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

an additional 30%, raising the price to $3,850 per vial, effective January 16, 2013.

Cost of goods sold increased $6.4 million to $9.7 million for the three-month period ended December 31, 2012, from $3.3 million for the three-month period ended December 31, 2011. For the three-month periods ended December 31, 2012 and 2011, we recorded charges of $7.9 million and $1.3 million, respectively, against operations, resulting in a year-over-year increase in cost of goods sold of $6.6 million.  The increase in the charges to cost of goods sold related to raw material inventory and commitments, and finished goods inventory that we do not believe we will be able to sell through to commerce prior to expiration, resulting from lower sales demand forecasts for KRYSTEXXA in future years. 

Research and development expenses decreased $2.0 million, or 27%, to $5.5 million for the three-month period ended December 31, 2012, from $7.5 million for the three-month period ended December 31, 2011. The decrease is primarily the result of reduced spending on post marketing commitment costs partially offset by increased costs to support our marketing authorization application, or MAA, filing for KRYSTEXXA in the EU.

Selling, general and administrative expenses decreased $11.6 million, or 41%, to $16.5 million for the three-month period ended December 31, 2012, from $28.1 million for the three-month period ended December 31, 2011. The decrease in expense is mainly due to a reduction in selling and promotion costs for KRYSTEXXA compared to commercial launch year-related expenses in 2011 and cost containment activities resulting from our reorganization plan initiated in July 2012.

Interest expense on our debt increased $2.4 million, or 53%, to $6.9 million for the three-month period ended December 31, 2012, from $4.5 million for the three-month period ended December 31, 2011. Interest expense for the three-month period ended December 31, 2012 refl
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SOURCE Savient Pharmaceuticals, Inc.
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