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Savient Pharmaceuticals Reports First Quarter 2009 Financial Results
Date:5/6/2009

roval," said Paul Hamelin, President of Savient. "Early in the quarter, we combined the insights and strategic input of our panel of world class external experts with our internal understanding of this application resulting in our decision to file several key amendments which we believe strengthened and clarified the BLA. The FDA reviewed the amendments and determined that the additional information contained in the submissions constituted major amendments, accepted the amendments to the BLA and elected to extend the current review period and revised our PDUFA date to August 1, 2009. We also took aggressive steps to maintain a stable balance sheet by effectively controlling expenses during the period despite growing resource needs for manufacturing, the approval process and prelaunch preparation. In conjunction with being financially prudent, we successfully completed an important financing in the face of extraordinary market conditions, allowing us to strengthen our cash position as we approach our PDUFA action date. We believe the first quarter of 2009 has been an important transitionary quarter for the Company, resulting in significant progress achieved towards our commitment to bring KRYSTEXXA to the market to treat the disabling aspects of the treatment failure gout population."

Financial Results of Operations for the Three Months Ended March 31, 2009

Total revenues decreased $0.1 million, or 8%, to $1.1 million for the three months ended March 31, 2009, from $1.2 million for the three months ended March 31, 2008. The decrease was due to lower gross product sales of Oxandrin(R), our product that promotes weight gain following involuntary weight loss due to disease or medical condition, as a result of the continued impact of generic competition partially offset by lower provisions for product returns year over year. We expect that revenues from Oxandrin and our authorized generic product oxandrolone will de
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SOURCE Savient Pharmaceuticals, Inc.
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