September 13, 2012 / 3:30 PM / 5 years ago

Patheon raises revenue forecast, shares jump

Sept 13 (Reuters) - Contract drugmaker Patheon Inc’s third-quarter profit soared on growth at its commercial manufacturing segment and the company raised its 2012 revenue outlook for the second time this year.

Shares of the company, which provides contract development and manufacturing services to the pharmaceuticals industry, rose as much as 21 percent to a three-year high of C$3.26 on the Toronto Stock Exchange on Thursday.

Net income rose to $15.5 million, or 12 cents per share, from $0.4 million, or half a cent per share, a year earlier.

Revenue rose 18 percent to $203.7 million. Revenue at the commercial manufacturing segment increased 21 percent.

The company expects 2012 revenue to exceed $735 million. It had earlier forecast revenue above $725 million.

Patheon started a strategic alternative process for its various businesses last year. Earlier this month, it sold its clinical packaging business to Bellwyck Packaging Solutions, a private company. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below