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CV Therapeutics Reports 2008 Third Quarter Financial Results
Date:11/6/2008

- Ranexa(R) net revenue grows 19 percent quarter-over-quarter -

PALO ALTO, Calif., Nov. 6 /PRNewswire-FirstCall/ -- CV Therapeutics, Inc. (Nasdaq: CVTX) today reported financial results for the third quarter ended September 30, 2008.

For the quarter ended September 30, 2008, the Company reported a net loss of $25.4 million, or $0.41 per share. This compares to a net loss of $34.2 million, or $0.58 per share, for the same quarter in 2007 and $4.3 million, or $0.07 per share, for the prior quarter ended June 30, 2008. Excluding the impact of the $22.0 million milestone revenue recognized in the quarter ended June 30, 2008, the prior quarter net loss would have been $26.3 million. The milestone payments received in the second quarter of 2008 were $12.0 million from Astellas Pharma U.S. Inc. (Astellas) associated with the U.S. Food and Drug Administration approval for Lexiscan(R) (regadenoson) injection and $10.0 million relating to a milestone payment from TPG-Axon Capital associated with the commercial launch of Lexiscan(R).

For the quarter ended September 30, 2008, the Company recorded $30.3 million of net product sales of Ranexa(R) (ranolazine extended-release tablets) in the U.S., which represents an increase of 19 percent compared to the $25.4 million of net product sales recorded in the prior quarter ended June 30, 2008 and an increase of 65 percent compared to the $18.4 million of net product sales recorded in the same quarter in the prior year.

For the quarter ended September 30, 2008, the Company recorded total revenues of $38.1 million, which consisted of $30.3 million of net product sales of Ranexa, $4.7 million of royalty and license revenue and $3.2 million of collaboration, milestone and other reve
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SOURCE CV Therapeutics, Inc.
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