March 15, 2010 / 11:53 AM / in 7 years

UPDATE 1-Patheon Q1 loss widens; sees higher 2010 rev

* Q1 loss $0.083/shr vs loss $0.056/shr last year

* Revenue rises 5 pct on forex gains

* Sees higher rev in fiscal 2010

March 15 (Reuters) - Canadian drugmaker Patheon Inc PTI.TO posted a wider quarterly loss, hurt by lower revenue in its pharmaceutical development services unit, and said it sees higher revenue in fiscal 2010.

For the first quarter ended Jan. 31, the contract drug manufacturer posted a net loss of $11.1 million, or 8.3 cents a share, compared with a loss of $9.6 million, or 5.6 cents a share in the year ago period.

Revenue rose 5 percent to $154.8 million in the quarter. Excluding currency fluctuations, the first quarter revenue would have decreased by about 1 percent, the company said.

"PDS revenue was somewhat lower as we continued to see soft market demand, which appears to be consistent with the rest of the industry." Chief Executive Wes Wheeler said in a statement.

The company said it anticipates its full fiscal year 2010 revenues and adjusted EBITDA (ignoring special committee costs in both periods) to exceed comparable results from the prior year. For fiscal 2009, the Toronto-based company reported revenue of $655.1 million.

"Since the beginning of calendar 2010, we have seen an encouraging increase in new sales activity as improved funding has become available for development stage companies," Wheeler said.

Shares of the company closed at C$2.63 Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Bijoy Koyitty) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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