Nov 5 (Reuters) - Contract drug manufacturer Catalent ( CTLT )
, which is in the process of being acquired by Novo
Holdings, posted a surprise first-quarter loss and revenue below
Wall Street estimates on Tuesday.
WHY IT'S IMPORTANT
The company provides filling and packaging services for
syringes and injection pens in sterile conditions, including for
Danish drugmaker Novo Nordisk's popular weight-loss
treatment Wegovy.
Novo Holdings, the investment firm that has a controlling
interest in Novo Nordisk, agreed to buy Catalent ( CTLT ) in February to
boost the supply of Wegovy.
CONTEXT
Catalent ( CTLT ) said the deal is expected to close towards the end
of this year, after which the parent firm will sell three of the
contract manufacturer's key fill-finish sites to Novo Nordisk
for $11 billion.
On Monday, a regulatory filing showed EU antitrust
regulators will decide by Dec. 6 whether to clear the deal.
In May, the U.S. Federal Trade Commission had sought more
information on the deal.
The deal has been criticized by some U.S. consumer and labor
groups that have urged the FTC to block it, saying it threatens
competition in the booming weight-loss drugs industry.
Drugmakers Roche and Eli Lilly ( LLY ) have also
expressed concerns.
BY THE NUMBERS
Catalent's ( CTLT ) revenue for fiscal first quarter ended Sept. 30
was $1.02 billion, marginally below analysts' estimates of $1.06
billion, according data compiled by LSEG.
Revenue from its biologics segment was $461 million, missing
expectations of $470.57 million.
Its pharmaceuticals and consumer health segment posted sales
of $563 million, below estimates of $566.60 million.
Catalent ( CTLT ) posted a quarterly adjusted loss of 13 cents per
share. Analysts were expecting a profit of 5 cents.