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AMRI

Restructuring, Hyaluron acquisition lead to 2Q loss

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By: Tim Wright

Editor-in-Chief, Contract Pharma

AMRI 2Q10


2Q Revenues: $49.5 million (-4%)

2Q Loss: $3.9 million (earnings of $179,000 in 2Q09)

YTD Revenues: $98.8 million (-6%)

YTD Loss: $3.9 million (earnings of $2.1 million in 1H09)

Comments: Contract revenues for 2Q10 were $40.7 million (+5%). Discovery Services revenues were flat at $11.5 million, Development/Small Scale Manufacturing revenues were up 1% to $8.2 million, and Large Scale Manufacturing was up 10% to $21 million. For 1H10, contract revenues fell 3% to $79.6 million. The net loss was attributable to restructuring costs for U.S. operations, and the acquisition of Hyaluron. The company cited a continued shift in customer demand toward services in Europe and Asia.

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