Avantor is a global supplier of products and services to science-based industries, primarily biopharma, healthcare, education, and government. The business operates through two models: a large-scale lab distribution channel (the VWR business, ~72% of revenue) and a proprietary specialty products manufacturing business (~28% of revenue). VWR is a product-agnostic distributor that sells millions of SKUs from thousands of third-party suppliers to labs worldwide, alongside VWR-branded private label products. Customers include scientists and procurement teams at biopharma companies, academic institutions, government labs, and hospitals. VWR also provides on-site services, where Avantor staff manage stockrooms and lab operations for customers. The proprietary manufacturing business — called Bioscience and Medtech Products (BMP) — includes J.T. Baker high-purity process chemicals used in biopharma manufacturing, Masterflex peristaltic pumps and fluid handling systems, NuSil high-purity silicones for medical devices and aerospace, and a portfolio of research and specialty chemicals. BMP earns roughly double the operating margin of VWR distribution. Key proprietary products benefit from a "design-in" dynamic where customers validate and specify Avantor's materials into regulated production processes, creating switching costs and recurring revenue. Avantor describes its strategy as "beaker-to-bulk" — getting products specified early in R&D, then benefiting as drug programs scale to commercial production. Avantor is currently executing a turnaround program called "Revival," with 2026 expected to be a transition year before returning to growth.