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GEN News Highlights : Feb 26, 2007

Abraxis Achieves Record Revenues

The company saw a 47% increase in total revenue for 2006.

Abraxis BioScience reported financial results for the full year and fourth quarter ending December 31, 2006. Total revenue increased 47% in 2006 to a record $765.5 million from $520.8 in 2005. Revenue for company-wide, hospital-based products reached a record $584.4 million in 2006, a 52% increase from the prior year. Annual 2006 Abraxane® (paclitaxel protein-bound particles for injectable suspension) revenue increased to $174.9 million versus $133.7 million in 2005.

"Last year was an important year for Abraxis," reports Patrick Soon-Shiong, M.D., chairman and CEO of Abraxis BioScience. "In addition to achieving our highest revenues to date, we made strategic acquisitions that enhanced our product offerings and manufacturing capabilities; defined our divisions enabling each to capitalize on strategic opportunities and operate more efficiently; and continued to drive sales of Abraxane while advancing our clinical programs. As we explore additional partnerships and other strategic opportunities, we believe 2007 will prove to be another important year in the evolution of Abraxis."