Recently Catalent, Inc. (NYSE:CTLT) reported its Q1 results, with adjusted EPS coming in at $0.71, up 65.1% year over year. Quarterly revenue was $1.03, up 21.2% year over year, and beating the consensus estimate by 1.1%.

Somewhat surprisingly, Biologics and CSS revenue both missed Street expectations, while softgel and oral was a modest beat. Even while “missing”, biologics segment revenue still grew 45% and segment EBITDA grew 56%. Biologics margin expansion and strong OSD results drove the beat, allowing the company to report an Adjusted EBITDA of $353 million (+44%) ahead of the consensus of $240 million.