Catalent goes into cleanup mode, replacing top managers
Catalent announced a series of dramatic steps to right its business on Friday, saying that it had identified significant weaknesses in its oversight of costs, was replacing top executives and site managers, and will once again delay the reporting of its financial results while it cleans house.
The drastic measures at one of the biggest third-party manufacturers in the biopharma world appear to be necessary pain after the company leaned into Covid-19 vaccine manufacturing during the pandemic but then failed to adjust to a new world. On a call with investors Friday morning, CEO Alessandro Maselli described the company’s failure to see the future quickly enough and its struggles to cut costs and reorient its business.
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