Fresenius Kabi Pharmaceuticals Holding 8-K Releases Third Quarter Results

EXHIBIT 99.1

News Release

Fresenius Kabi Pharmaceuticals Holding, Inc.

Releases Third Quarter Results

SCHAUMBURG, Ill.—Nov. 4, 2008 – Fresenius Kabi Pharmaceuticals Holding, Inc. (NASDAQ: APCVZ) (“FKP Holdings”) the newly formed holding company that acquired APP Pharmaceuticals, Inc. (“APP”) on September 10, 2008, today released financial results for the third quarter and for the nine months ended September 30, 2008. These results include APP’s results for the portion of the third quarter and the nine-month period prior to the closing of the acquisition and FKP Holdings’ results from July 2, 2008 through September 30, 2008, which also includes the results of operations of APP post acquisition.

Third quarter revenues were $198 million, a 29 percent increase over APP’s revenue of $153 million for the same period in 2007. Revenues for the nine-month period ended September 30, 2008 were $544 million, a 20 percent increase over APP’s revenue of $453 million for the same period in 2007.

For the third quarter, net loss was $242 million, as compared to a net loss of $8 million for APP in the third quarter of 2007, after inclusion of a net loss from discontinued operations of $22 million in 2007. Net loss for the nine-month period ended September 30, 2008 was $209 million compared to APP’s net income of $26 million for the same period in 2007, after inclusion of a net loss from discontinued operations of $25 million during 2007. Excluding acquisition and separation related charges net income for the quarter was $21 million and $56 million for the nine-month period ended September 30, 2008.

For the third quarter and for the nine months ending September 30, 2008, Adjusted EBITDA, as defined in the indenture governing the Contingent Value Rights (CVRs) of FKP Holdings, was $87 million and $217 million, respectively.

Revenue guidance for 2008 has been modified to be between $765 million and $785 million and Adjusted EBITDA guidance for 2008 has been modified to be between $315 million and $325 million. Guidance previously provided by APP was revenue between $800 million and $820 million and Adjusted EBITDA between $325 million and $350 million. The components of Adjusted EBITDA are reflected in APP’s 2^nd quarter earnings release filed on July 31, 2008 and changes in guidance primarily related to Adjusted EBITDA result from changes in the revenue guidance noted above.

On a going forward basis, the financial results for FKP Holdings will not be reported in an earnings release and will be reported in FKP Holdings’ filings with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

Amounts reported on a combined basis (i.e., including both the successor and predecessor periods) above and in the accompanying tables are non-GAAP measures and should not be considered in isolation of, or as a substitute for, the discrete information prepared and presented for the predecessor and successor periods in accordance with GAAP. Similarly, Adjusted EBITDA is a defined term in the indenture governing the Contingent Value Rights (CVRs), however it is not a recognized term under GAAP and should not be considered in isolation of, or as a substitute for, the information prepared and presented in accordance with GAAP. Because not all companies calculate Adjusted EBITDA identically, FKP Holdings’ definition of adjusted EBITDA may not be comparable to similarly titled measures of other companies. The attached financial pages provide a reconciliation of net income to Adjusted EBITDA.

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About Fresenius SE

Fresenius SE is a health care group with international operations, providing products and services for dialysis, hospital and outpatient medical care. In 2007, group sales were approximately EUR 11.4 billion. On June 30, 2008 the Fresenius Group had 117,453 employees worldwide. For more information visit the company’s website at www.fresenius.com.

About Fresenius Kabi Pharmaceuticals Holding, Inc.

Fresenius Kabi Pharmaceuticals Holdings, a wholly owned subsidiary of Fresenius SE, acquired the Schaumburg, Illinois-based APP Pharmaceuticals on September 10, 2008. Under the terms of the agreement, Fresenius acquired the outstanding common stock of APP for $23.00 in cash per share plus a Contingent Value Right that could deliver up to an additional $6.00 per CVR in cash, pending achievement of certain financial targets (payable in Q2 2011).

