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Patheon 4Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Patheon 4Q08 (ended 10/08)

4Q Revenues: $172 million (+6%)

4Q Earnings: $37 million (loss of $7.5 million in 4Q07)

FY Revenues: $717 million (+13%)

FY Loss: $1.4 million (loss of $94.6 million in FY07)

Comments: Commercial manufacturing revenues increased 11% for the year to $577.7 million, reflecting growth in European, Canadian and Puerto Rican operations. Pharmaceutical Development Services revenues grew 20% to $139.5 million. After the fiscal year ended, Patheon chose to shut down operations in Carolina, PR, contending that the cost savings outweighed the uncertainty of a sale. Severance costs related to this move are expected to be $3 million in 1Q09. Chief executive officer Wes Wheeler contended that this will be the last major restructuring step for Patheon.

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