2Q’20 Earnings Call PresentationFebruary 3, 2020

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Agenda

John Chiminski, Chair & Chief Executive Officer

• 2Q’20 Highlights

Wetteny Joseph, Senior VP & Chief Financial Officer

• Business Update by Segment

• 2Q’20 Segment Financial Performance

• EBITDA & Adjusted EBITDA

• Adjusted Net Income and Adjusted Net Income per Share

• Capitalization Highlights

• FY’20 Financial Guidance

Question & Answer Session

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Disclaimer Statement

Forward-Looking StatementsThis presentation contains both historical and forward-looking statements. All statements other than statements of historicalfact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statementsgenerally can be identified by the use of statements that include phrases such as “believe,” “expect,” “anticipate”, “intend”,“estimate”, “plan”, “project”, “foresee”, “likely”, “may”, “will”, “would” or other words or phrases with similar meanings.Similarly, statements that describe our objectives, plans or goals are, or may be, forward-looking statements. Thesestatements are based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risksor uncertainties materialize, actual results could vary materially from our expectations and projections. Some of the factorsthat could cause actual results to differ include, but are not limited to, the following: general industry conditions andcompetition; product or other liability risk inherent in the design, development, manufacture, and marketing of our offerings;inability to enhance our existing or introduce new technology or services in a timely manner; economic conditions, such asinterest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; and oursubstantial debt and debt service requirements, which may restrict our operating and financial flexibility and impose significantinterest and financial costs; risks associated with timely and successfully completing, and correctly anticipating the futuredemand predicted for, capital expansion projects at our existing facilities, or difficulty in completing acquisitions or integrating them into our existing business, thereby reducing or eliminating their anticipated benefits. For a more detailed discussion of these and other factors, see the information under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019 filed with the Securities and Exchange Commission. All forward-looking statements in this presentation speak only as of the date of this presentation or as of the date they are made, and we do not undertake to update any forward-looking statement as a result of new information or future events or developments unless and to the extent required by law.

Non-GAAP Financial MeasuresManagement measures operating performance based on consolidated earnings from operations before interest expense,expense/ (benefit) for income taxes and depreciation and amortization (“EBITDA from operations”). EBITDA from operations isnot defined under U.S. GAAP and is not a measure of operating income, operating performance or liquidity presented inaccordance with U.S. GAAP and is subject to important limitations. Management believes these non-GAAP financial measuresprovide useful supplemental information for its investors’ evaluation of the Company’s business performance and are useful forperiod-over-period comparisons of the performance of the Company’s business.

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Disclaimer Statement - ContinuedWe believe that the presentation of EBITDA from operations enhances an investor’s understanding of our financial performance.We believe this measure is a useful financial metric to assess our operating performance from period to period by excludingcertain items that we believe are not representative of our core business and we use this measure for business planningpurposes. In addition, given the significant investments that we have made in the past in property, plant and equipment,depreciation and amortization expenses represent a meaningful portion of our cost structure. We believe that EBITDA fromoperations will provide investors with a useful tool for assessing the comparability between periods of our ability to generatecash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures because it eliminatesdepreciation and amortization expense. We present EBITDA from operations in order to provide supplemental information thatwe consider relevant for the readers of our financial statements, and such information is not meant to replace or supersedeU.S. GAAP measures. Our definition of EBITDA from operations may not be the same as similarly titled measures used by othercompanies.

As changes in exchange rates are an important factor in understanding period-to-period comparisons, we believe thepresentation of results on a constant currency basis in addition to reported results helps improve investors’ ability tounderstand our operating results and evaluate our performance in comparison to prior periods. Constant currency informationcompares results between periods, as if exchange rates had remained constant period-over-period. We use results on aconstant currency basis as one measure to evaluate our performance. In this release, we calculate constant currency bycalculating current-year results using prior-year foreign currency exchange rates. We generally refer to such amounts calculatedon a constant currency basis as excluding the impact of foreign exchange translation. These results should be considered inaddition to, not as a substitute for, results reported in accordance with GAAP. Results on a constant currency basis, as wepresent them, may not be comparable to similarly titled measures used by other companies and are not measures ofperformance presented in accordance with GAAP.In addition, the Company evaluates the performance of its segments based on segment earnings before other (income)expense, impairments, restructuring costs, interest expense, income tax (benefit)/expense, and depreciation and amortization(“Segment EBITDA”).

