Abraxis BioScience Inc. reported fourth quarter net income of $28.4 million (18 cents per share), a 992 percent jump from $2.6 million (2 cents) for the same period a year earlier.
Analysts’ expected 16 cents per share.
Revenue for the Los Angeles-based biotech firm also surged 76 percent to $257 million spurred by robust sales of the company’s hospital-based products.
For the year, the company took a net loss of $46.9 million due to escalating research and development costs revenues jumped 47 percent to a record of $766.
Shares in Abraxis were up 4 percent ($1.06) to $27.27 in afternoon trading Monday.