Strong growth in contract manufacturing and an uptick in radiopharmaceutical sales fueled a surge in first-quarter revenues for Draxis Health of Mississauga, Ontario.
For the period (end-March 31), revenues from continuing operations increased 62% to $22.8 million (U.S.) from $14.1 million in the first quarter of 2004. Revenues from product sales in the quarter were $20.5 million, up 68% over the $12.2 million from the first quarter of 2004.
Net income from continuing operations in the first quarter of 2005 was $3.3 million, a growth of 137% compared with the $1.4 million in net income posted for the first quarter of 2004, Draxis said.
Contract manufacturing continues to take the lead in growth at the firm, increasing 90% over last year's first quarter and posting an operating margin of 19.4% as a result of its focus on the production of sterile products. Radiopharmaceutical product sales for the first quarter of 2005 were 9% ahead of first-quarter 2004, but this was lower than anticipated, Draxis said.
By AuntMinnie.com staff writers
May 12, 2005
Related Reading
Draxis names president of radiopharmaceuticals group, April 27, 2005
Draxis begins Infecton trial, September 21, 2004
Draxis Health books record revenues, August 12, 2004
Draxis ups gains in Q1, May 13, 2004
Draxis acquires remainder of Draxis Pharma, April 23, 2004
Copyright © 2005 AuntMinnie.com
