Catalent ($CTLT) is merging a few of its core business units in hopes of better focusing on getting its clients' drugs onto the market and pulling off smooth launches.
The New Jersey company is bringing its quality, product development and regulatory affairs departments under one roof, putting Senior Vice President Sharon Johnson in charge of the combined organization. The idea is to break down barriers between previously separate functions that are integral to executing late-stage product development, regulatory approvals and market debuts, speeding the process in the process.
Keying in on product launches is a major part of Catalent's plans for revenue growth, the company said. And its success in that department has grown 70% over the past three years, according to Catalent, from 59 product launches in 2012 to 97 in 2013 and 175 last year.
"Our customer promise is not only to provide a reliable supply of their current, ongoing products, but to deliver new products with the same rigorous commitment to excellence," Johnson said in a statement. "Bringing together these two functions into one team will tighten collaboration and the partnerships across the organization which are needed to bring more new, innovative and life-saving products to market quicker."
The move puts Johnson in charge of more than 1,500 scientists, quality experts and regulatory affairs workers across Catalent's nearly 30 facilities around the world.
The company has been growing steadily since pulling off an $871.3 million IPO last year. Last quarter, Catalent's net revenue came in at $455.8 million, a 3% increase over the prior year, driven by a 33% jump in medication delivery services and 6% growth in clinical services that compensated for a 3% decline in its oral technology business. The company said it's on track to bring in about $1.8 billion on the fiscal year.
- read the statement