Catalent, Inc. is a global provider of development and manufacturing solutions for drugs, biologics, cell and gene therapies, vaccines, and consumer health products. The company operates approximately fifty facilities across four continents. Catalent's core business model involves helping customers bring products to market faster through its expertise in product development, regulatory compliance, and clinical and commercial supply. The company's market position is supported by its extensive capabilities, growth-enabling capacity, and deep industry know-how. Catalent serves a broad range of customers, including major pharmaceutical and biotechnology companies, and operates in key markets across North America, Europe, Asia Pacific, and South America. The company faces competition from other contract development and manufacturing organizations (CDMOs) and internal operations of its customers.

• Employees: 16,900 (as of June 30, 2024)
• Geographic Footprint: Four continents
• Headquarters: Somerset, New Jersey
• Founded: 1933
• Number of locations/facilities: 50
• Revenue: $4.38 billion (FY2024)
• Market Capitalization: $8.10 billion (as of December 31, 2023)
• Key Subsidiaries/Brands: Catalent Xpress Pharmaceutics, Clinicopia, CosmoPod, Easyburst, FastChain, FlexDirect, Follow the Molecule, Galacorin, GPEx, GPEx Boost, GPEx Lightning, Graphicaps, Liqui-Gels, Manufacturing Miracles, Micron Technologies, OmegaZero, OneBio, OneXpress Solution, OptiDose, OptiForm, OptiGel, OptiGel Bio, OptiGel DR, OptiMelt, OptiShell, PEEL-ID, Pharmatek, RP Scherer, Savorgel, Scherer, SMARTag, Softdrop, Staby, StabyExpress, StartScore SupplyFlex, Vegicaps, Zydis, and Zydis Ultra

• CEO: Alessandro Maselli
• CFO: Matti Masanovich
• Board Chair: John J. Greisch
• Other Key Executives: Michael Hatzfeld (Vice President and Chief Accounting Officer)

The executive leadership team has an average of approximately 29 years of functional experience.

• Annual Revenue: $4.38 billion (FY2024)
• Net Loss: $(1.04) billion (FY2024)
• Market Cap: $8.10 billion (as of December 31, 2023)
• Total Assets: $9.75 billion (as of June 30, 2024)
• Employees: 16,900 (as of June 30, 2024)
• Key Financial Highlights: Net revenue increased by 2% in fiscal year 2024, excluding the impact of foreign exchange. Gross margin decreased to 21.7% in fiscal year 2024, compared to 24.5% in the prior year.

Catalent offers a wide range of differentiated technologies, products, and services across its development and manufacturing platforms.

• Oral Delivery Technologies: Softgel capsules (including gelatin and non-gelatin formulations), Zydis orally disintegrating tablets, gummy and soft chew oral forms.
• Injectable Delivery Technologies: Fill and finish operations for vials, pre-filled syringes, and cartridges.
• Respiratory Delivery Technologies: Dry powder inhalers and intra-nasal forms.
• Biologics: Cell-line development, pDNA development and manufacturing, AAV vectors for gene therapies, cell therapy development and manufacturing, and bioanalytical analysis.
• Other Services: Formulation, analytical, and bioanalytical services, early-stage clinical development, drug-device combination development and supply, and clinical trials supply.

Catalent operates through two reportable segments:

• Biologics: Provides formulation, development, and manufacturing for biologic proteins, cell, gene, and other nucleic acid therapies; pDNA, iPSCs, oncolytic viruses, and vaccines. 45% of the company's net revenue in fiscal year 2024.
• Pharma and Consumer Health: Provides market-leading capabilities for oral solid doses forms, softgels, Zydis fast-dissolve technologies, and gummy, soft chew, and lozenge dosage forms; formulation, development, and manufacturing platforms for oral, nasal, inhaled, and topical dose forms; and clinical trial development and supply services. 55% of the company's net revenue in fiscal year 2024.

Catalent's strategic ambition is to power innovation and growth in the life sciences industry by becoming a leading development and commercial partner. Key strategic initiatives include:

• Continued Expansion in Biologics: Investing in protein-based biologics, cell and gene therapies, and pDNA.
• Proprietary Technologies: Utilizing its technology platforms and expertise to help customers develop new products.
• Operational Leverage: Deploying existing infrastructure and operational discipline to drive profitable growth.
• Strategic Acquisitions: Building on its existing platform through strategic acquisitions and licensing.
• Follow the Molecule: Providing solutions to customers across all phases of the product lifecycle.

Catalent operates in the highly competitive pharmaceutical and biotechnology outsourcing market. Key market trends affecting the business include:

• Market Position: A leading global CDMO
• Key Competitors: Other CDMOs and internal operations of pharmaceutical and biotechnology companies.
• Industry Trends: Increasing demand for outsourced development and manufacturing, growth in biologics and cell and gene therapies, and the need for advanced delivery technologies.

• Merger Risks: The pending merger with Novo Holdings may not be completed, which could negatively impact the company's business and share price.
• Operational Risks: Productivity issues and higher-than-expected costs at certain facilities could adversely affect financial results.
• Market Risks: Declining demand for COVID-19 products and dependence on customers' research and development activities.
• Financial Risks: High level of indebtedness and exposure to interest rate fluctuations.
• Regulatory Risks: Subject to stringent regulatory standards and other applicable laws and regulations, which can change unexpectedly.