Catalent Inc (CTLT) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Catalent, Inc. Third Quarter Fiscal Year 2023 Earnings Conference Call. My name is Carla, and I will be coordinating your call today. (Operator Instructions)

早上好，歡迎參加 Catalent, Inc. 2023 財年第三季度收益電話會議。我叫卡拉，今天我將協調您的電話。 （操作員說明）

I will now hand you over to your host, Paul Surdez, Vice President of Investor Relations, to begin. Please go ahead.

現在我將請主持人投資者關係副總裁保羅·蘇爾德茲 (Paul Surdez) 開始發言。請繼續。

Good morning, everyone, and thank you all for joining us today to review Catalent's Third Quarter 2023 financial results. Joining me on the call are Alessandro Maselli, President and Chief Executive Officer; and Ricky Hopson, Interim Chief Financial Officer.

大家早上好，感謝大家今天與我們一起回顧康泰倫特 2023 年第三季度的財務業績。與我一起參加電話會議的還有總裁兼首席執行官 Alessandro Maselli；和臨時首席財務官 Ricky Hopson。

During our call today, management will make forward-looking statements and refer to non-GAAP financial measures. It is possible that future results could differ from management's expectations. Please refer to Slide 2 of the supplemental presentation available on our Investor Relations website at investor.catalent.com for a discussion of risks and uncertainties that could cause actual performance or results to differ from what is suggested by those forward-looking statements and look to Slides 3 and 4 for a discussion of Catalent's use of non-GAAP financial measures.

在今天的電話會議中，管理層將做出前瞻性陳述並參考非公認會計準則財務指標。未來的結果可能與管理層的預期有所不同。請參閱我們的投資者關係網站 Investor.catalent.com 上提供的補充演示文稿的幻燈片 2，了解可能導致實際業績或結果與這些前瞻性陳述所建議的內容不同的風險和不確定性的討論，並期待幻燈片 3 和 4 討論了康泰倫特使用非 GAAP 財務指標的情況。

Please also refer to Catalent's Form 10-K/A and 10-Q that will be filed with the SEC for additional information on the risks and uncertainties that may bear on our operating results, performance and financial condition.

另請參閱康泰倫特將向 SEC 提交的表格 10-K/A 和 10-Q，了解可能對我們的經營業績、業績和財務狀況產生影響的風險和不確定性的更多信息。

Now I would like to turn the call over to Alessandro Maselli, whose opening remarks will begin with Slide 5 of the presentation.

現在我想將電話轉給 Alessandro Maselli，他的開場白將從演示文稿的幻燈片 5 開始。

Thank you, Paul, and welcome, everyone. I want to thank you for your patience as we finalized our Q3 results. It was important for us to conduct a thorough review of our financial situation during a particularly complicated period for the company. Today, I'll provide additional detail on that process and that continued the progress towards returning Catalent reach historical levels of performance and margins.

謝謝保羅，歡迎大家。我要感謝您在我們最終確定第三季度結果時的耐心等待。在公司特別複雜的時期，對我們的財務狀況進行徹底的審查非常重要。今天，我將提供有關該流程的更多詳細信息，以及康泰倫特在業績和利潤率方面恢復歷史水平的持續進展。

On the May 19 call, we provided our revised outlook for the company after a deep dive analysis that's primarily focused on our Biologics segment, which as we noted during the call, has generated much of the noise that we have experienced over the last several months. Since then, we have diligently continued our work towards addressing the issues that we have experienced with our forecasting rigor and discipline. With the benefit of those additional insights, it became necessary to update our outlook for fiscal '23, which I will discuss in more details in a few moments.

在 5 月 19 日的電話會議上，我們經過深入分析後提供了對該公司的修訂前景，該分析主要集中於我們的生物製劑部門，正如我們在電話會議中指出的那樣，該部門產生了我們在過去幾個月中經歷的大部分噪音。從那時起，我們繼續努力工作，以解決我們在預測的嚴謹性和紀律性方面遇到的問題。得益於這些額外的見解，我們有必要更新我們對 23 財年的展望，我將在稍後更詳細地討論這一點。

As I shared on May 19, the operational COVID cliff caused a number of unforeseen challenges as we responded to the shifting global vaccine demand. At the same time, we continue to grow our non-COVID business, including progressing towards the transition of late-stage gene therapy products to commercial supply. This progress triggered an in-depth evaluation of the future accounting treatment for this new type of contract, including how we would recognize revenues, all of which Ricky will later explain in more details.

正如我在 5 月 19 日分享的那樣，在我們應對不斷變化的全球疫苗需求時，新冠肺炎疫情的懸崖帶來了許多不可預見的挑戰。與此同時，我們繼續發展我們的非新冠業務，包括逐步將後期基因治療產品向商業供應過渡。這一進展引發了對這種新型合同的未來會計處理的深入評估，包括我們如何確認收入，所有這些瑞奇稍後將進行更詳細的解釋。

As I also mentioned on our last call, in conjunction with the changes in our financial leadership, we conducted an independent third-party balance sheet review at the 2 largest sites in our Biologics segment, Bloomington and BWI. Again, this balance sheet review reaffirmed the overall soundness of our financial record-keeping, including our contract asset balances.

正如我在上次電話會議中提到的，結合我們財務領導層的變化，我們對生物製劑部門最大的 2 個工廠（布盧明頓和 BWI）進行了獨立的第三方資產負債表審查。這次資產負債表審查再次確認了我們財務記錄的整體健全性，包括我們的合同資產餘額。

As expected, we recorded a few accounting adjustments in Q3 at the Bloomington, the largest of which was raw material write-offs and an increase in our -- to our inventory reserve of roughly $55 million related to certain raw materials and components, procured the safety stock to minimize pandemic-related supply chain shortages. We also corrected a $26 million revenue recognition error related to the fourth quarter of fiscal '22. The error relates to a contract modification involving the Bloomington customer that we fail to reflect as such in the quarter. Separately, given our lower growth expectation for our Consumer Health business, we finalized our -- the accounting for a goodwill impairment of $210 million. Finally, we also reviewed the significant items in our accounting for the first and second quarters of fiscal '23 and confirmed the soundness of that accounting.

正如預期的那樣，我們在布盧明頓第三季度進行了一些會計調整，其中最大的調整是原材料沖銷以及我們與某些原材料和零部件相關的庫存儲備增加了約 5500 萬美元，採購了安全庫存，以盡量減少與大流行相關的供應鏈短缺。我們還糾正了與 22 財年第四季度相關的 2600 萬美元收入確認錯誤。該錯誤與涉及布盧明頓客戶的合同修改有關，我們未能在本季度反映出來。另外，鑑於我們對消費者健康業務的增長預期較低，我們最終確定了 2.1 億美元商譽減值的會計處理。最後，我們還審查了 23 財年第一和第二季度會計中的重要項目，並確認了會計的合理性。

Overall, this critical financial reviews and analysis required us to delay completing our third quarter reform 10-Q until today. We also needed this additional time to prepare an amendment to our annual report on Form 10-K for the fiscal year ended June 30, 2022, in order to address the $26 million revenue recognition ever.

總體而言，這一重要的財務審查和分析要求我們將第三季度改革 10-Q 推遲到今天。我們還需要額外的時間來準備對截至 2022 年 6 月 30 日的財年 10-K 表格年度報告的修訂，以解決有史以來 2600 萬美元的收入確認問題。

I will note that due to the discovery of this error, we also reevaluated the effectiveness of our internal control over financial reporting as of the end of fiscal '22 and identified a material weakness in our internal control framework or ICFR as of the date -- of that date related to our failure to detect the Bloomington revenue recognition error. Please refer to the amended 10-K for a more detailed description of this material weakness.

我要指出的是，由於發現了這一錯誤，我們還重新評估了截至 22 財年末的財務報告內部控制的有效性，並發現了截至該日期我們的內部控制框架或 ICFR 的重大缺陷——該日期與我們未能檢測到布盧明頓收入確認錯誤有關。請參閱修訂後的 10-K，了解該材料缺陷的更詳細描述。

As noted in the amendment, management has restated its assessment to our ICFR and our disclosure controls and procedures to indicate that they were not effective as of June 30, 2022, because of this material weakness. Our independent registered public accounting firm, Ernst & Young, has also restated its opinion on our ICFR as of June 30, 2022. However, Ernst & Young's report on the consolidated financial statements remain unchanged and continues to state that our June 30, 2022 financial statements present fairly in all material respects the financial position of the company at the June 30, 2022 and 2021, and the results of its operation and its cash flow for each of the 3 years in the period ended June 30, 2022 in conformity with GAAP.

正如修正案中所述，管理層重申了對我們的 ICFR 以及披露控制和程序的評估，表明由於這一重大缺陷，它們截至 2022 年 6 月 30 日尚未生效。我們的獨立註冊會計師事務所安永會計師事務所也重申了其對截至 2022 年 6 月 30 日的 ICFR 的意見。不過，安永關於合併財務報表的報告保持不變，並繼續聲明我們 2022 年 6 月 30 日的財務報告報表在所有重大方面公允反映了公司截至2022年6月30日和2021年的財務狀況，以及截至2022年6月30日的三年內每年的經營業績和現金流量，符合公認會計原則。

During this time, we also began to implement plans to strengthen our internal control processes to ensure these issues are not repeated, including through some of the personnel changes we discussed on our last call.

在此期間，我們還開始實施加強內部控制流程的計劃，以確保這些問題不再重複，包括我們在上次電話會議中討論的一些人事變動。

Before I hand the call to Ricky to review our Q3 numbers, let me provide some brief updates. I will begin at the 3 sites, Bloomington, Brussels and BWI that we called out as having operational challenges on our last call. We continue to see productivity improvements in Bloomington and Brussels since our last update. Both sides are on the right path. But given the significant disruption from remediation efforts and the COVID operational cliff, more work and time are needed before we return to our previous margin levels.

在我打電話給 Ricky 審查我們的第三季度數據之前，讓我提供一些簡短的更新。我將從 3 個地點開始：布盧明頓、布魯塞爾和 BWI，我們在上次電話會議中稱其存在運營挑戰。自上次更新以來，我們繼續看到布盧明頓和布魯塞爾的生產力有所提高。雙方都走在正確的道路上。但鑑於補救措施和新冠疫情運營懸崖造成的嚴重干擾，我們需要做更多的工作和時間才能恢復到之前的利潤水平。

We are also focused on improving our cost structure. For example, in Bloomington, we recently implemented organizational changes aimed at regaining efficiencies and focused on the site supervisory and management levels.

我們還致力於改善成本結構。例如，在布盧明頓，我們最近實施了旨在恢復效率的組織變革，並重點關注現場監督和管理層面。

In BWI, the operational challenges as -- had been resolved before our May 19 call. Since then, we have continued to ramp up our production levels, and we currently see strong operational performance at the site following downtime at the end of Q3 and the beginning of the fourth quarter. Our production level is now where we wanted to be from an operational standpoint and our financial performance will eventually follow these operational improvements. Nonetheless, gene therapy revenues are expected to be lower in Q3 -- in Q4 compared to Q3 due to the lower utilization rate and work needed to restore previous operational levels.

