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ABRAXIS BIOSCIENCE REPORTS 2009 THIRD QUARTER
Third Quarter Highlights:
Sales of ABRAXANE® Grows to $83 Million, Representing a 10 Percent Sequential Quarterly Increase
The Independent Data Monitoring Committee For the ABRAXANE Non-Small Cell Lung Cancer Phase lll Clinical Trial has Recommended the Trial Proceed to Completion without Changes to the Sample Size
The FDA has Granted ABRAXANE Orphan Drug Status For the Treatment of Pancreatic Cancer and Stage IIb-IV Melanoma
Pivotal Phase lll Clinical Trials in Non-Small Cell Lung Cancer, Pancreatic Cancer and Melanoma Continue to Move Forward
LOS ANGELES, Calif. November 5, 2009 Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the third quarter ending September 30, 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 original co-promotion agreement.
Net revenue for the third quarter of 2009 was $96.6 million compared with $93.4 million for the third quarter of 2008. ABRAXANE revenue for the third quarter of 2009 was $82.9 million compared with $92.0 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 remained steady at $82.9 million for both the third quarter of 2009 and 2008. Other revenue for the third quarter of
The following information was filed by Abraxis Bioscience, Inc. on Thursday, November 5, 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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