Catalent's shares shot up 12% on Monday as the contract drug manufacturer posted third-quarter revenue ahead of estimates after a long delay caused by persistent production issues at its major facilities.
shot up 12% on Monday as the contract drug manufacturer posted third-quarter revenue ahead of estimates after a long delay caused by persistent production issues at its major facilities.
The company reported a larger-than-expected quarterly loss and cut its annual revenue forecast for the second time, but strength in its biologics unit drove quarterly sales past tempered Wall Street estimates."After a number of shoes dropping and a lot of noise recently, today was a good first or second step."
The company had delayed its quarterly results report thrice in less than a month, hit by production snags at three of its key facilities - Maryland, Brussels and Indiana, where it does fill-and-finish for Novo Nordisk'sThe issues drove up expenses and further hampered the company's cost-cutting efforts that were already under pressure from regulatory inspections and subsequent corrective actions.
The company will also amend its 2022 results filing with a $26 million deduction caused by a revenue recognition error at its Bloomington plant. The contract drug manufacturer cut its fiscal 2024 revenue forecast to a range of $4.23 billion to $4.33 billion.Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru; Editing by Devika SyamnathBhanvi Satija reports on pharmaceutical companies and the healthcare industry in the United States. She has a postgraduate degree in International Journalism from City, University of London.
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