By Ben Adams
AMRI ($AMRI) is hailing a "transformative year" as it posts a set of strong financials for the past 12 months.
The New York-based contract and manufacturing firm saw total revenue for 2015 hit $402.3 million--an eye-watering increase of 45% compared to total revenue of $276.6 million for the same period in 2014. This is however slightly less than the 50% plus growth figure that it was touting last year.
The firm's business has grown because of a flurry of deals and acquisitions over the past two years, with three pacts coming last month alone. This has combined with its long-term restructuring plan to lessen its focus on drug discovery as it looks increasingly toward drug production.
Total contract revenue for the full year 2015 was $384.7 million--an increase of 53% with contract margins at 26% for the full year 2015, compared to 20% in 2014.
Adjusted EBITDA for the full year 2015 was $75.2 million, an increase of 50% from $50 million in 2014.
William Marth, AMRI's president and chief executive, said: "2015 was a transformative year for AMRI. We significantly expanded our capabilities in API and drug product and added valuable analytical and testing expertise that our customers are looking for in an increasingly complex regulatory and legal environment. In addition, we expanded our discovery service offerings and continue to advance development programs that will provide us new revenue opportunities."
Looking ahead, Marth said his priority is now to maximize the value of its recent acquisitions while driving more growth across the businesses.
Alongside its earnings, the CRO also announced two new board members: David Deming, managing partner at TAG Healthcare Advisors, and Kenneth Hagen, CPA, former tax partner at PricewaterhouseCoopers. Deming will start effective immediately while Hagen will join the board in May this year.
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