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Report of Independent Auditors

To the Shareholders and the Board of Directors of Catalent, Inc.

We have audited the accompanying financial statements of Paragon Bioservices, Inc., which comprise the balance sheet as of December 31, 2018, and the related statements of operations and comprehensive income, changes in stockholders’ equity and cash flows for the year then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Paragon Bioservices, Inc. at December 31, 2018, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles.

Restatement of Prior Period Financial Statements

As discussed in Note 2 to the financial statements, the beginning accumulated deficit has been restated to correct errors related to the accounting for capital leases. Our opinion is not modified with respect to this matter.

/s/ Ernst & Young LLP

Tysons, VA

June 14, 2019

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PARAGON BIOSERVICES, INC.

BALANCE SHEET

DECEMBER 31, 2018

See accompanying Notes to Financial Statements.

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See accompanying Notes to Financial Statements.

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See accompanying Notes to Financial Statements.

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See accompanying Notes to Financial Statements.

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PARAGON BIOSERVICES, INC.

disposed of, the cost and accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is included in the results of operations for the period of disposition. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, generally ranging from five to ten years. Amortization of leasehold improvements and capital leases assets is computed on a straight-line basis over the lesser of the estimated useful lives of the underlying assets or the terms of the related leases.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to future undiscounted future cash flows expected to be realized. If the carrying amount exceeds the undiscounted future cash flows then the Company completes an assessment of fair value of the related asset or asset group. Any carrying value in excess of fair value is recognized as an impairment charge to operations.

Leases

The Company leases the majority of its facilities and enters into other lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or capital lease. Upon significant modifications or amendments to lease agreements, the Company reassesses its lease determination. Operating lease expenses are recognized in the statements of operations on a straight-line basis over the term of the related lease. Some of the Company’s lease agreements may contain renewal options, tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, the Company records a deferred rent asset or liability on the balance sheet equal to the difference between the rent expense and cash rent payments.

The cost of property and equipment acquired under capital lease arrangements represents the lesser of the present value of the minimum lease payments or the fair value of the leased asset as of the inception of the lease.

Debt Issuance Costs and Original Issue Discounts

The Company records the cost of any debt issuances and any discount on such issuance (original issue discount or “OID”) as a contra liability. Such amounts are amortized on a straight-line method over the term of the applicable debt, which approximates the effective interest method, the amortization being included in interest expense for the applicable period. The balance on the contra-liability is reflected as a reduction of the related debt item in the balance sheets.

Revenue Recognition

The Company derives revenue from the delivery of services or products to its clients. Revenue is recognized when all the following conditions are satisfied: (1) persuasive evidence of an arrangement exists; (2) services have been rendered or goods delivered; (3) the amount of fees to be paid by the client is fixed or determinable; and (4) the collectability of the fees is reasonably assured.

Certain of the Company’s contracts are short-term (generally 60 days or less) and include delivery to the client of a highly-defined, narrow set of deliverables. For such short-term contracts, the Company recognizes revenue upon shipment of the contracted deliverables.

The Company typically provides services to its clients under longer-term, fixed-price contracts. Such contracts generally include multiple elements and are accounted for in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 605-25, Revenue Arrangement with

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Multiple Deliverables . The Company analyzes its contracts to determine whether the elements should be considered a single unit or separated and accounted for individually. Once the unit of accounting is determined, revenue is recognized on these contracts using the proportional performance method, under which the Company determines the percentage of direct labor hours incurred through the date of the financial statements in relation to the total estimated direct labor hours expected through completion of the contract or each individual element thereof. Revenue for any reporting period is then determined by multiplying this percentage by the value for the contract or individual element, as applicable. Management believes that the proportionate performance method using direct labor hours as the input measure provides a reasonable approximation of the Company’s performance (i.e. output) to the client over the contract period. Changes in estimates of direct labor to complete a contract can result in a change in the estimated contract profitability, either favorably or unfavorably. Contract charges or benefits as a result of these changes are recorded in the period in which they are determined.

Certain of the Company’s contracts provide for services under time-and-materials arrangements. Revenue for such contracts is recognized based on the hours incurred at the negotiated contract billing rates, plus the cost of any allowable material costs and out-of-pocket expenses.

The Company incurs costs for raw materials, supplies and third-party testing used to fulfill client contracts. Under the terms of the contracts, such items are the property of the customer, and, accordingly, such costs, along with a mark-up fee defined in the contract, are billed and immediately recognized as revenue.

The Company acts as a principal in transactions when the Company has discretion to choose suppliers, bears credit and inventory risk, and performs a substantive part of the services. Revenue for such transactions is recorded at the gross amount billed to a customer, and the associated costs are recorded as a cost of contract revenue.

Unbilled receivables and deferred revenue are recorded on the accompanying balance sheets. Unbilled receivables represent revenue recognized on uncompleted longer-term fixed-price contracts in excess of billings. Conversely, deferred revenue represents billings received in excess of revenue recognized.

Stock-Based Compensation

The Company accounts for stock-based compensation awards based on the fair value as of the grant date estimated in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation . The Company recognizes compensation expense for stock-based compensation awards over the requisite service period of the award.

Income Taxes

Income taxes in the financial statements generally consist of taxes currently due and deferred taxes. Deferred income tax assets and liabilities result from timing differences between the recognition of income and expense for financial reporting and income tax purposes. The estimated future tax consequences of these timing differences are recorded as deferred tax assets and liabilities in the financial statements. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

The deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which the timing differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date of such change.

The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for

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these positions is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision.

Self-Insurance Programs

The Company self-insures for certain levels of employee medical coverage. The Company makes an estimate of costs incurred but not yet reported. These estimates are based upon historical experience. Changes in estimate are recognized within the period identified.

Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 outlines a single comprehensive model to account for revenue arising from contracts with clients; such guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The Company will adopt ASU 2014-09 using the modified retrospective approach, applied only to contracts that were not completed as of January 1, 2019. In accordance with the new standard, the Company has completed a review of its contracts as well as costs associated with obtaining these contracts.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires recording of assets and liabilities that arise from leases currently classified as operating leases under current GAAP. This new guidance will be effective for Paragon beginning in 2020, and for interim periods beginning in 2021.

The Company is currently evaluating the impact that these standards will have on its financial statements.

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The following is a summary of the leased assets included in property and equipment:

Depreciation and amortization expense, inclusive of $3,053,000 attributed to capital lease assets, was approximately $3,757,000 for the year ended December 31, 2018.

NOTE 6    NOTES PAYABLE AND BANK CREDIT FACILITY

Notes payable consist of the following:

In June 2017, the Company completed a subordinated convertible debt offering (“Convertible Debt”) with certain shareholders for a total of $2,600,000. The Convertible Debt included a substantive redemption feature; therefore, the Company was accreting interest expense to the assumed conversion date. In August 2018, in accordance with the terms of the original offering, the par value of the Convertible Debt was converted into 2,608,038 shares of Series A-1 Convertible Preferred Stock. The accreted interest was reclassified to additional paid-in-capital. As of December 31, 2018, there is no Convertible Debt outstanding.

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In 2018, the Company entered into three amendments to the Revolving Bank Credit Facility to (i) increase the permitted indebtedness, as defined, from $3,000,000 to $20,000,000, (ii) increase available funds on the revolving credit facility from $7,000,000 to $10,000,000, and (iii) require the Company to execute a $15,000,000 debt financing and a $5,000,000 issuance of Series B Preferred Stock by August 15, 2018. These amendments were treated as debt modifications.

The Revolving Bank Credit Facility agreement requires the Company to maintain certain financial and non-financial covenants. The Company was in compliance with these covenants as of December 31, 2018 and believes it will remain in compliance for at least a year beyond the issuance of these financial statements. No amounts were outstanding under the Revolving Bank Credit Facility at December 31, 2018.

In August 2018, the Company entered into a Loan and Security agreement for a $15,000,000 term loan facility. Contemporaneously with the closing of the loan, the Company issued Series B Preferred Stock in an aggregate amount of $5,000,000, of which $3,000,000 was issued to the holders of the term loan, and the remaining $2,000,000 being issued to certain holders of Series A Preferred shares.

Interest expense from notes payable totaled approximately $1,287,000 for the year ended December 31, 2018. In connection with the Company’s construction in progress, substantially all interest amounts have been capitalized.

Future principal payments on notes payable are as follows:

NOTE 7    CAPITAL LEASE OBLIGATIONS

The Company’s facility leases under capital lease arrangements have an interest rate of 9.5% and terms ranging from 17 to 28 years. Additionally, The Company leases various equipment under capital lease agreements with interest rates ranging from 6.3% to 17.5%, and terms ranging from 36 to 60 months. The following is a schedule showing the future minimum lease payments under capital leases:

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NOTE 8    STOCKHOLDERS’ EQUITY

The Company is authorized to issue 40 million shares of common stock with a par value of $0.0003, and 23,900,000 shares of preferred stock, of which 1,702,000 shares are designated as Series B Preferred Stock with a par value of $0.001 (“Series B”), 7,008,100 shares are designated as Series A-1 Preferred Stock with a par value of $0.001 (“Series A-1”), 14,200,000 shares are designated as Series A Preferred Stock with a par value of $0.001 (“Series A”) (collectively referred to as “Senior Convertible Preferred”), and 1,000,000 shares are designated as Junior Preferred Stock with a par value of $1.00 (“Junior Preferred”). No dividends have been declared on any series of authorized stock.

Senior Convertible Preferred

The Series B terms include a 7% per annum cumulative compounding dividend, senior liquidation preference of one (1) multiplied by the original issue price, voting privileges, and rights to convert into shares of common stock. Each share of Series B is convertible, at the option of the holder, at any time into a number of shares of common stock as is determined by dividing the Series B original issue price by the Series B conversion price, as defined in the Company’s certificate of incorporation, but generally equal to the original issue price making the conversion equal to one (1) share of common for each Share of Series B. Series B liquidating preference including cumulative dividends was approximately $5,144,000, as of December 31, 2018.

The Series A-1 terms include a 7% per annum cumulative compounding dividend, liquidation preference of one and one half (1.5) multiplied by the original issue price, voting privileges, and rights to convert into shares of common stock. Each share of the Series A-1 is convertible, at the option of the holder, at any time into a number of shares of common stock determined by dividing the Series A-1 original issue price by the Series A-1 conversion price, as defined in the Company’s certificate of incorporation, but generally equal to the original issue price making the conversion equal to one (1) share of common for each Share of Series A-1. The Series A-1 liquidating preference including cumulative dividends was approximately $11,569,000 as of December 31, 2018.

The Series A terms include a 7% per annum cumulative, compounding dividend, liquidation preference of one (1) multiplied by the original issue price, voting privileges, and rights to convert into shares of common stock. Each share of the Series A is convertible, at the option of the holder, at any time into a number of shares of common determined by dividing the Series A original issue price by the Series A conversion price, as defined in the Company’s certificate of incorporation, but generally equal to the original issue price making the conversion equal to one (1) share of common for each Share of Series A. The Series A liquidation preference including cumulative dividends was approximately $18,236,000 as of December 31, 2018.

