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Pharmasset Reports Fiscal Year End 2007 Financial Results
Date:12/31/2007

PRINCETON, N.J., Dec. 31 /PRNewswire-FirstCall/ -- Pharmasset, Inc. (Nasdaq: VRUS), a clinical stage pharmaceutical company committed to discovering, developing and commercializing novel drugs to treat viral infections, reported audited financial results for the fiscal year ended September 30, 2007. Pharmasset reported a net loss attributable to common stockholders of $6.8 million, or $0.46 per share, as compared to a net loss attributable to common stockholders of $12.4 million, or $1.19 per share for the same period in 2006.

Revenues were $22.0 million during the fiscal year 2007, primarily consisting of development milestones and the amortization of payments received from Roche from the hepatitis C virus (HCV) collaboration agreement that were previously recorded as deferred revenue. Revenues for the same period in 2006 were $5.4 million. This $16.6 million increase from the year ago period was primarily due to the receipt of milestone payments from Roche totaling $20.0 million during fiscal year 2007. Investment income was $2.5 million during fiscal year 2007 compared to $1.7 million during fiscal year 2006. This $0.8 million increase was due to higher average invested cash balances during 2007.

Total costs and expenses for the fiscal year ended September 30, 2007 were $29.5 million as compared to $18.4 million for the same period in 2006. The increased operating expenses for fiscal year 2007 were primarily the result of an increase in Phase 3 registration clinical trial expenses for clevudine for the treatment of chronic hepatitis B virus (HBV) infection, as well as drug discovery, non-cash stock compensation and depreciation expenses.

At September 30, 2007, Pharmasset held $68.7 million in cash and cash equivale
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SOURCE Pharmasset, Inc.
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