Thomas Castellano
Senior Vice President and Chief Financial Officer at Catalent
Thanks, John. 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 nine with the Biologics segment. To highlight the company's transformation over the last two years, you will see that the segment represented 55% of our net revenue growth, net revenue in Q3 of this fiscal year compared to 52% in Q3 of fiscal 2021 and 33% in Q3 of 2020. Biologics net revenue in Q3 of $698 million increased 30% compared to the third quarter of 2021. This robust net revenue growth was driven organically by broad-based demand across the segment, most notably for COVID-19-related programs, which were only ramping up in the third quarter of last year.
The segment's EBITDA margin of 31.1% was up 20 basis points sequentially over the second quarter of this fiscal year but down year-over-year from 33.1% recorded in the third quarter of fiscal 2021. The year-on-year decline is primarily driven by costs arising from the remediation efforts at our Brussels sites. In addition, component sourcing revenue, which represents more than 25% of total COVID vaccine revenue, was higher this quarter compared to the prior year quarter. As we discussed in the past, component sourcing is where we source materials, components and other supplies for our customers. And these activities come with two opposing dynamics: increased revenue but margins well below the segment average.
Looking to the next couple of quarters, we expect the Biologics segment revenue growth rate to gravitate towards its normalized growth rate of 10% to 15%. Please turn to slide 10, which represents results from our Softgel and Oral Technologies segment. Softgel and Oral Technologies net revenue of $324 million increased 37% compared to the third quarter of fiscal 2021 with segment EBITDA increasing 29% over the same period last fiscal year. The October one acquisition of Bettera contributed 23 percentage points to SOT's net revenue growth and 13 percentage points to segment EBITDA growth during the quarter. Inorganic EBITDA was adversely affected in the current quarter by a one-time accounting adjustment for inventory valuation as of the time of the acquisition.
Excluding this one-time charge, operational performance of the Bettera entity continues to meet our expectations and remain a key driver for margin expansion for the SOT segment and the company overall. The organic net revenue increase was driven by growth in both prescription products and consumer health products, particularly in cold, cough and over-the-counter pain relief products. slide 11 shows the results of the Oral and Specialty Delivery segment. After factoring out the net impact from the divestiture of our blow-fill-seal business and the acquisition of Acorda's spray-drying assets, both of which annualized in the third quarter of this fiscal year, net revenue grew 4% and segment EBITDA was up 64% over the third quarter of last year.
The top line growth was primarily driven by elevated demand for early phase development programs. EBITDA margin improvement was driven by favorable revenue mix as well as a favorable comparison to our third quarter of fiscal 2021, when we booked charges related to a customer's September 2020 voluntarily recall of a respiratory product. As shown on slide 12, our Clinical Supply Services segment posted net revenue of $101 million, representing 3% growth over the third quarter of fiscal 2021, driven by growth in our manufacturing and packaging service offerings in North America. Segment EBITDA grew 14% with favorable product mix driving the performance.
As of March 31, 2022, backlog for the segment was $529 million, unchanged from $529 million at the end of last quarter and up 8% from March 31, 2021. The segment recorded net new business wins of $111 million during the third quarter compared to $137 million in the third quarter of the prior year. The segment's trailing 12-month book-to-bill ratio is 1.1 times. Moving to our consolidated adjusted EBITDA on slide 13. Our third quarter adjusted EBITDA increased 24% to $339 million or 26.6% of net revenue compared to 26% of net revenue in the third quarter of fiscal 2021. On a constant currency basis, our third quarter adjusted EBITDA increased 26%, all of which is organic compared to the third quarter of fiscal 2021.
As shown on slide 14, third quarter adjusted net income was $188 million or $1.04 per diluted share compared to adjusted net income of $148 million or $0.82 per diluted share in the third quarter a year ago. slide 15 shows our debt-related ratios and our capital allocation priorities. Catalent's net leverage ratio as of March 31, 2022, was 2.6 times, below our long-term target of 3.0 times. This compares to net leverage of 2.8 times on December 31, 2021, and a reported net leverage ratio of 2.3 times on March 31, 2021. Our combined balance of cash, cash equivalents and marketable securities as of March 31, 2022, was $880 million compared to $915 million as of December 31, 2021. Moving on to capital expenditures. We now expect capex to be approximately 13% to 14% of our fiscal 2022 net revenue compared to our previous expectation of 15% to 16%.
The key factor to this change include our higher-than-previously expected net revenue, combined with some supply chain-related delays and longer lead times for some of our capital projects. To be clear, new capex associated with our recent acquisitions, most notably for our new Biologics facility in the U.K., is already contemplated in our new guidance. Of course, our elevated capex is temporarily impacting free cash flow. But we expect capex to return to a more normal 8% to 10% range in the next few years. Note that our free cash flow has also been negatively impacted the last two years by our strategic decision at the onset of the pandemic to increase inventory levels, which continue to allow us to have the inputs we need to meet our supply obligations to our patients and customers in a timely manner.
When we feel the time is appropriate and are more comfortable with the stabilization of our supply chains, we will begin to reverse course, which will have a future positive effect on free cash flow. Now we turn to our financial outlook for fiscal '22 as outlined on slide 16. Following a strong third quarter and a 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 is just one quarter remaining in the fiscal year. We now expect full fiscal year net revenue in the range of $4.8 billion to $4.9 billion, representing growth of 20% to 23%, versus our previous estimate, $4.74 billion to $4.86 billion.
We project that net revenue growth from M&A will continue to be two to three percentage points, principally driven by the acquisition of the Bettera. For full year adjusted EBITDA, we expect a range of $1.265 billion to $1.305 billion, representing growth of 24% to 28% over fiscal 2021 compared to our previous estimate of $1.25 billion to $1.30 billion. Note that the continued strengthening of the U.S. dollar against both the euro and British pound is expected to negatively impact our adjusted EBITDA by an additional $3 million in the fourth quarter of the fiscal year, the effect of which has once again been absorbed into our new financial guidance.
Also absorbed in guidance is approximately $8 million of expected costs in the fourth quarter with little or no associated revenue for the cell therapy facility acquisition in Princeton and the biotherapeutics facility acquisition in the U.K. We expect full year adjusted net income of $665 million to $705 million, representing growth of 21% to 28% over the last fiscal year compared to our previous estimate of $650 million to $700 million. We continue to expect our consolidated annual effective tax rate to be 23% to 25%. Finally, I'll close by reiterating Alessandro's comments on our initial estimate at the top line for fiscal 2023, which projects growth in line with our publicly announced long-term, organic, constant currency net revenue growth rate range of 8% to 10%.
Among the factors we've considered in formulating this estimate are: increased utilization of recent investments across the company, including those highlighted earlier this call; organic growth through current assets; a shift of some of our fungible biologics assets currently producing COVID vaccines to other customer projects, including recently signed large commercial tech transfer programs; and as a risk mitigation factor, assuming a considerable decline in revenue from our COVID-19 product programs.
Operator, this concludes our prepared remarks, and we would now like to open the call for questions.