Patheon increases third-quarter revenues by 18%
This article was originally published in Scrip
The Canadian pharmaceutical development and manufacturing services firm Patheon has reported an 18% increase of revenues to $195 million in its third quarter ended July 31st, and EBITDA before repositioning expenses of $24.7 million, versus $20.6 million in the same quarter last year. It made a net loss of $14.7 million in the quarter. Commercial manufacturing revenues increased by 15% to reach $157.3 million, driven by strong growth in its European business, while pharmaceutical development services revenues increased by 32% to $37.7 million. Patheon has focused on improving its underlying profitability with a restructuring programme and reducing its headcount, while also investing in staff training and development programmes. It is consolidating its York Mills and Whitby operations in Canada, and its Puerto Rico facilities.