Patheon Inc has reported revenues of $175.4m for the second quarter of 2010 (ending 30 April), compared to $167.4m for the same period in 2009.
The company, which provides contract manufacturing and development services to the pharmaceutical industry, also posted a net income of $10.9m, up from $0.5m for the previous 12 months.
Operating income was $15m, compared to $13.4m for the previous 12 months.
Adjusted EBITDA – earning before interest, tax, depreciation and amortisation – was $30m, up from $20.2m in the same period last year.
For the six months ending 30 April 2010, Patheon posted a net loss of $0.2m, compared to $5.3m for the previous 12 months.
Revenues were $330.2m, an increase of 5%, compared to $314.6m for the previous 12 months. Operating income was $8.4m, compared to $17.4m for the previous 12 months.
Patheon continues to anticipate that full fiscal year 2010 revenues and adjusted EBITDA will exceed comparable results from the previous year.
Wes Wheeler, CEO and president of Patheon, said: “We are seeing strong evidence of an improving pharmaceutical contract services business climate for Patheon.
“We are beginning to see stronger sales activity for our pharmaceutical development services business, and significantly higher levels of quotation activity in the commercial side of the business.
“We attribute this to an improving economy, increased funding activity and progress with plant consolidations.”
