Canadian pharmaceutical developer Draxis Health reported that its fiscal 2006 first-quarter (end-March 31) revenues and earnings were below the first quarter of 2005, but were an improvement over the immediately preceding fourth quarter of 2005.
Revenue for the Mississauga, Ontario-based firm declined 16% to $19.1 million (U.S.), compared with $22.8 million in the first quarter of 2005. Net income declined to $1.7 million, down from $3.3 million in the same quarter a year ago.
The company noted that first-quarter 2005 revenues included $900,000 of contingent milestones received as part of the sale of its Canadian pharmaceutical sales and marketing business to Shire BioChem. It also observed that the first quarter of 2006 was impacted by reduced production in the sterile products area of its contract manufacturing segment during the early part of the quarter, which will not achieve normal production levels until March.
By AuntMinnie.com staff writers
May 11, 2006
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