American Pharma Partners '02 profit rises 258% on sales

26 February 2003 17:19  [Source: ICIS news]

HOUSTON (CNI)--US specialty drug company American Pharmaceutical Partners (APP) said Wednesday 2002 net income increased 258% to $45.2m (Euro41.9m) or 90 cent/share compared with 2001 net income of $12.6m or 30 cent/share on a 44% increase in sales.

For the year ended 31 December, the Los Angeles, California-based firm reported sales of $277.5m.

Patrick Soon-Shiong, APP chairman, president and chief executive officer, said the company's ongoing growth validates APP's fundamentally sound business model, which includes an integrated raw material strategy, deep product pipeline development, rapid abbreviated new drug applications (aNDA) approval track record, quality manufacturing capability and strong customer relationships.

He added: "With 13 product approvals in 2002, two approvals already announced in 2003 and 14 aNDAs currently pending at the US FDA [Food and Drug Administration], APP is well positioned for sustained growth and profitability."

APP is projecting 2003 net sales will rise 20% with net income increasing 20-25% over 2002 levels.

The company said it would provide more specific guidance when it releases second quarter earnings in July.

By: Mike Sheridan
+1 713 525 2653

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