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

ingent

milestone payments from Shire BioChem Inc. of approximately

$0.8 million and $0.5 million in insurance proceeds.

- For the first quarter of 2008, diluted EPS was negative 3 cents

(or negative 2 cents adjusted diluted EPS excluding transaction

costs - See Schedule of Supplemental Information, including

footnotes) compared to diluted EPS of 5 cents (or 4 cents adjusted

diluted EPS) in the first quarter of 2007.

- Cash outflows from operating activities in the first quarter of

2008 were $2.3 million, compared to cash inflows of $5.5 million

in the same period in 2007. The decrease was related to lower

cash earnings and the timing of specific payments, including

severance payments.

- Subsequent to the end of the first quarter of 2008, on April 4,

2008 DRAXIS and Jubilant Organosys Ltd. ("Jubilant") announced

that they had entered into an arrangement agreement whereby an

indirect wholly-owned subsidiary of Jubilant will acquire all the

outstanding common shares of DRAXIS at a price of US$6.00 per

share in cash by way of a plan of arrangement.

"The first quarter of 2008 continued to be impacted by lower revenues in contract manufacturing, particularly for sterile products," said Dan Brazier, President and CEO of DRAXIS. "Product sales in contract manufacturing were down 11% but were close to plan for the radiopharmaceuticals business. Margins were negatively impacted this quarter relative to previous quarters due to the low volume of sterile production, which is generally a higher margin contributor in the overall product mix. In addition, margins and expenses in both our business units were adversely impacted by a much stronger Canadian dollar in the first quarter of 2008 compared to the same quarter of 2007.

Mr. Brazier con
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SOURCE DRAXIS Health Inc.
Copyright©2008 PR Newswire.
All rights reserved

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