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DRAXIS Health Reports Results for the First Quarter of 2008
Date:5/9/2008

MONTREAL, May 9 /PRNewswire-FirstCall/ - DRAXIS Health Inc. (TSX: DAX) (NASDAQ: DRAX) reported first quarter financial results for the three months ended March 31, 2008. Revenues and earnings for the first quarter of 2008 were below those in the first quarter of 2007 as a result of lower sales of sterile products, the negative impact of a significantly stronger Canadian dollar relative to the first quarter of 2007, the inclusion in the first quarter of 2007 of non-recurring items and the inclusion in the first quarter of 2008 of the direct and indirect costs related to the potential sale of the Company. All amounts are expressed in U.S. dollars.

Highlights

- Consolidated revenues for the first quarter of 2008 were

$19.2 million versus $21.0 million in the first quarter of 2007.

Product sales in the first quarter of 2008 were $18.7 million,

down 5% from $19.6 million in the first quarter of 2007. Contract

manufacturing sales were down 11%, primarily as a result of lower

revenues from sterile products during the first two months of the

quarter, and radiopharmaceutical sales were up 6%. Product gross

margins for the first quarter of 2008 were impacted by the

stronger Canadian dollar relative to the first quarter of 2007 and

by the change in product mix related to lower sterile product

volumes.

- Operating loss for the first quarter of 2008 was $2.4 million

compared to operating income of $2.5 million in the same period in

2007. Operating income in the first quarter of 2007 benefited from

the receipt of two non-recurring items, namely cont
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SOURCE DRAXIS Health Inc.
Copyright©2008 PR Newswire.
All rights reserved

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