Catalent Shares Climb After Positive Comments About the Firm's Business

Catalent (CTLT) was the best-performing stock in the S&P 500 on Friday after the contract drug maker said it's getting new business, even as it delayed the release of its fiscal third quarter earnings report.

The company wrote in a regulatory filing that it would need additional time to complete its preparation and review of financial statements and other disclosures in the Form 10-Q. It added it is “working diligently” to finish the work needed to file the form. 

Last week on May 8, Catalent had said it was delaying the earnings release and conference call to May 15 “to review certain potential non-cash adjustments related to the Company’s operations in Bloomington, Indiana.” Then on May 12, it again announced a delay, with the conference call moved to May 19. 

In that call, the company announced it was reducing its full-year net revenue guidance to a range of $4.25 billion to $4.35 billion, down from the $4.625 billion to $4.875 billion it projected in its second quarter earnings report. 

Catalent CEO Alessandro Maselli said Catalent’s financial performance and operational execution “have fallen significantly short of our expectations and our February forecast.” 

However, the company said that its customer supply situation remains “healthy,” and it continues to “win significant new business.” Shares jumped over 15% after the comments, but are down 16% for the year so far and 62% lower over the past 12 months.