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Human Genome Sciences Announces First Quarter 2009 Financial Results and Key Developments
Date:4/29/2009

ompared with revenues of $12.3 million for the same period in 2008. Revenues included $153.8 million recognized upon the sale and delivery of ABthrax to the U.S. Strategic National Stockpile, $9.0 million recognized from the Syncria agreement with GSK, $8.9 million recognized from the Albuferon agreement with Novartis and $1.6 million recognized from the LymphoStat-B agreement with GSK.

Net income for the quarter ended March 31, 2009 increased to $129.8 million ($0.85 diluted per share), compared with a net loss for the first quarter of 2008 of $52.7 million ($0.39 per share). The net income for the quarter was due primarily to revenue recognized from the delivery of ABthrax under the Company's contract with the U.S. Government. HGS has previously expensed substantially all of the research, development and manufacturing costs related to meeting the terms of the contract.

Cash and investments increased by $24.0 million during the first quarter. As of March 31, 2009, cash and investments totaled $396.9 million, of which $329.3 million was unrestricted and available for operations. This compares with cash and investments totaling $372.9 million as of the end of December 31, 2008, of which $303.6 million was unrestricted and available for operations.

In February 2009, HGS repurchased $106.2 million principal amount of its outstanding convertible debt at a cost of $50.0 million in cash. The repurchase included $82.9 million principal amount of the Company's 2-1/4% Convertible Subordinated Notes Due October 2011, and $23.3 million principal amount of the Company's 2-1/4% Convertible Subordinated Notes Due August 2012.

"The first quarter of 2009 was clearly a very strong quarter for HGS from a financial perspective," said Tim Barabe, Senior Vice President and Chief Financial Officer, HGS. "Our revenues were up substantially and were driven for the first time by product sales. We reduced our long-te
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SOURCE Human Genome Sciences, Inc.
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