在 BWI，運營挑戰在我們 5 月 19 日的電話會議之前已得到解決。從那時起，我們繼續提高生產水平，在第三季度末和第四季度初的停機之後，我們目前看到該工廠的運營表現強勁。從運營的角度來看，我們的生產水平現在達到了我們想要的水平，我們的財務業績最終將隨著這些運營的改進而變化。儘管如此，由於利用率較低以及恢復之前運營水平所需的工作量較低，預計第三季度基因治療收入將低於第三季度。

The second half of fiscal '23 also reflects some margin issues in our Biologics segment, particularly with respect to our significant investments in new modalities, including cell therapies and plasmids. We're also taking actions in these areas. For context, we believe all these assets will create a great value for innovator inflations over time. However, our expectation earlier in the year for significantly higher revenues related to these assets in fiscal '23 turned out to be not what we are currently experiencing. As a result, these service offerings currently have a very low level of absorption and utilization and are running below breakeven levels, creating an impact of several hundred basis points on the EBITDA margin in our Biologics segment.

23 財年下半年也反映了我們生物製品部門的一些利潤問題，特別是我們對新模式（包括細胞療法和質粒）的重大投資。我們也在這些領域採取行動。就背景而言，我們相信隨著時間的推移，所有這些資產將為創新者通脹創造巨大價值。然而，我們今年早些時候預計 23 財年與這些資產相關的收入將大幅增加，但事實證明，我們目前所經歷的情況並非如此。因此，這些服務產品目前的吸收和利用率水平非常低，並且運行在盈虧平衡水平以下，對我們生物製劑部門的 EBITDA 利潤率產生了數百個基點的影響。

As we mentioned on our last call, I attribute these issues to a combination of items, including our optimistic forecasting and macro-related items like biotech funding, but also our go-to-market strategy and we are actively addressing all aspects of this imbalance. I expect we will substantially be able to address these issues over the next few quarters as we correct our cost base and we see some small signs of recovery in biotech funding.

正如我們在上次電話會議中提到的，我將這些問題歸因於一系列因素，包括我們的樂觀預測和生物技術融資等宏觀相關項目，還有我們的市場戰略，我們正在積極解決這種不平衡的各個方面。我預計，隨著我們糾正成本基礎，並且我們看到生物技術資金出現一些復甦的小跡象，我們將在未來幾個季度基本上能夠解決這些問題。

In the PCH segment, we continue to expect both the revenue and EBITDA to increase sequentially from the third quarter but now not as strongly as previously expected. As a reminder, the fourth quarter is our seasonally stronger quarter, particularly in PCH as we execute on demand at higher levels before we perform a maintenance shutdowns in the summer months. We attribute the change to more rigorous forecasting and delays in fulfilling demand, which include delays resulting from logistical issues with the clients supply the active pharmaceutical ingredients. This lower PCH expectations is the primary reason for our updated guidance.

在 PCH 領域，我們繼續預計收入和 EBITDA 將從第三季度開始連續增長，但目前增幅不如之前預期。提醒一下，第四季度是我們季節性強勁的季度，特別是在 PCH 領域，因為我們在夏季進行維護關閉之前以更高的水平按需執行。我們將這一變化歸因於更嚴格的預測和滿足需求的延遲，其中包括因客戶供應活性藥物成分的物流問題而導致的延遲。 PCH 預期的降低是我們更新指導的主要原因。

Now let me speak for a moment about our efforts to manage enterprise-wide cost and cash in order to return our company to its expected profitability levels. We discussed on May 19 that we have developed another cost reduction plan intended to drive margins more aligned to our historic levels with a goal of doubling our previous commitment of $75 million to $85 million of annualized run rate savings. This includes costs eliminated through the completion of inhibition activities in both Bloomington and Brussels. We expect that the impact of this activity to be roughly $100 million in fiscal '24, when combined with the savings from the first program announced in November.

現在讓我談談我們為管理整個企業的成本和現金而做出的努力，以使我們的公司恢復到預期的盈利水平。我們於 5 月 19 日討論，我們制定了另一項成本削減計劃，旨在使利潤率更接近我們的歷史水平，目標是將我們之前承諾的 7500 萬美元至 8500 萬美元的年度運行率節省額增加一倍。這包括通過在布盧明頓和布魯塞爾完成抑制活動而消除的成本。我們預計，與 11 月份宣布的第一個計劃節省的費用相結合，這項活動在 24 財年的影響將約為 1 億美元。

In addition, we are limiting new CapEx as a consequence of the extensive build-outs we have already completed. We are also actively evaluating our current portfolio to ensure we have a suite of businesses that achieve sustainable, profitable, capital-efficient growth that delivers superior shareholder returns.

此外，由於我們已經完成了大規模的擴建，我們正在限制新的資本支出。我們還積極評估我們當前的投資組合，以確保我們擁有一系列業務，能夠實現可持續、盈利、資本高效的增長，從而帶來卓越的股東回報。

Finally, let me address some investor concerns that we had by reminding everyone that we disclosed on May 19, 9 different inspections over the last 6 months. Noting that several had (inaudible) and other had a few Form 483 observations each, but we were confident then and remain confident now that we can and will address all of these observations with corrective and preventative actions that will meet the FDA's standards.

最後，讓我提醒大家，我們在 5 月 19 日披露了過去 6 個月內進行了 9 次不同的檢查，以解決一些投資者的擔憂。注意到有幾個（聽不清）和其他人各自有一些 483 表格觀察結果，但我們當時和現在都充滿信心，我們能夠並且將會通過符合 FDA 標準的糾正和預防措施來解決所有這些觀察結果。

In closing, I want to reiterate that Catalent continues to be a great company with a strong fundamentals, our large growing global market and a significant customer demand. We are committed to remaining our customers' #1 CDMO partner and I'm pleased to note that we've seen a strong customer retention over the past few months. We have made significant progress in addressing our operational and forecasting challenges and we have the right strategy in place to achieve the performance levels you expect from Catalent.

最後，我想重申，康泰倫特仍然是一家偉大的公司，擁有強勁的基本面、不斷增長的龐大全球市場和巨大的客戶需求。我們致力於繼續成為客戶的第一大 CDMO 合作夥伴，我很高興地註意到，在過去的幾個月裡，我們看到了強勁的客戶保留率。我們在應對運營和預測挑戰方面取得了重大進展，並且制定了正確的戰略來實現您對康泰倫特的期望績效水平。

I will now turn it to Ricky for a discussion of our Q3 financial results.

我現在將請 Ricky 討論我們第三季度的財務業績。

Thank you, Alessandro. Okay. Starting on Slide 6. Net revenue in the quarter was $1.04 billion, down 19% on a reported basis or a 17% decrease on a constant currency basis compared to the third quarter of fiscal 2022. When we exclude the impact of acquisitions and divestitures, organic revenue declined 19%, measured in constant currency.

謝謝你，亞歷山德羅。好的。從幻燈片 6 開始。與 2022 財年第三季度相比，本季度淨收入為 10.4 億美元，按報告計算下降 19%，按固定匯率計算下降 17%。當我們排除收購和資產剝離的影響時，以固定貨幣計算，有機收入下降 19%。

Our third quarter adjusted EBITDA decreased 69% to $105 million or 10.1% of net revenue versus 26.6% in the prior year quarter. On a constant currency basis, our third quarter adjusted EBITDA declined 68% compared to the third quarter of the prior year. I will speak to the major drivers of these declines in the segment commentary.

我們第三季度調整後 EBITDA 下降 69%，至 1.05 億美元，占淨收入的 10.1%，而去年同期為 26.6%。按固定匯率計算，我們第三季度調整後 EBITDA 比去年第三季度下降了 68%。我將在細分評論中談論這些下降的主要驅動因素。

Adjusted net income was negative $17 million or negative $0.09 per diluted share compared to adjusted net income of $188 million or $1.04 per diluted share in the third quarter a year ago. Reconciliations from net earnings, the nearest GAAP measure to each of adjusted EBITDA and adjusted net income are in the appendix to the slide deck.

調整後淨利潤為負 1700 萬美元，或稀釋每股負 0.09 美元，而去年第三季度調整後淨利潤為 1.88 億美元，或稀釋每股 1.04 美元。幻燈片附錄中列出了淨利潤調節表、調整後 EBITDA 和調整後淨利潤的最接近 GAAP 衡量標準。

Excluded from adjusted net income is a goodwill impairment of $210 million on an after-tax basis in our Consumer Health business, which includes the Bettera business that we acquired in October 2021.

我們的消費者健康業務（包括我們於 2021 年 10 月收購的 Bettera 業務）稅後 2.1 億美元的商譽減值不計入調整後淨利潤。

Now let's discuss our segment performance where commentary around segment growth will be in constant currency. As shown on Slide 7, Q3 net revenue in our Biologics segment was $475 million. This was a decrease of 32% compared to the third quarter of 2022. The decline is primarily driven by significantly lower year-on-year COVID demand. As previously disclosed, the third quarter of 2022 was the company's strongest quarter for COVID revenue while in the third quarter of this year, COVID revenue declined approximately 68% to $120 million. Included in the $120 million was an unusually high level of component sources, which carries a single-digit margin as we finalized a onetime settlement for COVID-related raw materials totaling $35 million.

現在讓我們討論我們的細分市場表現，其中有關細分市場增長的評論將以固定貨幣表示。如幻燈片 7 所示，我們的生物製劑部門第三季度淨收入為 4.75 億美元。與 2022 年第三季度相比下降了 32%。下降的主要原因是新冠疫情需求同比大幅下降。正如之前披露的，2022 年第三季度是該公司 COVID 收入最強勁的季度，而今年第三季度，COVID 收入下降了約 68% 至 1.2 億美元。 1.2 億美元中包括異常高水平的零部件來源，當我們最終就與新冠病毒相關的原材料達成總額 3500 萬美元的一次性和解時，其利潤率僅為個位數。

In February, we have forecasted that COVID revenues were expected to be more than $600 million in fiscal '23, an expectation we maintain. However, the quarterly phasing of this revenue is different than our comments suggested in February, where we expected Q4 to be higher than Q3. In Q3, we recorded more COVID revenue than expected due to the resolution of certain extended take-or-pay and component sourcing arrangements. With our third quarter year-to-date COVID revenue of approximately $560 million, our Q4 COVID expectation is now substantially reduced.

2 月份，我們預測 23 財年的新冠疫情收入將超過 6 億美元，我們維持這一預期。然而，該收入的季度階段與我們二月份的評論不同，我們預計第四季度將高於第三季度。在第三季度，由於某些延長的照付不議和零部件採購安排的解決，我們錄得的新冠疫情收入高於預期。由於我們今年第三季度的新冠肺炎收入約為 5.6 億美元，我們對第四季度新冠肺炎的預期現已大幅降低。

Our long-term COVID take-or-pay agreements are now concluded and in fiscal '24, COVID volumes will be tied to more standard ordering arrangements based on rolling forecasts, including binding periods, which are typical arrangements in our business. Finally, we continue to plan for a significant year-on-year reduction in COVID revenue in fiscal '24.

我們的長期新冠肺炎照付不議協議現已簽訂，在 24 財年，新冠肺炎數量將與基於滾動預測的更標準的訂購安排掛鉤，包括約束期，這是我們業務中的典型安排。最後，我們繼續計劃在 24 財年大幅減少新冠疫情收入。

Non-COVID growth in Biologics in Q3 was approximately 11% year-on-year. Our core gene therapy business has been the strongest source of growth for Catalent year-to-date and grew double digits in Q3, but well below our expected growth for the reasons we outlined on the May 19 call.

