AMRI reports contract manufacturing revenue growth of 11% in 2013

Expects another strong year in 2014

Albany Molecular Research (AMRI), a US-based contract manufacturer, reported contract revenue growth of 11% in 2013 to US$210m in what was a 'pivotal year' according to Chief Executive William Marth . Net income was $12.7m compared with a net loss of $(3.8m) in 2012.

'Our contract business had a solid year with double-digit revenue growth and our results were also enhanced by the disciplined approach we took in managing our assets and cost structure,' said Marth.

AMRI is poised for another strong year in 2014 where contract revenue growth of between 10–14% is expected.

Total revenue for the full year was $246.6m, an increase of $19.9m or 9% compared with $226.7m in 2012.

We have come a long way from our origins as a research-oriented company largely dependent on royalties

Royalty revenue from the Allegra products and net sales of certain amphetamine salts sold by Actavis for the full year was $36.6m, up 2% from $36.0m in 2012.

Full-year contract revenue for Discovery Services and Development/Small Scale Manufacturing (DDS) was $77.4m, an increase of 5% compared with $73.4m in 2012 driven by growth in Discovery Services.

For the full year, contract revenue for Large Scale Manufacturing was $132.6m, an increase of 14% compared with $116.4m in the prior year.

In July 2013, the US FDA lifted its warning letter at AMRI's Burlington, MA, US aseptic fill and finish operation and no observations related to corrective actions previously implemented were made.

'We have come a long way from our origins as a research-oriented company largely dependent on royalties,' added Marth.

'We sit here today with a large, diversified portfolio of customers – over 300 plus from large pharma, biotech and speciality – and have exposure to a growing customer base, as the pharmaceutical industry looks to optimise its R&D investments.

'Based on changes we have made over the last few years, AMRI is well positioned to capture what we believe are attractive growth opportunities in a developing and growing market.'

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