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Abraxis Posts Earnings Miss
Abraxis BioScience(ABBI Quote) missed on third-quarter earnings and revenue as it prepares to separate its surging Abraxane business from its more sluggish hospital-based product segment.
The biopharmaceutical company on Thursday reported adjusted earnings of $23.1 million, or 15 cents a share, up from $16.7 million, or 10 cents a share, in the year-ago period. And the company reported revenue of $241 million, up from $203.1 million in the 2006 quarter but falling shy of the Thomson Financial analyst estimates of 22 cents a share on revenue of $253.9 million.
Sales of breast cancer treatment Abraxane increased 65% to $86.4 million, vs. $52.3 million in the 2006 period. ...
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