Abraxis BioScience, Inc. a fully integrated biotechnology company, reported unaudited financial results for the second quarter ended June 30, 2009.
As of January 2, 2009, the company re-acquired the exclusive rights to market ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) in the U.S. As a result, beginning in 2009, the company no longer recognizes deferred revenue related to the original co-promotion agreement.
Net revenue for the second quarter of 2009 was $85.1 million compared with $77.6 million for the second quarter of 2008. Revenue from sales of ABRAXANE for the second quarter of 2009 was $75.2 million compared with $73.8 million for the same period in 2008, which included recognition of deferred revenue of $9.1 million related to the co-promotion agreement. Excluding the recognition of deferred revenue, total revenue from sales of ABRAXANE for the second quarter of 2009 grew 16 percent to $75.2 million compared with $64.7 million for the same period in 2008. Other revenue for the second quarter of 2009 increased to $10.0 million from $3.8 million in the comparable period last year, primarily due to increased raw material sales.
Gross profit for the second quarter of 2009 was $70.5 million, or 83 percent of net revenue, compared with $67.7 million, or 87 percent of net revenue, for the second quarter of 2008. Excluding the recognition of deferred revenue, gross margin for the second quarter of 2009 was 83 percent versus 85 percent for the same period in 2008.
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