Holders of the various classes of Senior Convertible Preferred shares can force redemption by the Company of such shares at any time on or after August 6, 2020 if 66.7% of the then outstanding shares of Series A-1 request redemption. The redemption price is the greater of (i) the original issue price per share of the Series A-1 multiplied by 1.5 for shares of Series A-1 and 1.0 for each share of Series A and Series B, plus all accrued and unpaid dividends, or (ii) the fair market value of such shares on the redemption date. Holders of the Series B can also force redemption by the Company of such shares at any time on or after July 31, 2023 provided certain terms and conditions are met including prepayment of the subordinated notes payable to shareholders (see Note 6).

Junior Preferred

The Junior Preferred have terms that include a 7% per annum cumulative non-compounding dividend and certain liquidation preferences. Junior Preferred liquidation preference including cumulative dividends was approximately $1,293,000 as of December 31, 2018.

Warrants

During the year ended December 31, 2016, the Company granted a vendor fully-vested warrants to purchase up to 300,000 shares of the Company’s Common stock at a price of $0.59 per share. Such warrants expire on February 26, 2023. The fair value of these warrants was determined to be immaterial to the financial statements.

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During the year ended December 31, 2014, the Company granted two vendors fully-vested warrants to purchase up to 380,000 shares of the Company’s Series A preferred stock at prices of $1.00 and $1.10 per share, which are subject to anti-dilution provisions. The fair value of the above warrants was determined to be immaterial to the financial statements.

During the years ended December 31, 2016 and 2015, the Company granted investors in new issuance of Series A-1 preferred stock fully-vested warrants to purchase up to 400,000 shares of the Company’s Series A-1 preferred stock a price of $.01 per share. Such warrants expire between 2025 and 2026. During the year ended December 31, 2018, 395,000 of these warrants were exercised.

NOTE 9    COMMITMENTS AND CONTINGENCIES

The Company is obligated as a lessee under non-cancelable operating leases for office space, facilities, and equipment, with lease terms through December 2034. For office space and facilities leases, the leases provide for annual escalations and pro-rata share of common area operating expenses.

The following are the minimum annual lease payments under all operating leases:

Total rent expense, net of amortization of deferred rent, for the year ended December 31, 2018 was approximately $2,626,000.

Contingencies

From time to time, the Company is involved in various legal proceedings in the ordinary course of its business. Although management of the Company cannot predict the outcome of these legal proceedings with certainty, it does not believe that the ultimate resolution of these legal proceedings will have a material effect on the Company’s financial statements.

NOTE 10    401(K) RETIREMENT P LAN

As of January 1, 2007, the Company established an employee retirement plan pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). Under the plan, the Company matches eligible employee contributions up to 4% of their respective qualifying compensation. Total Company contributions were approximately $558,000 for the year ended December 31, 2018.

NOTE 11    OTHER OPERATING COSTS

Other operating costs for the year ended December 31, 2018 related principally to rents and other costs incurred during construction of an office and manufacturing space.

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NOTE 12    OTHER EXPENSES

Other Expense reported on the accompanying Statement of Operations and Comprehensive Income consist of interest expense and other expenses. Interest expense totaled approximately $5,046,000 for the year ended December 31, 2018. Other non-recurring expenses, including transaction costs, totaled approximately $647,000 for the year ended December 31, 2018.

Significant components of the Company’s net deferred income taxes are as follows:

As of December 31, 2018, the Company was in a cumulative three-year income position and based upon the weight of positive evidence, concluded that its deferred tax assets were more likely than not to be realized. The Company reversed its valuation allowance resulting in a provision benefit for the year ended December 31, 2018. As of December 31, 2018, the Company had net operating loss carryforwards (“NOLs”) for Federal and state income tax purposes of approximately $12,900,000 which expire from 2032 through 2037.

The Company’s ability to utilize its federal and state NOLs may be limited under Internal Revenue Code Section 382 (“Section 382”). Section 382 imposes annual limitations on the utilization of NOL carryforwards and other tax attributes upon an ownership change. In general terms, an ownership change may result from

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transactions that increase the aggregate ownership of certain stockholders in the Company by more than 50 percentage points over a testing period (generally three years). The Company completed a Section 382 analysis through the year ended December 31, 2016. Based on this analysis, the Company’s NOLs and other tax attributes accumulated through 2016 should not be limited under Section 382. The Company has not updated their Section 382 analysis through 2018.

The Federal and state income tax returns of the Company for tax years 2015, 2016 and 2017 are subject to examination by the IRS and state taxing authorities generally for three (3) years after they are filed. The Company determined that it is not required to record a liability for uncertain tax positions as of December 31, 2018.

U.S. Tax Reform

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. The Act contains numerous provisions impacting corporate taxpayers. Changes include a federal corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system and temporary full expensing of certain business assets. The Company recorded provisional tax impacts related to the revaluation of deferred tax assets and liabilities as well as the temporary full expensing of certain business assets in our consolidated financial statements for the year ended December 31, 2017. Upon the completion of the 2017 U.S. federal corporate income tax return during the fourth quarter of 2018, the Company finalized its analysis of the Act and determined no additional adjustments were required.

NOTE 14    CONCENTRATION OF RISK

Credit Risk

Credit risk is inherent in financial instruments, which include cash and accounts receivable. The Company’s cash consists of highly liquid, U.S. dollar instruments of high-credit-quality financial institutions. The Company maintains cash deposits in excess of the limits insured by the Federal Deposit Insurance Corporation. The Company utilizes banking institutions with good credit histories and ratings, and, accordingly, management believes the credit risk within cash is minimal. Although the Company grants credit to its clients in the normal course of business, the Company generally conducts business with large well-funded companies and closely monitors client account balances; accordingly, management believes the credit risk within accounts receivable is minimal.

