App Pharmaceuticals (ABBI) 8-K Results of Operations and Financial Condition

APP Pharmaceuticals, Inc.

APP Pharmaceuticals, Inc.

Exhibit 99.2

1

1

FORWARD-LOOKING STATEMENTS

The statements contained in this presentation 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 presentation include

statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding the

proposed separation of the proprietary product business from the

hospital-based business, future capital expenditures required,

anticipated research and development and general and administrative expenses, and the projected financial results of New APP.

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 statements. These factors include, without limitation, the inability to obtain a

favorable private letter ruling from the IRS on the tax-free nature of the transactions; risks that the proposed transaction disrupts

current plans and operations and the potential difficulties in employee retention; the inability to recognize the benefits of the

transactions contemplated by the separation of the businesses; decisions by regulatory authorities regarding whether and when to

approve product candidates; regulatory developments (domestic or

foreign) involving the company's manufacturing facilities; the

market adoption and demand of 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;

and the impact of patents and other proprietary rights held by competitors and other third parties. Additional relevant information

concerning risks can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2006 and in other

documents it has filed with the Securities and Exchange Commission.

2

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Table of Contents

Transaction Summary

Company Snapshot

Key Credit Highlights

Company Overview

Financial Overview: 2004 –

LTM 9/30/2007E

2007 Projected Financials

Management Biographies

Transaction Summary

Company Snapshot

Key Credit Highlights

Company Overview

Financial Overview: 2004 –

LTM 9/30/2007E

2007 Projected Financials

Management Biographies

Transaction Summary

Transaction Summary

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4

Transaction Description

On July 2, 2007, Abraxis BioScience, Inc. ("Abraxis") announced that its board

approved the separation of its proprietary business, Abraxis Oncology and Abraxis

Research (the "New Abraxis BioScience"), from its hospital-based business, Abraxis

Pharmaceutical Products ("New APP" or the "Company")

On July 2, 2007, Abraxis BioScience, Inc. ("Abraxis") announced that its board

approved the separation of its proprietary business, Abraxis Oncology and Abraxis

Research (the "New Abraxis BioScience"), from its hospital-based business, Abraxis

Pharmaceutical Products ("New APP" or the "Company")

Abraxis BioScience

Shareholders

Pre-Spin

Post-Spin

Abraxis Pharmaceutical Products

(APP)

Abraxis Oncology & Abraxis

Research

APP Pharmaceuticals, Inc.

(formerly Abraxis

Pharmaceutical Products)

$150 million Revolver

$1,000 million Term Loan

Abraxis BioScience

Shareholders

Abraxis BioScience

Shareholders

100%

100%

100%

The New Abraxis BioScience

(formerly Abraxis Oncology

& Abraxis Research)

$715 million cash balance

5

5

Strategic Rationale

Benefits:

Enables each stand-alone publicly traded company to:

–

Focus on respective pipelines

–

Compete more effectively in each specialized marketplace

–

Pursue unique strategic initiatives 

Allows valuation on pure-play metrics and accommodates

different capital requirements

Unlocking APP Value:

APP will be in a position to maximize its core strength to enhance

current product offerings and pursue new opportunities 

Unlocking New Abraxis BioScience Value:

Pure-play

biotechnology

company

focused

on

its

nab

technology

platform, clinical development program and product

commercialization with adequate capital for success

6

6

Transaction Description

The transaction will be structured as a spin-off of the New Abraxis  BioScience

Expected to be a tax-free transaction to Abraxis and its shareholders. On October

5, 2007, Abraxis received a private letter ruling from the Internal Revenue Service

regarding the material United States federal income tax consequences of certain

aspects of the separation and related transactions

Pro Forma New APP is estimated to generate 9/30/07E LTM Revenue and

Adjusted EBITDA of  $652 million and $263 million, respectively

The financing package represents total leverage of 3.8x based on

9/30/07E LTM

Adjusted EBITDA:

$150 million revolver (the “Revolving Credit Facility”, unfunded at close)

$1,000 million term loan

Approximately $715 million in cash will be used to finance New Abraxis

BioScience’s proprietary pipeline development, commercialization of

Abraxane and future acquisitions

The transaction will be structured as a spin-off of the New Abraxis  BioScience

Expected to be a tax-free transaction to Abraxis and its shareholders. On October

5, 2007, Abraxis received a private letter ruling from the Internal Revenue Service

regarding the material United States federal income tax consequences of certain

aspects of the separation and related transactions

Pro Forma New APP is estimated to generate 9/30/07E LTM Revenue and

Adjusted EBITDA of  $652 million and $263 million, respectively

The financing package represents total leverage of 3.8x based on

9/30/07E LTM

Adjusted EBITDA:

$150 million revolver (the “Revolving Credit Facility”, unfunded at close)

$1,000 million term loan

Approximately $715 million in cash will be used to finance New Abraxis

BioScience’s proprietary pipeline development, commercialization of

Abraxane and future acquisitions

Company Snapshot

Company Snapshot

8

8

Approx. 1,400 employees

9/30/07E LTM Sales = $652 million

100+ marketed products

400+ dosage forms

60+ products in development

29 ANDAs pending

9/30/07E LTM Sales: $213M

55 marketed products

#1 in the U.S. for 15 products

#2 in the U.S. for 10 products

Critical Care

9/30/07E LTM Sales: $54M

16 marketed products

#1 in the U.S. for 5 products

Oncology

Anesthetic / Analgesic

9/30/07E LTM Sales:  $202M

11 marketed products

8 products acquired from

AstraZeneca (June 2006)

Anti-Infective

9/30/07E LTM Sales: $183M

21 marketed products

#1 in the U.S. for 8 products

Largest Pure-play US Stand-alone, Hospital-based Injectable

Pharmaceuticals Company

APP has a broadly diversified portfolio

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9

New APP’s Products Touch Every Aspect of the Hospital

Operating

Room

Emergency

Room

Pediatrics

Cardiac

Care

Psychiatrics

OB/GYN

Intensive

Care Unit

Orthopedics

Dialysis

Oncology

10

10

Business Strategy

Establish a broad product portfolio that

comprehensively mirrors the U.S.

