earnings call 4q20 presentation ytd · this presentation contains both historical and...

4Q’20 Earnings Call PresentationAugust 31, 2020

2

Agenda

John Chiminski, Chair & Chief Executive Officer• COVID-19 update• 4Q’20 and FY'20 review

Wetteny Joseph, Senior VP & Chief Financial Officer• 4Q’20 business segment financial performance• EBITDA & Adjusted EBITDA• Adjusted Net Income and Adjusted Net Income per Share• Capitalization review• FY’21 financial guidance

Question & Answer Session

3

Disclaimer Statement

Forward-Looking Statements

This presentation contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate”, “intend”, “estimate”, “plan”, “project”, “foresee”, “likely”, “may”, “will”, “would” or other words or phrases with similar meanings. Similarly, statements that describe our objectives, plans or goals are, or may be, forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Some of the factors that could cause actual results to differ include, but are not limited to, the following: the current or future effects of the COVID-19 pandemic on our and clients' businesses; general industry conditions and competition; product or other liability risk inherent in the design, development, manufacture, and marketing of our offerings; difficulties in providing goods and services meeting the quality standards expected by our customers or our regulators; interruptions of, or other difficulties in procuring needed inputs from, our supply chain; inability to enhance our existing or introduce new technology or services in a timely manner; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; risks generally associated with advanced electronic information systems; our substantial debt and debt service requirements, which may restrict our operating and financial flexibility and impose significant interest and financial costs; and risks associated with timely and successfully completing, and correctly anticipating the future demand predicted for, capital expansion projects at our existing facilities, or difficulty in completing acquisitions or integrating them into our existing business, thereby reducing or eliminating their anticipated benefits.

For a more detailed discussion of these and other factors, see the information under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the Securities and Exchange Commission. All forward-looking statements in this presentation speak only as of the date of this presentation or as of the date they are made, and we do not undertake to update any forward-looking statement as a result of new information or future events or developments unless and to the extent required by law.

4

Disclaimer Statement - Continued

Non-GAAP Financial Measures

Management measures operating performance based on consolidated earnings from operations before interest expense, expense/(benefit) for income taxes, and depreciation and amortization, adjusted for the income or loss attributable to non-controlling interests (“EBITDA from operations”). EBITDA from operations is not defined under U.S. GAAP, is not a measure of operating income, operating performance, or liquidity presented in accordance with U.S. GAAP, and is subject to important limitations.

We believe that the presentation of EBITDA from operations enhances an investor’s understanding of our financial performance. We believe this measure is a useful financial metric to assess our operating performance across periods by excluding certain items that it believes are not representative of our core business and uses this measure for business planning purposes.

In addition, given the significant investments that Catalent has made in the past in property, plant and equipment, depreciation and amortization expenses represent a meaningful portion of our cost structure. We believe that EBITDA from operations will provide investors with a useful tool for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt, and to undertake capital expenditures because it eliminates non-cash depreciation and amortization expense. We present EBITDA from operations in order to provide supplemental information that it considers relevant for the readers of our consolidated financial statements, and such information is not meant to replace or supersede U.S. GAAP measures. Our definition of EBITDA from operations may not be the same as similarly titled measures used by other companies.

We evaluate the performance of our segments based on segment earnings before non-controlling interest, other (income)/expense, impairments, restructuring costs, interest expense, income tax expense/(benefit), and depreciation and amortization (“segment EBITDA”). Moreover, under our credit agreement, our ability to engage in certain activities, such as incurring certain additional indebtedness, making certain investments and paying certain dividends, is tied to ratios based on Adjusted EBITDA, which is not defined under U.S. GAAP, is not a measure of operating income, operating performance, or liquidity presented in accordance with U.S. GAAP, and is subject to important limitations. Adjusted EBITDA is the covenant compliance measure used in the credit agreement governing debt incurrence and restricted payments. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

5

Disclaimer Statement - Continued

Management also measures operating performance based on Adjusted Net Income/(Loss) and Adjusted Net Income/(Loss) per share. Adjusted Net Income/(Loss) is not defined under U.S. GAAP, is not a measure of operating income, operating performance, or liquidity presented in accordance with U.S. GAAP, and is subject to important limitations. We believe that the presentation of Adjusted Net Income/(Loss) and Adjusted Net Income/(Loss) per share enhances an investor’s understanding of our financial performance. We believe these measures are useful financial metrics to assess our operating performance across periods by excluding certain items that we believe are not representative of our core business and we use these measures for business planning purposes. We define Adjusted Net Income/(Loss) as net earnings/(loss) adjusted for amortization attributable to purchase accounting and adjustments for other cash and non-cash items included in the table below, partially offset by our estimate of the tax effects of such cash and non-cash items. We believe that Adjusted Net Income/(Loss) and Adjusted Net Income/(Loss) per share provides investors with a useful tool for assessing the comparability between periods of our ability to generate cash from operations available to our stockholders. Our definition of Adjusted Net Income/(Loss) may not be the same as similarly titled measures used by other companies.

