...December 18, 2023 Centrient's underlying core business performance remains sound, despite issues at two manufacturing sites in India. We expect it to post revenues of close to 600 million (excluding Astral) in 2023, on higher volumes due to solid demand and customers stocking up for winter (e.g. amoxicillin) and a better product mix in semi-synthetic penicillin (SSP) after a solid recovery in regulated markets. These factors plus higher prices and a favorable price volume mix, with some easing of input costs, are partly offset by a less favorable foreign exchange rate. Centrient has completed a product recall of sterile injectables in the U.S. and is working with the FDA to remediate and mitigate its impact. This was related to the Astral manufacturing site in India, for sterile penicillin production (10 million EBITDA in 2022), now an unrestricted subsidiary of Centrient--protecting Centrient from any cross-default potentiality related to its financing agreements. There is no client overlap...
