Catalent (NYSE:CTLT) shares plunged more than 25% yesterday after the company said it will delay its Q3 earnings announcement, which was scheduled on May 9 (new expected date – May 15), and expects to cut its full-year guidance.

The company warned investors of a handful of operational challenges impacting near-term results. It quantified the impact on fiscal 2023 at over $400 million for both net revenue and adjusted EBITDA. This would imply a downward revision to the guidance of at least 8% and 32% at the midpoints, respectively.