Catalent delays earnings report; issues in Bloomington cited
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New Jersey-based Catalent Inc. (NYSE: CTLT) said Monday it is delaying the release of its fiscal third quarter earnings, which had previously been scheduled for Tuesday. Part of the reason for the delay, the company said, are “certain potential non-cash adjustments” related to its Bloomington operations.
The contract development manufacturing organization that focuses on the biopharmaceutical industry did not specify what the issues at its Bloomington plant are, but said it will need more time to review the matter before filing its quarterly report on May 15.
The delay comes less than a month after Catalent said it expected productivity issues and higher-than-expected costs at three of its facilities, including Bloomington, would “materially and adversely impact” its quarterly results.
The company said with all of the issues combined, it expects to reduce both its fiscal 2023 net revenue and adjusted EBITDA guidance by more than $400 million each.
“We are dissatisfied with our recent results and are taking the necessary steps to address the issues that negatively impacted our performance, which fell well short of our prior projections,” CEO Alessandro Maselli said in a news release. “We are confident that our recent operational challenges are temporary and addressable, and we are working intensively to return to our historic productivity levels.”
The Bloomington facility produces COVID-19 vaccines, among other products. In December, Catalent laid off about 400 workers in Bloomington, citing a decline in demand for the COVID vaccines.
Despite the challenges, Maselli said the company believes it can sufficiently service the demand from its customers.