Catalent, a leading drug manufacturer based in Somerset, N.J., recently announced revisions to its fiscal fourth-quarter 2023 and first-quarter 2024 results, resulting in a significant impairment charge of almost $700 million.
During the closing procedures, Catalent identified changes that necessitated the revisions in the fiscal fourth quarter. Additionally, the company made adjustments to its fiscal first quarter results primarily due to a non-cash goodwill impairment of $689 million.
For the quarter ended June 30, Catalent reported a net loss of 59 cents per share, compared to the previously reported loss of 48 cents per share. However, the company's adjusted profit for the fiscal fourth quarter was 2 cents per share as compared to the previously reported profit of 9 cents per share.
Furthermore, Catalent revised its fiscal first-quarter loss from a previously reported loss of $3.94 per share to $4.19 per share. This impairment charge is connected to acquisitions made in Catalent's Pharma, Consumer Health, and Biologics segments.
These revisions and impairment charge serve as a significant development for Catalent and highlight the complexities and challenges inherent in the pharmaceutical industry.
For more information, please visit Catalent's official website.