This excerpt taken from the ABII 8-K filed Aug 13, 2008.
Financial Results: Six Months Ended June 30, 2008 and June 30, 2007
Net revenue for the six-month period ended June 30, 2008 was $159.8 million, compared with $155.1 million for the prior year period. Revenue from sales of ABRAXANE® increased $4.2 million to $153.8 million for the period, compared with $149.6 million for the same period in 2007. Net revenue for the six-month period in 2008 included recognized deferred revenue of $20.4 million relating to the co-promotion agreement with AstraZeneca and the license agreements with Taiho and Green Cross, compared with $19.6 million of recognized deferred revenue for the same period last year.
Gross profit for the six months ended June 30, 2008 was $141.2 million, or 88.4 percent of net revenue, compared with $140.6 million, or 90.6 percent of net revenue, for the same period in 2007.
Research and development expense for the six-month period of 2008 increased 30.2 percent to $42.5 million, or 26.6 percent of net revenue, compared with $32.7 million, or 21.1 percent of revenue, for the same period in 2007.
Selling, general and administrative expenses for six months ended June 30, 2008 decreased $24.3 million to $98.0 million, or 61.3 percent of net revenue, versus $122.2 million, or 78.8 percent of net revenue, for the same period in 2007.
Interest income and other for the 2008 six-month period was approximately $11.7 million, compared with interest income and other of approximately $339,000 in the prior-year period.
On a GAAP basis, and including the previously described one-time charges related to litigation costs and acquired in-process research and development in the 2008 second quarter, the company reported a net loss of $79.8 million, or $2.00 per share, for the six months ended June 30, 2008, compared with a net loss of $19.6 million, or a loss of $0.49 per share, for the comparable period in 2007.
The table below shows adjusted net income (loss) and adjusted net income (loss) per diluted share for the six-month periods in 2008 and 2007, which exclude in-process research and development charges, amortization of acquired intangible assets, litigation costs, pre-launch
Abraxis BioScience, Inc.
2008 Second Quarter Financial Results
costs associated with the companys Phoenix manufacturing facility and the impact of non-cash stock compensation expense.
(Reconciliation tables appear below.)