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Pharmasset Reports Fiscal Year End 2011 Financial Results
Date:11/14/2011

cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2011 and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission and discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the Securities and Exchange Commission.

PHARMASSET, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(in thousands, except share and per share amounts)Years Ended September 30,201120102009Revenues

$
897$
,020$
3,293COSTS AND EXPENSES:  Research and development

75,85048,26152,552  General and administrative

16,65116,45813,365Total costs and expenses

92,50164,71965,917Operating loss

(91,604)(63,699)(52,624)Investment income

158221Other income

489--Interest expense

(1,058)(2,391)(3,190)Loss before income taxes

(92,158)(66,082)(55,593)Provision (benefit) for income taxes

(973)--Net loss

$
(91,185)$
(66,082)$
(55,593)COMPREHENSIVE LOSS:  Net loss

$
(91,185)$
(66,082)$
(55,593)  Unrealized gain on available-for-sale investments

--3Comprehensive loss

$
(91,185)$
(66,082)$
(55,590)NET LOSS PER SHARE:  Basic and diluted

$
(1.25)$
(1.07)$
(1.05)WEIGHTED AVERAGE SHARES OUTSTANDING:  Basic and diluted

72,776,98161,909,96652,959,064PHARMASSET, INC.BALANCE SHEETS(in thousands, except par value, share and per share amounts)As of September 30,20112010ASSETSCURRENT ASSETS:  Cash and cash equivalents

$ 166,455$ 127,081  Amounts due from collaboration partner

-6  Prepaid expenses and other assets

3,528718Total current assets

169,983127,805EQUIPMENT AND LEASEHOLD IMPROVEMENTS:  Equipment

4,8114,060  Leasehold improvements'/>"/>

SOURCE Pharmasset, Inc.
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