Abraxis BioScience Inc. said Thursday that it had swung back to a profit thanks to strong sales of its breast cancer drug Abraxane during the quarter.

Abraxis reported second-quarter net income of $23 million (14 cents per share), compared to a loss of $91 million (minus 57 cents) from the same period a year earlier.

The Los Angeles-based company reported adjusted earnings per share of 26 cents, which excludes merger-related items, non-cash stock compensation expense and other items, compared with 16 cents in the year-ago quarter. That beat analyst expectations.

Sales rose 51 percent to $243, thanks mainly to a 117 percent growth in sales of its breast-cancer drug Abraxane.

Shares in Abraxis were up $1.26, or 5.5 percent, to $24.30 in afternoon trading Thursday on the Nasdaq.