Nabi Biopharmaceuticals saw biopharmaceutical product sales - driven by strong growth in sales of Nabi-HB - reaching record levels of $89.5 million (€83m) in 2002, a 22 per cent increase from 2001 levels.
The company reported net income of $2.1 million for the year ended December 28, 2002, or $0.05 per share. For the fourth quarter of 2002, net income was $1.1 million, or $0.03 per share and biopharmaceutical product sales were $27.6 million compared to $25.0 million in the fourth quarter of 2001, an increase of 11 per cent.
The company reported that earnings generated from higher margin biopharmaceutical product sales funded an increase in research and development spending of $5.8 million compared to 2001 levels, or a total of $21.1 million for 2002.
In 2002, two new Nabi Biopharmaceuticals products entered human clinical trials, Civacir [Hepatitis C Immune Globulin (Human)], for use in treating hepatitis C liver transplant patients, and NicVAX (Nicotine Conjugate Vaccine), a vaccine for fighting nicotine addiction. In addition, the company announced encouraging results from the initial boosting trial for StaphVAX (Staphylococcus aureus Polysaccharide Conjugate Vaccine), the company's investigational vaccine for the prevention of staph infections, and the filing of a Biologics License Application for Nabi-HB Intravenous to prevent re- infection with hepatitis B in liver transplant patients.
In the fourth quarter of 2002, research and development spending was $6.2 million.
"Our 2002 results reinforce our ability to drive operating value from our business model and achieve our clinical objectives," said David J. Gury, chairman and chief executive officer of Nabi Biopharmaceuticals. "In 2002, we successfully generated earnings before interest, taxes, depreciation and amortisation of $13.5 million, enabling us to drive development of our research and development programs and fund capital expenditures, while maintaining our strong financial position to support future strategic initiatives."