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Idenix Pharmaceuticals Reports Third Quarter and Nine Month Financial Results
Date:10/30/2008

opment programs, we remain excited about the opportunities ahead for Idenix," said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of Idenix.

For the third quarter ended September 30, 2008, Idenix reported total revenues of $2.1 million, compared with total revenues of $10.9 million in the third quarter of 2007. The decrease was primarily due to a decline of $7.4 million in reimbursements of research and development costs from Novartis Pharma AG, Idenix's collaboration partner. Idenix reported a net loss of $16.9 million, or a loss of $0.30 per basic and diluted share, for the third quarter ended September 30, 2008, compared to a net loss of $30.5 million, or a loss of $0.54 per basic and diluted share for the third quarter ended September 30, 2007.

For the nine months ended September 30, 2008, Idenix reported total revenues of $5.8 million, compared with total revenues of $55.4 million for the nine months ended September 30, 2007. The majority of the decrease was due to $30.4 million in lower reimbursements of research and development costs from Novartis, a decrease of $10.0 million due to lower milestone revenue in 2008 as compared to 2007 and $9.3 million due to lower license fee revenue. The company reported a net loss of $56.3 million, or a loss of $1.00 per basic and diluted share for the nine months ended September 30, 2008, compared with $65.0 million, or a loss of $1.16 per basic and diluted share for the nine months ended September 30, 2007.

2008 Financial Guidance

Idenix currently expects to end 2008 with approximately $45 to $50 million of cash, cash equivalents and marketable securities, assuming no milestone payments, license fees, reimbursement for development programs, and assuming no financing activities during the remainder of 2008.

Conference Call and Webcast Information

Idenix will hold a conference call today at 4:30 p.m. ET. To access the call please dial (800) 471-3635 U.S./Canada o
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SOURCE Idenix Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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