Catalent, Inc. (CTLT) Q3 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the Catalent, Inc. Third Quarter Fiscal Year 2023 Earnings Conference Call. My name is Carla and I will be coordinating your call today. [Operator Instructions]

I will now hand you over to your host, Paul Surdez, Vice President of Investor Relations to begin. Please go ahead.

Paul Surdez

Good morning everyone, and thank you all for joining us today to review Catalent's third quarter 2023 financial results. Joining me on the call are Alessandro Maselli, Catalent’s President and Chief Executive Officer; and Ricky Hopson, Interim Chief Financial Officer. 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 2 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 look to Slides 3 and 4 for a discussion of Catalent's use of non-GAAP financial measures.

Please also refer to Catalent’s Form 10-K/A and 10-Q that will be filed with the SEC for additional information on the risks and uncertainties that may bear on our operating results, performance, and financial condition.

Now, I would like to turn the call over to Alessandro Maselli, whose opening remarks will begin with Slide 5 of the presentation.

Alessandro Maselli

Thank you, Paul, and welcome everyone. I want to thank you for your patience as we finalized our Q3 results. It was important for us to conduct a thorough review of our financial situation during a particularly complicated period for the company. Today, I'll provide additional detail on that process and our continued progress towards returning Catalent to its historical levels of performance and margins.

On the May 19 call, we provided our revised outlook for the company after a deep dive analysis that primarily focused on our Biologics segment, which, as we noted during the call, had generated much of the noise that we have experienced over the last several months. Since then, we have diligently continued our work towards addressing the issues that we have experienced with our forecasting rigor and discipline.

With the benefit of those additional insights, it became a necessary to update our outlook for fiscal 2023, which I will discuss in more details in a few moments. As I shared on May 19 the operational COVID-cliff closed a number of unforeseen challenges as we responded to the shifting global vaccine demand.