Catalent Inc (CTLT) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Catalent, Inc. Fourth Quarter Fiscal Year 2023 Earnings Conference Call. My name is Glenn, I'll be the operator for today's call. (Operator Instructions)

早上好，女士們、先生們，歡迎參加 Catalent, Inc. 2023 財年第四季度收益電話會議。我叫格倫，我是今天電話的接線員。 （操作員說明）

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

現在我將把您交給東道主投資者關係副總裁保羅·蘇爾德茲 (Paul Surdez) 開始。保羅？

Good morning, everyone, and thank you for joining us today to review Catalent's fourth quarter 2023 financial results. Joining me on the call are John Greisch, Executive Chair of the Board; Alessandro Maselli, President and Chief Executive Officer; and Matti Masanovich, Senior Vice President and Chief Financial Officer.

大家早上好，感謝您今天與我們一起回顧康泰倫特 2023 年第四季度的財務業績。與我一起參加電話會議的還有董事會執行主席 John Greisch；亞歷山德羅·馬塞利 (Alessandro Maselli)，總裁兼首席執行官；以及高級副總裁兼首席財務官馬蒂·馬薩諾維奇 (Matti Masanovich)。

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 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和幻燈片3 所建議的內容不同的風險和不確定性的討論4 討論了 Catalent 使用非 GAAP 財務指標的情況。

Please also refer to Catalent's fiscal 2022 Form 10-K/A and third quarter fiscal 2023 Form 10-Q 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 2022 財年表格 10-K/A 和 2023 財年第三季度表格 10-Q，了解可能影響我們經營業績、業績和財務狀況的風險和不確定性的更多信息。

Now I would like to turn the call over to John Greisch for some brief opening remarks, which are covered on Slide 5.

現在我想將電話轉給 John Greisch，請他發表一些簡短的開場白，這些內容將在幻燈片 5 中介紹。

Thank you, Paul. Good morning, and thank you for joining us. As I'm sure you have seen by now, we issued 2 press releases this morning, our preliminary fourth quarter earnings release and the release announcing several initiatives reflecting our ongoing commitment to strong corporate governance and shareholder value creation, including the appointment of 4 new independent directors to the Board, 2 of whom were nominated by Elliott.

謝謝你，保羅。早上好，感謝您加入我們。我相信您現在已經看到了，我們今天早上發布了2 份新聞稿，其中包括我們的第四季度初步收益報告以及宣布多項舉措的新聞稿，這些舉措反映了我們對強有力的公司治理和股東價值創造的持續承諾，其中包括任命4 名新員工董事會獨立董事，其中 2 名由 Elliott 提名。

The new directors are as follows: Steven Barg, Global Head of Engagement at Elliott Management, one of Catalent's largest shareholders; Michelle Ryan, former Treasurer at Johnson & Johnson; Frank D'Amelio, recently retired Chief Financial Officer of Pfizer; and Stephanie Okey, former Senior Vice President and Head of North America, Rare Diseases, and U.S. General Manager, Rare Diseases at Genzyme.

新董事如下： Steven Barg，Catalent 最大股東之一 Elliott Management 的全球參與主管；米歇爾·瑞安 (Michelle Ryan)，強生公司前財務主管； Frank D'Amelio，最近退休的輝瑞首席財務官；斯蒂芬妮·奧基 (Stephanie Okey)，健贊 (Genzyme) 罕見病部前高級副總裁兼北美地區負責人兼美國罕見病部總經理。

We've also established a new Strategic and Operational Review Committee of the Board to conduct a review of our business, strategy and operations as well as our capital allocation priorities in order to maximize the long-term value of the company. The committee's charter provides more detail about the scope of our review and is included in the Form 8-K filed this morning.

我們還成立了新的董事會戰略和運營審查委員會，對我們的業務、戰略和運營以及資本配置優先事項進行審查，以最大限度地提高公司的長期價值。該委員會的章程提供了有關我們審查範圍的更多詳細信息，並包含在今天早上提交的 8-K 表格中。

In addition, I was named Executive Chair, succeeding Marty Carroll as Board Chair. The Board and I are very appreciative of Marty's leadership and look forward to his continuing contributions as an ongoing Board member. As Executive Chair, I will be working closely with Alessandro and the team to drive improved operational performance and execute on the shareholder value creation initiatives announced today as well as chair the strategic and operational committee.

此外，我被任命為執行主席，接替馬蒂·卡羅爾擔任董事會主席。董事會和我非常感謝 Marty 的領導，並期待他作為現任董事會成員繼續做出貢獻。作為執行主席，我將與亞歷山德羅和團隊密切合作，推動改善運營績效並執行今天宣布的股東價值創造計劃，並擔任戰略和運營委員會主席。

The second press release also notes that we entered into a cooperation agreement with Elliott. This agreement addresses the matters I just discussed and contains customary provisions for an agreement of this type, including a standstill voting commitments and confidentiality provisions. Elliott shares the Board's confidence in Catalent's leading position as a key partner for the biopharmaceutical industry and is committed to working with us to drive shareholder value. We look forward to providing an update to the market on the work of and ultimately, recommendations by the Strategic and Operational Review Committee following our reviews.

第二份新聞稿還指出，我們與 Elliott 簽訂了合作協議。該協議解決了我剛才討論的問題，並包含此類協議的慣例條款，包括停止投票承諾和保密條款。 Elliott 與董事會一樣，對 Catalent 作為生物製藥行業重要合作夥伴的領先地位充滿信心，並致力於與我們合作，推動股東價值。我們期待向市場提供戰略和運營審查委員會在我們審查後的工作最新情況以及最終的建議。

We believe that these initiatives will improve Catalent's positioning for long-term growth and success. We'll be acting quickly and taking decisive action to strengthen operational performance, enhance profitability and create value for all stakeholders. I am personally excited to be partnering with Alessandro and the management team to drive profitable, sustainable and capital-efficient growth, along with long-term shareholder value as we move forward. We're all very pleased to be working collaboratively with Elliott to accomplish these shared goals together.

我們相信，這些舉措將改善康泰倫特的長期增長和成功定位。我們將迅速採取果斷行動，以加強運營績效、提高盈利能力並為所有利益相關者創造價值。我個人很高興能與 Alessandro 和管理團隊合作，推動盈利、可持續和資本效率的增長，並在我們前進的過程中實現長期股東價值。我們非常高興能夠與 Elliott 合作，共同實現這些共同目標。

With that, I would like to turn the call over to Alessandro and Matti to discuss our recent performance.

說到這裡，我想將電話轉給亞歷山德羅和馬蒂，討論我們最近的表現。

Thanks, John. My opening remarks will relate to Slide 6 of our presentation. As we said in May, this fiscal year was very disappointing, largely as a result of the COVID revenue and operational cliffs we have discussed. Additionally, as we previously explained and as our peers have also more recently disclosed, the pharma services industry is facing a macro-driven pressure, primarily from the effects of lower biotech funding, slower and more cautious decision-making by customers and lackluster consumer discretionary spend. We are acting urgently to mitigate all these impacts, reducing costs at underutilized facilities, bolstering our commercial efforts to accelerate new business wins and slowing our capital deployment in affected areas.

謝謝，約翰。我的開場白將涉及我們演示文稿的幻燈片 6。正如我們在 5 月份所說，本財年非常令人失望，這主要是由於我們討論過的新冠疫情收入和運營懸崖造成的。此外，正如我們之前所解釋的以及我們的同行最近也披露的那樣，製藥服務行業正面臨著宏觀驅動的壓力，主要來自生物技術資金減少、客戶決策緩慢且更加謹慎以及非必需消費品低迷的影響花費。我們正在緊急採取行動減輕所有這些影響，降低未充分利用設施的成本，加強我們的商業努力以加速新業務的贏得，並減緩我們在受影響地區的資本部署。

We're also making progress on the operational improvements in our Biologics segment that we outlined for you in the spring. From this perspective, we see fiscal '23 as a year of transition and fiscal '24 as a year of improvement that will create the foundation for long-term sustainable value creation. I will spend my opening remarks reviewing our strategic, operational and financial progress.

我們在春季為您概述的生物製品部門的運營改進方面也取得了進展。從這個角度來看，我們將“23 財年”視為過渡年，將“24 財年”視為改進之年，這將為長期可持續價值創造奠定基礎。我將在開場白中回顧我們的戰略、運營和財務進展。

First, we have the right strategy in place to achieve the performance levels you expect from Catalent. This includes continuing to change our leadership team by bringing in new strengths, skills and fresh perspectives to bear to ensure we have the industry's best talent on our management team.

首先，我們制定了正確的策略來實現您對康泰倫特的期望性能水平。這包括通過引入新的優勢、技能和新的視角來繼續改變我們的領導團隊，以確保我們的管理團隊擁有業界最優秀的人才。

In June, we appointed Matti Masanovich as our new Chief Financial Officer. Matti is a proven finance leader with deep experience growing and driving the profitability at public global manufacturing companies. He most recently served as a Chief Financial Officer of Tenneco Automotive until it was acquired by Apollo. Previously, he was the Chief Financial Officer of Superior Industries International and General Cable Corporation. It's great to have the benefit of Matti's fresh perspectives at Catalent and to have Matti join us on this call.

六月，我們任命馬蒂·馬薩諾維奇 (Matti Masanovich) 為新任首席財務官。 Matti 是一位久經考驗的財務領導者，在全球上市製造公司的發展和提高盈利能力方面擁有豐富的經驗。他最近擔任天納克汽車公司的首席財務官，直到該公司被阿波羅收購。此前，他曾擔任Superior Industries International 和General Cable Corporation 的首席財務官。很高興能夠從 Matti 在 Catalent 的新鮮視角中受益，並讓 Matti 加入我們的這次電話會議。

John and I also want to thank Ricky Hopson for stepping in as interim CFO prior Matti's arrival and assisting Matti's transition in these last 2 months. In addition, in August, we announced the appointment of Lisa Evoli as our new Chief Human Resources Officer. Lisa joins Catalent from Integra Lifesciences, a global medical technology company. Lisa has more than 25 years of experience, achieving organizational results, building robust talent pipelines and creating an inclusive and engaged workforce for a variety of multinational public companies.

約翰和我還要感謝 Ricky Hopson 在 Matti 到來之前擔任臨時首席財務官，並在過去兩個月協助 Matti 過渡。此外，8 月，我們宣布任命 Lisa Evoli 為新任首席人力資源官。 Lisa 從全球醫療技術公司 Integra Lifesciences 加入康泰倫特。 Lisa 擁有超過 25 年的經驗，為多家跨國上市公司取得了組織成果，建立了強大的人才管道，並打造了一支具有包容性和敬業精神的員工隊伍。

As you can see, we are putting a profound emphasis on ensuring we are recruiting and retaining top talent at Catalent and making great progress on rounding out our core leadership team, including my top priority, which is to fill the Biologics' President role, a search which is needing completion.

正如您所看到的，我們非常重視確保在康泰倫特招聘和留住頂尖人才，並在完善我們的核心領導團隊方面取得重大進展，其中包括我的首要任務，即填補生物製劑總裁的角色，需要完成的搜索。

Second, our operational performance as a whole has shown improved trend over the last few months. While we see meaningful evidence of that -- the fourth quarter will be a bottom for our Biologics performance, more work and time will be needed to return to our previous margin levels. Our goal remains to exit fiscal '24 with the company-wide operating margins closer to our historical levels. Encouragingly, operational improvement has been particularly evident in our gene therapy offerings.

其次，過去幾個月我們的整體運營業績呈現出改善的趨勢。雖然我們看到了有意義的證據——第四季度將是我們生物製品業績的底部，但需要更多的工作和時間才能恢復到之前的利潤水平。我們的目標仍然是在 24 財年結束時使全公司營業利潤率更接近歷史水平。令人鼓舞的是，我們的基因治療產品的運營改進尤其明顯。

As previously discussed, the start-up phase of our ERP implementation caused underutilization at BWI in the beginning of the fourth quarter. As we expected, these challenges led revenues at the site to dip in the fourth quarter from the third quarter. However, as a result of our focus on rapid operational improvement, productivity levels at the site are in line with our high standards, and revenue at the BWI is growing sequentially into the first quarter of fiscal '24.

如前所述，第四季度初，我們 ERP 實施的啟動階段導致 BWI 利用率不足。正如我們預期的那樣，這些挑戰導致該網站第四季度的收入較第三季度有所下降。然而，由於我們專注於快速運營改進，該工廠的生產力水平符合我們的高標準，並且 BWI 的收入在 24 財年第一季度持續增長。

Speaking of gene therapy, we could not be prouder of our gene therapy teams, both at our manufacturing center of excellence in Maryland as well as at our packaging facility in Philadelphia, as they closely partner with our customer, Sarepta Therapeutics, to deliver the first commercial dose of the Duchenne muscular dystrophy gene therapy to a 5-year-old patient that was a day away from turning 6 and edging out of the program. This outcome is a perfect example of our patient-first mindset. We are thankful to Doug Ingram, Sarepta's CEO, for visiting our manufacturing team this month to celebrate this important patient milestone with our employees.

