Radiopharmaceutical firm Draxis Health enjoyed strong growth in revenues for its fourth quarter and 2003 fiscal year.
For the fourth quarter, Draxis posted revenues from continuing operations of $14.4 million, up 46% from $9.8 million in the fourth quarter of 2002. Revenues for the year were $49.2 million, up 27% over $38.6 million in 2002. Draxis counted as discontinued operations results from its Draxis Pharmaceutica division, which was sold in July 2003.
Fourth-quarter net income from continuing operations stood at $1.4 million, an increase of 45% compared with $1 million in the fourth quarter of 2002. Net income for the year from continuing operations was $4.7 million, up 55% compared with $3 million in 2002.
Draxis enjoyed strong growth from its core businesses, according to Dr. Martin Barkin, the company’s president and CEO. Sales in the company’s radiopharmaceutical business grew 72% in the fourth quarter of 2003 compared with the same period in 2002.
The company’s Fibrimage agent for diagnosing deep-vein thrombosis is in phase III clinical trials, with the company hoping to file for regulatory approval in the second half of 2004. Patient enrollment continues in phase II clinical trials for Infecton, an imaging agent for detecting infection and differentiating it from inflammation.
By AuntMinnie.com staff writersFebruary 6, 2004
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Draxis divests Draxis Pharmaceutica, July 23, 2003
DraxImage, Bristol-Meyers Squibb extend partnership, July 2, 2003
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