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ALBANY MOLECULAR RESEARCH INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2017 10-Q, filed Aug 9, 2017. Its latest SEC filing is a SC 13G/A from Feb 14, 2018.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Provides drug discovery and development, pharmaceutical ingredient and drug-product manufacturing, and analytical testing services to pharmaceutical and biotechnology companies, government and nonprofit research organizations, and medical-device and related-industry companies.

How Did They Make Money?

Customers pay for research, development and manufacturing services: fixed-project fees when work is delivered, or monthly and hourly charges as scientists work. Partners may also pay upfront or at milestones, for manufactured products on delivery, and royalties or profit shares tied to product sales.

FY2016 revenue

Who Were Their Customers?

Pharmaceutical and biotechnology companies, government research entities and nonprofits buy services directly through sales staff and technical contacts; the company also serves medical-device and related-industry businesses.

Customers above 10% of revenue, FY2016
of revenue from two customers (7%, 5%)
FY2014: 23% from two customers

Did Revenues Turn Into Profits?

No. It lost $70.2M in FY2016.

Operating income, FY2016
−3% of revenue
▼ Now a loss vs FY2015 ($13.6M, 3%)
Net income, FY2016
−12% of revenue
▲ +2950% (Loss) vs FY2015 (−$2.3M, −1%)

How Were They Changing?

Since the FY2016 annual report
Latest quarter: Q2 FY2017, the three months to Jun 30, 2017
Revenue
▲ +43%
vs $120.8M in Q2 FY2016
Net income
▼ −52% (Loss)
vs −$21.3M in Q2 FY2016
  • Aug 31, 2017 Carlyle and GTCR completed their acquisition of AMRI AMRI became a wholly owned subsidiary, and shareholders received cash for their shares.

Grew. Revenue grew 2.5x in 4 years, from $226.7M in FY2012 to $570.5M in FY2016, about 26% a year.

From proprietary programs to generic collaborations The earlier report described internal drug-discovery programs that AMRI sought to license to partners. The latest report emphasizes collaborations with pharmaceutical companies on generic products, with revenue from development, supply and potential profit sharing.

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