第三季度生物製品的非新冠疫情同比增長約為 11%。我們的核心基因治療業務是康泰倫特今年迄今為止最強勁的增長來源，並在第三季度實現了兩位數增長，但由於我們在 5 月 19 日電話會議中概述的原因，遠低於我們的預期增長。

I would also like to draw your attention to the movements in our Biologics' commercial and development revenue streams where the classifications are driven by contractual language, which is not always aligned with the regulatory status of a given product. The large drop in development revenue had 2 primary drivers. First, the year-on-year decline in certain COVID revenue that has been designated as development revenue; and second, in the third quarter, in fiscal 2023, we started producing product under an updated gene therapy contract, which changed the product classification from development to commercial. In addition, in the third quarter of fiscal 2022, there was also a large COVID program designated as commercial that concluded that quarter.

我還想提請您注意我們的生物製品商業和開發收入流的變化，其中分類是由合同語言驅動的，而合同語言並不總是與特定產品的監管狀態一致。開發收入大幅下降有兩個主要驅動因素。首先，某些被指定為開發收入的新冠疫情收入同比下降；其次，在 2023 財年第三季度，我們開始根據更新的基因治療合同生產產品，這將產品分類從開發更改為商業。此外，在 2022 財年第三季度，還有一個被指定為商業的大型新冠病毒計劃於該季度結束。

Moving to EBITDA. The segment's EBITDA margin was 1.1% compared to the 31.1% recorded in the third quarter of fiscal 2022. Items that adversely impacted net revenue and segment EBITDA include productivity issues and higher-than-expected costs and accounting adjustments in Bloomington, productivity issues and higher-than-expected costs in Brussels, ERP implementation and unforeseen operational challenges that led to the under-absorption at BWI and low levels of absorption and utilization across our cell therapy and plasmid assets, where optimistic planning drove accelerated investments and the revenue is not being generated as quickly as expected.

轉向 EBITDA。該部門的 EBITDA 利潤率為 1.1%，而 2022 財年第三季度為 31.1%。對淨收入和部門 EBITDA 產生不利影響的項目包括布盧明頓的生產力問題、高於預期的成本和會計調整、生產力問題等- 布魯塞爾的成本超出預期、ERP 實施和不可預見的運營挑戰導致 BWI 的吸收不足以及我們的細胞治療和質粒資產的吸收和利用水平較低，樂觀的規劃推動了加速投資，但收入並未得到實現生成速度與預期一樣快。

The accounting adjustments during the quarter were largely due to the reserves or write-offs of raw materials in Bloomington totaling approximately $55 million that we purchased at our own risk as safety stock during the pandemic. This alone impacted segment margin by more than 1,100 basis points. The other accounting adjustments identified through the independent balance sheet review were all immaterial in nature and essentially netted out close to 0.

本季度的會計調整主要是由於我們在布盧明頓儲備或沖銷了總計約 5500 萬美元的原材料，這些原材料是我們在疫情期間自行承擔風險購買的安全庫存。僅此一項就影響了該部門的利潤率超過 1,100 個基點。通過獨立資產負債表審查確定的其他會計調整本質上都是無關緊要的，基本上淨值接近於 0。

As shown on Slide 8, our Pharma & Consumer Health segment generated net revenue of $563 million, an increase of 1% compared to the third quarter of fiscal 2022. Segment EBITDA down 10% over the same period. The segment's revenue growth was primarily driven by the recently acquired Metrics business, which contributed 4 percentage points to the segment's top line and 5 percentage points to adjusted EBITDA. The organic PCH business continued to see increased revenue in clinical supply services, whilst commercial revenues continued to face headwinds with the most notable driver being high-end nutritional supplements, including our gummy offerings, as soften consumer demand continued to create under-absorption. In addition, the segment also faced continued supply chain issues related to a top product, which is in the process of being resolved and lower demand related to some other high-margin pharmaceutical products.

如幻燈片 8 所示，我們的製藥與消費者健康業務部門產生了 5.63 億美元的淨收入，與 2022 財年第三季度相比增長了 1%。該部門的 EBITDA 同期下降了 10%。該部門的收入增長主要是由最近收購的 Metrics 業務推動的，該業務為該部門的營收貢獻了 4 個百分點，為調整後 EBITDA 貢獻了 5 個百分點。有機 PCH 業務在臨床供應服務方面的收入繼續增長，而商業收入繼續面臨阻力，最顯著的推動因素是高端營養補充劑，包括我們的軟糖產品，因為消費者需求疲軟繼續造成吸收不足。此外，該部門還面臨與頂級產品相關的持續供應鏈問題（該問題正在解決）以及與其他一些高利潤藥品相關的需求下降。

The segment's EBITDA margin of 22.3% was lower by roughly 290 basis points year-over-year from the 25.2% recorded in the third quarter of fiscal 2022. Year-over-year margin decline was a result of unfavorable product mix across the segment and caused the inflation.

該部門的 EBITDA 利潤率為 22.3%，較 2022 財年第三季度的 25.2% 同比下降約 290 個基點。利潤率同比下降的原因是該部門的產品組合不利，以及造成了通貨膨脹。

Segment 9 shows our debt-related ratios and capital allocation priorities. Our debt load, which we now intend to reduce more aggressively remains well structured and permits good flexibility. Our nearest maturity is not until 2027. Our most rigorous debt covenant is the ratio of first lien debt divided by the last 12 months of adjusted EBITDA with the threshold being 6.5x. This compares to our March 31 actual level of 2.2x. Catalent's net leverage ratio as of March 31, 2023, was 4.9x, an increase when compared to December 31, 2022, at 3.8x, which was driven by the lower year-on-year adjusted EBITDA in Q3.

第 9 部分顯示了我們的債務相關比率和資本配置優先事項。我們現在打算更積極地減少債務負擔，但債務負擔仍然結構良好，並具有良好的靈活性。我們最近的到期日要到 2027 年。我們最嚴格的債務契約是第一留置權債務除以過去 12 個月調整後 EBITDA 的比率，閾值為 6.5 倍。與 3 月 31 日的實際水平 2.2 倍相比。截至 2023 年 3 月 31 日，康泰倫特的淨槓桿率為 4.9 倍，較 2022 年 12 月 31 日的 3.8 倍有所增加，這是由於第三季度同比調整後 EBITDA 較低。

Because the EBITDA portion of the net leverage ratio is calculated on an LTM basis, we expect our net leverage ratio to continue to move higher in the coming quarters, peaking in Q2 of fiscal '24 and then improving in the second half of the fiscal year. This is largely driven by a comparison that includes the $440 million of COVID revenue and related EBITDA generated in the first half fiscal 2023.

由於淨槓桿率的 EBITDA 部分是按 LTM 計算的，因此我們預計我們的淨槓桿率在未來幾個季度將繼續走高，在 24 財年第二季度達到峰值，然後在本財年下半年有所改善。這主要是通過比較得出的，其中包括 2023 財年上半年產生的 4.4 億美元的新冠疫情收入和相關 EBITDA。

Our combined cash -- our combined balance of cash, cash equivalents and marketable securities as of March 31, 2023, was $252 million, a decrease of $218 million from December 31, 2022, primarily driven by negative free cash flow in the quarter as well as a $50 million revolver repayment. Note that our cash balance on March 31 was approximately $300 million, even after a tangling for another $10 million repayment on the revolver.

截至 2023 年 3 月 31 日，我們的合併現金（現金、現金等價物和有價證券的合併餘額）為 2.52 億美元，較 2022 年 12 月 31 日減少 2.18 億美元，這主要是由於本季度自由現金流為負值作為 5000 萬美元左輪手槍還款。請注意，即使在為左輪手槍還款 1000 萬美元而糾結之後，我們 3 月 31 日的現金餘額仍約為 3 億美元。

As discussed on May 19, but worth repeated, my top priority is for positive cash generation and allocation of capital, which will support our efforts back towards our net leverage target of 3.0x include greater utilization of our asset base, completion of essential in-flight CapEx projects that we believe will generate positive returns in the near to medium term, activities that will reduce our cost base and contract negotiations to reduce our cash conversion cycle.

正如 5 月 19 日所討論的，但值得重申的是，我的首要任務是積極產生現金和分配資本，這將支持我們努力實現 3.0 倍的淨槓桿目標，包括更好地利用我們的資產基礎、完成重要的項目我們相信飛行資本支出項目將在中短期內產生正回報，這些活動將降低我們的成本基礎，並進行合同談判以縮短我們的現金轉換週期。

I would now like to discuss our contract assets, which as of March 31, '23, had a balance of $505 million, a sequential decrease of $8 million and an increase of $64 million from June 30, 2022, our prior fiscal year-end. This increase was primarily driven by gene therapy programs, for which the cash conversion cycle is longer given the duration of manufacturing and release testing process, which can take multiple quarters from start to finish.

我現在想討論一下我們的合同資產，截至 2023 年 3 月 31 日，合同資產餘額為 5.05 億美元，比上一財年末 2022 年 6 月 30 日連續減少 800 萬美元，增加 6400 萬美元。這一增長主要是由基因治療項目推動的，考慮到製造和發布測試過程的持續時間（從開始到結束可能需要多個季度），該項目的現金轉換週期更長。

Also related to contract assets, the revenue accounting treatment for complex products with long production cycle times will continue to be recognized on a percentage of completion basis when contract terminology determines our work related to commercial activity. Note, that as previously mentioned on this call, in the third quarter, there was a change in classification from development to commercial of a large gene therapy program. With the support of independent third-party experts, we also conducted a comprehensive review of the related contract and determined that the arrangement requires an analysis under GAAP guidance for both leases and revenue within our financial reporting. Based upon this analysis, we concluded the provisions of ASC 842 leases will apply to a portion of this arrangement. And accordingly, the accounting was finalized. This change in accounting has no effect on our fiscal '23 guidance nor do we expect this change to have a material impact on our fiscal '24 results.

同樣與合同資產相關的是，當合同術語決定我們與商業活動相關的工作時，生產週期長的複雜產品的收入會計處理將繼續按完工百分比確認。請注意，正如之前在本次電話會議中提到的，第三季度，大型基因治療項目的分類從開發到商業發生了變化。在獨立第三方專家的支持下，我們還對相關合同進行了全面審查，並確定該安排需要根據公認會計準則指導原則對我們的財務報告中的租賃和收入進行分析。基於此分析，我們得出結論，ASC 842 租賃的規定將適用於該安排的一部分。據此，會計工作完成。這一會計變化對我們 23 財年的指導沒有影響，我們預計這一變化也不會對我們 24 財年的業績產生重大影響。

At March 31, we had one strategic customer, a majority of whose business relates to our gene therapy platform that represented 23% of our $1.56 billion in aggregate net trade receivables and contract assets. Unrelated to our balance sheet, but to provide further transparency on our customer concentration, we have 2 customers in the Biologics segment that each represented 11% of consolidated net revenue during the 3 months ended March 31, 2023. These same 2 customers, one of which is primarily a drug product customer and the other of which is primarily a gene therapy customer represented 9% and 5% of net revenue, respectively, in the 3 months ended March 31, 2022.

截至 3 月 31 日，我們有一位戰略客戶，其大部分業務與我們的基因治療平台有關，占我們 15.6 億美元淨貿易應收款和合同資產總額的 23%。與我們的資產負債表無關，但為了進一步提高我們客戶集中度的透明度，我們在生物製劑領域有 2 個客戶，在截至 2023 年 3 月 31 日的 3 個月期間，每個客戶均佔合併淨收入的 11%。這 2 個客戶是截至2022年3月31日止的三個月，其中一家主要是藥品客戶，另一家主要是基因治療客戶，分別占淨收入的9%和5%。

Finally, we continue to expect our fiscal '23 CapEx to be approximately $550 million. When considering the billions of dollars of CapEx investments we have already made in the business, in fiscal '24, we expect to be able to reduce our CapEx to only the most critical projects, leading to substantially lower level of spend.

