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Financial Report: Patheon 3Q

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By: Tim Wright

Editor-in-Chief, Contract Pharma


Patheon

3Q Revenues: $195.0 million (+18%)

3Q Loss: $14.7 million (loss of $63.1 million in 3Q07)

YTD Revenues: $545.1 million (+15%)

YTD Loss: $38.3 million (loss of $87.1 million YTD07)

Comments: Commercial Manufacturing revenues were up 15% to $157.3 million driven by strong growth in the European business. Revenue increased at all North America locations except Cincinnati, which was impacted by customer related raw material supply constraints. Pharmaceutical Development Services revenues were up 32% to $37.7 million, with growth in both North America and Europe. Repositioning expenses in the quarter were $6.7 million for severance accruals for 2009 consolidation plans for the York Mills and Whitby operations in Canada, and downsizing expenses related to establishing the Caguas, PR site as a satellite plant to the Manati operation.

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