Catalent reports lower Q2 revenue, expands alliance with Moderna
The company announced net revenues for the quarter of $1.15bn, which is 6% lower than the $1.22bn posted for the same quarter in the year prior. Net earnings for the period were $81m.
A substantial decrease in COVID-19-related revenue quarter-over-quarter was partially offset by a substantial increase in non-COVID earnings, added the CDMO.
Moderna partnership strengthened
The New Jersey based company also said it will be extending and expanding its manufacturing partnership with Moderna, which will see Catalent support the manufacture of multiple Moderna products in multiple formats across its North American and European biologics drug product facilities.
Catalent will continue to provide drug product fill/finish services and production capacity for Moderna’s COVID-19 programs. In addition, there are plans to extend their ongoing partnership to non-COVID-19 programs such as flu and respiratory syncytial virus (RSV) vaccines, beginning with its manufacturing site in Bloomington, Indiana, and to be expanded to its European facility in Anagni, Italy.
"We are well positioned to leverage the diverse investments we have made across our portfolio to support sustainable, long-term, and profitable growth," said Alessandro Maselli, CEO of Catalent. "Notably, our extended partnership with Moderna, a pioneer in mRNA technology, and our recently expanded partnership with Sarepta, a leader in gene therapy, build on our long experience with customers in these growth areas. These partnerships underscore the importance we place on our long-term trusted relationships. In addition, we are improving efficiency with the restructuring actions that we have executed recently, and we are bringing a renewed focus on efficiency across our organization as a whole."
Bloomberg also reported buyout interest from life sciences company, Danaher, in Catalent, citing sources familiar with the matter. But there was no indication from the report as to whether the CDMO was receptive to any such deal.