Societal CDMO trims projected 2023 sales revenue despite third-quarter earnings bump
Societal CDMO is cutting its 2023 revenue forecast to $92 million to $94 million — down from the $94 million to $100 million it predicted earlier this year — despite the manufacturer reporting a third-quarter revenue increase of $23.6 million, which is up from the $21.6 million it reported in the same three months last year.
The manufacturer’s CEO, David Enloe, said in an investor call on Wednesday its priority is to achieve a healthy cash flow. “When we view the company’s 2023 achievements today in the context of expectations for 2024 and beyond, we are bullish on our prospects for growth in the near future,” Enloe added.
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