Major Customers

Three commercial clients accounted for a combined total of 45% of the Company’s contract revenue during the year ended December 31, 2018 and for approximately 49% of the contract receivable balance as of December 31, 2018.

NOTE 15    REFUNDABLE JOBS CREDIT

The Company received approval for the One Maryland Tax Credit (the “Program”) related to the build-out of its development and manufacturing facility in 2011. Under the Program, the Company qualified for the refundable jobs credits because the project was in a qualified area and, project costs and new hires for that facility exceeded certain thresholds. Refundable jobs credit was approximately $1,025,000 for 2018, and the amount was recorded as a reduction of compensation expense.

NOTE 16    SUBSEQUENT EVENTS

In March 2019, the Company and its bank amended the Revolving Bank Credit Facility to increase that facility from $10,000,000 to $12,000,000.

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On May 17, 2019, the Company was acquired through a stock sale by Catalent Pharma Solutions, Inc. for $1,200,000,000, subject to adjustment. On the date of acquisition all outstanding notes payable and related accrued interest were paid in full.

Management evaluated subsequent events through June 14, 2019, the date the financial statements were issued.

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See accompanying Notes to Financial Statements.

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See accompanying Notes to Financial Statements.

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PARAGON BIOSERVICES, INC.

balance, the aging of individual invoices, payment history, overall information on contract activities, and publicly available information. All accounts or portions thereof deemed to be uncollectible or requiring an excessive collection cost are written off against the allowance.

Inventory

Inventory consists of raw materials which are purchased for the execution of client contracts and may also include labor and overhead. Such amounts are recorded at the lower of cost or net realizable value, on the first-in, first-out method.

Property and Equipment

Property and equipment are recorded at cost and are presented on the balance sheet net of depreciation and amortization. Expenditures for major additions and improvements are capitalized, and maintenance, repairs, and minor replacements are charged to expense as incurred. When property and equipment is retired, or otherwise disposed of, the cost and accumulated depreciation or amortization is removed from the accounts and any resulting gain or loss is included in the results of operations for the period of disposition. Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the assets, generally ranging from five to ten years. Amortization of leasehold improvements and capital lease assets is computed on a straight-line basis over the lesser of the estimated useful lives of the underlying assets or the terms of the related leases.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount of the assets to future undiscounted future cash flows expected to be realized. If the carrying amount exceeds the undiscounted future cash flows then the Company completes an assessment of fair value of the related asset or asset group. Any carrying value in excess of fair value is recognized as an impairment charge to operations.

Leases

The Company leases the majority of its facilities and enters into other lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or capital lease. Upon significant modifications or amendments to lease agreements, the Company reassesses its lease determination. Operating lease expenses are recognized in the statements of operations on a straight-line basis over the term of the related lease. Some of the Company’s lease agreements may contain renewal options, tenant improvement allowances, rent holidays or rent escalation clauses. When such items are included in a lease agreement, the Company records a deferred rent asset or liability on the balance sheet equal to the difference between the rent expense and cash rent payments.

The cost of property and equipment acquired under capital lease arrangements represents the lesser of the present value of the minimum lease payments or the fair value of the leased asset as of the inception of the lease.

Debt Issuance Costs and Original Issue Discounts

The Company records the cost of any debt issuances and any discount on such issuance (original issue discount or “OID”) as a contra liability. Such amounts are amortized on a straight-line method over the term of the applicable debt, which approximates the effective interest method, the amortization being included in interest expense for the applicable period. The balance on the contra-liability is reflected as a reduction of the related debt item in the balance sheets.

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Revenue Recognition

The Company derives revenue from the delivery of process development, pre-clinical and Good Manufacturing Practices (“GMP”) manufacturing services to client in the pharmaceutical and biotechnology industries. The Company measures revenue from customer based on the consideration specified in its contract. Payments are typically due 30-60 days following the completion of services provided to the customer based on the payment terms set forth in the applicable customer contract. Certain contracts require a portion of the contract consideration to be received in advance at the commencement of the contract and is initially recorded as a contract liability.

The Company’s contracts with its customers generally consist of an integrated/bundled service offering under a long-term, fixed-price contract. This service offering is combined into a single performance obligation.

A performance obligation is a promise in a contract to transfer a distinct product or service to a customer and is the unit of account under Topic 606. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation on a relative standalone selling price basis using the Company’s best estimate of the standalone selling price of each distinct product or service in the contract. The primary method used to estimate standalone selling price is the price observed in standalone sales to customers, however when prices in standalone sales are not available the Company may use third-party pricing for similar products or services or estimate the standalone selling price. Allocation of the transaction price is determined at a contract’s inception.

Once the performance obligations in the contract have been identified, the Company estimates the transaction price of the contract. The estimate includes amounts that are fixed as well as those that can vary based on expected outcomes of the activities or contractual terms. The Company’s variable consideration primarily includes consideration transferred under its CMO arrangements. When a contract’s transaction price includes variable consideration, the Company evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, the Company includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration estimates are updated at each reporting date. There were no constraints or material changes to the Company’s variable consideration estimates as of or during the three months ended March 31, 2019.

To indicate the transfer of control for the Company’s contract manufacturing services, it must have a present right to payment, legal title must have passed to the customer, and the customer must have the significant risks and rewards of ownership. Revenue for long-term development contracts is generally recognized based upon the cost-to-cost (including direct labor hours) measure of progress, provided that the Company meets the criteria associated with transferring control of the good or service over time.

Changes in estimates of direct labor to complete a contract can result in a change in the estimated contract profitability, either favorably or unfavorably. Contract charges or benefits as a result of these changes are recorded in the period in which they are determined.