The most directly comparable U.S. GAAP measure to EBITDA from operations is operating earnings/(loss). The most directly comparable U.S. GAAP measure to Adjusted EBITDA and Adjusted Net Income/(Loss) is net earnings/(loss). Included in this release is a reconciliation of operating earnings/(loss) to EBITDA and a reconciliation of net earnings/(loss) to Adjusted EBITDA and Adjusted Net Income.

We do not provide a reconciliation of forward-looking non-GAAP financial measures to our comparable U.S. GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting, and analyzing future periods, we do so primarily on a non-GAAP basis without preparing a U.S. GAAP analysis as that would require estimates for various cash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, equity compensation expense would be difficult to estimate because it depends on our future hiring and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to constant change. It is equally difficult to anticipate the need for or magnitude of a presently unforeseen one-time restructuring expense or the values of end-of-period foreign currency exchange rates. As a result, we do not believe that a U.S. GAAP reconciliation would provide meaningful supplemental information about our outlook.

6

COVID-19 Response: Meeting the Needs of Employees, Customers and Patients

• Employee safety continues to be top priority• ~$9M of additional "Thank You" bonuses approved for H1'21• All operating facilities have remained open and operational • No notable impact to supply chain; situation remains fluid • Inventory levels increased to secure safety stock

• COVID-19 response wins involving more than 50 compounds; in

active discussions with customers involving an additional ~100 COVID-19-related compounds; engagement in all four business segments

• Working with customers on all major classes of COVID-19 vaccines in development (viral vector, nucleic acid, and protein-based). Notable vaccine/treatment candidate projects include:◦ Drug Product (Bloomington): J&J; Moderna◦ Drug Product (Anagni): AZ; J&J◦ Drug Substance (BWI): AZ◦ Drug Substance (Madison): Arcturus; Spicona◦ OneBio® Suite: Humanigen

EmployeeSafetyand

BusinessContinuity

Broad Response

to Help Meet PatientNeeds

7

4th Quarter Fiscal 2020 Financial Summary1

(Dollars in millions, except per-share data)Period-over-period growth As Reported %: Constant Currency %

31%:32% 34%:36%

50%

Organic Growth – Q4 FY'20

Net Revenue 22 %

Adjusted EBITDA 32 %

29%

Net Revenue$947.6

$725.7

Q4 2020 Q4 2019

Adjusted EBITDA$267.4

$199.4

Q4 2020 Q4 2019

Adjusted Net Incomeper Diluted Share

$0.90

$0.70

Q4 2020 Q4 2019

Adjusted Net Income$154.4

$102.9

Q4 2020 Q4 2019

Organic revenue and Adjusted EBITDA growth exclude the impact of foreign currency, acquisitions of operating or legal entities, and divestitures within the year.

1For reconciliation of non-GAAP measures to the most directly comparable GAAP measure, see slides 14 and 15

8

Fiscal Year 2020 Financial Summary1

(Dollars in millions, except per-share data)Period-over-period growth As Reported %: Constant Currency %

23%:24% 25%:26%

32%

Organic Growth – 2020

Net Revenue 12 %

Adjusted EBITDA 14 %

17%

Net Revenue$3,094.3

$2,518.0

2020 2019

Adjusted EBITDA$750.9

$599.6

2020 2019

Adjusted Net Incomeper Diluted Share

$2.11$1.81

2020 2019

Adjusted Net Income$349.8

$264.9

2020 2019

Organic revenue and Adjusted EBITDA growth exclude the impact of foreign currency, acquisitions of operating or legal entities, and divestitures within the year.

