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Indevus Pharmaceuticals Announces Fiscal 2008 Year End and Fourth Quarter Results
Date:11/25/2008

orporation -- Licensing of Canadian Rights for SANCTURA XR to Allergan -- Licensing of Worldwide Rights for Pagoclone to Teva Corporate -- Issuance of U.S. Patent for SANCTURA XR -- Completion of Private Placement of $105 Million of Non-Recourse Notes

Financial Results

Total consolidated revenues for fiscal 2008 were $77.8 million, an increase of 18% from the $66.1 million reported for fiscal 2007. The primary components of revenue for fiscal 2008 were $43.8 million from the SANCTURA franchise, $16.6 million from sales of VANTAS, $13.2 million from sales of SUPPRELIN LA and $1.9 million from sales of DELATESTRYL(R).

Cost of product revenue for fiscal 2008 was $30.8 million, an increase of 111% from the $14.6 million reported for fiscal 2007. Cost of product revenue relates primarily of the costs to produce SANCTURA XR and royalty payments to Madaus and Supernus, all of which are reimbursed by Allergan, as well as the cost of product related to the sale of VANTAS, SUPPRELIN LA and DELATESTRYL.

Research and development expenses for fiscal 2008 were $25.0 million, a decrease of 40% from the $41.9 million reported for fiscal 2007. Marketing, general and administrative expenses for fiscal 2008 were $75.9 million, an increase of 26% from the $60.2 million reported for fiscal 2007.

Interest expense of $9.0 million for fiscal 2008 related to the Company's Convertible Notes and Non-recourse Notes.

Revenue for the quarter ended September 30, 2008 was $23.3 million, a decrease of 21% from the $29.5 million reported for the quarter ended September 30, 2007. The primary components of revenue for the quarter ended September 30, 2008 were $12.9 million from the SANCTURA franchise received from the Company's partner, $5.1 million from sales of VANTAS, $4.4 million from sales of SUPPRELIN LA, and $385,000 from sales of DELATESTRYL. The three- mo
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SOURCE Indevus Pharmaceuticals, Inc.
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