Analyst Note
| Rachel Elfman |Catalent reported strong fiscal third-quarter results, highlighted by revenue of $1.27 billion, representing a 21% increase from the prior-year period. Investors reacted favorably to the results, sending the stock up nearly 11%. We expect outsourcing to Catalent and other large contract development and manufacturing organizations (CDMOs) will continue to incrementally increase driven by the complexities of biologics manufacturing. Catalent's largest segment, Biologics, reported healthy quarterly revenue of $698 million, a 30% increase from the prior-year period on a reported basis.