Catalent issued a healthy outlook for fiscal 2024 revenue and announced a settlement with activist investor Elliott Investment Management that would include a review of the drug manufacturer’s business strategy.
Catalent
(ticker: CTLT) earnings 9 cents a share for the fourth fiscal quarter ended in June. Analysts had been expecting 11 cents. Revenue of $1.07 billion exceeded the $1.05 billion analysts expected but dropped 17% from the year-earlier quarter.
The stock rose 3.4% to $47.20 in premarket trading on Tuesday.
Catalent said it expects $4.3 billion to $4.5 billion in fiscal 2024 revenue, higher than analysts’ estimates of $4.2 billion.
Catalent
also said it reached a settlement with activist investor Elliott. The deal includes adding four new independent directors to the board as well as the creation of a committee that would review the company’s strategy.
Write to Karishma Vanjani at [email protected].
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