A small portion of the Company’s contracts provide for services under time-and-materials arrangements. Revenue for such contracts is recognized based on the hours incurred at the negotiated contract billing rates, plus the cost of any allowable material costs and out-of-pocket expenses. The material costs and out-of-pocket expenses are part of the contract’s transaction price, subject to the same accounting guidance (e.g., variable consideration). The costs that the Company incurs are treated as fulfillment costs and recognized within cost of contract revenue.

Because the goods or services giving rise to the out-of-pocket costs do not transfer a good or service to the customer, the reimbursements are presented on a gross basis. The Company acts as a principal in transactions when the Company controls the goods or services before they are delivered to the customer. The Company

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considers whether it is responsible for the good or service meeting customer specifications, has inventory risk and sets pricing.

Unbilled receivables and contract liabilities are recorded on the accompanying balance sheets. Unbilled receivables represent revenue recognized on uncompleted longer-term fixed-price contracts in excess of billings and are contract assets. Conversely, contract liabilities represent contract consideration received in excess of revenue recognized.

As of March 31, 2019, the Company had $175,600,000 of remaining performance obligations, which is also referred to as total backlog. Of that total backlog, the Company expects to recognize approximately 68% in the nine months ended December 31, 2019.

As of March 31, 2019 and December 31, 2018, there were $6,000,000 and $2,700,000, respectively, of revenues in excess of billings and $76,800,000 and $42,900,000, respectively, of billings in excess of revenues on long-term contracts in the balance sheets.

In some circumstances, customers are billed in advance of revenue recognition, resulting in contract liabilities. As of December 31, 2018, total contract liabilities were $42,900,000. During the three months ended March 31, 2019, revenue recognized that was included in the contract liability balance at the beginning of the year was $34,000,000. As of March 31, 2019, total contract liabilities were $76,800,000.

Stock-Based Compensation

The Company accounts for stock-based compensation awards based on the fair value as of the grant date estimated in accordance with the provisions of FASB ASC 718, Compensation—Stock Compensation . The Company recognizes compensation expense for stock-based compensation awards over the requisite service period of the award.

Income Taxes

Income taxes in the financial statements generally consist of taxes currently due and deferred taxes. Deferred income tax assets and liabilities result from timing differences between the recognition of income and expense for financial reporting and income tax purposes. The estimated future tax consequences of these timing differences are recorded as deferred tax assets and liabilities in the financial statements. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

The deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which the timing differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date of such change.

The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company adjusts the level of the liability to reflect any subsequent changes in the relevant facts surrounding the uncertain positions. Any interest and penalties on uncertain tax positions are included within the tax provision.

Self-Insurance Programs

The Company self-insures for certain levels of employee medical coverage. The Company makes an estimate of costs incurred but not yet reported. These estimates are based upon historical experience. Changes in estimate are recognized within the period identified.

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The following is a summary of the leased assets included in property and equipment:

Depreciation and amortization expense, inclusive of $1,323,000 and $710,000 attributed to capital lease assets, was approximately $1,403,000 and $757,000 during the three months ended March 31, 2019 and 2018, respectively.

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In 2018, the Company entered into three amendments to the Revolving Bank Credit Facility to (i) increase the permitted indebtedness, as defined, from $3,000,000 to $20,000,000, (ii) increase available funds on the revolving credit facility from $7,000,000 to $10,000,000, and (iii) require the Company to execute a $15,000,000 debt financing and a $5,000,000 issuance of Series B Preferred Stock by August 15, 2018. These amendments were treated as debt modifications.

The Revolving Bank Credit Facility agreement requires the Company to maintain certain financial and non-financial covenants. The Company was in compliance with these covenants as of March 31, 2019 and believes it will remain in compliance for at least a year beyond the issuance of these financial statements. No amounts were outstanding under the Revolving Bank Credit Facility at March 31, 2019 or December 31, 2018.

In August 2018, the Company entered into a Loan and Security agreement for a $15,000,000 term loan facility. Contemporaneously with the closing of the loan, the Company issued Series B Preferred Stock in an aggregate amount of $5,000,000, of which $3,000,000 was issued to the holders of the term loan, and the remaining $2,000,000 being issued to certain holders of Series A Preferred shares.

In 2019, the Company entered into an amendment to the Revolving Bank Credit Facility to increase available funds from $10,000,000 to $12,000,000.

Interest expense from notes payable totaled approximately $382,000 and $122,000 for the three months ended March 31, 2019 and 2018, respectively. In connection with the Company’s construction in progress, substantially all interest amounts have been capitalized.

NOTE 7    CAPITAL LEASE OBLIGATIONS

The Company’s facility leases under capital lease arrangements have an interest rate of 9.5% and terms ranging from 17 to 28 years. Additionally, The Company leases various equipment under capital lease

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agreements with interest rates ranging from 6.3% to 17.5%, and terms ranging from 36 to 60 months. The following is a schedule showing the future minimum lease payments under capital leases:

The following is a schedule showing the future minimum lease payments under capital leases:

NOTE 8    STOCKHOLDERS’ EQUITY

The Company is authorized to issue 40 million shares of common stock with a par value of $0.0003, and 23,900,000 shares of preferred stock, of which 1,702,000 shares are designated as Series B Preferred Stock with a par value of $0.001 (“Series B”), 7,008,100 shares are designated as Series A-1 Preferred Stock with a par value of $0.001 (“Series A-1”), 14,200,000 shares are designated as Series A Preferred Stock with a par value of $0.001 (“Series A”) (collectively referred to as “Senior Convertible Preferred”), and 1,000,000 shares are designated as Junior Preferred Stock with a par value of $1.00 (“Junior Preferred”). No dividends have been declared on any series of authorized stock.

