Catalent (CTLT) investor relations material

Executive summary

• Net revenue for Q1 FY25 increased 4% year-over-year to $1.02 billion, with non-COVID revenue up 13% and growth driven by prescription products and gene therapy offerings, partially offset by declining COVID-19 demand.

• Net loss narrowed significantly to $129 million from $759 million in the prior-year quarter, with loss per share at $(0.71) versus $(4.19) last year, reflecting the absence of prior goodwill impairment charges.

• Adjusted EBITDA rose 11% to $125 million (12.2% margin), compared to $112 million (11.4% margin) in Q1'24.

• Pending $16.5 billion merger with Novo Holdings expected to close by end of calendar 2024, subject to regulatory approvals.

• Positive free cash flow was delivered in the quarter.

Financial highlights

• Net revenue: $1.02 billion, up 4% year-over-year; excluding COVID revenue, growth was 13%.

• Adjusted EBITDA was $125 million, up 11% year-over-year; margin improved to 12.2%.

• Net loss: $129 million, compared to $759 million loss in prior year, which included $689 million goodwill impairment.

• Operating cash flow was $61 million, compared to $(70) million in Q1'24.

• Cash and cash equivalents increased to $335 million at quarter-end.

Outlook and guidance

• Merger with Novo Holdings anticipated to close by end of 2024, pending regulatory and customary closing conditions.

• Management expects cash on hand, operations, and available borrowings to be sufficient for liquidity needs over the next 12 months.

• No forward-looking guidance provided due to the pending transaction.