This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Catalent, Inc. is a contract development and manufacturing organization (CDMO) that provides drug development, delivery technologies, and biologics manufacturing services to pharmaceutical companies. A core component of its business involves conducting animal testing as part of preclinical safety and efficacy studies for client drug candidates. This activity constitutes commercial exploitation of animals for product development.
The company has a documented history of regulatory violations related to its manufacturing and testing operations. On March 28, 2008, the FDA issued a Warning Letter to Catalent Pharma Solutions for failures to protect the rights, safety, and welfare of human subjects in clinical trials. More recently, on November 20, 2025, the FDA issued a warning letter to Catalent Indiana, LLC (MARCS-CMS 718189) summarizing significant violations of Current Good Manufacturing Practice regulations. While these violations pertain to human safety, they indicate systemic quality control issues within operations that also encompass animal testing. The company's business model is intrinsically linked to the use of animals in research and development.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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