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Worldwide sales increase 1.6% for biotech firm.
2003 AUG 18 - (NewsRx.com & NewsRx.net) -- Cambrex Corporation (CBM) reported second quarter 2003 earnings of $8.1 million or $0.31 diluted earnings per share (including a $0.01 diluted earnings per share benefit) versus $16.2 million or $0.61 diluted earnings per share in the second quarter 2002 (including an $0.08 diluted earnings per share benefit).
Worldwide sales for the second quarter 2003 improved 1.6% to $136.4 million from $134.3 million in the second quarter of 2002. The results reflect increased sales in Human Health, Rutherford Chemicals, and all other segments offset by lower sales in the biosciences segment. Gross profit for the quarter was $44.2 million (32.4% of sales) versus $53.0 million (39.5% of sales) in the second quarter 2002. Second quarter gross sales were favorably impacted 6.7% due to foreign currency.
James A. Mack, chairman, president and CEO commented, "We are, of course, disappointed with our current earnings performance primarily driven by temporary lower utilization in our biopharmaceutical business and price pressure on certain generic active pharmaceutical ingredients. We are seeing positive trends in the order backlog for generics and increased requests for project proposals from innovative pharmaceutical and biotechnology companies.
"Our life science business model continues to expand with the broadest line of capabilities for the development and manufacture of small-molecule, biologic and cell therapeutics in a world-class quality and regulatory environment. In spite of recent difficulties, we remain confident about our positioning in the high growth segments of the life science market," Mack said.
During the second quarter of 2003, the company generated cash flow from operations of approximately $12.6 million, which contributed to fund capital expenditures of $10.1 million and to pay down $7.7 million of debt.
The second quarter 2003 results include a $0.01 diluted earnings per share benefit from the tax effect of the previously disclosed Mylan settlement.
The human health segment is comprised of active pharmaceutical ingredients (APIs), pharmaceutical intermediates, and development and manufacturing services using organic chemistry that are provided to generic and innovative pharmaceutical companies.
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Source: HighBeam Research, Worldwide sales increase 1.6% for biotech firm.