Catalent 3rd Quarter Results

Catalent
3Q Revenues: $1.04 billion (-19%)
3Q Loss: $227 million (earnings were $141 million 3Q22)
Comments: Biologics revenue was $475 million in the quarter, down 32%. Pharma and Consumer Health revenues were $563 million, down 2%. Loss in the quarter includes a goodwill impairment of $210 million associated with the company’s Consumer Health reporting unit. Unallocated costs in the quarter were $256 million, compared to $54 million in 3Q22. Restructuring costs in the quarter and December 31, 2022 represent restructuring charges associated with Catalent’s plans to reduce costs, consolidate facilities, and optimize its infrastructure across the organization. Acquisition, integration and other special items during the three months ended December 31, 2022 include costs associated with its October 2022 acquisition of Metrics Contract Services.