NEW YORK (GenomeWeb News) —Sigma-Aldrich today said first-quarter revenue increased 12 percent as R&D spending rose 8 percent and net income increased 13 percent.
Total receipts for the three months ended March 31 rose to $495.9 million from $443.1 million year over year.
Revenue from Sigma’s Research Essentials division increased to $98.8 million from $91.8 million; Research Specialties receipts jumped to $189.3 million from $168.8 million; and Research Biotech revenue increased to $75.2 million from $71.8 million.
Sigma-Aldrich CEO, Jai Nagarkatti, said the addition of Epichem in February “provides two-thirds of our annual goal to add 3 percentage points of growth through acquisitions this year.”
R&D spending increased to $14.1 million from $13 million year over year.
The company said profit increased to $74.9 million $66.5 million in the year-ago period.
Sigma-Aldrich said it had around $173 million in cash and equivalents as of March 31.
The company reaffirmed last quarter’s expectation that 2007 revenues should increase roughly 7 percent year over year. Sigma-Aldrich expects sales in Research Specialties to exceed its 6-percent growth goal for the full year, with organic sales growth expected to be around 7 percent.
The company is forecasting its Research Biotech division to see growth “toward the lower end” of the 7- to 9-percent range, and holds to its expectation that its SAFC growth should be around 10 percent. Growth in Research Essentials is expected to be around 4 percent.