Key Developments For Albany Molecular Research, Inc.
Albany Molecular Research, Inc. (AMRI.O) (Nasdaq)
Albany Molecular Research, Inc. Issues Q4 2009 EPS Guidance Below Analysts' Estimates; Broadens FY 2009 EPS Guidance To A Range Below Analysts' Estimates-Conference Call
Albany Molecular Research, Inc. announced that for the fourth quarter of 2009, it expects contract revenue to range from $32 million to $36 million, discovery services revenue to range from $12 million to $13 million, development small scale revenue to range from $9 million to $10 million, large scale revenue to range from $11 million to $12 million and royalty revenues to increase by up to 15% from fourth quarter 2008. The Company estimated a loss per share for the fourth quarter of 2009 between $0.06 to $0.10 per share. The loss is due primarily to lower utilization of its Large Scale facility in the United States. For fiscal 2009, the Company estimated contract revenue to range from $154 million to $158 million, a decrease of up to 21% from fiscal 2008. the Company raised royalty revenue guidance to a range of $34 million to $35 million, up potentially 23% for 2009. The Company estimated a loss per share for fiscal 2009 to range from $0.01 to $0.05, which includes the impact of the $1.9 million or $0.04 per basic and diluted share of non-cash inventory writedowns recorded in the second quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $(0.03) for the fourth quarter of 2009; EPS of $0.05 for fiscal 2009.
Third Compound From Albany Molecular Research, Inc. And Bristol-Myers Squibb Co. Selected For Preclinical Development
Albany Molecular Research, Inc. announced that a third compound being developed under its license and research agreement with Bristol-Myers Squibb Co. will proceed into preclinical development. Albany Molecular will receive a $750,000 payment from Bristol-Myers Squibb for the completion of this milestone, marking the fifth milestone payment in the ongoing research collaboration between the two companies. Under the 2005 licensing agreement, Bristol-Myers Squibb received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from Albany Molecular's research program. To date, Bristol-Myers Squibb has selected two compounds from this program for approval to initiate Phase I studies. The two companies will continue to evaluate additional compounds under this collaboration to develop improved treatments for diseases of the central nervous system (CNS). Per terms of the agreement, Albany Molecular is potentially eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional potential payments of up to $22 million per compound on subsequent compounds. In addition, Albany Molecular will receive royalties on worldwide sales of commercialized compounds.
Albany Molecular Research, Inc. Files New Patent Infringement Lawsuits Against Dr. Reddy`s Laboratories And Sandoz, Inc.
Albany Molecular Research, Inc. announced that it has filed two new patent infringement lawsuits in United States District Court in New Jersey against Dr. Reddy`s Laboratories, Ltd., Dr. Reddy`s Laboratories, Inc. and Sandoz, Inc. (defendants) for infringement of Albany Molecular Research, Inc`s United States Patent Number 7,390,906. The recently issued patent relates to the manufacturing process for the active ingredient in sanofi-aventis`s Allegra and AllegraD drug products. This legal action relates to generic versions of sanofi-aventis`s Allegra and AllegraD drug products for which the defendants are seeking or have obtained marketing approval from the United States Food and Drug Administration (FDA) and which the defendants have marketed in the United States.
Albany Molecular Research, Inc. Lowers FY 2009 EPS Outlook; Issues Q3 2009 EPS Outlook Below Analysts' Estimates
Albany Molecular Research, Inc. announced that for fiscal 2009, it expects contract revenue to range from $154 million to $162 million, a decrease of 17% to 21% versus 2008. The Company has lowered EPS outlook to a range from $0.03 to a loss of $0.03. For the third quarter of 2009, it expects contract revenue to range from $37 million to $41 million, a decrease of 24% to 32% from the third quarter of 2008. The Company expects loss per share of between $0.02 and $0.05. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $0.05 for the third quarter of 2009; EPS of $0.30 for fiscal 2009.
Phase I Testing To Commence On Second Compound Developed From Albany Molecular Research, Inc. And Bristol-Myers Squibb Co. Collaboration
Albany Molecular Research, Inc. announced that Bristol-Myers Squibb Co. has submitted a Clinical Trial Application (CTA) to the Medical Products Agency (MPA) in Sweden for approval to initiate Phase I studies on an Albany Molecular Research, Inc. compound exclusively licensed to Bristol-Myers Squibb. Upon approval of the CTA by the MPA, Bristol-Myers Squibb may begin Phase I testing in Sweden. Albany Molecular Research, Inc. will receive a $4 million milestone payment from Bristol-Myers Squibb as a result of the submission of this CTA per the collaborative agreement between the two companies. Under the collaborative agreement, Albany Molecular Research, Inc. is eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional payments of up to $22 million per compound on subsequent compounds. In addition, Albany Molecular Research, Inc. will receive royalties on worldwide sales of commercialized compounds.
