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Financial Report: Cangene FY

Revenue up 15% in the quarter

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Cangene 

FY Revenues: $127.3 million (+15%)

FY Earnings: $1.4 million (loss of $28.3 million FY12)

Comments: Product services revenue was $71 million, up 55%. R&D services revenue was $12.7 million, down 23%. Revenue growth primarily resulted from an $18.6 million holdback payment received following FDA approval of the company’s Botulism Antitoxin, developed under a U.S. government contract, as well as increased Varizig sales following FDA approval earlier this year, and the launch of episil. Cangene bioPharma’s contract manufacturing revenue increased by $5.4 million. The revenue increase was partially offset by a $5 million decline in biopharmaceutical product sales.

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