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March 9, 2007
By: Tim Wright
Patheon 1Q Revenues: $171.7 million (+9%) 1Q Loss: $2.6 million (loss of $11.5 million 1Q2006) Comments: Revenues from Rx manufacturing services grew 13% to $14.2 million, reflecting higher volumes at the Canadian, European and PR operations. Pharmaceutical development services (PDS) revenues increased 23% to $5 million, due to growth at the Toronto, Cincinnati and Swindon operations. Repositioning expenses — related to workforce reduction and the expansion of the company’s manufacturing efficiency review process — were $3.7 million in the quarter. During the quarter, the company further reduced the size of its global workforce by approximately 300 positions, or 5%.
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