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Financial Report: AMRI

Acquisitions boost revenues in the quarter

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By: Kristin Brooks

Managing Editor, Contract Pharma

AMRI

4Q Revenues: $191.3 million (+51%)

4Q Loss: $15.4 million (earnings were $1.8 million 4Q15)

FY Revenues: $570.5 million (+ 42%)

FY Loss: $70.2 million (loss of $2.3 million FY15)

Comments: Contract revenue for the quarter was $189.5 million, up 54%. Recurring royalty revenue was $1.9 million, down from $3.4 million in 4Q15, due primarily to a decline of in sales of certain amphetamine salts sold by Teva Pharmaceuticals, partially offset by the addition of royalties resulting from partner sales of nitroprusside. Loss in the quarter was due primarily to increased operating expenses associated with the expanded business. API contract revenue increased 81% primarily due to revenue from the acquisition of Euticals, partially offset by lower revenue at the Rensselaer, NY facility. Drug Discovery Services revenue increased 21% primarily from the acquisition of Whitehouse Labs and Euticals. Fine Chemicals (FC) is a new reporting segment for AMRI resulting from the acquisition of Euticals. Revenues were $10.6 million in the quarter.

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