1For reconciliation of non-GAAP measures to the most directly comparable GAAP measure, see slides 14 and 15

9

4th Quarter Fiscal 2020 Highlights

• Robust demand in Biologics and OSD drives double-digit organic revenue and EBITDA growth in Q4 and FY2020

• Continued solid performance in SOT; COVID-19 impacts CSS

• Catalent becomes first CDMO to be approved by FDA for commercial gene therapy production (AveXis)

• 5th suite at BWI complete and ready to produce DS for AZD1222• Strategic relationship with Editas expanded to include cell

therapy and CSS

• CapEx approvals since Q3 release: Additional gene therapy suites (BWI); additional high-speed vial line (Bloomington); clinical drug product fill-finish services (Limoges)

• Further strengthened through $548M equity raise• 6/30/20 cash increased to >$950M (vs $608M at 3/31/20)• Net leverage reduced to 2.8x at 6/30/20 (vs. 3.8x at 3/31/20)• Lowering long-term net leverage target to 3.0x (from 3.5x)

• FY’21 financial guidance reflects accelerated double-digit organic revenue and Adjusted EBITDA growth

• FY'21 CapEx expected to be ~$500M; includes >$150M reassigned to COVID-19 programs

SegmentPerformance

Cell & GeneTherapy

FY 2021Guidance

BalanceSheet

New Growth Projects

10

• Solid growth for prescription products in North America

• Higher demand in consumer health products across Europe, North America and Latin America

• Margin expansion muted by COVID-19-related costs and new production workflows

• October 2019 divestiture of consumer health site in Braeside, Australia negatively impacted revenue and EBITDA growth, but enhanced segment margin profile

Softgel and Oral Technologies (SOT) Segment

Quarter Ended As ReportedInc. / (Dec.)

Constant CurrencyInc. / (Dec.)

Organic Growth Constant Currency

(USD M) Jun 30, 2020 Jun 30, 2019 $ % $ % %

Softgel and Oral Technologies

Net Revenue 291.2 290.7 0.5 0 % 6.9 2 % 7 %

Segment EBITDA 85.5 84.0 1.5 2 % 3.0 4 % 6 %

EBITDA Margin 29.4 % 28.9 % 50 bps 33 bps

Revenue growth of 7% and EBITDA growth of 6% excl. Braeside divestitureRevenue Stream

$253.9 $263.7

$37.3 $27.0

Manufacturing & CommercialProduct SupplyDevelopment Services

Q4 2020 Q4 2019




(USD M) Jun 30, 2020 Jun 30, 2019 $ % $ % %

Biologics

Net Revenue 357.8 177.5 180.3 102 % 181.3 102 % 66 %

Segment EBITDA 86.9 45.0 41.9 93 % 42.0 93 % 87 %

EBITDA Margin 24.3 % 25.4 % (110) bps (115) bps

11

Biologics Segment

• Strong growth for high-margin development and commercial projects, most notably for drug product and drug substance in North America

• Fast-growing gene therapy now contributing to organic growth following anniversary of May 2019 acquisition

• Margin challenged by costs of facility build outs and related headcount additions (specifically in cell & gene therapy), COVID-19-related costs, and lower-margin component sourcing services

• COVID-19 therapeutic and vaccine candidates positioned to drive global demand for drug product and drug substance capacity

Robust organic growth across the Biologics portfolio Revenue Stream

$102.6 $74.9

$255.2

$102.6


Q4 2020 Q4 2019




(USD M) Jun 30, 2020 Jun 30, 2019 $ % $ % %

Oral and Specialty Delivery

Net Revenue 218.7 178.6 40.1 22 % 42.1 24 % 11 %

Segment EBITDA 83.8 61.2 22.6 37 % 23.5 38 % 29 %

EBITDA Margin 38.3 % 34.3 % 400 bps 408 bps

12

Oral and Specialty Delivery (OSD) Segment

• Increased volume in respiratory & ophthalmic due to robust demand for recent product launches

• Strong end-market demand for oral commercial products across the Zydis®platform

• Revenue from acquired Anagni site currently at lower margin as site customer activity starts to increase

• Strong pipeline for new product introductions

Product approvals and EU commercial programs drive strong organic growthRevenue Stream

$155.4$116.0

$63.3

$62.6


Q4 2020 Q4 2019

13

• Disruption of clinical trials due to the COVID-19 pandemic impacted the distribution and packaging businesses, partly offset by growth in the storage business

• Backlog of $425M as of June 30, 2020 increased 7% from the prior quarter and 16% from Q4'19

• Net new business wins of $104M, a 10% increase vs. Q4'19; LTM book-to-bill ratio of 1.1x

• Acquired clinical supply facility in Shiga, Japan (acquisition closed July 1, 2020)

