UPDATE 1-Patheon Q3 loss narrows; sees higher FY10 revenue

Thu Sep 9, 2010 8:30am EDT

* Q3 loss/shr $0.02 vs loss/shr $0.11 last year

* Q3 rev down 1 pct at $163.3 mln

Sept 9 (Reuters) - Canadian pharmaceutical firm Patheon Inc PTI.TO posted a smaller quarterly loss, partly due to improvement at its Puerto Rico operations, and said it expects higher revenue for full-year 2010.

"New business awards in the third quarter were the strongest we've seen in two years," Chief Executive Wes Wheeler said in a statement.

For 2009, the company's revenue was $655.10 million. Analysts expect revenue of about $680 million this year, according to Thomson Reuters I/B/E/S.

The Toronto-based firm lost $3 million in the third quarter, or 2 cents a share, compared to a loss of $6 million, or 11 cents a share, a year ago.

Patheon, which provides contract development and manufacturing services to the global drug industry, posted a slight drop in revenue to $163.3 million.

For the third quarter, analysts on average expected the company to earn 2 cents a share on revenue of $174.25 million.

Patheon shares have shed about 6 percent of their value since they posted a second-quarter profit that beat estimates. They closed at C$2.50 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)