(Reuters) -Catalent Inc lower its full-year web income and revenue forecast on Friday, reflecting operational challenges and higher-than-expected prices after it flagged an over $400 million hit to each its annual gross sales and core revenue expectations earlier this month.

The corporate manufactures medicine, vaccines and gene therapies at 55 completely different websites for main pharmaceutical firms, together with Moderna (NASDAQ:) Inc, Novo Nordisk (NYSE:) and Sarepta Therapeutics (NASDAQ:), amongst others.

Catalent (NYSE:) stated it continues to win important new enterprise, together with the enlargement of provide agreements with Novo Nordisk, and added its buyer provide scenario stays wholesome.

“We imagine we are able to sufficiently service our prospects’ demand,” stated Catalent CEO Alessandro Maselli on a convention name.

The contract producer has been going through challenges at three of its main productions websites, which can have an effect on its income within the third and fourth quarters as a consequence of a slower-than-expected ramp up in manufacturing capability.

Maselli added Catalent had undergone 9 profitable inspections from the U.S. Meals and Drug Administration within the final six months, of which just a few included observations and which “could be readily addressed”.

Catalent had delayed its earnings report twice this month, saying it needed to make some changes to its monetary statements associated to the corporate’s Bloomington operations, triggering a delisting discover from New York Inventory Change.

The corporate stated it would file a rise of about $55 million in stock reserve for the power. 

Catalent lower its full-year income within the vary of $4.25 billion to $4.35 billion in contrast with the prior forecast of $4.63 billion to $4.88 billion.

The contract drug producer now sees annual adjusted web revenue within the vary of $187 million to $228 million, in contrast with the earlier forecast of $567 million to $648 million.

Shares of the contract producer have been up 14% at $36.75 in early commerce.