(Reuters) – Contract drug manufacturer Catalent Inc on Friday warned that low production at three of its facilities and higher costs would impact its fiscal 2023 results and said its CFO Thomas Castellano has stepped down, sending its shares down 20%.
The company’s clients have included COVID-19 vaccine makers such as Moderna Inc and Johnson & Johnson.
Catalent said it experienced “productivity issues” at its gene therapy manufacturing site in Harmans, Maryland, and faced similar issues at its drug product and drug substance manufacturing facilities in Bloomington, Indiana and Brussels, Belgium.
The issues would impact financial results for the third quarter and Catalent’s forecast for the remainder of fiscal 2023, the company said.
Catalent named company insider Ricky Hopson as interim CFO and said it had launched the search for a permanent finance chief.
The company’s shares were trading at $50.77 before the bell.
(Reporting by Manas Mishra in Bengaluru; Additional reporting by Pratik Jain; Editing by Shounak Dasgupta)