說到基因治療，我們為我們的基因治療團隊感到無比自豪，無論是在馬里蘭州的卓越製造中心還是在費城的包裝工廠，他們與我們的客戶Sarepta Therapeutics 密切合作，交付了第一個基因治療藥物。對一名 5 歲患者進行商業劑量的杜氏肌營養不良症基因治療，該患者距離 6 歲生日還有一天就將退出該項目。這一結果是我們患者至上理念的完美範例。我們感謝 Sarepta 首席執行官 Doug Ingram 本月訪問我們的製造團隊，與我們的員工一起慶祝這一重要的患者里程碑。

At Brussels and Bloomington, we've also seen some progress in our operational execution. Of the 2 sites, Brussels has been trending better, with its output getting closer to historical levels. At Bloomington, our customer received a complete response letter in June related to an FDA inspection that occurred in May and was still open at the time of the PDUFA date. We worked closely with both the customer and the FDA to bring the inspection to closure as quickly as possible, and we are pleased that the FDA recently approved the customer's product as well as another product produced on the same line.

在布魯塞爾和布盧明頓，我們在運營執行方面也取得了一些進展。在這兩個地點中，布魯塞爾的趨勢更好，其產量越來越接近歷史水平。在布盧明頓，我們的客戶於 6 月份收到了一封完整的回复信，涉及 5 月份進行的 FDA 檢查，並且在 PDUFA 日期時仍然處於開放狀態。我們與客戶和 FDA 密切合作，盡快完成檢查，我們很高興 FDA 最近批准了客戶的產品以及同一條生產線上生產的另一種產品。

Aside from the specific issues at Brussels and Bloomington, our values always put the patient first. And this was evident in the Bloomington over the summer where we prioritized everything needed to bring the FDA inspection that occurred in May to a successful closure. While these activities had some impact on our anticipated productivity improvements at the site and led to increased costs in the first quarter of fiscal '24, they were the right move for Catalent, for our customers and our patients, given they led to extremely rapid and positive outcomes for our customers' products. We continue to expect to complete the tech transfer activities related to large programs at Bloomington during fiscal '24 and enter fiscal '25 with more normalized margins.

除了布魯塞爾和布盧明頓的具體問題外，我們的價值觀始終將患者放在第一位。這在今年夏天的布盧明頓顯而易見，我們優先考慮了使 5 月份進行的 FDA 檢查成功結束所需的一切。雖然這些活動對我們預期的現場生產力提高產生了一些影響，並導致24 財年第一季度的成本增加，但對於康泰倫特、我們的客戶和患者來說，它們是正確的舉措，因為它們導致了極其快速和準確的結果。為我們客戶的產品帶來積極成果。我們繼續預計在 24 財年期間完成與布盧明頓大型項目相關的技術轉讓活動，並以更正常的利潤率進入 25 財年。

Catalent's overall inspection track record remains as strong as ever with the 14 successful regulatory inspections in the last few months, including an FDA inspection at our sterile fill/finish facility in Anagni, Italy that resulted in 0 observation and no Form 483.

Catalent 的整體檢查記錄一如既往地強勁，過去幾個月成功進行了14 次監管檢查，其中包括FDA 對我們位於意大利阿納尼的無菌灌裝/包裝工廠進行的檢查，結果為0 次觀察且沒有483 表格。

Our Pharma and Consumer Health segment is expected to grow revenue in the mid- to high single digits in fiscal '24. Product approvals, including a dozen of new approvals since January, are expected to contribute to year-on-year growth. In addition, supply chain issues related to one of our top products have recently been resolved, and new production orders are underway.

我們的製藥和消費者健康部門預計 24 財年收入將實現中高個位數增長。產品批准，包括自一月份以來的十幾個新批准，預計將有助於同比增長。此外，與我們的頂級產品之一相關的供應鏈問題最近已得到解決，新的生產訂單正在進行中。

Finally, our consumer health business, which fell short of expectation in fiscal '23, has been leveling out. From a financial perspective, despite our assumption of a significant incremental COVID reduction and previously mentioned continued biotech funding softness, we see a resilient top line for the fiscal year, including double-digits non-COVID revenue growth.

最後，我們的消費者健康業務在 23 財年未達到預期，現已趨於平穩。從財務角度來看，儘管我們假設新冠肺炎疫情將大幅減少，並且之前提到生物技術資金持續疲軟，但我們仍看到本財年的營收具有彈性，包括兩位數的非新冠疫情收入增長。

While we are pleased with our top line momentum, our utmost focus will be on improving our EBITDA margin, financial forecasting and cash flow generation, which will lead to enhanced shareholder value creation. For example, we previously announced 2 separate cost reduction plans during fiscal '23, and we already realized approximately $40 million of cost savings in the back half of fiscal '23. We expect a total of over $100 million in incremental savings in fiscal '24 as the effects of our plan continue to bear fruit. When completed, the annualized run rate savings from these plants are expected to be in the range of $150 million to $170 million.

雖然我們對我們的收入增長勢頭感到滿意，但我們的首要重點將是提高我們的 EBITDA 利潤率、財務預測和現金流生成，這將提高股東價值創造。例如，我們之前在 23 財年期間宣布了 2 個單獨的成本削減計劃，並且我們已經在 23 財年後半段實現了約 4000 萬美元的成本節省。隨著我們計劃的效果繼續取得成果，我們預計 24 財年的增量節省總額將超過 1 億美元。竣工後，這些工廠的年運行率預計將節省 1.5 億至 1.7 億美元。

We also embedded the mechanisms in the company, including our lean program called The Catalent Way, designed to deliver better operational consistency, increase level of utilization, reduce waste and greater efficiency. We will keep you apprised on our progress regarding announced savings plan and new cost initiatives in the coming quarters.

我們還在公司中嵌入了這些機制，包括名為 Catalent Way 的精益計劃，旨在提供更好的運營一致性、提高利用率、減少浪費和提高效率。我們將隨時向您通報我們在未來幾個季度宣布的節約計劃和新成本舉措方面的進展情況。

Turning back to the overall Biologics segment. As you will recall from June, we disclosed that our Biologics margins were being impacted by significant investments that we made at our facilities operating in new modalities, including cell therapies and plasmid, just before the start of the period of reduced biotech funding. While we continue to believe all of these assets will create great value over time for innovator and patients as well as to shareholders, our prior expectation for high growth related to these assets in fiscal '23 did not materialize. As a result, these facilities are now experiencing a lower level of utilization and are running below breakeven levels, leading to a decrease of several hundred points in the EBITDA margin of our Biologics segment in Q4. We continue to actively address all aspects of this imbalance to maximize our ability to effectively leverage these assets and deliver value to all stakeholders in the near term.

回到整個生物製品領域。正如您在6 月份所記得的那樣，我們披露，就在生物技術資金減少期開始之前，我們在以新模式（包括細胞療法和質粒）運營的設施中進行的重大投資影響了我們的生物製品利潤。雖然我們仍然相信，隨著時間的推移，所有這些資產將為創新者、患者以及股東創造巨大價值，但我們之前對 23 財年與這些資產相關的高增長的預期並未實現。因此，這些設施現在的利用率較低，並且運行低於盈虧平衡水平，導致第四季度我們生物製劑部門的 EBITDA 利潤率下降了數百個點。我們將繼續積極解決這種不平衡的各個方面，以最大限度地提高我們有效利用這些資產的能力，並在短期內為所有利益相關者創造價值。

Most importantly, our advanced capabilities continue to garner substantial commercial interest, positioning the company for long-term sustainable growth. As a result, once utilization normalizes, we continue to expect the Biologics segment to return to its historical EBITDA margin.

最重要的是，我們的先進能力繼續獲得巨大的商業利益，為公司的長期可持續增長奠定了基礎。因此，一旦利用率正常化，我們繼續預計生物製劑部門將恢復到其歷史 EBITDA 利潤率。

Regarding our forecasting process, we have been working hard to improve our rigor and discipline, including embedding greater conservatism in our future assumptions. More work remains, but under Matti's guidance, we are implementing plans to strengthen our forecasting and internal control processes.

關於我們的預測過程，我們一直在努力提高我們的嚴謹性和紀律，包括在我們未來的假設中嵌入更多的保守主義。還有更多工作要做，但在馬蒂的指導下，我們正在實施加強預測和內部控制流程的計劃。

Given the extensive footprint we have built over the last several years and our focus on improving our margins, we're also reducing our CapEx in fiscal '24 to around 8% to 10% of sales, and we expect to maintain this lower level of CapEx intensity over the coming years as we grow into our existing footprint.

鑑於我們在過去幾年中建立的廣泛足跡以及我們對提高利潤率的關注，我們還將24 財年的資本支出減少至銷售額的8% 至10% 左右，並且我們預計將維持這一較低水平隨著我們現有業務規模的擴大，未來幾年的資本支出強度。

With that, I would like to close by saying that our Board, management team and I are collectively focused on executing on our mission to improve the lives of patients every day while striving to create value for all of our stakeholders. We are taking the decisive actions to bring our operational performance consistently to levels we achieved across the company prior to the pandemic.

最後，我想說的是，我們的董事會、管理團隊和我共同致力於履行我們的使命，每天改善患者的生活，同時努力為所有利益相關者創造價值。我們正在採取果斷行動，使我們的運營績效始終達到大流行之前整個公司所達到的水平。

Finally, as John mentioned earlier, I look forward to working more closely with him as an Executive Chair and want to welcome to our Board the 4 new members announced today. I am looking forward to working with them as well as Elliott to drive long-term shareholder value for our investors. I continue to have the utmost confidence and optimism in the Catalent's leading market position, long-term opportunities and growth prospects as the industry's essential partner. We know what needs to be done to deliver the level of financial performance that we all expect, and we are doing so.

最後，正如約翰之前提到的，我期待著作為執行主席與他更密切地合作，並歡迎今天宣布的 4 名新成員加入我們的董事會。我期待與他們以及 Elliott 合作，為我們的投資者推動長期股東價值。我仍然對康泰倫特作為行業重要合作夥伴的領先市場地位、長期機遇和增長前景充滿信心和樂觀。我們知道需要採取哪些措施才能達到我們所有人期望的財務績效水平，並且我們正在這樣做。

I will now turn it to Matti for a discussion of our Q4 financial results and the details of our fiscal '24 guidance.

我現在將請 Matti 討論我們第四季度的財務業績和 24 財年指導的詳細信息。

Thank you, Alessandro. I'm very happy to be part of the Catalent team and contributing to the meaningful impact our company has on helping people live longer, healthier lives. In my first 2 months at Catalent, I have been deeply focused on bolstering our internal finance team and improving our financial processes to position Catalent for long-term success. I look forward to meeting many of our investors and analysts in the coming weeks.

謝謝你，亞歷山德羅。我很高興成為康泰倫特團隊的一員，並為我們公司在幫助人們活得更長久、更健康方面產生有意義的影響做出貢獻。在康泰倫特工作的前兩個月，我一直專注於加強我們的內部財務團隊並改進我們的財務流程，以使康泰倫特取得長期成功。我期待在未來幾週內與我們的許多投資者和分析師會面。

Starting with the consolidated numbers on Slide 7. Net revenue in the quarter was $1.1 billion, down 17%, both on a reported basis and on a constant currency basis compared to the prior fourth quarter. Mergers and acquisitions had minimal impact on our results.

從幻燈片 7 中的綜合數據開始。本季度淨收入為 11 億美元，與上一季度相比，按報告基礎和按固定匯率計算均下降 17%。合併和收購對我們的業績影響很小。

Our fourth quarter adjusted EBITDA decreased 61% to $139 million or a margin of 13% versus a margin of 27.8% in the prior year quarter. On an organic constant currency basis, our fourth quarter adjusted EBITDA declined 65% compared to the fourth quarter of the prior year, primarily driven by a decline in COVID demand. I will speak further to the major drivers of these results in the segment commentary.

我們第四季度調整後 EBITDA 下降 61%，至 1.39 億美元，利潤率為 13%，而去年同期利潤率為 27.8%。在有機固定貨幣基礎上，我們第四季度調整後的 EBITDA 與去年第四季度相比下降了 65%，這主要是由於新冠病毒需求下降所致。我將在分部評論中進一步討論這些結果的主要驅動因素。

Adjusted net income was $16 million or $0.09 per diluted share compared to adjusted income of $195 million or $1.08 per diluted share last year. Reconciliations from GAAP net earnings to each of adjusted EBITDA and adjusted net income are in the appendix of the slide deck. Excluded from net income are noncash asset impairments totaling $85 million on an after-tax basis. These noncash impairments couple several assets in both of our business segments. The largest noncash impairment is related to the partially constructed Biologics development and manufacturing facility near Oxford, U.K.

調整後淨利潤為 1,600 萬美元，即稀釋後每股收益 0.09 美元，而去年調整後淨利潤為 1.95 億美元，即稀釋後每股收益 1.08 美元。幻燈片附錄中提供了 GAAP 淨利潤與調整後 EBITDA 和調整後淨利潤的調節表。淨利潤中不包括稅後總額為 8500 萬美元的非現金資產減值。這些非現金減值與我們兩個業務部門的多項資產相結合。最大的非現金減值與英國牛津附近部分建成的生物製品開發和製造工廠有關。

Now let's discuss our segment performance. Our commentary around our segment growth will be in constant currency. As shown on Slide 8, fourth quarter net revenue in our Biologics segment was $406 million, a decrease of $239 million or 37% compared to the prior fourth quarter. The decline is primarily driven by significantly lower year-on-year COVID demand. Fourth quarter COVID revenue declined approximately $180 million to approximately $65 million. Our COVID work is no longer focused on take-or-pay arrangements and is now tied to more standard ordering arrangements based on rolling forecasts with binding periods, which are typical arrangements in our business.

