AMRI shrugged off the recession in 2008 and posted Monday an annual net income that was more than double the previous year’s take.
The Guilderland chemical research and development company saw its net income grow last year to $20.6 million from $8.9 million in 2007. That income spike was driven by a 20 percent gain in annual revenues, which totaled $195.5 million.
AMRI, which employs approximately 760 in the Capital Region, continued to plow through the down economy largely with help from discovery services and small scale manufacturing operations. Annual contract revenues from those arms rose 39 percent to $57.8 million and 24 percent to $56.2 million, respectively.
On top of those annuals gains, AMRI saw its Allegra royalties rise 5 percent to $28.3 million. Annual milestone revenues from its 2005 licensing agreement with the Bristol-Myers Squibb Co. also jumped to $5.5 million from $1.5 million.
AMRI’s 2008 performance drew a favorable response from investors, who sent the company’s stock up 9.9 percent by the close of trading Monday to $10.59 per share.
In 2009, the company expects total revenues between $197 million and $207 million, up 6 percent from last year. Its large-scale manufacturing business will be the largest contributor to annual revenue growth.