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Financial Report: AMRI

August 5, 2014

Cedarburg business boosts large scale manufacturing revenue

AMRI

2Q Revenues: $68.2 million (+15%)

2Q Earnings: $3.7 million (loss of $2.5 million in 2Q13)

YTD Revenues: $127.5 million (+7%)

YTD Earnings: $7.2 million (+90%)

Comments: Contract revenue was $61.5 million, up 21% driven by increased capacity utilization and the addition of Cedarburg Pharmaceuticals. Discovery Services and Development/Small Scale Manufacturing (DDS) contract revenue in the quarter was flat at $19.5 million. Large Scale Manufacturing (LSM) contract revenue was $42.0 million, up 34%, which includes $5.5 million of revenues from the Cedarburg business. Royalty revenue in the quarter was $6.7 million, down 21%. Royalties include Allegra products, which continue to face generic competition, as well as $2.5 million from the net sales of certain amphetamine salts sold by Actavis. The company recently acquired Oso Biopharmaceuticals Manufacturing in July 2014, expanding its contract manufacturing capabilities to include commercial scale, complex injectable drug product.
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