American Pharmaceutical Partners says 2005 sales up 28% to $518.8 million

By Angela McDaniels

Seattle, Feb. 17 - American Pharmaceutical Partners Inc. had net sales of $518.8 million for the year ended Dec. 31, a 28% increase over net sales of $405.0 million in 2004, according to a company news release. Full-year 2005 net sales were boosted by the February 2005 launch of cancer drug Abraxane, which generated sales of $133.7 million.

"We have exceeded, for the first time, half a billion in net sales supported by the approval and successful launch of Abraxane and the stability of the base business," president and chief executive officer Patrick Soon-Shiong said in the release.

"American Pharmaceutical Partners continues to gain momentum as exemplified by six abbreviated New Drug Application approvals received in 2005 and the five already received in 2006.

"Finally, at year-end, we announced a pivotal event for the company with the proposed merger with American BioScience Inc., creating Abraxis BioScience, a fully integrated biopharmaceutical company with global potential."

Net sales for the quarter ended Dec. 31 increased 18% to $144.8 million from $122.6 million in the fourth quarter of 2004. Fourth-quarter 2005 results included $47.5 million in net sales of Abraxane.

For the full year, net income increased 52% to $86.4 million, or $1.17 per diluted share, from $56.7 million, or $0.78 per diluted share, in 2004.

Net income in the 2005 fourth quarter increased 7% to $23.4 million, or $0.32 per diluted share, from $21.9 million, or $0.30 per diluted share, in the prior-year period.

Excluding the impact of severance and merger costs of $13.3 million, or $0.11 per diluted share, 2005 earnings were $1.28 per diluted share. For the fourth quarter of 2005, severance and merger costs totaled $7.3 million, or $0.06 per diluted share, and adjusted earnings were $0.38 per diluted share.

American Pharmaceutical Partners is a specialty drug company based in Schaumburg, Ill., that develops, manufactures and markets injectable pharmaceutical products for the oncology, anti-infective and critical care markets.

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