Albany Molecular Research, Inc. Announces Date for Fourth Quarter Earnings Release, Provides Selected Financial Information and Guidance.

Business Editors

ALBANY, N.Y.--(BUSINESS WIRE)--Feb. 6, 2001

Albany Molecular Research, Inc. (NASDAQ:AMRI) announced today that it will report results for both the fourth quarter and year-end 2000 after the close of market on Tuesday, March 6, 2001. The company will hold a conference call at 4:30 p.m. Eastern Time on March 6 to discuss its quarterly and year-end financial results and business highlights, as well as its prospects for 2001.

AMRI also released selected financial information--including record contract revenues for both the fourth quarter and year 2000--and provided updated earnings guidance for the fourth quarter of 2000.

Selected Financial Information & EPS Estimates

Net contract revenue increased 63% to $10.8 million during the fourth quarter of 2000, compared to $6.7 million during the fourth quarter of 1999. The fourth quarter of 2000 is the 16th consecutive quarter in which the company's contract revenue has increased.

Net contract revenue for the year 2000 increased 70% to $37.4 million, compared to $22.0 million for the year 1999.

AMRI Chief Financial Officer David P. Waldek also provided revised earnings guidance on the company's fourth quarter earnings. "Based on the strong performance of our business in the fourth quarter along with preliminary royalty forecasts and a $257,200 one-time benefit to earnings related to our investment in Organichem, we are increasing our EPS guidance for the fourth quarter from a range of $0.18 to $0.19 per share to a range of $0.21 to $0.22 per share." The new guidance would result in full year 2000 earnings between $0.73 and $0.74 per share. The company also confirmed its previous earnings guidance range of $0.18 - $0.20 per share for the first quarter of 2001.

Total revenues at Organichem Corporation, an unconsolidated affiliate of AMRI, were $13.3 million in the fourth quarter of 2000 and $56.6 million for the year 2000. As a minority shareholder, AMRI does not include these revenues in its contract revenues stated above. AMRI does recognize, however, a proportionate share of Organichem's net income in its income statement. In addition, AMRI recognized a one-time benefit to earnings of $159,500, net of taxes of $97,700, related to Organichem's retirement of Organichem shares of treasury stock, which increased AMRI's equity ownership from 37.5% to 39.2%.

AMRI's March 6, 2001 announcement will include total revenues, recurring royalties from worldwide sales of Allegra(R) and net income for both the fourth quarter and the year 2000. AMRI earns royalties from worldwide sales of the non-sedating antihistamine Allegra(R) (Telfast(R) outside the United States) for patents relating to the active ingredient in Allegra(R). Aventis, the manufacturer of Allegra(R) , will release its fourth quarter 2000 results on March 2, 2001.

During AMRI's 4:30 p.m. March 6, 2001 conference call, the company may answer one or more questions concerning business and financial developments and trends, as well as other business and financial matters affecting the company, some of the responses to which may contain information that has not been previously disclosed.

Individuals interested in listening to the conference call should dial 800-288-8960 (for domestic calls) or 612-332-0335 (for international calls) and reference the AMRI Fourth Quarter 2000 Earnings Release conference call. Replays of the call will be available for seven days following the call beginning at 8:30 p.m. on March 6, 2001. To access the replay by telephone, please call 800-475-6701 (for domestic calls) or 320-365-3844 (for international calls) and use access code # 569328.

About Albany Molecular Research, Inc.

Albany Molecular Research, Inc. is a leading chemistry research, drug discovery and development company focusing on applications for the life sciences industries. The company performs comprehensive chemistry research for many of the leading pharmaceutical and biotechnology companies and for its own internal research and development.

Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. The company's actual results may differ materially from such forward-looking statements. Factors that could cause such differences include, but are not limited to, the company's ability to attract and retain experienced scientists, trends in pharmaceutical and biotechnology companies outsourcing chemical research and development, sales of Allegra(R) (including any deviations in estimates provided by Aventis) and the company's receipt of significant royalties from the Allegra(R) license agreement, the company's ability to enforce its intellectual property and technology, the company's ability to take advantage of proprietary technology and expand the scientific tools available to it, the ability of the company's strategic investments to perform as expected, the company's ability to successfully complete its ongoing expansion projects on schedule, and the company's ability to effectively manage its growth, as well as those discussed in the company's final prospectus as filed with the Securities and Exchange Commission on October 5, 2000 and in the company's other SEC filings.