Catalent announced financial results for the fourth quarter and fiscal year 2015, which ended June 30, 2015. Q4 revenue of $510.1 million decreased 2% as reported but increased 8% in constant currency from $519.6 million in Q4 a year ago.
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Fiscal year 2015 revenue was $1.83 billion, with no change as reported and a 7% increase in constant currency. All three of the company’s reporting segments posted revenue growth in constant currency for the fourth quarter and fiscal year.
Fourth quarter 2015 net earnings attributable to Catalent were $153.7 million, or $1.22 per diluted share, compared to $27.2 million, or $0.36 per diluted share, in the fourth quarter a year ago.
Fiscal year 2015 net earnings attributable to Catalent were $212.2 million, or $1.75 per diluted share, compared to $16.2 million, $0.21 per diluted share for the same period a year ago.
The increase in profitability for the quarter and fiscal year was primarily related to the release of a valuation allowance on deferred tax assets of $136.7 million which was recorded as a tax benefit in the fourth quarter along with a reduction in net interest expense due to the company’s lower levels of outstanding debt compared to the same periods a year ago as a result of the fiscal year 2015 first quarter initial public offering (IPO).
Fourth quarter 2015 EBITDA from continuing operations was $121.8 million, a decrease of 5% from $127.7 million in the fourth quarter a year ago. Fiscal year 2015 EBITDA from continuing operations was $360.2 million, a decrease of 4% from $374.4 million for the same period a year ago.
Fourth quarter 2015 adjusted EBITDA, as referenced in the GAAP to non-GAAP reconciliation provided later in this release, was $136.3 million, or 26.7% of revenue, compared to $150.7 million, or 29% of revenue, in the fourth quarter a year ago.
Fiscal year 2015 adjusted EBITDA was $443.1 million, or 24.2% of revenue, compared to $432.3 million, or 23.7% of revenue, for the same period a year ago. This represents an increase of 9% year-over-year on a constant currency basis.
Fourth quarter 2015 adjusted net income, as referenced in the GAAP to non-GAAP reconciliation provided later in this release, was $76.6 million, or $0.61 per diluted share, compared to adjusted net income of $77 million, or $1.01 per diluted share, in the fourth quarter a year ago.
Fiscal year 2015 adjusted net income was $203.5 million, or $1.68 per diluted share, compared to adjusted net income of $142.4 million, or $1.87 per diluted share, for the same period a year ago. ■