AP NEWS

Cambrex Reports Third Quarter 2018 Financial Results

November 8, 2018

- Acquired Halo Pharma, broadening capabilities, enhancing revenue growth and expanding customer base -

- Conference call at 8:30 a.m. ET on November 8, 2018 -

EAST RUTHERFORD, N.J., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Cambrex Corporation (NYSE: CBM), a leading manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients (“APIs”), and finished dosage forms, reports results for the third quarter ended September 30, 2018.

Third Quarter 2018 Highlights

-- Completed the acquisition of Halo Pharma (“Halo”), a leading finished dosage form Contract Development and Manufacturing Organization (“CDMO”) specializing in product development and commercial manufacturing, for $425 million in total cash consideration. -- Net revenue decreased 7% under current U.S. GAAP, ASC 606 – Revenue from Contracts with Customers (“ASC 606”). Under ASC 605, the previous revenue recognition standard, Net revenue decreased 9% compared to the same quarter last year. -- Under ASC 606, Diluted EPS from continuing operations was $0.79 per share compared to $0.52 per share in the same quarter last year. 2018 performance reflects a lower tax rate resulting from tax reform in the United States and New Jersey. Under ASC 605, Diluted EPS from continuing operations would have been $0.94 per share. -- Under ASC 606, EBITDA decreased to $15.8 million from $33.7 million in the same quarter last year. Adjusted EBITDA, which excludes the impact of adopting ASC 606, Halo’s results and acquisition and integration costs, was $28.1 million (see table at the end of this press release). -- Net debt was $227.9 million at the end of the quarter, an increase of $399.2 million during the quarter primarily driven by the acquisition of Halo Pharma and partially offset by cash flows from operations during the quarter. -- The Company now expects full year 2018 Adjusted Net revenue, which excludes the impact of foreign currency and the adoption of ASC 606, to be between -1% and -3% compared to 2017 and Adjusted EBITDA to be between $153 and $159 million, excluding the impact of the Halo acquisition (see Financial Expectations – Continuing Operations section below for related explanations and additional financial guidance).

“We’re very pleased to have closed the Halo acquisition this quarter, which diversifies our business into the large, growing market for outsourced finished dosage form contract development and manufacturing. Halo’s capabilities complement Cambrex’s existing global API manufacturing expertise and Halo expands our customer base and broadens our small molecule funnel. Integration is well underway and we are confident that this business will allow us to better meet the needs of our global network of customers and create future growth synergies,” commented Steven M. Klosk, President and Chief Executive Officer of Cambrex.

“Market conditions in the Innovator sector remain strong and the addition of a new late stage project during the third quarter brings our total to 18 such products. A key component of our long term growth strategy is to steadily increase the number of late stage products in our portfolio. We believe that Cambrex is increasingly well positioned to execute against this strategy.”

Basis of ReportingThe Company has provided a reconciliation of GAAP to adjusted (i.e. Non-GAAP) amounts at the end of this press release. Cambrex management believes that the adjustments provide useful information to investors due to the magnitude and nature of certain amounts recorded under GAAP.

Third Quarter 2018 Operating Results – Consolidated, Continuing OperationsNet revenue under ASC 606 was $104.6 million. Under ASC 605, the previous revenue recognition standard, Net revenue decreased to $102.7 million, or 9%, from $112.6 million in the same quarter last year. Net revenue during the quarter includes the acquisition of Halo which contributed revenue of $5.2 million under ASC 606 and $6.3 million under ASC 605. Results under ASC 606 and ASC 605 include a 1% unfavorable impact of foreign exchange compared to the third quarter of 2017.

Gross margins under ASC 606 were 31%. Under ASC 605, gross margins were 38% compared to 42% in the same quarter last year.

Selling, general and administrative expenses were $14.5 million, compared to $17.2 million in the same quarter last year. The decrease was mainly due to lower personnel related costs, an accounts receivable write-off in the same quarter last year and the impact of foreign currency.

Research and development expenses were flat year over year at $4.2 million.

Acquisition and integration expenses of $7.4 million represents costs associated with the acquisition of Halo.

