(Reuters) – Catalent (NYSE:CTLT) Inc on Monday posted a bigger-than-expected loss for the third quarter and cut its annual forecast for a second time, hurt by persistent production challenges at the contract drug manufacturer’s major facilities.<\/p>\n\n\n\n
The company will also amend its annual filing for 2022 to reflect a $26 million deduction caused by a revenue recognition error.<\/p>\n\n\n\n
Catalent had delayed its quarterly results report thrice in less than a month, pending the adjustments needed on historical financial statements related to its Bloomington operations.<\/p>\n\n\n\n
Shares of the company rose 3% to $40 in premarket trading.<\/p>\n\n\n\n
In May, Catalent said production snags at three of its facilities – Maryland, Indiana and Brussels – had driven up costs and also contributed to the delay in reporting results. Its cost-cutting plans have also been hampered by regulatory inspections and subsequent corrective actions.<\/p>\n\n\n\n
The company then changed the financial directors at its locations facing the biggest challenges, and named a new interim CFO in April.<\/p>\n\n\n\n
Catalent is yet to provide details of what was behind the production issues.<\/p>\n\n\n\n
The contract drug manufacturer now expects full-year revenue in the range of $4.23 billion to $4.33 billion, from a prior forecast of $4.25 billion to $4.35 billion. Analysts on average were expecting $4.3 billion, according to Refinitiv.<\/p>\n\n\n\n
Excluding items, it reported a third-quarter loss of $17 million, or 9 cents per share, compared with an adjusted profit of $188 million, or $1.04 per share, a year ago. Analysts on average had expected a loss of 3 cents.<\/p>\n