Abraxane rights cost deepens Abraxis' loss
US company Abraxis BioScience's loss deepened more than five-fold, year-on-year for 2008, on costs for the re-purchase of rights to lead drug Abraxane (albumin-bound paclitaxel; Marketletter December 1, 2008).
Revenue rose 3% to $345.3 million, driven primarily by sales of Abraxane, which were up 3% to $335.6 million. R&D expenses were $103.6 million, rising 17%.
The company's net loss was $276.8 million, or $6.91 loss per share, versus a loss of $41.6 million, or $1.04 loss per share. As of December 31, 2008, the firm had $306.4 million in cash and cash equivalents, down 57% from the end of the previous year.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze