Catalent Reports Mixed Q4 Earnings; FY23 Sales Expectation Lags Consensus

Catalent Reports Mixed Q4 Earnings; FY23 Sales Expectation Lags Consensus
  • Catalent Inc CTLT reported Q4 FY22 sales of $1.31 billion, +10% Y/Y as reported, or 15% in constant currency, slightly missing the consensus of $1.33 billion.
  • Fiscal sales reached $4.83 billion, in line with the management guidance of $4.8 billion - $4.9 billion.
  • Adjusted EPS of $1.19, compared to $1.16 last year, surpassed the consensus of $1.15.
  • Adjusted EBITDA was $384 million, or a margin of 29%, compared to $348 million a year ago.
  • Biologics segment sales increased 14% to $667 million.
  • "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 & CEO.
  • Related: Catalent-Repligen Merger 'Seems Unlikely,' This Analyst Says.
  • Softgel and Oral Technologies segment revenues of $350 million were up 22%.
  • The Oral and Specialty Delivery segment's sales were $194 million, up 11%.
  • Clinical Supply Services segment revenues improved by 4% to $104 million.
  • Guidance: For FY23, Catalent expects $4.975-$5.225 billion in revenue compared to the consensus of $5.26 billion.
  • It expects adjusted EBITDA of $1.31-$1.390 billion and adjusted net income of $660-$730 million.
  • Price Action: CTLT shares are down 8.15% at $91.58 on the last check Monday.

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