Avantor® Reports Fourth Quarter and Full Year 2023 Results
- None.
- Decrease in net sales for both fourth quarter and full year, decrease in net income for both periods compared to previous years, decline in core organic sales, decrease in adjusted net income, and adjusted EBITDA margin decrease in segment results.
Insights
The reported decrease in net sales and core organic decline for Avantor, Inc. for both Q4 and the full year of 2023 suggest a contraction in the company's revenue streams. This contraction is likely reflective of broader market trends, possibly due to reduced demand in the life sciences and advanced technology sectors, or increased competition. The company's ability to exceed free cash flow expectations, however, indicates a strong capacity for cash generation and operational efficiency, which is a positive sign for creditors and investors concerned with liquidity and debt management.
Adjusted EBITDA margins have contracted across all segments, which could point to increased costs or pricing pressures. The adjusted net leverage ratio of 3.9X, while indicative of a leveraged position, shows that the company is actively managing its debt, as evidenced by the significant debt repayment in 2023. This active debt management could be seen as a positive signal to the market about the company's financial stewardship.
Avantor's performance within its regional segments reveals varying degrees of resilience amidst a challenging economic climate. The Americas segment, being the largest, witnessed a notable decline in both net sales and adjusted EBITDA margin. This could reflect region-specific challenges or a possible saturation in the market. The European segment, while also experiencing a decrease, had a relatively smaller contraction in core organic sales compared to the Americas. This might suggest varying customer behavior or different stages of market development between the regions.
The AMEA region, despite a decline in net sales, has maintained a relatively high adjusted EBITDA margin, indicating potentially higher profitability or lower operational costs in these markets. This could be due to a variety of factors, including market dynamics, cost structures, or strategic positioning within the region.
The favorable impact of foreign currency translation on net sales suggests that Avantor may have benefited from currency fluctuations, which could cushion the impact of declining organic sales. However, the core organic sales decline indicates underlying challenges in the company's fundamental business operations that currency tailwinds cannot fully offset.
Furthermore, the company's outlook for 2024, where an inflection point has not yet been observed, suggests cautious optimism but also underscores the uncertainty in the global economic environment. The strategic focus on operating efficiencies and innovation could be a response to the need for maintaining competitiveness in an increasingly challenging market. The emphasis on long-term growth despite short-term pressures reflects a strategic approach that may prioritize sustainable development over immediate gains.
Fourth Quarter 2023
- Net sales of
$1.72 billion 4.0% ; core organic decline of4.8% - Net income of
$98.5 million $302.1 million - Diluted GAAP EPS of
$0.15 $0.25 - Operating cash flow of
$251.6 million $201.0 million
Full Year 2023
- Net sales of
$6.97 billion 7.3% ; core organic decline of5.2% - Net income of
$321.1 million $1,309.1 million - Diluted GAAP EPS of
$0.47 $1.06 - Operating cash flow of
$870.0 million $723.6 million - Adjusted net leverage of 3.9X; repaid approximately
$850 million
"We had a solid finish to the year with fourth quarter revenue, margin and adjusted EPS coming in at the high end of our updated guidance. Our free cash flow for the year exceeded the top end of our guidance range, representing more than
"Looking ahead to 2024, while we are seeing encouraging signs from our customers and end markets, we have not yet seen an inflection point. We are continuing to take actions that position Avantor for long-term growth, including advancing our new operating model which unlocks significant operating efficiencies, sharpens our focus on accelerating innovation, and builds on the strength of our platform."
Fourth Quarter 2023
For the three months ended December 31, 2023, net sales were
Diluted earnings per share on a GAAP basis was
Operating cash flow in the quarter was
Full Year 2023
For the full year ended December 31, 2023, net sales were
Diluted earnings per share on a GAAP basis was
Operating cash flow was
Adjusted net leverage was 3.9X as of December 31, 2023, and we have repaid approximately
Fourth Quarter 2023 – Segment Results
Management uses Adjusted EBITDA to measure and evaluate the internal operating performance of our Company's business segments. Adjusted EBITDA is also our segment reporting profitability measure under generally accepted accounting principles.
- Net sales were
$994.8 million 5.1% , as compared to$1,048.0 million 3.8% . - Adjusted EBITDA margin decreased approximately 180 basis points to
20.2% .
- Net sales were
$603.5 million 2.2% , as compared to$617.2 million 6.8% . - Adjusted EBITDA margin decreased approximately 240 basis points to
18.8% .
AMEA
- Net sales were
$124.5 million 4.1% , as compared to$129.8 million 3.5% . - Adjusted EBITDA margin decreased approximately 570 basis points to
25.4% .
