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ABRAXIS BIOSCIENCE REPORTS 2009 FIRST QUARTER
ABRAXANE® Revenue of $71 Million for the First Quarter Since Re-acquiring Exclusive U.S. Marketing Rights
Company Reports Net Loss for Common Shareholders of $23 Million, or $0.57 Per Share, or Adjusted Net Loss for Common Shareholders of $6 Million, or $0.14 Per Share
ABRAXANE Data to be Presented at ASCO 2009 Includes Biomarker SPARC Correlative Data and Results of Combination Therapy Trials
LOS ANGELES, Calif. May 7, 2009 Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the first quarter ended March 31, 2009.
As of January 2, 2009, the company re-acquired the exclusive rights to market ABRAXANE® (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 original co-promotion agreement.
Net revenue for the first quarter of 2009 was $72.6 million compared with $82.1 million for the first quarter of 2008. Net revenue for the first quarter of 2009 included $0.8 million of recognized deferred revenue compared with $10.2 million for the same period last year. Revenue from sales of ABRAXANE for the first quarter of 2009 was $70.6 million compared with $79.9 million for the same period in 2008, which included recognition of deferred revenue of $9.1 million. Excluding the recognition of deferred revenue, total ABRAXANE revenue for the first quarter of 2009 was $70.6 million compared with $70.8 million for the comparable period in 2008.
The following information was filed by Abraxis Bioscience, Inc. on Thursday, May 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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