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Financial Report: Patheon

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Patheon

3Q Revenues: $175.5 million (-2%)

3Q Loss: $63.1 million (loss of $257.2 million in 3Q2006)

YTD Revenues: $510.3 million (flat)

YTD Loss: $87.1 million (loss of $265.7 million YTD2006)

Comments: Rx manufacturing revenues increased by $5.6 million or 4% in the quarter, driven by growth in Europe, partially offset by declines in Canada and PR. PDS revenues increased by $3.2 million, or 12%, due to growth at the Swindon and Cincinnati operations. OTC revenues declined $11.9 million at the Whitby and Cincinnati manufacturing operations. In the quarter, the company recognized a $48.6 million non-cash asset impairment charge related to its operations in Carolina, PR and an asset impairment charge of $13 million for the facilities in Niagara and Burlington, which the company is in the process of divesting.

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