Why Catalent Stock Is Trading Lower Today

Catalent Inc CTLT shares are trading lower Monday after the company reported mixed results and said it expects 2023 revenue to be lower than analysts anticipated.

Catalent said second-quarter revenue increased 10% year-over-year to $1.31 billion, which missed average analyst estimates of $1.33 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.19 per share, which beat average analyst estimates of $1.15 per share.

"Our past fiscal year saw record performance and growth for Catalent, due in part to a series of significant investments in production capacity at drug manufacturing facilities in both North America and Europe over the last several years to help us meet needs across high-growth areas of customer demand," said Alessandro Maselli, president and CEO of Catalent.

Catalent said it expects full-year revenue to be between $4.975 billion and $5.225 billion versus average analyst estimates of $5.26 billion. Full-year adjusted EBITDA is expected to be between $1.31 billion and $1.39 billion. 

Catalent enables pharma, biotech and consumer health partners to optimize product development, launch and full life-cycle supply for patients around the world.

See Also: US Futures Paint Gloomy Outlook For Fresh Trading Week As Data-Dependence Introduces Caution Ahead Of Key Main Street Readings, Fed Speeches

CTLT Price Action: Catalent has a 52-week high of $128.26 and a 52-week low of $86.34.

The stock was down 7.72% at $92 at press time, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.

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