Catalent delays quarterly filing with SEC on $700 million impairment charge
2023.11.14 06:22
© Reuters. A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. REUTERS/Yves Herman
(Reuters) – Catalent (NYSE:) will delay its quarterly filing with the U.S. securities regulator due to a goodwill impairment charge of about $700 million related to acquisitions in the company’s consumer health and biomodalities unit, the company said late Monday.
The contract drug manufacturer, whose annual results were delayed several times this year to account for production snags, said it will report preliminary first-quarter results on Wednesday.
The company in May recorded a $210 million impairment charge related to its consumer health unit’s $1-billion acquisition of gummy vitamins maker Bettera Holdings in 2021.
The company also delayed its annual filing in August due to “assessment of internal controls” over its financial reporting for the year. Catalent said it continues to dedicate significant resources to the completion of the assessment.
Catalent has struggled with manufacturing problems at three plants and has been conducting a strategic review after reaching a settlement with activist investor Elliott Investment Management in August.
