Abraxis Bioscience, Inc. (1409012) SEC Filing 10-Q Quarterly report for the period ending Wednesday, June 30, 2010

Exhibit 99.1

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Los Angeles, CA 90025

News Release

ABRAXIS BIOSCIENCE REPORTS

FIRST QUARTER 2010 FINANCIAL RESULTS

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.

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