Albany
Molecular Research
Revenue for the quarter declined 10.8% year over year to $43.4 million, as royalty revenue from the firm's rights to Allegra, the allergy drug marketed by Sanofi-Aventis
Also on the positive side, at $36.2 million, Albany Molecular's contract revenue came in 13% higher than the company's fourth-quarter forecast, and down just 1% year over year, despite the loss of a major contract with General Electric's
Despite all the negatives facing the company, Albany Molecular did execute its strategy of stabilizing and building its contract services business. This provides a little more confidence that the firm will meet its projections of a 10% to 17% increase in contract revenue for 2006.
Further, Albany Molecular's agreement to test compounds for Bristol-Myers Squibb
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Fool contributor Brian Gorman is a freelance writer in Chicago. He does not own shares of any companies mentioned in this article.