Catalent, Inc.

My name is Glen. I'll be the operator of today's call. At this time, all participants will be in a listen-only mode. If you would like to ask a question during the presentation, you may do so by pressing star 1 on the telephone keypad. I will now hand you over to host, Paul Sutter, Vice President of Investor Relations, to begin. Paul?

Good morning, everyone, and thank you for joining us today to review Catalan's fourth quarter 2023 financial results. Joining me on the call are John Greisch, Executive Chair of the Board, Alessandro Masselli, President and Chief Executive Officer, and Maddie Masanovich, Senior Vice President and Chief Financial Officer. During our call today, management will make forward-looking statements and refer to non-GAAP financial measures. it is possible that future results could differ from management's expectations. Please refer to slide two of the supplemental presentation available on our investor relations website at investor.catalan.com for a discussion of risks and uncertainties that could cause actual performance or results to differ from what is suggested by those forward-looking statements. And slides three and four for a discussion of Catalan's use of non-GAAP financial measures. Please also refer to Catalan's fiscal 2022 form 10-K-A and third quarter fiscal 2023 form 10-Q for additional information on the risks and uncertainties that may bear on our operating results, performance, and financial condition. Now, I would like to turn the call over to John Greich for some brief opening remarks, which are covered on slide five.

Thank you, Paul. Good morning, and thank you for joining us. As I'm sure you have seen by now, we issued two press releases this morning. our preliminary fourth quarter earnings release, and a release announcing several initiatives reflecting our ongoing commitment to strong corporate governance and shareholder value creation, including the appointment of four new independent directors to the board, two of whom were nominated by Elliott. The new directors are as follows. Steven Barg, Global Head of Engagement at Elliott Management, one of Catalan's largest shareholders, Michelle Ryan, former Treasurer at Johnson & Johnson, Frank D'Amelio, recently retired Chief Financial Officer of Pfizer, and Stephanie Oakey, former Senior Vice President and Head of North America Rare Diseases and U.S. General Manager Rare Diseases at Genzyme. We've also established a new Strategic and Operational Review Committee of the Board to conduct a review of our business, strategy, and operations as well as our capital allocation priorities in order to maximize the long-term value of the company. The committee's charter provides more detail about the scope of our review and is included in the form 8K filed this morning. In addition, I was named executive chair, succeeding Marty Carroll as board chair. The board and I are very appreciative of Marty's leadership and look forward to his continuing contributions as an ongoing board member. As executive chair, I will be working closely with Alessandro and the team to drive improved operational performance and execute on the shareholder value creation initiatives announced today, as well as chair the strategic and operational committee. The second press release also notes that we entered into a cooperation agreement with Elliott. This agreement addresses the matters I just discussed and contains customary provisions for an agreement of this type, including a standstill, voting commitments, and confidentiality provisions. Elliot shares the Board's confidence in Catalan's leading position as a key partner for the biopharmaceutical industry and is committed to working with us to drive shareholder value. We look forward to providing an update to the market on the work of and ultimately recommendations by the Strategic and Operational Review Committee following our reviews. We believe that these initiatives will improve Catalyst's positioning for long-term growth and success. We will be acting quickly and taking decisive action to strengthen operational performance, enhance profitability, and create value for all stakeholders. I am personally excited to be partnering with Alessandro and the management team to drive profitable, sustainable, and capital-efficient growth, along with long-term shareholder value as we move forward. We're all very pleased to be working collaboratively with Elliott to accomplish these shared goals together. With that, I would like to turn the call over to Alessandro and Matti to discuss our recent performance.