Senior Convertible Preferred

The Series B terms include a 7% per annum cumulative compounding dividend, senior liquidation preference of one (1) multiplied by the original issue price, voting privileges, and rights to convert into shares of common stock. Each share of Series B is convertible, at the option of the holder, at any time into a number of shares of common stock as is determined by dividing the Series B original issue price by the Series B conversion price, as defined in the Company’s certificate of incorporation, but generally equal to the original issue price making the conversion equal to one (1) share of common for each Share of Series B. Series B liquidating preference including cumulative dividends was approximately $5,232,000 and $5,144,000 as of March 31, 2019 and December 31, 2018, respectively.

The Series A-1 terms include a 7% per annum cumulative compounding dividend, liquidation preference of one and one half (1.5) multiplied by the original issue price, voting privileges, and rights to convert into shares of common stock. Each share of the Series A-1 is convertible, at the option of the holder, at any time into a number of shares of common stock determined by dividing the Series A-1 original issue price by the Series A-1 conversion price, as defined in the Company’s certificate of incorporation, but generally equal to the original issue price making the conversion equal to one (1) share of common for each Share of Series A-1. The Series A-1 liquidating preference including cumulative dividends was approximately $11,706,000 and $11,569,000 as of March 31, 2019 and December 31, 2018, respectively.

The Series A terms include a 7% per annum cumulative, compounding dividend, liquidation preference of one (1) multiplied by the original issue price, voting privileges, and rights to convert into shares of common stock. Each share of the Series A is convertible, at the option of the holder, at any time into a number of shares of

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common determined by dividing the Series A original issue price by the Series A conversion price, as defined in the Company’s certificate of incorporation, but generally equal to the original issue price making the conversion equal to one (1) share of common for each Share of Series A. The Series A liquidation preference including cumulative dividends was approximately $18,951,000 and $18,236,000 as of March 31, 2019 and December 31, 2018, respectively.

Holders of the various classes of Senior Convertible Preferred shares can force redemption by the Company of such shares at any time on or after August 6, 2020 if 66.7% of the then outstanding shares of Series A-1 request redemption. The redemption price is the greater of (i) the original issue price per share of the Series A-1 multiplied by 1.5 for shares of Series A-1 and 1.0 for each share of Series A and Series B, plus all accrued and unpaid dividends, or (ii) the fair market value of such shares on the redemption date. Holders of the Series B can also force redemption by the Company of such shares at any time on or after July 31, 2023 provided certain terms and conditions are met including prepayment of the subordinated notes payable to shareholders (see Note 6).

Junior Preferred

The Junior Preferred have terms that include a 7% per annum cumulative non-compounding dividend and certain liquidation preferences. Junior Preferred liquidation preference including cumulative dividends was approximately $1,311,000 and $1,293,000 as of March 31, 2019 and December 31, 2018, respectively.

Warrants

During the year ended December 31, 2016, the Company granted a vendor fully-vested warrants to purchase up to 300,000 shares of the Company’s Common stock at a price of $0.59 per share. Such warrants expire on February 26, 2023. The fair value of these warrants was determined to be immaterial to the financial statements.

During the year ended December 31, 2014, the Company granted two vendors fully-vested warrants to purchase up to 380,000 shares of the Company’s Series A preferred stock at prices of $1.00 and $1.10 per share, which are subject to anti-dilution provisions. The fair value of the above warrants was determined to be immaterial to the financial statements.

During the years ended December 31, 2016 and 2015, the Company granted investors in new issuance of Series A-1 preferred stock fully-vested warrants to purchase up to 400,000 shares of the Company’s Series A-1 preferred stock a price of $.01 per share. Such warrants expire between 2025 and 2026.

NOTE 9    COMMITMENTS AND CONTINGENCIES

The Company is obligated as a lessee under non-cancelable operating leases for office space, facilities, and equipment, with lease terms through December 2034. For office space and facilities leases, the leases provide for annual escalations and pro-rata share of common area operating expenses.

The following are the minimum annual lease payments under all operating leases:

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Total rent expense for the three months ended March 31, 2019 and 2018 was approximately $1,126,000 and $301,000, respectively.

Contingencies

From time to time, the Company is involved in various legal proceedings in the ordinary course of its business. Although management of the Company cannot predict the outcome of these legal proceedings with certainty, it does not believe that the ultimate resolution of these legal proceedings will have a material effect on the Company’s financial statements.

NOTE 10    401(K) RETIREMENT PLAN

As of January 1, 2007, the Company established an employee retirement plan pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended. Under the plan, the Company matches eligible employee contributions up to 4% of their respective qualifying compensation. Total Company contributions were approximately $235,000 and $134,000 for the three months ended March 31, 2019 and 2018, respectively.

NOTE 11    OTHER OPERATING COSTS

Other operating costs related principally to rents and other costs incurred during construction of an office and manufacturing space for the three months ended March 31, 2019 and 2018, respectively.

NOTE 12    OTHER EXPENSES

Other Expense reported on the accompanying Statements of Operations and Comprehensive Income consist of interest expense and other expenses. Interest expense totaled approximately $1,522,000 and $1,014,000 for the three months ended March 31, 2019 and 2018, respectively. Other non-recurring expenses, including transaction costs, totaled approximately $21,000 and $494,000 for the three-months ended March 31, 2019 and 2018, respectively.

NOTE 13    INCOME TAXES

The Company had an income tax expense of $897,000 and $0 for the three months ended March 31, 2019 and 2018, respectively. As of December 31, 2018, the Company was in a cumulative three-year income position and based upon the weight of positive evidence, concluded that its deferred tax assets were more likely than not to be realized. The Company reversed the valuation allowance resulting in a provision benefit for the year ended December 31, 2018.

