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Revenue up at Albany Molecular

Albany Molecular Research, Inc. has seen its revenue increase 13 percent in the first nine months of the year, according to financial results released Wednesday.

The Albany-based research and manufacturing organization provides drug discovery and scientific services, technologies and products to the pharmaceutical and biotechnology industries. The company expects to finish 2013 on a strong note, as it says goodbye to outgoing president and CEO Thomas D'Ambra and hello to incoming president and CEO William S. Marth, the current board chairman.

“A fourth consecutive quarter of strong performance continues to demonstrate the strength of our business…and our solid footing in the industry as a premier and global provider of contract services to the biopharmaceutical industry," said D’Ambra in a news release. "Looking ahead, we are actively planning for the upcoming management transition and look forward to a strong finish to 2013."

Total revenue was $179.5 million by the end of September, a 13 percent increase from $159.5 million during the same period last year. Total contract revenue was $150.3 million, up 15 percent from $130.7 million.

Contract revenue rose across each sector. Discovery Services contract revenue was up 18 percent, from $27.2 million to $32.2 million. Development/Small Scale Manufacturing revenue was up 6 percent, from $25.2 million to $26.8 million. Large Scale Manufacturing revenue was up 17 percent, from $78.3 million to $91.3 million.

Royalty revenue in the first nine months was $29.2 million, up 5 percent from $27.9 million in the first nine months of 2012.

Total debt as of Sept. 30 was $7.4 million, down from $7.6 million in the previous quarter.

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