Strong growth in radiopharmaceutical sales and contract manufacturing contributed to a surge in first-quarter revenues for Draxis Health of Mississauga, ON.
For the period (end-March 31), revenues from continuing operations in the first quarter of 2004 increased 40% to $14.1 million (U.S.) from $10.1 million in the first quarter of 2003. Revenues from product sales in the quarter were $12.2 million, up 76% over $7 million the first quarter of 2003.
Royalty and licensing revenues in the quarter were down $1.2 million compared to the first quarter of 2003, but were up $200,000, or 14.2%, excluding the recognition of $1.4 million of deferred revenue in the first quarter of 2003 related to the termination of a BrachySeed distribution agreement.
Net income from continuing operations in the first quarter of 2004 was $1.4 million, compared with $800,000 for the first quarter of 2003, Draxis said.
By AuntMinnie.com staff writers
May 13, 2004
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