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Millipore's Q4 Revenues up 7 Percent with Currency Boost

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Millipore reported after the close of the market Tuesday that its fourth-quarter revenues climbed 7 percent, aided by a 5 percent benefit from foreign currency translation.

The Billerica, Mass.-based firm generated total revenues of $426 million for the three-month period ended Dec. 31, 2009, compared to $396.8 million for Q4 2008. Its Bioscience Division had revenues of $194 million, up 6 percent year over year from $183.3 million, while its Bioprocess Division had had 9 percent revenue growth to $232 million from $213.5 million. The revenues beat analysts' consensus estimate of $421.6 million for Q4 2009.

Millipore's net income for the quarter was $43.8 million, or $.78 per share, up sharply from $31.8 million, or $.56 per share. The 2009 result includes a $6.8 million gain related to a provision for income taxes compared to a loss of $1.2 million tied to such a provision in Q4 2008.

Millipore's R&D spending for the quarter was $30.9 million, up 19 percent year over year from $26 million. Its SG&A expenses inched up 2 percent to $135.1 million from $132.8 million.

For full-year 2009, Millipore reported total revenues of $1.65 billion, up 3 percent from $1.6 billion and matching analysts' consensus estimate. Its Bioscience Division had revenues of $728.6 million, up 1 percent from $721.3 million, while its Bioprocess Division had revenues of $925.8 million, up 5 percent from $880.8 million.

The firm's profit for the year was $177 million, or $3.15 per share, compared to $141.2 million, or $2.47 per share, for 2008.

Millipore's R&D spending for FY 2009 was $114.6 million, up from $102.6 million, while its SG&A spending increased to $523.8 million from $516.7 million.

"Our Bioprocess Division delivered outstanding performance as a result of strong demand from our biotechnology customers and higher levels of vaccine production," Millipore Chairman and CEO Martin Madaus said in a statement. "Additionally, our Bioscience Division grew faster than many of its peers due to its high exposure to consumable products and solid levels of spending from academic customers in all geographies."

Millipore finished the year with $168.3 million in cash and cash equivalents.

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