Operating profit under ASC 606 was $6.6 million. Under ASC 605, operating profit was $13.2 million compared to $25.5 million in the same quarter last year. The decrease was primarily the result of higher operating expenses related to the purchase of Halo and lower gross profit. Adjusted EBITDA was $28.1 million compared to $33.7 million in the same quarter last year (see table at the end of this press release).

Income tax expense was a benefit of $15.4 million compared to an expense of $7.5 million and an effective tax rate of 30% in the same quarter last year. The income tax benefit during the quarter reflects the immediate recognition of certain effects of share-based compensation, acquisition and integration expenses, unrealized gain on investment in equity securities, a $2.1 million benefit for the finalization of the toll charge on undistributed foreign earnings under U.S. tax reform, and a $12.2 million benefit for the release of a state valuation allowance and the revaluation of state deferred tax balances due to New Jersey tax reform enacted during the third quarter of 2018. Excluding these items, the effective tax rate would have been approximately 20% during the quarter.

Income from continuing operations under ASC 606 was $26.8 million or $0.79 per share.

Adjusted income from continuing operations, calculated under ASC 605 and including other adjustments described in the table at the end of this press release, was $16.7 million or $0.49 per share, compared to $18.5 million or $0.55 per share in the same quarter last year.

Capital expenditures were $10.8 million and depreciation and amortization was $9.2 million compared to $15.4 million and $8.2 million, respectively, in the same quarter last year.

Net debt was $227.9 million at the end of the third quarter, an increase of $399.2 million during the quarter. The increase was driven by the acquisition of Halo and partially offset by cash flows from operations.

Third Quarter 2018 Operating Results - Finished Dosage Form (“FDF”) segmentThe acquisition of Halo resulted in the creation of the FDF segment for Cambrex. Included in Cambrex’s consolidated results for the third quarter of 2018 are the results of Halo for the period from acquisition date, September 12, 2018, through September 30, 2018 and are as follows.

Net revenue in the third quarter of 2018 under ASC 606 was $5.2 million. Net revenue under ASC 605 was $6.3 million.

Gross margins under ASC 606 in the third quarter of 2018 were 32%. Gross margins under ASC 605 were 28%.

Selling, general and administrative expenses were $1.1 million in the third quarter of 2018.

Operating profit under ASC 606 was $0.5 million. Under ASC 605, operating profit was $0.6 million. Both exclude $0.4 million in integration costs and includes increased depreciation and amortization expense resulting from the application of purchase accounting.

Financial Expectations – Continuing OperationsThe following table shows the Company’s current expectations for its full year 2018 financial performance versus its expectations from the previous quarter. The expectations in the table below reflect expected results from the business excluding the recent acquisition of Halo and are consistent with the basis on which prior guidance was provided.

Current Expectations Previous Excluding Halo Expectations Acquisition ------------------- ------------------- Adjusted net revenue growth -1% to -3% -2% to 2% Adjusted EBITDA $153 - $159 million $150 - $160 million Adjusted income from continuing operations per share $2.95 - $3.09 $2.91 - $3.14 Free cash flow $35 - $45 million $35 - $45 million Capital expenditures $70 - $80 million $70 - $80 million Depreciation and amortization $31 - $34 million $33 - $37 million Adjusted effective tax rate 20% - 22% 20% - 22%

In addition to the expectations above, the Company expects Halo (FDF segment) to generate Net revenue between $29 and $31 million from the date of acquisition to the end of 2018.

Consistent with the Company’s usual guidance practices, these financial expectations are for continuing operations and exclude the impact of any potential acquisitions, divestitures, restructuring activities, certain tax items discussed below, the adoption of ASC 606 which became effective January 1, 2018 and the impact of foreign currency on Net revenue. Refer to the tables at the end of this press release.

EBITDA, Adjusted EBITDA and Adjusted income from continuing operations per share for 2018 will be computed on a basis consistent with the reconciliation of the current quarter financial results in the tables at the end of this press release. Free cash flow is defined as the change in debt, net of cash during the year, excluding the effects of the Halo acquisition. Adjusted effective tax rate excludes the immediate recognition of certain benefits of share-based compensation and certain other items adjusted for in the non-GAAP reconciliation tables at the end of this release. The tax rate will be sensitive to the Company’s geographic mix of income, changes in the tax laws or rates within the countries in which the Company operates and the effects of certain share-based payments.