hospital market demand

Develop injectable products for which

New APP is the exclusive manufacturer

in the United States

Develop difficult to manufacture products

for which there is little or no competition

Develop manufacturing capabilities that

span the entire spectrum of delivery

forms

Secure broad GPO contracting

relationships to create built-in demand

Create a platform for continued growth

and profitability

Establish a broad product portfolio that

comprehensively mirrors the U.S.

hospital market demand

Develop injectable products for which

New APP is the exclusive manufacturer

in the United States

Develop difficult to manufacture products

for which there is little or no competition

Develop manufacturing capabilities that

span the entire spectrum of delivery

forms

Secure broad GPO contracting

relationships to create built-in demand

Create a platform for continued growth

and profitability

Unique injectables platform

Founding Vision:

To “proprietarize”

the

injectable

pharmaceutical

business with

differentiated

products and unique

market position

APP’s

Key Advantages for Success

APP’s

Key Advantages for Success

12

12

Key Advantages for Success

Higher Barriers to Entry for Generic Injectables than Solid Oral

Products

Increasing Volume of U.S. Injectable Patent Expirations

Market Leading Generic Injectables Company

Differentiated Product Portfolio with Unique Market Position

One of the Most Diverse Injectable Portfolios

#1

in

Injectable

ANDA

Approvals

from

2001

-

2007

YTD

Strong Product Development Capabilities and Pipeline

Manufacturing Capabilities Provide a Strategic Competitive Advantage

Excellent GPO & Distribution Relationships

Impressive Record of Revenue Growth

Highly Experienced Management Team

Higher Barriers to Entry for Generic Injectables than Solid Oral

Products

Increasing Volume of U.S. Injectable Patent Expirations

Market Leading Generic Injectables Company

Differentiated Product Portfolio with Unique Market Position

One of the Most Diverse Injectable Portfolios

#1

in

Injectable

ANDA

Approvals

from

2001

-

2007

YTD

Strong Product Development Capabilities and Pipeline

Manufacturing Capabilities Provide a Strategic Competitive Advantage

Excellent GPO & Distribution Relationships

Impressive Record of Revenue Growth

Highly Experienced Management Team

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13

Higher Barriers to Entry for Generic Injectables than Solid Oral

Products

Development

Challenges

Commercial

Challenges

Manufacturing

Challenges

Higher barriers to entry lead versus Oral Products

Sterile manufacturing standards require special airflow and purification

processes, and water for injection

Separate manufacturing facilities required for certain products, including

cephalosporins and penicillins, and separate manufacturing areas for cytotoxics

More difficult API sourcing -

smaller quantities of product result in fewer

competitors and product availability

Certain products can be more challenging (cytotoxics) due to enhanced

handling requirements

Few key GPO’s and specialty distributors aggregate purchasing for customers

-

Relationships very important

-

Broad portfolio enables GPOs to limit numbers of suppliers

14

14

$498

$1,529

$993

$850

$818

$3,006

$2,216

$1,194

$1,303

$1,143

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Increasing Volume of U.S. Injectable Patent Expirations

11            11            11

15             9               5              9  

8              14              5

# of Products:

Source:  U.S. FDA Orange Book and APP estimates.  Excludes biologics.  2006 IMS reported sales.

In 2006, the U.S. Generic Injectables Market was Approximately $3 billion

Approximately 98 patent expirations representing approximately $13.6 billion (in 2006 sales)

are scheduled to lose patent protection between 2007 –

2016

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15

(a)

IMS 2007 1H annualized.

(b)

2001 –

10/19/2007.

$0

$200

$400

$600

$800

$1,000

$1,200

0

100

200

300

400

500

600

Dollar Sales

Acquisition

Unit Sales

Mayne

AZ

Propofol

#1 in ANDA Approvals

(b)

Market Leading Generic Injectables Company

#1 or #2

68%

#3

18%

>3

14%

>

Over 80% of APP’s products rank in the top 3 in both dollar and unit share

New APP Unit Share

(a)

Industry Dollar / Unit Sales

(a)

45

10

10

0

10

20

30

40

50

60

70

New APP

2001 - 2005

2006

2007 YTD

65

16

16

0%

20%

40%

60%

80%

100%

Overall

Market

New APP

Bedford

Teva /

Sicor

Hospira /

Mayne

Baxter

Sandoz

Oncology

Anti-infective

Critical Care

Anesthetics

One of the Most Diverse Injectable Portfolios

Note:

Breakdown based on dollar sales.  New APP includes AstraZeneca for the full year 2006.

Source:

IMS 2006 full year data 

New APP enjoys the most diversified product mix within the injectable space

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17

#1 in Injectable ANDA Approvals from 2001 -

10/19/2007

Note:  Excludes tentative approvals.

Source:  CDER as of December 31, 2006 / FDA OGD Generic Approvals website as of 2007 YTD

#1 in 2006 U.S. injectable ANDA approvals

45

45

30

30

8

10

7

9

8

5

8

6

6

3

60

45

44

22

16

19

2

1

10

65

0

10

20

30

40

50

60

70

New APP

Bedford

Teva / Sicor

Hospira / Mayne

Baxter

Sandoz

Cumulative 2001-2005

2006 Approvals

10/19/2007 YTD

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18

(a)  Includes tentative approvals, YTD as of 10/19/2007.

Source:  Company information, 2006 IMS National Sales Perspective

2006

Branded

Sales:

Number of Products:

12

26

29

14

(a)

Feasibility

Development/Stability

FDA Pending

Approvals

Strong Product Development Capabilities and Pipeline

New APP –

robust ANDA pipeline

$1.7bn

$6.4bn

$2.5bn

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19

Manufacturing Capabilities Provide a Strategic

Competitive Advantage

Developed manufacturing capabilities that span the entire spectrum

of delivery forms

Over $130 million of capital invested over the past 5 years to boost

manufacturing capacity and establish a platform to support future

growth

Modest future capital expenditures required

Ability to manufacture comprehensive range of injectable products

at each site

Four facilities with approx. 700,000 sq ft of U.S. and EU compliant

operations

14 lyophilizers

12 vial filling lanes

Capability to produce key products at multiple manufacturing facilities

Only generics company with dedicated cephalosporin manufacturing

in U.S.

