Avantor's second quarter was the first one in a long time where the distribution business carried the company. Net sales of $1,692.3 million rose 0.5% on a reported basis, and 0.4% on an organic basis, but the headline obscures the real story: VWR Distribution & Services flipped back to positive organic growth (+1.7% reported +2.7%), reversing a year of decline, while Bioscience & Medtech Products fell 5.6% organically on softer Fluid Handling and NuSil volumes. Adjusted EBITDA of $254.3 million landed 15.0% of sales - a 160-basis-point compression year over year, all of it traceable to gross margin (120 bps of compression from product mix, inflation, and lower volumes) plus a $20.4M year-ago transformation-expense tailwind that did not repeat. The Revival program is showing up where management said it would - at the customer level, in the VWR segment - but the Bioscience softness is real enough to keep the company in the "guidance holds, growth requires another quarter" frame. Management raised the FY 2026 organic-revenue range to (0.5%) to +0.5% (from (2.5%) to (0.5%)) and the adjusted-EPS range to $0.80–$0.83 (from $0.77–$0.83), with the EBITDA margin band unchanged. The Q3 frame is whether the VWR turn sustains and whether Bioscience can stabilize - at roughly 13x forward EBITDA and 17x forward earnings on the company's own adjusted measure, the equity is priced for execution, not for a beat.