.These include:Expanded affinity chromatography product line with the addition of a high-performance protein A resin that supports process intensification Small-volume cGMP reagents in single-use bags for the cell and gene therapy workflow A new hydration extension to our direct dispen

36、se offering that improves raw material processing time and minimizes quality risks High-purity medical-grade silicone developed for implantable drug delivery devices that delivers controlled medication doses to exact location where the drug is neededWe also support industry efforts to reduce the cos

37、t of complex therapies by emphasizing supply chain efficiency and improving production process performance.Over10Serving topbiopharma and pharma companies80%of the top 20 biologic drugs Specified in more than More thantechnical collaborations with customersprojects in the pipelineANNUAL REPORT 6AVAN

38、TOR BUSINESS SYSTEMThe Avantor Business System(ABS)underpins everything we do and has been a critical driver in our success.We use it to rigorously execute our strategies through uniform practices and standard processes.ABS is our model to unleash the power of all our associates,to align and unify h

39、ow our teams and organizations work to create a competitive advantage and deliver on the commitments we have made to our stakeholders and to each other.We use ABS to focus relentlessly on eliminating waste and generating continuous improvement in all aspects of our business.From associate-led,daily

40、improvements to transformational,strategic breakthrough improvements,our Kaizen philosophy is all about making tomorrow better than today,every day.AVANTOR TOMORROWOur success in 2019 establishes a foundation for progress as we move forward in 2020,focusing on our priorities for growth,margin expans

41、ion,cash generation and reduction of debt load.We are committed to completing the final year of our VWR integration activities,advancing our workflow-based approach and deploying our unique multitiered sales model to support our customers around the world.In addition,we are applying our Environmenta

42、l,Social and Governance(ESG)principles to enhance the value we offer to our customers,our suppliers,our associates and the communities where we work and serve.It is clear to me that Avantor is well-positioned to achieve the goals we have set for ourselves,including meeting challenges such as the evo

43、lving COVID-19 pandemic.The pandemic has created an unprecedented situation and we are doing everything we can to support our customers in their ongoing efforts to develop treatments and vaccines for the coronavirus,while also focusing intensely on the health and safety of our associates and their f

44、amilies.Our customers rely on us to manufacture and deliver these products and services as we all work together in this challenging time.I want to take this opportunity to express my gratitude and admiration for the tireless efforts of all of our associates they are truly living our values every day

45、.We will continue to build our success on our world-class portfolio of products and solutions and our commitment to innovation and collaboration with our customers.Most importantly,we are ready to move Avantor forward through the passion and dedication of our associates to our mission:Setting scienc

46、e in motion to create a better world,so we can help bring life-changing therapies that can improve patient outcomes to people across the globe.Our mission has never been more important.MICHAEL STUBBLEFIELDPresident and Chief Executive OfficerForward-looking StatementsSee“Cautionary factors regarding

47、 forward-looking statements”and“Item 1A:Risk Factors”in the enclosed annual report on Form 10-K for a discussion of risks and uncertainties relating to the forward-looking statements contained herein.Such statements speak only as of the date of this Annual Report and,except to the extent required by

48、 applicable law,the Company does not assume any obligation to update or revise any forward-looking statement,whether as a result of new information,future events or ANNUAL REPORT ANNUAL REPORT 2019Non-GAAP Financial MeasuresAs appropriate,we supplement our results of operations determined in accorda

49、nce with U.S.generally accepted accounting principles(“GAAP”)with certain non-GAAP financial measurements that are used by management,and which we believe are useful to investors,as supplemental operational measurements to evaluate our financial performance.These measurements should not be considere

50、d in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measurements,and such measurements may not be comparable to similarly titled measurements reported by other companies.Rather,these measurements should be co

51、nsidered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business.We strongly encourage investors to review our consolidated financial statements in their entirety and not rely solely on any one,single financial measurement.EARNINGS PER SHA

52、REYear ended,December 31(in millions)20192018Diluted earnings(loss)per share(GAAP)$(0.84)$(2.69)Dilutive impact of convertible instruments0.192.35Normalization for shares issued in IPO0.710.21Fully diluted earnings(loss)per share(non-GAAP)0.06(0.13)Amortization0.490.50Net foreign currency loss from

