Avantor shares fall after ‘challenging’ biopharma market hurts second quarter results

Shares of Avantor Inc.
AVTR,
-2.14%
fell 4% premarket on Friday after the company, a provider of lab equipment and services for the biopharma, healthcare and other industries, reported second quarter earnings below analysts’ estimates. Market trends, particularly in biopharma, “were more challenging than anticipated” during the quarter, CEO Michael Stubblefield said in a statement. Avantor reported a net loss of $7.3 million, or $0.01 per share, after net income of $179.3 million, or $0.28 per share, in the year-earlier period. Adjusted earnings per share of $0.28, down from $0.37 a year earlier, missed the FactSet consensus of $0.29. Revenues came to $1.74 billion in the quarter, down from $1.91 billion a year earlier and below the FactSet consensus of $1.8 billion. Avantor shares have gained 8.3% in the year to date, while the S&P 500 is up 18.2%.