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Catalent 2Q Results

Biologics revenue was $446 million in the quarter, down 23%, primarily impacted by a decline in demand for COVID-19 related programs.

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By: Kristin Brooks

Managing Editor, Contract Pharma

Catalent
2Q Revenues: $1.03 billion (-10%)  
2Q Loss: $204 million (earnings were $81 million 2Q22)
YTD Revenues: $2.0 billion (-7%)
YTD Loss: $963 million (earnings were $81 million YTD22)
Comments: Results in the quarter were primarily impacted by a decline in demand for COVID-19 related programs. Biologics revenue was $446 million in the quarter, down 23%. Pharma and Consumer health revenue was $587 million, up 3%.  
 
For the three months ended June 30, 2023, fixed asset impairment charges were primarily associated with an idle facility in the Biologics segment. Impairment charges and gain/loss on sale of assets for the three ended December 31, 2023 includes fixed asset impairment charges associated with equipment for a product with significant decline demand in the  Biologics segment. Impairment charges were $93 million in the quarter and $15 million three months ended December 31, 2023.
 
Restructuring costs, representing employee and non-employee restructuring charges associated with Catalent’s plans to reduce costs, consolidate facilities, and optimize its infrastructure across the organization were $30 million in the quarter and  $17 million three months ended December 31, 2023.

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