Catalent, Inc.

Hello all and welcome to Catalan's first quarter fiscal year 2024 earnings call. My name is Lydia and I'll be your operator today. If you'd like to ask a question during the Q&A, you can do so by pressing star followed by the number one on your telephone keypad. I'll now hand you over to your host, Paul Serdes, Vice President of Investor Relations to begin. Please go ahead.

Good morning, everyone, and thank you all for joining us today to review Catalan's preliminary first quarter 2024 financial results. Joining me on the call are John Greisch, Executive Chair of the Board, Alessandro Maselli, President and Chief Executive Officer, and Mattie Misanovic, 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 including as a result of the finalization of Catalan's fiscal 2023 and first quarter fiscal 2024 financial statements. 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 annual report on Form 10-K for the year ended June 30, 2022 as amended, Catalan's quarterly report on Form 10-Q for the three and nine months ended March 31, 2023, and her filings with the SEC for additional information on certain of 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 for some brief opening remarks. before handing it to Alessandro. Commentary for these two presenters is covered on slide five.

Thank you, Paul. Good morning and thanks for joining us today. Before I turn the call over to Alessandro, I want to share a few comments on the quarter and on the progress our management team and strategic and operational review committee have made over the past two and a half months toward achieving our goals. As you saw in the earnings release, and we'll hear further from Alessandro, we have delivered a solid first quarter and are confirming our full year guidance. Given the turmoil in many of our markets, we are pleased on both fronts. In addition, Matty and his team have brought a renewed focus on cash flow, and we are encouraged by already seeing benefits from improved working capital management and greater analytical rigor around CapEx spend thus far in the year. I want to reiterate that we expect to catch up on our fiscal 2023 and first quarter 2024 SEC filings later this month. We've been working tirelessly to finalize these documents over the last couple months. Maddie will go into additional detail on this topic later in today's call. Finally, I'd like to comment on the work underway by the board's Strategic and Operational Review Committee. As you will recall, we formed the committee at the end of August to conduct a thorough review of our businesses, strategies, operations, and capital allocation priorities with a view towards maximizing the long-term value of the company. Since then, the committee has made progress identifying and evaluating a number of options to maximize long-term value creation for shareholders. We continue to work closely with Elliott as we thoroughly evaluate these strategic options, and we look forward to sharing a more detailed update with all of you at a later date. Let me wrap up by emphasizing that the entire Catalan team is working hard to execute against our strategic plans in order to improve performance and create value. As you will hear today, we are confident in the value of opportunities that lie ahead and are pleased that our first quarter performance puts us on track to realize our 2024 plans. With that, I'd like to turn the call over to Alessandro.