### At a GlanceAvantor's Q2 2026 results exceeded expectations, with management raising the full-year organic revenue growth guidance to -0.5% to +0.5% and adjusted EPS guidance to $0.80-$0.83, primarily driven by the early recovery in the VWR distribution and services business and the expected return to growth in the BMP business in the second half of the year.
Key Data: Q2 revenue was $1.69 billion, with organic year-over-year decline of 0.4%; adjusted EBITDA was $254 million, up over 15% quarter-over-quarter; adjusted EPS was $0.21, beating expectations.
Business Progress: The VWR business achieved organic growth of +1.7%, recovering ahead of schedule, driven by market share gains from renewed large customer contracts, growth in small and medium-sized customers from the upgraded vwr.com e-commerce platform, and a recovery in the U.S. biopharmaceutical market. The BMP business saw an organic decline of 5.6%, but orders achieved double-digit growth, with a book-to-bill ratio of 1.1x. Operational improvements and order backlogs lay the foundation for a return to growth in the second half. The Revival program continues, including simplifying customer onboarding processes and increasing capacity for key production lines by over 25%.
Guidance & Outlook: Full-year organic revenue growth guidance raised to -0.5% to +0.5%, and adjusted EPS guidance raised to $0.80-$0.83. VWR growth is expected to accelerate quarter-over-quarter, with BMP returning to growth in the second half and Q3 organic growth improving by approximately 250 basis points. Q3 adjusted EPS guidance is $0.20-$0.21. Full-year free cash flow guidance remains at $500 million to $550 million, with a target to reduce net leverage below 3x by year-end.
Risk/Highlight Signals: Management explicitly stated increased confidence in 2027 growth, believing the company will enter 2027 with growth momentum. However, watch for foreign exchange headwinds (approximately 125 basis points in the second half), ongoing freight cost inflation, and a slow recovery in the European and education markets.