53、financing activities0.01Other stock-based compensation expense0.06Loss on extinguishment of debt0.11Restructuring and severance charges0.040.13Purchase accounting adjustments(0.02)(0.01)VWR transaction,integration and planning expenses0.030.06Other0.01Adjustment for U.S.tax reform act(0.04)Income ta

54、x benefit applicable to pretax adjustments(0.20)(0.16)Adjusted EPS(non-GAAP)$0.58$0.36Weighted average shares outstanding:Diluted(GAAP)401.2132.7Incremental shares excluded for GAAP51.9130.3Normalization for shares issued in IPO189.6379.7Share count for adjusted EPS(non-GAAP)642.7642.7UNLEVERED FREE

55、 CASH FLOWYear ended,December 31(in millions)20192018Net cash provided by operating activities$354.0$200.5Capital expenditures(51.6)(37.7)Free cash flow(non-GAAP)302.4162.8Cash interest(net of tax)1304.9327.3Unlevered free cash flow(non-GAAP)$607.3$490.1(1)Cash interest tax-effected using tax rate o

56、f 32%for the three months and year ended December 31,2019 and 2018,ANNUAL REPORT ANNUAL REPORT 2019Form 10-K?Materials&consumables?Equipment&instrumentation?Services&specialty procurement?Significant interruptions in our operations could harm our business,financial condition and results of operation

57、s.?We compete in highly competitive markets.Failure to compete successfully could adverselyaffect our business,financial condition and results of operations.?It may be difficult for us to implement our strategies for improving growth.?Part of our growth strategy is to pursue strategic acquisitions,w

58、hich will subject us to a variety of risks that could harm our business.?We may not be able to integrate mergers or acquisitions successfully into our existing business,or realize anticipated cost savings or synergies,if any,from those transactions,which could adversely affect our business.?Our busi

59、ness,financial condition and results of operations may be harmed if our customers discontinue or spend less on research,development,production or other scientific endeavors.?The customers we serve have and will continue to experience significant industry-related changes that could adversely affect o

60、ur business.?We may be adversely affected by global and regional economic and political conditions.?The United Kingdoms decision to leave the European Union(“Brexit”)could adversely affect our business.?Our offerings are highly complex,and,if our products do not satisfy applicable quality criteria,s

61、pecifications and performance standards,we could experience lost net sales,delayed or reduced market acceptance of our products,increased costs and damage to our reputation.?The loss of a significant number of customers or a reduction in orders from a significant number of customers could reduce our

62、 net sales and harm our operating results.?We are subject to risks associated with doing business globally,which may harm our business.g?Changes in exchange rates can adversely affect our net sales,profits and cash flows.?Our business depends on our ability to use and access information systems,and

63、any failure tosuccessfully maintain these systems or implement new systems to handle our changing l lneeds could materially harm our operations.?Our inability to protect our intellectual property could adversely affect our business.Inaddition,third parties may claim that we infringe their intellectu

64、al property,and we could suffer significant litigation or licensing expenses as a result.?Our trademarks are valuable assets and if we are unable to protect them from infringement our business prospects may be harmed.?We are subject to product liability and other claims in the ordinary course of bus

65、iness.?We must develop new products,adapt to rapid and significant technological change and respond to introductions of new products by competitors to remain competitive.?Our business,financial condition and results of operations depend upon the availability of raw materials.?Our business,financial

66、condition and results of operations depend upon maintaining our relationships with suppliers.?Our use of chemicals and chemical processes is subject to inherent risk.?We are highly dependent on our senior management and key employees.Competition for our employees is intense,and we may not be able to

67、 attract and retain the highly skilled employees that we need to support our business and our intended future growth.?We may incur impairment charges on our goodwill,other intangible assets or other assets that would reduce our earnings.?Our reputation,ability to do business and financial statements

68、 may be impaired by improper conduct by any of our employees,agents or business partners.?The indemnification provisions of acquisition agreements by which we have acquired companies may not fully protect us and as a result we may face unexpected liabilities.?Government or private civil antitrust ac