U.S. Tax Reform

On December 22, 2017, the U.S. government enacted wide-ranging tax legislation, the Tax Cuts and Jobs Act (the “2017 Tax Act”). The 2017 Tax Act significantly revises U.S. tax law by, among other provisions, (a) lowering the applicable U.S. federal statutory income tax rate from 35% to 21% and (b) eliminating or reducing certain income tax deductions, such as interest expense, executive compensation expenses, and certain employee expenses.

NOTE 14    CONCENTRATION OF RISK

Credit Risk

Credit risk is inherent in financial instruments, which include cash and accounts receivable. The Company’s cash consists of highly liquid, U.S. dollar instruments of high-credit-quality financial institutions. The Company

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maintains cash deposits in excess of the limits insured by the Federal Deposit Insurance Corporation. The Company utilizes banking institutions with good credit histories and ratings, and, accordingly, management believes the credit risk within cash is minimal. Although the Company grants credit to its clients in the normal course of business, the Company generally conducts business with large well-funded companies and closely monitors client account balances; accordingly, management believes the credit risk within accounts receivable is minimal.

Major Customers

Three commercial clients accounted for a combined total of 50% and 44% of the Company’s contract revenue for the three months ended March 31, 2019 and 2018, respectively, and for approximately 57% and 48% of the contract receivable balance for the three months ended March 31, 2019 and 2018, respectively.

NOTE 15    REFUNDABLE JOBS CREDIT

The Company received approval for the One Maryland Tax Credit (the “Program”) related to the build-out of its development and manufacturing facility in 2011. Under the Program, the Company qualified for the refundable jobs credits because the project was in a qualified area and, project costs and new hires for that facility exceeded certain thresholds. Refundable jobs credits were approximately $1,452,000 and $1,025,000 as of March 31, 2019 and December 31, 2018, respectively, and such amounts were recorded as a reduction of compensation expense.

NOTE 16    SUBSEQUENT EVENTS

On May 17, 2019, the Company was acquired through a stock sale by Catalent Pharma Solutions, Inc. for $1,200,000,000, subject to adjustment. On the date of acquisition all outstanding notes payable and related accrued interest were paid in full.

Management evaluated subsequent events through June 21, 2019, the date the financial statements were issued.

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Exhibit 99.3

UNAUDITED PRO FORMA FINANCIAL STATEMENTS

On May 17, 2019, Catalent, Inc. (“Catalent” and, together with its subsidiaries, the “Company”), through its wholly owned subsidiary Catalent Holdco I Inc. (“Merger Sub”), a wholly owned subsidiary of Catalent Pharma Solutions, Inc. (in such capacity, “Buyer”), completed its previously announced acquisition of Paragon Bioservices, Inc. (“Paragon”), pursuant to the merger of Merger Sub with and into Paragon (the “Merger”), with Paragon continuing as the surviving company in the Merger and as an indirect, wholly owned subsidiary of Buyer.

The acquisition was completed in accordance with the Agreement and Plan of Merger, dated as of April 14, 2019 (as amended, the “Merger Agreement”), by and among Buyer, Merger Sub, Paragon, Pearl Shareholder Representative, LLC, as representative of the Company Securityholders (as defined in the Merger Agreement), and, solely with respect to Sections 4.12 (solely with respect to the Equity Financing (as defined in the Merger Agreement)) and 8.19 of the Merger Agreement, Catalent.

The purchase price was $1.2 billion in cash, subject to customary escrow arrangements and a purchase price adjustment related to, among other things, the amount of Paragon’s working capital (as adjusted, the “Closing Payment”). The Company financed the portion of the Closing Payment due at the closing of the Merger and related fees and expenses with the net proceeds of the Preferred Stock Issuance and the Incremental Dollar Term Loans (each as defined below).

As previously disclosed, Catalent entered into an equity commitment and investment agreement, dated as of April 14, 2019 (the “Investment Agreement”), with Green Equity Investors VII, L.P. and Green Equity Investors Side VII, L.P. (together, the “Funds”), both affiliates of Leonard Green & Partners, L.P., with respect to the issuance and sale of 650,000 shares of Catalent’s Series A preferred stock, par value $0.01 per share (the “Series A Preferred Stock”), for an aggregate purchase price of $650 million, or $1,000 per share (such issuance and sale, the “Preferred Stock Issuance”). The Series A Preferred Stock ranks senior to Catalent’s shares of common stock, par value $0.01 per share (the “Common Stock”), with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution, or winding up of the affairs of Catalent. The Series A Preferred Stock initially has a stated value of $1,000 per share (as such value may be adjusted in accordance with the terms of the certificate of designation filed with the Delaware Secretary of State with respect to the Series A Preferred Stock, the “Stated Value”). Holders of shares of the Series A Preferred Stock are entitled to receive cumulative dividends payable quarterly against the Stated Value at a rate of 5.00% per annum (the “Series A Preferred Stock Dividend”), subject to adjustment based on the relative and absolute price performance of the Common Stock (the “Dividend Adjustment”) as set forth in the certificate of designation.

