American Pharmaceutical Sinks After Hours

The company doesn't expect to get approval for Ceftriaxone for injection in the near term.
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American Pharmaceutical Partners

(APPX)

doesn't expect to get approval for Ceftriaxone for injection in the near term, citing information the drug company received this week from a raw material supplier that was inspected by the Food and Drug Administration.

The company said the development doesn't affect any currently marketed products, and American Pharmaceutical said its previous guidance of 8% to 10% annual growth in its core generic injectable business remains unchanged.

Shareholders were concerned however, sending American Pharmaceutical down $4.85, or 11%, to $40.70 in extended trading.

American Pharmaceutical, of Schaumburg, Ill., develops and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets.