Strong growth in radiopharmaceutical sales contributed to a 46% jump in third-quarter revenues for Draxis Health of Mississauga, ON. For the period (end-September), Draxis posted revenues from continuing operations of $13 million, compared with revenues of $8.9 million in the third quarter of 2002.
The firm’s third-quarter net income was $5.8 million, to which continuing operations contributed $1.7 million. Draxis had net income of $392,000 in the third quarter of 2002, to which continuing operations contributed $535,000. Draxis in July sold off its Draxis Pharmaceutica division, which it classified as discontinued operations in its third-quarter results.
The company said that sales of higher-margin radiopharmaceutical products contributed to growing earnings, while the Draxis Pharmaceutica sale strengthened the company’s balance sheet. The deal produced $19 million in proceeds, of which $16.1 million was cash with $2.9 million consisting of potential future product royalties.
By AuntMinnie.com staff writersNovember 6, 2003
Related Reading
Draxis scores patent, October 2, 2003
DraxImage begins Infecton Phase II trials, July 31, 2003
Draxis divests Draxis Pharmaceutica, July 23, 2003
DraxImage, Bristol-Meyers Squibb extend partnership, July 2, 2003
Draxis shuffles management, June 3, 2003
Copyright © 2003 AuntMinnie.com
