AMRI's days of posting quarterly net losses appear to be far behind, as the company rode an 11% revenue jump to $6.5 million in net income, up from a negative $3.8 million in the same period last year.
AMRI has locked down another 5-year partnership with Japan's Ono Pharmaceutical, agreeing to provide development and manufacturing services for the company's treatments, which include a promising multiple sclerosis drug.
When contract development and manufacturer Albany Molecular Research (AMRI) bought out Hyaluron in 2010, it picked up a headache in the process. The FDA found significant problems at the former Hyaluron plant in Burlington, MA, and issued it a warning letter. That was then.
AMRI's contract development and manufacturing business soared by 50% in the fourth quarter, and the New York outsourcer sees no sign of slowdown, projecting more growth in 2013.
Amid budget-slashing and restructuring, AMRI has some good news to report: The CRO has re-signed with GE Healthcare to supply materials for diagnostic imaging, locking down its biggest commercial supply client through 2016.
The Bothell plant employs 24 people, AMRI said in a statement, and the cost-cutting measure is designed to "address and anticipate changes in the marketplace," according to the company.
CRO AMRI is closing up its R&D shop in Bothell, WA, and shipping the site's biology capabilities to its drug discovery operation in Singapore.
CMO AMRI posted an 11% jump in revenue in the third quarter, cutting its net loss by about $3.8 million thanks to double-digit growth in large-scale manufacturing.
According to AMRI, SmartSourcing can use services from its global facilities, insource their own experts and communicate better with clients.
As Albany Molecular Research ($AMRI) progresses into 2012, it is driven to recoup revenue it lost out on in the first quarter.