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1. Company Snapshot

1.a. Company Description

Catalent, Inc., together with its subsidiaries, develops and manufactures solutions for drugs, protein-based biologics, cell and gene therapies, and consumer health products worldwide.It operates through four segments: Biologics, Softgel and Oral Technologies, Oral and Specialty Delivery, and Clinical Supply Services.The Softgel and Oral Technologies segment provides formulation, development, and manufacturing services for soft capsules for use in a range of customer products, such as prescription drugs, over-the-counter medications, dietary supplements, unit-dose cosmetics, and animal health medicinal preparations.


The Biologics segment provides biologic cell-line; develops and manufactures cell therapy and viral based gene therapy; formulation, development, and manufacturing for parenteral dose forms, including vials, prefilled syringes, vials, and cartridges; and analytical development and testing services.The Oral and Specialty Delivery segment offers formulation, development, and manufacturing across a range of technologies along with integrated downstream clinical development and commercial supply solutions.This segment also offers oral delivery solutions platform comprising pre-clinical screening, formulation, analytical development, and current good manufacturing practices services.


The Clinical Supply Services segment offers manufacturing, packaging, storage, distribution, and inventory management for drugs and biologics clinical trials.It also offers FastChain demand-led clinical supply services.The company serves pharmaceutical, biotechnology, and consumer health companies; and companies in other healthcare market segments, such as animal health and medical devices, as well as in cosmetics industries.


Catalent, Inc.was incorporated in 2007 and is headquartered in Somerset, New Jersey.

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1.b. Last Insights on CTLT

Catalent's recent performance was driven by the company's acquisition by Novo Holdings A/S for $16.5 billion, with all regulatory closing conditions fulfilled on December 14, 2024. The acquisition is expected to be completed, and Novo Holdings aims to double Catalent's size over five years, focusing on U.S. manufacturing. This significant development marks a new chapter for the company, with potential for growth and expansion under new ownership."

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Lisata Therapeutics Highlights Positive Preclinical Data of Certepetide as Part of Antibody-Drug Conjugate Combinations as Reported by Licensing Partner Catalent

Nov -04

Source: globenewswire.com

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Catalent Debuts New Corporate Brand, Elevating Customer Service Excellence by “Championing the Missions that Matter™”

Oct -28

Source: businesswire.com

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Lisata Therapeutics CEO discusses Catalent deal - ICYMI

Oct -11

Source: proactiveinvestors.com

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Lisata Therapeutics CEO discusses Catalent deal - ICYMI

Oct -11

Source: proactiveinvestors.com

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Lisata Therapeutics inks global product license deal with Catalent

Oct -08

Source: proactiveinvestors.com

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Scholar Rock's Spinal Muscular Atrophy Drug Faces FDA Delay Over Catalent Indiana Inspection

Sep -23

Source: benzinga.com

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Scholar Rock, A Top 10% Stock, Dives After Catalent Issues Hamper SMA Drug

Sep -23

Source: investors.com

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Science 37 and Catalent Announce Partnership Enabling Universal Access to Clinical Research

Sep -04

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.92%)

6. Segments

Pharma and Consumer Health

Expected Growth: 5%

Catalent's Pharma and Consumer Health segment growth is driven by increasing demand for biologics and vaccines, rising adoption of advanced drug delivery technologies, and growing outsourcing trends in the pharmaceutical industry. Additionally, the segment benefits from Catalent's expertise in softgel capsules, blow-fill-seal technology, and its global manufacturing footprint.

Biologics

Expected Growth: 7%

Catalent's Biologics segment growth is driven by increasing demand for outsourcing services, advancements in biologic therapies, and strategic acquisitions. The company's expertise in cell and gene therapy, vaccine development, and commercial-scale manufacturing capabilities also contribute to its growth. Additionally, partnerships with pharmaceutical and biotechnology companies, such as Moderna Therapeutics, further boost Catalent's Biologics segment.

Inter-Segment Revenue Elimination

Expected Growth: 0%

Catalent, Inc.'s Inter-Segment Revenue Elimination growth is stagnant at 0%. This is driven by the absence of significant cross-segment sales, lack of diversification, and minimal synergies between business units, resulting in no eliminations required.

7. Detailed Products

Biologics

Catalent provides development and manufacturing services for biologics, including monoclonal antibodies, vaccines, and gene therapies.

Oral Solid Dose

Catalent offers development and manufacturing services for oral solid dose products, including tablets, capsules, and powders.

Softgel Technologies

Catalent provides softgel capsule development and manufacturing services for a range of applications, including vitamins, minerals, and pharmaceuticals.

Clinical Supply Services

Catalent offers clinical supply services, including packaging, labeling, and distribution, to support clinical trials.

Pharmaceutical Development Services

Catalent provides pharmaceutical development services, including formulation development, analytical development, and regulatory support.

Vaccine Development and Manufacturing

Catalent offers vaccine development and manufacturing services, including viral vector-based vaccines and mRNA-based vaccines.

8. Catalent, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Catalent, Inc. has a moderate threat of substitutes due to the presence of alternative pharmaceutical manufacturing services providers.

Bargaining Power Of Customers

Catalent, Inc. has a low bargaining power of customers due to its strong relationships with pharmaceutical companies and its position as a leading contract development and manufacturing organization.

Bargaining Power Of Suppliers

Catalent, Inc. has a moderate bargaining power of suppliers due to its dependence on a few key suppliers for raw materials and equipment.

Threat Of New Entrants

Catalent, Inc. has a low threat of new entrants due to the high barriers to entry in the pharmaceutical manufacturing services industry, including regulatory hurdles and significant capital requirements.

Intensity Of Rivalry

Catalent, Inc. operates in a highly competitive industry with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 51.13%
Debt Cost 5.15%
Equity Weight 48.87%
Equity Cost 9.83%
WACC 7.44%
Leverage 104.62%

11. Quality Control: Catalent, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Intra-Cellular Therapies

A-Score: 5.3/10

Value: 6.0

Growth: 7.1

Quality: 5.1

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Elanco Animal Health

A-Score: 4.6/10

Value: 3.9

Growth: 6.0

Quality: 5.1

Yield: 0.0

Momentum: 8.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Amneal Pharmaceuticals

A-Score: 4.4/10

Value: 3.9

Growth: 3.7

Quality: 6.0

Yield: 0.0

Momentum: 7.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Lantheus Holdings

A-Score: 4.2/10

Value: 5.8

Growth: 9.0

Quality: 7.9

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Deciphera Pharmaceuticals

A-Score: 3.9/10

Value: 6.2

Growth: 6.1

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Catalent

A-Score: 3.0/10

Value: 3.2

Growth: 2.2

Quality: 1.8

Yield: 0.0

Momentum: 6.0

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

63.48$

Current Price

63.48$

Potential

-0.00%

Expected Cash-Flows