Chalk River shutdown hurts Draxis' results

Feb 7, 2008

Lower product sales in its radiopharmaceutical business combined with the stronger Canadian dollar to depress revenues at Canadian radiopharmaceutical developer Draxis Health of Montreal in 2007.

Consolidated revenues slipped to $78.9 million Canadian ($78.9 million U.S.) in 2007, compared with $89 million in 2006. Net income declined to $1.6 million, compared with $11.5 million in 2006.

For the fourth quarter (end-December 31), consolidated revenues fell to $20.5 million, compared with $24.4 million in the fourth quarter of 2006. The company also posted a net loss of $551,000 in the fourth quarter, compared with net income of $3.7 million in the same quarter of 2006.

Draxis' fourth-quarter radiopharmaceutical product sales were adversely affected by the shortage of medical isotopes cased by the temporary shutdown of the Chalk River nuclear reactor in November and the temporary production suspension of one Draxis' customer's private-label radioactive product.

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