A bad allergy season makes some people cranky, but it helped make
Share of Albany Molecular Research
The New York-based drug manufacturing had a year-over-year revenue increase of 10.7% to $53.6 million with income increasing 46.9% to $4.7 million, or 15 cents per share. Analysts on average expected earnings of 3 cents per share on revenue of $47.7 million, according to Reuters Estimates.
The company received $8.3 million in royalty revenues pertaining to the allergy drug Allegra and its generic equivalents. Royalty payments during this particularly bad allergy season were up 36.1% from the quarter ending Dec. 31. Contract revenue from discovery services the first quarter of 2008 was $13.3 million up from $9.9 million in 2007. The company said that year-over-year comparisons were not applicable as customer delivery patterns and project timing doesn't correlate with the quarters-end.
“With regard to our recurring royalties from Allegra, we experienced a 15% increase in revenues, demonstrating growing product sales outside the U.S. coupled with favorable currency trends," said AMRI chairman
The drug company revised its guidance for the full year, increasing earnings per share to a range of 38 cents to 42 cents from a per share range of 33 cents to 37 cents on revenues of $181 million to $185 million.