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ABRAXIS BIOSCIENCE REPORTS
FIRST QUARTER 2010 FINANCIAL RESULTS
ABRAXANE® First Quarter 2010 Revenue Grows 25% to $88 Million Compared to the First Quarter of 2009
Company Reports First Quarter 2010 Net Loss for Common Shareholders of $3 Million, or $0.07 Per Share, with Adjusted Net Income of $9 Million, or $0.22 Per Share
LOS ANGELES, Calif. May 6, 2010 Abraxis BioScience, Inc. (NASDAQ: ABII), a fully integrated biotechnology company, today reported unaudited financial results for the first quarter ended March 31, 2010.
First Quarter 2010 Highlights
Net revenue for the first quarter of 2010 was $110.8 million compared with $72.6 million for the first quarter of 2009. ABRAXANE® revenue for the first quarter of 2010 increased to $87.9 million compared with $70.1 million for the first quarter of 2009. Other product revenue and other revenue for the first quarter of 2010 increased to $22.9 million from $2.5 million in the first quarter of last year, primarily due to increased sales of raw material products and sales from Drug Source Company, LLC, an entity in which we obtained a controlling interest during the first quarter of 2010 and whose results of operations are now required to be consolidated into our financial statements.
Gross profit for the first quarter of 2010 was $88.2 million, or 80 percent of net revenue, compared with $63.5 million, or 87 percent of net revenue, for the first quarter of 2009. While gross profit increased due to higher sales volumes in the United States as well as increased net selling prices globally, the decrease in gross margin as a percentage of net revenue was caused primarily by an increase in sales of lower margin raw material products.
The following information was filed by Abraxis Bioscience, Inc. on Thursday, May 6, 2010 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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