Senior Vice President & Chief Financial Officer at Catalent
Thanks, Alessandro. I'll begin this morning with a discussion on segment performance where commentary around segment growth will be in constant currency. I will start on Slide 9 with biologics segment. To highlight the company's transformation over the last two years, you'll see that the company represented 52% of our net revenue in Q2 of the fiscal year compared to 44% in Q2 of fiscal 2021 and 31% in Q2 of 2020.
Biologics net revenue in Q2 of $638 million increased 60% compared to the second quarter of 2021, with cell therapy acquisitions adding 1 percentage point of growth. This robust net revenue growth was driven organically by broad-based demand across the segment, most notably for COVID-19-related programs. The segment EBITDA margin of 30.9% was up 60 basis points sequentially over the first quarter of this fiscal year but was down year over year from the record level of 33.5% recorded in the second quarter of fiscal 2021, which is primarily attributable to mix, most notably an increase in component sourcing, as well as costs associated with our continued investment in cell therapy business. As we discussed in the past, component sourcing is where we source materials, components and other supplies for our customers. And it comes with two opposing dynamics, increased revenue but with margins well below the company average.
In Q2 of last year, as we readied the additional capacity we were building, we were not yet manufacturing at large scale and therefore had a much lower contribution from component sourcing versus today's levels. Looking to the back half of the year, as we discussed last quarter, we expect the Biologics segment revenue growth rate to decelerate in the second half of fiscal 2022 as we begin to compare against the higher levels of COVID-19-related production that started back in the back half of fiscal 2021. Also in the back half of the year, we expect the EBITDA margin for Biologics to be impacted by costs associated with corrective and preventative actions we are taking in response to the regulatory observations out of our Brussels site. These remediation efforts will include a voluntary temporary shutdown as we replace equipment and revalidate the facility having factored into our updated fiscal 2022 guidance, which I will review in a few moments.
Please turn to Slide 10, which presents the results from our Softgel and Oral Technologies segment. Softgel and Oral Technologies net revenue of $329 million increased 36% compared to the second quarter of fiscal 2021, with segment EBITDA increasing 73% over the same period last fiscal year. The October 1st acquisition of Bettera contributed 22 percentage points to net revenue growth and 30 percentage points to EBITDA growth in the segment during the quarter. The organic net revenue increase was driven by growth in both prescription products and consumer health products, particularly in cough, cold and over-the-counter pain relief products. Segment EBITDA increased 507 basis points from the second quarter a year ago with organic volume growth and the addition of the margin-accretive Bettera business each contributing to the margin expansion.
Slide 11 shows the results of the Oral and Specialty Delivery segment. After factoring out the net impact from divestiture of our blow-fill-seal business and the acquisition of Acorda's spray-drying assets, organic net revenue grew 5% and segment EBITDA was up 24% over the second quarter of last year. The top-line growth was primarily driven by elevated demand for early phase development programs. You may recall that a year ago, we called out lower demand for early phase development programs as a result of pandemic-related lockdowns. So this bounce back is another strong indicator of a return to pre-pandemic activity levels. Organic net revenue growth was driven by demand for early phase development programs and orally delivered Zydis commercial products. EBITDA margin improvement was driven by organic net revenue growth as well as favorable comparison to our second quarter of fiscal 2021 when we booked charges related to a customer's September 2020 voluntary recall of a respiratory product.
As shown on Slide 12, our Clinical Supply Services segment posted net revenue of $99 million, representing 7% growth over the second quarter of fiscal 2021 and segment EBITDA growth of 9% over the same period. These increases were driven by growth in our manufacturing and packaging and storage and distribution offerings in North America. As of December 31, 2021, backlog for this segment was $529 million compared to $515 million at the end of last quarter and up 18% from December 31, 2020.
The segment recorded net new business wins of $114 million during the second quarter compared to $118 million in the second quarter of the prior year. The segment's trailing 12-month book-to-bill ratio is 1.2 times.
Moving to our consolidated adjusted EBITDA on Slide 13. Our second quarter adjusted EBITDA increased 39% to $310 million or 25.4% of net revenue compared to 24.5% of net revenue in the second quarter of fiscal 2021. On a constant currency basis, our second quarter adjusted EBITDA also increased 39% compared to the second quarter of fiscal 2021. As shown on Slide 14, first quarter adjusted net income was $163 million or $0.90 per diluted share compared to adjusted net income of $114 million or $0.63 per diluted share in the second quarter a year ago.
Slide 15 shows our debt-related ratios and our capital allocation priorities. Catalent's net leverage ratio as of December 31, 2021, was 2.8 times, below our long-term target of 3.0 times. This compares to a pro forma calculation of 3.0 times at September 30, which reflects both the Bettera acquisition we completed on October 1 and the debt we issued on September 29 in connection with the acquisition and the reported 2.6 times at December 31, 2020. From here, we will naturally delever, absent any further M&A activity, as our adjusted EBITDA continues to grow, providing us with significant flexibility to continue to pursue organic and inorganic growth opportunities. Our combined balance of cash, cash equivalents and marketable securities as of December 31 was $950 million compared to approximately $1 billion also on a pro forma basis for the Bettera acquisition we reported as of September 30, 2021.
Moving on to capital expenditures. We continue to expect capex to be approximately 15% to 16% of our fiscal 2022 net revenue expectations driven primarily by growth investments in our Biologics segment.
Now, we turn to our financial outlook for fiscal '22 as outlined on Slide 16. Following the strong second quarter and solid outlook for the remainder of the fiscal year, we are raising both the low and high end of our financial guidance ranges. We are also tightening the range since there are just five months remaining in the fiscal year. We now expect full fiscal year net revenue in the range of $4.74 billion to $4.86 billion, representing growth of 19% to 22% versus our previous estimate $4.62 billion to $4.82 billion. We project that net revenue growth from M&A will continue to be 2 to 3 percentage points, principally driven by the acquisition of the Bettera. We continue to project organic net revenue growth in each of our segments for the fiscal year to be within or above the long-term growth range we have previously disclosed for each segment. For full year adjusted EBITDA, we expect a range of $1.25 billion to $1.30 billion, representing growth of 23% to 27% over fiscal 2021 compared to our previous estimate of $1.225 billion to $1.295 billion.
Note that the continued strengthening of the US dollar against both the euro and the British pound is expected to negatively impact our adjusted EBITDA by approximately $10 million in the second half of the fiscal year, the effect of which has been absorbed into our new guidance. We expect full year adjusted net income of $650 million to $700 million, representing growth of 18% to 28% over the last fiscal year compared to our previous estimate of $630 million to $695 million. We continue to expect our fully diluted share count on a weighted average basis for fiscal 2022 to be in the range of 181 million shares to 183 million shares. This projection counts our formerly outstanding Series A convertible preferred shares as if all were converted to common shares in accordance with their terms.
Finally, we also continue to expect our consolidated effective tax rate to be between 23% and 25% for fiscal 2022.
Operator, this concludes our prepared remarks and we would now like to open the call for questions.