Catalent (NYSE:CTLT) shares dipped today despite first-quarter financial results that beat the consensus forecast.
The Somerset, New Jersey-based company posted profits of $93 million, or 49¢ per share, on sales of $1.025 billion for the three months ended Sept. 30, 2021, for a 13.4% bottom-line gain on sales growth of 21.2%.
Adjusted to exclude one-time items, earnings per share were 71¢, 6¢ ahead of Wall Street, where analysts were looking for sales of $1 billion.
“Catalent’s strong start to fiscal 2022 was driven by robust growth in our Biologics segment and improving dynamics in both our softgel and oral technologies and oral and specialty delivery segments,” Catalent Chair & CEO John Chiminski said in a news release. “We continued to support global efforts to address the pandemic and execute on our long-term growth strategy through disciplined acquisitions, including our recent purchase of Bettera, and continued investments in biologics drug substance, fill/finish, and cell and gene therapy capacity.
“We remain confident that the investments we are making will enable us to remain the preeminent industry partner for customers for decades to come.”
Catalent raised its revenue guidance for fiscal year 2022, increasing from a range of between $4.3 billion and $4.5 billion to a range of between $4.62 billion and $4.82 billion.
CTLT shares were down -2.2% at $136 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.7%.