69、tions could harm our business,results of operations,financial condition and cash flows.?Changes in tax law relating to multinational corporations could adversely affect our tax position.?Certain of our businesses rely on relationships with collaborative partners and other third parties for developme

70、nt,supply and marketing of certain products and potential products,and such collaborative partners or other third parties could fail to perform sufficiently.?We are required to comply with a wide variety of laws and regulations,and are subject toregulation by various federal,state and foreign agenci

71、es,and our failure to comply with existing and future regulatory requirements could adversely affect our results of operations and financial condition.?Violation of government regulations or quality programs could harm demand for our productsor services.?We are subject to environmental,health and sa

72、fety laws and regulations,and costs to comply with such laws and regulations,or any liability or obligation imposed under such laws or regulations,could negatively impact our business,financial condition and results of i ioperations.?Our substantial indebtedness could adversely affect our financial

73、condition and prevent us from fulfilling our debt or contractual obligations.?Our debt agreements contain restrictions on our ability to operate our business and to pursue our business strategies,and our failure to comply with,cure breaches of,or obtain waiversfor covenants could result in an accele

74、ration of the due date of our indebtedness.?Despite our current level of indebtedness,we and our subsidiaries may still be able to incur substantially more debt.?We may be unable to generate sufficient cash flow to satisfy our significant debt service obligations,which could have a material adverse

75、effect on our business,financial d dcondition and results of operations.?An increase in interest rates may negatively impact our operating results and financial condition.?Our ability to repay our indebtedness is affected by the cash flow generated by our subsidiaries.?Our stock price may be volatil

76、e or may decline regardless of our operating performance,and you may not be able to resell shares of our common stock at or above the price you paid or at all,and you could lose all or part of your investment as a result.?The outstanding shares of MCPS may adversely affect the market price of our co

77、mmon stock.?Certain rights of the holders of the MCPS could delay or prevent an otherwise beneficial l ltakeover or takeover attempt of us.?Our common stock ranks junior to the MCPS with respect to the payment of dividends and amounts payable in the event of our liquidation,dissolution or winding-up

78、 of our affairs.?Holders of the MCPS have the right to elect two directors in the case of certain dividend arrearages.?Because we have no current plans to pay cash dividends on our common stock,you may not receive any return on investment unless you sell your common stock for a price greater than th

79、at which you paid for it.?We are a holding company with no operations of our own and,as such,we depend on our subsidiaries for cash to fund all of our operations and expenses,including future dividend payments,if any.?If securities or industry analysts do not publish research or reports about our bu

80、siness or if l lthey downgrade our stock or our sector,our stock price and trading volume could decline.?Maintaining the requirements of being a public company may strain our resources,divert managements attention and affect our ability to attract and retain qualified board members.?Failure to compl

81、y with requirements to design,implement and maintain effective internal control over financial reporting could have a material adverse effect on our business and stock price,and any failure to maintain financial controls could result in our financial statements becoming unreliable.?Future sales,or t

82、he perception of future sales,by us or our existing stockholders in the publicmarket could cause the market price for our common stock to decline.?Concentrations of shareholder control could have adverse impacts?Anti-takeover provisions in our organizational documents could delay or prevent a change

83、 of control.?Our Board of Directors is authorized to issue and designate shares of our preferred stock inadditional series without stockholder approval.?Our amended and restated certificate of incorporation provides,subject to limited exceptions,t tthat state and federal courts(as appropriate)locate

84、d within the State of Delaware will bethe sole and exclusive forum for certain stockholder litigation matters,which could limit our stockholders ability to obtain a favorable judicial forum for disputes with us or our directors,officers,employees or stockholders.?(in thousands of square feet)?(in th

85、ousands of square feet)?Michael Stubblefield?d?Thomas Szlosek?k?James Bramwell?l?Gerard Brophy?Christophe Couturier?r?Tanya Foxe?Sven Henrichwark?k?Eric McAllister?r?Justin Miller?r?Mark Murray?Devashish Ohri?Frederic Vanderhaegen?Michael Wondrasch?(in millions except per share data)?This discussion

86、 contains forward-looking statements that reflect our plans,estimates and beliefs.Our actual results may differ materially from those contained in or implied by any forward-looking statements.See“Cautionary factors regarding forward-looking statements.”?Our IPO generated significant proceeds and cer

