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The contract drug manufacturer now sees its full-year revenue in the range of $4.25 billion to $4.35 billion compared with its prior forecast of $4.63 billion to $4.88 billion.
Catalent manufactures drugs, vaccines and gene therapies at 55 different sites for major pharmaceutical companies, including Moderna (NASDAQ:MRNA) Inc’s COVID-19 vaccine, Novo Nordisk (NYSE:NVO)’s weight-loss drug Wegovy and Sarepta Therapeutics (NASDAQ:SRPT)’ gene therapy for Duchenne muscular dystrophy (DMD).
The contract manufacturer has been facing challenges at three of its major production sites, which may affect its third and fourth-quarter revenue due to a slower-than-expected ramp up in production capacity.
After delaying its earnings report twice this month, Catalent, which received a delisting notice from the New York Stock Exchange, said it will provide a business update for the third quarter on a conference call on Friday rather than a normal review of its financial results.
Catalent shares fell about 6% to $30.32 before the bell.
