Catalent’s shares fell more than 7% Monday after company executives said they expect the COVID-19 related business to decline by two-thirds in the next year.

CEO Alessandro Maselli said in an earnings call Monday that as COVID-19 transitions away from a pandemic, the drug maker likely would see lower and more seasonal demand for the COVID-19 vaccine.

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Chief Financial Officer Thomas Castellano said the demand for COVID-19 related products peaked in the first three months of the year and has declined since then.

The company’s shares on Monday fell 7.44%, closing at $92.28. The S&P 500 fell less than 0.7%. Investors Business Daily listed Catalent among the S&P 500’s “biggest losers” Monday.Catalent has about 4,000 employees in Bloomington. Deals with Johnson & Johnson and Moderna to produce COVID-19 vaccines prompted Catalent to make hundreds of millions of dollars in investments in Bloomington and to hire hundreds of employees.

The company could not be reached immediately to say how the expected decline in the COVID-19 business would affect the local workforce, but Maselli and Castellano said the company was gaining other business that was more than offsetting the COVID-related decline.

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