最後，我們繼續預計 23 財年資本支出約為 5.5 億美元。考慮到我們已經在該業務中進行了數十億美元的資本支出投資，在 24 財年，我們預計能夠將資本支出減少到僅最關鍵的項目，從而大幅降低支出水平。

Now please turn to our financial outlook for fiscal 2023 as outlined on Slide 10. As Alessandro mentioned, we are adjusting our guidance primarily to account the lower sequential growth assumptions in our Pharma and Consumer Health segment. As you know, my highest priorities in my first month as interim CFO were related to the challenges in our Biologics segment and overseeing the substantial work needed to report our third quarter results. Now that we have spent more time on PCH, we are in a better position to align our guidance with our performance.

現在請轉向我們在幻燈片 10 中概述的 2023 財年財務前景。正如 Alessandro 提到的，我們正在調整我們的指導，主要是為了考慮我們的製藥和消費者健康部門較低的連續增長假設。如您所知，我擔任臨時首席財務官的第一個月的首要任務是應對生物製品部門的挑戰以及監督報告第三季度業績所需的實質性工作。現在我們在 PCH 上花費了更多時間，我們能夠更好地將我們的指導與我們的業績保持一致。

We now expect fiscal '23 net revenue in a range of $4.25 billion up to $4.325 billion. Note that we previously expected PCH to be flat organically for the full year, but now expect organic revenue to decline in the lower single digits. We now expect adjusted EBITDA in a range from $700 million up to $750 million. We now expect adjusted net income in a range from $169 million up to $210 million. Our assumed tax rate remains 27% to 29% for the full year.

我們現在預計 23 財年的淨收入將在 42.5 億美元至 43.25 億美元之間。請注意，我們此前預計 PCH 全年有機收入將持平，但現在預計有機收入將下降至較低個位數。我們現在預計調整後的 EBITDA 範圍為 7 億美元至 7.5 億美元。我們目前預計調整後淨利潤在 1.69 億美元至 2.1 億美元之間。我們假設全年稅率仍為 27% 至 29%。

Providing some additional clarity on our segment performance in the second half, we expect the Q4 margin in our PCH segment to improve against the margin levels reported in the third quarter and our Biologics segment margin to remain depressed in the fourth quarter as we continue to manage for the operational healing process and ramp up production through the back half of Q4 into the first quarter of fiscal '24. We are working diligently for our fiscal '24 budgeting process and look forward to presenting fiscal '24 guidance during our August call.

我們預計 PCH 業務第四季度的利潤率將比第三季度報告的利潤水平有所改善，而隨著我們繼續管理，我們的生物製品業務第四季度的利潤率將保持低迷狀態，從而進一步明確我們下半年的業務表現。用於運營修復過程，並從第四季度後半段到 24 財年第一季度提高產量。我們正在努力製定 24 財年預算流程，並期待在 8 月份的電話會議上提出 24 財年指導。

Operator, this concludes our prepared remarks, and we would now like to open the call for questions.

接線員，我們準備好的發言到此結束，現在我們開始提問。

(Operator Instructions) Our first question comes from Jacob Johnson from Stephens.

（操作員說明）我們的第一個問題來自斯蒂芬斯的雅各布·約翰遜。

Maybe, Ricky, starting off where you just left off. Just on 4Q, there's a few moving pieces in the Biologics segment this quarter. Some of that strength, it seems like COVID was seasonally stronger in 3Q than you expected, but you also had the $55 million inventory charge. Given COVID to be lighter in 4Q, should we expect Biologics revenues to be down sequentially in 4Q? And then if you'd like to give us any other detail on the margin front there?

也許，瑞奇，從你剛才停下的地方開始。就在第四季度，本季度生物製劑領域有一些動態。其中一些優勢，似乎第三季度的新冠疫情季節性強於您的預期，但您也有 5500 萬美元的庫存費用。鑑於第四季度新冠肺炎疫情較輕，我們是否應該預期第四季度生物製劑收入將環比下降？那麼您是否願意向我們提供有關保證金方面的任何其他詳細信息？

And then maybe just a longer-term question on Biologics. Alessandro, I think you mentioned that more work and time are needed to return Biologics to historical profitability levels. Can you just talk about that time line? And how much of this can be accomplished by cost savings? And then how much of it is just kind of incremental margin on revenue growth? I'd be curious within that, just kind of the incremental margin on COVID rolling off and then kind of the non-COVID work coming on. I know there's a lot.

然後也許只是一個關於生物製劑的長期問題。亞歷山德羅，我想你提到需要更多的工作和時間才能使生物製劑恢復到歷史盈利水平。您能簡單談談那個時間線嗎？其中有多少可以通過節省成本來實現？那麼其中有多少只是收入增長的增量利潤呢？我對此很好奇，只是關於新冠疫​​情的增量利潤逐漸減少，然後是非新冠疫情的工作即將開始。我知道有很多。

Yes. Jacob, I'll take the first part of that question and specific to your Q4 comment. Yes, you're right, the $55 million impact in Q3 will not be repeated in Q4. The operational productivity challenges that we saw in Q3, dwindled into Q4 as well. And what I would say is that the improving operational performance doesn't always translate into an immediate financial impact, and that's why we continue to expect to see those depressed margins in Q4 when we compare that back to Q3. But your comment around the sizable reduction in COVID revenue from Q3 which was, as I said, $120 million. And if you do the math, the Q4 numbers there or thereabouts of $40 million, we would expect to see some decline in revenue in Q4 versus Q3 overall for the segment.

是的。雅各布，我將回答該問題的第一部分，具體針對您的第四季度評論。是的，你是對的，第三季度 5500 萬美元的影響不會在第四季度重複。我們在第三季度看到的運營生產力挑戰在第四季度也有所減少。我想說的是，運營績效的改善並不總是轉化為直接的財務影響，這就是為什麼當我們將其與第三季度進行比較時，我們仍然預計第四季度的利潤率會下降。但您對第三季度新冠疫情收入大幅減少的評論，正如我所說，收入減少了 1.2 億美元。如果你算一下，第四季度的數字約為 4000 萬美元，我們預計該細分市場第四季度的整體收入將比第三季度有所下降。

Yes. And to your second part of the question, which is a great one, by the way. Look, when you look at what we -- what is the work to be done in Biologics, you can really look at the 3 areas of intervention here. The first one is regaining productivity at a couple of locations which have been significantly disrupted by a couple of events; one, remediation and two, correcting the course after a significant shift of the portfolio following the COVID cliff. So we are making good progresses there. As I said in my remarks, we started to see some first progresses in this quarter from an operational standpoint. And again, we will continue to work over the next period to address those productivity issues, measured primarily as the ability to deliver uptime on the production lines.

是的。順便說一下，關於問題的第二部分，這是一個很好的部分。看，當你看看我們在生物製品方面要做的工作是什麼時，你真的可以看看這裡的三個乾預領域。第一個是恢復因幾起事件而嚴重中斷的幾個地點的生產力；一是補救措施，二是在新冠疫情懸崖後投資組合發生重大轉變後糾正方向。所以我們在那裡取得了良好的進展。正如我在發言中所說，從運營角度來看，我們在本季度開始看到一些初步進展。再次，我們將在接下來的一段時間內繼續努力解決這些生產力問題，主要衡量的是生產線正常運行時間的能力。

The second one is really aligning the headcount to the new mix. That takes some time, right? So you need to do that responsibly, respectfully and taking into consideration always the potential turmoil that these activities can generate. So we are doing that very, very thoughtfully. We know what the endpoint needs to be, but we don't want to rush into it to make sure that the business stays in control. So maybe this will -- could delay a little bit the margin -- the full margin recovery, but it's the right thing to do in order to continue to deliver service to our customers.

第二個是真正使員工人數適應新的組合。這需要一些時間，對嗎？因此，您需要負責任地、尊重地做到這一點，並始終考慮到這些活動可能產生的潛在混亂。所以我們正在非常非常深思熟慮地這樣做。我們知道端點需要是什麼，但我們不想匆忙進入它以確保業務保持控制。因此，也許這會——可能會稍微延遲一點——利潤率的全面恢復，但為了繼續為我們的客戶提供服務，這是正確的做法。

And finally, this is an element which we have quantified a little bit more during this call, it's really addressing those additional sites and assets which we have added to pursue new modalities. We have quoted cell therapies and plasmid. Look, the reality is that in a different world or with the different expectations, this site would have registered revenues faster than what we are seeing. The reality is now clear to us in terms of what could be an achievable revenue ramp there and now we are aligning our cost structure and cost investment to those new outlook of revenues and these assets which are now dilutive -- a significant dilutive to the segment, our plan is to bring them more short term in good order, not to affect the margin of the segment.

最後，我們在這次電話會議中對這一要素進行了更多量化，它實際上解決了我們為追求新模式而添加的額外站點和資產。我們引用了細胞療法和質粒。看，現實情況是，在不同的世界或不同的期望下，該網站的註冊收入會比我們看到的更快。現在我們已經清楚了現實，即那裡可以實現的收入增長，現在我們正在調整我們的成本結構和成本投資，以適應新的收入前景和這些資產，這些資產現在已經稀釋了——對該部門來說是一個顯著的稀釋作用，我們的計劃是讓他們在短期內保持良好狀態，而不是影響該部門的利潤率。

So I would say these are the 3 items. The time line of the 3 items is different. So that's why it's not very easy to point you to a specific date. But hopefully, our understanding and plan gives you the confidence that over time, we're going to get back there.

所以我想說的是這 3 項。 3個項目的時間線不同。這就是為什麼向您指出特定日期並不容易。但希望我們的理解和計劃能讓您相信，隨著時間的推移，我們將回到那裡。

Also, I will add, there is a final comment. Look, at the end of the day, the pricing and the margin of the business, it's the same that we have experienced even before the pandemic. So there is no reason that we cannot bring this segment back where it needs to be.

另外，我要補充一點，有一個最終評論。看看，歸根結底，業務的定價和利潤率與我們在大流行之前經歷過的一樣。因此，我們沒有理由不能將這一細分市場帶回其需要的位置。

Okay. And then just for my follow-up, these GLP-1 drugs have been a key focus for investors over the last several months. I believe you support at least one of these. As we think about kind of backfilling the COVID roll-off, how large an opportunity do those therapies represent for Catalent?

好的。接下來，我要說的是，這些 GLP-1 藥物在過去幾個月裡一直是投資者關注的焦點。我相信您至少支持其中一項。當我們考慮如何應對新冠疫情的緩解時，這些療法對康泰倫特來說有多大的機會？

Well, number one, I believe it's an exciting space for all the industry to start with. Clearly, very large patient populations with the need for premium dosage forms. So this is in the real -- the strength -- place to the strength of Catalent. We have the high -- normally, we have high-speed lines with a large capacity and with under-regulated technology. So really matching the need. So this is one of the most interesting areas for us, actually one where we play a significant role today, and we want to work hard to play an even more significant role going forward.

