Catalent Inc expects to cut by more than $400 million both its full-year revenue and core profit forecasts, the contract drug manufacturer said on Monday, sending its shares tumbling 27% to a three-year low.
weight-loss drug Wegovy, but the Danish company last month unveiled a second contract manufacturer to help meet sky-rocketing demand.
"We are confident that our recent operational challenges are temporary and addressable, and we are working intensively to return to our historic productivity levels," Catalent CEO Alessandro Maselli said in a statement. Catalent in February forecast full-year net revenue of $4.63 billion to $4.88 billion and adjusted earnings before interest, taxes, depreciation, and amortization of $1.22 billion to $1.30 billion.
William Blair analyst Max Smock on Monday identified some key risks in the next three to five years for Catalent, including quality assurance problems identified by regulators that can cause delays and potentially harm the company's reputation with other clients.
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