87、tain costs?We simplified our capital structure and reduced our borrowings?We reduced our expenses through a global restructuring program?Our AMEA region is experiencing significant growth?We are investing in a differentiated innovation model?Changes in foreign currency exchange rates are impacting o

88、ur financial condition and resultsof operations?Net sales,gross margin,operating income?net income or loss?Organic net sales growth?Adjusted EBITDA and Adjusted EBITDA margin?Management EBITDA?Cash flows from operating activities?Years ended December 31,2019 and 2018Executive summary(dollars in mill

89、ions)?Net sales(in millions)?Biopharma(50%)?Healthcare(10%)?Education and government(15%)?Advanced technologies&applied materials(25%)?Biopharma(40%)?Healthcare(10%)?Education&government(15%)?Advanced technologies&applied materials(35%)?Biopharma(45%)?Advanced technologies&applied materials(40%)?Gro

90、ss margin?Operating income(in millions)?Net income or loss(in millions)?Adjusted EBITDA and Management EBITDA?(in millions)?Year ended December 31,2017?(in millions)?(in millions)?Liquidity?(in millions)?Historical cash flows?(in millions)?Indebtedness?Our credit facilities provide us access to up t

91、o$500 million of additional cash?Our indebtedness restricts us from paying dividends to common stockholders?Our senior secured credit facilities require or may require us to make certain principal repayments prior to maturity?We are subject to certain financial covenants that,if not met,could put us

92、 in default of our debt fagreements?Contractual obligations?(in millions)?Testing goodwill and other intangible assets for impairment?Required annual assessment?Determination of operating segments and reporting units?Accounting for changes to income tax laws?Estimating valuation allowances on deferr

93、ed tax assets?Accounting for uncertain tax positions?Calculating expense for long-term compensation arrangements?Estimating the fair value of our common stock prior to the IPO?Estimating the net realizable value of inventoriesl l?Estimating the fair value of assets acquired from VWR?The accompanying

94、 notes are an integral part of these consolidated financial statements?(in millions)?The accompanying notes are an integral part of these consolidated financial statements?(in millions)?The accompanying notes are an integral part of these consolidated financial statements?(in millions,except per sha

95、re data)?The accompanying notes are an integral part of these consolidated financial statements?(in millions)?The accompanying notes are an integral part of these consolidated financial statements?(in millions)?The accompanying notes are an integral part of these consolidated financial statements?(i

96、n millions)?The accompanying notes are an integral part of these consolidated financial statements?(in millions)?The accompanying notes are an integral part of these consolidated financial statements?(in millions)?Basis of presentation?Principles of consolidation?Reclassifications?Use of estimates?E

97、arnings or loss per share?Segment reporting?Cash and cash equivalents?Accounts receivable and allowance for doubtful accounts?Inventory?Property,plant and equipment?Impairment of long-lived assets?Goodwill and other intangible assets?Restructuring and severance charges?Employee severance and related

98、?d?Facility closure?Other?r?Contingencies?Debt?Equity?Revenue recognition?Classification of expenses cost of sales?Classification of expenses selling,general and administrative?Employee benefit plans?U.S.plans?Non-U.S.plans?Medical plan?Stock-based compensation expense?Stock options and RSUs?Optionh

99、older awards?SARs?Award modifications?Income taxes?Business combinations?Fair value measurements?Level 1?Level 2?Level 3?Foreign currency translation?Leases?New tax standard?New lease standard?New revenue recognition standard?New credit losses standard?Other?(in millions)?Remeasurement of foreign-de

100、nominated debt and intercompany borrowings?Impairment testing?Collective bargaining arrangements?(in millions)?(in millions)?(in millions)?(in millions)?(in millions)?(in millions)?(in millions)?(in millions)?(dollars in millions)?(in millions)?(in millions)?(in millions)?(in millions)?(in millions)

101、?(in millions)?2017 restructuring program?(in millions)?(in millions)?Environmental laws and regulations?Mallinckrodt indemnification?Other noteworthy matters?Manufacture and sale of products?Litigation?(dollars in millions)?(in millions)?Credit facilities?(in millions)?Receivables facility?Senior s

