App Pharmaceuticals (ABBI) 8-K Reports Record 2005 Sales and Net Income

Exhibit 99.1

Contacts:	American Pharmaceutical Partners, Inc.
	Nicole Williams
	Chief Financial Officer
	(888) 391-6300
	Robert Jaffe/Rob Whetstone
	PondelWilkinson Inc.
	(310) 279-5963

AMERICAN PHARMACEUTICAL PARTNERS

REPORTS RECORD 2005 SALES AND NET INCOME

– Full Year Net Sales Increased 28% to $518.8 Million and

Net Income Increased 52% to $86.4 Million –

Selected Highlights:

• Net sales increased 18% for the 2005 fourth quarter to a record $144.8 million; Reported fourth quarter net income rose 7% to $23.4 million, or $0.32 per diluted share, or $0.38 per diluted share excluding the impact of severance and merger costs of $7.3 million;

• ABRAXANE^® net fourth quarter sales of $47.5 million bring ABRAXANE net sales in the 11 months following launch to $133.7 million;

• Information Statement has been filed with the Securities and Exchange Commission for the pending merger with American BioScience, Inc. (ABI) creating Abraxis BioScience.

Conference call scheduled for 11:30 a.m. Eastern today; Simultaneous webcast available at www.appdrugs.com and www.fulldisclosure.com

SCHAUMBURG, IL – February 17, 2006 – American Pharmaceutical Partners, Inc. (NASDAQ: APPX) today reported record quarterly net sales of $144.8 million for the fourth quarter ended December 31, 2005, an 18% increase over net sales of $122.6 million in the fourth quarter of 2004. Fourth quarter 2005 results included net sales of ABRAXANE^®, launched in February 2005, of $47.5 million. Impacted by the Melrose Park, IL facility upgrade and subsequent revalidation, fourth quarter 2005 core business net sales were $97.3 million versus $122.6 million in the same quarter last year.

Net sales for the year ended December 31, 2005 increased 28% to $518.8 million versus $405.0 million last year. Full year 2005 results included ABRAXANE net sales of $133.7 million and core business net sales of $385.1 million.

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American Pharmaceutical Partners, Inc.

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“This has been an exciting year of growth for the company. We have exceeded, for the first time, half a billion in net sales supported by the approval and successful launch of ABRAXANE and the stability of the base business,” said, Patrick Soon-Shiong, APP’s president and chief executive officer. “APP continues to gain momentum as exemplified by six ANDA approvals received in 2005 and the five already received in 2006. The importance of ABRAXANE continues to be acknowledged as data are published in major journals, such as the Journal of Clinical Oncology, and presented at recent medical meetings. In addition, the January 1, 2006 implementation of the J-code for Medicare and Medicaid reimbursement will support the continued adoption and use of ABRAXANE in 2006.

“We are pleased that our Melrose Park facility returned to fully operational status in December. We have a number of manufacturing initiatives underway in 2006 designed to expand capacity, add bag and syringe capabilities sought by our customers, and finalize EU capabilities for ABRAXANE,” continued Soon-Shiong. “Finally, at year-end, we announced a pivotal event for the company with the proposed merger with ABI, creating Abraxis BioScience, a fully-integrated biopharmaceutical company with global potential. We are building our management team and board in preparation for the completion of the merger and are diligently working through the exciting possibilities yielded by the combination of the two companies. We enter 2006 in a position that we believe holds enormous promise for growth and long-term shareholder value.”

Gross margin for the 2005 fourth quarter was 57.4%, including the impact of $6.2 million of costs associated with the revalidation of the company’s Melrose Park, IL facility and the first ABRAXANE profit sharing expense of $3.3 million. This compares with gross margin of 54.2% in the fourth quarter of 2004. For the full year, gross margin was 56.5%, which included the fourth quarter ABRAXANE profit sharing and costs of $15.9 million resulting from the extended Melrose Park facility revalidation. Gross margin was 53.3% in 2004.

ABRAXANE-related operating expenses in the 2005 fourth quarter totaled $16.1 million and $58.6 million for the year versus $10.2 million and $49.8 million in the respective 2004 periods.

On a reported basis, net income in the 2005 fourth quarter increased 7% to $23.4 million, or $0.32 per diluted share, versus $21.9 million, or $0.30 per diluted share, in the prior year period. Excluding the impact of severance and merger costs of $7.3 million, or $0.06 per diluted share, 2005 fourth quarter earnings were $0.38 per diluted share.

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American Pharmaceutical Partners, Inc.

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For the full year, net income increased 52% to $86.4 million, or $1.17 per diluted share, versus $56.7 million, or $0.78 per diluted share, in 2004. Excluding the impact of severance and merger costs of $13.3 million, or $0.11 per diluted share, 2005 earnings were $1.28 per diluted share.

The company presents adjusted financial information, which excludes merger related expenses (including severance costs), in order to facilitate presentation of our ongoing operations. Refer to the enclosed table for a reconciliation of adjusted net income to GAAP net income.

Cash and short-term investments totaled $81.2 million at December 31, 2005 and currently cash on hand was approximately $136 million.

Conference Call Information and Forward-Looking Statements

On Friday, February 17, 2006, the company will host a conference call with interested parties beginning at 11:30 a.m. (EST) to review the results of operations for the fourth quarter ended December 31, 2005. Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, the company’s revenues, margins, operating expenses, distribution arrangements, the pending merger with American BioScience and clinical or FDA developments, and any comments the company may make about its future in response to questions from participants on the conference call. The conference call may be heard by any interested party through a live audio Internet broadcast at www.appdrugs.com and www.fulldisclosure.com. For those unable to listen to the live broadcast, a playback of the webcast will be available at both websites for one year beginning shortly after the conclusion of the call.