Over 1,000 employees dedicated to quality manufacturing

State-of-the-art facility in Puerto Rico adds significantly expanded

production capacity and adds new manufacturing capabilities

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20

Excellent GPO & Distribution Relationships

Existing GPO contracts cover

>95% of the acute care market

Existing relationships extend to

other channels (e.g., clinics, home

care, surgi-center)

Big 3 national wholesalers

inventory 95%+ of APP dosage

forms and distribute 80%+ of sales

dollars

Sole source contractual

relationship with US Oncology (900

clinics) and a primary/secondary

position with Oncology Supply

(2,500 clinics) for many oncology

products

Existing GPO contracts cover

>95% of the acute care market

Existing relationships extend to

other channels (e.g., clinics, home

care, surgi-center)

Big 3 national wholesalers

inventory 95%+ of APP dosage

forms and distribute 80%+ of sales

dollars

Sole source contractual

relationship with US Oncology (900

clinics) and a primary/secondary

position with Oncology Supply

(2,500 clinics) for many oncology

products

GPOs

Distribution

21

21

$137

$166

$192

$278

$351

$405

$385

$583

$652

0

100

200

300

400

500

600

700

1999

2000

2001

2002

2003

2004

2005

2006

LTM

Revenue

23% revenue 7-year CAGR from 1999

to 2006

54% Gross margin in 2006

43% Adjusted EBITDA in 2006

Strong cash flow generation

23% revenue 7-year CAGR from 1999

to 2006

54% Gross margin in 2006

43% Adjusted EBITDA in 2006

Strong cash flow generation

Impressive Record of Revenue Growth

Note: LTM is as of 9/30/07E. 2006 includes only six months of results for AstraZeneca

22

22

Highly Experienced Management Team

21 years in the

industry

31 years in the

industry

20 years IT

experience

31 years in the

industry

FRANK

HARMON

COO & EVP

25 years in the

industry

SCOTT

MEACHAM

VP, Sales &

Nat’l Accounts

DEENA

REYES

VP, Marketing

RANDAL

KREIBICH

Director, IT

ROSS

DAVIS

VP & GM, PPC

16 years in the

industry

KATHERINE

GREGORY

VP, Business

Development

Background:

Pharmacia,

Searle,

Monsanto

Background:

Fujisawa, Ortho

(division of J&J),

Schering, Merck

Background:

Guidant

Background:

Cardinal Health,

Aventis-Behring,

Fujisawa, Sanofi

Background:

APP, Fujisawa

Background:

Baxter,

McKesson and

Abbott

PATRICK SOON-SHIONG, M.D.

CEO

RICK MAROUN

General

Counsel

LISA GOPALA

CFO

MITCH CLARK

VP, Global

Regulatory

Affairs

25 years in the

industry

JAMES

CALLANAN

VP, Human

Resources

Background:

ZLB Behring,

Aventis Behring,

Sanofi Animal

Health, Fujisawa

TOM SILBERG

President

Company Overview

Company Overview

24

24

Manufacturing

Quality Assurance/

Quality Control

Product

Development

Regulatory Affairs

Business

Development

Supply Chain

Customer Service

Sales & Marketing

New

APP

An Integrated Injectables Business

Product Overview

Product Overview

26

26

Differentiated Therapeutic Mix With a Broad Portfolio in Each Category

18

14

13

10

7

5

0

5

10

15

20

New APP

Hospira /

Mayne

Baxter

Sandoz

Bedford

Teva /

Sicor

Source: 2006 IMS (excludes systems)

Anti-Infective

Critical Care

Oncology

46

38

37

37

21

11

0

9

18

27

36

45

Hospira /

Mayne

Bedford

New APP

Baxter

Teva / Sicor

Sandoz

22

18

16

14

8

0

5

10

15

20

25

Bedford

Teva /

Sicor

New APP

Hospira /

Mayne

Baxter

Sandoz

Anesthetic / Analgesic

26

11

11

8

0

3

6

9

12

15

18

Hospira /

Mayne

New APP

Baxter

Bedford

Sandoz

Teva /

Sicor

0

0

0

27

27

Anti-Infectives

21 marketed anti-infective products

(a)

#1 in the U.S. for 8 products

(b)

28% CAGR since 1999

12 ANDAs pending and 7 in development

$36

$44

$52

$71

$89

$122

$165

$206

$183

$0

$40

$80

$120

$160

$200

$240

1999

2000

2001

2002

2003

2004

2005

2006

LTM

Note:  LTM figures are as of 9/30/07E and contain estimated Q3 2007 results.

(a)

Includes 18 in U.S. and 3 in Canada.

(b)

Based on units.

Key Products

Revenues

Vancomycin

Indication: Staph and strep

infections

–

Mature generic market

Azithromycin

Indication: Pneumonia

–

APP 1st generic to market, plus

one authorized generic and

innovator

Ampicillin / Sulbactam

Indication: Gynecological infections

–

Launch into an existing generic

market with one generic player

and innovator

–

Recognized supply need

28

28

Acquired 8 marketed anesthetic / analgesic products in

over 100 dosages and formulations from AstraZeneca in

June 2006

5-year supply agreement

Right of first offer to license Naropin and Diprivan ex-

U.S.

Right of first negotiation for authorized generic

injectables in U.S.

Diprivan and Naropin are patent protected

2H06 Revenue of $112mm; 9/30/07E LTM revenue of

$202mm

Demonstrates ability to acquire injectable portfolios

Leverage current marketing, distribution and SAP

infrastructure

Fully integrated within 6 months

Diprivan®

Naropin®

Xylocaine®

Sensorcaine®

EMLA®

Astramorph®

Polocaine®

Nesacaine®

Acquired Products

Anesthetics and Analgesics:

Demonstrated Ability to Leverage Infrastructure for Acquisitions

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29

Critical Care

60 marketed injectable critical care products

(a)

#1 in the U.S. for 15 products

(b)

#2 in the U.S. for 10 products

(b)

15% CAGR since 1999

8 ANDAs pending and 19 in development

$75

$73

$92

$119

$149

$164

$155

$202

$213

$0

$50

$100

$150

$200

$250

1999

2000

2001

2002

2003

2004

2005

2006

LTM

Note:  LTM figures are as of 9/30/07E and contain estimated Q3 2007 results.