102、ecured credit facilities?Prior credit facilities?Secured and unsecured notes?Avantor,Inc.following the IPO?(shares in millions)?MCPS?Common stock?Initial public offering and related events?Redemption of series A preferred stock?Conversion of junior convertible preferred stock?Avantor,Inc.prior to th

103、e IPO?(shares in millions)?Series A preferred stock?(in millions)?Junior convertible preferred stock?(in millions)?Warrants?Class B stock?Legal entity restructuring?Exchange of legacy common stock and noncontrolling interest?Deferred tax effects?(in millions)?(in millions)?(in millions)?(in millions

104、)?(in millions)?(in millions)?(in millions)?(in millions)?Stock options?(options and intrinsic value in millions)?(in millions)?RSUs?(awards in millions)?Optionholder awards?SARs?(in millions)?(in millions)?(in millions)?Deferred taxes?(in millions)?Uncertain tax positions?(in millions)?Other matter

105、s?(in millions)?VWR?(in millions)?(dollars in millions)?(in millions)?Other?Assets and liabilities for which fair value is only disclosed?(in millions)?Recurring fair value measurements with significant unobservable inputsi i?(in millions)?Derivatives and hedging activities?Hedges of forecasted debt

106、 extinguishment?t?Economic hedges?Other hedging activities?Hedge of forecasted debt extinguishment?(in millions)?(in millions)?(in millions)?(in millions)?(in millions)?New Mountain Capital?(in millions)?Goldman Sachs?NuSil Investors?PSP Investments?(in millions,except per share information)?(in mil

107、lions)?(in millions)?(in millions)?ANNUAL REPORT 2019Rajiv Gupta Chairman of the Board,Former Chairman and Chief Executive Officer,Rohm and Haas CompanyJuan AndresChief Technology and Quality OfficerModerna,Inc.Thomas Connolly Global Head of Private Credit GroupMerchant Banking Division of Goldman S

108、achsMatthew HoltManaging Director New Mountain Capital,LLCAndre MouraManaging DirectorNew Mountain Capital,LLCJo NatauriManaging Director and Global Head of Healthcare InvestingMerchant Banking Division of Goldman SachsJonathan PeacockNon-executive ChairmanArix Bioscience plcRakesh SachdevFormer Chi

109、ef Executive OfficerPlatform Specialty Products CorporationChristi ShawChief Executive OfficerKite,a Gilead CompanyMichael StubblefieldChief Executive OfficerAvantor,Inc.2020 Annual MeetingMay 7,2020,1100 am,Eastern TimeAvantor will be hosting a virtual Annual Stockholder Meeting this year.Stockhold

110、ers entitled to vote at the meeting will be able to participate by accessing: InformationFinancial documents,such as our Annual Report on Form 10-K,quarterly reports on Form 10-Q and other reports and filings,such as the Companys Code of Ethics and Conduct,may be obtained from the Company website at

111、 ,or by calling the Companys Investor Relations Department at(610)386-1524.Stockholder ServicesOur transfer agent,American Stock Transfer&Trust Company,can assist you with a variety of stockholder services,including change of address,ownership transfer and account consolidation and can be reached at

112、:Tel.:(800)937-5449;outside the U.S.and Canada at (718)921-8124 Internet: Mail:6201 15th Avenue Brooklyn,New York 11219 Email: Investor RelationsStockholders,security analysts,portfolio managers and other investors desiring further information about the Company may direct questions or requests to:Av

113、antor,Inc.Building One,Ste.200100 Matsonford RoadRadnor,PA 19087Tel.:(610)386-1524Email:AvantorIRIndependent AuditorsDeloitte&Touche LLP,Philadelphia,PennsylvaniaStock ListingCommon stockNew York Stock Exchange I Ticker Symbol:AVTR6.25%Mandatory Convertible Preferred StockNew York Stock Exchange I Ticker Symbol:AVTR PRABOARD OF DIRECTORSCOMPANY AND INVESTOR INFORMATIONCORPORATE HEADQUARTERS Radnor Corporate Center100 Matsonford RoadRadnor,PA 19087Building One,Suite 200(610)386-1700