APP Pharmaceuticals Announces Successful Separation of its Business
Wednesday November 14, 8:05 am ET
Provides 2008 Adjusted Cash EPS Guidance of $1.05 to $1.13 on 160 Million Fully Diluted Shares
SCHAUMBURG, Ill.--(BUSINESS WIRE)--APP Pharmaceuticals, Inc. (Nasdaq:APPX - News) today announced that it has completed the tax-free separation of its proprietary business. APP Pharmaceuticals is a leading manufacturer of multi-source and branded injectable pharmaceutical products for acute medical care both in patient and ambulatory settings. Through its broad portfolio of products covering a wide array of therapeutic categories, APP’s products provide ongoing affordable healthcare helping millions of people in the United States and Canada fight critical illnesses. As of today, APP trades on the Nasdaq Global Market under the symbol “APPX.”
Based on preliminary data, APP expects diluted adjusted cash earnings per share for 2008 to be in the range of $1.05 to $1.13 (adjusted to exclude net interest, depreciation, amortization, stock compensation expense and Puerto Rico manufacturing transition costs). The adjusted cash EPS is based on approximately 160.5 million fully diluted shares, which excludes 6.7 million treasury shares that were retired in connection with the separation. Full guidance for 2008 will be announced when the company issues its fourth quarter and full year earnings next year.
“We are very pleased to have closed this transaction. I have confidence in this proven management team and their ability to leverage the company’s current strong balance sheet and solid cash flow to further APP’s leadership in the marketplace,” said Patrick Soon-Shiong, M.D., chairman of the board and chief executive officer of APP.
APP has one of the most diversified injectable product portfolios within the pharmaceutical sector. Its products have helped millions of people in the United States and Canada fight critical illnesses by providing important pharmaceutical products, including those that are difficult to manufacture and are urgently needed.
“We look to what the future holds and the multitude of opportunities to grow our business for the benefit of our customers, shareholders, employees, and most importantly, patients,” said Thomas H. Silberg, president of APP. “We have proven over many years that APP can excel in this competitive environment and we now focus our attention on investing in the development of our business and enriching our product offerings.”
About APP Pharmaceuticals
Headquartered in Schaumburg, Illinois, APP’s 1,400 employees are united in their commitment to operations excellence in the ultimate effort to provide products that elevate patient care. APP has offices in Canada and manufacturing operations in Illinois, New York and Puerto Rico and is traded on the Nasdaq Global Market under the symbol APPX. For more information about APP and the products it provides, please visit www.APPpharma.com.
