Demand for drug delivery technologies helped Cambrex post double-digit sales growth but guidance fell below expectations.
Cambrex cited drug delivery demand alongside higher volumes of active pharmaceutical ingredients (API) and controlled substances as positives in the third quarter. These factors, coupled to favourable currency exchange, drove a close to 70 per cent in increase in adjusted operating profit.
Steven Klosk, president and CEO of Cambrex, said: “I am pleased with our third quarter performance with increased revenues from custom manufacturing, controlled substances and drug delivery products.”
Despite the performance shares in Cambrex dipped as guidance for the fourth quarter fell below analyst expectations.