Nabi Posts Q4 Net Income of $1.11m
The company posted a service revenue of $10.48m for the fourth quarter of 2009. Operating income was $1.67m, compared to an operating loss of $4.92m for the comparable period in 2008.
For the full year ended December 31, 2009, the company posted a net loss of $18.72m, or $0.37 per diluted share, compared to $18.73m, or $0.36 per diluted share, for the year ago period. Operating loss was $17.97m, compared to $24.97m for the year ago period.
Raafat Fahim, president and CEO of Nabi, said: “I am very proud and pleased with our accomplishments in 2009. We have successfully executed two important agreements for PentaStaph and NicVAX, closing the PentaStaph agreement in 2009 and recently closing the NicVAX agreement, thereby achieving our major objectives of the strategic alternatives process.
“The NicVAX option and license agreement and the sale of PentaStaph mark two very significant events that have enhanced the value of Nabi Biopharmaceuticals for its shareholders. I am particularly pleased with the partnership with GSK as they have unique strength in the development and marketing of vaccines as well as strength and experience in the smoking cessation therapy arena. Few companies have this unique blend of capabilities.”
Will the company improve its net income further in Q1 2010?
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