AMRI Announces 2Q Financial Results

AMRI company reports a smaller net loss and higher revenue for the second quarter.

N.Y.-based drug discovery and manufacturing company Albany Molecular Research Inc. has reported its financial results for the second quarter 2011.

Contract Revenues rose overall 7% in 2Q10, but Discovery Services were down 25% to $8.9 million during that time. Development/Small Scale Manufacturing revenues grew 18% to $9.1 million and Large Scale Manufacturing was up 21% to $25.5 million.

For the first half of the year, contract revenues were up 9% to $86.4 million, with Discovery down 20% ($19.6 million), Development up 20% ($16.2 million) and Large-Scale Mfg. up 22% ($38.9 million). Thomas E. D’Ambra, AMRI's chairman, president and chief executive officer, noted, "Given the increased RFP activity we are experiencing, we believe we are at a turn