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11755 Wilshire Blvd., 20th Floor
Los Angeles, CA 90025
ABRAXIS BIOSCIENCE REPORTS 2008 FOURTH QUARTER AND
FULL-YEAR FINANCIAL RESULTS
ABRAXANE Revenue for 2008 Fourth Quarter Grows to $89.8 Million; Increases to $335.6 Million for Full Year
Company Re-acquires Exclusive Rights to Market ABRAXANE in the U.S.
Abraxis Reports Full Year Net Loss of $276.8 Million, or Adjusted Net Income of $11.2 Million, Excluding Re-Acquisition Costs Related to U.S. ABRAXANE Rights of $158.9 Million
On a per share basis Company Reports Net Loss of $6.91, or Adjusted Net Income of $0.28, Excluding Re-Acquisition Costs of $3.94
ABRAXANE Launched in UK and Australia
ABRAXANE Closed 2008 with Continued Taxane Market Leadership, Capturing Highest All-time Share of 37.7 Percent in December 2008 in Metastatic Breast Cancer
LOS ANGELES, Calif. March 3, 2009 Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Highlights
Net revenue increased 1.5 percent to $92.2 million, compared with $90.8 million for the prior year period. Revenue from sales of ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) for the fourth quarter of 2008 was $89.8 million, compared with $88.8 million for the same period in 2007. Net revenue included recognition of revenue of $9.9 million initially deferred relating to the co-promotion agreement with AstraZeneca and license agreements with Taiho of Japan and Green Cross of South Korea, similar to the 2007 fourth quarter.
The following information was filed by Abraxis Bioscience, Inc. on Tuesday, March 3, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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