Under our credit agreement, our ability to engage in certain activities such as incurring certain additional indebtedness, makingcertain investments and paying certain dividends is tied to ratios based on Adjusted EBITDA (which is defined as “ConsolidatedEBITDA” in the credit agreement). Adjusted EBITDA is based on the definitions in our credit agreement, is not defined underU.S. GAAP, and is subject to important limitations. We have included the calculations of Adjusted EBITDA for the periodspresented. Adjusted EBITDA is the covenant compliance measure used in certain covenants under our credit agreement,particularly those governing debt incurrence and restricted payments. Because not all companies use identical calculations, ourpresentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

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Disclaimer Statement - Continued

Management also measures operating performance based on Adjusted Net Income/(loss) and Adjusted Net Income per Share.Adjusted Net Income/(loss) is not defined under U.S. GAAP and is not a measure of operating income, operating performanceor liquidity presented in accordance with U.S. GAAP and is subject to important limitations. For example, Adjusted Net Incomedoes not reflect the impact on earnings resulting from certain non-recurring items.

We believe that the presentation of Adjusted Net Income/(loss) and Adjusted Net Income per Share enhances an investor’sunderstanding of our financial performance. We believe this measure is a useful financial metric to assess our operatingperformance from period to period by excluding certain items that we believe are not representative of our core business andwe use this measure for business planning purposes. We define Adjusted Net Income/(loss) as net earnings/(loss) adjusted forcash and non-cash items, partially offset by our estimate of the tax effect as a result of such cash and non-cash items. Webelieve that Adjusted Net Income/(loss) and Adjusted Net Income per Share will provide investors with useful tools forassessing the comparability between periods of our ability to generate cash from operations available to our stockholders.We present Adjusted Net Income/(loss) and Adjusted Net Income per Share in order to provide supplemental information thatwe consider relevant for the readers of our financial statements and such information is not meant to replace or supersede U.S.GAAP measures. Our definition of Adjusted Net Income/(loss) may not be the same as similarly titled measures used by othercompanies.

The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAPfinancial measures because it could not do so without unreasonable effort due to the unavailability of the information needed tocalculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would beexcluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, theCompany does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for variouscash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, equitycompensation expense would be difficult to estimate because it depends on the company’s future hiring and retention needs, aswell as the future fair market value of the company’s common stock, all of which are difficult to predict and subject to constantchange. It is equally difficult to anticipate the need for or magnitude of a presently unforeseen one-time restructuring expenseor the values of end-of-period foreign currency exchange rates. As a result, the Company does not believe that a GAAPreconciliation would provide meaningful supplemental information about the Company’s outlook.

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Financial Highlights• 2Q’20 revenue of $721M, increased 16% vs. PY as reported or 17% in constant

currency; organic revenue growth of 7% in constant currency

• 2Q’20 Adjusted EBITDA of $171M, 16% growth vs. PY in constant currency, 5% organic growth

• Three of four segments contributing to the organic revenue and profitability growth during the quarter

• 2Q’20 Adjusted Net Income of $72.0; Adjusted EPS of $0.45 per diluted share

Operational Highlights• Appointed new leaders in Biologics and CSS

• New CAPEX approved to further build our gene therapy business

• Effective Jan. 1, completed the purchase of Bristol-Myers Squibb’s oral solid, biologics, and sterile product facility in Anagni, Italy; integration underway

• Announced agreement to acquire MaSTherCell, a leading cell therapy CDMO

• FY’20 financial guidance range increased to reflect continued growth in our gene therapy business and the Anagni acquisition

Business Highlights

Sustained pipeline expansion and growing demand for cell therapies driving the MaSTherCell acquisition

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Projected cell therapy pipeline projects1

2019 2026E

~2200

~800

~14% CAGR

Cell therapy ~14% projected pipeline growth CAGR driven by new CAR-Ts, allogeneic therapies, and new cell types

Clinical and commercial demand expected to exceed available cell therapy supply capacity in next 5-7 years even with announced expansion plans across the industry

Leading expertise in development, commercial manufacturing, and analytical testing services for cell therapies (both autologous and allogeneic) across multiple cell types and applications, including CAR-T, TCR, TIL, MSC

Adds another set of capabilities that keep Catalent at the forefront of bringing new advanced biotherapies to scale

Clinical facilities operating in E.U. and opening soon in U.S.; dedicated commercial facility in E.U. under construction

All-cash transaction with a purchase price of $315 million, subject to adjustment

Not expected to provide meaningful Adjusted EBITDA in the next 2 years

+

1 Management estimate based on third-party research

We have fundamentally transformed our portfolio

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~50%

27%

2014 (IPO)

Q2’20 LTM (by segment)

Future Outlook (2024E)

Biologicssegment

22%39%

12%

Revenue: $1.8bn $2.6bn $4.5bn

Continued execution paired with strategic M&A

Biologics Biologics

Oral & Specialty Delivery

Softgel & Oral Technologies

Notes: 2014 and 2024 revenue figures represent fiscal year end (June 30th);2014 biologics revenue reflects an estimate of company-wide revenue tied to biologics;Q2’20 represents LTM period ended December 31, 2019

~10%

Clinical Supply

Services

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Revenue growth of 8% and EBITDA growth of 23% ex. Braeside divestiture

• Solid growth for prescription and consumer health products in North America, partly attributable to strong uptake from recently launched products and strong demand for ibuprofen products

• Higher demand for consumer health products in Europe

• Favorable product mix across the segment drives strong pull-through

• Divestiture of Braeside, Australia VMS facility to Blackmores completed in October; negatively impacted the segment’s revenue and EBITDA results in the quarter

Softgel and Oral Technologies

Three Months Ended As ReportedInc. / (Dec.)

