Cambrex (East Rutherford, New Jersey) has reported that net income soared by 60.8% in the second quarter of 2018, to $40.4 million, compared with $25.1 million a year ago. Adjusted EBITDA fell by 12.7% year over year, to $37.2 million. Adjusted income from continuing operations was $24.7 million, a decline of 2.8% YOY. Net revenue for the latest quarter was $152 million, an increase of 13% YOY, which includes a positive contribution of 2% from foreign currency effects, according to Cambrex. The increase in volume was driven by higher volumes of custom-development products, generic active pharmaceutical ingredients (APIs), and the adoption of a new accounting standard, which accelerated revenue recognition for a portion of the company’s portfolio, Cambrex says.
In the first half of this year, Cambrex achieved net income of $64.5 million, an increase of 43.6% YOY. Net revenue increased by 20.6%, to $237 million.
“Our recent accomplishments mark significant progress toward our goals of investing in increased capacity and expanding our capabilities in order to take advantage of favorable industry trends,” says Steven Klosk, president and CEO, Cambrex. “We are also encouraged by second-quarter performance across our three product categories. We recently added a new late-stage clinical project to our innovator portfolio with the combined potential to generate greater than $25 million in API revenue. Sales of generic APIs and controlled substances were also strong in the quarter,” Klosk says.
Source: https://chemweek.com/CW/Document/97462/Cambrex-net-income-soars-on-higher-volume/goBackToCWREG_AM
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