Full Year 2023 – Segment Results
- Net sales were
$4,071.6 million 8.9% , as compared to$4,471.2 million 6.1% . - Adjusted EBITDA margin decreased approximately 170 basis points to
22.4% .
- Net sales were
$2,420.4 million 3.8% , as compared to$2,516.5 million 3.9% . - Adjusted EBITDA margin decreased approximately 220 basis points to
18.6% .
AMEA
- Net sales were
$475.2 million 9.4% , as compared to$524.7 million 4.2% . - Adjusted EBITDA margin decreased approximately 60 basis points to
26.4% .
Conference Call
We will host a conference call to discuss our results today, February 14, 2024, at 8:00 a.m. Eastern Time. The live webcast and presentation as well as a replay will be available on the investor section of Avantor's website.
About Avantor
Avantor®, a Fortune 500 company, is a leading global provider of mission-critical products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. Our portfolio is used in virtually every stage of the most important research, development and production activities in the industries we serve. Our global footprint enables us to serve more than 300,000 customer locations and gives us extensive access to research laboratories and scientists in more than 180 countries. We set science in motion to create a better world. For more information, please visit www.avantorsciences.com.
Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with
The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, sales growth (decline) on a core organic basis, Adjusted EBITDA, adjusted net income, adjusted EPS, adjusted net leverage and free cash flow.
- Sales growth (decline) on an organic basis eliminates from our reported net sales growth (decline) the impacts of earnings from any acquired or disposed businesses that have been owned for less than one year and changes in foreign currency exchange rates. Sales growth (decline) on a core organic basis eliminates from our organic growth (decline) the impacts of any COVID-19 related net sales. We believe that these measurements are useful as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented.
- Adjusted EBITDA is to measure and evaluate our operating performance exclusive of interest expense, income tax expense, depreciation, amortization and certain other adjustments. We believe that this measurement is useful as a way to analyze the underlying trends in our business consistently across the periods presented.
- Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) net foreign currency remeasurement gains or losses relating to financing activities, (iii) losses on extinguishment of debt, (iv) charges associated with the impairment of certain assets, (v) other costs or credits that are either isolated or cannot be expected to recur with any regularity or predictability. From this amount, we then add or subtract an assumed incremental income tax impact on the above noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measurement is useful to investors as a way to analyze the business consistently across the periods presented. This measurement is used by our management for the same reason.
- Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measurement is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measurement is used by our management for the same reason.
- Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions as if those acquisitions had occurred on the first day of the trailing 12-month period). We believe that this measurement is useful to investors as a way to evaluate and measure the Company's capital allocation strategies and the underlying trends in the business. This measurement is used by our management for the same reason.
- Free cash flow is equal to our cash flow from operating activities, excluding acquisition-related costs paid in the period, less capital expenditures. We believe that this measurement is useful as it provides a view on the Company's ability to generate cash for use in financing or investment activities.
Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "assumption," "believe," "continue," "estimate," "expect," "forecast," "goal," "guidance," "intend," "likely," "long-term," "near-term," "objective," "opportunity," "outlook," "plan," "potential," "project," "projection," "prospects," "seek," "target," "trend," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning.
Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.
Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
+1 805-617-5297
Christina.Jones@avantorsciences.com
Media Contact
Emily Collins
Vice President, External Communications
Avantor
+1 332-239-3910
Emily.Collins@avantorsciences.com
Avantor, Inc. and subsidiaries | |||||||
Consolidated statements of operations | |||||||
(in millions, except per share data) | Three months ended | Year ended December 31, | |||||
2023 | 2022 | 2023 | 2022 | ||||
Net sales | $ 1,722.8 | $ 1,795.0 | $ 6,967.2 | $ 7,512.4 | |||
Cost of sales | 1,152.4 | 1,180.5 | 4,603.4 | 4,909.6 | |||
Gross profit | 570.4 | 614.5 | 2,363.8 | 2,602.8 | |||
Selling, general and administrative expenses | 387.1 | 362.7 | 1,506.6 | 1,472.6 | |||
Impairment charges | — | — | 160.8 | — | |||
Operating income | 183.3 | 251.8 | 696.4 | 1,130.2 | |||
Interest expense, net | (65.3) | (69.8) | (284.8) | (265.8) | |||
Loss on extinguishment of debt | (1.0) | (1.7) | (6.9) | (12.5) | |||
Other income (expense), net | 2.5 | (5.6) | 5.8 | (0.8) | |||
Income before income taxes | 119.5 | 174.7 | 410.5 | 851.1 | |||
Income tax expense | (21.0) | (33.0) | (89.4) | (164.6) | |||
Net income | 98.5 | 141.7 | 321.1 | 686.5 | |||
Accumulation of yield on preferred stock | — | — | — | (24.2) | |||
Net income available to common | $ 98.5 | $ 141.7 | $ 321.1 | $ 662.3 | |||
Earnings per share: | |||||||
Basic | $ 0.15 | $ 0.21 | $ 0.48 | $ 1.02 | |||
Diluted | $ 0.15 | $ 0.21 | $ 0.47 | $ 1.01 | |||
Weighted average shares outstanding: | |||||||
Basic | 676.4 | 674.2 | 675.6 | 650.9 | |||
Diluted | 679.2 | 677.1 | 678.4 | 679.4 | |||
Avantor, Inc. and subsidiaries | |||
Consolidated balance sheets | |||
(in millions) | December 31, | December 31, | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 262.9 | $ 372.9 | |
Accounts receivable, net | 1,150.2 | 1,218.4 | |
Inventory | 828.1 | 913.5 | |
Other current assets | 143.7 | 153.1 | |
Total current assets | 2,384.9 | 2,657.9 | |
Property, plant and equipment, net | 737.5 | 727.0 | |
Other intangible assets, net | 3,775.3 | 4,133.3 | |
Goodwill, net | 5,716.7 | 5,652.6 | |
Other assets | 358.3 | 293.5 | |
Total assets | $ 12,972.7 | $ 13,464.3 | |
Liabilities and stockholders' equity | |||
Current liabilities: | |||
Current portion of debt | $ 259.9 | $ 364.2 | |
Accounts payable | 625.9 | 758.2 | |
Employee-related liabilities | 133.1 | 122.4 | |
Accrued interest | 50.2 | 49.9 | |
Other current liabilities | 411.2 | 364.1 | |
Total current liabilities | 1,480.3 | 1,658.8 | |
Debt, net of current portion | 5,276.7 | 5,923.3 | |
Deferred income tax liabilities | 612.8 | 731.4 | |
Other liabilities | 350.3 | 295.4 | |
Total liabilities | 7,720.1 | 8,608.9 | |
Stockholders' equity: | |||
Common stock including paid-in capital | 3,830.1 | 3,785.3 | |
Accumulated earnings | 1,491.5 | 1,170.4 | |
Accumulated other comprehensive loss | (69.0) | (100.3) | |
Total stockholders' equity | 5,252.6 | 4,855.4 | |
Total liabilities and stockholders' equity | $ 12,972.7 | $ 13,464.3 | |
Avantor, Inc. and subsidiaries | |||||||
Consolidated statements of cash flows | |||||||
(in millions) | Three months ended | Year ended December 31, | |||||
2023 | 2022 | 2023 | 2022 | ||||
Cash flows from operating activities: | |||||||
Net income | $ 98.5 | $ 141.7 | $ 321.1 | $ 686.5 | |||
Reconciling adjustments: | |||||||
Depreciation and amortization | 100.6 | 100.7 | 402.3 | 405.5 | |||
Impairment charges | — | — | 160.8 | — | |||
Stock-based compensation expense | 8.8 | 10.0 | 40.5 | 45.8 | |||
Provision for accounts receivable and | 22.0 | 21.1 | 84.5 | 65.0 | |||
Deferred income tax benefit | (78.3) | (7.3) | (172.4) | (69.1) | |||
Amortization of deferred financing costs | 3.1 | 3.6 | 13.0 | 15.7 | |||
Loss on extinguishment of debt | 1.0 | 1.7 | 6.9 | 12.5 | |||
Foreign currency remeasurement loss (gain) | 0.5 | 5.1 | (2.6) | 10.0 | |||
