Canadian radiopharmaceutical developer Draxis Health reported solid gains in revenues and a slight dip in net income for its 2005 fiscal year (end-December 31).
For the period, the Mississauga, Ontario, company posted consolidated revenues of $79.4 million U.S., up 15% from the $69.3 million posted in fiscal 2004. The company's 2005 net income was $7.8 million, a minor downturn compared with the $7.9 million in net income recorded for 2004.
The firm reported that it experienced an extended shutdown of its sterile products area during the third quarter of 2005, which impacted productivity and profitability for the second half of the fiscal year. In addition, the extended shutdown has delayed by several months the introduction of new contract manufacturing business as Draxis allocated production capacity preferentially to its existing customers, the company said.
By AuntMinnie.com staff writers
February 10, 2006
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