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Financial Report: Abraxis BioScience

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Abraxis BioScience, Inc.

2Q Revenue: $242.5 million (+51%)

2Q Earnings: $23.1 (loss of $90.8 million 2Q2006)

YTD Revenues: $454.7 million (+49%)

YTD Earnings: $34.2 (loss of $88.9 million YTD2006)

Comments: In the quarter, Abraxane revenue was up 116.7% to $78.7 million. The company recently announced plans to separate its proprietary business, Abraxis Oncology and Abraxis Research (ABI), from its hospital-based business, Abraxis Pharmaceutical Products (APP). Until the separation is complete, the company will continue to report in two segments: the ABI segment and the APP segment. ABI segment gross margin for the quarter was 92.2% compared to 86.5% in 2Q2006. R&D expenses were $15.5 million in the quarter up 5% but are expected to be to be in the range of $120 million to $130 million in 2007 as a result of acquisitions, licensing, and collaborations. Hospital-based product revenue for the APP segment in the quarter increased 32.6% to $159.3 million. This includes sales of $36.1 million from the anesthetic/analgesic products acquired from AstraZeneca in June 2006. R&D expenses were $12.9 million for the quarter up from $6 million due to the expense associated with its Puerto Rico manufacturing facility.

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