Catalent(US:CTLT)2023-06-11 16:00Revenue Performance - Net revenue decreased by $216 million, or 17%, compared to the same period last year, primarily due to a decline in demand for COVID-19 related programs and consumer health products [310]. - The company experienced a net loss of $227 million for the quarter, compared to a net income of $141 million in the same period last year, reflecting a significant decline [310]. - The company reported a 2% inorganic revenue increase due to acquisitions, including a cell therapy manufacturing facility and Metrics Contract Services [311]. Expenses and Cost Management - Selling, general, and administrative expenses decreased by $14 million, or 7%, primarily due to a decline in employee-related costs and stock-based compensation [312]. - The restructuring program resulted in a reduction of approximately 700 employees and incurred $36 million in pre-tax costs, with expected annualized savings of $75 to $85 million [307]. - Other operating expenses increased by $9 million, or 172%, mainly due to higher restructuring charges and fixed-asset impairment charges [313]. - Interest expense increased by $18 million, or 53%, compared to the previous year, indicating rising costs of debt [310]. Goodwill and Impairment - The company incurred a goodwill impairment charge of $210 million in the consumer health reporting unit, indicating potential future impairments if key assumptions change [419]. Internal Controls - Management identified a material weakness in internal control over financial reporting, which could lead to potential misstatements in financial statements if not remediated [411]. Inventory Management - Total inventories increased to $744 million as of March 31, 2023, compared to $702 million as of June 30, 2022, reflecting changes in raw materials and supplies [320].