About APP Pharmaceuticals

APP is a fully-integrated pharmaceutical company that develops, manufactures and markets injectable pharmaceutical products with a primary focus on the oncology, anti-infective, anesthetic/analgesic and critical care markets. The company offers one of the most comprehensive product portfolios used in hospitals, long-term care facilities, alternate care sites and clinics within North America and manufactures a comprehensive range of dosage formulations.

Forward-Looking Statement

The statements contained in this news 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 news release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements regarding financial guidance for 2008. 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, but are not limited to, the continued market acceptance and demand of new and existing products; the difficulties or delays in developing, testing, obtaining regulatory approval of, and producing and marketing of the company’s products; the impact of competitive products and pricing; the availability and pricing of ingredients used in the manufacture of pharmaceutical products; and the ability to successfully manufacture products in a time-sensitive and cost effective manner. Additional relevant information concerning risks can be found in Fresenius Kabi Pharmaceuticals Holding’s prospectus dated August 20, 2008 and other documents it has filed with the Securities and Exchange Commission.

The information contained in this news release is as of the date of this release. Fresenius Kabi Pharmaceuticals Holding assumes no obligations to update any forward-looking statements contained in this news release as the result of new information or future events or developments.

CONTACT: Investor and Media Inquiries:

Christine Cassiano

Hill & Knowlton

(310) 633-9495

Fresenius SE

Investor Inquiries:

Fresenius SE Birgit Grund, Senior Vice President

++49 6172 608 2485

On September 10, 2008, APP Pharmaceuticals, Inc. (“APP”) closed an Agreement and Plan of Merger entered into on July 6, 2008, with Fresenius SE and certain of its direct and indirect subsidiaries pursuant to which APP became a wholly-owned operating subsidiary of Fresenius Kabi Pharmaceuticals Holding, Inc. (“FKP Holdings or the Company”), which is a wholly owned subsidiary of Fresenius SE. For accounting purposes the Company has separated its historical financial results for the Predecessor Company (APP) for all periods prior to September 10, 2008, the effective date of the merger, and the Successor Company (FKP Holdings) for all periods after July 2, 2008, which include the results of APP from September 10, 2008. The separate presentation is required as there was a change in accounting basis, which occurred when purchase accounting was applied to the acquisition of the Predecessor. Purchase accounting requires that the historical carrying value of assets acquired and liabilities assumed be adjusted to fair

FRESENIUS KABI PHARMACEUTICALS HOLDING, INC.

CONSOLIDATED RESULTS OF OPERATIONS

(Unaudited, in thousands)

	Three months Ending September 30, 2008			July 2 through September 30, 2008			July 1 through September 9 2008			Three months Ending September 30, 2007			Change Favorable (Unfavorable) (Unfavorable)
													$			%
	Combined			(Successor)			(Predecessor)			(Predecessor)
Revenues
Critical care	$	129,614		$	29,606		$	100,008		$	91,584		$	38,030		42	%
Anti-infective		53,815			13,792			40,023			43,032			10,783		25	%
Oncology		11,463			4,294			7,169			14,073			(2,610	)	-19	%
Contract manufacturing and other		2,988			388			2,600			4,490			(1,502	)	-33	%
Total revenue		197,880			48,080			149,800			153,179			44,701		29	%
Cost of sales		90,642			22,190			68,452			85,055			5,587		7	%
Amortization of inventory step-up		12,588			12,588			—			—			12,588		—
Gross profit		94,650			13,302			81,348			68,124			26,526		39	%
Percent to total revenue		47.8	%		27.7	%		54.3	%		44.5	%
Research and development		11,036			2,066			8,970			11,351			(315	)	-3	%
Selling, general and administrative		23,813			5,508			18,305			22,061			1,752		8	%
Amortization of in-process R&D		252,000			252,000			—			—			252,000		—
Amortization of merger related intangibles		5,960			3,389			2,571			3,856			2,104		55	%
Separation costs		235			—			235			352			(117	)	-33	%
Merger related costs		44,799			1,188			43,611			—			44,799		—
Total operating expenses		337,843			264,151			73,692			37,620			300,223		—
Percent to total revenue		170.7	%		549.4	%		49.2	%		24.6	%
(Loss) income from operations		(243,193	)		(250,849	)		7,656			30,504			(273,697	)	—
Percent to total revenue		-122.9	%		-521.7	%		5.1	%		19.9	%
Interest income and other		215			(16	)		231			886			(671	)	-76	%
Gain on contingent value right		52,241			52,241			—			—			52,241
Interest expense		(42,363	)		(27,866	)		(14,497	)		(3,831	)		(38,532	)	—
(Loss) income from continuing operations before income taxes		(233,100	)		(226,490	)		(6,610	)		27,559			(260,659	)	—
Income tax (benefit) expense		8,761			(8,135	)		16,896			13,449			(4,688	)	-35	%
Net (loss) income from continuing operations	$	(241,861	)	$	(218,355	)	$	(23,506	)	$	14,110		$	(255,971	)	—
Net loss from discontinued operations, net of taxes		—			—			—			(22,495	)		22,495		—
Net (loss) income	$	(241,861	)	$	(218,355	)	$	(23,506	)	$	(8,385	)	$	(233,476	)	—
Selected ratios as a percentage of total net revenues:
Research and development		5.6	%		4.3	%		6.0	%		7.4	%
Selling, general and administrative		12.0	%		11.5	%		12.2	%		14.4	%