Clinical Supply Services (CSS) Segment




(USD M) Jun 30, 2020 Jun 30, 2019 $ % $ % %

Clinical Supply Services

Net Revenue 83.6 85.1 (1.5) (2) % (0.3) 0 % 0 %

Segment EBITDA 21.0 22.9 (1.9) (8) % (1.4) (6) % (6) %

EBITDA Margin 25.1 % 26.9 % (180) bps (155) bps

Revenue and EBITDA impacted by pandemic; backlog builds

Revenue Stream

$83.6 $85.1

Clincial Supply Services

Q4 2020 Q4 2019

14

Adjusted EBITDA

Quarter Ended(USD M) Jun 30,

2019Sep 30,

2019Dec 31,

2019Mar 31,

2020Jun 30,

2020

Net earnings $ 71.1 $ 0.1 $ 45.5 $ 20.9 $ 154.2 Interest expense, net 30.9 36.3 34.9 34.4 20.5 Income tax expense 8.7 (6.9) 13.0 8.8 24.8 Depreciation and amortization 54.7 60.6 61.9 64.8 66.4 EBITDA from operations $ 165.4 $ 90.1 $ 155.3 $ 128.9 $ 265.9 Equity compensation 9.2 16.6 10.3 8.6 12.6 Impairment charges and (gain)/loss on sale of assets 2.4 (0.2) 1.7 0.6 3.4 Financing-related expenses and other 11.7 0.1 — 16.0 0.2 U.S. GAAP restructuring and other 1.2 0.7 0.5 1.3 3.0 Acquisition, integration, and other special items 21.3 11.1 7.5 7.5 10.6 Foreign exchange loss/(gain) (included in other, net) 1.2 (0.1) 5.5 (3.8) (0.1) Other adjustments (13.0) 8.8 (9.8) 26.3 (28.2) Adjusted EBITDA $ 199.4 $ 127.1 $ 171.0 $ 185.4 $ 267.4

FX impact (unfavorable) (2.9)

Adjusted EBITDA at constant currency $ 270.3

Twelve months ended(USD M) Sep 30,

2019Dec 31,

2019Mar 31,

2020Jun 30,

2020

Net earnings $ 151.9 $ 148.4 $ 137.6 $ 220.7

EBITDA from operations 522.3 546.2 539.7 640.2

Adjustments 104.5 105.6 143.2 110.7

Adjusted EBITDA $ 626.8 $ 651.8 $ 682.9 $ 750.9

15

Adjusted Net Income and ANI per ShareQuarter Ended

(In millions, except per share data) Jun 30, 2019

Sep 30, 2019

Dec 31, 2019

Mar 31, 2020

Jun 30, 2020

Net earnings $ 71.1 $ 0.1 $ 45.5 $ 20.9 $ 154.2 Amortization 19.1 21.5 21.8 23.0 22.5 Equity compensation 9.2 16.6 10.3 8.6 12.6 Impairment charges and (gain)/loss on sale of assets 2.4 (0.2) 1.7 0.6 3.4 Financing-related expenses and other 11.7 0.1 — 16.0 0.2 US GAAP restructuring and other 1.2 0.7 0.5 1.4 2.9 Acquisition, integration, and other special items 21.3 11.1 7.5 7.6 10.5 Foreign exchange loss/(gain) (included in other, net) 1.2 (0.1) 5.5 (3.9) (0.1) Other adjustments (13.0) 8.8 (9.8) 26.2 (28.1) Estimated tax effect of adjustments (13.0) (12.1) (10.5) (17.7) (7.0) Discrete income tax expense items (8.3) (6.0) (0.5) 0.2 (16.7) Adjusted Net Income (ANI) $ 102.9 $ 40.5 $ 72.0 $ 82.9 $ 154.4

Diluted shares outstanding 147.2 171.7 Adjusted Net Income per diluted share 0.70 0.90

Twelve months ended

(In millions, except per share data) Jun 30, 2019

Sep 30, 2019

Dec 31, 2019

Mar 31, 2020

Jun 30, 2020

Net earnings $ 137.4 $ 151.9 $ 148.4 $ 137.6 $ 220.7 Adjustments 127.5 128.1 138.2 160.7 129.1 Adjusted Net Income (ANI) $ 264.9 $ 280.0 $ 286.6 $ 298.3 $ 349.8

Diluted shares outstanding 146.0 165.4 Adjusted Net Income per diluted share $ 1.81 $ 2.11

16

Debt and Capital Allocation

Q4 Actions

• Equity raise w/ $548M net proceeds, used to repay $200M of abundance-of-caution borrowings under revolver, with remainder to strengthen balance sheet

