Abraxis’s annual revenues surge

Gross profit increased to $299.2 million in 2007, or 89.7% of net revenue, compared with $161.1 million, or 88.4% of net revenue, in 2006. On a GAAP basis, the company reported a net loss of $41.6 million in 2007, or a net loss of $1.04 per share, versus a net loss of $124.6 million in 2006, or a net loss of $3.11 per share.

The company’s net revenue in the fourth quarter of 2007 increased 58.2% to $90.8 million, compared with $57.4 million in the same period in 2006. Gross profit for the fourth quarter of 2007 was $82.5 million, or 90.9% of net revenue, compared with $53.2 million, or 92.7% of net revenue, in the 2006 fourth quarter. On a GAAP basis, the company reported a net loss of $5.2 million for the fourth quarter of 2007, or a net loss of $0.13 per share, versus a net loss of $5.0 million, or a net loss of $0.12 per share, for the fourth quarter of 2006.

Patrick Soon-Shiong, chairman and CEO of Abraxis BioScience, said: “The increasing revenue and expanding global presence of Abraxane, combined with our registration studies for Abraxane both underway and planned, provide multiple opportunities for the continuing growth of Abraxis.”