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Financial Reports: AMRI 2Q11

Discovery services down, but other businesses on the rise.

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

AMRI 2Q11

2Q Revenues: $53.9 million (+9%)

2Q Loss: $0.6 million (loss of $3.9 million in 2Q10)

YTD Revenues: $110.8 million (+12%)

YTD Earnings: $2.0 million (loss of $3.9 million in 2Q10)

Comments: Contract Revenues rose overall 7% in 2Q10, but Discovery Services were down 25% to $8.9 million during that time. Development/Small Scale Manufacturing revenues grew 18% to $9.1 million and Large Scale Manufacturing was up 21% to $25.5 million. For the first half of the year, contract revenues were up 9% to $86.4 million, with Discovery down 20% ($19.6 million), Development up 20% ($16.2 million) and Large-Scale Mfg. up 22% ($38.9 million). Thomas E. D’Ambra, AMRI’s chairman, president and chief executive officer, noted, “Given the increased RFP activity we are experiencing, we believe we are at a turning point in the discovery market, and remain optimistic that the market will recover in 2012 as pharmaceutical companies move more decisively to outsource high-end discovery and biotech services.

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