• Greenshoe option exercised on July 10, raising an additional ~$82M

Debt Structure

• Lowering long-term net leverage target to 3.0x (previously 3.5x)

• Covenant-light structure for all senior debt, with attractive cost of capital and maturity profile

• No significant maturity until 2026

• Increasingly weighted to fixed rates, taking into account Apr. ’20 interest rate swap agreement

Capital Allocation

• FY’21 capex expected to be ~$500M, driven by Biologics investments

• Ongoing capital allocation will be focused on:

– Capex to drive organic growth

– M&A to supplement organic growth

– Debt reduction

(USD M) 6/30/19 3/31/20 6/30/20

Revolver, due 2024 — 200 —

Incremental Term Loan, due 2026 (USD) 936 931 929

Term Loan, due 2024 (EUR) 347 — —

Total Secured Debt 1,283 1,131 929

Senior Notes, due 2024 (EUR), 4.750% 428 — —

Senior Notes, due 2026 (USD), 4.875% 445 445 445

Senior Notes, due 2027 (USD), 5.000% 492 493 493

Senior Notes, due 2028 (EUR), 2.375% — 894 910

Capital Leases / Other 167 139 143

Deferred Purchase Price 144 97 98

Total Unsecured Debt 1,676 2,068 2,089

Total Debt 2,959 3,199 3,018

Cash and Cash Equivalents 345 608 953

Total Net Debt 2,614 2,591 2,065

LTM Adjusted EBITDA 600 683 751

Net Sr. Secured Debt / Adj. EBITDA 1.6x 0.8x n.a.1

Net Debt / Adj. EBITDA 4.4x 3.8x 2.8x

Total net leverage ratio of 2.8x; compared to net leverage of 4.4x at end of fiscal 2019

1Cashandcashequivalentsat6/30/20($953M)exceedstotalsecureddebt($929M)

Fiscal 2021 Guidance

17

Guidance Range Assumptions:

• Guidance assumes no major external change to the current status of the COVID-19 pandemic and its current effect on our business

• Guidance does not assume regulatory approval for any of our customers’ COVID-19 vaccine candidates, but does include the effect of take-or-pay terms in their agreements

• Anagni and cell therapy acquisitions represent ~2 percentage points of projected revenue growth

• Ranges are broader than in recent years due to the increased uncertainty created by the COVID-19 pandemic

• Exchange rates: 1.29 USD/GBP, 1.17 USD/EUR1 Share count is fully diluted and represents the weighted average as of June 30; includes ~13M of as-if converted shares

from the May 2019 issuance of Series A convertible preferred stock

18

Appendix

4Q’20 by Business Segment

($ millions) Quarter Ended

Quarter Ended Increase/ (Decrease)

Excluding FXIncrease/ (Decrease)

Jun 30,2020

Jun 30,2019 $ % $ %


Net revenue 291.2 290.7 0.5 0 % 6.9 2 %Segment EBITDA 85.5 84.0 1.5 2 % 3.0 4 %

Biologics





Net revenue 83.6 85.1 (1.5) (2) % (0.3) 0 %Segment EBITDA 21.0 22.9 (1.9) (8) % (1.4) (6) %

Revenue elimination (3.7) (6.2) 2.5 40 % 2.5 40 %Unallocated costs (11.3) (47.7) 36.4 76 % 36.3 76 %Combined totals

Net revenue 947.6 725.7 221.9 31 % 232.5 32 %EBITDA from operations 265.9 165.4 100.5 61 % 103.4 63 %

19

($ millions) Fiscal Year Ended

Fiscal Year Ended Increase/ (Decrease)

Excluding FXIncrease/ (Decrease)

Jun 30,2020

Jun 30,2019 $ % $ %



Biologics






Revenue elimination (10.2) (13.6) 3.4 25 % 3.4 25 %Unallocated costs (145.9) (142.9) (3.0) (2) % (5.2) (4) %Combined totals

Net revenue 3,094.3 2,518.0 576.3 23 % 612.2 24 %EBITDA from operations 640.2 499.8 140.4 28 % 147.6 30 %

Full Fiscal Year FY’20 by Business Segment

20

Quarterly Net Revenue by Type of Activity

21

(USDMillions) Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Manufacturing&commercialproductsupply

