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Draxis Health 1Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Draxis Health

1Q Revenues: $19.2 million  (-9%)

1Q Loss: $2.4 million (earnings were $2.5 million in 1Q07)

Comments: Contract manufacturing revenues were $12.6 million (-11%) due to lower revenues of Genzyme’s Hectorol. Sterile products represented approximately 65% of manufacturing revenues compared to 78% in 1Q07. Radiopharmaceutical sales were $6.1 million (+6%). The increase was primarily a result of the inclusion in revenues of a chargeback for freight services beginning on April 1, 2007. 1Q07 earnings benefited from milestone payments of $0.8 million from Shire BioChem, Inc. and $0.5 million from a business interruption insurance claim.

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