8-K

                                                                  CONFORMED COPY

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)       September 28, 2004
                                                  ------------------------------

                               CAMBREX CORPORATION
- --------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

         DELAWARE                        1-10638                 22-2476135
- --------------------------------------------------------------------------------
(State or other jurisdiction     (Commission File Number)     (IRS Employer
of incorporation)                                            Identification No.)

ONE MEADOWLANDS PLAZA, EAST RUTHERFORD, NEW JERSEY                   07073
- --------------------------------------------------------------------------------
(Address of principal executive offices)                          (Zip Code)

Registrant's telephone number, including area code:         (201) 804-3000
                                                     ---------------------------

Check the appropriate box if the Form 8K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (See General Instruction A.2 below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(d) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))





                               CAMBREX CORPORATION
                                    FORM 8-K
                                 CURRENT REPORT
                               SEPTEMBER 28, 2004

SECTION 7 - REGULATION FD

ITEM 7.01. REGULATION FD DISCLOSURE

      Attached as Exhibit 99.1 is a copy of a press release of Cambrex
Corporation dated September 27, 2004. Such information shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or
otherwise subject to the liabilities of that Section, nor shall it be deemed
incorporated by reference in any registration statement or other document under
the Securities Act of 1933.

ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS

            (c) Exhibits

                  (99.1) Press release issued by Cambrex Corporation dated
September 27, 2004.





                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf by the undersigned
hereunto duly authorized.

                                            CAMBREX CORPORATION


Date:       September 28, 2004              By: /s/ Luke M. Beshar
      ------------------------------            --------------------------------
                                                Name:  Luke M. Beshar
                                                Title: Executive Vice President
                                                       Chief Financial Officer





EXHIBIT 99.1 - Cambrex Corporation Press Release dated September 27, 2004

EX-99.1

[SIDEBAR GRAPHIC]

[CAMBREX LOGO]

[NEWS RELEASE GRAPHIC]

Date:       September 27, 2004
Contact:    Luke M. Beshar                     Anne-Marie Hess
            Executive Vice President & CFO     Director, Investor Relations
Phone:      201-804-3010                       201-804-3062
Email:      luke.beshar@cambrex.com            annemarie.hess@cambrex.com
Release:    Immediate

                 CAMBREX REVIEWS 2004 OUTLOOK ON CONFERENCE CALL

      East Rutherford, NJ - September 27, 2004 - Cambrex Corporation (NYSE: CBM)
today reported that the Company's full year 2004 earnings are expected to be
less than the Company's previous guidance of $1.10 - $1.20 per share, fully
diluted. The Company now expects 2004 earnings per share to be in the range of
$0.90 to $1.00, fully diluted, with fourth quarter 2004 revenue and earnings
representing a disproportionately higher percentage of the second half due to
the timing of contracts and shipments. The revised guidance is principally the
result of customer-requested and regulatory delays and postponed shipments of
product in inventory.

BUSINESS SEGMENT DETAILS

      For the Human Health segment, the Company is revising its 2004 sales
growth target to 4 - 8%, from the prior guidance of 5 - 10% due primarily to two
externally controlled events: a) a delay in the regulatory approval of a generic
active pharmaceutical ingredient (API) and b) another client postponing the
shipment of an API order to early 2005.

      For the Biopharma segment, the Company will continue to experience
sequential quarterly revenue improvement throughout 2004, but is revising its
full year sales growth target to 10 - 15% from the previous guidance of 20 -
30%, primarily due to the recent slippage of two projects. A shipment of
product, with revenues of approximately $4 million, has been postponed from the
fourth quarter 2004. The second project, with revenues of approximately $2
million, was moved from the fourth quarter 2004 to early 2005 due to the client
postponing the expected start

Cambrex Corporation | One Meadowlands Plaza | East Rutherford, NJ 07073
Phone 201.804.3000 | Fax 201.804.9852 | www.cambrex.com

[SIDEBAR GRAPHIC]


date. Additionally, the Company is currently reassessing the expected rate of
recovery and growth of the Biopharma segment versus previous long-term
projections to determine if goodwill impairment may be necessary.

      The Bioproducts segment continues to perform well across all product
categories and is achieving previously issued guidance of 10 - 15% sales growth
in 2004.

      John R. Leone, President and CEO commented, "While we are experiencing
delays in the timing of shipments due to shifting client needs, we are confident
that our long-term strategic direction and the positive underlying market
fundamentals will enable us to build a more consistent revenue stream. Our
funnel of new project opportunities is expanding driven by the robust pipeline
of drugs in development, biotech funding, and pharmaceutical and government
spending."

      The change in the sales outlook for the Biopharma and Human Health
segments and the resulting expected geographic mix of income has changed the
Company's expected range of tax rates for 2004 to approximately 34% from
previous guidance of approximately 32%. The Company is not currently recognizing
income tax benefits associated with domestic pre-tax losses, and as such, it is
expected that the tax rate will continue to be unusually high and display
quarter-to-quarter volatility until domestic pre-tax earnings are consistently
positive, at which time the tax rate is expected to be approximately 30%.

      The Conference Call to discuss the 2004 revised guidance will begin at
8:30 a.m. Eastern Time on Tuesday, September 28, 2004 and last approximately 45
minutes. Those wishing to participate should call 1-888-634-4003 for Domestic,
and +1-706-634-6653 for International. Please use the conference ID 1133622 and
call approximately 10 minutes before the start time. The Conference Call will
also be webcast in the Investor Relations section of the Cambrex website located
at www.cambrex.com. The webcast will be available for approximately thirty (30)
days following the call.

      A replay of the Conference Call will be available approximately two hours
after the completion of the call through the end of business day, Tuesday,
October 5, 2004 by calling 1-800-642-1687 for Domestic, and +1-706-645-9291 for
International. Please use the conference ID 1133622 to access the replay.



[SIDEBAR GRAPHIC]


FORWARD LOOKING STATEMENTS

      This news release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and Rule 3B-6 under The
Securities Exchange Act of 1934, including, without limitation, statements
regarding expected performance, especially expectations with respect to sales,
research and development expenditures, earnings per share, capital expenditures,
acquisitions, divestitures, collaborations, or other expansion opportunities.
These statements may be identified by the fact that words such as "expects",
"anticipates", "intends", "estimates", "believes" or similar expressions are
used in connection with any discussion of future financial and operating
performance. The forward-looking statements contained herein are based on
current plans and expectations and involve risks and uncertainties that could
cause actual outcomes and results to differ materially from current expectations
including but not limited to, global economic trends, pharmaceutical outsourcing
trends, competitive pricing or product developments, government legislation
and/or regulations (particularly environmental issues), tax rate, technology,
manufacturing and legal issues, unfavorable results shipments, changes in
foreign exchange rates, performance of minority investments, un-collectable
receivables, loss on disposition of assets, cancellation or delays in renewal of
contracts, and lack of suitable raw materials or packaging materials. For
further details and a discussion of these and other risks and uncertainties,
investors are cautioned to review the Cambrex Annual Report on Form 10-K,
including the Forward-Looking Statement and Risk Factors That May Impact Future
Results sections therein, and other filings with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future events
or otherwise.

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