(a)

Includes U.S. and Canada portfolio and devices.

(b)

Based on units.

Key Products

Revenues

Heparins

Indication: Blood clotting

–

Mature generic market with one

other generic player

–

Manage product to achieve #1

dollar and unit share position

Hydralazine

Indication: High blood pressure

–

New APP holds private label

–

#1 dollar and unit share position

Protamine

Indication: Heparin reversal agent 

–

Exclusive product 

–

Utilize to enhance GPO

contract position

30

30

Oncology

16 marketed injectable products in 33 dosages and

formulations

#1 in the U.S. for 5 products

(a)

23% CAGR since 1999

9 ANDAs pending and 12 in development

$13

$37

$31

$61

$81

$96

$52

$57

$54

$0

$30

$60

$90

$120

1999

2000

2001

2002

2003

2004

2005

2006

LTM

Note: LTM figures are as of 9/30/07E and contain estimated Q3 2007 results.

(a) Based on units.

Key Products

Revenues

Mesna

Indication: Chemotherapy

–

1st generic to market

–

Responding to market needs

drove Mesna market growth

Fluorouracil

Indication: Colon carcinoma

–

Mature market

–

New APP dominates unit

and dollar share

Ifosfamide

Indication: Colon carcinoma

–

1st generic to market,

overcame citizen’s petition

with 6 months exclusivity

Pipeline overview

Pipeline overview

32

32

Industry Leading Product Development Organization

Robust ANDA pipeline currently pending FDA approval

Highly educated and experienced management team and scientists

Over 50% of staff hold advanced degrees (26 people)

Over 50% of staff have over 10 years experience (26 people)

–

20% have over 20 years experience (11 people)

Educational backgrounds include:

–

Biochemistry

–

Biophysics

–

Cell & Molecular Biology

–

Organic Chemistry

–

Polymer Chemistry

–

Pharmaceutics

–

Toxicology

Proven track record of success for pipeline development and new product approvals

New development laboratory with state-of-the-art equipment

Robust ANDA pipeline currently pending FDA approval

Highly educated and experienced management team and scientists

Over 50% of staff hold advanced degrees (26 people)

Over 50% of staff have over 10 years experience (26 people)

–

20% have over 20 years experience (11 people)

Educational backgrounds include:

–

Biochemistry

–

Biophysics

–

Cell & Molecular Biology

–

Organic Chemistry

–

Polymer Chemistry

–

Pharmaceutics

–

Toxicology

Proven track record of success for pipeline development and new product approvals

New development laboratory with state-of-the-art equipment

33

33

3-6 months

12-18 months

10-15 months

Pipeline Development Cycle

Feasibility

(Financial)

Development /

Stability

(Scientific)

Pending at FDA

(Regulatory)

Market assessment

Financial analysis

Patent clearance

API identified and / or

in testing

Early lab

experimentation

Market assessment

Financial analysis

Patent clearance

API identified and / or

in testing

Early lab

experimentation

Project approved for

development

Project team formed

Full development

activities in progress

and successful

completion of stability

batches

Stability data, reports

and ANDA

documentation

developed for

application

Project approved for

development

Project team formed

Full development

activities in progress

and successful

completion of stability

batches

Stability data, reports

and ANDA

documentation

developed for

application

ANDAs / NDAs

submitted to FDA

Tentative approvals

awaiting final

marketing clearance

Initiated electronic

filing with FDA

ANDAs / NDAs

submitted to FDA

Tentative approvals

awaiting final

marketing clearance

Initiated electronic

filing with FDA

34

34

Growth in New Product Development

3

10

14

14

20

23

30

0

5

10

15

20

25

30

2000

2001

2002

2003

2004

2005

2006

ANDAs Pending at FDA at End of Year

# of ANDA Submissions

10

10

10

13

14

11

# of ANDA Approvals

10

12

5

12

6

10

Manufacturing Overview

Manufacturing Overview

36

36

Manufacturing Capabilities Provide a Strategic Competitive Advantage

Comprehensive and diverse injectable manufacturing capabilities

include:

Glass and plastic vials

Sterile powders

Liquids

Lyophilized

Aseptic

Terminally sterilized

Syringes

Comprehensive and diverse injectable manufacturing capabilities

include:

Glass and plastic vials

Sterile powders

Liquids

Lyophilized

Aseptic

Terminally sterilized

Syringes

37

37

Commercial Manufacturing Facilities

Grand Island, NY Manufacturing Facility

Grand Island, NY Cephalosporin Facility

Melrose

Park,

IL

Manufacturing

Facility

(1)

CAPACITY

CAPABILITIES

342,000 sq. ft.

(includes all facilities)

Current capacity 160 million

annual units

342,000 sq. ft.

(includes all facilities)

Current capacity 160 million

annual units

Aseptic vial filings

Terminal sterilization

Dedicated cephalosporin

manufacturing

6 lyophilizers

Key products: Oxytocin,

Heparin, Diluents, Abraxane

Aseptic vial filings

Terminal sterilization

Dedicated cephalosporin

manufacturing

6 lyophilizers

Key products: Oxytocin,

Heparin, Diluents, Abraxane

25,000 sq. ft.

Capacity to manufacture 12

million vials annually

25,000 sq. ft.

