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Financial Report: Cambrex Corp. 4Q

Sales in the quarter were up 1% excluding the impact of foreign exchange. Sales of controlled substances increased due to higher demand, offset by decreases due to delays in certain custom development projects, lower sales of generic APIs, and lower contr

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Cambrex Corp.

4Q Revenues: $65.2 million (-7%)

4Q Loss: $697,000 (earnings were $265,000 4Q07)

FY Revenues: $249.6 million (-1%)

FY Earnings: $8.2 million (earnings were $209.2 million FY07)

Comments: Sales in the quarter were up 1% excluding the impact of foreign exchange. Sales of controlled substances increased due to higher demand, offset by decreases due to delays in certain custom development projects, lower sales of generic APIs, and lower contractual pricing of a gastro-intestinal API. R&D expenses in the quarter were $1.6 million compared to $3.5 million 4Q07, and $7.6 million for the year, down from $12.2 million FY07. The decrease is primarily due to the 2007 consolidation of the NJ technical center into the Iowa facility, and the utilization of certain R&D personnel on custom development projects. Restructuring expenses were $3.2 million in the quarter and $4.7 million for the year. Results in 2007 reflect the sale of the company’s Bioproducts and Biopharma businesses to Lonza for $463.9 million in February 2007.

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