AMRI (NASDAQ: AMRI), a contract researcher and manufacturer in the pharmaceutical sector, lost $24.4 million, or 81 cents a share, in the fourth quarter.
That’s improved from a loss of $49.1 million, or $1.65 per share, in the fourth quarter of 2010. For the full year in 2011, AMRI lost $32.3 million, or $1.08 per share, compared with a loss of $62.9 million, or $2.05 per share, in 2010.
In addition to providing contract services, AMRI has developed its own drugs. The company has a research facility in Cicero.
“2011 was a year of significant challenge for AMRI,” Chairman, President, and CEO Thomas D’Ambra said in a news release. “The disruptions and reorganizations going on within many of our large customers coupled with a difficult financing environment for small companies contributed to softer demand throughout the year than we had anticipated. Several areas of the company delivered good growth, but this was overshadowed by ongoing weakness in others.”
The company took several steps in response to its challenges, D’Ambra said. AMRI ended all internal research and development activities on new compounds and is now focusing on licensing existing compounds in its pipeline.
The company also took other actions to cut costs in its U.S. operations in the fourth quarter that, combined with the move to end internal research and development, will save $10 million to $11 million per year.
Contact Tampone at ktampone@cnybj.com