Capacity to manufacture 12

million vials annually

Dedicated aseptic powder

filling facility and employees

Integrated warehouse and

packaging capabilities

Key products: Cefazolin,

Cefoxitin, Ceftriaxone,

Cefuroxime

Dedicated aseptic powder

filling facility and employees

Integrated warehouse and

packaging capabilities

Key products: Cefazolin,

Cefoxitin, Ceftriaxone,

Cefuroxime

130,000 sq. ft. –

manufacturing, packaging,

laboratory, office and

warehouse

Capacity of 50mm annual units

130,000 sq. ft. –

manufacturing, packaging,

laboratory, office and

warehouse

Capacity of 50mm annual units

Terminal sterilization

6 lyophilizers

Oncology capabilities

Key products: Vancomycin,

Azithromycon, Doxycycline,

Hydralazine,

Oncology products

Terminal sterilization

6 lyophilizers

Oncology capabilities

Key products: Vancomycin,

Azithromycon, Doxycycline,

Hydralazine,

Oncology products

(1)

Melrose Park facility will be owned by New Abraxis BioScience. New APP will lease this facility for 4 or 5 years post spin-off during which time, product

manufacturing will be transferred to Puerto Rico and Grand Island

38

38

Puerto Rico Manufacturing Facility

272,000 sq. ft. manufacturing

facility (including 90,000 sq. ft.

leased back to Pfizer which will

be conveyed to New Abraxis

BioScience)

51,600 sq. ft. QA & Labs

Current annual capacity: 42mm

units

272,000 sq. ft. manufacturing

facility (including 90,000 sq. ft.

leased back to Pfizer which will

be conveyed to New Abraxis

BioScience)

51,600 sq. ft. QA & Labs

Current annual capacity: 42mm

units

CAPACITY

CAPABILITIES

INITIAL PRODUCTS

U.S. & E.U. compliant facilities

Aseptic vial filling

2 lyophilizers

Metered dosed inhalers

Full analytical and microbiology

laboratories

U.S. & E.U. compliant facilities

Aseptic vial filling

2 lyophilizers

Metered dosed inhalers

Full analytical and microbiology

laboratories

Doxycycline (approved)

Diphenhydramine

Azithromycin

45 products designated for

transfer to Puerto Rico facility

Doxycycline (approved)

Diphenhydramine

Azithromycin

45 products designated for

transfer to Puerto Rico facility

Acquired in February ‘07 from Pfizer for $32.5 million

Significantly expands production capacity, better

positions New APP for long-term growth

First product approved (CBE-30) February 13, 2007

Product transfers progressing on schedule

Commercial revenue generation Q4 2007

Access to an experienced labor pool

Anticipated preferential tax treatment

EU compliance

Acquired in February ‘07 from Pfizer for $32.5 million

Significantly expands production capacity, better

positions New APP for long-term growth

First product approved (CBE-30) February 13, 2007

Product transfers progressing on schedule

Commercial revenue generation Q4 2007

Access to an experienced labor pool

Anticipated preferential tax treatment

EU compliance

39

39

Manufacturing Summary

Four U.S. and E.U. approved facilities

Highly automated state-of-the-art manufacturing lines designed to:

Minimize standard cost

Deliver consistent high quality products

Dual site manufacturing capability for key products to:

Protect market share

React to market opportunities

Planned capacity to manufacture over 310 million vials annually

Experienced non-union labor force at all facilities

Expansion capabilities at multiple sites to absorb:

Continued product and new platform growth

Potential product acquisitions

Increased market share penetration

Invested over $130 million in infrastructure over the past 5 years, modest future capital 

expenditures required

Experienced manufacturing team with average of 31 years experience

Four U.S. and E.U. approved facilities

Highly automated state-of-the-art manufacturing lines designed to:

Minimize standard cost

Deliver consistent high quality products

Dual site manufacturing capability for key products to:

Protect market share

React to market opportunities

Planned capacity to manufacture over 310 million vials annually

Experienced non-union labor force at all facilities

Expansion capabilities at multiple sites to absorb:

Continued product and new platform growth

Potential product acquisitions

Increased market share penetration

Invested over $130 million in infrastructure over the past 5 years, modest future capital 

expenditures required

Experienced manufacturing team with average of 31 years experience

Transaction Transition and Separation Plan

Transaction Transition and Separation Plan

41

41

Transition Plan Overview

New APP and New Abraxis BioScience will provide the other party with

various services on an interim, transitional basis generally for

up to 24

months, and 4 or 5 years in the case of manufacturing related activities

Payments will be based on actual costs for each service

New Abraxis BioScience will provide New APP with the following services:

Legal services (e.g., assistance with SEC filings, labor and employment matters, and

litigation support)

Regulatory support for certain products

Financial services

Corporate development

IR and corporate communications

New APP will provide New Abraxis BioScience with the following services:

Regulatory support (including assistance with state and federal license renewals)

Manufacturing and quality assistance and control

Information technology support

Corporate insurance and franchise tax services

Customer service

New APP and New Abraxis BioScience will provide the other party with

various services on an interim, transitional basis generally for

up to 24

months, and 4 or 5 years in the case of manufacturing related activities

Payments will be based on actual costs for each service

New Abraxis BioScience will provide New APP with the following services:

Legal services (e.g., assistance with SEC filings, labor and employment matters, and

litigation support)

Regulatory support for certain products

Financial services

Corporate development

IR and corporate communications

New APP will provide New Abraxis BioScience with the following services:

Regulatory support (including assistance with state and federal license renewals)

Manufacturing and quality assistance and control

Information technology support

Corporate insurance and franchise tax services

Customer service

Financial Overview: 2004 –

LTM 9/30/07E

Financial Overview: 2004 –

LTM 9/30/07E

43

43

The

unaudited

Summary Income Statement and Quarterly Analysis of New APP were

derived from the elimination of the historical

results of operations of the business of New Abraxis BioScience,

as reflected in the Form 10 Registration Statement of New Abraxis

Inc. filed with the SEC on November 2, 2007, from the historical

results of operations of Abraxis BioScience previously filed with the

SEC on Form 10-K for the fiscal year ended December 31, 2006 and on Form 10-Q for the six months ended June 30, 2007

(together with comparisons of the corresponding year to date period in the previous fiscal year).

