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The earnings report comes on the day when the company announced the formation of a new committee, tasked with a comprehensive review of the company’s business operations, strategy, and priorities for capital allocation. This initiative aims to optimize long-term value.
Catalent has also entered into a cooperation agreement with activist investor Elliott Investment Management. Under the terms of the deal, Elliott has agreed to standstill provisions.
On the other hand, John Greisch, former CEO of Hill-Rom and a senior adviser to TPG Capital, has been appointed Executive Chair of the Board and will also chair the new Strategic and Operational Review Committee.
The company’s Board is adding four new independent directors: Steven Barg, Frank D’Amelio, Stephanie Okey, and Michelle Ryan – all nominated by Elliott.
Catalent said its revenue for the quarter was $1.07 billion, representing a 19% year-on-year decrease, but better than the expected $1.05B.
Looking ahead, Catalent envisions its FY2024 revenue to fall within the range of $4.3-4.5B, topping the consensus estimate of $4.26B.
Catalent shares rose 3% in pre-open trade.
