Patheon performs well in 2002
Toronto-based Patheon has turned in a strong progress both in the fourth quarter and in the full year ended 31 October 2002.
Toronto-based Patheon has turned in a strong progress both in the fourth quarter and in the full year ended 31 October 2002.
Fourth quarter revenues rose by 14% to C$112.5m (€70.5m) from C$98.7m (€61.8m) in the same period a year ago. Revenues for the full year were 31% higher at C$418m (€262m), compared with C$319.9m (€200.4m) for 2000/2001.
'The fourth quarter results were slightly better than we anticipated at the end of the third quarter,' said Robert C. Tedford, Patheon ceo. 'The results for the year were excellent and we made significant progress in our strategy to serve the innovators in the pharmaceutical industry.' At the end of the year the company had 62 projects in its pharmaceutical development services (PDS) pipeline, up from 54 at the end of the third quarter.
'In addition, our new lyophilisation facilities in Italy were approved for commercial production in the last quarter and we began to provide our clients with products before year end,' said Tedford. He added that the previously announced deal to acquire Aventis Pharmaceuticals' manufacturing site in Cincinnati is progressing well and was expected to by completed as planned by the end of December 2002. The Company expects annual revenues from this site of approximately US$95m (€92.5m).
Net internal growth, or net new business generated for existing sites, was 21%. The balance of the increase in revenues for the year, representing strategic growth, related to the acquisition of the Whitby, Canada site from Novartis in April of 2001. Net internal growth in North America was 25%, while Europe recorded a rise of 16%. After discounting the impact of the stronger European currencies during 2002, European growth was slightly higher than 9%. The increase in lyophilisation revenues in Italy and pharmaceutical development services (PDS) revenues in the UK were the key contributors to European growth in 2002.
Based on the order book at the end of the 2002 fiscal year, Tedford expects revenues in the first quarter of 2003 to rise by 22% compared with the first quarter of 2002 to approximately C$114m (€71m). Assuming the Cincinnati transaction is completed on schedule, consolidated revenues are expected to approach C$600m (€376m) in the full year.