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Idenix Pharmaceuticals Reports Fourth Quarter and Year End Financial Results
Date:2/17/2009

f HIV and a robust pipeline of HCV programs spanning the three classes of direct-acting antivirals," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "As we begin 2009, the recent execution of the license agreement for IDX899 enables us to focus all of our resources on the advancement of our HCV programs, with the goal of having a drug candidate from each of the three major classes of direct-acting antivirals in the clinic."

For the fourth quarter ended December 31, 2008, Idenix reported total revenues of $4.3 million, compared with total revenues of $12.6 million in the fourth quarter of 2007. The decrease was mainly due to $10.1 million in lower reimbursements of research and development costs from Novartis. Idenix reported a net loss of $13.9 million, or a loss of $0.25 per basic and diluted share, for the fourth quarter ended December 31, 2008, compared to a net loss of $17.5 million, or a loss of $0.31 per basic and diluted share for the fourth quarter ended December 31, 2007.

For the twelve months ended December 31, 2008, Idenix reported total revenues of $10.0 million, compared with total revenues of $68.0 million for the twelve months ended December 31, 2007. The majority of the decrease was due to $40.6 million in lower reimbursements of research and development costs from Novartis, a decrease of $10.0 million due to the lack of milestone payments in 2008 as compared to 2007 and $8.0 million due to lower license fee revenue. The company reported a net loss of $70.2 million, or a loss of $1.24 per basic and diluted share for the twelve months ended December 31, 2008, compared with $82.5 million, or a loss of $1.47 per basic and diluted share for the twelve months ended December 31, 2007. The net loss reported for the twelve months ended December 31, 2007 included $8.7 million in restructuring charges, which included the impairment of certain assets equal to approximately $2.1 million.'/>"/>

SOURCE Idenix Pharmaceuticals, Inc.
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