The company posted a GAAP net loss of $8.4 million or $0.05 per share, compared to net income of $13.6 million or $0.08 per share in the prior year quarter. The result included sale of inventory written up to fair-market value and intangible amortization.
Excluding items, adjusted net income would have been $23.1 million or $0.15 per share, compared to $16.7 million or $0.10 per share in the year-ago quarter.
Revenue for the third quarter increased 18.6% to $241.0 million from $203.1 million in the same quarter of last year.
Abraxane or paclitaxel protein-bound particles for injectable suspension, improved to 65.1% to $86.4 million f5rom $52.3 million in the year-ago quarter.
Gross profit rose to $144.4 million or 59.9% of total revenue from $117.7 million or 58.0% of total revenue in the third quarter of 2006.
For nine months of 2007, net income was $25.8 million or $0.16 per share, compared to a loss of $75.3 million or $0.47 per share in the previous year period. Excluding items, adjusted net income would have been $93.9 million or $0.58 per share, compared to $79.8 million or $0.50 per share in the year-ago quarter.
Total revenue for the year-to-date period increased to $695.7 million from $508.4 million in the preceding year period.
ABBI is currently trading at $22.33, down $1.89 or 7.80%.
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