Catalent ($CTLT) ticked up its year-over-year revenue in the company's fiscal first quarter, absorbing a significant hit from foreign exchange fluctuations and setting the pace for a nearly $2 billion year.
The company reported $423 million in quarterly revenue, a 1% increase over the same period last year. On a constant-currency basis, sales grew 11%, Catalent said. The company's oral technologies business declined 5% as reported to $247.7 million, and medication delivery slipped 2% to $55.7 million, while Catalent's development and clinical services segment grew 19% to $122.9 million.
Profits came in at $9.1 million on the quarter, Catalent said, besting a year-ago loss of $19.5 million tied to in part to IPO fees.
The company's clinical development unit brought in $129.5 million in net new business on the quarter, an 8% increase that gives it a $430 million backlog.
Now, Catalent is expecting between $1.8 billion and $1.9 billion in fiscal 2016 revenue, projecting growth of up to 3.8%.
"Looking ahead to the remainder of the year, we are confident that we will continue to benefit from our industry leading partnerships, service offerings, and technologies," Catalent CEO John Chiminski said in a statement. "We remain focused on expanding our market share and delivering value to our shareholders."
- read the results