On September 10, 2008, APP Pharmaceuticals, Inc. (“APP”) closed an Agreement and Plan of Merger entered into on July 6, 2008, with Fresenius SE and certain of its direct and indirect subsidiaries pursuant to which APP became a wholly-owned operating subsidiary of Fresenius Kabi Pharmaceuticals Holding, Inc. (“FKP Holdings or the Company”), which is a wholly owned subsidiary of Fresenius SE. For accounting purposes the Company has separated its historical financial results for the Predecessor Company (APP) for all periods prior to September 10, 2008, the effective date of the merger, and the Successor Company (FKP Holdings) for all periods after July 2, 2008, which include the results of APP from September 10, 2008. The separate presentation is required as there was a change in accounting basis, which occurred when purchase accounting was applied to the acquisition of the Predecessor. Purchase accounting requires that the historical carrying value of assets acquired and liabilities assumed be adjusted to fair

FRESENIUS KABI PHARMACEUTICALS HOLDING, INC.

CONSOLIDATED RESULTS OF OPERATIONS

(Unaudited, in thousands)

	Nine months Ending September 30, 2008			July 2 through September 30, 2008			January 1 through September 9 2008			Nine months Ending September 30, 2007			Change Favorable (Unfavorable) (Unfavorable)
													$			%
	Combined			(Successor)			(Predecessor)			(Predecessor)
Revenues
Critical care	$	334,328		$	29,606		$	304,722		$	265,858		$	68,470			26	%
Anti-infective		156,071			13,792			142,279			133,561			22,510			17	%
Oncology		44,210			4,294			39,916			39,927			4,283			11	%
Contract manufacturing and other		9,268			388			8,880			13,428			(4,160	)		-31	%
Total revenue		543,877			48,080			495,797			452,774			91,103			20	%
Cost of sales		269,827			22,190			247,637			239,063			30,764			13	%
Amortization of inventory step-up		12,588			12,588			—			—			12,588			—
Gross profit		261,462			13,302			248,160			213,711			47,751			22	%
Percent to total revenue		48.1	%		27.7	%		50.1	%		47.2	%
Research and development		37,199			2,066			35,133			33,994			3,205			9	%
Selling, general and administrative		69,013			5,508			63,505			66,800			2,213			3	%
Amortization of in-process R&D		252,000			252,000			—			—			252,000			—
Amortization of merger related intangibles		13,672			3,389			10,283			11,568			2,104			18	%
Separation costs		2,239			—			2,239			1,056			1,183			112	%
Merger related costs		44,799			1,188			43,611			—			44,799			—
Total operating expenses		418,922			264,151			154,771			113,418			305,504			—
Percent to total revenue		77.0	%		549.4	%		31.2	%		25.0	%
(Loss) income from operations		(157,460	)		(250,849	)		93,389			100,293			(257,753	)		—
Percent to total revenue		-29.0	%		-521.7	%		18.8	%		22.2	%
Interest income and other		1,577			(16	)		1,593			1,816			(239	)		-13	%
Gain on contingent value right		52,241			52,241			—			—			52,241			—
Interest expense		(72,990	)		(27,866	)		(45,124	)		(12,747	)		(60,243	)		—
(Loss) income from continuing operations before income taxes		(176,632	)		(226,490	)		49,858			89,362			(265,994	)		—
Income tax (benefit) expense from continuing
operations		32,180			(8,135	)		40,315			38,843			(6,663	)		-17	%
Net income from continuing operations	$	(208,812	)	$	(218,355	)	$	9,543		$	50,519		$	(259,331	)		—
Net loss from discontinued operations, net of taxes		—			—			—			(24,693	)		24,693			—
Net (loss) income	$	(208,812	)	$	(218,355	)	$	9,543		$	25,826		$	(234,638	)	$	—
Selected ratios as a percentage of total net revenues:
Research and development		6.8	%		4.3	%		7.1	%		7.5	%
Selling, general and administrative		12.7	%		11.5	%		12.8	%		14.8	%

