AMRI reports third consecutive quarter of total revenue growth

Driven by Discovery Services and Large Scale Manufacturing

Albany Molecular Research (AMRI) reported revenue of US$59.3m (up 19%) for the second quarter of 2013, compared with $50m in the same period in 2012.

Total contract revenue, which encompasses the firm’s Discovery Services, Development and Small Scale Manufacturing and Large Scale Manufacturing segments, was $50.8m, an increase of 20% compared with $42.4m in Q2 2012.

Discovery Services contract revenue was $10.8m, up 26% compared with $8.6m in Q2 2012, while Development/Small Scale Manufacturing contract revenue was $8.7m, up 7% from $8.1m. Large Scale Manufacturing contract revenue was $31.3m, an increase of 22% from $25.7m in 2012.

Royalty revenue in the second quarter of 2013 was $8.5m, an increase of 13%. This includes royalties from the Allegra products, as well as $2.8m from the net sales of certain amphetamine salts sold by Actavis.

The firm made a net loss of $2.24m in the second quarter, compared with a net income of $257m for the second quarter of 2012.

Total revenue for the six-month period ended 30 June, 2013 was $118.7m, up 14%. Total contract revenue for the first six months of 2013 was $97.3m, an increase of 15%.

Net income for the first half of 2013 was $4.3m, compared with a net loss of $(3.6)m.

‘AMRI is performing at a high level and we are pleased with our third consecutive quarter of total revenue growth,’ said AMRI President and CEO Thomas D’Ambra.

‘During the quarter, we made several announcements, including the appointment of William Marth as Chairman of the Board and AMRI Burlington’s expanded registration by the US Drug Enforcement Administration (DEA) to handle Schedule 2 and 2N controlled substances.’

Last month (July), the US FDA inspected AMRI’s Burlington aseptic fill finish operation and no observations related to corrective actions previously implemented were made.

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