The financial information contained in this press release is unaudited, subject to revision and should not be considered final until the Company’s Form 10-Q for third quarter 2018 is filed with the SEC.

Conference Call and WebcastA conference call to discuss the Company’s third quarter 2018 results will begin at 8:30 a.m. Eastern Time on November 8, 2018 and can be accessed by calling 1-877-830-2649 for domestic and +1-785-424-1824 for international. Please use the passcode 3109072 and call approximately 10 minutes prior to the start time. A webcast will be available in the Investors section on the Cambrex website located at www.cambrex.com. A telephone replay of the conference call will be available through November 15, 2018 by calling 1-888-203-1112 for domestic and +1-719-457-0820 for international. Please use the passcode 3109072 to access the replay.

About CambrexCambrex Corporation is an innovative life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), finished dosage forms (FDF), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals. Development and manufacturing capabilities include enzymatic biotransformations, high potency APIs, high energy chemical synthesis, controlled substances and continuous processing. For more information, please visit www.cambrex.com.

Forward-Looking StatementsThis document contains “forward-looking statements,” including statements or tables regarding expected performance, especially those set forth under the heading “Financial Expectations – Continuing Operations,” “Highlights” and those attributed to the President and Chief Executive Officer in this document. These and other forward-looking statements may be identified by the fact that they use words such as “guidance,” “expects,” “anticipates,” “intends,” “estimates,” “believes” or similar expressions. Any forward-looking statements contained herein are based on current plans and expectations and involve risks and uncertainties that could cause actual outcomes and results to differ materially from current expectations. The factors described in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the period ended December 31, 2017 captioned “Risk Factors,” or otherwise described in the Company’s filings with the SEC provide examples of such risks and uncertainties that may cause the Company’s actual results to differ materially from the expectations the Company describes in its forward-looking statements, including, but not limited to, the possibility that the benefits from the acquisition of Halo Pharma may not be as anticipated, customer and product concentration, the Company’s ability to win new customer contracts and renew existing contracts on favorable terms, significant declines in sales of products to our customers, pharmaceutical outsourcing trends, competitive pricing or product developments, market acceptance and adoption rate of its customers’ products, government legislation and regulations (including those pertaining to environmental issues), tax rate, interest rate, technology, manufacturing and legal issues, including the outcome of outstanding litigation, environmental matters, changes in foreign exchange rates, uncollectible receivables, the timing and/or volume of orders or shipments and the Company’s ability to meet its production plan and customer delivery schedules, expected timing of completion of capacity expansions, our ability to successfully integrate acquired businesses, loss on disposition of assets, cancellations or delays in renewal of contracts, lack of suitable raw materials, the Company’s ability to receive regulatory approvals for its products, continued demand in the U.S. for late stage clinical products and the successful outcome of the Company’s investment in new products.

For further details and a discussion of these and other risks and uncertainties, investors are encouraged to review the Cambrex Annual Report on Form 10-K for the fiscal year ended December 31, 2017, including the Forward-Looking Statement and Risk Factors sections therein, and other filings with the SEC. The Company cautions investors and potential investors not to place undue reliance on the forward-looking statements contained in this press release and to give careful consideration to the risks and uncertainties listed above and contained in the Company’s SEC filings. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.

Use of Non-GAAP Financial MeasuresAdjusted net revenue, EBITDA, Adjusted EBITDA, Adjusted effective tax rate and Adjusted income from continuing operations are non-GAAP financial measures (“non-GAAP financial measures”). These non-GAAP financial measures exclude the adoption of ASC 606. 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.

Adjusted Net revenue, EBITDA, Adjusted EBITDA, Adjusted effective tax rate and Adjusted income from continuing operations are calculated in a manner consistent with that shown in the table at the end of this press release.

Adjusted Net revenue, EBITDA, Adjusted EBITDA, Adjusted effective tax rate and Adjusted income from continuing operations should not be considered alternatives to measurements required by U.S. GAAP, such as net revenue, operating profit or net income, 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 at the end of this press release.

