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- Catalent (NYSE:CTLT) traded higher on Thursday after beating Street forecasts with its Q4 FY24 financials, months ahead of its pending buyout transaction with Novo Holdings, the parent entity of weight loss drugmaker Novo Nordisk (NVO).
- The contract drug manufacturer reiterated its plans to close the $16.5B all-cash deal by the end of the 2024 calendar year but didn’t conduct an earnings call or issue guidance, given the pending transaction.
- Its Q4 results beat Street forecasts as revenue for the quarter jumped ~23% YoY to $1.3B, and the company swung to profits with $23M in net earnings compared to $1.04B in net loss in the prior-year period.
- However, despite ~3% YoY in revenue growth, Catalent’s (CTLT) FY24 ended in the red as its net loss indicated an over-fourfold rise to $1.0B driven by ~227% YoY rise in non-cash goodwill impairment charges, which stood at $687M.