現在讓我們討論一下我們的部門表現。我們對細分市場增長的評論將採用固定匯率。如幻燈片 8 所示，我們的生物製品業務第四季度淨收入為 4.06 億美元，比上一季度減少 2.39 億美元，即 37%。下降的主要原因是新冠疫情需求同比大幅下降。第四季度新冠肺炎收入下降約 1.8 億美元至約 6500 萬美元。我們的新冠疫情工作不再專注於照付不議的安排，而是與基於具有約束期的滾動預測的更標準的訂購安排聯繫在一起，這是我們業務中的典型安排。

On a non-COVID basis, Biologics revenue in the fourth quarter declined 16% versus the fourth quarter of 2022. In the fourth quarter, our drug product and drug substance offerings, excluding COVID and cell and gene therapies, each grew double digit year-on-year. However, with our core gene therapy business -- however, while our core gene therapy business was the strongest source of growth for Catalent in the first 3 quarters of fiscal '23, in the fourth quarter, gene therapy revenue was down over the prior fourth quarter. This was in line with our expectations and a result of production issues outlined on our third quarter earnings call in June.

在非新冠疫情的基礎上，第四季度的生物製劑收入較2022 年第四季度下降了16%。第四季度，我們的藥品和原料藥產品（不包括新冠疫情以及細胞和基因療法）均實現了兩位數的同比增長。同年。 However, with our core gene therapy business -- however, while our core gene therapy business was the strongest source of growth for Catalent in the first 3 quarters of fiscal '23, in the fourth quarter, gene therapy revenue was down over the prior fourth四分之一.這符合我們的預期，也是我們在 6 月份第三季度財報電話會議上概述的生產問題的結果。

As you can see on the bar chart, there were notable movements in our Biologics commercial and development revenue streams, where the classification of development versus commercial is driven by contractual language, which does not always align with the regular status -- regulatory status of a given product.

正如您在條形圖上看到的，我們的生物製劑商業和開發收入流出現了顯著的變化，其中開發與商業的分類是由合同語言驅動的，這並不總是與常規狀態（監管狀態）保持一致。給定的產品。

The large drop in development revenue in the fourth quarter has 2 primary drivers: first, year-on-year decline in COVID revenue that have been designated as development revenue; and second, a large gene therapy product whose revenue was due to the development revenue a year ago and is now treated as commercial revenue.

第四季度開發收入大幅下降有兩個主要驅動因素：第一，被指定為開發收入的新冠疫情收入同比下降；第二，一個大型基因治療產品，其收入來自一年前的開發收入，現在被視為商業收入。

When looking at the full year for Biologics, COVID-related revenue declined over 50% from $1.3 billion in fiscal '22 to approximately $625 million in fiscal '23. Non-COVID Biologics revenue increased by approximately 12% across the full year.

縱觀生物製劑全年，與新冠病毒相關的收入下降了 50% 以上，從 22 財年的 13 億美元降至 23 財年的約 6.25 億美元。非新冠生物製劑收入全年增長約 12%。

Moving to EBITDA. The Biologics segment fourth quarter EBITDA was down $206 million to a loss of $12 million. Margin was negative at 2.9% compared to the positive 30% recorded in the prior fourth quarter. The drop in EBITDA was primarily driven by the COVID declines and resulting underutilization as well as underutilization at new modality facilities. We are working to align our costs in these areas to be in line with demand and expect margins to improve on a year-over-year basis, primarily in the second half of the fiscal year.

轉向 EBITDA。生物製劑部門第四季度 EBITDA 下降 2.06 億美元，虧損 1200 萬美元。與上一季度 30% 的正利潤率相比，利潤率為 2.9%。 EBITDA 下降主要是由於新冠疫情導致的利用率下降以及新醫療設施利用率不足所致。我們正在努力調整這些領域的成本，以適應需求，並預計利潤率將同比改善，主要是在本財年下半年。

As shown on Slide 9, the Pharma and Consumer Health segment generated net revenue of $662 million, an increase of $19 million or 3% compared to the prior year fourth quarter with segment EBITDA of $187 million, down $11 million or a 6% decline over the same period. The segment's revenue growth was primarily driven by the October 2022 acquisition of Metrics, which contributed 4 points to the segment's top line growth and 5 points to the change in adjusted EBITDA. On an organic basis, the segment declined 1% as growth in Clinical Supply Services was more than offset by continued supply chain challenges related to a top product and a decline in prescription product revenue.

如幻燈片9 所示，製藥和消費者健康業務部門淨收入為6.62 億美元，比去年第四季度增加1,900 萬美元，即3%；該部門EBITDA 為1.87 億美元，比去年第四季度減少1,100萬美元，即下降6%。同一時期。該部門的收入增長主要是由 2022 年 10 月收購 Metrics 推動的，該收購為該部門的營收增長貢獻了 4 個百分點，為調整後 EBITDA 的變化貢獻了 5 個百分點。從有機角度來看，該細分市場下降了 1%，因為臨床供應服務的增長被頂級產品相關的持續供應鏈挑戰和處方產品收入下降所抵消。

EBITDA margin of 28.2% was lower by 260 basis points year-over-year from the 30.8% recorded in the prior fourth quarter. The decline was primarily a result of lower organic volume, unfavorable product mix and cost inflation.

EBITDA 利潤率為 28.2%，較去年第四季度的 30.8% 下降 260 個基點。下降的主要原因是有機銷量下降、不利的產品結構和成本上漲。

Slide 10 discusses our debt, debt maturities, related ratios and CapEx plans. Our debt load remains well structured and permits us good flexibility. Our nearest maturity is not until 2027. Our primary debt covenant is the ratio of net first lien debt over the trailing 12 months' adjusted EBITDA. The covenant requires this ratio to remain below 6.5x. And at June 30, the actual level was 2.8x.

第 10 幻燈片討論了我們的債務、債務到期日、相關比率和資本支出計劃。我們的債務負擔結構良好，使我們具有良好的靈活性。我們最近的到期日要到 2027 年。我們的主要債務契約是淨第一留置權債務與過去 12 個月調整後 EBITDA 的比率。該契約要求該比率保持在 6.5 倍以下。截至 6 月 30 日，實際水平為 2.8 倍。

Catalent's overall net debt leverage ratio as of June 30, 2023, was 6.4x, a sequential increase from the third quarter at 4.9x, driven by the lower year-on-year LTM adjusted EBITDA as measured at fiscal year-end. Because the EBITDA portion of the net debt leverage ratio is calculated on an LTM basis, we expect this ratio to move higher, ultimately peaking at the end of the second quarter due to a significant decline in COVID revenue on a year-over-year basis and then improving in the second half of the fiscal year, back to current levels as our EBITDA improves. We expect to be free cash flow neutral in fiscal 2024.

截至 2023 年 6 月 30 日，康泰倫特的整體淨債務槓桿率為 6.4 倍，較第三季度的 4.9 倍環比增長，這是由於財年末測得的 LTM 調整後 EBITDA 同比下降所致。由於淨債務槓桿率的 EBITDA 部分是按 LTM 計算的，因此我們預計該比率將上升，並最終在第二季度末達到峰值，因為新冠疫情收入同比大幅下降然後在本財年下半年有所改善，隨著EBITDA 的改善回到目前的水平。我們預計 2024 財年自由現金流將保持中性。

Reducing our leverage is our top priority. This is being achieved by maximizing EBITDA through continued revenue growth, improved utilization, better productivity and continued cost structure alignments. At the same time, we are focusing on a number of opportunities to deliver incremental free cash flow in 2024, above and beyond our current guidance. These incremental opportunities include, first, working capital, which includes accounts receivable, inventory and contract assets at June 30, was over $2 billion. We have a significant opportunity ahead of us to reduce working capital and drive free cash flow for the company. Our initial focus will be on reducing the accounts receivable balance of over $900 million, reducing our inventory balance of over $700 million and reducing our contract asset balance of over $400 million. Our goal is to drive sustainable improvement in these categories to deliver incremental free cash flow while simultaneously working to restore our historical EBITDA margin.

降低杠桿是我們的首要任務。這是通過持續收入增長、提高利用率、提高生產率和持續成本結構調整來最大化 EBITDA 來實現的。與此同時，我們正在關注許多機會，以在 2024 年實現增量自由現金流，超出我們當前的指導。這些增量機會包括，首先，營運資金（包括截至 6 月 30 日的應收賬款、庫存和合同資產）超過 20 億美元。我們面臨著減少營運資本並推動公司自由現金流的重大機會。我們最初的重點是減少超過 9 億美元的應收賬款餘額，減少超過 7 億美元的庫存餘額，減少超過 4 億美元的合同資產餘額。我們的目標是推動這些類別的可持續改進，以提供增量自由現金流，同時努力恢復我們的歷史 EBITDA 利潤率。

Second, we will ensure all CapEx spend is either aligned with our core values of patient first, quality, safety and compliance or contributes to key strategic initiatives with shorter, more appropriate payback periods.

其次，我們將確保所有資本支出要么符合我們的患者至上、質量、安全和合規的核心價值觀，要么以更短、更合適的投資回收期為關鍵戰略舉措做出貢獻。

And finally, with our newly created Strategic and Operational Review Committee of the Board, we plan to continue to evaluate our strategy and portfolio. These activities to enhance cash generation, balanced with returning to a more normalized EBITDA margins, should improve our overall net debt leverage. Our target for our overall net debt leverage remains less than 3x.

最後，我們計劃通過新成立的董事會戰略和運營審查委員會繼續評估我們的戰略和投資組合。這些旨在增強現金產生能力的活動，與恢復更正常化的 EBITDA 利潤率相平衡，應該會改善我們的整體淨債務槓桿。我們的整體淨債務槓桿率目標仍然低於 3 倍。

Our combined balance of cash, cash equivalents and marketable securities as of June 30, 2023, was $280 million, an increase of $78 million from March 31, 2023, before a $50 million partial paydown of our revolver that we were able to make in the quarter. The increase in cash was driven by strong cash collections in the quarter.

Our combined balance of cash, cash equivalents and marketable securities as of June 30, 2023, was $280 million, an increase of $78 million from March 31, 2023, before a $50 million partial paydown of our revolver that we were able to make in the四分之一.現金增加是由於本季度現金回款強勁所致。

I would now like to discuss our contract assets, which, as of June 30, 2023, had a balance of $436 million, a sequential decrease of $69 million and flat year-on-year. We are working with key customers to further reduce this balance through more favorable contract terms that are more aligned with our manufacturing time lines.

我現在想談談我們的合同資產，截至2023年6月30日，合同資產餘額為4.36億美元，環比減少6900萬美元，同比持平。我們正在與主要客戶合作，通過更優惠的合同條款（更符合我們的製造時間表）進一步減少這種平衡。

At June 30, we had one strategic customer, a majority of whose business relates to our gene therapy platform that represented 20% of our $1.4 billion in aggregate net trade receivables and contract assets. We are confident that our contract asset balance is fully collectible. The same customer was less than 10% of total revenue in the fourth quarter but represented nearly 10% of our revenue for fiscal 2023 compared to approximately 5% in fiscal 2022.

截至 6 月 30 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 14 億美元淨貿易應收款和合同資產總額的 20%。我們有信心我們的合同資產餘額可以完全收回。同一客戶在第四季度的總收入中所佔比例不到 10%，但在 2023 財年占我們收入的近 10%，而 2022 財年這一比例約為 5%。

Finally, CapEx in fiscal 2023 was $601 million or 14% of revenue. In light of the significant capital investments we have already put into the business, we are reducing CapEx in fiscal 2024 by more than 30% to a range of 8% to 10% of revenue.

最後，2023 財年的資本支出為 6.01 億美元，佔收入的 14%。鑑於我們已經對該業務投入了大量資本投資，我們將在 2024 財年將資本支出減少 30% 以上，達到收入的 8% 至 10%。

Now please turn to our financial outlook for fiscal '24 as outlined on Slide 11. We expect our 2024 net revenue in the range of $4.3 billion to $4.5 billion, representing growth of 3% at the midpoint. This includes COVID revenue of approximately $130 million, a roughly $500 million decrease from 2023. Our non-COVID business is expected to continue to deliver strong performance with full year revenue growth of approximately 15% to 20%. This is driven by roughly 30% growth in our non-COVID Biologics portfolio primarily driven by significant growth from our largest customer as well as completion of tech transfer activities.

現在請轉向幻燈片 11 中概述的 24 財年財務展望。我們預計 2024 年淨收入將在 43 億美元至 45 億美元之間，中間值增長 3%。其中包括約 1.3 億美元的新冠肺炎收入，比 2023 年減少約 5 億美元。我們的非新冠肺炎業務預計將繼續表現強勁，全年收入增長約 15% 至 20%。這是由我們的非新冠生物製劑產品組合約 30% 的增長推動的，這主要是由我們最大客戶的顯著增長以及技術轉讓活動的完成推動的。

In PCH, we expect mid- to high single-digit growth. Current FX rates, which we use in this forecast, are forecasted to have a positive impact of 1 to 2 percentage points on our revenue. We project that inorganic revenue, which reflects one remaining quarter of the Metrics acquisition, will not have a meaningful effect.

