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DRAXIS Health Reports Fourth Quarter and Year End Results

MONTREAL, Feb. 7 /PRNewswire-FirstCall/ - DRAXIS Health Inc. (TSX: DAX); (Nasdaq: DRAX) reported financial results for the fourth quarter and the year ended December 31, 2007. Results for the fourth quarter of 2007 compared to the fourth quarter of 2006 were impacted by lower product sales in both the contract manufacturing and the radiopharmaceutical business segments, compounded by the significantly stronger Canadian dollar in the fourth quarter of 2007 relative to the same quarter in 2006. All amounts are expressed in U.S. dollars.


- Consolidated revenues for the fourth quarter of 2007 were

$20.5 million compared to $24.4 million in the fourth quarter of

2006; consolidated revenues for the full year 2007 were

$78.9 million compared to $89.0 million in 2006. The revenue decline

was largely due to lower product sales in contract manufacturing,

primarily sterile products, plus the loss of the non-cash Anipryl(R)

deferred revenue amortization in 2007. Radiopharmaceutical product

sales were also impacted by industry shortages of medical isotopes

and the temporary suspension of production of one customer's private

label radioactive product. Product sales for the fourth quarter of

2007 were $20.0 million versus $23.1 million for the fourth quarter

of 2006.

- Operating loss for the fourth quarter was $1.2 million in 2007

compared to operating income of $4.3 million in 2006; full year 2007

operating income was $2.1 million in 2007 and $15.0 million in 2006.

- For the fourth quarter of 2007, diluted EPS was negative 1 cent (or

positive 2 ce

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