嗯，第一，我相信這對於整個行業來說都是一個令人興奮的領域。顯然，大量患者群體需要優質劑型。所以這才是康泰倫特真正的實力所在。我們擁有高速——通常，我們擁有容量大且技術監管不足的高速線路。所以確實符合需求。因此，這對我們來說是最有趣的領域之一，實際上我們今天在其中發揮著重要作用，並且我們希望努力工作，在未來發揮更重要的作用。

Our next question is from Tejas Savant from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

Maybe I'll start with one on the gene therapy side as well. Ricky, could you just update us on conversations with customers around some of those working capital efficiency initiatives you had alluded to on the last call, particularly as they relate to that intra-step testing process and tweaking some of those invoicing triggers?

也許我也會從基因治療方面開始。 Ricky，您能否向我們介紹一下您在上次通話中提到的一些營運資本效率舉措與客戶的對話的最新情況，特別是當它們與步驟內測試流程和調整一些發票觸發器相關時？

And Alessandro, any color you can share, perhaps at a qualitative level on the fiscal '24 implications of perhaps an age-restricted label for Sarepta's drug here?

Alessandro，您可以分享任何顏色嗎？也許是在定性水平上，對 Sarepta 藥物的年齡限制標籤對 24 財年的影響？

All right. So first part, I guess I'm going to take both to, if you don't mind, Ricky.

好的。所以第一部分，如果你不介意的話，我想我會把這兩件事都交給瑞奇。

So look, on the first part, as we said in the previous call, we are addressing the substance right of the problem here, which is to shorten these testing time lines, and it's going to take some time to do that. I believe that we have a very collaborative relationship with some of those customers. And so they are very much listening to our position here, and they've been receptive to some of our requests. So again, I believe that as we get into the rhythm here, our cash flow generation from these modalities will improve over time.

因此，在第一部分中，正如我們在之前的電話會議中所說，我們正在解決問題的實質內容，即縮短這些測試時間線，這將需要一些時間來做到這一點。我相信我們與其中一些客戶有著非常密切的合作關係。因此，他們非常傾聽我們的立場，並且接受了我們的一些要求。所以，我再次相信，當我們進入節奏時，我們通過這些方式產生的現金流將隨著時間的推移而改善。

With regards to your second question, look, I cannot say short-term, making specific comments on regulatory processes that are currently still ongoing. I will tell you that our -- we continue to work hard to make sure that as we have secured supply in the short term, we also make sure that the supply is available for the future, reminding you that clearly, given the long time line of this process at any point in time, you're really looking at what is the potential demand of the product down the road. So there is not necessarily a strict correlation of short-term event to manufacturing plants because you're manufacturing for something that is happening a few quarters down the road from a market standpoint.

關於你的第二個問題，我不能說是短期的，對目前仍在進行的監管程序做出具體評論。我會告訴你，我們將繼續努力確保在短期內確保供應的同時，我們也確保未來有供應，明確提醒你，考慮到長期的時間線在任何時間點進行此過程的過程中，您都會真正了解產品未來的潛在需求是什麼。因此，短期事件與製造工廠不一定有嚴格的相關性，因為從市場的角度來看，你正在為未來幾個季度發生的事情進行製造。

Got it. That's helpful. And then a quick 2-parter on the quality side of things, guys. On BWI, are the costs associated with the recent sort of 483 that was disclosed fully contemplated? Is there any color you can share on what the observations were related to? And is it fair to say the remediation is now complete?

知道了。這很有幫助。然後是在質量方面的快速兩人合作，伙計們。在 BWI 上，與最近披露的 483 類型相關的成本是否經過充分考慮？您可以分享與觀察結果相關的任何顏色嗎？現在可以說修復已經完成嗎？

And then same question on Bloomington, it sounds like the May 12 inspection, you did not get a 483? So does that mean that the observations that were noted in the prior 483 that had been already upgraded to VAI status are now essentially considered fully resolved?

然後在布盧明頓也有同樣的問題，聽起來像是5月12日檢查，你沒有得到483？那麼，這是否意味著之前 483 中提到的已升級為 VAI 狀態的觀察結果現在基本上被認為已完全解決？

So look, first of all, I would relate to one comment that I've done many times. Regular inspections are the reality of our business. So -- and so correlated, so to speak, cost or if you like, activities correlated to them are part of our normal business model. There are times in which for a number of different reasons. So there is a concentration of inspections at one specific location because it's very important because there is a lot going on, and this was the case in January and February and March with regard to our gene therapy facility. Now, it's public information. It has been published. We received 3 inspections at those locations. We are very -- pretty satisfied with the outcome, which we have addressed as we always do.

首先，我想談談我已經做過很多次的評論。定期檢查是我們業務的現實。因此，如此相關，可以說，成本或者如果你願意的話，與之相關的活動是我們正常商業模式的一部分。有時會出於多種不同的原因。因此，檢查集中在一個特定地點，因為這非常重要，因為發生了很多事情，一月、二月和三月的情況就是關於我們的基因治療設施的情況。現在，這是公開信息。它已經出版了。我們在這些地點接受了 3 次檢查。我們對結果非常滿意，我們一如既往地解決了這個問題。

With regards to your second question or second part of your question, look, the reality is that you don't have to see these any inspection necessarily correlated to the previous one and inspection is an inspection, it's on right. Sometimes you get inspected on an annual basis, and this is true for the most critical sites, sometimes because there is a PAI, a pre-approval inspection. So there is one review of one specific product that triggers another inspection and these inspections really need to be seen on their own merit. Once you get a PAI classification out of an inspection, it means that the corrective actions that you have submitted that already deemed to be satisfactory or you wouldn't get that classification.

關於你的第二個問題或問題的第二部分，事實上，你不必看到這些任何檢查都必然與前一個問題相關，檢查就是檢查，它就在右邊。有時您每年都會接受檢查，對於最關鍵的場所來說確實如此，有時是因為有 PAI（預先批准檢查）。因此，對一種特定產品的一次審查會引發另一次檢查，而這些檢查確實需要根據其本身的優點來看待。一旦您從檢查中獲得 PAI 分類，這意味著您提交的糾正措施已被視為令人滿意，否則您將不會獲得該分類。

So the correlation is not something that is normally there between those inspections that are probably sometimes triggered by different type of events.

因此，這些檢查之間通常不存在相關性，這些檢查有時可能由不同類型的事件觸發。

Our next question comes from Dave Windley from Jefferies.

我們的下一個問題來自 Jefferies 的 Dave Windley。

I was hoping to ask a few quick ones. First of all, on the $100 million of cost takeouts that I think you're targeting for the next fiscal year. You mentioned, I think, including the remediation cost. So I wanted to make sure I understood kind of what you're targeting and the nature of those costs? And maybe if the $100 million does include remediation costs from '23, $1 value of those?

我希望能快速問一些問題。首先，我認為您下一財年的目標是 1 億美元的成本支出。我想你提到的，包括補救成本。所以我想確保我了解你們的目標是什麼以及這些成本的性質？也許如果這 1 億美元確實包括 23 年的修復成本，那麼這些修復成本的價值是 1 美元嗎？

Dave, it's Ricky here. Yes, the $100 million is the number that we had confirmed on the May 19 call. I would say that we've made some good progress on taking actions on that number. There was an announcement where we reduced the head count at our Bloomington facility. The supervisory level -- the manager level that certainly will help contribute towards that number. And then, of course, additional actions are underway, expected to be implemented before the end of this month. Those remediation costs confirmed. They are part of the $100 million, but I don't have the detail to be able to give you that number right now.

戴夫，我是瑞奇。是的，1 億美元是我們在 5 月 19 日電話會議中確認的數字。我想說的是，我們在針對這個數字採取行動方面取得了一些良好進展。我們宣布減少布盧明頓工廠的員工人數。監督級別——經理級別肯定會有助於實現這一數字。當然，其他行動正在進行中，預計將在本月底之前實施。這些修復費用已得到確認。它們是 1 億美元的一部分，但我現在不知道具體數字，無法向您提供這個數字。

Okay. Kind of relatedly, on the fourth quarter of this year, guidance for -- the kind of, I guess, call it, guidance for Biologics margin continuing to be moderate. So the $55 million won't repeat. I just want to -- I just want to understand, you didn't really kind of give us a range or a number there at just a little bit over breakeven in the third quarter. Are you suggesting somewhere around breakeven for the fourth quarter, even though the $55 million is worth 1,100 basis points?

好的。與此相關的是，在今年第四季度，我想，這種生物製品利潤率的指導仍然溫和。所以5500萬美元不會再重演。我只是想——我只是想明白，你並沒有真正給我們一個第三季度略高於盈虧平衡點的範圍或數字。即使 5500 萬美元價值 1,100 個基點，您是否建議第四季度實現盈虧平衡？

David, Alessandro here. I'm just going to tell you, and I'm going to pass to Ricky to more specific. Look, the way you need to see in terms of dynamic, normally, in our business, an operational event tends to have a delayed impact on financials because of the way it works. You manufacture and the long lead time brings you that you're missing revenues in the next quarter and so on. So some of the operational challenges that we have quoted for Q3 don't necessarily add the direct impact on the financial of Q3, but they have some impact also in Q4 and as well as we have quoted again that our BWI production challenges really affected the back end of Q3 and the beginning of Q4. So there are elements of what we have shared, which are across the 2 quarters and Ricky, more specifics on...

大衛，亞歷山德羅在這裡。我只是想告訴你，然後我將向 Ricky 傳達更具體的信息。看，你需要以動態的方式看待，通常，在我們的業務中，由於其運作方式，運營事件往往會對財務產生延遲影響。您進行製造，而較長的交貨時間會讓您錯過下個季度的收入，等等。因此，我們引用的第三季度的一些運營挑戰並不一定會對第三季度的財務產生直接影響，但它們也會對第四季度產生一些影響，並且我們再次引用我們的 BWI 生產挑戰確實影響了第三季度末和第四季度初。因此，我們分享了兩個季度和 Ricky 的一些內容，更多細節...

No, I mean, that is the driver for the continued depressed margins that we expect to see in Q4 versus Q3, predominantly out of BWI, where we previously announced the operational challenges associated with the ERP implementation impact at the end of Q3, continued into the start of Q4, much more confident and happy with where the business is right now. But that didn't take place until the early May time frame. And the operational rigor that is in place now will eventually translate to more financial rigor in the first quarter of fiscal '24.

不，我的意思是，這是我們預計第四季度與第三季度相比利潤率持續低迷的驅動因素，主要來自 BWI，我們之前在第三季度末宣布了與 ERP 實施影響相關的運營挑戰，並持續到第四季度開始，對目前的業務狀況更加自信和滿意。但這直到五月初才發生。現在的運營嚴格性最終將在 24 財年第一季度轉化為更加嚴格的財務嚴格性。

Got it. Okay. And then just the last quick one. The $26 million correction to the fourth quarter of '22, I'm understanding that you ran that through the fiscal '23 financials, I think, specifically the third quarter. And so that is also something that is negatively impacting this year will not repeat next year? And then lastly, that was what you plan to do as of the last update. So that wasn't -- the treatment of that was not new to this update. Is that all correct?

知道了。好的。然後是最後一個快速的。對 22 年第四季度的 2600 萬美元修正，我認為您在 23 財年的財務數據中進行了這一調整，特別是第三季度。那麼這也是今年產生負面影響的事情明年不會再發生嗎？最後，這就是您自上次更新以來計劃要做的事情。所以這不是——對此更新的處理並不是什麼新鮮事。這一切都正確嗎？

Dave. Ricky again. Sorry if I've created confusion on that point in the past. Now, to be very clear and specific here, the $26 million error, we opened up our fiscal '22 financial statements and corrected that error during that period. So it's -- we've revised our financial statements for fiscal '22, and that $26 million is reflected in those -- in the 10-K/A that will be filed today. So that means that, that $26 million of revenue and adjusted EBITDA has 0 impact on our fiscal '23 financial statements.

