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Financial Report: AMRI 3Q11

Achieves 17% growth in large-scale manufacturing, exits internal pharma R&D

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By: Tim Wright

Editor-in-Chief, Contract Pharma

AMRI 3Q11

3Q Revenues: $50.2 million (flat)

3Q Loss: $5.9 million (loss of $9.9 million 3Q10)

YTD Revenues: $161.1 million (+8%)

YTD Loss: $7.9 million (loss of $13.8 million YTD10)

Comments: Total contract revenue for the quarter was $43.8 million (+2%). Discovery Services revenue was $8.9 million (-29%). Development/Small-Scale Manufacturing revenue was $9.2 million (+8%). Large-Scale Manufacturing revenue was $25.7 million (+17%). The company will end internal R&D programs, excluding its generic program, and will immediately wind down programs to focus efforts on partnering/out-licensing opportunities. These actions are expected to save approximately $7 million in operating expenses in 2012.

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