AMRI reports positive quarterly results
Total revenue and net income were up in the second quarter of the year at Albany Molecular Research Inc., an Albany-based research and manufacturing organization serving the pharmaceutical and biotechnology industries.
Total revenue was $68.2 million in the second quarter, up 15 percent from $59.3 million in the second quarter of 2013. Total contract revenue was $61.5 million, up 21 percent from $50.8 million over the same period. Royalty revenue was $6.7 million, down 21 percent from $8.5 million.
Net income was $3.7 million, or 11 cents per diluted share, in the second quarter. Last year, AMRI posted a net loss of $2.5 million, or 8 cents per diluted share, in the second quarter.
“We are very pleased with our results this quarter, highlighted by a 34 percent growth in our large scale manufacturing business and the addition of Cedarburg Pharmaceuticals,” said AMRI President and CEO William S. Marth in a news release. “Importantly, contract margins improved across our entire operations as a result of increased capacity utilization and the addition of the higher margin Cedarburg Pharmaceuticals business.”
AMRI continues to see growth in its discovery and development programs, noting the expansion of an in-sourcing chemistry program and the addition of new development and supply programs in several divisions.
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