Catalent, Inc. (CTLT) Q3 2023 Business Update Transcript

For the period ending March 31, 2023

May 19, 2023 8:15 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Catalent, Inc. Corporated Third Quarter 2023 Business Update Conference Call. Today's conference is being recorded. [Operator Instructions] Thank you.

And I will now turn the conference over to Paul Surdez, Vice President of Investor Relations. You may begin.

Paul Surdez - VP, IR

Good morning, everyone, and thank you all for joining us today. Instead of our normal review of Catalent's third quarter 2023 financial results Alessandro Maselli, Catalent’s President and Chief Executive Officer will provide you with the status update and then Ricky Hopson, Senior Vice President and Interim Chief Financial Officer will discuss our capital position and our revised outlook for fiscal 2023. Mr. Maselli will provide some final remarks and then we will take your questions.

During our call today, management will make forward-looking statements and refer to non-GAAP financial measures. It is possible that future results could differ from management's expectations. Please refer to Slide two with a supplemental presentation available on our investor relations website at investor.catalent.com for a discussion of risks and uncertainties that could cause actual performance or results to differ from what is suggested by those forward-looking statements and slide 3 and 4 for a discussion of Catalent's use of non-GAAP financial measures.

Now, I will turn the call over to Alessandro, whose opening remarks will begin with Slide five of the presentation. Please go ahead.

Alessandro Maselli - President & CEO

Thank you, Paul, and thank you to everyone who has joined the call today. I'll cut to the chase. This is not at all the call we expected to have now, and we are not at all where we expected to be. Our financial performance and operational execution have all fallen significantly short of our expectations and our February forecast, and we accept responsibility for disappointing you.

It should also not be taking us this long to finalize our financial reports, even though we and our third-party advisors have been using this time to engage in a deep and thorough review of our accounts and our financial reporting processes. Because that work is on-going, there are few specific details I can provide today regarding our financial performance, but I will share what news I can, give you a sense of how we got to where we are, and explain our path forward.