NEW YORK (AP) -- Shares of Albany Molecular Research climbed Tuesday after the drug developer turned a fourth-quarter profit, compared to a loss the year before.
It also expects that when one-time items are excluded from its results, it will be more profitable this year. Albany Molecular Research Inc. shares advanced 89 cents, or 16 percent, to close at $6.55. Earlier the stock reached $7.33, its highest point in nearly three years.
AMRI's net income totaled $1.9 million, or 7 cents per share. The company said it earned 17 cents per share if one-time costs are excluded. A year ago it took a loss of $24.4 million, or 81 cents per share.
Revenue rose 44 percent, to $67.2 million from $46.6 million.
AMRI, based in Albany, N.Y., partners with pharmaceutical companies to develop and manufacture drugs. It said that demand for early development of drugs remained "soft," but it has new partnerships that could help future growth. It also receives royalties from Allegra, an allergy drug, and on Monday had said that it licensed an experimental cancer drug to another company. The company, Chai Therapeutics, will pay to develop the drug, and AMRI may get future payments based on development and sales.
For all of 2012, AMRI pared its loss to $3.8 million, or 12 cents per share, from $32.3 million, or $1.08 per share, in 2011. Revenue grew 9 percent, to $226.7 million from $207.6 million.
The company said it expects to earn between 8 and 12 cents per share in the first quarter, and an adjusted profit of 34 to 52 cents per share in 2013. That's up from an adjusted profit of 25 cents last year.