Catalent beats on revenue as production picks up
(Reuters) — Catalent (CTLT) on Wednesday beat Wall Street estimates for quarterly revenue as production showed signs of improvement on the back of a change in management.
The contract drug manufacturer recorded revenue beats across both its pharmaceutical and consumer health, and biologics segments.
The company had said on Monday it would delay its first-quarter filing with the U.S. securities regulator due to a goodwill impairment charge of about $700 million related to acquisitions in the company's consumer health and biomodalities unit, but would file preliminary results on Wednesday.
Catalent has already delayed its other results several times this year to account for production snags at some of its plants.
Preliminary revenue for the first quarter fell 4%, to $982 million, but beat analysts' estimate of $939.14 million, according to LSEG data.
(Reporting by Sriparna Roy and Leroy Leo in Bengaluru; Editing by Pooja Desai)
