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NPS Pharmaceuticals Reports 2007 Financial Results
Date:3/13/2008

roidism. Both programs represent important new opportunities for us to create significant and lasting value for patients and shareholders. In addition, our royalty-based pipeline continues to make notable progress. Kirin launched REGPARA in Japan this quarter and we expect to begin receiving royalties in the second half of the year. We will also continue to work with Nycomed to support their regulatory strategy for GATTEX in Europe."

2007 Financial Results

Revenues

Revenues grew to $34.0 million for the fourth quarter of 2007, as compared to $24.1 million for the fourth quarter of 2006. For the full year, revenues increased by $37.7 million to $86.2 million for 2007 as compared to $48.5 million for 2006. The increased revenues were primarily due to (i) revenues associated with the company's agreement with Nycomed for Preotact(R) (parathyroid hormone [rDNA origin] injection), (ii) increased royalty revenue on Amgen's sales of Sensipar(R) (cinacalcet HCl), and (iii) licensing fees recognized under the company's agreement with Nycomed for GATTEX.

Sensipar royalties are paid directly to a subsidiary of NPS and used to secure non-recourse debt issued in August 2007 and December 2004. After repayment of the debt, Sensipar royalties will return to NPS.

In July 2007, DRI Capital (previously Drug Royalty LP2) purchased NPS's rights to receive future royalty payments from Nycomed's sale of Preotact in Europe for $50 million, with an additional $25.0 million due in 2010 if certain Preotact sales thresholds are achieved. Royalties will return to NPS if royalty payments to DRI exceed two and one-half times the amount of principal advanced.

Research and Development

Research and development expenses were $10.6 million for the fourth quarter of 2007 versus $13.3 million for the fourth quarter of 2006. Full year research and development expenses were $38.7 million for 2007 as compared to $68.4 million for 2006. The reduction in resear
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SOURCE NPS Pharmaceuticals, Inc.
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