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Savient Pharmaceuticals Reports Third Quarter 2008 Financial Results
Date:11/5/2008

an increase of $0.8 million or 12%. This increase was primarily due to higher share-based compensation expense substantially due to an increase in the quantity of certain performance-based and service-based restricted stock awards.

Investment income for the third quarter of 2008 was $0.3 million, a decrease of $1.9 million or 84%. This decrease was primarily attributable to a decrease in dividend and interest income on lower cash, cash equivalent and investment balances and lower yields earned on these investments.

Nine months ended September 30, 2008

Total revenues for the first nine months of 2008 were $2.1 million, a decrease of $10.0 million or 83%. This decrease was due to lower product sales of Oxandrin and oxandrolone, as a result of generic competition and from an increase in our allowance for product returns resulting from a rise in our actual historical product return rates. Cost of goods sold was $0.9 million for the first nine months of 2008.

Research and development expenses were $37.8 million, an increase of $1.6 million or 4%. This increase was primarily due to higher manufacturing-related expenses related to technology transfer to our secondary source supplier of pegloticase active pharmaceutical ingredient (API), increased outside services expenses related to our BLA filing, higher compensation and share-based compensation expenses due to an increase in employee headcount for manufacturing and medical affairs activities, an increase in the quantity of certain performance-based and service-based restricted stock awards and higher expenses for toxicology studies for pegloticase. Partially offsetting these increases was a decrease in clinical trial costs as our Phase 3 clinical trials for pegloticase were completed in late 2007, a decrease in manufacturing process development and validation expenses, as the majority of this work was completed in the prior year and lower expenses related to the reservation of manufacturing ca
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SOURCE Savient Pharmaceuticals, Inc.
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