Patheon 1Q

1Q Revenues: $154.8 million (+5%)

1Q Loss: $11.1 million (loss of $6.0 million in 1Q09)

Comments: Revenues from commercial operations increased 9% to $128.1 million in the quarter, aided by currency fluctuations. North American commercial revenues increased by $1.2 million or 2%, and revenues from European operations increased by $9.2 million, or 15%. The operating loss was $6.6 million compared to operating income of $3.9 million in 1Q09. Loss in the quarter included $2.4 million of repositioning expense related to the consolidation of the Puerto Rico operations into the Manati site. Pharmaceutical Development Services revenues dropped 9% to $26.7 million. “Our commercial operations performed reasonably well despite several disappointing supplier-related delays,” Patheon chief executive Wes Wheeler said in a statement. “However, pharmaceutical development service revenue was somewhat lower as we continued to see soft market demand, which appears to be consistent with the rest of the industry. New commercial business has been slow in coming due primarily to pending post-merger decision-making at large pharmaceutical companies.”

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