NONOF - Catalent spikes as CEO touts GLP-1 manufacturing capacity

2024-01-09 14:52:04 ET

Shares of contract manufacturer Catalent ( NYSE: CTLT ) traded higher on Tuesday to reach the highest level in more than four months after its CEO, Alessandro Maselli, highlighted the company’s production capacity related to GLP-1 class of weight loss drugs.

“Catalent has a leading position as a provider of capacity to manufacture GLP-1s,” Maselli said during the ongoing J.P. Morgan Healthcare Conference, referring to the popular drug class developed by Eli Lilly ( LLY ) and Novo Nordisk ( NVO ) ( OTCPK:NONOF ) for obesity and diabetes.

He added that the treatments generated an estimated $6B in sales last year, which could be as much as $100B by 2030, even as the company projects less than $100M in revenue from its GLP-1 manufacturing capacity for fiscal 2024.

However, Maselli estimates that the company’s GLP-1 manufacturing could eventually generate more than $500M in revenue when its capacity is fully utilized, with additional expansions planned for the next two years.

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