Abraxis reports record third-quarter revenue of $203.1 million

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Abraxis BioScience, Inc. said its total revenue rose by 57% to a record $203.1 million for the third quarter ended Sept. 30 from $129.6 million for the third quarter of 2005.

The total for the third quarter of 2006 includes AstraZeneca plc's U.S. branded anesthetic and analgesic injectable portfolios, which Abraxis acquired in the third quarter.

"Our margins remain strong, our hospital-based division revenues are robust and growing, and we are making positive change within the organization to improve operations," chairman and chief executive officer Patrick Soon-Shiong said in a company news release.

Adjusted net income per diluted share was up at $0.21 for the quarter, compared with $0.06 for the prior-year period.

Abraxane (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) revenue for the quarter increased to $52.3 million, which included $40.2 million of net sales and recognition of $9.1 million of deferred revenue related to the company's U.S. co-promotion agreement with AstraZeneca.

Abraxis said Abraxane shows a positive trend in market penetration for metastatic breast cancer. For the period between February 2006 and September 2006 versus the same period of 2005, Abraxane unit growth rose by 64% and the overall taxane market grew by 11%, according to the release.

Hospital-based product revenue for the third quarter increased 55% to $150.1 million from $96.7 million for the third quarter of 2005.

The company ended the quarter with $30.8 million of cash and cash equivalents, compared with $28.9 million at Dec. 31, 2005.

Abraxis an integrated biopharmaceutical company located in Los Angeles.

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