The projected statements of income for New APP included herein for LTM September 30, 2007, for the three months ended

September 30, 2007, the nine months ended September 30, 2007 and

the three months ended December 31, 2007 are estimated

and are subject to change.  These projected statements of income

were prepared using reasonable assumptions based on current

information, however there can be no assurance that these estimates of future results will be realized, and estimates are subject to

risks and uncertainties, many of which are not within our control. See "Forward-Looking Statements." We do not undertake any

obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenues or earnings,

whether as a result of the receipt of new information, future events or otherwise.

44

44

Summary Historical Income Statements: 2004 –

LTM 9/30/2007E

($ mm)

Estimated

Year ending December 31,

Nine months

ended

Six months

ended

LTM

($mm)

2004

2005

2006

9/30/06 E

6/30/07

Q3 07E

9/30/07 E

Revenue

Anti-Infective

$122.0

$164.7

$206.1

$152.0

$87.1

$41.3

$182.5

Anesthetic / Analgesic

17.3

14.8

118.5

50.8

87.1

47.1

201.9

Critical Care

164.0

154.6

201.6

140.1

100.4

51.1

213.0

Oncology

96.1

51.8

56.7

40.7

24.7

13.4

54.2

Contract Manufacturing/Other

5.6

(0.8)

0.3

(0.1)

0.3

0.3

0.7

Total revenue

$405.0

$385.1

$583.2

$383.5

$299.6

$153.2

$652.5

% growth

15.3%

(4.9%)

51.4%

-

-

-

-

Gross profit

$215.7

$184.6

$317.8

$205.1

$155.2

$72.9

$340.8

% margin

53.3%

47.9%

54.5%

53.5%

51.8%

47.6%

52.2%

SG&A

$53.4

$63.0

$67.0

$46.0

$40.6

20.8

$82.5

% margin

13.2%

16.4%

11.5%

12.0%

13.6%

13.6%

12.6%

R&D

$16.3

$18.1

$26.9

$17.1

22.5

12.2

$44.6

% margin

4.0%

4.7%

4.6%

4.5%

7.5%

8.0%

6.8%

EBIT

$146.1

$103.5

$223.9

$142.0

$92.1

$39.8

$213.8

Depreciation & amortization

8.9

12.4

13.8

10.0

9.0

4.7

17.6

Reported EBITDA

$155.0

$115.9

$237.7

$151.9

$101.1

$44.5

$231.4

Adjustments:

Puerto Rico start-up expense

0.0

0.0

11.2

6.9

12.1

6.1

22.6

Melrose Park revalidation

0.0

14.7

0.0

0.0

0.0

0.0

0.0

Separation related expense

0.0

0.0

0.0

0.0

5.4

2.4

7.8

Other

5.5

2.0

3.1

2.1

0.0

0.0

1.0

Adjusted EBITDA

$160.5

$132.6

$252.0

$160.9

$118.6

$53.0

$262.7

% margin

39.6%

34.4%

43.2%

42.0%

39.6%

34.6%

40.3%

Capex

$21.1

$25.9

$19.6

$12.6

$7.6

$9.1

$23.7

% of sales

5.2%

6.7%

3.4%

3.3%

2.5%

5.9%

3.6%

(a)

Historical pro forma financials derived from previously filed SEC documents.  Nine months ended 9/30/2006, Q3 07, and LTM 9/30/07 are estimated.

45

45

Derived EBITDA Calculations : 2004 -

2006

DERIVED EBITDA CALCULATIONS

(unaudited, in thousands, except per share amounts)

New Abraxis

APP

New Abraxis

APP

New Abraxis

APP

EBITDA CALCULATION:

10K Data

Form 10 Data

Adjustment(1)

Derived

10K Data

Form 10 Data

Adjustment(1)

Derived

10K Data

Form 10 Data

Adjustment(1)

Derived

Net income/(loss)

18,221

$       

(76,301)

$      

(291)

$           

94,813

$       

17,657

$       

(12,662)

$      

(156)

$           

30,475

$       

(46,897)

$      

(124,551)

$    

706

$            

76,948

$       

Interest

96

2,030

(1,934)

5,807

6,276

(469)

9,971

4,342

5,629

Income Taxes

28,345

-

28,345

37,989

478

37,511

29,299

(25,964)

55,263

Depreciation

9,715

2,052

7,663

14,224

2,779

11,445

19,108

5,882

13,226

Amortization

-

-

-

-

Amortization of intangibles

1,105

118

987

1,149

274

875

1,608

683

925

Amortization of merger related intangibles

-

-

-

-

-

-

38,275

27,349

10,926

Amortization of merger related inventory step-up

-

-

-

-

-

-

12,480

737

11,743

Amortization of purchased product rights

-

-

-

-

8,220

8,220

Merger related in-process R&D charge

-

-

-

-

-

-

105,777

83,447

22,330

Merger transaction expense

-

-

-

-

17,954

5,608

12,346

EBITDA

57,482

(72,101)

(291)

129,874

76,826

(2,855)

(156)

79,837

195,795

(22,467)

706

217,556

-

-

-

Adjustments for non-recurring items:

Stock compensation (FAS 123(R))

9,801

3,211

6,590

16,409

6,284

10,125

35,023

26,220

8,803

Minority interest

16,301

-

16,301

25,875

-

25,875

11,383

-

11,383

Loss on early retirement of debt

1,986

-

1,986

-

-

Melrose Park revalidation

-

-

14,689

14,689

-

-

ERP Implementation

6,364

887

5,477

-

-

Severance

-

-

4,031

2,039

1,992

-

-

Non-recurring legal costs

-

-

3,100

3,100

Separation related costs

-

-

-

-

-

-

-

-

-

Puerto Rico pre-launch costs

-

-

-

-

-

-

11,246

-

11,246

Adjusted EBITDA

91,934

$       

(68,003)

$      

(291)

$           

160,228

$     

137,830

$     

5,468

$         

(156)

$           

132,518

$     

256,547

$     

3,753

$         

706

$            

252,088

$     

(1) These adjustments are incremental to financials issued in 10K.  As these adjustments are already included in Form 10, they should also be added to APP Derived.

