Shares of healthcare products manufacturer Catalent (NYSE:CTLT) are up in double digits today after the company’s third-quarter numbers came in better than estimates.
In Q3, while revenue declined 19% year-over-year to $1.04 billion, the figure still landed ahead of expectations by ~$68.3 million. Additionally, net loss per share at $0.09 too came in narrower than estimates by $0.05. During the quarter the company saw topline contraction across Biologics as well as Pharma and Consumer Health segments.
Catalent’s total debt at the end of March 2023 stood at $4.85 billion with a net leverage ratio of 4.9x. Additionally, Catalent has also scaled back its full-year 2023 guidance. Revenue for the year is now anticipated between $4,225 million and $4,325 million as compared to earlier expectations between $4,250 million and $4,350 million.
Adjusted EBITDA for the year is seen landing between $700 million and $750 million as compared to the earlier outlook between $725 million and $775 million.
Overall, the Street has a $43.73 consensus price target on Catalent alongside a Moderate Buy consensus rating.
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