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Financial Report: Cangene

BAT and manufacturing revenues decline

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By: Kristin Brooks

Managing Editor, Contract Pharma

Cangene
 
1Q Revenues: $24.6 million (-33%)

1Q Loss: $5.2 million (earnings were $5.9 million 1Q13)

Comments: Results were impacted by reduced revenues for the company’s Botulism Antitoxin (BAT), along with decreased commercial contract manufacturing revenue. The prior-year quarter also included $3.3 million of revenue from sales of non-specialty plasma, which the company no longer sells. Loss in the quarter is attributed to higher R&D expenses related to the acquisition and development of IB1001 and expenses related to the sale transaction with Emergent BioSolutions. Cangene received marketing authorization for WinRho 1500 LQ in Portugal in the quarter, and was awarded a $264-million anthrax immune globulin contract, as well as vaccinia immune globulin intravenous contract extension by the U.S. government.

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