Human Genome Sciences Announces Third Quarter 2008 Financial Results and Key De...(y an important role in strengthening Ame...)

FINANCIAL RESULTS

HGS reported increased revenues for the quarter ended September 30, 2008 of $11.7 million, compared with revenues of $11.1 million for the same period in 2007. Revenues included $8.9 million recognized from the Albuferon agreement with Novartis, and $1.6 million in revenue recognized from the LymphoStat-B agreement with GlaxoSmithKline (GSK).

The Company reported a net loss for the quarter ended September 30, 2008 of $68.1 million ($0.50 per share), compared with a net loss for the second quarter of 2007 of $67.3 million ($0.50 per share). The net loss for the quarter includes a charge of $6.0 million ($0.04 per share) for impaired investments, and a decrease in investment income, partially offset by decreased research and development expenses related to Phase 3 trials for Albuferon.

For the first nine months of 2008, HGS reported increased revenues of $35.6 million, compared with revenues of $29.3 million for the same period of the previous year. Revenues included $26.6 million recognized from the Albuferon agreement and $4.9 million recognized from the LymphoStat-B agreement.

The Company reported a net loss of $189.3 million ($1.40 per share) for the nine months ended September 30, 2008, compared with a net loss of $169.6 million ($1.26 per share) for the same period of the previous year. The increased net loss for the nine months was due primarily to increased research and development and general and administrative expenses, in addition to the $6.0 million ($0.04 per share) charge for impaired investments, partially offset by a one-time gain of $32.5 million ($0.24 per share) resulting from the sale of CoGenesys, Inc. stock to Teva Pharmaceutical Industries, Ltd.

Net cash burn for the nine months ended September 30, 2008 totaled $186.9 million. (For information on the calculation of this non-GAAP financial measure, visit '/>"/>