戴夫.又是瑞奇。抱歉，如果我過去在這一點上造成了混亂。現在，為了非常清楚和具體地說明，2600 萬美元的錯誤，我們打開了 22 財年的財務報表，並糾正了該期間的錯誤。因此，我們修改了 22 財年的財務報表，其中 2600 萬美元反映在今天將提交的 10-K/A 中。因此，這意味著 2600 萬美元的收入和調整後的 EBITDA 對我們 23 財年的財務報表影響為零。

Got it. Okay. That's what I would have assumed, but I thought I heard differently in the remarks. So thank you for clarifying.

知道了。好的。這就是我的假設，但我認為我在言論中聽到了不同的聲音。所以謝謝你的澄清。

Our next question is from Luke Sergott from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Luke Sergott。

I'm on Barclays now. So a couple here for me. So I think what everybody is trying to do is just figure out the '24 jump-off point for EBITDA. I know you're not going to give official guidance here, but we have a pretty wide range across The Street from $700 million to $900 million. So if you're adding up all these one-timers that don't exist, is it better to think about the jump off or EBITDA target for next year, closer to that $700 million or closer to that $900 million? Anything directionally to tighten up the range would be helpful.

我現在在巴克萊銀行。所以我這裡有一對。所以我認為每個人都在努力找出 24 年 EBITDA 的起點。我知道你不會在這裡給出官方指導，但我們在華爾街的投資範圍相當廣泛，從 7 億美元到 9 億美元不等。因此，如果您將所有這些不存在的一次性目標加起來，是否最好考慮明年的跳躍或 EBITDA 目標，接近 7 億美元還是接近 9 億美元？任何有方向性地收緊範圍的事情都會有所幫助。

Yes. Look, I -- tough for me to give you some specifics around that. We tried to articulate how we're starting to think about fiscal '24, and you're still working through those numbers ourselves. We clearly got a headwind next year when it comes to COVID. The number that we've said this year is slightly more than $600 million, and it's going to be a significant headwind next year, although tailwinds do exist, with some of the cost actions that we've mentioned that we've taken some of the one-timers that we don't expect to repeat and some of the growth that we expect in the business. So look, I can't really give you too much more specifics than that other than those are the big headlines that I would be factoring into your model.

是的。聽著，我很難給你提供一些具體細節。我們試圖闡明我們如何開始考慮 24 財年，而您仍在自己研究這些數字。明年，在新冠疫情方面，我們顯然會遇到阻力。我們今年所說的數字略高於 6 億美元，明年將是一個重大的逆風，儘管順風確實存在，我們已經提到了一些成本行動，我們已經採取了一些措施我們不希望重複的一次性行為以及我們期望業務中的一些增長。所以看，除了我將在您的模型中考慮的大標題之外，我真的無法為您提供更多具體信息。

All right. That's fair. And then my second one here, when you guys gave the update in May, what changed between now and then that caused you guys to reduce another $25 million from the full year guide? Can you talk about what the review was there and where that came from?

好的。這還算公平。然後是我的第二個問題，當你們在 5 月份發布更新時，從現在到那時發生了什麼變化導致你們從全年指南中又減少了 2500 萬美元？您能談談評論內容以及評論來自哪裡嗎？

So Luke, look, as we said -- as I said in my remarks, Luke, and again I get -- Ricky gives specific about high level, we really wanted the task that was assigned to Ricky in -- honestly, by the time we were in May, was a short time frame, it was only 5 weeks since I asked him to step in was to really reveal the forecasting engine of the company that clearly was showing signs of not being where I've been with the company for 13 years and has always been one of our strengths. And it was created not where it used to be and Ricky has been a long time with the company. So I asked him to look into it. And he really did. By the [19th], he did the work he had to do for Biologics, which was our priority given the noise that we were seeing there. And then he applied himself to PCH segment.

所以盧克，聽著，正如我們所說的——正如我在發言中所說的，盧克，我再次得到——瑞奇給出了高水平的具體信息，我們真的希望分配給瑞奇的任務——老實說，到時候我們是在 5 月份，時間很短，距離我要求他介入只有 5 週，是為了真正揭示公司的預測引擎，該引擎明顯顯示出與我在公司工作時間不符的跡象13年來一直是我們的優勢之一。它的創建地點不再是原來的位置，而且 Ricky 已經在該公司工作了很長時間。所以我請他調查一下。他確實做到了。到了 [19 日]，他完成了他必須為 Biologics 做的工作，考慮到我們在那裡看到的噪音，這是我們的首要任務。隨後他又投身於PCH領域。

I believe that the mandate was to make sure that the risk profile of our forecasting was where we wanted to be at this point in time of our journey and given where we've been in the last few quarters. So we have now somewhat a different approach to this profile of our forecast. And so when Ricky went deep into it and did a deep dive, I believe he felt that this was the most appropriate thing to do at this point in time.

我認為，任務是確保我們預測的風險狀況是我們在旅程的這個時間點上想要達到的水平，並且考慮到我們在過去幾個季度的情況。因此，我們現在對我們的預測採取了不同的方法。所以當Ricky深入其中並進行深入研究時，我相信他覺得這是此時此刻最合適的事情。

Ricky, you can give more details about it.

Ricky，你可以提供更多細節。

No, that's right. Alessandro, it's been -- a lot of time has been spent by myself and the finance team on the independent balance sheet review, the accounting complexities of the large gene therapy contract that I talked about in my remarks, the impairment around the consumer business. And we spend a lot of time looking at the forecast and really digging deep into the forecast, predominantly around our Biologics segment. But look, when we scratched away the surface on PCH and dug a little, we realized that the risk profile wasn't where we expected it to be and some of the operational execution assumptions that we had put into our model we're optimistic and thus led us to take the decision that this needed tweaking further in the reduction that we see of $25 million revenue and $25 million EBITDA is primarily related to the PCH change.

不，沒錯。亞歷山德羅，我和財務團隊花了很多時間進行獨立的資產負債表審查、我在演講中談到的大型基因治療合同的會計複雜性以及消費者業務的減值。我們花了很多時間來研究預測並真正深入研究預測，主要是圍繞我們的生物製品部門。但是看，當我們觸及 PCH 的表面並進行一些挖掘時，我們意識到風險狀況並不符合我們的預期，並且我們對模型中的一些運營執行假設持樂觀態度，並且因此，我們決定需要進一步調整，我們看到 2500 萬美元的收入和 2500 萬美元的 EBITDA 減少主要與 PCH 的變化有關。

Our next question comes from Sean Dodge from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的肖恩·道奇。

Yes. So maybe on the ERP delay at The Harmans' campus, it sounds like with all of that now having been fixed. Ricky, before, I think you said you expected to be able to recover all of the revenue related to that delay in fiscal '24. Is there any more detail you can give us now or some rough bookends on how much revenue is shifting related to that? I guess how much of the guidance revisions we've seen now for fiscal '23, is more just timing issues on the gene therapy side that you'll pick up in fiscal '24?

是的。因此，也許哈曼斯園區的 ERP 延遲問題，聽起來現在所有問題都已得到解決。 Ricky，之前，我想您說過您希望能夠收回與 24 財年延遲相關的所有收入。您現在可以向我們提供更多詳細信息嗎？或者一些粗略的書擋，說明與此相關的收入轉移有多少？我想我們現在看到的 23 財年指導修訂中有多少更多只是基因治療方面的時機問題，您將在 24 財年發現這一點？

Yes, Sean, look, I can't say here today and give you more specifics on '24. I'm still working through that myself. It wouldn't be, I think, the prudent thing for me to do -- to share any numbers associated with '24. All I would say is I would confirm what we said back then and what we're saying now is that the ERP implementation did create operational challenges certainly in the March and April time frame. We believe that is behind us now. We've had a very good operational performance in the month of May and see that continuing in June. And the challenge with the business is operational performance doesn't translate to financial performance immediately. We will see that come through in the first quarter of fiscal '24. But in terms of giving you any specifics around numbers, I can't do that right now, Sean.

是的，肖恩，聽著，我今天不能在這裡向您提供有關“24”的更多細節。我自己仍在努力解決這個問題。我認為，分享與“24”相關的任何數字對我來說並不是明智之舉。我想說的是，我會確認我們當時所說的和我們現在所說的是，ERP 的實施確實在 3 月和 4 月的時間範圍內帶來了運營挑戰。我們相信現在已經過去了。我們在五月份取得了非常好的運營業績，並希望這種情況在六月份繼續下去。業務面臨的挑戰是運營績效並不能立即轉化為財務績效。我們將在 24 財年第一季度看到這一點。但就向您提供有關數字的任何細節而言，我現在無法做到這一點，肖恩。

Okay. And then Alessandro, I think you said in your prepared remarks that you're starting to see some small signs of improvement on the biotech funding front. I was just wondering if you could maybe elaborate a little bit more on what you're seeing there. It sounds like the trajectory is kind of maybe inflected a little bit positively.

好的。然後亞歷山德羅，我想你在準備好的發言中說過，你開始看到生物技術融資方面出現了一些改善的小跡象。我只是想知道您是否可以詳細說明一下您在那裡看到的內容。聽起來軌跡可能有點積極的變化。

Yes, sure. Look, we have a number of internal metrics that we follow is -- the first one is our funnel of opportunities in terms of how many leads and contacts we have -- we are receiving from this specific segment of our customer base. That's one side of it. The other one is the number of quotations that we are issuing and thirdly, the amount of business that we signed. And in the last 3 months, all these 3 indicators started to show some small initial rebound. Again, it's one where -- it's a wait-and-see game for us because we've been several times wrong in assessing this space. As a reminder, most of our new modalities are really exposed to the biotech industry and funding as such.

是的，當然。看，我們遵循的一些內部指標是——第一個是我們的機會漏斗，就我們擁有的潛在客戶和聯繫人的數量而言——我們從客戶群的這個特定部分獲得了這些機會。這是它的一方面。第二個是我們發出的報價數量，第三個是我們簽署的業務量。而在過去的三個月裡，這三個指標都開始出現一些初步的小幅反彈。再說一次，這對我們來說是一場觀望遊戲，因為我們在評估這個空間時已經多次錯誤。提醒一下，我們的大多數新模式實際上都涉及生物技術行業和資金本身。

But yes, I mean, there are some initial signs, which we have seen. Hopefully, that will -- those signs will consolidate and strengthen up in the second half of the year, but be mindful that these are signs of recovery from a low level. So the path to get back to the level of activities that we've been experiencing 18 months ago, I believe this is still not short. But yes, I mean it's the first sign, which gives us more optimism around the future.

但是，是的，我的意思是，我們已經看到了一些初步跡象。希望這些跡象將在今年下半年鞏固和加強，但請注意，這些跡像是從低水平復甦的跡象。因此，要回到 18 個月前的活動水平，我相信這仍然不短。但是，是的，我的意思是這是第一個跡象，它讓我們對未來更加樂觀。

Our next question comes from Jack Meehan from Nephron Research.

我們的下一個問題來自 Nephron Research 的 Jack Meehan。

My first question, are there any updates you can share in terms of where Catalent stands in terms of the search for a permanent CFO, just internal versus external candidates? And when do you expect to conclude that?

