EX-99.1 2 d820666dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

NEWS RELEASE

Cambrex Releases Selected Preliminary Third Quarter 2019 Financial Results

East Rutherford, NJ - October 24, 2019 - Cambrex Corporation (NYSE: CBM), the leading small molecule company providing drug substance, drug product and analytical services across the entire drug lifecycle, today announced that in connection with the debt portion of the financing for the pending acquisition by an affiliate of the Permira Funds, they are making the following third quarter 2019 preliminary unaudited financial information available to prospective lenders.

CAMBREX CORPORATION

For the Three Months Ended September 30, 2019 and 2018

(in thousands, unaudited)

 

     Three Months Ended September 30,  
     2019      2018  

Net Revenue by Segment

     

Drug Substance

   $ 103,584      $ 94,062  

Drug Product

     22,464        5,154  

Early Stage Development & Testing

     22,515        5,402  
  

 

 

    

 

 

 

Total Net Revenue

   $ 148,563      $ 104,618  
  

 

 

    

 

 

 

Operating Profit

   $ 17,460      $ 6,632  
  

 

 

    

 

 

 

Consolidated Capital Expenditures

   $ 10,444      $ 10,812  
  

 

 

    

 

 

 

Reconciliation of GAAP to Non-GAAP Results

For the Three Months Ended September 30, 2019 and 2018

(in thousands, unaudited)

 

Operating Profit

   $ 17,460      $ 6,632  

Depreciation and Amortization

     14,963        9,184  
  

 

 

    

 

 

 

EBITDA

     32,423        15,816  

Merger, Acquisition and Integration Expenses

     4,431        7,388  
  

 

 

    

 

 

 

Adjusted EBITDA

   $ 36,854      $ 23,204  
  

 

 

    

 

 

 


LOGO

CAMBREX CORPORATION

For the Nine Months Ended September 30, 2019 and 2018

(in thousands, unaudited)

 

     Nine Months Ended September 30,  
     2019      2018  

Net Revenue by Segment

     

Drug Substance

   $ 344,612      $ 376,657  

Drug Product

     71,306        5,154  

Early Stage Development & Testing

     68,951        15,950  
  

 

 

    

 

 

 

Total Net Revenue

   $ 484,869      $ 397,761  
  

 

 

    

 

 

 

Operating Profit

   $ 70,677      $ 81,665  
  

 

 

    

 

 

 

Consolidated Capital Expenditures

   $ 45,532      $ 43,545  
  

 

 

    

 

 

 

Reconciliation of GAAP to Non-GAAP Results

For the Nine Months Ended September 30, 2019 and 2018

(in thousands, unaudited)

 

Operating Profit

   $ 70,677      $ 81,665  

Depreciation and Amortization

     43,943        24,203  
  

 

 

    

 

 

 

EBITDA

     114,620        105,868  

Merger, Acquisition and Integration Expenses

     11,049        7,727  
  

 

 

    

 

 

 

Adjusted EBITDA

   $ 125,669      $ 113,595  
  

 

 

    

 

 

 

The financial results presented above are unaudited and preliminary estimates that (i) represent the most current information available to management as of the date of this press release, (ii) are subject to completion of financial closing and procedures that could result in significant changes to the estimated amounts, and (iii) do not present all information necessary for an understanding of Cambrex’s financial condition as of, and its results of operations for the quarter ended, September 30, 2019. Accordingly, undue reliance should not be placed on such preliminary estimates.

Use of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA are non-GAAP financial measures (“non-GAAP financial measures”). Other companies may have different definitions of these non-GAAP financial measures, and as a result they may not be comparable with non-GAAP financial measures provided by other companies.

EBITDA and Adjusted EBITDA should not be considered alternatives to measurements required by U.S. GAAP, such as Operating profit, and should not be considered a measure of Cambrex’s liquidity.

Cambrex uses these non-GAAP financial measures, among several other metrics, to assess and analyze its operational results and trends. Cambrex also believes these measures are useful to investors because they are common operating performance metrics as well as metrics routinely used to assess potential enterprise value. Cambrex has provided a reconciliation of U.S. GAAP amounts to non-GAAP amounts within this press release.


LOGO

About Cambrex

Cambrex is the leading small molecule company that provides drug substance, drug product and analytical services across the entire drug lifecycle. The company provides customers with an end-to-end partnership for the research, development and manufacture of small molecule therapeutics. With over 35 years’ experience and a growing team of over 2,000 experts servicing global clients from sites in North America and Europe, Cambrex is a trusted partner in branded and generic markets for API and dosage form development and manufacturing.

Cambrex offers a range of specialist drug substance technologies and capabilities including biocatalysis, continuous flow, controlled substances, solid state science, material characterization and highly potent APIs. In addition, Cambrex can support conventional dosage forms including oral solids, semi-solids and liquids and has the expertise to manufacture specialist dosage forms such as modified-release, fixed dose combination, pediatric, bi-layer tablets, stick packs, topicals, controlled substances, sterile and non-sterile ointments.

For more information, please visit www.cambrex.com

 

Contact:

  

Stephanie LaFiura

  

Investor Relations Associate

  

Tel: +1 201.804.3037

  

Email: stephanie.lafiura@cambrex.com

# # #