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Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2012 Financial Results
Date:3/19/2013

BRIDGEWATER, N.J., March 19, 2013 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) today reported financial results for the three months and full year ended December 31, 2012.  Savient ended the quarter with approximately $96.3 million in cash and short-term investments, a decrease of $19.9 million for the quarter.

Net sales of KRYSTEXXA were $4.7 million for the fourth quarter of 2012, a 3% increase over the third quarter of 2012.  For the three-month period ended December 31, 2012, the Company had a net loss of $28.0 million, or $0.39 per share, on total revenues of $4.9 million, compared with a net loss of $30.9 million, or $0.44 per share, on total revenues of $3.7 million for the same period in 2011.  The net loss for the year ended December 31, 2012 was $118.3 million, or $1.67 per share, on total revenues of $18.0 million, compared with a net loss of $102.0 million, or $1.46 per share, on total revenues of $9.6 million for the same period in 2011.  The net loss for the year ended December 31, 2012, includes a $21.8 million, or $0.31 per share, gain on the extinguishment of debt.  Additionally, the net loss for the years ended December 31, 2012 and 2011 were impacted by charges to cost of goods sold of $15.7 million and $4.7 million, respectively, resulting in an increase to expense of $11.0 million.  These charges were primarily due to KRYSTEXXA inventory that we do not believe will be able to sell through to commerce prior to expiration."Savient is committed to expanding the commercial footprint of KRYSTEXXA.  As seen by the fourth quarter and recent developments, the Company is focused on its comprehensive long-term strategy to not only broaden the clinical utility of KRYSTEXXA, but also further explore opportunities that complement Savient's strengths and strategic vision," said Lou Ferrari, President and Chief Ex
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