在 PCH 領域，我們預計將實現中高個位數增長。我們在本次預測中使用的當前匯率預計將對我們的收入產生 1 到 2 個百分點的積極影響。我們預計無機收入（反映了 Metrics 收購的剩餘四分之一）不會產生有意義的影響。

We expect adjusted EBITDA in the range of $680 million to $760 million. While this is a slightly wider range than usual, as Alessandro mentioned earlier, this is reflective of our new more conservative approach to forecasting. These temporary low margin levels anticipated for 2024 reflect our low facility utilization as our reliance on COVID revenue declines. As we ramp up our non-COVID business and align our cost structure, we expect margins to recover towards historic levels as we exit fiscal 2024.

我們預計調整後 EBITDA 在 6.8 億至 7.6 億美元之間。正如亞歷山德羅之前提到的，雖然這個範圍比平常稍寬，但這反映了我們新的更保守的預測方法。預計 2024 年的暫時較低利潤水平反映了我們對新冠疫情收入的依賴下降，設施利用率較低。隨著我們擴大非新冠疫情業務並調整成本結構，我們預計 2024 財年結束時利潤率將恢復至歷史水平。

We expect the margin of our Biologics segment to improve modestly as we move sequentially from our 2023 fourth quarter to the first quarter of 2024 and progressively improve through the year, with a more pronounced ramp in the second half. In addition, given the historically seasonal nature of our PCH business, where revenue and EBITDA generation is lightest in the first quarter and more weighted to the back half of the year, combined with our expected productivity ramps later in the year, we forecast roughly 2/3 of our consolidated adjusted EBITDA to be generated in the second half of the year. While this is more back half weighted than most years, the overall expected revenue split is more balanced with approximately 55% expected in the second half of 2024.

我們預計，隨著我們從 2023 年第四季度到 2024 年第一季度，生物製品部門的利潤率將小幅改善，並在全年逐步改善，下半年將出現更明顯的增長。此外，考慮到我們 PCH 業務的歷史季節性特徵，第一季度的收入和 EBITDA 產生最少，下半年的權重更大，再加上我們預計今年晚些時候的生產力提升，我們預測大約 2我們的綜合調整後EBITDA 的/3 將在今年下半年產生。雖然這比大多數年份的後半權重更大，但總體預期收入分配更加平衡，預計 2024 年下半年約為 55%。

We expect adjusted net income in the range from $113 million to $175 million. Adjusted net income growth in fiscal 2024 is being impacted by all of the items affecting adjusted EBITDA as well as the following items: first, an expected effective tax rate in the 25% to 27% range compared to 25.5% in fiscal '23; second, an increase in interest expense due to rising interest rates, though, as a reminder, with our rate hedge in place, nearly 70% of our debt is effectively fixed rate; and finally, increased depreciation expense due to substantial investments we have previously made.

我們預計調整後淨利潤將在 1.13 億美元至 1.75 億美元之間。 2024 財年調整後淨利潤增長受到影響調整後 EBITDA 的所有項目以及以下項目的影響：首先，預期有效稅率在 25% 至 27% 範圍內，而 23 財年為 25.5%；其次，由於利率上升導致利息支出增加，不過，提醒一下，在我們實行利率對沖的情況下，我們近70%的債務實際上是固定利率的；最後，由於我們之前進行的大量投資，折舊費用增加。

I'd now like to share an update regarding the status of our filing of our fiscal '23 Form 10-K. As we continue to improve our accounting, finance staffing and related processes and we continue to bolster our internal finance resources, some additional steps remain to finalize our 10-K. This will not allow us enough time to file for all of our closing procedures -- excuse me, this will not allow enough time for all of our closing procedures to be completed today. Therefore, the completion of our financial statement closing processes and subsequent filing with the SEC will require more time, extending beyond today's deadline. Tomorrow, we plan to file a notification of late filing on Form 12b-25. Our team is working expeditiously to finish the 10-K within the 15-day grace period permitted by the Form 12b-25 filing. We do not expect any change to the numbers we've released today. We appreciate your patience.

我現在想分享有關我們 '23 財年 10-K 表格提交狀態的最新信息。隨著我們繼續改進我們的會計、財務人員配置和相關流程，並繼續增強我們的內部財務資源，仍需採取一些額外步驟來最終確定我們的 10-K。這將不允許我們有足夠的時間來提交所有的結賬程序——對不起，這將不允許我們有足夠的時間來完成今天的所有結賬程序。因此，完成我們的財務報表結算流程以及隨後向美國證券交易委員會提交的文件將需要更多時間，超出今天的截止日期。明天，我們計劃在表格 12b-25 上提交逾期提交通知。我們的團隊正在迅速工作，以便在 12b-25 表格備案允許的 15 天寬限期內完成 10-K。我們預計今天發布的數字不會有任何變化。我們感謝您的耐心等待。

To close, I want to summarize with you my top priorities as Catalent's CFO, which are: partnering with Alessandro to improve our margins by supporting productivity and cost alignment plans; to delivering incremental free cash flow by reducing the CapEx and the working capital intensity of the business; and finally, strengthening our internal controls and processes over financial reporting and forecasting. All of these priorities are within our control.

最後，我想與大家總結一下，作為 Catalent 首席財務官，我的首要任務是： 與 Alessandro 合作，通過支持生產力和成本調整計劃來提高我們的利潤；通過降低資本支出和企業營運資本強度來提供增量自由現金流；最後，加強我們對財務報告和預測的內部控制和流程。所有這些優先事項都在我們的控制範圍內。

Operator, this concludes our prepared remarks. We'll now open up the call for questions.

接線員，我們準備好的發言到此結束。我們現在開始提問。

(Operator Instructions) We have our first question comes from Tejas Savant from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Tejas Savant。

Maybe Alessandro and Matti, can you just help us build a bridge from the $715 million or so in '23 EBITDA to $720 million in '24. You called out COVID assumptions is about $130 million. But could you clarify the contribution from Sarepta that you're assuming at the midpoint here? It sounds like you're expecting very substantial growth there given your 30% non-COVID Biologics growth assumption. So any sort of color versus the $425 million you generated this year would be great.

也許亞歷山德羅和馬蒂，你們能幫我們架起一座橋樑，從 23 年的 7.15 億美元左右的 EBITDA 到 24 年的 7.2 億美元。您提到了新冠疫情的假設約為 1.3 億美元。但是您能否澄清一下您在這裡假設的 Sarepta 的貢獻？鑑於非新冠生物製劑增長 30% 的假設，聽起來您預計該地區將出現非常大幅的增長。因此，與今年 4.25 億美元的收入相比，任何顏色都很棒。

Tejas, Alessandro here. Thanks a lot for your question. Look, first of all, we are pleased here today to be able to share our new guidance for fiscal '24 in face of -- well, as we disclosed, a significant drop -- a further drop in our COVID revenues, but still seeing a resilience in our top line. So that's something that is sticking to the underlying strength of our business as we shared. And as you're pointing out, some of that growth is related to our gene therapy business, which is now running at full cylinders after the -- some of the challenges that we shared during the spring. So top line is pleasing us. It's also well balanced in H1 versus H2.

特哈斯，亞歷山德羅在這裡。非常感謝你的提問。首先，我們很高興今天能夠在這里分享我們的 24 財年新指引，因為正如我們所披露的，我們的新冠收入進一步下降，但仍然看到我們的營收具有韌性。因此，正如我們所分享的那樣，這就是堅持我們業務的潛在優勢的東西。正如您所指出的，部分增長與我們的基因治療業務有關，在我們在春季面臨的一些挑戰之後，該業務目前正在全速運轉。所以頂線令我們滿意。 H1 與 H2 的平衡也很好。

As we shared during the spring, in our Biologics business, there is still some work to do to restore previous margin. We are working expeditiously on addressing underutilization and some performance improvements, some more time. Work is required in the first half of the year, but we are confident that restoring this sequentially, our margins over the quarter. So I will turn it now to Matti to give you a little bit more granularity on the bridge.

正如我們在春季分享的那樣，在我們的生物製品業務中，仍有一些工作要做才能恢復之前的利潤。我們正在加緊努力解決利用率不足的問題並改進一些性能，需要更多的時間。上半年需要開展工作，但我們有信心在本季度繼續恢復我們的利潤率。所以我現在將把它交給 Matti，讓您更詳細地了解這座橋。

Yes. So you asked about going from the $714 million of EBITDA '23 to our -- I'll go to the midpoint or approximately midpoint, to $720 million. Obviously, as Alessandro pointed out in his comments and my comments, we're seeing COVID demand down year-on-year of approximately $0.5 billion, and that has a high margin profile attached to it, and it leaves behind costs that we have to action. So there's a [sitting it down] from an EBITDA perspective related to that down volume. We're replacing that down volume, as we mentioned, with one of our largest customers in gene therapy. It should be up year-on-year. We talked about some -- one of our facilities that Alessandro mentioned is doing better, which is Brussels, and some of the performance underlying Brussels is doing better as well as Bloomington during the quarter. So those are primarily the biggest pieces, and we've got the Biologics' other piece, which is growing at a very rapid rate year-over-year.

是的。因此，您詢問了從 23 年 7.14 億美元的 EBITDA 到我們的——我將達到中點或大約中點，達到 7.2 億美元。顯然，正如亞歷山德羅在他的評論和我的評論中指出的那樣，我們看到新冠病毒的需求同比下降了約 5 億美元，而且利潤率很高，並且留下了我們必須行動。因此，從 EBITDA 的角度來看，與銷量下降相關的是[坐下來]。正如我們所提到的，我們正在用基因治療領域最大的客戶之一來取代這種下降的數量。應該會同比上漲。我們談到了一些——亞歷山德羅提到的我們的一個設施表現得更好，那就是布魯塞爾，布魯塞爾的一些基礎表現在本季度與布盧明頓一樣表現得更好。所以這些主要是最大的部分，我們還有生物製品的其他部分，它每年都在以非常快的速度增長。

Maybe the last point I would add here, also pointing you out to some of the one-off impacts we recorded in the last fiscal year, something that you should consider as you model this.

也許我要在這裡添加的最後一點，也向您指出我們在上一財年記錄的一些一次性影響，您在建模時應該考慮這一點。

Got it. Yes, makes sense. And then my next question really is around the strategic review that's underway. Any color you guys can share around sort of the anticipated time lines for that to be completed? And then understanding that there's a few moving pieces here in terms of the balance sheet initiatives you spoke about, Matti, do you currently anticipate having the need to raise capital either via equity or debt? Or do these anticipated working capital improvements and the cut in CapEx, et cetera, mean that you feel pretty confident that you wouldn't need to pull that lever?

知道了。是的，有道理。我的下一個問題實際上是圍繞正在進行的戰略審查。你們可以分享一下預計完成時間嗎？然後了解您談到的資產負債表計劃方面存在一些變化，Matti，您目前預計需要通過股權或債務籌集資金嗎？或者這些預期的營運資本改善和資本支出削減等是否意味著您非常有信心不需要拉動槓桿？

Want to go first, John?

約翰，你想先走嗎？

Yes. This is John Greisch. I'll take the first part of that question. Firstly, Alessandro, the team, the Board, we all look forward to working and partnering with Elliott towards achieving our shared goals that we talked about in our prepared comments. The agreement between the company and Elliott is really designed with the primary intent of enhancing long-term shareholder value.

是的。這是約翰·格雷施。我將回答這個問題的第一部分。首先，Alessandro、團隊、董事會，我們都期待與 Elliott 合作，實現我們在準備好的評論中討論的共同目標。該公司與 Elliott 之間的協議實際上是為了提高長期股東價值而設計的。

And specifically to your question, the mandate included in the charter of the Strategic and Operational Review Committee is to review our businesses and strategies with the objectives of: one, improving our operational performance; two, strengthening the financial profile of the company, along the lines of some of Matti's comments around portfolio assessment; and three, maximizing the long-term value for our shareholders.

具體針對你的問題，戰略和運營審查委員會章程中包含的任務是審查我們的業務和戰略，其目標是：第一，提高我們的運營績效；第二，按照馬蒂關於投資組合評估的一些評論，加強公司的財務狀況；第三，為股東實現長期價值最大化。

We've got our first meeting of the committee in September. We've obviously been doing a lot of work ahead of that anyway, and some of our Board appointments are part of that, the 2 nominated by Elliott as well as 2 emanated from a search that we had been conducting. So I think over the next few months, it's hard to put a specific time line on it. I think it's going to come down to Alessandro's proposal that he and the management team will bring to the committee and to the Board. But certainly by our next earnings call, we should have some traction to speak to you about. And we're acting with a sense of urgency, not just at the committee level, but Alessandro and his team, to address all of the initiatives and come up with the actions appropriate to drive and maximize long-term value for our shareholders.

我們九月份召開了委員會第一次會議。無論如何，我們顯然已經在此之前做了很多工作，我們的一些董事會任命也是其中的一部分，埃利奧特提名的 2 名以及我們一直在進行的搜索中產生的 2 名。所以我認為在接下來的幾個月裡，很難給出一個具體的時間表。我認為這將取決於亞歷山德羅和管理團隊將向委員會和董事會提出的提案。但當然，在我們的下一次財報電話會議上，我們應該有一些吸引力可以與您談論。我們不僅在委員會層面，而且亞歷山德羅和他的團隊都帶著緊迫感採取行動，以解決所有舉措並提出適當的行動，以推動和最大化我們股東的長期價值。

Yes. And then just to answer your -- the back side of your question, I think right now, sitting here today, we've got ample liquidity to manage the affairs of the company between cash and revolver availability. We also have what I would call a significant and unique opportunity to sustainably take down the working capital intensity and the CapEx intensity of the company, which we're looking at for the year, and so -- and then with the return of profitability in the back half of the year on the operational improvements that we'll make. I don't necessarily believe there's an issue to go after from a capital and/or debt raise.

