SUBSCRIBE Blog with us: BLOGbiotech

Breaking News

• Email
• Print
• Share
• More News

Aug 9 2007, 8:05 AM EST

Abraxis BioScience Reports Second Quarter 2007 Revenue of $243 Million versus $161 Million in Prior Year Period

News source: Business Wire

Abraxis BioScience, Inc. (NASDAQ:ABBI), an integrated, global biopharmaceutical company, today reported unaudited financial results for the second quarter ended June 30, 2007.

Second quarter 2007 revenue increased 50.9 percent to $242.5 million, versus $160.7 million in the second quarter of 2006. Revenue for company-wide, hospital-based products in the second quarter of 2007 was $160.0 million, a 32.7 percent increase from the prior year quarter. For the second quarter of 2007, ABRAXANE(R) (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) revenue increased 116.7 percent to $78.7 million, including deferred revenue of $9.1 million, versus $36.3 million in the prior year period. Company-wide gross profit for the second quarter of 2007 was $156.9 million, or 64.7 percent of total revenue, as compared to $93.1 million, or 57.9 percent of total revenue, in the same quarter of 2006.

The company posted adjusted net income and adjusted net income per diluted share, which, in each case, excludes merger-related items, non-cash stock compensation expense and other items, as follows:

                                           Q2 2007          Q2 2006
----------------------------------------------------------------------
  Adjusted net income (millions)                $41.0            $25.8
----------------------------------------------------------------------
  Adjusted net income per diluted share         $0.26            $0.16
----------------------------------------------------------------------

On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the company reported net income and net income per diluted share as follows:

                                           Q2 2007          Q2 2006
----------------------------------------------------------------------
  Net income/(loss) (millions)                   $23.1         $(90.8)
----------------------------------------------------------------------
  Net income/(loss) per diluted share            $0.14         $(0.57)
----------------------------------------------------------------------

The attached table provides additional information regarding the basis for the adjusted net income per diluted share calculation, and the rationale for providing such information is included toward the end of this release.

"The second quarter of 2007 was a very eventful quarter for Abraxis BioScience. In addition to announcing our proposed separation, we also continued to execute our business strategies for each operating unit. We increased market penetration of ABRAXANE, launched three new hospital-based products, continued to make strides in optimizing our manufacturing operations, and entered into new strategic agreements that have the ability to expand our proprietary pipeline," said Patrick Soon-Shiong, M.D., chairman and chief executive officer of Abraxis BioScience.

Segment Reporting

On July 2, 2007, the company announced that its board of directors had approved a plan to separate its proprietary business - Abraxis Oncology and Abraxis Research (the new Abraxis BioScience or "ABI") - from its hospital-based business - Abraxis Pharmaceutical Products (APP). Until the separation is complete, the company will continue to report in two segments: the ABI segment, which represents the combined operations of the proprietary business; and the APP segment. The ABI segment focuses primarily on the company's internally developed proprietary product, ABRAXANE, and its proprietary pipeline. The APP segment manufactures and markets one of the broadest portfolios of injectable drugs, including oncology, critical care and anti-infectives, and markets the company's anesthetic/analgesic products. The attached tables provide

• Email
• Print
• Share
• More News

CAREER CENTER

WEBINARS

PODCASTS

MOST POPULAR