Abraxis BioScience (ABII)

Year-to-Date 2008 Financial Results

Net revenue for the nine-month period ended September 30, 2008 was $253.1 million, compared with $242.9 million for the prior year period. Revenue from sales of ABRAXANE^® for the nine months ended September 30, 2008 increased 4.2 percent to $245.8 million, compared with $235.9 million for the same period in 2007. Net revenue for the nine months ended September 30, 2008 included recognized deferred revenue of $29.6 million relating to the co-promotion agreement and the license agreements with Taiho and Green Cross, compared with $29.4 million of recognized deferred revenue for the same period last year.

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Abraxis BioScience, Inc.

2008 Third Quarter Financial Results

Gross profit for the nine months ended September 30, 2008 was $223.5 million, or 88.3 percent of net revenue, compared with $216.7 million, or 89.2 percent of net revenue, for the same period in 2007, with the decrease primarily due to lower production volumes in the second quarter of 2008.

Research and development expense for the nine months ended September 30, 2008 increased to $66.6 million, or 26.3 percent of net revenue, compared with $61.4 million, or 25.3 percent of revenue, for the same period in 2007.

Selling, general and administrative expenses for the nine months ended September 30, 2008 decreased $25.9 million to $152.0 million, or 60.1 percent of net revenue, versus $177.9 million, or 73.3 percent of net revenue, for the same period in 2007. The decrease was due primarily to higher legal costs incurred in the second quarter of 2007, reduced shared marketing expenses under the co-promotion agreement and lower marketing expenses.

The nine-month period ended September 30, 2008 included a litigation charge of $57.6 million, including accrued interest, related to litigation with Élan Pharmaceutical Int’l Ltd in the second quarter. The Company has filed various post trial motions and is appealing the jury ruling.

Abraxis also recorded a $13.9 million one-time charge for acquired in-process research and development in connection with the company’s acquisition of Shimoda Biotech and Platco Technologies in April 2008. As previously mentioned, in the third quarter, the company recorded an impairment charge totaling $9.2 million for the anticipated sale of certain property, plant and equipment.

Interest income for the nine months ended September 30, 2008 was approximately $15.4 million, compared with approximately $557,000 in the prior-year period, due primarily to interest earned on the $700 million cash contribution to the company in connection with the separation from APP Pharmaceuticals, Inc. in November 2007.

Other expenses for the nine months ended September 30, 2008 increased to $4.9 million from $106,000 in the comparable period in 2007, due primarily to a write-down of marketable securities whose decline in values were determined to be other than temporary.

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Abraxis BioScience, Inc.

2008 Third Quarter Financial Results

On a GAAP basis, and including the previously described one-time charges related to litigation costs and acquired in-process research in the second quarter of 2008 as well as third quarter one-time charges related to impairment, the company reported net loss of $94.9 million, or $2.37 per share, for the nine months ended September 30, 2008, compared with a net loss of $36.4 million, or $0.91 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 nine-month periods in 2008 and 2007, which excludes from net loss and net loss per diluted share, in-process research and development charges, realized loss on marketable securities, amortization of acquired intangible assets, litigation costs, impairment charge, pre-launch costs associated with the company’s Phoenix manufacturing facility, and the impact of non-cash stock compensation expense.

(Reconciliation tables appear below.)