Societal CDMO, Inc.

societalcdmo.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2023 10-K, filed Mar 22, 2024. Its latest SEC filing is a 15-12G from Apr 18, 2024.

The sections below describe the company as of the FY2023 annual report.

What Did They Do?

Develops and manufactures pharmaceutical products and provides formulation, regulatory, clinical-trial, packaging and logistics services for pharmaceutical companies.

How Did They Make Money?

Customers pay for manufactured products when they ship; development work is paid at a point or as work progresses, depending on the contract. Some partners also pay profit shares based on product sales; manufacturing and development are typically paid in 30 to 45 days, and profit shares 45 days after quarter end.

FY2023 revenue

Who Were Their Customers?

Pharmaceutical companies contract directly with Societal for development, manufacturing and related services; commercial partners distribute, market and promote the products.

Did Revenues Turn Into Profits?

No. It lost $13.3M in FY2023.

Operating income, FY2023

−4% of revenue

▼ Now a loss vs FY2022 ($279K, 0%)

Net income, FY2023

−14% of revenue

▼ −33% (Loss) vs FY2022 (−$19.9M, −22%)

Free cash flow, FY2023

−10% of revenue

▼ −23% (Loss) vs FY2022 (−$12M, −13%)

How Were They Changing?

Since the FY2023 annual report

Apr 8, 2024 CoreRx completed its acquisition of Societal CDMO After the tender offer and merger closed, Societal became a direct wholly owned subsidiary of CoreRx.

Held flat. Revenue was $94.6M in FY2023, about the same as the $99.2M of FY2019.

Broader dosage forms and services The earlier report focused on oral solid dose drugs, while the latest describes work across a wider range of dosage forms, including sterile fill/finish, lyophilization, inhalation, topicals and oral liquids.

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