我的第一個問題，關於康泰倫特在尋找永久首席財務官（內部候選人與外部候選人）方面的立場，您有什麼可以分享的嗎？您預計什麼時候得出結論？

So Jack, that's a great question. I believe that we -- this is one of those decisions, which we want to do right. So we are taking up time to make sure that we land on the right decision. In the meantime, I just going to say that I'm very happy with the work that Ricky has done not only in bringing us in relatively -- and I know this doesn't feel like that, but a relatively good order in being here today, it feels good to be able to file (inaudible) and to be able to conclude our thorough and deep review of our financial statements, and we are satisfied with the work that has been done and to be frank also with the outcome, which is not ideal, but it should be -- we are in a good position today. So Ricky, has, number 1, done a great job there. He has also, through his historical knowledge of the company, I believe has brought back the forecast in the right balance of risk profile (inaudible) pretty apt with that.

傑克，這是一個很好的問題。我相信我們——這是我們想要正確執行的決定之一。因此，我們正在花時間來確保我們做出正確的決定。與此同時，我想說的是，我對瑞奇所做的工作感到非常滿意，不僅是因為他把我們帶到了這裡——我知道這感覺不是那樣，但在這裡的秩序相對良好今天，能夠提交（聽不清）並能夠完成對我們財務報表的徹底和深入的審查，感覺很好，我們對已經完成的工作感到滿意，並坦率地對結果感到滿意，雖然並不理想，但應該是——我們今天處於有利的位置。所以瑞奇，第一，在那裡做得很好。通過他對公司的歷史了解，我相信他已經在風險狀況的正確平衡（聽不清）中帶回了與此非常貼切的預測。

So all to say that while we continue to search and we continue to progress very well, I would say, we're not necessarily in a rush because we are well covered here.

總而言之，雖然我們繼續搜索並且進展順利，但我想說，我們不一定很著急，因為我們在這裡得到了很好的保護。

Got it. And then as a follow-up, I was wondering just on the topic of debt load reduction, would you consider any divestitures to move faster in terms of getting the leverage back in line with target?

知道了。然後，作為後續行動，我想知道關於減少債務負擔的主題，您是否會考慮進行任何資產剝離，以加快槓桿率恢復目標？

That's a great question, Jack. As we said into The Street, of course, we are looking at the portfolio of assets. The great news is that our balance sheet gives us the flexibility, meaning that gives us the optionality of wanting to do stuff as opposed to have to do stuff. So we can think about the timing, and we can think about the right transaction here. At the end of the day, for us, it's always important to respond the fundamental question, who is the best owner for an asset? There are times in which the best owner is Catalent, there are times where the best owner is someone else and there are best -- and some probably of our segments of an industry, of our companies, maybe can create more value for shareholders on a stand-alone basis. These are all things that are being evaluated and the fact to be in the position to have optionality is a good position to be and we are progressing well with our evaluations and discussions with our board. It's a very productive and constructive compositions going on. And I hope that soon, we're going to be able to discuss these in more details as we finalize our plans.

這是一個很好的問題，傑克。當然，正如我們在《華爾街日報》中所說，我們正在關注資產組合。好消息是，我們的資產負債表給了我們靈活性，這意味著我們可以選擇想做的事而不是必須做的事。所以我們可以考慮時機，我們可以在這裡考慮正確的交易。歸根結底，對我們來說，回答這個基本問題始終很重要：誰是資產的最佳所有者？有時最好的所有者是康泰倫特，有時最好的所有者是其他人，而且還有最好的所有者——我們行業、我們公司的某些部分可能可以為股東創造更多價值獨立基礎。這些都是正在評估的事情，事實上，擁有選擇權是一個很好的位置，我們的評估和與董事會的討論進展順利。這是一個非常富有成效和建設性的作品。我希望很快我們就能在敲定計劃時更詳細地討論這些問題。

Our next question comes from Derik De Bruin from Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

Great. This is Mike Ryskin on for Derik. First, I want to touch on your comments on CapEx and sort of the capacity that you need or don't need. You had indicated in the prepared remarks that you're pulling back on CapEx a little bit given the mismatch between your capacity now and the revenues where the business are, some of those aggressive assumptions and modeling et cetera. Any color you can provide on sort of like how far ahead you are in terms of CapEx or maybe put in other ways, where is your capacity now versus where do you think you'll need it to be? Are you a year ahead, 2 years ahead in terms of business plan and then capabilities in that?

偉大的。我是邁克·萊斯金 (Mike Ryskin)，代表德里克 (Derik) 發言。首先，我想談談您對資本支出以及您需要或不需要的容量的評論。您在準備好的評論中表示，鑑於您現在的產能與業務收入之間的不匹配，以及一些激進的假設和建模等，您將稍微縮減資本支出。您可以提供任何顏色，例如您在資本支出方面領先多少，或者可以用其他方式表達，您現在的產能與您認為需要的產能在哪裡？在業務計劃和能力方面，您是否領先一年、兩年？

So look, that's a great question. It's a little bit -- one where I would provide you a little bit more granular outlook across the different offerings of the company because the answer to your question is different.

所以看，這是一個很好的問題。這是一個有點 - 我會為您提供對公司不同產品的更細緻的展望，因為您的問題的答案是不同的。

I would tell you, overall, we shared during our May 19 update, which we stand by, that the capacity we have currently in the company and the one that we are completing to build with our CapEx plan is capable of delivering in our estimate, the $6.5 billion of revenue. So when you look at where our guidance is that today, there is quite a manway in front of us.

我想告訴你，總的來說，我們在 5 月 19 日的更新中分享了這一點，我們支持這一點，我們目前在公司擁有的產能以及我們正在通過資本支出計劃構建的產能能夠實現我們的估計， 65 億美元的收入。因此，當你看看我們今天的指導方針時，我們面前有一個很大的人行道。

Clearly, there are areas of the business, which was the ramp-up to fill this capacity is going to be a little bit lower. This is really the comment around the bio-modalities, the new modalities, cell therapy and plasmid, that we now need to accept the fact that the ramp there for a number of combined reasons is going to be lower.

顯然，在某些業務領域，填補這一產能的增長將會略低一些。這實際上是圍繞生物模式、新模式、細胞療法和質粒的評論，我們現在需要接受這樣一個事實：由於多種綜合原因，那裡的增長速度將會更低。

There are other areas, to be honest with you, where in fill and finish for syringes, we cannot build the capacity fast enough, the capacity because of some of the dynamics. So we also have discussed earlier in the Q&A session, there is a huge demand for those assets. And so those assets, I would say we are not ahead. We are probably in line, if not behind so we need to accelerate as well as in our Zydis offering where we cannot satisfy a very big demand that is in face of others.

老實說，在其他領域，在註射器的填充和完成過程中，我們無法足夠快地建立容量，由於某些動態因素，我們無法足夠快地建立容量。所以我們之前在問答環節也討論過，對這些資產有巨大的需求。因此，我想說，在這些資產上，我們並不領先。我們可能已經在排隊（如果不是落後的話），所以我們需要加速我們的 Zydis 產品，因為我們無法滿足其他人面臨的巨大需求。

So there are areas of the business where we're going to really double down and continue to invest and continue to accelerate the current investment. They're trying to find the best possible solution to bring capacity online and there are other areas of the business where the work is more to mitigate the costs that we are carrying from an operational standpoint to optimize the return on capital.

因此，我們將在某些業務領域加倍努力，繼續投資並繼續加速當前的投資。他們正在努力尋找最佳的解決方案來提高產能，而在其他業務領域，我們的工作更多的是從運營角度降低我們所承擔的成本，以優化資本回報率。

But I would tell you, the overall, the $6.5 billion number is a number where we feel pretty good about it. It's going to take some time. Of course, it's not going to happen overnight. In order, we can get there over time. And surely, as we look into the future, we will be planning for sustainable growth. This gives me the opportunity also to say that, clearly, in the last 2 years before this one, we grew in the 20%, 30% range which for a company like us, it's very hard to cope with, and we are now suffering a little bit of the consequences of those -- of that hyper growth. And going forward, I believe that we have now a plan that is more sustainable, stable and we'll avoid another fiscal '23 for us.

但我想告訴你，總體而言，65 億美元是一個我們感覺相當不錯的數字。這需要一些時間。當然，這不會在一夜之間發生。按照順序，我們可以隨著時間的推移到達那裡。當然，當我們展望未來時，我們將規劃可持續增長。這讓我有機會說，顯然，在這之前的最後兩年裡，我們的增長幅度在 20%、30% 之間，對於像我們這樣的公司來說，這是很難應對的，我們現在正在遭受痛苦這些的一些後果——高速增長的後果。展望未來，我相信我們現在有了一個更可持續、更穩定的計劃，我們將避免再次出現“23 財年”。

And Mike, if I could just add, Alessandro, just in fiscal '24, just to kind of repeat what we said on our May 19 call, my priority is absolutely going to be on free cash flow, cash generation. And next year, CapEx as a percentage of revenue will be less than this year. This year's trended to about 13% right now, and we're expecting with maintenance CapEx, compliance CapEx and the completion of our current in-flight programs, some of which Alessandro just mentioned, we're expecting to be in the high single digits for fiscal '24.

邁克，亞歷山德羅，如果我可以補充一下，就在 24 財年，只是為了重複我們在 5 月 19 日電話會議上所說的話，我的首要任務絕對是自由現金流和現金生成。明年，資本支出佔收入的百分比將低於今年。今年的趨勢目前約為 13%，我們預計，隨著維護資本支出、合規資本支出以及我們當前飛行計劃的完成（亞歷山德羅剛剛提到的其中一些計劃），我們預計將達到高個位數24 財年。

Yes. And then maybe 2 quick ones, just to wrap things up. One is, on the COVID numbers, I mean, you talked about some specific details for fiscal 3Q that contributed to the $120 million. But you're only pointing to $40 million in 4Q. I'm just wondering, is that a clean number? Are there any puts and takes we should be aware of? And just is that a reasonable jumping off point for next year, that $40 million in fiscal 4Q?

是的。然後也許是 2 個快速的，只是為了總結一下。一是，關於新冠疫​​情數字，我的意思是，您談到了第三財季的一些具體細節，這些細節為 1.2 億美元做出了貢獻。但你只指出第四季度的收入為 4000 萬美元。我只是想知道，這是一個乾淨的數字嗎？有哪些我們應該注意的看跌期權和賣出期權？明年第四財季的 4000 萬美元是一個合理的起點嗎？

And then the other we spend is on the unexpected supply chain issues in PCH. I just wanted to share it correctly, did you say that's already cleaned up? Or are you in the process of working through those supply chain issues? Just the timing on that, if that's resolved or not?

然後我們的另一筆支出是用於 PCH 中意外的供應鏈問題。我只是想正確分享，你說已經清理了嗎？或者您正在解決這些供應鏈問題嗎？只是時間問題，是否解決了？

Yes, the supply chain issues, they are close to resolution expected to be fully resolved in the first quarter of our fiscal '24. That was for the -- that was for the supply chain product issue in PCH. And to your first point on COVID, I would just stand by what we said, Mike. It's going to be a significantly lower number in 2024 when I think about the $600 million that we've recognized here in fiscal '23.

是的，供應鏈問題已經接近解決，預計將在 24 財年第一季度得到完全解決。這是針對 PCH 的供應鏈產品問題。關於你關於新冠病毒的第一點，我會堅持我們所說的，邁克。當我想到我們在 23 財年確認的 6 億美元時，到 2024 年，這個數字將大大降低。

The next question comes from Max Smock from William Blair.