FRESENIUS KABI PHARMACEUTICALS HOLDING, INC.

Reconciliation of Net Income to Adjusted EBITDA per the CVR Agreement

Three and Nine Months Ended September 30, 2008

(unaudited, in thousands)

The CVR (Contingent Value Rights) agreement defines Adjusted EBITDA, including both the predecessor and successor periods as: net income, excluding the impact of depreciation and amortization, interest expense net of interest income, income tax expense, non-cash stock-based compensation expense, separation related costs, pre-launch costs associated with Puerto Rico manufacturing facility, other taxes, technology transfer costs, the gain or loss on the sale of fixed assets and gains or losses on our contingent value rights and other items and limitations as defined in the CVR Indenture. The amount payable on June 30, 2011 will be determined based on the Adjusted EBITDA of the Company and its predecessor over the three year period ended December 31, 2010. However, Adjusted EBITDA is not a recognized term under GAAP and should not be considered in isolation of, or as a substitute for, the information prepared and presented in accordance with GAAP. Because not all companies calculate Adjusted EBITDA identically, the definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA for the three and nine months ended September 30, 2008 is as follows:

	Three months			Nine months
Net loss	$	(241,861	)	$	(208,812	)
Depreciation		4,875			14,132
Amortization		273,329			289,333
Interest expense, net of interest income		42,003			71,881
Provision for income taxes		8,761			32,180
EBITDA		87,107			198,714
Stock-based compensation expense		1,237			5,750
Puerto Rico pre-launch costs, net of depreciation		5,144			16,500
(Gain) on CVR		(52,241	)		(52,241	)
Separation, merger and other non-recurring costs		44,799			46,408
Other taxes		486			908
Other non-cash charges		165			495
Technology transfer		14			119
Loss on sale of fixed assets		27			73
Adjusted EBITDA	$	86,738		$	216,726

FRESENIUS KABI PHARMACEUTICALS HOLDING, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

	Successor September 30, 2008		Predecessor December 31, 2007
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	2,994	$	31,788
Accounts receivable, net		78,637		85,209
Inventories		220,408		149,191
Prepaid expenses and other current assets		13,354		13,531
Current receivables from related parties		—		6,996
Income taxes receivable		23,734		—
Deferred income taxes		11,479		17,109
Total current assets		350,606		303,824
Property, plant and equipment, net		143,970		132,528
Intangible assets, net		606,611		463,154
Goodwill		3,731,172		160,239
Deferred financing costs and other non-current assets, net		114,989		17,842
Total assets	$	4,947,348	$	1,077,587
Liabilities and stockholders' equity (deficit)
Current liabilities:
Accounts payable	$	37,791	$	36,502
Accrued liabilities		43,260		45,595
Current payables from related parties		9,580		—
Short term portion of debt		17,231		5,000
Total current liabilities		107,862		87,097
Long-term debt		980,269		995,000
Deferred income taxes, non-current		145,401		71,011
Payable to parent company		2,922,601		—
Other non-current liabilities		109,563		4,250
Total liabilities		4,265,696		1,157,358
Stockholders' equity (deficit)		681,652		(79,771	)
Total liabilities and stockholders' equity	$	4,947,348	$	1,077,587