是的。然後只是回答你的問題的背面，我認為現在，今天坐在這裡，我們有充足的流動性來管理公司在現金和左輪手槍可用性之間的事務。我們還有我所說的一個重要而獨特的機會，可以可持續地降低公司的營運資本強度和資本支出強度，這是我們今年所關注的，等等——然後是盈利能力的回報今年下半年我們將做出的運營改進。我不一定認為資本和/或債務籌集存在問題。

We have our next question comes from David Windley from Jefferies.

我們的下一個問題來自 Jefferies 的 David Windley。

I'll start with the first question, just a slight follow-up to Tejas. With the -- for Mr. Greisch, the strategic review, you mentioned the first meeting in September, could you tell us when you would expect to be in a position to report out findings of the committee or plans as a result of the committee? What approximate time frame would you put on that?

我將從第一個問題開始，只是對 Tejas 的一個小小的跟進。 Greisch 先生，您提到了 9 月份的第一次會議，您能否告訴我們您預計什麼時候能夠報告委員會的調查結果或委員會的計劃？您大概會安排什麼時間框架？

Yes. It's hard to put a -- pinpoint a time line on coming out with conclusions or recommendations from the committee to the Board. So I hesitate to put a specific time line on it. I'd just reiterate what we said in our prepared comments, working with Elliott with a sense of urgency, working between Alessandro and his team and the Board really to drive the things that we spoke to. Assume we're going to be taking some actions sooner rather than later. But to put a specific time line on it, I think -- would be, I think, imprudent at this point in time.

是的。很難確定委員會向董事會提出結論或建議的時間表。所以我猶豫是否要給出一個具體的時間表。我只是重申我們在準備好的評論中所說的話，帶著緊迫感與埃利奧特合作，在亞歷山德羅和他的團隊以及董事會之間真正推動我們談到的事情。假設我們要儘早採取一些行動。但我認為，在這個時間點上設定一個具體的時間表是不明智的。

Okay. From a -- for Alessandro and Matti -- Matti, congrats on the new seat. On guidance, you've commented both in prior calls and today about trying to improve the accuracy or the conservatism in your guidance. I wanted to maybe understand practically how you're doing that, but maybe more specifically, to look at the PCH segment outlook in a mid- to high single-digit growth rate on that, which quite honestly seems pretty optimistic. The environment, the comments by some of your peers on demand, the potential for a slowing economy all seem like they would point to a more conservative assumption there. And so I guess I would ask -- kind of substantiate that the way you're going about guidance this time around is more conservative than the mistakes that were made in the past.

好的。來自亞歷山德羅和馬蒂的馬蒂，祝賀獲得新席位。關於指導，您在之前的電話會議和今天都評論了試圖提高指導的準確性或保守性。我想也許實際上了解你們是如何做到這一點的，但也許更具體地說，看看 PCH 細分市場的中高個位數增長率的前景，老實說，這似乎相當樂觀。環境、一些同行對需求的評論、經濟放緩的可能性似乎都表明了更保守的假設。所以我想我會問——有點證實你們這次提供指導的方式比過去犯的錯誤更加保守。

Yes. Look, I'll cover first probably the second part and lean into the first part. Look, with regard to our PCH segment, you know that it's always harder to really understand trends when you evaluate the business and primarily on a year-to-year basis because, again, we have a business that has a high level of concentration in a few assets. So -- and when you look at the performance of PCH into fiscal '23, it was sure below expectations, below what you expect from a business that should really grow in the mid- to single digits. So when you extend your time of observation and time of evaluation on a longer period, you would see that PCH is really growing in the middle of the range that we expect PCH to grow. When you extend your evaluation on a 2-year horizon, keep in mind that in between, you also have some inorganic contributions to the growth there.

是的。看，我將首先介紹第二部分，然後重點介紹第一部分。看，就我們的 PCH 部門而言，您知道，當您評估業務（主要是逐年評估）時，要真正了解趨勢總是很困難，因為我們的業務高度集中在一些資產。因此，當你觀察 PCH 23 財年的業績時，你會發現它肯定低於預期，低於你對一家應該真正以中位數到個位數增長的業務的預期。因此，當您將觀察時間和評估時間延長到更長的時期時，您會發現 PCH 確實在我們預期 PCH 增長范圍的中間增長。當您將評估擴展到兩年時，請記住，在此期間，您還對那裡的增長做出了一些無機貢獻。

Speaking of some more specifics, as we pointed out in our prepared remarks, some of the reasons why we were impacted, PCH last year, were: delayed approval on some new programs and as such, launches; consumer health, which on a year-to-year basis, was really not performing as expected; and one key product, which has a significant impact on revenues and more so on profitability, which was impacted by supply chain disruption and, in reality, didn't contribute to the story of last year. So all of these elements are a little bit returning back now. Consumer health is stable. While the approvals have happened in the second half of last fiscal year, now we expect these launches to contribute. And finally, there is -- this product now is back on track. And not only we need to satisfy the end-market demand, but we also need to restore safety stock levels, which, of course, will create a short-term, higher-than-normal demand for this very asset.

說到一些更具體的細節，正如我們在準備好的發言中指出的那樣，我們去年 PCH 受到影響的一些原因是： 一些新項目的批准延遲以及啟動；消費者健康，逐年來看，確實沒有達到預期的效果；還有一種關鍵產品，它對收入產生重大影響，更重要的是對盈利能力產生重大影響，它受到供應鏈中斷的影響，實際上並沒有對去年的情況做出貢獻。所以所有這些元素現在都有點回歸了。消費者健康狀況穩定。雖然批准是在上一財年下半年進行的，但現在我們預計這些發布將做出貢獻。最後，該產品現在又回到了正軌。我們不僅需要滿足終端市場的需求，還需要恢復安全庫存水平，這當然將為這項資產創造高於正常水平的短期需求。

I would also add that underlining in the business, we still have very good franchises like Zydis, which continues to be on a high path of growth. So overall, across the board, there are elements to be optimistic. And I would say that there is a lot of realism in how we're guiding PCH for -- in the mid- to high single digits. And we feel pretty good about that guidance.

我還要補充一點，在業務方面，我們仍然擁有像 Zydis 這樣非常好的特許經營權，它繼續處於高速增長的道路上。因此，總體而言，有一些值得樂觀的因素。我想說的是，我們指導 PCH 的方式非常現實——中高個位數。我們對這一指導感覺非常好。

With regard to the second part of your question, I'm going to give a very brief perspective for me that maybe is more historical, and I'm going to give the word to Matti to elaborate more. Look, I believe that we've been surely learning a lot in the last 12 months, sometimes learning the hard way, but we're learning a lot not only about how we should be thinking about COVID, but also how we should be thinking about the growth profile of some of these new modalities during this time period, both. And we also have changed a little bit our internal mechanism to go after the forecast and to build the forecast from ground up. So I feel that these improvements have brought the right level of balance and conservatism in our future forecast. And as such, again, I feel confident about the guidance we are putting out today. Matti?

關於你問題的第二部分，我將向我提供一個非常簡短的觀點，這可能更具歷史意義，我將請馬蒂詳細闡述。聽著，我相信在過去的12 個月裡我們確實學到了很多東西，有時是通過艱難的方式學習的，但我們不僅學到了很多關於我們應該如何思考新冠病毒的知識，而且還學到了我們應該如何思考的知識。關於這段時間內一些新模式的增長概況。我們還對我們的內部機制進行了一些改變，以追求預測並從頭開始構建預測。因此，我認為這些改進為我們未來的預測帶來了適當的平衡和保守程度。因此，我再次對我們今天發布的指導充滿信心。馬蒂？

Yes. I think that's fair, everything you just said, Alessandro. I mean, I think at the end of the day, going to a ground-up forecast, looking at it, looking at -- pulling out any stretch that's in there, pulling out any items that just don't have a business or a plan behind it, I think that's the critical nature of the forecast and getting on it sooner. It will allow us to identify pockets of underutilization sooner, and then we'd get after that gap, those pockets of underutilization. So I think that's what's really driving it.

是的。我認為你剛才所說的一切都是公平的，亞歷山德羅。我的意思是，我認為歸根結底，要進行一個徹底的預測，觀察它，觀察——拉出其中的任何延伸部分，拉出任何沒有業務或沒有業務的項目。背後的計劃，我認為這是預測的關鍵性質，並且要盡快進行。它將使我們能夠更快地識別出未充分利用的部分，然後我們就可以彌補這一差距，即那些未充分利用的部分。所以我認為這才是真正的推動力。

Our next question is actually from the line of Jacob Johnson of Stephens.

我們的下一個問題實際上來自斯蒂芬斯的雅各布·約翰遜。

Maybe a question on Bloomington. I think from some recent headlines, it seems like there could be some new therapies ramping there this fiscal year. Could you just -- how should we think about utilization at Bloomington in FY '24, given the COVID roll-off and then some of these new tech transfers? And then maybe kind of longer term, with this kind of reset in COVID at Bloomington, how should we think about the long-term growth opportunity in kind of fill/finish broadly?

也許是關於布盧明頓的問題。我認為從最近的一些頭條新聞來看，本財年似乎可能會出現一些新療法。考慮到新冠疫情的爆發以及一些新技術的轉讓，我們應該如何考慮 24 財年布盧明頓的利用率？然後也許從長遠來看，隨著布盧明頓的新冠疫情的這種重置，我們應該如何廣泛地思考填充/完成的長期增長機會？

Look, Bloomington is a launchpad for many new therapies, hands down, has always been and will always be. Sometimes some of the reasons why it's in the news for inspections more than other facilities, because of that reason, because there is a lot of PIA work going on. There are a lot of launches that are also requiring those inspections. Sometimes the timing is a challenging one. And you need to work through these situations.

瞧，布盧明頓是許多新療法的發射台，毫無疑問，過去一直如此，將來也永遠如此。有時，它比其他設施更頻繁地出現在新聞中，就是因為這個原因，因為有大量的 PIA 工作正在進行。有很多發射也需要這些檢查。有時時機是一個挑戰。你需要解決這些情況。

We continue to be pleased about the pipeline. We have assets which are very heavily utilized. We've been sharing all along that we are seeing a significant demand in prefilled syringes. And so that capacity is very highly utilized. And I believe that overall, we are at the -- not only of the pipeline, but also some of the franchises where we expect to play a major role, one of the biggest one being GLP-1. It's something that we've been investing on and investing in for a few years now coming to fruition, and we are very excited about the opportunity coming from that specific therapeutic area, which we expect to be a very dominant one in years to come.

我們仍然對管道感到滿意。我們的資產利用率很高。我們一直在分享我們看到預充式註射器的巨大需求。因此，容量的利用率非常高。我相信，總體而言，我們不僅處於管道中，而且還處於一些我們希望發揮重要作用的特許經營權中，其中最大的特許經營權之一是 GLP-1。這是我們幾年來一直在投資的事情，現在正在取得成果，我們對來自該特定治療領域的機會感到非常興奮，我們預計該領域將在未來幾年成為一個非常主導的領域。

Got it. That's helpful. And then I guess for the follow-up, maybe on the kind of these newer modalities, cell therapy and plasmids, this is an area of underutilization. They're earlier-stage assets and clearly a drag on your margin. But initially, you're kind of thinking about the strategic review and cost initiatives, using this as a proxy for kind of near-term profitability versus the long-term strategy. How much are you willing to accept the near-term drag on profitability from these assets while maybe kind of looking to the long-term growth opportunity from those end markets? I'm just kind of curious if you still view those as key to your strategy.

知道了。這很有幫助。然後我想對於後續行動，也許在這些新的模式、細胞療法和質粒方面，這是一個未充分利用的領域。它們是早期資產，顯然會拖累您的利潤。但最初，您會考慮戰略審查和成本計劃，並將其用作短期盈利能力與長期戰略的代理。您在多大程度上願意接受這些資產對盈利能力的短期拖累，同時也許希望從這些終端市場尋求長期增長機會？我只是有點好奇你是否仍然認為這些是你的戰略的關鍵。

Yes. Look, first of all, you always need to start from the clinical promise and the successes that you see in the clinical trials for some of these therapies. And I have to say that the last few months have been exciting in these areas, right? So these are areas which we believe will continue to drive a lot of growth into the industry, also areas that have an incredible promise of having a significant impact on patients and meeting unmet needs. So surely, strategically, these are areas where we need to stay in, and we need to stay in with the purpose of being a significant player with a significant market share.

是的。首先，您始終需要從其中一些療法的臨床前景和臨床試驗中看到的成功開始。我不得不說，過去幾個月這些領域令人興奮，對嗎？因此，我們相信這些領域將繼續推動該行業的大量增長，同時這些領域也有望對患者產生重大影響並滿足未滿足的需求。因此，從戰略上講，我們確實需要留在這些領域，並且我們需要留在其中，以成為擁有重要市場份額的重要參與者。

Now that all being said, we need to be realistic around what is the curve of growth of these areas, which we don't expect to be linear. This is going to be more looking like an exponential curve, in our opinion, with a little bit slower start, partly due to funding, partly due to the industry figuring out manufacturing processes, which are positioning these therapies also for financial sustainability. And when all of these will come together, this is going to be a great growth engine for the industry and for sure, for Catalent.

