DRAXIS Health Reports Fourth Quarter and Year E...(significant non-recurring items in 2007 ...),Health

Date:2/7/2008

significant non-recurring items in 2007 positively affected financial performance relative to 2006. During the first quarter of 2007 the Company received a non-recurring milestone payment of $0.8 million from Shire BioChem Inc. (Shire) and an insurance payment of $0.5 million from a business interruption insurance claim related to the extended shutdown period in 2005. The impact of these items on operating income (loss) and diluted earnings (loss) per share are included in the Schedule of Supplemental Information below.

Under the Company's Normal Course Issuer Bid, which began December 20, 2006 and which ended December 19, 2007, approximately $0.7 million has been returned to shareholders as of December 31, 2007 through the repurchase for cancellation of 130,100 common shares at an average price of $5.27 (CDN$5.21).

On January 16, 2008 DRAXIS received approval from the Toronto Stock Exchange (TSX) for a new Normal Course Issuer Bid to purchase up to 4,072,054 common shares, which represent approximately 10% of the 40,720,539 common shares in the public float as at January 14, 2008. Purchases may begin on January 21, 2008 and the bid will end no later than January 20, 2009 or earlier if the Company purchases the maximum allowable number of shares. All shares will be purchased through the facilities of the TSX and will be cancelled.

Segment Highlights from Management's Discussion and Analysis

Contract Manufacturing

- Revenues for the fourth quarter of 2007 were $15.1 million or 18%

lower than the same quarter of 2006. The decrease was due to lower

sterile volumes, principally related to Hectorol(R) for Genzyme. In

addition, the fourth quarter of 2006 saw a one-time ramp up of

volumes related to the GSK contract related to a specific market

need at that time.

Hectorol(R) volumes accounted for the majority of volume increases

in the fourth quarter
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SOURCE DRAXIS Health Inc. Copyright©2008 PR Newswire. All rights reserved

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