Patheon revenue boosted by acquisition, internal growth; drug maker breaks even

TORONTO – Drug manufacturer Patheon Inc. (TSX:PTI) posted a small profit in its second quarter but fell short of the consensus estimate.

In the three months ended April 30, Patheon had US$100,000, or 0.1 cent per share, of net income attributable to common shareholders.

That was below a consensus estimate of four cents per share, according to two estimates compiled by Thomson Reuters.

A year earlier, Patheon posted a US$79.6-million net loss, or 61.5 cents per share, when it recorded a US$57.9-million impairment charge.

The Toronto-area company also saw its revenue increase nearly 40 per cent, mainly due to an acquisition completed in December plus some internal growth.

Revenue in the three months ended April 30 was US$253.9 million, up from US$181.5 million a year earlier and in line with estimates.

About $54.6 million of revenue was from Patheon’s acquisition of Banner Pharmacaps, which focuses on softgel products for the over-the-counter, prescription and nutrition markets.