CAMBREX CORPORATION Statements of Profit and Loss For the Quarters Ended September 30, 2018 and 2017 (in thousands, except per share data) 2018 2017 ----------------- ---------------- % of % of Amount Net Amount Net Revenue Revenue --------- ------ -------- ------ Gross Sales $ 104,231 $ 112,233 Commissions, Allowances and Rebates 240 225 ------- - ------- Net Sales 103,991 112,008 Other Revenues, Net 627 611 ------- - ------- Net Revenue 104,618 112,619 Cost of Goods Sold 71,893 68.7 % 65,676 58.3 % ------- - ------- Gross Profit 32,725 31.3 % 46,943 41.7 % Operating Expenses: Selling, General and Administrative Expenses 14,514 13.9 % 17,167 15.2 % Research and Development Expenses 4,191 4.0 % 4,233 3.8 % Acquisition and Integration Expenses 7,388 7.1 % - Total Operating Expenses 26,093 24.9 % 21,400 19.0 % ------- - ------- Operating Profit 6,632 6.3 % 25,543 22.7 % Other Expenses/(Income): Interest Expense, Net 725 337 Unrealized Gain on Investment in Equity Securities (5,611 ) - Other Expenses, Net 109 432 ------- - ------- Income Before Income Taxes 11,409 10.9 % 24,774 22.0 % (Benefit)/Provision for Income Taxes (15,406 ) 7,498 ------- - ------- Income from Continuing Operations $ 26,815 25.6 % $ 17,276 15.3 % (Loss)/Income from Discontinued Operations, Net of Tax (86 ) 20 ------- - ------- Net Income $ 26,729 25.5 % $ 17,296 15.4 % ------- - ------- Basic Earnings/(Loss) per Share of Common Stock: Income from Continuing Operations $ 0.80 $ 0.53 (Loss)/Income from Discontinued Operations, Net of Tax $ (0.00 ) $ 0.00 ------- - ------- Net Income $ 0.80 $ 0.53 Diluted Earnings/(Loss) per Share of Common Stock: Income from Continuing Operations $ 0.79 $ 0.52 (Loss)/Income from Discontinued Operations, Net of Tax $ (0.00 ) $ 0.00 ------- - ------- Net Income $ 0.79 $ 0.52 Weighted Average Shares Outstanding Basic 33,406 32,749 Diluted 33,892 33,512

CAMBREX CORPORATION Statements of Profit and Loss For the Nine Months Ended September 30, 2018 and 2017 (in thousands, except per share data) 2018 2017 ----------------- ----------------- % of % of Amount Net Amount Net Revenue Revenue --------- ------ --------- ------ Gross Sales $ 390,575 $ 350,431 Commissions, Allowances and Rebates 641 1,468 ------- - ------- - Net Sales 389,934 348,963 Other Revenues, Net 7,827 3,216 ------- - ------- - Net Revenue 397,761 352,179 Cost of Goods Sold 249,389 62.7 % 200,802 57.0 % ------- - ------- - Gross Profit 148,372 37.3 % 151,377 43.0 % Operating Expenses: Selling, General and Administrative Expenses 47,037 11.8 % 50,678 14.4 % Research and Development Expenses 11,943 3.0 % 12,590 3.6 % Acquisition and Integration Expenses 7,727 1.9 % - Total Operating Expenses 66,707 16.8 % 63,268 18.0 % ------- - ------- - Operating Profit 81,665 20.5 % 88,109 25.0 % Other Expenses/(Income): Interest Expense, Net 824 991 Unrealized Gain on Investment in Equity Securities (10,757 ) - Other Expenses, Net 554 1,119 ------- - ------- - Income Before Income Taxes 91,044 22.9 % 85,999 24.4 % (Benefit)/Provision for Income Taxes (872 ) 22,484 ------- - ------- - Income from Continuing Operations $ 91,916 23.1 % $ 63,515 18.0 % Loss from Discontinued Operations, Net of Tax (710 ) (1,324 ) ------- - ------- - Net Income $ 91,206 22.9 % $ 62,191 17.7 % ------- - ------- - Basic Earnings/(Loss) per Share of Common Stock: Income from Continuing Operations $ 2.77 $ 1.95 Loss from Discontinued Operations, Net of Tax $ (0.02 ) $ (0.04 ) ------- - ------- - Net Income $ 2.75 $ 1.91 Diluted Earnings/(Loss) per Share of Common Stock: Income from Continuing Operations $ 2.73 $ 1.90 Loss from Discontinued Operations, Net of Tax $ (0.02 ) $ (0.04 ) ------- - ------- - Net Income $ 2.71 $ 1.86 Weighted Average Shares Outstanding Basic 33,130 32,612 Diluted 33,703 33,451

