Double-digit advances in its contract manufacturing and radiopharmaceuticals segments fueled revenue and earnings growth for Canadian pharmaceutical firm Draxis Health in the third quarter (end-September 30).
The Mississauga, Ontario, company posted revenues of $21.2 million (U.S.) in the third quarter, up 22% from $17.5 million in the third quarter of 2005. Net income more than doubled to $2.6 million, compared with $1.1 million in the same quarter a year ago.
Revenues for the first nine months of 2006 were $64.6 million, compared with $60.8 million in the same period of 2005. Net income reached $7.9 million, a 17% gain over $6.7 million in the same period a year ago.
Contract manufacturing continues to account for the bulk of Draxis' revenues. The segment achieved a 25% gain, to $14.5 million in the third quarter, while nine-month revenues totaled $46.4 million, up 10% from the same period of 2005.
By AuntMinnie.com staff writers
November 2, 2006
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