AMRI's ($AMRI) 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.
Total revenue came in at $59.4 million in the second quarter, fueled mostly by a 9% increase in contract sales, which reached $46.5 million. Within that unit, discovery services grew 13% to $11 million, while AMRI's booming large-scale manufacturing business grew 14% to $26.4 million. Small-scale contract revenue decreased 7% to $9.1 million on the quarter, a drop AMRI said was within its expectations.
Royalty revenue came in at $12.9 million, driven by AMRI's share of sales from Sanofi's ($SNY) Allegra and Actavis' ($ACT) amphetamine salts.
For the full year, AMRI is still expecting revenue of up to $213 million, which would be a 12% leap over 2012.
"Our overall performance for the first quarter of 2013 reaffirms the consistent and positive direction of our company," CEO Thomas D'Ambra said in a statement. "We continue to build global relationships to drive value for our shareholders, as evidenced by the recently signed agreements with Ono Pharmaceutical for drug discovery and development services and a specialty pharmaceutical company for various services for multiple oncology products."
The Ono deal, good for 5 years, follows AMRI's weighty re-signing with GE Healthcare ($GE), its largest supply client, and launch of a collaboration with Codexis ($CDXS) to pool resources on API manufacturing. The company has also inked recent partnerships with Knopp Biosciences and Shire ($SHPG).
- read AMRI's full results