|AMRI CEO William Marth|
AMRI ($AMRI) is brightening its expectations for 2015 after closing its latest buyout, counting on its manufacturing division to keep revenue rolling.
The Albany, NY, company now expects full-year sales to come in between $386 million and $400 million, a 56% increase over 2014 at midpoint. In May, AMRI forecast $335 million to $370 million in contract revenue, a roughly 40% average jump.
AMRI's optimism is a reaction to the integration of Gadea Pharmaceutical, a Spanish contractor that manufactures complex active ingredients for pharma companies. AMRI bought the company for $174 million in cash and stock over the summer, extending a string of manufacturing-focusing acquisitions.
"Gadea brought us over 90 technically complex API programs, greatly enhancing our commercial portfolio and opportunities for expanded business," CEO William Marth said in a statement.
AMRI's gradual shift toward large-scale manufacturing has been paying off on the balance sheet. The company posted a net profit for the first time in 12 months last quarter, reaping the benefits of a years-long transition away from drug discovery.
- read the statement