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Patheon Widens First-Quarter Loss

Mon, 03/15/2010 - 5:04am

TORONTO — Losses at Patheon Inc. (TSX:PTI) widened during the first quarter of fiscal 2010 despite a 5.2 per cent increase in revenues for the period, the company said Monday.

The Toronto-based contract drug maker, which keeps its books in U.S. dollars, reported a net loss of US$11.1 million for the quarter ended Jan. 31, compared to a loss of $6 million recorded a year earlier.

The loss per share totalled nine cents compared to a year-earlier loss of 11 cents per share booked during the corresponding quarter of fiscal 2009.

The loss came despite an uptick in revenues, which improved to $154.8 million from $147.2 million booked the year before. Quarterly revenue levels were boosted by currency fluctuations, Patheon said. Excluding those changes, revenue would have decreased one per cent during the period.

"Our commercial operations performed reasonably well despite several disappointing supplier-related delays," Patheon chief executive Wes Wheeler said in a statement.

"However, pharmaceutical development service revenue was somewhat lower as we continued to see soft market demand, which appears to be consistent with the rest of the industry. New commercial business has been slow in coming due primarily to pending post-merger decision-making at large pharmaceutical companies."

Patheon provides contract development and manufacturing services to the global pharmaceutical industry, including hundreds of leading pharmaceutical and biotechnology companies.

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