Catalent (NYSE:CTLT) announced Q4 earnings that surpassed expectations and provided guidance that exceeded analyst predictions. As a result, shares gained more than 5% intra-day today.
The release of the earnings report coincides with the introduction of a new committee that will carry out an extensive evaluation of the company’s business operations, strategy, and capital allocation priorities.
Additionally, Catalent has reached a cooperation agreement with activist investor Elliott Investment Management, resulting in specific standstill provisions. John Greisch, the former CEO of Hill-Rom and a senior adviser to TPG Capital, has been appointed as the Executive Chair of the Board. The company’s Board of Directors will see the addition of four new independent members: Steven Barg, Frank D’Amelio, Stephanie Okey, and Michelle Ryan – all nominated by Elliott.
Catalent reported quarterly revenue of $1.07 billion, reflecting a year-on-year decrease of 19%, though surpassing the projected $1.05 billion.
Looking ahead, Catalent anticipates its revenue for fiscal 2024 to range between $4.3 billion and $4.5 billion, exceeding the Street estimate of $4.26 billion.