Nabi posts worst annual loss in 15 years By Stephen Pounds
Palm Beach Post Staff Writer
Friday, February 24, 2006
Nabi Biopharmaceuticals said Thursday it suffered its worst annual loss in more than 15 years in 2005, as sales dropped by 40 percent and its new vaccine for staph infections failed in clinical trials.
Boca Raton-based Nabi lost $128.5 million, or $2.15 a share, last year compared with a loss of $50.4 million, or 86 cents a share, in 2004. Sales reached $109 million, down from $180 million a year earlier.
"Certainly 2005 proved to be a challenging year," Chief Executive Tom McLain said.
In the fourth quarter of 2005, the company lost $75.6 million, or $1.25 a share, compared with a loss of $16.1 million, or 27 cents a share, in the fourth quarter of 2004. Sales also fell, coming in at $25 million, compared to $31 million in the year-ago period.
Part of Nabi's loss resulted from a $27 million write-down for inventory of its StaphVAX vaccine for certain staph infections and for its new manufacturing plant in Boca, which was expected to produce StaphVAX had it completed successful clinical trials.
The company announced last year that StaphVAX failed in large-scale trials, and has formed an advisory committee of scientific experts to review what happened. A report is expected before July.
Nabi (Nasdaq: NABI, $4.18) is looking at the best way to boost revenue with its small stable of drugs, including PhosLo, a treatment for reducing dangerously high phosphate levels in the blood. PhosLo is expected to generate sales of $36 million to $40 million this year, although the company is considering whether it should co-market the drug with another company or even sell the rights.
"We're looking for the best way to maximize value out of all our assets," said company spokesman Tom
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