AMRI acquisitions driving up contract revenue in Q2
Total revenue in Q2 for the New York-based company was $89.8m, up 31% from Q2 2014. Contract revenue for AMRI’s Drug Product business increased over eight fold from the same quarter last year, which further reflects the promise of OsoBio, the new UK business and growth from the company’s Burlington, Massachusetts operation.
In its Drug Product business, AMRI also gained three new commercial and four new generic development programs during the quarter.
The recent addition of Gadea for $174m also is expected to expand the company’s presence in technically complex active pharmaceutical ingredients (APIs).
“Gadea and specifically its Crystal Pharma subsidiary significant expands our marketable API portfolio and further extends our development and manufacturing capabilities into steroids, hormones and fermentation,” President and CEO William Marth told investors Tuesday. “Already our customers are expressing interest in Crystal Pharma’s 22 U.S. Drug Master File and their fermentation and steroid API and finished dose capabilities will be an added competitive differentiator for us.”
He also noted that API production is picking up for the company as two “Phase III API development programs have moved out of Phase III and into launch production, so we’re seeing the commercial activity there and we’ve added five new generic API development programs this quarter.”
AMRI intends to provide an update to its 2015 financial guidance, including the addition of Gadea, in mid-September.