Abraxis BioScience Q4 net loss widens to $181.9m

Published: 06-Mar-2009

Net revenue increased by 1.5%

Abraxis BioScience, a fully integrated biotechnology company, has reported a net loss of $181.9m, or $4.54 per share, for the fourth quarter of 2008, compared with a net loss of $5.2m, or $0.13 per share, for the fourth quarter of 2007.

Net revenue increased 1.5% to $92.2m for the fourth quarter of 2008, compared with $90.8m for the prior-year period.

For the full year 2008, net revenue increased 3.5% to $345.3m, compared with $333.7m for the prior year. The company reported a net loss of $276.8m, or $6.91 per share, for 2008, compared with a net loss of $41.6m, or $1.04 per share, in 2007.

Patrick Soon-Shiong, chairman and CEO of Abraxis BioScience, said: In 2008, we made considerable achievements building our Abraxane commercial franchise on a global basis. We established a new infrastructure in Europe and launched Abraxane in the UK, Australia, India and the United Arab Emirates.

With the early 2009 launch in Germany and approval to market Abraxane in China, Korea, together with the expected launches in the balance of the EU countries, we have substantial additional market opportunities for 2009 and beyond. Coupled with several strategic acquisitions and a reinforced infrastructure, we believe we are well poised for continued success.

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