About American Pharmaceutical Partners, Inc.

American Pharmaceutical Partners, Inc. is a specialty drug company that develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets. Abraxis Oncology, the proprietary division of APP, is devoted entirely to developing and promoting innovative, next-generation cancer therapies such as ABRAXANE^® for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound). For more information, visit APP’s website at www.appdrugs.com and www.abraxisoncology.com.

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the expected time of completion of the merger and the benefits of the merger, including the creation of an integrated, global biopharmaceutical leader with continuing positive operating cash flow, the leverage of integrating APP’s growing and profitable injectable pharmaceutical business with ABI’s technology platform and product pipeline. Other forward-looking statements may include any comments APP and ABI may make about the future of the combined company and the merger in response to questions from participants on the conference call. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking

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American Pharmaceutical Partners, Inc.

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statements. These factors include, without limitation, unexpected delays in consummation of the merger, if at all, failure of the benefits of the merger to materialize, difficulties in integrating the businesses and operations of the two companies, the adverse impact of production delays on the sales and marketing of the combined company’s products, the costs associated with the ongoing launch of ABRAXANE, the continued market adoption and demand of ABRAXANE in North America and its potential market penetration outside of the U.S., difficulties or delays in developing, testing, obtaining regulatory approval of, and producing and marketing any other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, the ability to successfully manufacture products in a time-sensitive and cost effective manner, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties. Additional relevant information concerning risks can be found in APP’s Form 10-K for the year ended December 31, 2004 and other documents it has filed with the Securities and Exchange Commission.

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FINANCIAL TABLES FOLLOW

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AMERICAN PHARMACEUTICAL PARTNERS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share amounts)

	Three months ended December 31,								Twelve months ended December 31,
	2005			2004			% Change		2005			2004			% Change
Net sales	$	144,829		$	122,554		18	%	$	518,813		$	405,010		28	%
Cost of sales		61,710			56,072		10	%		225,895			189,301		19	%
Gross profit		83,119			66,482		25	%		292,918			215,709		36	%
Percent to sales		57.4	%		54.2	%				56.5	%		53.3	%
Operating expenses:
Research and development		7,716			4,451					30,162			25,797
Selling, general and administrative		37,155			26,451					129,398			92,034
Milestone payment		—			—					—			10,000
Other		2,028			334					1,229			(1,007	)
Total operating expenses		46,899			31,236		50	%		160,789			126,824		27	%
Percent to sales		32.4	%		25.5	%				31.0	%		31.3	%
Income from operations		36,220			35,246		3	%		132,129			88,885		49	%
Percent to sales		25.0	%		28.8	%				25.5	%		21.9	%
Other income, net		(7	)		600					1,741			1,934
Loss on early extinguishment of credit facility		—			—					—			(1,986	)
Income before income taxes		36,213			35,846		1	%		133,870			88,833		51	%
Income tax expense		12,790			13,980					47,458			32,140
Net income	$	23,423		$	21,866		7	%	$	86,412		$	56,693		52	%
Net income per share:
Basic	$	0.32		$	0.31				$	1.20		$	0.81
Diluted	$	0.32		$	0.30				$	1.17		$	0.78
Weighted - average common shares outstanding:
Basic		72,382			70,498					71,826			70,305
Diluted		74,101			73,156					74,053			73,147

AMERICAN PHARMACEUTICAL PARTNERS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

	December 31,
	2005			2004
	(Unaudited)			(Audited)
ASSETS
Current assets:
Cash and cash equivalents	$	26,739		$	1,154
Short-term investments		54,455			66,475
Accounts receivable, net		61,701			15,457
Inventory, net		175,282			151,035
Prepaid expenses and other		12,286			6,492
Deferred income taxes		14,785			12,825
Total current assets		345,248			253,438
Property, plant and equipment, net		141,941			106,410
Other assets		26,193			13,485
Total assets	$	513,382		$	373,333
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	29,280		$	22,247
Accrued expenses		41,678			35,562
Total current liabilities		70,958			57,809
Long-term deferred income tax liability		1,629			2,833
Total liabilities		72,587			60,642
Stockholders’ Equity
Common stock		79			77
Additional paid-in capital		250,202			212,399
Amounts due from American BioScience, Inc.		(21,096	)		(21,603	)
Deferred stock-based compensation		(400	)		(2,385	)
Retained earnings		266,655			180,243
Accumulated other comprehensive income		1,629			234
Less treasury stock, at cost		(56,274	)		(56,274	)
Total stockholders’ equity		440,795			312,691
Total liabilities and stockholders’ equity	$	513,382		$	373,333

AMERICAN PHARMACEUTICAL PARTNERS, INC.

GAAP TO ADJUSTED NET INCOME RECONCILIATION

(unaudited, in thousands, except per share amounts)

	Three months ended December 31, 2005			Twelve months ended December 31, 2005
Reported net income	$	23,423		$	86,412
ABI merger related expenses (a)		1,918			7,863
Severance (b)		5,403			5,403
Income tax benefit (c)		(2,584	)		(4,709	)
Adjusted net income	$	28,160		$	94,969
Reported net income per diluted share	$	0.32		$	1.17
Adjusted net income per diluted share	$	0.38		$	1.28
Weighted - average common shares outstanding diluted		74,101			74,053

(a) To eliminate costs associated with the ABI merger.

(b) To eliminate merger related post-employment costs.

(c) To reverse the related tax benefit of the above adjustments.