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August 13th, 2007
Huge increases in revenue usually drive stock prices upward, but Abraxis BioScience's (Nasdaq: ABBI) stock has fallen 15% from its high last week, despite releasing a stellar earnings report. It appears that investors -- myself included -- are having trouble determining the future value of the company after its breakup later this year.
For the quarter, revenue rose 51% year over year, to $242.5 milllion. Much of that increase was due to Abraxis' nanoparticle drug ABRAXANE, which saw a 117% increase in revenue, including deferred revenue of $9.1 million from a $200 million upfront payment from marketing partner AstraZeneca (NYSE: AZN). According to June's IntrinsQ data, ABRAXANE is now the leading taxane given to metastatic breast cancer patients, surpassing Bristol-Myers Squibb's (NYSE: BMY) Taxol and Sanofi-Aventis' (NYSE: SNY) Taxotere.
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