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Sigma-Aldrich's Q4 Revenues Jump 12 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) - Sigma-Aldrich today reported fourth-quarter revenue growth of 12 percent, or nearly 6 percent on an organic basis, led by its Research Biotech and SAFC businesses.

The St.Louis-based chemicals and research tools firm reported total revenues of $572.5 million for the three-month period ended Dec. 31, 2009, compared to $509.8 million for the fourth quarter of 2008.

Revenues for its Research Essentials business rose 8 percent to $105.4 million from $97.6 million, while revenues for its Research Specialties increased 9 percent o $207.5 million from $190 million. Sales for its Research Biotech business increased 15 percent to $88.7 million from $77.1 million; sales for the Research Chemicals business increased 10 percent to $401.6 million from $364.7 million; and sales for the SAFC business jumped 18 percent to $170.9 million from $145.1 million.

Sigma-Aldrich's profit for the quarter was $92.6 million, or $.75 per share, up 10 percent from $84.3 million, or $.68 per share for the fourth quarter of 2008.

Its R&D spending decreased 3 percent year over year to $15.6 million from $16.1 million, while its SG&A expenses were flat at $134.4 million versus $134.2 million. Sigma-Aldrich also took a restructuring charge of $9.2 million in Q4 2009, compared to no such charges in 2008.

For full-year 2009, Sigma-Aldrich had total revenues of $2.15 billion, down 2 percent from $2.2 billion. However, on an organic basis, Sigma-Aldrich's revenues were up around 2 percent.

Full-year sales for the Research Essentials business declined to $417.5 million from $420.9 million; the Research Specialties business had a revenue decline of $793.4 million versus $824.1 million; sales for the Research Biotech business were flat at $332.3 million versus $332.2 million; revenues for the Research Chemicals business were down to $1.54 billion from $1.58 billion; and sales for the SAFC business declined to $604.4 million from $623.5 million.

Sigma-Aldrich's profit for full-year 2009 was $346.7 million, or $2.80 per share, up from $341.5 million, or $2.65 per share, for full-year 2008.

The firm's R&D spending fell slightly to $63 million from $64.5 million, while its SG&A spending dropped to $518.1 million from $561.6 million.

Sigma-Aldrich finished the year with $372.5 million in cash and cash equivalents.

The company said it expects 2010 organic revenue growth in the mid-single digits, with EPS between $3 and $3.15.

"We expect some improvement in the markets we serve in 2010, with a contribution from increased pharma spending and a modest benefit from the stimulus funds provided to the academic sector," Sigma-Aldrich Chairman, President, and CEO Jai Nagarkatti said in a statement.

In addition, Sigma-Aldrich said that its board of directors has declared a cash dividend of $.16 per share. The dividend is payable on March 15 to shareholders of record on March 1.

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