Double-digit advances in its contract manufacturing and radiopharmaceuticals segments stoked revenue and earnings growth for Canadian pharmaceutical firm Draxis Health in its fiscal 2006 fourth quarter and year (end-December 31).
The Mississauga, Ontario, company posted revenues of $24.4 million (U.S.) in the fourth quarter, up 31% from $18.6 million in the fourth quarter of 2005. Net income more than tripled to $3.7 million, compared with $1.1 million in the same quarter a year ago.
Revenue for the fiscal year was $88.9 million, a strong showing compared with $79.4 million for fiscal 2005. Net income reached $11.5 million, a robust gain compared with the $7.7 million posted last year.
The firm noted that comparisons with fiscal 2005 should take into account that an extended scheduled shutdown severely constrained earnings in the third and fourth quarters of that year.
By AuntMinnie.com staff writers
February 8, 2007
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