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Financial Report: Albany Molecular Research, Inc.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

AMRI

4Q Revenues: $46.6 million (+19%)

4Q Loss: $764,000 (loss was $942,000 in 4Q2005)

FY Revenues: $179.8 million (-2%)

FY Earnings: $2.2 million (earnings were $16.3 million FY2005)

Comments: Total contract revenue for the year was up 23% to $40.3 million. In the quarter contract revenue from discovery services was $12.2 million, up 52% driven primarily by revenue resulting from the acquisition of ComGenex, and for the year was $39.6 million, up 44%. Contract revenue from development and small scale manufacturing services was $9.3 million, up 21% in the quarter and $36.2 million, up 29% for the year. Large scale manufacturing was $18.8 million, an increase of 10% for the quarter and was $77 million for the year, down 5%. Recurring royalties from Allegra in the quarter were flat at $6.3 million and for the year were $27 million, down 42%—adversely impacted by the at-risk launch of generic fexofenadine. In the quarter, AMRI recorded a charge of $1.6 million for the restructuring of its large scale manufacturing facility in Rensselaer, NY.

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