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AMRI 2Q09

AMRI's total contract services revenue dropped 16% to $38.8 million in 2Q09

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By: Tim Wright

Editor-in-Chief, Contract Pharma

AMRI

2Q Revenues: $51.3 million (-11%)

2Q Earnings: $179,000 (net income of $5.7 million in 2Q08)

YTD Revenues: $105.3 million (-6%)

YTD Earnings: $2.1 million (-80%)

Comments: Total contract services revenue dropped 16% to $38.8 million in 2Q09, driven by Discovery Service (-22% to $11.5 million) and Development/Small Scale Manufacturing (-47% to $15.3 million). Large Scale Manufaturing revenues grew 18% to $19.2 million in the quarter. For YTD, Discovery Services are down 18% to $23.1 million, Development/Small Scale Manufacturing is down 33% to $19.0 million and Large Scale Manufacturing is up 14% to $39.9 million. AMRI chairman, president and CEO Thomas E. D’Ambra remarked, “We continue to believe that long term prospects for outsourcing remain strong and that AMRI is uniquely and well positioned in our space.” AMRI’s recurring royalties were $8.5 million (+13%) and the company gained a $4 million milestone payment from Bristol-Myers Squibb related to a license and research agreement. It marked the second AMRI compound from this agreement to be selected by BMS for Phase I testing.

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