Just prior to going public they spun off a divison (Banner Life Sciences) so there were costs associated with that coupled with the IPO costs.
I think they reported something close to $10 mil net income with a non-gaap of around $115 mil. so you can see there's a lot of garbage that got cleaned up.
I've been dealing with Patheon and DSM for over 25 years. The appointment of James Mullen (Biogen) was a big plus.
Here's their history as they explain it:
2016
On July 21, 2016 Patheon became a publicly traded company on the New York Stock Exchange (NYSE) under the trading symbol, PTHN.
2015
Acquired IRIX Pharmaceuticals, becoming one of the largest API CDMOs in the United States. Added two process development and manufacturing sites with capabilities at all phases and scales for difficult to manufacture small molecule APIs.
Acquired Agere Pharmaceuticals, adding unique solutions and expertise in the resolution of complex solubility challenges.
2014
Merged with DSM Pharmaceutical Products adding small and large molecule drug substance capabilities in Europe as well as North American sterile drug product capabilities.
Launched Patheon OneSource ™ an integrated, end-to-end development offering.
Acquired Gallus BioPharmaceuticals, adding North American capabilities to existing biologics operations in Groningen, Netherlands and Brisbane, Australia.
Brisbane facility awarded the 2014 ISPE Facility of the Year Award for Process Innovation.
2013
Awarded the CMO Leadership Award in the areas of quality, reliability, innovation and productivity.
2012
Acquired Banner Pharmacaps, a market leader in softgel capsule technology, adding a new proprietary products and technology business.
2011
Signed three-year, $18 million development agreement with Boehringer Ingelheim.
Launched the first backup manufacturing program for sterile products.
Appointed James C. Mullen as Chief Executive Officer and to the Board of Directors.
2010
Received 2010 European Outsourcing Award for the most effective scale-up/technology transfer.
Expanded manufacturing agreement with Merck & Co., solidifying Patheon as a key preferred supplier, serving the company from eight global facilities.
Received 2010 Lilly Sustained Supplier Award for Bourgoin facility's continued delivery of exemplary quality, speed and service.
Added Softgel development and manufacturing capability to Cincinnati facility.
Signed long-term agreement for commercial manufacturing of Contrave ® (sustained-release obesity drug), and development of future formulations of Orexigen® products.
Announced two, five-year manufacturing agreements with Sanofi-Aventis.
2009
Expanded Ferentino, Italy site, adding a sterile pilot plant within the development center, focusing the facility on sterile manufacturing, including aseptically filled, terminally sterilized liquids and lyophilization.
First commercial shipments of SUMAVEL ® DosePro® (sumatriptan injection) to Zogenix®.
2008
Established U.S. headquarters in Research Triangle Park, North Carolina, and European headquarters in Zug, Switzerland.
2007
JLL Partners, through its investment vehicle JLL Patheon Holdings LLC, complete the purchase of $150 million of convertible preferred shares of Patheon through a private placement.
2006
Signed five-year master supply agreement with Merck & Co as a strategic partner for commercial manufacturing and pharmaceutical development services.
2004
Acquired MOVA Pharmaceutical Corporation (MOVA), a leading U.S. prescription pharmaceutical contract manufacturer located in Puerto Rico, U.S. MOVA comprised three U.S. FDA-approved facilities, with over 900,000 sqft (83,600 sqm) of solid, liquid, sterile liquid and solid oral cephalosporin manufacturing capacity.
2002
Acquired Cincinnati Operations from Aventis (now Sanofi-Aventis). The facility, Patheon's first in the United States, included 372,000 sqft (34,500 sqm) of manufacturing and 85,000 sqft (7,900 sqm) of development, expanding PDS capacity.
Acquired Ferentino Operations outside Rome, Italy, expanding lyophilization capacity and adding Large Volume Parenteral (LVP) manufacturing capabilities. Lyophilization capacity expanded with significant upgrades to Ferentino and Monza Operations.
2001
Established PDS facility in Swindon, U.K., enabling integrated development services in both Europe and North America, and adding sterile injectable development capabilities.
Acquired Whitby Operations from Novartis Pharmaceuticals Canada. The 193,000 sqft (17,900 sqm) facility increased capacity to manufacture high-volume prescription and OTC products.
Opened newly constructed 8,500 sqft (800 sqm) formulation development facility at Toronto Region Operations, expanding PDS capacity and high-potency development capabilities.
2000
Acquired remaining 52 percent of the shares of Global Pharm Inc.
1999
Acquired two European facilities from Hoechst Marion Roussel Group: Swindon Operations, U.K. and Bourgoin-Jallieu Operations, France. Strengthened European presence with significant increase in prescription manufacturing capacity, and addition of sterile injectable and cephalosporin capabilities.
1998
Acquired 300,000 sqft (27,900 sqm) facility in Monza, Italy. The former Boehringer Mannheim facility enabled offering of sterile injectable and lyophilized product services.
1997
Acquired Toronto Region Operations facility in Mississauga, Canada from Hoffman-La Roche Ltd (former Syntex facility). The 184,000 sqft (17,100 sqm) facility included high-potency capacity for prescription products and modern laboratory facilities to expand pharmaceutical development services (PDS) business. The facility also offered U.S. FDA-approved manufacturing capabilities.
1996
Completed fully marketed public offering, raising gross proceeds of C$14.4 million by issuing 11.5 million common shares for C$1.25 per share.
1995
Entered prescription and clinical trial materials manufacturing by acquiring 48 percent ownership of Global Pharm Inc. The facility, later renamed Toronto York Mills Operations, had U.S. FDA approved manufacturing capabilities and was formerly owned by Upjohn of Canada.
1994
Added facility in Burlington, Canada, later renamed Burlington Century Operations.
1993
Became publicly traded company on the Toronto Stock Exchange and changed company name to Patheon Inc. (Stock symbol: PTI).
1990
Began providing pharmaceutical manufacturing services to the U.S. market, capitalizing on the North American Free Trade Agreement (NAFTA).
1982
Expanded operations to Burlington, Canada by forming Promix Laboratories Inc. Facility later renamed Burlington Gateway Operations.
1974
Contract pharmaceutical manufacturing business established as Custom Pharmaceuticals Ltd.