下一個問題來自威廉·布萊爾的馬克斯·斯莫克。

Just wanted to follow up on your comments about productivity improving in Bloomington and Brussels, but needed some more time. I guess, we're still trying to -- we're still having some trouble understanding the operational COVID cliff at the facility. So just hoping you can give us some more detail around what exactly is going on there? Is it as simple as just not having the right people in place to validate new lines? Is it a matter of not knowing how to prioritize the work and use the lines you already have running? And maybe what are some tangible things that you need to do still in order to improve productivity moving forward?

只是想跟進您關於布盧明頓和布魯塞爾生產力提高的評論，但需要更多時間。我想，我們仍在努力——我們在理解該設施的新冠疫情懸崖方面仍然遇到了一些困難。所以只是希望你能給我們更多關於那裡到底發生了什麼的細節？難道只是沒有合適的人來驗證新線路那麼簡單嗎？是否不知道如何確定工作的優先順序並使用已有的生產線？為了進一步提高生產力，您還需要做哪些切實的事情？

Yes, sure. Look, as much as we want to simplify the output of our production site in units, the reality is that the product mix does matter. And the COVID vaccine is a product mix, which, if you like, is as simple as it gets. You have one product, one presentation, in billions of doses. The reality of the pharmaceutical industry and our reality has never been like that. We normally produce several products on the same line in different formats for different markets. So -- and so it is a complete different mix and significant -- different significant volumes.

是的，當然。看，儘管我們希望以單位形式簡化生產現場的輸出，但現實是產品組合確實很重要。新冠疫苗是一種產品組合，如果你願意的話，它就很簡單。您擁有一種產品、一種演示、數十億劑劑量。製藥行業的現實和我們的現實從來都不是這樣的。我們通常在同一條生產線上為不同市場生產不同規格的多種產品。所以——所以它是一個完全不同的組合和重要的——不同的重要卷。

Normally, in our industry, it's normal to transition from one product to another. It just doesn't happen that there is one product going from 0 to billions of doses and back to millions of doses in the space of 24 months all in. So when you're looking at sterile fill and finish processes where to train people, it requires 6 to 9 months. You can understand that the strategies of the system in terms of reacting to our data stimulus and re-reacting to the opposite stimulus is very, very hard. And it's one where the playbook was never written in our industry.

通常，在我們的行業中，從一種產品過渡到另一種產品是很正常的。一種產品在 24 個月內從 0 劑量到數十億劑量，再回到數百萬劑量，這種情況是不會發生的。因此，當您考慮對人員進行無菌灌裝和完成流程時，需要6到9個月的時間。您可以理解，系統在對我們的數據刺激做出反應以及對相反的刺激做出重新反應方面的策略非常非常困難。這是我們行業從未編寫過的劇本。

I also would say that when you think about the COVID revenue cliff of $700 million, which for the overall company is somewhat 15% of the revenues, right? So when you think that really those revenues were concentrated in a couple of locations, you can understand that the percentage of change at those locations is well, well above that. And so is the disruption. So this is about retraining people changing over lines for different formats, moving the products from one asset to another asset, from one suite to another suite, doing work -- transfer, doing technical work to get new products online. So the level of complexity is very, very high. And this is one where surely, the amount of challenges we could be facing was not well understood. And again, this is not an excuse, but this is a very unique situation in our industry, which was never done before, and I hope never repeats.

我還想說，當你考慮到 7 億美元的新冠疫情收入懸崖時，這對於整個公司來說大約是收入的 15%，對嗎？因此，當您認為這些收入確實集中在幾個地點時，您就可以理解這些地點的變化百分比遠遠高於此。破壞也是如此。因此，這是關於對人們進行再培訓，以適應不同的格式，將產品從一種資產轉移到另一種資產，從​​一個套件轉移到另一個套件，進行工作——轉移，進行技術工作以在線獲取新產品。所以復雜程度非常非常高。當然，我們還沒有充分了解我們可能面臨的挑戰的數量。再說一次，這不是藉口，但這是我們行業中非常獨特的情況，以前從未做過，我希望永遠不會重複。

Got it. Very helpful. And then just following up. I don't think you've talked about the tech transfers today. Last quarter -- when we spoke in May, I think you talked about those getting -- coming online here in the back half of the calendar year. Do you have any update around timing for when those tech transfers could be completed? And what does the ramp-up look like on these new programs are brought online? Just trying to get a sense for how much revenue could come from these programs in fiscal 2024?

知道了。很有幫助。然後就跟進。我認為您今天沒有談論技術轉讓。上個季度——當我們五月份交談時，我想你談到了那些在日曆年下半年上線的事情。關於這些技術轉讓何時可以完成，您有什麼最新消息嗎？這些上線的新項目的啟動情況如何？只是想了解 2024 財年這些計劃可以帶來多少收入？

Yes. Sure. So look, the ramp, once some of the last hurdles, also the stability and validation and others are -- it could be pretty steep. And surely, the -- some of those products are in very high demand end market. So I mean the body language we're receiving from our customer is that they're going to take whatever we can make. So it's going to be more depending on our ability to fully operationalize and being very productive by level of efficiency, high level of uptime and throughput rather than the demand constraining us.

是的。當然。所以看，斜坡，一旦最後的一些障礙，還有穩定性和驗證以及其他 - 它可能非常陡峭。當然，其中一些產品的終端市場需求量非常大。所以我的意思是，我們從客戶那裡收到的肢體語言是，他們會接受我們能做的一切。因此，這將更多地取決於我們全面運營的能力，以及通過效率水平、高水平的正常運行時間和吞吐量來提高生產力，而不是限制我們的需求。

Okay. And just to be clear, this program is still on track in terms of the timing, when we have those lines elevated up and running?

好的。需要明確的是，當我們將這些線路提升並運行時，該計劃在時間上仍處於正軌？

Pretty much it's the same that we shared the last call. Yes. So we're going to be seeing these ramps happening in the second half of this calendar year.

與我們上次通話時的情況幾乎相同。是的。因此，我們將在今年下半年看到這些增長。

Our last question comes from John Sourbeer from UBS.

我們的最後一個問題來自瑞銀集團的約翰·索爾比爾。

I appreciate the color on the updated fiscal '23 guidance and the PCH impact. On last month's call, you did mention that you expect PCH to return to growth in fiscal '24. Can you confirm if that's still the case?

我很欣賞更新後的 23 財年指南和 PCH 影響的顏色。在上個月的電話會議上，您確實提到預計 PCH 將在 24 財年恢復增長。您能否確認情況是否仍然如此？

Yes. John, this is Ricky here. Yes, I would simply say, yes, with the analysis that we've done so far and the opportunities ahead of ourselves. On that particular segment of PCH, there will be a fair conclusion to draw that growth is expected from the segment next year.

是的。約翰，這是瑞奇。是的，我只想說，是的，根據我們迄今為止所做的分析以及我們面前的機會。對於 PCH 的這一特定細分市場，將得出一個公平的結論，即明年該細分市場預計將出現增長。

Got it. I appreciate that. And then just a follow-up here on gene therapies. Can you remind us how many customers you're currently serving there? And then beyond Sarepta, what would be the next near-term opportunity from a commercial product standpoint? And then I think you mentioned in May, delaying some of the expansion on some of the suites there. Can you remind us how many suites do you expect to have online actually in fiscal '23 and then how many you're going to add in fiscal '24?

知道了。我很感激。然後是基因療法的後續行動。您能提醒我們您目前在那裡服務了多少客戶嗎？那麼，除了 Sarepta 之外，從商業產品的角度來看，下一個近期機會是什麼？然後我想你在五月份提到過，推遲了一些套房的擴建。您能否提醒我們，您預計在 23 財年實際擁有多少在線套房，然後在 24 財年將添加多少套？

Yes. Look, number one, we don't provide significant numbers of customers that we serve or whatever. Clearly, because of the size and the attention on Sarepta specifically, we -- and the level of disclosure that we have to do, they have to do, this is a unique situation, but we are pretty conservative. And to be honest, we respectful our customers in disclosing those type of information, which normally we cannot disclose also because of our contractual terms with them.

是的。看，第一，我們沒有提供大量我們服務的客戶或其他什麼。顯然，由於 Sarepta 的規模和關注度，我們——以及我們必須做的、他們必須做的披露水平，這是一個獨特的情況，但我們相當保守。老實說，我們在披露此類信息時尊重我們的客戶，但由於我們與他們之間的合同條款，我們通常無法披露這些信息。

I would tell you that the pipeline is healthy. We have a number of programs. We also believe that -- the fact that we are serving a large near commercial program is acting as a catalyst for our facility, which is commercially approved. And so this is a business that has, again, set aside some of the ramp-up challenges that we have experienced is a business that we are pretty happy with the performance and the pipeline. And it's also the dynamics of the market. And there's surely some events in the future can act as a further catalyst of optimism here.

我會告訴你管道是健康的。我們有很多計劃。我們還相信，我們正在為一個大型近商業項目提供服務，這一事實正在成為我們設施的催化劑，該設施已獲得商業批准。因此，這家企業再次拋開了我們經歷過的一些增長挑戰，我們對業績和管道非常滿意。這也是市場的動態。未來肯定會有一些事件可以進一步促進樂觀情緒。

So in terms of the number of suites, look, we have a lot of capacity there. It's a large site. It's one of the largest of the world. We keep expanding it. So we don't believe that capacity is going to be our problem there. We are building enough runway for key programs to grow and to even grow further as we look into the future of this space.

因此，就套房數量而言，我們那裡有很多容量。這是一個很大的網站。它是世界上最大的之一。我們不斷擴大它。因此，我們認為容量不會成為我們的問題。當我們展望這個領域的未來時，我們正在為關鍵項目的發展建立足夠的跑道，甚至進一步發展。

And if I could sneak in one more here at the end. I'm just not sure if I heard it, but are you confirming still that $6.5 billion of capacity number? And would you be able to provide what are the assumptions on utilization there because...

如果最後我能再在這裡偷偷溜進去一次就好了。我只是不確定我是否聽說過，但您是否仍然確認 65 億美元的容量數字？您能否提供有關利用率的假設，因為......

Yes. Look, we -- again, I stay for my previous comment, is up to characterize that as painting everything with the same brush, so to speak, because it's very different at any point in time. I believe that 75% is a fair assumption, it's somewhat to the sweet spot of our industry, right? So where you have enough utilization to drive the margin and cash flow and you have enough flexibility to absorb the peaks of demand, so this is what we plan for and this is what you should be assuming in terms of our target utilization across the board. And clearly, this will be an average of peaks and valleys...

是的。看，我們——再說一次，我保留之前的評論，可以將其描述為用同一把畫筆繪製一切，可以這麼說，因為它在任何時間點都是非常不同的。我相信 75% 是一個合理的假設，這在某種程度上是我們行業的最佳點，對嗎？因此，如果你有足夠的利用率來推動利潤和現金流，並且你有足夠的靈活性來吸收需求高峰，那麼這就是我們的計劃，這就是你應該在我們的全面目標利用率方面假設的情況。顯然，這將是峰值和谷值的平均值......

We have no further questions at this time. With that, I will hand over to Mr. Maselli for final remarks. Please go ahead.

目前我們沒有進一步的問題。接下來，我將請馬塞利先生作最後發言。請繼續。

Thank you, everyone, for taking the time to join our call, your questions and your continued support to Catalent. Thank you.

感謝大家花時間參加我們的電話會議、提出問題以及對康泰倫特的持續支持。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。