Drug manufacturer Catalent, a major employer at its fill-finish site in Bloomington, reported fourth-quarter earnings above analyst estimates in a Thursday filing.
Catalent's location in Bloomington has about 2,400 employees, down hundreds of workers in just the past few years. It laid off 130 people earlier this year. The layoffs, the company told the Herald Times, were due to difficulties in pivoting manufacturing away from COVID-19 vaccines as demand slowed.
The company missed revenue estimates in its third-quarter earnings, with $1.07 billion in revenue.
Also impacting Catalent is its $16.5 billion purchase by Denmark-based holdings company Novo Holdings — and direct acquisition by the group’s holding Novo Nordisk, which seeks to expand the production of the weight-loss drug Wegovy to the Bloomington plant. That deal is expected to close toward the end of this year.
Revenue in Thursday’s filing exceeded analyst expectations: $1.3 billion in revenue over an average estimate of $1.22 billion. Much of the rise came from the company’s Biologics department, which recorded $605 million in revenue against an average estimate of $502.97 million. The company’s Pharma and Consumer Health department had $697 million in revenue against an estimate of $704.87 million.
Shares of the company rose almost 2% throughout trading hours Thursday.
