Maravai Lifesciences Releases 2023 Environmental, Social and Governance (ESG) Report

Rhea-AI Summary

Maravai LifeSciences (NASDAQ: MRVI) has released its 2023 ESG report, highlighting progress in product innovation, employee empowerment, governance leadership, and sustainable growth. Key initiatives include the first stakeholder assessment to prioritize ESG issues, expanded GHG emissions reporting to include Scope 3, and the launch of the Analytical Sciences Center of Excellence. The report aligns with standards from the Global Reporting Initiative and Sustainability Accounting Standards Board, and United Nations Sustainable Development Goals. Highlights include over 3,000 products in their portfolio, 97% employee engagement in surveys, and $19K in employee donations matched by the company.

- Highlights progress across four priority areas and commitment to environmentally and socially responsible growth.

- Conducted first stakeholder assessment to identify and prioritize ESG issues that are most important for Maravai and our stakeholders.

- Increased the scope of greenhouse gas (GHG) emissions reporting to include select Scope 3 emissions.

- Expanded manufacturing production sites and launched the Analytical Sciences Center of Excellence to help customers accelerate critical therapeutic development.

SAN DIEGO, July 02, 2024 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today announced the release of its 2023 Environmental, Social and Governance (ESG) report, which is now available on the Company’s ESG webpage: https://investors.maravai.com/esg. The new report covers the 2023 fiscal year and highlights the progress Maravai made in 2023 against four key topics: Product innovation, Our people, Governance leadership, and Sustainable growth.

“As the new CEO of Maravai LifeSciences, I am tremendously proud to lead a company that has risen to big challenges and embraced its opportunities over the last few years,” said Trey Martin, Chief Executive Officer. “Our focus is now on driving diversified, sustainable growth for each of our businesses, and our ESG framework informs our strategy and approach to managing risk and opportunities. Throughout 2023 we strengthened the foundations of all areas of our ESG approach, which we believe are key to our long-term success.”

Maravai prioritized its commitment to sustainability in 2023 by conducting its first enterprise-wide stakeholder assessment to identify and prioritize the ESG matters that are most important to the company and stakeholders. A key ESG advancement was the enhancement of accuracy for Scope 1 and 2 GHG emissions and expanding the scope to include select Scope 3 emissions. These advancements will enable Maravai to better evaluate how to make meaningful emissions reductions in the future. Additionally, the Company expanded its manufacturing production sites and launched the Analytical Sciences Center of Excellence to help customers accelerate critical therapeutic development.

The 2023 ESG report was prepared in accordance with leading sustainability frameworks, including the Global Reporting Initiative (GRI) and three relevant sector standards from the Sustainability Accounting Standards Board (SASB). The report also reveals how the Company is advancing its strategy by aligning to certain United Nations Sustainable Development Goals (SDGs): Good Health and Well-Being; Gender Equality; Decent Work and Economic Growth; and Industry, Innovation and Infrastructure.

Among the many ESG initiatives this report covers, some of the key highlights from 2023 include:

Product innovation

Maravai aims to contribute to the future of human health and the development of life-changing medicine through the products it develops. In 2023, the company continued to invest in strengthening its product quality assurance and supply chain management. Maravai is developing new technologies to enable more customers to achieve their ambitions of transforming human health.

• 3,000+ - Maravai’s portfolio includes over 3,000 products designed to support life-changing medicines and diagnostics
• 100+ – CleanCap®, technology used in more than 100 new pre-clinical and clinical programs launched in 2023, growing from 250 programs to more than 350 programs
• M6 – Introduced CleanCap® M6 analog, the newest cap analog in the CleanCap portfolio
• 7 - New catalog products introduced by Glen Research in 2023
• 420 – Diverse suppliers are in the Maravai network
• 100% - All of the Company’s manufacturing sites in operation in 2023 are certified to the internationally recognized quality management standard ISO 9001:2015 and audited annually for compliance.

Our people

Maravai is empowering employees to contribute to its mission by increasing engagement, supporting their health and wellbeing, and embedding diversity, equity, and inclusion (DEI) best practices into its recruitment, rewards, talent, and training programs. Understanding and fostering the social values of Maravai’s employees is an important part of the Company’s community engagement strategy.

