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.
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.
Image and article originally from www.benzinga.com. Read the original article here.