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CV Therapeutics Reports 2007 Fourth Quarter and Full Year Financial Results
Date:2/26/2008

PALO ALTO, Calif., Feb. 26 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) today reported financial results for the fourth quarter and full year ended December 31, 2007.

For the quarter ended December 31, 2007, the Company reported a net loss of $34.1 million, or $0.57 per share. This compares to a net loss of $68.1 million, or $1.18 per share, for the same quarter in 2006 and $34.2 million, or $0.58 per share, for the prior quarter ended September 30, 2007. For the year ended December 31, 2007, the Company reported a net loss of $181.0 million, or $3.05 per share, compared to a net loss of $274.3 million, or $5.49 per share, for the year ended December 31, 2006.

For the quarter ended December 31, 2007, the Company recorded total revenues of $22.4 million which consisted of $20.9 million of net product sales of Ranexa(R) (ranolazine extended-release tablets) and $1.5 million of collaborative research revenue. The $20.9 million of net product sales of Ranexa in the quarter ended December 31, 2007 represents an increase of 14 percent compared to the $18.4 million of net product sales recorded in the prior quarter ended September 30, 2007 and an increase of 132 percent compared to the $9.0 million of net product sales in the same quarter of the prior year. The fourth quarter 2007 collaborative research revenue includes revenue primarily related to the reimbursement of certain regadenoson development costs from our collaborative partner.

For the full year ended December 31, 2007, the Company recorded revenue of $82.8 million, consisting of $66.7 million of net product sales of Ranexa and $16.2 million of collaborative research revenue which includes a $7.0 million milestone payment for submission of a new d
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SOURCE CV Therapeutics, Inc.
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