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Patheon 4Q09

Full-year revenues down 9% between commercial and development service groups.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Patheon

4Q Revenues: $176.1 million (+2%)

4Q Earnings: $4.6 million (-88%)

FY Revenues: $655.1 million (-9%)

FY Loss: $6.8 million (earnings of $0.8 million in FY08)

Comments: Commercial manufacturing revenues were up 6% to $144.2 million in 4Q09, but dropped 8% for FY09 to $530.0 million. Pharmaceutical Development Services (PDS) revenues dropped 13% in 4Q09, reflecting cutbacks in development throughout the industry. For FY09, PDS revenues dropped 10% to $125.1 million. During 4Q09, the company announced plans to consolidate its operations and Puerto Rico. Also in 4Q09, the company’s Special Committee and Jll Partners, its primary shareholder, reached a settlement over their contentious ownership dispute.

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