Catalent Inc.’s stock CTLT tumbled 20% in premarket trade Friday, after the provider of services to the pharma industry issued a profit warning for its fiscal third quarter through March 31. The Somerset, N.J.-based company said productivity issues and higher-than-expected costs at three of its facilities — including two of its largest plants — would materially and adversely impact results and its guidance for the rest of the fiscal year. The company’s gene therapy plant in Harmans, Maryland near the BWI airport experienced a slower ramp of production than expected, along with operational challenges related to a new enterprise resource planning system that will impact revenue that was expected to come in the fourth quarter. “Timely resolution of these issues was delayed by the necessity of focusing site resources on important regulatory inspections involving the BWI site, which were successfully completed,” the company said in a statement. The company expects to make up the revenue shortfall in the second half of calendar year 2023, which is the first half of its 2024 fiscal year. The company also named Ricky Hobson, current president and division head for clinical development and supply, as interim CFO. The stock is down 35% in the last 12 months, while the S&P 500 SPX has fallen 6%.
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