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Patheon swings to loss in first quarter

Patheon Inc.

Patheon

Contract drug maker Patheon Inc. tumbled to a loss in the first quarter as revenues from its commercial manufacturing division weakened.

The company posted a net loss attributable to shareholders of $19.4-million (U.S.), or 15 cents per share.

The results dropped from profits of $3.5-million a year earlier, or 2.7 cents per share.

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The global provider of contract development and manufacturing services to the pharmaceutical industry said its revenues fell to $153.9-million from $175.7-million.

Revenues in the commercial manufacturing division were down more than 17 per cent to $122.8-million, affected by the termination of a manufacturing supply agreement.

The pharmaceutical development services division reported revenues were 15 per cent higher at $31.1-million as activities picked up related to new contracts.

Patheon, which is headquartered in Triangle Park, N.C., operates 10 drug manufacturing plants, nine development centres and one clinical trial packaging operation at locations in Canada, the United States and Europe.

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