話雖如此，我們需要現實地了解這些領域的增長曲線，我們不希望它是線性的。我們認為，這將更像是一條指數曲線，起步會稍慢一些，部分原因是資金，部分原因是行業正在弄清楚製造工藝，這些工藝也將這些療法定位為財務可持續性。當所有這些結合在一起時，這將成為該行業、康泰倫特的巨大增長引擎。

In the meantime, we need to understand the growth profile, and we need to adjust the cost structure, making sure that we can mitigate those short-term margin impacts as we go forward. But overall, I believe that we need to avoid to jeopardize the long-term opportunity here.

與此同時，我們需要了解增長狀況，需要調整成本結構，確保我們能夠在前進的過程中減輕這些短期利潤影響。但總的來說，我認為我們需要避免危及這裡的長期機會。

We have 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。

First question is on GLP-1. I was wondering if you could elaborate more for investors, just frame out the opportunity you see here. And within your guidance, if these ramp as expected, can you share what percentage of sales will they represent just from a concentration perspective?

第一個問題是關於 GLP-1 的。我想知道您是否能為投資者詳細闡述一下，列出您在這裡看到的機會。在您的指導下，如果這些產品按預期增長，您能否分享一下，從集中度的角度來看，它們將佔銷售額的百分比是多少？

Well, look, first of all, the reason why I'm speaking about the GLP-1 category and not necessarily specific product is because, as you know, as a company policy and agreement with customers, we never really speak specifics of customers or products. I would tell you that overall, in fiscal '24, we're going to start to see the fruits of the growth in this area. But even more so, we're going to see that in the -- in fiscal '25, I believe. And I do believe that the second half of fiscal '24 and surely to fiscal '25 are going to start to be an inflection point for this category as more assets will come to fruition to accelerate manufacturing and increase volumes and output. So we're very excited. We are very committed to our customers, and we have a lot of confidence that this will be a significant contributor to the future growth story of Catalent.

好吧，首先，我之所以談論GLP-1 類別，而不一定是特定產品，是因為，如您所知，作為公司政策和與​​客戶的協議，我們從未真正談論過客戶或特定產品的具體情況。產品。我想告訴你，總的來說，在 24 財年，我們將開始看到該領域增長的成果。但更重要的是，我相信我們將在 25 財年看到這一點。我確實相信，24 財年下半年以及 25 財年肯定將開始成為該類別的拐點，因為更多資產將實現加速製造並增加產量和產量。所以我們非常興奮。我們非常致力於為客戶服務，我們非常有信心這將為康泰倫特未來的發展做出重大貢獻。

Great. And wanted to also ask about Bettera. How did that perform within PCH in the quarter? Maybe for John, was wondering if you could comment on, just as you do the strategic review, how you feel about kind of the long-term contribution from this business or whether it's something you would consider potentially divesting.

偉大的。還想詢問關於 Bettera 的事情。本季度 PCH 的表現如何？也許對於約翰來說，想知道您是否可以評論一下，就像您進行戰略審查一樣，您對該業務的長期貢獻有何看法，或者您是否會考慮可能剝離該業務。

So look, I will take a little bit of the question and will let John to close it out. As we said, the consumer health market, as highlighted, some of our peers is going through a little bit of a correction, both from an inventory level standpoint to preserve cash and the consumer discretionary spend, which is probably orientating towards more -- less expensive dosage forms.

所以聽著，我會回答一點問題，然後讓約翰結束它。正如我們所說，消費者健康市場，正如所強調的，我們的一些同行正在經歷一些調整，無論是從庫存水平的角度來看，以保留現金還是消費者可自由支配的支出，這可能會朝著更多——更少的方向發展。昂貴的劑型。

That being said, from a commercial standpoint, we have disclosed at the time of the acquisition, in the portfolio of customers of these assets, there were not significant presence of the big consumer of companies with the biggest brands. And we are pretty pleased with the progress that our commercial team has done in building the relationship and penetrating this different segment of the market, which was not present at the time of the acquisition. Of course, nothing happens overnight in our industry, so it will take some time. But we believe we are close to sign some additional work in business with some of these blue chip companies, which will drive additional growth in this area.

話雖如此，從商業角度來看，我們在收購時已披露，在這些資產的客戶組合中，擁有最大品牌的公司的大消費者並不明顯。我們對我們的商業團隊在建立關係和滲透這個不同市場領域所取得的進展感到非常滿意，而這在收購時並不存在。當然，我們這個行業沒有什麼事情是一朝一夕就能完成的，所以這需要一些時間。但我們相信，我們即將與其中一些藍籌公司簽署一些額外的業務合作協議，這將推動該領域的進一步增長。

Now that being said, as we -- as John mentioned, we are exploring all the potential strategic options on the table to make sure that we streamline the portfolio of the company and we accelerate shareholder value creation, and as such, all options are on the table.

話雖這麼說，正如約翰提到的，我們正在探索所有潛在的戰略選擇，以確保我們簡化公司的投資組合併加速股東價值的創造，因此，所有選擇都是可行的桌子。

Just to add to Alessandro's comment, albeit some of it may be repetitive. I think he and I are going to work with the committee. And just to be clear on the objectives of the committee again, to drive actions to improve operations; perform a strategic review of the company as well as the individual businesses; portfolio assessment, as Alessandro just said, do we have all the pieces that we want; as well as allocating capital among the portfolio individual businesses, all with the objective of driving long-term shareholder value.

只是補充亞歷山德羅的評論，儘管其中一些可能是重複的。我認為他和我將與委員會合作。再次明確委員會的目標，推動改善運營的行動；對公司以及個別業務進行戰略審查；投資組合評估，正如亞歷山德羅剛才所說，我們是否擁有我們想要的所有部分？以及在投資組合中的各個業務之間分配資本，所有這些都是為了推動長期股東價值。

I think it would be premature to comment on any specific business at this point in time. Clearly understand your question, but give us some time to go through those activities and initiatives. And as I said earlier, we'll report back on the findings that Alessandro and I recommend to the committee and ultimately to the Board. But commenting on specific actions today, I think, would just be premature.

我認為現在對任何具體業務發表評論還為時過早。清楚地理解您的問題，但請給我們一些時間來完成這些活動和舉措。正如我之前所說，我們將向委員會並最終向董事會報告亞歷山德羅和我推薦的調查結果。但我認為今天對具體行動發表評論還為時過早。

We have 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。

So maybe going back to the guidance one more time. The significant growth you're expecting from the gene therapy customer, how dependent is that on the EMBARK data that will come out later this year? How big of a swing factor does that have the potential to be for you all if that reads out good versus bad? And how are you handicapping that for the purposes of the guidance?

所以也許再次回到指導。您期望基因治療客戶的顯著增長，這對今年晚些時候公佈的 EMBARK 數據有多大程度的依賴？如果這顯示出好與壞，這對你們所有人來說有多大的潛力？為了指導的目的，你是如何阻礙這一點的？

Any upside -- none of that is included. So if it does get -- label doesn't get expanded, it's not included in the forecast.

任何好處——這些都不包括在內。因此，如果它確實得到——標籤沒有擴展，它就不會包含在預測中。

Yes. Look, that being said, I just want to make one other point, right, which is, as we said many times, the fact that we are, as we should, mentioning explicitly and transparently one specific customer doesn't mean that the relation with that customer is only related to one program. And in fact, I'm happy to share that the relationship with that specific customer is across several different programs. Some of that closer to full approval, some of them a little bit earlier in the pipeline, but we are pretty pleased about that pipeline.

是的。聽著，話雖這麼說，我只想提出另一點，對吧，那就是，正如我們多次說過的那樣，事實上，我們應該明確、透明地提及某個特定客戶，但這並不意味著這種關係與該客戶僅與一個程序相關。事實上，我很高興與大家分享，與該特定客戶的關係涉及多個不同的計劃。其中一些接近完全批准，其中一些在管道中稍早一些，但我們對該管道非常滿意。

Okay. That's good color there. And then on Bloomington and the challenges you've had there, can you talk about the changes you've made in terms of personnel or oversight at that facility that give you confidence and maybe give clients confidence that Bloomington has turned the corner and you are on a path to restoring kind of the consistency and operational excellence there?

好的。那裡的顏色很好。然後，關於布盧明頓以及您在那裡遇到的挑戰，您能否談談您在該設施的人員或監督方面所做的改變，這些改變給了您信心，也可能給客戶信心，讓您相信布盧明頓已經渡過了難關，而您正在是否正在努力恢復那裡的一致性和卓越運營？

Sure. Look, first of all, I just want to give a shout to the Bloomington team because it's always coming to the news as of late for some of these challenges, but this is the one facility that has played an incredible role during the pandemic, serving United States and the world with an incredible effort of producing billions of vaccine doses, which have saved millions of lives. And I just want this not to be lost from our memories because it's easy to move on from this. So the Bloomington team is a team that has accomplished a historical mission, which will never be taken away from them.

當然。聽著，首先，我只想向布盧明頓團隊大聲喊叫，因為最近總是因為其中一些挑戰而出現在新聞中，但這是在大流行期間發揮了令人難以置信的作用的一個設施，為美國和世界付出了令人難以置信的努力，生產了數十億劑疫苗，拯救了數百萬人的生命。我只是希望這件事不要從我們的記憶中消失，因為很容易就可以繼續前進。所以布盧明頓隊是一支完成了歷史使命的球隊，這一使命永遠不會被奪走。

That being said, clearly, the work has changed now, and the work is a little bit different. And as such, you need different skills and talent. And since the beginning of the year, as you said, we have made several changes, both in our -- in the site leadership where we have a new general manager there as well as in several leadership positions at the site and above the site, including our quality function. And we are very pleased with the progresses and sustainable progresses that this team is driving, looking at -- not only at cost reductions, but also driving customer excellence and services because, at the end of the day, in the long term, what really matters is to make sure that we deliver on our customers' expectations and we continue to serve patients. So changes have happened, have been progressed over the last 3, 4 months, I would say. And we have the confidence that we have now in place the leadership for this new phase of the site, which is more launching new products and therapies as opposed to do one only product in a pandemic setup.

話雖這麼說，顯然現在的工作已經發生了變化，而且工作有點不同。因此，您需要不同的技能和才能。正如您所說，自今年年初以來，我們在現場領導層以及現場和現場上方的多個領導職位上進行了一些變革，我們在那裡任命了新總經理，包括我們的質量職能。我們對這個團隊正在推動的進步和可持續進步感到非常滿意，不僅是在降低成本方面，而且在推動客戶卓越和服務方面，因為歸根結底，從長遠來看，真正的是什麼？重要的是確保我們滿足客戶的期望並繼續為患者提供服務。我想說，過去三、四個月裡，變化已經發生，並取得了進展。我們相信，我們現在已經在該網站的新階段中佔據了領導地位，該階段更多地推出新產品和療法，而不是在大流行背景下只生產一種產品。

We have our next question comes from John Sourbeer from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的約翰·索爾比爾 (John Sourbeer)。

Just maybe starting off here, clarification. I guess just given the strategic review, I didn't hear a confirmation of that $6.5 billion of revenue capacity that was talked about in the fiscal 3Q update. Are you confirming that number still?

也許只是從這裡開始，澄清一下。我想，就戰略審查而言，我沒有聽到對第三財季更新中提到的 65 億美元收入能力的確認。您還在確認這個數字嗎？

So look, when you think about where we're going to put the sweet spot of utilization of this company and where we're going to get the most of our operating leverage, and we believe that the range of utilization you want to achieve in this business is between 70% and 80% of utilization across the board of your assets. You translate in what debt utilization in our current footprint can translate, it is $6.5 billion. So of course, you know this is predicated in keep being in the right therapeutic categories, having the right pipeline and winning the right amount of business, all of which we are working very actively in. So the potential of our network is that one, and I guarantee you, we're going to do everything that we possibly can to continue to fill our facilities and to get to that level of utilization, which generates healthy levels of cash flows.

所以，當你考慮我們將把這家公司的利用率放在哪里以及我們將在哪裡獲得最大的運營槓桿時，我們相信你想要實現的利用率範圍該業務佔您整體資產利用率的70%到80%。如果換算成我們目前足跡中的債務利用率，那就是 65 億美元。當然，你知道這取決於保持正確的治療類別、擁有正確的管道並贏得適量的業務，所有這些我們都在非常積極地努力。因此，我們網絡的潛力在於，我向你保證，我們將盡一切努力繼續填充我們的設施並達到利用率水平，從而產生健康的現金流水平。

And just a follow-up here on the Brussels facility. I appreciate the color in the prepared remarks on the improvements there. Just any additional details you can provide on time lines and improvements and how you expect to get to maybe more of a normal productivity level there?

這只是布魯塞爾工廠的後續行動。我很欣賞準備好的關於改進的評論中的顏色。您可以提供有關時間表和改進的任何其他詳細信息，以及您希望如何達到正常的生產力水平嗎？

Well, look, we have seen very good progress from that facility. So we are pleased with what we are already seeing. I believe that some of the lines for some very critical product have recorded record output in the last few months. So pretty pleased with what we're doing there. And I believe that Brussels is on the right trajectory. And as we go through the first part of the year, which is a little bit slower also because of preplanned vacations and shutdowns at these facilities, and we look into the second half of the year, we're going to continue to see progress, and we're going to continue to see Brussels returning to ARPU level first and then margin as a consequence. We need to remind ourselves that this facility, we have all the demand we want because we are still catching up some of the demand of coming from the previous periods. And we expect in the second half of the year, this facility to really come back where it needs to be.

