TORONTO — Patheon Inc. says there’s strong evidence that the drug manufacturing industry is showing signs of improvement, the Toronto-based company said Friday as it posted a US$10.9-million profit for its latest quarter.
Revenue was US$175.4 million, about five per cent higher than the year-earlier comparable figure, while net income amounted to 8.4 cents per share.
A year earlier, Patheon had a loss of US$3.2 million or 3.5 cents per share with US$167.4 million of revenue.
“We are seeing strong evidence of an improving pharmaceutical contract services business climate for Patheon,” said Wes Wheeler, Patheon’s chief executive officer and president.
On Thursday, Patheon announced it had signed an expanded contract manufacturing agreement with U.S. pharma giant Merck & Co. Inc.
Financial terms or manufacturing specifics of the deal weren’t revealed.
Patheon, a Canadian-American company now based in Research Triangle Park, N.C., said it will produce drugs and provide service from eight of its global manufacturing plants.
The former Toronto-based company employs more than 4,500 people and has 11 manufacturing plans and eight development centres in Canada, the United States and Europe.
New Jersey-based Merck, which employs 100,000 people, develops and sells medicines, vaccines, biologic therapies, and consumer and animal products around the world.
