Swiss Bachem posts ’03 profit up 11% but sales fell 3.5%

HOUSTON (CNI)--Swiss bio-chemicals maker Bachem reported a 2003 net profit Tuesday of SF37.2m ($28.2m/Euro23.4m), up 11%, but operating results were flat and sales fell by 3.5% due to the weak US dollar.

In a statement the Bubendorf, Switzerland-based company said 2003 sales were SF144.6m, down from SF149.9m in 2002, and earnings before interest and tax (Ebit) were flat at SF48.4m although Ebit margins improved to 33.5%, from 32.2%.

Bachem said the rise in net profit was mainly the result of SF1.7m in income from financial transactions.

Active ingredients accounted for 79.3% of total 2003 sales, up from 76.5% in 2002. One third of sales were generated in the US, the company said.

Bachem is described as a producer of biochemical and pharmaceutical compounds. Its facilities allow for the large scale production of active ingredients, making Bachem "a partner for all major pharmaceutical companies," it said.