Nabi product sales growth drives positive cash flow.(Brief Article)

2002 SEP 25 - (NewsRx.com & NewsRx.net) -- Nabi Biopharmaceuticals (NABI) reported net income of $0.8 million in the second quarter of 2002, or $0.02 per share, in line with external expectations.

This earnings performance contributed to positive cash flow from operations of $2.0 million. Nabi Biopharmaceuticals ended the quarter with $47 million in cash and cash equivalents and had no debt.

Sales of the company's 4 currently marketed biopharmaceutical products increased 31% to $24.8 million compared with $18.9 million in the second quarter of 2001. These results are in line with record end user demand for WinRho SDF [Rho (D) Immune Globulin Intravenous (Human)] during the quarter as well as gains in the use of Nabi-HB [Hepatitis B Immune Globulin (Human)] and Aloprim [(Allopurinol sodium) for injection] from 2001 levels.

Net income in the second quarter of 2002 included an increase of $1.0 million in research and development expense compared with the second quarter of 2001 as Nabi Biopharmaceuticals focuses its efforts on advancing its clinical pipeline. Net income for the second quarter of 2001 was $1.5 million, or $0.04 per share including results of operations from the majority of the antibody collection business sold in September 2001.

"Our operational focus for 2002 is to generate a strong cash return from current operations after providing the necessary funding to advance our research and development pipeline," said David J. Gury, chairman, president, and CEO of Nabi Biopharmaceuticals. "During the second quarter, we produced earnings before interest, taxes, depreciation and amortization of $3.5 million, which includes a $1.0 million increase in research and development expenditures over the second ...