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Financial Report: Patheon 2Q

Exchange rate fluctuation affected most results for the quarter. Commercial manufacturing revenues were down 11% to $135.2 million, but gross profit rose by $2.0 million from 2Q08.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Patheon 2Q

2Q Revenues: $167.4 million (-10%)

2Q Earnings: $0.5 million (loss of $8.0 million in 2Q08)

YTD Revenues: $314.6 million (-10%)

YTD Loss: $5.3 million (loss of $22.6 million YTD08)

Comments: Exchange rate fluctuation affected most results for the quarter. Commercial manufacturing revenues were down 11% to $135.2 million, but gross profit rose by $2.0 million from 2Q08. North American commercial revenues were $67.0 million (-7%), primarily due to reduced customer demand for some products. European commercial revenues were $68.2 million (-14%). Pharmaceutical Development Services revenues for quarter were down 8% to $32.2 million. Operating income for the quarter was $13.4 million or 8% of revenues, up from $3.3 million or 2% of revenues in 2Q08. Income from continuing operations was $1.8 million, compared with a loss of $6.0 million in 2Q08. Earnings in the quarter reflect $2.9 million in expenses associated with the JLL Offer.

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