Abraxis: second-quarter net sales up 29% to $160.7 million

By Lisa Kerner

Charlotte, N.C., Aug. 3 - Abraxis BioScience, Inc. said for the second-quarter 2006, net sales grew 29% to $160.7 million.

The company reported a net loss of $90.8 million, or $0.57 per diluted share, for the quarter ended June 30, down from net income of $1.0 million, or $0.01 per diluted share, in the prior-year period.

For the first six months of 2006, net sales increased 24% to $305.3 million.

Abraxis reported a net loss of $88.9 million, or $0.56 per diluted share, for the first half of the year, down from net income of $16.9 million, or $0.11 per diluted share, for the same period last year.

The company revised guidance for Abraxane, anticipating 2006 sales in the range of $170 million to $190 million.

"I am very proud of the growth we have made this quarter and we will continue to invest in a comprehensive development program for both Abraxane, as well as our hospital-based business, and pursue strategic acquisitions and partnerships to augment capabilities and product offerings," chairman and chief executive officer Patrick Soon-Shiong said in a company news release.

The financial results represent the combined company formed as a result of the merger of American Pharmaceutical Partners and its parent company, American BioScience, which was completed in the second quarter.

Abraxis is an integrated global biopharmaceutical company based in Los Angeles.

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