YE 2004 -

DERIVED

YE 2006 -

DERIVED

YE 2005 -

DERIVED

46

46

Derived EBITDA Calculations: Q1 –

Q2 2007

New Abraxis

APP

New Abraxis

APP

New Abraxis

APP

EBITDA CALCULATION:

10Q Data

Form 10 Data

Adjustment(1)

Derived

10Q Data

Form 10 Data

Adjustment(1)

Derived

10Q Data

Form 10 Data

Adjustment(1)

Derived

Net income/(loss)

11,115

$       

(5,671)

$        

(552)

$           

17,338

$       

23,086

$       

(14,534)

$      

12,447

$       

25,173

$       

34,201

$       

(20,205)

$      

11,895

$       

42,511

$       

Interest

3,314

(296)

(1)

3,611

4,333

(43)

4,376

7,647

(339)

(1)

7,987

Income Taxes

6,197

(3,484)

9,681

9,262

(7,736)

7,874

9,124

15,459

(11,220)

7,874

18,805

Depreciation

6,230

1,999

4,231

7,028

2,237

4,791

13,258

4,236

-

9,022

Amortization

-

-

-

-

-

-

Amortization of intangibles

211

110

101

183

84

99

394

194

-

200

Amortization of merger related intangibles

13,509

9,653

3,856

13,509

9,652

3,857

27,018

19,305

-

7,713

Amortization of merger related inventory step-up

-

-

-

-

-

-

-

Amortization of purchased product rights

4,110

4,110

4,110

4,110

8,220

-

-

8,220

Merger related in-process R&D charge

-

-

-

-

-

-

-

Merger transaction expense

-

-

-

-

-

-

-

-

EBITDA

44,686

2,311

(553)

42,928

61,511

(10,340)

20,321

51,530

106,197

(8,029)

19,768

94,458

-

-

-

Adjustments for non-recurring items:

Stock compensation (FAS 123(R))

9,720

6,503

3,217

7,351

3,955

3,396

17,071

10,458

-

6,613

Minority interest

-

-

-

-

-

-

-

-

Loss on early retirement of debt

-

-

-

-

-

-

Melrose Park revalidation

-

-

-

-

-

-

ERP Implementation

-

-

-

-

-

-

Severance

-

-

0

0

0

-

Non-recurring legal costs

-

-

-

-

-

-

Separation related costs

1,357

-

1,357

4,046

4,046

5,403

-

-

5,403

Puerto Rico pre-launch costs

5,199

8

5,191

6,897

(113)

7,010

12,096

(105)

-

12,201

Adjusted EBITDA

60,962

$       

8,822

$         

(553)

$           

52,693

$       

79,805

$       

(6,498)

$        

20,321

$       

65,982

$       

140,767

$     

2,324

$         

19,768

$       

118,675

$     

(1) These adjustments are incremental to financials issued in 10K.  As these adjustments are already included in Form 10, they should also be added to APP Derived.

2Q 2007 -

DERIVED

1H 2007 YTD -

DERIVED

1Q 2007 -

DERIVED

2007 Projected Financials

2007 Projected Financials

48

48

Quarterly Analysis

($ mm)

2006 By Quarter

2007 By Quarter

Q1A

Q2A

Q3A

Q4A

Total

Q1A

Q2A

Q3E

Q4E

Total

Core Products

$113.6

$120.0

$108.9

$136.9

$479.5

Revenue

$96.2

$123.3

$109.0

$133.0

$461.4

24%

25%

23%

29%

100%

% of core products sales

21%

27%

24%

29%

100%

Acquired AA Products

$41.0

$62.8

$103.7

Revenue

$44.1

$36.1

$44.2

$44.2

$168.5

40%

60%

100%

% of acquired AA sales

26%

21%

26%

26%

100%

Total New APP

$113.6

$120.0

$149.9

$199.7

$583.2

Revenue

$140.3

$159.3

$153.2

$177.2

$630.0

19%

21%

26%

34%

100%

% of total sales

22%

25%

24%

28%

100%

$60.8

$66.2

$78.0

$112.7

$317.8

Gross profit

$70.2

$85.0

$72.9

$92.7

$320.7

54%

55%

52%

56%

54%

% margin

50%

53%

48%

52%

51%

$46.6

$51.1

$63.3

$91.2

$252.1

Adjusted EBITDA

$52.7

$65.9

$53.0

$78.9

$250.4

41%

43%

42%

46%

43%

% margin

38%

41%

35%

45%

40%

Rolling LTM Adj. EBITDA

$258.2

$273.0

$262.7

$250.4

% margin

42%

42%

40%

40%

Management Biographies

50

50

Patrick Soon-Shiong, M.D.

Served as Chief Executive Officer (CEO) of Abraxis BioScience since

December 2005 and as Executive Chairman since November 2004

Previously served as the CEO and Chairman of the Board of Directors

since inception in March 1996 to November 2004 and as President from

July 2001 to November 2004

From inception to August 1997, Dr. Soon-Shiong also served as Chief

Financial Officer (CFO). From June 1994 to April 2006, Dr. Soon-Shiong

served as President, CFO and a Director of American BioScience, the

then parent Company of Abraxis

Co-inventor of proprietary nanoparticle delivery technology upon which

FDA-approved Abraxane is based

Serves on two advisory boards for the RAND Corporation, the RAND

Center

for Asia Pacific Policy and the RAND Health Board of Advisors

Served as CEO and Chairman of the Board of Directors of VivoRx, a

biotechnology company, from June 1994 to June 1998

Dr. Soon–Shiong

is named as a co inventor on over 50 issued U.S. patents.

