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Financial Report: AMRI 1Q

Contract revenue up 47% in the quarter

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By: Kristin Brooks

Managing Editor, Contract Pharma

AMRI
 
1Q Revenues: $81.8 million (+38%)

1Q Loss: $2.2 million (earnings were $3.5 million in 1Q14)

Comments: Contract revenue in the quarter was $75.1 million, up 47% driven by the Drug Product business, increased capacity utilization, and the benefit of cost reduction initiatives and facility optimization. Discovery and Development Services contract revenue was $19.3 million, up 1%. API contract revenue increased 27% to $37.8 million, which includes the addition of Cedarburg Pharmaceuticals. Drug Product Manufacturing revenue increased $15.7 million to $18.0 million, reflecting the addition of OsoBio acquired in July 2014, and the Glasgow, UK injectable drug product formulation business acquired in January 2015. During the quarter, the company recorded $2.5 million of impairment and $1.3 million of restructuring charges related to the company’s plan to cease operations at its Holywell, UK facility. Royalty revenue was $6.7 million, down 19% due to lower royalties on Allegra (fexofenadine) products. Royalty revenue includes $3.8 million from the fexofenadine products and $2.9 million from the sales of certain amphetamine salts sold by Actavis.

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