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Human Genome Sciences Announces Fourth Quarter and Full Year 2007 Financial Results and Recent Progress
Date:2/25/2008

07, compared with revenues of $25.8 million for 2006. Revenues for 2007 included $28.0 million recognized from the Albuferon agreement with Novartis and $6.5 million recognized from the LymphoStat-B(R) agreement with GlaxoSmithKline (GSK).

The Company reported a net loss for 2007 of $262.4 million ($1.95 per share), compared with a net loss of $251.2 million ($1.91 per share) for 2006. The 2007 net loss included $16.9 million ($0.13 per share) in expenses related to the licensing and collaboration agreement entered into with Aegera Therapeutics Inc. in December 2007.

Including $20 million paid to Aegera Therapeutics, net cash burn for 2007 totaled $179.9 million, compared with $121.3 million in 2006. Excluding the payments to Aegera Therapeutics, the Company's net cash burn for 2007 was in line with previous guidance. The increase in net cash burn also reflected increased clinical development costs related to the Company's Phase 3 programs.

As of December 31, 2007, cash and investments totaled $603.8 million, of which $532.9 million was unrestricted and available for operations. This compares with cash and investments totaling $763.1 million as of the end of 2006, of which $701.9 million was unrestricted and available for operations.

"Tight spending control, increased revenues and clinical development cost- sharing all played important roles in keeping net cash burn to a minimum in 2007," said Tim Barabe, Senior Vice President and Chief Financial Officer. "We will continue this emphasis in 2008."

For the fourth quarter ended December 31, 2007, HGS reported revenues of $12.5 million, compared with revenues of $10.0 million for the same period in 2006. Fourth quarter 2007 revenues included $8.9 million recognized from the Albuferon agreement with Novartis, and $1.6 million recognized from the LymphoStat-B agreement with GSK.

The Company's net loss in the fourth quarter of 2007 was $92.9 million ($0.69 per share), compared with
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SOURCE Human Genome Sciences, Inc.
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