(Reuters) – Contract drug manufacturer Catalent Inc said on Monday that it expects to “significantly” reduce its 2023 forecasts for revenue and core profit, and also delay releasing its third-quarter results by a week.
Shares of the company fell about ~20% before the bell.
Catalent had, earlier in April, warned that slow production and higher-than-expected costs experienced at three of its facilities, including two of its largest manufacturing plant, will impact its fiscal 2023 results.
Since then, the company has also identified significant issues with its forecasts over the past year, which are being addressed, it said on Monday.
Catalent also said that last week it identified certain potential non-cash adjustments related to its operations in Bloomington, Indiana, due to which it would need more time to review its third-quarter results.
These issues combined, it added, would mean it would have to lower its fiscal 2023 net revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) forecasts by more than $400 million each.
The company said it now expects to file its quarterly report on May 15, instead of Tuesday.
(Reporting by Sriparna Roy in Bengaluru; Editing by Savio D’Souza)
