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CAMBREX CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Oct 31, 2019. Its latest SEC filing is a SC 13G/A from Feb 10, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Develops and manufactures pharmaceutical ingredients, intermediates and finished medicines for innovator and generic drug companies.

How Did They Make Money?

Pharmaceutical customers pay Cambrex to develop and manufacture ingredients and finished medicines. Custom development projects and products made only for one customer can be paid for as work progresses; products that can be sold to multiple customers are generally paid for when shipped, and some customers pay in advance.

FY2018 revenue

Who Were Their Customers?

Innovator and generic pharmaceutical companies buy Cambrex’s products and services. Sales are made directly and through independent sales agents, particularly agents serving generic ingredient customers outside the U.S. and Western Europe.

Customers above 10% of revenue, FY2018
of revenue from one customer
FY2016: 37% from one customer

Did Revenues Turn Into Profits?

Yes. It kept 17 cents of every revenue dollar as net income in FY2018 and turned 5 cents into free cash flow.

Operating income, FY2018
19% of revenue
▼ −30% vs FY2017 ($144.4M, 27%)
Net income, FY2018
17% of revenue
▼ −10% vs FY2017 ($102.5M, 19%)
Free cash flow, FY2018
5% of revenue
▼ −75% vs FY2017 ($96.9M, 18%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q3 FY2019, the three months to Sep 30, 2019
Revenue
▲ +42%
vs $104.6M in Q3 FY2018
Net income
▼ −64%
vs $26.7M in Q3 FY2018
  • Dec 5, 2019 Permira affiliate completed its acquisition of Cambrex Cambrex became a wholly owned subsidiary of Parent, and its shares were delisted from the NYSE.

Grew. Revenue grew 42% in 4 years, from $374.6M in FY2014 to $532.1M in FY2018, about 9% a year.

Finished-dose manufacturing The earlier report described finished-dose generics as a portfolio Cambrex was beginning to develop; the latest describes finished-dose products and services as part of its business and says the Halo acquisition added contract manufacturing capabilities.

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