Why Catalent Stock Plummeted by Nearly 25% Today
Specialty healthcare-company Catalent (NYSE: CTLT) was looking anything but special to investors on Tuesday. Its share price saw a queasy drop of nearly 25% on the day, following the release of dispiriting quarterly results.
For its first quarter of fiscal 2023, Catalent booked net revenue of $1.02 billion. This was essentially flat on a year-over-year basis. More alarmingly, non-GAAP (adjusted) net income declined by 52% over that stretch to hit $61 million, or $0.34 per share.
Both of those figures missed analyst estimates by quite some distance. On average, prognosticators tracking the stock were anticipating $1.08 billion on the top line and a much higher per-share, adjusted net income of $0.58.
Source Fool.com
