Catalent Says During 3 Months Ended Dec 31, 2023, Extends Restructuring Efforts To Reduce Costs, Headcount In Biologics & Pharma, Consumer Health Segments; Reduced Headcount By About 300 Employees, Incurred Cumulative Employee-Related Charges Of ~$12M
Portfolio Pulse from Benzinga Newsdesk
Catalent announced an extension of its restructuring efforts for the three months ended Dec 31, 2023, aiming to reduce costs and headcount in its Biologics & Pharma, and Consumer Health segments. The company reduced its headcount by approximately 300 employees and incurred cumulative employee-related charges of around $12M.
February 14, 2024 | 8:21 pm
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Catalent's restructuring efforts, including a reduction of 300 employees and $12M in charges, aim to streamline operations and reduce costs in its Biologics & Pharma, and Consumer Health segments.
While the restructuring and cost-cutting measures indicate Catalent's proactive approach to improving operational efficiency, the immediate financial impact of the $12M in charges and potential disruptions from reducing the workforce could temper short-term stock performance. However, the long-term outlook may be positive if these efforts lead to significant cost savings and operational improvements.
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