Abraxis Bioscience, Inc. (1409012) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Exhibit 99.1

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News Release

ABRAXIS BIOSCIENCE REPORTS 2009 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

LOS ANGELES, Calif. — March 11, 2010 — Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported financial results for the fourth quarter and full year ended December 31, 2009.

As of January 2, 2009, the company re-acquired the exclusive rights to market ABRAXANE^® for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in the U.S. As a result, beginning in 2009, the company no longer recognizes deferred revenue related to the previous co-promotion agreement.

Fourth Quarter 2009 Highlights

Net revenue for the fourth quarter of 2009 was $104.7 million compared with $92.2 million for the fourth quarter of 2008. ABRAXANE revenue for the quarter of 2009 was $85.9 million compared with $89.8 million for the same period in 2008, which included recognition of deferred revenue of $9.1 million related to the co-promotion agreement. Excluding the recognition of deferred revenue, total revenue from sales of ABRAXANE for the fourth quarter of 2009 grew 6.4 percent to $85.9 million from $80.7 million for the fourth quarter of 2008. Other revenue for the fourth quarter of 2009 increased to $18.8 million from $2.3 million in the comparable period last year, primarily due to increased sales of raw material products.

Gross profit for the fourth quarter of 2009 was $84.5 million, or 81 percent of net revenue, compared with $82.8 million, or 90 percent of net revenue, for the fourth quarter of 2008. The decrease in gross margin percentage primarily reflects the increase in sales of raw material products and increased sales of ABRAXANE outside the U.S.

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