2023-06-12 10:02:21 ET
Contract manufacturer Catalent ( NYSE: CTLT ) added ~11% in the morning hours Monday after finally beating Street forecasts with its Q3 report for FY23, following numerous delays.
Catalent's ( CTLT ) revenue for the quarter surpassed expectations to reach $1.0B despite a ~19% YoY decline as the company deals with its previously disclosed operational challenges at some of its manufacturing sites.
Net revenue from the Biologics segment fell ~32% YoY to $475M, while Pharma and Consumer Health brought $563M to make up ~54% of the topline, indicating a ~2% YoY drop.
From $141M of net earnings in the prior year's quarter, the company swung to a net loss of $227M, driven by a goodwill impairment of $210M, including $42M of deferred tax adjustment.
The adj. EBITDA fell ~69% YoY to $105M making up ~10% of net revenue compared to ~27% in Q3 FY22.
Catalent ( CTLT ) lowered its full-year outlook for net revenue and adj. EBITDA to $4,225M - $4,325M and $700M – $750M from $4,250M – $4,350M and $725M – $775M previously. According to Bloomberg, the consensus for CTLT indicates $4.3B in net revenue and $785.8M of adj. EBITDA for FY23.
More on Catalent
- Catalent: Business Turnaround Is A Cost Reduction Odyssey
- Catalent jumps 14% to reverse losses despite guidance cut
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Catalent adds 11% as Q3 report shines after multiple delays