Catalent (NYSE:CTLT) shares surged more than 10% intra-day today after the company reported its Q3 earnings results, with revenue of $1.04 billion coming in better than the Street estimate of $952.66 million. EPS was ($0.09), compared to the Street estimate of ($0.04).

The company provided its fiscal 2023 outlook, expecting revenue to be in the range of $4.225-$4.325 billion, compared to the Street estimate of $4.28 billion.

CEO Alessandro Maselli stated that they are making advancements in resolving their earlier operational challenges. Simultaneously, they are concluding their investments in lucrative sectors experiencing high demand and growth. They are also implementing a comprehensive cost-reduction strategy across the entire company. Maselli emphasized that the fundamentals of the business remain strong, with consistent customer demand for their global services.