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Idenix Pharmaceuticals Reports Second Quarter and Six Month Financial Results
Date:7/29/2008

tease inhibitor and non-nucleoside polymerase inhibitor programs are entering IND-enabling preclinical studies.

"This year, we have continued to advance our HCV and HIV discovery and development programs," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix. "We now have a pipeline that includes a promising HIV drug candidate and HCV drug candidates from each of the major HCV drug classes, nucleoside/tide polymerase inhibitors, non-nucleoside polymerase inhibitors and protease inhibitors."

For the second quarter ended June 30, 2008, Idenix reported total revenues of $1.6 million, compared with total revenues of $19.7 million in the second quarter of 2007. The decrease is primarily due to a decline of $11.5 million in reimbursements of research and development costs from Novartis and a decrease of $6.7 million in license fee revenue. Idenix reported a net loss of $18.9 million, or a loss of $0.34 per basic and diluted share, for the second quarter ended June 30, 2008, compared to a net loss of $22.9 million, or a loss of $0.41 per basic and diluted share, for the second quarter ended June 30, 2007.

For the six months ended June 30, 2008, Idenix reported total revenues of $3.6 million, compared with total revenues of $44.5 million for the six months ended June 30, 2007. The decrease was due to a decline of $23.0 million in reimbursements of research and development costs from Novartis, a decrease of $8.2 million in license fee revenue and the lack of milestone payments during the first half of 2008 as compared to the first half of 2007. The company reported a net loss of $39.4 million, or a loss of $0.70 per basic and diluted share, for the six months ended June 30, 2008, compared with a net loss of $34.5 million, or a loss of $0.61 per basic and diluted share, for the six months ended June 30, 2007.

2008 Financial Guidance

The company continues to expect to end 2008 with approximately $50.0 million of
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SOURCE Idenix Pharmaceuticals, Inc.
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