Earnings Summary: Catalent (CTLT) slips to a loss in Q2; revenue down 10%

Catalent, Inc. (NYSE: CTLT), a provider of delivery technologies and development solutions to the pharmaceutical industry, on Friday reported a net loss for the second quarter of 2024, reflecting a decline in revenues.

• Net revenue came in at $1.03 billion in the December quarter, which is down 10% from the prior year quarter
• The company reported a net loss of $204 million or $1.12 per share for the second quarter, compared to earnings of $81 million or $0.44 per share in Q2 2023
• On an adjusted basis, loss per share was $0.24 in Q2, vs. a profit of $0.67 per share a year earlier
• Q2 adjusted EBITDA fell 56% from last year to $124 million as reported, and dropped 57% in constant currency
• During the quarter, Catalent raised $600 million in term loans and used the proceeds to pay down debt
• Recently, the company agreed to be acquired by Novo Holdings an all-cash deal that values it at $16.5 billion