Last time I tried, it did, but it was a lot of work to get running with the version of Xcode at that time. The mailing list had a lot of details on what needs to be done to get the toolchain up and running. It was a tough slog but I did get it working.
It's worth noting that Microsoft used a lot of Cocotron for their WinObjC porting project. Depending on your needs it might be worth a look. I was porting a desktop Mac app, so it was less useful.