Changes in assets and liabilities: | |||||||
Accounts receivable | 21.9 | 53.8 | 77.0 | (45.2) | |||
Inventory | 21.2 | 1.6 | 30.3 | (112.5) | |||
Accounts payable | (43.8) | (49.5) | (139.6) | 15.6 | |||
Accrued interest | 10.6 | 11.3 | 0.3 | 0.1 | |||
Other assets and liabilities | 87.1 | (81.3) | 48.6 | (179.3) | |||
Other | (1.6) | (6.9) | (0.7) | (7.0) | |||
Net cash provided by operating | 251.6 | 205.6 | 870.0 | 843.6 | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (50.6) | (33.6) | (146.4) | (133.4) | |||
Cash paid for acquisitions, net of cash acquired | — | — | — | (20.2) | |||
Cash proceeds from settlement of cross | — | — | — | 42.5 | |||
Other | 0.6 | 0.5 | 2.7 | 1.5 | |||
Net cash used in investing activities | (50.0) | (33.1) | (143.7) | (109.6) | |||
Cash flows from financing activities: | |||||||
Debt borrowings | — | 82.2 | — | 327.2 | |||
Debt repayments | (188.1) | (164.0) | (846.0) | (947.0) | |||
Payments of debt refinancing fees and | — | (0.6) | (2.3) | (0.6) | |||
Proceeds from issuance of stock, net of | — | — | — | — | |||
Payments of dividends on preferred stock | — | — | — | (32.4) | |||
Proceeds received from exercise of stock | 4.2 | 0.9 | 18.3 | 17.3 | |||
Shares repurchased to satisfy employee tax | (0.2) | (0.1) | (13.7) | (13.2) | |||
Net cash (used in) provided by | (184.1) | (81.6) | (843.7) | (648.7) | |||
Effect of currency rate changes on cash and cash | 9.5 | 18.2 | 8.2 | (15.5) | |||
Net change in cash, cash equivalents and restricted | 27.0 | 109.1 | (109.2) | 69.8 | |||
Cash, cash equivalents and restricted cash, | 260.7 | 287.8 | 396.9 | 327.1 | |||
Cash, cash equivalents and restricted cash, end of | $ 287.7 | $ 396.9 | $ 287.7 | $ 396.9 | |||
Avantor, Inc. and subsidiaries | |||||||
Reconciliations of non-GAAP measures
| |||||||
(in millions) | Three months ended | Year ended December 31, | |||||
2023 | 2022 | 2023 | 2022 | ||||
Net income | $ 98.5 | $ 141.7 | $ 321.1 | $ 686.5 | |||
Amortization | 75.0 | 78.5 | 307.7 | 318.3 | |||
Loss on extinguishment of debt | 1.0 | 1.7 | 6.9 | 12.5 | |||
Net foreign currency (gain) loss from financing | (0.8) | 7.2 | (3.1) | 7.0 | |||
Other stock-based compensation expense | 0.2 | — | 0.3 | (3.3) | |||
Integration-related expenses1 | (0.7) | 5.6 | 7.6 | 19.2 | |||
Purchase accounting adjustments2 | — | — | — | 9.4 | |||
Restructuring and severance charges3 | 8.5 | (0.2) | 26.5 | 3.5 | |||
Reserve for certain legal matters4 | 3.1 | — | 7.1 | — | |||
Impairment charges5 | — | — | 160.8 | — | |||
Transformation expenses6 | 5.4 | — | 5.4 | — | |||
Income tax benefit applicable to pretax | (23.5) | (20.5) | (120.2) | (97.6) | |||
Adjusted net income | 166.7 | 214.0 | 720.1 | 955.5 | |||
Interest expense, net | 65.3 | 69.8 | 284.8 | 265.8 | |||
Depreciation | 25.6 | 22.2 | 94.6 | 87.2 | |||
Income tax provision applicable to Adjusted Net | 44.5 | 53.5 | 209.6 | 262.2 | |||
Adjusted EBITDA | $ 302.1 | $ 359.5 | $ 1,309.1 | $ 1,570.7 | |||
━━━━━━━━━ | |
1. | Represents non-recurring direct costs incurred with third-parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition. |
2. | Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record Masterflex and Ritter inventory at fair value. |
3. | Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs. |
4. | Represents charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results. |
5. | Related to impairment of the Ritter asset group. |
6. | Represents non-recurring, incremental expenses directly associated with the Company's publicly-announced program to transform our operating model. |
Avantor, Inc. and subsidiaries | |||||||
Reconciliations of non-GAAP measures (continued) | |||||||
| |||||||
(shares in millions) | Three months ended | Year ended | |||||
2023 | 2022 | 2023 | 2022 | ||||