Constant CurrencyInc. / (Dec.)

(USD M) December 31, 2019 December 31, 2018 $ % $ %

Softgel and Oral Technologies

Net Revenue 267.9 263.2 4.7 2% 8.5 3%

Segment EBITDA 64.5 54.7 9.8 18% 10.6 19%

Three Months Ended As ReportedInc. / (Dec.)

Constant CurrencyInc. / (Dec.)

(USD M) December 31, 2019 December 31, 2018 $ % $ %

Biologics

Net Revenue 225.2 136.4 88.8 65% 89.6 66%

Segment EBITDA 63.0 39.1 23.9 61% 24.0 61%

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Biologics

2Q’20 strong performance driven by gene therapy and drug product

• Gene therapy acquisitions contribute 56 percentage points to revenue and 49 percentage points to Segment EBITDA growth figures, integration continues to progress ahead of expectations

• Strong biologic drug product volumes in North America; improved capacity utilization and favorable product mix drive profitability

• Drug substance volume negatively impacted by end of limited-duration customer contract in FY’19, per customer’s original planning

Three Months Ended As ReportedInc. / (Dec.)

Constant CurrencyInc. / (Dec.)

(USD M) December 31, 2019 December 31, 2018 $ % $ %

Oral and Specialty Delivery

Net Revenue 143.2 154.5 (11.3) (7%) (11.2) (7%)

Segment EBITDA 33.1 46.0 (12.9) (28%) (12.9) (28%)

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Oral and Specialty Delivery

Soft 2Q’20 driven by respiratory and ophthalmic volume declines

• R&O unfavorable product mix drives outsized impact to segment profitability; delay in product approvals negatively impacting performance in 2Q and likely for the next few quarters

• Increased intake of new molecules drives increasing development and analytical services revenue

• Revenue from oral commercial products across the U.S. and Europe in-line with prior year; commercial pipeline remains robust

• All segment revenue and EBITDA figures are organic

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Continued strong revenue and Segment EBITDA growth in 2Q’20

• Increased demand for storage, distribution, and manufacturing and packaging services

• Continued strong net new business wins continue to translate into high growth rates (9% revenue growth; 15% Segment EBITDA growth)

• Backlog of $390M as of December 31, 2019 increased 4.5% from the prior quarter; LTM book-to-bill ratio of 1.2x; net new business wins of $104M, a 2.3% decrease vs. the prior-year period

• All segment revenue and EBITDA growth were organic

Clinical Supply Services

Three Months Ended As ReportedInc. / (Dec.)

Constant CurrencyInc. / (Dec.)

(USD M) December 31, 2019 December 31, 2018 $ % $ %

Clinical Supply Services

Net Revenue 87.9 80.8 7.1 9% 7.6 9%

Segment EBITDA 24.0 21.0 3.0 14% 3.1 15%

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2Q’20 by Business Segment

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2Q’20 YTD by Business Segment

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Net Earnings to EBITDA from Operations

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Adjusted EBITDA

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Adjusted Net Income and ANI per Share

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Debt and Capital Allocation

Debt Structure

• Covenant-light structure for all senior debt, with attractive cost of capital and maturity profile

• No significant maturity until 2024

Capital Allocation

• FY’20 capital expenditures spend increasing to ~13-14% of net revenue (compared to previous range of ~11-12% of net revenue), substantially driven by our investments in biologics, including additional capital approved for gene therapy

• Ongoing capital allocation will be focused on:

– Capex to drive organic growth

– M&A to supplement organic growth

– Debt reduction or share repurchase

Total net leverage ratio of 4.0x PF for Paragon acquisition; below the PF total leverage ratio

of 4.5x at the time of deal announcement

FY’20 Full-Year Guidance - Revised

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• Revenue, Adjusted EBITDA, Adjusted Net Income guidance ranges reflect assumed exchange rates of: 1.22 USD/GBP, 1.12 USD/EUR

• Reflects organic revenue growth of 4-7% and Adj. EBITDA growth of 9-12%

• Includes 2H’20 impact of Anagni acquisition, which closed effective Jan 1, 2020

• Long-term organic growth outlook updated in April ‘19 to 6-8% revenue, 8-11% Adjusted EBITDA in light of Paragon transaction

Note:(1) Share count is fully diluted and represents the weighted average as of June 30; includes ~13M of as-if converted

shares from the May 2019 issuance of Series A preferred stock

discover more.CATALENT, INC.14 SCHOOLHOUSE ROADSOMERSET, NJ 08873+ 1 866 720 3148www.catalent.com