Also on the closing date of the Merger, Catalent Pharma Solutions, Inc., as borrower (in such capacity, the “Borrower”), entered into Amendment No. 4 to the Amended and Restated Credit Agreement (the “Credit Agreement Amendment”) by and among the Borrower, PTS Intermediate Holdings LLC (“Holdings”), the subsidiaries of Holdings party thereto (together with Holdings, the “Guarantors”), JP Morgan Chase Bank, N.A., as the administrative agent, collateral agent, swing line lender, and letter of credit issuer, and the lenders and other parties thereto, which Credit Agreement Amendment amends that certain Amended and Restated Credit Agreement, dated as of May 20, 2014, by and among the Borrower, Holdings, the guarantors party thereto, JP Morgan Chase Bank, N.A., as the administrative agent, collateral agent, swing line lender and successor to the former agent specified therein, and the lenders and other parties thereto (as amended by Amendment No. 1 dated as of December 1, 2014, Amendment No. 2 dated as of December 9, 2016, Amendment No. 3 dated as of October 18, 2017, and the Credit Agreement Amendment, the “Credit Agreement”). Pursuant to the Credit Agreement Amendment: (i) the Borrower borrowed $950 million aggregate principal amount through incremental U.S. dollar-denominated term loans (the “Incremental Dollar Term Loans”) and (ii) the existing revolving credit commitments of $200 million were replaced by new revolving credit commitments of $550 million (the “Incremental Revolving Credit Commitments”). The Incremental Dollar Term Loans constitute a new class of dollar term loans under the Credit Agreement with the same principal terms as the existing U.S. dollar-denominated term loans under the Credit Agreement (including: (A) an interest rate margin for eurodollar rate loans of 2.25% per annum (with a eurodollar rate floor of 1.00%) and 1.25% per annum for base rate loans and (B) quarterly 0.25% amortization), except the maturity date for the Incremental Dollar Term Loans is the earlier of (1) May 17, 2026 and (2) the 91st day prior to the maturity of the Borrower’s 4.75% senior unsecured notes due 2024 (the “2024 Senior Notes”) or a permitted refinancing thereof, if on such 91st day any of the 2024 Senior Notes remain outstanding. The Incremental Revolving Credit Commitments constitute revolving credit commitments under the Credit Agreement with the same principal terms as the previously existing revolving credit commitments under the Credit Agreement, except the maturity date for all revolving loans is now the earlier of (1) May 17, 2024 and (2) the 91st day prior to the maturity of any dollar term loans or euro term loans under the Credit Agreement, or any permitted refinancing thereof, if on such 91st day any of such dollar term loans or euro term loans remain outstanding. The proceeds of the Incremental

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Dollar Term Loans were used to pay a portion of the Closing Payment, related fees and expenses, and a voluntary prepayment of $300 million principal amount of existing U.S. dollar-denominated term loans outstanding under the Credit Agreement.

The Preferred Stock Issuance and the Credit Agreement Amendment, including the application of the proceeds of the Incremental Dollar Term Loans as described above, are collectively referred to as the “Financing Transactions.” The Merger and the Financing Transactions are collectively referred to as the “Transactions.”

The unaudited pro forma condensed combined balance sheet gives effect to the Transactions as if they had closed on March 31, 2019. The unaudited pro forma condensed combined statements of operations gives effect to the Transactions as if they had closed on July 1, 2017.

Catalent’s fiscal year ends on June 30, while Paragon’s, prior to the Merger, ended on December 31. Pursuant to Rule 11-02(c)(3) of Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”), the fiscal years have been conformed to have a fiscal year end of June 30 for the purpose of presenting summary unaudited pro forma condensed combined financial statements, because the two fiscal year ends are separated by more than 93 days.

The unaudited pro forma condensed combined balance sheet as of March 31, 2019 combines the amounts in the Company’s unaudited consolidated balance sheet as of March 31, 2019 with the amounts in the unaudited balance sheet of Paragon as of March 31, 2019.

The unaudited pro forma condensed combined statement of operations for the nine months ended March 31, 2019 combines the amounts in the Company’s unaudited consolidated statement of operations for the nine months ended March 31, 2019 with the amounts in the unaudited statement of operations of Paragon for the nine months ended March 31, 2019. The unaudited statement of operations of Paragon for the nine months ended March 31, 2019 is derived by adding the amounts in the unaudited statement of operations of Paragon for the three months ended March 31, 2019 to the amounts in the audited statement of operations of Paragon for the year ended December 31, 2018 and subtracting the amounts in the unaudited statement of operations of Paragon for the six months ended June 30, 2018.

The unaudited pro forma condensed combined statement of operations for the year ended June 30, 2018 combines the amounts in the Company’s audited consolidated statement of operations for the year ended June 30, 2018 with the amounts in the unaudited statement of operations of Paragon for the twelve months ended June 30, 2018. The unaudited statement of operations of Paragon for the twelve months ended June 30, 2018 is derived by adding the amounts in the unaudited statement of operations of Paragon for the six months ended June 30, 2018 to the amounts in the audited statement of operations of Paragon for the year ended December 31, 2017 and subtracting the amounts in the unaudited statement of operations of Paragon for the six months ended June 30, 2017.

The historical financial data described above is adjusted in the unaudited pro forma condensed combined financial statements to give effect to the unaudited pro forma adjustments that are (1) directly attributable to the Transactions, (2) factually supportable, and (3) with respect to the unaudited pro forma condensed combined statements of operations, expected to have a continuing impact on the Company’s consolidated operating results. The unaudited pro forma adjustments are based upon available information and certain assumptions that the Company’s management believes are reasonable. Assumptions underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma condensed combined financial data.

The unaudited pro forma condensed combined balance sheet does not purport to reflect what the Company’s consolidated financial condition would have been had the Transactions closed on March 31, 2019 or for any future or historical period. The unaudited pro forma condensed combined statements of operations are not necessarily indicative of operating results that would have been achieved had the Transactions been completed as of July 1, 2017 and are not intended to project the Company’s future consolidated financial results after the Transactions. The unaudited pro forma condensed combined statements of operations and balance sheet do not reflect the cost of any integration activities or benefits from the Merger that may be derived, either or both of which may have a material effect on the Company’s consolidated results in periods following completion of the Merger.

The unaudited pro forma condensed combined financial data should be read in conjunction with the following information:

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