APP's 4th-qtr net profit falls 70% after spinout

USA-based APP Pharmaceuticals says that its fourth quarter profit, which fell 70% to $8.5 million, was affected by a $23.1 million loss from discontinued operations following its separation from Abraxis BioSciences earlier in the year (Marketletters passim). The firm said that, on an adjusted basis, its earnings from continuing operations for the period were up 55.4% to $29.4 million.

APP also reported that although its sales for the period had slipped 3% to $194.6 million, this had been partially offset by a reduction in operating expenditure, which fell 2.1% to $41.7 million.