Diluted Earnings per share (GAAP) | $ 0.15 | $ 0.21 | $ 0.47 | $ 1.01 | |||
Dilutive impact of convertible instruments | — | — | — | — | |||
Fully diluted Earnings per share (non-GAAP) | 0.15 | 0.21 | 0.47 | 1.01 | |||
Amortization | 0.11 | 0.12 | 0.45 | 0.47 | |||
Loss on extinguishment of debt | — | — | 0.01 | 0.01 | |||
Net foreign currency loss from financing activities | — | 0.01 | — | 0.01 | |||
Other stock-based compensation expense | — | — | — | — | |||
Integration-related expenses | — | 0.01 | 0.01 | 0.03 | |||
Purchase accounting adjustments | — | — | — | 0.01 | |||
Restructuring and severance charges | 0.01 | — | 0.04 | 0.01 | |||
Reserve for certain legal matters | — | — | 0.01 | — | |||
Impairment charges | — | — | 0.24 | — | |||
Transformation expenses | 0.01 | 0.01 | |||||
Income tax benefit applicable to pretax adjustments | (0.03) | (0.03) | (0.18) | (0.14) | |||
Adjusted EPS (non-GAAP) | $ 0.25 | $ 0.32 | $ 1.06 | $ 1.41 | |||
Weighted average shares outstanding: | |||||||
Diluted (GAAP) | 679.2 | 677.1 | 678.4 | 679.4 | |||
Incremental shares excluded for GAAP | — | — | — | — | |||
Share count for Adjusted EPS (non-GAAP) | 679.2 | 677.1 | 678.4 | 679.4 | |||
Avantor, Inc. and subsidiaries | |||||||
Reconciliations of non-GAAP measures (continued) | |||||||
| |||||||
(in millions) | Three months ended | Year ended | |||||
2023 | 2022 | 2023 | 2022 | ||||
Net cash provided by operating activities | $ 251.6 | $ 205.6 | $ 870.0 | $ 843.6 | |||
Capital expenditures | (50.6) | (33.6) | (146.4) | (133.4) | |||
Free cash flow (non-GAAP) | $ 201.0 | $ 172.0 | $ 723.6 | $ 710.2 | |||
Adjusted net leverage | |
(dollars in millions) | December 31, |
Total debt, gross | $ 5,580.0 |
Less cash and cash equivalents | (262.9) |
$ 5,317.1 | |
Trailing twelve months Adjusted EBITDA | $ 1,309.1 |
Trailing twelve months ongoing stock-based compensation expense | 40.2 |
$ 1,349.3 | |
Adjusted net leverage (non-GAAP) | 3.9 x |
Avantor, Inc. and subsidiaries | |||||||||||||
Reconciliations of non-GAAP measures (continued) | |||||||||||||
| |||||||||||||
(in millions) | December 31 | Reconciliation of net sales growth (decline) to organic and | |||||||||||
Net sales growth (decline) | Foreign | Organic sales (decline) | COVID - | Core net sales | |||||||||
2023 | 2022 | ||||||||||||
Three months | |||||||||||||
$ 994.8 | $ 1,048.0 | $ (53.2) | $ 1.5 | $ (54.7) | $ (14.7) | $ (40.0) | |||||||
603.5 | 617.2 | (13.7) | 31.1 | (44.8) | (2.5) | (42.3) | |||||||
AMEA | 124.5 | 129.8 | (5.3) | 0.9 | (6.2) | (1.7) | (4.5) | ||||||
Total | $ 1,722.8 | $ 1,795.0 | $ (72.2) | $ 33.5 | $ (105.7) | $ (18.9) | $ (86.8) | ||||||
Year ended: | |||||||||||||
$ 4,071.6 | $ 4,471.2 | $ (399.6) | $ (2.2) | $ (397.4) | $ (125.1) | $ (272.3) | |||||||
2,420.4 | 2,516.5 | (96.1) | 50.5 | (146.6) | (48.7) | (97.9) | |||||||
AMEA | 475.2 | 524.7 | (49.5) | (7.1) | (42.4) | (20.5) | (21.9) | ||||||
Total | $ 6,967.2 | $ 7,512.4 | $ (545.2) | $ 41.2 | $ (586.4) | $ (194.3) | $ (392.1) | ||||||
━━━━━━━━━ | |
1. | Core organic net sales growth (decline) eliminates from our organic net growth (decline) the impact from the change in sales of COVID-19 related offerings from 2022 to 2023. Numbers in this column are calculated by removing the impact of COVID-19 sales from the numbers in the "Organic net sales growth (decline)" column. |
Adjusted EBITDA | |||||||
(in millions) | Three months ended | Year ended | |||||
2023 | 2022 | 2023 | 2022 | ||||
$ 201.2 | $ 231.0 | $ 912.6 | $ 1,077.3 | ||||
113.7 | 131.1 | 449.5 | 524.1 | ||||
AMEA | 31.6 | 40.4 | 125.3 | 141.5 | |||
Corporate | (44.4) | (43.0) | (178.3) | (172.2) | |||
Total | $ 302.1 | $ 359.5 | $ 1,309.1 | $ 1,570.7 | |||
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SOURCE Avantor and Financial News
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