Catalent filing provides clarity on two questions, says Deutsche Bank

Deutsche Bank analyst Justin Bowers believes Catalent’s Form 12b-25 filing last night provides clarity for two of the market’s questions following the company’s announcement of its scheduled November 15 earnings release date. Catalent expects to file its 2023 report on or before November 27 and its quarterly report promptly thereafter, the analyst tells investors in a research note. The company also reaffirmed its fiscal 2024 guidance, the firm points out. The incremental detail on COVID-19 revenue implies $95M-$100M in Q1, and secures the majority of its $130M target for fiscal 2024, Deutsche adds. It also implies a $25M quarter-over-quarter decline in non-COVID-19 revenue in the base to meet consensus Biologics segment revenue for the quarter, according to the analyst. The firm keeps a Hold rating on the shares with a $48 price target. “In a normal tape, we would expect the market to absorb the incremental disclosures positively,” it wrote.