• Catalent average gross margin for 2023 was 23.37%, a 29.2% decline from 2022.
• Catalent average gross margin for 2022 was 33.01%, a 2.48% decline from 2021.
• Catalent average gross margin for 2021 was 33.85%, a 5.98% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.