• 97% - Employee engagement survey participation rate was 97%. The survey received 2,700 comments and each was read by senior leadership
• 100% - All employees completed annual workplace diversity, inclusion, and sensitivity training in 2023
• 830 - Employees completed 830 voluntary, non-compliance training courses
• 640 - More than 80 employees volunteered their time using an Impact Day and donated more than 640 hours of community service
• $19K+ - Employee contributions of over $19K to non-profit organization were matched by Maravai
• $300,000 – The Maravai LifeSciences Foundation donated $300,000 and supported 10 organizations that make a difference in the communities where we live and work.

Governance leadership

Maravai looks to build resilience through sustainable leadership, strategic risk management, and effective governance.

Maravai believes a focused and robust corporate governance program underpins its long-term success and ensures its Board of Directors (the Board) has clear visibility of major risks to our company, including issues related to sustainability and ESG, as set out in the company’s Corporate Governance Guidelines. Primary oversight of our ESG strategy and related risks is managed by the Nominating, Governance, and Risk Committee of our Board. By developing cross functional partnerships, the Company aims to drive the collaboration and accountability it needs to consistently achieve our ESG objectives.

• In 2023, 100% - The standing Committees of Maravai’s Board were chaired by women who were independent board members
• Announced a new program to elect a dedicated ethics liaison at different levels of Maravai
• Formally adopted the ‘Rooney Rule’ for director nominees
• All employees review and acknowledge Maravai’s Code of Business Conduct and Ethics Policy annually and receive training during onboarding and annually thereafter.

Sustainable growth

Maravai believes it can improve the sustainability of its operations by promoting innovation and collaboration to reduce our environmental impact. The company’s approach to environmental stewardship involves a combination of sustainability strategies, such as reducing emissions, waste, water, and energy use while continuously improving data management processes and reporting practices.

• Increased transparency and the scope of our GHG emissions reporting to include Scope 3 emissions (categories 1-7)
• At the Cygnus Technologies facility in Leland, solar panels were installed in 2023 and are expected to help offset the site’s energy use in 2024 and beyond
• Focused on waste initiatives, with many of the Company’s sites using biodegradable plastic bags for shipping and other processes
• Offered 292 hours of training in 14 environmental topics through our Learning Management system.

About Maravai
Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics and cell and gene therapy companies.

For more information about Maravai LifeSciences, visit www.maravai.com.

Forward-looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements related to the Analytical Sciences Center of Excellence’s effect on acceleration of our customers’ critical therapeutic development; advancements in our GHG emissions reporting enabling us to better evaluate how to make meaningful emissions reductions in the future; our ability to develop new technologies that will enable customers to transform human health; our ability to achieve our ESG objectives, constitute forward-looking statements identified by words like “believe,” “expect,” “see,” “estimate,” “may,” “aims,” “will,” “should,” “seek,” “soon,” “nears,” “slated,” “anticipate,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, operational risks and competition. These and other risks and uncertainties are described in greater detail in the “Risk Factors” section of our most recent Annual Report on Form 10-K, as well as other reports on file with the U.S. Securities and Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements, and therefore you should not rely upon them. These forward-looking statements reflect our current views and we do not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law.

FAQ

What are the key highlights of Maravai LifeSciences' 2023 ESG report?

Key highlights include expanded GHG emissions reporting, the launch of the Analytical Sciences Center of Excellence, and over 3,000 products aimed at supporting life-changing medicines.

How did Maravai LifeSciences improve its GHG emissions reporting in 2023?

Maravai expanded its GHG emissions reporting to include select Scope 3 emissions, enhancing the accuracy of their Scope 1 and 2 emissions data.

What new initiatives did Maravai LifeSciences launch in 2023?

Maravai launched the Analytical Sciences Center of Excellence and expanded its manufacturing production sites to accelerate therapeutic development.

How is Maravai LifeSciences addressing employee engagement and diversity in 2023?

Maravai achieved a 97% employee engagement survey participation rate and ensured all employees completed annual diversity training.

What governance changes were implemented by Maravai LifeSciences in 2023?

Maravai announced a new program to elect ethics liaisons and adopted the 'Rooney Rule' for director nominees to enhance governance.

How does Maravai LifeSciences' 2023 ESG report align with international frameworks?

The report follows the Global Reporting Initiative standards, relevant Sustainability Accounting Standards Board sector standards, and aligns with United Nations Sustainable Development Goals.

What community contributions did Maravai LifeSciences make in 2023?

Maravai donated $300,000 through its Foundation and matched over $19K in employee donations to various non-profit organizations.