v3.26.1
Segment financial information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment financial information
4.    Segment financial information
Effective January 1, 2026, we revised our internal operating model and reporting structure and now operate and report our results through two reportable segments: Bioscience & Medtech Products and VWR Distribution & Services. Segment disclosures, including those for comparative periods presented, have been revised to conform to the current period presentation.
Through these segments, we provide materials & consumables, equipment & instrumentation and services & specialty procurement to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries.
Corporate costs are managed on a standalone basis, certain of which are allocated to our reportable segments.
Adjusted Operating Income is used by the CODM as the measure to evaluate segment profitability. The CODM uses this metric predominantly in the annual budget, forecasting and performance monitoring processes.
The following table presents information by reportable segment:
(in millions)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Net sales:
Bioscience & Medtech Products$451.8 $475.9 $883.2 $902.3 
VWR Distribution & Services1,240.5 1,207.5 2,390.5 2,362.5 
Total$1,692.3 $1,683.4 $3,273.7 $3,264.8 
Adjusted Operating Income:
Bioscience & Medtech Products$117.6 $131.4 $220.3 $245.9 
VWR Distribution & Services126.4 141.6 231.8 289.5 
Corporate(18.9)(20.8)(36.4)(40.4)
Total$225.1 $252.2 $415.7 $495.0 
(in millions)
Three months ended June 30, 2026Bioscience & Medtech ProductsVWR Distribution & ServicesCorporateTotal
Net sales$451.8 $1,240.5 $— $1,692.3 
Adjusted cost of sales1
231.9 922.7 — 1,154.6 
Adjusted operating expenses2
102.3 191.4 18.9 312.6 
Adjusted Operating Income$117.6 $126.4 $(18.9)$225.1 
Six months ended June 30, 2026Bioscience & Medtech ProductsVWR Distribution & ServicesCorporateTotal
Net sales$883.2 $2,390.5 $— $3,273.7 
Adjusted cost of sales1
458.6 1,776.6 — 2,235.2 
Adjusted operating expenses2
204.3 382.1 36.4 622.8 
Adjusted Operating Income$220.3 $231.8 $(36.4)$415.7 
(in millions)
Three months ended June 30, 2025Bioscience & Medtech ProductsVWR Distribution & ServicesCorporateTotal
Net sales$475.9 $1,207.5 $— $1,683.4 
Adjusted cost of sales1
242.8 886.3 — 1,129.1 
Adjusted operating expenses2
101.7 179.6 20.8 302.1 
Adjusted Operating Income$131.4 $141.6 $(20.8)$252.2 
Six months ended June 30, 2025Bioscience & Medtech ProductsVWR Distribution & ServicesCorporateTotal
Net sales$902.3 $2,362.5 $— $3,264.8 
Adjusted cost of sales1
458.2 1,717.3 — 2,175.5 
Adjusted operating expenses2
198.2 355.7 40.4 594.3 
Adjusted Operating Income$245.9 $289.5 $(40.4)$495.0 
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1.Adjusted cost of sales excludes $0.7 million and $0.2 million of items that management evaluates separately from segment operating performance for the three months ended June 30, 2026 and June 30, 2025, respectively, and $0.8 million and $0.3 million of such items for the six months ended June 30, 2026 and June 30, 2025, respectively, primarily related to restructuring, severance and related impairment charges. A reconciliation of the measure of segment profit or loss to consolidated income before income taxes is presented below.
2.Adjusted operating expenses exclude $102.6 million and $123.2 million of items that management evaluates separately from segment operating performance for the three months ended June 30, 2026 and June 30, 2025, respectively, and $193.6 million and $218.5 million of such items for the six months ended June 30, 2026 and June 30, 2025, respectively, primarily related to amortization, transformation expenses and restructuring, severance and related impairment charges. A reconciliation of the measure of segment profit or loss to consolidated income before income taxes is presented below.
The following table presents depreciation and amortization by reportable segment:
(in millions)
Three months ended June 30,Six months ended June 30,
2026202520262025
Bioscience & Medtech Products$49.2 $45.4 $98.4 $89.2 
VWR Distribution & Services56.4 57.3 112.2 113.2 
Total$105.6 $102.7 $210.6 $202.4 
Information about our segments’ assets and capital expenditures is not disclosed because this information is not provided to our CODM.
The amounts above exclude inter-segment activity because it is not material. All of the net sales presented for each segment are from external customers.
The following table presents the reconciliation of Adjusted Operating Income, our measure of segment profit or loss, to Income before income taxes:
(in millions)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Adjusted Operating Income$225.1 $252.2 $415.7 $495.0 
Amortization(75.9)(75.5)(151.6)(149.4)
Restructuring, severance, and related impairment charges1
(24.0)(21.4)(39.1)(25.8)
Transformation expenses2
— (20.4)— (35.8)
Reserve for certain legal matters, net3
(3.0)(3.6)(3.4)(3.6)
Other4
(0.4)(2.5)(0.3)(4.2)
Interest expense, net(39.4)(43.4)(82.3)(85.6)
Loss on extinguishment of debt(0.6)— (1.2)— 
Other expense, net5
(0.6)(3.7)(1.1)(23.2)
Income before income taxes
$81.2 $81.7 $136.7 $167.4 
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1.Reflects charges incurred during the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption consist of employee severance, site-exit and contract termination costs, and non-cash impairment charges on long-lived assets associated with site exits.
2.Represents incremental expenses directly associated with the Company’s former cost transformation initiative, which concluded in 2025. These expenses are primarily related to the cost of external advisors.
3.Represents charges and legal costs, net of recoveries, incurred in connection with certain litigation and other contingencies that management evaluates separately from core operating performance.
4.Represents other stock-based compensation expense (benefit) and a purchase price adjustment in 2025 related to the sale of our Clinical Services business in 2024.
5.Primarily relates to pension termination charges in 2025, returns on defined benefit plan assets, and net foreign currency gains and losses from financing activities. Refer to note 12.
The following table presents net sales by product category:
(in millions)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Proprietary$880.4 $893.8 $1,713.7 $1,723.5 
Third-party811.9 789.6 1,560.0 1,541.3 
Total$1,692.3 $1,683.4 $3,273.7 $3,264.8