BUZZ-Charles River Lab falls after company's 2025 revenue forecast
Contract research firm Charles River Laboratories' CRL.N shares fall 11.1% to $169.01 premarket
Company forecasts 2025 revenue will decline organically in a similar range as estimated in 2024
Charles River in November forecast full-year 2024 revenue to decrease 2% to 3%, versus previous expectations of it falling 2.5% to 4.5%
Company says lower commercial contract drug manufacturing revenue is expected to "reduce consolidated revenue growth by approximately 1% in 2025"
Charles River says a cell therapy client notified CRL that it would terminate its commercial agreement with the company "to utilize another long-time CDMO partner"
Company adds that cell and gene therapy client demand "is not as robust as at the time of acquisition, but attractive, long-term growth opportunities exist for its CDMO business"
Stock fell 21.9% in 2024
(Reporting by Sneha S K)
((Sneha.SK@thomsonreuters.com))
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