CAMBREX CORPORATION Consolidated Balance Sheets As of September 30, 2018 and December 31, 2017 (in thousands) September 30, December 31, Assets 2018 2017 ------------- ------------ Cash and Cash Equivalents $ 97,135 $ 183,284 Trade Receivables, Net 71,582 75,144 Contract Assets 112,845 - Other Receivables 14,824 20,891 Inventories, Net 103,648 138,542 Prepaid Expenses and Other Current Assets 16,776 4,217 ------------- ------------ Total Current Assets 416,810 422,078 Property, Plant and Equipment, Net 352,947 254,299 Goodwill 271,424 43,626 Intangible Assets, Net 191,959 13,868 Deferred Income Taxes 11,557 3,198 Other Non-Current Assets 3,192 3,496 ------------- ------------ Total Assets $ 1,247,889 $ 740,565 ------------- ------------ Liabilities and Stockholders’ Equity Accounts Payable $ 38,205 $ 35,017 Contract Liabilities, Current 10,269 4,707 Taxes Payable 2,727 43 Accrued Expenses and Other Current Liabilities 40,578 42,774 ------------- ------------ Total Current Liabilities 91,779 82,541 Long-Term Debt 325,000 - Contract Liabilities, Non-Current 43,379 39,000 Deferred Income Taxes 66,231 7,806 Accrued Pension Benefits 38,429 41,141 Other Non-Current Liabilities 23,793 25,213 ------------- ------------ Total Liabilities $ 588,611 $ 195,701 Stockholders’ Equity $ 659,278 $ 544,864 ------------- ------------ Total Liabilities and Stockholders’ Equity $ 1,247,889 $ 740,565 ------------- ------------

CAMBREX CORPORATION Impact of Adopting ASC 606 For the Three and Nine Months Ended September 30, 2018 and 2017 (in thousands) Third Third Quarter 2018 Quarter 2017 ------------------------------------ --------- Amount As Reported Effect of Without As Change Adoption of Reported ASC 606 ----------- ---------- ----------- --------- Gross Sales $ 104,231 $ 1,914 $ 102,317 $ 112,233 Net Revenue 104,618 1,914 102,704 112,619 Cost of Goods Sold 71,893 8,475 63,418 65,676 Gross Profit 32,725 (6,561 ) 39,286 46,943 Operating Profit 6,632 (6,561 ) 13,193 25,543 Benefit for Income Taxes (15,406 ) (1,558 ) (13,848 ) 7,498 Income from Continuing Operations 26,815 (5,003 ) 31,818 17,276 Net Income 26,729 (5,003 ) 31,732 17,296 Diluted Earnings per Share 0.79 (0.15 ) 0.94 0.52 Nine Nine Months 2018 Months 2017 ------------------------------------ --------- Amount As Reported Effect of Without As Change Adoption of Reported ASC 606 ----------- ---------- ----------- --------- Gross Sales $ 390,575 $ 58,182 $ 332,393 $ 350,431 Net Revenue 397,761 58,182 339,579 352,179 Cost of Goods Sold 249,389 33,194 216,195 200,802 Gross Profit 148,372 24,988 123,384 151,377 Operating Profit 81,665 24,988 56,677 88,109 (Benefit)/Provision for Income Taxes (872 ) 5,076 (5,948 ) 22,484 Income from Continuing Operations 91,916 19,912 72,004 63,515 Net Income 91,206 19,912 71,294 62,191 Diluted Earnings per Share 2.73 0.59 2.14 1.90

