Shares in Catalent (NYSE:CTLT) rose yesterday after the drug-delivery company met expectations on Wall Street with its fiscal 1st-quarter results.
The Somerset, N.J.-based company posted profits of $4.6 million, or 4¢ per share, on sales of $442.2 million for the 3 months ended Sept. 30, for a bottom-line slide of -60.7% on sales growth of 4.5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 16¢, a penny ahead of consensus on The Street, where analysts were looking for sales of $430.2 million.
“We’re pleased to start fiscal year 2017 with strong revenue growth, the completion of a strategic acquisition, and several exciting developments on the Biologics front,” president & CEO John Chiminski said in prepared remarks. “The acquisition of Pharmatek adds extensive early-phase drug development capabilities from discovery to clinic and brings spray drying technology into Catalent’s extensive portfolio of advanced delivery technologies. The biologics project wins this quarter highlight our differentiated technology platforms in this space in support of our customers and patients.”
Catalent said it expects to see full-year revenue of $1.92 to $1.995 billion, compared to the consensus of $1.95 billion.
CTLT shares closed at $22.88 apiece yesterday, up 2.5%.