嗯，看，我們已經看到該設施取得了非常好的進展。因此，我們對已經看到的情況感到滿意。我相信一些非常關鍵產品的一些生產線在過去幾個月中創下了創紀錄的產量。對我們在那裡所做的事情非常滿意。我相信布魯塞爾正走在正確的軌道上。當我們經歷今年上半年時，由於預先計劃的假期和這些設施的關閉，速度有點慢，我們展望下半年，我們將繼續看到進展，我們將繼續看到布魯塞爾首先恢復到ARPU 水平，然後再恢復利潤率。我們需要提醒自己，這個設施，我們擁有我們想要的所有需求，因為我們仍在趕上之前時期的一些需求。我們預計在今年下半年，該設施將真正恢復其應有的狀態。

We have our next question comes from Justin Bowers from Deutsche Bank.

我們的下一個問題來自德意志銀行的賈斯汀·鮑爾斯。

In the prepared remarks, you mentioned about returning to historical margin levels in the Biologics segment and also about returning to 3x target leverage level. Can you provide us a framework on order of magnitude and perhaps duration on reaching those milestones?

在準備好的發言中，您提到了生物製品領域恢復到歷史保證金水平以及恢復到 3 倍目標槓桿水平。您能否為我們提供一個框架，說明達到這些里程碑的數量級以及持續時間？

Well, sure. Look, at the moment, where we stand today, there is a significant amount of revenues that we are recording in our Biologics segment, which are translating in very little EBITDA levels. And this is not the function of having the [prone] market. The prone product mix or the prone product is a function of the things that we have discussed in terms of underutilization of productivity improvement. So there is a significant opportunity for us in continuing to work on these programs and revenues and returning those revenues and contributing to the bottom line. Our layer, which is very sensitive to the bottom line. So as we work through fiscal '24 and we enter fiscal '25, as we shared, with the normalized margins, we have a line of sight to EBITDA returning to what we expect it to be. And as such, that leverage will take care a little bit of itself.

嗯，當然。看看目前我們所處的位置，我們的生物製劑部門記錄了大量收入，但其 EBITDA 水平卻非常低。而這並不是擁有[易發]市場的功能。易發生的產品組合或易發生的產品是我們在生產力改進利用不足方面討論過的事情的函數。因此，我們有一個重要的機會繼續致力於這些計劃和收入，並返還這些收入並為盈利做出貢獻。我們的層，對底線非常敏感。因此，當我們度過 24 財年並進入 25 財年時，正如我們所分享的，隨著利潤率正常化，我們預計 EBITDA 將恢復到我們的預期水平。因此，這種槓桿作用會自行發揮作用。

I also believe that Matti will be absolutely focused on our $2 billion of working capital with all the initiatives that he has highlighted. And looking at the progresses that he has already accomplished in the last few weeks since he's joined, I'm very confident that there would be a significant change in that area of our business, driving short-term cash flow, but also repositioning the company going forward as we continue to grow the top line for less need of capital to be infused into the company to operate. So it's a pretty simple playbook: grow the EBITDA, you use working capital and improve cash flow.

我還相信，馬蒂將絕對專注於我們 20 億美元的營運資金以及他強調的所有舉措。看看他加入以來在過去幾週所取得的進展，我非常有信心我們的業務領域將會發生重大變化，推動短期現金流，同時也會重新定位公司未來，我們將繼續增加收入，減少注入公司運營的資金需求。所以這是一個非常簡單的策略：增加 EBITDA，使用營運資金並改善現金流。

Okay. So just to clarify then, should we think of normalized margins in terms of the prepandemic margins in the Biologics segment? And then my other quick follow-up is just on the C19 revenue outlook, does that include other respiratory program revenue for that large customer as well?

好的。因此，為了澄清這一點，我們是否應該根據生物製劑領域的大流行前利潤來考慮標準化利潤？然後我的另一個快速跟進只是關於 C19 收入前景，這是否還包括該大客戶的其他呼吸計劃收入？

So first of all, I believe that the way I would respond to the first part of your question, there is nothing that is not in our control or that would prevent us to get back to the historical margins level in Biologics, nothing. The product mix is the same, the pricing is the same, equipment are the same, and it's a pretty healthy space to be in. So we'll get there. It's a matter of work and time.

首先，我相信我對你問題第一部分的回應方式是，沒有什麼是我們無法控制的，也沒有什麼會阻止我們回到生物製劑的歷史邊緣水平，沒有什麼。產品組合相同，定價相同，設備相同，這是一個非常健康的空間。所以我們會到達那裡。這是工作和時間的問題。

The second part of your question, we will, over time, try to carve out the other respiratory vaccine work from the pure COVID work, right? It's more appropriate because we believe that these are less pandemic [isolation related to the EBITDA]. And so the simple answer to your question is no.

你問題的第二部分，隨著時間的推移，我們將嘗試從純粹的新冠病毒工作中分離出其他呼吸道疫苗工作，對嗎？它更合適，因為我們認為這些流行病較少[與 EBITDA 相關的隔離]。所以你的問題的簡單答案是否定的。

We have 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。

Just one really, just looking at the cost savings. I'm just sort of interested in -- I mean, have you done -- I assume you've done a systemic -- a systematic review of all your facilities and look for potential other areas where there may need to be investment or remediation. How should we think about that $150 million, $170 million number in respect to -- in terms of -- I mean, have you -- is that a net number after you sort of look at all your facilities and what you might have to spend? Just basically, just like what's your confidence in achieving that cost number?

確實只有一個，只是考慮節省成本。我只是有點感興趣——我的意思是，你是否做過——我假設你已經對你的所有設施進行了系統性的審查，並尋找可能需要投資或補救的其他潛在領域。我們應該如何看待 1.5 億美元、1.7 億美元的數字——我的意思是，在你查看了所有設施以及可能需要花費的費用之後，這個淨數字是多少？ ？基本上，就像您對實現該成本數字的信心有多大？

It's Matti. We're highly confident in getting to the cost savings number and in the overall costs sooner when we get to it from [25], the $150 million to $170 million that Alessandro outlined, which is the cumulative cost savings against the baseline. It's really got hard actions behind it. So if you think about what's been done at the company, it's headcount related, taking down significant numbers of heads, both in the corporate section as well as some of the underutilized facilities. So we've got that. We do have more work to do. And as we talked about earlier, the strategic review committee will look at -- will be looking at capacity as well, at utilization as well and will be looking -- will be taking it a step further. So there could be more to come.

是馬蒂。當我們從 [25] 中得出 Alessandro 概述的 1.5 億至 1.7 億美元（即相對於基準的累計成本節省）時，我們對更快地獲得成本節省數字和總體成本非常有信心。這背後確實有艱苦的行動。因此，如果你想想公司所做的事情，就會發現這與員工人數有關，裁減了大量員工，無論是公司部門還是一些未充分利用的設施。所以我們已經得到了。我們確實還有更多工作要做。正如我們之前談到的，戰略審查委員會將考慮——也會考慮容量、利用率，並將考慮——將進一步採取措施。所以可能還會有更多的事情發生。

Sorry, just one follow-up then on -- when you look at the cell and gene therapy demand, I mean, obviously, a big impact from early-stage biotech. I think at one point, Catalent had said there's maybe like 150 programs, which you had ongoing in sort of the cell and gene therapy area. Sort of like how are you looking at triaging that pipeline, looking at that pipeline longer term and basically sort of adjusting it for the health of the clients? Basically, just like what your -- basically, your outlook in terms of the early stage for the cell and gene therapy business.

抱歉，接下來只是一個後續行動 - 當你看到細胞和基因治療需求時，我的意思是，顯然，早期生物技術的巨大影響。我想 Catalent 曾說過，在細胞和基因治療領域，可能有大約 150 個項目正在進行。有點像你如何看待該管道的分類，從長遠來看該管道，並基本上根據客戶的健康狀況對其進行調整？基本上，就像您對細胞和基因治療業務早期階段的展望一樣。

Sure. Look, I do believe that early stage, it's one part of the equation. The other part of the question is that as we continue to have good successes in bringing assets to commercialization. And we build our track record of commercializing products in new modalities and now this is -- track record is increasing, we believe we will become and we are becoming also the partner of choice to take on assets, which maybe have been early stage elsewhere, and we're going to be able to be the partner of choice to transition them into commercialization. So more specifically, engaging also in the later clinical stages, which is, in fact, possible.

當然。看，我確實相信早期階段，這是等式的一部分。問題的另一部分是，我們在將資產商業化方面繼續取得良好的成功。我們建立了以新模式商業化產品的記錄，現在記錄正在增加，我們相信我們將成為並且我們也正在成為承接資產的首選合作夥伴，這可能在其他地方已經處於早期階段，我們將能夠成為將它們轉化為商業化的首選合作夥伴。更具體地說，也參與後期臨床階段，這實際上是可能的。

So we believe that our market share in that specific stage is significant but will become even more significant as a result of our track record. So again, we believe that our growth in that will be both coming from our continued focus on the commercial team in winning this early-stage asset, which is a little bit of the nature of it, but also being very surgical in going after the opportunity in late stage as this pipeline matures and position ourselves as a partner of choice for commercial assets.

因此，我們相信，我們在該特定階段的市場份額很大，但由於我們的業績記錄，我們的市場份額將變得更加重要。因此，我們再次相信，我們在這方面的增長將來自於我們對商業團隊的持續關注，以贏得這一早期資產，這是它的本質，而且也來自於在追求隨著該管道的成熟，我們將面臨後期的機遇，並將我們定位為商業資產的首選合作夥伴。

We have our next question comes from Max Smock from William Blair.

我們的下一個問題來自威廉·布萊爾的馬克斯·斯莫克。

Just a couple of clarifying ones for me here, starting with GLP-1s. Alessandro, I believe I could have heard you wrong, but I believe you mentioned seeing significant assets were all coming to fruition in fiscal 2025 on the GLP-1 side. I just wanted to try to clarify that. Are you expecting to be involved with another major GLP-1 besides the one that has been well discussed here over the last year or so?

這裡我需要澄清幾點，首先是 GLP-1。 Alessandro，我相信我可能聽錯了，但我相信您提到看到 GLP-1 方面的重要資產將在 2025 財年全部實現。我只是想嘗試澄清這一點。除了去年左右已經在這裡充分討論過的 GLP-1 之外，您是否期望參與另一個主要的 GLP-1？

So what I said is that, look, the reality is that for GLP-1, there is a large amount of demand, the need capacity to be satisfied, right, across the board. And our job as a CDMO is to bring this capacity as fast as possible online to satisfy that demand. We are trying to do everything we can possibly can across all our facilities. And I believe we are pleased that almost all our sterile fill and finish facilities are in some way, in different ways, involved with this therapeutic area, which, as I said, is one that will be very exciting for the years to come. So we're happy about our role. Our role will increase as a result of additional capacity coming online and will be very much spread across the network.

所以我想說的是，現實情況是，對於 GLP-1，有大量的需求，需要容量來滿足，對，是全面的。作為 CDMO，我們的工作就是盡快將這種能力上線，以滿足這種需求。我們正在盡一切努力在我們的所有設施中做到這一點。我相信我們很高興幾乎所有的無菌灌裝和加工設施都以某種方式、以不同的方式參與這一治療領域，正如我所說，這將是未來幾年非常令人興奮的領域。所以我們對自己的角色感到高興。由於在線容量增加，我們的作用將會增加，並且將在整個網絡中廣泛傳播。

Understood. And then on SRP-9001, just confirming, your guidance does not assume that the upcoming data readout from Sarepta is positive and that the label remains restricted to boys aged 4 to 5. I guess you mentioned that, I just want to confirm there. And then if that readout is positive, what has Sarepta told you about how manufacturing plans might change? Or I guess, put another way, what level of Sarepta growth is currently assumed in guidance? And what should that go to if the upcoming readout is positive?

明白了。然後在SRP-9001 上，只是確認一下，您的指導並不假設即將從Sarepta 讀出的數據是積極的，並且該標籤仍然僅限於4 至5 歲的男孩。我想您提到了這一點，我只是想在那裡確認一下。如果讀數是積極的，那麼 Sarepta 告訴你什麼有關製造計劃可能如何改變的信息？或者我猜，換句話說，目前指導中假設的 Sarepta 增長水平是多少？如果即將到來的讀數是積極的，那該怎麼辦？

Yes. Look, in any way, the readout from the study is going to be an important event from us, not only from a business standpoint, but from a patient-first standpoint. So that is, in fact, a big deal for us. I don't want that to be underestimated. I do believe that you need to always think about the length of this process and how this process is really -- if you like, whatever happens today is going to have an impact delayed in time. But clearly, as you think about our growth into the future, that it is an event that will be important to us, one that we're going to be observing with a lot of attention.

是的。無論如何，這項研究的結果將成為我們的一個重要事件，不僅從商業角度來看，而且從患者至上的角度來看。事實上，這對我們來說是一件大事。我不希望這一點被低估。我確實相信，你需要始終考慮這個過程的長度以及這個過程的真實情況——如果你願意，今天發生的任何事情都會及時產生影響。但顯然，當你考慮我們未來的發展時，這對我們來說很重要，我們將密切關注這一事件。

We have our next question comes from Rachel Vatnsdal from JPMorgan.