CAMBREX CORPORATION Reconciliation of GAAP to non-GAAP Results For the Three and Nine Months Ended September 30, 2018 and 2017 (in thousands) Third Third Quarter Quarter 2018 2017 ----------- --------- Operating Profit $ 6,632 $ 25,543 Depreciation and Amortization 9,184 8,196 ------- - ------- EBITDA 15,816 33,739 Acquisition and Integration Expenses 7,388 - Impact of Adopting ASC 606 6,561 - Halo’s Adjusted EBITDA (1,686 ) - Adjusted EBITDA $ 28,079 $ 33,739 ------- - ------- Nine Months Nine 2018 Months 2017 ----------- --------- Operating Profit $ 81,665 $ 88,109 Depreciation and Amortization 24,203 23,023 ------- - ------- EBITDA 105,868 111,132 Acquisition and Integration Expenses 7,727 - Impact of Adopting ASC 606 (24,988 ) - Halo’s Adjusted EBITDA (1,686 ) - Adjusted EBITDA $ 86,921 $ 111,132 ------- - -------

CAMBREX CORPORATION Reconciliation of GAAP to non-GAAP Results For the Three and Nine Months Ended September 30, 2018 and 2017 (in thousands) Third Quarter 2018 Third Quarter 2017 --------------------- -------------------- Diluted Diluted EPS EPS Income from Continuing Operations $ 26,815 $ 0.79 $ 17,276 $ 0.52 Impact of Adopting ASC 606 5,003 0.15 - - Stock-Based Compensation 903 0.03 2,288 0.07 Stock-Based Compensation Tax1. (2,785 ) (0.08 ) (1,535 ) (0.05 ) Acquisition and Integration Expenses 7,388 0.22 - - Acquisition and Integration Expenses Tax (1,551 ) (0.05 ) - - Amortization of Purchased Intangibles 1,134 0.03 477 0.01 Unrealized Gain on Investment in Equity Securities (5,611 ) (0.17 ) - - United States Tax Reform Toll Charge (2,105 ) (0.06 ) - - New Jersey Tax Reform (12,189 ) (0.36 ) - - Net Interest Expense - Halo Acquisition 787 0.02 - - Net Interest Expense - Halo Acquisition Tax (165 ) (0.00 ) - - Halo’s Adjusted Income from Continuing Operations (924 ) (0.03 ) - - Adjusted Income from Continuing Operations2. $ 16,700 $ 0.49 $ 18,506 $ 0.55 ------- - ----- - ------ - ----- - Nine Months 2018 Nine Months 2017 --------------------- -------------------- Diluted Diluted EPS EPS Income from Continuing Operations $ 91,916 $ 2.73 $ 63,515 $ 1.90 Impact of Adopting ASC 606 (19,912 ) (0.59 ) - - Stock-Based Compensation 4,106 0.12 6,321 0.19 Stock-Based Compensation Tax1. (4,783 ) (0.14 ) (7,326 ) (0.22 ) Acquisition and Integration Expenses 7,727 0.23 - - Acquisition and Integration Expenses Tax (1,623 ) (0.05 ) - - Amortization of Purchased Intangibles 2,157 0.06 1,375 0.04 Unrealized Gain on Investment in Equity Securities (10,757 ) (0.32 ) - - United States Tax Reform Toll Charge (2,105 ) (0.06 ) - - New Jersey Tax Reform (12,189 ) (0.36 ) - - Net Interest Expense - Halo Acquisition 787 0.02 - - Net Interest Expense - Halo Acquisition Tax (165 ) (0.00 ) - - Halo’s Adjusted Income from Continuing Operations (924 ) (0.03 ) - - Adjusted Income from Continuing Operations2. $ 54,236 $ 1.61 $ 63,885 $ 1.91 ------- - ----- - ------ - ----- - 1.Amount represents the tax effect for non-cash stock-based compensation expense and the immediate recognition of certain benefits of share-based compensation. 2.Diluted earnings per share for adjusted income from continuing operations is based on the weighted number of diluted shares outstanding for the quarter and year. As such, the sum of the quarters may not necessarily equal the full year. In addition, the sum of the line items may not equal due to rounding.

Contact:

Gregory Sargen Executive Vice President & CFO Tel: +201.804.3055 Email: gregory.sargen@cambrex.com

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