$ 332.4 $ 379.5 $ 399.4 $ 454.6 $ 379.2 $ 416.4 $ 430.0 $ 511.9

Developmentservices 144.2 165.8 142.1 192.2 202.6 219.9 243.7 355.8

Clinicalsupplyservices 77.7 80.8 77.8 85.1 84.6 87.9 88.9 83.6

Subtotal $ 554.3 $ 626.1 $ 619.3 $ 731.9 $ 666.4 $ 724.2 $ 762.6 $ 951.3

Intercompanyrevenueelimination

(2.5) (3.1) (1.8) (6.2) (1.7) (2.8) (2.0) (3.7)

Netrevenue $ 551.8 $ 623.0 $ 617.5 $ 725.7 $ 664.7 $ 721.4 $ 760.6 $ 947.6

$554.3

$626.1 $619.3

$731.9

$666.4

$762.6$724.2

$951.3

22

FY’20 Net Revenue by Geography, Activity Type, and Segment

2019 2020

UnitedStates $ 1,317.3 $ 1,822.2

Europe 842.1 976.1

Other 433.8 375.8

Subtotal $ 2,593.2 $ 3,174.1

Eliminationofrevenueattributabletomultiplelocations

(75.2) (79.8)

Netrevenue $ 2,518.0 $ 3,094.3

2019 2020

Manufacturing&commercialproductsupply

$ 1,565.9 $ 1,737.5

Developmentservices 644.3 1,022.0

Clinicalsupplyservices 321.4 345.0

Subtotal $ 2,531.6 $ 3,104.5

Intercompanyrevenueelimination

(13.6) (10.2)

Netrevenue $2,518.0 $3,094.3

2019 2020

Softgel&OralTechnologies

$ 1,039.2 $ 1,062.0

Biologics 573.3 1,021.6

Oral&SpecialtyDelivery

597.7 675.9

ClinicalSupplyServices 321.4 345.0

Subtotal $ 2,531.6 $ 3,104.5

Inter-segmentrevenueelimination

(13.6) (10.2)

Netrevenue $ 2,518.0 $ 3,094.31Allcharteddataisshownpriortointercompanyeliminations

$2,593.2

$3,174.1

$2,531.6

$3,104.5

$2,531.6

$3,104.5

Quarterly Net Revenue by Segment

23


Softgel&OralTechnologies $ 240.1 $ 254.4 $ 254.0 $ 290.7 $ 260.6 $ 267.9 $ 242.3 $ 291.2

Biologics 125.7 136.4 133.7 177.5 188.6 225.2 250.0 357.8

Oral&SpecialtyDelivery 110.8 154.5 153.8 178.6 132.6 143.2 181.4 218.7

ClinicalSupplyServices 77.7 80.8 77.8 85.1 84.6 87.9 88.9 83.6

Subtotal $ 554.3 $ 626.1 $ 619.3 $ 731.9 $ 666.4 $ 724.2 $ 762.6 $ 951.3

Inter-segmentrevenueelimination

(2.5) (3.1) (1.8) (6.2) (1.7) (2.8) (2.0) (3.7)

Netrevenue $ 551.8 $ 623.0 $ 617.5 $ 725.7 $ 664.7 $ 721.4 $ 760.6 $ 947.6

$554.3$626.1 $619.3

$731.9$666.4

$724.2$762.6

$951.3

Segment EBITDA: By Quarter

24


Softgel&OralTechnologies $ 41.3 $ 54.7 $ 56.3 $ 84.0 $ 46.4 $ 64.5 $ 60.1 $ 85.5

Biologics 27.0 39.1 35.8 45.0 35.8 63.0 51.9 86.9

Oral&SpecialtyDelivery 18.9 46.0 49.0 61.2 27.7 33.1 56.2 83.8

ClinicalSupplyServices 20.2 21.0 20.3 22.9 21.6 24.0 24.6 21.0

Subtotal $ 107.4 $ 160.8 $ 161.4 $ 213.1 $ 131.5 $ 184.6 $ 192.8 $ 277.2

Unallocatedcosts (39.8) (29.4) (26.0) (47.7) (41.4) (29.4) (63.9) (11.3)

EBITDAfromoperations1 $ 67.6 $ 131.4 $ 135.4 $ 165.4 $ 90.1 $ 155.2 $ 128.9 $ 265.9

$107.4

$161.4$160.8

$213.1

$131.5

$184.6$192.8

$277.2

1ForreconciliationsofEBITDAfromoperationsforFY’20tonetearnings,themostdirectlycomparablemeasureunderU.S.GAAP,seeslide14

FX Impact on Net Revenue

25

discover more.CATALENT, INC.14 SCHOOLHOUSE ROADSOMERSET, NJ 08873+ 1 866 720 3148www.catalent.com

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