He is a fellow of the American College of Surgeons and the Royal

College of

Physicians and Surgeons of Canada

Dr. Soon–Shiong

holds a degree in Medicine from the University of the

Witwatersrand and a M.S.C. in Science from the University of British

Columbia

Served as Chief Executive Officer (CEO) of Abraxis BioScience since

December 2005 and as Executive Chairman since November 2004

Previously served as the CEO and Chairman of the Board of Directors

since inception in March 1996 to November 2004 and as President from

July 2001 to November 2004

From inception to August 1997, Dr. Soon-Shiong also served as Chief

Financial Officer (CFO). From June 1994 to April 2006, Dr. Soon-Shiong

served as President, CFO and a Director of American BioScience, the

then parent Company of Abraxis

Co-inventor of proprietary nanoparticle delivery technology upon which

FDA-approved Abraxane is based

Serves on two advisory boards for the RAND Corporation, the RAND

Center

for Asia Pacific Policy and the RAND Health Board of Advisors

Served as CEO and Chairman of the Board of Directors of VivoRx, a

biotechnology company, from June 1994 to June 1998

Dr. Soon–Shiong

is named as a co inventor on over 50 issued U.S. patents.

He is a fellow of the American College of Surgeons and the Royal

College of

Physicians and Surgeons of Canada

Dr. Soon–Shiong

holds a degree in Medicine from the University of the

Witwatersrand and a M.S.C. in Science from the University of British

Columbia

51

51

Thomas Silberg

President of Abraxis Pharmaceutical Products (New APP) in

September 2006, after joining Abraxis as Executive Vice President of

Commercial Operations and Operational Excellence in May 2006. Mr.

Silberg is responsible for all global operations for the New APP

Most recently, Mr. Silberg served as Chief Operating Officer of

Tercica, where his direct responsibilities included regulatory, clinical

development, medical affairs, manufacturing, quality assurance /

quality control, sales and marketing, business development, and

project management

Prior to his work at Tercica, Mr. Silberg was Executive Vice President

and Chief Operating Officer of Ligand Pharmaceuticals after serving

as Senior Vice President of Commercial Operations

Mr. Silberg began his career in 1972 with Hoffmann-LaRoche, where,

over a 27-year span he held a variety of positions and rose through

the management ranks to Vice President of Business Operations

Mr. Silberg earned a B.S. in marketing and advertising from the

University of Minnesota

President of Abraxis Pharmaceutical Products (New APP) in

September 2006, after joining Abraxis as Executive Vice President of

Commercial Operations and Operational Excellence in May 2006. Mr.

Silberg is responsible for all global operations for the New APP

Most recently, Mr. Silberg served as Chief Operating Officer of

Tercica, where his direct responsibilities included regulatory, clinical

development, medical affairs, manufacturing, quality assurance /

quality control, sales and marketing, business development, and

project management

Prior to his work at Tercica, Mr. Silberg was Executive Vice President

and Chief Operating Officer of Ligand Pharmaceuticals after serving

as Senior Vice President of Commercial Operations

Mr. Silberg began his career in 1972 with Hoffmann-LaRoche, where,

over a 27-year span he held a variety of positions and rose through

the management ranks to Vice President of Business Operations

Mr. Silberg earned a B.S. in marketing and advertising from the

University of Minnesota

52

52

Frank Harmon

Chief Operating Officer and Executive Vice President of Abraxis

Pharmaceutical Products (New APP) in September 2006, after having

joined Abraxis in May 2006 as the Executive Vice President of Global

Operations

Mr. Harmon oversees global manufacturing operations; corporate

quality assurance and quality control and the supply chain

organizations as well as generic product development, regulatory

affairs and operational excellence

Prior to joining Abraxis, Mr. Harmon was the Senior Vice President of 

Manufacturing Operations for the Sterile Technologies Group at

Cardinal Health where he was responsible for multiple sites

throughout the United States and Puerto Rico

Mr. Harmon has also served as Vice President of Biopharmaceutical

Operations for Aventis Behring

Mr. Harmon earned an MBA from St. Louis University and

undergraduate B.S. degrees in biology and chemistry from Western

Kentucky University

Chief Operating Officer and Executive Vice President of Abraxis

Pharmaceutical Products (New APP) in September 2006, after having

joined Abraxis in May 2006 as the Executive Vice President of Global

Operations

Mr. Harmon oversees global manufacturing operations; corporate

quality assurance and quality control and the supply chain

organizations as well as generic product development, regulatory

affairs and operational excellence

Prior to joining Abraxis, Mr. Harmon was the Senior Vice President of 

Manufacturing Operations for the Sterile Technologies Group at

Cardinal Health where he was responsible for multiple sites

throughout the United States and Puerto Rico

Mr. Harmon has also served as Vice President of Biopharmaceutical

Operations for Aventis Behring

Mr. Harmon earned an MBA from St. Louis University and

undergraduate B.S. degrees in biology and chemistry from Western

Kentucky University

53

53

Lisa Gopala

Joined the company in July 2006 and was officially appointed Chief Financial

Officer of Abraxis BioScience on August 10, 2006

Ms. Gopala oversees and manages all financial aspects of the company,

including accounting, strategic planning and analysis, treasury and tax

Before joining Abraxis, Ms. Gopala served as Executive Vice President and

Chief Financial Officer of Intermix Media, the former holding company of

Myspace.com

Prior to Intermix Media, Ms. Gopala was Vice President of Finance and

Corporate Controller for 8 years at Ticketmaster, an IAC subsidiary

Ms. Gopala also served at International Rectifier; LA Gear; and,

PricewaterhouseCoopers/Arthur Andersen

Ms. Gopala is a certified public accountant and holds a B.S. in business

administration from Babson College in Wellesley, Massachusetts

Joined the company in July 2006 and was officially appointed Chief Financial

Officer of Abraxis BioScience on August 10, 2006

Ms. Gopala oversees and manages all financial aspects of the company,

including accounting, strategic planning and analysis, treasury and tax

Before joining Abraxis, Ms. Gopala served as Executive Vice President and

Chief Financial Officer of Intermix Media, the former holding company of

Myspace.com

Prior to Intermix Media, Ms. Gopala was Vice President of Finance and

Corporate Controller for 8 years at Ticketmaster, an IAC subsidiary

Ms. Gopala also served at International Rectifier; LA Gear; and,

PricewaterhouseCoopers/Arthur Andersen

Ms. Gopala is a certified public accountant and holds a B.S. in business

administration from Babson College in Wellesley, Massachusetts