我們的下一個問題來自摩根大通的 Rachel Vatnsdal。

I wanted to follow up on David's earlier question around PCH to get some additional color on the assumptions to reach that mid-single to high single-digit growth next year. So you highlighted some of the supply chain issues that will be resolved and drive a tailwind in terms of some of the new approvals. But can you walk us through what you're seeing from some of the macro headwinds that you've highlighted this year? And then what are you assuming for that magnitude and duration of those macro headwinds in '24 for PCH?

我想跟進 David 之前關於 PCH 的問題，以進一步了解明年實現中個位數到高個位數增長的假設。因此，您強調了一些將得到解決的供應鏈問題，並在一些新的批准方面推動了順風車。但您能否向我們介紹一下您從今年強調的一些宏觀不利因素中看到的情況？那麼您對 ​​24 年 PCH 宏觀逆風的規模和持續時間有何假設？

Sure, sure. First of all, look -- and we said all along, PCH has some macro-driven dynamics primarily related to the consumer health where consumer discretionary spend is really what can drive end-market demand that we've been pretty open and forthcoming about this in the fall of last year. But when you think about the rest of the footprint of PCH is in large commercial-approved pharmaceutical product or products that are late stage and due to be approved. So the way you need to think about the dynamics in that business is less macro related and more pipeline related.

一定一定。首先，我們一直說過，PCH 具有一些宏觀驅動的動態，主要與消費者健康相關，其中消費者可自由支配支出確實可以推動終端市場需求，我們對此一直非常開放和坦誠去年秋天。但當你考慮到 PCH 的其餘足跡是在大型商業批准的藥品或處於後期階段且即將獲得批准的產品中。因此，您需要考慮該業務動態的方式與宏觀相關較少，而與管道相關較多。

And as I said, last year was a disappointing one because of some of the assets we had in the pipeline, which were expected to drive growth on top of the base business were a little bit delayed. We have been open about how we were getting those approvals. A dozen of them did happen in the last 6 months. And as such, they are now launching. We are building stock. We are producing commercial volumes. So that's the other dynamic.

正如我所說，去年是令人失望的一年，因為我們正在準備的一些資產（預計將推動基礎業務的增長）有點延遲。我們一直對如何獲得這些批准持開放態度。過去 6 個月裡確實發生了十幾起這樣的事。因此，他們現在正在啟動。我們正在建立庫存。我們正在生產商業量。這就是另一個動態。

There is the specific product for which we have resolved the supply chain disruption, and now we do have primary materials to be able to deliver that important product. And as always happens in this case, is after one year of suspension, not only you serve the end-market demand, but you also double down on inventory deals. So there is an inflated demand in the short term. And finally, we are pleased with the way we are winning business in our early stage there as well. So across the board, I believe that PCH is posed for a good year. When you look at the year over the horizon of the last 2 years, it's really where it needs to be, mid- to single digits, clearly because last year was kind of flat. This year looks a little bit higher, but this business is performing now as we expect it to perform.

我們已經解決了特定產品的供應鏈中斷問題，現在我們確實擁有能夠交付該重要產品的主要材料。正如這種情況下經常發生的那樣，在暫停一年後，您不僅可以滿足終端市場的需求，而且還可以加倍進行庫存交易。所以短期內需求會膨脹。最後，我們對我們在早期階段贏得業務的方式也感到滿意。因此，總的來說，我相信 PCH 將會迎來美好的一年。當你回顧過去兩年的情況時，你會發現它確實處於它需要的位置，中位數到個位數，顯然是因為去年的表現持平。今年看起來有點高，但這項業務現在的表現正如我們預期的那樣。

Great. That was really helpful. And then my follow-up, I just want to ask about conversations that you've been having with customers. So given some of the recent challenges, can you give us any color on what your win rates have been with new customers in recent months? And then can you discuss, has there been any discussions around cancellations or request for concessions from customers given some of those challenges?

偉大的。這真的很有幫助。然後我的後續行動，我只想詢問您與客戶的對話。因此，考慮到最近面臨的一些挑戰，您能否向我們介紹一下您近幾個月來新客戶的獲勝率？然後您能否討論一下，考慮到其中一些挑戰，是否有關於取消或要求客戶做出讓步的討論？

Sure. Look, as you can -- I've been always pointing out that the dataset of our customers, especially our existing customers, in terms of evaluating the Catalent performance is a little bit wider. So -- and as we shared in the script, just to point one example or one side, that you have a CRL, which makes it to the news, and you have an inspection ending up with a 0483 observations in Anagni that doesn't make it to the news. And we are sharing now that today, just for the very purpose of providing a little bit of a more balanced view, which is hard to get from the external world, but surely is one that our customers get real time. So when you think about some of those challenges, one, the perspective is a little bit different, and the set of information available is a bit different. According to our quality agreements, we do share with our customers all our regulatory outcomes, include both the ones that are impacting their products and the one that's not impacting their products to provide a perspective on the overall compliance profile of the company.

當然。你看，我一直在指出，在評估 Catalent 性能方面，我們的客戶（尤其是現有客戶）的數據集要寬一些。因此，正如我們在腳本中分享的那樣，只是為了指出一個例子或一方面，您有一個CRL，它會出現在新聞中，並且您有一項檢查，最終在Anagni 中得到了0483 的觀察結果，而這並沒有讓它成為新聞。我們今天分享這些，只是為了提供一點更平衡的觀點，這很難從外部世界獲得，但肯定是我們的客戶實時獲得的。因此，當您考慮其中一些挑戰時，第一，視角有點不同，可用的信息集也有點不同。根據我們的質量協議，我們確實與客戶分享所有監管結果，包括影響其產品的監管結果和不影響其產品的監管結果，以提供有關公司整體合規狀況的視角。

And with regards to the other news, of course, me and the rest of the management team are on the front line all the time and providing perspective of the news that have been coming up in the recent months, including the ones that are coming up today. And we're going to be, as always, transparent, providing perspective but also reassuring customers that Catalent has been here for decades and will be here for decades to come.

至於其他新聞，當然，我和管理團隊的其他成員一直在第一線，提供對最近幾個月出現的新聞（包括即將出現的新聞）的看法今天。我們將一如既往地保持透明，提供觀點，同時讓客戶放心，康泰倫特已經存在了數十年，並且在未來幾十年也將繼續存在。

We have our last question comes from Tim Daley from Wells Fargo.

我們的最後一個問題來自富國銀行的蒂姆戴利。

So first off, just wanted to follow up on earlier answer to the last of today's many GLP-1 questions. So Alessandro, I think you said that all your sterile facilities are involved in GLP-1 projects in some way. So could you just update us on the global count of sterile fill/finish lines currently offering commercial scale? And what percent of those have prefilled syringe and/or cartridge capacity?

首先，我想跟進今天許多 GLP-1 問題中最後一個問題的早期回答。 Alessandro，我想您說過您所有的無菌設施都以某種方式參與了 GLP-1 項目。那麼，您能否向我們介紹一下目前提供商業規模的全球無菌灌裝/成品生產線的數量？其中有多少百分比具有預裝注射器和/或藥筒容量？

So look, I would tell you that at the moment, we have a pretty sizable capacity in sterile fill and finish. I believe at the moment, I would say that probably close to 40% of our capacity in prefilled syringes, and we are rapidly increasing that. So I believe that our capacity will become skewed towards prefilled syringes in calendar '24. And what you should think about is that most of our sterile fill and finish volumes will come from prefilled syringes as we go forward.

所以，我想告訴你，目前我們在無菌灌裝和加工方面擁有相當大的能力。我認為目前我們的預充式註射器產能可能接近 40%，而且我們正在迅速增加這一比例。因此，我相信我們的產能將在 24 年日曆上向預充式註射器傾斜。您應該考慮的是，隨著我們的發展，我們的大部分無菌填充和完成體積將來自預填充注射器。

I just would like to point you out also to the fact that our service does not finish with the filling operations, but we provide also packaging to our customers. We provide auto-injector assembly to our customers. So there are a lot of corollary capacities, which seems to be ancillaries, but are pretty relevant in the overall economics of these franchises, specifically also on the one that you did mention. So we have a pretty large footprint. We are pleased with this coming online, what will be coming online. And we believe that with our footprint, we're going to be able to play a major role in these therapeutic areas.

我還想向您指出這樣一個事實：我們的服務並不以灌裝操作結束，但我們還為客戶提供包裝。我們為客戶提供自動注射器組件。因此，有很多必然的能力，這些能力似乎是輔助性的，但與這些特許經營權的整體經濟非常相關，特別是在你提到的那個方面。所以我們的足跡相當大。我們對這個上線以及即將上線的內容感到高興。我們相信，憑藉我們的足跡，我們將能夠在這些治療領域發揮重要作用。

Got it. No, that's really helpful. And then my second one here is on free cash flow generation efforts. So Matti, you called out the inventory balance as the second priority in working capital opportunities behind accounts receivables. So appreciate muted capacity utilization is likely inflating the balance here. But given supply chain and supplier lead times have normalized, why haven't we seen inventories come down already and/or why is that not higher in the pecking order in terms of working capital initiatives?

知道了。不，這真的很有幫助。我的第二個問題是關於自由現金流生成的努力。馬蒂，您指出庫存餘額是營運資金機會中僅次於應收賬款的第二優先事項。因此，產能利用率低迷可能會擴大這裡的平衡。但鑑於供應鍊和供應商的交貨時間已經正常化，為什麼我們還沒有看到庫存下降和/或為什麼在營運資本計劃方面的優先順序沒有更高？

Well, I mean, I think right now, I wouldn't say there -- maybe it was my phrasing of the ordering, but it is high on the pool. I think from a ease of getting the cash out, I think in receivables, we've shipped the product. We have an outstanding receivable. We got to go collect it. So it's a lot easier to go and get, it just -- it comes back -- comes in quicker. Inventory, you have to burn it off. You have to utilize it and burn it off and then change your ordering patterns and look at the SI&OP process to really get at what I'll call the DIOs and the underlying metric of DIOs and bring it down. And so I do think there's a little bit more work to do from an inventory perspective. I do think the company just really hadn't focused on it to date as much as they should have. And I think when you sit here and look at the inventory balance, I think it's a bit loaded. I do think we have an opportunity to take it down, like I said, and burning of those inventory balances and bring it down to a more normalized number where it's sustainable.

好吧，我的意思是，我想現在我不會說——也許這是我的排序措辭，但它是在池中的高位。我認為從提取現金的便利性來看，我認為在應收賬款方面，我們已經發貨了產品。我們有一筆未清的應收賬款。我們得去收集它。所以去獲取要容易得多，只是回來得更快。庫存，你必須把它燒掉。您必須利用它並燒掉它，然後更改您的訂購模式並查看 SI&OP 流程，以真正了解我所說的 DIO 和 DIO 的基礎指標，並將其降低。因此，我確實認為從庫存角度來看還有更多工作要做。我確實認為該公司迄今為止並沒有像他們應該的那樣關注它。我認為當你坐在這裡查看庫存餘額時，我認為它有點負載。我確實認為我們有機會將其減少，就像我說的那樣，並銷毀這些庫存餘額，並將其降低到可持續的更正常的數字。

And I think the idea here is, to your point, the supply chain has leveled out. As I see it, I think it's more normalized. With some products, clearly, they're not clearly fixed. We also have stuff on boats. So we have to look at the whole supply chain in totality. But I do believe there's essential opportunity sitting here looking at working capital in total. And I don't think there's going to be a much -- it's a different team that's going to be -- commercial team is going to be going after receivables. That means manufacturing team and supply chain are going to be going after inventory.

我認為，就你的觀點而言，這裡的想法是，供應鏈已經趨於平穩。在我看來，我認為這更加正常化。顯然，對於某些產品來說，它們並沒有明確固定。我們在船上也有東西。所以我們必須從整體上看待整個供應鏈。但我確實相信這裡有重要的機會來審視總體營運資金。我認為不會有太多的——這是一個不同的團隊——商業團隊會去追尋應收賬款。這意味著製造團隊和供應鏈將追求庫存。

We have no further questions on the line. I will now hand back to Alessandro Maselli for closing remarks.

我們沒有其他問題了。現在我將請亞歷山德羅·馬塞利 (Alessandro Maselli) 致閉幕詞。

Thank you. I'd like to thank everyone on the Catalent team for their commitment to our customers and patients, as showcased by the delivery in partnership with our customer, Sarepta Therapeutics, of the first dose of ELEVIDYS gene therapy to a young child in the U.S. who's suffering from DMD, making a historical milestone in the promise of treating this terrible condition. We remain focused on leading Catalent towards sustainable and profitable growth and increasing the shareholder value. And I believe that actions announced today has placed us on a clear path to doing so.

謝謝。我要感謝 Catalent 團隊中的每個人對我們的客戶和患者的承諾，與我們的客戶 Sarepta Therapeutics 合作向美國一名幼兒提供第一劑 ELEVIDYS 基因治療就證明了這一點。患有DMD 的患者，在治療這種可怕疾病的承諾方面取得了歷史性的里程碑。我們仍然專注於引領康泰倫特實現可持續盈利增長並提高股東價值。我相信，今天宣布的行動已經為我們指明了實現這一目標的明確道路。

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

感謝大家抽出寶貴時間參加我們的電話會議，感謝大家對康泰倫特的持續支持。

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。女士們、先生們，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。